UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-07238

SUNAMERICA SERIES TRUST

(Exact name of registrant as specified in charter)

21650 Oxnard Street, 10th Floor, Woodland Hills, CA 91367

(Address of principal executive offices) (Zip code)

John T. Genoy

Senior Vice President

SunAmerica Asset Management, LLC

Harborside 5, 185 Hudson Street, Suite 3300

Jersey City, NJ 07311

(Name and address of agent for service)

Registrant’s telephone number, including area code: (201) 324-6414

Date of fiscal year end: January 31

        Date of reporting period: January 31, 2018

Item 1.    Reports to Stockholders

This filing is on behalf of fifty of the fifty-five Investment Company Series of SunAmerica Series Trust.

SUNAMERICA SERIES TRUST

ANNUAL REPORT

JANUARY 31, 2018

Table of Contents

Shareholder Letter	1
Expense Example	3
SA AB Growth Portfolio (AllianceBernstein L.P.)	8
SA AB Small & Mid Cap Value Portfolio (AllianceBernstein L.P.)	11
SA BlackRock VCP Global Multi Asset Portfolio (BlackRock Investment, LLC)	15
SA Boston Company Capital Growth Portfolio (The Boston Company Asset Management, LLC)	27
SA Columbia Technology Portfolio (Columbia Management Investment Advisors, LLC)	30
SA DFA Ultra Short Bond Portfolio (Dimensional Fund Advisers, L.P.)	33
SA Dogs of Wall Street Portfolio (SunAmerica Asset Management, LLC)	41
SA Federated Corporate Bond Portfolio (Federated Investment Management Company)	43
SA Fixed Income Index Portfolio (SunAmerica Asset Management, LLC)	74
SA Fixed Income Intermediate Index Portfolio (SunAmerica Asset Management, LLC)	81
SA Franklin Foreign Value Portfolio (Templeton Investment Counsel, LLC)	87
SA Franklin Small Company Value Portfolio (Franklin Advisory Services, LLC)	90
SA Goldman Sachs Global Bond Portfolio (Goldman Sachs Asset Management International)	94
SA Goldman Sachs Multi-Asset Insights Portfolio (Goldman Sachs Asset Management International)	110
SA Index Allocation 60/40 Portfolio (SunAmerica Asset Management, LLC)	116
SA Index Allocation 80/20 Portfolio (SunAmerica Asset Management, LLC)	118
SA Index Allocation 90/10 Portfolio (SunAmerica Asset Management, LLC)	120
SA International Index Portfolio (SunAmerica Asset Management, LLC)	122
SA Invesco Growth Opportunities Portfolio (Invesco Advisers, Inc.)	134
SA Invesco VCP Equity-Income Portfolio (Invesco Advisers, Inc.)	138
SA Janus Focused Growth Portfolio (Janus Capital Management, LLC)	151
SA JPMorgan Balanced Portfolio (J.P. Morgan Investment Management Inc.)	154
SA JPMorgan Emerging Markets Portfolio (J.P. Morgan Investment Management Inc.)	175
SA JPMorgan Equity-Income Portfolio (J.P. Morgan Investment Management Inc.)	179
SA JPMorgan Global Equities Portfolio (J.P. Morgan Investment Management Inc.)	182
SA JPMorgan MFS Core Bond Portfolio (Massachusetts Financial Services Company and J.P. Morgan Investment Management Inc.)	187
SA JPMorgan Mid-Cap Growth Portfolio (J.P. Morgan Investment Management Inc.)	230
SA Large Cap Index Portfolio (SunAmerica Asset Management, LLC)	234
SA Legg Mason BW Large Cap Value Portfolio (Brandywine Global Investment Management, LLC)	245
SA Legg Mason Tactical Opportunities Portfolio (QS Investors, LLC)	251
SA MFS Blue Chip Growth Portfolio (Massachusetts Financial Services Company)	268
SA MFS Massachusetts Investors Trust Portfolio (Massachusetts Financial Services Company)	272
SA MFS Telecom Utility Portfolio (Massachusetts Financial Services Company)	275
SA MFS Total Return Portfolio (Massachusetts Financial Services Company)	279
SA Mid Cap Index Portfolio (SunAmerica Asset Management, LLC)	293
SA Morgan Stanley International Equities Portfolio (Morgan Stanley Investment Management, Inc.)	302
SA Oppenheimer Main Street Large Cap Portfolio (OppenheimerFunds, Inc.)	305
SA PIMCO VCP Tactical Balanced Portfolio (Pacific Investment Management Company, LLC)	309
SA PineBridge High-Yield Bond Portfolio (PineBridge Investments, LLC)	326
SA Putman International Growth and Income Portfolio (Putnam Investment Management, LLC)	335
SA Pyramis® Real Estate Portfolio (FIAM LLC)	340
SA Schroders VCP Global Allocation Portfolio (Schroders Investment Management North America, Inc.)	343
SA Small Cap Index Portfolio (SunAmerica Asset Management, LLC)	358
SA T. Rowe Price Asset Allocation Growth Portfolio (T. Rowe Price Associates, Inc.)	384
SA T. Rowe Price VCP Balanced Portfolio (T. Rowe Price Associates, Inc.)	401
SA VCP Dynamic Allocation Portfolio (SunAmerica Asset Management, LLC and AllianceBernstein L.P.)	433
SA VCP Dynamic Strategy Portfolio (SunAmerica Asset Management, LLC and AllianceBernstein L.P.)	437
SA VCP Index Allocation Portfolio (SunAmerica Asset Management, LLC and T. Rowe Price Associates, Inc.)	441
SA WellsCap Aggressive Growth Portfolio (Wells Capital Management Incorporated)	444
SA WellsCap Fundamental Growth Portfolio (Wells Capital Management Incorporated)	447
Statement of Assets and Liabilities	450
Statement of Operations	470
Statement of Changes in Net Assets	480
Notes to Financial Statements	497
Financial Highlights	557
Report of Independent Registered Public Accounting Firm	590
Approval of Advisory Agreements	592
Trustee and Officer Information	602
Shareholder Tax Information	604
Comparisons Portfolio Indexes	608

Dear SunAmerica Series Trust Investor:

We are pleased to present our annual report for the SunAmerica Series Trust, the underlying investment portfolios for the series of variable products issued by our affiliated life insurance companies.

The following report contains the investment portfolio information and the financial statements of the SunAmerica Series Trust portfolios for the reporting period ended January 31, 2018. The report may also contain information on portfolios not currently available in your variable product.

We believe this information will give you some insight into the performance of your underlying investments. If you have any questions, please contact your investment representative, or you may contact us directly at 1-800-445-7862.

Thank you for the confidence you place in us with your financial future, and we look forward to reporting to you again in six months.

Sincerely,

John T. Genoy

President

SunAmerica Series Trust

Note: All performance figures quoted are for the SunAmerica Series Trust. They do not reflect fees and charges associated with the variable annuity. Past performance is no guarantee of future results. Annuities are long-term investment vehicles designed for retirement purposes. Early withdrawal may be subject to withdrawal charges and if taken prior to age 59 ¹⁄₂, a 10% federal tax penalty may apply. An investment in a variable annuity involves investment risk, including possible loss of principal. The contract, when redeemed, may be worth more or less than the total amount invested.

See reverse side for additional information.

1

Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. Investments in growth stocks as well as small and mid-cap company stocks may be subject to volatile price swings and therefore present a greater potential for loss than other investments. Investments in non-U.S. stocks and bonds are subject to additional risks such as fluctuations in foreign currencies, political and economic instability, differences in securities regulation and accounting standards, foreign tax laws, and limited availability of public information. Income seeking investment strategies may not be realized due to changes in dividend policies or the availability of capital resources.

Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments. Investments in real estate investment trusts (REITs) involve risks such as refinancing, economic conditions in the real estate industry, changes in property values, dependency on real estate management, and other risks associated with a concentration in one sector or geographic region. Investments in securities related to gold and other precious metals and minerals are speculative and impacted by a host of worldwide economic, financial and political factors.

Investments in debt securities are subject to credit risk (i.e., the risk that an issuer might not pay interest when due or repay principal at maturity of the obligation). Investments in lower-rated bonds and “junk bonds” are considered speculative due to the heightened risk of default and are subject to unpredictable losses as a result of changes in the issuer’s creditworthiness.

Investments in derivatives are subject to heightened risk; gains or losses from non-hedging positions may be substantially greater than the cost of the position. Active trading may result in high portfolio turnover and correspondingly greater transaction costs for the portfolio and underlying portfolios.

There can be no assurance that the Portfolios will meet their investment objectives. A full description of the investment goals, principal strategies, and risks for each Portfolio are provided in the prospectus.

Investments are not guaranteed or endorsed by any bank, is not a deposit or obligation of any bank, and is not federally insured by Federal Deposit Corporation (FDIC), the Federal Reserve Board or any other federal government agency.

* Not FDIC or NCUA/NCUSIF Insured

* May Lose Value * No Bank of Credit Union Guarantee

* Not a Deposit * Not insured by any Federal Government Agency

2

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE

January 31, 2018

(unaudited)

Disclosure of Portfolio Expenses in Shareholder Reports

As a shareholder of a separate series (a “Portfolio”) in SunAmerica Series Trust (the “Trust”), you incur ongoing costs, including management fees, or service (12b-1) fees, and other expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at August 1, 2017 and held until January 31, 2018. Shares of the Trust are not offered directly to the public. Instead, shares are currently issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life insurance policies (“Variable Contracts”) offered by life insurance companies affiliated with SunAmerica Asset Management, LLC, the Trust’s investment adviser and manager. The fees and expenses associated with the Variable Contracts are not included in these Examples, and had such fees and expenses been included your costs would have been higher. Please see your variable contract prospectus for more details on the fees associated with the variable contract.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses. You may use the information in these columns, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the column under the heading entitled “Expenses Paid During The Period Ended January 31, 2018” to estimate the expenses you paid on your account during this period. The “Expenses Paid During The Period Ended January 31, 2018” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the “Expenses Paid During The Period Ended January 31, 2018” column would have been higher and the “Ending Account Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values and hypothetical expenses based on the Portfolio’s actual expense ratio and an annual rate of return of 5% before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. The “Expenses Paid During The Period Ended January 31, 2018” column and the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by the Variable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the “Expenses Paid During The Period Ended January 31, 2018” would have been higher and the “Ending Account Value” would have been lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the Variable Contracts. Please refer to your variable contract prospectus for more information. Therefore, the “Hypothetical” example is useful in comparing ongoing costs and will not help you determine the relative total costs of owning different funds. In addition, if these fees and expenses were included, your costs would have been higher.

3

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE (continued)

January 31, 2018

(unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at August 1, 2017		Ending Account Value Using Actual Return at January 31, 2018		Expenses Paid During the Period Ended January 31, 2018*		Beginning Account Value at August 1, 2017		Ending Account Value Using a Hypothetical 5% Annual Return at January 31, 2018		Expenses Paid During the Period Ended January 31, 2018*		Annualized Expense Ratio*
SA AB Growth
Class 1	$	1,000.00	$	1,183.44	$	3.58	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Class 2	$	1,000.00	$	1,182.48	$	4.40	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class 3	$	1,000.00	$	1,182.12	$	4.95	$	1,000.00	$	1,020.67	$	4.58		0.90	%
SA AB Small & Mid Cap Value@
Class 1	$	1,000.00	$	1,128.83	$	5.15	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Class 2	$	1,000.00	$	1,128.33	$	5.95	$	1,000.00	$	1,019.61	$	5.65		1.11	%
Class 3	$	1,000.00	$	1,127.18	$	6.49	$	1,000.00	$	1,019.11	$	6.16		1.21	%
SA BlackRock VCP Global Multi Asset#
Class 1	$	1,000.00	$	1,063.67	$	4.73	$	1,000.00	$	1,020.62	$	4.63		0.91	%
Class 3	$	1,000.00	$	1,061.41	$	6.03	$	1,000.00	$	1,019.36	$	5.90		1.16	%
SA Boston Company Capital Growth#@
Class 1	$	1,000.00	$	1,165.59	$	4.20	$	1,000.00	$	1,021.32	$	3.92		0.77	%
Class 2	$	1,000.00	$	1,165.11	$	5.02	$	1,000.00	$	1,020.57	$	4.69		0.92	%
Class 3	$	1,000.00	$	1,164.06	$	5.56	$	1,000.00	$	1,020.06	$	5.19		1.02	%
SA Columbia Technology#@
Class 1	$	1,000.00	$	1,158.71	$	5.60	$	1,000.00	$	1,020.01	$	5.24		1.03	%
Class 2	$	1,000.00	$	1,156.69	$	6.41	$	1,000.00	$	1,019.26	$	6.01		1.18	%
Class 3	$	1,000.00	$	1,157.65	$	6.96	$	1,000.00	$	1,018.75	$	6.51		1.28	%
SA DFA Ultra Short Bond@
Class 1	$	1,000.00	$	1,000.35	$	2.52	$	1,000.00	$	1,022.68	$	2.55		0.50	%
Class 2	$	1,000.00	$	1,000.32	$	3.28	$	1,000.00	$	1,021.93	$	3.31		0.65	%
Class 3	$	1,000.00	$	999.34	$	3.78	$	1,000.00	$	1,021.42	$	3.82		0.75	%
SA Dogs of Wall Street@
Class 1	$	1,000.00	$	1,162.61	$	3.49	$	1,000.00	$	1,021.98	$	3.26		0.64	%
Class 2	$	1,000.00	$	1,161.99	$	4.31	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Class 3	$	1,000.00	$	1,161.64	$	4.85	$	1,000.00	$	1,020.72	$	4.53		0.89	%
SA Federated Corporate Bond@
Class 1	$	1,000.00	$	1,006.39	$	2.73	$	1,000.00	$	1,022.48	$	2.75		0.54	%
Class 2	$	1,000.00	$	1,006.11	$	3.49	$	1,000.00	$	1,021.73	$	3.52		0.69	%
Class 3	$	1,000.00	$	1,005.53	$	3.99	$	1,000.00	$	1,021.22	$	4.02		0.79	%
SA Fixed Income Index#+
Class 1	$	1,000.00	$	995.10	$	1.71	$	1,000.00	$	1,023.49	$	1.73		0.34	%
Class 3	$	1,000.00	$	993.13	$	2.96	$	1,000.00	$	1,022.23	$	3.01		0.59	%
SA Fixed Income Intermediate Index#++
Class 1	$	1,000.00	$	986.00	$	1.09	$	1,000.00	$	1,023.49	$	1.73		0.34	%
Class 3	$	1,000.00	$	986.00	$	1.89	$	1,000.00	$	1,022.23	$	3.01		0.59	%
SA Franklin Foreign Value@
Class 1	$	1,000.00	$	1,085.72	$	4.36	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class 2	$	1,000.00	$	1,085.39	$	5.15	$	1,000.00	$	1,020.27	$	4.99		0.98	%
Class 3	$	1,000.00	$	1,084.68	$	5.67	$	1,000.00	$	1,019.76	$	5.50		1.08	%
SA Franklin Small Company Value#@
Class 1	$	1,000.00	$	1,102.13	$	5.19	$	1,000.00	$	1,020.27	$	4.99		0.98	%
Class 3	$	1,000.00	$	1,100.69	$	6.51	$	1,000.00	$	1,019.00	$	6.26		1.23	%
SA Goldman Sachs Global Bond@
Class 1	$	1,000.00	$	1,022.83	$	3.67	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Class 2	$	1,000.00	$	1,021.22	$	4.43	$	1,000.00	$	1,020.82	$	4.43		0.87	%
Class 3	$	1,000.00	$	1,020.84	$	4.94	$	1,000.00	$	1,020.32	$	4.94		0.97	%
SA Goldman Sachs Multi-Asset Insights#++
Class 1	$	1,000.00	$	1,062.29	$	2.77	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class 3	$	1,000.00	$	1,061.74	$	3.60	$	1,000.00	$	1,019.76	$	5.50		1.08	%
SA Index Allocation 60-40+#
Class 1	$	1,000.00	$	1,083.41	$	0.95	$	1,000.00	$	1,024.30	$	0.92		0.18	%
Class 3	$	1,000.00	$	1,082.17	$	2.26	$	1,000.00	$	1,023.04	$	2.19		0.43	%
SA Index Allocation 80-20+#
Class 1	$	1,000.00	$	1,113.05	$	0.96	$	1,000.00	$	1,024.30	$	0.92		0.18	%
Class 3	$	1,000.00	$	1,111.86	$	2.29	$	1,000.00	$	1,023.04	$	2.19		0.43	%

4

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE (continued)

January 31, 2018

(unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at August 1, 2017		Ending Account Value Using Actual Return at January 31, 2018		Expenses Paid During the Period Ended January 31, 2018*		Beginning Account Value at August 1, 2017		Ending Account Value Using a Hypothetical 5% Annual Return at January 31, 2018		Expenses Paid During the Period Ended January 31, 2018*		Annualized Expense Ratio*
SA Index Allocation 90-10#+
Class 1	$	1,000.00	$	1,127.56	$	0.97	$	1,000.00	$	1,024.30	$	0.92		0.18	%
Class 3	$	1,000.00	$	1,126.28	$	2.30	$	1,000.00	$	1,023.04	$	2.19		0.43	%
SA International Index#+
Class 1	$	1,000.00	$	1,114.89	$	2.77	$	1,000.00	$	1,022.58	$	2.65		0.52	%
Class 3	$	1,000.00	$	1,112.71	$	4.10	$	1,000.00	$	1,021.32	$	3.92		0.77	%
SA Invesco Growth Opportunities@
Class 1	$	1,000.00	$	1,131.73	$	4.24	$	1,000.00	$	1,021.22	$	4.02		0.79	%
Class 2	$	1,000.00	$	1,130.64	$	5.05	$	1,000.00	$	1,020.47	$	4.79		0.94	%
Class 3	$	1,000.00	$	1,130.00	$	5.58	$	1,000.00	$	1,019.96	$	5.30		1.04	%
SA Invesco VCP Equity-Income#@
Class 1	$	1,000.00	$	1,089.80	$	4.37	$	1,000.00	$	1,021.02	$	4.23		0.83	%
Class 3	$	1,000.00	$	1,089.31	$	5.69	$	1,000.00	$	1,019.76	$	5.50		1.08	%
SA Janus Focused Growth#
Class 1	$	1,000.00	$	1,159.06	$	4.35	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class 2	$	1,000.00	$	1,157.57	$	5.17	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Class 3	$	1,000.00	$	1,156.71	$	5.71	$	1,000.00	$	1,019.91	$	5.35		1.05	%
SA JPMorgan Balanced#@
Class 1	$	1,000.00	$	1,099.93	$	3.76	$	1,000.00	$	1,021.63	$	3.62		0.71	%
Class 2	$	1,000.00	$	1,099.17	$	4.55	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class 3	$	1,000.00	$	1,098.69	$	5.08	$	1,000.00	$	1,020.37	$	4.89		0.96	%
SA JPMorgan Emerging Markets#@
Class 1	$	1,000.00	$	1,186.82	$	6.17	$	1,000.00	$	1,019.56	$	5.70		1.12	%
Class 2	$	1,000.00	$	1,186.35	$	7.00	$	1,000.00	$	1,018.80	$	6.46		1.27	%
Class 3	$	1,000.00	$	1,185.72	$	7.55	$	1,000.00	$	1,018.30	$	6.97		1.37	%
SA JPMorgan Equity-Income#@
Class 1	$	1,000.00	$	1,155.39	$	3.10	$	1,000.00	$	1,022.33	$	2.91		0.57	%
Class 2	$	1,000.00	$	1,154.50	$	3.91	$	1,000.00	$	1,021.58	$	3.67		0.72	%
Class 3	$	1,000.00	$	1,153.75	$	4.45	$	1,000.00	$	1,021.07	$	4.18		0.82	%
SA JPMorgan Global Equities#@
Class 1	$	1,000.00	$	1,155.17	$	4.13	$	1,000.00	$	1,021.37	$	3.87		0.76	%
Class 2	$	1,000.00	$	1,154.41	$	4.94	$	1,000.00	$	1,020.62	$	4.63		0.91	%
Class 3	$	1,000.00	$	1,153.83	$	5.48	$	1,000.00	$	1,020.11	$	5.14		1.01	%
SA JPMorgan MFS Core Bond#
Class 1	$	1,000.00	$	998.43	$	2.67	$	1,000.00	$	1,022.53	$	2.70		0.53	%
Class 2	$	1,000.00	$	997.86	$	3.42	$	1,000.00	$	1,021.78	$	3.47		0.68	%
Class 3	$	1,000.00	$	997.10	$	3.93	$	1,000.00	$	1,021.27	$	3.97		0.78	%
SA JPMorgan Mid-Cap Growth#@
Class 1	$	1,000.00	$	1,168.60	$	4.37	$	1,000.00	$	1,021.17	$	4.08		0.80	%
Class 2	$	1,000.00	$	1,167.28	$	5.19	$	1,000.00	$	1,020.42	$	4.84		0.95	%
Class 3	$	1,000.00	$	1,166.87	$	5.73	$	1,000.00	$	1,019.91	$	5.35		1.05	%
SA Large Cap Index#@
Class 1	$	1,000.00	$	1,152.16	$	1.79	$	1,000.00	$	1,023.54	$	1.68		0.33	%
Class 3++	$	1,000.00	$	1,110.64	$	2.01	$	1,000.00	$	1,022.23	$	3.01		0.59	%
SA Legg Mason BW Large Cap Value#
Class 1	$	1,000.00	$	1,159.50	$	3.81	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Class 2	$	1,000.00	$	1,158.83	$	4.63	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class 3	$	1,000.00	$	1,158.23	$	5.17	$	1,000.00	$	1,020.42	$	4.84		0.95	%
SA Legg Mason Tactical Opportunities#++
Class 1	$	1,000.00	$	1,063.84	$	2.70	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Class 3	$	1,000.00	$	1,063.29	$	3.54	$	1,000.00	$	1,019.86	$	5.40		1.06	%
SA MFS Blue Chip Growth@
Class 1	$	1,000.00	$	1,186.34	$	3.80	$	1,000.00	$	1,021.73	$	3.52		0.69	%
Class 2	$	1,000.00	$	1,185.40	$	4.63	$	1,000.00	$	1,020.97	$	4.28		0.84	%
Class 3	$	1,000.00	$	1,184.95	$	5.18	$	1,000.00	$	1,020.47	$	4.79		0.94	%
SA MFS Massachusetts Investors
Class 1	$	1,000.00	$	1,145.54	$	3.79	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Class 2	$	1,000.00	$	1,144.27	$	4.59	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class 3	$	1,000.00	$	1,143.61	$	5.13	$	1,000.00	$	1,020.42	$	4.84		0.95	%

5

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE (continued)

January 31, 2018

(unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at August 1, 2017		Ending Account Value Using Actual Return at January 31, 2018		Expenses Paid During the Period Ended January 31, 2018*		Beginning Account Value at August 1, 2017		Ending Account Value Using a Hypothetical 5% Annual Return at January 31, 2018		Expenses Paid During the Period Ended January 31, 2018*		Annualized Expense Ratio*
SA MFS Telecom Utility@
Class 1	$	1,000.00	$	1,012.66	$	5.02	$	1,000.00	$	1,020.21	$	5.04		0.99	%
Class 2	$	1,000.00	$	1,011.60	$	5.78	$	1,000.00	$	1,019.46	$	5.80		1.14	%
Class 3	$	1,000.00	$	1,011.49	$	6.29	$	1,000.00	$	1,018.95	$	6.31		1.24	%
SA MFS Total Return
Class 1	$	1,000.00	$	1,073.57	$	3.66	$	1,000.00	$	1,021.68	$	3.57		0.70	%
Class 2	$	1,000.00	$	1,072.82	$	4.44	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class 3	$	1,000.00	$	1,072.24	$	4.96	$	1,000.00	$	1,020.42	$	4.84		0.95	%
SA Mid Cap Index#+
Class 1	$	1,000.00	$	1,116.90	$	2.13	$	1,000.00	$	1,023.19	$	2.04		0.40	%
Class 3	$	1,000.00	$	1,114.74	$	3.46	$	1,000.00	$	1,021.93	$	3.31		0.65	%
SA Morgan Stanley International Equities@
Class 1	$	1,000.00	$	1,096.96	$	4.55	$	1,000.00	$	1,020.87	$	4.38		0.86	%
Class 2	$	1,000.00	$	1,095.76	$	5.34	$	1,000.00	$	1,020.11	$	5.14		1.01	%
Class 3	$	1,000.00	$	1,095.16	$	5.86	$	1,000.00	$	1,019.61	$	5.65		1.11	%
SA Oppenheimer Main Street Large Cap@
Class 1	$	1,000.00	$	1,095.04	$	4.07	$	1,000.00	$	1,021.32	$	3.92		0.77	%
Class 2	$	1,000.00	$	1,094.63	$	4.86	$	1,000.00	$	1,020.57	$	4.69		0.92	%
Class 3	$	1,000.00	$	1,093.60	$	5.38	$	1,000.00	$	1,020.06	$	5.19		1.02	%
SA PIMCO VCP Tactical Balanced#@
Class 1	$	1,000.00	$	1,104.43	$	4.67	$	1,000.00	$	1,020.77	$	4.48		0.88	%
Class 3	$	1,000.00	$	1,102.19	$	6.04	$	1,000.00	$	1,019.46	$	5.80		1.14	%
SA PineBridge High-Yield Bond@
Class 1	$	1,000.00	$	1,025.19	$	3.37	$	1,000.00	$	1,021.88	$	3.36		0.66	%
Class 2	$	1,000.00	$	1,023.45	$	4.13	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Class 3	$	1,000.00	$	1,022.43	$	4.64	$	1,000.00	$	1,020.62	$	4.63		0.91	%
SA Putnam International Growth and Income#@
Class 1	$	1,000.00	$	1,111.02	$	5.00	$	1,000.00	$	1,020.47	$	4.79		0.94	%
Class 2	$	1,000.00	$	1,109.91	$	5.80	$	1,000.00	$	1,019.71	$	5.55		1.09	%
Class 3	$	1,000.00	$	1,109.05	$	6.33	$	1,000.00	$	1,019.21	$	6.06		1.19	%
SA Pyramis® Real Estate@
Class 1	$	1,000.00	$	968.82	$	4.02	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Class 2	$	1,000.00	$	968.04	$	4.76	$	1,000.00	$	1,020.37	$	4.89		0.96	%
Class 3	$	1,000.00	$	967.05	$	5.26	$	1,000.00	$	1,019.86	$	5.40		1.06	%
SA Schroders VCP Global Allocation#
Class 1	$	1,000.00	$	1,083.69	$	4.73	$	1,000.00	$	1,020.67	$	4.58		0.90	%
Class 3	$	1,000.00	$	1,081.24	$	6.09	$	1,000.00	$	1,019.36	$	5.90		1.16	%
SA Small Cap Index#+
Class 1	$	1,000.00	$	1,109.53	$	2.39	$	1,000.00	$	1,022.94	$	2.29		0.45	%
Class 3	$	1,000.00	$	1,108.44	$	3.72	$	1,000.00	$	1,021.68	$	3.57		0.70	%
SA T. Rowe Price Asset Allocation Growth#++
Class 1	$	1,000.00	$	1,075.61	$	2.72	$	1,000.00	$	1,021.12	$	4.13		0.81	%
Class 3	$	1,000.00	$	1,075.05	$	3.56	$	1,000.00	$	1,019.86	$	5.40		1.06	%
SA T. Rowe Price VCP Balanced#
Class 1	$	1,000.00	$	1,110.17	$	4.52	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class 3	$	1,000.00	$	1,108.22	$	5.85	$	1,000.00	$	1,019.66	$	5.60		1.10	%
SA VCP Dynamic Allocation#@
Class 1	$	1,000.00	$	1,127.49	$	1.13	$	1,000.00	$	1,024.15	$	1.07		0.21	%
Class 3	$	1,000.00	$	1,126.11	$	2.47	$	1,000.00	$	1,022.89	$	2.35		0.46	%
SA VCP Dynamic Strategy#@
Class 1	$	1,000.00	$	1,121.44	$	1.18	$	1,000.00	$	1,024.10	$	1.12		0.22	%
Class 3	$	1,000.00	$	1,120.05	$	2.51	$	1,000.00	$	1,022.84	$	2.40		0.47	%
SA VCP Index Allocation#++
Class 1	$	1,000.00	$	1,094.56	$	0.95	$	1,000.00	$	1,023.79	$	1.43		0.28	%
Class 3	$	1,000.00	$	1,094.00	$	1.79	$	1,000.00	$	1,022.53	$	2.70		0.53	%

6

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE (continued)

January 31, 2018

(unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at August 1, 2017		Ending Account Value Using Actual Return at January 31, 2018		Expenses Paid During the Period Ended January 31, 2018*		Beginning Account Value at August 1, 2017		Ending Account Value Using a Hypothetical 5% Annual Return at January 31, 2018		Expenses Paid During the Period Ended January 31, 2018*		Annualized Expense Ratio*
SA WellsCap Aggressive Growth@
Class 1	$	1,000.00	$	1,170.45	$	4.65	$	1,000.00	$	1,020.92	$	4.33		0.85	%
Class 2	$	1,000.00	$	1,170.18	$	5.47	$	1,000.00	$	1,020.16	$	5.09		1.00	%
Class 3	$	1,000.00	$	1,169.29	$	6.01	$	1,000.00	$	1,019.66	$	5.60		1.10	%
SA WellsCap Fundamental Growth@
Class 1	$	1,000.00	$	1,199.57	$	5.10	$	1,000.00	$	1,020.57	$	4.69		0.92	%
Class 2	$	1,000.00	$	1,198.53	$	5.93	$	1,000.00	$	1,019.81	$	5.45		1.07	%
Class 3	$	1,000.00	$	1,197.96	$	6.48	$	1,000.00	$	1,019.31	$	5.96		1.17	%

@ See Note 1

* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 days divided by 365 days (to reflect the one-half year period) except for SA Fixed Income Intermediate Index Portfolio, SA Goldman Sachs Multi-Asset Insights Portfolio, SA Large Cap Index Portfolio Class 3, SA Legg Mason Tactical Opportunities Portfolio, SA T. Rowe Price Asset Allocation Growth Portfolio, SA VCP Index Allocation Portfolio, “Actual Return” Information which were multiplied by 118 days divided by 365 days. These ratios do not reflect expenses associated with the Variable Contracts. If such fees and expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on the expenses that apply to the Variable Contracts of the insurance companies.

# During the stated period, the investment adviser either waived fees or reimbursed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees and expenses had not been waived, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/Hypothetical Expenses Paid During the Period Ended January 31, 2018” and “Annualized Expense Ratios” would have been higher. If these fees and expenses had not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical Expenses Paid During the Period Ended January 31, 2018 ” and the “Annualized Expense Ratio” would have been lower.

+ Commenced operations on February 6, 2017

++ Commenced operations on October 6, 2017

7

SunAmerica Series Trust SA AB Growth Portfolio

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Web Portals/ISP	8.7	%
Time Deposits	8.6
Internet Content-Entertainment	7.1
Medical Instruments	6.0
Finance-Credit Card	5.1
Commercial Services-Finance	4.5
Medical-HMO	4.3
Retail-Discount	3.9
Retail-Building Products	3.8
Medical-Biomedical/Gene	3.7
Computers	3.6
Electronic Components-Semiconductors	3.4
Electronic Forms	3.2
Medical-Drugs	3.0
Beverages-Wine/Spirits	2.9
Beverages-Non-alcoholic	2.6
Machinery-General Industrial	2.2
Entertainment Software	2.2
Retail-Major Department Stores	1.9
Athletic Footwear	1.7
Electronic Security Devices	1.5
Retail-Automobile	1.5
Coatings/Paint	1.5
Cable/Satellite TV	1.4
Computer Services	1.4
Medical Information Systems	1.3
Retail-Perfume & Cosmetics	1.3
Diversified Manufacturing Operations	1.2
Auto/Truck Parts & Equipment-Original	1.2
Data Processing/Management	0.9
E-Commerce/Services	0.7
Retail-Restaurants	0.7
Networking Products	0.6
Electronic Connectors	0.6
Medical Products	0.6
Transport-Rail	0.6
Instruments-Controls	0.5
Applications Software	0.5
Dental Supplies & Equipment	0.1
	100.5	%

* Calculated as a percentage of net assets

8

SunAmerica Series Trust SA AB Growth Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 91.9%
Applications Software — 0.5%
Red Hat, Inc.†		23,690	$	3,112,392
Athletic Footwear — 1.7%
NIKE, Inc., Class B		163,656		11,164,612
Auto/Truck Parts & Equipment-Original — 1.2%
WABCO Holdings, Inc.†		49,399		7,626,712
Beverages-Non-alcoholic — 2.6%
Monster Beverage Corp.†		247,349		16,876,622
Beverages-Wine/Spirits — 2.9%
Constellation Brands, Inc., Class A		85,740		18,817,358
Cable/Satellite TV — 1.4%
Comcast Corp., Class A		213,534		9,081,601
Coatings/Paint — 1.5%
Sherwin-Williams Co.		22,870		9,539,306
Commercial Services-Finance — 4.5%
MarketAxess Holdings, Inc.		50,236		9,856,806
PayPal Holdings, Inc.†		107,260		9,151,423
S&P Global, Inc.		56,940		10,311,834
				29,320,063
Computer Services — 1.4%
Cognizant Technology Solutions Corp., Class A		115,577		9,012,694
Computers — 3.6%
Apple, Inc.		141,109		23,625,880
Data Processing/Management — 0.9%
Fiserv, Inc.†		41,200		5,802,608
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†		3,554		931,148
Diversified Manufacturing Operations — 1.2%
A.O. Smith Corp.		116,300		7,766,514
E-Commerce/Services — 0.7%
Priceline Group, Inc.†		2,298		4,393,891
Electronic Components-Semiconductors — 3.4%
NVIDIA Corp.		16,106		3,958,855
Texas Instruments, Inc.		22,080		2,421,513
Xilinx, Inc.		216,648		15,819,637
				22,200,005
Electronic Connectors — 0.6%
Amphenol Corp., Class A		41,106		3,813,404
Electronic Forms — 3.2%
Adobe Systems, Inc.†		103,800		20,735,088
Electronic Security Devices — 1.5%
Allegion PLC		111,972		9,641,909
Entertainment Software — 2.2%
Activision Blizzard, Inc.		88,760		6,579,779
Electronic Arts, Inc.†		61,740		7,838,510
				14,418,289
Finance-Credit Card — 5.1%
Visa, Inc., Class A		265,926		33,035,987
Instruments-Controls — 0.5%
Mettler-Toledo International, Inc.†		5,117		3,455,305
Internet Content-Entertainment — 7.1%
Facebook, Inc., Class A†		246,192		46,010,823

Security Description	Shares/ Principal Amount			Value (Note 2)
Machinery-General Industrial — 2.2%
IDEX Corp.		17,260		$	2,476,465
Roper Technologies, Inc.		43,219			12,126,819
					14,603,284
Medical Information Systems — 1.3%
Cerner Corp.†		127,891			8,841,105
Medical Instruments — 6.0%
Edwards Lifesciences Corp.†		151,076			19,123,200
Intuitive Surgical, Inc.†		46,343			20,004,883
					39,128,083
Medical Products — 0.6%
Stryker Corp.		22,970			3,775,809
Medical-Biomedical/Gene — 3.7%
Biogen, Inc.†		70,089			24,377,655
Medical-Drugs — 3.0%
Zoetis, Inc.		254,753			19,547,198
Medical-HMO — 4.3%
UnitedHealth Group, Inc.		117,510			27,824,018
Networking Products — 0.6%
Arista Networks, Inc.†		13,903			3,834,725
Retail-Automobile — 1.5%
Copart, Inc.†		216,816			9,555,081
Retail-Building Products — 3.8%
Home Depot, Inc.		123,841			24,879,657
Retail-Discount — 3.9%
Costco Wholesale Corp.		95,237			18,558,834
Dollar Tree, Inc.†		60,472			6,954,280
					25,513,114
Retail-Major Department Stores — 1.9%
TJX Cos., Inc.		154,957			12,446,146
Retail-Perfume & Cosmetics — 1.3%
Ulta Beauty, Inc.†		39,756			8,829,808
Retail-Restaurants — 0.7%
Starbucks Corp.		75,722			4,301,767
Transport-Rail — 0.6%
Union Pacific Corp.		27,530			3,675,255
Web Portals/ISP — 8.7%
Alphabet, Inc., Class A†		3,885			4,592,924
Alphabet, Inc., Class C†		44,687			52,281,109
					56,874,033
Total Long-Term Investment Securities (cost $414,818,110)					598,388,949
SHORT-TERM INVESTMENT SECURITIES — 8.6%
Time Deposits — 8.6%
Euro Time Deposit with State Street Bank and Trust Co. 0.20% due 02/01/2018 (cost $56,244,000)	$	56,244,000			56,244,000
TOTAL INVESTMENTS (cost $471,062,110) (1)		100.5	%		654,632,949
Liabilities in excess of other assets		(0.5	)		(3,464,278	)
NET ASSETS		100.0	%	$	651,168,671

† Non-income producing security

(1) See Note 3 for cost of investments on a tax basis.

9

SunAmerica Series Trust SA AB Growth Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	598,388,949	$	—	$	—	$	598,388,949
Short-Term Investment Securities		—		56,244,000		—		56,244,000
Total Investments at Value	$	598,388,949	$	56,244,000	$	—	$	654,632,949

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

10

SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Banks-Commercial	9.0	%
Real Estate Investment Trusts	4.5
Insurance-Reinsurance	4.3
Oil Companies-Exploration & Production	4.1
Auto/Truck Parts & Equipment-Original	3.9
Oil-Field Services	3.5
Electric-Integrated	3.1
Banks-Super Regional	2.9
Computer Services	2.6
Insurance-Multi-line	2.5
Computers-Integrated Systems	2.5
Insurance-Property/Casualty	2.4
Machinery-Construction & Mining	2.2
Medical-HMO	2.2
Airlines	2.1
Retail-Restaurants	1.9
Footwear & Related Apparel	1.9
Building-Heavy Construction	1.8
Building-Residential/Commercial	1.7
Metal-Aluminum	1.6
Semiconductor Components-Integrated Circuits	1.5
Electronic Components-Semiconductors	1.4
Consulting Services	1.4
Distribution/Wholesale	1.4
Retail-Arts & Crafts	1.4
Rubber/Plastic Products	1.4
Transport-Truck	1.4
Auction Houses/Art Dealers	1.3
Commercial Services	1.3
Transport-Services	1.3
E-Services/Consulting	1.3
Retail-Apparel/Shoe	1.2
Machinery-Electrical	1.2
Containers-Paper/Plastic	1.2
Applications Software	1.2
Medical Labs & Testing Services	1.2
Batteries/Battery Systems	1.2
Publishing-Books	1.2
Engineering/R&D Services	1.1
Electronic Parts Distribution	1.1
Office Furnishings-Original	1.0
Medical-Hospitals	1.0
Oil Refining & Marketing	1.0
Transport-Air Freight	1.0
Machinery-Pumps	1.0
Beverages-Non-alcoholic	1.0
Retail-Jewelry	0.8
Food-Misc./Diversified	0.8
Time Deposits	0.8
Networking Products	0.8
Finance-Consumer Loans	0.7
Oil & Gas Drilling	0.6
Telecom Equipment-Fiber Optics	0.6
Gas-Distribution	0.5
Building-Maintenance & Services	0.5
Aerospace/Defense	0.4
Chemicals-Specialty	0.4
Chemicals-Diversified	0.4
	99.7	%

* Calculated as a percentage of net assets

# See Note 1

11

SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.9%
Aerospace/Defense — 0.4%
Esterline Technologies Corp.†		36,190	$	2,661,775
Airlines — 2.1%
Hawaiian Holdings, Inc.		99,020		3,698,397
SkyWest, Inc.		161,070		8,979,652
				12,678,049
Applications Software — 1.2%
Verint Systems, Inc.†		182,460		7,617,705
Auction Houses/Art Dealers — 1.3%
Sotheby’s†		153,040		8,074,390
Auto/Truck Parts & Equipment-Original — 3.9%
Cooper-Standard Holding, Inc.†		64,096		7,985,721
Dana, Inc.		251,600		8,300,284
Lear Corp.		22,102		4,268,780
Tenneco, Inc.		60,520		3,510,765
				24,065,550
Banks-Commercial — 9.0%
Associated Banc-Corp.		283,800		7,024,050
BankUnited, Inc.		167,330		6,867,223
Fulton Financial Corp.		307,180		5,590,676
Synovus Financial Corp.		116,700		5,880,513
Texas Capital Bancshares, Inc.†		70,650		6,697,620
Umpqua Holdings Corp.		271,830		5,885,120
Webster Financial Corp.		121,347		6,870,667
Zions Bancorporation		192,240		10,386,727
				55,202,596
Banks-Super Regional — 2.9%
Comerica, Inc.		101,680		9,681,970
Huntington Bancshares, Inc.		501,250		8,110,225
				17,792,195
Batteries/Battery Systems — 1.2%
EnerSys		106,270		7,471,844
Beverages-Non-alcoholic — 1.0%
Cott Corp.		362,150		6,033,419
Building-Heavy Construction — 1.8%
Granite Construction, Inc.		86,140		5,744,677
Tutor Perini Corp.†		204,780		5,068,305
				10,812,982
Building-Maintenance & Services — 0.5%
ABM Industries, Inc.		75,260		2,862,138
Building-Residential/Commercial — 1.7%
CalAtlantic Group, Inc.		155,770		8,743,370
PulteGroup, Inc.		60,010		1,910,118
				10,653,488
Chemicals-Diversified — 0.4%
Orion Engineered Carbons SA		81,360		2,396,052
Chemicals-Specialty — 0.4%
Ingevity Corp.†		34,821		2,526,264
Commercial Services — 1.3%
Quanta Services, Inc.†		207,619		7,991,255
Computer Services — 2.6%
Amdocs, Ltd.		95,120		6,506,208
Convergys Corp.		80,948		1,883,660
Genpact, Ltd.		231,070		7,842,516
				16,232,384

Security Description	Shares		Value (Note 2)
Computers-Integrated Systems — 2.5%
NCR Corp.†		234,891	$	8,810,761
VeriFone Systems, Inc.†		362,750		6,413,420
				15,224,181
Consulting Services — 1.4%
Booz Allen Hamilton Holding Corp.		218,660		8,567,099
Containers-Paper/Plastic — 1.2%
Graphic Packaging Holding Co.		471,730		7,618,440
Distribution/Wholesale — 1.4%
Anixter International, Inc.†		101,370		8,484,669
E-Services/Consulting — 1.3%
CDW Corp.		106,370		7,955,412
Electric-Integrated — 3.1%
Alliant Energy Corp.		131,718		5,235,791
Black Hills Corp.		68,024		3,778,733
PNM Resources, Inc.		131,990		5,028,819
Portland General Electric Co.		117,500		4,976,125
				19,019,468
Electronic Components-Semiconductors — 1.4%
Mellanox Technologies, Ltd.†		76,420		4,963,479
Qorvo, Inc.†		53,477		3,838,044
				8,801,523
Electronic Parts Distribution — 1.1%
Avnet, Inc.		160,160		6,806,800
Engineering/R&D Services — 1.1%
AECOM†		178,778		6,992,008
Finance-Consumer Loans — 0.7%
OneMain Holdings, Inc.†		125,300		4,098,563
Food-Misc./Diversified — 0.8%
Ingredion, Inc.		34,603		4,970,375
Footwear & Related Apparel — 1.9%
Crocs, Inc.†		429,560		5,803,356
Deckers Outdoor Corp.†		69,840		5,985,986
				11,789,342
Gas-Distribution — 0.5%
Southwest Gas Holdings, Inc.		39,640		2,916,711
Insurance-Multi-line — 2.5%
American Financial Group, Inc.		79,783		9,042,605
Old Republic International Corp.		291,090		6,255,524
				15,298,129
Insurance-Property/Casualty — 2.4%
First American Financial Corp.		88,430		5,223,560
Hanover Insurance Group, Inc.		36,010		4,074,532
Selective Insurance Group, Inc.		97,060		5,653,745
				14,951,837
Insurance-Reinsurance — 4.3%
Essent Group, Ltd.†		137,626		6,402,362
Everest Re Group, Ltd.		21,130		4,855,674
Reinsurance Group of America, Inc.		67,570		10,584,840
Validus Holdings, Ltd.		70,010		4,739,677
				26,582,553
Machinery-Construction & Mining — 2.2%
Oshkosh Corp.		80,440		7,297,517
Terex Corp.		134,430		6,320,898
				13,618,415

12

SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery-Electrical — 1.2%
Regal Beloit Corp.		98,320	$	7,659,128
Machinery-Pumps — 1.0%
SPX FLOW, Inc.†		130,120		6,033,664
Medical Labs & Testing Services — 1.2%
ICON PLC†		68,954		7,551,842
Medical-HMO — 2.2%
Molina Healthcare, Inc.†		81,720		7,465,939
WellCare Health Plans, Inc.†		29,108		6,123,741
				13,589,680
Medical-Hospitals — 1.0%
LifePoint Health, Inc.†		126,526		6,256,711
Metal-Aluminum — 1.6%
Alcoa Corp.†		185,230		9,635,665
Networking Products — 0.8%
Infinera Corp.†		400,880		2,593,694
NETGEAR, Inc.†		29,823		2,078,663
				4,672,357
Office Furnishings-Original — 1.0%
Steelcase, Inc., Class A		409,140		6,362,127
Oil & Gas Drilling — 0.6%
Helmerich & Payne, Inc.		51,450		3,705,944
Oil Companies-Exploration & Production — 4.1%
Oasis Petroleum, Inc.†		603,810		5,228,995
QEP Resources, Inc.†		718,870		6,728,623
SM Energy Co.		308,110		7,194,368
SRC Energy, Inc.†		622,300		6,191,885
				25,343,871
Oil Refining & Marketing — 1.0%
HollyFrontier Corp.		129,890		6,229,524
Oil-Field Services — 3.5%
Helix Energy Solutions Group, Inc.†		226,750		1,707,428
MRC Global, Inc.†		342,790		6,163,364
Oil States International, Inc.†		231,340		7,402,880
RPC, Inc.		327,420		6,613,884
				21,887,556
Publishing-Books — 1.2%
Houghton Mifflin Harcourt Co.†		388,981		3,267,440
Scholastic Corp.		103,440		3,974,165
				7,241,605
Real Estate Investment Trusts — 4.5%
American Campus Communities, Inc.		105,640		4,062,915
Education Realty Trust, Inc.		154,490		5,102,805
Empire State Realty Trust, Inc., Class A		288,275		5,635,776
Gramercy Property Trust		281,375		7,101,905
STAG Industrial, Inc.		227,060		5,749,159
				27,652,560
Retail-Apparel/Shoe — 1.2%
Burlington Stores, Inc.†		33,214		4,042,476
Caleres, Inc.		123,170		3,650,759
				7,693,235

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail-Arts & Crafts — 1.4%
Michaels Cos., Inc.†		315,290		$	8,471,842
Retail-Jewelry — 0.8%
Signet Jewelers, Ltd.		99,060			5,240,274
Retail-Restaurants — 1.9%
Bloomin’ Brands, Inc.		367,830			8,103,295
Brinker International, Inc.		102,889			3,738,986
					11,842,281
Rubber/Plastic Products — 1.4%
Trinseo SA		101,860			8,398,357
Semiconductor Components-Integrated Circuits — 1.5%
Cypress Semiconductor Corp.		429,660			7,428,821
Integrated Device Technology, Inc.†		68,530			2,049,047
					9,477,868
Telecom Equipment-Fiber Optics — 0.6%
Finisar Corp.†		196,050			3,521,058
Transport-Air Freight — 1.0%
Atlas Air Worldwide Holdings, Inc.†		107,460			6,049,998
Transport-Services — 1.3%
Ryder System, Inc.		91,777			7,987,352
Transport-Truck — 1.4%
Werner Enterprises, Inc.		205,100			8,347,570
Total Long-Term Investment Securities (cost $483,590,021)					609,619,680
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Time Deposits — 0.8%
Euro Time Deposit with State Street Bank and Trust Co. 0.20% due 02/01/2018 (cost $4,711,000)	$	4,711,000			4,711,000
TOTAL INVESTMENTS (cost $488,301,021)(1)		99.7	%		614,330,680
Other assets less liabilities		0.3			1,921,529
NET ASSETS		100.0	%	$	616,252,209

# See Note 1

† Non-income producing security

(1) See Note 3 for cost of investments on a tax basis.

13

SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	609,619,680	$	—	$	—	$	609,619,680
Short-Term Investment Securities		—		4,711,000		—		4,711,000
Total Investments at Value	$	609,619,680	$	4,711,000	$	—	$	614,330,680

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

14

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset Portfolio

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Time Deposits	37.4	%
United States Treasury Notes	17.9
Medical-Drugs	2.4
Diversified Banking Institutions	2.3
Oil Companies-Integrated	1.8
Banks-Commercial	1.6
Insurance-Multi-line	1.0
Real Estate Investment Trusts	1.0
Insurance-Life/Health	0.9
Finance-Credit Card	0.9
Food-Misc./Diversified	0.8
Auto/Truck Parts & Equipment-Original	0.8
Retail-Apparel/Shoe	0.7
Commercial Services-Finance	0.7
E-Commerce/Products	0.7
Computer Services	0.6
Tobacco	0.6
Computers	0.6
Web Portals/ISP	0.6
Rubber-Tires	0.6
Electric-Integrated	0.5
Internet Content-Entertainment	0.5
Diversified Manufacturing Operations	0.5
Human Resources	0.5
Applications Software	0.5
Distribution/Wholesale	0.5
Electronic Components-Misc.	0.5
Machinery-Electrical	0.5
Chemicals-Diversified	0.4
Electronic Components-Semiconductors	0.4
Investment Management/Advisor Services	0.4
Retail-Discount	0.4
Insurance-Reinsurance	0.4
Enterprise Software/Service	0.4
Retail-Major Department Stores	0.4
Insurance-Property/Casualty	0.4
Diversified Operations	0.3
Medical-Hospitals	0.3
Paper & Related Products	0.3
Retail-Restaurants	0.3
Oil Refining & Marketing	0.3
Semiconductor Components-Integrated Circuits	0.3
Aerospace/Defense	0.3
Multimedia	0.3
Medical-Wholesale Drug Distribution	0.3
Cellular Telecom	0.3
Rental Auto/Equipment	0.3
Cable/Satellite TV	0.3
Private Equity	0.3
Metal-Diversified	0.3
Auto-Cars/Light Trucks	0.3
Options Purchased	0.3
Brewery	0.3
Food-Retail	0.3
Casino Hotels	0.3
Athletic Footwear	0.3
Commercial Services	0.3
Real Estate Management/Services	0.3
Medical-Biomedical/Gene	0.3
Electric-Generation	0.3
Computers-Integrated Systems	0.3

Import/Export	0.3	%
Transport-Services	0.3
Chemicals-Specialty	0.2
Medical-HMO	0.2
Medical Products	0.2
Retail-Building Products	0.2
Insurance Brokers	0.2
Real Estate Operations & Development	0.2
Cruise Lines	0.2
Pharmacy Services	0.2
Computer Aided Design	0.2
Networking Products	0.2
Machinery-Construction & Mining	0.2
Hotels/Motels	0.2
Entertainment Software	0.2
Retail-Drug Store	0.2
Banks-Super Regional	0.2
Diversified Minerals	0.2
Machinery-Farming	0.2
Medical Labs & Testing Services	0.2
Steel-Producers	0.2
Audio/Video Products	0.2
Oil Companies-Exploration & Production	0.1
Cosmetics & Toiletries	0.1
Retail-Jewelry	0.1
Gas-Distribution	0.1
Industrial Automated/Robotic	0.1
Office Automation & Equipment	0.1
Apparel Manufacturers	0.1
Oil-Field Services	0.1
Electric-Distribution	0.1
Finance-Other Services	0.1
Food-Catering	0.1
Electronic Forms	0.1
Toys	0.1
Dialysis Centers	0.1
Banks-Fiduciary	0.1
Tools-Hand Held	0.1
Broadcast Services/Program	0.1
Public Thoroughfares	0.1
Metal-Copper	0.1
Beverages-Non-alcoholic	0.1
Electric Products-Misc.	0.1
Food-Wholesale/Distribution	0.1
Office Supplies & Forms	0.1
Computer Data Security	0.1
E-Commerce/Services	0.1
Building & Construction-Misc.	0.1
Transport-Rail	0.1
Retail-Perfume & Cosmetics	0.1
Electronic Measurement Instruments	0.1
Decision Support Software	0.1
Retail-Gardening Products	0.1
Finance-Leasing Companies	0.1
Industrial Gases	0.1
Beverages-Wine/Spirits	0.1
Auto-Heavy Duty Trucks	0.1
Diversified Operations/Commercial Services	0.1
Non-Hazardous Waste Disposal	0.1
Web Hosting/Design	0.1
Oil Field Machinery & Equipment	0.1

15

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset Portfolio

PORTFOLIO PROFILE — January 31, 2018 — (unaudited) — (continued)

Industry Allocation* (continued)

Building-Residential/Commercial	0.1	%
Energy-Alternate Sources	0.1
Computers-Memory Devices	0.1
	97.4%

Country Allocation*

United States	74.4	%
Japan	5.1
United Kingdom	3.8
France	2.3
Switzerland	1.8
Germany	1.6
Australia	1.5
Netherlands	1.0
Italy	0.7
Spain	0.6
Hong Kong	0.5
Sweden	0.5
Ireland	0.4
Finland	0.4
Singapore	0.4
Denmark	0.4
Canada	0.3
Belgium	0.3
Cayman Islands	0.2
Bermuda	0.2
Austria	0.2
Jersey	0.2
Panama	0.1
Curacao	0.1
Israel	0.1
Norway	0.1
Liberia	0.1
Luxembourg	0.1
	97.4%

* Calculated as a percentage of net assets

16

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 41.8%
Australia — 1.5%
AGL Energy, Ltd.		68,406	$	1,292,049
APA Group		33,643		218,503
ASX, Ltd.		1,380		60,871
AusNet Services		112,605		153,799
Australia & New Zealand Banking Group, Ltd.		24,794		571,000
Bank of Queensland, Ltd.		4,152		41,453
Bendigo & Adelaide Bank, Ltd.		4,226		39,876
BHP Billiton, Ltd.		15,529		377,901
Brambles, Ltd.		51,714		412,544
Caltex Australia, Ltd.		4,134		115,825
Challenger, Ltd.		2,941		32,325
Commonwealth Bank of Australia		20,787		1,321,085
Computershare, Ltd.		26,239		353,095
Dexus		45,597		350,152
Goodman Group		79,358		517,329
GPT Group		89,584		363,099
Insurance Australia Group, Ltd.		17,546		102,363
Medibank Private, Ltd.		79,003		213,263
Mirvac Group		174,016		308,489
National Australia Bank, Ltd.		54,579		1,281,130
Newcrest Mining, Ltd.		10,569		193,069
Origin Energy, Ltd.†		20,754		156,198
Ramsay Health Care, Ltd.		974		53,644
Rio Tinto, Ltd.		2,852		176,612
Scentre Group		149,366		499,490
Stockland		24,680		83,924
Suncorp Group, Ltd.		42,933		472,573
Vicinity Centres		173,559		376,207
Wesfarmers, Ltd.		4,323		152,611
Westpac Banking Corp.		41,510		1,035,573
Woolworths Group, Ltd.		281		6,102
				11,332,154
Austria — 0.2%
ANDRITZ AG		3,552		213,090
Erste Group Bank AG		2,101		105,722
OMV AG		4,028		259,350
voestalpine AG		8,831		573,205
				1,151,367
Belgium — 0.3%
Anheuser-Busch InBev SA/NV		13,486		1,526,006
Groupe Bruxelles Lambert SA		1,462		172,221
KBC Group NV		160		15,376
Umicore SA		7,067		371,668
				2,085,271
Bermuda — 0.2%
CK Infrastructure Holdings, Ltd.		6,500		57,874
Hongkong Land Holdings, Ltd.		12,000		86,400
IHS Markit, Ltd.†		2,442		116,557
Invesco, Ltd.		5,193		187,623
Kerry Properties, Ltd.		6,500		31,077
Shangri-La Asia, Ltd.		6,000		15,263
Signet Jewelers, Ltd.		406		21,477
XL Group, Ltd.		25,481		938,720
Yue Yuen Industrial Holdings, Ltd.		13,000		58,663
				1,513,654
British Virgin Islands — 0.0%
Michael Kors Holdings, Ltd.†		1,910		126,060

Security Description	Shares		Value (Note 2)
Canada — 0.3%
Atco, Ltd., Class I		311	$	11,247
Canadian Imperial Bank of Commerce		2,287		226,580
Canadian Utilities, Ltd., Class A		2,633		77,941
CGI Group, Inc., Class A†		8,845		506,250
First Capital Realty, Inc.		2,082		34,818
Fortis, Inc.		11,314		399,761
Hydro One, Ltd.*		8,258		149,114
Imperial Oil, Ltd.		939		29,521
Industrial Alliance Insurance & Financial Services, Inc.		795		38,063
Intact Financial Corp.		3,582		300,335
National Bank of Canada		1,132		58,754
Pembina Pipeline Corp.		3,230		110,109
RioCan Real Estate Investment Trust		6,445		126,228
Smart Real Estate Investment Trust		1,414		34,775
Trisura Group, Ltd.†		11		225
				2,103,721
Cayman Islands — 0.2%
ASM Pacific Technology, Ltd.		8,500		116,048
CK Hutchison Holdings, Ltd.		47,000		634,465
Melco Resorts & Entertainment, Ltd. ADR		15,934		474,515
MGM China Holdings, Ltd.		10,000		30,808
Minth Group, Ltd.		48,000		271,212
Sands China, Ltd.		24,400		145,352
Wharf Real Estate Investment Co., Ltd.†		13,000		89,823
Wynn Macau, Ltd.		15,600		55,040
				1,817,263
Curacao — 0.1%
Schlumberger, Ltd.		11,051		813,133
Denmark — 0.4%
AP Moller - Maersk A/S, Series A		9		15,389
AP Moller - Maersk A/S, Series B		9		16,065
Carlsberg A/S, Class B		1,215		156,028
Chr. Hansen Holding A/S		96		8,392
Coloplast A/S, Class B		2,462		218,744
Danske Bank A/S		7,692		312,453
H. Lundbeck A/S		2,841		144,834
ISS A/S		1,725		67,308
Novo Nordisk A/S, Class B		24,866		1,382,989
Novozymes A/S, Class B		2,746		152,314
Orsted A/S*		1,929		117,133
Tryg A/S		1,262		30,716
Vestas Wind Systems A/S		4,774		325,726
				2,948,091
Finland — 0.4%
Fortum Oyj		880		19,082
Kone Oyj, Class B		3,138		179,605
Neste Oyj		12,411		857,966
Orion Oyj, Class B		8,315		333,448
Sampo Oyj, Class A		2,239		130,013
Stora Enso Oyj, Class R		39,025		669,599
UPM-Kymmene Oyj		27,950		941,794
				3,131,507
France — 2.3%
Amundi SA*		14,712		1,388,192
AXA SA		20,107		661,417

17

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
France (continued)
BioMerieux		4,430	$	419,655
BNP Paribas SA		11,091		917,084
Cie Generale des Etablissements Michelin		8,953		1,431,689
CNP Assurances		82,324		2,109,601
Credit Agricole SA		1,164		21,930
Dassault Aviation SA		600		1,003,420
Eiffage SA		4,045		490,455
Electricite de France SA		1,490		20,488
Engie SA		25,211		437,584
Eurazeo SA		19,057		2,005,203
Faurecia		4,398		395,219
Kering		38		19,240
LVMH Moet Hennessy Louis Vuitton SE		1,123		352,190
Sanofi		8,853		781,711
Societe BIC SA		1,912		219,106
Societe Generale SA		5,538		322,161
Suez		1,517		22,620
TOTAL SA		27,346		1,583,324
Ubisoft Entertainment SA†		337		28,845
Unibail-Rodamco SE		127		32,576
Valeo SA		4,815		379,607
Veolia Environnement SA		6,801		171,324
Vivendi SA		625		18,336
Wendel SA		10,548		1,965,689
Zodiac Aerospace		1,223		38,006
				17,236,672
Germany — 1.6%
adidas AG		1,498		348,348
Allianz SE		7,034		1,777,178
BASF SE		8,582		1,004,978
Bayer AG		8,483		1,110,290
Brenntag AG		2,949		191,195
Commerzbank AG†		8,312		136,819
Continental AG		3,561		1,068,594
Covestro AG*		1,449		166,552
Daimler AG		2,218		203,035
Deutsche Bank AG		15,643		287,323
Deutsche Lufthansa AG		4,134		147,510
Deutsche Post AG		11,790		557,264
Deutsche Wohnen SE		1,908		86,227
E.ON SE		60,135		631,554
Fresenius Medical Care AG & Co. KGaA		1,447		167,077
Fresenius SE & Co. KGaA		1,690		147,882
Hannover Rueck SE		1,157		158,156
HOCHTIEF AG		245		44,258
Innogy SE*		13,052		497,484
Merck KGaA		920		100,539
Muenchener Rueckversicherungs-Gesellschaft AG		3,715		874,272
ProSiebenSat.1 Media SE		1,639		62,655
RWE AG†		10,007		200,278
SAP SE		8,479		956,176
Siemens AG		4,576		694,031
Uniper SE		17,327		516,941
Volkswagen AG (Preference Shares)		323		70,989
Vonovia SE		1,412		69,614
				12,277,219

Security Description	Shares		Value (Note 2)
Hong Kong — 0.5%
AIA Group, Ltd.		122,400	$	1,048,340
Bank of East Asia, Ltd.		12,400		53,657
BOC Hong Kong Holdings, Ltd.		38,000		194,065
CLP Holdings, Ltd.		17,000		173,528
Galaxy Entertainment Group, Ltd.		24,000		212,613
Hang Lung Group, Ltd.		9,000		34,228
Hang Lung Properties, Ltd.		21,000		55,569
Hang Seng Bank, Ltd.		7,900		188,041
Henderson Land Development Co., Ltd.		12,320		86,148
HKT Trust & HKT, Ltd.		39,000		48,808
Hong Kong & China Gas Co., Ltd.		85,470		168,915
Hong Kong Exchanges & Clearing, Ltd.		11,400		431,946
Hysan Development Co., Ltd.		6,000		33,518
I-CABLE Communications, Ltd.†		15,581		434
Kingston Financial Group, Ltd.		40,000		31,089
Link REIT		22,500		199,037
New World Development Co., Ltd.		59,000		95,484
Power Assets Holdings, Ltd.		14,500		128,917
Sino Land Co., Ltd.		32,000		58,988
Sun Hung Kai Properties, Ltd.		15,000		260,590
Swire Pacific, Ltd., Class A		5,500		55,017
Swire Properties, Ltd.		12,000		41,955
Techtronic Industries Co., Ltd.		26,000		173,164
Wharf Holdings, Ltd.		12,000		49,165
Wheelock & Co., Ltd.		8,000		62,639
				3,885,855
Ireland — 0.4%
Accenture PLC, Class A		13,078		2,101,634
DCC PLC		6,969		732,720
Medtronic PLC		2,492		214,038
Willis Towers Watson PLC		1,617		259,480
				3,307,872
Israel — 0.1%
Azrieli Group, Ltd.		434		23,645
Bank Hapoalim B.M.		10,993		82,297
Bank Leumi Le-Israel B.M.		14,705		90,435
Bezeq The Israeli Telecommunication Corp., Ltd.		21,036		34,726
Check Point Software Technologies, Ltd.†		3,014		311,678
Mizrahi Tefahot Bank, Ltd.		1,427		27,805
Teva Pharmaceutical Industries, Ltd. ADR		9,390		191,650
				762,236
Italy — 0.7%
Atlantia SpA		21,088		698,530
Enel SpA		62,325		395,410
Eni SpA		9,078		163,269
Intesa Sanpaolo SpA		49,913		195,854
Poste Italiane SpA*		190,811		1,578,711
Recordati SpA		1,351		61,508
UniCredit SpA†		37,711		830,869
UnipolSai Assicurazioni SpA		476,676		1,231,571
				5,155,722
Japan — 5.1%
Acom Co., Ltd.†		4,000		17,441
Aeon Co., Ltd.		10,200		173,550

18

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Aeon Mall Co., Ltd.		1,100	$	24,193
Aisin Seiki Co., Ltd.		5,300		309,252
Ajinomoto Co., Inc.		9,400		178,236
Alfresa Holdings Corp.		3,200		77,941
Alps Electric Co., Ltd.		4,600		132,307
Amada Holdings Co., Ltd.		17,500		259,046
Aozora Bank, Ltd.		1,300		52,634
Asahi Glass Co., Ltd.		300		13,163
Asahi Kasei Corp.		7,200		93,949
Astellas Pharma, Inc.		34,400		453,751
Bridgestone Corp.		24,200		1,176,195
Brother Industries, Ltd.		4,200		107,376
Canon, Inc.		20,800		828,609
Central Japan Railway Co.		2,700		510,717
Chiba Bank, Ltd.		6,000		51,882
Chubu Electric Power Co., Inc.		6,700		84,049
Chugai Pharmaceutical Co., Ltd.		2,300		121,563
Chugoku Electric Power Co., Inc.		2,900		32,063
Concordia Financial Group, Ltd.		10,500		63,575
Credit Saison Co., Ltd.		600		10,899
Dai-ichi Life Holdings, Inc.		13,000		272,158
Daifuku Co., Ltd.		800		53,495
Daiichi Sankyo Co., Ltd.		7,600		255,491
Daikin Industries, Ltd.		1,500		179,926
Daito Trust Construction Co., Ltd.		2,900		506,444
Daiwa House Industry Co., Ltd.		8,600		339,132
Daiwa Securities Group, Inc.		17,000		121,805
Denso Corp.		4,800		299,994
Disco Corp.		600		140,368
Eisai Co., Ltd.		2,700		154,106
Electric Power Development Co., Ltd.		1,500		42,525
FANUC Corp.		3,100		836,974
Fast Retailing Co., Ltd.		600		267,601
FUJIFILM Holdings Corp.		1,400		53,733
Fujitsu, Ltd.		53,000		390,278
Hakuhodo DY Holdings, Inc.		3,000		45,012
Hamamatsu Photonics KK		6,100		225,181
Hisamitsu Pharmaceutical Co., Inc.		600		41,220
Hitachi High-Technologies Corp.		1,100		51,589
Hitachi, Ltd.		70,000		555,537
Honda Motor Co., Ltd.		7,800		273,361
Hoshizaki Corp.		1,100		103,884
Hoya Corp.		6,400		326,478
Idemitsu Kosan Co., Ltd.		1,400		52,322
IHI Corp.		1,000		33,434
Inpex Corp.		9,800		127,381
Japan Exchange Group, Inc.		5,400		96,999
Japan Post Bank Co., Ltd.		5,800		78,258
Japan Post Holdings Co., Ltd.		21,400		255,224
Japan Real Estate Investment Corp.		10		51,388
Japan Retail Fund Investment Corp.		9		17,931
Japan Tobacco, Inc.		14,300		473,130
JTEKT Corp.		5,700		101,500
JXTG Holdings, Inc.		31,000		205,531
Kansai Electric Power Co., Inc.		8,400		104,144
Kao Corp.		2,800		193,976
Kawasaki Heavy Industries, Ltd.		2,900		119,538
Keyence Corp.		800		486,800
Kikkoman Corp.		10,400		429,642
Kirin Holdings Co., Ltd.		12,700		316,540
Koito Manufacturing Co., Ltd.		4,300		302,107

Security Description	Shares		Value (Note 2)
Japan (continued)
Komatsu, Ltd.		9,400	$	364,651
Konami Holdings Corp.		400		22,863
Konica Minolta, Inc.		9,100		90,525
Kubota Corp.		14,800		300,555
Kuraray Co., Ltd.		5,800		108,381
Kyocera Corp.		7,400		491,503
Kyowa Hakko Kirin Co., Ltd.		2,600		50,847
Kyushu Electric Power Co., Inc.		4,500		49,217
Lawson, Inc.		1,200		81,121
Lion Corp.		2,600		48,728
Mabuchi Motor Co., Ltd.		2,300		136,100
Makita Corp.		12,400		583,823
Medipal Holdings Corp.		1,800		35,218
MEIJI Holdings Co., Ltd.		2,800		234,167
MinebeaMitsumi, Inc.		7,400		167,224
MISUMI Group, Inc.		1,200		36,109
Mitsubishi Chemical Holdings Corp.		12,800		138,881
Mitsubishi Corp.		12,900		360,401
Mitsubishi Electric Corp.		19,400		354,076
Mitsubishi Estate Co., Ltd.		17,400		332,874
Mitsubishi Heavy Industries, Ltd.		500		18,787
Mitsubishi Tanabe Pharma Corp.		4,200		85,831
Mitsubishi UFJ Financial Group, Inc.		124,900		939,067
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,300		8,383
Mitsui & Co., Ltd.		21,700		380,451
Mitsui Fudosan Co., Ltd.		11,000		287,922
Mixi, Inc.		300		13,232
Mizuho Financial Group, Inc.		252,100		474,087
MS&AD Insurance Group Holdings, Inc.		7,300		248,148
Murata Manufacturing Co., Ltd.		2,600		383,677
NGK Insulators, Ltd.		18,700		380,612
NGK Spark Plug Co., Ltd.		8,900		234,056
NH Foods, Ltd.		2,000		48,035
Nidec Corp.		2,200		351,653
Nikon Corp.		3,300		63,993
Nintendo Co., Ltd.		1,200		527,288
Nippon Building Fund, Inc.		14		75,021
Nippon Telegraph & Telephone Corp.		1,300		61,815
Nippon Yusen KK†		1,700		42,527
Nissan Motor Co., Ltd.		6,500		69,275
Nisshin Seifun Group, Inc.		5,800		116,191
Nissin Foods Holdings Co., Ltd.		1,900		140,625
NOK Corp.		6,100		141,870
Nomura Holdings, Inc.		37,400		242,379
Nomura Real Estate Holdings, Inc.		1,600		38,282
NSK, Ltd.		4,700		77,322
NTT Data Corp.		48,700		572,338
NTT DOCOMO, Inc.		600		14,864
Olympus Corp.		3,800		146,020
Omron Corp.		7,900		492,800
Ono Pharmaceutical Co., Ltd.		2,300		56,768
Oriental Land Co., Ltd.		2,200		214,821
ORIX Corp.		23,300		434,327
Osaka Gas Co., Ltd.		3,900		77,271
Otsuka Corp.		2,400		201,154
Otsuka Holdings Co., Ltd.		3,900		173,119
Panasonic Corp.		20,100		298,085
Recruit Holdings Co., Ltd.		30,700		747,745
Renesas Electronics Corp.†		2,700		31,731
Resona Holdings, Inc.		23,100		139,082

19

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Rohm Co., Ltd.		2,200	$	241,220
Ryohin Keikaku Co., Ltd.		200		66,777
Santen Pharmaceutical Co., Ltd.		1,100		17,945
SBI Holdings, Inc.		2,000		48,347
Secom Co., Ltd.		300		22,924
Seiko Epson Corp.		5,400		130,932
Seven & i Holdings Co., Ltd.		15,400		632,815
Shin-Etsu Chemical Co., Ltd.		7,000		795,731
Shionogi & Co., Ltd.		4,700		259,906
Shiseido Co., Ltd.		4,500		230,874
Shizuoka Bank, Ltd.		3,000		31,904
Showa Shell Sekiyu KK		4,000		56,682
SMC Corp.		800		392,196
SoftBank Group Corp.		3,300		271,448
Sompo Holdings, Inc.		5,800		231,957
Sony Corp.		11,100		529,632
Sony Financial Holdings, Inc.		1,800		32,877
Stanley Electric Co., Ltd.		2,100		85,120
Subaru Corp.		7,000		231,987
SUMCO Corp.		400		10,889
Sumitomo Chemical Co., Ltd.		25,000		183,201
Sumitomo Corp.		36,900		635,111
Sumitomo Dainippon Pharma Co., Ltd.		1,600		23,626
Sumitomo Electric Industries, Ltd.		8,900		151,676
Sumitomo Heavy Industries, Ltd.		1,900		86,585
Sumitomo Mitsui Financial Group, Inc.		14,000		625,556
Sumitomo Mitsui Trust Holdings, Inc.		3,100		128,549
Sumitomo Realty & Development Co., Ltd.		4,000		153,375
Sumitomo Rubber Industries, Ltd.		2,600		50,419
Sundrug Co., Ltd.		900		38,706
Suruga Bank, Ltd.		1,900		38,324
Suzuken Co., Ltd.		1,700		72,332
Sysmex Corp.		1,500		117,615
T&D Holdings, Inc.		7,300		129,925
Taisho Pharmaceutical Holdings Co., Ltd.		300		24,512
Takeda Pharmaceutical Co., Ltd.		7,200		423,083
TDK Corp.		3,100		285,381
Terumo Corp.		3,800		185,875
THK Co., Ltd.		3,200		132,491
Toho Gas Co., Ltd.		700		20,486
Tohoku Electric Power Co., Inc.		4,700		60,574
Tokio Marine Holdings, Inc.		9,600		451,992
Tokyo Electric Power Co. Holdings, Inc.†		13,300		53,848
Tokyo Electron, Ltd.		1,300		243,638
Tokyo Gas Co., Ltd.		4,800		114,009
Tokyo Tatemono Co., Ltd.		2,100		33,682
Tokyu Fudosan Holdings Corp.		6,600		51,992
Toray Industries, Inc.		3,600		35,779
Toshiba Corp.†		58,000		165,229
Toyo Suisan Kaisha, Ltd.		4,300		174,292
Toyoda Gosei Co., Ltd.		4,200		111,377
Toyota Industries Corp.		2,700		175,350
Toyota Motor Corp.		17,300		1,185,344
Toyota Tsusho Corp.		6,100		246,414
Trend Micro, Inc.†		1,600		86,178
Unicharm Corp.		2,500		66,754

Security Description	Shares		Value (Note 2)
Japan (continued)
Yakult Honsha Co., Ltd.		1,500	$	125,309
Yamada Denki Co., Ltd.		2,600		15,409
Yamaguchi Financial Group, Inc.		2,000		23,413
Yamazaki Baking Co., Ltd.		6,900		135,763
Yaskawa Electric Corp.		3,500		180,178
Yokohama Rubber Co., Ltd.		3,000		76,175
				38,434,136
Jersey — 0.2%
Aptiv PLC		825		78,276
Experian PLC		17,769		409,472
Glencore PLC		70,746		405,511
Shire PLC		5,047		238,448
				1,131,707
Liberia — 0.1%
Royal Caribbean Cruises, Ltd.		4,922		657,333
Luxembourg — 0.1%
ArcelorMittal†		9,023		327,393
Millicom International Cellular SA SDR		688		51,295
				378,688
Netherlands — 1.0%
Aegon NV		12,142		83,033
AerCap Holdings NV†		21,745		1,176,405
Airbus SE		690		79,242
CNH Industrial NV		38,368		567,580
ING Groep NV		96,706		1,900,634
Koninklijke Ahold Delhaize NV		32,225		718,961
Koninklijke Philips NV		9,856		402,098
LyondellBasell Industries NV, Class A		2,697		323,208
NN Group NV		2,174		102,567
NXP Semiconductors NV†		1,645		197,926
RELX NV		48,412		1,076,797
Unilever NV CVA		10,191		590,245
				7,218,696
New Zealand — 0.0%
Auckland International Airport, Ltd.		9,525		46,995
Fisher & Paykel Healthcare Corp., Ltd.		5,839		57,446
Mercury NZ, Ltd.		7,245		18,420
Meridian Energy, Ltd.		13,276		28,373
Ryman Healthcare, Ltd.		4,145		33,449
Spark New Zealand, Ltd.		18,916		50,045
				234,728
Norway — 0.1%
DNB ASA		7,769		157,619
Gjensidige Forsikring ASA		329		6,205
Norsk Hydro ASA		9,839		71,729
Statoil ASA		21,702		506,734
				742,287
Panama — 0.1%
Carnival Corp.		12,171		871,565
Portugal — 0.0%
EDP - Energias de Portugal SA		13,362		46,932
Singapore — 0.4%
Ascendas Real Estate Investment Trust		25,300		53,231

20

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Singapore (continued)
Broadcom, Ltd.		2,151	$	533,513
CapitaLand Commercial Trust		24,900		35,495
CapitaLand Mall Trust		25,600		40,982
CapitaLand, Ltd.		26,100		76,402
City Developments, Ltd.		4,300		43,465
DBS Group Holdings, Ltd.		18,500		372,313
Jardine Cycle & Carriage, Ltd.		1,000		30,439
Oversea-Chinese Banking Corp., Ltd.		32,100		316,400
Singapore Airlines, Ltd.		29,000		250,030
Singapore Exchange, Ltd.		8,200		51,258
Singapore Telecommunications, Ltd.		83,800		226,141
StarHub, Ltd.		6,300		13,879
Suntec Real Estate Investment Trust		25,300		39,923
United Overseas Bank, Ltd.		13,700		286,470
UOL Group, Ltd.		5,000		34,876
Wilmar International, Ltd.		212,100		517,396
Yangzijiang Shipbuilding Holdings, Ltd.		131,300		160,146
				3,082,359
Spain — 0.6%
Amadeus IT Group SA		903		70,048
Banco Bilbao Vizcaya Argentaria SA		69,003		648,356
Banco Santander SA		171,139		1,271,253
CaixaBank SA		19,802		106,872
Endesa SA		13,325		299,440
Gas Natural SDG SA		7,789		179,918
Iberdrola SA (S/BE)		98,341		800,701
Iberdrola SA† (Interim Shares)		2,183		17,774
Industria de Diseno Textil SA		12,737		456,539
Mapfre SA		14,573		51,764
Red Electrica Corp. SA		6,575		139,346
Repsol SA		22,189		417,501
				4,459,512
Sweden — 0.5%
Alfa Laval AB		3,830		100,466
Atlas Copco AB, Class A		15,982		749,419
Atlas Copco AB, Class B		4,188		174,750
Boliden AB		1,371		49,725
Electrolux AB, Series B		1,617		57,088
Essity AB, Class B†		2,384		71,400
Getinge AB, Class B		722		9,886
Hennes & Mauritz AB, Class B		11,693		206,767
Hexagon AB, Class B		223		13,281
Investor AB, Class B		2,187		106,881
Lundin Petroleum AB†		4,879		121,512
Nordea Bank AB		31,737		391,643
Sandvik AB		11,015		216,878
Securitas AB, Class B		1,589		29,411
Skandinaviska Enskilda Banken AB, Class A		15,749		198,944
SKF AB, Class B		793		19,599
Svenska Handelsbanken AB, Class A		15,862		230,787
Swedbank AB, Class A		9,355		239,102
Telefonaktiebolaget LM Ericsson, Class B		22,994		147,654
Volvo AB, Class B		16,019		326,991
				3,462,184
Switzerland — 1.8%
ABB, Ltd.		16,936		472,188

Security Description	Shares		Value (Note 2)
Switzerland (continued)
Adecco Group AG		2,856	$	235,047
Baloise Holding AG		540		88,361
Cie Financiere Richemont SA		1,709		164,005
Clariant AG		1,773		50,747
Credit Suisse Group AG		23,041		444,605
Geberit AG		135		63,964
Givaudan SA		86		206,973
Julius Baer Group, Ltd.		2,146		147,332
Kuehne & Nagel International AG		409		75,099
LafargeHolcim, Ltd.		946		57,934
Lonza Group AG		662		184,144
Nestle SA		34,379		2,970,464
Novartis AG		27,163		2,457,292
Roche Holding AG		8,348		2,057,962
Schindler Holding AG		1,784		447,366
SGS SA		112		301,194
Sika AG		25		216,626
Straumann Holding AG		145		110,765
Swiss Life Holding AG		415		155,834
Swiss Prime Site AG		523		50,572
Swiss Re AG		5,484		540,888
TE Connectivity, Ltd.		1,671		171,328
UBS Group AG		51,646		1,048,734
Zurich Insurance Group AG		2,307		758,218
				13,477,642
United Kingdom — 3.8%
Anglo American PLC		4,748		115,184
Antofagasta PLC		23,469		310,232
Aon PLC		6,209		882,733
Ashtead Group PLC		8,091		241,822
Associated British Foods PLC		10,692		414,898
AstraZeneca PLC		15,015		1,041,755
Aviva PLC		26,753		194,940
Barclays PLC		118,950		337,681
BHP Billiton PLC		28,850		640,656
BP PLC		265,692		1,890,363
British American Tobacco PLC		23,209		1,588,019
Bunzl PLC		25,716		752,165
Carnival PLC		114		8,045
Centrica PLC		8,300		15,727
Cobham PLC†		47,147		87,526
Compass Group PLC		42,567		896,004
ConvaTec Group PLC*		28,914		83,010
Croda International PLC		11,976		762,465
Diageo PLC		11,849		426,063
Direct Line Insurance Group PLC		14,122		74,049
GKN PLC		81,262		487,826
GlaxoSmithKline PLC		59,955		1,124,018
HSBC Holdings PLC		198,605		2,118,021
Imperial Brands PLC		20,005		823,293
InterContinental Hotels Group PLC		582		38,938
Johnson Matthey PLC		2,224		109,258
Legal & General Group PLC		29,266		112,443
Liberty Global PLC, Class A†		19,896		743,712
Lloyds Banking Group PLC		109,800		108,366
Meggitt PLC		87,548		577,024
Micro Focus International PLC		12,377		377,830
Mondi PLC		35,682		950,946
National Grid PLC		40,367		461,214
Nielsen Holdings PLC		9,391		351,317
Old Mutual PLC		11,961		39,706

21

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Pearson PLC		31,896	$	314,205
Prudential PLC		26,524		717,801
Reckitt Benckiser Group PLC		789		76,211
Rio Tinto PLC		25,249		1,406,028
Royal Bank of Scotland Group PLC†		3,942		16,103
Royal Dutch Shell PLC, Class A		42,593		1,489,213
Royal Dutch Shell PLC, Class B		34,951		1,238,644
Schroders PLC		4,830		255,113
Sky PLC		54,423		818,315
Smith & Nephew PLC		8,835		159,188
SSE PLC		6,377		118,114
Standard Chartered PLC†		22,905		266,547
Tesco PLC		21,259		63,086
Unilever PLC		181		10,280
Vodafone Group PLC		652,919		2,082,147
Weir Group PLC		8,620		270,362
				28,488,606
United States — 18.8%
3M Co.		6,546		1,639,773
Abbott Laboratories		2,481		154,219
AbbVie, Inc.		8,230		923,571
Activision Blizzard, Inc.		6,755		500,748
Adobe Systems, Inc.†		4,433		885,536
Aetna, Inc.		1,279		238,943
Aflac, Inc.		11,675		1,029,735
AGCO Corp.		3,031		220,111
Agilent Technologies, Inc.		254		18,651
Air Products & Chemicals, Inc.		2,012		338,760
Alaska Air Group, Inc.		838		55,082
Alliance Data Systems Corp.		44		11,293
Alphabet, Inc., Class A†		2,425		2,866,883
Alphabet, Inc., Class C†		1,239		1,449,556
Amazon.com, Inc.†		3,102		4,500,661
American Express Co.		3,515		349,391
Ameriprise Financial, Inc.		176		29,691
AmerisourceBergen Corp.		7,874		784,802
Amgen, Inc.		2,834		527,266
Anadarko Petroleum Corp.		2,114		126,946
Analog Devices, Inc.		402		36,936
ANSYS, Inc.†		4,425		715,301
Anthem, Inc.		1,085		268,917
Apache Corp.		4,251		190,742
Apartment Investment & Management Co., Class A		1,047		43,806
Apple, Inc.		26,025		4,357,366
Archer-Daniels-Midland Co.		4,989		214,278
Autodesk, Inc.†		3,199		369,868
Autoliv, Inc.		782		119,028
Automatic Data Processing, Inc.		6,904		853,542
Avery Dennison Corp.		2,804		343,995
Avnet, Inc.		808		34,340
Ball Corp.†		644		24,652
Bank of America Corp.		51,900		1,660,800
Bank of New York Mellon Corp.		9,622		545,567
Baxter International, Inc.		4,824		347,473
Berkshire Hathaway, Inc., Class B†		6,945		1,488,869
Best Buy Co., Inc.		3,366		245,920
Biogen, Inc.†		267		92,865
Boeing Co.		1,669		591,444
BorgWarner, Inc.		4,938		277,812

Security Description	Shares		Value (Note 2)
United States (continued)
Bristol-Myers Squibb Co.		6,420	$	401,892
Cadence Design Systems, Inc.†		6,102		273,736
Cardinal Health, Inc.		1,217		87,368
CBRE Group, Inc., Class A†		7,609		347,655
Celanese Corp., Series A		415		44,886
Celgene Corp.†		4,148		419,612
Chesapeake Energy Corp.†		6,149		21,521
Chevron Corp.		5,556		696,445
Chipotle Mexican Grill, Inc.†		127		41,245
Cigna Corp.		981		204,391
Cisco Systems, Inc.		29,117		1,209,520
Citigroup, Inc.		9,036		709,145
Citrix Systems, Inc.†		1,056		97,955
Coca-Cola Co.		12,323		586,452
Cognex Corp.		1,092		68,108
Cognizant Technology Solutions Corp., Class A		2,160		168,437
Comcast Corp., Class A		12,810		544,809
ConocoPhillips		17,975		1,057,110
Cooper Cos., Inc.		331		80,986
Corning, Inc.		5,297		165,372
Costco Wholesale Corp.		6,348		1,237,035
Crown Castle International Corp.		9,723		1,096,463
CSRA, Inc.		1,107		36,841
CVS Health Corp.		6,508		512,115
Danaher Corp.		2,494		252,592
DaVita, Inc.†		6,620		516,625
Devon Energy Corp.		349		14,438
Discovery Communications, Inc., Class A†		3,690		92,508
Domino’s Pizza, Inc.		1,074		232,897
DowDuPont, Inc.		13,496		1,020,028
DXC Technology Co.		3,162		314,777
eBay, Inc.†		11,321		459,406
Electronic Arts, Inc.†		4,172		529,677
Eli Lilly & Co.		749		61,006
Envision Healthcare Corp.†		6,912		248,763
Equifax, Inc.		5,602		699,858
Equinix, Inc.		2,685		1,222,185
Expedia, Inc.		1,679		214,929
Express Scripts Holding Co.†		18,656		1,477,182
Exxon Mobil Corp.		38,681		3,376,851
F5 Networks, Inc.†		769		111,151
Facebook, Inc., Class A†		17,548		3,279,546
Fastenal Co.		11,176		614,233
FedEx Corp.		1,372		360,123
Foot Locker, Inc.		832		40,893
Fortinet, Inc.†		5,078		233,791
Franklin Resources, Inc.		37,755		1,601,190
Freeport-McMoRan, Inc.†		18,758		365,781
Gap, Inc.		35,708		1,186,934
Gartner, Inc.†		1,162		161,216
General Electric Co.		20,371		329,399
GGP, Inc.		2,082		47,948
Gilead Sciences, Inc.		8,089		677,858
Goldman Sachs Group, Inc.		3,259		873,053
H&R Block, Inc.		6,415		170,254
Halliburton Co.		3,836		205,993
Hanesbrands, Inc.		5,537		120,264
Hasbro, Inc.		2,819		266,593
HCA Healthcare, Inc.†		20,469		2,070,644
HCP, Inc.		1,822		43,874

22

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
HD Supply Holdings, Inc.†		12,337	$	479,786
Henry Schein, Inc.†		7,286		551,404
Hess Corp.		908		45,863
Hewlett Packard Enterprise Co.		2,463		40,393
Hilton Worldwide Holdings, Inc.		4,269		365,640
Home Depot, Inc.		6,635		1,332,971
Honeywell International, Inc.		1,107		176,755
Host Hotels & Resorts, Inc.		4,386		91,053
HP, Inc.		656		15,298
Humana, Inc.		549		154,725
IDEXX Laboratories, Inc.†		599		112,037
Illinois Tool Works, Inc.		5,447		945,980
Intercontinental Exchange, Inc.		3,602		265,972
International Business Machines Corp.		13,076		2,140,541
International Flavors & Fragrances, Inc.		1,445		217,183
IPG Photonics Corp.†		282		71,050
Iron Mountain, Inc.		7,179		251,480
Johnson & Johnson		12,436		1,718,531
Jones Lang LaSalle, Inc.		2,003		313,169
JPMorgan Chase & Co.		22,680		2,623,396
Juniper Networks, Inc.		473		12,369
Kellogg Co.		540		36,779
KLA-Tencor Corp.		152		16,690
Kroger Co.		11,032		334,932
L Brands, Inc.		19,543		978,909
Laboratory Corp. of America Holdings†		1,983		346,033
Las Vegas Sands Corp.		3,623		280,855
LKQ Corp.†		7,157		300,809
Lowe’s Cos., Inc.		2,891		302,774
lululemon athletica, Inc.†		2,420		189,268
Macerich Co.		714		46,103
Macy’s, Inc.		2,543		65,991
ManpowerGroup, Inc.		17,603		2,312,858
Marathon Oil Corp.		3,231		58,772
Marriott International, Inc., Class A		3,559		524,383
Marsh & McLennan Cos., Inc.		5,265		439,733
Mastercard, Inc., Class A		16,517		2,791,373
Mattel, Inc.		2,926		46,348
Maxim Integrated Products, Inc.		10,736		654,896
McDonald’s Corp.		6,219		1,064,320
McKesson Corp.		6,826		1,152,775
Merck & Co., Inc.		12,169		721,013
MetLife, Inc.		16,294		783,253
Mettler-Toledo International, Inc.†		320		216,083
MGM Resorts International		4,322		157,537
Microchip Technology, Inc.		2,947		280,613
Micron Technology, Inc.†		1,370		59,896
Microsoft Corp.		35,604		3,382,736
Mondelez International, Inc., Class A		22,021		977,732
Moody’s Corp.		1,781		288,148
Morgan Stanley		5,801		328,047
MSCI, Inc.		3,541		493,013
National Oilwell Varco, Inc.		11,032		404,654
Navient Corp.		1,840		26,220
Netflix, Inc.†		2,631		711,159
Newmont Mining Corp.		2,451		99,290
News Corp., Class B		799		13,943
NIKE, Inc., Class B		20,461		1,395,849

Security Description	Shares		Value (Note 2)
United States (continued)
Nordstrom, Inc.		7,310	$	360,456
NRG Energy, Inc.		2,036		52,956
NVIDIA Corp.		2,494		613,025
O’Reilly Automotive, Inc.†		132		34,939
Omnicom Group, Inc.		3,711		284,448
Oracle Corp.		29,155		1,504,106
PACCAR, Inc.		1,237		92,231
Patterson Cos., Inc.		553		19,847
PayPal Holdings, Inc.†		6,018		513,456
PepsiCo, Inc.		390		46,917
PerkinElmer, Inc.		748		59,960
Pfizer, Inc.		32,217		1,193,318
Philip Morris International, Inc.		15,554		1,667,855
Phillips 66		124		12,698
Polaris Industries, Inc.		173		19,551
PPG Industries, Inc.		3,074		364,976
Praxair, Inc.		561		90,596
Priceline Group, Inc.†		172		328,873
Prologis, Inc.		7,561		492,297
Prudential Financial, Inc.		7,363		874,872
Public Storage		1,618		316,740
PVH Corp.		4,345		673,823
Qorvo, Inc.†		3,871		277,822
QUALCOMM, Inc.		22,335		1,524,364
Quanta Services, Inc.†		1,050		40,414
Quest Diagnostics, Inc.		2,817		298,095
Ralph Lauren Corp.		4,036		461,355
Red Hat, Inc.†		761		99,980
Robert Half International, Inc.		6,712		388,491
Ross Stores, Inc.		17,437		1,436,634
S&P Global, Inc.		7,103		1,286,353
Sabre Corp.		4,898		101,731
Scripps Networks Interactive, Inc., Class A		7,277		640,303
Sealed Air Corp.		2,622		124,152
Simon Property Group, Inc.		3,219		525,888
Skyworks Solutions, Inc.		114		11,082
Stanley Black & Decker, Inc.		1,375		228,566
Starbucks Corp.		19,542		1,110,181
State Street Corp.		2,536		279,391
Symantec Corp.		619		16,855
Sysco Corp.		9,304		584,942
Take-Two Interactive Software, Inc.†		1,222		154,791
Target Corp.		1,500		112,830
Texas Instruments, Inc.		15,407		1,689,686
Thermo Fisher Scientific, Inc.		152		34,065
Tiffany & Co.		9,030		963,049
Time Warner, Inc.		5,373		512,316
TJX Cos., Inc.		29,661		2,382,372
Tractor Supply Co.		6,311		481,214
Travelers Cos., Inc.		210		31,483
Twenty-First Century Fox, Inc., Class A		3,034		111,955
Ulta Beauty, Inc.†		2,293		509,275
United Parcel Service, Inc., Class B		3,968		505,206
United Rentals, Inc.†		3,972		719,369
UnitedHealth Group, Inc.		5,655		1,338,991
Universal Health Services, Inc., Class B		2,075		252,112
Valero Energy Corp.		4,346		417,086
Varian Medical Systems, Inc.†		153		19,507
Veeva Systems, Inc., Class A†		2,856		179,528

23

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Ventas, Inc.		2,022	$	113,171
VeriSign, Inc.†		3,522		404,748
VF Corp.		3,843		311,821
Visa, Inc., Class A		22,878		2,842,134
VMware, Inc., Class A†		1,372		169,840
W.R. Grace & Co.		2,986		220,427
WABCO Holdings, Inc.†		3,889		600,423
Walgreens Boots Alliance, Inc.		8,100		609,606
Walmart, Inc.		16,658		1,775,743
Walt Disney Co.		12,016		1,305,779
Waste Management, Inc.		4,612		407,839
Waters Corp.†		591		127,425
Wells Fargo & Co.		17,441		1,147,269
Welltower, Inc.		517		31,004
Western Union Co.		46,032		957,005
WW Grainger, Inc.		4,682		1,262,548
Wyndham Worldwide Corp.		2,064		256,204
Wynn Resorts, Ltd.		2,529		418,777
Xilinx, Inc.		3,552		259,367
Xylem, Inc.		2,772		200,305
Yum! Brands, Inc.		1,030		87,128
				140,266,018
Total Common Stocks (cost $283,304,246)				312,600,190
U.S. GOVERNMENT TREASURIES — 17.9%
United States Treasury Notes
2.00% due 11/30/2022	$	206,300		201,433
2.00% due 02/15/2025		35,269,900		33,753,019
2.00% due 08/15/2025		34,714,400		33,083,094
2.25% due 11/15/2025		39,157,000		37,927,226
2.50% due 05/15/2024		14,002,000		13,895,891
2.75% due 11/15/2023		6,353,300		6,407,402
2.75% due 02/15/2024		8,494,900		8,557,616
Total U.S. Government Treasuries (cost $139,581,779)				133,825,681

Security Description	Shares/ Principal Amount			Value (Note 2)
OPTIONS – PURCHASED — 0.3%
Exchange-Traded Put Options — Purchased(1) (cost $2,314,382)		1,384		$	2,020,640
RIGHTS — 0.0%
Italy — 0.0%
UniCredit SpA† (cost $0)		37,711			65,829
Total Long-Term Investment Securities (cost $425,200,407)					448,512,340
SHORT-TERM INVESTMENT SECURITIES — 37.4%
Euro Time Deposit with State Street Bank and Trust Co. 0.20% due 02/01/2018 (cost $ 280,339,000)	$	280,339,000			280,339,000
TOTAL INVESTMENTS — (cost $705,539,407)(2)		97.4	%		728,851,340
Other assets less liabilities		2.6			19,353,246
NET ASSETS —		100.0	%	$	748,204,586

  † Non-income producing security

  * Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $3,980,196 representing 0.5% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) Options — Purchased:

Exchange-Traded Put Options - Purchased
Issue	Expiration Month	Strike Price	Number of Contracts	Notional Amount*		Premiums Paid		Value at January 31, 2018		Unrealized Appreciation (Depreciation)
S&P 500 Index	June 2018	$2,375	1,384	$	2,020,640	$	2,314,382	$	2,020,640	$	(293,742	)

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.

(2) See Note 3 for cost of investments on a tax basis.

ADR — American Depositary Receipt

CVA — Certification Van Aandelen (Dutch Cert.)

SDR — Swedish Depositary Receipt

S/BE — Spanish Stock Exchange

24

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	447	Long	Mini MSCI Emerging Markets Index	March 2018	$	45,199,091	$	47,951,925	$	2,752,834
	72	Long	Nikkei 225 E-Mini Index	March 2018		14,885,919		15,228,359		342,440
	631	Long	S&P 500 E-Mini Index	March 2018		84,448,753		89,153,990		4,705,237
	1480	Long	U.S. Treasury 10 Year Ultra Bonds	March 2018		197,832,755		192,700,625		(5,132,130	)
	421	Short	U.S. Treasury Ultra Bonds	March 2018		70,543,923		68,175,688		2,368,235
									$	5,036,616

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
Barclays Bank PLC	CAD	1,864,000	USD	1,452,200		03/21/2018	$	—	$	(64,094	)
	EUR	4,851,067	USD	5,760,206		03/21/2018		—		(281,373	)
	GBP	492,000	USD	661,704		03/21/2018		—		(38,141	)
	USD	714,820	EUR	602,000		03/21/2018		34,919		—
	USD	1,867,756	GBP	1,385,000		03/21/2018		102,336		—
	USD	131,514	NOK	1,086,000		03/21/2018		9,570		—
	USD	792,540	SEK	6,636,000		03/21/2018		52,314		—
								199,139		(383,608	)
Citibank N.A.	JPY	491,922,000	USD	4,397,363		03/22/2018		—		(121,103	)
	USD	142,105	JPY	15,895,000		03/22/2018		3,895		—
								3,895		(121,103	)
Deutsche Bank AG	AUD	2,776,000	USD	2,129,175		03/21/2018		—		(107,365	)
	NOK	484,000	USD	58,160		03/21/2018		—		(4,717	)
	NZD	77,000	USD	53,755		03/21/2018		—		(2,961	)
	USD	1,057,849	EUR	891,000		03/21/2018		51,814		—
								51,814		(115,043	)
JPMorgan Chase Bank	CHF	638,000	USD	667,505		03/21/2018		—		(20,493	)
	GBP	1,318,000	USD	1,832,888		03/21/2018		—		(41,900	)
	SGD	359,000	USD	271,883		03/21/2018		—		(2,058	)
	USD	1,435,476	AUD	1,798,000		03/21/2018		13,118		—
	USD	1,454,683	CAD	1,812,000		03/21/2018		19,312		—
	USD	629,275	CHF	615,000		03/21/2018		33,921		—
								66,351		(64,451	)
Morgan Stanley And Co.	CAD	2,483,000	USD	1,953,368		03/21/2018		—		(66,460	)
	CHF	489,000	USD	499,408		03/21/2018		—		(27,914	)
	NZD	1,000	USD	730		03/21/2018		—		(7	)
	SEK	4,932,000	USD	589,503		03/21/2018		—		(38,408	)
	SGD	558,000	USD	415,366		03/21/2018		—		(10,425	)
	USD	237,698	AUD	310,000		03/21/2018		12,060		—
	USD	170,563	NOK	1,334,000		03/21/2018		2,739		—
	USD	2,097	NZD	3,000		03/21/2018		113		—
	USD	469,193	SEK	3,751,000		03/21/2018		8,361		—
	USD	161,268	SGD	217,000		03/21/2018		4,317		—
	USD	183,203	JPY	20,502,000		03/22/2018		5,114		—
								32,704		(143,214	)
UBS AG	EUR	70,000	USD	85,904		03/21/2018		—		(1,275	)
Net Unrealized Appreciation/(Depreciation)							$	353,903	$	(828,694	)

AUD	— Australian Dollar	GBP	— British Pound Sterling	SEK	— Swedish Krona
CAD	— Canada Dollar	JPY	— Japanese Yen	SGD	— Singapore Dollar
CHF	— Swiss Franc	NZD	— New Zealand Dollar	USD	— United States Dollar
EUR	— Euro Currency	NOK	— Norwegian Krone

25

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	312,600,190	$	—	$	—	$	312,600,190
U.S. Government Treasuries		—		133,825,681		—		133,825,681
Options-Purchased		2,020,640		—		—		2,020,640
Rights		65,829		—		—		65,829
Short-Term Investment Securities		—		280,339,000		—		280,339,000
Total Investments at Value	$	314,686,659	$	414,164,681	$	—	$	728,851,340
Other Financial Instruments:+
Futures Contracts	$	10,168,746	$	—	$	—	$	10,168,746
Forward Foreign Currency Contracts		—		353,903		—		353,903
	$	10,168,746	$	353,903	$	—	$	10,522,649
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	5,132,130	$	—	$	—	$	5,132,130
Forward Foreign Currency Contracts		—		828,694		—		828,694
	$	5,132,130	$	828,694	$	—	$	5,960,824

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, written options and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.

See Notes to Financial Statements

26

SunAmerica Series Trust SA Boston Company Capital Growth Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Applications Software	9.9	%
Electronic Components-Semiconductors	6.2
Computers	5.9
E-Commerce/Products	5.5
Web Portals/ISP	4.0
Internet Content-Entertainment	3.8
Medical-HMO	3.8
Beverages-Non-alcoholic	3.3
Time Deposits	3.3
Commercial Services-Finance	2.9
Medical-Drugs	2.8
Retail-Discount	2.7
Finance-Credit Card	2.7
Cable/Satellite TV	2.6
Retail-Building Products	2.4
Medical-Biomedical/Gene	2.3
Instruments-Controls	2.0
Telephone-Integrated	1.9
Transport-Rail	1.8
Medical Products	1.6
Entertainment Software	1.5
Insurance-Property/Casualty	1.5
Electronic Measurement Instruments	1.5
Investment Management/Advisor Services	1.5
Aerospace/Defense-Equipment	1.4
Chemicals-Diversified	1.4
Aerospace/Defense	1.3
Casino Hotels	1.3
Medical Instruments	1.2
Auto-Heavy Duty Trucks	1.2
Auto-Cars/Light Trucks	1.1
Diagnostic Kits	1.1
Industrial Gases	1.0
Computer Data Security	1.0
Retail-Auto Parts	1.0
Computer Software	0.9
Auto/Truck Parts & Equipment-Original	0.9
Commercial Services	0.9
Building Products-Cement	0.8
Cellular Telecom	0.8
Data Processing/Management	0.8
Therapeutics	0.8
Retail-Apparel/Shoe	0.8
Computer Services	0.8
Food-Misc./Diversified	0.8
Networking Products	0.7
Oil Refining & Marketing	0.7
	100.1	%

* Calculated as a percentage of net assets

# See Note 1

27

SunAmerica Series Trust SA Boston Company Capital Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.8%
Aerospace/Defense — 1.3%
Raytheon Co.		24,810	$	5,183,801
Aerospace/Defense-Equipment — 1.4%
United Technologies Corp.		39,957		5,514,466
Applications Software — 9.9%
HubSpot, Inc.†		37,351		3,624,914
Microsoft Corp.		237,120		22,528,771
salesforce.com, Inc.†		58,547		6,669,089
ServiceNow, Inc.†		30,656		4,563,759
Twilio, Inc., Class A†		65,272		1,712,737
				39,099,270
Auto-Cars/Light Trucks — 1.1%
Tesla, Inc.†		12,928		4,580,520
Auto-Heavy Duty Trucks — 1.2%
PACCAR, Inc.		62,696		4,674,614
Auto/Truck Parts & Equipment-Original — 0.9%
Aptiv PLC		37,810		3,587,413
Beverages-Non-alcoholic — 3.3%
Monster Beverage Corp.†		64,520		4,402,200
PepsiCo, Inc.		71,165		8,561,149
				12,963,349
Building Products-Cement — 0.8%
Vulcan Materials Co.		24,567		3,326,372
Cable/Satellite TV — 2.6%
Charter Communications, Inc., Class A†		8,260		3,116,085
Comcast Corp., Class A		166,781		7,093,196
				10,209,281
Casino Hotels — 1.3%
Las Vegas Sands Corp.		65,674		5,091,048
Cellular Telecom — 0.8%
T-Mobile US, Inc.†		50,017		3,256,107
Chemicals-Diversified — 1.4%
DowDuPont, Inc.		72,241		5,459,975
Commercial Services — 0.9%
Quanta Services, Inc.†		88,545		3,408,097
Commercial Services-Finance — 2.9%
PayPal Holdings, Inc.†		93,700		7,994,484
Square, Inc., Class A†		72,034		3,379,115
				11,373,599
Computer Data Security — 1.0%
Fortinet, Inc.†		84,884		3,908,059
Computer Services — 0.8%
Teradata Corp.†		75,596		3,061,638
Computer Software — 0.9%
Splunk, Inc.†		39,245		3,625,061
Computers — 5.9%
Apple, Inc.		140,047		23,448,069
Data Processing/Management — 0.8%
First Data Corp., Class A†		182,370		3,227,949
Diagnostic Kits — 1.1%
IDEXX Laboratories, Inc.†		22,888		4,280,972

Security Description	Shares		Value (Note 2)
E-Commerce/Products — 5.5%
Amazon.com, Inc.†		13,027	$	18,900,744
Wayfair, Inc., Class A†		33,080		3,043,691
				21,944,435
Electronic Components-Semiconductors — 6.2%
Broadcom, Ltd.		36,766		9,119,071
NVIDIA Corp.		33,728		8,290,342
Texas Instruments, Inc.		64,325		7,054,523
				24,463,936
Electronic Measurement Instruments — 1.5%
Fortive Corp.		77,010		5,854,300
Entertainment Software — 1.5%
Activision Blizzard, Inc.		81,732		6,058,793
Finance-Credit Card — 2.7%
Visa, Inc., Class A		87,569		10,878,697
Food-Misc./Diversified — 0.8%
Kraft Heinz Co.		38,799		3,041,454
Industrial Gases — 1.0%
Praxair, Inc.		24,509		3,957,958
Instruments-Controls — 2.0%
Honeywell International, Inc.		50,453		8,055,830
Insurance-Property/Casualty — 1.5%
Progressive Corp.		110,667		5,987,085
Internet Content-Entertainment — 3.8%
Facebook, Inc., Class A†		80,807		15,102,020
Investment Management/Advisor Services — 1.5%
Ameriprise Financial, Inc.		34,587		5,834,827
Medical Instruments — 1.2%
Boston Scientific Corp.†		167,657		4,687,690
Medical Products — 1.6%
Becton Dickinson and Co.		26,165		6,356,525
Medical-Biomedical/Gene — 2.3%
Biogen, Inc.†		20,439		7,108,889
BioMarin Pharmaceutical, Inc.†		24,027		2,167,956
				9,276,845
Medical-Drugs — 2.8%
Bristol-Myers Squibb Co.		49,623		3,106,400
Merck & Co., Inc.		75,569		4,477,463
Zoetis, Inc.		44,409		3,407,503
				10,991,366
Medical-HMO — 3.8%
UnitedHealth Group, Inc.		48,367		11,452,338
WellCare Health Plans, Inc.†		17,010		3,578,564
				15,030,902
Networking Products — 0.7%
Arista Networks, Inc.†		10,377		2,862,184
Oil Refining & Marketing — 0.7%
Andeavor		24,890		2,692,102
Retail-Apparel/Shoe — 0.8%
PVH Corp.		20,234		3,137,889
Retail-Auto Parts — 1.0%
O’Reilly Automotive, Inc.†		14,706		3,892,531
Retail-Building Products — 2.4%
Home Depot, Inc.		47,117		9,465,805

28

SunAmerica Series Trust SA Boston Company Capital Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Discount — 2.7%
Costco Wholesale Corp.		32,093	$	6,253,963
Dollar Tree, Inc.†		40,342		4,639,330
				10,893,293
Telephone-Integrated — 1.9%
Verizon Communications, Inc.		142,828		7,722,710
Therapeutics — 0.8%
Neurocrine Biosciences, Inc.†		37,172		3,177,091
Transport-Rail — 1.8%
Union Pacific Corp.		53,850		7,188,975
Web Portals/ISP — 4.0%
Alphabet, Inc., Class C†		13,432		15,714,634
Total Long-Term Investment Securities (cost $297,730,774)				383,549,537

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 3.3%
Time Deposits — 3.3%
Euro Time Deposit with State Street Bank and Trust Co. 0.20% due 02/01/2018 (cost $12,908,000)	$	12,908,000		$	12,908,000
TOTAL INVESTMENTS (cost $310,638,774) (1)		100.1	%		396,457,537
Liabilities in excess of other assets		(0.1	)		(304,248	)
NET ASSETS		100.0	%	$	396,153,289

# See Note 1

† Non-income producing security

(1) See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	383,549,537	$	—	$	—	$	383,549,537
Short-Term Investment Securities		—		12,908,000		—		12,908,000
Total Investments at Value	$	383,549,537	$	12,908,000	$	—	$	396,457,537

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

29

SunAmerica Series Trust SA Columbia Technology Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Electronic Components-Semiconductors	26.5	%
Semiconductor Equipment	14.0
Semiconductor Components-Integrated Circuits	6.7
Applications Software	5.5
Computers	4.8
Web Portals/ISP	4.6
Finance-Credit Card	3.7
Computer Aided Design	3.6
Computers-Memory Devices	3.3
Enterprise Software/Service	3.5
Office Automation & Equipment	2.7
E-Commerce/Products	2.4
Repurchase Agreements	2.4
Internet Content-Entertainment	1.8
Commercial Services-Finance	1.6
Computers-Periphery Equipment	1.6
Telecommunication Equipment	1.5
Electronic Measurement Instruments	1.5
Networking Products	1.4
Computer Data Security	1.2
Broadcast Services/Program	1.2
Computer Services	1.0
Computer Software	0.9
Medical-Biomedical/Gene	0.8
Cable/Satellite TV	0.8
Electronic Forms	0.4
Data Processing/Management	0.3
Computers-Other	0.2
Web Hosting/Design	0.2
Internet Application Software	0.1
E-Commerce/Services	0.1
Entertainment Software	0.1
	100.4	%

* Calculated as a percentage of net assets

# See Note 1

30

SunAmerica Series Trust SA Columbia Technology Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.0%
Applications Software — 5.5%
Microsoft Corp.		8,100	$	769,581
Nuance Communications, Inc.†		141,779		2,525,084
salesforce.com, Inc.†		7,883		897,953
				4,192,618
Broadcast Services/Program — 1.2%
TiVo Corp.		63,700		888,615
Cable/Satellite TV — 0.8%
Comcast Corp., Class A		14,600		620,938
Commercial Services-Finance — 1.6%
Euronet Worldwide, Inc.†		5,191		487,279
PayPal Holdings, Inc.†		5,820		496,563
Travelport Worldwide, Ltd.		19,228		261,693
				1,245,535
Computer Aided Design — 3.6%
Synopsys, Inc.†		29,576		2,739,033
Computer Data Security — 1.2%
Fortinet, Inc.†		19,558		900,450
Computer Services — 1.0%
DXC Technology Co.		7,582		754,788
Computer Software — 0.9%
Cornerstone OnDemand, Inc.†		7,400		304,362
Splunk, Inc.†		3,800		351,006
				655,368
Computers — 4.8%
Apple, Inc.		21,778		3,646,291
Computers-Memory Devices — 3.3%
Western Digital Corp.		28,500		2,535,930
Computers-Other — 0.2%
Lumentum Holdings, Inc.†		4,000		185,200
Computers-Periphery Equipment — 1.6%
Electronics For Imaging, Inc.†		40,775		1,192,261
Data Processing/Management — 0.3%
Fidelity National Information Services, Inc.		2,400		245,664
E-Commerce/Products — 2.4%
eBay, Inc.†		35,300		1,432,474
JD.com, Inc. ADR†		4,000		196,920
Secoo Holding, Ltd. ADR†		16,681		240,707
				1,870,101
E-Commerce/Services — 0.1%
Ctrip.com International, Ltd. ADR†		2,300		107,594
Electronic Components-Semiconductors — 26.5%
Broadcom, Ltd.		16,063		3,984,106
Cavium, Inc.†		16,015		1,421,812
Inphi Corp.†		32,259		963,576
Lattice Semiconductor Corp.†		127,522		830,168
Mellanox Technologies, Ltd.†		3,000		194,850
Microchip Technology, Inc.		22,700		2,161,494
Micron Technology, Inc.†		114,500		5,005,940
ON Semiconductor Corp.†		29,244		723,497
Qorvo, Inc.†		40,441		2,902,451
SK Hynix, Inc.		7,251		499,085

Security Description	Shares		Value (Note 2)
Electronic Components-Semiconductors (continued)
Synaptics, Inc.†		36,500	$	1,581,910
				20,268,889
Electronic Forms — 0.4%
Adobe Systems, Inc.†		1,600		319,616
Electronic Measurement Instruments — 1.5%
Orbotech, Ltd.†		21,014		1,119,206
Enterprise Software/Service — 3.5%
Oracle Corp.		41,800		2,156,462
SailPoint Technologies Holding, Inc.†		8,132		136,048
Verint Systems, Inc.†		8,800		367,400
				2,659,910
Entertainment Software — 0.1%
Zynga, Inc., Class A†		23,200		83,056
Finance-Credit Card — 3.7%
Pagseguro Digital, Ltd., Class A†		30,825		861,250
Visa, Inc., Class A		15,800		1,962,834
				2,824,084
Internet Application Software — 0.1%
Okta, Inc.†		2,529		74,479
Zendesk, Inc.†		1,008		38,828
				113,307
Internet Content-Entertainment — 1.8%
Facebook, Inc., Class A†		7,400		1,382,986
Medical-Biomedical/Gene — 0.8%
Hugel, Inc.†		1,229		650,380
Networking Products — 1.4%
Arista Networks, Inc.†		1,460		402,697
LogMeIn, Inc.		5,060		636,548
				1,039,245
Office Automation & Equipment — 2.7%
Xerox Corp.		60,900		2,078,517
Semiconductor Components-Integrated Circuits — 6.7%
Cypress Semiconductor Corp.		35,834		619,570
Integrated Device Technology, Inc.†		57,024		1,705,017
Marvell Technology Group, Ltd.		49,400		1,152,502
Maxim Integrated Products, Inc.		27,313		1,666,093
				5,143,182
Semiconductor Equipment — 14.0%
Applied Materials, Inc.		49,600		2,660,048
Lam Research Corp.		31,408		6,015,260
Teradyne, Inc.		44,183		2,025,349
				10,700,657
Telecommunication Equipment — 1.5%
ARRIS International PLC†		46,240		1,169,872
Web Hosting/Design — 0.2%
GoDaddy, Inc., Class A†		3,008		166,132
Web Portals/ISP — 4.6%
Alphabet, Inc., Class A†		1,400		1,655,108
Alphabet, Inc., Class C†		1,603		1,875,414
				3,530,522
Total Long-Term Investment Securities (cost $53,243,723)				75,029,947

31

SunAmerica Series Trust SA Columbia Technology Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20%, dated 01/31/2018 to be repurchased 02/01/2018 in the amount of $1,830,010 and collateralized by $1,900,000 of United States Treasury Notes, bearing interest at 1.88%, due 03/31/2022 and having an approximate value of $1,869,665 (cost $1,830,000)	$	1,830,000		$	1,830,000
TOTAL INVESTMENTS (cost $55,073,723)(1)		100.4	%		76,859,947
Liabilities in excess of other assets		(0.4	)		(289,892	)
NET ASSETS		100.0	%	$	76,570,055

† Non-income producing security

# See Note 1

(1) See Note 3 for cost of investments on a tax basis.

ADR — American Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	75,029,947	$	—	$	—	$	75,029,947
Repurchase Agreements		—		1,830,000		—		1,830,000
Total Investments at Value	$	75,029,947	$	1,830,000	$	—	$	76,859,947

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

32

SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Banks-Commercial	21.8	%
Banks-Special Purpose	10.5
SupraNational Banks	8.8
Oil Companies-Integrated	7.7
Regional Agencies	7.2
Regional Authority	5.2
Sovereign Agency	4.7
Banks-Export/Import	3.8
Medical-Drugs	3.1
Computers	3.0
Diversified Financial Services	2.8
Certificates of Deposit	2.7
Auto-Cars/Light Trucks	2.7
United States Treasury Notes	2.0
Winding-Up Agency	1.8
Federal Home Loan Mtg. Corp.	1.8
Commercial Paper	1.5
Federal National Mtg. Assoc.	1.5
Federal Home Loan Bank	1.3
Networking Products	1.2
Diversified Manufacturing Operations	1.2
Registered Investment Companies	1.1
Insurance-Reinsurance	0.9
Computer Services	0.7
Food-Misc./Diversified	0.4
Investment Management/Advisor Services	0.2
Retail-Discount	0.2
Applications Software	0.1
	99.9%

Credit Quality**†

Aaa	30.3	%
Aa	52.5
A	11.5
Not Rated@	5.7
	100.0%

* Calculated as a percentage of net assets

** Calculated as a percentage of total debt issues, excluding short-term securities

† Source: Moody’s

@ Represents debt issues that either have not rating, or the rating is unavailable from the data source.

# See Note 1

33

SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 19.8%
Applications Software — 0.1%
Microsoft Corp. Senior Notes 4.20% due 06/01/2019	$	300,000	$	308,067
Auto-Cars/Light Trucks — 2.7%
Toyota Motor Credit Corp. Senior Notes 1.40% due 05/20/2019		300,000		296,750
Toyota Motor Credit Corp. FRS Senior Notes 1.65% (3 ML+0.23%) due 08/15/2018		1,000,000		1,000,973
Toyota Motor Credit Corp. Senior Notes 1.70% due 01/09/2019		650,000		647,583
Toyota Motor Credit Corp. Senior Notes 1.70% due 02/19/2019		694,000		690,462
Toyota Motor Credit Corp. FRS Senior Notes 1.96% (3 ML+0.26%) due 01/09/2019		1,484,000		1,485,841
Toyota Motor Credit Corp. Senior Notes 2.00% due 10/24/2018		1,471,000		1,471,359
Toyota Motor Credit Corp. Senior Notes 2.10% due 01/17/2019		989,000		989,072
Toyota Motor Credit Corp. FRS Senior Notes 2.12% (3 ML+0.39%) due 01/17/2019		500,000		501,254
Toyota Motor Credit Corp. Senior Notes 2.20% due 01/10/2020		3,692,000		3,680,568
				10,763,862
Computer Services — 0.7%
International Business Machines Corp. Senior Notes 1.95% due 02/12/2019		3,000,000		2,996,417
Computers — 3.0%
Apple, Inc. FRS Senior Notes 1.48% (3 ML+0.08%) due 02/08/2019		2,500,000		2,501,489
Apple, Inc. Senior Notes 1.50% due 09/12/2019		2,000,000		1,978,000
Apple, Inc. Senior Notes 1.55% due 02/08/2019		625,000		622,375
Apple, Inc. FRS Senior Notes 1.69% (3 ML+0.30%) due 05/06/2019		3,341,000		3,353,438
Apple, Inc. Senior Notes 1.70% due 02/22/2019		900,000		897,101
Apple, Inc. Senior Notes 1.80% due 11/13/2019		2,691,000		2,668,317
				12,020,720

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services — 2.8%
General Electric Capital Corp. FRS Senior Notes 2.23% (3 ML+0.51%) due 01/14/2019	$	500,000	$	501,018
General Electric Capital Corp. Senior Notes 6.00% due 08/07/2019		6,000,000		6,304,258
USAA Capital Corp. FRS Senior Notes 1.61% (3 ML+0.23%) due 02/01/2019*		4,600,000		4,607,706
				11,412,982
Diversified Manufacturing Operations — 1.2%
General Electric Capital Corp. FRS Senior Notes 1.66% (3 ML+0.27%) due 08/07/2018		1,218,000		1,218,637
General Electric Capital Corp. FRS Senior Notes 2.40% (3 ML+0.71%) due 04/02/2018		1,785,000		1,787,002
General Electric Capital Corp. Senior Notes 5.63% due 05/01/2018		1,700,000		1,715,741
				4,721,380
Food-Misc./Diversified — 0.4%
Nestle Holdings, Inc. Company Guar. Notes 1.38% due 07/24/2018		1,500,000		1,495,984
Insurance-Reinsurance — 0.9%
Berkshire Hathaway Finance Corp. FRS Company Guar. Notes 1.68% (3 ML+0.26%) due 08/15/2019		500,000		501,520
Berkshire Hathaway Finance Corp. FRS Company Guar. Notes 1.95% (3 ML+0.25%) due 01/11/2019		2,500,000		2,505,249
Berkshire Hathaway Finance Corp. FRS Company Guar. Notes 2.28% (3 ML+0.69%) due 03/15/2019		747,000		752,680
				3,759,449
Medical-Drugs — 3.1%
Merck & Co., Inc. FRS Senior Notes 1.80% (3 ML+0.36%) due 05/18/2018		10,970,000		10,980,343
Pfizer, Inc. Senior Notes 2.10% due 05/15/2019		1,500,000		1,497,543
				12,477,886
Networking Products — 1.2%
Cisco Systems, Inc. Senior Notes 1.40% due 09/20/2019		541,000		533,145

34

SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Networking Products (continued)
Cisco Systems, Inc. Senior Notes 2.13% due 03/01/2019	$	4,400,000	$	4,396,128
				4,929,273
Oil Companies-Integrated — 3.5%
Chevron Corp. FRS Senior Notes 1.56% (3 ML+0.09%) due 02/28/2019		450,000		450,351
Chevron Corp. Senior Notes 1.56% due 05/16/2019		3,915,000		3,881,402
Chevron Corp. Senior Notes 1.69% due 02/28/2019		1,350,000		1,343,036
Chevron Corp. Senior Notes 1.79% due 11/16/2018		1,300,000		1,298,508
Chevron Corp. FRS Senior Notes 1.92% (3 ML+0.50%) due 05/16/2018		2,997,000		3,000,947
Exxon Mobil Corp. FRS Senior Notes 2.07% (3 ML+0.60%) due 02/28/2018		4,400,000		4,401,486
				14,375,730
Retail-Discount — 0.2%
Wal-Mart Stores, Inc. Senior Notes 1.75% due 10/09/2019		900,000		893,003
Total U.S. Corporate Bonds & Notes (cost $80,407,856)				80,154,753
FOREIGN CORPORATE BONDS & NOTES — 52.9%
Banks-Commercial — 21.8%
ANZ New Zealand International, Ltd. Company Guar. Notes 2.60% due 09/23/2019*		1,750,000		1,751,528
ANZ New Zealand International, Ltd. Company Guar. Notes 2.60% due 09/23/2019		500,000		500,436
Australia & New Zealand Banking Group, Ltd. Senior Notes 1.60% due 07/15/2019		250,000		246,937
Australia & New Zealand Banking Group, Ltd. Senior Notes 2.00% due 11/16/2018		750,000		749,244
Australia & New Zealand Banking Group, Ltd. Senior Notes 2.05% due 09/23/2019		489,000		485,224
Australia & New Zealand Banking Group, Ltd. FRS Senior Notes 2.17% (3 ML+0.75%) due 11/16/2018*		1,500,000		1,507,573

Security Description	Principal Amount		Value (Note 2)
Banks-Commercial (continued)
Australia & New Zealand Banking Group, Ltd. Senior Notes 2.25% due 06/13/2019	$	500,000	$	498,902
Australia & New Zealand Banking Group, Ltd. Senior Notes 2.25% due 12/19/2019*		4,550,000		4,525,801
Bank of Montreal Senior Notes 1.35% due 08/28/2018		1,200,000		1,195,840
Bank of Montreal Senior Notes 1.80% due 07/31/2018		1,000,000		998,950
Bank of Montreal FRS Senior Notes 2.30% (3 ML+0.60%) due 04/09/2018		1,500,000		1,501,470
Commonwealth Bank of Australia FRS Senior Notes 2.17% (3 ML+0.79%) due 11/02/2018*		400,000		402,033
Commonwealth Bank of Australia FRS Senior Notes 2.65% (3 ML+1.06%) due 03/15/2019		1,100,000		1,110,608
Commonwealth Bank of Australia NY Senior Notes 1.75% due 11/02/2018		5,000,000		4,983,905
Commonwealth Bank of Australia NY Senior Notes 2.50% due 09/20/2018		1,000,000		1,003,669
Cooperatieve Rabobank UA Senior Notes 1.38% due 08/09/2019		1,053,000		1,035,335
Cooperatieve Rabobank UA FRS Senior Notes 1.91% (3 ML+0.51%) due 08/09/2019		2,387,000		2,402,143
Cooperatieve Rabobank UA Senior Notes 2.25% due 01/14/2019		6,789,000		6,791,030
Cooperatieve Rabobank UA Senior Notes 2.25% due 01/14/2020		800,000		796,392
Cooperatieve Rabobank UA Senior Notes 4.75% due 01/15/2020		900,000		938,008
Dexia Credit Local SA NY Government Guar. Notes 2.25% due 01/30/2019		2,750,000		2,749,145
National Australia Bank, Ltd. Senior Notes 1.38% due 07/12/2019		1,100,000		1,083,592
National Australia Bank, Ltd. FRS Senior Notes 1.99% (3 ML+0.24%) due 07/25/2019*		1,000,000		999,635
National Australia Bank, Ltd. Senior Notes 2.25% due 01/10/2020		500,000		497,253

35

SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
National Australia Bank, Ltd. FRS Senior Notes 2.30% (3 ML+0.59%) due 01/10/2020*	$	1,000,000	$	1,006,514
National Australia Bank, Ltd. FRS Senior Notes 2.38% (3 ML+0.64%) due 07/23/2018		7,200,000		7,218,014
Nordea Bank AB Senior Notes 1.63% due 09/30/2019*		1,000,000		984,084
Nordea Bank AB Senior Notes 1.88% due 09/17/2018*		1,083,000		1,081,380
Nordea Bank AB Senior Notes 2.38% due 04/04/2019		200,000		200,028
Nordea Bank AB FRS Senior Notes 2.44% (3 ML+0.84%) due 09/17/2018		1,250,000		1,255,747
Royal Bank of Canada Senior Notes 1.63% due 04/15/2019		1,000,000		991,717
Royal Bank of Canada Senior Notes 2.15% due 03/15/2019		3,100,000		3,091,583
Royal Bank of Canada FRS Senior Notes 2.16% (3 ML+0.45%) due 01/10/2019		4,100,000		4,111,148
Svenska Handelsbanken AB Company Guar. Notes 1.50% due 09/06/2019		700,000		689,997
Svenska Handelsbanken AB FRS Company Guar. Notes 2.09% (3 ML+0.49%) due 06/17/2019		250,000		251,213
Svenska Handelsbanken AB Company Guar. Notes 2.25% due 06/17/2019		2,000,000		1,995,844
Svenska Handelsbanken AB Company Guar. Notes 2.50% due 01/25/2019		4,000,000		4,010,068
Swedbank AB Senior Notes 2.38% due 02/27/2019*		1,900,000		1,898,396
Toronto-Dominion Bank Senior Notes 1.45% due 09/06/2018		1,400,000		1,395,060
Toronto-Dominion Bank Senior Notes 1.90% due 10/24/2019		777,000		769,423
Toronto-Dominion Bank Senior Notes 2.25% due 11/05/2019		1,500,000		1,494,523
Toronto-Dominion Bank FRS Senior Notes 2.58% (3 ML+0.84%) due 01/22/2019		4,500,000		4,530,141

Security Description	Principal Amount		Value (Note 2)
Banks-Commercial (continued)
Toronto-Dominion Bank Senior Notes 2.63% due 09/10/2018	$	2,498,000	$	2,506,604
Westpac Banking Corp. Senior Notes 1.60% due 08/19/2019		1,330,000		1,313,295
Westpac Banking Corp. FRS Senior Notes 1.69% (3 ML+0.23%) due 04/26/2019*		500,000		500,364
Westpac Banking Corp. Senior Notes 1.95% due 11/23/2018		3,283,000		3,278,013
Westpac Banking Corp. FRS Senior Notes 2.12% (3 ML+0.71%) due 05/13/2019		1,000,000		1,006,209
Westpac Banking Corp. FRS Senior Notes 2.20% (3 ML+0.74%) due 11/23/2018		2,000,000		2,010,486
Westpac Banking Corp. Senior Notes 2.25% due 01/17/2019		700,000		700,265
Westpac Banking Corp. FRS Senior Bonds 2.34% (3 ML+0.61%) due 01/17/2019		1,130,000		1,135,094
				88,179,863
Banks-Export/Import — 3.8%
Export Development Canada Senior Notes 1.00% due 09/13/2019		1,665,000		1,633,721
Export Development Canada Senior Notes 1.75% due 08/19/2019		3,300,000		3,277,296
Svensk Exportkredit AB Senior Notes 1.25% due 04/12/2019		1,500,000		1,483,591
Svensk Exportkredit AB FRS Senior Notes 1.80% (3 ML+0.10%) due 10/04/2018		2,200,000		2,201,562
Svensk Exportkredit AB Senior Notes 1.88% due 06/17/2019		6,700,000		6,664,557
				15,260,727
Banks-Special Purpose — 10.5%
Agence Francaise de Developpement Senior Notes 1.38% due 08/02/2019		600,000		590,892
Bank Nederlandse Gemeenten NV Senior Notes 1.38% due 01/28/2019		3,876,000		3,846,914
Bank Nederlandse Gemeenten NV Senior Notes 1.50% due 02/15/2019*		348,000		345,512
Bank Nederlandse Gemeenten NV Senior Notes 1.50% due 02/15/2019		4,944,000		4,908,650

36

SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Special Purpose (continued)
Bank Nederlandse Gemeenten NV Senior Notes 1.75% due 10/30/2019	$	1,600,000	$	1,583,934
Bank Nederlandse Gemeenten NV Senior Notes 1.88% due 06/11/2019		144,000		143,253
KFW Government Guar. Notes 1.50% due 02/06/2019		3,800,000		3,778,226
KFW Government Guar. Notes 1.50% due 09/09/2019		4,600,000		4,547,192
Kreditanstalt fuer Wiederaufbau Government Guar. Notes 1.25% due 09/30/2019		3,500,000		3,443,650
Landwirtschaftliche Rentenbank Government Guar. Notes 1.75% due 04/15/2019		500,000		497,349
Nederlandse Waterschapsbank NV Senior Notes 1.25% due 09/09/2019*		450,000		442,515
Nederlandse Waterschapsbank NV Senior Notes 1.50% due 01/23/2019*		4,200,000		4,175,808
Nederlandse Waterschapsbank NV Senior Notes 1.75% due 09/05/2019		800,000		793,044
Nederlandse Waterschapsbank NV Senior Notes 1.88% due 03/13/2019		2,000,000		1,992,518
NRW Bank Govt. Guar. Notes 1.25% due 07/29/2019		520,000		511,848
NRW Bank Government Guar. Notes 1.88% due 07/01/2019		500,000		496,976
Oesterreichische Kontrollbank AG Government Guar. Notes 1.13% due 04/26/2019		2,000,000		1,974,604
Oesterreichische Kontrollbank AG Government Guar. Notes 1.63% due 03/12/2019		8,000,000		7,956,160
Oesterreichische Kontrollbank AG Government Guar. Notes 1.75% due 01/24/2020		706,000		698,259
				42,727,304
Investment Management/Advisor Services — 0.2%
CPPIB Capital, Inc. Company Guar. Notes 1.25% due 09/20/2019*		1,000,000		980,260
Oil Companies-Integrated — 4.2%
Shell International Finance BV Company Guar. Notes 1.63% due 11/10/2018		5,250,000		5,231,378
Shell International Finance BV FRS Company Guar. Notes 1.99% (3 ML+0.58%) due 11/10/2018		2,580,000		2,592,023
Shell International Finance BV Company Guar. Notes 4.30% due 09/22/2019		306,000		315,703

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Integrated (continued)
Statoil ASA FRS Company Guar. Notes 1.71% (3 ML+0.29%) due 05/15/2018	$	300,000	$	300,166
Statoil ASA FRS Company Guar. Notes 1.86% (3 ML+0.46%) due 11/08/2018		3,297,000		3,307,053
Statoil ASA Company Guar. Notes 2.25% due 11/08/2019		1,690,000		1,687,240
Total Capital International SA FRS Company Guar. Notes 1.96% (3ML+0.35%) due 06/19/2019		300,000		301,173
Total Capital International SA Company Guar. Notes 2.10% due 06/19/2019		1,938,000		1,934,991
Total Capital International SA Company Guar. Notes 2.13% due 01/10/2019		1,500,000		1,500,042
				17,169,769
Regional Agencies — 1.4%
Municipality Finance PLC Government Guar. Notes 1.75% due 05/21/2019		5,850,000		5,811,215
Regional Authority — 0.7%
Province of Ontario Canada Senior Notes 2.00% due 01/30/2019		2,800,000		2,796,584
SupraNational Banks — 8.6%
African Development Bank Senior Notes 1.00% due 05/15/2019		800,000		788,172
African Development Bank Senior Notes 1.63% due 10/02/2018		4,500,000		4,490,073
Asian Development Bank Senior Notes 1.88% due 04/12/2019		600,000		597,897
Council of Europe Senior Notes 1.00% due 02/04/2019		1,200,000		1,186,225
Council of Europe Development Bank Senior Notes 1.50% due 05/17/2019		8,000,000		7,928,240
European Bank for Reconstruction & Development Senior Notes 1.63% due 11/15/2018		4,126,000		4,118,932
European Investment Bank Senior Notes 1.13% due 08/15/2019		1,300,000		1,278,726
European Investment Bank Senior Notes 1.25% due 05/15/2019		5,000,000		4,941,450
European Investment Bank Senior Notes 1.88% due 03/15/2019		400,000		398,926
European Investment Bank Senior Notes 2.13% due 03/15/2019		3,000,000		2,999,685

37

SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
SupraNational Banks (continued)
Inter-American Development Bank Senior Notes 1.13% due 09/12/2019	$	2,574,000	$	2,528,865
International Bank for Reconstruction & Development Senior Notes 0.88% due 08/15/2019		1,000,000		979,890
International Bank for Reconstruction & Development Senior Notes 1.88% due 10/07/2019		2,506,000		2,491,540
				34,728,621
Winding-Up Agency — 1.7%
FMS Wertmanagement AoeR Government Guar. Notes 1.00% due 08/16/2019		4,049,000		3,973,648
FMS Wertmanagement AoeR Government Guar. Notes 1.63% due 11/20/2018		2,420,000		2,411,796
FMS Wertmanagement AoeR Government Guar. Notes 1.75% due 01/24/2020		500,000		494,758
				6,880,202
Total Foreign Corporate Bonds & Notes (cost $215,486,761)				214,534,545
FOREIGN GOVERNMENT OBLIGATIONS — 15.3%
Regional Agencies — 5.8%
Kommunalbanken AS Senior Notes 2.13% due 03/15/2019		6,350,000		6,344,692
Kommunekredit Senior Notes 1.13% due 08/23/2019		3,500,000		3,437,119
Kommuninvest I Sverige AB Government Guar. Notes 1.13% due 10/09/2018		4,000,000		3,976,272
Kommuninvest I Sverige AB Government Guar. Notes 2.00% due 11/12/2019		4,850,000		4,824,799
Municipality Finance PLC Senior Notes 1.25% due 09/10/2018*		2,500,000		2,488,460
Municipality Finance PLC Senior Notes 1.25% due 09/10/2018		737,000		733,598
Municipality Finance PLC Government Guar. Notes 1.25% due 04/18/2019		1,700,000		1,679,821
				23,484,761
Regional Authority — 4.5%
Province of Alberta, Canada Senior Notes 1.90% due 12/06/2019		1,000,000		990,206
Province of Manitoba, Canada Notes 1.75% due 05/30/2019		882,000		875,976
Province of Ontario, Canada Senior Notes 1.25% due 06/17/2019		500,000		493,180

Security Description	Principal Amount		Value (Note 2)
Regional Authority (continued)
Province of Ontario, Canada Senior Notes 1.63% due 01/18/2019	$	967,000	$	962,319
Province of Ontario, Canada Senior Notes 1.65% due 09/27/2019		500,000		493,932
Province of Ontario, Canada Senior Notes 2.00% due 09/27/2018		3,500,000		3,499,062
Province of Ontario, Canada Senior Notes 3.00% due 07/16/2018		1,500,000		1,507,399
Province of Ontario, Canada Senior Notes 4.00% due 10/07/2019		500,000		513,465
Province of Quebec, Canada FRS Senior Notes 2.02% (3 ML+0.28%) due 07/21/2019		2,709,000		2,717,750
State of North Rhine-Westphalia Senior Notes 1.25% due 09/16/2019		3,000,000		2,947,614
State of North Rhine-Westphalia Senior Notes 1.38% due 01/30/2019		900,000		892,341
State of North Rhine-Westphalia Senior Notes 1.63% due 07/25/2019		1,800,000		1,781,975
State of North Rhine-Westphalia Senior Notes 1.88% due 06/17/2019		500,000		497,060
				18,172,279
Sovereign Agency — 4.7%
Caisse d’Amortissement de la Dette Sociale Senior Notes 1.50% due 01/28/2019*		5,800,000		5,760,038
Caisse d’Amortissement de la Dette Sociale Senior Notes 1.50% due 01/28/2019		1,200,000		1,192,132
Caisse d’Amortissement de la Dette Sociale Notes 1.75% due 09/24/2019*		800,000		792,712
Caisse d’Amortissement de la Dette Sociale Notes 1.75% due 09/24/2019		1,315,000		1,303,020
Caisse d’Amortissement de la Dette Sociale FRS Senior Notes 1.97% (3 ML+0.38%) due 03/15/2018*		2,000,000		2,000,669
Caisse des Depots et Consignations Senior Notes 1.50% due 11/13/2018		1,600,000		1,591,562
Export Development Canada Senior Notes 1.00% due 11/01/2018		500,000		496,115

38

SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign Agency (continued)
Kommunalbanken AS Senior Notes 1.13% due 05/23/2018	$	3,000,000	$	2,993,940
Kommunalbanken AS Senior Bonds 1.50% due 09/09/2019		1,000,000		987,760
Kommunalbanken AS Senior Bonds 1.50% due 10/22/2019		300,000		295,846
Kommunalbanken AS Senior Notes 1.75% due 05/28/2019		1,648,000		1,637,509
				19,051,303
SupraNational Banks — 0.2%
European Bank for Reconstruction & Development Senior Notes 1.75% due 11/26/2019		600,000		594,497
Winding-Up Agency — 0.1%
Erste Abwicklungsanstalt Bonds 1.38% due 10/30/2019		600,000		588,489
Total Foreign Government Obligations (cost $62,240,056)				61,891,329
U.S. GOVERNMENT AGENCIES — 4.6%
Federal Home Loan Bank — 1.3%
1.50% due 10/21/2019		3,900,000		3,857,798
2.00% due 09/13/2019		1,400,000		1,393,847
				5,251,645
Federal Home Loan Mtg. Corp. — 1.8%
Federal Home Loan Mtg. Corp. 1.25% due 10/02/2019		7,558,000		7,447,404
Federal National Mtg. Assoc. — 1.5%
1.00% due 10/24/2019		3,000,000		2,942,139
1.75% due 09/12/2019		3,000,000		2,981,841
				5,923,980
Total U.S. Government Agencies (cost $18,728,107)				18,623,029
U.S. GOVERNMENT TREASURIES — 2.0%
United States Treasury Notes — 2.0%
United States Treasury Notes 0.75% due 02/15/2019		4,600,000		4,542,680
1.00% due 10/15/2019		1,400,000		1,374,515
1.88% due 12/31/2019		2,000,000		1,990,000
Total U.S. Government Treasuries (cost $7,926,472)				7,907,195
Total Long-Term Investment Securities (cost $384,789,252)				383,110,851
SHORT-TERM INVESTMENT SECURITIES — 5.3%
Certificates of Deposit — 2.7%
Bank of Nova Scotia FRS 1.85% (3 ML+0.38%) due 02/28/2019		2,000,000		2,005,320

Security Description	Principal Amount			Value (Note 2)
Certificates of Deposit (continued)
Nordea Bank AB NY FRS 1.86% (3 ML+0.34%) due 03/07/2019	$	2,000,000		$	2,000,420
Nordea Bank AB NY FRS 1.99% (3 ML+0.28%) due 04/10/2019		2,000,000			1,999,060
Svenska Handelsbanken FRS 1.81% (3 ML+0.40%) due 02/12/2019		3,000,000			3,001,830
Svenska Handelsbanken NY FRS 1.90% (3 ML+0.21%) due 01/03/2019		2,000,000			2,000,000
					11,006,630
Commercial Paper — 1.5%
Erste Abwicklungsanstalt 1.73% due 04/27/2018		4,000,000			3,983,200
PSP Capital, Inc 1.61% due 03/19/2018*.		2,000,000			1,995,920
					5,979,120
Registered Investment Companies — 1.1%
State Street Institutional U.S. Government Money Market Fund Premier Class 1.25%(1)		4,607,592			4,607,592
Total Short-Term Investment Securities (cost $21,586,065)					21,593,342
TOTAL INVESTMENTS (cost $406,375,317)(2)		99.9	%		404,704,193
Other assets less liabilities		0.1			462,748
NET ASSETS		100.0	%	$	405,166,941

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $38,246,908 representing 9.4% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

# See Note 1

(1) The rate shown is the 7-day yield as of January 31, 2018.

(2) See Note 3 for cost of investments on a tax basis.

FRS — Floating Rate Security

The rates shown on FRS are the current interest rates at January 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

3 ML — 3 Month USD Libor

39

SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
U.S. Corporate Bonds & Notes	$	—	$	80,154,753	$	—	$	80,154,753
Foreign Corporate Bonds & Notes		—		214,534,545		—		214,534,545
Foreign Government Obligations		—		61,891,329		—		61,891,329
U.S. Government Agencies		—		18,623,029		—		18,623,029
U.S. Government Treasuries		—		7,907,195		—		7,907,195
Short-Term Investment Securities:
Registered Investment Companies		4,607,592		—		—		4,607,592
Other Short-Term Securities		—		16,985,750		—		16,985,750
Total Investments at Value	$	4,607,592	$	400,096,601	$	—	$	404,704,193

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

40

SunAmerica Series Trust SA Dogs of Wall Street Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Beverages-Non-alcoholic	10.5	%
Medical-Drugs	9.8
Aerospace/Defense	7.4
Distribution/Wholesale	6.9
Oil Companies-Integrated	6.4
Apparel Manufacturers	3.5
Aerospace/Defense-Equipment	3.5
Retail-Auto Parts	3.4
Networking Products	3.4
Retail-Drug Store	3.4
Computer Services	3.4
Advertising Agencies	3.4
Toys	3.3
Electric Products-Misc.	3.3
Telephone-Integrated	3.2
Data Processing/Management	3.2
Retail-Restaurants	3.2
Food-Misc./Diversified	3.2
Retail-Apparel/Shoe	3.1
Food-Confectionery	3.1
Consumer Products-Misc.	3.1
Cosmetics & Toiletries	3.0
Diversified Manufacturing Operations	2.9
Repurchase Agreements	0.4
	100.0	%

* Calculated as a percentage of net assets

# See Note 1

41

SunAmerica Series Trust SA Dogs of Wall Street Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.6%
Advertising Agencies — 3.4%
Omnicom Group, Inc.		165,682	$	12,699,525
Aerospace/Defense — 7.4%
Boeing Co.		40,776		14,449,791
Lockheed Martin Corp.		37,932		13,460,170
				27,909,961
Aerospace/Defense-Equipment — 3.5%
United Technologies Corp.		94,693		13,068,581
Apparel Manufacturers — 3.5%
VF Corp.		161,989		13,143,787
Beverages-Non-alcoholic — 10.5%
Coca-Cola Co.		263,779		12,553,243
Dr Pepper Snapple Group, Inc.		125,574		14,987,257
PepsiCo, Inc.		101,610		12,223,683
				39,764,183
Computer Services — 3.4%
International Business Machines Corp.		78,460		12,843,902
Consumer Products-Misc. — 3.1%
Clorox Co.		82,501		11,689,567
Cosmetics & Toiletries — 3.0%
Procter & Gamble Co.		132,615		11,449,979
Data Processing/Management — 3.2%
Paychex, Inc.		178,879		12,208,492
Distribution/Wholesale — 6.9%
Fastenal Co.		222,018		12,202,109
WW Grainger, Inc.		51,484		13,883,176
				26,085,285
Diversified Manufacturing Operations — 2.9%
General Electric Co.		673,742		10,894,408
Electric Products-Misc. — 3.3%
Emerson Electric Co.		171,649		12,398,207
Food-Confectionery — 3.1%
Hershey Co.		107,163		11,823,294
Food-Misc./Diversified — 3.2%
General Mills, Inc.		203,821		11,921,490
Medical-Drugs — 9.8%
Johnson & Johnson		86,626		11,970,847
Merck & Co., Inc.		214,438		12,705,451

Security Description	Shares/ Principal Amount			Value (Note 2)
Medical-Drugs (continued)
Pfizer, Inc.		331,774		$	12,288,909
					36,965,207
Networking Products — 3.4%
Cisco Systems, Inc.		312,031			12,961,768
Oil Companies-Integrated — 6.4%
Chevron Corp.		94,955			11,902,609
Exxon Mobil Corp.		142,351			12,427,243
					24,329,852
Retail-Apparel/Shoe — 3.1%
Gap, Inc.		356,594			11,853,185
Retail-Auto Parts — 3.4%
Genuine Parts Co.		124,703			12,977,841
Retail-Drug Store — 3.4%
CVS Health Corp.		163,747			12,885,251
Retail-Restaurants — 3.2%
McDonald’s Corp.		69,700			11,928,458
Telephone-Integrated — 3.2%
Verizon Communications, Inc.		226,012			12,220,469
Toys — 3.3%
Hasbro, Inc.		132,600			12,539,982
Total Long-Term Investment Securities (cost $322,832,642)					376,562,674
REPURCHASE AGREEMENTS — 0.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20%, dated 1/31/2018, to be repurchased 02/01/2018 in the amount of $1,326,007 collateralized by $1,380,000 of United States Treasury Notes, bearing interest at 2.13% due 02/29/2024 and having an approximate value of $1,354,956 (cost $1,326,000)	$	1,326,000			1,326,000
TOTAL INVESTMENTS (cost $324,158,642)(1)		100.0	%		377,888,674
Other assets less liabilities		0.0			152,321
NET ASSETS		100.0	%	$	378,040,995

# See Note 1

(1) See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1  -  Unadjusted Quoted Prices		Level 2  -  Other Observable Inputs		Level 3 -  Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	376,562,674	$	—	$	—	$	376,562,674
Repurchase Agreements		—		1,326,000		—		1,326,000
Total Investments at Value	$	376,562,674	$	1,326,000	$	—	$	377,888,674

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

42

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Diversified Banking Institutions	7.5	%
Cable/Satellite TV	3.8
Real Estate Investment Trusts	3.6
Electric-Integrated	3.5
Pipelines	3.5
Telephone-Integrated	3.1
Oil Companies-Exploration & Production	2.9
Medical-Drugs	2.3
Oil Companies-Integrated	2.2
Banks-Commercial	2.0
Banks-Super Regional	1.8
Food-Misc./Diversified	1.7
Auto-Cars/Light Trucks	1.5
Finance-Investment Banker/Broker	1.5
Insurance-Life/Health	1.5
Aerospace/Defense	1.5
Brewery	1.4
Medical-Hospitals	1.4
Containers-Paper/Plastic	1.3
Broadcast Services/Program	1.2
Finance-Credit Card	1.1
Steel-Producers	1.1
Diagnostic Equipment	1.1
Time Deposits	1.1
Insurance-Multi-line	1.1
Medical-Biomedical/Gene	1.0
Gas-Distribution	1.0
Medical Products	1.0
Transport-Rail	0.9
Data Processing/Management	0.9
Building Products-Wood	0.8
Television	0.8
Medical-HMO	0.8
Cellular Telecom	0.8
Oil Refining & Marketing	0.7
Diversified Manufacturing Operations	0.7
Rental Auto/Equipment	0.7
Hotels/Motels	0.7
Containers-Metal/Glass	0.6
Tobacco	0.6
Retail-Auto Parts	0.6
Commercial Services-Finance	0.6
Multimedia	0.6
Metal Products-Distribution	0.6
Enterprise Software/Service	0.6
Chemicals-Specialty	0.6
Investment Management/Advisor Services	0.6
Computers	0.6
E-Commerce/Products	0.6
Casino Hotels	0.5
Retail-Drug Store	0.5
Electric-Generation	0.5
Machinery-General Industrial	0.5
Advertising Services	0.5
Coatings/Paint	0.5
Food-Retail	0.5
Electronic Measurement Instruments	0.5
Metal-Copper	0.5
Banks-Fiduciary	0.4
Insurance-Mutual	0.4
E-Commerce/Services	0.4

Food-Meat Products	0.4	%
Diversified Financial Services	0.4
Radio	0.4
Insurance Brokers	0.4
Consulting Services	0.4
Finance-Other Services	0.4
Auto/Truck Parts & Equipment-Original	0.4
Food-Baking	0.4
Advertising Agencies	0.4
Paper & Related Products	0.4
Oil & Gas Drilling	0.4
Beverages-Non-alcoholic	0.4
Retail-Building Products	0.4
Machinery-Farming	0.4
Independent Power Producers	0.3
Trucking/Leasing	0.3
Building & Construction Products-Misc.	0.3
Electronic Security Devices	0.3
Electronic Components-Semiconductors	0.3
Transport-Services	0.3
Electric Products-Misc.	0.3
Gambling (Non-Hotel)	0.3
Steel Pipe & Tube	0.3
Gold Mining	0.3
Retail-Propane Distribution	0.3
Consumer Products-Misc.	0.3
Commercial Services	0.2
Aerospace/Defense-Equipment	0.2
Food-Flour & Grain	0.2
Satellite Telecom	0.2
Vitamins & Nutrition Products	0.2
Retail-Restaurants	0.2
Retail-Discount	0.2
Home Decoration Products	0.2
Research & Development	0.2
Oil-Field Services	0.2
Municipal Bonds & Notes	0.2
Finance-Consumer Loans	0.2
Electronic Forms	0.2
Electric-Distribution	0.2
Computers-Integrated Systems	0.2
Transport-Equipment & Leasing	0.2
Electronic Components-Misc.	0.2
Agricultural Chemicals	0.2
Energy-Alternate Sources	0.2
Computer Software	0.2
Finance-Auto Loans	0.2
Medical Instruments	0.2
Food-Confectionery	0.2
Telecom Services	0.2
Chemicals-Diversified	0.2
Resorts/Theme Parks	0.2
Electronic Parts Distribution	0.2
Steel-Specialty	0.2
Soap & Cleaning Preparation	0.2
Disposable Medical Products	0.2
Finance-Mortgage Loan/Banker	0.2
Special Purpose Entities	0.2
Finance-Commercial	0.2
Human Resources	0.2
Food-Catering	0.1

43

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited) — (continued)

Industry Allocation* (continued)

Shipbuilding	0.1	%
Office Automation & Equipment	0.1
Rubber/Plastic Products	0.1
Medical Labs & Testing Services	0.1
Cosmetics & Toiletries	0.1
Applications Software	0.1
Diversified Operations	0.1
Transactional Software	0.1
Diversified Minerals	0.1
Retail-Automobile	0.1
SupraNational Banks	0.1
Casino Services	0.1
Semiconductor Components-Integrated Circuits	0.1
Insurance-Reinsurance	0.1
Medical-Generic Drugs	0.1
Distribution/Wholesale	0.1
Medical-Outpatient/Home Medical	0.1
Coal	0.1
Medical-Wholesale Drug Distribution	0.1
Theaters	0.1
Retail-Pet Food & Supplies	0.1
Software Tools	0.1
Advertising Sales	0.1
Metal Processors & Fabrication	0.1
Music	0.1
Telecommunication Equipment	0.1
Food-Wholesale/Distribution	0.1
Toys	0.1
Semiconductor Equipment	0.1
Finance-Leasing Companies	0.1
Building Products-Air & Heating	0.1
Retail-Perfume & Cosmetics	0.1
Advanced Materials	0.1
Retail-Leisure Products	0.1
Beverages-Wine/Spirits	0.1
Quarrying	0.1
Hazardous Waste Disposal	0.1
Direct Marketing	0.1
Rubber-Tires	0.1
Schools	0.1
Security Services	0.1
Wire & Cable Products	0.1
Airlines	0.1
Auto-Truck Trailers	0.1
Specified Purpose Acquisitions	0.1
Circuit Boards	0.1
Precious Metals	0.1
Computer Services	0.1
Decision Support Software	0.1
Engineering/R&D Services	0.1
	98.9	%

* Calculated as a percentage of net assets

# See Note 1

Credit Quality†**
Aaa	0.1	%
Aa	1.1
A	17.1
Baa	48.0
Ba	13.1
B	12.4
Caa	6.4
Not Rated@	1.8
	100.0	%

* Calculated as a percentage of net assets

@ Represents debt issues that either have no rating, or the rating is unavailable from the data source.

† Source: Moody’s

** Calculated as a percentage of total debt issues, excluding short-term securities.

44

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 81.8%
Advanced Materials — 0.1%
Hexcel Corp. Senior Notes 3.95% due 02/15/2027	$	1,260,000	$	1,257,954
Advertising Agencies — 0.4%
Interpublic Group of Cos., Inc. Senior Notes 3.75% due 02/15/2023		1,000,000		1,015,612
Interpublic Group of Cos., Inc. Senior Notes 4.00% due 03/15/2022		250,000		256,794
Omnicom Group, Inc. Company Guar. Notes 3.63% due 05/01/2022		3,000,000		3,065,311
Omnicom Group, Inc. Company Guar. Notes 3.65% due 11/01/2024		1,770,000		1,785,657
				6,123,374
Advertising Sales — 0.1%
Outfront Media Capital LLC Company Guar. Notes 5.63% due 02/15/2024		300,000		307,125
Outfront Media Capital LLC Company Guar. Notes 5.88% due 03/15/2025		800,000		832,528
				1,139,653
Aerospace/Defense — 1.0%
Alcoa, Inc. Senior Notes 5.87% due 02/23/2022		3,500,000		3,784,375
Arconic, Inc. Senior Notes 5.40% due 04/15/2021		2,200,000		2,327,116
BAE Systems Holdings, Inc.* Company Guar. Notes 3.85% due 12/15/2025		4,440,000		4,507,890
Lockheed Martin Corp. Senior Notes 2.90% due 03/01/2025		2,155,000		2,110,159
Lockheed Martin Corp. Senior Notes 3.55% due 01/15/2026		2,190,000		2,234,504
Rockwell Collins, Inc. Senior Notes 3.10% due 11/15/2021		750,000		752,244
				15,716,288
Aerospace/Defense-Equipment — 0.2%
TransDigm, Inc. Company Guar. Notes 5.50% due 10/15/2020		325,000		329,469
TransDigm, Inc. Company Guar. Notes 6.00% due 07/15/2022		450,000		461,812
TransDigm, Inc. Company Guar. Notes 6.38% due 06/15/2026		375,000		384,844
TransDigm, Inc. Company Guar. Notes 6.50% due 07/15/2024		1,500,000		1,543,125

Security Description	Principal Amount		Value (Note 2)
Aerospace/Defense-Equipment (continued)
TransDigm, Inc. Company Guar. Notes 6.50% due 05/15/2025	$	1,250,000	$	1,284,375
				4,003,625
Agricultural Chemicals — 0.2%
Incitec Pivot Finance LLC Company Guar. Notes 6.00% due 12/10/2019*		2,940,000		3,092,757
Airlines — 0.1%
Southwest Airlines Co. Senior Notes 2.75% due 11/06/2019		1,000,000		1,003,441
Apparel Manufacturers — 0.0%
Hanesbrands, Inc. Company Guar. Notes 4.88% due 05/15/2026*		350,000		353,500
Applications Software — 0.1%
Nuance Communications, Inc. Company Guar. Notes 5.38% due 08/15/2020*		879,000		885,593
Nuance Communications, Inc. Company Guar. Notes 5.63% due 12/15/2026		1,125,000		1,162,575
Nuance Communications, Inc. Company Guar. Notes 6.00% due 07/01/2024		175,000		185,325
				2,233,493
Auction Houses/Art Dealers — 0.0%
KAR Auction Services, Inc. Company Guar. Notes 5.13% due 06/01/2025*		775,000		784,688
Auto-Cars/Light Trucks — 1.3%
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		3,000,000		2,954,666
Ford Motor Credit Co. LLC Senior Notes 4.25% due 09/20/2022		550,000		567,723
Ford Motor Credit Co. LLC Senior Notes 4.38% due 08/06/2023		5,500,000		5,709,295
General Motors Co. Senior Notes 4.00% due 04/01/2025		1,055,000		1,060,196
General Motors Co. Senior Notes 5.20% due 04/01/2045		3,250,000		3,386,213
General Motors Financial Co., Inc. Company Guar. Notes 3.20% due 07/06/2021		1,750,000		1,750,945
General Motors Financial Co., Inc. Company Guar. Notes 3.45% due 04/10/2022		2,750,000		2,759,569
Hyundai Capital America Senior Notes 2.60% due 03/19/2020*		2,500,000		2,473,123
				20,661,730

45

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Auto-Truck Trailers — 0.1%
BCD Acquisition, Inc. Senior Sec. Notes 9.63% due 09/15/2023*	$	900,000	$	983,250
Auto/Truck Parts & Equipment-Original — 0.1%
American Axle & Manufacturing, Inc. Company Guar. Notes 6.50% due 04/01/2027*		1,275,000		1,335,562
TI Group Automotive Systems, LLC Company Guar. Notes 8.75% due 07/15/2023*		514,000		546,768
				1,882,330
Auto/Truck Parts & Equipment-Replacement — 0.0%
Allison Transmission, Inc. Senior Notes 5.00% due 10/01/2024*		200,000		202,000
Banks-Commercial — 1.9%
Associated Banc-Corp Sub. Notes 4.25% due 01/15/2025		2,710,000		2,746,146
BB&T Corp. Senior Notes 2.25% due 02/01/2019		2,445,000		2,448,057
Branch Banking & Trust Co. Sub. Notes 3.80% due 10/30/2026		3,000,000		3,087,149
City National Corp. Senior Notes 5.25% due 09/15/2020		2,205,000		2,344,322
Compass Bank Senior Notes 2.75% due 09/29/2019		1,530,000		1,530,238
Compass Bank Sub. Notes 3.88% due 04/10/2025		3,110,000		3,087,499
Discover Bank Senior Notes 2.00% due 02/21/2018		1,700,000		1,700,012
Discover Bank Sub. Notes 8.70% due 11/18/2019		688,000		748,138
Manufacturers & Traders Trust Co. FRS Sub. Notes 2.12% (3ML + 0.64%) due 12/01/2021		2,860,000		2,848,553
MUFG Americas Holdings Corp. Senior Notes 3.00% due 02/10/2025		370,000		360,749
PNC Bank NA Senior Notes 2.45% due 11/05/2020		6,750,000		6,712,445
Regions Financial Corp. Senior Notes 3.20% due 02/08/2021		1,380,000		1,391,187
Union Bank NA Senior Notes 2.63% due 09/26/2018		2,300,000		2,306,966
				31,311,461

Security Description	Principal Amount		Value (Note 2)
Banks-Fiduciary — 0.4%
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*	$	3,510,000	$	3,581,763
Wilmington Trust Corp. Sub. Notes 8.50% due 04/02/2018		3,390,000		3,426,340
				7,008,103
Banks-Super Regional — 1.8%
Bank One Corp. Sub. Debentures 8.00% due 04/29/2027		460,000		603,375
Capital One Financial Corp. Sub. Notes 4.20% due 10/29/2025		1,690,000		1,712,977
Comerica, Inc. Sub. Notes 3.80% due 07/22/2026		2,330,000		2,328,072
Fifth Third Bancorp Sub. Notes 4.30% due 01/16/2024		3,485,000		3,641,227
Huntington Bancshares, Inc. Senior Notes 3.15% due 03/14/2021		1,340,000		1,350,458
Huntington Bancshares, Inc. Sub. Notes 7.00% due 12/15/2020		1,780,000		1,974,320
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023		3,500,000		3,502,061
Wells Fargo & Co. Senior Notes 3.58% due 05/22/2028		6,300,000		6,314,817
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		4,800,000		5,027,808
Wells Fargo & Co. Sub. Notes 4.90% due 11/17/2045		2,330,000		2,621,993
				29,077,108
Beverages-Non-alcoholic — 0.4%
PepsiCo, Inc. Senior Notes 2.15% due 10/14/2020		645,000		640,402
PepsiCo, Inc. Senior Notes 3.10% due 07/17/2022		3,550,000		3,587,968
PepsiCo, Inc. Senior Notes 4.45% due 04/14/2046		1,460,000		1,627,824
				5,856,194
Brewery — 1.2%
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 3.30% due 02/01/2023		5,000,000		5,039,339
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 3.65% due 02/01/2026		10,050,000		10,170,965
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 4.90% due 02/01/2046		3,270,000		3,695,130

46

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Brewery (continued)
Molson Coors Brewing Co. Company Guar. Notes 4.20% due 07/15/2046	$	840,000	$	837,119
				19,742,553
Broadcast Services/Program — 0.6%
Clear Channel Worldwide Holdings, Inc. Company Guar. Notes Series A 6.50% due 11/15/2022		75,000		76,875
Clear Channel Worldwide Holdings, Inc. Company Guar. Notes 6.50% due 11/15/2022		1,150,000		1,183,890
Discovery Communications LLC Company Guar. Notes 3.95% due 03/20/2028		6,800,000		6,630,759
iHeartCommunications, Inc. Senior Sec. Notes 9.00% due 03/01/2021		1,375,000		1,010,625
Nexstar Broadcasting, Inc. Company Guar. Notes 6.13% due 02/15/2022*		725,000		746,750
Nexstar Escrow Corp. Company Guar. Notes 5.63% due 08/01/2024*		825,000		852,844
				10,501,743
Building & Construction Products-Misc. — 0.3%
NCI Building Systems, Inc. Company Guar. Notes 8.25% due 01/15/2023*		550,000		584,100
Ply Gem Industries, Inc. Company Guar. Notes 6.50% due 02/01/2022		650,000		674,375
RSI Home Products, Inc. Sec. Notes 6.50% due 03/15/2023*		1,300,000		1,361,750
Standard Industries, Inc. Senior Notes 5.00% due 02/15/2027*		1,650,000		1,674,750
Standard Industries, Inc. Senior Notes 6.00% due 10/15/2025*		675,000		717,187
USG Corp. Company Guar. Notes 4.88% due 06/01/2027*		475,000		486,875
				5,499,037
Building Products-Air & Heating — 0.1%
Lennox International, Inc. Company Guar. Notes 3.00% due 11/15/2023		1,415,000		1,380,671
Building Products-Doors & Windows — 0.0%
Jeld-Wen, Inc. Company Guar. Notes 4.63% due 12/15/2025*		150,000		150,000
Jeld-Wen, Inc. Company Guar. Notes 4.88% due 12/15/2027*		75,000		75,094
				225,094

Security Description	Principal Amount		Value (Note 2)
Building Products-Wood — 0.8%
Masco Corp. Senior Notes 4.38% due 04/01/2026	$	5,125,000	$	5,330,000
Masco Corp. Senior Notes 4.45% due 04/01/2025		5,110,000		5,336,884
Masco Corp. Senior Notes 4.50% due 05/15/2047		2,420,000		2,413,695
Masco Corp. Senior Notes 5.95% due 03/15/2022		554,000		609,382
				13,689,961
Cable/Satellite TV — 2.6%
Altice US Finance I Corp. Senior Sec. Notes 5.38% due 07/15/2023*		825,000		844,594
Altice US Finance I Corp. Senior Sec. Notes 5.50% due 05/15/2026*		375,000		383,438
Altice US Finance II Corp. Senior Notes 7.75% due 07/15/2025*		1,075,000		1,169,062
Cablevision Systems Corp. Senior Notes 5.88% due 09/15/2022		1,100,000		1,111,000
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		1,025,000		988,484
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.13% due 05/01/2027*		875,000		855,313
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.25% due 09/30/2022		825,000		844,594
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 05/01/2025*		850,000		862,750
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.50% due 05/01/2026*		500,000		510,000
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 01/15/2024		300,000		309,000
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 02/15/2026*		725,000		750,375
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.88% due 04/01/2024*		500,000		522,500
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.88% due 05/01/2027*		1,400,000		1,442,000

47

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Cequel Communications Holdings I LLC/Cequel Capital Corp. Senior Notes 5.13% due 12/15/2021*	$	1,325,000	$	1,329,969
Cequel Communications Holdings I LLC/Cequel Capital Corp. Senior Notes 5.13% due 12/15/2021*		175,000		175,327
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.91% due 07/23/2025		2,350,000		2,457,021
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		2,365,000		2,761,096
Comcast Corp. Company Guar. Notes 3.30% due 02/01/2027		4,690,000		4,625,876
Comcast Corp. Company Guar. Notes 4.00% due 11/01/2049		1,554,000		1,549,585
Comcast Corp. Company Guar. Notes 5.88% due 02/15/2018		1,000,000		1,001,366
Cox Communications, Inc. Senior Notes 3.35% due 09/15/2026*		2,625,000		2,531,442
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		750,000		731,250
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		1,000,000		1,012,500
CSC Holdings LLC Company Guar. Notes 6.63% due 10/15/2025*		875,000		936,250
CSC Holdings LLC Senior Notes 10.13% due 01/15/2023*		475,000		535,859
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		300,000		281,355
DISH DBS Corp. Company Guar. Notes 5.88% due 07/15/2022		1,275,000		1,268,625
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		1,475,000		1,398,484
DISH DBS Corp. Company Guar. Notes 7.75% due 07/01/2026		250,000		256,875
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		1,000,000		920,573
Time Warner Cable LLC Senior Sec. Notes 5.50% due 09/01/2041		3,410,000		3,554,304
Time Warner Cable LLC Senior Sec. Notes 8.75% due 02/14/2019		490,000		520,026

Security Description	Principal Amount		Value (Note 2)
Cable/Satellite TV (continued)
Time Warner Cable, Inc. Senior Sec. Notes 4.00% due 09/01/2021	$	3,273,000	$	3,336,567
Time Warner Cable, Inc. Senior Sec. Notes 6.75% due 06/15/2039		690,000		819,557
				42,597,017
Casino Hotels — 0.5%
Boyd Gaming Corp. Company Guar. Notes 6.38% due 04/01/2026		175,000		187,688
Boyd Gaming Corp. Company Guar. Notes 6.88% due 05/15/2023		1,575,000		1,665,562
MGM Resorts International Company Guar. Notes 4.63% due 09/01/2026		575,000		580,750
MGM Resorts International Company Guar. Notes 6.00% due 03/15/2023		650,000		702,000
MGM Resorts International Company Guar. Notes 7.75% due 03/15/2022		850,000		966,424
Seminole Hard Rock Entertainment, Inc./Seminole Hard Rock International LLC Company Guar. Notes 5.88% due 05/15/2021*		2,200,000		2,233,000
Station Casinos LLC Company Guar. Notes 5.00% due 10/01/2025*		900,000		907,875
Sugarhouse HSP Gaming Prop Mezz LP/Sugarhouse HSP Gaming Finance Corp. Senior Sec. Notes 5.88% due 05/15/2025*		875,000		840,263
Wynn Las Vegas LLC/Wynn Las Vegas Capital Corp. Company Guar. Notes 5.25% due 05/15/2027*		625,000		616,797
				8,700,359
Casino Services — 0.1%
Eldorado Resorts, Inc. Company Guar. Notes 6.00% due 04/01/2025		800,000		835,000
Rivers Pittsburgh Borrower LP/Rivers Pittsburgh Finance Corp. Senior Sec. Notes 6.13% due 08/15/2021*		1,050,000		1,042,125
				1,877,125
Cellular Telecom — 0.8%
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		1,800,000		1,825,506
Sprint Corp. Company Guar. Notes 7.63% due 02/15/2025		975,000		1,011,563
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		1,825,000		1,932,985

48

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cellular Telecom (continued)
Sprint Nextel Corp. Senior Notes 6.00% due 11/15/2022	$	1,300,000	$	1,295,125
T-Mobile USA, Inc. Company Guar. Notes 4.50% due 02/01/2026		700,000		703,500
T-Mobile USA, Inc. Company Guar. Notes 4.75% due 02/01/2028		500,000		501,875
T-Mobile USA, Inc. Company Guar. Notes 6.00% due 03/01/2023		200,000		209,330
T-Mobile USA, Inc. Company Guar. Notes 6.50% due 01/15/2024		625,000		664,094
T-Mobile USA, Inc. Company Guar. Notes 6.50% due 01/15/2026		1,200,000		1,300,500
T-Mobile USA, Inc. Company Guar. Notes 6.63% due 04/01/2023		1,325,000		1,377,072
T-Mobile USA, Inc. Company Guar. Notes 6.84% due 04/28/2023		1,350,000		1,408,995
				12,230,545
Chemicals-Diversified — 0.2%
FMC Corp. Senior Notes 3.95% due 02/01/2022		1,500,000		1,533,892
Hexion, Inc. Senior Sec. Notes 6.63% due 04/15/2020		1,550,000		1,412,438
				2,946,330
Chemicals-Specialty — 0.5%
Albemarle Corp. Senior Notes 4.15% due 12/01/2024		1,465,000		1,527,830
Albemarle Corp. Senior Notes 5.45% due 12/01/2044		1,985,000		2,276,471
Platform Specialty Products Corp. Company Guar. Notes 5.88% due 12/01/2025*		175,000		177,844
Platform Specialty Products Corp. Senior Notes 6.50% due 02/01/2022*		3,175,000		3,278,188
PQ Corp. Company Guar. Notes 5.75% due 12/15/2025*		175,000		180,250
PQ Corp. Senior Sec. Notes 6.75% due 11/15/2022*		300,000		320,625
Versum Materials, Inc. Company Guar. Notes 5.50% due 09/30/2024*		350,000		371,000
				8,132,208
Circuit Boards — 0.1%
TTM Technologies, Inc. Company Guar. Notes 5.63% due 10/01/2025*		850,000		873,375

Security Description	Principal Amount		Value (Note 2)
Coal — 0.1%
Alliance Resource Operating Partners LP/Alliance Resource Finance Corp. Company Guar. Notes 7.50% due 05/01/2025*	$	825,000	$	893,063
Peabody Energy Corp. Senior Sec. Notes 6.00% due 03/31/2022*		175,000		181,774
Peabody Energy Corp. Senior Sec. Notes 6.38% due 03/31/2025*		675,000		708,750
				1,783,587
Coatings/Paint — 0.5%
RPM International, Inc. Senior Notes 5.25% due 06/01/2045		1,740,000		1,946,064
RPM International, Inc. Senior Notes 6.13% due 10/15/2019		1,875,000		1,979,514
RPM International, Inc. Senior Notes 6.50% due 02/15/2018		2,350,000		2,353,517
Sherwin-Williams Co. Senior Notes 4.40% due 02/01/2045		1,415,000		1,424,708
				7,703,803
Commercial Services — 0.2%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.00% due 04/15/2022*		2,250,000		2,286,563
ServiceMaster Co. LLC Company Guar. Notes 5.13% due 11/15/2024*		950,000		952,375
ServiceMaster Co. LLC Senior Notes 7.45% due 08/15/2027		275,000		298,375
				3,537,313
Commercial Services-Finance — 0.6%
Automatic Data Processing, Inc. Senior Notes 3.38% due 09/15/2025		2,490,000		2,533,613
Equifax, Inc. Senior Notes 3.25% due 06/01/2026		2,515,000		2,370,903
Moody’s Corp. Senior Notes 5.50% due 09/01/2020		900,000		959,523
S&P Global, Inc. Company Guar. Notes 4.00% due 06/15/2025		1,150,000		1,195,545
S&P Global, Inc. Company Guar. Notes 4.40% due 02/15/2026		2,070,000		2,206,031
Total System Services, Inc. Senior Notes 4.80% due 04/01/2026		695,000		742,919
				10,008,534
Computer Services — 0.1%
SAIC, Inc. Senior Sec. Notes 5.95% due 12/01/2040		850,000		858,238

49

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computer Software — 0.2%
Rackspace Hosting, Inc. Company Guar. Notes 8.63% due 11/15/2024*	$	2,025,000	$	2,154,094
SS&C Technologies Holdings, Inc. Company Guar. Notes 5.88% due 07/15/2023		825,000		865,219
				3,019,313
Computers — 0.6%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Company Guar. Notes 5.88% due 06/15/2021*		125,000		129,687
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 6.02% due 06/15/2026*		1,940,000		2,121,583
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Company Guar. Notes 7.13% due 06/15/2024*		1,775,000		1,940,297
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 8.35% due 07/15/2046*		2,435,000		3,195,502
Hewlett Packard Enterprise Co. Senior Notes 3.60% due 10/15/2020		1,670,000		1,697,517
				9,084,586
Computers-Integrated Systems — 0.2%
NCR Corp. Company Guar. Notes 5.00% due 07/15/2022		625,000		637,687
NCR Corp. Company Guar. Notes 5.88% due 12/15/2021		275,000		282,219
NCR Corp. Company Guar. Notes 6.38% due 12/15/2023		950,000		997,500
Project Homestake Merger Corp. Company Guar. Notes 8.88% due 03/01/2023*		1,400,000		1,340,500
				3,257,906
Consulting Services — 0.4%
Gartner, Inc. Company Guar. Notes 5.13% due 04/01/2025*		475,000		494,000
Verisk Analytics, Inc. Senior Notes 4.00% due 06/15/2025		250,000		255,386
Verisk Analytics, Inc. Senior Notes 4.13% due 09/12/2022		2,068,000		2,142,889
Verisk Analytics, Inc. Senior Notes 5.50% due 06/15/2045		3,060,000		3,469,623
				6,361,898

Security Description	Principal Amount		Value (Note 2)
Consumer Products-Misc. — 0.3%
Prestige Brands, Inc. Company Guar. Notes 5.38% due 12/15/2021*	$	1,900,000	$	1,923,750
Prestige Brands, Inc. Company Guar. Notes 6.38% due 03/01/2024*		900,000		927,000
Spectrum Brands, Inc. Company Guar. Notes 5.75% due 07/15/2025		1,075,000		1,131,437
Spectrum Brands, Inc. Company Guar. Notes 6.13% due 12/15/2024		400,000		424,000
				4,406,187
Containers-Metal/Glass — 0.3%
BWAY Holding Co. Senior Sec. Notes 5.50% due 04/15/2024*		1,175,000		1,217,594
BWAY Holding Co. Senior Notes 7.25% due 04/15/2025*		2,625,000		2,739,843
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.38% due 01/15/2025*		900,000		945,000
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.88% due 08/15/2023*		100,000		106,250
Owens-Brockway Glass Container, Inc. Company Guar. Notes 6.38% due 08/15/2025*		400,000		442,000
				5,450,687
Containers-Paper/Plastic — 1.3%
Berry Global, Inc. Sec. Notes 5.13% due 07/15/2023		800,000		830,000
Berry Global, Inc. Sec. Notes 5.50% due 05/15/2022		1,850,000		1,910,291
Berry Plastics Corp. Sec. Notes 6.00% due 10/15/2022		550,000		573,375
Crown Americas LLC/Crown Americas Capital Corp. Company Guar. Notes 4.75% due 02/01/2026*		575,000		577,875
Flex Acquisition Co, Inc. Senior Notes 6.88% due 01/15/2025*		2,650,000		2,719,562
Multi-Color Corp. Company Guar. Notes 4.88% due 11/01/2025*		225,000		225,844
Multi-Color Corp. Company Guar. Notes 6.13% due 12/01/2022*		1,750,000		1,820,000
Packaging Corp. of America Senior Notes 3.65% due 09/15/2024		2,750,000		2,769,103
Packaging Corp. of America Senior Notes 3.90% due 06/15/2022		1,250,000		1,289,379
Packaging Corp. of America Senior Notes 4.50% due 11/01/2023		915,000		970,826

50

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Containers-Paper/Plastic (continued)
Pactiv LLC Senior Notes 7.95% due 12/15/2025	$	375,000	$	425,156
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC Senior Sec. Notes 5.75% due 10/15/2020		1,720,166		1,750,269
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC Company Guar. Notes 7.00% due 07/15/2024*		1,250,000		1,329,687
Rock-Tenn Co. Company Guar. Notes 4.00% due 03/01/2023		700,000		721,344
Sealed Air Corp. Company Guar. Notes 5.13% due 12/01/2024*		700,000		740,250
Sealed Air Corp. Company Guar. Notes 5.25% due 04/01/2023*		475,000		504,688
Sonoco Products Co. Senior Notes 5.75% due 11/01/2040		770,000		900,064
WestRock RKT Co. Company Guar. Notes 4.45% due 03/01/2019		740,000		754,129
Westvaco Corp. Company Guar. Notes 7.65% due 03/15/2027		225,000		227,746
				21,039,588
Cosmetics & Toiletries — 0.1%
First Quality Finance Co., Inc. Senior Notes 4.63% due 05/15/2021*		2,225,000		2,238,906
Data Processing/Management — 0.9%
Fidelity National Information Services, Inc. Company Guar. Notes 3.50% due 04/15/2023		3,800,000		3,840,388
Fidelity National Information Services, Inc. Company Guar. Notes 3.88% due 06/05/2024		2,265,000		2,331,627
Fidelity National Information Services, Inc. Senior Notes 5.00% due 10/15/2025		517,000		560,831
First Data Corp. Senior Sec. Notes 5.38% due 08/15/2023*		450,000		464,063
First Data Corp. Sec. Notes 5.75% due 01/15/2024*		3,950,000		4,083,312
First Data Corp. Company Guar. Notes 7.00% due 12/01/2023*		450,000		473,909
Fiserv, Inc. Senior Notes 3.85% due 06/01/2025		3,250,000		3,342,166
				15,096,296

Security Description	Principal Amount		Value (Note 2)
Decision Support Software — 0.1%
MSCI, Inc. Company Guar. Notes 5.75% due 08/15/2025*	$	800,000	$	848,000
Diagnostic Equipment — 1.1%
Abbott Laboratories Senior Notes 3.75% due 11/30/2026		6,450,000		6,516,738
Abbott Laboratories Senior Notes 4.90% due 11/30/2046		2,900,000		3,308,139
Avantor, Inc. Senior Sec. Notes 6.00% due 10/01/2024*		450,000		453,938
Avantor, Inc. Senior Notes 9.00% due 10/01/2025*		1,125,000		1,115,156
Ortho-Clinical Diagnostics, Inc. Senior Notes 6.63% due 05/15/2022*		4,125,000		4,125,000
Thermo Fisher Scientific, Inc. Senior Notes 2.95% due 09/19/2026		2,040,000		1,946,527
				17,465,498
Dialysis Centers — 0.0%
DaVita HealthCare Partners, Inc. Company Guar. Notes 5.13% due 07/15/2024		125,000		125,941
Direct Marketing — 0.1%
Anna Merger Sub, Inc. Senior Notes 7.75% due 10/01/2022*		1,550,000		1,069,500
Disposable Medical Products — 0.2%
Sterigenics-Nordion Holdings LLC Senior Notes 6.50% due 05/15/2023*		2,525,000		2,632,313
Distribution/Wholesale — 0.1%
American Builders & Contractors Supply Co., Inc. Senior Notes 5.63% due 04/15/2021*		450,000		457,875
American Builders & Contractors Supply Co., Inc. Senior Notes 5.75% due 12/15/2023*		225,000		237,375
HD Supply, Inc. Company Guar. Notes 5.75% due 04/15/2024*		850,000		909,500
Performance Food Group, Inc. Company Guar. Notes 5.50% due 06/01/2024*		225,000		231,188
				1,835,938
Diversified Banking Institutions — 7.1%
Bank of America Corp. Senior Notes 2.33% due 10/01/2021		9,100,000		8,997,099
Bank of America Corp. Senior Notes 2.82% due 07/21/2023		6,540,000		6,456,302

51

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Bank of America Corp. Senior Notes 3.71% due 04/24/2028	$	2,975,000	$	3,004,669
Bank of America Corp. Senior Notes 3.82% due 01/20/2028		3,170,000		3,230,817
Bank of America Corp. Sub. Notes 3.95% due 04/21/2025		1,000,000		1,017,638
Bank of America Corp. Senior Notes 4.00% due 04/01/2024		3,350,000		3,479,650
Bank of America Corp. Sub. Notes 4.00% due 01/22/2025		3,500,000		3,580,646
Citigroup, Inc. Senior Notes 2.88% due 07/24/2023		4,250,000		4,183,106
Citigroup, Inc. Senior Notes 3.40% due 05/01/2026		3,340,000		3,300,961
Citigroup, Inc. Senior Notes 3.52% due 10/27/2028		6,250,000		6,182,148
Citigroup, Inc. Sub. Notes 4.13% due 07/25/2028		1,340,000		1,361,332
Citigroup, Inc. Sub. Notes 4.30% due 11/20/2026		3,100,000		3,192,969
Citigroup, Inc. Senior Notes 5.38% due 08/09/2020		3,000,000		3,192,429
Citigroup, Inc. Sub. Notes 5.50% due 09/13/2025		2,500,000		2,776,607
Goldman Sachs Group, Inc. Senior Notes 2.35% due 11/15/2021		2,685,000		2,619,459
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		3,800,000		3,813,801
Goldman Sachs Group, Inc. Sub. Notes 5.15% due 05/22/2045		3,000,000		3,422,078
Goldman Sachs Group, Inc. Senior Notes 5.75% due 01/24/2022		4,000,000		4,385,249
JPMorgan Chase & Co. Senior Notes 2.78% due 04/25/2023		2,020,000		1,993,087
JPMorgan Chase & Co. Sub. Notes 3.38% due 05/01/2023		1,510,000		1,518,990
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		5,670,000		5,641,140
JPMorgan Chase & Co. Sub. Notes 3.88% due 09/10/2024		10,500,000		10,747,557
Morgan Stanley Senior Notes 2.50% due 04/21/2021		4,695,000		4,636,125

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Morgan Stanley Senior Notes 3.77% due 01/24/2029	$	2,000,000	$	2,013,564
Morgan Stanley Sub. Notes 3.95% due 04/23/2027		8,250,000		8,306,732
Morgan Stanley Sub. Notes 4.10% due 05/22/2023		4,000,000		4,138,584
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		2,000,000		2,164,024
Morgan Stanley Senior Notes 5.50% due 07/24/2020		5,000,000		5,329,300
				114,686,063
Diversified Manufacturing Operations — 0.6%
General Electric Capital Corp. Senior Notes 3.10% due 01/09/2023		2,000,000		1,988,645
General Electric Capital Corp. Senior Notes 4.63% due 01/07/2021		859,000		900,664
Koppers, Inc. Company Guar. Notes 6.00% due 02/15/2025*		400,000		422,000
Parker-Hannifin Corp. Senior Notes 3.25% due 03/01/2027		3,140,000		3,101,060
Textron, Inc. Senior Notes 3.88% due 03/01/2025		905,000		925,393
Textron, Inc. Senior Notes 4.30% due 03/01/2024		1,945,000		2,033,265
				9,371,027
E-Commerce/Products — 0.3%
Amazon.com, Inc. Senior Notes 3.15% due 08/22/2027*		4,560,000		4,472,270
E-Commerce/Services — 0.4%
Expedia, Inc. Company Guar. Notes 5.00% due 02/15/2026		4,450,000		4,678,297
Expedia, Inc. Company Guar. Notes 5.95% due 08/15/2020		930,000		997,846
Match Group, Inc. Senior Notes 5.00% due 12/15/2027*		450,000		451,125
Match Group, Inc. Senior Notes 6.38% due 06/01/2024		500,000		540,625
				6,667,893
Electric Products-Misc. — 0.3%
Molex Electronic Technologies LLC Senior Notes 3.90% due 04/15/2025*		2,500,000		2,504,300
WESCO Distribution, Inc. Company Guar. Notes 5.38% due 12/15/2021		2,000,000		2,055,000

52

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric Products-Misc. (continued)
WESCO Distribution, Inc. Company Guar. Notes 5.38% due 06/15/2024	$	250,000	$	257,500
				4,816,800
Electric-Distribution — 0.1%
UIL Holdings Corp. Senior Notes 4.63% due 10/01/2020		2,070,000		2,150,651
Electric-Generation — 0.2%
Emera US Finance LP Company Guar. Notes 3.55% due 06/15/2026		1,240,000		1,211,700
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		1,880,000		1,979,969
				3,191,669
Electric-Integrated — 3.0%
Ameren Corp. Senior Notes 3.65% due 02/15/2026		1,480,000		1,483,214
American Electric Power Co., Inc. Senior Notes 2.95% due 12/15/2022		2,900,000		2,899,918
American Electric Power Co., Inc. Senior Notes 3.20% due 11/13/2027		3,125,000		3,030,351
Cleveland Electric Illuminating Co. Senior Notes 5.95% due 12/15/2036		1,145,000		1,415,430
Consolidated Edison Co. of New York, Inc. Senior Notes 4.63% due 12/01/2054		1,367,000		1,534,709
Duke Energy Corp. Senior Notes 1.80% due 09/01/2021		600,000		578,816
Duke Energy Corp. Senior Notes 2.65% due 09/01/2026		1,810,000		1,685,664
Duke Energy Corp. Senior Notes 3.75% due 09/01/2046		2,000,000		1,912,236
Entergy Gulf States Louisiana LLC 1st Mtg. Notes 5.59% due 10/01/2024		125,000		141,774
Eversource Energy Senior Notes 3.35% due 03/15/2026		3,300,000		3,258,305
Exelon Corp. Senior Notes 3.95% due 06/15/2025		1,500,000		1,537,321
Exelon Generation Co. LLC Senior Notes 4.25% due 06/15/2022		4,900,000		5,093,725
Exelon Generation Co. LLC Senior Notes 5.75% due 10/01/2041		500,000		546,547
Great Plains Energy, Inc. Senior Notes 4.85% due 06/01/2021		1,000,000		1,051,848

Security Description	Principal Amount		Value (Note 2)
Electric-Integrated (continued)
Midamerican Energy Holdings Co. Senior Notes 5.95% due 05/15/2037	$	4,750,000	$	6,116,930
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 3.55% due 05/01/2027		1,125,000		1,123,075
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 3.63% due 06/15/2023		3,000,000		3,043,505
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 4.50% due 06/01/2021		2,000,000		2,094,254
PPL Capital Funding, Inc. Company Guar. Notes 3.95% due 03/15/2024		2,500,000		2,578,878
PPL Capital Funding, Inc. Company Guar. Notes 4.20% due 06/15/2022		590,000		615,507
PSEG Power LLC Company Guar. Notes 2.45% due 11/15/2018		1,275,000		1,277,222
PSEG Power LLC Company Guar. Notes 4.15% due 09/15/2021		725,000		748,396
Southern Co. Senior Notes 3.25% due 07/01/2026		4,950,000		4,786,004
Virginia Electric & Power Co. Senior Notes 5.00% due 06/30/2019		810,000		837,789
				49,391,418
Electronic Components-Misc. — 0.1%
Corning, Inc. Senior Notes 4.75% due 03/15/2042		1,100,000		1,197,090
Electronic Components-Semiconductors — 0.3%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.88% due 01/15/2027*		3,440,000		3,347,702
Intel Corp. Senior Notes 3.70% due 07/29/2025		1,400,000		1,448,875
				4,796,577
Electronic Forms — 0.2%
Adobe Systems, Inc. Senior Notes 3.25% due 02/01/2025		3,310,000		3,335,602
Electronic Measurement Instruments — 0.5%
Agilent Technologies, Inc. Senior Notes 3.05% due 09/22/2026		3,330,000		3,128,341
Keysight Technologies, Inc. Senior Notes 4.55% due 10/30/2024		4,175,000		4,337,888
				7,466,229
Electronic Parts Distribution — 0.2%
Ingram Micro, Inc. Senior Notes 5.00% due 08/10/2022		2,800,000		2,793,282

53

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electronic Security Devices — 0.3%
Allegion US Holding Co., Inc. Company Guar. Notes 3.55% due 10/01/2027	$	5,570,000	$	5,430,304
Energy-Alternate Sources — 0.2%
Enviva Partners LP/Enviva Partners Finance Corp. Company Guar. Notes 8.50% due 11/01/2021		1,400,000		1,496,250
TerraForm Power Operating LLC Company Guar. Notes 4.25% due 01/31/2023*		100,000		99,000
TerraForm Power Operating LLC Company Guar. Notes 5.00% due 01/31/2028*		925,000		912,282
TerraForm Power Operating LLC Company Guar. Notes 6.63% due 06/15/2025*		525,000		572,906
				3,080,438
Engineering/R&D Services — 0.1%
Engility Corp. Company Guar. Notes 8.88% due 09/01/2024		775,000		835,528
Enterprise Software/Service — 0.6%
BMC Software Finance, Inc. Senior Notes 8.13% due 07/15/2021*		2,000,000		2,002,500
Infor Software Parent LLC/Infor Software Parent, Inc.(1) Senior Notes 7.13% due 05/01/2021*		2,325,000		2,371,500
Infor US, Inc. Company Guar. Notes 6.50% due 05/15/2022		2,225,000		2,294,531
Informatica Corp. Senior Notes 7.13% due 07/15/2023*(1)		1,350,000		1,390,230
Sophia LP/Sophia Finance, Inc. Senior Notes 9.00% due 09/30/2023*		1,500,000		1,605,000
				9,663,761
Finance-Auto Loans — 0.2%
Ally Financial, Inc. Senior Notes 4.63% due 03/30/2025		400,000		411,504
Ally Financial, Inc. Senior Notes 5.13% due 09/30/2024		600,000		632,250
Ally Financial, Inc. Sub. Notes 5.75% due 11/20/2025		1,850,000		1,975,245
				3,018,999
Finance-Commercial — 0.2%
Football Trust V Pass-Through Certs. 5.35% due 10/05/2020*(2)		2,400,000		2,527,910
Finance-Consumer Loans — 0.2%
Navient Corp. Senior Notes 5.88% due 10/25/2024		1,525,000		1,531,146

Security Description	Principal Amount		Value (Note 2)
Finance-Consumer Loans (continued)
Navient Corp. Senior Notes 7.25% due 09/25/2023	$	625,000	$	673,437
SLM Corp. Senior Notes 5.50% due 01/25/2023		250,000		250,938
SLM Corp. Senior Notes 6.13% due 03/25/2024		900,000		918,000
				3,373,521
Finance-Credit Card — 1.1%
American Express Co. Sub. Notes 3.63% due 12/05/2024		3,550,000		3,597,027
Capital One Bank USA NA Senior Notes 2.15% due 11/21/2018		1,650,000		1,650,464
Capital One Bank USA NA Sub. Notes 3.38% due 02/15/2023		6,100,000		6,066,786
Discover Financial Services Senior Notes 3.85% due 11/21/2022		3,212,000		3,261,966
Visa, Inc. Senior Notes 3.15% due 12/14/2025		3,460,000		3,453,067
				18,029,310
Finance-Investment Banker/Broker — 1.5%
Bear Stearns Cos. LLC Company Guar. Notes 7.25% due 02/01/2018		3,810,000		3,810,000
Cantor Fitzgerald LP Bonds 7.88% due 10/15/2019*		2,200,000		2,363,954
Jefferies Group LLC Senior Notes 4.85% due 01/15/2027		3,475,000		3,649,618
Jefferies Group LLC Senior Notes 5.13% due 01/20/2023		4,020,000		4,303,544
Jefferies Group LLC Senior Notes 6.50% due 01/20/2043		1,170,000		1,363,810
Raymond James Financial, Inc. Senior Notes 5.63% due 04/01/2024		2,150,000		2,415,065
Stifel Financial Corp. Senior Notes 3.50% due 12/01/2020		2,540,000		2,557,553
Stifel Financial Corp. Senior Notes 4.25% due 07/18/2024		865,000		878,444
TD Ameritrade Holding Corp. Senior Notes 3.63% due 04/01/2025		2,650,000		2,701,081
				24,043,069
Finance-Mortgage Loan/Banker — 0.2%
Quicken Loans, Inc. Company Guar. Notes 5.25% due 01/15/2028*		450,000		439,965

54

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Mortgage Loan/Banker (continued)
Quicken Loans, Inc. Company Guar. Notes 5.75% due 05/01/2025*	$	2,125,000	$	2,164,844
				2,604,809
Finance-Other Services — 0.4%
CBOE Holdings, Inc. Senior Notes 3.65% due 01/12/2027		3,000,000		3,032,336
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 10.38% due 11/01/2018		1,155,000		1,224,813
Tempo Acquisition LLC/Tempo Acquisition Finance Corp. Senior Notes 6.75% due 06/01/2025*		1,850,000		1,887,000
Vantiv LLC/Vanity Issuer Corp. Senior Notes 4.38% due 11/15/2025*		200,000		198,500
				6,342,649
Financial Guarantee Insurance — 0.0%
MBIA, Inc. Senior Notes 6.63% due 10/01/2028		250,000		233,125
Firearms & Ammunition — 0.0%
FGI Operating Co. LLC/FGI Finance, Inc. Sec. Notes 7.88% due 05/01/2020(2)		550,000		104,500
Food-Baking — 0.1%
Flowers Foods, Inc. Senior Notes 3.50% due 10/01/2026		2,180,000		2,112,989
Food-Catering — 0.1%
Aramark Services, Inc. Company Guar. Notes 4.75% due 06/01/2026		275,000		276,719
Aramark Services, Inc. Company Guar. Notes 5.00% due 04/01/2025*		325,000		335,156
Aramark Services, Inc. Company Guar. Bonds 5.00% due 02/01/2028*		700,000		714,000
Aramark Services, Inc. Company Guar. Notes 5.13% due 01/15/2024		1,075,000		1,112,625
				2,438,500
Food-Flour & Grain — 0.2%
Post Holdings, Inc. Company Guar. Notes 5.00% due 08/15/2026*		625,000		610,156
Post Holdings, Inc. Company Guar. Notes 5.50% due 03/01/2025*		625,000		643,750
Post Holdings, Inc. Company Guar. Notes 5.63% due 01/15/2028*		500,000		497,813

Security Description	Principal Amount		Value (Note 2)
Food-Flour & Grain (continued)
Post Holdings, Inc. Company Guar. Notes 5.75% due 03/01/2027*	$	2,200,000	$	2,202,090
				3,953,809
Food-Meat Products — 0.4%
Smithfield Foods, Inc. Senior Notes 2.65% due 10/03/2021*		1,680,000		1,628,359
Smithfield Foods, Inc. Company Guar. Notes 4.25% due 02/01/2027*		750,000		753,235
Tyson Foods, Inc. Company Guar. Notes 3.95% due 08/15/2024		1,475,000		1,522,660
Tyson Foods, Inc. Company Guar. Notes 4.50% due 06/15/2022		1,250,000		1,320,476
Tyson Foods, Inc. Company Guar. Notes 5.15% due 08/15/2044		1,250,000		1,429,311
				6,654,041
Food-Misc./Diversified — 1.1%
Hearthside Group Holdings LLC/Hearthside Finance Co. Company Guar. Notes 6.50% due 05/01/2022*		1,100,000		1,116,500
Kraft Heinz Foods Co. Company Guar. Notes 3.00% due 06/01/2026		1,355,000		1,273,397
Kraft Heinz Foods Co. Company Guar. Notes 3.95% due 07/15/2025		3,405,000		3,447,379
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046		2,810,000		2,747,161
Kraft Heinz Foods Co. Company Guar. Notes 5.20% due 07/15/2045		1,830,000		1,978,191
Lamb Weston Holdings, Inc. Company Guar. Notes 4.88% due 11/01/2026*		625,000		637,500
McCormick & Co., Inc. Senior Notes 3.40% due 08/15/2027		6,055,000		5,995,573
				17,195,701
Food-Retail — 0.5%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC Company Guar. Notes 5.75% due 03/15/2025		1,100,000		981,750
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC Company Guar. Notes 6.63% due 06/15/2024		1,025,000		973,750
Kroger Co. Senior Notes 3.50% due 02/01/2026		3,150,000		3,108,304

55

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food-Retail (continued)
Kroger Co. Senior Notes 4.45% due 02/01/2047	$	1,325,000	$	1,324,132
Kroger Co. Company Guar. Notes 6.90% due 04/15/2038		940,000		1,214,159
				7,602,095
Food-Wholesale/Distribution — 0.1%
US Foods, Inc. Company Guar. Notes 5.88% due 06/15/2024*		1,400,000		1,459,500
Funeral Services & Related Items — 0.0%
Matthews International Corp. Senior Notes 5.25% due 12/01/2025*		450,000		456,750
Gambling (Non-Hotel) — 0.3%
Caesar Resort Collection LLC/CRC Finco, Inc. Company Guar. Notes 5.25% due 10/15/2025*		2,100,000		2,084,481
Mohegan Gaming & Entertainment Company Guar. Notes 7.88% due 10/15/2024*		1,300,000		1,332,500
Pinnacle Entertainment, Inc. Senior Notes 5.63% due 05/01/2024		1,275,000		1,364,250
				4,781,231
Garden Products — 0.0%
Scotts Miracle-Gro Co. Company Guar. Notes 5.25% due 12/15/2026		100,000		103,250
Gas-Distribution — 1.0%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.50% due 05/20/2025		350,000		357,875
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.63% due 05/20/2024		450,000		471,938
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.75% due 05/20/2027		300,000		307,125
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.88% due 08/20/2026		1,350,000		1,397,250
Atmos Energy Corp. Senior Notes 8.50% due 03/15/2019		230,000		244,843
National Fuel Gas Co. Senior Notes 3.75% due 03/01/2023		3,800,000		3,795,407
National Fuel Gas Co. Senior Notes 4.90% due 12/01/2021		1,880,000		1,965,271
NiSource, Inc. Senior Notes 2.65% due 11/17/2022		1,350,000		1,322,834

Security Description	Principal Amount		Value (Note 2)
Gas-Distribution (continued)
NiSource, Inc. Senior Notes 4.38% due 05/15/2047	$	935,000	$	995,803
Sempra Energy Senior Notes 3.55% due 06/15/2024		3,000,000		3,030,084
Sempra Energy Senior Notes 6.00% due 10/15/2039		1,170,000		1,490,505
Southern Co. Gas Capital Corp. Company Guar. Notes 3.95% due 10/01/2046		1,120,000		1,084,828
				16,463,763
Gold Mining — 0.1%
Newmont Mining Corp. Company Guar. Notes 5.88% due 04/01/2035		760,000		915,390
Home Decoration Products — 0.2%
Newell Rubbermaid, Inc. Senior Notes 4.20% due 04/01/2026		3,500,000		3,567,889
Hotels/Motels — 0.7%
Choice Hotels International, Inc. Company Guar. Notes 5.70% due 08/28/2020		2,400,000		2,538,000
Choice Hotels International, Inc. Company Guar. Notes 5.75% due 07/01/2022		3,169,000		3,467,108
Hilton Domestic Operating Co., Inc. Company Guar. Notes 4.25% due 09/01/2024		400,000		398,152
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. Company Guar. Notes 4.63% due 04/01/2025		25,000		25,172
Hyatt Hotels Corp. Senior Notes 3.38% due 07/15/2023		4,420,000		4,436,399
				10,864,831
Human Resources — 0.2%
Team Health Holdings, Inc. Company Guar. Notes 6.38% due 02/01/2025*		2,700,000		2,517,750
Independent Power Producers — 0.3%
Calpine Corp. Senior Sec. Notes 5.25% due 06/01/2026*		100,000		98,125
Calpine Corp. Senior Notes 5.38% due 01/15/2023		200,000		197,500
Calpine Corp. Senior Notes 5.75% due 01/15/2025		2,225,000		2,108,187
Calpine Corp. Senior Sec. Notes 5.88% due 01/15/2024*		325,000		332,313
NRG Energy, Inc. Company Guar. Notes 5.75% due 01/15/2028*		325,000		325,065

56

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Independent Power Producers (continued)
NRG Energy, Inc. Company Guar. Notes 6.25% due 05/01/2024	$	1,675,000	$	1,751,011
NRG Energy, Inc. Company Guar. Notes 6.63% due 01/15/2027		575,000		608,350
NRG Energy, Inc. Company Guar. Notes 7.25% due 05/15/2026		225,000		245,048
				5,665,599
Insurance Brokers — 0.3%
Hub Holdings LLC/Hub Holdings Finance, Inc. Senior Notes 8.13% due 07/15/2019*(1)		1,000,000		1,000,000
HUB International, Ltd. Senior Notes 7.88% due 10/01/2021*		2,700,000		2,808,000
USIS Merger Sub, Inc. Senior Notes 6.88% due 05/01/2025*		1,400,000		1,442,000
				5,250,000
Insurance-Life/Health — 1.5%
Aflac, Inc. Senior Notes 2.88% due 10/15/2026		4,275,000		4,111,545
AssuredPartners, Inc. Senior Notes 7.00% due 08/15/2025*		1,300,000		1,332,500
Lincoln National Corp. Senior Notes 4.20% due 03/15/2022		1,900,000		1,970,697
Lincoln National Corp. Senior Notes 7.00% due 06/15/2040		1,425,000		1,964,396
Pacific LifeCorp Senior Notes 6.60% due 09/15/2033*		2,700,000		3,375,776
Penn Mutual Life Insurance Co. Sub. Bonds 7.63% due 06/15/2040*		875,000		1,189,989
Principal Financial Group, Inc. Company Guar. Notes 3.13% due 05/15/2023		2,740,000		2,713,989
Principal Financial Group, Inc. Company Guar. Notes 3.30% due 09/15/2022		1,850,000		1,858,127
Prudential Financial, Inc. Senior Notes 6.20% due 11/15/2040		850,000		1,112,244
Prudential Financial, Inc. Senior Notes 6.63% due 12/01/2037		2,130,000		2,906,985
TIAA Asset Management Finance Co. LLC Senior Notes 4.13% due 11/01/2024*		1,080,000		1,120,599
				23,656,847

Security Description	Principal Amount		Value (Note 2)
Insurance-Multi-line — 0.6%
Acrisure LLC/Acrisure Finance, Inc. Senior Notes 7.00% due 11/15/2025*	$	1,175,000	$	1,166,188
CNA Financial Corp. Senior Notes 5.88% due 08/15/2020		570,000		610,650
Hartford Financial Services Group, Inc. Senior Notes 6.63% due 04/15/2042		2,255,000		2,971,134
Nationwide Mutual Insurance Co. Sub. Notes 9.38% due 08/15/2039*		2,870,000		4,743,700
				9,491,672
Insurance-Mutual — 0.4%
Liberty Mutual Group, Inc. Company Guar. Notes 4.85% due 08/01/2044*		3,120,000		3,392,271
Liberty Mutual Group, Inc. Company Guar. Notes 4.95% due 05/01/2022*		680,000		723,711
Liberty Mutual Group, Inc. Company Guar. Notes 5.00% due 06/01/2021*		580,000		613,837
Massachusetts Mutual Life Insurance Co. Sub. Notes 8.88% due 06/01/2039*		1,008,000		1,622,843
New York Life Insurance Co. Sub. Notes 6.75% due 11/15/2039*		420,000		590,847
				6,943,509
Insurance-Reinsurance — 0.1%
Berkshire Hathaway, Inc. Senior Notes 3.13% due 03/15/2026		1,890,000		1,867,277
Internet Security — 0.0%
Symantec Corp. Senior Notes 5.00% due 04/15/2025*		275,000		280,443
Investment Management/Advisor Services — 0.5%
Eaton Vance Corp. Senior Notes 3.63% due 06/15/2023		1,100,000		1,119,201
FMR LLC Senior Notes 5.35% due 11/15/2021*		1,260,000		1,360,009
FMR LLC Notes 7.49% due 06/15/2019*		400,000		426,314
FMR LLC Bonds 7.57% due 06/15/2029*		2,200,000		2,925,706
Franklin Resources, Inc. Senior Notes 4.63% due 05/20/2020		890,000		927,388
NFP Corp. Senior Notes 6.88% due 07/15/2025*		1,475,000		1,515,563
				8,274,181

57

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Machinery-Farming — 0.2%
AGCO Corp. Senior Notes 5.88% due 12/01/2021	$	2,750,000	$	2,935,710
Machinery-General Industrial — 0.5%
JPW Industries Holding Corp. Senior Sec. Notes 9.00% due 10/01/2024*		575,000		603,750
Roper Industries, Inc. Senior Notes 6.25% due 09/01/2019		290,000		306,239
Roper Technologies, Inc. Senior Notes 3.80% due 12/15/2026		1,225,000		1,242,291
Roper Technologies, Inc. Senior Notes 3.85% due 12/15/2025		3,510,000		3,574,555
Wabtec Corp. Company Guar. Notes 3.45% due 11/15/2026		2,385,000		2,286,649
				8,013,484
Medical Information Systems — 0.0%
Quintiles IMS, Inc. Company Guar. Notes 5.00% due 10/15/2026*		725,000		738,594
Medical Instruments — 0.1%
Teleflex, Inc. Company Guar. Notes 4.63% due 11/15/2027		125,000		124,531
Teleflex, Inc. Company Guar. Notes 4.88% due 06/01/2026		100,000		101,875
Teleflex, Inc. Company Guar. Notes 5.25% due 06/15/2024		900,000		931,500
				1,157,906
Medical Labs & Testing Services — 0.1%
Eagle Holding Co. II LLC Senior Notes 7.63% due 05/15/2022*(1)		525,000		534,844
Laboratory Corp. of America Holdings Senior Notes 3.75% due 08/23/2022		750,000		766,322
West Street Merger Sub, Inc. Senior Notes 6.38% due 09/01/2025*		1,000,000		1,010,000
				2,311,166
Medical Products — 0.8%
Becton Dickinson and Co. Senior Notes 3.00% due 05/15/2026*		2,215,000		2,215,000
Becton Dickinson and Co. Senior Notes 3.70% due 06/06/2027		3,025,000		2,980,216
Becton Dickinson and Co. Senior Notes 3.73% due 12/15/2024		1,625,000		1,628,820
Becton Dickinson and Co. Senior Notes 4.67% due 06/06/2047		3,090,000		3,273,796

Security Description	Principal Amount		Value (Note 2)
Medical Products (continued)
Becton Dickinson and Co. Senior Notes 4.69% due 12/15/2044	$	860,000	$	912,686
Hologic, Inc. Company Guar. Notes 4.38% due 10/15/2025*		375,000		375,000
Zimmer Holdings, Inc. Senior Notes 3.55% due 04/01/2025		1,605,000		1,579,528
				12,965,046
Medical-Biomedical/Gene — 1.0%
Bio-Rad Laboratories, Inc. Senior Notes 4.88% due 12/15/2020		2,380,000		2,491,136
Celgene Corp. Senior Notes 3.88% due 08/15/2025		2,600,000		2,653,864
Celgene Corp. Senior Notes 5.00% due 08/15/2045		5,530,000		6,105,461
Gilead Sciences, Inc. Senior Notes 2.95% due 03/01/2027		4,730,000		4,587,315
Sterigenics-Nordion Topco LLC Senior Notes 8.13% due 11/01/2021*(1)		1,225,000		1,237,250
				17,075,026
Medical-Drugs — 0.7%
AbbVie, Inc. Senior Notes 3.60% due 05/14/2025		4,705,000		4,748,491
AbbVie, Inc. Senior Notes 4.70% due 05/14/2045		2,455,000		2,690,153
Bayer US Finance LLC Company Guar. Notes 2.38% due 10/08/2019*		2,700,000		2,682,784
Bayer US Finance LLC Company Guar. Notes 3.38% due 10/08/2024*		720,000		717,831
				10,839,259
Medical-HMO — 0.8%
MPH Acquisition Holdings LLC Company Guar. Notes 7.13% due 06/01/2024*		2,725,000		2,925,969
Polaris Intermediate Corp. Senior Notes 8.50% due 12/01/2022*(1)		1,150,000		1,197,437
UnitedHealth Group, Inc. Senior Notes 2.70% due 07/15/2020		1,000,000		1,004,647
UnitedHealth Group, Inc. Senior Notes 3.10% due 03/15/2026		3,000,000		2,955,130
UnitedHealth Group, Inc. Senior Notes 3.75% due 07/15/2025		2,280,000		2,354,532
UnitedHealth Group, Inc. Senior Notes 4.75% due 07/15/2045		1,545,000		1,787,074

58

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-HMO (continued)
WellPoint, Inc. Senior Notes 5.85% due 01/15/2036	$	760,000	$	911,971
				13,136,760
Medical-Hospitals — 1.4%
Acadia Healthcare Co., Inc. Company Guar. Notes 5.63% due 02/15/2023		550,000		556,710
Acadia Healthcare Co., Inc. Company Guar. Notes 6.50% due 03/01/2024		1,175,000		1,227,875
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.13% due 08/01/2021		425,000		396,312
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.25% due 03/31/2023		875,000		809,375
CHS/Community Health Systems, Inc. Company Guar. Notes 6.88% due 02/01/2022		1,425,000		1,013,531
Envision Healthcare Corp. Company Guar. Notes 5.13% due 07/01/2022*		1,250,000		1,240,625
Envision Healthcare Corp. Company Guar. Notes 6.25% due 12/01/2024*		1,650,000		1,746,937
HCA, Inc. Senior Sec. Notes 4.50% due 02/15/2027		675,000		672,469
HCA, Inc. Senior Sec. Notes 5.00% due 03/15/2024		2,400,000		2,499,000
HCA, Inc. Senior Sec. Notes 5.25% due 04/15/2025		1,525,000		1,599,969
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		350,000		366,188
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		1,975,000		2,016,969
HCA, Inc. Company Guar. Notes 5.88% due 02/15/2026		1,325,000		1,391,250
LifePoint Health, Inc. Company Guar. Notes 5.50% due 12/01/2021		175,000		178,063
LifePoint Health, Inc. Company Guar. Notes 5.88% due 12/01/2023		625,000		625,781
SP Finco LLC Company Guar. Notes 6.75% due 07/01/2025*		1,300,000		1,252,875
Tenet Healthcare Corp. Senior Sec. Notes 4.38% due 10/01/2021		850,000		850,000
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024*		475,000		466,687
Tenet Healthcare Corp. Senior Notes 6.75% due 06/15/2023		1,250,000		1,231,375

Security Description	Principal Amount		Value (Note 2)
Medical-Hospitals (continued)
Tenet Healthcare Corp. Sec. Notes 7.50% due 01/01/2022*	$	250,000	$	264,550
Tenet Healthcare Corp. Senior Notes 8.13% due 04/01/2022		425,000		438,549
THC Escrow Corp. III Sec. Notes 5.13% due 05/01/2025*		1,075,000		1,060,219
THC Escrow Corp. III Senior Notes 7.00% due 08/01/2025*		425,000		416,500
				22,321,809
Medical-Outpatient/Home Medical — 0.1%
Air Medical Group Holdings, Inc. Senior Notes 6.38% due 05/15/2023*		1,925,000		1,821,531
Medical-Wholesale Drug Distribution — 0.1%
Vizient, Inc. Senior Notes 10.38% due 03/01/2024*		1,575,000		1,775,813
Metal Processors & Fabrication — 0.1%
Hillman Group, Inc. Company Guar. Notes 6.38% due 07/15/2022*		1,550,000		1,540,313
Metal Products-Distribution — 0.6%
Worthington Industries, Inc. Senior Notes 4.30% due 08/01/2032		1,805,000		1,762,839
Worthington Industries, Inc. Senior Notes 4.55% due 04/15/2026		3,083,000		3,141,736
Worthington Industries, Inc. Senior Notes 6.50% due 04/15/2020		4,550,000		4,890,401
				9,794,976
Metal-Copper — 0.4%
Freeport-McMoRan Copper & Gold, Inc. Company Guar. Notes 3.88% due 03/15/2023		1,475,000		1,465,781
Freeport-McMoRan, Inc. Company Guar. Notes 5.40% due 11/14/2034		1,650,000		1,720,950
Southern Copper Corp. Senior Notes 3.50% due 11/08/2022		1,755,000		1,783,715
Southern Copper Corp. Senior Notes 6.75% due 04/16/2040		950,000		1,253,767
				6,224,213
Multimedia — 0.6%
21st Century Fox America, Inc. Company Guar. Notes 3.70% due 09/15/2024		1,000,000		1,028,875
21st Century Fox America, Inc. Company Guar. Notes 5.40% due 10/01/2043		1,000,000		1,219,493

59

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Multimedia (continued)
21st Century Fox America, Inc. Company Guar. Notes 7.63% due 11/30/2028	$	1,000,000	$	1,300,632
NBCUniversal Media LLC Company Guar. Notes 2.88% due 01/15/2023		2,710,000		2,707,838
NBCUniversal Media LLC Company Guar. Notes 5.15% due 04/30/2020		1,100,000		1,163,725
NBCUniversal Media LLC Company Guar. Notes 5.95% due 04/01/2041		2,000,000		2,566,241
				9,986,804
Music — 0.1%
EMI Music Publishing Group North America Holdings, Inc. Company Guar. Notes 7.63% due 06/15/2024*		1,075,000		1,182,500
WMG Acquisition Corp. Senior Sec. Notes 4.88% due 11/01/2024*		300,000		306,000
				1,488,500
Non-Hazardous Waste Disposal — 0.0%
Wrangler Buyer Corp. Senior Notes 6.00% due 10/01/2025*		425,000		438,813
Office Automation & Equipment — 0.1%
CDW LLC/CDW Finance Corp. Company Guar. Notes 5.50% due 12/01/2024		1,450,000		1,565,094
Xerox Corp. Senior Notes 4.50% due 05/15/2021		825,000		861,655
				2,426,749
Oil & Gas Drilling — 0.3%
Nabors Industries, Inc. Company Guar. Notes 4.63% due 09/15/2021		2,200,000		2,150,500
Nabors Industries, Inc. Company Guar. Notes 5.00% due 09/15/2020		700,000		707,000
Nabors Industries, Inc. Company Guar. Notes 5.10% due 09/15/2023		1,605,000		1,560,862
				4,418,362
Oil Companies-Exploration & Production — 2.3%
Anadarko Petroleum Corp. Senior Notes 3.45% due 07/15/2024		4,600,000		4,570,782
Antero Resources Corp. Company Guar. Notes 5.00% due 03/01/2025		825,000		841,500
Antero Resources Corp. Company Guar. Notes 5.13% due 12/01/2022		275,000		280,915
Antero Resources Corp. Company Guar. Notes 5.38% due 11/01/2021		475,000		486,281

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Ascent Resources Utica Holdings LLC/ARU Finance Corp. Senior Notes 10.00% due 04/01/2022*	$	1,025,000	$	1,128,781
Callon Petroleum Co. Company Guar. Notes 6.13% due 10/01/2024		815,000		845,562
Carrizo Oil & Gas, Inc. Company Guar. Notes 6.25% due 04/15/2023		325,000		335,563
Carrizo Oil & Gas, Inc. Company Guar. Notes 7.50% due 09/15/2020		488,000		497,760
Carrizo Oil & Gas, Inc. Company Guar. Notes 8.25% due 07/15/2025		550,000		606,375
Chesapeake Energy Corp. Company Guar. Notes 5.75% due 03/15/2023		575,000		537,625
Chesapeake Energy Corp. Sec. Notes 8.00% due 12/15/2022*		345,000		370,013
Chesapeake Energy Corp. Company Guar. Notes 8.00% due 01/15/2025*		250,000		252,500
Chesapeake Energy Corp. Company Guar. Notes 8.00% due 06/15/2027*		825,000		819,844
Cimarex Energy Co. Senior Notes 3.90% due 05/15/2027		1,330,000		1,343,254
Continental Resources, Inc. Company Guar. Notes 4.50% due 04/15/2023		600,000		607,500
CrownRock LP/CrownRock Finance, Inc. Senior Notes 5.63% due 10/15/2025*		1,325,000		1,338,250
Diamondback Energy, Inc. Company Guar. Notes 5.38% due 05/31/2025		350,000		363,563
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.50% due 01/30/2026*		75,000		75,938
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.75% due 01/30/2028*		400,000		407,000
EP Energy LLC/Everest Acquisition Finance, Inc. Senior Sec. Notes 8.00% due 11/29/2024*		675,000		710,437
Gulfport Energy Corp. Company Guar. Notes 6.00% due 10/15/2024		550,000		554,125
Gulfport Energy Corp. Company Guar. Notes 6.38% due 05/15/2025		450,000		459,000
Gulfport Energy Corp. Company Guar. Notes 6.38% due 01/15/2026*		250,000		253,750

60

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Gulfport Energy Corp. Company Guar. Notes 6.63% due 05/01/2023	$	250,000	$	258,125
Hess Corp. Senior Notes 5.60% due 02/15/2041		2,000,000		2,193,129
Laredo Petroleum, Inc. Company Guar. Notes 5.63% due 01/15/2022		450,000		455,625
Laredo Petroleum, Inc. Company Guar. Notes 6.25% due 03/15/2023		300,000		310,500
Marathon Oil Corp. Senior Notes 3.85% due 06/01/2025		4,250,000		4,296,655
Oasis Petroleum, Inc. Company Guar. Notes 6.50% due 11/01/2021		550,000		561,687
Oasis Petroleum, Inc. Company Guar. Notes 6.88% due 03/15/2022		550,000		566,500
Parsley Energy LLC/Parsley Finance Corp. Company Guar. Notes 5.25% due 08/15/2025*		200,000		202,000
Parsley Energy LLC/Parsley Finance Corp. Company Guar. Notes 5.38% due 01/15/2025*		275,000		277,750
Parsley Energy LLC/Parsley Finance Corp. Company Guar. Notes 5.63% due 10/15/2027*		500,000		513,750
Parsley Energy LLC/Parsley Finance Corp. Company Guar. Notes 6.25% due 06/01/2024*		200,000		211,000
PDC Energy, Inc. Company Guar. Notes 5.75% due 05/15/2026*		475,000		483,312
PDC Energy, Inc. Company Guar. Notes 6.13% due 09/15/2024		200,000		208,000
QEP Resources, Inc. Senior Notes 5.25% due 05/01/2023		550,000		561,000
QEP Resources, Inc. Senior Notes 5.63% due 03/01/2026		275,000		280,500
Range Resources Corp. Company Guar. Notes 4.88% due 05/15/2025		200,000		194,250
Range Resources Corp. Company Guar. Notes 5.00% due 03/15/2023		700,000		701,750
Range Resources Corp. Company Guar. Notes 5.75% due 06/01/2021		75,000		78,281
RSP Permian, Inc. Company Guar. Notes 5.25% due 01/15/2025		250,000		259,375

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production (continued)
RSP Permian, Inc. Company Guar. Notes 6.63% due 10/01/2022	$	500,000	$	525,000
SM Energy Co. Senior Notes 5.63% due 06/01/2025		275,000		272,250
SM Energy Co. Senior Notes 6.50% due 01/01/2023		425,000		433,500
SM Energy Co. Senior Notes 6.75% due 09/15/2026		525,000		547,312
Southwestern Energy Co. Senior Notes 4.10% due 03/15/2022		575,000		566,375
Southwestern Energy Co. Senior Notes 7.50% due 04/01/2026		175,000		183,094
Southwestern Energy Co. Senior Notes 7.75% due 10/01/2027		925,000		966,625
SRC Energy, Inc. Senior Notes 6.25% due 12/01/2025*		800,000		824,000
Ultra Resources, Inc. Company Guar. Notes 6.88% due 04/15/2022*		175,000		176,750
Ultra Resources, Inc. Company Guar. Notes 7.13% due 04/15/2025*		700,000		698,250
Whiting Petroleum Corp. Company Guar. Notes 6.25% due 04/01/2023		825,000		849,750
Whiting Petroleum Corp. Senior Notes 6.63% due 01/15/2026*		275,000		281,531
WPX Energy, Inc. Senior Notes 5.25% due 09/15/2024		475,000		480,938
WPX Energy, Inc. Senior Notes 6.00% due 01/15/2022		125,000		131,563
WPX Energy, Inc. Senior Notes 7.50% due 08/01/2020		51,000		55,080
WPX Energy, Inc. Senior Notes 8.25% due 08/01/2023		350,000		401,625
				37,693,150
Oil Companies-Integrated — 0.4%
BP Capital Markets America, Inc. Company Guar. Notes 4.20% due 06/15/2018		1,450,000		1,461,092
Chevron Corp. Senior Notes 2.10% due 05/16/2021		3,400,000		3,344,369
XTO Energy, Inc. Company Guar. Notes 6.38% due 06/15/2038		440,000		609,974

61

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Integrated (continued)
XTO Energy, Inc. Company Guar. Notes 6.75% due 08/01/2037	$	605,000	$	844,447
				6,259,882
Oil Refining & Marketing — 0.7%
CVR Refining LLC/Coffeyville Finance, Inc. Company Guar. Notes 6.50% due 11/01/2022		1,700,000		1,751,000
Marathon Petroleum Corp. Senior Notes 3.63% due 09/15/2024		1,850,000		1,869,715
Marathon Petroleum Corp. Senior Notes 6.50% due 03/01/2041		730,000		935,008
Phillips 66 Company Guar. Notes 4.30% due 04/01/2022		2,490,000		2,616,076
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 4.88% due 01/15/2023*		75,000		76,389
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 5.50% due 02/15/2026*		275,000		280,761
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 5.88% due 03/15/2028*		425,000		434,031
Tesoro Corp. Company Guar. Notes 5.13% due 04/01/2024		225,000		235,701
Valero Energy Corp. Senior Notes 4.90% due 03/15/2045		1,000,000		1,132,939
Valero Energy Corp. Company Guar. Notes 7.50% due 04/15/2032		1,540,000		2,053,452
				11,385,072
Oil-Field Services — 0.1%
SESI LLC Company Guar. Notes 7.13% due 12/15/2021		375,000		383,906
SESI LLC Company Guar. Notes 7.75% due 09/15/2024*		1,225,000		1,316,875
Weatherford International LLC Company Guar. Notes 6.80% due 06/15/2037		200,000		176,000
				1,876,781
Paper & Related Products — 0.4%
Clearwater Paper Corp. Company Guar. Notes 4.50% due 02/01/2023		525,000		519,750
Clearwater Paper Corp. Company Guar. Notes 5.38% due 02/01/2025*		1,150,000		1,160,063
International Paper Co. Senior Notes 4.40% due 08/15/2047		4,175,000		4,337,064

Security Description	Principal Amount		Value (Note 2)
Paper & Related Products (continued)
Pope & Talbot, Inc. Debentures 8.38% due 06/01/2013(2)(3)(4)(5)†	$	250,000	$	25
				6,016,902
Physicians Practice Management — 0.0%
MEDNAX, Inc. Company Guar. Notes 5.25% due 12/01/2023*		175,000		178,719
Pipelines — 3.5%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 4.25% due 12/01/2027		850,000		854,902
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.38% due 09/15/2024		1,125,000		1,158,750
Atlas Pipeline Partners LP/Atlas Pipeline Finance Corp. Company Guar. Notes 5.88% due 08/01/2023(2)		375,000		375,469
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.13% due 06/30/2027		500,000		516,250
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.88% due 03/31/2025		950,000		1,023,625
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 7.00% due 06/30/2024		550,000		625,625
Cheniere Energy Partners LP Senior Sec. Notes 5.25% due 10/01/2025*		1,575,000		1,604,531
Columbia Pipeline Group, Inc. Company Guar. Notes 4.50% due 06/01/2025		2,065,000		2,178,755
Columbia Pipeline Group, Inc. Company Guar. Notes 5.80% due 06/01/2045		1,260,000		1,537,175
Energy Transfer Equity LP Senior Sec. Notes 5.88% due 01/15/2024		1,725,000		1,867,313
Energy Transfer Partners LP Senior Notes 4.90% due 02/01/2024		4,250,000		4,447,681
Energy Transfer Partners LP Senior Notes 5.15% due 03/15/2045		3,013,000		2,971,166
Enterprise Products Operating LLC Company Guar. Notes 3.75% due 02/15/2025		3,300,000		3,367,252
Florida Gas Transmission Co. LLC Senior Notes 5.45% due 07/15/2020*		700,000		742,322
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 6.00% due 08/01/2024*		1,400,000		1,463,000
Kinder Morgan Energy Partners LP Company Guar. Notes 3.95% due 09/01/2022		4,600,000		4,712,707

62

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Kinder Morgan Energy Partners LP Company Guar. Notes 5.80% due 03/15/2035	$	2,540,000	$	2,855,422
Kinder Morgan Energy Partners LP Company Guar. Notes 6.38% due 03/01/2041		570,000		674,786
Kinder Morgan Energy Partners LP Company Guar. Notes 6.55% due 09/15/2040		2,960,000		3,511,480
MPLX LP Senior Notes 5.20% due 03/01/2047		2,250,000		2,479,681
NuStar Logistics LP Company Guar. Notes 5.63% due 04/28/2027		1,450,000		1,516,628
Southeast Supply Header LLC Senior Notes 4.25% due 06/15/2024*		2,370,000		2,426,394
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. Company Guar. Notes 5.50% due 08/15/2022		1,675,000		1,691,750
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. Company Guar. Notes 5.75% due 04/15/2025		850,000		856,375
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.00% due 01/15/2028*		725,000		717,750
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.13% due 02/01/2025		250,000		251,875
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.25% due 05/01/2023		150,000		153,188
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.38% due 02/01/2027		825,000		839,438
TC PipeLines LP Senior Notes 3.90% due 05/25/2027		1,270,000		1,256,957
Tesoro Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 6.25% due 10/15/2022		186,000		195,627
Tesoro Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 6.38% due 05/01/2024		350,000		379,313
Texas Eastern Transmission LP Senior Notes 2.80% due 10/15/2022*		1,510,000		1,480,490
Williams Partners LP Senior Notes 4.90% due 01/15/2045		2,960,000		3,181,805
Williams Partners LP Senior Notes 5.25% due 03/15/2020		2,720,000		2,858,298
				56,773,780

Security Description	Principal Amount		Value (Note 2)
Precious Metals — 0.1%
Coeur Mining, Inc. Company Guar. Notes 5.88% due 06/01/2024	$	875,000	$	870,625
Quarrying — 0.1%
Compass Minerals International, Inc. Company Guar. Notes 4.88% due 07/15/2024*		1,125,000		1,108,125
Racetracks — 0.0%
Penn National Gaming, Inc. Senior Notes 5.63% due 01/15/2027*		500,000		518,450
Radio — 0.4%
CBS Radio, Inc. Company Guar. Notes 7.25% due 11/01/2024*		850,000		892,500
Radio One, Inc. Senior Sec. Notes 7.38% due 04/15/2022*		900,000		920,520
Radio One, Inc. Company Guar. Notes 9.25% due 02/15/2020*(2)		975,000		946,969
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 04/15/2025*		1,300,000		1,339,000
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 07/15/2026*		1,150,000		1,177,312
Sirius XM Radio, Inc. Company Guar. Notes 6.00% due 07/15/2024*		1,200,000		1,257,000
				6,533,301
Real Estate Investment Trusts — 3.5%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 3.90% due 06/15/2023		2,100,000		2,147,384
Alexandria Real Estate Equities, Inc. Company Guar. Notes 3.95% due 01/15/2028		2,110,000		2,112,478
American Tower Corp. Senior Notes 3.45% due 09/15/2021		3,100,000		3,143,030
American Tower Corp. Senior Notes 5.00% due 02/15/2024		2,400,000		2,586,562
AvalonBay Communities, Inc. Senior Notes 3.35% due 05/15/2027		2,745,000		2,718,645
Boston Properties LP Senior Notes 3.80% due 02/01/2024		1,400,000		1,434,727
Crown Castle International Corp. Senior Notes 2.25% due 09/01/2021		410,000		400,075
Crown Castle International Corp. Senior Bonds 3.80% due 02/15/2028		3,560,000		3,487,591
Crown Castle International Corp. Senior Notes 4.45% due 02/15/2026		2,500,000		2,581,294
Equity One, Inc. Company Guar. Notes 3.75% due 11/15/2022		3,900,000		3,935,016

63

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Health Care REIT, Inc. Senior Notes 4.00% due 06/01/2025	$	2,600,000	$	2,651,422
Health Care REIT, Inc. Senior Notes 4.13% due 04/01/2019		200,000		202,992
Health Care REIT, Inc. Senior Notes 6.13% due 04/15/2020		1,750,000		1,875,759
Healthcare Trust of America Holdings LP Company Guar. Notes 3.70% due 04/15/2023		2,300,000		2,321,019
Host Hotels & Resorts LP Senior Notes 4.00% due 06/15/2025		2,815,000		2,829,738
Kimco Realty Corp. Senior Notes 3.40% due 11/01/2022		490,000		494,692
Kimco Realty Corp. Senior Notes 3.80% due 04/01/2027		1,730,000		1,714,795
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 5.63% due 05/01/2024		275,000		293,747
Mid-America Apartments LP Senior Notes 3.75% due 06/15/2024		3,200,000		3,244,681
Physicians Realty LP Company Guar. Notes 4.30% due 03/15/2027		1,590,000		1,587,392
Plum Creek Timberlands LP Senior Notes 3.25% due 03/15/2023		1,370,000		1,374,465
Plum Creek Timberlands LP Senior Notes 4.70% due 03/15/2021		1,200,000		1,257,787
Regency Centers LP Company Guar. Notes 4.80% due 04/15/2021		1,200,000		1,256,443
RHP Hotel Properties LP/RHP Finance Corp. Company Guar. Notes 5.00% due 04/15/2023		425,000		435,625
Tanger Properties LP Senior Notes 3.13% due 09/01/2026		2,600,000		2,426,834
Tanger Properties LP Senior Notes 3.75% due 12/01/2024		1,000,000		987,808
Tanger Properties LP Senior Notes 3.88% due 12/01/2023		2,100,000		2,104,918
UDR, Inc. Company Guar. Notes 2.95% due 09/01/2026		2,180,000		2,055,418
UDR, Inc. Company Guar. Notes 3.75% due 07/01/2024		500,000		506,956

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
UDR, Inc. Company Guar. Notes 4.63% due 01/10/2022	$	710,000	$	746,517
WP Carey, Inc. Senior Notes 4.60% due 04/01/2024		1,890,000		1,946,704
				56,862,514
Regional Authority — 0.0%
Seminole Indian Tribe of Florida Senior Notes 7.80% due 10/01/2020*		470,000		474,700
Rental Auto/Equipment — 0.7%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 6.38% due 04/01/2024*		1,325,000		1,356,800
ERAC USA Finance LLC Company Guar. Notes 4.50% due 02/15/2045*		750,000		760,958
ERAC USA Finance LLC Company Guar. Notes 5.63% due 03/15/2042*		4,090,000		4,754,428
Hertz Corp. Company Guar. Notes 5.50% due 10/15/2024*		675,000		604,564
Hertz Corp. Sec. Notes 7.63% due 06/01/2022*		625,000		653,125
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		1,475,000		1,473,156
United Rentals North America, Inc. Company Guar. Notes 5.50% due 07/15/2025		525,000		553,875
United Rentals North America, Inc. Company Guar. Notes 5.50% due 05/15/2027		425,000		446,250
United Rentals North America, Inc. Company Guar. Notes 5.88% due 09/15/2026		400,000		428,500
				11,031,656
Research & Development — 0.2%
Jaguar Holding Co. II/Pharmaceutical Product Development LLC Company Guar. Notes 6.38% due 08/01/2023*		3,300,000		3,415,500
Resorts/Theme Parks — 0.2%
Cedar Fair LP/Canada’s Wonderland Co./Magnum Management Corp./Millennium Operation LLC Company Guar. Notes 5.38% due 04/15/2027*		350,000		364,875
Six Flags Entertainment Corp. Company Guar. Notes 4.88% due 07/31/2024*		475,000		481,531
Six Flags Entertainment Corp. Company Guar. Notes 5.50% due 04/15/2027*		1,950,000		1,996,313
				2,842,719

64

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Auto Parts — 0.6%
Advance Auto Parts, Inc. Company Guar. Notes 4.50% due 01/15/2022	$	840,000	$	877,426
Advance Auto Parts, Inc. Company Guar. Notes 4.50% due 12/01/2023		3,750,000		3,899,411
AutoZone, Inc. Senior Notes 3.13% due 04/21/2026		975,000		934,391
AutoZone, Inc. Senior Notes 3.75% due 06/01/2027		2,870,000		2,871,678
O’Reilly Automotive, Inc. Senior Notes 3.55% due 03/15/2026		680,000		676,023
O’Reilly Automotive, Inc. Senior Notes 3.85% due 06/15/2023		800,000		824,810
				10,083,739
Retail-Automobile — 0.1%
AutoNation, Inc. Company Guar. Notes 4.50% due 10/01/2025		1,910,000		1,967,838
Retail-Building Products — 0.4%
Beacon Escrow Corp. Company Guar. Notes 4.88% due 11/01/2025*		375,000		373,125
Home Depot, Inc. Senior Notes 2.80% due 09/14/2027		3,600,000		3,461,221
Home Depot, Inc. Senior Bonds 5.95% due 04/01/2041		1,510,000		2,013,359
				5,847,705
Retail-Discount — 0.2%
Dollar General Corp. Senior Notes 3.25% due 04/15/2023		1,500,000		1,500,310
Dollar General Corp. Senior Notes 4.15% due 11/01/2025		2,010,000		2,097,239
				3,597,549
Retail-Drug Store — 0.5%
CVS Health Corp. Senior Notes 2.80% due 07/20/2020		1,575,000		1,572,756
CVS Health Corp. Senior Notes 3.88% due 07/20/2025		4,025,000		4,061,324
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		1,265,000		1,414,058
CVS Pass-Through Trust Pass-Through Certs. 5.30% due 01/11/2027*		399,216		422,930
Rite Aid Corp. Company Guar. Notes 6.13% due 04/01/2023*		1,125,000		1,049,062
				8,520,130

Security Description	Principal Amount		Value (Note 2)
Retail-Leisure Products — 0.1%
Party City Holdings, Inc. Company Guar. Notes 6.13% due 08/15/2023*	$	1,225,000	$	1,257,156
Retail-Perfume & Cosmetics — 0.1%
Sally Holdings LLC/Sally Capital, Inc. Company Guar. Notes 5.63% due 12/01/2025		1,325,000		1,318,375
Retail-Pet Food & Supplies — 0.1%
PetSmart, Inc. Company Guar. Notes 7.13% due 03/15/2023*		2,150,000		1,351,812
PetSmart, Inc. Company Guar. Notes 8.88% due 06/01/2025*		425,000		268,813
				1,620,625
Retail-Propane Distribution — 0.3%
Ferrellgas LP/Ferrellgas Finance Corp. Senior Notes 6.50% due 05/01/2021		1,250,000		1,212,500
Ferrellgas LP/Ferrellgas Finance Corp. Senior Notes 6.75% due 01/15/2022		950,000		914,375
Suburban Propane Partners LP/Suburban Energy Finance Corp. Senior Notes 5.50% due 06/01/2024		1,050,000		1,034,250
Suburban Propane Partners LP/Suburban Energy Finance Corp. Senior Notes 5.75% due 03/01/2025		250,000		246,250
Suburban Propane Partners LP/Suburban Energy Finance Corp. Senior Notes 5.88% due 03/01/2027		1,150,000		1,127,000
				4,534,375
Retail-Restaurants — 0.1%
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 4.75% due 06/01/2027*		900,000		893,250
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 5.00% due 06/01/2024*		100,000		101,250
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 5.25% due 06/01/2026*		650,000		663,000
				1,657,500
Rubber-Tires — 0.1%
Goodyear Tire & Rubber Co. Company Guar. Notes 4.88% due 03/15/2027		425,000		424,469
Goodyear Tire & Rubber Co. Company Guar. Notes 5.00% due 05/31/2026		625,000		632,812
				1,057,281

65

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Rubber/Plastic Products — 0.1%
Gates Global LLC/Gates Global Co. Company Guar. Notes 6.00% due 07/15/2022*	$	2,325,000	$	2,374,406
Schools — 0.1%
University of Southern California Senior Bonds 5.25% due 10/01/2111		850,000		1,048,035
Semiconductor Components-Integrated Circuits — 0.1%
QUALCOMM, Inc. Senior Notes 2.60% due 01/30/2023		1,940,000		1,874,539
Semiconductor Equipment — 0.1%
Entegris, Inc. Company Guar. Notes 4.63% due 02/10/2026*		1,225,000		1,229,594
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc. Company Guar. Notes 3.48% due 12/01/2027*		2,470,000		2,437,297
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc. Senior Notes 3.15% due 08/01/2027		1,350,000		1,302,492
Software Tools — 0.1%
JDA Escrow LLC/JDA Bond Finance, Inc. Senior Sec. Notes 7.38% due 10/15/2024*		1,525,000		1,603,156
Special Purpose Entities — 0.2%
Army Hawaii Family Housing Trust Company Guar. Bonds 5.52% due 06/15/2050*		770,519		877,523
Camp Pendleton & Quantico Housing LLC Sec. Bonds 5.57% due 10/01/2050*		1,550,000		1,677,590
				2,555,113
Specified Purpose Acquisitions — 0.1%
Trident Merger Sub, Inc. Senior Notes 6.63% due 11/01/2025*		900,000		904,500
Steel Pipe & Tube — 0.3%
Valmont Industries, Inc. Company Guar. Notes 5.00% due 10/01/2044		500,000		515,699
Valmont Industries, Inc. Company Guar. Notes 5.25% due 10/01/2054		2,600,000		2,623,893
Valmont Industries, Inc. Company Guar. Notes 6.63% due 04/20/2020		1,474,000		1,593,410
				4,733,002
Steel-Producers — 0.9%
Carpenter Technology Corp. Senior Notes 4.45% due 03/01/2023		2,920,000		2,950,742

Security Description	Principal Amount		Value (Note 2)
Steel-Producers (continued)
Carpenter Technology Corp. Senior Notes 5.20% due 07/15/2021	$	2,600,000	$	2,684,482
Reliance Steel & Aluminum Co. Senior Notes 4.50% due 04/15/2023		6,770,000		7,064,490
Steel Dynamics, Inc. Company Guar. Notes 5.25% due 04/15/2023		450,000		461,812
Steel Dynamics, Inc. Company Guar. Notes 5.50% due 10/01/2024		650,000		676,000
				13,837,526
Steel-Specialty — 0.2%
Signode Industrial Group Lux SA/Signode Industrial Group US, Inc. Company Guar. Notes 6.38% due 05/01/2022*		2,575,000		2,678,000
Telecommunication Equipment — 0.1%
CommScope Technologies Finance LLC Company Guar. Notes 6.00% due 06/15/2025*		1,400,000		1,473,066
Telephone-Integrated — 2.6%
AT&T, Inc. Senior Notes 2.45% due 06/30/2020		4,000,000		3,975,301
AT&T, Inc. Senior Notes 3.40% due 05/15/2025		3,600,000		3,502,784
AT&T, Inc. Senior Notes 4.25% due 03/01/2027		3,475,000		3,531,190
AT&T, Inc. Senior Notes 4.45% due 04/01/2024		1,500,000		1,563,117
AT&T, Inc. Senior Notes 4.80% due 06/15/2044		3,485,000		3,419,360
AT&T, Inc. Senior Notes 5.15% due 03/15/2042		1,500,000		1,529,767
AT&T, Inc. Senior Notes 5.30% due 08/14/2058		2,750,000		2,779,321
AT&T, Inc. Senior Notes 6.38% due 03/01/2041		3,500,000		4,177,179
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/2028		1,200,000		1,240,500
Verizon Communications, Inc. Senior Notes 4.13% due 08/15/2046		8,545,000		7,987,822
Verizon Communications, Inc. Senior Notes 4.50% due 08/10/2033		3,000,000		3,075,777
Verizon Communications, Inc. Senior Notes 5.15% due 09/15/2023		4,390,000		4,816,844
				41,598,962

66

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Television — 0.8%
AMC Networks, Inc. Company Guar. Notes 4.75% due 08/01/2025	$	825,000	$	823,969
AMC Networks, Inc. Company Guar. Notes 5.00% due 04/01/2024		1,075,000		1,091,125
CBS Corp. Company Guar. Notes 4.90% due 08/15/2044		2,550,000		2,693,728
Gray Television, Inc. Company Guar. Notes 5.13% due 10/15/2024*		275,000		276,375
Gray Television, Inc. Company Guar. Notes 5.88% due 07/15/2026*		1,275,000		1,313,250
LIN Television Corp. Company Guar. Notes 5.88% due 11/15/2022		1,075,000		1,107,895
Sinclair Television Group, Inc. Company Guar. Notes 5.13% due 02/15/2027*		250,000		248,125
Sinclair Television Group, Inc. Company Guar. Notes 5.63% due 08/01/2024*		1,150,000		1,184,500
Sinclair Television Group, Inc. Company Guar. Notes 5.88% due 03/15/2026*		1,350,000		1,400,625
TEGNA, Inc. Company Guar. Notes 5.50% due 09/15/2024*		700,000		728,000
TEGNA, Inc. Company Guar. Notes 6.38% due 10/15/2023		675,000		706,219
Tribune Media Co. Company Guar. Notes 5.88% due 07/15/2022		1,675,000		1,723,156
				13,296,967
Theaters — 0.1%
AMC Entertainment Holdings, Inc. Company Guar. Notes 5.88% due 11/15/2026		300,000		291,750
AMC Entertainment Holdings, Inc. Company Guar. Notes 6.13% due 05/15/2027		125,000		121,875
Regal Entertainment Group Senior Notes 5.75% due 02/01/2025		1,300,000		1,334,125
				1,747,750
Tobacco — 0.6%
Altria Group, Inc. Company Guar. Notes 9.25% due 08/06/2019		226,000		248,511
BAT Capital Corp. Company Guar. Notes 3.56% due 08/15/2027*		4,270,000		4,174,094
BAT Capital Corp. Company Guar. Notes 4.54% due 08/15/2047*		5,625,000		5,798,058
				10,220,663

Security Description	Principal Amount		Value (Note 2)
Toys — 0.1%
Hasbro, Inc. Senior Notes 6.35% due 03/15/2040	$	1,240,000	$	1,454,394
Transactional Software — 0.1%
Solera LLC Senior Notes 10.50% due 03/01/2024*		1,825,000		2,046,281
Transport-Rail — 0.5%
Burlington Northern and Santa Fe Railway Co. Pass-Through Certs. Series 1992-2 7.57% due 01/02/2021		52,568		54,802
Burlington Northern Santa Fe LLC Senior Notes 3.00% due 04/01/2025		3,000,000		2,977,205
Burlington Northern Santa Fe LLC Senior Notes 5.75% due 05/01/2040		2,200,000		2,811,585
Kansas City Southern Company Guar. Notes 3.00% due 05/15/2023		1,935,000		1,888,992
Union Pacific Corp. Senior Notes 3.88% due 02/01/2055		540,000		534,200
				8,266,784
Transport-Services — 0.3%
Ryder System, Inc. Senior Notes 2.45% due 11/15/2018		1,570,000		1,571,916
Ryder System, Inc. Senior Notes 2.50% due 03/01/2018		1,325,000		1,324,998
Ryder System, Inc. Senior Notes 2.55% due 06/01/2019		2,000,000		2,000,289
				4,897,203
Travel Services — 0.0%
Sabre GLBL, Inc. Senior Sec. Notes 5.38% due 04/15/2023*		450,000		456,885
Trucking/Leasing — 0.3%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 2.50% due 06/15/2019*		2,400,000		2,398,767
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		3,300,000		3,196,896
				5,595,663
Vitamins & Nutrition Products — 0.2%
Mead Johnson Nutrition Co. Company Guar. Notes 3.00% due 11/15/2020		2,550,000		2,570,124
Mead Johnson Nutrition Co. Company Guar. Notes 4.13% due 11/15/2025		1,270,000		1,322,097
				3,892,221

67

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Water Treatment Systems — 0.0%
CD&R Waterworks Merger Sub LLC Senior Notes 6.13% due 08/15/2025*	$	525,000	$	530,250
Web Hosting/Design — 0.0%
VeriSign, Inc. Senior Notes 4.75% due 07/15/2027		425,000		428,188
Wire & Cable Products — 0.1%
Belden, Inc. Company Guar. Notes 5.25% due 07/15/2024*		1,000,000		1,030,000
Total U.S. Corporate Bonds & Notes (cost $1,286,317,435)				1,325,280,430
FOREIGN CORPORATE BONDS & NOTES — 14.6%
Advertising Sales — 0.0%
Clear Channel International BV Company Guar. Notes 8.75% due 12/15/2020*		425,000		445,719
Advertising Services — 0.5%
WPP Finance 2010 Company Guar. Notes 3.75% due 09/19/2024		3,300,000		3,340,912
WPP Finance 2010 Company Guar. Notes 5.13% due 09/07/2042		2,460,000		2,631,735
WPP Finance 2010 Company Guar. Notes 5.63% due 11/15/2043		1,700,000		1,943,007
				7,915,654
Aerospace/Defense — 0.5%
Embraer Netherlands Finance BV Company Guar. Notes 5.05% due 06/15/2025		3,135,000		3,250,995
Embraer Overseas, Ltd. Company Guar. Notes 5.70% due 09/16/2023*		3,804,000		4,079,790
				7,330,785
Auto-Cars/Light Trucks — 0.2%
RCI Banque SA Senior Notes 3.50% due 04/03/2018*		3,825,000		3,833,896
Auto/Truck Parts & Equipment-Original — 0.3%
Adient Global Holdings, Ltd. Company Guar. Notes 4.88% due 08/15/2026*		1,050,000		1,039,500
Dana Financing Luxembourg SARL Company Guar. Notes 5.75% due 04/15/2025*		125,000		131,250
Dana Financing Luxembourg SARL Company Guar. Notes 6.50% due 06/01/2026*		1,125,000		1,216,406
IHO Verwaltungs GmbH Senior Sec. Notes 4.50% due 09/15/2023*(1)		250,000		254,375
IHO Verwaltungs GmbH Senior Sec. Notes 4.75% due 09/15/2026*(1)		1,750,000		1,767,500
				4,409,031

Security Description	Principal Amount		Value (Note 2)
Banks-Commercial — 0.1%
Bank of Montreal Senior Notes 1.45% due 04/09/2018	$	1,900,000	$	1,898,788
Beverages-Wine/Spirits — 0.1%
Bacardi, Ltd. Company Guar. Notes 2.75% due 07/15/2026*		1,340,000		1,235,598
Brewery — 0.2%
Heineken NV Senior Notes 3.50% due 01/29/2028*		3,015,000		3,009,279
Broadcast Services/Program — 0.6%
Grupo Televisa SAB Senior Notes 5.00% due 05/13/2045		835,000		819,937
Grupo Televisa SAB Senior Notes 6.63% due 03/18/2025		7,015,000		8,140,983
				8,960,920
Building Products-Doors & Windows — 0.0%
Masonite International Corp. Company Guar. Notes 5.63% due 03/15/2023*		650,000		676,000
Cable/Satellite TV — 1.2%
Altice Luxembourg SA Company Guar. Notes 7.63% due 02/15/2025*		2,100,000		1,926,750
British Sky Broadcasting Group PLC Company Guar. Notes 3.75% due 09/16/2024*		4,875,000		4,990,050
Lynx II Corp. Company Guar. Notes 6.38% due 04/15/2023*		1,275,000		1,313,250
Numericable-SFR SA Senior Sec. Notes 6.25% due 05/15/2024*		525,000		502,031
SFR Group SA Senior Sec. Notes 7.38% due 05/01/2026*		2,875,000		2,831,875
Telenet Finance Luxembourg Notes SARL Senior Sec. Notes 5.50% due 03/01/2028*		1,800,000		1,791,000
Unitymedia GmbH Sec. Notes 6.13% due 01/15/2025*		1,625,000		1,709,825
Virgin Media Finance PLC Company Guar. Notes 5.75% due 01/15/2025*		600,000		605,250
Virgin Media Finance PLC Company Guar. Notes 6.00% due 10/15/2024*		350,000		357,875
Virgin Media Secured Finance PLC Senior Sec. Notes 5.25% due 01/15/2026*		750,000		763,125
Virgin Media Secured Finance PLC Senior Sec. Notes 5.50% due 08/15/2026*		400,000		410,124
Ziggo Bond Finance BV Senior Notes 5.88% due 01/15/2025*		450,000		446,485

68

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Ziggo Bond Finance BV Senior Notes 6.00% due 01/15/2027*	$	725,000	$	714,125
Ziggo Secured Finance BV Senior Sec. Notes 5.50% due 01/15/2027*		1,350,000		1,339,875
				19,701,640
Chemicals-Specialty — 0.1%
Alpha 3 BV/Alpha US Bidco, Inc. Company Guar. Notes 6.25% due 02/01/2025*		1,250,000		1,279,688
Commercial Services — 0.0%
Nielsen Co. Luxembourg SARL Company Guar. Notes 5.00% due 02/01/2025*		475,000		479,750
Containers-Metal/Glass — 0.3%
ARD Finance SA Senior Sec. Notes 7.13% due 09/15/2023(1)		1,400,000		1,456,000
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 6.00% due 06/30/2021*		1,000,000		1,022,500
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 6.00% due 02/15/2025*		575,000		593,687
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 7.25% due 05/15/2024*		1,900,000		2,041,930
				5,114,117
Cruise Lines — 0.0%
VOC Escrow, Ltd. Senior Sec. Notes 5.00% due 02/15/2028*		425,000		422,875
Diversified Banking Institutions — 0.2%
Macquarie Group, Ltd. Senior Notes 6.00% due 01/14/2020*		3,500,000		3,704,294
Diversified Financial Services — 0.4%
GE Capital International Funding Co. ULC Company Guar. Notes 3.37% due 11/15/2025		6,653,000		6,536,910
Diversified Minerals — 0.1%
Teck Resources, Ltd. Company Guar. Notes 6.00% due 08/15/2040		425,000		472,281
Teck Resources, Ltd. Senior Notes 6.13% due 10/01/2035		875,000		985,469
Teck Resources, Ltd. Company Guar. Notes 8.50% due 06/01/2024*		475,000		536,156
				1,993,906

Security Description	Principal Amount		Value (Note 2)
Diversified Operations — 0.1%
Hutchison Whampoa International, Ltd. Company Guar. Notes 7.63% due 04/09/2019*	$	2,000,000	$	2,115,834
E-Commerce/Products — 0.3%
Alibaba Group Holding, Ltd. Senior Notes 3.40% due 12/06/2027		3,000,000		2,911,433
Alibaba Group Holding, Ltd. Senior Notes 3.60% due 11/28/2024		1,620,000		1,639,494
				4,550,927
Electric-Distribution — 0.1%
PPL WEM Holdings, Ltd. Senior Notes 5.38% due 05/01/2021*		1,100,000		1,166,997
Electric-Integrated — 0.5%
EDP Finance BV Senior Notes 3.63% due 07/15/2024*		2,550,000		2,545,971
Enel Finance International NV Company Guar. Notes 4.75% due 05/25/2047*		980,000		1,043,333
Fortis, Inc. Senior Notes 2.10% due 10/04/2021		1,810,000		1,752,555
Fortis, Inc. Senior Notes 3.06% due 10/04/2026		3,220,000		3,045,392
				8,387,251
Electronic Components-Misc. — 0.1%
Flextronics International, Ltd. Senior Notes 4.75% due 06/15/2025		1,935,000		2,033,763
Electronic Components-Semiconductors — 0.0%
Sensata Technologies UK Financing Co. PLC Company Guar. Notes 6.25% due 02/15/2026*		350,000		376,250
Finance-Leasing Companies — 0.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 3.50% due 05/26/2022		1,430,000		1,438,001
Food-Baking — 0.3%
Grupo Bimbo SAB de CV Company Guar. Notes 4.50% due 01/25/2022*		1,230,000		1,282,617
Grupo Bimbo SAB de CV Company Guar. Notes 4.88% due 06/27/2044*		2,736,000		2,785,768
				4,068,385
Food-Confectionery — 0.2%
Mondelez International Holdings Netherlands BV Company Guar. Notes 2.00% due 10/28/2021*		3,070,000		2,965,282

69

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Food-Misc./Diversified — 0.6%
Danone SA Senior Notes 2.95% due 11/02/2026*	$	2,980,000	$	2,836,699
Kerry Group Financial Services Company Guar. Notes 3.20% due 04/09/2023*		6,150,000		6,096,160
				8,932,859
Gold Mining — 0.2%
AngloGold Holdings PLC Company Guar. Notes 5.13% due 08/01/2022		620,000		644,800
AngloGold Holdings PLC Company Guar. Notes 6.50% due 04/15/2040		750,000		795,000
Newcrest Finance Pty, Ltd. Company Guar. Notes 4.20% due 10/01/2022*		2,300,000		2,359,199
				3,798,999
Hazardous Waste Disposal — 0.1%
Tervita Escrow Corp. Sec. Notes 7.63% due 12/01/2021*		1,075,000		1,076,344
Insurance Brokers — 0.1%
KIRS Midco 3 PLC Senior Sec. Notes 8.63% due 07/15/2023*		1,150,000		1,190,250
Investment Management/Advisor Services — 0.1%
Invesco Finance PLC Company Guar. Notes 3.75% due 01/15/2026		800,000		810,913
Machinery-Farming — 0.2%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027		2,730,000		2,709,219
Medical Instruments — 0.1%
Medtronic Global Holdings SCA Company Guar. Notes 3.35% due 04/01/2027		1,820,000		1,831,518
Medical Products — 0.2%
Mallinckrodt International Finance SA Company Guar. Notes 4.75% due 04/15/2023		1,075,000		881,500
Mallinckrodt International Finance SA/Mallinckrodt CB LLC Company Guar. Notes 5.50% due 04/15/2025*		1,750,000		1,443,750
Mallinckrodt International Finance SA/Mallinckrodt CB LLC Company Guar. Notes 5.63% due 10/15/2023*		725,000		619,875
				2,945,125
Medical-Drugs — 1.6%
AstraZeneca PLC Senior Notes 2.38% due 06/12/2022		3,085,000		3,012,186
AstraZeneca PLC Senior Notes 3.13% due 06/12/2027		3,085,000		2,992,840

Security Description	Principal Amount		Value (Note 2)
Medical-Drugs (continued)
Endo, Ltd./Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 07/15/2023*	$	1,100,000	$	862,125
Endo, Ltd./Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 02/01/2025*		1,525,000		1,146,617
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.40% due 09/23/2021		3,215,000		3,139,362
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		2,920,000		2,797,439
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 3.15% due 10/01/2026		3,100,000		2,575,737
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 4.10% due 10/01/2046		3,225,000		2,456,040
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.50% due 03/01/2023*		750,000		671,017
Valeant Pharmaceuticals International, Inc. Senior Sec. Notes 5.50% due 11/01/2025*		375,000		377,813
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.63% due 12/01/2021*		500,000		481,900
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.88% due 05/15/2023*		1,300,000		1,174,485
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 6.13% due 04/15/2025*		3,025,000		2,707,980
Valeant Pharmaceuticals International, Inc.* Senior Sec. Notes 6.50% due 03/15/2022		150,000		157,170
Valeant Pharmaceuticals International, Inc. Senior Sec. Notes 7.00% due 03/15/2024*		450,000		478,548
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 7.50% due 07/15/2021*		800,000		803,000
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 9.00% due 12/15/2025*		550,000		564,954
				26,399,213

70

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Medical-Generic Drugs — 0.1%
Actavis Funding SCS Company Guar. Notes 3.80% due 03/15/2025	$	890,000	$	893,613
Allergan Funding SCS Company Guar. Notes 3.00% due 03/12/2020		955,000		958,754
				1,852,367
Metal-Copper — 0.1%
Hudbay Minerals, Inc. Company Guar. Notes 7.25% due 01/15/2023*		300,000		320,250
HudBay Minerals, Inc. Company Guar. Notes 7.63% due 01/15/2025*		600,000		660,000
				980,250
Oil & Gas Drilling — 0.1%
Precision Drilling Corp. Company Guar. Notes 7.13% due 01/15/2026*		300,000		312,000
Precision Drilling Corp. Company Guar. Notes 7.75% due 12/15/2023		800,000		858,000
Shelf Drilling Holdings, Ltd. Senior Notes 8.25% due 02/15/2025*		300,000		300,000
				1,470,000
Oil Companies-Exploration & Production — 0.6%
Canadian Natural Resources, Ltd. Senior Notes 3.80% due 04/15/2024		2,125,000		2,158,139
Canadian Natural Resources, Ltd. Senior Notes 5.85% due 02/01/2035		4,960,000		5,784,442
CNPC HK Overseas Capital, Ltd. Company Guar. Notes 5.95% due 04/28/2041*		1,550,000		1,937,864
				9,880,445
Oil Companies-Integrated — 1.8%
BP Capital Markets PLC Company Guar. Notes 3.12% due 05/04/2026		2,810,000		2,775,282
BP Capital Markets PLC Company Guar. Notes 4.74% due 03/11/2021		2,290,000		2,431,975
Husky Energy, Inc. Senior Notes 3.95% due 04/15/2022		2,800,000		2,874,030
Husky Energy, Inc. Senior Notes 7.25% due 12/15/2019		3,000,000		3,238,587
Petro-Canada Senior Notes 5.35% due 07/15/2033		2,650,000		3,022,469
Petroleos Mexicanos Company Guar. Notes 4.88% due 01/18/2024		575,000		594,205
Petroleos Mexicanos Company Guar. Notes 5.50% due 01/21/2021		7,070,000		7,496,321

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Integrated (continued)
Petroleos Mexicanos Company Guar. Notes 6.00% due 03/05/2020	$	1,600,000	$	1,693,040
Shell International Finance BV Company Guar. Notes 2.88% due 05/10/2026		1,110,000		1,087,543
Shell International Finance BV Company Guar. Notes 3.25% due 05/11/2025		3,500,000		3,514,585
Shell International Finance BV Company Guar. Notes 4.00% due 05/10/2046		1,025,000		1,063,170
				29,791,207
Oil Refining & Marketing — 0.0%
Reliance Industries, Ltd. Senior Notes 8.25% due 01/15/2027*(2)		500,000		643,592
Oil-Field Services — 0.1%
Weatherford International, Ltd. Company Guar. Notes 7.00% due 03/15/2038		625,000		559,375
Weatherford International, Ltd. Company Guar. Notes 8.25% due 06/15/2023		925,000		978,187
				1,537,562
Retail-Restaurants — 0.1%
1011778 BC ULC/New Red Finance, Inc. Sec. Notes 5.00% due 10/15/2025*		2,075,000		2,077,594
Satellite Telecom — 0.2%
Intelsat Jackson Holdings SA Company Guar. Notes 5.50% due 08/01/2023		1,375,000		1,079,375
Intelsat Jackson Holdings SA Company Guar. Notes 7.25% due 10/15/2020		250,000		218,125
Intelsat Jackson Holdings SA Company Guar. Notes 7.50% due 04/01/2021		1,700,000		1,447,125
Intelsat Jackson Holdings SA Senior Sec. Notes 8.00% due 02/15/2024*		800,000		840,000
Intelsat Jackson Holdings SA Company Guar. Notes 9.75% due 07/15/2025*		350,000		321,895
				3,906,520
Security Services — 0.1%
GW Honos Security Corp. Senior Notes 8.75% due 05/15/2025*		950,000		1,030,750
Semiconductor Equipment — 0.0%
Sensata Technologies BV Company Guar. Notes 5.63% due 11/01/2024*		200,000		217,750
Soap & Cleaning Preparation — 0.1%
Reckitt Benckiser Treasury Services PLC Company Guar. Notes 3.00% due 06/26/2027*		1,440,000		1,368,629

71

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Steel-Producers — 0.2%
Gerdau Trade, Inc. Company Guar. Notes 5.75% due 01/30/2021*	$	3,570,000	$	3,771,634
SupraNational Banks — 0.1%
Corp. Andina de Fomento Senior Notes 4.38% due 06/15/2022		825,000		872,396
Corp. Andina de Fomento Senior Notes 8.13% due 06/04/2019		1,000,000		1,073,750
				1,946,146
Telecom Services — 0.2%
TELUS Corp. Senior Notes 2.80% due 02/16/2027		3,170,000		2,949,535
Telephone-Integrated — 0.5%
Telefonica Emisiones SAU Company Guar. Notes 4.57% due 04/27/2023		1,500,000		1,611,802
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		1,530,000		1,723,136
Telefonica Emisiones SAU Company Guar. Notes 5.46% due 02/16/2021		2,500,000		2,694,198
Telefonica Emisiones SAU Company Guar. Notes 7.05% due 06/20/2036		1,575,000		2,109,776
				8,138,912
Transport-Equipment & Leasing — 0.2%
Park Aerospace Holdings, Ltd. Company Guar. Notes 4.50% due 03/15/2023*		250,000		238,750
Park Aerospace Holdings, Ltd. Company Guar. Notes 5.25% due 08/15/2022*		250,000		246,875
Park Aerospace Holdings, Ltd. Company Guar. Notes 5.50% due 02/15/2024*		2,775,000		2,747,250
				3,232,875
Transport-Rail — 0.4%
Canadian Pacific Railway Co. Senior Notes 2.90% due 02/01/2025		3,185,000		3,100,398
Canadian Pacific Railway Co. Senior Notes 7.13% due 10/15/2031		2,950,000		3,901,747
				7,002,145
Total Foreign Corporate Bonds & Notes (cost $233,284,425)				237,543,893
U.S. GOVERNMENT AGENCIES — 0.0%
Resolution Funding Corp — 0.0%
Resolution Funding Corp. STRIPS Bonds zero coupon due 01/15/2021 (cost $506,597)		640,000		597,050

Security Description	Principal Amount			Value (Note 2)
MUNICIPAL BONDS & NOTES — 0.2%
City of Chicago, IL General Obligation Bonds Series B 5.43% due 01/01/2042 (cost $3,520,000)	$	3,520,000		$	3,382,790
PREFERRED SECURITIES — 0.1%
Finance-Investment Banker/Broker — 0.0%
Lehman Brothers Holdings, Inc. Class D, 5.67%†(2)(3)		30,000			300
Real Estate Investment Trusts — 0.1%
Prologis, Inc. Series Q, 8.54%		20,000			1,385,000
Total Preferred Securities (cost $2,274,140)					1,385,300
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.1%
Diversified Banking Institutions — 0.2%
Goldman Sachs Capital I 6.35% due 02/15/2034		2,500,000			3,124,114
Diversified Manufacturing Operations — 0.1%
Textron Financial Corp. FRS 3.15% (3ML + 1.74%) due 02/15/2067*		2,400,000			2,154,000
Electric-Generation — 0.3%
Electricite de France SA 5.63% due 01/22/2024*(6)		5,000,000			5,150,000
Insurance-Multi-line — 0.5%
AXA SA 8.60% due 12/15/2030		4,000,000			5,690,800
MetLife, Inc. 10.75% due 08/01/2069		900,000			1,494,000
USF&G Capital III 8.31% due 07/01/2046*		250,000			360,295
					7,545,095
Total Preferred Securities/Capital Securities (cost $15,970,239)					17,973,209
Total Long-Term Investment Securities (cost $1,541,872,836)					1,586,162,672
SHORT-TERM INVESTMENT SECURITIES — 1.1%
Time Deposits — 1.1%
Euro Time Deposit with State Street Bank and Trust Co. 0.20% due 02/01/2018 (cost $17,315,000)		17,315,000			17,315,000
TOTAL INVESTMENTS (cost $1,559,187,836)(7)		98.9	%		1,603,477,672
Other assets less liabilities		1.1			17,509,323
NET ASSETS		100.0	%	$	1,620,986,995

72

SunAmerica Series Trust SA Federated Corporate Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

# See Note 1

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $411,752,550 representing 25.4% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

† Non-income producing security

(1) PIK (“Payment-in-Kind”) security — Income may be paid in additional securities or cash at the discretion of the issuer. The security is currently paying interest in cash at the coupon rate listed.

(2) Illiquid security. At January 31, 2018, the aggregate value of these securities was $4,598,765 representing 0.3% of net assets.

(3) Securities classified as Level 3 (see Note 2).

(4) Security in default of interest and principal at maturity.

(5) Company has filed for bankruptcy protection.

(6) Perpetual maturity – maturity date reflects the next call date.

(7) See Note 3 for cost of investments on a tax basis.

FRS — Floating Rate Security

The rates shown on FRS is the current rates as of January 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

STRIPS — Separate Trading of Registered Interest and Principal Securities

ULC — Unlimited Liability Corp.

Index Legend

3ML—3 Month USD LIBOR

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	50	Short	U.S. Treasury 10 Year Notes	March 2018	$	6,241,361	$	6,078,906	$	162,455

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
U.S. Corporate Bonds & Notes:
Paper & Related Products	$	—	$	6,016,877	$	25	$	6,016,902
Other Industries		—	$	1,319,263,528		—		1,319,263,528
Foreign Corporate Bonds & Notes		—		237,543,893		—		237,543,893
U.S. Government Agencies		—		597,050		—		597,050
Municipal Bonds & Notes		—		3,382,790		—		3,382,790
Preferred Securities:
Finance-Investment Banker/Broker		—		—		300		300
Real Estate Investment Trusts		1,385,000		—		—		1,385,000
Preferred Securities/Capital Securities		—		17,973,209		—		17,973,209
Short-Term Investment Securities		—		17,315,000		—		17,315,000
Total Investments at Value	$	1,385,000	$	1,602,092,347	$	325	$	1,603,477,672
Other Financial Instruments:†
Futures Contracts	$	162,455	$	—	$	—	$	162,455

* For a detailed presentation of investments, please refer to the Portfolio of Invesments.

† Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio.

See Notes to Financial Statements

73

SunAmerica Series Trust SA Fixed Income Index Portfolio††

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

United States Treasury Notes	43.2	%
United States Treasury Bonds	9.9
Diversified Banking Institutions	3.1
Banks-Commercial	3.1
Electric-Integrated	2.9
Exchange-Traded Funds	2.9
Federal National Mtg. Assoc.	2.6
Repurchase Agreements	2.1
Pipelines	2.0
Retail-Discount	1.5
Federal Home Loan Bank	1.6
Auto/Truck Parts & Equipment-Original	1.3
Medical-Drugs	1.0
Multimedia	1.0
Oil Companies-Integrated	1.0
Finance-Credit Card	0.9
Telephone-Integrated	0.9
Real Estate Investment Trusts	0.8
Enterprise Software/Service	0.8
Retail-Drug Store	0.8
Food-Meat Products	0.7
Cellular Telecom	0.7
Insurance-Multi-line	0.6
Diagnostic Equipment	0.6
Medical-HMO	0.6
Finance-Other Services	0.6
Banks-Super Regional	0.6
Banks-Fiduciary	0.6
Federal Home Loan Mtg. Corp.	0.5
Engines-Internal Combustion	0.5
Finance-Leasing Companies	0.5
Chemicals-Diversified	0.5
Gas-Distribution	0.5
Medical-Generic Drugs	0.4
Investment Management/Advisor Services	0.4
Aerospace/Defense-Equipment	0.4
Oil Refining & Marketing	0.4
Pharmacy Services	0.4
Cable/Satellite TV	0.4
Commercial Services-Finance	0.4
Banks-Money Center	0.4
Brewery	0.4
Airlines	0.4
Oil Companies-Exploration & Production	0.4
E-Commerce/Products	0.3
Applications Software	0.3
Medical Labs & Testing Services	0.3
Electronic Components-Semiconductors	0.3
Computers	0.3
U.S. Government Treasuries	0.3
Medical Instruments	0.3
Oil-Field Services	0.3
Retail-Building Products	0.3
Beverages-Non-alcoholic	0.3
Medical Products	0.3
Machinery-Construction & Mining	0.2
Transport-Services	0.2
Computer Services	0.2
Instruments-Controls	0.2
Oil Field Machinery & Equipment	0.2
Networking Products	0.2

Aerospace/Defense	0.1	%
Insurance-Reinsurance	0.1
	100.0	%

Credit Quality†#

Aaa	61.5	%
Aa	3.8
A	13.3
Baa	19.5
Ba	1.0
Not Rated@	0.9
	100.0	%

†† See Note 1

* Calculated as a percentage of net assets.

# Calculated as a percentage of total debt issues.

† Source: Moody’s.

@ Represents debt issues that either have no rating, or the rating is unavailable from the data source.

74

SunAmerica Series Trust SA Fixed Income Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 31.6%
Aerospace/Defense — 0.1%
Lockheed Martin Corp. Senior Notes 4.25% due 11/15/2019	$	400,000	$	412,949
Aerospace/Defense-Equipment — 0.4%
United Technologies Corp. Senior Notes 5.40% due 05/01/2035		1,000,000		1,186,827
Airlines — 0.4%
United Airlines Pass Through Trust Pass-Through Certs. 3.10% due 01/07/2030		1,119,656		1,095,740
Applications Software — 0.3%
Microsoft Corp. Senior Notes 3.70% due 08/08/2046		1,036,000		1,050,442
Auto/Truck Parts & Equipment-Original — 1.3%
BorgWarner, Inc. Senior Notes 4.38% due 03/15/2045		1,900,000		1,917,842
Delphi Corp. Company Guar. Notes 4.15% due 03/15/2024		1,903,000		1,965,703
				3,883,545
Banks-Commercial — 1.4%
BB&T Corp. Senior Notes 2.05% due 05/10/2021		2,000,000		1,953,161
First Horizon National Corp. Senior Notes 3.50% due 12/15/2020		659,000		667,214
PNC Bank NA Senior Notes 2.00% due 05/19/2020		1,600,000		1,578,958
				4,199,333
Banks-Fiduciary — 0.6%
Bank of New York Mellon Corp. Senior Notes 3.00% due 02/24/2025		928,000		914,650
State Street Corp. Senior Notes 3.55% due 08/18/2025		844,000		860,961
				1,775,611
Banks-Super Regional — 0.6%
Capital One Financial Corp. Senior Notes 3.20% due 02/05/2025		500,000		486,019
Wells Fargo & Co. Senior Notes 3.90% due 05/01/2045		1,311,000		1,325,722
				1,811,741
Beverages-Non-alcoholic — 0.3%
Pepsi-Cola Metropolitan Bottling Co., Inc. Company Guar. Notes 7.00% due 03/01/2029		644,000		855,283

Security Description	Principal Amount		Value (Note 2)
Brewery — 0.4%
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 4.90% due 02/01/2046	$	973,000	$	1,099,499
Cable/Satellite TV — 0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.46% due 07/23/2022		500,000		517,191
Time Warner Cable LLC Senior Sec. Notes 8.75% due 02/14/2019		600,000		636,766
				1,153,957
Chemicals-Diversified — 0.5%
EI du Pont de Nemours & Co. Senior Notes 2.80% due 02/15/2023		1,500,000		1,491,758
Commercial Services-Finance — 0.4%
Moody’s Corp. Senior Notes 4.88% due 02/15/2024		1,031,000		1,116,825
Computer Services — 0.2%
International Business Machines Corp. Senior Notes 7.00% due 10/30/2025		400,000		502,724
Computers — 0.3%
Apple, Inc. Senior Notes 2.10% due 05/06/2019		1,000,000		999,110
Diagnostic Equipment — 0.6%
Abbott Laboratories Senior Notes 2.95% due 03/15/2025		1,000,000		970,359
Life Technologies Corp. Senior Notes 5.00% due 01/15/2021		876,000		920,349
				1,890,708
Diversified Banking Institutions — 2.1%
Bank of America Corp. Senior Notes 4.44% due 01/20/2048		1,084,000		1,181,942
Citigroup, Inc. Senior Notes 4.65% due 07/30/2045		1,032,000		1,155,159
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		250,000		256,830
Goldman Sachs Group, Inc. Senior Notes 5.38% due 03/15/2020		400,000		421,665
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		200,000		263,837
JPMorgan Chase & Co. Senior Notes 6.40% due 05/15/2038		999,000		1,349,595
Morgan Stanley Sub. Notes 4.10% due 05/22/2023		500,000		517,323

75

SunAmerica Series Trust SA Fixed Income Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Morgan Stanley Senior Notes 7.30% due 05/13/2019	$	1,100,000	$	1,165,699
				6,312,050
E-Commerce/Products — 0.3%
eBay, Inc. Senior Notes 3.45% due 08/01/2024		1,073,000		1,070,101
Electric-Integrated — 2.9%
Exelon Generation Co. LLC Senior Notes 6.25% due 10/01/2039		200,000		233,237
PPL Capital Funding, Inc. Company Guar. Notes 3.95% due 03/15/2024		1,786,000		1,842,350
Progress Energy, Inc. Senior Notes 4.40% due 01/15/2021		800,000		830,923
PSEG Power LLC Company Guar. Notes 3.00% due 06/15/2021		1,750,000		1,752,986
Puget Energy, Inc. Senior Sec. Notes 5.63% due 07/15/2022		1,912,000		2,083,700
SCANA Corp. Senior Notes 4.75% due 05/15/2021		1,970,000		2,054,299
				8,797,495
Electronic Components-Semiconductors — 0.3%
Intel Corp. Senior Notes 3.10% due 07/29/2022		1,000,000		1,014,715
Engines-Internal Combustion — 0.5%
Cummins, Inc. Senior Notes 4.88% due 10/01/2043		1,400,000		1,635,993
Enterprise Software/Service — 0.8%
CA, Inc. Senior Notes 3.60% due 08/15/2022		1,000,000		1,011,206
Oracle Corp. Senior Notes 2.25% due 10/08/2019		1,500,000		1,499,371
				2,510,577
Finance-Credit Card — 0.9%
American Express Co. Senior Notes 2.50% due 08/01/2022		2,000,000		1,955,109
Visa, Inc. Senior Notes 4.30% due 12/14/2045		829,000		918,658
				2,873,767
Finance-Leasing Companies — 0.2%
Air Lease Corp. Senior Notes 3.88% due 04/01/2021		449,000		460,714

Security Description	Principal Amount		Value (Note 2)
Finance-Other Services — 0.6%
CME Group, Inc. Senior Notes 3.00% due 03/15/2025	$	680,000	$	674,719
Intercontinental Exchange, Inc. Company Guar. Notes 3.75% due 12/01/2025		1,143,000		1,177,255
				1,851,974
Food-Meat Products — 0.7%
Tyson Foods, Inc. Company Guar. Notes 4.88% due 08/15/2034		2,000,000		2,206,618
Gas-Distribution — 0.5%
AGL Capital Corp. Company Guar. Notes 5.88% due 03/15/2041		1,165,000		1,421,835
Instruments-Controls — 0.2%
Honeywell International, Inc. Senior Notes 1.40% due 10/30/2019		500,000		492,293
Insurance-Multi-line — 0.4%
MetLife, Inc. Senior Notes 3.60% due 04/10/2024		1,345,000		1,372,061
Insurance-Reinsurance — 0.1%
Berkshire Hathaway, Inc. Senior Notes 3.13% due 03/15/2026		397,000		392,227
Investment Management/Advisor Services — 0.4%
Ameriprise Financial, Inc. Senior Notes 3.70% due 10/15/2024		1,176,000		1,202,465
Machinery-Construction & Mining — 0.2%
Caterpillar, Inc. Senior Notes 3.90% due 05/27/2021		600,000		623,872
Medical Instruments — 0.3%
Medtronic, Inc. Company Guar. Notes 4.63% due 03/15/2045		864,000		978,870
Medical Labs & Testing Services — 0.3%
Laboratory Corp. of America Holdings Senior Notes 3.60% due 02/01/2025		1,030,000		1,033,726
Medical Products — 0.3%
Becton Dickinson and Co. Senior Notes 3.73% due 12/15/2024		771,000		772,812
Medical-Drugs — 0.4%
AbbVie, Inc. Senior Notes 3.60% due 05/14/2025		400,000		403,697
Novartis Capital Corp. Company Guar. Notes 3.40% due 05/06/2024		800,000		818,544
				1,222,241

76

SunAmerica Series Trust SA Fixed Income Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-HMO — 0.6%
Aetna, Inc. Senior Notes 4.13% due 06/01/2021	$	1,800,000	$	1,862,614
Multimedia — 1.0%
Historic TW, Inc. Company Guar. Notes 9.15% due 02/01/2023		2,500,000		3,165,932
Networking Products — 0.2%
Cisco Systems, Inc. Senior Notes 2.20% due 09/20/2023		500,000		482,036
Oil Companies-Exploration & Production — 0.4%
Devon Energy Corp. Senior Notes 7.95% due 04/15/2032		200,000		275,315
Kerr-McGee Corp. Company Guar. Notes 7.88% due 09/15/2031		200,000		267,639
Marathon Oil Corp. Senior Notes 6.80% due 03/15/2032		200,000		245,511
Noble Energy, Inc. Senior Notes 5.63% due 05/01/2021		300,000		306,000
				1,094,465
Oil Companies-Integrated — 1.0%
Chevron Corp. Senior Notes 2.95% due 05/16/2026		3,193,000		3,126,069
Oil Field Machinery & Equipment — 0.2%
National Oilwell Varco, Inc. Senior Notes 2.60% due 12/01/2022		500,000		482,798
Oil Refining & Marketing — 0.4%
HollyFrontier Corp. Senior Notes 5.88% due 04/01/2026		250,000		276,856
Marathon Petroleum Corp. Senior Notes 6.50% due 03/01/2041		500,000		640,417
Valero Energy Corp. Company Guar. Notes 7.50% due 04/15/2032		200,000		266,682
				1,183,955
Oil-Field Services — 0.3%
Halliburton Co. Senior Notes 7.45% due 09/15/2039		500,000		719,690
Oceaneering International, Inc. Senior Notes 4.65% due 11/15/2024		250,000		242,894
				962,584
Pharmacy Services — 0.4%
Express Scripts Holding Co. Company Guar. Notes 4.50% due 02/25/2026		1,122,000		1,170,081

Security Description	Principal Amount		Value (Note 2)
Pipelines — 2.0%
Energy Transfer Partners LP Senior Notes 4.65% due 06/01/2021	$	2,000,000	$	2,087,861
Kinder Morgan Energy Partners LP Company Guar. Notes 7.30% due 08/15/2033		300,000		373,868
MPLX LP Senior Notes 5.50% due 02/15/2023		550,000		564,975
Phillips 66 Partners LP Senior Notes 3.61% due 02/15/2025		2,101,000		2,114,816
TC PipeLines LP Senior Notes 4.65% due 06/15/2021		1,026,000		1,058,869
				6,200,389
Real Estate Investment Trusts — 0.8%
American Tower Corp. Senior Notes 5.00% due 02/15/2024		1,261,000		1,359,022
Crown Castle International Corp. Senior Notes 4.45% due 02/15/2026		1,180,000		1,218,371
				2,577,393
Retail-Building Products — 0.3%
Home Depot, Inc. Senior Notes 3.50% due 09/15/2056		979,000		920,802
Retail-Discount — 1.5%
Costco Wholesale Corp. Senior Notes 2.15% due 05/18/2021		1,000,000		987,024
Dollar General Corp. Senior Notes 4.15% due 11/01/2025		1,154,000		1,204,087
Target Corp. Senior Notes 6.50% due 10/15/2037		840,000		1,130,447
Wal-Mart Stores, Inc. Senior Notes 5.63% due 04/15/2041		1,050,000		1,401,529
				4,723,087
Retail-Drug Store — 0.8%
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		872,000		974,750
Walgreens Boots Alliance, Inc. Senior Notes 3.45% due 06/01/2026		1,391,000		1,352,584
				2,327,334
Telephone-Integrated — 0.9%
AT&T, Inc. Senior Notes 6.00% due 08/15/2040		864,000		976,039
AT&T, Inc. Senior Notes 6.38% due 03/01/2041		902,000		1,076,519

77

SunAmerica Series Trust SA Fixed Income Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
Verizon Communications, Inc. Senior Notes 6.40% due 09/15/2033	$	500,000	$	612,888
				2,665,446
Transport-Services — 0.2%
United Parcel Service, Inc. Senior Notes 5.13% due 04/01/2019		500,000		516,160
Total U.S. Corporate Bonds & Notes (cost $95,390,536)				96,233,603
FOREIGN CORPORATE BONDS & NOTES — 5.1%
Banks-Commercial — 1.7%
Bank of Montreal Senior Notes 2.10% due 06/15/2020		2,000,000		1,980,290
Cooperatieve Rabobank UA Senior Notes 3.38% due 05/21/2025		1,264,000		1,269,433
Intesa Sanpaolo SpA Company Guar. Notes 3.88% due 01/15/2019		500,000		506,916
Royal Bank of Canada Senior Notes 2.15% due 03/15/2019		500,000		498,642
Santander UK Group Holdings PLC Senior Notes 3.13% due 01/08/2021		837,000		837,921
				5,093,202
Banks-Money Center — 0.4%
Lloyds Bank PLC Company Guar. Notes 3.50% due 05/14/2025		1,101,000		1,115,728
Cellular Telecom — 0.7%
Vodafone Group PLC Senior Notes 2.50% due 09/26/2022		2,000,000		1,955,274
Diversified Banking Institutions — 1.0%
Barclays PLC Sub. Notes 5.20% due 05/12/2026		1,000,000		1,055,906
Credit Suisse Group Funding Guernsey, Ltd. Company Guar. Notes 2.75% due 03/26/2020		550,000		549,955
Deutsche Bank AG Senior Notes 2.50% due 02/13/2019		500,000		499,680
HSBC Holdings PLC Sub. Notes 6.50% due 09/15/2037		793,000		1,019,782
				3,125,323
Finance-Leasing Companies — 0.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 4.50% due 05/15/2021		995,000		1,034,465

Security Description	Principal Amount		Value (Note 2)
Medical-Drugs — 0.6%
AstraZeneca PLC Senior Notes 2.38% due 06/12/2022	$	2,000,000	$	1,952,795
Medical-Generic Drugs — 0.4%
Actavis Funding SCS Company Guar. Notes 3.85% due 06/15/2024		250,000		253,180
Allergan Funding SCS Company Guar. Notes 4.55% due 03/15/2035		1,000,000		1,045,113
				1,298,293
Total Foreign Corporate Bonds & Notes (cost $15,625,971)				15,575,080
U.S. GOVERNMENT AGENCIES — 4.7%
Federal Home Loan Bank — 1.6%
0.88% due 08/05/2019		515,000		505,531
1.13% due 06/21/2019		790,000		779,714
1.25% due 01/16/2019		590,000		586,085
1.50% due 03/08/2019		770,000		765,728
1.63% due 06/14/2019		590,000		586,603
1.88% due 03/08/2019		645,000		644,118
2.42% due 01/24/2022		1,000,000		993,901
				4,861,680
Federal Home Loan Mtg. Corp. — 0.5%
Federal Home Loan Mtg. Corp. zero coupon due 12/14/2029		2,200,000		1,484,576
Federal National Mtg. Assoc. — 2.6%
1.00% due 10/24/2019		7,000,000		6,864,991
2.00% due 01/05/2022		1,000,000		983,110
				7,848,101
Total U.S. Government Agencies (cost $14,327,066)				14,194,357
U.S. GOVERNMENT TREASURIES — 53.1%
United States Treasury Bonds — 9.9%
2.25% due 08/15/2046		452,000		391,686
2.50% due 02/15/2045		1,006,000		924,223
2.50% due 02/15/2046		692,000		633,721
2.50% due 05/15/2046		652,000		596,580
2.88% due 05/15/2043		1,589,000		1,576,462
2.88% due 08/15/2045		1,027,000		1,015,045
2.88% due 11/15/2046		744,000		734,264
3.00% due 11/15/2044		1,275,000		1,291,386
3.00% due 05/15/2045		1,150,000		1,164,420
3.00% due 11/15/2045		1,037,000		1,049,882
3.13% due 02/15/2043		1,428,000		1,480,881
3.13% due 08/15/2044		1,351,000		1,399,868
3.38% due 05/15/2044		1,498,000		1,620,883
3.63% due 08/15/2043		1,535,000		1,729,273
3.63% due 02/15/2044		1,567,000		1,766,425
3.75% due 11/15/2043		1,685,000		1,936,763
4.50% due 02/15/2036		2,868,000		3,560,801
4.63% due 02/15/2040		2,015,000		2,590,062
4.75% due 02/15/2041		1,751,000		2,298,461
5.38% due 02/15/2031		2,000,000		2,576,484
				30,337,570

78

SunAmerica Series Trust SA Fixed Income Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes — 43.2%
1.00% due 11/30/2019	$	1,695,000	$	1,660,968
1.13% due 05/31/2019		3,000,000		2,964,609
1.13% due 12/31/2019		2,377,000		2,332,153
1.13% due 03/31/2020		3,607,000		3,526,547
1.13% due 04/30/2020		3,967,000		3,873,714
1.13% due 02/28/2021		1,250,000		1,205,420
1.25% due 03/31/2021		732,000		707,695
1.25% due 07/31/2023		1,500,000		1,398,633
1.38% due 01/15/2020		2,607,000		2,569,015
1.38% due 01/31/2020		2,911,000		2,867,221
1.38% due 02/15/2020		1,993,000		1,961,704
1.38% due 02/29/2020		2,818,000		2,772,428
1.38% due 03/31/2020		3,305,000		3,248,453
1.38% due 04/30/2020		3,564,000		3,499,542
1.38% due 05/31/2020		3,659,000		3,589,107
1.38% due 08/31/2020		3,408,000		3,333,583
1.38% due 09/30/2020		3,243,000		3,168,892
1.38% due 10/31/2020		3,049,000		2,975,872
1.38% due 01/31/2021		1,868,000		1,817,287
1.38% due 04/30/2021		198,000		191,983
1.38% due 06/30/2023		1,500,000		1,409,766
1.38% due 08/31/2023		1,500,000		1,406,191
1.38% due 09/30/2023		143,000		133,900
1.50% due 11/30/2019		1,012,000		1,000,655
1.50% due 05/31/2020		3,646,000		3,587,037
1.50% due 08/15/2026		1,181,000		1,071,527
1.63% due 12/31/2019		1,979,000		1,959,828
1.63% due 11/30/2020		2,465,000		2,420,418
1.63% due 08/15/2022		5,000,000		4,815,625
1.63% due 11/15/2022		1,500,000		1,440,176
1.63% due 10/31/2023		265,000		251,439
1.63% due 02/15/2026		1,186,000		1,093,529
1.63% due 05/15/2026		1,233,000		1,133,734
1.75% due 10/31/2020		2,755,000		2,716,258
1.75% due 12/31/2020		2,070,000		2,037,980
1.75% due 05/15/2022		3,000,000		2,912,930
1.75% due 05/31/2022		2,000,000		1,940,156
1.75% due 06/30/2022		2,000,000		1,938,516
1.75% due 09/30/2022		2,000,000		1,933,203
1.88% due 08/31/2022		2,000,000		1,945,937
2.00% due 07/31/2020		3,253,000		3,233,812
2.00% due 11/30/2020		1,981,000		1,965,059
2.00% due 02/28/2021		565,000		559,549
2.00% due 11/15/2021		2,000,000		1,970,391
2.00% due 07/31/2022		1,000,000		979,258
2.00% due 10/31/2022		3,500,000		3,419,199
2.00% due 11/30/2022		2,000,000		1,952,812
2.00% due 02/15/2023		2,000,000		1,949,453
2.00% due 05/31/2024		2,000,000		1,926,016
2.00% due 06/30/2024		3,000,000		2,886,562
2.00% due 02/15/2025		1,332,000		1,274,714
2.00% due 08/15/2025		1,217,000		1,159,810
2.00% due 11/15/2026		1,155,000		1,090,212
2.13% due 01/31/2021		1,249,000		1,242,267
2.13% due 12/31/2022		2,000,000		1,962,734
2.13% due 11/30/2023		273,000		266,079
2.13% due 03/31/2024		2,000,000		1,943,203
2.13% due 09/30/2024		2,000,000		1,935,547
2.13% due 05/15/2025		1,320,000		1,271,531
2.25% due 12/31/2023		344,000		337,268
2.25% due 01/31/2024		401,000		392,933

Security Description	Principal Amount/ Shares			Value (Note 2)
United States Treasury Notes (continued)
2.25% due 11/15/2024	$	1,352,000		$	1,317,461
2.25% due 11/15/2025		1,242,000			1,202,993
2.25% due 08/15/2027		2,000,000			1,920,703
2.25% due 11/15/2027		3,000,000			2,879,180
2.38% due 08/15/2024		1,221,000			1,200,968
2.50% due 05/15/2024		1,220,000			1,210,755
2.75% due 11/15/2023		522,000			526,445
2.75% due 02/15/2024		535,000			538,950
3.63% due 02/15/2021		140,000			145,343
					131,474,838
Total U.S. Government Treasuries (cost $164,036,370)					161,812,408
EXCHANGE-TRADED FUNDS — 2.9%
iShares 1-3 Year Treasury Bond ETF		22,300			1,864,503
iShares 10-20 Year Treasury Bond ETF		1,600			211,952
iShares 20+ Year Treasury Bond ETF		6,200			760,926
iShares 3-7 Year Treasury Bond ETF		17,100			2,063,457
iShares 7-10 Year Treasury Bond ETF		5,300			547,490
iShares iBoxx Investment Grade Corporate Bond ETF		26,700			3,205,869
Total Exchange-Traded Funds (cost $8,739,004)					8,654,197
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.2%
Insurance-Multi-line — 0.2%
Allstate Corp. 5.75% due 08/15/2053 (cost $529,537)	$	500,000			543,750
Total Long-Term Investment Securities (cost $298,648,484)					297,013,395
SHORT-TERM INVESTMENT SECURITIES — 0.3%
U.S. Government Treasuries — 0.3%
United States Treasury Bills 1.09% due 04/26/18 (cost $997,482)		1,000,000			996,693
REPURCHASE AGREEMENTS — 2.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20%, dated 01/31/2018, to be repurchased 02/01/2018 in the amount of $6,475,036 collateralized by $6,730,000 of United States Treasury Notes bearing interest at 2.13% due 02/29/2024 and having an approximate value of $6,607,864 (cost $6,475,000)		6,475,000			6,475,000
TOTAL INVESTMENTS (cost $306,120,966)(1)		100.0	%		304,485,088
Other assets less liabilities		0.0			86,475
NET ASSETS		100.0	%	$	304,571,563

  # See Note 1

  (1) See Note 3 for cost of investments on a tax basis.

ETF — Exchange-Traded Funds

79

SunAmerica Series Trust SA Fixed Income Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
U.S. Corporate Bonds & Notes	$	—	$	96,233,603	$	—	$	96,233,603
Foreign Corporate Bonds & Notes		—		15,575,080		—		15,575,080
U.S. Government Agencies		—		14,194,357		—		14,194,357
U.S. Government Treasuries		—		161,812,408		—		161,812,408
Exchange-Traded Funds		8,654,197		—		—		8,654,197
Preferred Securities/Capital Securities		—		543,750		—		543,750
Short-Term Investment Securities		—		996,693		—		996,693
Repurchase Agreements		—		6,475,000		—		6,475,000
Total Investments at Value	$	8,654,197	$	295,830,891	$	—	$	304,485,088

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

80

SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio††

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

United States Treasury Notes	52.5	%
Diversified Banking Institutions	5.8
Repurchase Agreements	5.6
Banks-Commercial	4.0
Exchange-Traded Funds	3.9
Federal Home Loan Bank	3.3
Federal National Mtg. Assoc.	3.2
Pipelines	2.0
Medical-Drugs	1.3
Finance-Credit Card	1.0
E-Commerce/Products	1.0
Auto-Cars/Light Trucks	0.9
Cable/Satellite TV	0.9
Tobacco	0.7
Medical-Biomedical/Gene	0.7
Multimedia	0.6
Home Decoration Products	0.6
Applications Software	0.6
Networking Products	0.5
United States Treasury Bonds	0.5
Web Portals/ISP	0.5
Semiconductor Components-Integrated Circuits	0.5
Real Estate Investment Trusts	0.4
Commercial Services-Finance	0.4
Food-Misc./Diversified	0.4
Computers	0.4
Telephone-Integrated	0.4
Retail-Building Products	0.4
Computer Services	0.4
Medical-HMO	0.4
Federal Home Loan Mtg. Corp.	0.4
Machinery-Construction & Mining	0.4
Auto/Truck Parts & Equipment-Original	0.4
Retail-Discount	0.4
Pharmacy Services	0.4
Gas-Distribution	0.4
Banks-Super Regional	0.4
Aerospace/Defense	0.4
Medical Instruments	0.4
Hotels/Motels	0.4
Enterprise Software/Service	0.4
Retail-Restaurants	0.4
Brewery	0.3
Diversified Manufacturing Operations	0.3
Beverages-Non-alcoholic	0.3
Advertising Agencies	0.3
Retail-Drug Store	0.3
Banks-Fiduciary	0.3
Oil Companies-Integrated	0.3
Medical-Generic Drugs	0.3
Cosmetics & Toiletries	0.3
Diagnostic Equipment	0.2
	101.5	%

Credit Quality#†

Aaa	65.3	%
Aa	3.9
A	15.2
Baa	13.7
Ba	0.6
Not Rated@	1.3
	100.0	%

†† See Note 1

* Calculated as a percentage of net assets

# Calculated as a percentage of total debt issues, excluding short-term securities.

† Source: Moody’s

@ Represented debt issues that either have no rating, or the rating is unavailable from the data source.

81

SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio††

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 26.7%
Advertising Agencies — 0.3%
Omnicom Group, Inc. Company Guar. Notes 4.45% due 08/15/2020	$	700,000	$	729,501
Aerospace/Defense — 0.4%
General Dynamics Corp. Company Guar. Notes 2.38% due 11/15/2024		1,000,000		965,427
Applications Software — 0.6%
Microsoft Corp. Senior Notes 3.13% due 11/03/2025		1,300,000		1,304,675
Auto-Cars/Light Trucks — 0.9%
Ford Motor Credit Co. LLC Senior Notes 4.25% due 09/20/2022		900,000		929,001
General Motors Financial Co., Inc. Company Guar. Notes 2.65% due 04/13/2020		1,300,000		1,294,783
				2,223,784
Auto/Truck Parts & Equipment-Original — 0.4%
Lear Corp. Senior Notes 3.80% due 09/15/2027		1,000,000		991,719
Banks-Commercial — 2.3%
Capital One NA Senior Notes 2.35% due 01/31/2020		1,000,000		991,739
Discover Bank Senior Notes 3.10% due 06/04/2020		1,000,000		1,005,694
PNC Bank NA Senior Notes 2.95% due 02/23/2025		2,500,000		2,447,722
Synchrony Bank Senior Notes 3.00% due 06/15/2022		1,000,000		988,558
				5,433,713
Banks-Fiduciary — 0.3%
Bank of New York Mellon Corp. Senior Notes 2.05% due 05/03/2021		700,000		684,535
Banks-Super Regional — 0.4%
Wells Fargo & Co. Senior Notes 3.00% due 04/22/2026		1,000,000		969,517
Beverages-Non-alcoholic — 0.3%
Coca-Cola Co. Senior Notes 2.88% due 10/27/2025		800,000		787,456
Brewery — 0.3%
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 3.65% due 02/01/2026		800,000		809,629

Security Description	Principal Amount		Value (Note 2)
Cable/Satellite TV — 0.9%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.46% due 07/23/2022	$	600,000	$	620,629
Comcast Cable Communications Holdings, Inc. Company Guar. Notes 9.46% due 11/15/2022		600,000		772,117
Comcast Corp. Company Guar. Notes 3.00% due 02/01/2024		800,000		793,931
				2,186,677
Commercial Services-Finance — 0.4%
Block Financial LLC Company Guar. Notes 4.13% due 10/01/2020		1,000,000		1,022,729
Computer Services — 0.4%
International Business Machines Corp. Senior Notes 2.88% due 11/09/2022		1,000,000		995,782
Computers — 0.4%
Apple, Inc. Senior Notes 3.35% due 02/09/2027		1,000,000		999,847
Cosmetics & Toiletries — 0.3%
Procter & Gamble Co. Senior Notes 1.90% due 11/01/2019		600,000		596,493
Diagnostic Equipment — 0.2%
Abbott Laboratories Senior Notes 3.75% due 11/30/2026		500,000		505,174
Diversified Banking Institutions — 2.7%
Bank of America Corp. Senior Notes 3.88% due 08/01/2025		1,200,000		1,242,217
Citigroup, Inc. Senior Notes 2.88% due 07/24/2023		1,300,000		1,279,538
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		1,300,000		1,274,910
JPMorgan Chase & Co. Sub. Notes 3.38% due 05/01/2023		1,300,000		1,307,740
Morgan Stanley Senior Notes 3.75% due 02/25/2023		1,300,000		1,330,197
				6,434,602
Diversified Manufacturing Operations — 0.3%
General Electric Capital Corp. Senior Notes 2.20% due 01/09/2020		800,000		792,932
E-Commerce/Products — 1.0%
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024*		1,200,000		1,175,717

82

SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio††

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
E-Commerce/Products (continued)
eBay, Inc. Senior Notes 3.45% due 08/01/2024	$	1,300,000	$	1,296,488
				2,472,205
Enterprise Software/Service — 0.4%
Oracle Corp. Senior Notes 2.65% due 07/15/2026		900,000		855,787
Finance-Credit Card — 1.0%
American Express Credit Corp. Senior Notes 2.38% due 05/26/2020		2,500,000		2,486,474
Food-Misc./Diversified — 0.4%
Kraft Foods Group, Inc. Company Guar. Notes 3.50% due 06/06/2022		1,000,000		1,011,066
Gas-Distribution — 0.4%
Sempra Energy Senior Notes 3.25% due 06/15/2027		1,000,000		973,861
Home Decoration Products — 0.6%
Newell Rubbermaid, Inc. Senior Notes 3.15% due 04/01/2021		1,300,000		1,304,914
Hotels/Motels — 0.4%
Marriott International, Inc. Senior Notes 3.13% due 06/15/2026		900,000		868,037
Machinery-Construction & Mining — 0.4%
Caterpillar Financial Services Corp. Senior Notes 2.10% due 01/10/2020		1,000,000		993,687
Medical Instruments — 0.4%
Medtronic, Inc. Company Guar. Notes 2.50% due 03/15/2020		900,000		900,264
Medical-Biomedical/Gene — 0.7%
Celgene Corp. Senior Notes 3.88% due 08/15/2025		700,000		714,502
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		900,000		913,663
				1,628,165
Medical-Drugs — 1.3%
AbbVie, Inc. Senior Notes 3.60% due 05/14/2025		800,000		807,395
Johnson & Johnson Senior Notes 2.45% due 03/01/2026		1,000,000		955,457
Novartis Capital Corp. Company Guar. Notes 3.40% due 05/06/2024		1,200,000		1,227,816
				2,990,668

Security Description	Principal Amount		Value (Note 2)
Medical-HMO — 0.4%
UnitedHealth Group, Inc. Senior Bonds 2.88% due 03/15/2023	$	1,000,000	$	994,381
Multimedia — 0.6%
21st Century Fox America, Inc. Company Guar. Notes 3.00% due 09/15/2022		1,500,000		1,504,787
Networking Products — 0.5%
Cisco Systems, Inc. Senior Notes 4.45% due 01/15/2020		1,200,000		1,247,529
Pharmacy Services — 0.4%
Express Scripts Holding Co. Company Guar. Notes 3.00% due 07/15/2023		1,000,000		979,487
Pipelines — 2.0%
Buckeye Partners LP Senior Notes 4.88% due 02/01/2021		700,000		729,387
Enable Midstream Partners LP Senior Notes 2.40% due 05/15/2019		1,100,000		1,091,866
Kinder Morgan, Inc. Company Guar. Notes 3.15% due 01/15/2023		600,000		593,078
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 5.75% due 01/15/2020		700,000		736,455
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.63% due 03/01/2025		500,000		546,557
Williams Partners LP Senior Notes 3.60% due 03/15/2022		1,000,000		1,015,426
				4,712,769
Real Estate Investment Trusts — 0.4%
Simon Property Group LP Senior Notes 4.38% due 03/01/2021		1,000,000		1,048,184
Retail-Building Products — 0.4%
Home Depot, Inc. Senior Notes 2.00% due 06/15/2019		1,000,000		996,796
Retail-Discount — 0.4%
Wal-Mart Stores, Inc. Senior Notes 2.65% due 12/15/2024		1,000,000		986,673
Retail-Drug Store — 0.3%
CVS Health Corp. Senior Notes 4.00% due 12/05/2023		700,000		719,986
Retail-Restaurants — 0.4%
McDonald’s Corp. Senior Notes 3.25% due 06/10/2024		800,000		813,287

83

SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio††

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Semiconductor Components-Integrated Circuits — 0.5%
QUALCOMM, Inc. Senior Notes 2.10% due 05/20/2020	$	500,000	$	495,271
QUALCOMM, Inc. Senior Notes 3.45% due 05/20/2025		700,000		684,462
				1,179,733
Telephone-Integrated — 0.4%
AT&T Inc Senior Notes 2.30% due 03/11/2019		1,000,000		999,424
Tobacco — 0.7%
Altria Group, Inc. Company Guar. Notes 4.00% due 01/31/2024		700,000		732,674
Philip Morris International, Inc. Senior Notes 3.60% due 11/15/2023		1,000,000		1,023,743
				1,756,417
Web Portals/ISP — 0.5%
Alphabet Inc Senior Notes 2.00% due 08/15/2026		1,300,000		1,196,232
Total U.S. Corporate Bonds & Notes (cost $65,362,177)				64,055,005
FOREIGN CORPORATE BONDS & NOTES — 5.4%
Banks-Commercial — 1.7%
Bank of Nova Scotia Senior Notes 2.45% due 03/22/2021		1,850,000		1,832,748
Cooperatieve Rabobank UA Company Guar. Notes 3.88% due 02/08/2022		1,300,000		1,345,088
Credit Suisse AG Senior Notes 3.63% due 09/09/2024		1,000,000		1,016,472
				4,194,308
Diversified Banking Institutions — 3.1%
Barclays PLC Senior Notes 2.75% due 11/08/2019		1,200,000		1,199,778
BNP Paribas SA Company Guar. Notes 2.45% due 03/17/2019		800,000		801,252
Deutsche Bank AG Senior Notes 4.25% due 10/14/2021		1,100,000		1,133,403
HSBC Holdings PLC Senior Notes 3.26% due 03/13/2023		1,300,000		1,303,199
Lloyds Banking Group PLC Senior Notes 3.00% due 01/11/2022		1,300,000		1,291,567
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.85% due 03/01/2026		800,000		811,746

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.63% due 07/14/2026	$	1,000,000	$	927,506
				7,468,451
Medical-Generic Drugs — 0.3%
Actavis Funding SCS Company Guar. Notes 3.80% due 03/15/2025		600,000		602,436
Oil Companies-Integrated — 0.3%
Total Capital International SA Company Guar. Notes 3.75% due 04/10/2024		600,000		624,952
Total Foreign Corporate Bonds & Notes (cost $13,149,953)				12,890,147
U.S. GOVERNMENT AGENCIES — 6.9%
Federal Home Loan Bank — 3.3%
0.88% due 08/05/2019		2,000,000		1,963,226
1.75% due 06/12/2020		2,000,000		1,976,324
1.75% due 07/13/2020		2,000,000		1,972,988
1.88% due 03/13/2020		2,000,000		1,985,938
				7,898,476
Federal Home Loan Mtg. Corp. — 0.4%
2.42% due 01/24/2022		1,000,000		993,901
Federal National Mtg. Assoc. — 3.2%
zero coupon due 10/09/2019		2,000,000		1,922,536
1.38% due 10/07/2021		2,000,000		1,925,338
2.00% due 01/05/2022		1,000,000		983,110
2.13% due 04/24/2026		2,000,000		1,899,990
2.63% due 09/06/2024		1,000,000		993,978
				7,724,952
Total U.S. Government Agencies (cost $16,768,994)				16,617,329
U.S. GOVERNMENT TREASURIES — 53.0%
United States Treasury Bonds — 0.5%
6.00% due 02/15/2026		1,000,000		1,240,430
United States Treasury Notes — 52.5%
0.75% due 02/15/2019		1,000,000		987,539
0.75% due 07/15/2019		1,000,000		981,289
0.75% due 08/15/2019		1,000,000		980,195
0.88% due 04/15/2019		1,000,000		986,602
0.88% due 05/15/2019		1,000,000		985,469
0.88% due 06/15/2019		1,000,000		984,258
1.00% due 03/15/2019		1,000,000		989,063
1.00% due 06/30/2019		1,000,000		985,547
1.00% due 11/30/2019		1,000,000		979,922
1.13% due 01/31/2019		1,000,000		991,875
1.13% due 02/28/2019		1,000,000		990,859
1.13% due 05/31/2019		1,000,000		988,203
1.13% due 06/30/2021		1,400,000		1,342,906
1.13% due 07/31/2021		1,400,000		1,340,937
1.25% due 03/31/2019		1,000,000		991,484
1.25% due 04/30/2019		1,200,000		1,188,703
1.25% due 05/31/2019		1,000,000		989,883
1.25% due 06/30/2019		1,000,000		989,023
1.25% due 01/31/2020		1,300,000		1,277,148
1.25% due 03/31/2021		1,300,000		1,256,836
1.38% due 02/28/2019		1,000,000		993,594
1.38% due 07/31/2019		1,000,000		989,766

84

SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio††

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
1.38% due 01/31/2020	$	1,000,000	$	984,961
1.38% due 03/31/2020		1,300,000		1,277,758
1.38% due 04/30/2020		1,300,000		1,276,488
1.38% due 08/31/2020		1,300,000		1,271,613
1.38% due 10/31/2020		1,300,000		1,268,820
1.38% due 01/31/2021		1,300,000		1,264,707
1.38% due 04/30/2021		1,300,000		1,260,492
1.38% due 05/31/2021		1,400,000		1,355,758
1.38% due 06/30/2023		1,300,000		1,221,797
1.38% due 08/31/2023		1,300,000		1,218,699
1.38% due 09/30/2023		1,300,000		1,217,277
1.50% due 01/31/2019		1,000,000		995,508
1.50% due 02/28/2019		1,000,000		994,883
1.50% due 05/31/2019		1,300,000		1,291,012
1.50% due 10/31/2019		1,300,000		1,286,289
1.50% due 06/15/2020		1,300,000		1,278,520
1.50% due 07/15/2020		1,400,000		1,375,609
1.50% due 08/15/2020		1,300,000		1,276,234
1.50% due 02/28/2023		1,200,000		1,140,797
1.50% due 03/31/2023		1,200,000		1,139,391
1.63% due 04/30/2019		1,100,000		1,094,629
1.63% due 12/31/2019		1,300,000		1,287,406
1.63% due 07/31/2020		1,300,000		1,280,652
1.63% due 08/31/2022		1,300,000		1,250,895
1.63% due 02/15/2026		1,300,000		1,198,641
1.63% due 05/15/2026		1,400,000		1,287,289
1.75% due 09/30/2019		2,000,000		1,988,828
1.75% due 12/31/2020		1,300,000		1,279,891
1.75% due 11/30/2021		1,300,000		1,268,008
1.75% due 09/30/2022		1,000,000		966,602
1.75% due 01/31/2023		1,200,000		1,155,938
1.75% due 05/15/2023		1,300,000		1,248,254
1.88% due 06/30/2020		1,200,000		1,190,109
1.88% due 11/30/2021		1,300,000		1,274,609
1.88% due 02/28/2022		1,300,000		1,270,699
1.88% due 04/30/2022		2,000,000		1,951,719
1.88% due 07/31/2022		1,300,000		1,265,621
1.88% due 08/31/2022		1,200,000		1,167,563
2.00% due 11/30/2020		1,300,000		1,289,539
2.00% due 05/31/2021		2,000,000		1,977,187
2.00% due 08/31/2021		1,300,000		1,282,379
2.00% due 10/31/2021		1,300,000		1,280,652
2.00% due 11/15/2021		1,300,000		1,280,754
2.00% due 12/31/2021		1,300,000		1,278,824
2.00% due 02/15/2022		1,300,000		1,278,215
2.00% due 11/30/2022		1,200,000		1,171,688
2.00% due 02/15/2023		1,300,000		1,267,145
2.00% due 04/30/2024		1,300,000		1,252,824
2.00% due 05/31/2024		1,300,000		1,251,910
2.00% due 02/15/2025		1,300,000		1,244,090
2.00% due 08/15/2025		1,300,000		1,238,910
2.00% due 11/15/2026		1,300,000		1,227,078
2.13% due 08/31/2020		1,300,000		1,295,684
2.13% due 01/31/2021		1,300,000		1,292,992
2.13% due 09/30/2021		1,300,000		1,287,000
2.13% due 12/31/2021		1,300,000		1,284,867
2.13% due 06/30/2022		1,200,000		1,181,953
2.13% due 12/31/2022		1,200,000		1,177,641
2.13% due 11/30/2023		1,300,000		1,267,043
2.13% due 02/29/2024		1,200,000		1,166,531
2.13% due 03/31/2024		1,300,000		1,263,082
2.13% due 07/31/2024		1,300,000		1,259,730

Security Description	Principal Amount/ Shares			Value (Note 2)
United States Treasury Notes (continued)
2.13% due 05/15/2025	$	1,300,000		$	1,252,266
2.25% due 11/15/2024		1,300,000			1,266,789
2.25% due 11/15/2025		1,300,000			1,259,172
2.25% due 02/15/2027		1,300,000			1,250,996
2.25% due 08/15/2027		1,300,000			1,248,457
2.25% due 11/15/2027		2,000,000			1,919,453
2.38% due 08/15/2024		1,300,000			1,278,672
2.38% due 05/15/2027		1,300,000			1,263,031
2.63% due 08/15/2020		1,300,000			1,311,781
2.63% due 11/15/2020		1,300,000			1,311,680
2.75% due 02/15/2019		1,000,000			1,007,969
2.75% due 11/15/2023		1,300,000			1,311,070
2.75% due 02/15/2024		1,300,000			1,309,598
3.13% due 05/15/2019		1,100,000			1,115,254
3.13% due 05/15/2021		1,300,000			1,331,434
3.63% due 02/15/2020		2,000,000			2,057,891
3.63% due 02/15/2021		1,300,000			1,349,613
8.88% due 02/15/2019		1,000,000			1,070,859
					125,728,770
Total U.S. Government Treasuries (cost $129,404,992)					126,969,200
EXCHANGE-TRADED FUNDS — 3.9%
iShares 1-3 Year Treasury Bond ETF		33,300			2,784,213
iShares 3-7 Year Treasury Bond ETF		22,900			2,763,343
iShares 7-10 Year Treasury Bond ETF		7,300			754,090
iShares iBoxx Investment Grade Corporate Bond ETF		24,400			2,929,708
Total Exchange-Traded Funds (cost $9,259,285)					9,231,354
Total Long-Term Investment Securities (cost $233,945,401)					229,763,035
REPURCHASE AGREEMENTS — 5.6%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20%, dated 01/31/2018, to be repurchased 02/01/2018 in the amount of $13,295,074 collateralized by $13,815,000 of United States Treasury Notes, bearing interest at 2.13% due 02/29/2024 and having an approximate value of $13,564,285 (cost $13,295,000)	$	13,295,000			13,295,000
TOTAL INVESTMENTS (cost $247,240,401)(1)		101.5	%		243,058,035
Liabilities in excess of other assets		(1.5	)		(3,548,263	)
NET ASSETS		100.0	%	$	239,509,772

†† See Note 1

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $1,175,717 representing 0.5% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) See Note 3 for cost of investments on a tax basis.

ETF — Exchange-Traded Funds

85

SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio††

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
U.S. Corporate Bonds & Notes	$	—	$	64,055,005	$	—	$	64,055,005
Foreign Corporate Bonds & Notes		—		12,890,147		—		12,890,147
U.S. Government Agencies		—		16,617,329		—		16,617,329
U.S. Government Treasuries		—		126,969,200		—		126,969,200
Exchange-Traded Funds		9,231,354		—		—		9,231,354
Repurchase Agreements		—		13,295,000		—		13,295,000
Total Investments at Value	$	9,231,354	$	233,826,681	$	—	$	243,058,035

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

86

SunAmerica Series Trust SA Franklin Foreign Value Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Medical-Drugs	10.6	%
Oil Companies-Integrated	10.2
Diversified Banking Institutions	7.2
Banks-Commercial	6.8
Diversified Financial Services	4.2
Telecom Services	4.2
Electronic Components-Semiconductors	4.2
Insurance-Multi-line	3.1
Building Products-Cement	2.5
Cellular Telecom	2.5
Telephone-Integrated	2.4
Chemicals-Diversified	2.2
Real Estate Operations & Development	2.0
Aerospace/Defense	2.0
Diversified Manufacturing Operations	1.9
Electric-Distribution	1.8
Repurchase Agreements	1.8
Oil Companies-Exploration & Production	1.8
Diagnostic Kits	1.4
Beverages-Non-alcoholic	1.4
Electronic Components-Misc.	1.4
Medical-Generic Drugs	1.4
Rubber-Tires	1.4
Retail-Building Products	1.3
Web Portals/ISP	1.3
Diversified Minerals	1.2
Insurance-Life/Health	1.2
Diversified Operations	1.2
Medical Instruments	1.2
Retail-Misc./Diversified	1.1
Oil-Field Services	1.1
Building & Construction Products-Misc.	1.1
Distribution/Wholesale	0.9
Brewery	0.9
Computers	0.9
Steel-Producers	0.8
Water	0.8
Semiconductor Components-Integrated Circuits	0.7
Medical-Wholesale Drug Distribution	0.7
Audio/Video Products	0.7
Agricultural Chemicals	0.6
Chemicals-Specialty	0.6
Precious Metals	0.6
Satellite Telecom	0.6
Retail-Drug Store	0.5
Aerospace/Defense-Equipment	0.5
Dialysis Centers	0.4
Food-Retail	0.3
Insurance-Reinsurance	0.3
	99.9	%

Country Allocation*

United Kingdom	17.7	%
Germany	11.7
Japan	11.3
France	9.4
South Korea	7.4
Netherlands	5.5
Switzerland	4.1
China	4.0
Cayman Islands	3.8
Taiwan	2.2
Thailand	2.1
Norway	2.0
Ireland	1.9
Singapore	1.9
United States	1.8
Belgium	1.7
Canada	1.5
Italy	1.5
Denmark	1.4
Israel	1.4
Sweden	1.2
Portugal	1.0
Bermuda	1.0
Hong Kong	0.9
Jersey	0.9
Luxembourg	0.6
	99.9	%

* Calculated as a percentage of net assets

# See Note 1

87

SunAmerica Series Trust SA Franklin Foreign Value Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Belgium — 1.7%
UCB SA		209,270	$	18,239,301
Bermuda — 1.0%
Kunlun Energy Co., Ltd.		10,778,000		10,691,681
Canada — 1.5%
Husky Energy, Inc.†		308,500		4,522,159
Suncor Energy, Inc.		167,500		6,068,130
Tahoe Resources, Inc.		175,600		775,210
Wheaton Precious Metals Corp.		262,200		5,663,946
				17,029,445
Cayman Islands — 3.8%
Baidu, Inc. ADR†		56,030		13,834,927
CK Asset Holdings, Ltd.		1,546,284		14,755,882
CK Hutchison Holdings, Ltd.		947,284		12,787,635
				41,378,444
China — 4.0%
China Life Insurance Co., Ltd.		3,873,000		13,095,415
China Telecom Corp., Ltd.		35,269,383		17,448,373
Shanghai Pharmaceuticals Holding Co., Ltd.		2,133,100		5,589,992
Sinopharm Group Co., Ltd.		1,830,000		8,082,491
				44,216,271
Denmark — 1.4%
Novozymes A/S, Class B		120,199		6,667,139
Orsted A/S*		143,996		8,743,773
				15,410,912
France — 9.4%
AXA SA		473,514		15,576,176
BNP Paribas SA		263,970		21,826,943
Cie de Saint-Gobain		202,840		11,789,700
Cie Generale des Etablissements Michelin		74,308		11,882,711
Sanofi		179,756		15,872,278
TOTAL SA		310,040		17,951,214
Veolia Environnement SA		338,943		8,538,328
				103,437,350
Germany — 11.7%
Bayer AG		131,090		17,157,606
Fresenius Medical Care AG & Co. KGaA		34,695		4,006,028
HeidelbergCement AG		121,480		13,163,871
Infineon Technologies AG		371,970		10,811,188
Innogy SE*		298,690		11,384,741
LANXESS AG		208,180		18,149,470
Merck KGaA		126,200		13,791,288
Siemens AG		140,750		21,347,230
Telefonica Deutschland Holding AG		1,826,369		9,228,839
thyssenkrupp AG		289,480		9,107,293
				128,147,554
Hong Kong — 0.9%
China Mobile, Ltd.		975,000		10,295,105
Ireland — 1.9%
Bank of Ireland Group PLC†		637,391		6,220,031
CRH PLC		393,285		14,609,424
				20,829,455

Security Description	Shares		Value (Note 2)
Israel — 1.4%
Teva Pharmaceutical Industries, Ltd. ADR		738,742	$	15,077,724
Italy — 1.5%
Eni SpA		907,015		16,312,745
Japan — 11.3%
Astellas Pharma, Inc.		856,500		11,297,609
Ezaki Glico Co., Ltd.		9,200		468,554
IHI Corp.		149,400		4,995,054
Inpex Corp.		644,800		8,381,160
Kirin Holdings Co., Ltd.		382,000		9,521,132
Mitsui Fudosan Co., Ltd.		293,000		7,669,208
Omron Corp.		134,800		8,408,794
Panasonic Corp.		527,000		7,815,453
Ryohin Keikaku Co., Ltd.		37,400		12,487,222
Seven & i Holdings Co., Ltd.		73,700		3,028,471
SoftBank Group Corp.		219,500		18,055,418
Sumitomo Metal Mining Co., Ltd.		288,400		13,494,066
Sumitomo Rubber Industries, Ltd.		143,300		2,778,841
Suntory Beverage & Food, Ltd.		321,600		15,347,953
				123,748,935
Jersey — 0.9%
Shire PLC		209,218		9,884,607
Luxembourg — 0.6%
SES SA FDR		412,048		6,430,536
Netherlands — 5.5%
Aegon NV		2,746,410		18,781,203
Akzo Nobel NV		56,884		5,326,486
ING Groep NV		456,818		8,978,178
QIAGEN NV†		462,164		15,458,161
SBM Offshore NV		635,078		11,850,868
				60,394,896
Norway — 2.0%
Telenor ASA		652,665		15,281,821
Yara International ASA		143,050		6,875,174
				22,156,995
Portugal — 1.0%
Galp Energia SGPS SA		562,530		10,734,546
Singapore — 1.9%
Singapore Telecommunications, Ltd.		1,582,000		4,269,157
Singapore Telecommunications, Ltd. 10		3,354,300		9,077,424
United Overseas Bank, Ltd.		354,600		7,414,757
				20,761,338
South Korea — 7.4%
Hana Financial Group, Inc.		559,289		27,287,500
KB Financial Group, Inc. ADR		300,136		18,809,523
Samsung Electronics Co., Ltd. GDR*		29,713		35,180,192
				81,277,215
Sweden — 1.2%
Getinge AB, Class B		924,777		12,663,034
Switzerland — 4.1%
Novartis AG		86,270		7,804,388
Roche Holding AG		73,270		18,062,639
Swiss Re AG		28,117		2,773,183
UBS Group AG		804,670		16,339,794
				44,980,004

88

SunAmerica Series Trust SA Franklin Foreign Value Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Taiwan — 2.2%
Pegatron Corp. GDR		503,527	$	6,824,150
Quanta Computer, Inc.		4,325,000		9,422,981
Taiwan Semiconductor Manufacturing Co., Ltd.		951,000		8,320,496
				24,567,627
Thailand — 2.1%
Bangkok Bank PCL		3,273,400		23,202,260
United Kingdom — 17.7%
BAE Systems PLC		1,495,771		12,615,192
Barclays PLC		6,354,350		18,039,028
BP PLC		4,448,812		31,652,700
GlaxoSmithKline PLC		244,547		4,584,692
HSBC Holdings PLC ADR		430,597		23,213,484
Kingfisher PLC		2,896,740		14,271,884
Rolls-Royce Holdings PLC		724,980		8,976,041
Royal Dutch Shell PLC, Class B ADR		345,232		24,832,538
Standard Chartered PLC†		2,420,175		28,163,786
Travis Perkins PLC		498,141		10,329,901
Vodafone Group PLC		5,453,683		17,391,697
				194,070,943
Total Long-Term Investment Securities (cost $856,431,019)				1,075,938,923

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 1.8%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20%, dated 01/31/2018, to be repurchased 02/01/2018 in the amount of $20,038,111 collateralized by $20,620,000 of United States Treasury Notes, bearing interest at 2.50% due 01/31/2025 and having an approximate value of $20,439,575 (cost $20,038,000)	$	20,038,000		$	20,038,000
TOTAL INVESTMENTS — (cost $876,469,019)(1)		99.9	%		1,095,976,923
Other assets less liabilities		0.1			680,896
NET ASSETS		100.0	%	$	1,096,657,819

# See Note 1

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $55,308,706 representing 5.0% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) See Note 3 for cost of investments on a tax basis.

ADR — American Depositary Receipt

FDR — Fiduciary Depositary Receipt

GDR — Global Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Taiwan	$	17,743,477	$	6,824,150	$	—	$	24,567,627
Other Countries		1,051,371,296		—		—		1,051,371,296
Repurchase Agreements		—		20,038,000		—		20,038,000
Total Investments at Value	$	1,069,114,773	$	26,862,150	$	—	$	1,095,976,923

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $87,413,673 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

89

SunAmerica Series Trust SA Franklin Small Company Value Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Banks-Commercial	15.7	%
Real Estate Investment Trusts	5.2
U.S. Government Agencies	4.8
Insurance-Multi-line	4.2
Oil-Field Services	3.8
Building & Construction Products-Misc.	3.8
Chemicals-Specialty	3.3
Oil Companies-Exploration & Production	3.1
Machinery-General Industrial	2.9
Semiconductor Equipment	2.8
Recreational Vehicles	2.7
Aerospace/Defense-Equipment	2.6
Insurance-Reinsurance	2.5
Insurance-Property/Casualty	2.4
Retail-Restaurants	1.9
Machinery-Construction & Mining	1.9
Food-Meat Products	1.9
Steel Pipe & Tube	1.9
Steel-Producers	1.8
Rental Auto/Equipment	1.8
Gold Mining	1.6
Electronic Components-Misc.	1.6
Airlines	1.5
Building Products-Wood	1.5
Repurchase Agreements	1.4
Building-Residential/Commercial	1.4
Electric-Integrated	1.4
Aerospace/Defense	1.3
Metal Processors & Fabrication	1.2
Chemicals-Plastics	1.2
Gas-Distribution	1.2
Diversified Manufacturing Operations	1.2
Building-Heavy Construction	1.1
Wire & Cable Products	1.1
Food-Misc./Diversified	1.1
Auto/Truck Parts & Equipment-Original	1.1
Building-Mobile Home/Manufactured Housing	1.0
Retail-Apparel/Shoe	0.9
Machine Tools & Related Products	0.8
Transport-Truck	0.7
Building & Construction-Misc.	0.6
Electronic Components-Semiconductors	0.6
Oil & Gas Drilling	0.5
Medical Products	0.5
Telecom Equipment-Fiber Optics	0.5
Disposable Medical Products	0.5
Machinery-Electrical	0.4
Water	0.3
Oil Field Machinery & Equipment	0.3
Retail-Home Furnishings	0.1
	99.6	%

* Calculated as a percentage of net assets

# See Note 1

90

SunAmerica Series Trust SA Franklin Small Company Value Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 92.2%
Aerospace/Defense — 1.3%
Esterline Technologies Corp.†		68,484	$	5,036,998
Aerospace/Defense-Equipment — 2.6%
AAR Corp.		243,942		9,872,333
Airlines — 1.5%
Spirit Airlines, Inc.†		135,900		5,724,108
Auto/Truck Parts & Equipment-Original — 1.1%
Titan International, Inc.		296,142		3,941,650
Banks-Commercial — 15.7%
Access National Corp.		71,121		2,066,065
Bryn Mawr Bank Corp.		69,639		3,126,791
Chemical Financial Corp.		185,567		10,838,969
Columbia Banking System, Inc.		200,900		8,654,772
First Horizon National Corp.		529,100		10,507,926
First of Long Island Corp.		134,922		3,791,308
German American Bancorp, Inc.		33,227		1,152,645
Glacier Bancorp, Inc.		125,900		4,937,798
Lakeland Financial Corp.		150,950		7,256,167
Peoples Bancorp, Inc.		82,200		2,927,142
Pinnacle Financial Partners, Inc.		3,141		198,825
TrustCo Bank Corp.		136,809		1,176,557
Washington Trust Bancorp, Inc.		35,243		1,896,073
				58,531,038
Building & Construction Products-Misc. — 3.8%
Gibraltar Industries, Inc.†		139,222		5,165,136
Simpson Manufacturing Co., Inc.		151,953		8,925,719
				14,090,855
Building & Construction-Misc. — 0.6%
EMCOR Group, Inc.		29,174		2,371,263
Building Products-Wood — 1.5%
Universal Forest Products, Inc.		149,836		5,593,378
Building-Heavy Construction — 1.1%
Granite Construction, Inc.		62,200		4,148,118
Building-Mobile Home/Manufactured Housing — 1.0%
Thor Industries, Inc.		27,040		3,695,286
Building-Residential/Commercial — 1.4%
M/I Homes, Inc.†		162,593		5,258,258
Chemicals-Plastics — 1.2%
A. Schulman, Inc.		45,141		1,760,499
Landec Corp.†		199,100		2,618,165
				4,378,664
Chemicals-Specialty — 3.3%
Ingevity Corp.†		38,800		2,814,940
Minerals Technologies, Inc.		66,556		5,001,684
Versum Materials, Inc.		121,359		4,466,011
				12,282,635
Disposable Medical Products — 0.5%
STERIS PLC		20,750		1,886,590
Diversified Manufacturing Operations — 1.2%
Carlisle Cos., Inc.		17,700		2,021,517
Federal Signal Corp.		114,800		2,335,032
				4,356,549

Security Description	Shares		Value (Note 2)
Electric-Integrated — 1.4%
Black Hills Corp.		27,100	$	1,505,405
IDACORP, Inc.		42,811		3,693,733
				5,199,138
Electronic Components-Misc. — 1.6%
Gentex Corp.		9,500		224,960
Plexus Corp.†		95,132		5,684,137
				5,909,097
Electronic Components-Semiconductors — 0.6%
Synaptics, Inc.†		52,300		2,266,682
Food-Meat Products — 1.9%
Maple Leaf Foods, Inc.		246,783		6,992,185
Food-Misc./Diversified — 1.1%
Dairy Crest Group PLC		474,600		3,965,669
Gas-Distribution — 1.2%
Spire, Inc.		65,788		4,374,902
Gold Mining — 1.6%
Detour Gold Corp.†		286,200		3,057,454
OceanaGold Corp.		1,047,300		2,886,461
				5,943,915
Insurance-Multi-line — 4.2%
Horace Mann Educators Corp.		125,023		5,163,450
Old Republic International Corp.		485,552		10,434,512
				15,597,962
Insurance-Property/Casualty — 2.4%
Hanover Insurance Group, Inc.		79,800		9,029,370
Insurance-Reinsurance — 2.5%
Aspen Insurance Holdings, Ltd.		79,450		2,967,457
Validus Holdings, Ltd.		91,658		6,205,247
				9,172,704
Machine Tools & Related Products — 0.8%
Kennametal, Inc.		64,107		3,127,139
Machinery-Construction & Mining — 1.9%
Astec Industries, Inc.		112,304		7,007,770
Machinery-Electrical — 0.4%
Regal Beloit Corp.		17,500		1,363,250
Machinery-General Industrial — 2.9%
Manitowoc Co, Inc.†		98,260		3,938,261
Zebra Technologies Corp., Class A†		54,800		6,749,168
				10,687,429
Medical Products — 0.5%
Hill-Rom Holdings, Inc.		23,780		2,029,147
Metal Processors & Fabrication — 1.0%
Mueller Industries, Inc.		108,783		3,599,629
Oil & Gas Drilling — 0.5%
Rowan Cos. PLC, Class A†		138,758		2,042,518
Oil Companies-Exploration & Production — 2.1%
Energen Corp.†		110,000		5,745,300
Unit Corp.†		93,100		2,255,813
				8,001,113
Oil Field Machinery & Equipment — 0.3%
Natural Gas Services Group, Inc.†		36,814		1,014,226

91

SunAmerica Series Trust SA Franklin Small Company Value Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil-Field Services — 3.8%
Helix Energy Solutions Group, Inc.†		11,100	$	83,583
Hunting PLC†		873,121		7,599,364
Oil States International, Inc.†		202,895		6,492,640
				14,175,587
Real Estate Investment Trusts — 5.2%
Brandywine Realty Trust		348,200		6,246,708
Highwoods Properties, Inc.		73,900		3,538,332
LTC Properties, Inc.		84,737		3,472,522
Retail Properties of America, Inc., Class A		154,600		1,862,930
Sunstone Hotel Investors, Inc.		244,404		4,118,208
				19,238,700
Recreational Vehicles — 2.7%
BRP, Inc.		152,151		6,291,382
LCI Industries		35,800		3,946,950
				10,238,332
Rental Auto/Equipment — 1.8%
McGrath RentCorp		139,076		6,647,833
Retail-Apparel/Shoe — 0.9%
Caleres, Inc.		114,947		3,407,029
Retail-Home Furnishings — 0.1%
La-Z-Boy, Inc.		12,999		391,920
Retail-Restaurants — 1.9%
Brinker International, Inc.		196,504		7,140,955
Semiconductor Equipment — 2.8%
Cohu, Inc.		117,201		2,668,666
Kulicke & Soffa Industries, Inc.†		192,900		4,438,629
MKS Instruments, Inc.		18,573		1,900,018
Photronics, Inc.†		153,997		1,293,575
				10,300,888
Steel Pipe & Tube — 1.9%
Mueller Water Products, Inc., Class A		596,300		6,934,969
Steel-Producers — 1.8%
Reliance Steel & Aluminum Co.		76,300		6,683,117
Telecom Equipment-Fiber Optics — 0.5%
Finisar Corp.†		112,400		2,018,704
Transport-Truck — 0.7%
Saia, Inc.†		32,791		2,477,360
Water — 0.3%
Connecticut Water Service, Inc.		23,500		1,246,675
Wire & Cable Products — 1.1%
Encore Wire Corp.		20,653		1,045,042
Insteel Industries, Inc.		94,918		2,973,781
				4,018,823
Total Common Stocks (cost $266,004,231)				343,412,460

Security Description	Principal Amount			Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 1.2%
Metal Processors & Fabrication — 0.2%
Mueller Industries, Inc. Sub. Notes 6.00% due 03/01/2027	$	792,000		$	811,800
Oil Companies-Exploration & Production — 1.0%
Unit Corp. Company Guar. Notes 6.63% due 05/15/2021		3,675,000			3,707,156
Total U.S. Corporate Bonds & Notes (cost $4,277,773)					4,518,956
Total Long-Term Investment Securities (cost $270,282,004)					347,931,416
SHORT-TERM INVESTMENT SECURITIES — 4.8%
U.S. Government Agencies — 4.8%
Federal Home Loan Bank Disc. Notes 1.22% due 02/01/2018 (cost $17,695,000)		17,695,000			17,695,000
REPURCHASE AGREEMENTS — 1.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20%, dated 01/31/2018, to be repurchased 02/01/2018 in the amount $5,303,029 collateralized by $5,500,000 of United States Treasury Bonds, bearing interest at 1.88% due 03/31/2022 and having an approximate value of $5,412,187 (cost $5,303,000)		5,303,000			5,303,000
TOTAL INVESTMENTS (cost $293,280,004)(1)		99.6	%		370,929,416
Other assets less liabilities		0.4			1,388,512
NET ASSETS		100.0	%	$	372,317,928

† Non-income producing security

# See Note 1

(1) See Note 3 for cost of investments on a tax basis.

92

SunAmerica Series Trust SA Franklin Small Company Value Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	343,412,460	$	—	$	—	$	343,412,460
U.S. Corporate Bonds & Notes		—		4,518,956		—		4,518,956
Short-Term Investments Securities		—		17,695,000		—		17,695,000
Repurchase Agreements		—		5,303,000		—		5,303,000
Total Investments at Value	$	343,412,460	$	27,516,956	$	—	$	370,929,416

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

93

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Sovereign	50.6	%
Diversified Financial Services	9.9
Foreign Government Obligations	6.4
Registered Investment Companies	5.7
United States Treasury Bonds	5.4
United States Treasury Notes	3.1
Banks-Special Purpose	2.8
Banks-Commercial	2.4
Regional Agencies	1.7
Diversified Banking Institutions	1.4
Winding-Up Agency	0.8
Regional Authority	0.7
Federal National Mtg. Assoc.	0.6
Sovereign Agency	0.6
Brewery	0.5
Federal Home Loan Bank	0.5
Pipelines	0.5
Tobacco	0.5
Cellular Telecom	0.5
SupraNational Banks	0.4
Federal Home Loan Mtg. Corp.	0.4
Banks-Super Regional	0.3
Oil Companies-Integrated	0.1
Cable/Satellite TV	0.1
Real Estate Investment Trusts	0.1
Oil Refining & Marketing	0.1
Options-Purchased	0.0
	96.1	%

Country Allocation*

United States	26.1	%
Japan	24.5
Italy	10.3
France	7.1
United Kingdom	6.7
Germany	5.9
Spain	5.5
Cayman Islands	2.1
Canada	1.5
Australia	1.2
Belgium	0.9
Egypt	0.8
SupraNational	0.4
Sweden	0.4
Argentina	0.3
South Africa	0.3
Denmark	0.3
Austria	0.2
Ecuador	0.2
Switzerland	0.2
Dominican Republic	0.2
Venezuela	0.2
Indonesia	0.2
Mexico	0.2
Luxembourg	0.1
Netherlands	0.1
Israel	0.1
India	0.1
	96.1	%
Credit Quality†**
Aaa	26.3	%
Aa	14.2
A	23.8
Baa	23.0
Ba	0.5
B	0.6
Caa	0.4
Ca	0.3
Not Rated@	10.9
	100.0	%

* Calculated as a percentage of net assets

** Calculated as a percentage of total debt issues excluding short-term securities.

† Source: Moody’s

@ Represents debt issues that either have no rating, or the rating is unavailable from the data source.

94

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Principal Amount**		Value (Note 2)
ASSET BACKED SECURITIES — 9.9%
Cayman Islands — 2.1%
Acis CLO, Ltd. FRS Series 2013-1A, Class A1 2.60% (3 ML+0.87%) due 04/18/2024*(1)	$	839,698	$	839,640
Acis CLO, Ltd. FRS Series 2013-1A, Class B 3.68% (3 ML+1.95%) due 04/18/2024*(1)		365,785		366,690
Acis CLO, Ltd. FRS Series 2013-1A, Class C 4.68% (3 ML+2.95%) due 04/18/2024*(1)		231,035		231,143
OCP CLO, Ltd. FRS Series 2014-5A, Class A1 2.75% (3 ML+1.00%) due 04/26/2026*(1)		2,160,000		2,160,583
OFSI Fund V, Ltd. FRS Series 2013-5A, Class A1LA 2.66% (3 ML+0.93%) due 04/17/2025*(1)		390,478		390,557
OFSI Fund VI, Ltd. FRS Series 2014-6A, Class A1 2.75% (3 ML+1.03%) due 03/20/2025*(1)		2,377,385		2,378,436
Recette Clo, Ltd. FRS Series 2015-1A, Class AR 2.66% (3 ML+0.92%) due 10/20/2027*(1)		3,050,000		3,049,518
				9,416,567
United States — 7.8%
Bank of America Student Loan Trust FRS Series 2010-1A, Class A 2.55% (3 ML+0.80%) due 02/25/2043*		458,538		460,865
Countrywide Alternative Loan Trust FRS Series 2006-OA1, Class 2A1 1.77% (1 ML+0.21%) due 03/20/2046(3)		530,120		448,272
Countrywide Alternative Loan Trust FRS Series 2005-82, Class A1 1.83% (1 ML+0.27%) due 02/25/2036(3)		542,006		473,705
ECMC Group Student Loan Trust FRS Series 2016-1A, Class A 2.91% (1 ML+1.35%) due 07/26/2066*		2,152,814		2,189,459
Higher Education Funding I FRS Series 2014-1, Class A 2.51% (3 ML+1.05%) due 05/25/2034*		1,772,791		1,790,417
Home Equity Loan Trust FRS Series 2007-FRE1, Class 2AV3 1.79% (1 ML+0.23%) due 04/25/2037		750,000		656,481

Security Description	Principal Amount**		Value (Note 2)
United States (continued)
Lehman XS Trust FRS Series 2007-7N, Class 1A2 1.80% (1 ML+0.24%) due 06/25/2047(3)	$	487,989	$	428,700
Louisiana Public Facilities Authority FRS Series 2011-A, Class A3 2.26% (3 ML+0.95%) due 04/25/2035		3,150,000		3,176,114
Montana Higher Education Student Assistance Corp. FRS Series 2012-1, Class A3 2.61% (1 ML+1.50%) due 07/20/2043		1,300,000		1,326,774
Mtg. Repurchase Agreement Financing Trust FRS Series 2017-2, Class A1 1.78% (1 ML+0.55%) due 08/12/2019*(3)		4,450,000		4,450,164
Navient Student Loan Trust FRS Series 2016-5A, Class A 2.81% (1 ML+1.25%) due 06/25/2065*		2,393,446		2,447,122
Nelnet Student Loan Trust FRS Series 2006-1, Class A6 1.90% (3 ML+0.45%) due 08/23/2036*		2,300,000		2,272,878
New Hampshire Higher Education Loan Corp. FRS Series 2011-1, Class A3 2.60% (3 ML+0.85%) due 10/25/2037		1,550,000		1,566,709
North Carolina State Education Assistance Authority FRS Series 2010-1, Class A1 2.65% (3 ML+0.90%) due 07/25/2041		855,402		864,024
Panhandle-Plains Higher Education Authority, Inc. FRS Series 2011-1, Class A3 2.64% (3 ML+0.95%) due 10/01/2037		1,250,000		1,268,736
Scholar Funding Trust FRS Series 2010-A, Class A 2.13% (3 ML+0.75%) due 10/28/2041*		669,467		669,468
Sequoia Mtg. Trust FRS Series 2004-10, Class A3A 2.21% (6ML+0.66%) due 11/20/2034(3)		50,059		49,580
SLM Student Loan Trust FRS Series 2003-1, Class A5A 1.70% (3 ML+0.11%) due 12/15/2032*		1,688,421		1,639,818
SLM Student Loan Trust FRS Series 2007-2, Class A4 1.81% (3 ML+0.06%) due 07/25/2022		2,100,000		2,057,398
SLM Student Loan Trust FRS Series 2004-8A, Class A6 2.38% (3 ML+0.63%) due 01/25/2040*		1,100,000		1,106,449

95

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description		Principal Amount**		Value (Note 2)
ASSET BACKED SECURITIES (continued)
United States (continued)
SLM Student Loan Trust FRS Series 2008-2, Class A3 2.50% (3 ML+0.75%) due 04/25/2023		$	358,276	$	358,867
SLM Student Loan Trust FRS Series 2008-4, Class A4 3.40% (3 ML+1.65%) due 07/25/2022			794,180		814,774
SLM Student Loan Trust FRS Series 2008-5, Class A4 3.45% (3 ML+1.70%) due 07/25/2023			1,728,244		1,781,818
Station Place Securitization Trust FRS Series 2015-2, Class A 2.61% (1 ML+1.05%) due 05/15/2018*(3)(4)			850,000		850,000
SunTrust Student Loan Trust FRS Series 2006-1A, Class A4 1.95% (3 ML+0.19%) due 10/28/2037*			1,604,637		1,527,517
Washington Mutual Mtg. Pass-Through Certs. FRS Series 2006-AR5 Class 4A 2.12% (12 MTA+0.99%) due 06/25/2046(3)			371,031		320,281
Wells Fargo Alternative Loan Trust VRS Series 2007-PA6, Class A1 3.66% due 12/28/2037(3)(9)			420,324		412,870
					35,409,260
Total Asset Backed Securities (cost $43,963,214)					44,825,827
CORPORATE BONDS & NOTES — 11.7%
Cayman Islands — 0.0%
China Evergrande Group Senior Sec. Notes 8.75% due 06/28/2025			200,000		206,471
France — 2.7%
BNP Paribas SA Senior Notes 3.38% due 01/09/2025*			2,050,000		2,026,528
Dexia Credit Local SA Government Guar. Notes 1.13% due 06/15/2022	GBP		5,600,000		7,849,016
Dexia Credit Local SA Government Guar. Notes 1.88% due 03/28/2019*			2,500,000		2,485,400
					12,360,944
Germany — 3.6%
FMS Wertmanagement AoeR Government Guar. Notes 1.88% due 05/09/2019	EUR		2,900,000		3,707,868
KFW Government Guar. Notes 5.00% due 12/01/2020	SEK		2,000,000		287,856

Security Description		Principal Amount**		Value (Note 2)
Germany (continued)
KFW Government Guar. Bonds 2.50% due 01/17/2022	EUR		7,700,000	$	10,505,659
KFW Government Guar. Bonds 3.50% due 07/04/2021	EUR		800,000		1,115,611
KFW Government Guar. Notes 6.00% due 08/20/2020	AUD		800,000		702,949
					16,319,943
India — 0.1%
Reliance Industries, Ltd.* Senior Notes 3.67% due 11/30/2027			250,000		242,359
Japan — 1.7%
Japan Finance Organization for Municipalities Government Guar. Bonds 1.90% due 06/22/2018	JPY		860,000,000		7,932,765
Luxembourg — 0.1%
Altice Financing SA Senior Sec. Notes 6.63% due 02/15/2023*			400,000		405,160
Gazprom OAO Via Gaz Capital SA Senior Notes 7.29% due 08/16/2037			100,000		125,513
					530,673
Mexico — 0.1%
America Movil SAB de CV Senior Notes 6.00% due 06/09/2019	MXN		4,310,000		223,585
Netherlands — 0.1%
Petrobras Global Finance BV Company Guar. Notes 7.38% due 01/17/2027			310,000		343,837
Petrobras Global Finance BV Company Guar. Notes 8.75% due 05/23/2026			20,000		24,067
					367,904
Switzerland — 0.2%
Credit Suisse Group AG Senior Bonds 3.87% due 01/12/2029*			1,100,000		1,093,198
United States — 2.6%
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 3.30% due 02/01/2023			300,000		302,360
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 3.65% due 02/01/2026			2,000,000		2,024,073
Bank of America Corp. Senior Notes 3.25% due 10/21/2027			1,450,000		1,416,511

96

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description		Principal Amount**		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
United States (continued)
Bank of America Corp. Senior Notes 3.37% due 01/23/2026			1,000,000	$	997,867
General Electric Capital Corp. Senior Notes 8.50% due 04/06/2018	MXN		2,000,000		107,466
Morgan Stanley Senior Notes 3.13% due 07/27/2026			1,500,000		1,449,810
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.63% due 03/01/2025			650,000		710,524
Sprint Communications, Inc. Senior Notes 7.00% due 08/15/2020			1,600,000		1,688,675
Valero Energy Partners LP Senior Notes 4.38% due 12/15/2026			1,400,000		1,443,391
VEREIT Operating Partnership LP Company Guar. Notes 4.88% due 06/01/2026			300,000		311,139
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026			1,600,000		1,547,667
					11,999,483
United Kingdom — 0.5%
BAT International Finance PLC Company Guar. Notes 3.95% due 06/15/2025*			2,000,000		2,046,500
Venezuela — 0.0%
Petroleos de Venezuela SA Company Guar. Bonds 5.38% due 04/12/2027(2)(11)			390,000		92,625
Corporate Bonds & Notes (cost $52,636,121)					53,416,450
FOREIGN GOVERNMENT OBLIGATIONS — 51.5%
Argentina — 0.3%
Republic of Argentina Senior Notes 2.26% due 12/31/2038(5)	EUR		20,000		17,916
Republic of Argentina Senior Notes 2.50% due 12/31/2038(5)			50,000		35,050
Republic of Argentina Senior Notes 3.38% due 01/15/2023	EUR		240,000		300,207
Republic of Argentina Senior Notes 5.25% due 01/15/2028	EUR		310,000		391,069
Republic of Argentina Senior Bonds 7.13% due 06/28/2099*			670,000		655,260
					1,399,502
Australia — 1.2%
Commonwealth of Australia Senior Bonds 2.75% due 11/21/2027	AUD		3,750,000		3,008,705

Security Description		Principal Amount**		Value (Note 2)
Australia (continued)
Commonwealth of Australia Senior Bonds 4.50% due 04/21/2033	AUD		1,100,000	$	1,045,123
Commonwealth of Australia Senior Bonds 5.50% due 04/21/2023	AUD		1,660,000		1,536,597
					5,590,425
Austria — 0.2%
Republic of Austria Senior Notes 1.50% due 11/02/2086*(2)	EUR		1,100,000		1,159,440
Belgium — 0.8%
Kingdom of Belgium Senior Bonds 2.15% due 06/22/2066*	EUR		1,170,000		1,527,335
Kingdom of Belgium Bonds 4.00% due 03/28/2032	EUR		1,170,000		1,998,976
					3,526,311
Canada — 1.5%
Canada Housing Trust Government Guar. Notes 2.35% due 12/15/2018*	CAD		3,400,000		2,780,841
Government of Canada Bonds 2.75% due 12/01/2048	CAD		880,000		773,398
Province of British Columbia Canada Notes 2.85% due 06/18/2025	CAD		3,600,000		2,954,078
Province of British Columbia Canada Senior Notes 4.95% due 06/18/2040	CAD		400,000		427,516
					6,935,833
Denmark — 0.3%
Kingdom of Denmark Bonds 4.50% due 11/15/2039	DKK		4,700,000		1,295,889
Dominican Republic — 0.2%
Dominican Republic Senior Bonds 5.50% due 01/27/2025*			200,000		209,000
Dominican Republic Senior Bonds 5.50% due 01/27/2025			100,000		104,500
Dominican Republic Senior Bonds 5.88% due 04/18/2024			100,000		107,000
Dominican Republic Senior Bonds 6.60% due 01/28/2024			300,000		333,000
Dominican Republic Senior Bonds 6.88% due 01/29/2026*			100,000		113,250
					866,750
Ecuador — 0.2%
Republic of Ecuador* Senior Notes 7.88% due 01/23/2028			450,000		456,975

97

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description		Principal Amount**		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Ecuador (continued)
Republic of Ecuador Senior Notes 9.63% due 06/02/2027*			200,000	$	227,000
Republic of Ecuador Senior Notes 9.63% due 06/02/2027			200,000		227,000
Republic of Ecuador Senior Notes 9.65% due 12/13/2026			200,000		228,000
					1,138,975
France — 4.4%
Government of France Bonds 2.75% due 10/25/2027	EUR		8,220,000		12,012,266
Government of France Bonds 4.00% due 10/25/2038	EUR		740,000		1,336,997
Government of France Bonds 4.50% due 04/25/2041	EUR		1,000,000		1,961,425
Government of France Bonds 4.75% due 04/25/2035	EUR		2,430,000		4,621,931
					19,932,619
Germany — 2.3%
Federal Republic of Germany Bonds 0.25% due 02/15/2027	EUR		8,170,000		9,858,693
Federal Republic of Germany Bonds 2.50% due 08/15/2046	EUR		510,000		818,842
					10,677,535
Indonesia — 0.2%
Republic of Indonesia Senior Notes 2.15% due 07/18/2024*	EUR		210,000		275,436
Republic of Indonesia Senior Bonds 4.13% due 01/15/2025			200,000		206,240
Republic of Indonesia Senior Bonds 5.88% due 01/15/2024			200,000		225,646
					707,322
Israel — 0.1%
Israel Government USAID Government Guar. Bonds 5.50% due 09/18/2023			300,000		342,099
Italy — 10.3%
Republic of Italy Bonds 0.10% due 04/15/2019	EUR		5,780,000		7,211,464
Republic of Italy Bonds 0.25% due 05/15/2018	EUR		3,640,000		4,527,475
Republic of Italy Bonds 0.35% due 06/15/2020	EUR		1,870,000		2,339,533
Republic of Italy Bonds 1.20% due 04/01/2022	EUR		10,540,000		13,397,641

Security Description		Principal Amount**		Value (Note 2)
Italy (continued)
Republic of Italy Bonds 2.05% due 08/01/2027	EUR		7,750,000	$	9,652,916
Republic of Italy Bonds 2.80% due 03/01/2067*(2)	EUR		540,000		603,869
Republic of Italy Bonds 4.50% due 02/01/2018	EUR		3,650,000		4,531,656
Republic of Italy Bonds 5.00% due 09/01/2040	EUR		2,720,000		4,508,687
Republic of Italy Bonds 5.75% due 02/01/2033	EUR		173,000		301,362
					47,074,603
Japan — 16.4%
Government of Japan Senior Notes 2.00% due 06/20/2022	JPY		1,053,000,000		10,524,791
Government of Japan Senior Bonds 0.10% due 12/20/2019	JPY		394,000,000		3,623,595
Government of Japan Senior Bonds 0.10% due 06/20/2020	JPY		925,200,000		8,514,942
Government of Japan Senior Bonds 0.10% due 12/20/2020	JPY		226,150,000		2,083,099
Government of Japan Senior Notes 0.60% due 09/20/2037	JPY		425,100,000		3,905,531
Government of Japan Senior Notes 0.80% due 06/20/2047	JPY		56,550,000		517,865
Government of Japan Senior Bonds 1.40% due 09/20/2034	JPY		1,632,200,000		17,292,020
Government of Japan Senior Bonds 1.40% due 09/20/2045	JPY		220,500,000		2,334,650
Government of Japan Senior Bonds 1.40% due 03/20/2055	JPY		149,600,000		1,575,000
Government of Japan Senior Bonds 1.70% due 06/20/2033	JPY		38,400,000		422,372
Government of Japan Senior Bonds 2.00% due 09/20/2041	JPY		472,800,000		5,569,443
Government of Japan Senior Bonds 2.00% due 03/20/2052	JPY		260,500,000		3,171,576
Government of Japan Senior Bonds 2.30% due 03/20/2039	JPY		37,700,000		458,837
Government of Japan CPI Linked Senior Bonds 0.10% due 03/10/2025(6)	JPY		901,164,300		8,665,771

98

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description		Principal Amount**		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Japan (continued)
Government of Japan CPI Linked Senior Bonds 0.10% due 03/10/2026(6)	JPY		598,634,304	$	5,784,002
					74,443,494
Mexico — 0.1%
United Mexican States Bonds 6.50% due 06/10/2021	MXN		3,910,100		203,751
United Mexican States Bonds 6.50% due 06/09/2022	MXN		3,030,400		156,688
United Mexican States Bonds 8.00% due 11/07/2047	MXN		29,500		1,618
United Mexican States Senior Bonds 8.00% due 12/07/2023	MXN		1,072,300		58,891
					420,948
South Africa — 0.3%
Republic of South Africa Senior Notes 6.25% due 03/31/2036	ZAR		1,540,000		94,847
Republic of South Africa Bonds 6.50% due 02/28/2041	ZAR		490,000		29,732
Republic of South Africa Bonds 7.00% due 02/28/2031	ZAR		2,430,000		173,043
Republic of South Africa Bonds 8.00% due 01/31/2030	ZAR		900,000		70,612
Republic of South Africa Bonds 8.25% due 03/31/2032	ZAR		7,450,000		582,776
Republic of South Africa Bonds 8.75% due 01/31/2044	ZAR		2,890,000		224,012
Republic of South Africa Bonds 8.88% due 02/28/2035	ZAR		890,000		71,767
Republic of South Africa Bonds 9.00% due 01/31/2040	ZAR		730,000		58,271
					1,305,060
Spain — 5.5%
Kingdom of Spain Bonds 0.25% due 04/30/2018	EUR		7,290,000		9,065,288
Kingdom of Spain Senior Notes 3.45% due 07/30/2066*	EUR		750,000		1,075,925
Kingdom of Spain Bonds 3.80% due 04/30/2024*	EUR		4,290,000		6,317,442
Kingdom of Spain Senior Bonds 4.90% due 07/30/2040*(2)	EUR		950,000		1,721,331

Security Description		Principal Amount**		Value (Note 2)
Spain (continued)
Kingdom of Spain Bonds 5.15% due 10/31/2044*	EUR		740,000	$	1,403,551
Kingdom of Spain Senior Bonds 5.90% due 07/30/2026*(2)	EUR		3,150,000		5,396,070
					24,979,607
SupraNational — 0.4%
Asian Development Bank Senior Notes 2.35% due 06/21/2027	JPY		40,000,000		441,967
European Investment Bank Senior Notes 5.00% due 12/01/2020	SEK		2,950,000		425,471
Inter-American Development Bank Senior Notes 7.00% due 06/15/2025			850,000		1,061,549
					1,928,987
Sweden — 0.4%
Kingdom of Sweden Bonds 1.00% due 11/12/2026	SEK		4,610,000		598,473
Kingdom of Sweden Bonds 3.50% due 06/01/2022	SEK		7,130,000		1,040,380
					1,638,853
United Kingdom — 6.2%
United Kingdom Gilt Treasury Bonds 1.25% due 07/22/2027	GBP		3,990,000		5,533,654
United Kingdom Gilt Treasury Bonds 1.75% due 07/22/2019	GBP		5,960,000		8,599,139
United Kingdom Gilt Treasury Bonds 3.25% due 01/22/2044	GBP		3,130,000		5,608,784
United Kingdom Gilt Treasury Bonds 3.50% due 01/22/2045	GBP		2,670,000		5,011,411
United Kingdom Gilt Treasury Bonds 3.50% due 07/22/2068	GBP		770,000		1,749,377
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2046	GBP		800,000		1,713,129
					28,215,494
Venezuela — 0.2%
Republic of Venezuela Senior Bonds 6.00% due 12/09/2020(2)(11)			1,690,000		439,400
Republic of Venezuela Senior Bonds 9.25% due 05/07/2028(2)(11)			1,190,000		321,300
					760,700
Total Foreign Government Obligations (cost $219,857,748)					234,340,446

99

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description		Principal Amount**		Value (Note 2)
STRUCTURED NOTES — 0.8%
Egypt — 0.8%
Citigroup Global Markets Holdings, Inc. (Credit linked to the Arab Republic of Egypt) zero coupon due 05/03/2018*	EGP		22,420,000	$	1,218,445
Citigroup Global Markets Holdings, Inc. (Credit linked to the Arab Republic of Egypt) zero coupon due 05/10/2018*	EGP		13,600,000		734,831
Citigroup Global Markets Holdings, Inc. (Credit linked to the Arab Republic of Egypt) zero coupon due 11/01/2018*	EGP		6,000,000		301,366
HSBC Bank PLC (Credit linked to the Arab Republic of Egypt) zero coupon due 06/07/2018*	EGP		6,300,000		336,795
JPMorgan Chase Bank NA (Credit linked to the Arab Republic of Egypt) zero coupon due 02/15/2018*	EGP		6,600,000		370,090
JPMorgan Chase Bank NA (Credit linked to the Arab Republic of Egypt) zero coupon due 05/17/2018*	EGP		5,125,000		276,689
JPMorgan Chase Bank NA* (Credit linked to the Arab Republic of Egypt) zero coupon due 07/26/2018	EGP		5,100,000		266,552
Total STRUCTURED NOTES (cost $3,465,312)					3,504,768
U.S. GOVERNMENT AGENCIES — 1.5%
United States — 1.5%
Federal Home Loan Bank 2.63% due 09/12/2025			2,200,000		2,166,993
Federal Home Loan Mtg. Corp. 5.00% due 07/01/2035			603,658		652,170
5.00% due 11/01/2038			120,179		130,290
5.00% due 01/01/2039			38,482		41,704
5.00% due 09/01/2039			88,949		96,425
5.00% due 05/01/2041			354,136		384,276
7.00% due 02/01/2039			469,585		533,485
Federal National Mtg. Assoc. 4.50% due 02/01/2040			9,148		9,643
4.50% due 08/01/2041			151,625		160,566
6.00% due 10/01/2034			371,010		419,120
6.00% due 11/01/2034			58,692		65,253
6.00% due 02/01/2037			334,342		373,130
6.00% due 03/01/2037			38,851		43,845
6.00% due 10/01/2037			149,156		167,958
6.00% due 08/01/2038			104,934		117,887
6.00% due 06/01/2039			1,767		1,965
6.00% due 10/01/2040			154,720		173,724

Security Description		Principal Amount**			Value (Note 2)
United States (continued)
6.00% due 04/01/2041			20,090		$	22,534
6.00% due 05/01/2041			141,557			158,857
6.00% due 10/01/2041			131,774			146,921
7.00% due 03/01/2039			254,750			284,860
Federal National Mtg. Assoc. REMIC Series 2012-153, Class B 7.00% due 07/25/2042(3)			486,288			551,138
Series 2012-111, Class B
7.00% due 10/25/2042(3)			135,253			152,613
Total U.S. Government Agencies (cost $6,826,574)						6,855,357
U.S. GOVERNMENT TREASURIES — 8.5%
United States — 8.5%
United States Treasury Bonds 2.75% due 11/15/2047			2,010,000			1,933,526
2.88% due 08/15/2045(10)			7,200,000			7,116,188
3.00% due 05/15/2045(10)			7,910,000			8,009,184
3.63% due 02/15/2044(10)			6,910,000			7,789,405
United States Treasury Notes
2.13% due 07/31/2024			7,880,000			7,635,905
2.25% due 02/15/2027			6,640,000			6,389,703
Total U.S. Government Treasuries (cost $40,346,141)						38,873,911
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.1%
Belgium — 0.1%
KBC Groep NV VRS 5.63% due 03/19/2019(12) (cost $309,200)	EUR		250,000			323,579
OPTIONS - PURCHASED — 0.0%
Over the Counter Purchased Put Options on Interest Rate Swap Contracts(13) (cost $66,444)			6,500,000			60,133
Total Long-Term Investment Securities (cost $367,470,754)						382,200,471
SHORT-TERM INVESTMENT SECURITIES — 12.1%
Foreign Government Obligations — 6.4%
Government of Japan zero coupon due 02/13/2018	JPY		655,800,000			6,007,325
zero coupon due 03/05/2018	JPY		1,952,000,000			17,881,926
zero coupon due 03/20/2018	JPY		572,650,000			5,246,260
						29,135,511
Registered Investment Companies — 5.7%
State Street Institutional U.S. Government Money Market Fund, Administration Class 1.00%(7)			26,137,396			26,137,396
Total Short-Term Investment Securities (cost $54,596,559)						55,272,907
TOTAL INVESTMENTS — (cost $422,067,313)(8)			96.1	%		437,473,378
Other assets less liabilities			3.9			17,641,018
NET ASSETS —			100.0	%	$	455,114,396

100

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

# See Note 1

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $64,547,362 representing 14.2% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

** Denominated in United States Dollars unless otherwise indicated.

(1) Collateralized Loan Obligation

(2) Illiquid security. At January 31, 2018, the aggregate value of these securities was $9,734,035 representing 2.1% of net assets.

(3) Collateralized Mortgage Obligation

(4) Securities classified as Level 3 (see Note 2).

(5) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of January 31, 2018.

(6) Principal Amount of security is adjusted for inflation.

(7) The rate shown is the 7-day yield as of January 31, 2018.

(8) See Note 3 for cost of investments on a tax basis.

(9) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(10) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(11) Security in default of interest.

(12) Perpetual maturity — maturity date reflects the next call date

(13) Options — Purchased:

Over the Counter Purchased Put Options on Interest Rate Swap Contracts
Issue	Counterparty		Expiration Month		Strike Rate			Notional Amount (000’s)		Premiums Paid		Value at January 31, 2018		Unrealized Appreciation (Depreciation)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 2.40% versus U.S. Treasury Bonds maturing on 01/25/2019		Citibank, N.A.		January 2019		2.40	%		6,500	$	66,444	$	60,133	$	(6,311	)

AUD — Australian Dollar

BRL — Brazilian Real

CAD — Canadian Dollar

DKK — Danish Krone

EGP — Egyptian Pound

EUR — Euro Currency

GBP — British Pound Sterling

JPY — Japanese Yen

MXN — Mexican Peso

SEK — Swedish Krona

USD — U.S. Dollar

ZAR — South African Rand

CLO — Collateralized Loan Obligation

REMIC — Real Estate Mortgage Investment Conduit

USAID — United States Agency for International Development

TIPS — Treasury Inflation Protected Securities

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at January 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

3 ML — 3 Month USD LIBOR

6 ML — 6 Month USD LIBOR

12 MTA — Federal Reserve 12-Month Treasury average Index.

Over the Counter Written Options on Interest Rate Swap Contracts
Issue	Counterparty		Expiration Month		Strike Rate			Notional Amount (000’s)		Premiums Paid		Value at January 31, 2018		Unrealized Appreciation (Depreciation)
Put option to enter into an interest rate swap for the right to receive a fixed rate of 2.449% versus U.S. Treasury Bonds maturing on 01/25/2019		Citibank, N.A.		January 2019		2.449	%		2,900	$	66,700	$	64,609	$	2,091

101

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PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	26	Long	Euro-Bund	March 2018	$	5,230,798	$	5,126,756	$	(104,042	)
	110	Long	Euro-BOBL	March 2018		17,973,592		17,815,617		(157,975	)
	13	Long	Japanese 10 Year Bonds	March 2018		17,965,650		17,900,156		(65,494	)
	56	Short	U.S. Treasury 10 Year Notes	March 2018		6,797,590		6,808,375		(10,785	)
	249	Long	U.S. Treasury 5 Year Notes	March 2018		28,874,469		28,563,024		(311,445	)
	162	Long	U.S. Treasury 2 Year Notes	March 2018		34,690,094		34,543,969		(146,125	)
	148	Long	Euro-Schatz	March 2018		20,567,072		20,545,015		(22,057	)
	16	Short	U.S. Treasury Ultra Long Bonds	March 2018		2,606,005		2,591,000		15,005
	158	Long	Australia 3 Year Bonds	March 2018		14,152,697		14,130,723		(21,974	)
	2	Long	3 month EURIBOR	December 2019		619,533		619,595		62
	43	Long	U.S. Treasury Long Bonds	March 2018		6,580,064		6,355,938		(224,126	)
									$	(1,048,956	)

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
BNP Paribas SA	CNH	2,496,115	USD	392,989		03/21/2018	$	—	$	(2,287	)
	USD	610,729	CNH	4,062,447		03/21/2018		32,587		—
								32,587		(2,287	)
Citibank, N.A.	HKD	19,497,322	USD	2,520,832		03/27/2018		25,278		—
	USD	722,013	CNH	4,800,808		03/21/2018		38,227		—
								63,505		—
HSBC Bank PLC	CNH	2,500,024	USD	376,000		03/21/2018		—		(19,896	)
	HKD	9,860,943	USD	1,273,880		03/27/2018		11,732		—
	HKD	14,554,265	USD	1,876,000		09/19/2018		6,486		—
	USD	389,973	CNH	2,500,130		03/21/2018		5,940		—
	USD	1,524,000	HKD	11,867,015		03/27/2018		—		(5,085	)
								24,158		(24,981	)
JPMorgan Chase Bank, N.A. London	CNH	4,925,935	USD	752,365		03/21/2018		—		(27,690	)
Morgan Stanley & Co.	ARS	16,147,886	USD	824,084		02/01/2018		1,681		—
	ARS	7,049,805	USD	358,906		02/02/2018		—		(137	)
	ARS	2,521,161	USD	128,303		02/05/2018		98		—
	AUD	537,088	EUR	350,164		03/21/2018		3,383		—
	AUD	480,950	NZD	524,524		03/21/2018		—		(1,138	)
	AUD	19,374,948	USD	15,169,388		03/21/2018		—		(440,429	)
	BRL	43,779,615	USD	13,497,032		02/02/2018		—		(244,215	)
	BRL	3,718,161	USD	1,172,272		03/02/2018		8,801		—
	BRL	6,584,514	USD	2,082,389		04/03/2018		28,507		—
	CAD	1,142,000	USD	914,390		03/06/2018		—		(14,422	)
	CAD	1,096,107	GBP	622,778		03/21/2018		—		(5,773	)
	CAD	20,130,619	USD	16,069,227		03/21/2018		—		(306,284	)
	CHF	14,821,532	EUR	12,669,500		03/21/2018		—		(204,307	)
	CHF	2,688,836	USD	2,789,300		03/21/2018		—		(110,254	)
	CLP	737,141,225	USD	1,216,360		02/05/2018		—		(6,376	)
	CLP	1,082,790,121	USD	1,789,227		02/22/2018		—		(6,313	)
	CNY	13,291,618	USD	2,096,470		02/05/2018		—		(15,068	)
	CNY	6,227,806	USD	965,650		02/22/2018		—		(21,950	)
	CNY	3,087,508	USD	486,443		02/28/2018		—		(2,938	)
	COP	1,177,002,257	USD	414,583		02/05/2018		—		(81	)
	COP	2,188,825,611	USD	762,881		02/12/2018		—		(7,957	)
	CZK	75,978,674	EUR	2,989,613		03/21/2018		—		(18,631	)
	EUR	48,441	AUD	74,427		03/21/2018		—		(365	)

102

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Forward Foreign Currency Contracts — (continued)
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
	EUR	6,693,218	CHF	7,842,723		03/21/2018	$	121,521	$	—
	EUR	6,705,336	CZK	171,040,831		03/21/2018		72,812		—
	EUR	3,753,191	GBP	3,327,576		03/21/2018		59,036		—
	EUR	6,410,729	HUF	1,997,452,731		03/21/2018		29,464		—
	EUR	19,929,451	NOK	195,531,752		03/21/2018		581,434		—
	EUR	9,177,400	PLN	38,804,873		03/21/2018		175,304		—
	EUR	22,442,250	SEK	222,967,440		03/21/2018		436,968		—
	EUR	20,977,853	USD	25,688,724		03/21/2018		—		(437,357	)
	EUR	3,950,331	JPY	534,774,756		03/22/2018		—		(8,057	)
	EUR	7,316,684	USD	9,090,797		03/23/2018		—		(22,783	)
	GBP	1,771,000	USD	2,447,441		03/06/2018		—		(70,123	)
	GBP	7,924,000	EUR	8,966,577		03/21/2018		—		(104,398	)
	GBP	4,913,581	USD	6,778,323		03/21/2018		—		(210,995	)
	HKD	15,892,801	USD	2,043,486		03/27/2018		9,291		—
	HUF	926,951,332	EUR	2,990,337		03/21/2018		5,420		—
	HUF	97,160,558	USD	389,890		03/21/2018		97		—
	IDR	20,133,428,000	USD	1,509,126		02/02/2018		5,341		—
	IDR	5,064,787,409	USD	380,668		02/05/2018		2,174		—
	IDR	20,436,155,288	USD	1,524,972		02/08/2018		—		(3,038	)
	IDR	32,037,751,785	USD	2,396,293		02/20/2018		1,113		—
	IDR	28,144,158,510	USD	2,104,112		04/11/2018		4,984		—
	INR	244,874,001	USD	3,844,272		02/02/2018		—		(5,721	)
	INR	48,332,019	USD	759,948		02/09/2018		1,501		—
	INR	80,342,015	USD	1,255,440		02/15/2018		—		(4,389	)
	INR	160,211,977	USD	2,508,511		02/26/2018		—		(346	)
	INR	20,422,080	USD	320,000		02/28/2018		277		—
	JPY	655,990,182	USD	5,848,179		02/13/2018		—		(164,260	)
	JPY	99,488,997	USD	914,600		02/23/2018		2,257		—
	JPY	1,953,259,040	USD	17,634,501		03/05/2018		—		(287,504	)
	JPY	572,912,273	USD	5,116,042		03/20/2018		—		(145,679	)
	JPY	571,578,597	EUR	4,240,404		03/22/2018		31,288		—
	JPY	4,624,744,260	USD	41,378,313		03/22/2018		—		(1,101,488	)
	KRW	1,804,821,172	USD	1,690,650		02/02/2018		505		—
	KRW	1,023,941,765	USD	956,240		02/05/2018		—		(2,103	)
	KRW	3,909,969,006	USD	3,672,817		02/20/2018		15,540		—
	KRW	1,408,354,976	USD	1,317,292		02/28/2018		—		(185	)
	KRW	606,950,210	USD	569,257		03/02/2018		1,456		—
	MXN	192,606,659	USD	9,928,865		03/21/2018		—		(339,988	)
	MXN	18,307,059	USD	975,710		03/28/2018		799		—
	NOK	14,789,628	CAD	2,348,225		03/21/2018		—		(11,149	)
	NOK	110,469,510	EUR	11,396,017		03/21/2018		—		(158,516	)
	NOK	10,573,843	USD	1,343,587		03/21/2018		—		(30,076	)
	NZD	3,386,600	AUD	3,087,905		03/21/2018		—		(6,640	)
	NZD	546,356	EUR	316,000		03/21/2018		—		(8,880	)
	NZD	25,150,160	USD	18,066,617		03/21/2018		—		(458,270	)
	PEN	1,230,270	USD	382,368		02/05/2018		—		(130	)
	PEN	467,967	USD	145,593		02/08/2018		118		—
	PHP	38,573,698	USD	749,285		02/09/2018		—		(2,200	)
	PHP	19,103,727	USD	378,097		02/12/2018		6,005		—
	PHP	27,497,164	USD	540,003		02/22/2018		4,825		—
	PLN	18,086,858	EUR	4,326,075		03/21/2018		—		(21,292	)
	PLN	1,308,279	USD	391,328		03/21/2018		75		—
	RUB	36,417,681	USD	632,402		02/09/2018		—		(14,867	)
	RUB	397,130,801	USD	6,933,538		02/12/2018		—		(122,140	)
	SEK	5,354,857	USD	637,278		02/06/2018		—		(42,461	)
	SEK	66,682,078	EUR	6,779,276		03/21/2018		—		(46,552	)
	SEK	1,631,660	NOK	1,622,461		03/21/2018		3,043		—
	SEK	9,972,239	USD	1,215,781		03/21/2018		—		(53,822	)
	SGD	3,616,375	USD	2,730,953		03/21/2018		—		(28,580	)
	THB	59,710,286	USD	1,880,929		02/05/2018		—		(25,647	)
	THB	12,252,055	USD	389,891		04/12/2018		—		(1,964	)
	THB	12,308,638	USD	393,159		04/16/2018		—		(546	)

103

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Forward Foreign Currency Contracts — (continued)
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
	TRY	28,440,399	USD	7,297,171		03/21/2018	$	—	$	(166,877	)
	TWD	64,589,536	USD	2,195,428		02/02/2018		—		(20,679	)
	TWD	12,739,234	USD	437,098		02/05/2018		36		—
	TWD	83,056,029	USD	2,761,630		02/08/2018		—		(87,696	)
	TWD	62,043,038	USD	2,119,203		02/21/2018		—		(11,730	)
	TWD	101,741,465	USD	3,385,627		02/22/2018		—		(109,137	)
	TWD	46,454,107	USD	1,598,254		02/27/2018		1,791		—
	TWD	74,409,902	USD	2,486,577		03/08/2018		—		(72,664	)
	TWD	96,226,380	USD	3,280,258		04/17/2018		—		(40,211	)
	TWD	83,056,029	USD	2,869,939		04/27/2018		1,644		—
	USD	845,114	ARS	16,147,886		02/01/2018		—		(22,711	)
	USD	371,000	ARS	7,049,805		02/02/2018		—		(11,957	)
	USD	13,491,018	BRL	43,779,615		02/02/2018		250,230		—
	USD	1,492,519	IDR	20,133,428,000		02/02/2018		11,266		—
	USD	3,762,490	INR	244,874,001		02/02/2018		87,503		—
	USD	1,684,718	KRW	1,804,821,172		02/02/2018		5,427		—
	USD	2,213,608	TWD	64,589,536		02/02/2018		2,499		—
	USD	134,876	ARS	2,521,161		02/05/2018		—		(6,670	)
	USD	1,215,262	CLP	737,141,225		02/05/2018		7,474		—
	USD	2,041,966	CNY	13,291,618		02/05/2018		69,572		—
	USD	398,406	COP	1,177,002,257		02/05/2018		16,259		—
	USD	374,092	IDR	5,064,787,409		02/05/2018		4,402		—
	USD	961,622	KRW	1,023,941,765		02/05/2018		—		(3,279	)
	USD	380,182	PEN	1,230,270		02/05/2018		2,316		—
	USD	1,855,628	THB	59,710,286		02/05/2018		50,948		—
	USD	430,962	TWD	12,739,234		02/05/2018		6,100		—
	USD	380,117	CLP	229,187,449		02/08/2018		29		—
	USD	1,520,505	IDR	20,436,155,288		02/08/2018		7,505		—
	USD	2,786,331	PEN	8,950,431		02/08/2018		—		(3,941	)
	USD	2,852,199	TWD	83,056,029		02/08/2018		—		(2,873	)
	USD	357,186	ARS	6,682,946		02/09/2018		—		(18,036	)
	USD	380,039	INR	24,150,965		02/09/2018		—		(1,052	)
	USD	1,943,465	KRW	2,071,089,777		02/09/2018		—		(6,509	)
	USD	1,139,982	TWD	33,588,682		02/09/2018		12,288		—
	USD	1,299,984	COP	3,754,244,602		02/12/2018		22,149		—
	USD	9,304,881	RUB	548,831,582		02/12/2018		446,010		—
	USD	1,481,145	ARS	27,719,594		02/15/2018		—		(78,686	)
	USD	2,668,906	INR	173,162,638		02/15/2018		46,427		—
	USD	356,096	ARS	7,049,805		02/16/2018		405		—
	USD	615,540	ARS	11,470,583		02/20/2018		—		(36,656	)
	USD	5,111,525	IDR	69,288,527,498		02/20/2018		68,566		—
	USD	3,269,404	KRW	3,491,619,057		02/20/2018		—		(3,440	)
	USD	185,977	PHP	9,451,353		02/20/2018		—		(1,998	)
	USD	327,601	ARS	6,144,156		02/21/2018		—		(17,681	)
	USD	1,736,589	TWD	51,045,928		02/21/2018		16,637		—
	USD	2,102,347	CLP	1,284,722,290		02/22/2018		28,047		—
	USD	1,413,087	PHP	71,478,539		02/22/2018		—		(21,900	)
	USD	8,441,297	JPY	934,857,669		02/23/2018		131,622		—
	USD	3,933,607	INR	252,141,269		02/26/2018		14,826		—
	USD	1,573,997	ARS	29,192,945		02/27/2018		—		(105,907	)
	USD	1,059,078	AUD	1,343,974		02/27/2018		23,773		—
	USD	784,130	TWD	22,687,304		02/27/2018		—		(4,448	)
	USD	327,267	ARS	5,997,487		02/28/2018		—		(25,810	)
	USD	391,890	INR	24,924,195		02/28/2018		—		(1,683	)
	USD	1,250,036	PEN	4,023,494		02/28/2018		—		(391	)
	USD	3,927,931	BRL	12,444,682		03/02/2018		—		(33,796	)
	USD	460,961	TWD	13,739,867		03/08/2018		11,606		—
	USD	737,751	ARS	13,585,681		03/14/2018		—		(59,400	)
	USD	1,340,625	DKK	8,115,500		03/14/2018		16,931		—
	USD	365,497	ARS	6,927,825		03/15/2018		—		(19,743	)
	USD	1,508,876	IDR	20,311,734,053		03/20/2018		7,964		—
	USD	10,644,030	AUD	13,687,860		03/21/2018		383,870		—

104

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Forward Foreign Currency Contracts — (continued)
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
	USD	20,743,959	CAD	26,053,240		03/21/2018	$	449,383	$	—
	USD	698,196	CHF	665,884		03/21/2018		19,872		—
	USD	31,523,011	EUR	25,820,709		03/21/2018		634,424		—
	USD	6,948,923	GBP	5,117,470		03/21/2018		330,417		—
	USD	3,928,558	HKD	30,675,789		03/21/2018		—		(2,790	)
	USD	779,995	HUF	193,871,219		03/21/2018		—		(2,214	)
	USD	7,463,122	MXN	142,872,941		03/21/2018		154,170		—
	USD	1,008,433	NOK	8,187,964		03/21/2018		55,277		—
	USD	17,286,731	NZD	24,814,557		03/21/2018		990,960		—
	USD	377,970	PLN	1,317,501		03/21/2018		16,041		—
	USD	911,159	SEK	7,636,145		03/21/2018		61,027		—
	USD	3,544,337	SGD	4,719,229		03/21/2018		56,747		—
	USD	6,698,120	TRY	26,251,700		03/21/2018		191,514		—
	USD	276,771	ARS	5,190,229		03/22/2018		—		(18,583	)
	USD	24,707,186	JPY	2,749,103,974		03/22/2018		544,241		—
	USD	1,191,024	PHP	59,855,346		03/22/2018		—		(28,209	)
	USD	10,362,068	ZAR	134,217,473		03/22/2018		886,848		—
	USD	24,230,991	EUR	19,547,120		03/23/2018		116,685		—
	USD	737,005	INR	47,091,663		03/23/2018		—		(1,517	)
	USD	207,675	ARS	3,933,364		03/27/2018		—		(12,465	)
	USD	1,296,047	HKD	10,116,815		03/27/2018		—		(1,149	)
	USD	589,440	ARS	11,891,957		03/28/2018		474		—
	USD	2,088,892	CNY	13,291,618		03/30/2018		13,333		—
	USD	728,741	BRL	2,305,045		04/03/2018		—		(9,737	)
	USD	1,896,174	ARS	37,029,813		04/04/2018		—		(65,347	)
	USD	2,306,045	INR	148,218,299		04/05/2018		5,730		—
	USD	2,483,452	IDR	33,513,276,427		04/11/2018		16,131		—
	USD	396,657	ARS	8,073,943		04/12/2018		855		—
	USD	743,662	THB	23,308,585		04/12/2018		1,812		—
	USD	4,065,252	IDR	54,490,713,207		04/16/2018		—		(2,510	)
	USD	670,528	TWD	19,418,478		04/17/2018		—		(457	)
	USD	843,896	CLP	508,489,494		04/20/2018		—		(1,208	)
	USD	412,585	COP	1,177,002,257		04/20/2018		22		—
	USD	3,425,473	INR	219,778,366		04/27/2018		—		(6,065	)
	USD	122,565	ARS	2,521,161		05/02/2018		269		—
	ZAR	15,335,786	USD	1,242,046		03/02/2018		—		(47,065	)
	ZAR	71,312,971	USD	5,589,988		03/22/2018		—		(386,831	)
								7,917,472		(6,932,492	)
Standard Chartered Bank	CNH	7,381,157	USD	1,134,066		03/21/2018		—		(34,790	)
	HKD	6,237,014	USD	806,496		03/27/2018		8,191		—
	HKD	11,750,932	USD	1,517,000		05/11/2018		11,379		—
								19,570		(34,790	)
Net Unrealized Appreciation/(Depreciation)							$	8,057,292	$	(7,022,240	)

ARS	— Argentine Peso	EUR	— Euro Currency	PEN	— Peruvian Sol
AUD	— Australian Dollar	GBP	— British Pound Sterling	PHP	— Philippine Peso
BRL	— Brazilian Real	HKD	— Hong Kong Dollar	PLN	— Polish Zloty
CAD	— Canadian Dollar	HUF	— Hungarian Forint	RUB	— New Russian Ruble
CHF	— Swiss Franc	IDR	— Indonesian Rupiah	SEK	— Swedish Krona
CLP	— Chilean Peso	INR	— Indian Rupee	SGD	— Singapore Dollar
CNH	— Yuan Renminbi Offshore	JPY	— Japanese Yen	THB	— Thai Baht
CNY	— Yuan Renminbi	KRW	— South Korean Won	TRY	— Turkish Lira
COP	— Colombian Peso	MXN	— Mexican Peso	TWD	— New Taiwan Dollar
CZK	— Czech Koruna	NOK	— Norwegian Krone	USD	— United States Dollar
DKK	— Danish Krone	NZD	— New Zealand Dollar	ZAR	— South African Rand

105

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PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Centrally Cleared Interest Rate Swap Contracts@
					Rates Exchanged				Value
	Notional Amount (000’s)		Maturity Date		Payments Received by the Portfolio/Freqency		Payments Made by the Portfolio/Frequency		Upfront Payments Made (Received) by the Portfolio			Gross Unrealized Appreciation
SEK		95,010		6/15/2018		0.050%/Annually		3 month STIBOR/Quarterly	$	15,160		$	9,021
SEK		163,130		6/29/2019		-0.100%/Annually		3 month SEK-LIBOR/Quarterly		(2,038	)		18,826
AUD		14,650		3/21/2020		3 month BBSW/Quarterly		2.000%/Quarterly		(8,561	)		29,091
GBP		1,170		3/21/2020		6 month GBP-LIBOR/Semi-annually		0.750%/Semi-annually		5,601			2,591
SEK		114,610		3/21/2021		3 month STIBOR/Quarterly		0.250%/Annually		(38,124	)		33,098
SEK		283,080		12/16/2021		3 month STIBOR/Quarterly		0.500%/Annually		158,550			129,700
GBP		13,880		1/27/2022		6 month GBP-LIBOR/Semi-annually		1.420%/Semi-annually		(2,033	)		39,661
SEK		108,850		3/21/2022		3 month STIBOR/Quarterly		0.400%/Annually		(2,252	)		53,755
GBP		2,490		7/15/2022		3.37%/Maturity		12 month UKRPI/Maturity		121			9,370
PLN		9,940		12/20/2022		6 month WIBOR/Semi-annually		2.510%/Annually		(193	)		21,834
MXN		17,175		3/15/2023		7.500%/Monthly		1 month TIIE/Monthly		(9,430	)		1,575
GBP		15,710		3/21/2023		6 month GBP-LIBOR/Semi-annually		1.000%/Semi-annually		156,253			224,939
NOK		69,160		3/21/2023		6 month NIBOR/Semi-annually		1.500%/Annually		50,776			77,748
SEK		64,250		3/21/2023		3 month STIBOR/Quarterly		0.500%/Annually		58,946			28,169
USD		5,520		7/31/2023		3 month USD-LIBOR/Quarterly		2.628%/Semi-annually		6,064			11,635
USD		21,050		11/20/2023		3 month USD-LIBOR/Quarterly		2.275%/Semi-annually		39,482			408,838
USD		20		6/21/2024		3 month USD-LIBOR/Quarterly		1.500%/Semi-annually		1,244			117
EUR		1,110		3/21/2025		6 month EURIBOR/Semi-annually		0.500%/Annually		1,850			25,839
GBP		2,230		9/15/2027		12 month UKRPI/Maturity		3.340%/Maturity		(1,319	)		11,016
SEK		66,620		10/25/2027		3 month STIBOR/Quarterly		2.000%/Annually		(9,205	)		63,682
SEK		34,440		11/2/2027		3 month STIBOR/Quarterly		2.000%/Annually		1,709			27,153
AUD		5,960		3/21/2028		6 month BBSW/Semi-annually		2.750%/Semi-annually		24,253			82,914
GBP		5,790		3/21/2028		6 month GBP-LIBOR/Semi-annually		1.250%/Semi-annually		95,164			174,511
SEK		21,310		3/21/2028		3 month STIBOR/Quarterly		1.250%/Annually		(2,791	)		48,379
USD		4,980		8/6/2028		3 month USD-LIBOR/Quarterly		2.350%/Semi-annually		(1,390	)		202,313
GBP		7,060		11/21/2028		6 month GBP-LIBOR/Semi-annually		1.400%/Semi-annually		60,506			206,982
GBP		7,220		3/21/2033		6 month GBP-LIBOR/Semi-annually		1.500%/Semi-annually		(18,799	)		313,447
GBP		5,850		3/17/2037		6 month GBP-LIBOR/Semi-annually		1.750%/Semi-annually		21,157			103,242
GBP		3,290		12/14/2037		6 month GBP-LIBOR/Semi-annually		1.750%/Semi-annually		(26,807	)		90,886
EUR		2,230		6/14/2038		6 month EURIBOR/Semi-annually		2.000%/Annually		4,070			4,431
GBP		1,500		9/15/2047		12 month UKRPI/Maturity		3.450%/Maturity		3,918			56,998
GBP		340		3/21/2048		6 month GBP-LIBOR/Semi-annually		1.500%/Semi-annually		4,053			19,576
USD		40		3/23/2048		3 month USD-LIBOR/Quarterly		2.500%/Semi-annually		1,478			1,264
CAD		1,300		7/18/2048		3 month CDOR/Semi-annually		2.54%/Semi-annually		5,098			43,117
									$	592,511		$	2,575,718

					Rates Exchanged		Value
	Notional Amount (000’s)		Maturity Date		Payments Received by the Portfolio/Freqency	Payments Made by the Portfolio/Frequency	Upfront Payments Made (Received) by the Portfolio			Gross Unrealized (Depreciation)
SEK		88,570		9/15/2018	-0.330%/Annually	3 month STIBOR/Quarterly	$	20,279		$	(12,496	)
CAD		27,140		3/21/2019	1.000%/Semi-annually	3 month CDOR/Semi-annually		(216,406	)		(14,467	)
USD		22,170		7/30/2019	2.364%/Semi-annually	3 month USD-LIBOR/Quarterly		(459	)		(4,396	)
CAD		13,780		3/21/2020	1.250%/Semi-annually	3 month CDOR/Semi-annually		(156,706	)		(67,125	)
USD		26,570		3/21/2020	1.750%/Semi-annually	3 month USD-LIBOR/Quarterly		(293,504	)		(46,152	)
USD		18,660		8/6/2020	1.855%/Semi-annually	3 month USD-LIBOR/Quarterly		(72,296	)		(179,455	)
USD		46,840		11/20/2020	2.139%/Semi-annually	3 month USD-LIBOR/Quarterly		(55,841	)		(390,265	)
EUR		39,140		12/16/2021	0.350%/Annually	6 month EURIBOR/Semi-annually		(109,751	)		(180,023	)
EUR		21,960		1/31/2022	0.650%/Annually	6 month EURIBOR/Semi-annually		(5,706	)		(22,225	)
CAD		7,800		7/18/2022	2.028%/Semi-annually	3 month CDOR/Semi-annually		(22,846	)		(83,381	)

106

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PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Centrally Cleared Interest Rate Swap Contracts@ — (continued)
					Rates Exchanged				Value
	Notional Amount (000’s)		Maturity Date		Payments Received by the Portfolio/Freqency		Payments Made by the Portfolio/ Frequency		Upfront Payments Made (Received) by the Portfolio			Gross Unrealized (Depreciation)
EUR		15,920		1/9/2023		0.600%/Annually		6 month EURIBOR/Semi-annually		(54,753	)		(93,235	)
AUD		7,350		3/21/2023		2.500%/Semi-annually		6 month BBSW/Semi-annually		(11,685	)		(27,715	)
CAD		4,840		3/21/2023		1.500%/Semi-annually		3 month CDOR/Semi-annually		(124,952	)		(60,855	)
EUR		24,340		3/21/2023		0.250%/Annually		6 month EURIBOR/Semi-annually		(288,993	)		(106,900	)
USD		8,420		3/21/2023		2.000%/Semi-annually		3 month USD-LIBOR/Quarterly		(223,088	)		(25,394	)
GBP		11,720		11/21/2023		1.200%/Semi-annually		6 month GBP-LIBOR/Semi-annually		(48,181	)		(185,419	)
EUR		7,780		1/12/2027		1.330%/Annually		6 month EURIBOR/Semi-annually		(55,896	)		(40,702	)
GBP		8,430		3/16/2027		1.600%/Semi-annually		6 month GBP-LIBOR/Semi-annually		18,439			(134,473	)
EUR		1,530		8/15/2027		1.428%/Annually		12 month EUR-LIBOR/Annually		1,609			(25,030	)
EUR		7,080		10/25/2027		1.600%/Annually		6 month EURIBOR/Semi-annually		36,873			(61,584	)
EUR		6,450		12/19/2027		1.500%/Annually		6 month EURIBOR/Semi-annually		24,803			(93,138	)
CAD		15,460		3/21/2028		1.75%/Semi-annually		3 month CDOR/Semi-annually		(699,738	)		(339,725	)
EUR		7,750		3/21/2028		1.000%/Annually		6 month EURIBOR/Semi-annually		101,388			(191,679	)
USD		5,220		3/21/2028		2.25%/Semi-annually		3 month USD-LIBOR/Quarterly		(84,397	)		(153,435	)
CAD		2,730		6/21/2028		2.75%/Semi-annually		3 month CDOR/Semi-annually		9,128			(20,908	)
GBP		3,020		1/11/2032		6 month GBP-LIBOR/Semi-annually		1.94%/Semi-annually		27,615			(22,063	)
EUR		840		8/15/2032		1.600%/Annually		12 month CPTFEMU/Annually		21			(16,210	)
GBP		2,030		9/15/2032		3.460%/Maturity		12 month UKRPI/Maturity		5,233			(12,547	)
GBP		1,700		3/21/2038		1.500%/Semi-annually		6 month GBP-LIBOR/Semi-annually		(21,410	)		(81,332	)
GBP		1,640		9/15/2042		3.510%/Maturity		Pay 12 month UKRPI/Maturity		601			(32,098	)
EUR		340		3/21/2048		1.500%/Annually		6 month EURIBOR/Semi-annually		3,578			(10,676	)
EUR		1,720		6/16/2048		6 month EURIBOR/Semi-annually		1.750%/Annually		(9,522	)		(3,646	)
									$	(2,306,563	)	$	(2,738,749	)
Net Unrealized Appreciation/(Depreciation)									$	(1,714,052	)	$	(163,031	)

@ Illiquid security. At January 31, 2018, the aggregate value of these securities was ($1,877,083) representing (0.41%) of net assets.    

BBSW	— Bank Bill Swap Reference Rate
CDOR	— Canadian Dollar Offered Rate
CFTFEMU	— Eurostat Eurozone HICP Ex Tobacco
EURIBOR	— Euro Interbank Offered Rate
LIBOR	— London Interbank Offered Rate
STIBOR	— Stockholm Interbank Offered Rate
NIBOR	— Norwegian Interbank Offered Rate
TIIE	— Interbank Equilibrium Interest Rate
UKRPI	— United Kingdom Retail Price Index
WIBOR	— Warsaw Interbank Offered Rate

Over the Counter Credit Default Swaps on Sovereign Issues — Buy Protection@(1)
													Value(4)
Reference Obligation	Fixed Deal (Pay) Rate			Frequency		Maturity Date	Counterparty	Implied Credit Spread at January 31, 2018(2)			Notional Amount(3) (000’s)		Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
People’s Republic of China 7.50% due 10/28/2027		(1.000	)%		Quarterly	6/20/2021	Citibank, N.A.		0.3771	%	$	12,180	$	18,552	$	(266,349	)
People’s Republic of China 7.50% due 10/28/2027		(1.000	)%		Quarterly	6/20/2021	Deutsche Bank AG		0.3771	%		240		384		(5,266	)
People’s Republic of China 7.50% due 10/28/2027		(1.000	)%		Quarterly	6/20/2021	JPMorgan Chase Bank, N.A.		0.3771	%		80		122		(1,750	)
People’s Republic of China 7.50% due 10/28/2027		(1.000	)%		Quarterly	6/20/2021	Morgan Stanley & Co.		0.3771	%		11,780		18,851		(258,511	)
Total													$	37,909	$	(531,876	)

107

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PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Centrally Cleared Credit Default Swaps on Credit Indicies — Buy Protection@(1)
									Value(4)
Reference Obligation	Fixed Deal (Pay) Rate		Frequency	Maturity Date		Implied Credit Spread at January 31, 2018(2)	Notional Amount(3) (000’s)		Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
CDX North America Investment Grade Index		(1.000)%	Quarterly		12/20/2022	0.4723%	$	41,800	$	(900,180	)	$	(107,639	)
CDX Emerging Markets Index		(1.000)%	Quarterly		6/20/2022	1.0112%		407		14,699			(14,513	)
CDX Emerging Markets Index		(1.000)%	Quarterly		12/20/2022	1.1437%		7,973		300,905			(249,477	)
iTraxx Europe Index		(1.000)%	Quarterly		12/20/2022	0.4363%		17,400		(581,127	)		(9,232	)
Total									$	(1,165,703	)	$	(380,861	)

@ Illiquid security. At January 31, 2018, the aggregate value of these securities was ($2,040,531) representing (0.5%) of net assets.

(1) If the Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(3) The maximum potential amount the Portfolio could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) The quoted market prices and resulting values for credit default swap agreements serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities:
Cayman Islands	$	—	$	9,416,567	$	—	$	9,416,567
United States		—		34,559,260		850,000		35,409,260
Corporate Bonds & Notes		—		53,416,450		—		53,416,450
Foreign Government Obligations		—		234,340,446		—		234,340,446
Structured Notes		—		3,504,768		—		3,504,768
U.S. Government Agencies		—		6,855,357		—		6,855,357
U.S. Government Treasuries		—		38,873,911		—		38,873,911
Preferred Securities/Capital Securities		—		323,579		—		323,579
Options-Purchased		—		60,133		—		60,133
Short-Term Investment Securities:
Foreign Government Obligations		—		29,135,511		—		29,135,511
Registered Investment Companies		26,137,396		—		—		26,137,396
Total Investments at Value	$	26,137,396	$	410,485,982	$	850,000	$	437,473,378
Other Financial Instruments:+
Over the Counter Written Options on Interest Rate Swap Contracts	$	—	$	2,091	$	—	$	2,091
Futures Contracts		15,067		—		—		15,067
Forward Foreign Currency Contracts		—		8,057,292		—		8,057,292
Centrally Cleared Interest Rate Swap Contracts		—		2,575,718		—		2,575,718
Total Other Financial Instruments	$	15,067	$	10,635,101	$	—	$	10,650,168

108

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PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	1,064,023	$	—	$	—	$	1,064,023
Forward Foreign Currency Contracts		—		7,022,240		—		7,022,240
Centrally Cleared Interest Rate Swap Contracts		—		2,738,749		—		2,738,749
Over the Counter Credit Default Swaps on Sovereign Issues-Buy Protection		—		531,876		—		531,876
Centrally Cleared Credit Default Swaps on Credit Indicies-Buy Protection		—		380,861		—		380,861
Total Other Financial Instruments	$	1,064,023	$	10,673,726	$	—	$	11,737,749

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments were not considered a material portion of the Portfolio

See Notes to Financial Statements

109

SunAmerica Series Trust SA Goldman Sachs Multi-Asset Insights Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Registered Investment Companies	56.7	%
Exchange-Traded Funds	6.0
Medical-HMO	1.8
Real Estate Investment Trusts	1.5
Oil Refining & Marketing	1.5
Medical-Biomedical/Gene	1.4
Computers	0.9
Web Portals/ISP	0.8
Real Estate Management/Services	0.8
Applications Software	0.8
E-Commerce/Products	0.8
Oil Companies-Integrated	0.7
Aerospace/Defense	0.7
Electric-Integrated	0.7
Internet Content-Entertainment	0.6
Insurance-Property/Casualty	0.6
Medical-Drugs	0.6
Retail-Discount	0.5
Banks-Super Regional	0.5
Banks-Commercial	0.5
Electronic Components-Semiconductors	0.5
Computer Services	0.5
Finance-Credit Card	0.5
Casino Hotels	0.5
Machinery-Construction & Mining	0.5
Electronic Forms	0.4
Insurance-Multi-line	0.4
Diagnostic Equipment	0.4
Retail-Apparel/Shoe	0.4
Chemicals-Diversified	0.4
Computers-Memory Devices	0.4
Building & Construction Products-Misc.	0.4
Transport-Rail	0.4
Banks-Fiduciary	0.4
Auction Houses/Art Dealers	0.4
Entertainment Software	0.4
Auto/Truck Parts & Equipment-Original	0.4
Retail-Consumer Electronics	0.4
Insurance-Reinsurance	0.4
Building Products-Wood	0.4
Finance-Auto Loans	0.4
Food-Misc./Diversified	0.4
Transport-Truck	0.4
Instruments-Controls	0.3
Brewery	0.3
Coal	0.3
Garden Products	0.3
Commercial Services	0.3
Semiconductor Equipment	0.3
Internet Connectivity Services	0.3
Retail-Restaurants	0.3
Medical Products	0.3
Resorts/Theme Parks	0.3
Finance-Other Services	0.3
Oil Companies-Exploration & Production	0.3
Cosmetics & Toiletries	0.3
Metal-Copper	0.3
Electric-Generation	0.3
Television	0.3
Retail-Drug Store	0.3
Diversified Manufacturing Operations	0.3

Transport-Services	0.3	%
Computer Software	0.3
Insurance Brokers	0.2
Electronic Components-Misc.	0.2
Commercial Services-Finance	0.2
Steel-Producers	0.2
Building-Residential/Commercial	0.2
Containers-Paper/Plastic	0.2
Insurance-Life/Health	0.2
E-Commerce/Services	0.2
Retail-Building Products	0.2
Hotels/Motels	0.2
Diversified Banking Institutions	0.2
Appliances	0.2
Internet Security	0.1
Oil-Field Services	0.1
Medical Instruments	0.1
Publishing-Newspapers	0.1
Finance-Consumer Loans	0.1
Non-Ferrous Metals	0.1
Airlines	0.1
Leisure Products	0.1
Financial Guarantee Insurance	0.1
Oil Field Machinery & Equipment	0.1
	97.5	%

* Calculated as a percentage of net assets

# See Note 1

110

SunAmerica Series Trust SA Goldman Sachs Multi-Asset Insights Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 34.8%
Aerospace/Defense — 0.7%
Boeing Co.		203	$	71,937
Esterline Technologies Corp.†		97		7,134
				79,071
Agricultural Operations — 0.0%
Archer-Daniels-Midland Co.		32		1,374
Airlines — 0.1%
Copa Holdings SA, Class A		60		8,300
Appliances — 0.2%
Whirlpool Corp.		101		18,323
Applications Software — 0.8%
Intuit, Inc.		200		33,580
Microsoft Corp.		628		59,666
				93,246
Auction Houses/Art Dealers — 0.4%
KAR Auction Services, Inc.		795		43,359
Auto/Truck Parts & Equipment-Original — 0.4%
Allison Transmission Holdings, Inc.		684		30,260
Lear Corp.		58		11,202
Visteon Corp.†		10		1,301
				42,763
Banks-Commercial — 0.5%
International Bancshares Corp.		454		18,841
SVB Financial Group†		159		39,201
Synovus Financial Corp.		53		2,671
				60,713
Banks-Fiduciary — 0.4%
Citizens Financial Group, Inc.		963		44,202
Banks-Super Regional — 0.5%
Comerica, Inc.		459		43,706
Fifth Third Bancorp		128		4,237
KeyCorp		670		14,338
				62,281
Brewery — 0.3%
Molson Coors Brewing Co., Class B		472		39,657
Building & Construction Products-Misc. — 0.4%
Fortune Brands Home & Security, Inc.		86		6,100
Louisiana-Pacific Corp.†		1,346		39,855
				45,955
Building Products-Wood — 0.4%
Masco Corp.		929		41,489
Building-Residential/Commercial — 0.2%
PulteGroup, Inc.		756		24,064
Casino Hotels — 0.5%
Las Vegas Sands Corp.		290		22,481
MGM Resorts International		1,005		36,632
				59,113
Casino Services — 0.0%
Scientific Games Corp., Class A†		17		793
Chemicals-Diversified — 0.4%
LyondellBasell Industries NV, Class A		390		46,738

Security Description	Shares		Value (Note 2)
Chemicals-Specialty — 0.0%
Ingevity Corp.†		68	$	4,933
Coal — 0.3%
Arch Coal, Inc., Class A		46		4,141
CONSOL Energy, Inc.†		77		2,497
Peabody Energy Corp.†		817		33,015
				39,653
Commercial Services — 0.3%
CoStar Group, Inc.†		113		39,110
Commercial Services-Finance — 0.2%
IHS Markit, Ltd.†		23		1,098
MarketAxess Holdings, Inc.		45		8,829
Total System Services, Inc.		166		14,751
				24,678
Computer Services — 0.5%
Amdocs, Ltd.		170		11,628
International Business Machines Corp.		296		48,455
				60,083
Computer Software — 0.3%
Citrix Systems, Inc.†		333		30,889
Computers — 0.9%
Apple, Inc.		505		84,552
HP, Inc.		959		22,364
				106,916
Computers-Memory Devices — 0.4%
Western Digital Corp.		519		46,181
Consumer Products-Misc. — 0.0%
Kimberly-Clark Corp.		49		5,733
Containers-Paper/Plastic — 0.2%
Berry Global Group, Inc.†		127		7,517
Graphic Packaging Holding Co.		1,022		16,505
				24,022
Cosmetics & Toiletries — 0.3%
Colgate-Palmolive Co.		476		35,338
Diagnostic Equipment — 0.4%
Danaher Corp.		480		48,614
Diversified Banking Institutions — 0.2%
Bank of America Corp.		89		2,848
JPMorgan Chase & Co.		135		15,615
				18,463
Diversified Manufacturing Operations — 0.3%
Colfax Corp.†		783		31,336
E-Commerce/Products — 0.8%
Amazon.com, Inc.†		55		79,799
Etsy, Inc.†		511		9,586
				89,385
E-Commerce/Services — 0.2%
Expedia, Inc.		12		1,536
MercadoLibre, Inc.		27		10,452
Priceline Group, Inc.†		6		11,472
				23,460
Electric-Generation — 0.3%
Vistra Energy Corp.†		1,789		34,886
Electric-Integrated — 0.7%
AES Corp.		1,445		16,704
MDU Resources Group, Inc.		1,429		37,840

111

SunAmerica Series Trust SA Goldman Sachs Multi-Asset Insights Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 —(continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric-Integrated (continued)
PG&E Corp.		575	$	24,397
				78,941
Electronic Components-Misc. — 0.2%
Gentex Corp.		1,135		26,877
Electronic Components-Semiconductors — 0.5%
Broadcom, Ltd.		86		21,331
Micron Technology, Inc.†		898		39,260
				60,591
Electronic Forms — 0.4%
Adobe Systems, Inc.†		257		51,338
Engineering/R&D Services — 0.0%
AECOM†		46		1,799
Entertainment Software — 0.4%
Activision Blizzard, Inc.		171		12,676
Electronic Arts, Inc.†		238		30,217
				42,893
Finance-Auto Loans — 0.4%
Ally Financial, Inc.		1,387		41,291
Santander Consumer USA Holdings, Inc.		199		3,433
				44,724
Finance-Consumer Loans — 0.1%
Enova International, Inc.†		199		3,562
Synchrony Financial		68		2,698
				6,260
Finance-Credit Card — 0.5%
Visa, Inc., Class A		482		59,879
Finance-Investment Banker/Broker — 0.0%
Houlihan Lokey, Inc.		55		2,624
Finance-Other Services — 0.3%
BGC Partners, Inc., Class A		2,487		35,589
Financial Guarantee Insurance — 0.1%
Assured Guaranty, Ltd.		208		7,403
Food-Misc./Diversified — 0.4%
Conagra Brands, Inc.		1,082		41,116
Footwear & Related Apparel — 0.0%
Crocs, Inc.†		275		3,715
Garden Products — 0.3%
Toro Co.		604		39,653
Hotels/Motels — 0.2%
Hilton Worldwide Holdings, Inc.		245		20,984
Human Resources — 0.0%
Insperity, Inc.		12		735
Identification Systems — 0.0%
Brady Corp., Class A		123		4,705
Instruments-Controls — 0.3%
Mettler-Toledo International, Inc.†		59		39,840
Insurance Brokers — 0.2%
Aon PLC		162		23,032
Arthur J. Gallagher & Co.		82		5,602
				28,634

Security Description	Shares		Value (Note 2)
Insurance-Life/Health — 0.2%
American Equity Investment Life Holding Co.		64	$	2,112
Athene Holding, Ltd., Class A†		211		10,584
Principal Financial Group, Inc.		160		10,816
				23,512
Insurance-Multi-line — 0.4%
Allstate Corp.		468		46,224
Voya Financial, Inc.		91		4,724
				50,948
Insurance-Property/Casualty — 0.6%
Progressive Corp.		549		29,701
White Mountains Insurance Group, Ltd.		49		41,155
				70,856
Insurance-Reinsurance — 0.4%
Argo Group International Holdings, Ltd.		216		13,241
Berkshire Hathaway, Inc., Class B†		78		16,722
Reinsurance Group of America, Inc.		76		11,905
				41,868
Internet Connectivity Services — 0.3%
Cogent Communications Holdings, Inc.		846		38,155
Internet Content-Entertainment — 0.6%
Facebook, Inc., Class A†		325		60,739
Netflix, Inc.†		54		14,596
				75,335
Internet Security — 0.1%
Palo Alto Networks, Inc.†		107		16,892
Leisure Products — 0.1%
Marine Products Corp.		545		7,957
Machinery-Construction & Mining — 0.5%
Caterpillar, Inc.		323		52,578
Medical Instruments — 0.1%
Boston Scientific Corp.†		392		10,960
Medical Products — 0.3%
Baxter International, Inc.		46		3,314
West Pharmaceutical Services, Inc.		331		33,166
				36,480
Medical-Biomedical/Gene — 1.4%
Alexion Pharmaceuticals, Inc.†		226		26,966
Amgen, Inc.		76		14,140
Biogen, Inc.†		147		51,128
Celgene Corp.†		327		33,079
Exelixis, Inc.†		229		6,941
Vertex Pharmaceuticals, Inc.†		178		29,703
				161,957
Medical-Drugs — 0.6%
AbbVie, Inc.		445		49,938
Johnson & Johnson		101		13,957
Pfizer, Inc.		19		704
				64,599
Medical-HMO — 1.8%
Anthem, Inc.		202		50,066
Centene Corp.†		217		23,271
Humana, Inc.		163		45,938
UnitedHealth Group, Inc.		308		72,928

112

SunAmerica Series Trust SA Goldman Sachs Multi-Asset Insights Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 —(continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-HMO (continued)
WellCare Health Plans, Inc.†		108	$	22,721
				214,924
Metal-Copper — 0.3%
Freeport-McMoRan, Inc.†		1,805		35,198
Non-Ferrous Metals — 0.1%
Materion Corp.		186		9,244
Oil Companies-Exploration & Production — 0.3%
Cabot Oil & Gas Corp.		264		6,956
CNX Resources Corp.†		799		11,194
Marathon Oil Corp.		307		5,584
Range Resources Corp.		815		11,614
				35,348
Oil Companies-Integrated — 0.7%
Chevron Corp.		577		72,327
Exxon Mobil Corp.		143		12,484
				84,811
Oil Field Machinery & Equipment — 0.1%
Exterran Corp.†		209		6,036
Oil Refining & Marketing — 1.5%
Andeavor		110		11,898
HollyFrontier Corp.		371		17,793
Marathon Petroleum Corp.		654		45,303
Par Pacific Holdings, Inc.†		468		8,532
Phillips 66		451		46,182
Valero Energy Corp.		486		46,641
				176,349
Oil-Field Services — 0.1%
Halliburton Co.		161		8,646
McDermott International, Inc.†		368		3,231
				11,877
Pastoral & Agricultural — 0.0%
Phibro Animal Health Corp., Class A		56		1,907
Publishing-Newspapers — 0.1%
News Corp., Class A		609		10,420
Real Estate Investment Trusts — 1.5%
American Tower Corp.		253		37,368
DiamondRock Hospitality Co.		322		3,787
Equinix, Inc.		35		15,932
Gaming and Leisure Properties, Inc.		781		28,460
Host Hotels & Resorts, Inc.		1,954		40,565
Kimco Realty Corp.		473		7,525
SBA Communications Corp.†		263		45,893
				179,530
Real Estate Management/Services — 0.8%
CBRE Group, Inc., Class A†		661		30,201
Jones Lang LaSalle, Inc.		138		21,577
Realogy Holdings Corp.		1,522		41,870
				93,648
Resort/Theme Parks — 0.3%
Vail Resorts, Inc.		165		36,062
Retail-Apparel/Shoe — 0.4%
Express, Inc.†		300		2,094
Ross Stores, Inc.		543		44,738
				46,832

Security Description	Shares		Value (Note 2)
Retail-Building Products — 0.2%
Lowe’s Cos., Inc.		202	$	21,155
Retail-Consumer Electronics — 0.4%
Best Buy Co., Inc.		574		41,936
Retail-Discount — 0.5%
Walmart, Inc.		585		62,361
Retail-Drug Store — 0.3%
Walgreens Boots Alliance, Inc.		436		32,813
Retail-Restaurants — 0.3%
Yum! Brands, Inc.		442		37,389
Semiconductor Equipment — 0.3%
Applied Materials, Inc.		664		35,610
FormFactor, Inc.†		144		2,067
Lam Research Corp.		4		766
				38,443
Steel-Producers — 0.2%
Carpenter Technology Corp.		86		4,420
Steel Dynamics, Inc.		434		19,704
				24,124
Telecom Services — 0.0%
Vonage Holdings Corp.†		371		4,152
Television — 0.3%
CBS Corp., Class B		590		33,990
Transport-Rail — 0.4%
CSX Corp.		780		44,281
Transport-Services — 0.3%
Ryder System, Inc.		359		31,244
Transport-Truck — 0.4%
Werner Enterprises, Inc.		1,004		40,863
Web Portals/ISP — 0.8%
Alphabet, Inc., Class A†		42		49,653
Alphabet, Inc., Class C†		42		49,138
				98,791
Total Common Stocks (cost $3,760,033)				4,079,246
EXCHANGE-TRADED FUNDS — 6.0%
iShares MSCI EAFE Small-Cap ETF		4,530		307,360
SPDR S&P International Small-Cap ETF		7,995		297,734
Vanguard REIT ETF		1,208		95,976
Total Exchange-Traded Funds (cost $658,928)				701,070
Total Long-Term Investment Securities (cost $4,418,961)				4,780,316
SHORT-TERM INVESTMENT SECURITIES — 56.7%
Registered Investment Companies — 56.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.25%(1) (cost $6,636,278)		6,636,278		6,636,278

113

SunAmerica Series Trust SA Goldman Sachs Multi-Asset Insights Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 —(continued)

Security Description	Principal Amount			Value (Note 2)
TOTAL INVESTMENTS (cost $11,055,239)(2)		97.5	%	$	11,416,594
Other assets less liabilities		2.5			292,882
NET ASSETS		100.0	%	$	11,709,476

 # See Note 1

 † Non-income producing security

(1) The rate shown is the 7-day yield as of January 31, 2018

(2) See Note 3 for cost of investments on a tax basis.

ETF — Exchange-Traded Funds

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation/ (Depreciation)
	3	Long	S&P 500 E-Mini Index	March 2018	$	403,007	$	423,870	$	20,863
	9	Long	U.S. Treasury Long Bonds	March 2018		1,373,158		1,330,313		(42,845	)
	9	Long	MSCI Emerging Markets	March 2018		505,481		566,010		60,529
	17	Long	MSCI EAFE Index	March 2018		1,714,180		1,823,675		109,495
	4	Long	E-Mini Russell 2000 Index	March 2018		304,764		315,200		10,436
	24	Long	U.S. Treasury 10 Year Notes	March 2018		2,991,072		2,917,875		(73,197	)
									$	85,281

* Notional Basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

Centrally Cleared Credit Default Swaps on Credit Indicies — Sell Protection@ (1)

Value(4)

Reference Obligations

Fixed Deal Receive Rate / Payment Frequency

Termination Date

Implied Credit Spread at January 31, 2018(2)

Notional Amount(3) (000’s)

Upfront Premiums Paid/ (Received)

Unrealized Appreciation/ (Depreciation)

CDX North America Investment Grade Index

1.000% /Quarterly

12/20/2027

0.8673

%

3,530

$

3,662

$

34,887

@ Illiquid security. At January 31, 2018, the aggregate value of these securities was $38,549 representing 0.3% of net assets

(1) If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation.

(2) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(3) The maximum potential amount the Portfolio could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(4) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

114

SunAmerica Series Trust SA Goldman Sachs Multi-Asset Insights Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 —(continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	4,079,246	$	—	$	—	$	4,079,246
Exchanged-Traded Funds		701,070		—		—		701,070
Short-Term Investment Securities		6,636,278		—		—		6,636,278
Total Investments at Value	$	11,416,594	$	—	$	—	$	11,416,594
Other Financial Instruments:†
Future Contracts	$	201,323	$	—	$	—	$	201,323
Centrally Cleared Credit Default Swaps on Credit Indicies-Sell Protection		—		34,887		—		34,887
Total Other Financial Instruments	$	201,323	$	34,887	$	—	$	236,210
LIABILITIES:
Other Financial Instruments:†
Future Contracts	$	116,042	$	—	$	—	$	116,042

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

† Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

115

SunAmerica Series Trust SA Index Allocation 60/40 Portfolio**

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	53.7	%
Domestic Fixed Income Investment Companies	34.1
International Equity Investment Companies	12.3
	100.1	%

* Calculated as a percentage of net assets

** See Note 1

116

SunAmerica Series Trust SA Index Allocation 60/40 Portfolio*

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares			Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# — 100.1%
Domestic Equity Investment Companies — 53.7%
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		665,430		$	15,710,804
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1†		120,832			1,391,984
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1†		149,511			1,741,804
Total Domestic Equity Investment Companies (cost $17,138,712)					18,844,592
Domestic Fixed Income Investment Companies — 34.1%
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1†		619,176			6,284,635
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1†		577,784			5,696,949
Total Domestic Fixed Income Investment Companies (cost $12,096,871)					11,981,584
International Equity Investment Companies — 12.3%
SunAmerica Series Trust SA International Index Portfolio, Class 1† (cost $3,985,237)		356,188		$	4,320,560
TOTAL INVESTMENTS (cost $33,220,820)(1)		100.1	%		35,146,736
Liabilities in excess of other assets		(0.1	)		(44,379	)
NET ASSETS		100.0	%	$	35,102,357

@ The SunAmerica Series Trust SA Index Allocation 60/40 Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of the SunAmerica Series Trust. Additional information on the underlying Portfolios, including such portfolios’ prospectuses and shareholder reports are available on our website, www.aig.com/getprospectus.

# See Note 8

* See Note 1

† Non-income producing security

(1) See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	35,146,736	$	—	$	—	$	35,146,736

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

117

SunAmerica Series Trust SA Index Allocation 80/20 Portfolio*

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation**

Domestic Equity Investment Companies	68.1	%
International Equity Investment Companies	17.1
Domestic Fixed Income Investment Companies	14.9
	100.1%

* See Note 1

** Calculated as a percentage of net assets

118

SunAmerica Series Trust SA Index Allocation 80/20 Portfolio*

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# — 100.1%
Domestic Equity Investment Companies — 68.1%
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		1,879,431	$	44,373,375
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		530,686		6,113,508
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		329,740		3,841,476
Total Domestic Equity Investment Companies (cost $49,105,145)				54,328,359
Domestic Fixed Income Investment Companies — 14.9%
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1†		660,355		6,702,607
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1†		529,418		5,220,065
Total Domestic Fixed Income Investment Companies (cost $12,055,755)				11,922,672

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 17.1%
SunAmerica Series Trust SA International Index Portfolio, Class 1 (cost $12,582,246)		1,122,761		$	13,619,092
TOTAL INVESTMENTS (cost $73,743,146)(1)		100.1	%		79,870,123
Liabilities in excess of other assets		(0.1	)		(61,023	)
NET ASSETS		100.0	%	$	79,809,100

† Non-income producing security

@ The SunAmerica Series Trust SA Index Allocation 80/20 Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of the SunAmerica Series Trust. Additional information on the underlying Portfolios, including such portfolios’ prospectuses and shareholder reports are available on our website, www.aig.com/getprospectus.

# See Note 8

* See Note 1

(1) See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):    

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	79,870,123	$	—	$	—	$	79,870,123

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

119

SunAmerica Series Trust SA Index Allocation 90/10 Portfolio**

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	72.8	%
International Equity Investment Companies	21.9
Domestic Fixed Income Investment Companies	5.3
	100.0	%

* Calculated as a percentage of net assets

** See Note 1

120

SunAmerica Series Trust SA Index Allocation 90/10 Portfolio*

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares			Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# — 100.0%
Domestic Equity Investment Companies — 72.8%
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		5,666,344		$	133,782,393
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		1,517,450			17,481,028
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		915,873			10,669,922
Total Domestic Equity Investment Companies (cost $147,150,352)					161,933,343
Domestic Fixed Income Investment Companies — 5.3%
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1†		658,862			6,687,453
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1†		525,359			5,180,037
Total Domestic Fixed Income Investment Companies (cost $11,995,697)					11,867,490
International Equity Investment Companies — 21.9%
SunAmerica Series Trust SA International Index Portfolio, Class 1 (cost $45,235,675)		4,023,856			48,809,379
TOTAL INVESTMENTS (cost $204,381,724)(1)		100.0	%		222,610,212
Liabilities in excess of other assets		0.0			(109,420	)
NET ASSETS		100.0	%	$	222,500,792

@ The SunAmerica Series Trust SA Index Allocation 90/10 Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of the SunAmerica Series Trust. Additional information on the underlying Portfolios, including such portfolios’ prospectuses and shareholder reports are available on our website, www.aig.com/getprospectus.

# See Note 8

* See Note 1

† Non-income producing security

(1) See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	222,610,212	$	—	$	—	$	222,610,212

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

121

SunAmerica Series Trust SA International Index Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Medical-Drugs	6.7	%
Diversified Banking Institutions	6.5
Banks-Commercial	5.8
Exchange-Traded Funds	4.6
Oil Companies-Integrated	4.0
Auto-Cars/Light Trucks	3.5
Repurchase Agreements	2.5
Food-Misc./Diversified	2.5
Telephone-Integrated	2.3
Insurance-Life/Health	2.3
Insurance-Multi-line	2.0
Chemicals-Diversified	2.0
Cosmetics & Toiletries	1.9
Electric-Integrated	1.5
Real Estate Investment Trusts	1.4
Tobacco	1.4
Metal-Diversified	1.2
Real Estate Operations & Development	1.2
Diversified Minerals	1.1
Food-Retail	1.0
Brewery	1.0
Machinery-Electrical	1.0
Transport-Rail	1.0
Diversified Manufacturing Operations	1.0
Import/Export	1.0
Cellular Telecom	0.8
Beverages-Wine/Spirits	0.8
Auto/Truck Parts & Equipment-Original	0.8
Electronic Components-Misc.	0.8
Chemicals-Specialty	0.8
Enterprise Software/Service	0.8
Semiconductor Equipment	0.7
Finance-Other Services	0.7
Insurance-Property/Casualty	0.7
Industrial Gases	0.7
Soap & Cleaning Preparation	0.7
Gas-Distribution	0.7
Rubber-Tires	0.6
Audio/Video Products	0.6
Transport-Services	0.6
Building & Construction Products-Misc.	0.6
Commercial Services	0.6
Building-Heavy Construction	0.6
Building Products-Cement	0.6
Steel-Producers	0.6
Insurance-Reinsurance	0.6
Building-Residential/Commercial	0.6
Retail-Apparel/Shoe	0.5
Diversified Operations	0.5
Machinery-Construction & Mining	0.5
Aerospace/Defense	0.5
Real Estate Management/Services	0.5
Textile-Apparel	0.5
Retail-Jewelry	0.5
Medical Products	0.5
Building & Construction-Misc.	0.5
Office Automation & Equipment	0.5
Machinery-General Industrial	0.4
Aerospace/Defense-Equipment	0.4
Electric-Generation	0.4
Industrial Automated/Robotic	0.4

Electronic Measurement Instruments	0.4	%
Computer Services	0.4
Electronic Components-Semiconductors	0.4
Medical-Biomedical/Gene	0.4
Telecom Services	0.4
Human Resources	0.4
Electric Products-Misc.	0.3
Dialysis Centers	0.3
Public Thoroughfares	0.3
Oil Companies-Exploration & Production	0.3
Toys	0.3
Oil Refining & Marketing	0.3
Power Converter/Supply Equipment	0.3
Investment Companies	0.3
Athletic Footwear	0.3
Food-Catering	0.3
Auto-Heavy Duty Trucks	0.3
Paper & Related Products	0.3
Hotels/Motels	0.3
Finance-Investment Banker/Broker	0.3
Casino Hotels	0.2
Retail-Major Department Stores	0.2
Semiconductor Components-Integrated Circuits	0.2
Distribution/Wholesale	0.2
Multimedia	0.2
Machinery-Farming	0.2
Computers-Integrated Systems	0.2
Electronics-Military	0.2
Machine Tools & Related Products	0.2
Transactional Software	0.2
Building Products-Air & Heating	0.2
Medical Instruments	0.2
Commercial Services-Finance	0.2
Optical Supplies	0.2
Wireless Equipment	0.2
Finance-Leasing Companies	0.2
Apparel Manufacturers	0.2
Advertising Services	0.2
Private Equity	0.2
Gambling (Non-Hotel)	0.2
Gold Mining	0.2
Web Portals/ISP	0.2
Photo Equipment & Supplies	0.2
Television	0.2
Retail-Discount	0.2
Electric-Transmission	0.2
Airport Development/Maintenance	0.1
Investment Management/Advisor Services	0.1
Airlines	0.1
Water	0.1
Security Services	0.1
Beverages-Non-alcoholic	0.1
Transport-Marine	0.1
Electric-Distribution	0.1
Cable/Satellite TV	0.1
Resorts/Theme Parks	0.1
Advertising Agencies	0.1
Rental Auto/Equipment	0.1
Electronic Security Devices	0.1
Food-Confectionery	0.1
Diagnostic Equipment	0.1

122

SunAmerica Series Trust SA International Index Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited) — (continued)

Industry Allocation* (continued) Networking Products	0.1	%
Diversified Financial Services	0.1
Publishing-Periodicals	0.1
Entertainment Software	0.1
Medical-Generic Drugs	0.1
Energy-Alternate Sources	0.1
Appliances	0.1
U.S. Government Treasuries	0.1
Internet Content-Information/News	0.1
Food-Meat Products	0.1
Metal Processors & Fabrication	0.1
Computer Aided Design	0.1
Metal-Aluminum	0.1
E-Commerce/Products	0.1
Casino Services	0.1
Agricultural Chemicals	0.1
Containers-Paper/Plastic	0.1
Medical-Hospitals	0.1
Cruise Lines	0.1
Computer Data Security	0.1
Machinery-Material Handling	0.1
Retail-Misc./Diversified	0.1
Diversified Operations/Commercial Services	0.1
Retail-Home Furnishings	0.1
Travel Services	0.1
Computers-Memory Devices	0.1
Applications Software	0.1
Gas-Transportation	0.1
Retail-Building Products	0.1
Retail-Vision Service Center	0.1
Tools-Hand Held	0.1
Bicycle Manufacturing	0.1
Steel Pipe & Tube	0.1
Motorcycle/Motor Scooter	0.1
Building Products-Doors & Windows	0.1
Lighting Products & Systems	0.1
Metal Products-Distribution	0.1
Filtration/Separation Products	0.1
Consulting Services	0.1
MRI/Medical Diagnostic Imaging	0.1
Leisure Products	0.1
Internet Security	0.1
Food-Dairy Products	0.1
Respiratory Products	0.1
	99.7%

Country Allocation*

Japan	22.1	%
United Kingdom	14.9
France	9.4
Germany	9.2
Switzerland	7.4
United States	7.3
Australia	6.2
Netherlands	4.2
Spain	3.1
Sweden	2.5
Hong Kong	2.3
Italy	1.9
Denmark	1.7

Singapore	1.1	%
Jersey	1.1
Belgium	1.0
Finland	0.9
Cayman Islands	0.7
Norway	0.6
Ireland	0.5
Israel	0.4
Bermuda	0.3
Luxembourg	0.3
Austria	0.3
New Zealand	0.2
Portugal	0.1
	99.7	%

* Calculated as a percentage of net assets

# See Note 1

123

SunAmerica Series Trust SA International Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 92.5%
Australia — 6.2%
AGL Energy, Ltd.		15,373	$	290,364
Alumina, Ltd.		56,777		110,260
Amcor, Ltd.		26,716		313,444
AMP, Ltd.		68,250		288,728
APA Group		25,987		168,779
Aristocrat Leisure, Ltd.		12,476		240,270
ASX, Ltd.		4,400		194,082
Aurizon Holdings, Ltd.		47,266		178,247
AusNet Services		40,564		55,404
Australia & New Zealand Banking Group, Ltd.		67,497		1,554,440
Bank of Queensland, Ltd.		8,917		89,026
Bendigo & Adelaide Bank, Ltd.		10,828		102,172
BHP Billiton, Ltd.		73,230		1,782,063
BlueScope Steel, Ltd.		13,204		154,277
Boral, Ltd.		27,488		177,199
Brambles, Ltd.		36,597		291,950
Caltex Australia, Ltd.		6,001		168,134
Challenger, Ltd.		13,208		145,171
CIMIC Group, Ltd.		2,259		85,809
Coca-Cola Amatil, Ltd.		13,209		89,195
Cochlear, Ltd.		1,321		184,918
Commonwealth Bank of Australia		39,437		2,506,357
Computershare, Ltd.		10,611		142,791
Crown Resorts, Ltd.		8,508		90,839
CSL, Ltd.		10,369		1,223,389
Dexus		22,137		169,996
Domino’s Pizza Enterprises, Ltd.		1,431		55,337
Flight Centre Travel Group, Ltd.		1,300		53,456
Fortescue Metals Group, Ltd.		35,886		143,428
Goodman Group		40,859		266,357
GPT Group		40,571		164,441
Harvey Norman Holdings, Ltd.		13,033		47,469
Healthscope, Ltd.		39,962		62,149
Incitec Pivot, Ltd.		38,774		116,540
Insurance Australia Group, Ltd.		54,795		319,673
LendLease Group		12,881		164,411
Macquarie Group, Ltd.		7,460		619,942
Medibank Private, Ltd.		63,047		170,191
Mirvac Group		86,054		152,553
National Australia Bank, Ltd.		61,222		1,437,061
Newcrest Mining, Ltd.		17,672		322,823
Orica, Ltd.		8,679		134,276
Origin Energy, Ltd.†		40,391		303,990
QBE Insurance Group, Ltd.		31,680		275,189
Ramsay Health Care, Ltd.		3,257		179,384
REA Group, Ltd.		1,246		73,947
Rio Tinto, Ltd.		9,808		607,367
Santos, Ltd.†		42,336		173,983
Scentre Group		122,479		409,578
SEEK, Ltd.		7,755		122,167
Sonic Healthcare, Ltd.		9,008		173,119
South32, Ltd.		122,819		378,056
Stockland		54,708		186,033
Suncorp Group, Ltd.		29,625		326,089
Sydney Airport		25,619		140,584
Tabcorp Holdings, Ltd.		46,730		194,676
Telstra Corp., Ltd.		95,411		282,158
TPG Telecom, Ltd.		7,723		39,642
Transurban Group		47,514		460,207
Treasury Wine Estates, Ltd.		16,933		233,596
Vicinity Centres		77,755		168,542

Security Description	Shares		Value (Note 2)
Australia (continued)
Wesfarmers, Ltd.		26,017	$	918,454
Westfield Corp.		45,627		336,043
Westpac Banking Corp.		77,209		1,926,176
Woodside Petroleum, Ltd.		19,150		511,077
Woolworths Group, Ltd.		29,756		646,190
				24,093,658
Austria — 0.3%
ANDRITZ AG		1,706		102,346
Erste Group Bank AG		6,938		349,120
OMV AG		3,382		217,756
Raiffeisen Bank International AG†		3,431		147,515
voestalpine AG		2,643		171,553
				988,290
Belgium — 1.0%
Ageas		4,497		237,511
Anheuser-Busch InBev SA/NV		17,428		1,972,063
Colruyt SA		1,486		82,229
Groupe Bruxelles Lambert SA		1,859		218,987
KBC Group NV		5,785		555,915
Proximus SADP		3,445		116,167
Solvay SA		1,714		248,020
Telenet Group Holding NV†		1,233		94,835
UCB SA		2,917		254,236
Umicore SA		4,342		228,355
				4,008,318
Bermuda — 0.3%
CK Infrastructure Holdings, Ltd.		14,000		124,651
First Pacific Co., Ltd.		48,000		34,239
Hongkong Land Holdings, Ltd.		27,100		195,120
Jardine Matheson Holdings, Ltd.		4,900		311,052
Jardine Strategic Holdings, Ltd.		5,112		203,458
Kerry Properties, Ltd.		16,500		78,886
Li & Fung, Ltd.		132,000		67,327
NWS Holdings, Ltd.		35,000		68,187
Shangri-La Asia, Ltd.		30,000		76,317
Yue Yuen Industrial Holdings, Ltd.		15,500		69,944
				1,229,181
Cayman Islands — 0.7%
ASM Pacific Technology, Ltd.		6,400		87,377
CK Asset Holdings, Ltd.		59,500		567,797
CK Hutchison Holdings, Ltd.		62,000		836,954
Melco Resorts & Entertainment, Ltd. ADR		5,790		172,426
MGM China Holdings, Ltd.		22,000		67,778
Minth Group, Ltd.		16,846		95,184
Sands China, Ltd.		56,000		333,595
WH Group, Ltd.*		201,000		248,981
Wharf Real Estate Investment Co., Ltd.†		27,000		186,555
Wynn Macau, Ltd.		36,400		128,427
				2,725,074
Denmark — 1.7%
AP Moller - Maersk A/S, Series A		90		153,891
AP Moller - Maersk A/S, Series B		153		273,100
Carlsberg A/S, Class B		2,485		319,118
Chr. Hansen Holding A/S		2,270		198,429
Coloplast A/S, Class B		2,716		241,311
Danske Bank A/S		16,961		688,966
DSV A/S		4,338		356,766
Genmab A/S†		1,321		241,965
H. Lundbeck A/S		1,589		81,007

124

SunAmerica Series Trust SA International Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Denmark (continued)
ISS A/S		3,853	$	150,341
Novo Nordisk A/S, Class B		42,665		2,372,927
Novozymes A/S, Class B		5,349		296,696
Orsted A/S*		4,317		262,138
Pandora A/S		2,561		242,835
TDC A/S		18,806		125,520
Tryg A/S		2,547		61,991
Vestas Wind Systems A/S		4,929		336,302
William Demant Holding A/S†		2,759		87,172
				6,490,475
Finland — 0.9%
Elisa Oyj		3,244		137,985
Fortum Oyj		10,333		224,057
Kone Oyj, Class B		7,751		443,632
Metso Oyj		2,592		90,589
Neste Oyj		2,942		203,379
Nokia OYJ		134,517		647,496
Nokian Renkaat Oyj		2,653		133,993
Orion Oyj, Class B		2,371		95,082
Sampo Oyj, Class A		10,257		595,596
Stora Enso Oyj, Class R		12,735		218,510
UPM-Kymmene Oyj		12,308		414,726
Wartsila Oyj Abp		3,440		235,158
				3,440,203
France — 9.4%
Accor SA		4,273		243,241
Aeroports de Paris		682		141,659
Air Liquide SA		9,862		1,329,104
Alstom SA		3,512		154,137
Amundi SA*		1,361		128,421
Arkema SA		1,576		201,343
Atos SE		2,180		343,735
AXA SA		44,668		1,469,348
BioMerieux		925		87,625
BNP Paribas SA		25,764		2,130,353
Bollore SA		20,165		117,168
Bouygues SA		4,770		265,136
Bureau Veritas SA		5,996		175,761
Capgemini SE		3,744		497,142
Carrefour SA		13,040		312,059
Casino Guichard Perrachon SA		1,280		74,835
Cie de Saint-Gobain		11,528		670,044
Cie Generale des Etablissements Michelin		3,938		629,732
CNP Assurances		3,961		101,503
Credit Agricole SA		25,876		487,517
Danone SA		13,743		1,185,169
Dassault Aviation SA		54		90,308
Dassault Systemes SE		2,935		338,450
Edenred		4,891		157,944
Eiffage SA		1,678		203,457
Electricite de France SA		12,633		173,706
Engie SA		42,130		731,245
Essilor International Cie Generale d’Optique SA		4,767		677,073
Eurazeo SA		979		103,012
Eutelsat Communications SA		4,036		88,793
Faurecia		1,740		156,362
Fonciere Des Regions		748		82,142
Gecina SA		1,057		206,296
Groupe Eurotunnel SE		10,855		152,290
Hermes International		722		399,077

Security Description	Shares		Value (Note 2)
France (continued)
ICADE		872	$	94,514
Iliad SA		605		156,537
Imerys SA		836		89,574
Ingenico Group SA		1,276		145,273
Ipsen SA		869		121,862
JCDecaux SA		1,734		75,048
Kering		1,751		886,538
Klepierre SA		5,088		232,403
L’Oreal SA		5,814		1,321,683
Lagardere SCA		2,696		84,082
Legrand SA		6,170		513,397
LVMH Moet Hennessy Louis Vuitton SE		6,352		1,992,085
Natixis SA		21,608		196,752
Orange SA		45,938		829,564
Pernod Ricard SA		4,871		775,906
Peugeot SA		13,425		301,521
Publicis Groupe SA		4,646		321,176
Remy Cointreau SA		511		67,250
Renault SA		4,371		480,653
Rexel SA		6,935		125,019
Safran SA		7,599		857,977
Sanofi		25,947		2,291,094
Schneider Electric SE		12,982		1,216,571
SCOR SE		3,983		178,271
SEB SA		526		108,668
Societe BIC SA		657		75,289
Societe Generale SA		17,682		1,028,612
Sodexo SA		2,102		269,716
Suez		8,433		125,745
Teleperformance		1,313		199,042
Thales SA		2,425		272,052
TOTAL SA		54,128		3,133,993
UBISOFT Entertainment SA†		1,433		122,654
Unibail-Rodamco SE		2,297		589,190
Valeo SA		5,513		434,636
Veolia Environnement SA		11,064		278,714
Vinci SA		11,541		1,246,599
Vivendi SA		23,645		693,693
Wendel SA		634		118,150
Zodiac Aerospace		4,657		144,721
				36,501,411
Germany — 9.2%
adidas AG		4,346		1,010,629
Allianz SE		10,240		2,587,191
Axel Springer SE		957		84,063
BASF SE		21,017		2,461,153
Bayer AG		18,925		2,476,983
Bayerische Motoren Werke AG		7,640		872,376
Bayerische Motoren Werke AG (Preference Shares)		1,293		126,339
Beiersdorf AG		2,289		271,402
Brenntag AG		3,591		232,818
Commerzbank AG†		24,494		403,183
Continental AG		2,543		763,110
Covestro AG*		2,761		317,357
Daimler AG		22,004		2,014,234
Deutsche Bank AG		47,542		873,227
Deutsche Boerse AG		4,437		569,330
Deutsche Lufthansa AG		5,369		191,577
Deutsche Post AG		22,184		1,048,544
Deutsche Telekom AG		75,541		1,324,754
Deutsche Wohnen SE		8,224		371,662

125

SunAmerica Series Trust SA International Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Germany (continued)
Drillisch AG†		1,207	$	100,403
E.ON SE		50,557		530,963
Evonik Industries AG		3,773		148,963
Fraport AG Frankfurt Airport Services Worldwide		936		110,678
Fresenius Medical Care AG & Co. KGaA		4,938		570,162
Fresenius SE & Co. KGaA		9,568		837,242
FUCHS PETROLUB SE (Preference Shares)		1,586		86,640
GEA Group AG		4,237		210,576
Hannover Rueck SE		1,396		190,826
HeidelbergCement AG		3,452		374,067
Henkel AG & Co. KGaA		2,381		297,978
Henkel AG & Co. KGaA (Preference Shares)		4,119		575,830
HOCHTIEF AG		443		80,026
HUGO BOSS AG		1,528		140,347
Infineon Technologies AG		26,121		759,198
Innogy SE*		3,203		122,084
K+S AG		4,417		124,046
KION Group AG		1,619		148,584
LANXESS AG		2,107		183,692
Linde AG†		4,235		1,033,716
MAN SE		730		86,827
Merck KGaA		2,972		324,784
METRO AG†		4,129		89,711
MTU Aero Engines AG		1,176		210,687
Muenchener Rueckversicherungs-Gesellschaft AG		3,544		834,030
OSRAM Licht AG		2,268		198,122
Porsche Automobil Holding SE (Preference Shares)		3,529		325,978
ProSiebenSat.1 Media SE		5,376		205,510
RWE AG†		11,934		238,844
SAP SE		22,468		2,533,715
Schaeffler AG (Preference Shares)		3,826		76,074
Siemens AG		17,549		2,661,617
Symrise AG		2,829		236,591
Telefonica Deutschland Holding AG		16,928		85,539
thyssenkrupp AG		10,038		315,804
TUI AG		10,170		230,027
Uniper SE		4,593		137,030
United Internet AG		2,835		206,612
Volkswagen AG		754		167,099
Volkswagen AG (Preference Shares)		4,283		941,314
Vonovia SE		11,045		544,540
Wirecard AG		2,675		333,111
Zalando SE†*		2,570		150,541
				35,760,060
Hong Kong — 2.3%
AIA Group, Ltd.		276,600		2,369,044
Bank of East Asia, Ltd.		28,000		121,161
BOC Hong Kong Holdings, Ltd.		86,000		439,199
CLP Holdings, Ltd.		38,000		387,887
Galaxy Entertainment Group, Ltd.		53,000		469,521
Hang Lung Group, Ltd.		21,000		79,864
Hang Lung Properties, Ltd.		46,000		121,723
Hang Seng Bank, Ltd.		17,300		411,786
Henderson Land Development Co., Ltd.		26,900		188,099
HKT Trust & HKT, Ltd.		84,000		105,126
Hong Kong & China Gas Co., Ltd.		189,300		374,116
Hong Kong Exchanges & Clearing, Ltd.		27,100		1,026,818

Security Description	Shares		Value (Note 2)
Hong Kong (continued)
Hysan Development Co., Ltd.		12,000	$	67,036
I-CABLE Communications, Ltd.†		30,269		844
Kingston Financial Group, Ltd.		92,973		72,261
Link REIT		50,500		446,728
MTR Corp., Ltd.		33,000		188,990
New World Development Co., Ltd.		134,000		216,863
PCCW, Ltd.		93,000		53,617
Power Assets Holdings, Ltd.		32,000		284,507
Sino Land Co., Ltd.		78,000		143,783
SJM Holdings, Ltd.		46,000		45,984
Sun Hung Kai Properties, Ltd.		33,000		573,297
Swire Pacific, Ltd., Class A		12,000		120,036
Swire Properties, Ltd.		26,600		93,000
Techtronic Industries Co., Ltd.		30,500		203,135
Wharf Holdings, Ltd.		27,000		110,621
Wheelock & Co., Ltd.		17,000		133,107
				8,848,153
Ireland — 0.5%
AIB Group PLC†		18,589		129,590
Bank of Ireland Group PLC† London Exchange		17,262		168,881
Bank of Ireland Group PLC†		3,863		37,697
CRH PLC		2,105		78,195
CRH PLC (ISE)		17,083		633,548
DCC PLC		2,064		217,009
James Hardie Industries PLC CDI		10,127		177,977
Kerry Group PLC, Class A (ISE)		398		42,372
Kerry Group PLC, Class A (LSE)		3,227		343,956
Paddy Power Betfair PLC		1,835		212,788
				2,042,013
Isle of Man — 0.0%
Genting Singapore PLC		139,700		143,768
Israel — 0.4%
Azrieli Group, Ltd.		978		53,282
Bank Hapoalim B.M.		23,990		179,598
Bank Leumi Le-Israel B.M.		33,307		204,836
Bezeq The Israeli Telecommunication Corp., Ltd.		47,111		77,771
Check Point Software Technologies, Ltd.†		2,959		305,990
Elbit Systems, Ltd.		547		82,605
Frutarom Industries, Ltd.		879		91,690
Israel Chemicals, Ltd.		11,934		50,290
Mizrahi Tefahot Bank, Ltd.		3,013		58,708
NICE, Ltd.		1,379		125,901
Teva Pharmaceutical Industries, Ltd. ADR		20,974		428,079
				1,658,750
Italy — 1.9%
Assicurazioni Generali SpA		28,709		569,229
Atlantia SpA		10,507		348,040
Davide Campari-Milano SpA		12,803		101,890
Enel SpA		185,331		1,175,799
Eni SpA		58,637		1,054,592
Intesa Sanpaolo SpA		307,351		1,206,020
Intesa Sanpaolo SpA RSP		21,403		81,632
Leonardo SpA		9,345		112,774
Luxottica Group SpA		3,883		249,725
Mediobanca SpA		13,156		159,941
Poste Italiane SpA*		11,885		98,333
Prysmian SpA		4,455		156,751
Recordati SpA		2,446		111,361

126

SunAmerica Series Trust SA International Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Italy (continued)
Snam SpA		52,829	$	257,046
Telecom Italia SpA†		263,741		237,465
Telecom Italia SpA RSP		138,908		106,167
Terna Rete Elettrica Nazionale SpA		32,624		196,365
UniCredit SpA†		46,094		1,015,568
UnipolSai Assicurazioni SpA		26,021		67,229
				7,305,927
Japan — 22.1%
ABC-Mart, Inc.		800		52,029
Acom Co., Ltd.†		9,400		40,986
Aeon Co., Ltd.		14,000		238,206
AEON Financial Service Co., Ltd.		2,800		69,788
Aeon Mall Co., Ltd.		2,800		61,581
Air Water, Inc.		3,600		76,867
Aisin Seiki Co., Ltd.		4,000		233,397
Ajinomoto Co., Inc.		12,500		237,016
Alfresa Holdings Corp.		4,300		104,733
Alps Electric Co., Ltd.		4,500		129,431
Amada Holdings Co., Ltd.		8,100		119,901
ANA Holdings, Inc.		2,600		105,743
Aozora Bank, Ltd.		2,700		109,316
Asahi Glass Co., Ltd.		4,600		201,832
Asahi Group Holdings, Ltd.		9,000		452,679
Asahi Kasei Corp.		28,800		375,796
Asics Corp.		3,600		59,225
Astellas Pharma, Inc.		47,400		625,227
Bandai Namco Holdings, Inc.		4,500		146,744
Bank of Kyoto, Ltd.		1,200		67,161
Benesse Holdings, Inc.		1,600		60,090
Bridgestone Corp.		14,900		724,186
Brother Industries, Ltd.		5,500		140,611
Calbee, Inc.		1,700		59,797
Canon, Inc.		24,500		976,005
Casio Computer Co., Ltd.		5,100		77,315
Central Japan Railway Co.		3,200		605,294
Chiba Bank, Ltd.		16,000		138,353
Chubu Electric Power Co., Inc.		14,800		185,661
Chugai Pharmaceutical Co., Ltd.		5,200		274,837
Chugoku Electric Power Co., Inc.		6,400		70,759
Coca-Cola Bottlers Japan, Inc.		2,815		99,403
Concordia Financial Group, Ltd.		27,100		164,084
Credit Saison Co., Ltd.		3,300		59,942
CYBERDYNE, Inc.†		2,400		41,506
Dai Nippon Printing Co., Ltd.		6,000		133,553
Dai-ichi Life Holdings, Inc.		24,900		521,287
Daicel Corp.		6,500		78,712
Daifuku Co., Ltd.		2,250		150,453
Daiichi Sankyo Co., Ltd.		12,900		433,663
Daikin Industries, Ltd.		5,700		683,718
Daito Trust Construction Co., Ltd.		1,600		279,417
Daiwa House Industry Co., Ltd.		12,900		508,697
Daiwa House REIT Investment Corp.		30		73,702
Daiwa Securities Group, Inc.		37,000		265,104
DeNA Co., Ltd.		2,200		47,619
Denso Corp.		10,900		681,238
Dentsu, Inc.		4,900		219,259
Disco Corp.		600		140,368
Don Quijote Holdings Co., Ltd.		2,700		149,629
East Japan Railway Co.		7,400		735,120
Eisai Co., Ltd.		6,000		342,457
Electric Power Development Co., Ltd.		3,300		93,556
FamilyMart UNY Holdings Co., Ltd.		1,900		127,050

Security Description	Shares		Value (Note 2)
Japan (continued)
FANUC Corp.		4,500	$	1,214,963
Fast Retailing Co., Ltd.		1,200		535,202
Fuji Electric Co., Ltd.		12,000		98,708
FUJIFILM Holdings Corp.		9,400		360,777
Fujitsu, Ltd.		44,000		324,005
Fukuoka Financial Group, Inc.		17,000		98,415
Hachijuni Bank, Ltd.		9,200		54,440
Hakuhodo DY Holdings, Inc.		4,900		73,520
Hamamatsu Photonics KK		3,500		129,202
Hankyu Hanshin Holdings, Inc.		5,400		217,395
Hikari Tsushin, Inc.		600		87,112
Hino Motors, Ltd.		6,100		80,629
Hirose Electric Co., Ltd.		700		104,836
Hisamitsu Pharmaceutical Co., Inc.		1,200		82,440
Hitachi Chemical Co., Ltd.		2,200		56,083
Hitachi Construction Machinery Co., Ltd.		2,700		120,816
Hitachi High-Technologies Corp.		1,500		70,349
Hitachi Metals, Ltd.		4,900		66,563
Hitachi, Ltd.		110,000		872,987
Honda Motor Co., Ltd.		39,200		1,373,813
Hoshizaki Corp.		1,200		113,328
Hoya Corp.		9,000		459,110
Hulic Co., Ltd.		6,900		87,348
Idemitsu Kosan Co., Ltd.		3,000		112,119
IHI Corp.		3,600		120,363
Iida Group Holdings Co., Ltd.		3,300		65,323
Inpex Corp.		22,000		285,958
Isetan Mitsukoshi Holdings, Ltd.		7,800		93,240
Isuzu Motors, Ltd.		12,600		212,251
ITOCHU Corp.		34,500		675,969
J. Front Retailing Co., Ltd.		5,500		100,559
Japan Airlines Co., Ltd.		2,700		101,723
Japan Airport Terminal Co., Ltd.		1,100		42,420
Japan Exchange Group, Inc.		12,200		219,146
Japan Post Bank Co., Ltd.		9,400		126,832
Japan Post Holdings Co., Ltd.		36,400		434,119
Japan Prime Realty Investment Corp.		17		60,108
Japan Real Estate Investment Corp.		29		149,024
Japan Retail Fund Investment Corp.		57		113,561
Japan Tobacco, Inc.		25,200		833,768
JFE Holdings, Inc.		12,200		289,271
JGC Corp.		4,700		101,431
JSR Corp.		4,400		104,146
JTEKT Corp.		5,400		96,158
JXTG Holdings, Inc.		70,550		467,748
Kajima Corp.		21,000		207,557
Kakaku.com, Inc.		3,100		54,265
Kamigumi Co., Ltd.		2,500		54,823
Kaneka Corp.		5,000		46,350
Kansai Electric Power Co., Inc.		16,200		200,849
Kansai Paint Co., Ltd.		4,600		113,557
Kao Corp.		11,300		782,833
Kawasaki Heavy Industries, Ltd.		3,500		144,270
KDDI Corp.		41,400		1,044,007
Keihan Holdings Co., Ltd.		2,000		63,204
Keikyu Corp.		5,000		98,470
Keio Corp.		2,200		104,388
Keisei Electric Railway Co., Ltd.		3,000		101,539
Keyence Corp.		2,300		1,399,551
Kikkoman Corp.		3,300		136,329
Kintetsu Group Holdings Co., Ltd.		4,200		165,815
Kirin Holdings Co., Ltd.		20,100		500,981
Kobe Steel, Ltd.†		7,300		75,695

127

SunAmerica Series Trust SA International Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Koito Manufacturing Co., Ltd.		2,600	$	182,669
Komatsu, Ltd.		21,000		814,647
Konami Holdings Corp.		2,200		125,749
Konica Minolta, Inc.		10,700		106,441
Kose Corp.		700		120,546
Kubota Corp.		24,600		499,571
Kuraray Co., Ltd.		8,000		149,492
Kurita Water Industries, Ltd.		2,200		71,943
Kyocera Corp.		7,300		484,861
Kyowa Hakko Kirin Co., Ltd.		5,800		113,429
Kyushu Electric Power Co., Inc.		9,800		107,183
Kyushu Financial Group, Inc.		8,100		48,450
Kyushu Railway Co.		3,700		118,792
Lawson, Inc.		1,100		74,361
LINE Corp.†		700		33,150
Lion Corp.		5,100		95,581
LIXIL Group Corp.		6,100		171,260
M3, Inc.		4,700		171,778
Mabuchi Motor Co., Ltd.		800		47,339
Makita Corp.		5,200		244,829
Marubeni Corp.		38,000		284,800
Marui Group Co., Ltd.		4,700		85,502
Maruichi Steel Tube, Ltd.		1,100		33,049
Mazda Motor Corp.		13,400		187,737
McDonald’s Holdings Co. Japan, Ltd.		1,600		71,961
Mebuki Financial Group, Inc.		21,800		98,846
Medipal Holdings Corp.		4,000		78,263
MEIJI Holdings Co., Ltd.		2,700		225,804
MinebeaMitsumi, Inc.		9,000		203,380
MISUMI Group, Inc.		6,400		192,580
Mitsubishi Chemical Holdings Corp.		33,000		358,052
Mitsubishi Corp.		34,600		966,658
Mitsubishi Electric Corp.		44,700		815,835
Mitsubishi Estate Co., Ltd.		28,600		547,138
Mitsubishi Gas Chemical Co., Inc.		4,400		124,137
Mitsubishi Heavy Industries, Ltd.		7,300		274,293
Mitsubishi Materials Corp.		2,800		103,746
Mitsubishi Motors Corp.		15,300		113,380
Mitsubishi Tanabe Pharma Corp.		5,100		104,224
Mitsubishi UFJ Financial Group, Inc.		271,800		2,043,542
Mitsubishi UFJ Lease & Finance Co., Ltd.		10,700		69,001
Mitsui & Co., Ltd.		39,300		689,019
Mitsui Chemicals, Inc.		4,300		134,904
Mitsui Fudosan Co., Ltd.		20,600		539,200
Mitsui OSK Lines, Ltd.		2,800		100,284
Mixi, Inc.		1,000		44,106
Mizuho Financial Group, Inc.		557,500		1,048,408
MS&AD Insurance Group Holdings, Inc.		10,800		367,123
Murata Manufacturing Co., Ltd.		4,300		634,542
Nabtesco Corp.		2,800		132,088
Nagoya Railroad Co., Ltd.		3,800		99,864
NEC Corp.		6,100		183,833
Nexon Co., Ltd.†		4,500		149,423
NGK Insulators, Ltd.		6,100		124,157
NGK Spark Plug Co., Ltd.		4,000		105,194
NH Foods, Ltd.		5,000		120,088
Nidec Corp.		5,500		879,133
Nikon Corp.		7,900		153,195
Nintendo Co., Ltd.		2,500		1,098,516
Nippon Building Fund, Inc.		31		166,117
Nippon Electric Glass Co., Ltd.		1,700		69,841
Nippon Express Co., Ltd.		1,700		122,085
Nippon Paint Holdings Co., Ltd.		3,900		139,503

Security Description	Shares		Value (Note 2)
Japan (continued)
Nippon Prologis REIT, Inc.		36	$	82,605
Nippon Steel & Sumitomo Metal Corp.		17,400		442,850
Nippon Telegraph & Telephone Corp.		15,800		751,285
Nippon Yusen KK†		4,000		100,064
Nissan Chemical Industries, Ltd.		2,800		114,006
Nissan Motor Co., Ltd.		52,900		563,792
Nisshin Seifun Group, Inc.		4,500		90,148
Nissin Foods Holdings Co., Ltd.		1,400		103,618
Nitori Holdings Co., Ltd.		1,800		286,645
Nitto Denko Corp.		3,700		338,040
NOK Corp.		2,400		55,818
Nomura Holdings, Inc.		84,000		544,380
Nomura Real Estate Holdings, Inc.		2,800		66,993
Nomura Real Estate Master Fund, Inc.		91		126,701
Nomura Research Institute, Ltd.		2,900		133,352
NSK, Ltd.		8,600		141,482
NTT Data Corp.		14,200		166,883
NTT DOCOMO, Inc.		31,300		775,404
Obayashi Corp.		14,900		179,068
Obic Co., Ltd.		1,600		124,430
Odakyu Electric Railway Co., Ltd.		6,700		147,293
Oji Holdings Corp.		19,000		130,008
Olympus Corp.		6,700		257,456
Omron Corp.		4,300		268,233
Ono Pharmaceutical Co., Ltd.		9,400		232,008
Oracle Corp. Japan		800		64,340
Oriental Land Co., Ltd.		4,900		478,465
ORIX Corp.		30,600		570,404
Osaka Gas Co., Ltd.		8,600		170,393
Otsuka Corp.		1,200		100,577
Otsuka Holdings Co., Ltd.		9,100		403,944
Panasonic Corp.		51,000		756,334
Park24 Co., Ltd.		2,200		54,955
Persol Holdings Co., Ltd.		4,081		101,567
Pola Orbis Holdings, Inc.		1,900		74,315
Rakuten, Inc.†		21,700		195,950
Recruit Holdings Co., Ltd.		25,000		608,913
Renesas Electronics Corp.†		11,479		134,905
Resona Holdings, Inc.		50,700		305,259
Ricoh Co., Ltd.		15,300		150,239
Rinnai Corp.		600		56,444
Rohm Co., Ltd.		2,100		230,256
Ryohin Keikaku Co., Ltd.		500		166,941
Sankyo Co., Ltd.		700		22,699
Santen Pharmaceutical Co., Ltd.		8,500		138,669
SBI Holdings, Inc.		5,200		125,701
Secom Co., Ltd.		4,700		359,141
Sega Sammy Holdings, Inc.		4,300		59,988
Seibu Holdings, Inc.		5,000		99,844
Seiko Epson Corp.		6,700		162,452
Sekisui Chemical Co., Ltd.		9,700		184,813
Sekisui House, Ltd.		13,800		252,564
Seven & i Holdings Co., Ltd.		17,300		710,889
Seven Bank, Ltd.		13,900		51,184
Sharp Corp.†		3,300		123,179
Shimadzu Corp.		5,400		136,076
Shimamura Co., Ltd.		500		58,762
Shimano, Inc.		1,700		242,924
Shimizu Corp.		11,700		119,711
Shin-Etsu Chemical Co., Ltd.		8,800		1,000,348
Shinsei Bank, Ltd.		4,400		76,618
Shionogi & Co., Ltd.		6,900		381,564
Shiseido Co., Ltd.		8,600		441,226

128

SunAmerica Series Trust SA International Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Shizuoka Bank, Ltd.		10,000	$	106,348
Showa Shell Sekiyu KK		4,400		62,350
SMC Corp.		1,200		588,293
SoftBank Group Corp.		18,800		1,546,432
Sohgo Security Services Co., Ltd.		1,500		81,204
Sompo Holdings, Inc.		8,200		327,940
Sony Corp.		29,000		1,383,723
Sony Financial Holdings, Inc.		3,900		71,234
Stanley Electric Co., Ltd.		3,500		141,866
Start Today Co., Ltd.		4,400		129,175
Subaru Corp.		14,200		470,602
Sumco Corp.		5,339		145,347
Sumitomo Chemical Co., Ltd.		36,000		263,809
Sumitomo Corp.		27,400		471,600
Sumitomo Dainippon Pharma Co., Ltd.		3,600		53,157
Sumitomo Electric Industries, Ltd.		17,300		294,831
Sumitomo Heavy Industries, Ltd.		2,400		109,371
Sumitomo Metal Mining Co., Ltd.		5,500		257,342
Sumitomo Mitsui Financial Group, Inc.		30,900		1,380,693
Sumitomo Mitsui Trust Holdings, Inc.		7,500		311,006
Sumitomo Realty & Development Co., Ltd.		8,000		306,751
Sumitomo Rubber Industries, Ltd.		3,900		75,628
Sundrug Co., Ltd.		1,500		64,509
Suntory Beverage & Food, Ltd.		3,000		143,171
Suruga Bank, Ltd.		4,000		80,682
Suzuken Co., Ltd.		1,600		68,077
Suzuki Motor Corp.		7,900		450,684
Sysmex Corp.		3,600		282,275
T&D Holdings, Inc.		12,500		222,474
Taiheiyo Cement Corp.		2,900		123,124
Taisei Corp.		4,400		223,688
Taisho Pharmaceutical Holdings Co., Ltd.		600		49,024
Taiyo Nippon Sanso Corp.		3,100		47,904
Takashimaya Co., Ltd.		5,000		51,800
Takeda Pharmaceutical Co., Ltd.		16,400		963,690
TDK Corp.		2,900		266,969
Teijin, Ltd.		4,300		94,965
Terumo Corp.		7,400		361,968
THK Co., Ltd.		2,900		120,070
Tobu Railway Co., Ltd.		4,200		141,000
Toho Co., Ltd.		2,600		87,881
Toho Gas Co., Ltd.		1,200		35,120
Tohoku Electric Power Co., Inc.		10,300		132,748
Tokio Marine Holdings, Inc.		15,600		734,488
Tokyo Electric Power Co. Holdings, Inc.†		33,400		135,228
Tokyo Electron, Ltd.		3,600		674,691
Tokyo Gas Co., Ltd.		8,800		209,017
Tokyo Tatemono Co., Ltd.		4,900		78,592
Tokyu Corp.		12,800		213,861
Tokyu Fudosan Holdings Corp.		11,800		92,956
Toppan Printing Co., Ltd.		10,000		93,890
Toray Industries, Inc.		33,400		331,950
Toshiba Corp.†		94,000		267,784
Tosoh Corp.		6,000		137,400
TOTO, Ltd.		3,100		176,908
Toyo Seikan Group Holdings, Ltd.		3,700		59,650
Toyo Suisan Kaisha, Ltd.		1,800		72,960
Toyoda Gosei Co., Ltd.		1,600		42,429
Toyota Industries Corp.		3,700		240,295
Toyota Motor Corp.		59,500		4,076,761
Toyota Tsusho Corp.		5,100		206,018
Trend Micro, Inc.†		2,800		150,811

Security Description	Shares		Value (Note 2)
Japan (continued)
Tsuruha Holdings, Inc.		800	$	111,386
Unicharm Corp.		9,300		248,324
United Urban Investment Corp.		67		105,867
USS Co., Ltd.		5,100		113,520
West Japan Railway Co.		3,700		277,102
Yahoo Japan Corp.		33,200		159,659
Yakult Honsha Co., Ltd.		1,800		150,371
Yamada Denki Co., Ltd.		14,600		86,527
Yamaguchi Financial Group, Inc.		3,000		35,120
Yamaha Corp.		3,900		160,580
Yamaha Motor Co., Ltd.		6,700		222,167
Yamato Holdings Co., Ltd.		8,000		206,064
Yamazaki Baking Co., Ltd.		2,900		57,060
Yaskawa Electric Corp.		6,000		308,876
Yokogawa Electric Corp.		5,300		112,437
Yokohama Rubber Co., Ltd.		2,600		66,018
				86,098,893
Jersey — 1.1%
Experian PLC		21,164		487,707
Ferguson PLC		5,794		447,198
Glencore PLC		279,066		1,599,587
Randgold Resources, Ltd.		2,170		218,325
Shire PLC		20,830		984,124
WPP PLC		29,533		535,896
				4,272,837
Luxembourg — 0.3%
ArcelorMittal†		15,285		554,605
Eurofins Scientific SE		250		162,954
Millicom International Cellular SA SDR		1,529		113,997
RTL Group SA		912		77,336
SES SA FDR		8,330		130,000
Tenaris SA		10,883		189,503
				1,228,395
Mauritius — 0.0%
Golden Agri-Resources, Ltd.		162,600		47,102
Netherlands — 4.2%
ABN AMRO Group NV CVA*		9,610		325,605
Aegon NV		40,636		277,887
AerCap Holdings NV†		3,176		171,822
Airbus SE		13,236		1,520,067
Akzo Nobel NV		5,807		543,754
Altice NV, Class A†		10,923		117,388
ASML Holding NV		8,845		1,792,182
Boskalis Westminster NV		2,090		83,398
CNH Industrial NV		23,535		348,155
EXOR NV		2,487		192,119
Ferrari NV		2,829		337,325
Fiat Chrysler Automobiles NV†		24,666		596,006
Heineken Holding NV		2,683		284,807
Heineken NV		6,000		674,608
ING Groep NV		88,558		1,740,495
Koninklijke Ahold Delhaize NV		29,606		660,529
Koninklijke DSM NV		4,194		433,331
Koninklijke KPN NV		78,782		275,829
Koninklijke Philips NV		21,460		875,511
Koninklijke Vopak NV		1,614		72,920
NN Group NV		6,908		325,912
NXP Semiconductors NV†		7,849		944,392
QIAGEN NV†		5,043		168,675
Randstad Holding NV		2,751		194,274

129

SunAmerica Series Trust SA International Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Netherlands (continued)
RELX NV		22,218	$	494,181
STMicroelectronics NV		14,615		348,933
Unilever NV CVA		37,191		2,154,039
Wolters Kluwer NV		6,946		367,633
				16,321,777
New Zealand — 0.2%
Auckland International Airport, Ltd.		22,533		111,175
Fisher & Paykel Healthcare Corp., Ltd.		12,709		125,035
Fletcher Building, Ltd.		16,100		92,665
Mercury NZ, Ltd.		16,973		43,153
Meridian Energy, Ltd.		30,188		64,516
Ryman Healthcare, Ltd.		8,860		71,497
Spark New Zealand, Ltd.		42,041		111,226
				619,267
Norway — 0.6%
DNB ASA		22,501		456,506
Gjensidige Forsikring ASA		4,693		88,516
Marine Harvest ASA		9,476		164,040
Norsk Hydro ASA		30,987		225,904
Orkla ASA		18,897		196,645
Schibsted ASA, Class B		2,036		61,406
Statoil ASA		25,968		606,343
Telenor ASA		17,221		403,221
Yara International ASA		4,125		198,253
				2,400,834
Papua New Guinea — 0.0%
Oil Search, Ltd.		31,488		192,074
Portugal — 0.1%
EDP - Energias de Portugal SA		54,875		192,740
Galp Energia SGPS SA		11,568		220,748
Jeronimo Martins SGPS SA		5,788		123,277
				536,765
Singapore — 1.1%
Ascendas Real Estate Investment Trust		54,800		115,298
CapitaLand Commercial Trust		51,700		73,700
CapitaLand Mall Trust		55,600		89,007
CapitaLand, Ltd.		60,200		176,222
City Developments, Ltd.		9,500		96,028
ComfortDelGro Corp., Ltd.		49,400		79,082
DBS Group Holdings, Ltd.		41,000		825,126
Hutchison Port Holdings Trust		113,200		46,978
Jardine Cycle & Carriage, Ltd.		2,100		63,922
Keppel Corp., Ltd.		33,400		220,749
Oversea-Chinese Banking Corp., Ltd.		72,300		712,638
SATS, Ltd.		15,200		64,077
Sembcorp Industries, Ltd.		22,400		58,058
Singapore Airlines, Ltd.		11,800		101,737
Singapore Exchange, Ltd.		18,300		114,392
Singapore Press Holdings, Ltd.		33,400		67,218
Singapore Technologies Engineering, Ltd.		36,800		94,539
Singapore Telecommunications, Ltd.		189,000		510,032
StarHub, Ltd.		12,700		27,979
Suntec Real Estate Investment Trust		57,800		91,208
United Overseas Bank, Ltd.		30,200		631,488
UOL Group, Ltd.		11,500		80,214
Wilmar International, Ltd.		37,700		91,965
Yangzijiang Shipbuilding Holdings, Ltd.		45,500		55,496
				4,487,153

Security Description	Shares		Value (Note 2)
Spain — 3.1%
Abertis Infraestructuras SA		15,847	$	384,053
ACS Actividades de Construccion y Servicios SA		5,398		216,203
Aena SME SA*		1,556		338,943
Amadeus IT Group SA		10,075		781,538
Banco Bilbao Vizcaya Argentaria SA		153,427		1,441,607
Banco de Sabadell SA		123,190		292,740
Banco Santander SA		367,045		2,726,481
Bankia SA		23,187		117,454
Bankinter SA		15,647		179,928
CaixaBank SA		82,750		446,603
Enagas SA		5,330		145,253
Endesa SA		7,348		165,125
Ferrovial SA		11,194		256,764
Gas Natural SDG SA		8,173		188,788
Grifols SA		6,903		222,060
Iberdrola SA		129,794		1,056,794
Iberdrola SA†		2,822		22,974
Industria de Diseno Textil SA		25,191		902,935
International Consolidated Airlines Group SA		14,627		132,932
Mapfre SA		24,935		88,571
Red Electrica Corp. SA		9,861		208,987
Repsol SA		28,429		534,911
Siemens Gamesa Renewable Energy SA		5,481		85,538
Telefonica SA		103,227		1,057,716
				11,994,898
SupraNational — 0.0%
HK Electric Investments & HK Electric Investments, Ltd.*		60,500		55,916
Sweden — 2.5%
Alfa Laval AB		6,789		178,084
Arjo AB, Class B†		4,609		15,091
Assa Abloy AB, Class B		23,177		513,254
Atlas Copco AB, Class A		15,450		724,473
Atlas Copco AB, Class B		9,004		375,705
Boliden AB		6,320		229,223
Electrolux AB, Series B		5,577		196,896
Essity AB, Class B†		14,055		420,942
Getinge AB, Class B		4,609		63,111
Hennes & Mauritz AB, Class B		21,964		388,389
Hexagon AB, Class B		5,958		354,838
Husqvarna AB, Class B		9,628		100,460
ICA Gruppen AB		1,823		71,209
Industrivarden AB, Class C		3,753		99,970
Investor AB, Class B		10,563		516,226
Kinnevik AB, Class B		5,431		198,082
L E Lundbergforetagen AB		899		72,560
Lundin Petroleum AB†		4,284		106,694
Nordea Bank AB		69,956		863,275
Sandvik AB		25,894		509,836
Securitas AB, Class B		7,176		132,821
Skandinaviska Enskilda Banken AB, Class A		35,004		442,175
Skanska AB, Class B		7,783		158,181
SKF AB, Class B		8,533		210,891
Svenska Handelsbanken AB, Class A		35,108		510,810
Swedbank AB, Class A		20,824		532,234
Swedish Match AB		4,282		173,456
Tele2 AB, Class B		8,377		104,778
Telefonaktiebolaget LM Ericsson, Class B		70,859		455,014
Telia Co AB		60,475		303,530
Volvo AB, Class B		35,825		731,285
				9,753,493

130

SunAmerica Series Trust SA International Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Switzerland — 7.4%
ABB, Ltd.		41,906	$	1,168,370
Adecco Group AG		3,749		308,540
Baloise Holding AG		1,136		185,885
Barry Callebaut AG		52		106,486
Chocoladefabriken Lindt & Spruengli AG		3		224,335
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		24		150,330
Cie Financiere Richemont SA		12,030		1,154,466
Clariant AG		5,272		150,896
Coca-Cola HBC AG		4,209		141,396
Credit Suisse Group AG		55,611		1,073,085
Dufry AG†		808		125,617
EMS-Chemie Holding AG		191		140,364
Geberit AG		857		406,056
Givaudan SA		215		517,432
Julius Baer Group, Ltd.		5,169		354,874
Kuehne & Nagel International AG		1,225		224,929
LafargeHolcim, Ltd.		10,516		644,010
Lonza Group AG		1,706		474,546
Nestle SA		71,016		6,136,027
Novartis AG		50,748		4,590,902
Pargesa Holding SA		857		78,173
Partners Group Holding AG		397		308,600
Roche Holding AG		16,022		3,949,769
Schindler Holding AG (Participation Certificate) (SIX)		948		237,726
Schindler Holding AG (AQXE)		450		109,557
SGS SA		126		338,843
Sika AG		49		424,588
Sonova Holding AG		1,207		194,650
Straumann Holding AG		220		168,058
Swatch Group AG BR†		1,294		111,848
Swatch Group AG†		715		327,636
Swiss Life Holding AG		733		275,244
Swiss Prime Site AG		1,597		154,424
Swiss Re AG		7,167		706,882
Swisscom AG		593		323,912
UBS Group AG		83,479		1,695,142
Vifor Pharma AG		1,130		166,328
Zurich Insurance Group AG		3,472		1,141,106
				28,991,032
United Kingdom — 14.9%
3i Group PLC		22,368		295,805
Admiral Group PLC		4,900		128,570
Anglo American PLC		30,698		744,720
Antofagasta PLC		9,015		119,167
Ashtead Group PLC		11,532		344,667
Associated British Foods PLC		8,203		318,313
AstraZeneca PLC		28,861		2,002,404
Auto Trader Group PLC*		22,754		116,338
Aviva PLC		93,463		681,034
Babcock International Group PLC		5,651		55,042
BAE Systems PLC		72,976		615,473
Barclays PLC		390,653		1,109,004
Barratt Developments PLC		23,256		193,233
Berkeley Group Holdings PLC		3,047		171,580
BHP Billiton PLC		48,715		1,081,787
BP PLC		450,337		3,204,087
British American Tobacco PLC		52,336		3,580,962
British Land Co. PLC		22,703		215,522
BT Group PLC		195,144		707,788
Bunzl PLC		7,832		229,077

Security Description	Shares		Value (Note 2)
United Kingdom(continued)
Burberry Group PLC		10,129	$	227,086
Capita PLC		15,460		40,060
Carnival PLC		4,378		308,940
Centrica PLC		126,587		239,856
Cobham PLC†		55,375		102,801
Coca-Cola European Partners PLC		4,945		198,591
Compass Group PLC		36,285		763,773
ConvaTec Group PLC*		31,129		89,369
Croda International PLC		3,027		192,717
Diageo PLC		57,401		2,064,007
Direct Line Insurance Group PLC		31,311		164,179
easyJet PLC		3,612		85,133
Fresnillo PLC		5,137		98,028
G4S PLC		35,675		144,007
GKN PLC		39,621		237,850
GlaxoSmithKline PLC		112,065		2,100,960
Hammerson PLC		18,466		129,259
Hargreaves Lansdown PLC		6,042		159,350
HSBC Holdings PLC		457,710		4,881,244
IMI PLC		6,289		118,672
Imperial Brands PLC		22,125		910,540
InterContinental Hotels Group PLC		4,144		277,247
Intertek Group PLC		3,708		264,504
Investec PLC		15,000		116,499
ITV PLC		83,913		198,970
J Sainsbury PLC		37,806		135,539
John Wood Group PLC		15,365		141,324
Johnson Matthey PLC		4,503		221,218
Kingfisher PLC		51,168		252,099
Land Securities Group PLC		16,989		241,652
Legal & General Group PLC		137,057		526,588
Lloyds Banking Group PLC		1,646,809		1,625,297
London Stock Exchange Group PLC		7,302		407,141
Marks & Spencer Group PLC		37,214		159,202
Mediclinic International PLC		8,448		71,634
Meggitt PLC		17,805		117,352
Merlin Entertainments PLC*		16,350		76,283
Micro Focus International PLC		10,054		306,916
Mondi PLC		8,544		227,703
National Grid PLC		77,862		889,615
Next PLC		3,210		232,079
Old Mutual PLC		113,845		377,921
Pearson PLC		18,983		187,000
Persimmon PLC		7,086		251,728
Prudential PLC		58,976		1,596,028
Reckitt Benckiser Group PLC		15,287		1,476,607
RELX PLC		24,217		535,710
Rio Tinto PLC		28,127		1,566,294
Rolls-Royce Holdings PLC		38,175		472,648
Royal Bank of Scotland Group PLC†		81,861		334,395
Royal Dutch Shell PLC, Class A (TRQX)		102,797		3,594,173
Royal Dutch Shell PLC, Class B		85,699		3,037,125
Royal Mail PLC		20,576		137,164
RSA Insurance Group PLC		23,358		205,489
Sage Group PLC		24,643		262,140
Schroders PLC		2,820		148,948
Segro PLC		22,818		188,363
Severn Trent PLC		5,400		149,779
Sky PLC		23,873		358,959
Smith & Nephew PLC		20,216		364,250
Smiths Group PLC		9,098		206,491
SSE PLC		23,301		431,580
St James’s Place PLC		12,189		205,688

131

SunAmerica Series Trust SA International Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Standard Chartered PLC†		75,665	$	880,520
Standard Life PLC		61,850		373,664
Taylor Wimpey PLC		75,324		203,844
Tesco PLC		188,346		558,914
Travis Perkins PLC		5,794		120,150
Unilever PLC		28,727		1,631,521
United Utilities Group PLC		15,641		163,894
Vodafone Group PLC		608,051		1,939,064
Weir Group PLC		5,003		156,917
Whitbread PLC		4,203		231,604
WM Morrison Supermarkets PLC		50,979		160,689
				58,169,118
United States — 0.1%
Worldpay, Inc., Class A†		3,095		248,285
Total Common Stocks (cost $304,084,208)				360,653,120
EXCHANGE-TRADED FUNDS — 4.6%
United States — 4.6%
iShares MSCI EAFE ETF (cost $16,478,089)		239,450		17,680,988
RIGHTS — 0.0%
Australia — 0.0%
Transurban Group† Expires 01/24/2018		3,852		1,924
Italy — 0.0%
UniCredit SpA† Expires 02/21/2018		46,094		80,463
Spain — 0.0%
ACS Actividades de Construccion y Servicios SA† Expires 02/05/2018		5,398		2,828
Total Rights (cost $2,965)				85,215
Total Long-Term Investment Securities (cost $320,565,262)				378,419,323
SHORT-TERM INVESTMENT SECURITIES — 0.1%
United States Treasury Bills Disc. Notes: 1.26% due 03/08/2018(1)	$	150,000		149,805
1.38% due 05/10/2018(1)		60,000		59,765
1.39% due 03/29/2018(1)		100,000		99,797
1.40% due 05/03/2018(1)		40,000		39,854
1.43% due 05/17/2018(1)		30,000		29,875
1.44% due 05/17/2018(1)		20,000		19,916
1.47% due 05/31/2018(1)		15,000		14,927
Total Short-Term Investment Securities (cost $413,956)				413,939

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.5%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20%, dated 01/31/2018, to be repurchased 02/01/2018 in the amount of $9,718,054 collateralized by $10,100,000 of United States Treasury Notes, bearing interest at 2.13% due 02/29/2024 and having an approximate value of $9,916,705 (cost $9,718,000)	$	9,718,000		$	9,718,000
TOTAL INVESTMENTS (cost $330,697,218)(2)		99.7	%		388,551,262
Other assets less liabilities		0.3			1,204,024
NET ASSETS		100.0	%	$	389,755,286

# See Note 1

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $2,330,309 representing 0.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(2) See Note 3 for cost of investments on a tax basis.

ADR — American Depositary Receipt

AQXE — Aquis Exchange

BR — Bearer Shares

CDI — Chess Depositary Interest

CVA — Certification Van Aandelen (Dutch Cert.)

ETF — Exchange-Traded Funds

FDR — Fiduciary Depositary Receipt

ISE — Irish Stock Exchange

LSE — London Stock Exchange

RSP — Risparmio Shares-Savings Shares on the Italian Stock Exchange

SDR — Swedish Depositary Receipt

SIX — Swiss Stock Exchange

TRQX — Turquoise Stock Exchange

XEGT — Equiduct Stock Exchange

132

SunAmerica Series Trust SA International Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	101	Long	Mini MSCI Emerging Markets Index	March 2018	$	10,516,907	$	10,834,775	$	317,868

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	360,653,120	$	—	$	—	$	360,653,120
Exchange-Traded Funds		17,680,988		—		—		17,680,988
Rights		85,215		—		—		85,215
Short-Term Investment Securities		—		413,939		—		413,939
Repurchase Agreements		—		9,718,000		—		9,718,000
Total Investments at Value	$	378,419,323	$	10,131,939	$	—	$	388,551,262
Other Financial Instruments:†
Future Contracts	$	317,868	$	—	$	—	$	317,868

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

† Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

133

SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Enterprise Software/Service	5.5	%
Computer Services	4.4
Building & Construction Products-Misc.	4.0
Time Deposits	3.7
Computer Software	3.2
Chemicals-Specialty	3.1
Electronic Components-Semiconductors	3.1
Medical Products	3.1
Medical Instruments	2.8
Therapeutics	2.8
Commercial Services	2.6
Commercial Services-Finance	2.5
Medical-Drugs	2.3
Retail-Restaurants	2.3
Banks-Commercial	2.0
Schools	2.0
Oil Companies-Exploration & Production	1.9
Human Resources	1.9
Medical-Biomedical/Gene	1.9
Web Hosting/Design	1.8
Finance-Investment Banker/Broker	1.8
Distribution/Wholesale	1.7
Health Care Cost Containment	1.7
Diversified Manufacturing Operations	1.7
Applications Software	1.6
Semiconductor Equipment	1.6
Food-Misc./Diversified	1.6
Transport-Rail	1.5
Entertainment Software	1.4
Retail-Apparel/Shoe	1.1
Savings & Loans/Thrifts	1.0
Medical Labs & Testing Services	1.0
Medical Information Systems	1.0
Containers-Paper/Plastic	1.0
Networking Products	1.0
Insurance Brokers	1.0
Retail-Misc./Diversified	0.9
Chemicals-Plastics	0.9
Recreational Vehicles	0.9
Retail-Building Products	0.9
Building & Construction-Misc.	0.9
Medical-Generic Drugs	0.9
Building Products-Doors & Windows	0.9
Theaters	0.9
Building-Heavy Construction	0.9
Diagnostic Equipment	0.8
Drug Delivery Systems	0.8
Medical-Wholesale Drug Distribution	0.8
Auto/Truck Parts & Equipment-Original	0.8
Instruments-Controls	0.8
Food-Confectionery	0.8
Office Furnishings-Original	0.8
Airlines	0.7
Recreational Centers	0.7
Motion Pictures & Services	0.7
Insurance-Property/Casualty	0.6
Medical-Hospitals	0.6
Real Estate Investment Trusts	0.6
Electronic Measurement Instruments	0.5
Data Processing/Management	0.5
Oil & Gas Drilling	0.5

Educational Software	0.5	%
Power Converter/Supply Equipment	0.5
Telecommunication Equipment	0.4
Lighting Products & Systems	0.4
Telecom Equipment-Fiber Optics	0.2
Non-Hazardous Waste Disposal	0.2
	99.9	%

* Calculated as a percentage of net assets

# See Note 1

134

SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.2%
Airlines — 0.7%
Allegiant Travel Co.		12,599	$	2,006,391
Applications Software — 1.6%
HubSpot, Inc.†		48,947		4,750,306
Auto/Truck Parts & Equipment-Original — 0.8%
Visteon Corp.†		17,596		2,288,888
Banks-Commercial — 2.0%
Webster Financial Corp.		44,776		2,535,217
Western Alliance Bancorp†		59,573		3,494,552
				6,029,769
Building & Construction Products-Misc. — 4.0%
American Woodmark Corp.†		29,132		3,957,582
Builders FirstSource, Inc.†		90,949		1,948,127
Owens Corning		17,798		1,654,680
Summit Materials, Inc., Class A†		134,428		4,294,975
				11,855,364
Building & Construction-Misc. — 0.9%
TopBuild Corp.†		35,472		2,715,027
Building Products-Doors & Windows — 0.9%
Masonite International Corp.†		37,627		2,624,483
Building-Heavy Construction — 0.9%
Dycom Industries, Inc.†		21,739		2,537,159
Chemicals-Plastics — 0.9%
PolyOne Corp.		64,671		2,810,602
Chemicals-Specialty — 3.1%
Chemours Co.		60,735		3,135,141
Methanex Corp.		49,309		3,104,001
Venator Materials PLC†		138,909		3,142,122
				9,381,264
Commercial Services — 2.6%
CoStar Group, Inc.†		15,963		5,524,954
Quanta Services, Inc.†		58,127		2,237,308
				7,762,262
Commercial Services-Finance — 2.5%
Euronet Worldwide, Inc.†		24,477		2,297,656
MarketAxess Holdings, Inc.		26,029		5,107,150
				7,404,806
Computer Services — 4.4%
EPAM Systems, Inc.†		38,759		4,553,407
ExlService Holdings, Inc.†		26,185		1,590,739
Globant SA†		82,093		3,730,306
WNS Holdings, Ltd. ADR†		69,877		3,106,731
				12,981,183
Computer Software — 3.2%
InterXion Holding NV†		77,039		4,834,197
SS&C Technologies Holdings, Inc.		95,267		4,790,025
				9,624,222
Containers-Paper/Plastic — 1.0%
Berry Global Group, Inc.†		50,170		2,969,562
Data Processing/Management — 0.5%
Fair Isaac Corp.		9,173		1,583,810

Security Description	Shares		Value (Note 2)
Diagnostic Equipment — 0.8%
Repligen Corp.†		71,164	$	2,517,071
Distribution/Wholesale — 1.7%
Pool Corp.		16,801		2,272,167
WESCO International, Inc.†		41,063		2,798,444
				5,070,611
Diversified Manufacturing Operations — 1.7%
A.O. Smith Corp.		27,251		1,819,822
EnPro Industries, Inc.		35,591		3,131,652
				4,951,474
Drug Delivery Systems — 0.8%
DexCom, Inc.†		42,191		2,455,516
Educational Software — 0.5%
2U, Inc.†		19,543		1,451,459
Electronic Components-Semiconductors — 3.1%
MACOM Technology Solutions Holdings, Inc.†		55,788		1,735,007
Microsemi Corp.†		56,335		3,480,939
Qorvo, Inc.†		21,445		1,539,108
Silicon Laboratories, Inc.†		24,916		2,396,919
				9,151,973
Electronic Measurement Instruments — 0.5%
FLIR Systems, Inc.		31,017		1,588,381
Enterprise Software/Service — 5.5%
Black Knight, Inc.†		68,160		3,373,920
Evolent Health, Inc., Class A†		109,638		1,545,896
Guidewire Software, Inc.†		63,621		5,054,688
Tyler Technologies, Inc.†		20,170		4,064,457
Ultimate Software Group, Inc.†		9,795		2,281,158
				16,320,119
Entertainment Software — 1.4%
Take-Two Interactive Software, Inc.†		32,715		4,144,009
Finance-Investment Banker/Broker — 1.8%
E*TRADE Financial Corp.†		101,476		5,347,785
Food-Confectionery — 0.8%
Hostess Brands, Inc.†		163,643		2,258,273
Food-Misc./Diversified — 1.6%
B&G Foods, Inc.		30,603		1,009,899
Pinnacle Foods, Inc.		59,768		3,702,030
				4,711,929
Health Care Cost Containment — 1.7%
HealthEquity, Inc.†		97,994		4,960,456
Human Resources — 1.9%
Korn/Ferry International		52,199		2,325,987
On Assignment, Inc.†		42,777		3,275,435
				5,601,422
Instruments-Controls — 0.8%
Woodward, Inc.		29,417		2,280,406
Insurance Brokers — 1.0%
Brown & Brown, Inc.		55,544		2,914,949
Insurance-Property/Casualty — 0.6%
Selective Insurance Group, Inc.		32,300		1,881,475

135

SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 —(continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Lighting Products & Systems — 0.4%
Acuity Brands, Inc.		8,219	$	1,269,342
Medical Information Systems — 1.0%
Medidata Solutions, Inc.†		45,041		3,067,743
Medical Instruments — 2.8%
Bio-Techne Corp.		22,194		3,113,596
Integra LifeSciences Holdings Corp.†		58,209		3,065,286
LivaNova PLC†		26,945		2,305,145
				8,484,027
Medical Labs & Testing Services — 1.0%
Syneos Health, Inc.†		81,271		3,116,743
Medical Products — 3.1%
Inogen, Inc.†		29,356		3,576,735
Penumbra, Inc.†		39,079		3,892,268
Wright Medical Group NV†		83,112		1,890,798
				9,359,801
Medical-Biomedical/Gene — 1.9%
Retrophin, Inc.†		106,991		2,558,155
Sage Therapeutics, Inc.†		15,648		2,969,990
				5,528,145
Medical-Drugs — 2.3%
Aerie Pharmaceuticals, Inc.†		24,716		1,355,673
Eagle Pharmaceuticals, Inc.†		39,489		2,360,257
Pacira Pharmaceuticals, Inc.†		45,650		1,661,660
TESARO, Inc.†		22,981		1,550,298
				6,927,888
Medical-Generic Drugs — 0.9%
Impax Laboratories, Inc.†		136,252		2,650,101
Medical-Hospitals — 0.6%
Acadia Healthcare Co., Inc.†		52,549		1,790,870
Medical-Wholesale Drug Distribution — 0.8%
Premier, Inc., Class A†		71,140		2,308,493
Motion Pictures & Services — 0.7%
Lions Gate Entertainment Corp., Class A†		29,591		1,001,359
Lions Gate Entertainment Corp., Class B†		29,338		938,816
				1,940,175
Networking Products — 1.0%
LogMeIn, Inc.		23,312		2,932,650
Non-Hazardous Waste Disposal — 0.2%
Casella Waste Systems, Inc., Class A†		22,551		576,855
Office Furnishings-Original — 0.8%
Steelcase, Inc., Class A		144,718		2,250,365
Oil & Gas Drilling — 0.5%
Patterson-UTI Energy, Inc.		62,579		1,478,116
Oil Companies-Exploration & Production — 1.9%
Centennial Resource Development, Inc., Class A†		168,497		3,439,024
Diamondback Energy, Inc.†		17,781		2,231,515
				5,670,539
Power Converter/Supply Equipment — 0.5%
Generac Holdings, Inc.†		29,325		1,434,872

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts — 0.6%
Physicians Realty Trust		101,926	$	1,661,394
Recreational Centers — 0.7%
Planet Fitness, Inc., Class A†		58,407		1,971,820
Recreational Vehicles — 0.9%
Brunswick Corp.		44,314		2,782,033
Retail-Apparel/Shoe — 1.1%
Burlington Stores, Inc.†		27,374		3,331,690
Retail-Building Products — 0.9%
BMC Stock Holdings, Inc.†		121,301		2,717,142
Retail-Misc./Diversified — 0.9%
Five Below, Inc.†		43,394		2,817,572
Retail-Restaurants — 2.3%
Jack in the Box, Inc.		15,883		1,445,194
Texas Roadhouse, Inc.		50,597		2,971,056
Wingstop, Inc.		48,964		2,367,899
				6,784,149
Savings & Loans/Thrifts — 1.0%
Sterling Bancorp		126,259		3,124,910
Schools — 2.0%
Bright Horizons Family Solutions, Inc.†		38,124		3,743,777
Grand Canyon Education, Inc.†		23,982		2,230,086
				5,973,863
Semiconductor Equipment — 1.6%
Entegris, Inc.		70,655		2,299,820
MKS Instruments, Inc.		23,935		2,448,551
				4,748,371
Telecom Equipment-Fiber Optics — 0.2%
Ciena Corp.†		32,959		701,368
Telecommunication Equipment — 0.4%
ARRIS International PLC†		50,922		1,288,327
Theaters — 0.9%
Cinemark Holdings, Inc.		70,512		2,594,842
Therapeutics — 2.8%
Neurocrine Biosciences, Inc.†		70,097		5,991,190
Sarepta Therapeutics, Inc.†		37,594		2,463,911
				8,455,101
Transport-Rail — 1.5%
Genesee & Wyoming, Inc., Class A†		57,074		4,557,359
Web Hosting/Design — 1.8%
GoDaddy, Inc., Class A†		57,103		3,153,799
Q2 Holdings, Inc.†		54,888		2,324,507
				5,478,306
Total Long-Term Investment Securities (cost $221,286,886)				286,707,378

136

SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 —(continued)

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 3.7%
Time Deposits — 3.7%
Euro Time Deposit with State Street Bank and Trust Co. 0.20% due 02/01/2018 (cost $11,090,000)	$	11,090,000		$	11,090,000
TOTAL INVESTMENTS (cost $232,376,886)(1)		99.9	%		297,797,378
Other assets less liabilities		0.1			208,726
NET ASSETS		100.0	%	$	298,006,104

# See Note 1

† Non-income producing security

(1) See Note 3 for cost of investments on a tax basis.

ADR — American Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	286,707,378	$	—	$	—	$	286,707,378
Short-Term Investment Securities		—		11,090,000		—		11,090,000
Total Investments at Value	$	286,707,378	$	11,090,000	$	—	$	297,797,378

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

137

SunAmerica Series Trust SA Invesco VCP Equity-Income Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Diversified Banking Institutions	14.2	%
United States Treasury Notes	10.3
Oil Companies-Exploration & Production	6.2
Medical-Drugs	4.9
Time Deposits	4.5
Banks-Fiduciary	3.9
Banks-Super Regional	3.3
Retail-Drug Store	2.5
Oil Companies-Integrated	2.4
Cable/Satellite TV	2.1
Banks-Commercial	1.9
Insurance Brokers	1.9
Oil-Field Services	1.9
Enterprise Software/Service	1.9
Medical Products	1.7
Electronic Components-Semiconductors	1.6
Auto-Cars/Light Trucks	1.4
Aerospace/Defense	1.4
Networking Products	1.3
Cruise Lines	1.3
Tobacco	1.2
Telephone-Integrated	1.2
E-Commerce/Products	1.1
Insurance-Multi-line	1.1
Transport-Rail	1.1
Finance-Investment Banker/Broker	1.1
Medical-Biomedical/Gene	1.0
Real Estate Investment Trusts	1.0
Agricultural Chemicals	1.0
Computer Services	1.0
Medical-Wholesale Drug Distribution	1.0
United States Treasury Bonds	1.0
Semiconductor Components-Integrated Circuits	1.0
Medical Instruments	0.9
Retail-Building Products	0.9
Diversified Manufacturing Operations	0.8
Television	0.8
Food-Misc./Diversified	0.8
Insurance-Life/Health	0.7
Building Products-Air & Heating	0.7
Medical-HMO	0.7
U.S. Government Treasuries	0.6
Diversified Minerals	0.6
Cellular Telecom	0.6
Commercial Services-Finance	0.6
Telecom Equipment-Fiber Optics	0.5
Electric-Integrated	0.5
Private Equity	0.4
Telecommunication Equipment	0.4
Investment Management/Advisor Services	0.4
Transport-Equipment & Leasing	0.4
Apparel Manufacturers	0.3
Options Purchased	0.3
Transport-Services	0.3
Brewery	0.3
Insurance-Mutual	0.3
E-Commerce/Services	0.2
Pipelines	0.2
Computer Software	0.2
Commercial Services	0.2
Broadcast Services/Program	0.2

Applications Software	0.2	%
Airlines	0.2
Finance-Leasing Companies	0.2
Computers	0.2
Computers-Memory Devices	0.1
Therapeutics	0.1
Drug Delivery Systems	0.1
Oil & Gas Drilling	0.1
Gas-Distribution	0.1
Internet Security	0.1
Finance-Consumer Loans	0.1
Medical-Generic Drugs	0.1
Chemicals-Diversified	0.1
Retail-Auto Parts	0.1
Electronic Parts Distribution	0.1
Insurance-Reinsurance	0.1
	100.2	%

* Calculated as a percentage of net assets

# See Note 1

138

SunAmerica Series Trust SA Invesco VCP Equity-Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 67.0%
Aerospace/Defense — 1.1%
General Dynamics Corp.		80,019	$	17,802,627
Agricultural Chemicals — 1.0%
Mosaic Co.		296,093		8,083,339
Nutrien, Ltd.†		154,537		8,088,466
				16,171,805
Apparel Manufacturers — 0.3%
Michael Kors Holdings, Ltd.†		79,176		5,225,616
Auto-Cars/Light Trucks — 1.3%
General Motors Co.		495,393		21,009,617
Banks-Commercial — 0.5%
First Horizon National Corp.		428,160		8,503,258
Banks-Fiduciary — 3.8%
Citizens Financial Group, Inc.		672,580		30,871,422
Northern Trust Corp.		116,802		12,309,763
State Street Corp.		162,052		17,853,269
				61,034,454
Banks-Super Regional — 3.0%
Comerica, Inc.		92,591		8,816,515
Fifth Third Bancorp		573,120		18,970,272
PNC Financial Services Group, Inc.		132,385		20,919,478
				48,706,265
Building Products-Air & Heating — 0.7%
Johnson Controls International PLC		279,572		10,939,652
Cable/Satellite TV — 1.6%
Charter Communications, Inc., Class A†		27,555		10,395,124
Comcast Corp., Class A		358,223		15,235,224
				25,630,348
Cellular Telecom — 0.5%
Vodafone Group PLC ADR		240,999		7,764,988
Commercial Services-Finance — 0.4%
PayPal Holdings, Inc.†		70,926		6,051,406
Computer Services — 1.0%
Cognizant Technology Solutions Corp., Class A		206,407		16,095,618
Cruise Lines — 1.3%
Carnival Corp.		285,465		20,442,149
Diversified Banking Institutions — 13.1%
Bank of America Corp.		1,691,630		54,132,160
Citigroup, Inc.		781,425		61,326,234
Goldman Sachs Group, Inc.		55,704		14,922,545
JPMorgan Chase & Co.		385,691		44,612,878
Morgan Stanley		629,040		35,572,212
				210,566,029
Diversified Manufacturing Operations — 0.8%
Ingersoll-Rand PLC		145,196		13,739,897
Diversified Minerals — 0.6%
BHP Billiton, Ltd.		369,689		8,996,439
E-Commerce/Products — 1.0%
eBay, Inc.†		403,766		16,384,824
Electric-Integrated — 0.3%
FirstEnergy Corp.		145,085		4,773,296

Security Description	Shares		Value (Note 2)
Electronic Components-Semiconductors — 0.9%
Intel Corp.		294,032	$	14,154,700
Enterprise Software/Service — 1.6%
Oracle Corp.		506,384		26,124,351
Finance-Investment Banker/Broker — 0.7%
Charles Schwab Corp.		210,683		11,237,831
Food-Misc./Diversified — 0.8%
Mondelez International, Inc., Class A		275,172		12,217,637
Insurance Brokers — 1.9%
Aon PLC		95,876		13,630,691
Marsh & McLennan Cos., Inc.		87,871		7,338,986
Willis Towers Watson PLC		63,252		10,150,048
				31,119,725
Insurance-Multi-line — 0.6%
Voya Financial, Inc.		187,411		9,728,505
Medical Instruments — 0.8%
Medtronic PLC		158,548		13,617,688
Medical Products — 1.3%
Baxter International, Inc.		161,287		11,617,503
Zimmer Biomet Holdings, Inc.		72,970		9,275,946
				20,893,449
Medical-Biomedical/Gene — 0.8%
Amgen, Inc.		67,036		12,472,048
Medical-Drugs — 4.4%
Bristol-Myers Squibb Co.		199,756		12,504,726
Merck & Co., Inc.		280,715		16,632,364
Novartis AG		148,868		13,467,296
Pfizer, Inc.		479,713		17,768,569
Sanofi		121,603		10,737,425
				71,110,380
Medical-HMO — 0.7%
Anthem, Inc.		42,992		10,655,567
Medical-Wholesale Drug Distribution — 1.0%
McKesson Corp.		94,254		15,917,616
Networking Products — 1.3%
Cisco Systems, Inc.		495,977		20,602,885
Oil Companies-Exploration & Production — 5.9%
Anadarko Petroleum Corp.		313,080		18,800,454
Apache Corp.		398,652		17,887,515
Canadian Natural Resources, Ltd.		483,824		16,516,886
Devon Energy Corp.		500,931		20,723,515
Occidental Petroleum Corp.		284,780		21,349,957
				95,278,327
Oil Companies-Integrated — 2.3%
BP PLC		2,002,136		14,244,929
Royal Dutch Shell PLC, Class A		676,639		23,657,866
				37,902,795
Oil-Field Services — 1.6%
Baker Hughes a GE Co. LLC		235,997		7,587,303
TechnipFMC PLC		579,530		18,811,544
				26,398,847
Retail-Building Products — 0.8%
Kingfisher PLC		2,773,407		13,664,237

139

SunAmerica Series Trust SA Invesco VCP Equity-Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Retail-Drug Store — 2.5%
CVS Health Corp.		265,379	$	20,882,674
Walgreens Boots Alliance, Inc.		268,977		20,243,209
				41,125,883
Semiconductor Components-Integrated Circuits — 1.0%
QUALCOMM, Inc.		225,868		15,415,491
Telecommunication Equipment — 0.4%
Juniper Networks, Inc.		270,682		7,078,334
Telephone-Integrated — 0.6%
Orange SA		134,524		2,429,280
Verizon Communications, Inc.		127,571		6,897,764
				9,327,044
Television — 0.2%
CBS Corp., Class B		47,355		2,728,122
Tobacco — 1.2%
Philip Morris International, Inc.		175,807		18,851,785
Transport-Rail — 1.1%
CSX Corp.		303,054		17,204,376
Transport-Services — 0.3%
United Parcel Service, Inc., Class B		35,492		4,518,841
Total Common Stocks (cost $837,897,587)				1,079,184,752
CONVERTIBLE PREFERRED SECURITIES — 0.2%
Investment Management/Advisor Services — 0.2%
AMG Capital Trust II 5.15%		40,900		2,576,700
Pipelines — 0.0%
El Paso Energy Capital Trust I 4.75%		800		38,808
Total Convertible Preferred Securities (cost $2,502,039)				2,615,508
PREFERRED SECURITIES — 0.0%
Banks-Super Regional — 0.0%
Wells Fargo & Co. Series Q 5.85% (cost $30,000)		1,200		31,800
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.1%
Diversified Banking Institutions — 0.0%
JPMorgan Chase & Co. Series V 5.00% due 07/01/2019(1)	$	200,000		203,000
Insurance-Life/Health — 0.1%
Prudential Financial, Inc.		1,840,000		1,879,100
Total Preferred Securities/Capital Securities (cost $2,088,824)				2,082,100
CONVERTIBLE BONDS & NOTES — 5.1%
Applications Software — 0.2%
Nuance Communications, Inc. Senior Notes 1.00% due 12/15/2035		1,803,000		1,751,494
RealPage, Inc. Senior Notes 1.50% due 11/15/2022*		626,000		837,087
				2,588,581

Security Description	Principal Amount		Value (Note 2)
Broadcast Services/Program — 0.2%
Liberty Interactive LLC Senior Notes 1.75% due 09/30/2046*	$	2,371,000	$	2,904,764
Cable/Satellite TV — 0.3%
DISH Network Corp. Senior Notes 3.38% due 08/15/2026		4,789,000		5,085,238
Commercial Services — 0.2%
Live Nation Entertainment, Inc. Senior Notes 2.50% due 05/15/2019		2,363,000		3,172,994
Computer Software — 0.2%
Citrix Systems, Inc. Senior Notes 0.50% due 04/15/2019		2,747,000		3,639,278
Computers-Memory Devices — 0.1%
SanDisk Corp. Company Guar. Notes 0.50% due 10/15/2020		2,198,000		2,111,685
Diversified Banking Institutions — 0.0%
Goldman Sachs Group, Inc. Senior Notes 1.00% due 09/28/2020*(2)		171,000		309,161
Drug Delivery Systems — 0.1%
DexCom, Inc. Senior Notes 0.75% due 05/15/2022*		2,280,000		2,150,079
E-Commerce/Services — 0.1%
Liberty Expedia Holdings, Inc. Senior Notes 1.00% due 06/30/2047*		1,414,000		1,428,701
Electronic Components-Semiconductors — 0.5%
Microchip Technology, Inc. Senior Sub. Notes 1.63% due 02/15/2027*		1,720,000		2,089,334
Micron Technology, Inc. Senior Notes Series G 3.00% due 11/15/2043		2,099,000		3,197,612
ON Semiconductor Corp. Company Guar. Notes 1.00% due 12/01/2020		1,666,000		2,381,637
Silicon Laboratories, Inc. Senior Notes 1.38% due 03/01/2022*		510,000		616,238
				8,284,821
Enterprise Software/Service — 0.2%
Workday, Inc. Senior Notes 0.25% due 10/01/2022*		2,245,000		2,337,620
Finance-Investment Banker/Broker — 0.4%
GS Finance Corp. Senior Notes 0.25% due 07/08/2024(2)		5,346,000		5,785,709

140

SunAmerica Series Trust SA Invesco VCP Equity-Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
CONVERTIBLE BONDS & NOTES (continued)
Insurance-Multi-line — 0.3%
Old Republic International Corp. Senior Notes 3.75% due 03/15/2018	$	2,832,000	$	4,142,854
Internet Security — 0.1%
FireEye, Inc. Senior Notes Series A 1.00% due 06/01/2035		1,108,000		1,043,626
FireEye, Inc. Senior Notes Series B 1.63% due 06/01/2035		1,108,000		1,016,555
				2,060,181
Medical Instruments — 0.1%
NuVasive, Inc. Senior Notes 2.25% due 03/15/2021		1,978,000		2,111,299
Medical Products — 0.3%
Wright Medical Group, Inc. Company Guar. Notes 2.00% due 02/15/2020		3,684,000		3,808,335
Medical-Biomedical/Gene — 0.2%
BioMarin Pharmaceutical, Inc. Senior Sub. Notes 1.50% due 10/15/2020		2,388,000		2,791,565
Medicines Co. Senior Notes 2.75% due 07/15/2023		929,000		903,442
				3,695,007
Medical-Drugs — 0.1%
Pacira Pharmaceuticals, Inc. Senior Notes 2.38% due 04/01/2022*		648,000		624,146
Multimedia — 0.0%
Liberty Media Corp.-Liberty Formula One Senior Notes 1.00% due 01/30/2023*		440,000		517,774
Oil & Gas Drilling — 0.1%
Ensco Jersey Finance, Ltd. Company Guar. Notes 3.00% due 01/31/2024		1,592,000		1,438,609
Nabors Industries, Inc. Company Guar. Notes 0.75% due 01/15/2024*		868,000		697,699
				2,136,308
Oil Companies-Exploration & Production — 0.1%
Chesapeake Energy Corp. Company Guar. Notes 5.50% due 09/15/2026		778,000		710,845
Oil-Field Services — 0.1%
Helix Energy Solutions Group, Inc. Senior Notes 4.25% due 05/01/2022		830,000		822,961

Security Description	Principal Amount		Value (Note 2)
Oil-Field Services (continued)
Oil States International, Inc. Senior Notes 1.50% due 02/15/2023*	$	396,000	$	404,531
				1,227,492
Patient Monitoring Equipment — 0.0%
Insulet Corp. Senior Notes 1.38% due 11/15/2024*		461,000		488,355
Telecom Equipment-Fiber Optics — 0.5%
Ciena Corp. Senior Notes 4.00% due 12/15/2020		224,000		293,033
Finisar Corp. Senior Notes 0.50% due 12/15/2036		855,000		775,798
Viavi Solutions, Inc. Senior Notes 0.63% due 08/15/2033		5,717,000		5,831,774
Viavi Solutions, Inc. Senior Notes 1.00% due 03/01/2024*		1,625,000		1,584,357
				8,484,962
Television — 0.6%
Liberty Media Corp. Senior Notes 1.38% due 10/15/2023		6,373,000		7,941,395
Liberty Media Corp. Senior Notes 2.25% due 09/30/2046		1,673,000		1,757,540
				9,698,935
Therapeutics — 0.1%
Neurocrine Biosciences, Inc. Senior Notes 2.25% due 05/15/2024*		1,623,000		2,184,105
Total Convertible Bonds & Notes (cost $74,139,113)				81,689,229
U.S. CORPORATE BONDS & NOTES — 8.3%
Aerospace/Defense — 0.3%
BAE Systems Holdings, Inc. Company Guar. Notes 2.85% due 12/15/2020*		214,000		213,593
Northrop Grumman Corp. Senior Notes 1.75% due 06/01/2018		3,975,000		3,974,111
				4,187,704
Agricultural Chemicals — 0.0%
Monsanto Co. Senior Notes 2.13% due 07/15/2019		30,000		29,870
Airlines — 0.1%
American Airlines Pass-Through Trust Pass-Through Certs. Series 2014-1, Class A 3.70% due 04/01/2028		49,842		50,278
United Airlines Pass-Through Trust Pass-Through Certs. Series 2018-1, Class AA 3.50% due 09/01/2031		992,000		992,000

141

SunAmerica Series Trust SA Invesco VCP Equity-Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines (continued)
United Airlines Pass-Through Trust Pass-Through Certs. Series 2014-2, Class A 3.75% due 03/03/2028	$	53,118	$	54,064
				1,096,342
Applications Software — 0.0%
Microsoft Corp. Senior Notes 3.50% due 02/12/2035		120,000		121,423
Auto-Cars/Light Trucks — 0.1%
Ford Motor Credit Co. LLC Senior Notes 3.10% due 05/04/2023		419,000		408,612
Ford Motor Credit Co. LLC Senior Notes 3.81% due 01/09/2024		845,000		849,831
Ford Motor Credit Co. LLC Senior Notes 4.13% due 08/04/2025		220,000		222,242
General Motors Co. Senior Notes 6.60% due 04/01/2036		320,000		387,871
General Motors Financial Co., Inc. Company Guar. Notes 5.25% due 03/01/2026		304,000		327,421
				2,195,977
Banks-Commercial — 0.2%
Discover Bank Senior Notes 3.35% due 02/06/2023		1,500,000		1,499,865
SunTrust Bank Sub. Notes 3.30% due 05/15/2026		1,500,000		1,457,315
				2,957,180
Banks-Fiduciary — 0.1%
Citizens Financial Group, Inc. Senior Notes 2.38% due 07/28/2021		800,000		784,000
Banks-Super Regional — 0.3%
Capital One Financial Corp. Senior Notes 3.20% due 01/30/2023		2,750,000		2,734,086
US Bancorp Sub. Notes Series W 3.10% due 04/27/2026		750,000		731,343
Wells Fargo & Co. Senior Notes 3.55% due 09/29/2025		260,000		262,940
Wells Fargo & Co. Sub. Notes 4.10% due 06/03/2026		200,000		205,969
Wells Fargo & Co. Sub. Notes 4.65% due 11/04/2044		170,000		183,762
				4,118,100

Security Description	Principal Amount		Value (Note 2)
Brewery — 0.2%
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 2.65% due 02/01/2021	$	555,000	$	553,223
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 3.30% due 02/01/2023		337,000		339,651
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 4.70% due 02/01/2036		570,000		629,068
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 4.90% due 02/01/2046		641,000		724,336
Molson Coors Brewing Co. Company Guar. Notes 1.45% due 07/15/2019		342,000		336,512
Molson Coors Brewing Co. Company Guar. Notes 4.20% due 07/15/2046		282,000		281,033
				2,863,823
Building-Residential/Commercial — 0.0%
MDC Holdings, Inc. Company Guar. Notes 6.00% due 01/15/2043		10,000		9,850
Cable/Satellite TV — 0.2%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.46% due 07/23/2022		845,000		874,052
Comcast Corp. Company Guar. Notes 2.75% due 03/01/2023		2,000,000		1,982,714
Comcast Corp. Company Guar. Notes 5.70% due 05/15/2018		100,000		101,102
				2,957,868
Cellular Telecom — 0.1%
Crown Castle Towers LLC Senior Sec. Notes 4.88% due 08/15/2040*		850,000		891,453
Chemicals-Diversified — 0.1%
Eastman Chemical Co. Senior Notes 2.70% due 01/15/2020		1,742,000		1,746,587
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 4.50% due 06/01/2047		512,000		540,326
Commercial Services-Finance — 0.2%
Moody’s Corp. Senior Notes 4.50% due 09/01/2022		135,000		142,692
Total System Services, Inc. Senior Notes 2.38% due 06/01/2018		2,405,000		2,407,287
				2,549,979

142

SunAmerica Series Trust SA Invesco VCP Equity-Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computer Services — 0.0%
DXC Technology Co. Senior Notes 4.45% due 09/18/2022	$	30,000	$	31,220
Computers — 0.2%
Apple, Inc. Senior Notes 2.15% due 02/09/2022		126,000		123,075
Apple, Inc. Senior Notes 3.35% due 02/09/2027		1,425,000		1,424,781
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 5.45% due 06/15/2023*		711,000		761,762
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 8.35% due 07/15/2046*		189,000		248,029
				2,557,647
Containers-Paper/Plastic — 0.0%
Packaging Corp. of America Senior Notes 4.50% due 11/01/2023		77,000		81,698
Diversified Banking Institutions — 0.9%
Bank of America Corp. Senior Notes 3.25% due 10/21/2027		2,000,000		1,953,808
Bank of America Corp. Senior Notes 3.50% due 04/19/2026		810,000		815,035
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		790,000		791,364
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		1,500,000		1,626,195
Citigroup, Inc. Sub. Notes 5.30% due 05/06/2044		20,000		23,281
Citigroup, Inc. Sub. Notes 6.68% due 09/13/2043		30,000		40,819
Goldman Sachs Group, Inc. Senior Notes 2.90% due 07/19/2018		35,000		35,140
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		1,500,000		1,510,649
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		1,300,000		1,335,515
JPMorgan Chase & Co. Senior Notes 3.20% due 06/15/2026		750,000		734,258
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		1,400,000		1,392,874
JPMorgan Chase & Co. Senior Notes 3.90% due 01/23/2049		1,400,000		1,401,282

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 4.26% due 02/22/2048	$	1,500,000	$	1,584,649
Morgan Stanley Senior Notes 2.38% due 07/23/2019		250,000		249,448
Morgan Stanley Senior Notes 2.50% due 01/24/2019		125,000		125,332
Morgan Stanley Senior Notes 3.88% due 01/27/2026		1,000,000		1,021,771
Morgan Stanley Senior Notes 4.00% due 07/23/2025		210,000		216,743
				14,858,163
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		18,000		20,476
eBay, Inc. Senior Notes 2.50% due 03/09/2018		1,730,000		1,731,675
				1,752,151
Electric-Distribution — 0.0%
Oglethorpe Power Corp. 1st Mtg. Bonds 4.55% due 06/01/2044		200,000		202,908
Electric-Integrated — 0.2%
Duke Energy Corp. Senior Notes 2.10% due 06/15/2018		1,160,000		1,160,443
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 3.55% due 05/01/2027		1,715,000		1,712,065
				2,872,508
Electronic Components-Semiconductors — 0.2%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.63% due 01/15/2024*		2,100,000		2,071,776
Texas Instruments, Inc. Senior Notes 2.63% due 05/15/2024		840,000		820,988
				2,892,764
Electronic Parts Distribution — 0.1%
Avnet, Inc. Senior Notes 4.63% due 04/15/2026		1,250,000		1,272,063
Enterprise Software/Service — 0.1%
Oracle Corp. Senior Notes 1.90% due 09/15/2021		1,430,000		1,391,091
Finance-Consumer Loans — 0.1%
Synchrony Financial Senior Notes 3.95% due 12/01/2027		2,075,000		2,038,514

143

SunAmerica Series Trust SA Invesco VCP Equity-Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Credit Card — 0.0%
American Express Co. Sub. Notes 3.63% due 12/05/2024	$	54,000	$	54,715
Visa, Inc. Senior Notes 4.15% due 12/14/2035		350,000		378,912
				433,627
Finance-Investment Banker/Broker — 0.0%
Charles Schwab Corp. Senior Notes 2.20% due 07/25/2018		35,000		35,020
Finance-Leasing Companies — 0.2%
Air Lease Corp. Senior Notes 2.63% due 09/04/2018		1,300,000		1,302,776
Air Lease Corp. Senior Notes 3.00% due 09/15/2023		1,179,000		1,155,779
Air Lease Corp. Senior Notes 4.25% due 09/15/2024		165,000		170,499
				2,629,054
Food-Misc./Diversified — 0.0%
General Mills, Inc. Senior Notes 2.20% due 10/21/2019		120,000		119,468
Gas-Distribution — 0.1%
NiSource, Inc. Senior Notes 4.38% due 05/15/2047		903,000		961,722
Sempra Energy Senior Notes 3.80% due 02/01/2038		1,140,000		1,117,330
				2,079,052
Insurance Brokers — 0.0%
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		610,000		611,261
Insurance-Life/Health — 0.6%
Athene Global Funding Sec. Notes 2.88% due 10/23/2018*		274,000		274,848
Athene Global Funding Sec. Notes 4.00% due 01/25/2022*		2,900,000		2,957,280
Jackson National Life Global Funding Senior Sec. Notes 2.10% due 10/25/2021*		1,500,000		1,459,532
Jackson National Life Global Funding Senior Sec. Notes 3.25% due 01/30/2024*		1,000,000		992,312
Nationwide Financial Services, Inc. Senior Notes 5.30% due 11/18/2044*		1,145,000		1,314,992
Prudential Financial, Inc. Senior Notes 3.94% due 12/07/2049*		30,000		29,459

Security Description	Principal Amount		Value (Note 2)
Insurance-Life/Health (continued)
Reliance Standard Life Global Funding II Senior Sec. Notes 3.05% due 01/20/2021*	$	355,000	$	356,199
Teachers Insurance & Annuity Association of America Sub. Notes 4.27% due 05/15/2047*		2,000,000		2,064,323
				9,448,945
Insurance-Multi-line — 0.2%
Allstate Corp. Senior Notes 3.28% due 12/15/2026		665,000		663,459
American Financial Group, Inc. Senior Notes 4.50% due 06/15/2047		2,050,000		2,094,029
Metropolitan Life Global Funding I Sec. Notes 2.05% due 06/12/2020*		1,000,000		987,049
				3,744,537
Insurance-Mutual — 0.3%
Liberty Mutual Group, Inc. Company Guar. Notes 4.85% due 08/01/2044*		1,650,000		1,793,989
MassMutual Global Funding II Sec. Notes 2.00% due 04/15/2021*		1,635,000		1,592,978
MassMutual Global Funding II Senior Sec. Notes 2.10% due 08/02/2018*		775,000		775,809
				4,162,776
Insurance-Property/Casualty — 0.0%
Travelers Cos., Inc. Senior Notes 4.60% due 08/01/2043		10,000		11,247
Insurance-Reinsurance — 0.1%
Reinsurance Group of America, Inc. Senior Notes 4.70% due 09/15/2023		1,040,000		1,101,640
Investment Management/Advisor Services — 0.2%
Blackstone Holdings Finance Co. LLC Company Guar. Notes 5.00% due 06/15/2044*		2,915,000		3,261,431
Medical Instruments — 0.0%
Edwards Lifesciences Corp. Senior Notes 2.88% due 10/15/2018		29,000		29,150
Medtronic, Inc. Company Guar. Notes 3.15% due 03/15/2022		172,000		174,176
Medtronic, Inc. Company Guar. Notes 4.38% due 03/15/2035		58,000		63,595
Medtronic, Inc. Company Guar. Notes 4.63% due 03/15/2044		15,000		16,954
				283,875

144

SunAmerica Series Trust SA Invesco VCP Equity-Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical Labs & Testing Services — 0.0%
Laboratory Corp. of America Holdings Senior Notes 3.20% due 02/01/2022	$	100,000	$	100,523
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		43,000		45,291
				145,814
Medical Products — 0.0%
Becton Dickinson and Co. Senior Notes 2.68% due 12/15/2019		44,000		43,968
Becton Dickinson and Co. Senior Notes 4.88% due 05/15/2044		230,000		241,762
				285,730
Medical-Biomedical/Gene — 0.0%
Celgene Corp. Senior Notes 4.00% due 08/15/2023		10,000		10,389
Celgene Corp. Senior Notes 4.63% due 05/15/2044		110,000		115,745
Gilead Sciences, Inc. Senior Notes 4.40% due 12/01/2021		171,000		180,334
				306,468
Medical-Drugs — 0.2%
AbbVie, Inc. Senior Notes 4.50% due 05/14/2035		171,000		184,189
Bayer US Finance LLC Company Guar. Notes 2.38% due 10/08/2019*		2,200,000		2,185,972
Bayer US Finance LLC Company Guar. Notes 3.00% due 10/08/2021*		200,000		200,461
Zoetis, Inc. Senior Notes 4.70% due 02/01/2043		5,000		5,501
				2,576,123
Medical-Wholesale Drug Distribution — 0.0%
McKesson Corp. Senior Notes 2.28% due 03/15/2019		75,000		74,848
Non-Hazardous Waste Disposal — 0.0%
Waste Management, Inc. Company Guar. Notes 3.90% due 03/01/2035		84,000		86,438
Oil Companies-Exploration & Production — 0.1%
Anadarko Petroleum Corp. Senior Notes 6.60% due 03/15/2046		333,000		431,846
ConocoPhillips Co. Company Guar. Notes 4.15% due 11/15/2034		144,000		153,314
Noble Energy, Inc. Senior Notes 5.25% due 11/15/2043		20,000		22,256

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Occidental Petroleum Corp. Senior Notes 3.40% due 04/15/2026	$	1,300,000	$	1,310,613
				1,918,029
Oil Companies-Integrated — 0.0%
Chevron Corp. Senior Notes 1.37% due 03/02/2018		268,000		267,968
Chevron Corp. Senior Notes 1.72% due 06/24/2018		15,000		14,993
				282,961
Pharmacy Services — 0.0%
Express Scripts Holding Co. Company Guar. Notes 2.25% due 06/15/2019		85,000		84,666
Pipelines — 0.2%
Enable Midstream Partners LP Senior Notes 2.40% due 05/15/2019		200,000		198,521
Energy Transfer Partners LP Senior Notes 4.90% due 03/15/2035		67,000		66,261
Enterprise Products Operating LLC Company Guar. Notes 2.55% due 10/15/2019		55,000		55,033
Kinder Morgan, Inc. Company Guar. Notes 5.30% due 12/01/2034		28,000		30,067
MPLX LP Senior Notes 4.50% due 07/15/2023		2,250,000		2,351,077
MPLX LP Senior Notes 5.50% due 02/15/2023		660,000		677,970
Spectra Energy Partners LP Senior Notes 4.50% due 03/15/2045		101,000		104,406
Sunoco Logistics Partners Operations LP Company Guar. Notes 5.30% due 04/01/2044		65,000		65,498
Sunoco Logistics Partners Operations LP Company Guar. Notes 5.50% due 02/15/2020		40,000		41,970
Western Gas Partners LP Senior Notes 5.45% due 04/01/2044		65,000		70,424
				3,661,227
Private Equity — 0.4%
Apollo Management Holdings LP Company Guar. Notes 4.00% due 05/30/2024*		3,000,000		3,029,900
Carlyle Holdings Finance LLC Company Guar. Notes 3.88% due 02/01/2023*		1,250,000		1,264,307
KKR Group Finance Co III LLC Company Guar. Notes 5.13% due 06/01/2044*		2,480,000		2,678,032
				6,972,239

145

SunAmerica Series Trust SA Invesco VCP Equity-Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts — 1.0%
Brixmor Operating Partnership LP Senior Notes 3.65% due 06/15/2024	$	2,000,000	$	1,960,824
Crown Castle International Corp. Senior Bonds 3.80% due 02/15/2028		1,855,000		1,817,270
Crown Castle International Corp. Senior Notes 4.75% due 05/15/2047		1,160,000		1,183,842
EPR Properties Company Guar. Notes 4.75% due 12/15/2026		2,095,000		2,121,266
Government Properties Income Trust Senior Notes 4.00% due 07/15/2022		2,500,000		2,508,125
HCP, Inc. Senior Notes 3.88% due 08/15/2024		1,320,000		1,334,589
HCP, Inc. Senior Notes 4.20% due 03/01/2024		100,000		102,951
Highwoods Realty LP Senior Notes 3.20% due 06/15/2021		200,000		200,068
Hospitality Properties Trust Senior Notes 4.50% due 06/15/2023		375,000		387,442
Hospitality Properties Trust Senior Notes 5.00% due 08/15/2022		1,550,000		1,636,945
Sovran Acquisition LP Company Guar. Notes 3.50% due 07/01/2026		497,000		473,513
Ventas Realty LP Company Guar. Notes 5.70% due 09/30/2043		2,182,000		2,613,205
				16,340,040
Rental Auto/Equipment — 0.0%
ERAC USA Finance LLC Company Guar. Notes 2.35% due 10/15/2019*		95,000		94,484
Retail-Auto Parts — 0.1%
Advance Auto Parts, Inc. Company Guar. Notes 4.50% due 12/01/2023		1,480,000		1,538,968
O’Reilly Automotive, Inc. Senior Notes 4.88% due 01/14/2021		20,000		21,018
				1,559,986
Retail-Building Products — 0.1%
Home Depot, Inc. Senior Notes 2.00% due 04/01/2021		734,000		722,279
Retail-Discount — 0.0%
Dollar General Corp. Senior Notes 3.25% due 04/15/2023		40,000		40,008

Security Description	Principal Amount		Value (Note 2)
Retail-Drug Store — 0.0%
CVS Health Corp. Senior Notes 3.38% due 08/12/2024	$	40,000	$	39,455
CVS Pass-Through Trust Pass-Through Certs. 6.04% due 12/10/2028		417,978		460,695
Walgreens Boots Alliance, Inc. Senior Notes 3.30% due 11/18/2021		94,000		95,012
Walgreens Boots Alliance, Inc. Senior Notes 4.50% due 11/18/2034		69,000		70,813
				665,975
Retail-Mail Order — 0.0%
QVC, Inc. Senior Sec. Notes 5.45% due 08/15/2034		100,000		98,885
Savings & Loans/Thrifts — 0.0%
First Niagara Financial Group, Inc. Senior Notes 6.75% due 03/19/2020		45,000		48,752
Telephone-Integrated — 0.4%
AT&T, Inc. Senior Notes 3.00% due 06/30/2022		115,000		113,990
AT&T, Inc. Senior Notes 3.40% due 05/15/2025		64,000		62,272
AT&T, Inc. Senior Notes 4.30% due 02/15/2030*		527,000		520,276
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		102,000		100,465
AT&T, Inc. Senior Notes 4.80% due 06/15/2044		1,500,000		1,471,748
AT&T, Inc. Senior Notes 4.90% due 08/14/2037		2,655,000		2,690,912
AT&T, Inc. Senior Notes 5.15% due 03/15/2042		220,000		224,366
AT&T, Inc. Senior Notes 5.15% due 11/15/2046*		25,000		25,649
Verizon Communications, Inc. Senior Notes 4.13% due 08/15/2046		204,000		190,698
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		45,000		45,592
Verizon Communications, Inc. Senior Notes 4.52% due 09/15/2048		53,000		52,841
Verizon Communications, Inc. Senior Notes 4.81% due 03/15/2039		39,000		40,763
Verizon Communications, Inc. Senior Notes 5.01% due 08/21/2054		1,016,000		1,048,731
				6,588,303

146

SunAmerica Series Trust SA Invesco VCP Equity-Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Tobacco — 0.0%
Philip Morris International, Inc. Senior Notes 3.60% due 11/15/2023	$	15,000	$	15,356
Philip Morris International, Inc. Senior Notes 4.88% due 11/15/2043		35,000		39,314
				54,670
Transport-Equipment & Leasing — 0.3%
Aviation Capital Group Corp. Senior Notes 2.88% due 09/17/2018*		1,260,000		1,262,428
Aviation Capital Group Corp. Senior Notes 2.88% due 01/20/2022*		1,400,000		1,381,367
Aviation Capital Group Corp. Senior Notes 4.88% due 10/01/2025*		2,280,000		2,424,725
				5,068,520
Transport-Rail — 0.0%
Union Pacific Corp. Senior Notes 4.15% due 01/15/2045		50,000		53,679
Union Pacific Corp. Senior Notes 4.85% due 06/15/2044		30,000		34,795
				88,474
Transport-Services — 0.0%
FedEx Corp. Company Guar. Notes 4.90% due 01/15/2034		25,000		27,777
FedEx Corp. Company Guar. Notes 5.10% due 01/15/2044		45,000		52,191
United Parcel Service, Inc. Senior Notes 3.40% due 11/15/2046		196,000		184,892
				264,860
Vitamins & Nutrition Products — 0.0%
Mead Johnson Nutrition Co. Company Guar. Notes 4.13% due 11/15/2025		29,000		30,190
Total U.S. Corporate Bonds & Notes (cost $131,625,532)				132,983,111
FOREIGN CORPORATE BONDS & NOTES — 1.8%
Airlines — 0.1%
Virgin Australia Trust Pass-Through Certs. Series 2013-1A 5.00% due 04/23/2025*		1,478,541		1,538,718
Banks-Commercial — 0.8%
ANZ New Zealand International, Ltd. Company Guar. Notes 2.88% due 01/25/2022*		650,000		642,374
Australia & New Zealand Banking Group, Ltd. Senior Notes 2.30% due 06/01/2021		891,000		875,741

Security Description	Principal Amount		Value (Note 2)
Banks-Commercial (continued)
Bank of Nova Scotia Senior Notes 2.05% due 10/30/2018	$	1,300,000	$	1,299,706
Commonwealth Bank of Australia Senior Notes 2.25% due 03/10/2020*		2,000,000		1,985,603
National Australia Bank, Ltd. Senior Notes 1.88% due 07/12/2021		1,450,000		1,403,479
National Australia Bank, Ltd. Senior Notes 2.00% due 01/14/2019		530,000		528,812
National Australia Bank, Ltd. Senior Notes 3.50% due 01/10/2027*		2,610,000		2,607,694
Royal Bank of Canada Senior Notes 2.00% due 12/10/2018		3,430,000		3,429,577
Standard Chartered PLC Senior Notes 3.05% due 01/15/2021*		385,000		384,825
Sumitomo Mitsui Banking Corp. Company Guar. Notes 2.65% due 07/23/2020		250,000		249,760
				13,407,571
Brewery — 0.1%
Heineken NV Senior Notes 3.50% due 01/29/2028*		1,333,000		1,330,471
Cable/Satellite TV — 0.0%
British Sky Broadcasting Group PLC Company Guar. Notes 9.50% due 11/15/2018*		230,000		242,803
Cellular Telecom — 0.0%
Rogers Communications, Inc. Company Guar. Notes 4.50% due 03/15/2043		30,000		31,249
Chemicals-Plastics — 0.0%
Montell Finance Co. BV Company Guar. Notes 8.10% due 03/15/2027*		55,000		71,735
Computers-Memory Devices — 0.0%
Seagate HDD Cayman Company Guar. Notes 4.75% due 01/01/2025		115,000		114,244
Seagate HDD Cayman Company Guar. Notes 5.75% due 12/01/2034		48,000		46,743
				160,987
Diversified Banking Institutions — 0.2%
Lloyds Banking Group PLC Senior Notes 3.75% due 01/11/2027		2,200,000		2,191,990
Societe Generale SA Senior Notes 2.63% due 09/16/2020*		310,000		309,535
Societe Generale SA Sub. Notes 5.00% due 01/17/2024*		100,000		105,417

147

SunAmerica Series Trust SA Invesco VCP Equity-Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
UBS Group Funding Switzerland AG Company Guar. Notes 4.13% due 04/15/2026*	$	1,000,000	$	1,029,688
				3,636,630
Medical-Generic Drugs — 0.1%
Actavis Funding SCS Company Guar. Notes 4.85% due 06/15/2044		200,000		213,354
Allergan Funding SCS Company Guar. Notes 2.35% due 03/12/2018		1,310,000		1,310,674
Mylan NV Company Guar. Notes 3.15% due 06/15/2021		382,000		381,817
				1,905,845
Oil Companies-Exploration & Production — 0.1%
Canadian Natural Resources, Ltd. Senior Notes 5.90% due 02/01/2018		1,540,000		1,540,000
Oil Companies-Integrated — 0.1%
Shell International Finance BV Company Guar. Notes 4.00% due 05/10/2046		2,032,000		2,107,670
Suncor Energy, Inc. Senior Notes 3.60% due 12/01/2024		52,000		52,736
				2,160,406
Private Equity — 0.0%
Brookfield Asset Management, Inc. Senior Notes 4.00% due 01/15/2025		125,000		126,459
Retail-Convenience Store — 0.0%
Alimentation Couche-Tard, Inc. Company Guar. Notes 4.50% due 07/26/2047*		256,000		261,243
Telephone-Integrated — 0.2%
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		2,000,000		2,252,465
Telefonica Emisiones SAU Company Guar. Notes 7.05% due 06/20/2036		200,000		267,908
				2,520,373
Transport-Equipment & Leasing — 0.1%
SMBC Aviation Capital Finance DAC Company Guar. Notes 2.65% due 07/15/2021*		750,000		734,768
Total Foreign Corporate Bonds & Notes (cost $29,333,568)				29,669,258
FOREIGN CONVERTIBLE BONDS & NOTES — 1.0%
Banks-Commercial — 0.4%
Credit Suisse AG Senior Notes 0.50% due 06/24/2024*		7,110,000		7,040,322

Security Description	Shares/ Principal Amount			Value (Note 2)
E-Commerce/Services — 0.1%
Ctrip.com International, Ltd. Senior Notes 1.25% due 09/15/2022	$	2,490,000		$	2,575,574
Medical Products — 0.1%
Wright Medical Group NV Senior Notes 2.25% due 11/15/2021		845,000			1,047,513
Medical-Drugs — 0.2%
Jazz Investments I, Ltd. Company Guar. Notes 1.88% due 08/15/2021		3,172,000			3,250,786
Oil-Field Services — 0.2%
Weatherford International, Ltd. Company Guar. Notes 5.88% due 07/01/2021		2,607,000			2,716,139
Total Foreign Convertible Bonds & Notes (cost $16,651,931)					16,630,334
U.S. GOVERNMENT TREASURIES — 11.3%
United States Treasury Bonds — 1.0%
2.75% due 08/15/2047		3,966,100			3,813,344
4.50% due 02/15/2036		9,650,000			11,981,078
					15,794,422
United States Treasury Notes — 10.3%
0.63% due 04/30/2018		850,000			848,296
1.25% due 01/31/2019		10,720,000			10,646,300
2.00% due 01/31/2020		68,355,000			68,157,412
2.00% due 01/15/2021		14,635,000			14,514,376
2.25% due 11/15/2027		1,398,600			1,342,274
2.38% due 01/31/2023		49,295,400			48,944,940
2.50% due 01/31/2025		21,175,600			20,956,398
					165,409,996
Total U.S. Government Treasuries (cost $181,865,020)					181,204,418
OPTIONS — PURCHASED — 0.3%
Exchange-Traded Put Options — Purchased(3) (cost $5,282,940)		3,126			4,954,710
Total Long-Term Investment Securities (cost $1,281,416,554)					1,531,045,220
SHORT-TERM INVESTMENT SECURITIES — 5.1%
Time Deposits — 4.5%
Euro Time Deposit with State Street Bank and Trust Co. 0.20% due 02/01/2018	$	72,344,000			72,344,000
U.S. Government Treasuries — 0.6%
United States Treasury Bills 1.11% due 02/01/2018(4)		5,000,000			5,000,000
1.60% due 07/26/2018		5,000,000			4,961,293
					9,961,293
Total Short-Term Investment Securities (cost $82,305,354)					82,305,293
TOTAL INVESTMENTS (cost $1,363,721,908)(5)		100.2	%		1,613,350,513
Liabilities in excess of other assets		(0.2	)		(3,144,211	)
NET ASSETS		100.0	%	$	1,610,206,302

148

SunAmerica Series Trust SA Invesco VCP Equity-Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

# See Note 1

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities.

At January 31, 2018, the aggregate value of these securities was $74,573,562 representing 4.6% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) Perpetual maturity — maturity date reflects the next call date.

(2) Exchangeable for basket of securities.

(3) Options — Purchased

Exchanged Traded Put Options — Purchased
Issue	Expiration Month	Strike Price	Number of Contracts	Notional Amount*.		Premiums Paid		Value at January 31, 2018		Unrealized Appreciation (Depreciation)
S&P 500 Index	June 2018	$2,350	3,126	$	882,723,006	$	5,282,940	$	4,954,710	$	(328,230	)

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.

(4) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(5) See Note 3 for cost of investments on a tax basis.

ADR — American Depositary Receipt

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*	Notional Value*		Unrealized Appreciation (Depreciation)
	600	Long	S&P 500 E-mini Index	March 2018	$82,303,624	$	84,774,000	$	2,470,376

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Bank of New York		AUD	4,424,109	USD	3,517,167		02/23/2018	$	—	$	(47,426	)
		CAD	8,536,557	USD	6,878,773		02/23/2018		—		(63,291	)
		CHF	4,663,662	USD	4,852,926		02/23/2018		—		(165,632	)
		EUR	7,466,862	USD	9,146,906		02/23/2018		—		(135,841	)
		GBP	12,279,614	USD	16,933,588		02/23/2018		—		(515,121	)
									—		(927,311	)
Barclays Bank PLC		GBP	7,661,065	USD	10,854,735		02/23/2018		—		(31,249	)
State Street Bank And Trust Co.		AUD	4,424,109	USD	3,518,764		02/23/2018		—		(45,829	)
		CAD	8,536,557	USD	6,877,831		02/23/2018		—		(64,233	)
		CHF	4,663,662	USD	4,857,526		02/23/2018		—		(161,032	)
		EUR	7,466,862	USD	9,149,907		02/23/2018		—		(132,840	)
		GBP	12,387,659	USD	17,078,661		02/23/2018		—		(523,575	)
		USD	54,301	AUD	67,774		02/23/2018		305		—
		USD	176,197	CAD	218,074		02/23/2018		1,144		—
		USD	8,172,582	EUR	6,581,635		02/23/2018		9,658		—
		USD	143,465	GBP	102,419		02/23/2018		2,067		—
									13,174		(927,509	)
Net Unrealized Appreciation/(Depreciation)								$	13,174	$	(1,886,069	)

AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
EUR	— Euro Currency
GBP	— Pound Sterling
USD	— United States Dollar

149

SunAmerica Series Trust SA Invesco VCP Equity-Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	1,079,184,752	$	—	$	—	$	1,079,184,752
Convertible Preferred Securities		2,615,508		—		—		2,615,508
Preferred Securities		31,800		—		—		31,800
Preferred Securities/Capital Securities		—		2,082,100		—		2,082,100
Convertible Bonds & Notes		—		81,689,229		—		81,689,229
U.S. Corporate Bonds & Notes		—		132,983,111		—		132,983,111
Foreign Corporate Bonds & Notes		—		29,669,258		—		29,669,258
Foreign Convertible Bonds & Notes		—		16,630,334		—		16,630,334
U.S. Government Treasuries		—		181,204,418		—		181,204,418
Options-Purchased		4,954,710		—		—		4,954,710
Short-Term Investment Securities		—		82,305,293		—		82,305,293
Total Investments at Value	$	1,086,786,770	$	526,563,744	$	—	$	1,613,350,513
Other Financial Instruments:†
Futures Contracts	$	2,470,376	$	—	$	—	$	2,470,376
Forward Foreign Currency Contracts		—		13,174		—		13,174
Total Other Financial Instruments	$	2,470,376	$	13,174	$	—	$	2,483,550
LIABILITIES:
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	1,886,069	$	—	$	1,886,069

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

† Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recongnize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

150

SunAmerica Series Trust SA Janus Focused Growth Portfolio

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Applications Software	9.8	%
Web Portals/ISP	6.1
Diversified Banking Institutions	5.8
Medical-Biomedical/Gene	5.4
Finance-Credit Card	4.7
E-Commerce/Products	4.7
Medical Instruments	4.4
Entertainment Software	4.0
Medical-Drugs	3.6
Electronic Components-Semiconductors	3.5
Real Estate Investment Trusts	3.1
Semiconductor Equipment	3.0
Computers	2.9
E-Commerce/Services	2.8
Internet Content-Entertainment	2.8
Finance-Other Services	2.7
Commercial Services	2.5
Coatings/Paint	2.5
Commercial Paper	2.4
Finance-Investment Banker/Broker	2.4
Internet Application Software	2.3
Auto/Truck Parts & Equipment-Original	2.2
Athletic Footwear	2.1
Electronic Forms	2.0
Medical-HMO	1.9
Electronic Connectors	1.6
Aerospace/Defense	1.5
Industrial Gases	1.5
Commercial Services-Finance	1.4
Retail-Restaurants	1.1
Building Products-Cement	1.0
Transport-Rail	0.8
Drug Delivery Systems	0.6
Auto-Cars/Light Trucks	0.4
	99.5	%

* Calculated as a percentage of net assets

151

SunAmerica Series Trust SA Janus Focused Growth Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.1%
Aerospace/Defense — 1.5%
General Dynamics Corp.		23,111	$	5,141,735
Applications Software — 9.8%
Microsoft Corp.		184,564		17,535,426
salesforce.com, Inc.†		143,232		16,315,557
				33,850,983
Athletic Footwear — 2.1%
NIKE, Inc., Class B		107,389		7,326,078
Auto-Cars/Light Trucks — 0.4%
Tesla, Inc.†		4,247		1,504,754
Auto/Truck Parts & Equipment-Original — 2.2%
Aptiv PLC		80,534		7,641,066
Building Products-Cement — 1.0%
Vulcan Materials Co.		26,140		3,539,356
Coatings/Paint — 2.5%
Sherwin-Williams Co.		20,486		8,544,915
Commercial Services — 2.5%
CoStar Group, Inc.†		17,018		5,890,100
Live Nation Entertainment, Inc.†		64,487		2,905,784
				8,795,884
Commercial Services-Finance — 1.4%
PayPal Holdings, Inc.†		56,861		4,851,380
Computers — 2.9%
Apple, Inc.		59,891		10,027,550
Diversified Banking Institutions — 5.8%
Citigroup, Inc.		148,169		11,628,303
Goldman Sachs Group, Inc.		32,120		8,604,627
				20,232,930
Drug Delivery Systems — 0.6%
DexCom, Inc.†		32,689		1,902,500
E-Commerce/Products — 4.7%
Amazon.com, Inc.†		11,222		16,281,888
E-Commerce/Services — 2.8%
Ctrip.com International, Ltd. ADR†		100,227		4,688,619
Priceline Group, Inc.†		2,600		4,971,330
				9,659,949
Electronic Components-Semiconductors — 3.5%
Texas Instruments, Inc.		111,731		12,253,539
Electronic Connectors — 1.6%
TE Connectivity, Ltd.		52,938		5,427,733
Electronic Forms — 2.0%
Adobe Systems, Inc.†		35,104		7,012,375
Entertainment Software — 4.0%
Activision Blizzard, Inc.		185,744		13,769,203
Finance-Credit Card — 4.7%
Mastercard, Inc., Class A		96,897		16,375,593
Finance-Investment Banker/Broker — 2.4%
Charles Schwab Corp.		153,371		8,180,809
Finance-Other Services — 2.7%
Intercontinental Exchange, Inc.		128,650		9,499,516

Security Description	Shares/ Principal Amount			Value (Note 2)
Industrial Gases — 1.5%
Air Products & Chemicals, Inc.		29,982		$	5,048,069
Internet Application Software — 2.3%
Tencent Holdings, Ltd.		131,400			7,787,264
Internet Content-Entertainment — 2.8%
Facebook, Inc., Class A†		32,635			6,099,155
Netflix, Inc.†		12,828			3,467,408
					9,566,563
Medical Instruments — 4.4%
Boston Scientific Corp.†		269,811			7,543,915
Intuitive Surgical, Inc.†		17,473			7,542,570
					15,086,485
Medical-Biomedical/Gene — 5.4%
Celgene Corp.†		85,323			8,631,275
Regeneron Pharmaceuticals, Inc.†		12,559			4,604,757
Shire PLC ADR		38,990			5,460,160
					18,696,192
Medical-Drugs — 3.6%
Allergan PLC		34,804			6,273,769
Zoetis, Inc.		82,441			6,325,698
					12,599,467
Medical-HMO — 1.9%
Humana, Inc.		23,025			6,489,136
Real Estate Investment Trusts — 3.1%
American Tower Corp.		71,467			10,555,676
Retail-Restaurants — 1.1%
Starbucks Corp.		69,018			3,920,913
Semiconductor Equipment — 3.0%
ASML Holding NV		51,675			10,487,958
Transport-Rail — 0.8%
CSX Corp.		46,245			2,625,329
Web Portals/ISP — 6.1%
Alphabet, Inc., Class C†		18,120			21,199,313
Total Long-Term Investment Securities (cost $243,140,665)					335,882,101
SHORT-TERM INVESTMENT SECURITIES — 2.4%
Commercial Paper — 2.4%
Credit Agricole Corp. and Investment Bank 1.33% due 02/01/2018 (cost $8,400,000)	$	8,400,000			8,400,000
TOTAL INVESTMENTS (cost $251,540,665)(1)		99.5	%		344,282,101
Other assets less liabilities		0.5			1,575,122
NET ASSETS		100.0	%	$	345,857,223

† Non-income producing security

(1) See Note 3 for cost of investments on a tax basis.

ADR — American Depositary Receipt

152

SunAmerica Series Trust SA Janus Focused Growth Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	335,882,101	$	—	$	—	$	335,882,101
Short-Term Investment Securities		—		8,400,000		—		8,400,000
Total Investments at Value	$	335,882,101	$	8,400,000	$	—	$	344,282,101

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

153

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Federal National Mtg. Assoc.	6.9	%
Diversified Banking Institutions	6.2
Diversified Financial Services	4.9
United States Treasury Notes	3.6
Federal Home Loan Mtg. Corp.	3.2
Computers	3.0
Medical-HMO	2.8
Medical-Drugs	2.7
Applications Software	2.7
Aerospace/Defense	2.4
Oil Companies-Exploration & Production	2.2
E-Commerce/Products	2.1
Repurchase Agreements	2.0
United States Treasury Bonds	2.0
Electric-Integrated	2.0
Web Portals/ISP	1.9
Medical-Biomedical/Gene	1.9
Insurance-Multi-line	1.6
Government National Mtg. Assoc.	1.6
Banks-Commercial	1.5
Electronic Components-Semiconductors	1.5
Banks-Super Regional	1.4
Beverages-Non-alcoholic	1.4
Oil Refining & Marketing	1.3
Telephone-Integrated	1.3
Finance-Credit Card	1.2
Retail-Building Products	1.2
Computer Services	1.1
Semiconductor Equipment	1.1
Transport-Rail	1.1
Real Estate Investment Trusts	1.1
Cable/Satellite TV	1.0
Enterprise Software/Service	1.0
Machinery-Construction & Mining	1.0
Multimedia	0.9
Diversified Manufacturing Operations	0.9
Food-Misc./Diversified	0.9
Commercial Services-Finance	0.8
Retail-Discount	0.8
Oil Companies-Integrated	0.8
Tobacco	0.7
Semiconductor Components-Integrated Circuits	0.7
Medical Products	0.6
Airlines	0.6
Retail-Apparel/Shoe	0.6
Building-Residential/Commercial	0.5
Retail-Auto Parts	0.5
Software Tools	0.5
Insurance-Property/Casualty	0.5
Retail-Drug Store	0.5
Brewery	0.4
Hotels/Motels	0.4
Pipelines	0.4
Internet Content-Entertainment	0.4
Investment Management/Advisor Services	0.4
Cellular Telecom	0.4
Auto-Cars/Light Trucks	0.4
Sovereign	0.4
Medical Instruments	0.4
U.S. Government Treasuries	0.4
Insurance-Life/Health	0.4

Diagnostic Equipment	0.4	%
Building & Construction Products-Misc.	0.3
Chemicals-Diversified	0.3
Athletic Footwear	0.3
Food-Meat Products	0.3
Machinery-Farming	0.3
Containers-Paper/Plastic	0.3
Electric-Distribution	0.3
Multilevel Direct Selling	0.3
Municipal Bonds & Notes	0.3
Rental Auto/Equipment	0.2
Finance-Auto Loans	0.2
Metal-Aluminum	0.2
Retail-Consumer Electronics	0.2
Human Resources	0.2
Tools-Hand Held	0.2
Web Hosting/Design	0.2
Building Products-Cement	0.2
Medical-Hospitals	0.2
Finance-Mortgage Loan/Banker	0.2
Decision Support Software	0.2
Food-Retail	0.2
Oil-Field Services	0.2
Publishing-Newspapers	0.2
Real Estate Management/Services	0.2
Independent Power Producers	0.2
Aerospace/Defense-Equipment	0.2
Broadcast Services/Program	0.2
Poultry	0.2
Gold Mining	0.2
Finance-Other Services	0.2
Regional Authority	0.1
Auto/Truck Parts & Equipment-Original	0.1
Finance-Investment Banker/Broker	0.1
Batteries/Battery Systems	0.1
Distribution/Wholesale	0.1
Containers-Metal/Glass	0.1
Entertainment Software	0.1
Gas-Distribution	0.1
Finance-Leasing Companies	0.1
Energy-Alternate Sources	0.1
Medical-Wholesale Drug Distribution	0.1
Industrial Automated/Robotic	0.1
Medical-Generic Drugs	0.1
Retail-Restaurants	0.1
Transport-Equipment & Leasing	0.1
Agricultural Chemicals	0.1
Electric-Transmission	0.1
E-Commerce/Services	0.1
Metal-Copper	0.1
Electric-Generation	0.1
Banks-Special Purpose	0.1
Food-Confectionery	0.1
Finance-Consumer Loans	0.1
Professional Sports	0.1
Coal	0.1
Telecommunication Equipment	0.1
Radio	0.1
Computers-Memory Devices	0.1
Retail-Regional Department Stores	0.1
Internet Connectivity Services	0.1

154

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited) — (continued)

Industry Allocation* (continued) Casino Hotels	0.1	%
Theaters	0.1
	99.6	%

# See Note 1

* Calculated as a percentage of net assets

155

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 60.6%
Aerospace/Defense — 2.2%
Boeing Co.		6,450	$	2,285,686
General Dynamics Corp.		8,116		1,805,648
Northrop Grumman Corp.		5,208		1,773,480
				5,864,814
Aerospace/Defense-Equipment — 0.1%
L3 Technologies, Inc.		1,589		337,599
Airlines — 0.6%
Copa Holdings SA, Class A		4,590		634,935
Delta Air Lines, Inc.		11,790		669,318
Southwest Airlines Co.		4,330		263,264
				1,567,517
Applications Software — 2.5%
Microsoft Corp.		68,682		6,525,477
Athletic Footwear — 0.3%
NIKE, Inc., Class B		12,293		838,628
Auto-Cars/Light Trucks — 0.2%
General Motors Co.		11,690		495,773
Auto/Truck Parts & Equipment-Original — 0.1%
Magna International, Inc.		4,072		232,715
Banks-Commercial — 0.4%
CIT Group, Inc.		11,420		578,880
First Republic Bank		1,197		107,191
Regions Financial Corp.		14,270		274,412
Synovus Financial Corp.		3,140		158,225
				1,118,708
Banks-Super Regional — 1.1%
Capital One Financial Corp.		6,740		700,690
Comerica, Inc.		5,870		558,941
Huntington Bancshares, Inc.		30,639		495,739
PNC Financial Services Group, Inc.		2,840		448,777
SunTrust Banks, Inc.		9,744		688,901
Wells Fargo & Co.		2,450		161,161
				3,054,209
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc.		6,430		374,355
Beverages-Non-alcoholic — 1.4%
Coca-Cola Co.		31,094		1,479,764
PepsiCo, Inc.		18,497		2,225,189
				3,704,953
Brewery — 0.1%
Molson Coors Brewing Co., Class B		4,452		374,057
Building & Construction Products-Misc. — 0.3%
Louisiana-Pacific Corp.†		13,050		386,411
Owens Corning		4,630		430,451
				816,862
Building & Construction-Misc. — 0.0%
EMCOR Group, Inc.		980		79,654
Building Products-Cement — 0.2%
Vulcan Materials Co.		3,436		465,234
Building-Residential/Commercial — 0.5%
D.R. Horton, Inc.		8,891		436,104
Lennar Corp., Class A		6,353		398,079
Toll Brothers, Inc.		12,780		595,292
				1,429,475

Security Description	Shares		Value (Note 2)
Cable/Satellite TV — 0.5%
Charter Communications, Inc., Class A†		654	$	246,721
Comcast Corp., Class A		11,490		488,670
DISH Network Corp., Class A†		14,387		674,750
				1,410,141
Cellular Telecom — 0.2%
T-Mobile US, Inc.†		7,318		476,402
Chemicals-Diversified — 0.2%
Huntsman Corp.		18,663		645,180
Coal — 0.1%
Peabody Energy Corp.†		3,800		153,558
Commercial Services-Finance — 0.8%
H&R Block, Inc.		10,530		279,466
Moody’s Corp.		3,270		529,053
S&P Global, Inc.		6,740		1,220,614
				2,029,133
Computer Services — 1.1%
Accenture PLC, Class A		7,759		1,246,872
DXC Technology Co.		6,444		641,500
International Business Machines Corp.		4,853		794,436
Leidos Holdings, Inc.		1,300		86,580
Teradata Corp.†		4,160		168,480
				2,937,868
Computers — 2.6%
Apple, Inc.		32,284		5,405,310
HP, Inc.		70,140		1,635,665
				7,040,975
Containers-Metal/Glass — 0.1%
Crown Holdings, Inc.†		6,229		361,593
Containers-Paper/Plastic — 0.3%
Berry Global Group, Inc.†		1,600		94,704
WestRock Co.		8,856		590,075
				684,779
Decision Support Software — 0.2%
MSCI, Inc.		4,000		556,920
Diagnostic Equipment — 0.3%
Thermo Fisher Scientific, Inc.		3,181		712,894
Distribution/Wholesale — 0.1%
Fastenal Co.		6,700		368,232
Diversified Banking Institutions — 3.9%
Bank of America Corp.		150,099		4,803,168
Citigroup, Inc.		52,974		4,157,400
Morgan Stanley		25,710		1,453,900
				10,414,468
Diversified Manufacturing Operations — 0.7%
Eaton Corp. PLC		17,028		1,429,841
Ingersoll-Rand PLC		3,955		374,262
				1,804,103
E-Commerce/Products — 2.0%
Amazon.com, Inc.†		2,443		3,544,524
eBay, Inc.†		41,210		1,672,302
Wayfair, Inc., Class A†		2,570		236,466
				5,453,292

156

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
E-Commerce/Services — 0.1%
Expedia, Inc.		1,009	$	129,162
IAC/InterActiveCorp†		570		82,633
				211,795
Electric-Distribution — 0.2%
CenterPoint Energy, Inc.		19,620		552,892
Electric-Integrated — 1.1%
AES Corp.		44,810		518,004
CMS Energy Corp.		7,351		328,957
NextEra Energy, Inc.		8,594		1,361,461
Xcel Energy, Inc.		14,323		653,702
				2,862,124
Electronic Components-Semiconductors — 1.4%
Microchip Technology, Inc.		11,916		1,134,642
NVIDIA Corp.		4,431		1,089,140
Texas Instruments, Inc.		13,396		1,469,139
				3,692,921
Energy-Alternate Sources — 0.1%
First Solar, Inc.†		4,670		313,684
Enterprise Software/Service — 0.8%
Oracle Corp.		36,337		1,874,626
Workday, Inc., Class A†		2,177		261,000
				2,135,626
Entertainment Software — 0.1%
Take-Two Interactive Software, Inc.†		2,730		345,809
Finance-Auto Loans — 0.2%
Credit Acceptance Corp.†		1,816		598,753
Finance-Credit Card — 1.2%
Alliance Data Systems Corp.		1,306		335,198
Visa, Inc., Class A		23,593		2,930,958
				3,266,156
Finance-Investment Banker/Broker — 0.1%
Charles Schwab Corp.		7,105		378,981
Finance-Mortgage Loan/Banker — 0.2%
FNF Group		14,400		561,312
Food-Meat Products — 0.3%
Tyson Foods, Inc., Class A		10,490		798,394
Food-Misc./Diversified — 0.8%
Conagra Brands, Inc.		13,680		519,840
Ingredion, Inc.		3,770		541,523
Mondelez International, Inc., Class A		21,695		963,258
				2,024,621
Food-Retail — 0.2%
Kroger Co.		15,032		456,371
Gold Mining — 0.2%
Newmont Mining Corp.		11,150		451,686
Hotels/Motels — 0.4%
Hilton Worldwide Holdings, Inc.		6,050		518,183
Wyndham Worldwide Corp.		5,450		676,508
				1,194,691
Human Resources — 0.2%
ManpowerGroup, Inc.		4,510		592,569
Independent Power Producers — 0.2%
NRG Energy, Inc.		19,260		500,953

Security Description	Shares		Value (Note 2)
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		1,510	$	297,908
Insurance-Life/Health — 0.3%
Brighthouse Financial, Inc.†		4,660		299,452
Lincoln National Corp.		4,750		393,300
				692,752
Insurance-Multi-line — 1.5%
Allstate Corp.		7,620		752,628
Assurant, Inc.		700		64,036
Chubb, Ltd.		6,993		1,091,957
Hartford Financial Services Group, Inc.		24,045		1,412,884
MetLife, Inc.		7,958		382,541
Voya Financial, Inc.		6,499		337,363
				4,041,409
Insurance-Property/Casualty — 0.5%
First American Financial Corp.		7,400		437,118
Progressive Corp.		14,840		802,844
				1,239,962
Internet Content-Entertainment — 0.4%
Facebook, Inc., Class A†		6,136		1,146,757
Investment Management/Advisor Services — 0.3%
Ameriprise Financial, Inc.		4,659		785,973
Machinery-Construction & Mining — 1.0%
Caterpillar, Inc.		16,996		2,766,609
Machinery-Farming — 0.3%
Deere & Co.		4,590		763,868
Medical Instruments — 0.4%
Boston Scientific Corp.†		34,844		974,238
Medical Products — 0.6%
Baxter International, Inc.		21,940		1,580,338
Medical-Biomedical/Gene — 1.8%
Amgen, Inc.		4,480		833,504
Biogen, Inc.†		2,371		824,658
Gilead Sciences, Inc.		20,040		1,679,352
Incyte Corp.†		2,625		237,011
Vertex Pharmaceuticals, Inc.†		6,563		1,095,168
				4,669,693
Medical-Drugs — 2.5%
AbbVie, Inc.		5,080		570,078
Bristol-Myers Squibb Co.		8,096		506,810
Johnson & Johnson		15,402		2,128,402
Merck & Co., Inc.		11,951		708,097
Pfizer, Inc.		70,756		2,620,802
				6,534,189
Medical-HMO — 2.7%
Aetna, Inc.		3,287		614,077
Anthem, Inc.		7,770		1,925,795
Centene Corp.†		6,080		652,019
Humana, Inc.		5,220		1,471,153
Molina Healthcare, Inc.†		3,040		277,734
UnitedHealth Group, Inc.		8,304		1,966,221
WellCare Health Plans, Inc.†		1,730		363,957
				7,270,956
Medical-Wholesale Drug Distribution — 0.1%
McKesson Corp.		1,820		307,362
Metal-Aluminum — 0.2%
Alcoa Corp.†		12,110		629,962

157

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Metal-Copper — 0.1%
Freeport-McMoRan, Inc.†		10,680	$	208,260
Multilevel Direct Selling — 0.3%
Nu Skin Enterprises, Inc., Class A		9,390		674,578
Multimedia — 0.9%
Time Warner, Inc.		2,625		250,294
Walt Disney Co.		20,317		2,207,848
				2,458,142
Oil Companies-Exploration & Production — 2.0%
Cabot Oil & Gas Corp.		17,090		450,322
Concho Resources, Inc.†		6,094		959,439
ConocoPhillips		9,060		532,819
Devon Energy Corp.		4,290		177,477
Diamondback Energy, Inc.†		608		76,304
EOG Resources, Inc.		12,352		1,420,480
Parsley Energy, Inc., Class A†		9,830		231,988
Pioneer Natural Resources Co.		5,718		1,045,879
RSP Permian, Inc.†		8,261		327,797
				5,222,505
Oil Companies-Integrated — 0.3%
Chevron Corp.		5,403		677,266
Oil Refining & Marketing — 1.3%
Andeavor		4,930		533,229
HollyFrontier Corp.		12,100		580,316
Marathon Petroleum Corp.		10,690		740,496
Valero Energy Corp.		17,530		1,682,354
				3,536,395
Oil-Field Services — 0.1%
TechnipFMC PLC		8,060		261,628
Pharmacy Services — 0.0%
Express Scripts Holding Co.†		1,230		97,391
Poultry — 0.2%
Pilgrim’s Pride Corp.†		16,530		459,038
Professional Sports — 0.1%
Madison Square Garden Co., Class A†		792		170,945
Publishing-Newspapers — 0.2%
News Corp., Class A		29,720		508,509
Real Estate Investment Trusts — 0.7%
American Tower Corp.		9,200		1,358,840
Chimera Investment Corp.		7,160		121,648
Equity Commonwealth†		4,800		143,568
Prologis, Inc.		1,290		83,992
Sunstone Hotel Investors, Inc.		4,220		71,107
				1,779,155
Real Estate Management/Services — 0.2%
CBRE Group, Inc., Class A†		11,100		507,159
Rental Auto/Equipment — 0.1%
United Rentals, Inc.†		2,030		367,653
Retail-Apparel/Shoe — 0.6%
Burlington Stores, Inc.†		3,110		378,518
Gap, Inc.		7,160		237,998
PVH Corp.		5,883		912,336
				1,528,852

Security Description	Shares		Value (Note 2)
Retail-Auto Parts — 0.5%
AutoZone, Inc.†		1,390	$	1,063,961
O’Reilly Automotive, Inc.†		1,143		302,541
				1,366,502
Retail-Building Products — 1.2%
Home Depot, Inc.		12,196		2,450,176
Lowe’s Cos., Inc.		6,635		694,884
				3,145,060
Retail-Consumer Electronics — 0.2%
Best Buy Co., Inc.		8,550		624,663
Retail-Discount — 0.8%
Target Corp.		3,900		293,358
Walmart, Inc.		16,270		1,734,382
				2,027,740
Retail-Drug Store — 0.4%
CVS Health Corp.		13,601		1,070,263
Retail-Jewelry — 0.0%
Tiffany & Co.		960		102,384
Retail-Regional Department Stores — 0.1%
Kohl’s Corp.		2,100		136,017
Retail-Restaurants — 0.1%
Yum China Holdings, Inc.		4,530		210,147
Semiconductor Components-Integrated Circuits — 0.6%
Analog Devices, Inc.		12,695		1,166,417
Maxim Integrated Products, Inc.		5,776		352,336
				1,518,753
Semiconductor Equipment — 1.1%
Applied Materials, Inc.		28,160		1,510,221
Lam Research Corp.		5,720		1,095,494
Teradyne, Inc.		4,500		206,280
				2,811,995
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		340		80,764
Software Tools — 0.5%
VMware, Inc., Class A†		10,760		1,331,980
Telephone-Integrated — 0.7%
AT&T, Inc.		39,470		1,478,151
Verizon Communications, Inc.		4,782		258,563
				1,736,714
Tobacco — 0.3%
Philip Morris International, Inc.		7,133		764,872
Tools-Hand Held — 0.2%
Snap-on, Inc.		3,368		576,972
Transport-Rail — 1.0%
Norfolk Southern Corp.		9,665		1,458,255
Union Pacific Corp.		8,160		1,089,360
				2,547,615
Web Hosting/Design — 0.2%
VeriSign, Inc.†		4,980		572,302
Web Portals/ISP — 1.9%
Alphabet, Inc., Class A†		2,726		3,222,732
Alphabet, Inc., Class C†		1,602		1,874,244
				5,096,976
Total Common Stocks (cost $130,006,281)				161,150,077

158

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.3%
Banks-Commercial — 0.1%
ING Groep NV 6.88% due 04/16/2022(1)	$	200,000	$	216,761
Diversified Banking Institutions — 0.2%
Credit Suisse Group AG 7.50% due 12/11/2023*(1)		200,000		227,500
Goldman Sachs Group, Inc. Series P 5.00% due 11/10/2022(1)		185,000		181,415
HSBC Holdings PLC 6.38% due 03/30/2025(1)		200,000		214,250
				623,165
Total Preferred Securities/Capital Securities (cost $833,156)				839,926
ASSET BACKED SECURITIES — 4.8%
Diversified Financial Services — 4.8%
280 Park Avenue Mtg. Trust FRS Series 2017-280P, Class A 2.43% (1 ML+0.88%) due 09/15/2034*(2)		160,000		160,299
A10 Securitization LLC Series 2016-1, Class A1 2.42% due 03/15/2035*(2)		39,265		39,266
Alternative Loan Trust FRS Series 2006-OA9, Class 1A1 1.76% (1 ML+0.20%) due 07/20/2046(3)		211,625		161,671
AmeriCredit Automobile Receivables Trust Series 2015-4, Class A3 1.70% due 07/08/2020		344,858		344,454
Banc of America Commercial Mtg. Trust VRS Series 2007-1, Class AMFX 5.48% due 01/15/2049(2)(4)		149,376		151,327
BANK Series 2017-BNK9, Class A4 3.54% due 11/15/2054(2)		370,000		374,324
Blackstone Mtg. Trust, Inc. FRS Series 2017-FL1, Class A 2.43% (1ML+0.87%) due 06/15/2035*(2)		310,000		311,352
BXP Trust Series 2017-GM, Class A 3.38% due 06/13/2039*(2)		120,000		119,658
BXP Trust VRS Series 2017-GM, Class B 3.42% due 06/13/2039*(2)(4)		260,000		256,758
Capital Automotive REIT Series 2017-1A, Class A1 3.87% due 04/15/2047*		109,175		110,186
CarFinance Capital Auto Trust Series 2014-2A, Class B 2.64% due 11/16/2020*		50,000		49,938
CarFinance Capital Auto Trust Series 2014-2A, Class C 3.24% due 11/16/2020*		70,000		69,730
CGDB Commercial Mtg. Trust FRS Series 2017-BIO, Class A 2.31% (1 ML+0.75%) due 05/15/2030*(2)		143,000		143,134

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
CGDB Commercial Mtg. Trust FRS Series 2017-BIO, Class B 2.51% (1 ML+0.95%) due 05/15/2030*(2)	$	100,000	$	100,063
CGDBB Commercial Mtg. Trust FRS Series 2017-BIOC, Class A 2.35% (1 ML+0.79%) due 07/15/2032*(2)		300,000		300,422
CGDBB Commercial Mtg. Trust FRS Series 2017-BIOC, Class B 2.53% (1 ML+0.97%) due 07/15/2032*(2)		281,000		281,527
CGGS Commercial Mtg. Trust Series 2016-RNDA, Class AFX 2.76% due 02/10/2033*(2)		177,900		177,741
Chicago Skyscraper Trust FRS Series 2017-SKY, Class A 2.36% (1 ML+0.80%) due 02/15/2030*(2)		180,000		180,111
Chicago Skyscraper Trust FRS Series 2017-SKY, Class B 2.66% (1 ML+1.10%) due 02/15/2030*(2)		100,000		100,062
Citigroup Commercial Mtg. Trust Series 2013-GC11, Class AS 3.42% due 04/10/2046(2)		90,000		89,453
Citigroup Commercial Mtg. Trust VRS Series 2015-GC29, Class C 4.15% due 04/10/2048(2)(4)		120,000		118,263
Citigroup Mtg. Loan Trust, Inc. FRS Series 2003-HE3, Class A 2.32% (1 ML+0.76%) due 12/25/2033		30,218		30,075
Citigroup Mtg. Loan Trust, Inc. Series 2007-12, Class 2A1 6.50% due 10/25/2036*(3)		128,152		97,126
CitiMortgage Alternative Loan Trust Series 2007-A1, Class 1A7 6.00% due 01/25/2037(3)		106,750		99,689
Cold Storage Pass-Through Certs. Trust FRS Series 2017-ICE3, Class A 2.56% (1ML+1.00%) due 04/15/2036*(2)		195,000		195,423
Colony American Homes, Inc. FRS Series 2014-1A, Class A 2.71% (1 ML+1.15%) due 05/17/2031*		86,180		86,368
COMM Mtg. Trust Series 2016-667M, Class A 3.14% due 10/10/2036*(2)		100,000		97,353
COMM Mtg. Trust Series 2015-CR25, Class A3 3.51% due 08/10/2048(2)		140,000		142,034
COMM Mtg. Trust Series 2013-CR11, Class A4 4.26% due 08/10/2050(2)		225,000		237,884
COMM Mtg. Trust VRS Series 2014-CR 15, Class C 4.77% due 02/10/2047(2)(4)		310,000		323,997
Countrywide Alternative Loan Trust Series 2006-J5, Class 1A1 6.50% due 09/25/2036(3)		255,381		210,718

159

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Countrywide Asset-Backed Certs. Trust FRS Series 2004-6, Class M1 2.46% (1 ML+0.90%) due 10/25/2034	$	61,090	$	60,165
Countrywide Home Loan Mtg. Pass-Through Trust Series 2005-21, Class A2 5.50% due 10/25/2035(3)		28,575		27,579
Credit Suisse First Boston Mtg. Securities Corp. VRS Series 2004-AR8, Class 2A1 3.43% due 09/25/2034(3)(4)		14,378		14,343
CSAIL Commercial Mtg. Trust Series 2017-C8, Class A4 3.39% due 06/15/2050(2)		85,000		84,842
CSAIL Commercial Mtg. Trust Series 2017-CX9, Class A5 3.45% due 09/15/2050(2)		160,000		160,746
CSAIL Commercial Mtg. Trust VRS Series 2015-C1, Class C 4.30% due 04/15/2050(2)(4)		165,000		165,812
Dell Equipment Finance Trust Series 2017-1, Class A2 1.86% due 06/24/2019*		100,000		99,907
Dell Equipment Finance Trust Series 2017-1, Class A3 2.14% due 04/22/2022*		100,000		99,638
Drive Auto Receivables Trust Series 2017-2, Class A3 1.82% due 06/15/2020		81,000		80,919
Drive Auto Receivables Trust Series 2017-BA, Class B 2.20% due 05/15/2020*		660,000		660,163
Exeter Automobile Receivables Trust Series 2018-1A, Class B 2.75% due 04/15/2022*		185,000		184,999
Exeter Automobile Receivables Trust Series 2018-1A, Class C 3.03% due 01/17/2023*		228,000		227,944
First Franklin Mtg. Loan Trust FRS Series 2004-FF4, Class M1 2.42% (1 ML+0.86%) due 06/25/2034		137,046		135,947
Flagship Credit Auto Trust Series 2014-1, Class C 3.34% due 04/15/2020*		90,000		90,504
Fremont Home Loan Trust FRS Series 2005-C, Class M1 2.28% (1 ML+0.72%) due 07/25/2035		150,501		150,755
GS Mtg. Securities Trust Series 2017-GPTX, Class A 2.86% due 05/10/2034*(2)		175,000		172,826
GSAMP Trust FRS Series 2006-FM1, Class A2C 1.72% (1 ML+0.16%) due 04/25/2036		231,687		171,666
GSAMP Trust FRS Series 2006-NC1, Class A2 1.74% (1 ML+0.18%) due 02/25/2036		151		151

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
GSAMP Trust FRS Series 2005-SEA2, Class M1 2.08% (1 ML+0.52%) due 01/25/2045*	$	115,000	$	114,042
JPMorgan Chase Commercial Mtg. Securities Trust VRS Series 2013-C13, Class AS 4.05% due 01/15/2046(2)(4)		90,000		92,963
JPMorgan Chase Commercial Mtg. Securities Trust VRS Series 2004-CBX, Class C 5.07% due 01/12/2037(2)(4)		135,000		137,515
JPMorgan Mtg. Trust Series 2014-S1, Class 1A7 5.00% due 09/25/2034(3)		73,959		75,164
LB-UBS Commercial Mtg. Trust VRS Series 2006-C6, Class AJ 5.45% due 09/15/2039(2)(4)		327,310		258,741
Lehman Mtg. Trust Series 2007-4, Class 4A1 6.00% due 05/25/2037(3)		17,052		17,128
Long Beach Mtg. Loan Trust FRS Series 2004-3, Class M1 2.42% (1 ML+0.86%) due 07/25/2034		65,470		65,257
LSTAR Commercial Mtg. Trust Series 2016-4, Class A1 1.82% due 03/10/2049*(2)		274,647		271,674
MAD Mtg. Trust VRS Series 2017-330M, Class A 3.29% due 08/15/2034*(2)(4)		137,000		135,375
Merrill Lynch Mtg. Trust VRS Series 2007-C1, Class A1A 5.81% due 06/12/2050(2)(4)		20,864		20,852
MetLife Securitization Trust VRS Series 2017-1A, Class A 3.00% due 04/25/2055*(3)(4)		365,499		369,097
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7, Class A4 2.92% due 02/15/2046(2)		55,000		54,764
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C8, Class A4 3.13% due 12/15/2048(2)		175,000		176,089
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C9, Class AS 3.46% due 05/15/2046(2)		145,000		144,389
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C14, Class A5 4.06% due 02/15/2047(2)		415,000		434,086
Morgan Stanley Capital I Trust FRS Series 2017-PRME, Class A 2.46% (1 ML+0.90%) due 02/15/2034*(2)		50,746		50,746
Morgan Stanley Capital I Trust FRS Series 2017-PRME, Class B 2.91% (1 ML+1.35%) due 02/15/2034*(2)		145,000		145,179

160

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Morgan Stanley Capital I Trust FRS Series 2017-PRME, Class C 3.21% (1 ML+1.65%) due 02/15/2034*(2)	$	45,000	$	45,070
Morgan Stanley Capital I Trust VRS Series 2016-BNK2, Class C 3.91% due 11/15/2049(2)(4)		95,000		92,561
Morgan Stanley Capital I Trust VRS Series 2007-HQ11, Class AJ 5.51% due 02/12/2044(2)(4)		123,532		123,362
One Market Plaza Trust Series 2017-1MKT, Class A 3.61% due 02/10/2032*(2)		330,000		334,280
Option One Mtg. Loan Trust FRS Series 2004-3, Class M2 2.42% (1 ML+0.86%) due 11/25/2034		28,486		28,462
Park Place Securities, Inc. FRS Series 2005-WHQ2, Class M1 2.19% (1 ML+0.63%) due 05/25/2035		21,908		21,917
PFP, Ltd. FRS Series 2017-3, Class A 2.61% (1 ML+1.05%) due 01/14/2035*(2)		169,265		169,469
Progress Residential Trust Series 2015-SFR2, Class A 2.74% due 06/12/2032*		151,624		150,689
Renaissance Home Equity Loan Trust FRS Series 2005-2, Class AV3 1.93% (1 ML+0.37%) due 08/25/2035		188,866		179,758
Synchrony Credit Card Master Note Trust Series 2016-1, Class A 2.04% due 03/15/2022		280,000		279,536
UBS Commercial Mtg. Trust VRS Series 2017-C4, Class C 4.46% due 10/15/2050(2)(4)		115,000		113,368
Wachovia Bank Commercial Mtg. Trust VRS Series 2005-C21, Class B 5.29% due 10/15/2044(2)(4)		213,776		214,966
Wachovia Bank Commercial Mtg. Trust VRS Series 2007-C33, Class AJ 6.01% due 02/15/2051(2)(4)		310,000		316,975
Washington Mutual Mtg. Pass-Through Certs. Series 2006-5, Class 2CB1 6.00% due 07/25/2036(3)		73,793		60,556
Wells Fargo Commercial Mtg. Trust Series 2017-C41, Class A3 3.21% due 11/15/2050(2)		130,000		128,256
Wells Fargo Mtg. Backed Securities Trust VRS Series 2005-AR8, Class 1A1 3.43% due 06/25/2035(3)(4)		127,741		130,345
Wells Fargo Mtg. Backed Securities Trust Series 2005-2, Class 2A1 4.75% due 04/25/2020(3)		1,665		1,686
Wells Fargo Mtg. Backed Securities Trust Series 2007-7, Class A1 6.00% due 06/25/2037(3)		45,296		45,021

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
WF-RBS Commercial Mtg. Trust Series 2013-C11, Class AS 3.31% due 03/15/2045(2)	$	130,000	$	129,959
Total Asset Backed Securities (cost $13,384,718)				12,878,609
U.S. CORPORATE BONDS & NOTES — 10.3%
Aerospace/Defense — 0.2%
Lockheed Martin Corp. Senior Notes 4.09% due 09/15/2052		55,000		55,887
Northrop Grumman Corp. Senior Notes 3.25% due 01/15/2028		185,000		181,535
Rockwell Collins, Inc. Senior Notes 2.80% due 03/15/2022		165,000		163,270
Rockwell Collins, Inc. Senior Notes 3.20% due 03/15/2024		245,000		243,159
				643,851
Aerospace/Defense-Equipment — 0.1%
L-3 Technologies, Inc. Company Guar. Notes 3.85% due 12/15/2026		20,000		20,159
United Technologies Corp. Senior Notes 2.80% due 05/04/2024		130,000		127,108
				147,267
Agricultural Chemicals — 0.1%
Mosaic Co. Senior Notes 3.25% due 11/15/2022		55,000		54,697
Mosaic Co. Senior Notes 4.05% due 11/15/2027		85,000		84,237
				138,934
Airlines — 0.0%
United Airlines Pass-Through Trust Pass-Through Certs. Series 2018-1, Class AA 3.50% due 09/01/2031		100,000		100,000
Applications Software — 0.2%
Microsoft Corp. Senior Notes 2.40% due 08/08/2026		265,000		249,407
Microsoft Corp. Senior Notes 4.10% due 02/06/2037		125,000		135,852
				385,259
Auto-Cars/Light Trucks — 0.2%
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		40,000		39,395
Ford Motor Credit Co. LLC Senior Notes 3.66% due 09/08/2024		200,000		198,684
General Motors Co. Senior Notes 4.20% due 10/01/2027		85,000		85,489

161

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Auto-Cars/Light Trucks (continued)
General Motors Co. Senior Notes 5.00% due 04/01/2035	$	20,000	$	20,730
General Motors Financial Co., Inc. Company Guar. Notes 4.00% due 10/06/2026		105,000		104,504
General Motors Financial Co., Inc. Company Guar. Notes 4.35% due 01/17/2027		60,000		61,040
				509,842
Auto/Truck Parts & Equipment-Original — 0.0%
American Axle & Manufacturing, Inc. Company Guar. Notes 6.25% due 04/01/2025*		70,000		73,150
Dana, Inc. Senior Notes 5.50% due 12/15/2024		20,000		20,850
				94,000
Banks-Commercial — 0.1%
Discover Bank Senior Notes 4.20% due 08/08/2023		250,000		258,997
MUFG Americas Holdings Corp. Senior Notes 3.00% due 02/10/2025		45,000		43,875
				302,872
Banks-Super Regional — 0.3%
Capital One Financial Corp. Senior Notes 3.05% due 03/09/2022		230,000		228,745
Capital One Financial Corp. Sub. Notes 3.75% due 07/28/2026		140,000		136,361
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023		255,000		255,150
Wells Fargo & Co. Senior Notes 3.58% due 05/22/2028		120,000		120,282
Wells Fargo & Co. Sub. Notes 4.75% due 12/07/2046		60,000		66,623
Wells Fargo & Co. Sub. Notes 4.90% due 11/17/2045		40,000		45,013
				852,174
Brewery — 0.3%
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 3.65% due 02/01/2026		750,000		759,027
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 4.70% due 02/01/2036		65,000		71,736
				830,763
Broadcast Services/Program — 0.2%
Clear Channel Worldwide Holdings, Inc. Company Guar. Notes 6.50% due 11/15/2022		325,000		334,578

Security Description	Principal Amount		Value (Note 2)
Broadcast Services/Program (continued)
Discovery Communications LLC Company Guar. Notes 3.95% due 03/20/2028	$	15,000	$	14,627
Discovery Communications LLC Company Guar. Notes 5.00% due 09/20/2037		65,000		66,391
Nexstar Broadcasting, Inc. Company Guar. Notes 6.13% due 02/15/2022*		50,000		51,500
				467,096
Building & Construction Products-Misc. — 0.0%
Owens Corning Company Guar. Notes 4.30% due 07/15/2047		50,000		48,395
Standard Industries, Inc. Senior Notes 4.75% due 01/15/2028*		35,000		34,737
				83,132
Building Products-Cement — 0.0%
Martin Marietta Materials, Inc. Senior Notes 3.50% due 12/15/2027		50,000		48,672
Martin Marietta Materials, Inc. Senior Notes 4.25% due 12/15/2047		60,000		58,356
				107,028
Building Products-Wood — 0.0%
Masco Corp. Senior Notes 3.50% due 11/15/2027		45,000		43,600
Cable/Satellite TV — 0.4%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 02/15/2026*		130,000		134,550
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.88% due 04/01/2024*		185,000		193,325
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.75% due 02/15/2028		55,000		51,924
Comcast Corp. Company Guar. Notes 3.15% due 02/15/2028		105,000		101,668
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036		115,000		106,648
Comcast Corp. Company Guar. Notes 3.40% due 07/15/2046		80,000		72,875
Comcast Corp. Company Guar. Notes 4.60% due 08/15/2045		10,000		10,943
Comcast Corp. Company Guar. Notes 4.75% due 03/01/2044		50,000		55,808

162

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Cox Communications, Inc. Senior Notes 3.50% due 08/15/2027*	$	110,000	$	107,493
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		255,000		239,152
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		70,000		66,369
				1,140,755
Casino Hotels — 0.1%
MGM Resorts International Company Guar. Notes 4.63% due 09/01/2026		70,000		70,700
MGM Resorts International Company Guar. Notes 7.75% due 03/15/2022		50,000		56,849
				127,549
Cellular Telecom — 0.2%
Sprint Corp. Company Guar. Notes 7.63% due 02/15/2025		110,000		114,125
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		65,000		68,846
Sprint Spectrum Co. LLC Senior Sec. Notes 3.36% due 03/20/2023*		187,500		188,203
T-Mobile USA, Inc. Company Guar. Notes 6.50% due 01/15/2024		165,000		175,321
				546,495
Chemicals-Specialty — 0.0%
Huntsman International LLC Company Guar. Notes 5.13% due 11/15/2022		40,000		42,500
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 2.75% due 06/01/2022		70,000		68,812
Sherwin-Williams Co. Senior Notes 4.50% due 06/01/2047		30,000		31,660
				100,472
Computer Software — 0.0%
Rackspace Hosting, Inc. Company Guar. Notes 8.63% due 11/15/2024*		45,000		47,869
Computers — 0.4%
Apple, Inc. Senior Notes 2.75% due 01/13/2025		235,000		228,728
Apple, Inc. Senior Notes 2.85% due 05/11/2024		180,000		177,801
Apple, Inc. Senior Notes 3.25% due 02/23/2026		300,000		299,578

Security Description	Principal Amount		Value (Note 2)
Computers (continued)
Apple, Inc. Senior Notes 3.35% due 02/09/2027	$	90,000	$	89,986
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 4.42% due 06/15/2021*		55,000		57,035
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 5.45% due 06/15/2023*		105,000		112,496
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 6.02% due 06/15/2026*		75,000		82,020
				1,047,644
Computers-Memory Devices — 0.1%
Western Digital Corp. Company Guar. Notes 10.50% due 04/01/2024		120,000		140,280
Consumer Products-Misc. — 0.0%
Central Garden & Pet Co. Company Guar. Notes 5.13% due 02/01/2028		35,000		34,825
Containers-Paper/Plastic — 0.0%
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC Senior Sec. Notes 6.88% due 02/15/2021		64,814		65,786
Data Processing/Management — 0.0%
First Data Corp. Senior Sec. Notes 5.38% due 08/15/2023*		110,000		113,438
Diagnostic Equipment — 0.1%
Abbott Laboratories Senior Notes 3.75% due 11/30/2026		110,000		111,138
Thermo Fisher Scientific, Inc. Senior Notes 2.95% due 09/19/2026		40,000		38,167
				149,305
Diversified Banking Institutions — 1.7%
Bank of America Corp. Senior Notes 2.15% due 11/09/2020		15,000		14,794
Bank of America Corp. Senior Notes 2.37% due 07/21/2021		235,000		233,313
Bank of America Corp. Senior Notes 2.50% due 10/21/2022		150,000		146,637
Bank of America Corp. Senior Notes 3.00% due 12/20/2023*		350,000		346,431
Bank of America Corp. Senior Notes 3.42% due 12/20/2028*		314,000		308,691
Bank of America Corp. Sub. Notes 3.95% due 04/21/2025		120,000		122,117

163

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 2.88% due 07/24/2023	$	240,000	$	236,222
Citigroup, Inc. Senior Notes 3.14% due 01/24/2023		140,000		140,027
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		45,000		43,896
Citigroup, Inc. Senior Notes 3.89% due 01/10/2028		380,000		388,020
Citigroup, Inc. Sub. Notes 4.40% due 06/10/2025		145,000		150,683
Goldman Sachs Group, Inc. Senior Notes 2.63% due 01/31/2019		70,000		70,267
Goldman Sachs Group, Inc. Senior Notes 2.88% due 10/31/2022		200,000		197,405
Goldman Sachs Group, Inc. Senior Notes 2.90% due 07/19/2018		185,000		185,739
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		705,000		691,394
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		100,000		100,363
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		75,000		75,532
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		120,000		123,278
Goldman Sachs Group, Inc. Sub. Notes 5.15% due 05/22/2045		30,000		34,221
Morgan Stanley Senior Notes 2.38% due 07/23/2019		215,000		214,525
Morgan Stanley Senior Notes 2.63% due 11/17/2021		10,000		9,857
Morgan Stanley Senior Notes 2.80% due 06/16/2020		255,000		255,502
Morgan Stanley Senior Notes 3.59% due 07/22/2028		55,000		54,406
Morgan Stanley Senior Notes 3.77% due 01/24/2029		230,000		231,560
Morgan Stanley Senior Notes 3.97% due 07/22/2038		90,000		91,686
Morgan Stanley Senior Notes 4.38% due 01/22/2047		40,000		42,867
				4,509,433

Security Description	Principal Amount		Value (Note 2)
Diversified Manufacturing Operations — 0.1%
General Electric Capital Corp. Senior Notes 2.20% due 01/09/2020	$	170,000	$	168,498
General Electric Co. Senior Notes 4.50% due 03/11/2044		85,000		89,150
Parker-Hannifin Corp. Senior Notes 3.25% due 03/01/2027		25,000		24,690
Textron, Inc. Senior Notes 3.88% due 03/01/2025		40,000		40,901
				323,239
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024*		55,000		53,887
Amazon.com, Inc. Senior Notes 3.15% due 08/22/2027*		110,000		107,884
Amazon.com, Inc. Senior Notes 3.88% due 08/22/2037*		65,000		66,944
				228,715
Electric-Distribution — 0.1%
Commonwealth Edison Co. 1st Mtg. Bonds 3.75% due 08/15/2047		105,000		105,803
Entergy Louisiana LLC Collateral Trust Bonds 2.40% due 10/01/2026		45,000		41,804
				147,607
Electric-Generation — 0.1%
Emera US Finance LP Company Guar. Notes 3.55% due 06/15/2026		70,000		68,403
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		65,000		68,456
				136,859
Electric-Integrated — 0.7%
Berkshire Hathaway Energy Co. Senior Notes 3.25% due 04/15/2028*		160,000		157,472
Cleveland Electric Illuminating Co. Senior Notes 3.50% due 04/01/2028*		65,000		63,777
CMS Energy Corp. Senior Notes 3.45% due 08/15/2027		110,000		109,103
Dominion Resources, Inc. Senior Notes 2.85% due 08/15/2026		195,000		185,021
Dominion Resources, Inc. Senior Notes 5.20% due 08/15/2019		175,000		181,676
Duke Energy Indiana LLC 1st Mtg. Notes 3.75% due 05/15/2046		60,000		59,008

164

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Duke Energy Progess, Inc. 1st Mtg. Notes 4.10% due 03/15/2043	$	85,000	$	90,025
Entergy Arkansas, Inc. 1st Mtg. Notes 3.75% due 02/15/2021		65,000		66,971
Entergy Corp. Senior Notes 2.95% due 09/01/2026		45,000		42,748
Eversource Energy Senior Notes 3.30% due 01/15/2028		160,000		157,029
Exelon Corp. Junior Sub. Notes 3.50% due 06/01/2022		130,000		130,884
FirstEnergy Corp. Senior Notes 3.90% due 07/15/2027		50,000		50,514
FirstEnergy Corp. Senior Notes 4.85% due 07/15/2047		15,000		16,536
PacifiCorp 1st Mtg. Notes 2.95% due 02/01/2022		110,000		110,745
PPL Capital Funding, Inc. Company Guar. Notes 3.50% due 12/01/2022		80,000		81,270
Sierra Pacific Power Co. General Refunding Mtg. 2.60% due 05/01/2026		95,000		90,137
Southern Power Co. Senior Notes 4.95% due 12/15/2046		40,000		43,337
Southwestern Public Service Co. 1st Mtg. Notes 3.70% due 08/15/2047		60,000		59,411
Trans-Allegheny Interstate Line Co. Senior Notes 3.85% due 06/01/2025*		125,000		127,926
Xcel Energy, Inc. Senior Notes 4.70% due 05/15/2020		95,000		98,571
				1,922,161
Electric-Transmission — 0.1%
ITC Holdings Corp. Senior Notes 3.35% due 11/15/2027*		225,000		220,237
Electronic Components-Semiconductors — 0.1%
Amkor Technology, Inc. Senior Notes 6.38% due 10/01/2022		100,000		102,875
Micron Technology, Inc. Senior Notes 5.25% due 01/15/2024*		100,000		104,000
Microsemi Corp. Company Guar. Notes 9.13% due 04/15/2023*		45,000		50,288
				257,163

Security Description	Principal Amount		Value (Note 2)
Enterprise Software/Service — 0.2%
Infor US, Inc. Company Guar. Notes 6.50% due 05/15/2022	$	125,000	$	128,906
Oracle Corp. Senior Notes 2.95% due 11/15/2024		165,000		163,152
Oracle Corp. Senior Notes 3.25% due 11/15/2027		270,000		267,387
Oracle Corp. Senior Notes 3.80% due 11/15/2037		10,000		10,254
Oracle Corp. Senior Notes 4.00% due 07/15/2046		65,000		67,158
				636,857
Finance-Auto Loans — 0.0%
Ally Financial, Inc. Senior Notes 4.25% due 04/15/2021		60,000		61,200
Finance-Consumer Loans — 0.1%
Synchrony Financial Senior Notes 3.00% due 08/15/2019		110,000		110,429
Synchrony Financial Senior Notes 3.95% due 12/01/2027		71,000		69,752
				180,181
Finance-Other Services — 0.2%
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 2.85% due 01/27/2025		70,000		68,506
National Rural Utilities Cooperative Finance Corp. Senior Sec. Notes 2.95% due 02/07/2024		85,000		84,325
National Rural Utilities Cooperative Finance Corp. Collateral Trust Bonds 3.40% due 02/07/2028		160,000		159,530
				312,361
Food-Canned — 0.0%
TreeHouse Foods, Inc. Company Guar. Notes 6.00% due 02/15/2024*		60,000		62,250
Food-Misc./Diversified — 0.1%
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046		35,000		34,217
Kraft Heinz Foods Co. Company Guar. Notes 5.20% due 07/15/2045		87,000		94,045
McCormick & Co., Inc. Senior Notes 2.70% due 08/15/2022		55,000		54,169
				182,431

165

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food-Retail — 0.0%
Kroger Co. Senior Notes 3.88% due 10/15/2046	$	95,000	$	86,969
Funeral Services & Related Items — 0.0%
Service Corp. International Senior Notes 5.38% due 01/15/2022		90,000		92,034
Gambling (Non-Hotel) — 0.0%
Scientific Games International, Inc. Senior Sec. Notes 7.00% due 01/01/2022*		35,000		36,925
Gas-Distribution — 0.1%
Dominion Gas Holdings LLC Senior Notes 4.60% due 12/15/2044		25,000		27,030
KeySpan Gas East Corp. Notes 2.74% due 08/15/2026*		80,000		76,213
NiSource, Inc. Senior Notes 5.80% due 02/01/2042		25,000		30,234
Sempra Energy Senior Notes 3.25% due 06/15/2027		75,000		73,040
Sempra Energy Senior Notes 3.40% due 02/01/2028		90,000		88,190
Sempra Energy Senior Notes 3.80% due 02/01/2038		40,000		39,205
				333,912
Home Furnishings — 0.0%
Tempur Sealy International, Inc. Company Guar. Notes 5.50% due 06/15/2026		60,000		60,300
Insurance-Life/Health — 0.1%
Prudential Financial, Inc. Senior Notes 7.38% due 06/15/2019		190,000		202,560
Insurance-Multi-line — 0.1%
MetLife, Inc. Senior Notes 4.13% due 08/13/2042		45,000		45,307
MetLife, Inc. Senior Notes 4.72% due 12/15/2044		35,000		38,699
MetLife, Inc. Senior Notes 4.75% due 02/08/2021		100,000		105,840
Voya Financial, Inc. Company Guar. Notes 2.90% due 02/15/2018		51,000		51,017
				240,863
Insurance-Reinsurance — 0.0%
Swiss Re Treasury US Corp. Company Guar. Notes 4.25% due 12/06/2042*		20,000		20,435

Security Description	Principal Amount		Value (Note 2)
Internet Connectivity Services — 0.1%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*	$	65,000	$	67,600
Zayo Group LLC/Zayo Capital, Inc. Company Guar. Notes 6.00% due 04/01/2023		65,000		67,763
				135,363
Machinery-Pumps — 0.0%
SPX FLOW, Inc. Company Guar. Notes 5.63% due 08/15/2024*		65,000		67,438
Medical Products — 0.0%
Becton Dickinson and Co. Senior Notes 2.89% due 06/06/2022		30,000		29,494
Hill-Rom Holdings, Inc. Company Guar. Notes 5.75% due 09/01/2023*		65,000		67,681
				97,175
Medical-Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 2.65% due 05/11/2022		150,000		147,765
Celgene Corp. Senior Notes 4.35% due 11/15/2047		75,000		75,701
Celgene Corp. Senior Notes 5.00% due 08/15/2045		15,000		16,561
Gilead Sciences, Inc. Senior Notes 4.15% due 03/01/2047		65,000		66,960
				306,987
Medical-Drugs — 0.1%
AbbVie, Inc. Senior Notes 4.30% due 05/14/2036		35,000		36,820
AbbVie, Inc. Senior Notes 4.50% due 05/14/2035		80,000		86,170
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 7.25% due 07/15/2022*		135,000		133,650
				256,640
Medical-HMO — 0.1%
Anthem, Inc. Senior Notes 3.65% due 12/01/2027		145,000		144,320
Anthem, Inc. Senior Notes 5.10% due 01/15/2044		40,000		45,639
UnitedHealth Group, Inc. Senior Notes 3.95% due 10/15/2042		45,000		45,785
				235,744

166

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Hospitals — 0.2%
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025	$	230,000	$	234,887
HCA, Inc. Company Guar. Notes 7.50% due 02/15/2022		115,000		129,088
Tenet Healthcare Corp. Senior Sec. Notes 4.50% due 04/01/2021		205,000		206,025
				570,000
Multimedia — 0.0%
Time Warner, Inc. Company Guar. Notes 2.95% due 07/15/2026		80,000		73,962
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		35,000		32,040
				106,002
Office Supplies & Forms — 0.0%
ACCO Brands Corp. Company Guar. Notes 5.25% due 12/15/2024*		100,000		102,125
Oil Companies-Exploration & Production — 0.1%
Continental Resources, Inc. Company Guar. Notes 4.50% due 04/15/2023		45,000		45,562
Hess Corp. Senior Notes 4.30% due 04/01/2027		35,000		35,190
Newfield Exploration Co. Senior Notes 5.75% due 01/30/2022		70,000		74,550
Noble Energy, Inc. Senior Notes 5.25% due 11/15/2043		34,000		37,836
Oasis Petroleum, Inc. Company Guar. Notes 6.88% due 01/15/2023		60,000		61,800
Whiting Petroleum Corp. Company Guar. Notes 5.75% due 03/15/2021		95,000		98,325
				353,263
Oil Companies-Integrated — 0.1%
Chevron Corp. Senior Notes 2.90% due 03/03/2024		120,000		118,924
Oil Refining & Marketing — 0.0%
Marathon Petroleum Corp. Senior Notes 4.75% due 09/15/2044		15,000		15,891
Phillips 66 Company Guar. Notes 4.88% due 11/15/2044		20,000		22,567
				38,458

Security Description	Principal Amount		Value (Note 2)
Oil-Field Services — 0.1%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. Senior Notes 3.34% due 12/15/2027	$	70,000	$	68,252
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. Senior Bonds 4.08% due 12/15/2047		45,000		44,479
Schlumberger Holdings Corp. Senior Notes 4.00% due 12/21/2025*		135,000		140,155
				252,886
Physical Therapy/Rehabilitation Centers — 0.0%
HealthSouth Corp. Company Guar. Notes 5.75% due 09/15/2025		40,000		41,350
Pipelines — 0.3%
Boardwalk Pipelines LP Company Guar. Notes 5.95% due 06/01/2026		40,000		44,041
Buckeye Partners LP Senior Notes 4.13% due 12/01/2027		135,000		132,356
Columbia Pipeline Group, Inc. Company Guar. Notes 4.50% due 06/01/2025		130,000		137,161
Enterprise Products Operating LLC Company Guar. Notes 4.90% due 05/15/2046		115,000		127,392
MPLX LP Senior Notes 4.13% due 03/01/2027		65,000		66,023
MPLX LP Senior Notes 5.20% due 03/01/2047		20,000		22,042
ONEOK Partners LP Company Guar. Notes 4.90% due 03/15/2025		97,000		103,511
Phillips 66 Partners LP Senior Notes 4.90% due 10/01/2046		20,000		21,117
Sunoco Logistics Partners Operations LP Company Guar. Notes 5.30% due 04/01/2044		35,000		35,268
Sunoco Logistics Partners Operations LP Company Guar. Notes 5.35% due 05/15/2045		50,000		50,868
Sunoco Logistics Partners Operations LP Company Guar. Notes 5.40% due 10/01/2047		55,000		56,349
Western Gas Partners LP Senior Notes 5.45% due 04/01/2044		15,000		16,251
				812,379
Radio — 0.1%
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 04/15/2025*		60,000		61,800
Sirius XM Radio, Inc. Company Guar. Notes 6.00% due 07/15/2024*		75,000		78,563
				140,363

167

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts — 0.4%
American Tower Corp. Senior Notes 3.13% due 01/15/2027	$	120,000	$	113,527
American Tower Corp. Senior Notes 3.60% due 01/15/2028		35,000		33,935
Communications Sales & Leasing, Inc./CSL Capital LLC Senior Sec. Notes 6.00% due 04/15/2023*		130,000		126,262
CoreCivic, Inc. Company Guar. Notes 4.63% due 05/01/2023		130,000		132,600
EPR Properties Company Guar. Notes 4.50% due 06/01/2027		60,000		59,413
GEO Group, Inc. Company Guar. Notes 5.88% due 10/15/2024		70,000		71,925
Goodman US Finance Three LLC Company Guar. Notes 3.70% due 03/15/2028*		110,000		106,977
Liberty Property LP Senior Notes 3.38% due 06/15/2023		45,000		45,206
Simon Property Group LP Senior Notes 3.38% due 12/01/2027		145,000		142,339
Ventas Realty LP Company Guar. Notes 3.85% due 04/01/2027		110,000		109,650
Ventas Realty LP Company Guar. Notes 4.38% due 02/01/2045		8,000		8,064
				949,898
Rental Auto/Equipment — 0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 5.50% due 04/01/2023		85,000		85,637
Herc Rentals, Inc. Sec. Notes 7.50% due 06/01/2022*		5,000		5,369
Herc Rentals, Inc. Sec. Notes 7.75% due 06/01/2024*		48,000		52,620
Hertz Corp. Company Guar. Notes 6.25% due 10/15/2022		70,000		67,200
Hertz Corp. Sec. Notes 7.63% due 06/01/2022*		70,000		73,150
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		75,000		74,906
				358,882
Retail-Building Products — 0.0%
Lowe’s Cos., Inc. Senior Notes 2.50% due 04/15/2026		90,000		84,497

Security Description	Principal Amount		Value (Note 2)
Retail-Drug Store — 0.1%
CVS Pass-Through Trust Pass-Through Certs. 7.51% due 01/10/2032*	$	64,124	$	77,434
Walgreens Boots Alliance, Inc. Senior Notes 3.45% due 06/01/2026		85,000		82,653
				160,087
Retail-Pet Food & Supplies — 0.0%
PetSmart, Inc. Company Guar. Notes 7.13% due 03/15/2023*		100,000		62,875
Retail-Restaurants — 0.0%
Darden Restaurants, Inc. Senior Notes 3.85% due 05/01/2027		55,000		55,200
Semiconductor Components-Integrated Circuits — 0.1%
Analog Devices, Inc. Senior Notes 3.50% due 12/05/2026		180,000		178,371
Steel-Producers — 0.0%
Nucor Corp. Senior Notes 5.20% due 08/01/2043		45,000		53,239
Telecommunication Equipment — 0.1%
Anixter, Inc. Company Guar. Notes 5.50% due 03/01/2023		45,000		47,925
CommScope Technologies Finance LLC Company Guar. Notes 6.00% due 06/15/2025*		90,000		94,697
				142,622
Telephone-Integrated — 0.6%
AT&T, Inc. Senior Notes 3.40% due 05/15/2025		85,000		82,705
AT&T, Inc. Senior Notes 3.90% due 08/14/2027		95,000		94,586
AT&T, Inc. Senior Notes 4.30% due 02/15/2030*		372,000		367,254
AT&T, Inc. Senior Notes 4.30% due 12/15/2042		150,000		140,463
AT&T, Inc. Senior Notes 5.25% due 03/01/2037		125,000		132,096
Level 3 Financing, Inc. Company Guar. Notes 5.13% due 05/01/2023		80,000		80,200
Sprint Capital Corp. Company Guar. Notes 8.75% due 03/15/2032		75,000		88,687
Verizon Communications, Inc. Senior Notes 4.13% due 08/15/2046		95,000		88,806
Verizon Communications, Inc. Senior Notes 4.50% due 08/10/2033		195,000		199,925
Verizon Communications, Inc. Senior Notes 4.52% due 09/15/2048		36,000		35,892

168

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
Windstream Services LLC/Windstream Finance Corp. Company Guar. Notes 8.75% due 12/15/2024*	$	206,000	$	144,200
				1,454,814
Television — 0.0%
Sinclair Television Group, Inc. Company Guar. Notes 5.63% due 08/01/2024*		60,000		61,800
Theaters — 0.1%
AMC Entertainment Holdings, Inc. Company Guar. Notes 5.75% due 06/15/2025		60,000		58,500
Cinemark USA, Inc. Company Guar. Notes 4.88% due 06/01/2023		60,000		60,750
				119,250
Tobacco — 0.4%
Altria Group, Inc. Company Guar. Notes 2.63% due 01/14/2020		65,000		65,106
Altria Group, Inc. Company Guar. Notes 2.85% due 08/09/2022		95,000		94,494
BAT Capital Corp. Company Guar. Notes 2.76% due 08/15/2022*		185,000		181,715
BAT Capital Corp. Company Guar. Notes 3.56% due 08/15/2027*		210,000		205,283
BAT Capital Corp. Company Guar. Notes 4.39% due 08/15/2037*		55,000		56,534
Philip Morris International, Inc. Senior Notes 2.38% due 08/17/2022		155,000		151,010
Philip Morris International, Inc. Senior Notes 3.88% due 08/21/2042		40,000		38,735
Philip Morris International, Inc. Senior Notes 4.13% due 03/04/2043		5,000		5,026
Philip Morris International, Inc. Senior Notes 4.25% due 11/10/2044		50,000		51,675
Reynolds American, Inc. Company Guar. Notes 4.45% due 06/12/2025		101,000		105,792
				955,370
Transport-Equipment & Leasing — 0.1%
Aviation Capital Group Corp. Senior Notes 2.88% due 01/20/2022*		160,000		157,871
Aviation Capital Group LLC Senior Notes 3.50% due 11/01/2027*		90,000		86,165
				244,036

Security Description	Principal Amount		Value (Note 2)
Transport-Rail — 0.1%
Burlington Northern Santa Fe LLC Senior Notes 3.60% due 09/01/2020	$	110,000	$	112,721
Norfolk Southern Corp. Senior Notes 2.90% due 06/15/2026		130,000		125,472
				238,193
Transport-Services — 0.0%
FedEx Corp. Company Guar. Notes 3.88% due 08/01/2042		35,000		34,639
Travel Services — 0.0%
Sabre GLBL, Inc. Senior Sec. Notes 5.38% due 04/15/2023*		100,000		101,530
Total U.S. Corporate Bonds & Notes (cost $27,359,653)				27,407,828
FOREIGN CORPORATE BONDS & NOTES — 3.1%
Agricultural Chemicals — 0.0%
Agrium, Inc. Senior Notes 5.25% due 01/15/2045		75,000		84,910
Auto/Truck Parts & Equipment-Original — 0.0%
Dana Financing Luxembourg SARL Company Guar. Notes 6.50% due 06/01/2026*		60,000		64,875
Banks-Commercial — 0.9%
Bank of Montreal Senior Notes 2.35% due 09/11/2022		215,000		208,871
Bank of Montreal Sub. Notes 3.80% due 12/15/2032		125,000		121,936
Bank of Nova Scotia Senior Notes 2.05% due 10/30/2018		205,000		204,954
Barclays Bank PLC Senior Notes 2.65% due 01/11/2021		250,000		248,278
BPCE SA Senior Notes 3.50% due 10/23/2027*		250,000		242,058
Credit Suisse AG Senior Notes 3.63% due 09/09/2024		250,000		254,118
HSBC Bank PLC Senior Notes 4.13% due 08/12/2020*		340,000		351,622
Intesa Sanpaolo SpA Company Guar. Notes 3.88% due 01/15/2019		250,000		253,458
Skandinaviska Enskilda Banken AB Senior Notes 1.75% due 03/19/2018*		200,000		199,986
Skandinaviska Enskilda Banken AB Senior Notes 2.38% due 11/20/2018*		200,000		199,977

169

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
Westpac Banking Corp. Sub. Notes 4.32% due 11/23/2031	$	65,000	$	66,209
				2,351,467
Banks-Special Purpose — 0.1%
Nederlandse Waterschapsbank NV Senior Notes 2.13% due 11/15/2021*		200,000		196,110
Building Products-Air & Heating — 0.0%
Johnson Controls International PLC Senior Notes 4.50% due 02/15/2047		15,000		16,182
Cable/Satellite TV — 0.1%
Quebecor Media, Inc. Senior Notes 5.75% due 01/15/2023		225,000		237,937
Chemicals-Diversified — 0.1%
INEOS Group Holdings SA Company Guar. Notes 5.63% due 08/01/2024*		200,000		205,250
Diversified Banking Institutions — 0.4%
Credit Agricole SA Senior Notes 2.38% due 07/01/2021*		250,000		245,777
Macquarie Group, Ltd. Senior Notes 3.19% due 11/28/2023*		195,000		191,244
Macquarie Group, Ltd. Senior Notes 3.76% due 11/28/2028*		45,000		44,027
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.78% due 10/18/2022		70,000		68,775
UBS AG Senior Notes 2.38% due 08/14/2019		250,000		249,462
UBS Group Funding Switzerland AG Company Guar. Notes 2.86% due 08/15/2023*		285,000		278,833
				1,078,118
Diversified Financial Services — 0.1%
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		200,000		205,691
Diversified Manufacturing Operations — 0.1%
Siemens Financieringsmaatschappij NV Company Guar. Notes 2.00% due 09/15/2023*		250,000		236,021
Electric-Generation — 0.0%
Electricite de France SA Senior Notes 4.88% due 01/22/2044*		55,000		59,476
Electric-Integrated — 0.2%
EDP Finance BV Senior Notes 3.63% due 07/15/2024*		200,000		199,684

Security Description	Principal Amount		Value (Note 2)
Electric-Integrated (continued)
Enel Finance International NV Company Guar. Notes 3.50% due 04/06/2028*	$	200,000	$	192,572
				392,256
Finance-Leasing Companies — 0.1%
AerCap Ireland Capital, Ltd./AerCap Global Aviation Trust Company Guar. Notes 3.95% due 02/01/2022		308,000		314,318
Food-Confectionery — 0.1%
Mondelez International Holdings Netherlands BV Company Guar. Notes 2.00% due 10/28/2021*		200,000		193,178
Investment Management/Advisor Services — 0.1%
CDP Financial, Inc. Company Guar. Notes 3.15% due 07/24/2024*		250,000		252,080
Medical-Drugs — 0.1%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.88% due 09/23/2023		105,000		101,827
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		100,000		95,803
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.88% due 05/15/2023*		165,000		149,069
				346,699
Medical-Generic Drugs — 0.1%
Actavis Funding SCS Company Guar. Notes 3.45% due 03/15/2022		150,000		150,865
Actavis Funding SCS Company Guar. Notes 3.80% due 03/15/2025		85,000		85,345
Allergan Funding SCS Company Guar. Notes 4.55% due 03/15/2035		35,000		36,579
Mylan NV Company Guar. Notes 5.25% due 06/15/2046		15,000		16,152
				288,941
Oil Companies-Exploration & Production — 0.1%
MEG Energy Corp. Company Guar. Notes 6.38% due 01/30/2023*		35,000		30,100
Pertamina Persero PT Senior Notes 5.63% due 05/20/2043		200,000		215,530
				245,630
Oil Companies-Integrated — 0.4%
BP Capital Markets PLC Company Guar. Notes 3.28% due 09/19/2027		85,000		84,096
BP Capital Markets PLC Company Guar. Notes 3.54% due 11/04/2024		120,000		123,028

170

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies-Integrated (continued)
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027	$	55,000	$	54,578
Cenovus Energy, Inc. Senior Notes 5.25% due 06/15/2037		17,000		17,650
Cenovus Energy, Inc. Senior Notes 6.75% due 11/15/2039		48,000		57,633
KazMunayGas National Co. Senior Notes 5.75% due 04/19/2047*		200,000		213,078
Petroleos Mexicanos Company Guar. Notes 4.25% due 01/15/2025		220,000		217,690
Petroleos Mexicanos FRS Company Guar. Notes 5.19% (3 ML+3.65%) due 03/11/2022*		169,000		186,196
Shell International Finance BV Company Guar. Notes 3.75% due 09/12/2046		38,000		37,815
				991,764
Pipelines — 0.1%
Abu Dhabi Crude Oil Pipeline LLC Senior Sec. Notes 4.60% due 11/02/2047*		200,000		201,010
Enbridge, Inc. Senior Notes 3.70% due 07/15/2027		75,000		73,989
TransCanada PipeLines, Ltd. Senior Notes 4.63% due 03/01/2034		65,000		71,123
				346,122
Semiconductor Equipment — 0.0%
Sensata Technologies BV Company Guar. Notes 5.63% due 11/01/2024*		50,000		54,438
Tobacco — 0.0%
BAT International Finance PLC Company Guar. Notes 2.75% due 06/15/2020*		95,000		94,868
Total Foreign Corporate Bonds & Notes (cost $8,286,765)				8,256,331
U.S. GOVERNMENT AGENCIES — 11.7%
Federal Home Loan Mtg. Corp. — 3.2%
3.00% due 08/01/2043		132,833		130,970
3.00% due 09/01/2046		47,696		47,012
3.00% due 12/01/2046		1,243,523		1,220,163
3.50% due 02/01/2030		211,576		217,724
3.50% due 03/01/2031		114,544		117,908
3.50% due 05/01/2042		90,980		92,061
3.50% due 08/01/2042		35,904		36,438
3.50% due 09/01/2044		59,170		60,100
3.50% due 01/01/2045		76,023		77,218
3.50% due 05/01/2045		134,305		136,417
3.50% due 07/01/2045		149,108		151,337
3.50% due 09/01/2047		1,045,294		1,057,206
3.50% due 11/01/2047		237,171		239,873

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
3.50% due 12/01/2047	$	1,548,196	$	1,565,839
4.00% due 11/01/2047		1,420,177		1,469,811
4.00% due February 30 TBA		80,000		82,673
4.50% due 10/01/2019		7,317		7,386
5.00% due 03/01/2019		1,585		1,610
5.50% due 07/01/2034		38,931		42,811
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS Series 2011-K12, Class B 4.34% due 01/25/2046*(2)(4)		130,000		134,195
Series 2017-K70, Class B
3.80% due 12/25/2049*(2)(4)		65,000		64,299
Series 2015-K51, Class C
3.95% due 10/25/2048*(2)(4)		115,000		111,398
Series 2012-K18, Class B
4.26% due 01/25/2045*(2)(4)		220,000		227,756
Series 2011-K16, Class B
4.60% due 11/25/2046*(2)(4)		255,000		267,044
Series 2011-K10, Class B
4.62% due 11/25/2049*(2)(4)		285,000		295,773
Federal Home Loan Mtg. Corp. REMIC
Series 4056, Class BI
3.00% due 05/15/2027(3)(5)		42,061		3,860
Series 4097, Class CI
3.00% due 08/15/2027(3)(5)		128,003		11,129
Series 4097, Class HI
3.00% due 08/15/2027(3)(5)		275,553		27,205
Series 4207, Class JI
3.00% due 05/15/2028(3)(5)		328,180		32,134
Series 4323, Class IW
3.50% due 04/15/2028(3)(5)		148,824		13,951
Federal Home Loan Mtg. Corp. REMIC FRS Series 4570, Class ST 4.44% (6.00%-1ML) due 04/15/2046(3)(5)(6)		406,595		78,247
Federal Home Loan Mtg. Corp. STRIPS FRS Series 317, Class F3 2.08% (1M + 0.52%) due 11/15/2043(3)		272,909		275,288
Series 326, Class F2 2.11% (1M + 0.55%) due 03/15/2044(3)		77,700		78,356
				8,375,192
Federal National Mtg. Assoc. — 6.9%
Federal National Mtg. Assoc. 1.88% due 09/24/2026		815,000		754,411
3.00% due 05/01/2027		30,653		30,897
3.00% due 06/01/2027		34,908		35,186
3.00% due 12/01/2030		151,765		152,884
3.00% due 01/01/2031		321,997		323,907
3.00% due 05/01/2043		291,112		286,934
3.00% due 07/01/2043		900,139		887,126
3.00% due 08/01/2043		467,363		460,584
3.00% due 12/01/2043		479,404		472,527
3.00% due 04/01/2045		14,913		14,645
3.00% due 06/01/2045		14,183		13,920
3.00% due 07/01/2045		120,137		117,895
3.00% due 08/01/2045		1,575,296		1,546,071
3.00% due 09/01/2045		103,915		101,965
3.00% due 10/01/2045		62,163		60,996
3.00% due 11/01/2047		1,298,509		1,273,550
3.06% due 09/01/2029		147,000		144,810

171

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
3.10% due 01/01/2026	$	230,000	$	230,889
3.50% due 11/01/2030		45,979		47,205
3.50% due 12/01/2030		80,529		82,682
3.50% due 01/01/2031		46,050		47,352
3.50% due 02/01/2031		49,041		50,384
3.50% due 03/01/2031		47,660		48,964
3.50% due 03/01/2042		14,778		15,009
3.50% due 08/01/2042		88,768		90,116
3.50% due 09/01/2042		32,376		32,883
3.50% due 10/01/2042		26,015		26,416
3.50% due 12/01/2042		106,041		107,677
3.50% due 02/01/2043		89,056		90,374
3.50% due 08/01/2044		495,860		502,392
3.50% due 03/01/2045		148,133		150,253
3.50% due 07/01/2045		265,006		268,786
3.50% due 08/01/2045		465,853		471,961
3.50% due 10/01/2047		1,506,170		1,522,394
3.50% due 12/01/2047		1,151,058		1,162,540
3.50% due 01/01/2048		149,465		151,044
3.50% due 10/01/2056		188,752		190,876
4.00% due 12/01/2041		231,520		241,466
4.00% due 03/01/2042		900,975		938,786
4.00% due 12/01/2042		126,146		130,864
4.00% due 02/01/2043		47,565		49,350
4.00% due 03/01/2044		74,653		77,442
4.00% due 04/01/2046		15,295		15,925
4.00% due 12/01/2047		1,032,927		1,069,631
4.00% due February 30 TBA		530,000		547,453
4.50% due 04/01/2041		892,842		948,549
4.50% due 09/01/2041		152,247		161,758
4.50% due 10/01/2042		139,354		149,367
4.50% due 06/01/2044		535,929		569,663
5.00% due 03/01/2018		55		55
5.00% due 04/01/2018		131		133
5.00% due 07/01/2018		678		688
5.00% due 08/01/2018		671		681
5.00% due 06/01/2019		3,770		3,824
5.00% due 08/01/2035		70,338		75,917
5.00% due 09/01/2041		146,159		157,405
5.50% due 04/01/2037		89,024		97,850
Federal National Mtg. Assoc. REMIC
Series 2012-145, Class EI
3.00% due 01/25/2028(3)(5)		119,180		10,830
Series 2012-150, Class BI
3.00% due 01/25/2028(3)(5)		142,251		12,858
Series 2013-10, Class YI
3.00% due 02/25/2028(3)(5)		110,879		9,826
Series 2014-13, Class KI
3.50% due 03/25/2029(3)(5)		207,335		22,334
Series 2017-46, Class LB
3.50% due 12/25/2052(3)		417,844		426,057
Series 2017-49, Classs JA
4.00% due 07/25/2053(3)		400,204		413,769
Series 2010-116, Class BI
5.00% due 08/25/2020(3)(5)		23,590		646
Federal National Mtg. Assoc. REMIC FRS
Series 2016-38, Class SA
4.44% (6.00%-1ML) due 06/25/2046(3)(5)(6)		428,656		82,202
Series 2016-63, Class AS
4.44% (6.00%-1ML) due 09/25/2046(3)(5)(6)		347,485		66,832

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. REMIC VRS Series 2017-49, Class JA 2.94% due 09/25/2027(2)(4)	$	165,000	$	162,537
Federal National Mtg. Assoc. STRIPS
Series 421, Class C3
4.00% due 07/25/2030(3)(5)		213,919		26,917
				18,440,120
Government National Mtg. Assoc. — 1.6%
3.50% due 01/20/2043		1,056,858		1,082,005
3.50% due 05/20/2043		529,265		541,860
3.50% due 04/20/2046		58,431		59,569
3.50% due 05/20/2046		53,156		54,187
3.50% due 01/20/2047		356,785		363,532
3.50% due 08/20/2047		78,554		80,046
4.00% due 07/20/2047		1,216,647		1,261,136
4.00% due 09/20/2047		68,547		71,187
4.50% due 05/15/2039		36,334		38,718
4.50% due 07/20/2040		17,977		19,000
4.50% due 10/20/2040		110,250		116,532
4.50% due 08/20/2045		78,216		82,647
5.50% due 01/15/2034		55,457		60,344
7.50% due 01/15/2032		33,129		39,201
Government National Mtg. Assoc. REMIC
Series 2010-68, Class WA
3.00% due 12/16/2039(3)		67,902		67,956
Series 2010-116, Class HB
4.00% due 09/20/2040(3)		236,336		244,364
Government National Mtg. Assoc. REMIC FRS Series 2005-C, Class M1 4.64% (6.20%-1ML) due 10/20/2045(3)(5)(6)		349,560		71,763
				4,254,047
Total U.S. Government Agencies (cost $31,881,033)				31,069,359
U.S. GOVERNMENT TREASURIES — 5.6%
United States Treasury Bonds — 2.0%
2.25% due 08/15/2046		953,000		825,834
2.75% due 08/15/2047		190,000		182,682
2.75% due 11/15/2047		525,000		505,025
2.88% due 11/15/2046		425,000		419,439
3.00% due 05/15/2045		720,000		729,028
3.00% due 02/15/2047		750,000		758,643
3.00% due 05/15/2047		360,000		363,923
4.50% due 02/15/2036		1,225,000		1,520,914
				5,305,488
United States Treasury Notes — 3.6%
1.50% due 07/15/2020		2,090,000		2,053,588
1.63% due 10/15/2020		1,100,000		1,081,610
1.88% due 12/15/2020		2,755,000		2,723,576
2.00% due 12/31/2021		1,030,000		1,013,222
2.00% due 11/15/2026		520,000		490,831
2.13% due 12/31/2022		145,000		142,298
2.38% due 05/15/2027		2,270,000		2,205,447
				9,710,572
Total U.S. Government Treasuries (cost $15,209,633)				15,016,060
MUNICIPAL BONDS & NOTES — 0.3%
New York City Water & Sewer System Revenue Bonds 5.72% due 06/15/2042		225,000		297,072

172

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
Port Authority of New York & New Jersey Revenue Bonds Series 174 4.46% due 10/01/2062	$	120,000	$	136,280
State of California General Obligation Bonds 7.55% due 04/01/2039		115,000		178,750
Virginia Commonwealth Transportation Board Revenue Bonds Series A 5.00% due 05/15/2031		30,000		35,699
Virginia Commonwealth Transportation Board Revenue Bonds Series A 5.00% due 05/15/2033		15,000		17,723
Total Municipal Bonds & Notes (cost $572,948)				665,524
FOREIGN GOVERNMENT OBLIGATIONS — 0.5%
Regional Authority — 0.1%
Province of Alberta, Canada Senior Notes 1.90% due 12/06/2019		400,000		396,082
Sovereign — 0.4%
Government of Bermuda Senior Notes 4.85% due 02/06/2024*		200,000		214,298
Republic of Argentina Senior Notes 6.88% due 04/22/2021		150,000		159,975
Republic of Argentina Senior Bonds 6.88% due 01/11/2048		170,000		164,475
Republic of Ecuador Senior Notes 7.88% due 01/23/2028*		200,000		203,100
Sultanate of Oman Senior Bonds 6.75% due 01/17/2048*		235,000		238,995
				980,843
Total Foreign Government Obligations (cost $1,364,571)				1,376,925
Total Long-Term Investment Securities (cost $228,898,758)				258,660,639
SHORT-TERM INVESTMENT SECURITIES — 0.4%
U.S. Government Treasuries — 0.4%
United States Treasury Bills 1.24% due 02/15/2018		750,000		749,651
1.34% due 03/22/2018(8)		190,000		189,657
Total Short-Term Investment Securities (cost $939,295)				939,308

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.0%
Agreement with Fixed Income Clearing Corp., bearing interest 0.20%, dated 01/31/2018 to be repurchased 02/01/2018 in the amount of $5,433,030 and collateralized by $5,660,000 of United States Treasury Notes, bearing interest at 1.88%, due 09/30/2022 and having an approximate value of $5,542,317 (cost $5,433,000)	$	5,433,000		$	5,433,000
TOTAL INVESTMENTS (cost $235,271,053)(7)		99.6	%		265,032,947
Other assets less liabilities		0.4			1,026,840
NET ASSETS		100.0	%	$	266,059,787

# See Note 1

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $18,143,930 representing 6.8% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) Perpetual maturity — maturity date reflects the next call date.

(2) Commercial Mortgage Backed Security

(3) Collateralized Mortgage Obligation

(4) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(5) Interest Only

(6) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest rate at January 31, 2018.

(7) See Note 3 for cost of investments on a tax basis.

(8) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

REMIC — Real Estate Mortgage Investment Conduit

STRIPS — Separate Trading of Registered Interest and Principal Securities

TBA — Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.

ULC — Unlimited Liability Corp.

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at January 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

173

SunAmerica Series Trust SA JPMorgan Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Index Legend

1 ML — 1 Month USD LIBOR

3 ML — 3 Month USD LIBOR

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	12	Long	S&P 500 E-Mini Index	March 2018		1,685,377	$	1,695,480	$	10,103
	81	Long	U.S. Treasury 2 Year Notes	March 2018		17,335,775		17,271,985		(63,790	)
	46	Long	U.S. Treasury 5 Year Notes	March 2018		5,310,514		5,276,703		(33,811	)
	19	Long	U.S. Treasury Long Bonds	March 2018		2,903,629		2,808,438		(95,191	)
	3	Long	U.S. Ultra Bonds	March 2018		498,819		485,813		(13,006	)
	1	Short	U.S. Treasury 10 Year Notes	March 2018		122,248		121,578		670
	68	Short	U.S. Treasury 10 Year Ultra Notes	March 2018		9,086,460		8,853,813		232,647
									$	37,622

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	161,150,077		—	$	—	$	161,150,077
Preferred Securities/Capital Securities		—		839,926		—		839,926
Asset Backed Securities		—		12,878,609		—		12,878,609
U.S. Corporate Bonds & Notes		—		27,407,828		—		27,407,828
Foreign Corporate Bonds & Notes		—		8,256,331		—		8,256,331
U.S. Government Agencies		—		31,069,359		—		31,069,359
U.S. Government Treasuries		—		15,016,060		—		15,016,060
Municipal Bonds & Notes		—		665,524		—		665,524
Foreign Government Obligations		—		1,376,925		—		1,376,925
Short-Term Investment Securities		—		939,308		—		939,308
Repurchase Agreements		—		5,433,000		—		5,433,000
Total Investments at Value	$	161,150,077	$	103,882,870	$	—	$	265,032,947
Other Financial Instruments:+
Futures Contracts	$	243,420	$	—	$	—	$	243,420
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	205,798	$	—	$	—	$	205,798

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Other Financial Instruments are derivative instruments, not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

174

SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Banks-Commercial	20.2	%
Electronic Components-Semiconductors	6.5
Internet Application Software	5.7
Semiconductor Components-Integrated Circuits	5.5
Diversified Financial Services	4.4
Oil Refining & Marketing	4.3
E-Commerce/Products	3.1
Steel-Producers	2.8
Airlines	2.5
Oil Companies-Integrated	2.4
Insurance-Multi-line	2.4
Insurance-Property/Casualty	2.3
Metal-Iron	1.9
Electronic Components-Misc.	1.7
Entertainment Software	1.7
Metal-Diversified	1.6
Cellular Telecom	1.5
Internet Content-Entertainment	1.5
Auto-Cars/Light Trucks	1.5
Chemicals-Diversified	1.4
Schools	1.4
Time Deposits	1.2
Tobacco	1.1
Computer Services	1.1
Coal	1.0
Food-Meat Products	1.0
Real Estate Operations & Development	1.0
Appliances	1.0
Industrial Audio & Video Products	0.8
Diamonds/Precious Stones	0.7
Banks-Special Purpose	0.7
Metal Processors & Fabrication	0.7
Building Products-Cement	0.6
Metal Products-Distribution	0.6
Diversified Minerals	0.6
Petrochemicals	0.6
Multimedia	0.6
Public Thoroughfares	0.5
Building-Residential/Commercial	0.5
Computers-Other	0.5
Electric-Integrated	0.5
Electric-Generation	0.5
Building Products-Doors & Windows	0.5
Circuit Boards	0.4
Diversified Operations	0.4
Miscellaneous Manufacturing	0.4
Forestry	0.4
Networking Products	0.4
Food-Retail	0.4
Auto/Truck Parts & Equipment-Replacement	0.3
Chemicals-Specialty	0.3
Toys	0.3
Chemicals-Other	0.3
Consulting Services	0.3
Water	0.3
Auto/Truck Parts & Equipment-Original	0.2
Metal-Aluminum	0.2
Containers-Paper/Plastic	0.2
Food-Confectionery	0.2
Machinery-Construction & Mining	0.2
Registered Investment Companies	0.2

Electric-Transmission	0.2	%
Retail-Automobile	0.2
Telecom Equipment-Fiber Optics	0.2
Industrial Automated/Robotic	0.2
Electric Products-Misc.	0.2
Finance-Consumer Loans	0.2
Food-Misc./Diversified	0.1
Paper & Related Products	0.1
Semiconductor Equipment	0.1
	99.5%

Country Allocation*

South Korea	17.3	%
Cayman Islands	16.6
China	13.9
Taiwan	10.5
Brazil	8.7
Russia	6.4
Turkey	4.6
Thailand	4.0
India	3.1
South Africa	2.0
Malaysia	1.9
Hong Kong	1.7
Indonesia	1.5
Poland	1.5
Hungary	1.4
United States	1.2
Panama	0.9
Bermuda	0.6
United Kingdom	0.4
Vietnam	0.4
Netherlands	0.4
Jersey	0.2
Mexico	0.2
Cyprus	0.1
	99.5%

* Calculated as a percentage of net assets

# See Note 1

175

SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Bermuda — 0.6%
Haier Electronics Group Co., Ltd.		496,000	$	1,699,271
Nine Dragons Paper Holdings, Ltd.		236,000		367,456
				2,066,727
Brazil — 8.7%
Banco do Brasil SA		370,678		4,616,605
Banco Santander Brasil SA		182,560		2,053,657
Cia de Saneamento de Minas Gerais-COPASA		40,109		567,770
Cia. de Saneamento do Parana (Preference Shares)		58,515		194,866
Estacio Participacoes SA		190,610		2,096,949
Fibria Celulose SA		82,229		1,416,424
Itau Unibanco Holding SA ADR		450,488		7,388,003
Kroton Educacional SA		612,565		3,124,351
Metalurgica Gerdau SA (Preference Shares)		594,230		1,283,209
MRV Engenharia e Participacoes SA		432,636		2,057,262
Qualicorp SA		103,887		997,459
Transmissora Alianca de Energia Eletrica SA		123,790		782,915
Vale SA ADR		454,790		5,953,201
				32,532,671
Cayman Islands — 16.6%
AAC Technologies Holdings, Inc.		208,500		3,486,261
Alibaba Group Holding, Ltd. ADR†		57,132		11,671,496
Country Garden Holdings Co., Ltd.		910,000		1,956,652
Dali Foods Group Co., Ltd.*		804,500		790,858
Geely Automobile Holdings, Ltd.		538,000		1,722,805
General Interface Solution Holding, Ltd.		271,000		2,017,704
IGG, Inc.		1,519,000		1,687,422
Kingboard Chemical Holdings, Ltd.		189,500		1,042,866
Kingboard Laminates Holdings, Ltd.		627,500		1,105,374
Lee & Man Paper Manufacturing, Ltd.		687,000		809,718
NetEase, Inc. ADR		13,546		4,336,887
Nexteer Automotive Group, Ltd.		401,000		859,141
Tencent Holdings, Ltd.		360,200		21,346,822
WH Group, Ltd.*		3,138,500		3,887,694
Xinyi Glass Holdings, Ltd.		1,096,000		1,667,261
YY, Inc., ADR†		21,120		2,808,115
Zhongsheng Group Holdings, Ltd.		289,000		726,319
				61,923,395
China — 13.9%
Air China, Ltd., Class H		1,240,000		1,813,401
Angang Steel Co., Ltd.		194,000		211,294
Anhui Conch Cement Co., Ltd.		442,500		2,438,016
China Construction Bank Corp.		9,247,000		10,662,364
China Merchants Bank Co., Ltd.		958,500		4,698,980
China Shenhua Energy Co., Ltd., Class H		625,000		1,945,472
Guangzhou Automobile Group Co., Ltd.		1,606,000		3,637,939
Huadian Power International Corp., Ltd.		1,172,000		444,969
Huaneng Power International, Inc.		460,000		296,958
Industrial & Commercial Bank of China, Ltd.		8,129,000		7,689,798
PICC Property & Casualty Co., Ltd.		1,608,000		3,338,245
Ping An Insurance Group Co. of China, Ltd.		743,500		8,805,875
Shenzhen Expressway Co., Ltd.		910,000		956,223
Weichai Power Co., Ltd.		960,000		1,200,207

Security Description	Shares		Value (Note 2)
China (continued)
Yangtze Optical Fibre and Cable Joint Stock Ltd., Co.*		156,000	$	723,898
Yanzhou Coal Mining Co., Ltd.		736,000		1,283,330
Yirendai, Ltd. ADR		15,790		638,232
Zhejiang Expressway Co., Ltd.		1,056,000		1,250,032
				52,035,233
Cyprus — 0.1%
Ros Agro PLC GDR		50,426		518,379
Hong Kong — 1.7%
China Overseas Land & Investment, Ltd.		456,000		1,766,256
China Resources Power Holdings Co., Ltd.		514,000		948,804
Fosun International, Ltd.		1,502,500		3,549,462
				6,264,522
Hungary — 1.4%
MOL Hungarian Oil & Gas PLC		128,629		1,571,370
OTP Bank PLC		78,843		3,655,249
				5,226,619
India — 3.1%
HDFC Bank, Ltd. ADR		48,640		5,281,818
Infosys, Ltd. ADR		225,335		4,058,283
Vedanta, Ltd. ADR		105,128		2,251,842
				11,591,943
Indonesia — 1.5%
Bank Negara Indonesia Persero Tbk PT		3,025,700		2,124,329
Bank Rakyat Indonesia Persero Tbk PT		9,821,100		2,714,125
United Tractors Tbk PT		270,300		785,351
				5,623,805
Jersey — 0.2%
United Co. RUSAL PLC		1,179,000		856,068
Malaysia — 1.9%
AirAsia Bhd		2,078,500		2,205,968
CIMB Group Holdings Bhd		1,383,900		2,572,040
Malayan Banking Bhd		857,400		2,220,448
				6,998,456
Mexico — 0.2%
Grupo Financiero Banorte SAB de CV, Class O		87,440		560,014
Netherlands — 0.4%
X5 Retail Group NV GDR†		33,806		1,296,122
Panama — 0.9%
Copa Holdings SA, Class A		24,746		3,423,114
Poland — 1.5%
Jastrzebska Spolka Weglowa SA†		25,700		746,094
KGHM Polska Miedz SA		52,950		1,741,839
Polski Koncern Naftowy Orlen SA		93,029		3,017,172
				5,505,105
Russia — 6.4%
Aeroflot PJSC		264,285		629,059
Alrosa PJSC		1,904,933		2,762,187
Magnitogorsk Iron & Steel OJSC†		1,169,926		951,852
MMC Norilsk Nickel PJSC ADR		199,643		4,114,642
Mobile TeleSystems PJSC ADR		227,484		2,761,656

176

SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Russia (continued)
RusHydro PJSC		54,509,820	$	706,447
Sberbank of Russia PJSC ADR		409,767		8,293,684
Severstal PJSC GDR		99,712		1,637,271
Tatneft PJSC ADR		36,953		2,228,635
				24,085,433
South Africa — 2.0%
Kumba Iron Ore, Ltd.		39,134		1,186,351
Naspers, Ltd., Class N		7,732		2,207,731
Standard Bank Group, Ltd.		238,455		4,039,116
				7,433,198
South Korea — 17.3%
Hana Financial Group, Inc.		89,557		4,369,452
Hyosung Corp.†		18,876		2,386,346
Hyundai Marine & Fire Insurance Co., Ltd.†		39,386		1,709,548
Industrial Bank of Korea†		166,010		2,588,441
Korea Electric Power Corp.		31,508		1,054,840
KT&G Corp.		42,330		4,221,702
LG Chem, Ltd.		5,469		2,212,490
LG Corp.†		20,650		1,723,009
LG Electronics, Inc.		7,025		674,311
NCSoft Corp.†		6,532		2,703,698
PearlAbyss Corp.†		4,630		1,089,157
POSCO		11,991		4,272,675
PSK, Inc.†		5,578		127,978
S-Oil Corp.		20,343		2,343,203
Samsung Electronics Co., Ltd.		8,719		20,371,686
SFA Engineering Corp.†		19,218		695,581
Shinhan Financial Group Co., Ltd.		90,511		4,517,710
Silicon Works Co, Ltd.		1,534		77,142
SK Hynix, Inc.		45,176		3,109,459
SK Innovation Co., Ltd.		22,381		4,286,102
TES Co, Ltd.		6,371		209,115
				64,743,645
Taiwan — 10.5%
Accton Technology Corp.		352,000		1,413,048
Catcher Technology Co., Ltd.		213,000		2,440,926
Compeq Manufacturing Co., Ltd.†		443,000		550,226
CTBC Financial Holding Co., Ltd.		5,039,000		3,682,582
E Ink Holdings, Inc.		663,000		1,207,915
FLEXium Interconnect, Inc.		321,963		1,226,189
Fubon Financial Holding Co., Ltd.		1,494,000		2,778,295
Macronix International†		1,213,000		1,901,978
Merry Electronics Co., Ltd.		459,000		2,881,989
Nanya Technology Corp.		194,000		528,507
Phison Electronics Corp.		63,000		644,147
Taiwan Semiconductor Manufacturing Co., Ltd.		69,000		603,695
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		366,941		16,626,097
Winbond Electronics Corp.†		1,109,000		899,894
Yageo Corp.		143,000		1,898,784
				39,284,272
Thailand — 4.0%
Kiatnakin Bank PCL		486,700		1,270,362
Krung Thai Bank PCL NVDR		2,978,000		1,901,660
PTT Global Chemical PCL		701,500		2,155,791
PTT PCL NVDR		324,400		5,095,939

Security Description	Shares/ Principal Amount			Value (Note 2)
Thailand (continued)
Star Petroleum Refining PCL NVDR		2,405,600		$	1,282,679
Thai Oil PCL NVDR		582,000			1,904,693
Tisco Financial Group PCL		439,100			1,240,752
					14,851,876
Turkey — 4.6%
Akbank Turk AS		559,116			1,625,285
Eregli Demir ve Celik Fabrikalari TAS		554,244			1,468,010
Petkim Petrokimya Holding AS		1,488,552			3,146,223
Tekfen Holding AS		348,022			1,502,667
Tupras Turkiye Petrol Rafinerileri AS		102,920			3,161,627
Turk Hava Yollari AO†		263,540			1,156,136
Turkcell Iletisim Hizmetleri AS		739,380			3,072,385
Turkiye Halk Bankasi AS		821,635			2,217,798
					17,350,131
United Kingdom — 0.2%
Evraz PLC		156,662			826,796
Vietnam — 0.4%
Hoa Phat Group JSC†		538,720			1,477,911
Total Common Stocks (cost $247,770,305)					366,475,435
REGISTERED INVESTMENT COMPANIES — 0.2%
JPMorgan Indian Investment Trust PLC (cost $652,818)		72,858			783,097
Total Long-Term Investment Securities (cost $248,423,123)					367,258,532
SHORT-TERM INVESTMENT SECURITIES — 1.2%
Euro Time Deposit with State Street Bank and Trust Co. 0.20% due 02/01/2018 (cost $4,559,000)	$	4,559,000			4,559,000
TOTAL INVESTMENTS (cost $252,982,123)(1)		99.5	%		371,817,532
Other assets less liabilities		0.5			1,859,590
NET ASSETS		100.0	%	$	373,677,122

# See Note 1

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $5,402,450 representing 1.4% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) See Note 3 for cost of investments on a tax basis.

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

NVDR — Non-Voting Depositary Receipt

177

SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Unadjusted Quoted Prices			Level 3 - Unadjusted Quoted Prices		Total
ASSETS:
Investments at Value:*
Common Stocks:
Malaysia	$	—	$	6,998,456	**	$	—	$	6,998,456
Russia		19,035,888		5,049,545			—		24,085,433
Other Countries		335,391,546		—			—		335,391,546
Registered Investment Companies		783,097		—			—		783,097
Short-Term Investment Securities		—		4,559,000			—		4,559,000
Total Investments at Value	$	355,210,531	$	16,607,001		$	—	$	371,817,532

*   For a detailed presentation of investments, please refer to the Portfolio of Investments.

**  Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board. (See Note 2).

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $91,229,414 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.

178

SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Medical-Drugs	7.9	%
Banks-Super Regional	7.6
Oil Companies-Exploration & Production	4.4
Investment Management/Advisor Services	4.3
Oil Companies-Integrated	4.1
Insurance-Multi-line	3.9
Diversified Manufacturing Operations	3.9
Diversified Banking Institutions	3.6
Electric-Integrated	2.7
Applications Software	2.6
Real Estate Investment Trusts	2.5
Insurance-Property/Casualty	2.5
Tobacco	2.4
Banks-Commercial	2.2
Finance-Other Services	2.2
Beverages-Non-alcoholic	2.2
Retail-Building Products	2.1
Computers	2.1
Semiconductor Components-Integrated Circuits	2.0
Chemicals-Diversified	2.0
Electronic Components-Semiconductors	2.0
Transport-Rail	1.9
Time Deposits	1.8
Food-Misc./Diversified	1.5
Aerospace/Defense	1.5
Telephone-Integrated	1.4
Retail-Drug Store	1.4
Non-Hazardous Waste Disposal	1.3
Cable/Satellite TV	1.2
Retail-Auto Parts	1.2
Retail-Restaurants	1.1
Medical Products	1.1
Insurance-Life/Health	1.0
Data Processing/Management	1.0
Industrial Gases	1.0
Tools-Hand Held	1.0
Instruments-Controls	1.0
Banks-Fiduciary	1.0
Diagnostic Equipment	1.0
Commercial Services-Finance	0.8
Finance-Credit Card	0.8
Brewery	0.7
Oil-Field Services	0.7
Medical-Biomedical/Gene	0.6
Oil Refining & Marketing	0.6
Insurance Brokers	0.6
Semiconductor Equipment	0.5
Computer Services	0.5
Gas-Distribution	0.5
Hotels/Motels	0.5
Coatings/Paint	0.4
Consumer Products-Misc.	0.3
Apparel Manufacturers	0.3
Multimedia	0.2
Chemicals-Specialty	0.2
	99.8	%

* Calculated as a percentage of net assets

# See Note 1

179

SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.0%
Aerospace/Defense — 1.5%
General Dynamics Corp.		79,720	$	17,736,106
Apparel Manufacturers — 0.3%
VF Corp.		43,798		3,553,770
Applications Software — 2.6%
Microsoft Corp.		330,644		31,414,486
Banks-Commercial — 2.2%
BB&T Corp.		264,713		14,609,511
Cullen/Frost Bankers, Inc.		65,747		6,996,138
M&T Bank Corp.		30,010		5,725,308
				27,330,957
Banks-Fiduciary — 1.0%
Northern Trust Corp.		112,301		11,835,402
Banks-Super Regional — 7.6%
Capital One Financial Corp.		125,116		13,007,059
PNC Financial Services Group, Inc.		216,153		34,156,497
US Bancorp		244,302		13,959,416
Wells Fargo & Co.		480,529		31,609,198
				92,732,170
Beverages-Non-alcoholic — 2.2%
Coca-Cola Co.		79,782		3,796,825
Dr Pepper Snapple Group, Inc.		101,562		12,121,425
PepsiCo, Inc.		87,475		10,523,243
				26,441,493
Brewery — 0.7%
Molson Coors Brewing Co., Class B		96,627		8,118,601
Cable/Satellite TV — 1.2%
Comcast Corp., Class A		355,066		15,100,957
Chemicals-Diversified — 2.0%
DowDuPont, Inc.		150,499		11,374,714
PPG Industries, Inc.		113,245		13,445,579
				24,820,293
Chemicals-Specialty — 0.2%
International Flavors & Fragrances, Inc.		15,174		2,280,652
Coatings/Paint — 0.4%
RPM International, Inc.		105,402		5,501,984
Commercial Services-Finance — 0.8%
Automatic Data Processing, Inc.		49,954		6,175,813
S&P Global, Inc.		17,902		3,242,052
				9,417,865
Computer Services — 0.5%
Accenture PLC, Class A		37,471		6,021,590
Computers — 2.1%
Apple, Inc.		151,477		25,361,794
Consumer Products-Misc. — 0.3%
Kimberly-Clark Corp.		31,841		3,725,397
Data Processing/Management — 1.0%
Fidelity National Information Services, Inc.		119,656		12,247,988
Diagnostic Equipment — 1.0%
Abbott Laboratories		186,720		11,606,515

Security Description	Shares		Value (Note 2)
Diversified Banking Institutions — 3.6%
Bank of America Corp.		1,349,860	$	43,195,520
Diversified Manufacturing Operations — 3.9%
3M Co.		36,959		9,258,230
Dover Corp.		173,883		18,468,113
Illinois Tool Works, Inc.		113,671		19,741,243
				47,467,586
Electric-Integrated — 2.7%
CMS Energy Corp.		185,114		8,283,852
DTE Energy Co.		16,635		1,757,321
Edison International		31,288		1,956,439
NextEra Energy, Inc.		66,120		10,474,730
Xcel Energy, Inc.		223,605		10,205,332
				32,677,674
Electronic Components-Semiconductors — 2.0%
Texas Instruments, Inc.		220,957		24,232,354
Finance-Credit Card — 0.8%
Discover Financial Services		117,601		9,384,560
Finance-Other Services — 2.2%
CME Group, Inc.		172,293		26,443,530
Food-Misc./Diversified — 1.5%
Kraft Heinz Co.		90,256		7,075,168
Mondelez International, Inc., Class A		244,368		10,849,939
				17,925,107
Gas-Distribution — 0.5%
NiSource, Inc.		234,321		5,783,042
Hotels/Motels — 0.5%
Wyndham Worldwide Corp.		44,902		5,573,685
Industrial Gases — 1.0%
Air Products & Chemicals, Inc.		72,695		12,239,657
Instruments-Controls — 1.0%
Honeywell International, Inc.		74,538		11,901,482
Insurance Brokers — 0.6%
Arthur J. Gallagher & Co.		106,775		7,294,868
Insurance-Life/Health — 1.0%
Prudential Financial, Inc.		107,638		12,789,547
Insurance-Multi-line — 3.9%
Chubb, Ltd.		77,313		12,072,425
Cincinnati Financial Corp.		63,943		4,917,217
Hartford Financial Services Group, Inc.		325,619		19,133,372
MetLife, Inc.		237,107		11,397,734
				47,520,748
Insurance-Property/Casualty — 2.5%
Progressive Corp.		112,712		6,097,719
Travelers Cos., Inc.		164,015		24,589,129
				30,686,848
Investment Management/Advisor Services — 4.3%
Ameriprise Financial, Inc.		35,950		6,064,765
BlackRock, Inc.		56,073		31,501,811
T. Rowe Price Group, Inc.		126,917		14,167,745
				51,734,321
Medical Products — 1.1%
Becton Dickinson and Co.		55,455		13,472,238

180

SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Biomedical/Gene — 0.6%
Gilead Sciences, Inc.		93,176	$	7,808,149
Medical-Drugs — 7.9%
AbbVie, Inc.		28,967		3,250,677
Bristol-Myers Squibb Co.		172,274		10,784,352
Eli Lilly & Co.		104,604		8,519,996
Johnson & Johnson		217,891		30,110,357
Merck & Co., Inc.		365,191		21,637,567
Pfizer, Inc.		590,206		21,861,230
				96,164,179
Multimedia — 0.2%
Time Warner, Inc.		27,972		2,667,130
Non-Hazardous Waste Disposal — 1.3%
Republic Services, Inc.		227,283		15,637,070
Oil Companies-Exploration & Production — 4.4%
ConocoPhillips		426,034		25,055,059
Occidental Petroleum Corp.		378,205		28,354,029
				53,409,088
Oil Companies-Integrated — 4.1%
Chevron Corp.		265,827		33,321,414
Exxon Mobil Corp.		187,999		16,412,313
				49,733,727
Oil Refining & Marketing — 0.6%
Valero Energy Corp.		80,959		7,769,635
Oil-Field Services — 0.7%
Schlumberger, Ltd.		110,081		8,099,760
Real Estate Investment Trusts — 2.5%
Alexandria Real Estate Equities, Inc.		27,003		3,502,289
AvalonBay Communities, Inc.		53,773		9,162,919
Boston Properties, Inc.		41,792		5,170,089
Simon Property Group, Inc.		79,676		13,016,668
				30,851,965
Retail-Auto Parts — 1.2%
Genuine Parts Co.		142,097		14,788,035
Retail-Building Products — 2.1%
Home Depot, Inc.		127,083		25,530,975
Retail-Drug Store — 1.4%
CVS Health Corp.		98,680		7,765,129
Walgreens Boots Alliance, Inc.		121,469		9,141,757
				16,906,886

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail-Restaurants — 1.1%
McDonald’s Corp.		45,853		$	7,847,283
Starbucks Corp.		99,805			5,669,922
					13,517,205
Semiconductor Components-Integrated Circuits — 2.0%
Analog Devices, Inc.		189,950			17,452,606
QUALCOMM, Inc.		108,480			7,403,760
					24,856,366
Semiconductor Equipment — 0.5%
KLA-Tencor Corp.		60,499			6,642,790
Telephone-Integrated — 1.4%
Verizon Communications, Inc.		322,529			17,439,143
Tobacco — 2.4%
Altria Group, Inc.		230,345			16,202,467
Philip Morris International, Inc.		115,932			12,431,389
					28,633,856
Tools-Hand Held — 1.0%
Snap-on, Inc.		13,943			2,388,575
Stanley Black & Decker, Inc.		58,203			9,675,085
					12,063,660
Transport-Rail — 1.9%
Norfolk Southern Corp.		64,517			9,734,325
Union Pacific Corp.		99,722			13,312,887
					23,047,212
Total Long-Term Investment Securities (cost $860,648,689)					1,191,137,618
SHORT-TERM INVESTMENT SECURITIES — 1.8%
Time Deposits — 1.8%
Euro Time Deposit with State Street Bank and Trust Co. 0.20% due 02/01/2018 (cost $21,680,000)	$	21,680,000			21,680,000
TOTAL INVESTMENTS (cost $882,328,689)(1)		99.8	%		1,212,817,618
Other assets less liabilities		0.2			2,062,482
NET ASSETS		100.0	%	$	1,214,880,100

# See Note 1

(1) See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	1,191,137,618	$	—	$	—	$	1,191,137,618
Short-Term Investment Securities		—		21,680,000		—		21,680,000
Total Investments at Value	$	1,191,137,618	$	21,680,000	$	—	$	1,212,817,618

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

181

SunAmerica Series Trust SA JPMorgan Global Equities Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Banks-Commercial	7.5	%
Medical-Drugs	3.6
Insurance-Multi-line	3.4
Medical-HMO	3.3
Diversified Banking Institutions	3.3
Medical-Biomedical/Gene	3.3
Computers	2.9
Oil Refining & Marketing	2.8
Oil Companies-Exploration & Production	2.7
Building-Residential/Commercial	2.6
Aerospace/Defense	2.2
Building & Construction-Misc.	2.1
Web Portals/ISP	2.1
Medical Products	1.8
Airlines	1.8
Applications Software	1.6
Oil Companies-Integrated	1.6
Human Resources	1.5
Cable/Satellite TV	1.5
Semiconductor Equipment	1.5
Internet Content-Entertainment	1.4
Building & Construction Products-Misc.	1.4
Retail-Discount	1.4
Commercial Services	1.4
E-Commerce/Products	1.4
Gold Mining	1.3
Banks-Super Regional	1.3
Auto/Truck Parts & Equipment-Original	1.2
Chemicals-Diversified	1.2
Insurance-Life/Health	1.1
Repurchase Agreements	1.0
Electric-Generation	0.9
Computer Services	0.9
Commercial Services-Finance	0.9
Hotels/Motels	0.9
Retail-Consumer Electronics	0.8
Aerospace/Defense-Equipment	0.8
Rubber-Tires	0.8
Computer Aided Design	0.8
Retail-Drug Store	0.8
Private Equity	0.8
Software Tools	0.8
Finance-Other Services	0.8
Food-Misc./Diversified	0.7
Finance-Credit Card	0.7
Telecom Services	0.7
Computer Software	0.7
Lighting Products & Systems	0.7
Tobacco	0.7
Metal-Diversified	0.7
Appliances	0.7
Electric-Integrated	0.7
Computers-Memory Devices	0.7
Cellular Telecom	0.6
Television	0.6
Pharmacy Services	0.6
Import/Export	0.6
Brewery	0.6
Food-Meat Products	0.6
Electronic Components-Misc.	0.5
Multimedia	0.5

Metal-Aluminum	0.5	%
Entertainment Software	0.5
Building Products-Doors & Windows	0.4
Real Estate Operations & Development	0.4
Telephone-Integrated	0.4
Banks-Fiduciary	0.4
Finance-Leasing Companies	0.4
Rental Auto/Equipment	0.4
Enterprise Software/Service	0.4
Cosmetics & Toiletries	0.4
Consulting Services	0.4
Real Estate Management/Services	0.4
Web Hosting/Design	0.4
Office Automation & Equipment	0.4
Machinery-Electrical	0.4
Paper & Related Products	0.3
Diversified Minerals	0.3
Electronic Forms	0.3
Security Services	0.3
Steel-Specialty	0.3
Multilevel Direct Selling	0.3
Medical Instruments	0.3
Transport-Marine	0.2
Steel-Producers	0.2
Investment Management/Advisor Services	0.2
Food-Confectionery	0.2
Engineering/R&D Services	0.2
Retail-Pubs	0.2
Retail-Jewelry	0.1
Finance-Investment Banker/Broker	0.1
Beverages-Non-alcoholic	0.1
Food-Dairy Products	0.1
Metal Processors & Fabrication	0.1
Petrochemicals	0.1
Motorcycle/Motor Scooter	0.1
Building-Heavy Construction	0.1
Retail-Apparel/Shoe	0.1
Food-Wholesale/Distribution	0.1
Medical-Generic Drugs	0.1
Auction Houses/Art Dealers	0.1
Transactional Software	0.1
Machinery-Print Trade	0.1
Real Estate Investment Trusts	0.1
Toys	0.1
Containers-Metal/Glass	0.1
	100.0	%

* Calculated as a percentage of net assets

# See Note 1

182

SunAmerica Series Trust SA JPMorgan Global Equities Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited) — (continued)

Country Allocation*

United States	59.6	%
Japan	8.1
United Kingdom	4.4
Canada	3.8
Australia	3.8
Netherlands	3.4
Switzerland	3.3
Germany	2.7
Denmark	2.0
Singapore	1.4
Sweden	1.3
Cayman Islands	1.0
Norway	0.9
Belgium	0.9
Finland	0.6
British Virgin Islands	0.5
Italy	0.4
Panama	0.4
Ireland	0.4
France	0.3
Hong Kong	0.3
Luxembourg	0.2
Spain	0.2
Bermuda	0.1
	100.0	%

* Calculated as a percentage of net assets

# See Note 1

183

SunAmerica Series Trust SA JPMorgan Global Equities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.0%
Australia — 3.8%
BHP Billiton, Ltd.		78,060	$	1,899,602
CIMIC Group, Ltd.		13,723		521,274
CSR, Ltd.		673,344		2,734,606
Macquarie Group, Ltd.		7,306		607,144
Metcash, Ltd.		227,384		586,323
Northern Star Resources, Ltd.		120,518		562,287
Qantas Airways, Ltd.		1,006,805		4,275,463
Regis Resources, Ltd.		1,104,056		3,665,350
South32, Ltd.		1,116,283		3,436,092
St. Barbara, Ltd.		1,210,294		3,686,463
				21,974,604
Belgium — 0.9%
KBC Group NV		51,456		4,944,713
Bermuda — 0.1%
Luk Fook Holdings International, Ltd.		224,000		801,774
British Virgin Islands — 0.5%
Nomad Foods, Ltd.†		183,845		3,132,719
Canada — 3.8%
Bank of Nova Scotia		31,404		2,086,451
Canadian Imperial Bank of Commerce		50,514		5,004,582
Cogeco Communications, Inc.		26,042		1,613,334
Constellation Software, Inc.		3,632		2,347,837
Maple Leaf Foods, Inc.		19,093		540,968
Rogers Communications, Inc., Class B		73,108		3,568,027
Royal Bank of Canada		72,972		6,248,302
Toronto-Dominion Bank		12,411		754,952
				22,164,453
Cayman Islands — 1.0%
CK Asset Holdings, Ltd.		74,500		710,939
WH Group, Ltd.*		2,086,000		2,583,950
Xinyi Glass Holdings, Ltd.		1,658,000		2,522,189
				5,817,078
Denmark — 2.0%
Danske Bank A/S		107,097		4,350,341
Dfds A/S		23,528		1,411,405
Novo Nordisk A/S, Class B		60,306		3,354,078
Royal Unibrew A/S		9,654		586,536
Topdanmark A/S†		39,038		1,866,426
				11,568,786
Finland — 0.6%
Outokumpu Oyj		188,706		1,616,586
UPM-Kymmene Oyj		62,772		2,115,144
				3,731,730
France — 0.3%
Eurazeo SA		5,506		579,349
Rothschild & Co.		19,045		787,389
Vinci SA		5,547		599,158
				1,965,896
Germany — 2.7%
Allianz SE		23,211		5,864,384
Aurubis AG		6,030		632,912
Covestro AG*		47,311		5,438,053
Deutsche Lufthansa AG		19,414		692,733
Uniper SE		96,336		2,874,131
				15,502,213

Security Description	Shares		Value (Note 2)
Hong Kong — 0.3%
Hang Seng Bank, Ltd.		75,500	$	1,797,102
Ireland — 0.4%
Medtronic PLC		17,424		1,496,547
Perrigo Co. PLC		6,400		579,968
				2,076,515
Italy — 0.4%
ERG SpA		119,762		2,478,670
Japan — 8.1%
Bandai Namco Holdings, Inc.		15,700		511,972
Bridgestone Corp.		53,800		2,614,847
Haseko Corp.		40,500		632,152
ITOCHU Corp.		31,200		611,311
K’s Holdings Corp.†		83,100		2,317,848
Kajima Corp.		242,000		2,391,848
Kansai Electric Power Co., Inc.		144,800		1,795,244
KDDI Corp.		18,000		453,916
Kinden Corp.		30,600		509,860
Kirin Holdings Co., Ltd.		106,800		2,661,929
Mitsubishi Chemical Holdings Corp.		71,400		774,694
Mitsubishi Corp.		76,100		2,126,088
Mitsubishi UFJ Financial Group, Inc.		252,500		1,898,434
Mitsui Chemicals, Inc.		19,400		608,638
Morinaga Milk Industry Co., Ltd.		14,100		663,864
Nichias Corp.		95,000		1,288,770
Nippon Telegraph & Telephone Corp.		41,100		1,954,292
Nomura Real Estate Holdings, Inc.		24,400		583,794
Obayashi Corp.		190,900		2,294,227
Open House Co., Ltd.		37,900		2,225,327
ORIX Corp.		128,000		2,386,003
Penta-Ocean Construction Co., Ltd.		298,300		2,292,513
Shimizu Corp.		194,000		1,984,959
Showa Shell Sekiyu KK		37,500		531,396
Sumitomo Corp.		37,300		641,996
Sumitomo Mitsui Financial Group, Inc.		28,000		1,251,113
Sumitomo Rubber Industries, Ltd.		110,900		2,150,548
Taisei Corp.		53,100		2,699,505
Takasago Thermal Engineering Co., Ltd.		34,100		643,455
Tokyo Electron, Ltd.		14,500		2,717,505
Tosoh Corp.		24,000		549,602
Yamaha Motor Co., Ltd.		18,200		603,499
				47,371,149
Luxembourg — 0.2%
ADO Properties SA*		10,822		583,125
ArcelorMittal†		17,575		637,696
				1,220,821
Netherlands — 3.4%
ABN AMRO Group NV CVA*		47,591		1,612,473
ASR Nederland NV		116,990		5,112,761
Euronext NV*		67,157		4,552,480
ING Groep NV		210,401		4,135,165
Philips Lighting NV*		110,571		4,351,757
				19,764,636
Norway — 0.9%
SpareBank 1 SMN		81,281		921,527
Telenor ASA		186,325		4,362,706
				5,284,233

184

SunAmerica Series Trust SA JPMorgan Global Equities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Panama — 0.4%
Copa Holdings SA, Class A		15,581	$	2,155,320
Singapore — 1.4%
Oversea-Chinese Banking Corp., Ltd.		498,500		4,913,558
Venture Corp., Ltd.		175,600		3,086,854
				8,000,412
Spain — 0.2%
Amadeus IT Group SA		7,359		570,852
International Consolidated Airlines Group SA		66,897		607,970
				1,178,822
Sweden — 1.3%
Electrolux AB, Series B		112,765		3,981,170
Hemfosa Fastigheter AB		43,802		601,451
Loomis AB, Series B		42,234		1,688,310
Swedish Match AB		30,851		1,249,716
				7,520,647
Switzerland — 3.3%
ABB, Ltd.		69,028		1,924,552
Adecco Group AG		50,661		4,169,361
Baloise Holding AG		25,404		4,156,894
Bobst Group SA		4,253		557,471
GAM Holding AG		33,413		627,515
Georg Fischer AG		395		572,076
Novartis AG		78,682		7,117,942
				19,125,811
United Kingdom — 4.4%
3i Group PLC		313,975		4,152,156
Barratt Developments PLC		220,636		1,833,255
Bellway PLC		11,300		532,831
Berkeley Group Holdings PLC		42,229		2,377,967
JD Wetherspoon PLC		62,392		1,115,313
Legal & General Group PLC		1,174,192		4,511,378
Next PLC		8,147		589,018
Persimmon PLC		122,434		4,349,423
Redrow PLC†		128,338		1,091,502
Rio Tinto PLC		11,171		622,074
Savills PLC		160,138		2,328,288
Taylor Wimpey PLC		876,950		2,373,231
				25,876,436
United States — 58.6%
AbbVie, Inc.		67,322		7,554,875
Adobe Systems, Inc.†		8,685		1,734,916
AES Corp.		188,828		2,182,852
Aetna, Inc.		14,002		2,615,854
Alcoa Corp.†		52,116		2,711,074
Allison Transmission Holdings, Inc.		97,789		4,326,185
Allstate Corp.		5,669		559,927
Alphabet, Inc., Class C†		10,294		12,043,362
Altria Group, Inc.		43,386		3,051,771
Amazon.com, Inc.†		5,536		8,032,127
AMC Networks, Inc., Class A†		67,739		3,494,655
Ameriprise Financial, Inc.		3,399		573,411
Amgen, Inc.		32,303		6,009,973
Andeavor		17,335		1,874,954
Anthem, Inc.		22,105		5,478,724
Apple, Inc.		86,859		14,542,802
Applied Materials, Inc.		52,986		2,841,639

Security Description	Shares		Value (Note 2)
United States (continued)
Bank of America Corp.		217,598	$	6,963,136
Baxter International, Inc.		71,070		5,119,172
Best Buy Co., Inc.		35,155		2,568,424
Big Lots, Inc.		20,589		1,251,399
Biogen, Inc.†		8,822		3,068,380
Boeing Co.		22,630		8,019,393
CACI International, Inc., Class A†		15,760		2,215,068
Cadence Design Systems, Inc.†		105,938		4,752,379
Celgene Corp.†		24,871		2,515,950
Charter Communications, Inc., Class A†		1,617		610,013
Chevron Corp.		57,858		7,252,500
Cigna Corp.		10,672		2,223,511
CIT Group, Inc.		29,348		1,487,650
Citigroup, Inc.		75,860		5,953,493
Citrix Systems, Inc.†		46,919		4,352,206
Comcast Corp., Class A		154,566		6,573,692
Comerica, Inc.		28,949		2,756,524
Conagra Brands, Inc.		38,205		1,451,790
ConocoPhillips		94,695		5,569,013
Cooper Cos., Inc.		2,449		599,197
CoreLogic, Inc.†		82,656		3,914,588
CVS Health Corp.		6,389		502,750
Devon Energy Corp.		78,316		3,239,933
Diamondback Energy, Inc.†		20,433		2,564,342
DXC Technology Co.		14,136		1,407,239
Electronic Arts, Inc.†		21,136		2,683,427
EOG Resources, Inc.		35,740		4,110,100
Express Scripts Holding Co.†		43,595		3,451,852
Exxon Mobil Corp.		24,535		2,141,906
Facebook, Inc., Class A†		44,705		8,354,918
Fifth Third Bancorp		26,796		886,948
Gilead Sciences, Inc.		67,978		5,696,556
Harris Corp.		30,533		4,866,350
Hartford Financial Services Group, Inc.		10,240		601,702
Hilton Worldwide Holdings, Inc.		53,479		4,580,476
HollyFrontier Corp.		67,000		3,213,320
HP, Inc.		97,056		2,263,346
Humana, Inc.		17,135		4,829,157
International Business Machines Corp.		10,378		1,698,879
J.M. Smucker Co.		9,118		1,156,983
Johnson & Johnson		7,892		1,090,596
KAR Auction Services, Inc.		10,598		578,015
Lam Research Corp.		14,272		2,733,373
Lear Corp.		11,873		2,293,151
Lincoln National Corp.		24,453		2,024,708
ManpowerGroup, Inc.		36,404		4,783,122
Marathon Petroleum Corp.		71,116		4,926,205
MetLife, Inc.		36,689		1,763,640
Microsoft Corp.		99,794		9,481,428
Morgan Stanley		52,815		2,986,688
NetApp, Inc.		36,778		2,261,847
Nu Skin Enterprises, Inc., Class A		21,705		1,559,287
Owens Corning		45,911		4,268,346
PepsiCo, Inc.		6,247		751,514
Pfizer, Inc.		47,348		1,753,770
Phillips 66		5,727		586,445
PNC Financial Services Group, Inc.		23,069		3,645,363
Procter & Gamble Co.		27,067		2,336,965
Prologis, Inc.		8,240		536,506
Regions Financial Corp.		47,630		915,925
S&P Global, Inc.		16,405		2,970,946
ServiceMaster Global Holdings, Inc.†		80,235		4,229,989
Silgan Holdings, Inc.		15,833		473,248

185

SunAmerica Series Trust SA JPMorgan Global Equities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Southwest Airlines Co.		35,107	$	2,134,506
Spirit AeroSystems Holdings, Inc., Class A		45,206		4,627,286
State Street Corp.		21,796		2,401,265
Steel Dynamics, Inc.		15,049		683,225
Synovus Financial Corp.		52,971		2,669,209
Time Warner, Inc.		30,763		2,933,252
Toll Brothers, Inc.		44,880		2,090,510
United Rentals, Inc.†		13,028		2,359,501
United Therapeutics Corp.†		18,128		2,338,512
Valero Energy Corp.		57,712		5,538,621
Varian Medical Systems, Inc.†		37,966		4,840,665
VeriSign, Inc.†		18,196		2,091,084
Visa, Inc., Class A		35,118		4,362,709
VMware, Inc., Class A†		37,093		4,591,743
Walgreens Boots Alliance, Inc.		56,430		4,246,922
Walmart, Inc.		65,291		6,960,021
WellCare Health Plans, Inc.†		21,516		4,526,536
Western Digital Corp.		18,401		1,637,321
Western Union Co.		108,745		2,260,809
Wyndham Worldwide Corp.		4,847		601,658
Xerox Corp.		61,046		2,083,500
				342,026,695
Total Long-Term Investment Securities (cost $451,354,626)				577,481,235

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 1.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20%, dated 01/31/2018, to be repurchased 02/01/2018 in the amount of $5,957,033 collateralized by $6,210,000 of United States Treasury Notes, bearing interest at 1.88% due 09/30/2022 and having an approximate value of $6,080,882 (cost $5,957,000)	$	5,957,000		$	5,957,000
TOTAL INVESTMENTS — (cost $457,311,626)(1)		100.0	%		583,438,235
Liabilities in excess of other assets		0.0			(88,271	)
NET ASSETS —		100.0	%	$	583,349,964

# See Note 1

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $19,121,838 representing 3.3% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) See Note 3 for cost of investments on a tax basis.

CVA — Certification Van Aandelen (Dutch Cert.)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3-Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	577,481,235	$	—	$	—	$	577,481,235
Repurchase Agreements		—		5,957,000		—		5,957,000
Total Investments at Value	$	577,481,235	$	5,957,000	$	—	$	583,438,235

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.

See Notes to Financial Statements

186

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Diversified Financial Services	15.5	%
United States Treasury Notes	13.3
Federal National Mtg. Assoc.	12.7
United States Treasury Bonds	11.1
Diversified Banking Institutions	5.6
Federal Home Loan Mtg. Corp.	5.4
Government National Mtg. Assoc.	4.0
Electric-Integrated	2.2
Registered Investment Companies	2.0
Banks-Commercial	2.0
Telephone-Integrated	1.3
Pipelines	1.1
Cable/Satellite TV	1.1
Real Estate Investment Trusts	1.0
Banks-Super Regional	0.8
Finance-Investment Banker/Broker	0.8
U.S. Government Agencies	0.8
Auto-Cars/Light Trucks	0.8
Tobacco	0.8
Oil Companies-Integrated	0.7
Municipal Bonds & Notes	0.6
Computers	0.6
Applications Software	0.6
Brewery	0.6
Small Business Administration	0.5
Banks-Fiduciary	0.5
Gas-Distribution	0.5
Sovereign	0.5
Medical-Drugs	0.4
Containers-Paper/Plastic	0.4
Diagnostic Equipment	0.4
Insurance-Property/Casualty	0.4
Medical-Hospitals	0.4
Oil Companies-Exploration & Production	0.4
Soap & Cleaning Preparation	0.4
Electric-Distribution	0.3
Insurance-Life/Health	0.3
Medical-Biomedical/Gene	0.3
Building Products-Cement	0.3
Multimedia	0.3
Medical-HMO	0.3
Cellular Telecom	0.3
Oil Refining & Marketing	0.3
Finance-Other Services	0.3
Food-Misc./Diversified	0.3
Metal-Diversified	0.3
Retail-Drug Store	0.3
Transport-Rail	0.3
Rental Auto/Equipment	0.2
Metal-Copper	0.2
Insurance-Multi-line	0.2
Medical Products	0.2
Aerospace/Defense-Equipment	0.2
E-Commerce/Services	0.2
Enterprise Software/Service	0.2
Retail-Consumer Electronics	0.2
Data Processing/Management	0.2
Medical Labs & Testing Services	0.2
Resolution Funding Corp	0.2
Diversified Manufacturing Operations	0.2
Agricultural Chemicals	0.2

Finance-Leasing Companies	0.2
Airlines	0.1
Television	0.1
Food-Confectionery	0.1
Medical Instruments	0.1
Resorts/Theme Parks	0.1
Steel-Producers	0.1
Gold Mining	0.1
Building Products-Wood	0.1
E-Commerce/Products	0.1
Building Products-Air & Heating	0.1
Radio	0.1
Building & Construction Products-Misc.	0.1
Aerospace/Defense	0.1
Medical-Generic Drugs	0.1
Racetracks	0.1
Insurance-Mutual	0.1
Electronic Components-Semiconductors	0.1
Oil-Field Services	0.1
Electric-Transmission	0.1
Finance-Credit Card	0.1
Food-Retail	0.1
Investment Management/Advisor Services	0.1
Machinery-Construction & Mining	0.1
Retail-Discount	0.1
Retail-Building Products	0.1
Real Estate Operations & Development	0.1
Metal-Iron	0.1
	99.6	%

Credit Quality†#
Aaa	52.5	%
Aa	3.1
A	13.3
Baa	16.5
Ba	2.2
B	0.5
Not Rated@	11.9
	100.0	%

* Calculated as a percentage of net assets.

† Source: Moody’s

# Calculated as percentage of total debt issues, excluding short-term securities.

@ Represent debt issues that either have no rating, or the rating is unavailable from the data source.

187

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 15.3%
Diversified Financial Services — 15.3%
Academic Loan Funding Trust FRS Series 2013-1A, Class A 2.35% (1 ML+0.80%) due 12/26/2044*	$	287,951	$	286,561
Access Point Funding Trust 6.25% due 02/16/2021*(1)		291,564		291,273
ALM V, Ltd. FRS Series 2012-5A, Class A2R3 2.60% (3 ML+1.25%) due 10/18/2027*(1)(3)		1,580,000		1,579,193
ALM V, Ltd. FRS Series 2012-5A, Class BR3 3.38% (3 ML+1.65%) due 10/18/2027*(1)(3)		670,000		673,367
American Credit Acceptance Receivables Trust Series 2016-3, Class A 1.70% due 11/12/2020*		44,164		44,141
American Credit Acceptance Receivables Trust Series 2016-4, Class C 2.91% due 02/13/2023*		397,000		395,915
American Credit Acceptance Receivables Trust Series 2015-2, Class C 4.32% due 05/12/2021*		245,000		247,597
American Homes 4 Rent Trust Series 2015-SFR1, Class A 3.47% due 04/17/2052*		949,515		958,059
American Homes 4 Rent Trust Series 2014-SFR3, Class A 3.68% due 12/17/2036*		1,416,805		1,446,815
American Homes 4 Rent Trust Series 2014-SFR2, Class A 3.79% due 10/17/2036*		944,579		970,178
American Homes 4 Rent Trust Series 2014-SFR3, Class C 4.60% due 12/17/2036*		150,000		156,557
American Homes 4 Rent Trust Series 2015-SFR1, Class E 5.64% due 04/17/2052*		370,000		398,797
American Homes 4 Rent Trust Series 2015-SFR2, Class E 6.07% due 10/17/2045*		500,000		554,767
American Homes 4 Rent Trust Series 2014-SFR2, Class E 6.23% due 10/17/2036*		150,000		166,212
American Homes 4 Rent Trust Series 2014-SFR3, Class E 6.42% due 12/17/2036*		275,000		308,318
American Tower Trust I Series 13, Class 2A 3.07% due 03/15/2048*		750,000		746,530
AmeriCredit Automobile Receivables Trust Series 2017-1, Class B 2.30% due 02/18/2022		305,000		303,058
AmeriCredit Automobile Receivables Trust Series 2017-1, Class C 2.71% due 08/18/2022		163,000		161,797

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
AmeriCredit Automobile Receivables Trust Series 2017-1, Class D 3.13% due 01/18/2023	$	366,000	$	364,763
Ameriquest Mtg. Securities, Inc. FRS Series 2005-R11, Class M1 2.00% (1 ML+0.45%) due 01/25/2036		1,200,000		1,197,098
Anchor Assets LLC Series 2016-1, Class A 5.13% due 02/15/2020*(1)		2,250,000		2,250,000
Angel Oak Mtg. Trust LLC Series 2015-1, Class A 4.50% due 11/25/2045*(4)		56,298		55,983
ARI Fleet Lease Trust Series 2016-A, Class A2 1.82% due 07/15/2024*		542,530		542,120
Atrium XII FRS Series 12A, Class BR 3.09% (3 ML+1.35%) due 04/22/2027*(3)		2,950,000		2,947,339
Axis Equipment Finance Receivables III LLC Series 2015-1A, Class A2 1.90% due 03/20/2020*		68,274		68,202
B2R Mtg. Trust Series 2015-1, Class A1 2.52% due 05/15/2048*		492,326		488,063
B2R Mtg. Trust Series 2015-2, Class A 3.34% due 11/15/2048*		909,923		912,836
Babson CLO, Ltd. FRS Series 2013-IA, Class BR 2.99% (3ML+1.25%) due 01/20/2028*(3)		4,300,018		4,295,580
Babson CLO, Ltd. FRS Series 2014-IIA, Class CR 3.93% (3 ML+2.20%) due 10/17/2026*(3)		1,410,000		1,409,928
Babson CLO, Ltd. FRS Series 2013-IIA, Class BR 3.98% (3 ML+2.25%) due 01/18/2025*(3)		1,238,144		1,237,127
Ballyrock CLO LLC FRS Series 2013-1A, Class A 2.50% (3 ML+1.18%) due 05/20/2025*(1)(3)		775,414		775,210
Banc of America Merrill Lynch Large Loan, Inc. VRS Series 2015-FFR11, Class A705 1.82% due 09/27/2044*(2)(5)		1,097,000		1,080,289
BCC Funding X LLC Series 2015-1, Class A2 2.22% due 10/20/2020*		131,035		130,835
BCC Funding XIII LLC Series 2016-1, Class A2 2.20% due 12/20/2021*		441,030		439,416
Bear Stearns ARM Trust VRS Series 2003-5, Class 2A1 3.41% due 08/25/2033(2)(4)		258,379		258,139
Blackstone Mtg. Trust, Inc. FRS Series 2017-FL1, Class D 4.26% (1ML+2.70%) due 06/15/2035*(5)		730,000		734,264

188

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Cabela’s Master Credit Card Trust Series 2015-2, Class A1 2.25% due 07/17/2023	$	278,000	$	275,752
CAM Mtg. Trust Series 2017-1, Class A1 3.22% due 08/01/2057*		347,104		346,106
Camillo Issuer LLC Series 2016-SFR, Class 1A1 5.00% due 12/05/2023*(1)(5)		1,436,616		1,433,474
CarFinance Capital Auto Trust Series 2015-1A, Class A 1.75% due 06/15/2021*		97,810		97,665
Carnow Auto Receivables Trust Series 2017-1A, Class A 2.92% due 09/15/2022*		521,003		519,733
Carnow Auto Receivables Trust Series 2016-1A, Class B 3.49% due 02/15/2021*		620,000		620,772
Cavalry CLO IV, Ltd. FRS Series 2014-4A, Class B1R 3.07% (3 ML+1.35%) due 10/15/2026*(1)(3)		1,460,000		1,459,515
Cavalry CLO IV, Ltd. FRS Series 2014-4A, Class C1R 3.62% (3 ML+1.90%) due 10/15/2026*(1)(3)		1,470,000		1,477,225
Cavalry CLO IV, Ltd. FRS Series 2014-4A, Class C2R 3.62% (3 ML+1.90%) due 10/15/2026*(1)(3)		1,060,000		1,065,247
CD Commercial Mtg. Trust VRS Series 2017-CD4, Class A4 3.51% due 05/10/2050(2)(5)		3,845,951		3,890,670
Cent CLO LP FRS Series 2014-16A, Class A1AR 2.63% (3 ML+1.25%) due 08/01/2024*(3)		2,373,847		2,372,751
Cent CLO LP FRS Series 2014-21A, Class A2AR 3.07% (3 ML+1.70%) due 07/27/2026*(3)		2,291,588		2,291,590
Chesapeake Funding II LLC Series 2016-1A, Class A1 2.11% due 03/15/2028*		1,880,373		1,880,346
Chesapeake Funding II LLC Series 2017-4A, Class A1 2.12% due 11/15/2029*(1)		2,650,000		2,633,181
Citi Held For Asset Issuance Series 2016-MF1, Class A 4.48% due 08/15/2022*		120,295		120,828
Citi Held For Asset Issuance Series 2016-PM1, Class A 4.65% due 04/15/2025*		39,603		39,677
Citi Held For Asset Issuance Series 2016-MF1, Class B 6.64% due 08/15/2022*		1,000,000		1,022,270
Citigroup Commercial Mtg. Trust Series 2015-GC27, Class A5 3.14% due 02/10/2048(5)		5,325,000		5,291,940
Citigroup Commercial Mtg. Trust Series 2017-C4, Class A4 3.47% due 10/12/2050(5)		1,759,488		1,771,252

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
CLUB Credit Trust Series 2017-NP1, Class A 2.39% due 04/17/2023*	$	103,958	$	103,989
CLUB Credit Trust Series 2017-P2, Class A 2.61% due 01/15/2024*		1,158,513		1,157,956
Colony American Finance, Ltd. Series 2016-2, Class A 2.55% due 11/15/2048*		475,188		466,174
Colony American Homes, Inc. FRS Series 2014-2A, Class A 2.51% (1 ML+0.95%) due 07/17/2031*		990,855		992,496
COMM Mtg. Trust FRS Series 2014-TWC, Class A 2.41% (1 ML+0.85%) due 02/13/2032*(5)		1,000,000		1,000,941
COMM Mtg. Trust Series 2016-COR1, Class A4 3.09% due 10/10/2049(5)		4,214,857		4,109,839
COMM Mtg. Trust Series 2015-LC19, Class A4 3.18% due 02/10/2048(5)		5,000,000		4,976,350
COMM Mtg. Trust Series 2015-CR22, Class A5 3.31% due 03/10/2048(5)		2,030,000		2,030,820
COMM Mtg. Trust Series 2015-DC1, Class A5 3.35% due 02/10/2048(5)		5,000,000		5,003,081
COMM Mtg. Trust Series 2017-COR2, Class A3 3.51% due 09/10/2050(5)		5,110,000		5,142,199
COMM Mtg. Trust Series 2014-UBS4, Class A5 3.69% due 08/10/2047(5)		5,331,000		5,480,582
COMM Mtg. Trust Series 2015-CR24, Class A6 3.70% due 08/10/2048(5)		770,833		794,708
COMM Mtg. Trust Series 2015-LC21, Class A4 3.71% due 07/10/2048(5)		2,496,639		2,562,145
COMM Mtg. Trust Series 2015-CR25, Class A4 3.76% due 08/10/2048(5)		625,000		644,065
COMM Mtg. Trust Series 2014-CR19, Class A5 3.80% due 08/10/2047(5)		5,000,000		5,173,989
COMM Mtg. Trust Series 2015-PC1, Class A5 3.90% due 07/10/2050(5)		1,137,175		1,177,372
Consumer Loan Underlying Bond Credit Trust Series 2017-NP2, Class A 2.55% due 01/16/2024*		1,351,823		1,351,027
Continental Credit Card LLC Series 2016-1A, Class A 4.56% due 01/15/2023*		368,351		368,249
CPS Auto Receivables Trust Series 2015-A, Class A 1.53% due 07/15/2019*		18,259		18,255
CPS Auto Receivables Trust Series 2015-B, Class A 1.65% due 11/15/2019*		148,275		148,187

189

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
CPS Auto Receivables Trust Series 2016-B, Class A 2.07% due 11/15/2019*	$	35,974	$	35,975
CPS Auto Receivables Trust Series 2014-B, Class B 2.32% due 05/15/2020*		314,299		314,401
CPS Auto Receivables Trust Series 2017-C, Class C 2.86% due 06/15/2023*		959,000		953,846
CPS Auto Receivables Trust Series 2016-C, Class C 3.27% due 06/15/2022*		210,000		211,055
CPS Auto Receivables Trust Series 2016-A, Class B 3.34% due 05/15/2020*		844,939		849,338
CPS Auto Receivables Trust Series 2014-C, Class C 3.77% due 08/17/2020*		720,000		729,810
CPS Auto Receivables Trust Series 2017-C, Class D 3.79% due 06/15/2023*		495,000		495,820
CPS Auto Receivables Trust Series 2015-A, Class C 4.00% due 02/16/2021*		223,000		226,442
CPS Auto Receivables Trust Series 2015-B, Class C 4.20% due 05/17/2021*		425,000		430,881
CPS Auto Receivables Trust Series 2015-C, Class D 4.63% due 08/16/2021*		516,000		526,800
Credit Acceptance Auto Loan Trust Series 2015-2A, Class A 2.40% due 02/15/2023*		379,472		379,843
Credit Acceptance Auto Loan Trust Series 2017-1A, Class A 2.56% due 10/15/2025*		465,000		462,737
Credit Acceptance Auto Loan Trust Series 2017-2A, Class B 3.02% due 04/15/2026*		1,575,000		1,547,916
Credit Acceptance Auto Loan Trust Series 2017-1A, Class B 3.04% due 12/15/2025*		250,000		248,696
Credit Acceptance Auto Loan Trust Series 2017-2A, Class C 3.35% due 06/15/2026*		250,000		245,240
Credit Acceptance Auto Loan Trust Series 2017-1A, Class C 3.48% due 02/17/2026*		250,000		248,919
Credit Suisse First Boston Mtg. Securities Corp. VRS Series 2004-AR2, Class 2A1 3.54% due 03/25/2034(2)(4)		951,801		971,911
Cutwater, Ltd. FRS Series 2014-1A, Class BR 4.12% (3 ML+2.40%) due 07/15/2026*(3)		1,155,000		1,154,374
DBWF Mtg. Trust Series 2015-LCM, Class A1 3.00% due 06/10/2034*(5)		1,197,990		1,175,969
DBWF Mtg. Trust VRS Series 2015-LCM, Class A1 3.42% due 06/10/2034*(2)(5)		1,000,000		965,263

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Diamond Resorts Owner Trust Series 2017-1A, Class A 3.27% due 10/22/2029*	$	869,807	$	855,836
Drive Auto Receivables Trust Series 2017-3, Class B 2.30% due 05/17/2021		3,963,000		3,952,153
Drive Auto Receivables Trust Series 2017-AA, Class B 2.51% due 01/15/2021*		229,000		229,410
Drive Auto Receivables Trust Series 2016-BA, Class B 2.56% due 06/15/2020*		106,202		106,269
Drive Auto Receivables Trust Series 2017-2, Class C 2.75% due 09/15/2023		1,318,000		1,314,072
Drive Auto Receivables Trust Series 2017-1, Class C 2.84% due 04/15/2022		2,523,000		2,525,577
Drive Auto Receivables Trust Series 2017-AA, Class C 2.98% due 01/18/2022*		364,000		365,325
Drive Auto Receivables Trust Series 2017-3, Class D 3.53% due 12/15/2023*		2,800,000		2,786,977
Drive Auto Receivables Trust Series 2015-BA, Class D 3.84% due 07/15/2021*		801,000		811,622
Drive Auto Receivables Trust Series 2017-1, Class D 3.84% due 03/15/2023		940,000		953,688
Drive Auto Receivables Trust Series 2016-AA, Class C 3.91% due 05/17/2021*		759,790		766,464
Drive Auto Receivables Trust Series 2015-AA, Class D 4.12% due 07/15/2022*		736,000		745,346
Drive Auto Receivables Trust Series 2017-AA, Class D 4.16% due 05/15/2024*		486,000		497,890
Drive Auto Receivables Trust Series 2016-CA, Class D 4.18% due 03/15/2024*		769,000		785,538
Drive Auto Receivables Trust Series 2015-CA, Class D 4.20% due 09/15/2021*		264,706		269,519
Drive Auto Receivables Trust Series 2015-DA, Class D 4.59% due 01/17/2023*		440,000		451,473
DSLA Mtg. Loan Trust FRS Series 2004-AR3, Class 2A2A 2.24% (1 ML+0.37%) due 07/19/2044(4)		1,289,959		1,285,186
DT Auto Owner Trust Series 2016-4A, Class B 2.02% due 08/17/2020*		250,000		249,924
DT Auto Owner Trust Series 2016-3A, Class B 2.65% due 07/15/2020*		150,484		150,587
DT Auto Owner Trust Series 2017-2A, Class C 3.03% due 01/17/2023*		709,000		709,965
DT Auto Owner Trust Series 2017-1A, Class D 3.55% due 11/15/2022*		442,000		442,163

190

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
DT Auto Owner Trust Series 2017-3A, Class D 3.58% due 05/15/2023*	$	376,000	$	375,497
DT Auto Owner Trust Series 2016-4A, Class D 3.77% due 10/17/2022*		433,000		430,867
DT Auto Owner Trust Series 2015-2A, Class D 4.25% due 02/15/2022*		301,000		304,412
DT Auto Owner Trust 5.84% due 12/16/2022(1)(14)		800,000		799,760
Eaton Vance Corp. CLO FRS Series 2014-1A, Class CR 3.97% (3 ML+2.25%) due 07/15/2026*(3)		1,644,704		1,643,617
Engs Commercial Finance Trust Series 2016-1A, Class A2 2.63% due 02/22/2022*		312,237		309,841
Exeter Automobile Receivables Trust Series 2017-3A, Class A 2.05% due 12/15/2021*		434,070		432,479
Exeter Automobile Receivables Trust Series 2016-2A, Class A 2.21% due 07/15/2020*		157,195		157,232
Exeter Automobile Receivables Trust Series 2015-1A, Class B 2.84% due 03/16/2020*		502,855		503,766
Exeter Automobile Receivables Trust Series 2016-3A, Class B 2.84% due 08/16/2021*		317,000		317,847
Exeter Automobile Receivables Trust Series 2016-2A, Class B 3.64% due 02/15/2022*		500,000		505,083
Exeter Automobile Receivables Trust Series 2017-3A, Class C 3.68% due 07/17/2023*		1,041,000		1,044,366
Exeter Automobile Receivables Trust Series 2017-1A, Class C 3.95% due 12/15/2022*		235,000		238,168
First Investors Auto Owner Trust Series 2016-2A, Class A1 1.53% due 11/16/2020*		174,017		173,644
First Investors Auto Owner Trust Series 2016-1A, Class A1 1.92% due 05/15/2020*		17,580		17,576
First Investors Auto Owner Trust Series 2017-2A, Class C 3.00% due 08/15/2023*		1,100,000		1,081,114
FirstKey Lending Trust Series 2015-SFR1, Class A 2.55% due 03/09/2047*		1,788,479		1,783,128
FirstKey Lending Trust Series 2015-SFR1, Class B 3.42% due 03/09/2047*		481,000		480,709
Flagship Credit Auto Trust Series 2015-1, Class A 1.63% due 06/15/2020*		75,796		75,754
Flagship Credit Auto Trust Series 2015-3, Class A 2.38% due 10/15/2020*		337,352		337,676
Flagship Credit Auto Trust Series 2016-4, Class C 2.71% due 11/15/2022*		498,000		492,850

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Flagship Credit Auto Trust Series 2015-3, Class B 3.68% due 03/15/2022*	$	252,000	$	254,833
Flagship Credit Auto Trust Series 2015-3, Class C 4.65% due 03/15/2022*		189,000		192,454
Flatiron CLO, Ltd. FRS Series 2015-1A, Class BR 3.12% (3 ML+1.40%) due 04/15/2027*(3)		4,102,328		4,116,965
Flatiron CLO, Ltd. FRS Series 2015-1A, Class CR 3.62% (3 ML+1.90%) due 04/15/2027*(3)		760,000		763,605
Ford Credit Auto Owner Trust Series 2014-C, Class A3 1.06% due 05/15/2019		37,008		36,991
Ford Credit Auto Owner Trust Series 2014-1, Class A 2.26% due 11/15/2025*		1,800,000		1,799,132
Ford Credit Auto Owner Trust Series 2014-2, Class A 2.31% due 04/15/2026*		1,800,000		1,796,575
Galaxy XVI CLO, Ltd. FRS Series 2013-16A, Class CR 3.56% (3 ML+2.25%) due 11/16/2025*(3)		1,960,000		1,956,635
GLS Auto Receivables Trust Series 2015-1A, Class A 2.25% due 12/15/2020*		49,288		49,265
GLS Auto Receivables Trust Series 2016-1A, Class A 2.73% due 10/15/2020*		181,642		181,850
GLS Auto Receivables Trust Series 2016-1A, Class B 4.39% due 01/15/2021*		270,000		273,102
GLS Auto Receivables Trust Series 2016-1A, Class C 6.90% due 10/15/2021*		500,000		525,146
GMF Floorplan Owner Revolving Trust FRS Series 2017-1, Class A2 2.13% (1 ML+0.57%) due 01/18/2022*		5,927,000		5,961,319
GMF Floorplan Owner Revolving Trust Series 2017-2, Class C 2.63% due 07/15/2022*(1)		1,513,000		1,489,354
GO Financial Auto Securitization Trust Series 2015-2, Class B 4.80% due 08/17/2020*		212,867		213,736
Goodgreen Trust Series 2017-2A, Class A 3.26% due 10/15/2053*		1,185,985		1,153,955
GoodGreen Trust Series 2017-1A, Class A 3.74% due 10/15/2052*		266,091		258,484
GoodGreen Trust 5.00% due 10/20/2051*(1)(14)		1,500,000		1,479,756
GS Mtg. Securities Corp. II Series 2015-GC30, Class A4 3.38% due 05/10/2050(5)		2,766,411		2,793,464

191

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
GS Mtg. Securities Trust Series 2017-GS6, Class A3 3.43% due 05/10/2050(5)	$	6,439,214	$	6,467,692
GS Mtg. Securities Trust Series 2017-GS7, ClassA4 3.43% due 08/10/2050(5)		5,900,000		5,913,646
GSR Mtg. Loan Trust FRS Series 2005-7F, Class 3A1 2.05% (1 ML+0.50%) due 09/25/2035(4)		8,874		8,524
Harbourview CLO VII, Ltd. FRS Series 7A, Class CR 3.82% (3 ML+2.38%) due 11/18/2026*(3)		1,690,000		1,687,044
Headlands Residential LLC Series 2017-RPL1, Class A 3.88% due 08/25/2022*(4)		1,400,000		1,418,007
HERO Funding Trust Series 2016-3A, Class A1 3.08% due 09/20/2042*		387,416		377,207
HERO Funding Trust Series 2017-3A, Class A2 3.95% due 09/20/2048*		1,084,924		1,101,101
HERO Funding Trust Series 2017-1A, Class A2 4.46% due 09/20/2047*		927,875		939,457
Hilton Grand Vacations Trust Series 2017-AA, Class A 2.66% due 12/26/2028*		302,035		297,743
IndyMac INDX Mtg. Loan Trust VRS Series 2005-AR1, Class 1A1 3.42% due 03/25/2035(2)(4)		217,769		220,192
ING Investment Management CLO, Ltd. FRS Series 2013-2A, Class A1 2.90% (3 ML+1.15%) due 04/25/2025*(3)		4,319,403		4,322,884
ING Investment Management CLO, Ltd. FRS Series 2013-3A, Class BR 3.88% (3 ML+2.15%) due 01/18/2026*(3)		2,285,000		2,300,696
JPMBB Commercial Mtg. Securities Trust Series 2015-C28, Class A4 3.23% due 10/15/2048(5)		4,694,676		4,681,580
JPMBB Commercial Mtg. Securities Trust Series 2014-C26, Class A4 3.49% due 01/15/2048(5)		5,000,000		5,072,472
JPMCC Commercial Mtg. Securities Trust Series 2017-JP7, Class A5 3.45% due 09/15/2050(5)		2,847,257		2,864,550
JPMorgan Chase Commercial Mtg. Securities Trust VRS Series 2007-LD11, Class AM 6.04% due 06/15/2049(2)(5)		1,354,326		1,373,475
JPMorgan Mtg. Trust VRS Series 2003-A1, Class 1A1 3.10% due 10/25/2033(2)(4)		774,771		782,515

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Kabbage Asset Securitization LLC Series 2017-1, Class A 4.57% due 03/15/2022*	$	2,525,000	$	2,564,427
LendingClub Issuance Trust Series 2016-NP2, Class A 3.00% due 01/17/2023*		126,509		126,572
LendingClub Issuance Trust Series 16-NP1, Class A 3.75% due 06/15/2022*		63,754		63,897
Lendmark Funding Trust Series 2017-1A, Class A 2.83% due 12/22/2025*		587,000		585,920
Lendmark Funding Trust Series 2016-2A, Class A 3.26% due 04/21/2025*		650,000		651,986
Lendmark Funding Trust Series 2016-A, Class A 4.82% due 08/21/2023*		685,000		693,682
Loomis Sayles CLO II, Ltd. FRS Series 2015-2A, Class A1 3.25% (3 ML+1.53%) due 10/15/2027*(3)		2,500,000		2,501,290
LV Tower 52 Series 2013-1, Class A 5.75% due 02/15/2023*(1)(14)		2,084,524		2,084,524
Mariner Finance Issuance Trust Series 2017-AA, Class A 3.62% due 02/20/2029*		633,000		637,744
Marlette Funding Trust Series 2018-1A, Class A 2.61% due 03/15/2028*		1,093,000		1,093,988
Marlette Funding Trust Series 2017-1A, Class A 2.83% due 03/15/2024*		692,633		694,839
Marlette Funding Trust Series 2016-1A, Class A 3.06% due 01/17/2023*		180,356		180,586
Merrill Lynch Mtg. Investors Trust FRS Series 2003-F, Class A1 2.19% (1 ML+0.64%) due 10/25/2028(4)		630,866		624,187
Merrill Lynch Mtg. Investors Trust FRS Series 2003-G, Class A2 2.33% (6ML+0.68%) due 01/25/2029(4)		1,261,626		1,258,442
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C21, Class A4 3.34% due 03/15/2048(5)		1,207,415		1,214,007
Morgan Stanley Capital I Trust Series 2017-H1, Class A5 3.53% due 06/15/2050(5)		5,425,000		5,487,328
Murray Hill Marketplace Trust Series 2016-LC1, Class A 4.19% due 11/25/2022*		7,704		7,712
Nationstar HECM Loan Trust Series 2017-1A, Class M1 2.94% due 05/25/2027*		120,000		119,834
New Residential Advance Receivables Trust Series 2016-T2, Class AT2 2.58% due 10/15/2049*		700,000		691,073

192

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
NextGear Floorplan Master Owner Trust Series 2015-2A, Class A 2.38% due 10/15/2020*	$	2,850,000	$	2,852,566
NRPL Trust Series 2015-2A, Class A1 3.75% due 10/25/2057*		1,004,454		1,007,790
NRPL Trust Series 2015-2A, Class A2 3.75% due 10/25/2057*		400,000		393,770
NRPL Trust Series 2015-1A, Class A1 3.88% due 11/01/2054*		762,232		761,841
NRZ Advance Receivables Trust Series 2016-T1, AT1 2.75% due 06/15/2049*		327,500		323,317
Oaktree CLO, Ltd. FRS Series 2014-2A, Class BR 4.29% (3 ML+2.55%) due 10/20/2026*(3)		555,000		558,009
OCP CLO, Ltd. FRS Series 2015-9A, Class A2R 3.07% (3 ML+1.35%) due 07/15/2027*(1)(3)		2,490,000		2,488,367
Ocwen Master Advance Receivables Trust Series 2017-T1, Class AT1 2.50% due 09/15/2048*		306,000		306,048
Ocwen Master Advance Receivables Trust Series 2016-T1, Class AT1 2.52% due 08/17/2048*		1,355,000		1,353,497
Ocwen Master Advance Receivables Trust Series 2016-T1, Class DT1 4.25% due 08/17/2048*		526,316		521,515
OnDeck Asset Securitization Trust II LLC Series 2016-1A, Class A 4.21% due 05/17/2020*		620,000		622,007
OnDeck Asset Securitization Trust II LLC Series 2016-1A, Class B 7.63% due 05/17/2020*		195,000		197,847
OneMain Direct Auto Receivables Trust Series 2016-1A, Class A 2.04% due 01/15/2021*		120,868		120,873
OneMain Financial Issuance Trust Series 2015-2A, Class A 2.57% due 07/18/2025*		730,657		730,631
OneMain Financial Issuance Trust Series 2014-2A, Class B 3.02% due 09/18/2024*		595,640		595,702
OneMain Financial Issuance Trust Series 2015-2A, Class B 3.10% due 07/18/2025*		465,000		465,292
OneMain Financial Issuance Trust Series 2016-1A, Class A 3.66% due 02/20/2029*		730,000		738,789
OneMain Financial Issuance Trust Series 2015-1A, Class B 3.85% due 03/18/2026*		125,000		125,740

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Oportun Funding II LLC Series 2016-A, Class A 4.70% due 03/08/2021*	$	967,000	$	973,292
Oportun Funding IV LLC Series 2016-C, Class B 4.85% due 11/08/2021*		290,935		292,999
Oportun Funding VI LLC Series 2017-A, Class A 3.23% due 06/08/2023*		460,000		455,611
Oportun Funding VII LLC Series 2017-B, Class A 3.22% due 10/10/2023*		383,000		378,860
Parallel, Ltd. FRS Series 2015-1A, Class 1R 3.49% (3 ML+1.75%) due 07/20/2027*(3)		680,000		680,143
Parallel, Ltd. FRS Series 2015-1A, Class 2R 3.49% (3 ML+1.75%) due 07/20/2027*(3)		730,000		730,154
PFP, Ltd. FRS Series 2015-2, Class A 3.01% (1 ML+1.45%) due 07/14/2034*(5)		199,040		199,152
PFP, Ltd. FRS Series 2015-2, Class C 4.81% (1 ML+3.25%) due 07/14/2034*(5)		235,000		235,182
PFP, Ltd. FRS Series 2015-2, Class D 5.56% (1 ML+4.00%) due 07/14/2034*(5)		195,000		195,276
Progress Residential Trust Series 2015-SFR2, Class A 2.74% due 06/12/2032*		1,610,759		1,600,823
Progress Residential Trust Series 2015-SFR3, Class A 3.07% due 11/12/2032*		1,735,182		1,735,286
Progress Residential Trust Series 2015-SFR2, Class B 3.14% due 06/12/2032*		503,000		501,569
Progress Residential Trust Series 2015-SFR2, Class C 3.44% due 06/12/2032*		855,000		854,442
Progress Residential Trust Series 2015-SFR3, Class D 4.67% due 11/12/2032*		400,000		410,004
Progress Residential Trust Series 2015-SFR3, Class E 5.66% due 11/12/2032*		250,000		260,032
Prosper Marketplace Issuance Trust Series 2017-3A, Class A 2.36% due 11/15/2023*		1,026,805		1,026,244
Prosper Marketplace Issuance Trust Series 2017-2A, Class A 2.41% due 09/15/2023*		510,250		510,334
Prosper Marketplace Issuance Trust Series 2017-1A, Class A 2.56% due 06/15/2023*		671,316		672,259
RAIT Trust FRS Series 2015-FL5, Class B 5.46% (1 ML+3.90%) due 01/15/2031*(5)		395,000		395,383

193

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Renew Financial Series 2017-1A, Class A 3.67% due 09/20/2052*	$	368,015	$	356,989
Resource Capital Corp., Ltd. FRS Series 2015-CRE4, Class A 2.96% (1 ML+1.40%) due 08/15/2032*(5)		6,857		6,855
Resource Capital Corp., Ltd. FRS Series 2015-CRE4, Class B 4.56% (1 ML+3.00%) due 08/15/2032*(5)(14)		307,000		303,930
Rice Park Financing Trust Series 2016-A, Class A 4.63% due 10/31/2041*(1)(14)		1,589,729		1,589,729
Sequoia Mtg. Trust FRS Series 2004-9, Class A1 2.18% (1 ML+0.68%) due 10/20/2034(4)		1,291,648		1,235,921
Sequoia Mtg. Trust FRS Series 2003-1, Class 1A 2.26% (1 ML+0.76%) due 04/20/2033(4)		1,273,159		1,250,067
Shackleton CLO, Ltd. FRS Series 2014-6A, Class CR 3.98% (3 ML+2.25%) due 07/17/2026*(3)		1,834,087		1,846,636
Sierra Auto Receivables Securitization Trust Series 2016-1A, Class A 2.85% due 01/18/2022*		69,898		69,988
Silver Spring CLO, Ltd. Series 2014-1A, Class C2R 4.56% due 10/15/2026*(3)		1,170,000		1,159,419
SoFi Consumer Loan Program LLC Series 2016-2A, Class A 3.09% due 10/27/2025*		302,591		307,233
SpringCastle America Funding LLC Series 2016-AA, Class A 3.05% due 04/25/2029*		271,924		272,772
Springleaf Funding Trust Series 2015-AA, Class A 3.16% due 11/15/2024*		2,689,000		2,695,841
Springleaf Funding Trust Series 2015-AA, Class B 3.62% due 11/15/2024*		544,000		544,862
Structured Asset Mtg. Investments II Trust FRS Series 2005-AR5, Class A3 2.00% (1 ML+0.25%) due 07/19/2035(4)		593,312		576,833
Thornburg Mtg. Securities Trust VRS Series 2004-4, Class 3A 3.10% due 12/25/2044(2)(4)		201,667		202,402
Tricolor Auto Securitization Trust Series 2017-1, Class A 5.09% due 05/15/2020*(1)		486,549		484,650
Tricon American Homes Trust Series 2016-SFR1, Class A 2.59% due 11/17/2033*		498,000		487,109
Upstart Securitization Trust Series 2017-1, Class A 2.64% due 06/20/2024*		386,074		386,312

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Verizon Owner Trust Series 2016-1A, Class A 1.42% due 01/20/2021*	$	125,000	$	124,021
Verizon Owner Trust Series 2017-2A, Class A 1.92% due 12/20/2021*		1,415,000		1,401,052
Verizon Owner Trust Series 2017-3A, Class A1A 2.06% due 04/20/2022*		1,271,000		1,258,147
VM DEBT LLC Series 2017-1, Class A 6.50% due 10/02/2024*(1)		1,085,000		1,085,000
VOLT LIV LLC Series 2017-NPL1, Class A1 3.50% due 02/25/2047*		279,167		278,684
VOLT LIX LLC Series 2017-NPL6, Class A1 3.25% due 05/25/2047*		322,163		322,016
VOLT LV LLC Series 2017-NPL2, Class A1 3.50% due 03/25/2047*		377,248		377,423
VOLT LVI LLC Series 2017-NPL3 , Class A1 3.50% due 03/25/2047*		784,647		786,176
VOLT LVII LLC Series 2017-NPL4, Class A1 3.38% due 04/25/2047*		562,461		563,633
VOLT LX LLC Series 2017-NPL7, Class A1 3.25% due 06/25/2047*		512,036		511,590
VOLT LXI LLC Series 2017-NPL8, Class A1 3.13% due 06/25/2047*		611,842		610,736
VOLT LXIV LLC Series 2017-NP11, Class 1A 3.38% due 10/25/2047*(2)		2,071,454		2,068,330
VOLT XL LLC Series 2015-NP14, Class A1 4.38% due 11/27/2045*		186,553		186,793
VOLT XXV LLC Series 2015-NPL8, Class A1 3.50% due 06/26/2045*		807,942		808,759
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2005-AR6, Class 2A1A 2.01% (1 ML+0.46%) due 04/25/2045(4)		70,979		69,717
Wells Fargo Commercial Mtg. Trust Series 2016-LC25, Class A4 3.64% due 12/15/2059(5)		5,195,581		5,280,316
Wells Fargo Commercial Mtg. Trust Series 2015-C30, Class A4 3.66% due 09/15/2058(5)		729,000		745,342
Wells Fargo Commercial Mtg. Trust Series 2014-LC16, Class A5 3.82% due 08/15/2050(5)		5,000,000		5,156,578
Wells Fargo Mtg. Backed Securities Trust VRS Series 2004-S, Class A1 3.52% due 09/25/2034(2)(4)		890,744		909,414
Wells Fargo Mtg. Backed Securities Trust VRS Series 2005-AR10, Class 2A16 3.57% due 06/25/2035(2)(4)		625,853		629,611

194

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
West CLO, Ltd. FRS Series 2014-1A, Class A2R 3.08% (3 ML+1.35%) due 07/18/2026*(3)	$	3,146,734	$	3,143,808
West CLO, Ltd. FRS Series 2014-1A, Class CR 4.73% (3 ML+3.00%) due 07/18/2026*(3)		650,000		654,343
Westgate Resorts LLC Series 2015-1A, Class A 2.75% due 05/20/2027*		104,406		104,195
Westgate Resorts LLC Series 2017-1A, Class A 3.05% due 12/20/2030*		399,628		397,627
Westlake Automobile Receivables Trust Series 2016-2A, Class A2 1.57% due 06/17/2019*		118,879		118,826
Westlake Automobile Receivables Trust Series 2017-1A, Class C 2.70% due 10/17/2022*		279,000		279,286
Westlake Automobile Receivables Trust Series 2016-2A, Class D 4.10% due 06/15/2021*		210,000		213,623
Westlake Automobile Receivables Trust Series 2015-3A, Class D 4.40% due 05/17/2021*		400,000		404,111
Total Asset Backed Securities (cost $300,954,096)				299,069,146
U.S. CORPORATE BONDS & NOTES — 25.2%
Aerospace/Defense — 0.1%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*		300,000		304,587
Lockheed Martin Corp. Senior Notes 3.10% due 01/15/2023		104,000		104,577
Lockheed Martin Corp. Senior Notes 4.09% due 09/15/2052		154,000		156,484
Lockheed Martin Corp. Senior Notes 4.50% due 05/15/2036		300,000		329,738
Northrop Grumman Corp. Senior Notes 3.20% due 02/01/2027		223,000		219,020
Northrop Grumman Corp. Senior Notes 3.25% due 01/15/2028		100,000		98,127
Northrop Grumman Corp. Senior Notes 3.85% due 04/15/2045		51,000		50,191
Raytheon Co. Senior Notes 3.15% due 12/15/2024		180,000		180,539
Rockwell Collins, Inc. Senior Notes 3.20% due 03/15/2024		105,000		104,211
Rockwell Collins, Inc. Senior Notes 4.35% due 04/15/2047		50,000		52,845
				1,600,319

Security Description	Principal Amount		Value (Note 2)
Aerospace/Defense-Equipment — 0.2%
Harris Corp. Senior Notes 3.83% due 04/27/2025	$	100,000	$	101,908
Harris Corp. Senior Notes 4.85% due 04/27/2035		200,000		218,474
TransDigm, Inc. Company Guar. Notes 6.50% due 07/15/2024		2,578,000		2,652,117
United Technologies Corp. Senior Notes 4.15% due 05/15/2045		296,000		306,875
				3,279,374
Agricultural Chemicals — 0.1%
CF Industries, Inc. Company Guar. Notes 7.13% due 05/01/2020		212,000		230,550
Mosaic Co. Senior Notes 4.25% due 11/15/2023		810,000		834,797
Mosaic Co. Senior Notes 5.63% due 11/15/2043		120,000		130,299
				1,195,646
Agricultural Operations — 0.0%
Bunge, Ltd. Finance Corp. Company Guar. Notes 3.25% due 08/15/2026		85,000		80,477
Bunge, Ltd. Finance Corp. Company Guar. Notes 3.50% due 11/24/2020		122,000		124,098
Bunge, Ltd. Finance Corp. Company Guar. Notes 3.75% due 09/25/2027		147,000		144,495
				349,070
Airlines — 0.1%
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-3, Class A 3.00% due 04/15/2030		278,103		270,833
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-2, Class A 3.65% due 12/15/2029		54,984		55,259
American Airlines Pass-Through Trust Pass-Through Certs. Series 2017-1, Class AA 3.65% due 08/15/2030		202,000		204,081
American Airlines Pass-Through Trust Pass-Through Certs. Series 2017-2, Class B 3.70% due 04/15/2027		564,000		566,989
American Airlines Pass-Through Trust Pass-Through Certs. Series 2014-1, Class A 3.70% due 04/01/2028		290,745		293,289
American Airlines Pass-Through Trust Pass-Through Certs. Series 2013-2, Class A 4.95% due 07/15/2024		139,577		146,738

195

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines (continued)
Spirit Airlines Pass-Through Trust Pass-Through Certs. Series 2017-1, Class AA 3.38% due 08/15/2031	$	214,000	$	212,231
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-1, Class A 3.45% due 01/07/2030		145,069		143,579
United Airlines Pass-Through Trust Pass-Through Certs. Series 2018-1, Class AA 3.50% due 09/01/2031		547,000		547,000
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-1, Class B 3.65% due 07/07/2027		230,000		226,885
United Airlines Pass-Through Trust Pass-Through Certs. Series 2018-1, Class A 3.70% due 09/01/2031		323,000		323,000
				2,989,884
Applications Software — 0.6%
Microsoft Corp. Senior Notes 2.00% due 08/08/2023		3,193,000		3,054,651
Microsoft Corp. Senior Notes 2.38% due 02/12/2022		175,000		172,822
Microsoft Corp. Senior Notes 2.38% due 05/01/2023		65,000		63,525
Microsoft Corp. Senior Notes 2.40% due 08/08/2026		200,000		188,231
Microsoft Corp. Senior Notes 2.88% due 02/06/2024		351,000		348,730
Microsoft Corp. Senior Notes 3.13% due 11/03/2025		3,260,000		3,271,723
Microsoft Corp. Senior Notes 3.30% due 02/06/2027		223,000		224,958
Microsoft Corp. Senior Notes 3.50% due 02/12/2035		137,000		138,624
Microsoft Corp. Senior Notes 4.00% due 02/12/2055		143,000		148,811
Microsoft Corp. Senior Notes 4.10% due 02/06/2037		3,088,000		3,356,089
Microsoft Corp. Senior Notes 4.20% due 11/03/2035		154,000		169,279
Microsoft Corp. Senior Notes 4.50% due 02/06/2057		333,000		381,513
Microsoft Corp. Senior Notes 4.75% due 11/03/2055		217,000		257,179
				11,776,135

Security Description	Principal Amount		Value (Note 2)
Auto-Cars/Light Trucks — 0.8%
American Honda Finance Corp. Senior Notes 1.60% due 02/16/2018*	$	360,000	$	359,987
American Honda Finance Corp. Senior Notes 2.30% due 09/09/2026		34,000		31,554
American Honda Finance Corp. Senior Notes 2.45% due 09/24/2020		165,000		164,663
Daimler Finance North America LLC Company Guar. Notes 2.00% due 08/03/2018*		150,000		149,964
Daimler Finance North America LLC Company Guar. Notes 2.30% due 01/06/2020*		1,080,000		1,073,439
Ford Motor Co. Senior Notes 7.45% due 07/16/2031		1,670,000		2,125,693
Ford Motor Credit Co. LLC Senior Notes 2.24% due 06/15/2018		273,000		273,185
Ford Motor Credit Co. LLC Senior Notes 4.13% due 08/04/2025		265,000		267,700
General Motors Co. Senior Notes 4.88% due 10/02/2023		1,200,000		1,274,845
General Motors Co. Senior Notes 5.15% due 04/01/2038		150,000		157,121
General Motors Co. Senior Notes 5.20% due 04/01/2045		1,200,000		1,250,294
General Motors Co. Senior Notes 6.60% due 04/01/2036		562,000		681,198
General Motors Financial Co., Inc. Company Guar. Notes 3.45% due 04/10/2022		2,136,000		2,143,433
General Motors Financial Co., Inc. Company Guar. Notes 3.50% due 11/07/2024		290,000		284,164
General Motors Financial Co., Inc. Company Guar. Notes 3.70% due 05/09/2023		284,000		285,761
General Motors Financial Co., Inc. Company Guar. Notes 3.95% due 04/13/2024		525,000		531,343
General Motors Financial Co., Inc. Company Guar. Notes 4.00% due 01/15/2025		285,000		288,686
General Motors Financial Co., Inc. Company Guar. Notes 4.00% due 10/06/2026		1,816,000		1,807,417
General Motors Financial Co., Inc. Company Guar. Notes 4.30% due 07/13/2025		150,000		153,268
General Motors Financial Co., Inc. Company Guar. Notes 4.35% due 01/17/2027		262,000		266,541
Hyundai Capital America Senior Notes 2.00% due 07/01/2019*		86,000		84,950
Hyundai Capital America Senior Notes 2.40% due 10/30/2018*		191,000		190,666

196

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Auto-Cars/Light Trucks (continued)
Nissan Motor Acceptance Corp. Senior Notes 2.55% due 03/08/2021*	$	250,000	$	248,032
Toyota Motor Credit Corp. Senior Notes 2.10% due 01/17/2019		133,000		133,010
Toyota Motor Credit Corp. Senior Notes 2.13% due 07/18/2019		360,000		359,062
				14,585,976
Banks-Commercial — 0.5%
BB&T Corp. Senior Notes 2.45% due 01/15/2020		270,000		269,616
BB&T Corp. Senior Notes 2.63% due 06/29/2020		250,000		250,419
Compass Bank Senior Notes 2.88% due 06/29/2022		3,252,000		3,187,195
Discover Bank Senior Notes 4.20% due 08/08/2023		475,000		492,094
Fifth Third Bank Senior Notes 2.88% due 10/01/2021		450,000		449,383
MUFG Americas Holdings Corp. Senior Notes 2.25% due 02/10/2020		180,000		178,350
PNC Bank NA Senior Notes 2.20% due 01/28/2019		450,000		450,288
PNC Bank NA Senior Notes 3.10% due 10/25/2027		4,059,000		3,954,694
Regions Financial Corp. Senior Notes 3.20% due 02/08/2021		214,000		215,735
SunTrust Bank Sub. Notes 3.30% due 05/15/2026		200,000		194,309
				9,642,083
Banks-Fiduciary — 0.5%
Bank of New York Mellon Corp. Senior Notes 2.15% due 02/24/2020		52,000		51,666
Bank of New York Mellon Corp. Senior Notes 2.60% due 08/17/2020		120,000		120,196
Bank of New York Mellon Corp. Senior Notes 2.60% due 02/07/2022		100,000		98,769
Bank of New York Mellon Corp. Senior Notes 3.25% due 09/11/2024		720,000		722,142
Bank of New York Mellon Corp. Senior Notes 3.40% due 05/15/2024		2,100,000		2,134,202
Bank of New York Mellon Corp. Senior Notes 3.44% due 02/07/2028		5,131,000		5,143,175

Security Description	Principal Amount		Value (Note 2)
Banks-Fiduciary (continued)
Citizens Financial Group, Inc. Senior Notes 2.38% due 07/28/2021	$	47,000	$	46,060
Citizens Financial Group, Inc. Sub. Notes 4.30% due 12/03/2025		94,000		96,674
Northern Trust Corp. Sub. Notes 3.38% due 05/08/2032		105,000		102,443
State Street Corp. Sub. Notes 3.10% due 05/15/2023		540,000		538,343
State Street Corp. Senior Notes 3.55% due 08/18/2025		88,000		89,769
				9,143,439
Banks-Super Regional — 0.8%
Capital One Financial Corp. Senior Notes 2.45% due 04/24/2019		270,000		269,866
Capital One Financial Corp. Senior Notes 3.20% due 02/05/2025		105,000		102,064
Capital One Financial Corp. Senior Notes 3.75% due 04/24/2024		1,065,000		1,080,306
Capital One Financial Corp. Sub. Notes 3.75% due 07/28/2026		240,000		233,762
Capital One Financial Corp. Sub. Notes 4.20% due 10/29/2025		325,000		329,419
Comerica, Inc. Sub. Notes 3.80% due 07/22/2026		360,000		359,702
Fifth Third Bancorp Senior Notes 2.88% due 07/27/2020		208,000		209,079
Huntington Bancshares, Inc. Senior Notes 2.30% due 01/14/2022		339,000		329,641
Huntington National Bank Senior Notes 2.00% due 06/30/2018		253,000		253,022
Huntington National Bank Senior Notes 2.88% due 08/20/2020		250,000		250,954
KeyCorp Senior Notes 2.90% due 09/15/2020		42,000		42,142
KeyCorp Senior Notes 5.10% due 03/24/2021		450,000		481,228
SunTrust Banks, Inc. Senior Notes 2.70% due 01/27/2022		2,535,000		2,502,308
SunTrust Banks, Inc. Senior Notes 2.90% due 03/03/2021		103,000		103,150
US Bancorp Senior Notes 2.20% due 04/25/2019		360,000		359,776

197

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Super Regional (continued)
US Bancorp Senior Notes 2.35% due 01/29/2021	$	300,000	$	297,406
US Bancorp Senior Notes 2.38% due 07/22/2026		400,000		369,708
Wells Fargo & Co. Senior Notes 2.15% due 01/30/2020		900,000		893,179
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023		4,523,000		4,525,663
Wells Fargo & Co. Senior Notes 3.30% due 09/09/2024		1,440,000		1,442,077
Wells Fargo & Co. Senior Notes 3.55% due 09/29/2025		200,000		202,262
Wells Fargo & Co. Sub. Notes 4.10% due 06/03/2026		544,000		560,237
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		212,000		222,061
Wells Fargo & Co. Sub. Notes 4.65% due 11/04/2044		450,000		486,428
Wells Fargo & Co. Sub. Notes 4.75% due 12/07/2046		143,000		158,784
Wells Fargo & Co. Sub. Notes 4.90% due 11/17/2045		112,000		126,036
				16,190,260
Beverages-Non-alcoholic — 0.0%
Dr Pepper Snapple Group, Inc. Company Guar. Notes 3.43% due 06/15/2027*		75,000		72,995
PepsiCo, Inc. Senior Notes 3.10% due 07/17/2022		222,000		224,374
PepsiCo, Inc. Senior Notes 3.45% due 10/06/2046		200,000		189,346
PepsiCo, Inc. Senior Notes 4.60% due 07/17/2045		118,000		133,257
PepsiCo, Inc. Senior Notes 4.88% due 11/01/2040		49,000		57,512
				677,484
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp. Senior Notes 4.50% due 07/15/2045		113,000		124,145
Constellation Brands, Inc. Company Guar. Notes 4.25% due 05/01/2023		80,000		83,547
				207,692

Security Description	Principal Amount		Value (Note 2)
Brewery — 0.6%
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 3.30% due 02/01/2023	$	2,332,000	$	2,350,348
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 3.70% due 02/01/2024		1,244,000		1,278,652
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 4.70% due 02/01/2036		1,040,000		1,147,773
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 4.90% due 02/01/2046		3,734,000		4,219,455
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.75% due 01/15/2022		1,890,000		1,949,495
				10,945,723
Broadcast Services/Program — 0.0%
Discovery Communications LLC Company Guar. Notes 6.35% due 06/01/2040		350,000		406,032
Building & Construction Products-Misc. — 0.1%
Standard Industries, Inc. Senior Notes 5.38% due 11/15/2024*		1,018,000		1,053,630
Standard Industries, Inc. Senior Notes 6.00% due 10/15/2025*		1,018,000		1,081,625
				2,135,255
Building Products-Cement — 0.3%
CRH America, Inc. Company Guar. Notes 5.13% due 05/18/2045*		200,000		225,875
Martin Marietta Materials, Inc. Senior Notes 3.45% due 06/01/2027		733,000		709,126
Martin Marietta Materials, Inc. Senior Notes 4.25% due 07/02/2024		3,569,000		3,714,730
Martin Marietta Materials, Inc. Senior Notes 4.25% due 12/15/2047		1,504,000		1,462,799
				6,112,530
Building Products-Wood — 0.1%
Masco Corp. Senior Notes 4.38% due 04/01/2026		2,400,000		2,496,000
Cable/Satellite TV — 1.1%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 01/15/2024		280,000		288,400
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.91% due 07/23/2025		3,399,000		3,553,793
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		131,000		152,170

198

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.83% due 10/23/2055	$	175,000	$	213,344
Comcast Corp. Company Guar. Notes 2.75% due 03/01/2023		126,000		124,911
Comcast Corp. Company Guar. Notes 3.15% due 02/15/2028		9,091,000		8,802,546
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036		300,000		278,211
Comcast Corp. Company Guar. Notes 4.20% due 08/15/2034		630,000		658,778
Comcast Corp. Company Guar. Notes 6.50% due 11/15/2035		206,000		273,677
Cox Communications, Inc. Senior Notes 3.15% due 08/15/2024*		2,762,000		2,700,461
Cox Communications, Inc. Senior Notes 3.35% due 09/15/2026*		134,000		129,224
Cox Communications, Inc. Senior Notes 4.60% due 08/15/2047*		137,000		137,092
Cox Communications, Inc. Senior Notes 4.80% due 02/01/2035*		360,000		358,917
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		2,877,000		2,648,488
Time Warner Cable LLC Senior Sec. Notes 5.00% due 02/01/2020		720,000		747,881
Time Warner Cable LLC Senior Sec. Notes 5.50% due 09/01/2041		150,000		156,348
				21,224,241
Cellular Telecom — 0.2%
Crown Castle Towers LLC Senior Sec. Notes 3.22% due 05/15/2042*		208,000		209,664
Crown Castle Towers LLC Senior Sec. Notes 4.88% due 08/15/2040*		3,101,000		3,252,231
Sprint Spectrum Co. LLC Senior Sec. Notes 3.36% due 03/20/2023*		758,438		761,281
				4,223,176
Chemicals-Diversified — 0.0%
Dow Chemical Co. Senior Notes 3.00% due 11/15/2022		270,000		269,105
Dow Chemical Co. Senior Notes 4.13% due 11/15/2021		270,000		281,007

Security Description	Principal Amount		Value (Note 2)
Chemicals-Diversified (continued)
Westlake Chemical Corp. Company Guar. Notes 4.38% due 11/15/2047	$	119,000	$	121,756
				671,868
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 3.13% due 06/01/2024		103,000		101,329
Commercial Services — 0.0%
Ecolab, Inc. Senior Notes 3.25% due 01/14/2023		154,000		155,176
Ecolab, Inc. Senior Notes 3.25% due 12/01/2027*		129,000		126,941
				282,117
Commercial Services-Finance — 0.0%
Western Union Co. Senior Notes 3.60% due 03/15/2022		300,000		302,580
Computer Services — 0.0%
DXC Technology Co. Senior Notes 4.25% due 04/15/2024		129,000		133,006
Computers — 0.6%
Apple, Inc. Senior Notes 2.15% due 02/09/2022		327,000		319,410
Apple, Inc. Senior Notes 2.75% due 01/13/2025		400,000		389,324
Apple, Inc. Senior Notes 2.85% due 05/06/2021		700,000		704,846
Apple, Inc. Senior Notes 2.90% due 09/12/2027		3,438,000		3,318,931
Apple, Inc. Senior Notes 3.00% due 02/09/2024		469,000		467,399
Apple, Inc. Senior Notes 3.00% due 06/20/2027		300,000		291,845
Apple, Inc. Senior Notes 3.20% due 05/13/2025		288,000		288,177
Apple, Inc. Senior Notes 3.20% due 05/11/2027		171,000		168,971
Apple, Inc. Senior Notes 3.35% due 02/09/2027		2,042,000		2,041,687
Apple, Inc. Senior Notes 3.45% due 05/06/2024		186,000		189,687
Apple, Inc. Senior Notes 3.45% due 02/09/2045		519,000		494,946
Apple, Inc. Senior Notes 3.85% due 08/04/2046		362,000		365,809

199

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computers (continued)
Apple, Inc. Senior Notes 4.25% due 02/09/2047	$	510,000	$	548,131
Apple, Inc. Senior Notes 4.38% due 05/13/2045		1,451,000		1,586,797
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 6.02% due 06/15/2026*		590,000		645,224
				11,821,184
Containers-Paper/Plastic — 0.4%
Berry Global, Inc. Sec. Notes 5.13% due 07/15/2023		2,517,000		2,611,388
Packaging Corp. of America Senior Notes 3.65% due 09/15/2024		3,100,000		3,121,534
Sealed Air Corp. Company Guar. Notes 5.13% due 12/01/2024*		2,250,000		2,379,375
				8,112,297
Cosmetics & Toiletries — 0.0%
Procter & Gamble Co. Senior Notes 2.85% due 08/11/2027		300,000		291,252
Data Processing/Management — 0.2%
Fidelity National Information Services, Inc. Senior Notes 3.00% due 08/15/2026		3,071,000		2,917,548
Diagnostic Equipment — 0.4%
Abbott Laboratories Senior Notes 3.40% due 11/30/2023		1,638,000		1,650,176
Abbott Laboratories Senior Notes 3.88% due 09/15/2025		194,000		198,311
Danaher Corp. Senior Notes 2.40% due 09/15/2020		81,000		80,829
Life Technologies Corp. Senior Notes 5.00% due 01/15/2021		2,000,000		2,101,253
Thermo Fisher Scientific, Inc. Senior Notes 2.95% due 09/19/2026		976,000		931,280
Thermo Fisher Scientific, Inc. Senior Notes 3.00% due 04/15/2023		1,489,000		1,482,017
Thermo Fisher Scientific, Inc. Senior Notes 3.15% due 01/15/2023		450,000		451,995
Thermo Fisher Scientific, Inc. Senior Notes 4.15% due 02/01/2024		450,000		469,548
				7,365,409

Security Description	Principal Amount		Value (Note 2)
Distribution/Wholesale — 0.0%
WW Grainger, Inc. Senior Notes 4.60% due 06/15/2045	$	104,000	$	115,026
Diversified Banking Institutions — 3.7%
Bank of America Corp. Senior Notes 2.25% due 04/21/2020		173,000		171,804
Bank of America Corp. Senior Notes 2.50% due 10/21/2022		359,000		350,951
Bank of America Corp. Senior Notes 2.63% due 10/19/2020		400,000		399,658
Bank of America Corp. Senior Notes 2.65% due 04/01/2019		365,000		366,181
Bank of America Corp. Senior Notes 2.88% due 04/24/2023		630,000		624,429
Bank of America Corp. Senior Notes 3.00% due 12/20/2023*		1,216,000		1,203,599
Bank of America Corp. Senior Notes 3.12% due 01/20/2023		144,000		144,299
Bank of America Corp. Senior Notes 3.25% due 10/21/2027		500,000		488,452
Bank of America Corp. Senior Notes 3.30% due 01/11/2023		2,916,000		2,943,112
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		200,000		199,574
Bank of America Corp. Senior Notes 3.42% due 12/20/2028*		3,566,000		3,505,712
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		1,000,000		1,009,973
Bank of America Corp. Sub. Notes 3.95% due 04/21/2025		1,554,000		1,581,409
Bank of America Corp. Senior Notes 4.00% due 04/01/2024		390,000		405,094
Bank of America Corp. Sub. Notes 4.00% due 01/22/2025		292,000		298,728
Bank of America Corp. Sub. Notes 4.25% due 10/22/2026		270,000		279,450
Bank of America Corp. Senior Notes 4.44% due 01/20/2048		5,444,000		5,935,879
Bank of America Corp. Sub. Notes 4.45% due 03/03/2026		1,687,000		1,770,040
Bank of America Corp. Senior Notes 5.65% due 05/01/2018		700,000		706,534

200

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Bank of America Corp. Senior Notes 6.88% due 04/25/2018	$	700,000	$	707,861
Citigroup, Inc. Senior Notes 1.75% due 05/01/2018		1,080,000		1,079,306
Citigroup, Inc. Senior Notes 2.35% due 08/02/2021		115,000		112,699
Citigroup, Inc. Senior Notes 2.75% due 04/25/2022		800,000		789,174
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		194,000		189,242
Citigroup, Inc. Senior Notes 3.40% due 05/01/2026		200,000		197,662
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		700,000		701,208
Citigroup, Inc. Sub. Notes 3.88% due 03/26/2025		600,000		604,584
Citigroup, Inc. Sub. Notes 4.13% due 07/25/2028		53,000		53,844
Citigroup, Inc. Sub. Notes 4.30% due 11/20/2026		540,000		556,195
Citigroup, Inc. Sub. Notes 4.40% due 06/10/2025		1,620,000		1,683,494
Citigroup, Inc. Sub. Notes 4.75% due 05/18/2046		300,000		325,239
Goldman Sachs Group, Inc. Senior Notes 2.35% due 11/15/2021		2,292,000		2,236,052
Goldman Sachs Group, Inc. FRS Senior Notes 2.52% (3 ML+1.10%) due 11/15/2018		500,000		503,201
Goldman Sachs Group, Inc. Senior Notes 2.60% due 04/23/2020		710,000		708,136
Goldman Sachs Group, Inc. Senior Notes 2.88% due 10/31/2022		1,800,000		1,776,640
Goldman Sachs Group, Inc. Senior Notes 3.27% due 09/29/2025		484,000		474,260
Goldman Sachs Group, Inc. Senior Notes 3.63% due 01/22/2023		2,600,000		2,644,611
Goldman Sachs Group, Inc. Senior Notes 3.69% due 06/05/2028		698,000		694,331
Goldman Sachs Group, Inc. Senior Notes 3.85% due 01/26/2027		2,634,000		2,660,504

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Senior Notes 5.38% due 03/15/2020	$	601,000	$	633,552
JPMorgan Chase & Co. Senior Notes 3.13% due 01/23/2025		4,250,000		4,208,334
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		4,017,000		3,996,553
Morgan Stanley Senior Notes 2.63% due 11/17/2021		330,000		325,272
Morgan Stanley Senior Notes 3.13% due 07/27/2026		236,000		228,103
Morgan Stanley Senior Notes 3.59% due 07/22/2028		533,000		527,246
Morgan Stanley Senior Notes 3.77% due 01/24/2029		735,000		739,985
Morgan Stanley Senior Notes 3.88% due 01/27/2026		3,445,000		3,520,003
Morgan Stanley Senior Notes 4.00% due 07/23/2025		3,034,000		3,131,429
Morgan Stanley Sub. Notes 4.10% due 05/22/2023		300,000		310,394
Morgan Stanley Senior Notes 4.30% due 01/27/2045		1,000,000		1,062,184
Morgan Stanley Sub. Notes 4.35% due 09/08/2026		75,000		77,583
Morgan Stanley Senior Notes 4.38% due 01/22/2047		3,852,000		4,128,071
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		228,000		246,699
Morgan Stanley Senior Notes 5.50% due 07/28/2021		4,490,000		4,853,850
Morgan Stanley Senior Notes 5.75% due 01/25/2021		1,440,000		1,556,793
Morgan Stanley Senior Notes 6.63% due 04/01/2018		800,000		806,176
				71,435,348
Diversified Manufacturing Operations — 0.1%
Eaton Corp. Company Guar. Notes 5.80% due 03/15/2037		300,000		358,013
General Electric Capital Corp. Senior Notes 3.15% due 09/07/2022		200,000		199,688
General Electric Capital Corp. Senior Notes 4.65% due 10/17/2021		129,000		136,299

201

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Manufacturing Operations (continued)
Parker-Hannifin Corp. Senior Notes 3.30% due 11/21/2024	$	180,000	$	180,978
Parker-Hannifin Corp. Senior Notes 4.10% due 03/01/2047		63,000		66,675
Parker-Hannifin Corp. Senior Notes 4.45% due 11/21/2044		180,000		198,998
Textron, Inc. Senior Notes 3.65% due 03/15/2027		128,000		127,972
				1,268,623
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024*		270,000		264,536
Amazon.com, Inc. Senior Notes 3.88% due 08/22/2037*		400,000		411,964
Amazon.com, Inc. Senior Notes 4.25% due 08/22/2057*		400,000		422,179
Amazon.com, Inc. Senior Notes 4.80% due 12/05/2034		270,000		307,145
eBay, Inc. Senior Notes 2.60% due 07/15/2022		1,010,000		987,491
				2,393,315
E-Commerce/Services — 0.2%
Priceline Group, Inc. Senior Notes 2.75% due 03/15/2023		862,000		843,476
Priceline Group, Inc. Senior Notes 3.55% due 03/15/2028		300,000		293,648
Priceline Group, Inc. Senior Notes 3.65% due 03/15/2025		2,307,000		2,319,179
				3,456,303
Electric Products-Misc. — 0.0%
Emerson Electric Co. Senior Notes 6.00% due 08/15/2032		320,000		391,561
Electric-Distribution — 0.0%
Commonwealth Edison Co. 1st Mtg. Notes 3.65% due 06/15/2046		121,000		119,600
Entergy Louisiana LLC Collateral Trust Bonds 3.05% due 06/01/2031		145,000		136,296
New England Power Co. Senior Notes 3.80% due 12/05/2047*		140,000		140,179
New York State Electric & Gas Corp. Senior Notes 3.25% due 12/01/2026*		113,000		111,531
				507,606

Security Description	Principal Amount		Value (Note 2)
Electric-Generation — 0.0%
Tri-State Generation & Transmission Association, Inc. 1st Mtg. Notes 4.25% due 06/01/2046	$	103,000	$	103,755
Electric-Integrated — 1.5%
Alabama Power Co. Senior Notes 3.75% due 03/01/2045		50,000		49,883
Alabama Power Co. Senior Notes 4.10% due 01/15/2042		63,000		64,625
Alabama Power Co. Senior Notes 5.70% due 02/15/2033		100,000		118,960
Baltimore Gas & Electric Co. Senior Notes 2.80% due 08/15/2022		450,000		445,291
Berkshire Hathaway Energy Co. Senior Notes 3.50% due 02/01/2025		180,000		183,167
Berkshire Hathaway Energy Co. Senior Notes 5.15% due 11/15/2043		1,800,000		2,134,103
Berkshire Hathaway Energy Co. Senior Notes 6.13% due 04/01/2036		176,000		230,976
Cleveland Electric Illuminating Co. Senior Notes 3.50% due 04/01/2028*		286,000		280,621
Cleveland Electric Illuminating Co. Senior Notes 5.95% due 12/15/2036		100,000		123,618
CMS Energy Corp. Senior Notes 2.95% due 02/15/2027		116,000		110,367
CMS Energy Corp. Senior Notes 3.88% due 03/01/2024		400,000		411,950
Consolidated Edison Co. of New York, Inc. Senior Notes 3.88% due 06/15/2047		250,000		254,640
Consumers Energy Co. 1st Mtg. Notes 3.25% due 08/15/2046		48,000		44,493
Delmarva Power & Light Co. 1st Mtg. Bonds 4.15% due 05/15/2045		190,000		201,945
Dominion Resources, Inc. Senior Notes 2.75% due 01/15/2022		129,000		127,895
Dominion Resources, Inc. Senior Notes 3.63% due 12/01/2024		3,763,000		3,813,128
Dominion Resources, Inc. Senior Notes 3.90% due 10/01/2025		689,000		706,869
DTE Electric Co. General Refunding Mtg. 3.70% due 03/15/2045		111,000		111,406
DTE Energy Co. Senior Notes 3.30% due 06/15/2022		60,000		60,264

202

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
DTE Energy Co. Senior Notes 3.50% due 06/01/2024	$	360,000	$	362,408
Duke Energy Carolinas LLC Company Guar. Notes 6.00% due 12/01/2028		200,000		242,286
Duke Energy Corp. Senior Notes 3.75% due 04/15/2024		180,000		184,677
Duke Energy Corp. Senior Notes 3.95% due 08/15/2047		200,000		198,406
Duke Energy Indiana LLC 1st Mtg. Notes 3.75% due 05/15/2046		250,000		245,868
Duke Energy Ohio, Inc. 1st Mtg. Notes 3.70% due 06/15/2046		133,000		132,678
Duke Energy Progress LLC 1st Mtg. Notes 3.25% due 08/15/2025		254,000		254,538
Duke Energy Progress LLC 1st Mtg. Notes 4.15% due 12/01/2044		180,000		191,782
Edison International Senior Notes 2.95% due 03/15/2023		350,000		344,353
Entergy Arkansas, Inc. 1st Mtg. Bonds 3.50% due 04/01/2026		88,000		89,152
Entergy Mississippi, Inc. 1st Mtg. Notes 2.85% due 06/01/2028		124,000		117,489
Exelon Corp. Junior Sub. Notes 3.50% due 06/01/2022		661,000		665,496
Exelon Generation Co. LLC Senior Notes 3.40% due 03/15/2022		266,000		267,630
Exelon Generation Co. LLC Senior Notes 4.25% due 06/15/2022		216,000		224,540
FirstEnergy Corp. Senior Notes 4.85% due 07/15/2047		3,385,000		3,731,570
Florida Power & Light Co. 1st Mtg. Notes 3.25% due 06/01/2024		450,000		454,266
Georgia Power Co. Senior Notes 3.25% due 04/01/2026		65,000		64,049
Jersey Central Power & Light Co. Senior Notes 6.15% due 06/01/2037		100,000		124,870
Massachusetts Electric Co. Notes 4.00% due 08/15/2046*		241,000		246,759
MidAmerican Energy Co. 1st Mtg. Notes 3.50% due 10/15/2024		686,000		707,921
Nevada Power Co. General Refunding Mtg. 5.38% due 09/15/2040		96,000		116,990

Security Description	Principal Amount		Value (Note 2)
Electric-Integrated (continued)
Nevada Power Co. General Refunding Mtg. 7.13% due 03/15/2019	$	720,000	$	757,587
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 2.40% due 09/15/2019		270,000		269,475
Niagara Mohawk Power Corp. Senior Notes 3.51% due 10/01/2024*		360,000		366,298
Ohio Power Co. Senior Notes 6.05% due 05/01/2018		360,000		363,470
Pacific Gas & Electric Co. Senior Notes 3.40% due 08/15/2024		450,000		450,694
Pacific Gas & Electric Co. Senior Notes 3.50% due 06/15/2025		141,000		139,871
Pacific Gas & Electric Co. Senior Notes 4.00% due 12/01/2046		128,000		124,865
Pacific Gas & Electric Co. Senior Notes 6.05% due 03/01/2034		200,000		246,036
Pepco Holdings LLC Senior Notes 7.45% due 08/15/2032		119,000		152,960
PPL Capital Funding, Inc. Company Guar. Notes 3.50% due 12/01/2022		2,200,000		2,234,931
PPL Capital Funding, Inc. Company Guar. Notes 4.00% due 09/15/2047		63,000		62,722
PPL Capital Funding, Inc. Company Guar. Notes 5.00% due 03/15/2044		1,100,000		1,256,878
PPL Electric Utilities Corp. 1st Mtg. Bonds 4.13% due 06/15/2044		270,000		286,843
Progress Energy, Inc. Senior Notes 7.00% due 10/30/2031		150,000		195,666
PSI Energy, Inc. Senior Notes 6.12% due 10/15/2035		100,000		128,196
Public Service Co. of Colorado 1st Mtg. Bonds 3.55% due 06/15/2046		53,000		50,502
Public Service Co. of Oklahoma Senior Notes Series G 6.63% due 11/15/2037		450,000		599,799
Public Service Electric & Gas Co. 1st Mtg. Notes 2.25% due 09/15/2026		70,000		64,773
Public Service Electric & Gas Co. 1st Mtg. Notes 3.00% due 05/15/2025		208,000		204,493
Public Service Electric & Gas Co. Senior Sec. Notes 5.70% due 12/01/2036		100,000		124,211
South Carolina Electric & Gas Co. 1st Mtg. Bonds 6.05% due 01/15/2038		100,000		123,647

203

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Southern California Edison Co. 1st Mtg. Notes 5.55% due 01/15/2036	$	100,000	$	119,778
Southern Co. Senior Notes 2.15% due 09/01/2019		450,000		447,040
Southern Power Co. Senior Notes 4.15% due 12/01/2025		91,000		94,875
Southwestern Public Service Co. 1st Mtg. Notes 4.50% due 08/15/2041		100,000		110,763
Virginia Electric & Power Co. Senior Notes 4.45% due 02/15/2044		180,000		199,134
Virginia Electric & Power Co. Senior Notes 8.88% due 11/15/2038		360,000		607,649
Wisconsin Electric Power Co. Senior Notes 3.10% due 06/01/2025		110,000		108,915
Wisconsin Energy Corp. Senior Notes 3.55% due 06/15/2025		231,000		233,327
Xcel Energy, Inc. Senior Notes 2.40% due 03/15/2021		100,000		98,845
Xcel Energy, Inc. Senior Notes 3.30% due 06/01/2025		185,000		184,686
Xcel Energy, Inc. Senior Notes 3.35% due 12/01/2026		220,000		218,473
				29,069,331
Electric-Transmission — 0.1%
AEP Transmission Co. LLC Senior Notes 3.10% due 12/01/2026		500,000		490,485
AEP Transmission Co. LLC Senior Notes 3.10% due 12/01/2026*		472,000		463,017
ITC Holdings Corp. Senior Notes 2.70% due 11/15/2022*		350,000		345,360
Pennsylvania Electric Co. Senior Notes 3.25% due 03/15/2028*		75,000		72,451
				1,371,313
Electronic Components-Semiconductors — 0.1%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.63% due 01/15/2024*		482,000		475,522
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.88% due 01/15/2027*		449,000		436,953
Intel Corp. Senior Notes 3.15% due 05/11/2027		150,000		148,678

Security Description	Principal Amount		Value (Note 2)
Electronic Components-Semiconductors (continued)
Intel Corp. Senior Notes 3.70% due 07/29/2025	$	163,000	$	168,690
Intel Corp. Senior Notes 4.00% due 12/15/2032		300,000		313,312
				1,543,155
Electronic Parts Distribution — 0.0%
Arrow Electronics, Inc. Senior Notes 3.25% due 09/08/2024		44,000		42,660
Arrow Electronics, Inc. Senior Notes 3.50% due 04/01/2022		200,000		199,783
Arrow Electronics, Inc. Senior Notes 3.88% due 01/12/2028		133,000		131,248
				373,691
Engineering/R&D Services — 0.0%
Fluor Corp. Senior Notes 3.38% due 09/15/2021		450,000		456,509
Enterprise Software/Service — 0.2%
Oracle Corp. Senior Notes 2.40% due 09/15/2023		122,000		118,178
Oracle Corp. Senior Notes 2.50% due 05/15/2022		361,000		357,085
Oracle Corp. Senior Notes 2.50% due 10/15/2022		450,000		442,215
Oracle Corp. Senior Notes 2.95% due 11/15/2024		400,000		395,520
Oracle Corp. Senior Notes 2.95% due 05/15/2025		600,000		590,713
Oracle Corp. Senior Notes 3.80% due 11/15/2037		400,000		410,142
Oracle Corp. Senior Notes 3.90% due 05/15/2035		100,000		103,947
Oracle Corp. Senior Notes 4.30% due 07/08/2034		690,000		747,628
Oracle Corp. Senior Notes 4.38% due 05/15/2055		200,000		217,387
				3,382,815
Finance-Consumer Loans — 0.0%
Synchrony Financial Senior Notes 3.70% due 08/04/2026		491,000		477,564
Finance-Credit Card — 0.1%
American Express Credit Corp. Senior Notes 1.80% due 07/31/2018		195,000		194,796

204

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Credit Card (continued)
American Express Credit Corp. Senior Notes 2.25% due 08/15/2019	$	180,000	$	179,570
American Express Credit Corp. Senior Notes 2.25% due 05/05/2021		125,000		122,915
American Express Credit Corp. Senior Notes 2.38% due 05/26/2020		663,000		659,413
American Express Credit Corp. Senior Notes 2.70% due 03/03/2022		75,000		74,414
				1,231,108
Finance-Investment Banker/Broker — 0.8%
Charles Schwab Corp. Senior Notes 3.20% due 03/02/2027		3,608,000		3,559,637
Charles Schwab Corp. Senior Notes 3.20% due 01/25/2028		1,968,000		1,931,278
E*TRADE Financial Corp. Senior Notes 3.80% due 08/24/2027		2,193,000		2,163,994
Jefferies Group LLC Senior Notes 6.88% due 04/15/2021		630,000		698,170
Raymond James Financial, Inc. Senior Notes 3.63% due 09/15/2026		539,000		534,758
Raymond James Financial, Inc. Senior Notes 4.95% due 07/15/2046		3,201,000		3,597,047
TD Ameritrade Holding Corp. Senior Notes 2.95% due 04/01/2022		1,789,000		1,786,617
TD Ameritrade Holding Corp. Senior Notes 3.30% due 04/01/2027		1,148,000		1,138,460
				15,409,961
Finance-Leasing Companies — 0.1%
Air Lease Corp. Senior Notes 3.25% due 03/01/2025		194,000		188,588
Air Lease Corp. Senior Notes 3.63% due 12/01/2027		230,000		224,516
Air Lease Corp. Senior Notes 3.88% due 04/01/2021		130,000		133,392
International Lease Finance Corp. Senior Notes 5.88% due 08/15/2022		150,000		164,770
International Lease Finance Corp. Senior Notes 8.63% due 01/15/2022		500,000		594,243
				1,305,509
Finance-Other Services — 0.2%
CME Group, Inc. Senior Notes 3.00% due 03/15/2025		291,000		288,740

Security Description	Principal Amount		Value (Note 2)
Finance-Other Services (continued)
GTP Acquisition Partners I LLC Sec. Notes 2.35% due 06/15/2045*	$	155,000	$	152,833
GTP Acquisition Partners I LLC Series 2015-2, Class A 3.48% due 06/15/2050*		171,000		172,583
Intercontinental Exchange, Inc. Company Guar. Notes 3.10% due 09/15/2027		2,993,000		2,924,568
National Rural Utilities Cooperative Finance Corp. Senior Sec. Notes 2.95% due 02/07/2024		87,000		86,309
				3,625,033
Food-Confectionery — 0.1%
WM Wrigley Jr. Co. Senior Notes 3.38% due 10/21/2020*		2,600,000		2,654,159
Food-Meat Products — 0.0%
Tyson Foods, Inc. Company Guar. Notes 3.95% due 08/15/2024		450,000		464,540
Tyson Foods, Inc. Company Guar. Notes 4.88% due 08/15/2034		100,000		110,331
				574,871
Food-Misc./Diversified — 0.3%
Kellogg Co. Senior Notes 3.40% due 11/15/2027		300,000		292,023
Kellogg Co. Senior Notes 4.00% due 12/15/2020		360,000		373,059
Kraft Foods Group, Inc. Company Guar. Notes 3.50% due 06/06/2022		150,000		151,660
Kraft Foods Group, Inc. Company Guar. Notes 6.88% due 01/26/2039		181,000		236,180
Kraft Heinz Foods Co. Company Guar. Notes 2.80% due 07/02/2020		650,000		650,294
Kraft Heinz Foods Co. Company Guar. Notes 3.95% due 07/15/2025		749,000		758,322
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046		1,863,000		1,821,338
Kraft Heinz Foods Co. Company Guar. Notes 5.20% due 07/15/2045		438,000		473,469
McCormick & Co., Inc. Senior Notes 3.15% due 08/15/2024		119,000		117,772
McCormick & Co., Inc. Senior Notes 3.40% due 08/15/2027		132,000		130,704
				5,004,821

205

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food-Retail — 0.1%
Kroger Co. Senior Notes 3.30% due 01/15/2021	$	540,000	$	548,212
Kroger Co. Company Guar. Notes 6.90% due 04/15/2038		450,000		581,247
				1,129,459
Food-Wholesale/Distribution — 0.0%
Sysco Corp. Company Guar. Notes 3.75% due 10/01/2025		111,000		114,154
Gas-Distribution — 0.5%
AGL Capital Corp. Company Guar. Notes 3.25% due 06/15/2026		85,000		82,139
AGL Capital Corp. Company Guar. Notes 5.25% due 08/15/2019		400,000		414,122
Atmos Energy Corp. Senior Notes 4.13% due 10/15/2044		270,000		286,613
Boston Gas Co. Senior Notes 3.15% due 08/01/2027*		3,603,000		3,516,515
CenterPoint Energy Resources Corp. Senior Notes 4.50% due 01/15/2021		540,000		562,174
KeySpan Gas East Corp. Notes 2.74% due 08/15/2026*(1)		3,186,000		3,035,176
NiSource, Inc. Senior Notes 6.25% due 12/15/2040		330,000		423,348
Sempra Energy Senior Notes 2.88% due 10/01/2022		630,000		623,945
Southern Co. Gas Capital Corp. Company Guar. Notes 2.45% due 10/01/2023		58,000		55,828
Southern Co. Gas Capital Corp. Company Guar. Notes 3.95% due 10/01/2046		71,000		68,770
				9,068,630
Insurance Brokers — 0.0%
Marsh & McLennan Cos., Inc. Senior Notes 2.35% due 03/06/2020		294,000		292,737
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 03/10/2025		270,000		272,983
				565,720
Insurance-Life/Health — 0.3%
Athene Global Funding Sec. Notes 2.75% due 04/20/2020*		352,000		351,263
Athene Global Funding Sec. Notes 4.00% due 01/25/2022*		221,000		225,365

Security Description	Principal Amount		Value (Note 2)
Insurance-Life/Health (continued)
Great-West Lifeco Finance Delaware LP Company Guar. Notes 4.15% due 06/03/2047*	$	300,000	$	307,243
Jackson National Life Global Funding Senior Sec. Notes 1.88% due 10/15/2018*		180,000		179,654
Jackson National Life Global Funding Senior Sec. Notes 3.25% due 01/30/2024*		172,000		170,678
Lincoln National Corp. Senior Notes 4.20% due 03/15/2022		450,000		466,744
Pacific Life Insurance Co. Sub. Notes 4.30% due 10/24/2067*		149,000		145,580
Pricoa Global Funding I Senior Sec. Notes 1.60% due 05/29/2018*		450,000		449,517
Principal Financial Group, Inc. Company Guar. Notes 3.13% due 05/15/2023		100,000		99,051
Principal Financial Group, Inc. Company Guar. Notes 3.40% due 05/15/2025		2,490,000		2,481,730
Prudential Financial, Inc. Senior Notes 2.35% due 08/15/2019		450,000		449,531
Prudential Insurance Co. of America Sub. Notes 8.30% due 07/01/2025*		200,000		256,303
Reliance Standard Life Global Funding II Senior Sec. Notes 3.05% due 01/20/2021*		149,000		149,503
Teachers Insurance & Annuity Association of America Sub. Notes 4.27% due 05/15/2047*		200,000		206,432
				5,938,594
Insurance-Multi-line — 0.2%
Guardian Life Insurance Co. of America Sub. Notes 4.85% due 01/24/2077*		63,000		67,247
MetLife, Inc. Senior Notes 3.00% due 03/01/2025		455,000		445,161
Metropolitan Life Global Funding I Sec. Notes 2.30% due 04/10/2019*		540,000		539,676
Metropolitan Life Global Funding I Senior Sec. Notes 3.00% due 01/10/2023*		326,000		324,450
Metropolitan Life Global Funding I Sec. Notes 3.45% due 12/18/2026*		2,109,000		2,108,720
Nationwide Mutual Insurance Co. Sub. Notes 9.38% due 08/15/2039*		250,000		413,214
Voya Financial, Inc. Company Guar. Notes 3.65% due 06/15/2026		50,000		49,708
				3,948,176

206

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Mutual — 0.1%
Liberty Mutual Group, Inc. Company Guar. Notes 4.25% due 06/15/2023*	$	450,000	$	467,182
Massachusetts Mutual Life Insurance Co. Sub. Notes 4.50% due 04/15/2065*		350,000		357,188
Massachusetts Mutual Life Insurance Co. Sub. Notes 8.88% due 06/01/2039*		31,000		49,909
New York Life Global Funding Sec. Notes 1.95% due 02/11/2020*		258,000		255,243
New York Life Global Funding Sec. Notes 2.15% due 06/18/2019*		550,000		548,362
New York Life Global Funding Sec. Notes 3.00% due 01/10/2028*		162,000		156,921
				1,834,805
Insurance-Property/Casualty — 0.1%
ACE INA Holdings, Inc. Company Guar. Notes 2.88% due 11/03/2022		78,000		77,962
ACE INA Holdings, Inc. Company Guar. Notes 3.35% due 05/15/2024		630,000		635,852
ACE INA Holdings, Inc. Company Guar. Notes 3.35% due 05/03/2026		50,000		50,019
Arch Capital Finance LLC Company Guar. Notes 5.03% due 12/15/2046		109,000		124,534
Progressive Corp. Senior Notes 2.45% due 01/15/2027		120,000		111,870
				1,000,237
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc. Senior Notes 2.88% due 09/15/2026		884,000		846,406
Blackstone Holdings Finance Co. LLC Company Guar. Notes 4.45% due 07/15/2045*		110,000		113,976
				960,382
Machinery-Construction & Mining — 0.1%
Caterpillar Financial Services Corp. Senior Notes 2.75% due 08/20/2021		720,000		719,789
Caterpillar Financial Services Corp. Senior Notes 3.25% due 12/01/2024		180,000		181,274
Caterpillar, Inc. Senior Notes 6.05% due 08/15/2036		100,000		130,589
				1,031,652
Machinery-Farming — 0.0%
John Deere Capital Corp. Senior Notes 1.60% due 07/13/2018		71,000		70,903

Security Description	Principal Amount		Value (Note 2)
Machinery-Farming (continued)
John Deere Capital Corp. Senior Notes 3.35% due 06/12/2024	$	504,000	$	510,528
				581,431
Machinery-General Industrial — 0.0%
Roper Technologies, Inc. Senior Notes 3.00% due 12/15/2020		62,000		62,430
Machinery-Pumps — 0.0%
Xylem, Inc. Senior Notes 3.25% due 11/01/2026		49,000		47,994
Medical Instruments — 0.1%
Medtronic, Inc. Company Guar. Notes 3.13% due 03/15/2022		93,000		94,008
Medtronic, Inc. Company Guar. Notes 4.38% due 03/15/2035		253,000		277,404
Medtronic, Inc. Company Guar. Notes 4.63% due 03/15/2045		2,000,000		2,265,903
				2,637,315
Medical Labs & Testing Services — 0.2%
Laboratory Corp. of America Holdings Senior Notes 3.20% due 02/01/2022		203,000		204,062
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		2,462,000		2,593,201
Quest Diagnostics, Inc. Senior Notes 3.45% due 06/01/2026		56,000		54,886
				2,852,149
Medical Products — 0.2%
Becton Dickinson and Co. Senior Notes 3.73% due 12/15/2024		84,000		84,198
Stryker Corp. Senior Notes 3.50% due 03/15/2026		56,000		56,779
Zimmer Holdings, Inc. Senior Notes 2.70% due 04/01/2020		3,477,000		3,465,957
				3,606,934
Medical-Biomedical/Gene — 0.3%
Amgen, Inc. Senior Notes 3.13% due 05/01/2025		320,000		316,084
Amgen, Inc. Senior Notes 3.63% due 05/15/2022		720,000		738,445
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		95,000		96,091
Baxalta, Inc. Company Guar. Notes 5.25% due 06/23/2045		47,000		54,157

207

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Biomedical/Gene (continued)
Biogen, Inc. Senior Notes 3.63% due 09/15/2022	$	178,000	$	183,005
Biogen, Inc. Senior Notes 5.20% due 09/15/2045		97,000		112,673
Celgene Corp. Senior Notes 3.45% due 11/15/2027		300,000		293,344
Celgene Corp. Senior Notes 3.63% due 05/15/2024		336,000		339,516
Celgene Corp. Senior Notes 5.70% due 10/15/2040		114,000		131,789
Gilead Sciences, Inc. Senior Notes 2.50% due 09/01/2023		28,000		27,274
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		45,000		45,683
Gilead Sciences, Inc. Senior Notes 3.65% due 03/01/2026		180,000		184,050
Gilead Sciences, Inc. Senior Notes 3.70% due 04/01/2024		39,000		40,212
Gilead Sciences, Inc. Senior Notes 4.60% due 09/01/2035		86,000		94,857
Gilead Sciences, Inc. Senior Notes 4.75% due 03/01/2046		1,195,000		1,342,978
Gilead Sciences, Inc. Senior Notes 4.80% due 04/01/2044		1,900,000		2,143,447
				6,143,605
Medical-Drugs — 0.1%
AbbVie, Inc. Senior Notes 2.85% due 05/14/2023		200,000		196,811
AbbVie, Inc. Senior Notes 3.60% due 05/14/2025		227,000		229,098
AbbVie, Inc. Senior Notes 4.30% due 05/14/2036		135,000		142,020
AbbVie, Inc. Senior Notes 4.50% due 05/14/2035		889,000		957,565
Allergan, Inc. Senior Notes 2.80% due 03/15/2023		300,000		292,123
Allergan, Inc. Senior Notes 3.38% due 09/15/2020		138,000		139,642
Johnson & Johnson Senior Notes 3.40% due 01/15/2038		309,000		306,247
Johnson & Johnson Senior Notes 4.38% due 12/05/2033		46,000		51,431

Security Description	Principal Amount		Value (Note 2)
Medical-Drugs (continued)
Merck & Co., Inc. Senior Notes 2.40% due 09/15/2022	$	131,000	$	129,007
Merck & Co., Inc. Senior Notes 3.70% due 02/10/2045		34,000		34,333
Pfizer, Inc. Senior Notes 3.00% due 12/15/2026		300,000		295,465
				2,773,742
Medical-Generic Drugs — 0.0%
Mylan, Inc. Company Guar. Notes 3.13% due 01/15/2023*		60,000		58,743
Medical-HMO — 0.3%
Aetna, Inc. Senior Notes 2.80% due 06/15/2023		120,000		116,993
Anthem, Inc. Senior Notes 3.50% due 08/15/2024		540,000		544,933
Magellan Health, Inc. Senior Notes 4.40% due 09/22/2024		417,000		417,215
UnitedHealth Group, Inc. Senior Notes 1.63% due 03/15/2019		145,000		143,784
UnitedHealth Group, Inc. Senior Bonds 2.38% due 10/15/2022		3,551,000		3,462,299
UnitedHealth Group, Inc. Senior Notes 2.75% due 02/15/2023		181,000		179,108
UnitedHealth Group, Inc. Senior Notes 3.10% due 03/15/2026		201,000		197,994
UnitedHealth Group, Inc. Senior Notes 4.63% due 07/15/2035		260,000		295,048
UnitedHealth Group, Inc. Senior Notes 5.80% due 03/15/2036		200,000		254,090
WellPoint, Inc. Senior Notes 4.65% due 08/15/2044		180,000		192,728
				5,804,192
Medical-Hospitals — 0.4%
Hackensack Meridian Health, Inc. Senior Notes 4.50% due 07/01/2057		2,009,000		2,157,176
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		2,153,000		2,252,576
Northwell Healthcare, Inc. Sec. Notes 3.98% due 11/01/2046		594,000		571,024
Northwell Healthcare, Inc. Sec. Notes 4.26% due 11/01/2047		1,720,000		1,722,137

208

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Hospitals (continued)
Providence St Joseph Health Obligated Group Notes 2.75% due 10/01/2026	$	84,000	$	79,777
Texas Health Resources Sec. Notes 4.33% due 11/15/2055		400,000		422,079
				7,204,769
Medical-Wholesale Drug Distribution — 0.0%
Cardinal Health, Inc. Senior Notes 3.75% due 09/15/2025		105,000		104,849
Cardinal Health, Inc. Senior Notes 4.90% due 09/15/2045		90,000		95,441
				200,290
Metal Processors & Fabrication — 0.0%
Precision Castparts Corp. Senior Notes 3.25% due 06/15/2025		240,000		241,727
Precision Castparts Corp. Senior Notes 4.20% due 06/15/2035		150,000		157,874
Precision Castparts Corp. Senior Notes 4.38% due 06/15/2045		100,000		108,982
				508,583
Metal-Copper — 0.2%
Freeport-McMoRan Copper & Gold, Inc. Company Guar. Notes 2.38% due 03/15/2018		270,000		269,919
Freeport-McMoRan Copper & Gold, Inc. Company Guar. Notes 3.88% due 03/15/2023		1,000,000		993,750
Freeport-McMoRan, Inc. Company Guar. Notes 6.88% due 02/15/2023		2,800,000		3,073,000
				4,336,669
Metal-Diversified — 0.3%
Glencore Funding LLC Company Guar. Notes 4.00% due 04/16/2025*		1,028,000		1,034,291
Glencore Funding LLC Company Guar. Notes 4.00% due 03/27/2027*		2,500,000		2,476,130
Glencore Funding LLC Company Guar. Notes 4.13% due 05/30/2023*		1,630,000		1,675,950
				5,186,371
Multimedia — 0.3%
21st Century Fox America, Inc. Company Guar. Notes 3.70% due 10/15/2025		540,000		553,337
21st Century Fox America, Inc. Company Guar. Notes 6.15% due 02/15/2041		200,000		263,403
NBCUniversal Media LLC Company Guar. Notes 2.88% due 01/15/2023		900,000		899,282

Security Description	Principal Amount		Value (Note 2)
Multimedia (continued)
Time Warner, Inc. Company Guar. Notes 3.55% due 06/01/2024	$	1,560,000	$	1,562,975
Time Warner, Inc. Company Guar. Notes 3.80% due 02/15/2027		1,177,000		1,158,360
Viacom, Inc. Senior Notes 3.88% due 04/01/2024		112,000		113,033
Walt Disney Co. Senior Notes 1.85% due 05/30/2019		450,000		447,700
Walt Disney Co. Senior Notes 3.00% due 02/13/2026		450,000		445,823
				5,443,913
Networking Products — 0.0%
Cisco Systems, Inc. Senior Notes 3.00% due 06/15/2022		222,000		223,834
Cisco Systems, Inc. Senior Notes 3.63% due 03/04/2024		360,000		372,654
				596,488
Non-Hazardous Waste Disposal — 0.0%
Republic Services, Inc. Senior Notes 5.00% due 03/01/2020		450,000		470,713
Waste Management, Inc. Company Guar. Notes 3.13% due 03/01/2025		116,000		114,940
				585,653
Oil & Gas Drilling — 0.0%
Nabors Industries, Inc. Company Guar. Notes 4.63% due 09/15/2021		270,000		263,925
Nabors Industries, Inc. Company Guar. Notes 5.00% due 09/15/2020		270,000		272,700
				536,625
Oil Companies-Exploration & Production — 0.3%
Anadarko Holding Co. Senior Notes 7.15% due 05/15/2028		308,000		367,254
Anadarko Petroleum Corp. Senior Notes 8.70% due 03/15/2019		360,000		383,398
Apache Corp. Senior Notes 5.10% due 09/01/2040		270,000		291,763
Apache Corp. Senior Notes 6.00% due 01/15/2037		360,000		426,157
CNOOC Finance 2015 USA LLC Company Guar. Notes 3.50% due 05/05/2025		436,000		431,260
ConocoPhillips Co. Company Guar. Notes 2.40% due 12/15/2022		540,000		530,483

209

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
ConocoPhillips Co. Company Guar. Notes 4.95% due 03/15/2026	$	225,000	$	250,673
ConocoPhillips Holding Co. Senior Notes 6.95% due 04/15/2029		200,000		259,337
EOG Resources, Inc. Senior Notes 4.15% due 01/15/2026		100,000		105,107
EOG Resources, Inc. Senior Notes 5.10% due 01/15/2036		235,000		268,968
EQT Corp. Senior Notes 3.90% due 10/01/2027		201,000		196,844
Hess Corp. Senior Notes 6.00% due 01/15/2040		100,000		113,204
Hess Corp. Senior Notes 7.13% due 03/15/2033		300,000		368,166
Kerr-McGee Corp. Company Guar. Notes 7.88% due 09/15/2031		245,000		327,858
Marathon Oil Corp. Senior Notes 2.80% due 11/01/2022		450,000		441,348
Marathon Oil Corp. Senior Notes 6.60% due 10/01/2037		100,000		125,750
Noble Energy, Inc. Senior Notes 3.85% due 01/15/2028		100,000		99,768
Noble Energy, Inc. Senior Notes 5.63% due 05/01/2021		133,000		135,660
Noble Energy, Inc. Senior Notes 6.00% due 03/01/2041		180,000		217,272
Occidental Petroleum Corp. Senior Notes 3.00% due 02/15/2027		111,000		108,168
Occidental Petroleum Corp. Senior Notes 3.40% due 04/15/2026		88,000		88,718
Occidental Petroleum Corp. Senior Notes 3.50% due 06/15/2025		114,000		115,932
Occidental Petroleum Corp. Senior Notes 4.63% due 06/15/2045		53,000		58,365
				5,711,453
Oil Companies-Integrated — 0.1%
Chevron Corp. Senior Notes 2.57% due 05/16/2023		600,000		589,946
Chevron Corp. Senior Notes 2.90% due 03/03/2024		215,000		213,072
Eni USA, Inc. Company Guar. Notes 7.30% due 11/15/2027		200,000		246,212

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Integrated (continued)
Exxon Mobil Corp. Senior Notes 2.73% due 03/01/2023	$	774,000	$	769,215
Exxon Mobil Corp. Senior Notes 4.11% due 03/01/2046		183,000		197,875
				2,016,320
Oil Refining & Marketing — 0.3%
Andeavor Senior Notes 3.80% due 04/01/2028		855,000		841,059
Marathon Petroleum Corp. Senior Notes 4.75% due 09/15/2044		2,911,000		3,083,974
Marathon Petroleum Corp. Senior Notes 5.85% due 12/15/2045		1,070,000		1,244,408
Phillips 66 Company Guar. Notes 4.30% due 04/01/2022		500,000		525,316
				5,694,757
Oil-Field Services — 0.1%
Baker Hughes, a GE Company Senior Notes 5.13% due 09/15/2040		150,000		173,048
Halliburton Co. Senior Notes 3.50% due 08/01/2023		350,000		355,346
Halliburton Co. Senior Notes 4.85% due 11/15/2035		85,000		95,400
Schlumberger Holdings Corp. Senior Notes 3.63% due 12/21/2022*		220,000		224,999
				848,793
Paper & Related Products — 0.0%
International Paper Co. Senior Notes 3.00% due 02/15/2027		214,000		204,212
International Paper Co. Senior Notes 7.30% due 11/15/2039		100,000		138,001
International Paper Co. Senior Notes 8.70% due 06/15/2038		100,000		148,675
				490,888
Petrochemicals — 0.0%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 3.40% due 12/01/2026*		136,000		135,981
Pharmacy Services — 0.0%
Express Scripts Holding Co. Company Guar. Notes 3.00% due 07/15/2023		540,000		528,923
Express Scripts Holding Co. Company Guar. Notes 3.50% due 06/15/2024		180,000		179,603
				708,526

210

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines — 1.0%
Andeavor Logistics LP/Tesoro Logistics Finance Corp. Company Guar. Notes 4.25% due 12/01/2027	$	161,000	$	161,928
Boardwalk Pipelines LP Company Guar. Notes 4.95% due 12/15/2024		330,000		346,951
Boardwalk Pipelines LP Company Guar. Notes 5.95% due 06/01/2026		74,000		81,476
Buckeye Partners LP Senior Notes 2.65% due 11/15/2018		150,000		150,310
Buckeye Partners LP Senior Notes 3.95% due 12/01/2026		39,000		37,672
Buckeye Partners LP Senior Notes 4.88% due 02/01/2021		250,000		260,495
Buckeye Partners LP Senior Notes 5.85% due 11/15/2043		260,000		283,365
Energy Transfer Partners LP Senior Notes 3.60% due 02/01/2023		57,000		56,723
Energy Transfer Partners LP Senior Notes 4.05% due 03/15/2025		173,000		172,238
Energy Transfer Partners LP Senior Notes 4.75% due 01/15/2026		128,000		132,498
Energy Transfer Partners LP Senior Notes 4.90% due 02/01/2024		122,000		127,675
Energy Transfer Partners LP Senior Notes 6.05% due 06/01/2041		517,000		558,313
Energy Transfer Partners LP Senior Notes 6.50% due 02/01/2042		56,000		64,330
EnLink Midstream Partners LP Senior Notes 2.70% due 04/01/2019		187,000		186,425
EnLink Midstream Partners LP Senior Notes 4.15% due 06/01/2025		358,000		358,621
EnLink Midstream Partners LP Senior Notes 5.05% due 04/01/2045		115,000		115,225
Enterprise Products Operating LLC Company Guar. Notes 3.35% due 03/15/2023		200,000		201,819
Enterprise Products Operating LLC Company Guar. Notes 3.75% due 02/15/2025		270,000		275,502
Enterprise Products Operating LLC Company Guar. Notes 3.90% due 02/15/2024		720,000		744,173
Enterprise Products Operating LLC Company Guar. Notes 4.85% due 03/15/2044		45,000		49,394

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Enterprise Products Operating LLC Company Guar. Notes 4.95% due 10/15/2054	$	180,000	$	196,236
Enterprise Products Operating LLC Company Guar. Notes 5.95% due 02/01/2041		45,000		55,504
Gulf South Pipeline Co. LP Senior Notes 4.00% due 06/15/2022		345,000		349,207
Kinder Morgan Energy Partners LP Company Guar. Notes 5.40% due 09/01/2044		1,700,000		1,814,897
Magellan Midstream Partners LP Senior Notes 3.20% due 03/15/2025		103,000		99,389
Magellan Midstream Partners LP Senior Notes 4.20% due 12/01/2042		108,000		105,934
Magellan Midstream Partners LP Senior Notes 4.25% due 02/01/2021		150,000		155,411
Magellan Midstream Partners LP Senior Notes 6.40% due 05/01/2037		210,000		267,122
MPLX LP Senior Notes 4.88% due 12/01/2024		210,000		223,445
MPLX LP Senior Notes 5.20% due 03/01/2047		81,000		89,269
ONEOK Partners LP Company Guar. Notes 3.20% due 09/15/2018		140,000		140,708
ONEOK Partners LP Company Guar. Notes 3.38% due 10/01/2022		40,000		40,019
ONEOK Partners LP Company Guar. Notes 4.90% due 03/15/2025		500,000		533,561
ONEOK Partners LP Company Guar. Notes 5.00% due 09/15/2023		90,000		95,079
ONEOK Partners LP Company Guar. Notes 6.65% due 10/01/2036		240,000		296,139
ONEOK, Inc. Company Guar. Notes 7.50% due 09/01/2023		650,000		768,921
Phillips 66 Partners LP Senior Notes 3.55% due 10/01/2026		49,000		47,758
Phillips 66 Partners LP Senior Notes 4.68% due 02/15/2045		507,000		518,972
Phillips 66 Partners LP Senior Notes 4.90% due 10/01/2046		106,000		111,918
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 3.60% due 11/01/2024		810,000		790,626

211

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.90% due 02/15/2045	$	76,000	$	75,479
Regency Energy Partners LP/Regency Energy Finance Corp. Company Guar. Notes 5.00% due 10/01/2022		225,000		237,493
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.20% due 03/15/2028		1,114,000		1,120,557
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.00% due 03/15/2027		2,017,000		2,141,723
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.63% due 02/01/2021		2,300,000		2,449,680
Southern Natural Gas Co. LLC Senior Notes 4.80% due 03/15/2047*		102,000		109,250
Southern Natural Gas Co. LLC Senor Notes 8.00% due 03/01/2032		140,000		189,265
Spectra Energy Partners LP Senior Notes 3.50% due 03/15/2025		313,000		310,225
Sunoco Logistics Partners Operations LP Company Guar. Notes 4.25% due 04/01/2024		180,000		182,756
Sunoco Logistics Partners Operations LP Company Guar. Notes 4.95% due 01/15/2043		567,000		553,004
TC PipeLines LP Senior Notes 3.90% due 05/25/2027		106,000		104,911
Texas Eastern Transmission LP Senior Notes 3.50% due 01/15/2028*		60,000		59,005
Western Gas Partners LP Senior Notes 4.65% due 07/01/2026		113,000		116,395
Western Gas Partners LP Senior Notes 5.38% due 06/01/2021		99,000		104,406
Western Gas Partners LP Senior Notes 5.45% due 04/01/2044		255,000		276,277
Williams Partners LP Senior Notes 3.90% due 01/15/2025		174,000		176,243
				19,271,917
Racetracks — 0.1%
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.38% due 11/01/2023		1,705,000		1,832,875
Radio — 0.1%
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 07/15/2026*		2,300,000		2,354,625

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts — 1.0%
American Tower Corp. Senior Notes 3.38% due 10/15/2026	$	175,000	$	168,643
American Tower Corp. Senior Notes 3.55% due 07/15/2027		4,489,000		4,347,947
AvalonBay Communities, Inc. Senior Notes 2.85% due 03/15/2023		150,000		148,043
AvalonBay Communities, Inc. Senior Notes 2.90% due 10/15/2026		110,000		105,309
AvalonBay Communities, Inc. Senior Notes 3.90% due 10/15/2046		64,000		62,861
Boston Properties LP Senior Notes 2.75% due 10/01/2026		120,000		112,286
Boston Properties LP Senior Notes 3.20% due 01/15/2025		228,000		223,474
Boston Properties LP Senior Notes 3.65% due 02/01/2026		148,000		148,110
Brixmor Operating Partnership LP Senior Notes 3.85% due 02/01/2025		200,000		197,255
Crown Castle International Corp. Senior Notes 2.25% due 09/01/2021		1,575,000		1,536,873
Crown Castle International Corp. Senior Notes 3.20% due 09/01/2024		937,000		914,061
Crown Castle International Corp. Senior Notes 3.70% due 06/15/2026		945,000		923,563
Crown Castle International Corp. Senior Bonds 3.80% due 02/15/2028		893,000		874,837
Crown Castle International Corp. Senior Notes 4.00% due 03/01/2027		464,000		462,191
Crown Castle International Corp. Senior Notes 4.88% due 04/15/2022		150,000		159,245
Crown Castle International Corp. Senior Notes 5.25% due 01/15/2023		100,000		108,565
DDR Corp. Senior Notes 4.70% due 06/01/2027		94,000		98,084
Digital Realty Trust LP Company Guar. Notes 3.70% due 08/15/2027		115,000		113,923
Duke Realty LP Senior Notes 3.25% due 06/30/2026		31,000		30,237
Duke Realty LP Company Guar. Notes 3.63% due 04/15/2023		270,000		273,912

212

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
EPR Properties Company Guar. Notes 4.50% due 06/01/2027	$	207,000	$	204,976
Equinix, Inc. Senior Notes 5.38% due 05/15/2027		890,000		934,500
Equity Commonwealth Senior Notes 5.88% due 09/15/2020		490,000		516,234
ERP Operating LP Senior Notes 2.38% due 07/01/2019		270,000		269,759
ERP Operating LP Senior Notes 4.75% due 07/15/2020		270,000		282,673
Goodman US Finance Three LLC Company Guar. Notes 3.70% due 03/15/2028*		215,000		209,091
Goodman US Finance Three LLC Company Guar. Notes 4.50% due 10/15/2037*		186,000		188,477
Government Properties Income Trust Senior Notes 4.00% due 07/15/2022		275,000		275,894
HCP, Inc. Senior Notes 3.88% due 08/15/2024		900,000		909,947
Health Care REIT, Inc. Senior Notes 3.75% due 03/15/2023		540,000		551,587
Health Care REIT, Inc. Senior Notes 4.00% due 06/01/2025		120,000		122,373
National Retail Properties, Inc. Senior Notes 3.60% due 12/15/2026		165,000		161,348
National Retail Properties, Inc. Senior Notes 4.00% due 11/15/2025		291,000		294,508
Realty Income Corp. Senior Notes 3.00% due 01/15/2027		114,000		107,995
Realty Income Corp. Senior Notes 3.25% due 10/15/2022		300,000		301,085
Realty Income Corp. Senior Notes 3.65% due 01/15/2028		1,633,000		1,616,995
Realty Income Corp. Senior Notes 3.88% due 07/15/2024		100,000		101,756
Simon Property Group LP Senior Notes 2.75% due 02/01/2023		360,000		355,300
Simon Property Group LP Senior Notes 3.75% due 02/01/2024		351,000		360,554
UDR, Inc. Company Guar. Notes 2.95% due 09/01/2026		42,000		39,600

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
Ventas Realty LP Company Guar. Notes 3.75% due 05/01/2024	$	880,000	$	891,582
VEREIT Operating Partnership LP Company Guar. Notes 4.60% due 02/06/2024		400,000		414,463
				20,120,116
Real Estate Operations & Development — 0.0%
Prologis LP Company Guar. Notes 3.75% due 11/01/2025		57,000		58,813
Rental Auto/Equipment — 0.2%
ERAC USA Finance LLC Company Guar. Notes 2.60% due 12/01/2021*		200,000		196,126
ERAC USA Finance LLC Company Guar. Notes 4.50% due 02/15/2045*		685,000		695,009
ERAC USA Finance LLC Company Guar. Notes 7.00% due 10/15/2037*		2,655,000		3,500,941
				4,392,076
Resort/Theme Parks — 0.1%
Six Flags Entertainment Corp. Company Guar. Notes 4.88% due 07/31/2024*		2,550,000		2,585,063
Retail-Auto Parts — 0.0%
AutoZone, Inc. Senior Notes 3.75% due 06/01/2027		138,000		138,081
O’Reilly Automotive, Inc. Senior Notes 3.60% due 09/01/2027		185,000		183,337
				321,418
Retail-Building Products — 0.1%
Home Depot, Inc. Senior Notes 2.13% due 09/15/2026		77,000		70,534
Home Depot, Inc. Senior Notes 2.63% due 06/01/2022		148,000		147,323
Home Depot, Inc. Senior Notes 3.50% due 09/15/2056		53,000		49,849
Home Depot, Inc. Senior Notes 4.20% due 04/01/2043		172,000		184,543
Home Depot, Inc. Senior Notes 4.40% due 03/15/2045		180,000		199,880
Lowe’s Cos., Inc. Senior Notes 3.13% due 09/15/2024		180,000		179,340
Lowe’s Cos., Inc. Senior Notes 3.38% due 09/15/2025		119,000		119,705
				951,174

213

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Consumer Electronics — 0.2%
Best Buy Co., Inc. Senior Notes 5.50% due 03/15/2021	$	3,128,000	$	3,352,848
Retail-Discount — 0.1%
Costco Wholesale Corp. Senior Notes 2.75% due 05/18/2024		215,000		211,501
Target Corp. Senior Notes 3.50% due 07/01/2024		270,000		278,285
Wal-Mart Stores, Inc. Senior Notes 3.30% due 04/22/2024		270,000		276,556
Wal-Mart Stores, Inc. Senior Notes 3.63% due 12/15/2047		250,000		256,253
				1,022,595
Retail-Drug Store — 0.3%
CVS Health Corp. Senior Notes 4.00% due 12/05/2023		877,000		902,040
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		3,064,000		3,425,038
Walgreen Co. Company Guar. Notes 4.40% due 09/15/2042		100,000		99,515
Walgreens Boots Alliance, Inc. Senior Notes 3.80% due 11/18/2024		100,000		101,369
Walgreens Boots Alliance, Inc. Senior Notes 4.50% due 11/18/2034		460,000		472,086
				5,000,048
Retail-Restaurants — 0.0%
McDonald’s Corp. Senior Notes 4.70% due 12/09/2035		155,000		172,527
McDonald’s Corp. Senior Notes 6.30% due 10/15/2037		102,000		133,896
Starbucks Corp. Senior Notes 4.30% due 06/15/2045		153,000		164,608
				471,031
Schools — 0.0%
President and Fellows of Harvard College Notes 3.30% due 07/15/2056		304,000		285,321
Semiconductor Components-Integrated Circuits — 0.0%
Analog Devices, Inc. Senior Notes 3.13% due 12/05/2023		122,000		120,888
Analog Devices, Inc. Senior Notes 4.50% due 12/05/2036		57,000		59,645
QUALCOMM, Inc. Senior Notes 2.60% due 01/30/2023		35,000		33,819

Security Description	Principal Amount		Value (Note 2)
Semiconductor Components-Integrated Circuits (continued)
QUALCOMM, Inc. Senior Notes 3.25% due 05/20/2027	$	251,000	$	239,965
				454,317
Software Tools — 0.0%
VMware, Inc. Senior Notes 2.95% due 08/21/2022		389,000		375,741
Special Purpose Entity — 0.0%
Protective Life Global Funding Sec. Notes 2.00% due 09/14/2021*		300,000		288,378
Steel-Producers — 0.1%
Nucor Corp. Senior Notes 4.00% due 08/01/2023		630,000		654,889
Nucor Corp. Senior Notes 6.40% due 12/01/2037		100,000		130,745
Steel Dynamics, Inc. Company Guar. Notes 5.13% due 10/01/2021		1,707,000		1,749,675
				2,535,309
Telephone-Integrated — 1.2%
AT&T, Inc. Senior Notes 3.40% due 05/15/2025		402,000		391,144
AT&T, Inc. Senior Notes 3.95% due 01/15/2025		324,000		327,010
AT&T, Inc. Senior Notes 4.10% due 02/15/2028*		674,000		666,462
AT&T, Inc. Senior Notes 4.13% due 02/17/2026		330,000		333,176
AT&T, Inc. Senior Notes 4.30% due 02/15/2030*		1,071,000		1,057,336
AT&T, Inc. Senior Notes 4.45% due 04/01/2024		183,000		190,700
AT&T, Inc. Senior Notes 4.50% due 05/15/2035		2,219,000		2,185,609
AT&T, Inc. Senior Notes 4.55% due 03/09/2049		1,283,000		1,208,606
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		2,516,000		2,437,165
AT&T, Inc. Senior Notes 4.90% due 08/14/2037		936,000		948,661
AT&T, Inc. Senior Notes 5.15% due 11/15/2046*		503,000		516,060
AT&T, Inc. Senior Notes 5.15% due 02/14/2050		1,919,000		1,941,119

214

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
AT&T, Inc. Senior Notes 5.25% due 03/01/2037	$	4,232,000	$	4,472,246
AT&T, Inc. Senior Notes 5.35% due 09/01/2040		189,000		199,393
Verizon Communications, Inc. Senior Notes 2.95% due 03/15/2022		1,135,000		1,130,091
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		50,000		49,545
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		1,268,000		1,284,670
Verizon Communications, Inc. Senior Notes 4.50% due 08/10/2033		832,000		853,015
Verizon Communications, Inc. Senior Notes 4.81% due 03/15/2039		2,114,000		2,209,577
Verizon Communications, Inc. Senior Notes 5.25% due 03/16/2037		274,000		301,652
				22,703,237
Television — 0.0%
CBS Corp. Company Guar. Notes 3.70% due 08/15/2024		540,000		545,768
Tobacco — 0.5%
BAT Capital Corp. Company Guar. Notes 3.22% due 08/15/2024*(1)		7,025,000		6,917,157
BAT Capital Corp. Company Guar. Notes 4.39% due 08/15/2037*		308,000		316,589
Reynolds American, Inc. Company Guar. Notes 8.13% due 06/23/2019		1,800,000		1,933,159
				9,166,905
Transport-Equipment & Leasing — 0.0%
Aviation Capital Group Corp. Senior Notes 2.88% due 01/20/2022*		250,000		246,673
Transport-Rail — 0.2%
Burlington Northern Santa Fe LLC Senior Notes 3.00% due 03/15/2023		300,000		301,673
Burlington Northern Santa Fe LLC Senior Notes 3.05% due 09/01/2022		720,000		727,333
Burlington Northern Santa Fe LLC Senior Notes 3.65% due 09/01/2025		400,000		413,343
Burlington Northern Santa Fe LLC Senior Notes 4.40% due 03/15/2042		120,000		131,676
CSX Corp. Senior Notes 3.40% due 08/01/2024		180,000		181,446

Security Description	Principal Amount		Value (Note 2)
Transport-Rail (continued)
Norfolk Southern Corp. Senior Notes 3.85% due 01/15/2024	$	221,000	$	229,076
Union Pacific Corp. Senior Notes 3.25% due 01/15/2025		540,000		546,280
Union Pacific Corp. Senior Notes 4.10% due 09/15/2067		100,000		103,050
Union Pacific Railroad Co. Pass-Through Certs. 2.70% due 05/12/2027(14)		353,905		340,729
				2,974,606
Transport-Services — 0.0%
FedEx Corp. Company Guar. Notes 3.90% due 02/01/2035		270,000		269,955
Ryder System, Inc. Senior Notes 2.45% due 09/03/2019		360,000		359,553
Ryder System, Inc. Senior Notes 2.50% due 05/11/2020		147,000		146,357
Ryder System, Inc. Senior Notes 2.88% due 09/01/2020		57,000		57,192
				833,057
Trucking/Leasing — 0.0%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 2.70% due 03/14/2023*		360,000		350,259
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.38% due 02/01/2022*		250,000		251,835
				602,094
Vitamins & Nutrition Products — 0.0%
Mead Johnson Nutrition Co. Company Guar. Notes 4.13% due 11/15/2025		251,000		261,296
Water — 0.0%
American Water Capital Corp. Senior Notes 3.40% due 03/01/2025		451,000		454,762
Total U.S. Corporate Bonds & Notes (cost $487,379,846)				491,158,772
FOREIGN CORPORATE BONDS & NOTES — 7.3%
Aerospace/Defense — 0.0%
BAE Systems PLC Senior Notes 4.75% due 10/11/2021*		300,000		316,916
Aerospace/Defense-Equipment — 0.0%
Airbus SE Senior Notes 3.15% due 04/10/2027*		245,000		240,994
Airbus SE Senior Notes 3.95% due 04/10/2047*		150,000		155,086
				396,080

215

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Agricultural Chemicals — 0.1%
Agrium, Inc. Senior Notes 3.38% due 03/15/2025	$	158,000	$	156,054
Agrium, Inc. Senior Notes 4.13% due 03/15/2035		660,000		665,254
Agrium, Inc. Senior Notes 5.25% due 01/15/2045		270,000		305,677
Potash Corp. of Saskatchewan, Inc. Senior Notes 3.00% due 04/01/2025		302,000		289,320
				1,416,305
Airlines — 0.0%
Air Canada Pass-Through Trust Pass-Through Certs. 3.30% due 07/15/2031*		214,000		211,510
Air Canada Pass-Through Trust Pass-Through Certs. 3.55% due 07/15/2031*		302,000		298,094
				509,604
Banks-Commercial — 1.3%
ABN AMRO Bank NV Senior Notes 2.10% due 01/18/2019*		438,000		436,896
ABN AMRO Bank NV Sub. Notes 4.75% due 07/28/2025*		400,000		418,622
ABN AMRO Bank NV Sub. Notes 4.80% due 04/18/2026*		3,200,000		3,369,581
ANZ New Zealand International, Ltd. Company Guar. Notes 2.60% due 09/23/2019*		328,000		328,286
ANZ New Zealand International, Ltd. Company Guar. Notes 2.85% due 08/06/2020*		250,000		250,610
Australia & New Zealand Banking Group, Ltd. Sub. Notes 4.40% due 05/19/2026*		200,000		204,658
Bank of Montreal Senior Notes 1.40% due 04/10/2018		300,000		299,772
Bank of Montreal Senior Notes 2.38% due 01/25/2019		178,000		178,253
Bank of Nova Scotia Bonds 1.85% due 04/14/2020		550,000		542,205
Bank of Nova Scotia Senior Notes 2.50% due 01/08/2021		250,000		248,070
Bank of Tokyo-Mitsubishi UFJ, Ltd. Senior Notes 2.15% due 09/14/2018*		250,000		250,004
Barclays Bank PLC Sub. Notes 7.63% due 11/21/2022		700,000		792,757

Security Description	Principal Amount		Value (Note 2)
Banks-Commercial (continued)
BNZ International Funding, Ltd. Company Guar. Notes 2.90% due 02/21/2022*	$	250,000	$	247,979
BPCE SA Sub. Notes 4.50% due 03/15/2025*		2,200,000		2,265,458
BPCE SA Sub. Notes 4.63% due 07/11/2024*		600,000		622,280
Canadian Imperial Bank of Commerce Senior Notes 1.60% due 09/06/2019		250,000		246,756
Canadian Imperial Bank of Commerce Sec. Notes 2.25% due 07/21/2020*		273,000		270,608
Commonwealth Bank of Australia Senior Notes 2.00% due 09/06/2021*		300,000		290,942
Commonwealth Bank of Australia Senior Notes 2.50% due 09/18/2022*		400,000		390,984
Commonwealth Bank of Australia Sub. Notes 4.50% due 12/09/2025*		201,000		208,169
Cooperatieve Rabobank UA Company Guar. Notes 3.88% due 02/08/2022		300,000		310,405
Cooperatieve Rabobank UA Company Guar. Notes 4.38% due 08/04/2025		250,000		259,747
Cooperatieve Rabobank UA Company Guar. Notes 4.63% due 12/01/2023		400,000		423,543
Credit Suisse AG Senior Notes 3.00% due 10/29/2021		250,000		251,165
Credit Suisse AG Sub. Notes 6.50% due 08/08/2023*		528,000		590,040
Danske Bank A/S Senior Notes 2.00% due 09/08/2021*		200,000		193,753
Danske Bank A/S Senior Notes 2.70% due 03/02/2022*		200,000		197,817
HSBC Bank PLC Senior Notes 4.75% due 01/19/2021*		1,260,000		1,326,096
Industrial & Commercial Bank of China, Ltd. Senior Notes 2.45% due 10/20/2021		300,000		291,642
ING Bank NV Senior Notes 2.05% due 08/17/2018*		600,000		599,828
ING Groep NV Senior Notes 3.95% due 03/29/2027		935,000		956,532
Intesa Sanpaolo SpA Senior Notes 3.88% due 07/14/2027*		240,000		235,504
Intesa Sanpaolo SpA Senior Notes 3.88% due 01/12/2028*		200,000		195,248

216

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principle Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
Macquarie Bank, Ltd. Senior Notes 2.85% due 07/29/2020*	$	250,000	$	249,912
Macquarie Bank, Ltd. Senior Notes 4.00% due 07/29/2025*		250,000		256,145
Mizuho Bank, Ltd. Company Guar. Notes 1.80% due 03/26/2018*		242,000		241,991
National Australia Bank, Ltd. Senior Notes 2.50% due 01/12/2021		450,000		447,286
National Australia Bank, Ltd. Senior Notes 2.50% due 07/12/2026		250,000		232,860
Nordea Bank AB Senior Notes 2.50% due 09/17/2020*		300,000		298,561
Nordea Bank AB Sub. Notes 4.25% due 09/21/2022*		450,000		465,733
Royal Bank of Canada Senior Notes 1.80% due 07/30/2018		380,000		379,717
Royal Bank of Canada Senior Notes 2.75% due 02/01/2022		198,000		197,330
Santander UK Group Holdings PLC Senior Notes 3.57% due 01/10/2023		400,000		401,270
Santander UK Group Holdings PLC Sub. Notes 4.75% due 09/15/2025*		500,000		517,247
Standard Chartered PLC Senior Notes 1.70% due 04/17/2018*		270,000		269,800
Standard Chartered PLC Senior Notes 3.05% due 01/15/2021*		250,000		249,887
Sumitomo Mitsui Trust Bank, Ltd. Senior Notes 2.05% due 10/18/2019*		400,000		395,617
Svenska Handelsbanken AB Company Guar. Notes 2.40% due 10/01/2020		400,000		398,181
Toronto-Dominion Bank Senior Notes 1.75% due 07/23/2018		175,000		174,815
Toronto-Dominion Bank Senior Notes 2.25% due 11/05/2019		450,000		448,357
Toronto-Dominion Bank Sub. Notes 3.63% due 09/15/2031		167,000		163,176
Westpac Banking Corp. Bonds 2.00% due 03/03/2020*		439,000		433,925
Westpac Banking Corp. Senior Notes 2.60% due 11/23/2020		220,000		219,479
Westpac Banking Corp. Senior Notes 3.40% due 01/25/2028		200,000		196,976

Security Description	Principle Amount		Value (Note 2)
Banks-Commercial (continued)
Westpac Banking Corp. Sub. Notes 4.32% due 11/23/2031	$	300,000	$	305,581
				24,638,056
Banks-Fiduciary — 0.0%
Mitsubishi UFJ Trust & Banking Corp. Senior Notes 2.65% due 10/19/2020*		300,000		298,696
Beverages-Non-alcoholic — 0.0%
Coca-Cola Femsa SAB de CV Company Guar. Notes 3.88% due 11/26/2023		150,000		155,271
Building Products-Air & Heating — 0.1%
Johnson Controls International PLC Senior Notes 4.63% due 07/02/2044		894,000		973,287
Johnson Controls International PLC Senior Notes 4.95% due 07/02/2064		180,000		195,009
Johnson Controls International PLC Senior Notes 5.13% due 09/14/2045		60,000		69,960
Johnson Controls International PLC Senior Notes 5.70% due 03/01/2041		968,000		1,149,533
				2,387,789
Building Societies — 0.0%
Nationwide Building Society Sub. Notes 4.00% due 09/14/2026*		250,000		248,728
Cellular Telecom — 0.1%
America Movil SAB de CV Senior Notes 3.13% due 07/16/2022		810,000		810,640
Rogers Communications, Inc. Company Guar. Notes 8.75% due 05/01/2032		136,000		188,514
Vodafone Group PLC Senior Notes 2.95% due 02/19/2023		190,000		189,307
Vodafone Group PLC Senior Notes 6.25% due 11/30/2032		300,000		360,217
				1,548,678
Diversified Banking Institutions — 1.5%
Banco Santander SA Senior Notes 3.13% due 02/23/2023		200,000		196,773
Barclays PLC Senior Notes 3.68% due 01/10/2023		652,000		657,037
Barclays PLC Senior Notes 4.38% due 01/12/2026		2,344,000		2,403,720
Credit Agricole SA Senior Notes 4.13% due 01/10/2027*		296,000		304,542
Credit Agricole SA Sub. Notes 4.38% due 03/17/2025*		200,000		205,204

217

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Credit Suisse Group AG Senior Notes 3.57% due 01/09/2023*	$	500,000	$	503,259
Credit Suisse Group AG Senior Bonds 3.87% due 01/12/2029*		250,000		248,454
Credit Suisse Group AG Senior Notes 4.28% due 01/09/2028*		250,000		256,897
Credit Suisse Group Funding Guernsey, Ltd. Company Guar. Notes 3.75% due 03/26/2025		2,860,000		2,856,669
Deutsche Bank AG Senior Notes 1.88% due 02/13/2018		92,000		91,994
Deutsche Bank AG Senior Notes 3.13% due 01/13/2021		77,000		76,990
Deutsche Bank AG Senior Notes 3.70% due 05/30/2024		450,000		447,622
Deutsche Bank AG Senior Notes 4.25% due 10/14/2021		300,000		309,110
HSBC Holdings PLC Senior Notes 2.65% due 01/05/2022		680,000		669,735
HSBC Holdings PLC Sub. Notes 4.25% due 08/18/2025		200,000		204,705
HSBC Holdings PLC Sub. Notes 4.38% due 11/23/2026		200,000		205,959
HSBC Holdings PLC Sub. Notes 6.50% due 05/02/2036		600,000		767,198
Lloyds Banking Group PLC Senior Notes 2.91% due 11/07/2023		200,000		195,120
Lloyds Banking Group PLC Senior Notes 3.75% due 01/11/2027		3,443,000		3,430,465
Lloyds Banking Group PLC Sub. Notes 4.58% due 12/10/2025		200,000		206,206
Macquarie Group, Ltd. Senior Notes 3.76% due 11/28/2028*		300,000		293,513
Macquarie Group, Ltd. Senior Notes 6.25% due 01/14/2021*		1,260,000		1,367,408
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.00% due 02/22/2022		88,000		87,471
Mizuho Financial Group, Inc. Senior Notes 2.63% due 04/12/2021*		200,000		197,551
Royal Bank of Scotland Group PLC Senior Notes 3.88% due 09/12/2023		250,000		252,346

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Societe Generale SA Sub. Notes 4.25% due 04/14/2025*	$	250,000	$	252,720
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.06% due 07/14/2021		101,000		97,960
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.44% due 10/19/2021		3,107,000		3,043,934
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.63% due 07/14/2026		188,000		174,371
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.78% due 07/12/2022		300,000		294,794
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.78% due 10/18/2022		247,000		242,677
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.85% due 01/11/2022		300,000		296,807
Sumitomo Mitsui Financial Group, Inc. Senior Notes 3.10% due 01/17/2023		207,000		205,780
UBS Group Funding Switzerland AG Company Guar. Notes 2.86% due 08/15/2023*		200,000		195,672
UBS Group Funding Switzerland AG Company Guar. Notes 3.00% due 04/15/2021*		3,097,000		3,092,205
UBS Group Funding Switzerland AG Company Guar. Notes 4.13% due 09/24/2025*		1,827,000		1,887,568
UBS Group Funding Switzerland AG Company Guar. Notes 4.13% due 04/15/2026*		280,000		288,313
UBS Group Funding Switzerland AG Company Guar. Notes 4.25% due 03/23/2028*		2,066,000		2,139,016
				28,647,765
Diversified Financial Services — 0.2%
GE Capital International Funding Co. ULC Company Guar. Notes 2.34% due 11/15/2020		365,000		359,935
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		2,767,000		2,845,740
				3,205,675
Diversified Manufacturing Operations — 0.1%
Ingersoll-Rand Luxembourg Finance SA Company Guar. Notes 2.63% due 05/01/2020		180,000		179,136
Ingersoll-Rand Luxembourg Finance SA Company Guar. Notes 3.55% due 11/01/2024		150,000		152,293
Siemens Financieringsmaatschappij NV Company Guar. Notes 2.35% due 10/15/2026*		300,000		277,294

218

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Manufacturing Operations (continued)
Siemens Financieringsmaatschappij NV Company Guar. Notes 2.90% due 05/27/2022*	$	250,000	$	250,433
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.13% due 03/16/2024*		250,000		249,276
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.30% due 09/15/2046*		300,000		277,351
				1,385,783
Diversified Minerals — 0.0%
Anglo American Capital PLC Company Guar. Notes 3.63% due 09/11/2024*		200,000		198,235
Diversified Operations — 0.0%
CK Hutchison International, Ltd. Company Guar. Notes 2.88% due 04/05/2022*		300,000		295,251
Electric-Distribution — 0.3%
China Southern Power Grid International Finance BVI Co., Ltd. Company Guar. Notes 3.50% due 05/08/2027*		360,000		351,632
State Grid Overseas Investment, Ltd. Company Guar. Notes 2.75% due 05/04/2022*		5,851,000		5,730,177
				6,081,809
Electric-Generation — 0.0%
Korea Southern Power Co., Ltd. Senior Notes 3.00% due 01/29/2021*		200,000		199,870
Electric-Integrated — 0.7%
Enel Finance International NV Company Guar. Notes 3.50% due 04/06/2028*(1)		8,200,000		7,895,449
Enel Finance International NV Company Guar. Notes 3.63% due 05/25/2027*		5,631,000		5,507,577
Fortis, Inc. Senior Notes 3.06% due 10/04/2026		300,000		283,732
				13,686,758
Electronic Components-Misc. — 0.0%
Philips Electronics NV Senior Notes 3.75% due 03/15/2022		540,000		555,233
Finance-Investment Banker/Broker — 0.0%
Brookfield Finance, Inc. Company Guar. Bonds 3.90% due 01/25/2028		148,000		145,389
Brookfield Finance, Inc. Company Guar. Notes 4.70% due 09/20/2047		171,000		172,499
Daiwa Securities Group, Inc. Senior Notes 3.13% due 04/19/2022*		183,000		181,698
				499,586

Security Description	Principal Amount		Value (Note 2)
Finance-Leasing Companies — 0.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 3.50% due 05/26/2022	$	150,000	$	150,839
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 3.50% due 01/15/2025		180,000		175,515
BOC Aviation, Ltd. Senior Notes 2.75% due 09/18/2022*		200,000		193,542
Mitsubishi UFJ Lease & Finance Co., Ltd. Senior Notes 2.65% due 09/19/2022*		200,000		194,718
ORIX Corp. Senior Notes 2.90% due 07/18/2022		151,000		148,926
				863,540
Food-Misc./Diversified — 0.0%
Danone SA Senior Notes 2.59% due 11/02/2023*		400,000		386,644
Gas-Distribution — 0.0%
Korea Gas Corp. Senior Notes 1.88% due 07/18/2021*		200,000		191,989
Gold Mining — 0.1%
Kinross Gold Corp. Company Guar. Notes 5.95% due 03/15/2024		2,300,000		2,527,424
Insurance Brokers — 0.0%
Aon PLC Company Guar. Notes 3.50% due 06/14/2024		360,000		361,867
Aon PLC Company Guar. Notes 3.88% due 12/15/2025		173,000		176,965
				538,832
Insurance-Life/Health — 0.0%
Athene Holding, Ltd. Senior Bonds 4.13% due 01/12/2028		330,000		325,676
Manulife Financial Corp. Sub. Notes 4.06% due 02/24/2032		400,000		397,529
				723,205
Insurance-Property/Casualty — 0.3%
Allied World Assurance Co. Holdings, Ltd. Company Guar. Notes 4.35% due 10/29/2025		2,500,000		2,481,788
Allied World Assurance Co. Holdings, Ltd. Company Guar. Notes 5.50% due 11/15/2020		3,633,000		3,852,902
				6,334,690

219

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Internet Application Software — 0.0%
Tencent Holdings, Ltd. Senior Notes 3.60% due 01/19/2028*	$	380,000	$	374,388
Investment Management/Advisor Services — 0.0%
Invesco Finance PLC Company Guar. Notes 3.75% due 01/15/2026		125,000		126,705
Medical Products — 0.0%
Covidien International Finance SA Company Guar. Notes 2.95% due 06/15/2023		87,000		86,460
Medical-Drugs — 0.3%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.88% due 09/23/2023		5,381,000		5,218,399
Teva Pharmaceutical Finance Co. BV Company Guar. Notes 2.95% due 12/18/2022		150,000		136,953
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 2.80% due 07/21/2023		507,000		448,579
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 4.10% due 10/01/2046		50,000		38,078
				5,842,009
Medical-Generic Drugs — 0.1%
Actavis Funding SCS Company Guar. Notes 3.45% due 03/15/2022		450,000		452,595
Actavis Funding SCS Company Guar. Notes 3.85% due 06/15/2024		230,000		232,925
Allergan Funding SCS Company Guar. Notes 4.55% due 03/15/2035		379,000		396,098
Mylan NV Company Guar. Notes 3.15% due 06/15/2021		630,000		629,698
Mylan NV Company Guar. Notes 3.95% due 06/15/2026		139,000		138,141
				1,849,457
Metal-Diversified — 0.0%
Inco, Ltd. Senior Bonds 7.20% due 09/15/2032		100,000		114,500
Metal-Iron — 0.1%
Vale Overseas, Ltd. Company Guar. Notes 6.25% due 08/10/2026		153,000		177,448
Vale Overseas, Ltd. Company Guar. Notes 6.88% due 11/21/2036		450,000		565,312
				742,760

Security Description	Principal Amount		Value (Note 2)
Multimedia — 0.0%
Thomson Reuters Corp. Senior Notes 3.85% due 09/29/2024	$	360,000	$	366,194
Oil & Gas Drilling — 0.0%
Noble Holding International, Ltd. Company Guar. Notes 5.75% due 03/16/2018		57,000		57,142
Oil Companies-Exploration & Production — 0.1%
Alberta Energy Co., Ltd. Senior Notes 8.13% due 09/15/2030		150,000		201,019
Canadian Natural Resources, Ltd. Senior Notes 3.90% due 02/01/2025		180,000		182,984
Canadian Natural Resources, Ltd. Senior Notes 6.45% due 06/30/2033		248,000		303,152
Encana Corp. Senior Notes 6.50% due 08/15/2034		100,000		123,363
Encana Corp. Senior Notes 7.20% due 11/01/2031		100,000		127,192
Encana Corp. Senior Notes 7.38% due 11/01/2031		100,000		128,611
Sinopec Group Overseas Development 2012, Ltd. Company Guar. Notes 3.90% due 05/17/2022*		300,000		306,918
				1,373,239
Oil Companies-Integrated — 0.6%
BP Capital Markets PLC Company Guar. Notes 3.22% due 04/14/2024		400,000		402,602
BP Capital Markets PLC Company Guar. Notes 3.28% due 09/19/2027		116,000		114,766
BP Capital Markets PLC Company Guar. Notes 3.54% due 11/04/2024		180,000		184,543
BP Capital Markets PLC Company Guar. Notes 3.59% due 04/14/2027		300,000		305,009
BP Capital Markets PLC Company Guar. Notes 3.81% due 02/10/2024		868,000		902,480
Cenovus Energy, Inc. Senior Notes 6.75% due 11/15/2039		447,000		536,704
Ecopetrol SA Senior Notes 4.13% due 01/16/2025		180,000		179,885
Ecopetrol SA Senior Notes 5.38% due 06/26/2026		193,000		206,877
Ecopetrol SA Senior Notes 5.88% due 09/18/2023		185,000		202,701
Husky Energy, Inc. Senior Notes 3.95% due 04/15/2022		350,000		359,254

220

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies-Integrated (continued)
Petro-Canada Senior Notes 5.95% due 05/15/2035	$	200,000	$	247,006
Petro-Canada Senior Notes 7.88% due 06/15/2026		144,000		181,341
Petroleos Mexicanos Company Guar. Notes 5.50% due 01/21/2021		700,000		742,210
Petroleos Mexicanos Company Guar. Notes 6.38% due 02/04/2021		112,000		121,576
Petroleos Mexicanos Company Guar. Notes 6.50% due 03/13/2027*		433,000		473,646
Petroleos Mexicanos Company Guar. Notes 6.88% due 08/04/2026		336,000		380,184
Shell International Finance BV Company Guar. Notes 2.38% due 08/21/2022		630,000		617,421
Shell International Finance BV Company Guar. Notes 2.88% due 05/10/2026		453,000		443,835
Shell International Finance BV Company Guar. Notes 3.75% due 09/12/2046		1,372,000		1,365,322
Shell International Finance BV Company Guar. Notes 4.00% due 05/10/2046		2,244,000		2,327,564
Shell International Finance BV Company Guar. Notes 4.13% due 05/11/2035		326,000		350,115
Statoil ASA Company Guar. Notes 2.45% due 01/17/2023		720,000		704,566
Statoil ASA Company Guar. Notes 3.25% due 11/10/2024		90,000		90,978
Total Capital International SA Company Guar. Notes 2.75% due 06/19/2021		720,000		721,865
				12,162,450
Oil-Field Services — 0.0%
Schlumberger Investment SA Company Guar. Notes 3.30% due 09/14/2021*		540,000		549,825
Paper & Related Products — 0.0%
Pabrik Kertas Tjiwi Kimia Tbk PT VRS Sec. Notes 0.00% due 04/28/2027†*(1)(2)(14)		731,485		21,945
Pabrik Kertas Tjiwi Kimia Tbk PT FRS Sec. Notes 4.77% (3 ML+3.00%) due 04/28/2018†*(1)(14)		111,067		3,332
Pindo Deli Pulp & Paper Mills FRS Sec. Notes 4.77% (3 ML+3.00%) due 04/28/2018†*(1)(14)		174,335		0

Security Description	Principal Amount		Value (Note 2)
Paper & Related Products (continued)
Pindo Deli Pulp & Paper Mills FRS Sec. Notes 4.77% (3 ML+3.00%) due 04/28/2027†*(1)(14)	$	1,756,853	$	0
				25,277
Pipelines — 0.1%
APT Pipelines, Ltd. Company Guar. Notes 4.25% due 07/15/2027*		285,000		289,756
Enbridge, Inc. Senior Notes 4.25% due 12/01/2026		913,000		940,717
Enbridge, Inc. Senior Bonds 4.50% due 06/10/2044		150,000		154,809
TransCanada PipeLines, Ltd. Senior Notes 2.50% due 08/01/2022		270,000		265,086
TransCanada PipeLines, Ltd. Senior Notes 3.75% due 10/16/2023		360,000		371,153
TransCanada PipeLines, Ltd. Senior Notes 4.88% due 01/15/2026		185,000		203,605
				2,225,126
Property Trust — 0.0%
Goodman Australia Industrial Fund Bond Issuer Pty, Ltd. Company Guar. Notes 3.40% due 09/30/2026*		263,000		253,754
Real Estate Investment Trusts — 0.0%
Scentre Group Trust 1/Scentre Group Trust 2 Company Guar. Notes 3.50% due 02/12/2025*		400,000		396,319
Real Estate Operations & Development — 0.1%
Mitsui Fudosan Co., Ltd. Senior Notes 3.65% due 07/20/2027*		336,000		340,959
Ontario Teachers’ Cadillac Fairview Properties Trust Senior Notes 3.13% due 03/20/2022*		235,000		234,973
Ontario Teachers’ Cadillac Fairview Properties Trust Senior Notes 3.88% due 03/20/2027*		243,000		244,885
				820,817
Soap & Cleaning Preparation — 0.4%
Reckitt Benckiser Treasury Services PLC Company Guar. Notes 2.75% due 06/26/2024*		7,337,000		7,045,828
Telephone-Integrated — 0.1%
Deutsche Telekom International Finance BV Company Guar. Notes 3.60% due 01/19/2027*		450,000		447,231
Telefonica Emisiones SAU Company Guar. Notes 4.10% due 03/08/2027		217,000		220,559

221

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047	$	207,000	$	233,130
				900,920
Television — 0.1%
Videotron, Ltd. Company Guar. Notes 5.00% due 07/15/2022		2,200,000		2,293,500
Tobacco — 0.3%
Imperial Brands Finance PLC Company Guar. Notes 3.75% due 07/21/2022*		4,571,000		4,673,267
Transport-Rail — 0.1%
Canadian Pacific Railway Co. Senior Notes 4.50% due 01/15/2022		600,000		629,616
Canadian Pacific Railway Co. Senior Notes 6.13% due 09/15/2115		101,000		131,353
				760,969
Total Foreign Corporate Bonds & Notes (cost $141,368,184)				141,279,318
U.S. GOVERNMENT AGENCIES — 22.8%
Federal Home Loan Mtg. Corp. — 5.4%
3.00% due 08/15/2042 STRIPS(4)		1,870,096		1,845,703
3.00% due 03/01/2043		1,377,882		1,358,483
3.00% due 04/01/2043		101,308		99,887
3.00% due 05/01/2043		164,099		161,769
3.00% due 01/15/2044 STRIPS(4)		731,474		720,070
3.00% due 10/01/2046		7,217,494		7,085,921
3.50% due 02/01/2042		199,074		202,040
3.50% due 05/01/2042		55,691		56,519
3.50% due 07/01/2042		276,858		280,977
3.50% due 07/15/2042 STRIPS(4)		3,144,567		3,180,958
3.50% due 03/01/2043		150,066		152,298
3.50% due 09/01/2045		6,088,820		6,158,060
3.50% due 12/01/2045		3,422,184		3,461,132
3.50% due 11/01/2046		3,515,502		3,555,560
3.50% due 12/01/2046		2,089,921		2,113,735
4.00% due 07/01/2025		122,705		127,703
4.00% due 10/01/2040		174,546		181,131
4.00% due 11/01/2040		107,850		111,915
4.00% due 01/01/2041		1,048,624		1,088,154
4.00% due 04/01/2044		1,378,864		1,425,824
4.00% due 01/01/2046		1,204,366		1,255,651
4.50% due 07/01/2025		31,764		33,148
4.50% due 07/01/2040		761,160		805,070
4.50% due 03/01/2041		43,463		45,972
4.50% due 05/01/2041		110,014		116,366
4.50% due 05/01/2042		2,122,636		2,244,426
5.00% due 09/01/2019		22,662		23,031
5.00% due 11/01/2035		26,381		28,429
5.00% due 10/01/2036		44,364		47,940
5.00% due 12/01/2036		23,904		25,831
5.00% due 10/01/2037		8,267		8,934
5.00% due 08/01/2039		31,536		34,302
5.00% due 01/01/2040		41,724		45,367
5.00% due 04/01/2040		25,408		27,638
5.50% due 08/01/2019		30,666		31,214
5.50% due 05/01/2036		9,731		10,716

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
5.50% due 12/01/2036	$	3,125	$	3,439
5.50% due 01/01/2038		31,797		35,120
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS
Series 2016-K59, Class B 3.58% due 11/25/2049*(2)(5)		690,000		676,571
Series 2015-K44, Class B 3.68% due 01/25/2048*(2)(5)		3,390,000		3,390,137
Series 2016-K722, Class B 3.84% due 07/25/2049*(2)(5)		625,000		625,586
Series 2014-K40, Class C 4.07% due 11/25/2047*(2)(5)		835,000		816,351
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs.
Series K712, Class A2 1.87% due 11/25/2019(5)		5,062,693		5,025,286
Series K706, Class A2 2.32% due 10/25/2018(5)		5,174,952		5,178,511
Series KJO2, Class A2 2.60% due 09/25/2020(5)		171,405		171,286
Series KSMC, Class A2 2.62% due 01/25/2023(5)		10,325,000		10,214,964
Series K055, Class A2 2.67% due 03/25/2026(5)		2,400,000		2,340,702
Series K703, Class A2 2.70% due 05/25/2018(5)		464,400		464,536
Series K720, Class A2 2.72% due 06/25/2022(5)		930,138		930,543
Series K054, Class A2 2.75% due 01/25/2026(5)		1,419,000		1,393,211
Series K718, Class A2 2.79% due 01/25/2022(5)		1,699,000		1,706,430
Series K044, Class A2 2.81% due 01/25/2025(5)		1,464,000		1,452,948
Series KJ09, Class A2 2.84% due 09/25/2022(5)		751,000		750,993
Series K715, Class A2 2.86% due 01/25/2021(5)		205,000		206,364
Series K066, Class A2 3.12% due 06/25/2027(5)		964,000		965,469
Series K065, Class A2 3.24% due 04/25/2027(5)		776,000		785,047
Series K060, Class A2 3.30% due 10/25/2026(5)		1,141,000		1,159,489
Series K065, Class AM 3.33% due 05/25/2027(5)		416,000		420,585
Series K007, Class A2 4.22% due 03/25/2020(5)		365,949		377,999
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. FRS Series KF-12, Class A 1.94% (1 ML+0.70%) due 09/25/2022(5)		763,835		766,229
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS
Series K714, Class A2 3.03% due 10/25/2020(2)(5)		1,042,000		1,053,348
Series K033, Class A2 3.06% due 07/25/2023(2)(5)		4,682,000		4,741,937

222

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series K064, Class A2 3.22% due 03/25/2027(2)(5)	$	1,994,000	$	2,016,045
Series K030, Class A2 3.25% due 04/25/2023(2)(5)		5,200,000		5,315,863
Series K070, Class A2 3.30% due 11/25/2027(2)(5)		681,000		691,491
Series K029, Class A2 3.32% due 02/25/2023(2)(5)		3,000,000		3,075,961
Series K047, Class A2 3.33% due 05/25/2025(2)(5)		2,283,000		2,338,535
Federal Home Loan Mtg. Corp. REMIC
Series 3382, Class OA zero coupon due 11/15/2037(4)		880,135		788,381
Series 3582, Class MO zero coupon due 10/15/2039(4)		772,972		699,552
Series 4371, Class GZ 2.00% due 05/15/2042(4)		1,278,705		1,003,446
Series 4374, Class NC 3.75% due 02/15/2046(4)		775,541		789,658
Series 2691, Class ZU 5.50% due 09/15/2033(4)		2,964,774		3,188,451
Federal Home Loan Mtg. Corp. REMIC FRS Series 4077, Class MF 2.06% (1 ML+0.50%) due 07/15/2042(4)		458,682		461,075
				104,173,413
Federal National Mtg. Assoc. — 12.7%
zero coupon due 10/09/2019		470,000		451,796
2.32% due 03/01/2023		3,599,486		3,519,054
2.35% due 01/01/2023		3,000,000		2,937,807
2.38% due 03/01/2023		7,492,728		7,344,795
2.41% due 05/01/2023		106,250		104,194
2.55% due 05/01/2023		109,652		108,243
2.70% due 04/01/2025		10,000,000		9,866,594
2.77% due 03/01/2022		488,637		489,051
2.82% due 07/01/2022		3,048,830		3,055,808
2.83% due 05/01/2027		2,500,000		2,448,230
2.83% due 06/01/2027		2,000,000		1,957,340
2.84% due 04/01/2025		4,003,167		3,992,177
2.89% due 05/01/2027		3,892,267		3,785,649
2.90% due 06/25/2027(5)		1,526,673		1,481,045
2.92% due 02/01/2030		1,674,670		1,626,131
2.92% due 05/01/2030		2,000,000		1,932,511
2.93% due 01/01/2025		2,986,336		2,986,363
2.94% due 05/01/2030		1,680,000		1,622,724
2.96% due 06/01/2027		1,951,006		1,935,193
2.97% due 06/01/2030		2,000,000		1,947,755
3.00% due 12/01/2031		1,529,249		1,538,351
3.00% due 05/01/2043		627,777		614,524
3.00% due 09/01/2046		1,497,899		1,472,783
3.00% due 11/01/2046		5,039,619		4,955,118
3.03% due 04/01/2030		2,000,000		1,947,926
3.04% due 12/01/2024		2,633,046		2,650,317
3.05% due 09/01/2024		5,604,855		5,657,964
3.07% due 09/01/2024		4,255,343		4,300,476
3.10% due 09/01/2025		3,300,000		3,316,374
3.12% due 06/01/2035		2,000,000		1,922,978
3.13% due 04/01/2030		5,000,000		4,930,438
3.13% due 06/01/2030		1,000,000		987,570
3.16% due 02/01/2032		2,840,000		2,795,807

Security Description	Principal Amount		Value (Note 2)
3.20% due 06/01/2030	$	1,000,000	$	992,695
3.23% due 11/01/2020		4,604,459		4,680,296
3.30% due 10/01/2021		11,774,467		11,991,912
3.30% due 07/01/2030		1,005,000		1,005,900
3.48% due 11/01/2020		3,907,236		3,997,040
3.49% due 12/01/2020		3,911,212		3,994,680
3.50% due 11/01/2041		23,487		23,849
3.50% due 01/01/2042		320,853		325,838
3.50% due 04/01/2043		139,379		141,386
3.50% due 07/01/2043		1,421,763		1,440,044
3.50% due 08/01/2043		689,295		699,525
3.50% due 03/01/2045		1,335,752		1,349,097
3.50% due 07/01/2046		2,082,933		2,110,448
3.50% due 12/01/2046		1,839,785		1,859,126
3.50% due 01/01/2047		4,442,776		4,489,671
3.76% due 12/01/2035		1,943,058		2,006,651
3.77% due 12/01/2025		1,500,000		1,574,516
3.84% due 05/01/2018		2,740,000		2,736,781
3.95% due 01/01/2027		141,961		145,029
3.99% due 07/01/2021		1,420,166		1,474,874
4.00% due 04/01/2020		252,590		258,587
4.00% due 01/01/2035		5,415,275		5,688,116
4.00% due 09/01/2040		3,285,088		3,409,962
4.00% due 11/01/2040		2,189,094		2,272,191
4.00% due 02/01/2041		252,661		262,364
4.00% due 06/01/2041		1,777,848		1,844,907
4.00% due 10/01/2041		1,509,081		1,565,963
4.00% due 11/01/2041		686,499		712,238
4.00% due 01/01/2042		5,028,172		5,216,703
4.00% due 04/01/2042		907,827		945,317
4.00% due 10/01/2042		914,511		952,278
4.00% due 12/01/2042		599,803		624,532
4.00% due 01/01/2043		3,094,542		3,217,458
4.00% due 05/01/2043		1,441,637		1,501,955
4.00% due 06/01/2043		1,057,303		1,096,982
4.00% due 07/01/2043		740,416		769,480
4.00% due 01/01/2044		1,406,727		1,465,765
4.00% due 04/01/2044		488,452		506,719
4.08% due 01/01/2029		838,664		882,423
4.26% due 12/01/2019		284,055		292,878
4.30% due 06/01/2021		934,125		978,420
4.50% due 08/01/2018		20,986		21,164
4.50% due 05/01/2025		19,566		20,234
4.50% due 03/01/2034		101,328		107,327
4.50% due 05/01/2040		38,437		40,936
4.50% due 10/01/2040		46,276		49,291
4.50% due 02/01/2041		1,154,125		1,226,040
4.50% due 04/01/2041		2,012,730		2,137,684
4.50% due 07/01/2042		1,035,221		1,099,930
4.50% due 11/01/2042		2,371,265		2,517,891
4.50% due 01/01/2043		1,686,402		1,791,606
4.50% due 04/01/2044		125,729		133,536
4.50% due 06/01/2044		3,841,965		4,080,786
5.00% due 03/01/2034		21,103		22,976
5.00% due 04/01/2034		30,021		32,243
5.00% due 05/01/2035		17,897		19,318
5.00% due 07/01/2035		47,711		51,587
5.00% due 08/01/2035		41,963		45,407
5.00% due 09/01/2035		14,271		15,474
5.00% due 10/01/2035		55,960		60,418
5.00% due 10/01/2039		27,056		29,357
5.00% due 11/01/2039		65,219		70,769
5.00% due 12/01/2039		67,180		72,864
5.00% due 02/01/2040		56,306		61,102

223

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
5.00% due 06/01/2040	$	42,876	$	46,306
5.00% due 03/01/2042		7,736,587		8,339,435
5.29% due 06/01/2018		48,715		48,976
5.50% due 11/01/2034		4,505		4,960
5.50% due 01/01/2036		175,649		193,330
5.50% due 11/01/2036		49,811		54,701
5.50% due 06/01/2037		165,081		181,164
5.50% due 08/01/2037		158,078		173,993
5.50% due 01/01/2038		30,105		32,899
5.50% due 12/01/2038		3,742,612		4,118,996
5.58% due 03/01/2038		2,061,202		2,215,849
6.00% due 02/01/2033		44,321		49,283
6.00% due 10/01/2035		15,081		16,901
6.00% due 01/01/2036		22,978		25,949
6.00% due 02/01/2037		16,949		19,048
6.00% due 03/01/2037		10,045		11,236
6.00% due 04/01/2037		14,892		16,766
6.00% due 06/01/2037		180,755		203,064
6.00% due 06/01/2038		69,196		77,896
6.00% due 10/01/2038		9,714		10,877
Federal National Mtg. Assoc. FRS 1.86% (1 ML+0.49%) due 11/01/2023		596,414		596,271
Federal National Mtg. Assoc. REMIC
Series 2008-11, Class DO zero coupon due 03/25/2038(4)		1,462,267		1,259,123
Series 2012-96, Class CB 1.50% due 04/25/2039(4)		1,050,529		1,023,099
Series 2015-M7, Class A2 2.59% due 12/25/2024(5)		3,280,000		3,203,707
Series 2015-M3, Class A2 2.72% due 10/25/2024(5)		15,000,000		14,787,057
Series 2016-38, Class NA 3.00% due 01/25/2046(4)		756,180		754,453
Series 2017-M5, Class A2 3.30% due 04/25/2029(5)		1,062,000		1,054,637
Series 2011-104, Class NY 4.00% due 03/25/2039(4)		1,672,604		1,715,084
Series 2010-45, Class A1 5.00% due 02/25/2021(4)(6)		871,919		25,291
Series 2010-47, Class MB 5.00% due 09/25/2039(4)		2,414,117		2,581,084
Series 2005-93, Class PZ 5.50% due 10/25/2035(4)		1,381,212		1,569,049
Series 2002-56, Class ZQ 6.00% due 09/25/2032(4)		636,523		712,209
Series 2005-109, Class GE 6.00% due 12/25/2035(4)		1,397,000		1,614,703
Series 2009-39, Class Z 6.00% due 06/25/2039(4)		3,026,243		3,419,683
Federal National Mtg. Assoc. REMIC FRS Series 2015-M17, Class FA 2.43% (1 ML+0.93%) due 11/25/2022(5)		967,572		967,687
Federal National Mtg. Assoc. REMIC VRS
Series 2017-M3, Class A2 2.49% due 12/25/2026(2)(5)		1,850,000		1,764,141
Series 2017-M4, Class A2 2.60% due 12/25/2026(2)(5)		2,403,000		2,314,591

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2015-N8, Class A2 2.90% due 01/25/2025(2)(5)	$	2,000,000	$	1,990,988
Series 2015-M2, Class A3 3.05% due 12/25/2024(2)(5)		924,712		932,203
Series 2017-M8, Class A2 3.06% due 05/25/2027(2)(5)		1,200,000		1,190,932
Series 2017-M12, Class A2 3.08% due 06/25/2027(2)(5)		1,248,000		1,246,586
Series 2015-M10, Class A2 3.09% due 04/25/2027(2)(5)		1,556,000		1,546,605
				248,006,434
Government National Mtg. Assoc. — 4.0%
3.50% due 10/20/2033		1,210,123		1,245,027
3.50% due 11/15/2040		104,242		106,726
3.50% due 12/15/2041		145,389		148,871
3.50% due 02/15/2042		266,899		273,273
3.50% due 04/15/2042		34,279		34,964
4.00% due 12/20/2042		1,268,530		1,325,118
4.00% due 09/20/2044		600,496		623,630
4.25% due 01/20/2045		1,921,225		2,020,747
4.25% due 02/20/2045		2,133,064		2,243,182
4.25% due 04/20/2045		1,636,516		1,715,469
4.25% due 06/20/2045		1,053,088		1,103,977
4.50% due 04/15/2039		86,108		92,534
4.50% due 05/15/2039		47,544		50,931
4.50% due 09/15/2039		58,663		62,941
4.50% due 01/15/2040		264,251		281,019
4.50% due 02/15/2040		332,289		353,694
4.50% due 03/15/2040		136,017		144,792
4.50% due 04/15/2040		173,755		185,118
4.50% due 06/15/2040		219,277		233,144
4.50% due 07/15/2040		68,538		72,550
4.50% due 01/20/2041		126,520		133,730
4.50% due 06/20/2041		130,192		137,681
4.50% due 09/20/2041		1,973,176		2,087,401
4.50% due 07/20/2045		1,622,453		1,696,881
5.50% due 12/15/2036		69,502		75,993
5.50% due 04/15/2038		19,756		21,497
5.50% due 01/20/2042		62,765		68,118
6.00% due 12/15/2032		34,439		38,496
6.00% due 01/15/2039		37,248		41,433
Government National Mtg. Assoc. REMIC
Series 2010-157, Class OP zero coupon due 12/20/2040(4)		303,925		253,446
Series 2005-55, Class Z 4.75% due 07/20/2035(4)		4,337,716		4,667,529
Series 2009-92, Class ZC 5.00% due 10/20/2039(4)		2,110,619		2,309,866
Series 2010-105, Class B 5.00% due 08/20/2040(4)		2,000,000		2,151,599
Series 2009-33, Class DB 5.50% due 05/20/2039(4)		839,128		866,815
Government National Mtg. Assoc. REMIC FRS
Series 2015-H07, Class ES 1.71% (1 ML+0.47%) due 02/20/2065(4)		2,716,598		2,713,828
Series 2015-H15, Class FJ 1.82% (1 ML+0.44%) due 06/20/2065(4)		853,842		851,802

224

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
Series 2015-H16, Class FG 1.82% (1 ML+0.44%) due 07/20/2065(4)	$	1,617,256	$	1,613,490
Series 2015-H16, Class FL 1.82% (1 ML+0.44%) due 07/20/2065(4)		3,170,019		3,162,270
Series 2011-H06, Class FA 1.83% (1 ML+0.45%) due 02/20/2061(4)		1,470,488		1,468,144
Series 2015-H05, Class FC 1.86% (1 ML+0.48%) due 02/20/2065(4)		4,023,617		4,020,934
Series 2015-H06, Class FA 1.86% (1 ML+0.48%) due 02/20/2065(4)		3,458,355		3,455,984
Series 2015-H08, Class FC 1.86% (1 ML+0.48%) due 03/20/2065(4)		7,315,545		7,310,612
Series 2015-H10, Class FC 1.86% (1 ML+0.48%) due 04/20/2065(4)		4,107,615		4,104,895
Series 2015-H12, Class FA 1.86% (1 ML+0.48%) due 05/20/2065(4)		2,406,413		2,404,788
Series 2013-H18, Class EA 1.88% (1 ML+0.50%) due 07/20/2063(4)		2,331,123		2,330,581
Series 2015-H23, Class FB 1.90% (1 ML+0.52%) due 09/20/2065(4)		1,283,784		1,285,171
Series 2015-H26, Class FG 1.90% (1 ML+0.52%) due 10/20/2065(4)		894,097		895,110
Series 2012-H08, Class FB 1.98% (1 ML+0.60%) due 03/20/2062(4)		1,941,879		1,946,465
Series 2014-H09, Class TA 1.98% (1 ML+0.60%) due 04/20/2064(4)		1,080,751		1,083,882
Series 2015-H29, Class FL 1.98% (1 ML+0.60%) due 11/20/2065(4)		3,063,437		3,077,693
Series 2015-H30, Class FE 1.98% (1 ML+0.60%) due 11/20/2065(4)		3,431,775		3,448,428
Series 2015-H32, Class FH 2.04% (1 ML+0.66%) due 12/20/2065(4)		1,032,790		1,040,482
Series 2016-H26, Class FC 2.38% (1 ML+1.00%) due 12/20/2066(4)		642,607		655,057
Government National Mtg. Assoc. REMIC VRS
Series 2014-168, Class VB 3.44% due 06/16/2047(2)(5)		882,268		884,720
Series 2015-137, Class WA 5.48% due 01/20/2038(2)(4)		62,683		68,406
Series 2015-137, Class W 5.59% due 10/20/2040(2)(4)		2,845,701		3,097,887
				77,788,821

Security Description	Principal Amount		Value (Note 2)
Resolution Funding Corp — 0.2%
Resolution Funding Corp. STRIPS
zero coupon due 10/15/2019	$	880,000	$	848,174
zero coupon due 07/15/2020		1,350,000		1,276,925
zero coupon due 01/15/2030		1,000,000		686,138
				2,811,237
Small Business Administration — 0.5%
Series 2013-20D, Class 1 2.08% due 04/01/2033		1,248,579		1,211,980
Series 2012-20H, Class 1 2.37% due 08/01/2032		812,195		798,122
Series 2013-20F, Class 1 2.45% due 06/01/2033		1,772,502		1,735,073
Series 2013-20G, Class 1 3.15% due 07/01/2033		2,358,853		2,386,260
Series 2013-20H, Class 1 3.16% due 08/01/2033		2,403,220		2,433,651
Series 2013-20I, Class 1 3.62% due 09/01/2033		1,177,751		1,208,764
				9,773,850
Tennessee Valley Authority — 0.0%
4.25% due 09/15/2065		645,000		746,780
Total U.S. Government Agencies (cost $454,769,562)				443,300,535
U.S. GOVERNMENT TREASURIES — 24.4%
United States Treasury Bonds — 11.1%
zero coupon due 05/15/2019 STRIPS		3,705,000		3,609,687
zero coupon due 08/15/2019 STRIPS		3,300,000		3,193,989
zero coupon due 02/15/2020 STRIPS		1,770,000		1,694,612
zero coupon due 05/15/2020 STRIPS		3,790,000		3,607,720
zero coupon due 08/15/2020 STRIPS		5,590,000		5,278,799
zero coupon due 02/15/2021 STRIPS		7,740,000		7,219,562
zero coupon due 05/15/2021 STRIPS		11,790,000		10,906,092
zero coupon due 08/15/2021 STRIPS		2,430,000		2,232,944
zero coupon due 11/15/2021 STRIPS		60,000		54,717
zero coupon due 02/15/2022 STRIPS		2,070,000		1,872,243
zero coupon due 05/15/2022 STRIPS		3,980,000		3,575,783
zero coupon due 08/15/2022 STRIPS		4,500,000		4,014,451
zero coupon due 11/15/2022 STRIPS		7,260,000		6,428,765
zero coupon due 02/15/2023 STRIPS		7,735,000		6,787,556
zero coupon due 05/15/2023 STRIPS		8,880,000		7,734,575
zero coupon due 08/15/2023 STRIPS		3,185,000		2,755,365
zero coupon due 05/15/2024 STRIPS		90,000		76,096
zero coupon due 11/15/2024 STRIPS		710,000		590,800

225

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Bonds (continued)
zero coupon due 02/15/2025 STRIPS	$	800,000	$	660,642
zero coupon due 08/15/2026 STRIPS		90,000		71,052
zero coupon due 11/15/2026 STRIPS		3,240,000		2,536,589
zero coupon due 02/15/2027 STRIPS		5,490,000		4,267,465
zero coupon due 05/15/2027 STRIPS		2,430,000		1,875,035
zero coupon due 08/15/2027 STRIPS		1,170,000		894,957
zero coupon due 11/15/2027 STRIPS		1,620,000		1,230,977
zero coupon due 02/15/2028 STRIPS		1,800,000		1,356,570
zero coupon due 05/15/2028 STRIPS		2,970,000		2,222,257
zero coupon due 08/15/2028 STRIPS		1,440,000		1,068,906
zero coupon due 11/15/2028 STRIPS		1,260,000		928,183
zero coupon due 02/15/2029 STRIPS		1,800,000		1,315,899
zero coupon due 05/15/2029 STRIPS		1,260,000		914,124
zero coupon due 08/15/2029 STRIPS		2,070,000		1,490,362
zero coupon due 11/15/2029 STRIPS		4,210,000		3,008,183
zero coupon due 02/15/2030 STRIPS		3,330,000		2,361,551
zero coupon due 05/15/2030 STRIPS		2,700,000		1,898,486
zero coupon due 08/15/2030 STRIPS		2,660,000		1,857,212
zero coupon due 11/15/2030 STRIPS		810,000		561,083
zero coupon due 02/15/2031 STRIPS		1,260,000		865,946
zero coupon due 05/15/2031 STRIPS		2,520,000		1,719,177
zero coupon due 08/15/2031 STRIPS		2,000,000		1,353,869
zero coupon due 11/15/2031 STRIPS		2,440,000		1,638,523
zero coupon due 02/15/2032 STRIPS		2,490,000		1,659,021
zero coupon due 05/15/2032 STRIPS		5,010,000		3,312,044
zero coupon due 08/15/2032 STRIPS		2,800,000		1,836,376
zero coupon due 11/15/2032 STRIPS		2,770,000		1,802,829
zero coupon due 02/15/2033 STRIPS		490,000		316,452
zero coupon due 05/15/2033 STRIPS		2,200,000		1,410,257
zero coupon due 08/15/2033 STRIPS		630,000		400,763
zero coupon due 11/15/2033 STRIPS		5,725,000		3,613,213
zero coupon due 02/15/2034 STRIPS		1,765,000		1,105,065
zero coupon due 05/15/2034 STRIPS		8,800,000		5,474,445
zero coupon due 08/15/2034 STRIPS		540,000		333,423
zero coupon due 11/15/2034 STRIPS		630,000		386,181
zero coupon due 02/15/2035 STRIPS		540,000		328,342
zero coupon due 05/15/2035 STRIPS		990,000		597,742
1.75% due 01/15/2028 TIPS(7)		1,377,605		1,526,400
2.50% due 01/15/2029 TIPS(7)		4,377,309		5,232,127
2.50% due 02/15/2045		2,100,000		1,929,293
2.75% due 08/15/2042		1,300,000		1,262,980
2.75% due 11/15/2042		150,000		145,623
2.88% due 05/15/2043		14,027,800		13,917,112
2.88% due 11/15/2046		4,899,000		4,834,892
3.13% due 11/15/2041		1,275,000		1,323,809
3.13% due 02/15/2043		1,950,000		2,022,211
3.50% due 02/15/2039		14,387,000		15,834,692
3.63% due 08/15/2043		3,900,000		4,393,594
3.75% due 11/15/2043		5,400,000		6,206,836
3.88% due 08/15/2040		2,200,000		2,558,961
4.25% due 05/15/2039		270,000		329,622
4.25% due 11/15/2040		400,000		490,703
4.38% due 02/15/2038		1,649,000		2,034,325
4.38% due 11/15/2039		2,200,000		2,735,477
4.38% due 05/15/2040		1,700,000		2,116,301
4.38% due 05/15/2041		1,400,000		1,751,203
4.50% due 02/15/2036		5,483,000		6,807,487
4.50% due 05/15/2038		450,000		564,785
4.50% due 08/15/2039		2,250,000		2,840,449
5.00% due 05/15/2037		4,000,000		5,292,656
5.25% due 11/15/2028		90,000		111,161
				216,569,656

Security Description	Principal Amount		Value (Note 2)
United States Treasury Notes — 13.3%
zero coupon due 05/15/2019 STRIPS	$	735,000	$	716,508
zero coupon due 11/15/2019 STRIPS		5,040,000		4,855,442
zero coupon due 02/15/2020 STRIPS		3,790,000		3,626,528
0.13% due 04/15/2019 TIPS(7)		757,944		757,355
0.13% due 01/15/2022 TIPS(7)		4,228,579		4,184,106
0.75% due 08/15/2019		1,300,000		1,274,254
1.00% due 11/30/2018		29,950,000		29,742,924
1.38% due 09/30/2019		16,665,000		16,468,405
1.38% due 01/15/2020 TIPS(7)		2,076,056		2,124,575
1.63% due 06/30/2019		34,633,000		34,427,366
1.63% due 12/31/2019		7,000,000		6,932,187
1.75% due 11/30/2021		30,578,000		29,825,494
1.75% due 09/30/2022		28,790,000		27,828,459
1.75% due 01/31/2023		4,000,000		3,853,125
1.75% due 05/15/2023		500,000		480,098
2.00% due 02/28/2021		540,000		534,790
2.00% due 10/31/2021		9,500,000		9,358,613
2.00% due 07/31/2022		3,450,000		3,378,439
2.00% due 11/15/2026		5,860,000		5,531,291
2.13% due 06/30/2022		1,000,000		984,961
2.25% due 10/31/2024		1,000,000		974,844
2.50% due 08/15/2023		2,000,000		1,992,656
2.63% due 08/15/2020		12,000,000		12,108,750
2.63% due 11/15/2020		270,000		272,426
2.75% due 02/15/2019(15)		56,202,000		56,649,860
2.75% due 11/15/2023		600,000		605,109
				259,488,565
Total U.S. Government Treasuries (cost $488,563,596)				476,058,221
MUNICIPAL BONDS & NOTES — 0.6%
New Jersey Economic Development Authority Revenue Bonds Series B zero coupon due 02/15/2023		5,231,000		4,321,120
Ohio State University Revenue Bonds 4.05% due 12/01/2056		244,000		251,344
School District of Philadelphia General Obligation Bonds 6.62% due 06/01/2030		1,250,000		1,477,375
School District of Philadelphia General Obligation Bonds 6.77% due 06/01/2040		840,000		1,098,065
State of California General Obligation Bonds 7.30% due 10/01/2039		360,000		534,193
State of California General Obligation Bonds 7.60% due 11/01/2040		2,700,000		4,283,955
Total Municipal Bonds & Notes (cost $11,718,888)				11,966,052
FOREIGN GOVERNMENT OBLIGATIONS — 0.5%
Electric-Distribution — 0.0%
Hydro-Quebec Government Guar. Notes 8.05% due 07/07/2024		360,000		456,540
Regional Authority — 0.0%
Province of Ontario, Canada Debentures 7.13% due 02/09/2024		540,000		654,888

226

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign — 0.5%
Israel Government USAID Series 1 Government Guar. Notes zero coupon due 11/01/2024	$	380,000	$	312,506
Israel Government USAID Series 2 Government Guar. Notes zero coupon due 11/01/2024		1,350,000		1,110,151
Republic of Argentina Senior Bonds 6.88% due 01/11/2048		3,964,000		3,835,170
Republic of Colombia Senior Notes 4.00% due 02/26/2024		200,000		206,000
Republic of Colombia Senior Notes 4.50% due 01/28/2026		314,000		333,154
Republic of Colombia Senior Notes 7.38% due 09/18/2037		100,000		133,150
Republic of Peru Senior Notes 5.63% due 11/18/2050		54,000		67,959
United Mexican States Senior Notes 3.75% due 01/11/2028		1,347,000		1,321,407
United Mexican States Senior Bonds 4.13% due 01/21/2026		200,000		206,000
United Mexican States Senior Bonds 4.60% due 02/10/2048		400,000		392,000
United Mexican States Senior Bonds 4.75% due 03/08/2044		1,080,000		1,078,920
				8,996,417
Total Foreign Government Obligations (cost $10,382,348)				10,107,845
LOANS (1)(8)(9)(10)(14) — 0.1%
Finance-Other Services — 0.1%
ACRE TL 2017 LLC BTL-A 6.16% (1ML+ 4.60%) due 12/15/2020		1,475,000		1,475,000
Lila Mexican Holdings LLC FRS BTL-B 4.58% (1ML+ 3.00%) due 08/11/2022		579,413		572,552
Total Loans (cost $2,043,708)				2,047,552
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.6%
Banks-Commercial — 0.2%
BPCE SA 12.50% due 09/30/2019*(13)		1,600,000		1,836,000
Macquarie Bank, Ltd. 6.13% due 03/08/2027*(13)		1,480,000		1,535,500
				3,371,500

Security Description	Principal Amount/ Shares			Value (Note 2)
Diversified Banking Institutions — 0.4%
Bank of America Corp. Series Z 6.50% due 10/23/2024(13)	$	2,200,000		$	2,461,250
Bank of America Corp. Series AA 6.10% due 03/17/2025(13)		3,392,000			3,659,120
Royal Bank of Scotland Group PLC 7.50% due 08/10/2020(13)		1,852,000			1,960,805
Royal Bank of Scotland Group PLC 8.00% due 08/10/2025(13)		531,000			607,666
					8,688,841
Insurance-Life/Health — 0.0%
Dai-ichi Life Insurance Co., Ltd. 4.00% due 07/24/2026*(13)		316,000			308,131
Total Preferred Securities/Capital Securities (cost $11,796,716)					12,368,472
WARRANTS — 0.0%
Banks-Commercial — 0.0%
Central Bank of Nigeria VRS Expires 11/15/2020 (strike price $250.00)†(2)(14) (cost $0)		250			0
Total Long-Term Investment Securities (cost $1,908,976,944)					1,887,355,913
SHORT-TERM INVESTMENT SECURITIES — 2.8%
Registered Investment Companies — 2.0%
State Street Institutional Liquid Reserves Fund Trust Class 1.45%(11)		38,210,061			38,210,061
U.S. Government Agencies — 0.8%
Federal Home Loan Bank Disc. Notes 0.80% due 02/01/2018		15,764,000			15,764,000
Total Short-Term Investment Securities (cost $53,971,592)					53,974,061
TOTAL INVESTMENTS (cost $1,962,948,536)(12)		99.6	%		1,941,329,974
Other assets less liabilities		0.4			8,180,897
NET ASSETS		100.0	%	$	1,949,510,871

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $326,085,042 representing 16.7% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) Illiquid security. At January 31, 2018, the aggregate value of these securities was $45,059,436 representing 2.3% of net assets.

(2) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(3) Collateralized Loan Obligation

(4) Collateralized Mortgage Obligation

(5) Commercial Mortgage Backed Security

227

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

(6) Interest Only

(7) Principal amount of security is adjusted for inflation.

(8) The Portfolio invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offer Rate (“LIBOR”) or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Portfolio is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

(9) Senior loans in the Portfolio are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

(10) All loans in the Portfolio were purchased through assignment agreements unless otherwise indicated.

(11) The rate shown is the 7-day yield as of January 31, 2018.

(12) See Note 3 for cost of investments on a tax basis.

(13) Perpetual maturity - maturity date reflects the next call date.

(14) Security classified as Level 3 (see Note 2).

(15) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts

BTL — Bank Term Loan

CLO — Collateralized Loan Obligation

REMIC — Real Estate Mortgage Investment Conduit

STRIPS — Separate Trading of Registered Interest and Principal Securities

TIPS — Treasury Inflation Protected Securities

ULC— Unlimited Liability Corp.

USAID — United States Agency for International Development

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates as of January 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML — 1 Month USD LIBOR

3 ML — 3 Month USD LIBOR

6 ML — 6 Month USD LIBOR

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	200	Long	U.S. Treasury 5 Year Notes	March 2018	$	23,374,131	$	22,942,188	$	(431,943	)
	100	Long	U.S. Treasury Ultra Bonds	March 2018		16,707,500		16,193,750		(513,750	)
	88	Long	U.S. Treasury 2 Year Notes	March 2018		18,885,939		18,764,625		(121,314	)
	381	Short	U.S. Treasury Ultra 10 Year Notes	March 2018		51,173,941		49,607,391		1,566,550
									$	499,543

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities:
Diversified Financial Services	$	—	$	292,811,447	$	6,257,699	$	299,069,146
U.S. Corporate Bonds & Notes:
Transport-Rail		—		2,633,877		340,729		2,974,606
Other Industries		—		488,184,166		—		488,184,166
Foreign Corporate Bonds & Notes:
Paper & Related Products		—		—		25,277		25,277
Other Industries		—		141,254,041		—		141,254,041

228

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
U.S. Government Agencies	$	—	$	443,300,535	$	—	$	443,300,535
U.S. Government Treasuries		—		476,058,221		—		476,058,221
Municipal Bonds & Notes		—		11,966,052		—		11,966,052
Foreign Government Obligations		—		10,107,845		—		10,107,845
Loans		—		—		2,047,552		2,047,552
Preferred Securities/Capital Securities		—		12,368,472		—		12,368,472
Warrants		—		—		0		0
Short-Term Investment Securities:
Registered Investment Companies		38,210,061		—		—		38,210,061
U.S. Government Agencies		—		15,764,000		—		15,764,000
Total Investments at Value	$	38,210,061	$	1,894,448,656	$	8,671,257	$	1,941,329,974
Other Financial Instruments:+
Futures Contracts	$	1,566,550	$	—	$	—	$	1,566,550
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	1,067,007	$	—	$	—	$	1,067,007

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments, not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.

The following is a reconciliation of Level 3 assets which significant unobservable inputs were used to determine fair value:

	Asset Backed Securities			U.S.Corporate Bonds & Notes			Foreign Corporate Bonds & Notes			Loans			Warrants
Balance as of 01/31/2017	$	2,205,550		$	19,550,956		$	26,405		$	1,254,120		$	0
Accrued discounts		—			—			—			—			—
Accrued premiums		—			—			—			4,190			—
Realized gain		35			—			23,543			13,667			—
Realized loss		—			—			—			—			—
Change in unrealized appreciation(1)		41			269,044			79,373			—			—
Change in unrealized depreciation(1)		(9,200	)		—			—			(2,581	)		—
Net purchases		2,280,206			—			—			1,478,511			—
Net sales		(1,819,909	)		(19,820,000	)		(104,044	)		(700,355	)		—
Transfers into Level 3		3,978,183			340,729			—			—			—
Transfers out of Level 3		(377,207	)		—			—			—			—
Balance as of 01/31/2018	$	6,257,699		$	340,729		$	25,277		$	2,047,552		$	0

(1) The total change in unrealized appreciation (depreciation) attributable to level 3 investments still held at January 31, 2018 includes:

Asset Backed Securities			U.S.Corporate Bonds & Notes		Foreign Corporate Bonds & Notes		Loans			Warrants
$	(690	)	$	—	$	79,373	$	(2,581	)	$	—

Any difference between the change in appreciation (depreciation) in the Level 3 reconciliation and the total change in unrealized appreciation (depreciation) is attributable to securities sold/no longer held at January 31, 2018.

At the end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio.

See Notes to Financial Statements

229

SunAmerica Series Trust SA JPMorgan Mid-Cap Growth Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Commercial Services-Finance	5.9	%
Medical-Biomedical/Gene	5.3
Electronic Components-Semiconductors	4.3
Enterprise Software/Service	4.1
Retail-Apparel/Shoe	3.0
Applications Software	2.9
Building Products-Cement	2.7
Non-Hazardous Waste Disposal	2.7
Repurchase Agreements	2.7
Semiconductor Equipment	2.5
Entertainment Software	2.3
Hotels/Motels	2.3
Oil Companies-Exploration & Production	2.2
Textile-Home Furnishings	2.2
Investment Management/Advisor Services	2.0
Distribution/Wholesale	1.9
Internet Security	1.9
Banks-Commercial	1.7
Medical-Wholesale Drug Distribution	1.6
Finance-Investment Banker/Broker	1.5
Auto/Truck Parts & Equipment-Original	1.5
Electronic Connectors	1.4
Electronic Measurement Instruments	1.4
Transport-Truck	1.4
Building Products-Air & Heating	1.4
Apparel Manufacturers	1.4
Computer Software	1.4
Retail-Auto Parts	1.3
Medical-Drugs	1.3
Diversified Manufacturing Operations	1.3
Tools-Hand Held	1.3
Insurance-Property/Casualty	1.2
Networking Products	1.2
Retail-Automobile	1.2
Computer Services	1.2
Web Hosting/Design	1.2
Building & Construction Products-Misc.	1.1
Machinery-Construction & Mining	1.1
Real Estate Management/Services	1.1
Banks-Super Regional	1.1
Consulting Services	1.0
Finance-Other Services	1.0
Gambling (Non-Hotel)	1.0
Industrial Automated/Robotic	1.0
Computer Aided Design	0.9
Medical-HMO	0.8
Building-Mobile Home/Manufactured Housing	0.8
Investment Companies	0.8
Aerospace/Defense-Equipment	0.8
Medical-Hospitals	0.8
Retail-Perfume & Cosmetics	0.8
Schools	0.7
Electronic Components-Misc.	0.7
Cruise Lines	0.7
Machinery-General Industrial	0.7
Resorts/Theme Parks	0.7
Beverages-Non-alcoholic	0.7
E-Commerce/Products	0.6
Airlines	0.6
Medical Instruments	0.6
Dental Supplies & Equipment	0.6

Drug Delivery Systems	0.5	%
Retail-Convenience Store	0.5
E-Commerce/Services	0.5
Medical Labs & Testing Services	0.5
Machinery-Farming	0.4
Auto-Cars/Light Trucks	0.4
	100.3	%

* Calculated as a percentage of net assets

# See Note 1

230

SunAmerica Series Trust SA JPMorgan Mid-Cap Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.6%
Aerospace/Defense-Equipment — 0.8%
HEICO Corp., Class A		45,656	$	3,006,448
Airlines — 0.6%
Southwest Airlines Co.		39,300		2,389,440
Apparel Manufacturers — 1.4%
Gildan Activewear, Inc.		157,294		5,343,277
Applications Software — 2.9%
Red Hat, Inc.†		39,800		5,228,924
ServiceNow, Inc.†		38,400		5,716,608
				10,945,532
Auto-Cars/Light Trucks — 0.4%
Tesla, Inc.†		4,500		1,594,395
Auto/Truck Parts & Equipment-Original — 1.5%
WABCO Holdings, Inc.†		36,500		5,635,235
Banks-Commercial — 1.7%
East West Bancorp, Inc.		61,900		4,079,829
First Republic Bank		29,100		2,605,905
				6,685,734
Banks-Super Regional — 1.1%
Comerica, Inc.		42,400		4,037,328
Beverages-Non-alcoholic — 0.7%
Monster Beverage Corp.†		36,800		2,510,864
Building & Construction Products-Misc. — 1.1%
Fortune Brands Home & Security, Inc.		59,600		4,227,428
Building Products-Air & Heating — 1.4%
Lennox International, Inc.		24,883		5,422,254
Building Products-Cement — 2.7%
Eagle Materials, Inc.		47,800		5,355,990
Vulcan Materials Co.		37,100		5,023,340
				10,379,330
Building-Mobile Home/Manufactured Housing — 0.8%
Thor Industries, Inc.		22,300		3,047,518
Commercial Services-Finance — 5.9%
Global Payments, Inc.		66,000		7,377,480
S&P Global, Inc.		39,300		7,117,230
Square, Inc., Class A†		53,300		2,500,303
Worldpay, Inc., Class A†		69,800		5,605,638
				22,600,651
Computer Aided Design — 0.9%
Autodesk, Inc.†		28,600		3,306,732
Computer Services — 1.2%
DXC Technology Co.		44,300		4,410,065
Computer Software — 1.4%
Splunk, Inc.†		57,300		5,292,801
Consulting Services — 1.0%
Gartner, Inc.†		28,700		3,981,838
Cruise Lines — 0.7%
Norwegian Cruise Line Holdings, Ltd.†		45,041		2,735,790
Dental Supplies & Equipment — 0.6%
DENTSPLY SIRONA, Inc.		36,121		2,196,518

Security Description	Shares		Value (Note 2)
Distribution/Wholesale — 1.9%
Fastenal Co.		32,900	$	1,808,184
LKQ Corp.†		128,800		5,413,464
				7,221,648
Diversified Manufacturing Operations — 1.3%
Parker-Hannifin Corp.		24,900		5,015,358
Drug Delivery Systems — 0.5%
DexCom, Inc.†		35,300		2,054,460
E-Commerce/Products — 0.6%
Wayfair, Inc., Class A†		26,800		2,465,868
E-Commerce/Services — 0.5%
GrubHub, Inc.†		24,800		1,791,800
Electronic Components-Misc. — 0.7%
Corning, Inc.		88,500		2,762,970
Electronic Components-Semiconductors — 4.3%
Advanced Micro Devices, Inc.†		198,800		2,731,512
Broadcom, Ltd.		9,400		2,331,482
Cavium, Inc.†		56,700		5,033,826
IPG Photonics Corp.†		13,000		3,275,350
NVIDIA Corp.		12,400		3,047,920
				16,420,090
Electronic Connectors — 1.4%
Amphenol Corp., Class A		59,700		5,538,369
Electronic Measurement Instruments — 1.4%
Fortive Corp.		71,900		5,465,838
Enterprise Software/Service — 4.1%
Atlassian Corp. PLC, Class A†		40,400		2,181,196
Guidewire Software, Inc.†		31,700		2,518,565
Paycom Software, Inc.†		25,800		2,364,312
Tyler Technologies, Inc.†		12,800		2,579,328
Veeva Systems, Inc., Class A†		42,500		2,671,550
Workday, Inc., Class A†		29,200		3,500,788
				15,815,739
Entertainment Software — 2.3%
Electronic Arts, Inc.†		37,200		4,722,912
Take-Two Interactive Software, Inc.†		32,692		4,141,096
				8,864,008
Finance-Investment Banker/Broker — 1.5%
TD Ameritrade Holding Corp.		103,600		5,779,844
Finance-Other Services — 1.0%
Nasdaq, Inc.		48,100		3,891,771
Gambling (Non-Hotel) — 1.0%
Red Rock Resorts, Inc., Class A		108,200		3,757,786
Hotels/Motels — 2.3%
Hilton Grand Vacations, Inc.†		60,140		2,704,496
Hilton Worldwide Holdings, Inc.		69,866		5,984,023
				8,688,519
Industrial Automated/Robotic — 1.0%
Nordson Corp.		25,500		3,664,860
Insurance-Property/Casualty — 1.2%
Progressive Corp.†		88,200		4,771,620
Internet Security — 1.9%
Palo Alto Networks, Inc.†		29,700		4,688,739

231

SunAmerica Series Trust SA JPMorgan Mid-Cap Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Security (continued)
Proofpoint, Inc.†		24,000	$	2,448,480
				7,137,219
Investment Companies — 0.8%
Oaktree Capital Group LLC		66,300		3,043,170
Investment Management/Advisor Services — 2.0%
Affiliated Managers Group, Inc.		15,000		2,994,450
Ameriprise Financial, Inc.		28,400		4,791,080
				7,785,530
Machinery-Construction & Mining — 1.1%
Oshkosh Corp.		45,400		4,118,688
Machinery-Farming — 0.4%
AGCO Corp.		22,353		1,623,275
Machinery-General Industrial — 0.7%
Middleby Corp.†		19,400		2,643,444
Medical Instruments — 0.6%
Edwards Lifesciences Corp.†		18,300		2,316,414
Medical Labs & Testing Services — 0.5%
Teladoc, Inc.†		47,000		1,757,800
Medical-Biomedical/Gene — 5.3%
ACADIA Pharmaceuticals, Inc.†		46,300		1,384,833
BioMarin Pharmaceutical, Inc.†		19,400		1,750,462
Exelixis, Inc.†		82,100		2,488,451
Illumina, Inc.†		28,320		6,588,365
Incyte Corp.†		18,700		1,688,423
Intercept Pharmaceuticals, Inc.†		31,300		1,943,730
Spark Therapeutics, Inc.†		26,700		1,496,535
Vertex Pharmaceuticals, Inc.†		16,443		2,743,843
				20,084,642
Medical-Drugs — 1.3%
Jazz Pharmaceuticals PLC†		22,246		3,242,132
Zoetis, Inc.		24,900		1,910,577
				5,152,709
Medical-HMO — 0.8%
Centene Corp.†		30,100		3,227,924
Medical-Hospitals — 0.8%
Acadia Healthcare Co., Inc.†		87,400		2,978,592
Medical-Wholesale Drug Distribution — 1.6%
AmerisourceBergen Corp.		28,700		2,860,529
Premier, Inc., Class A†		96,300		3,124,935
				5,985,464
Networking Products — 1.2%
Arista Networks, Inc.†		17,000		4,688,940
Non-Hazardous Waste Disposal — 2.7%
Waste Connections, Inc.		143,000		10,270,260
Oil Companies-Exploration & Production — 2.2%
Concho Resources, Inc.†		47,300		7,446,912
Range Resources Corp.		71,400		1,017,450
				8,464,362
Real Estate Management/Services — 1.1%
CBRE Group, Inc., Class A†		89,700		4,098,393

Security Description	Shares/ Principal Amount			Value (Note 2)
Resort/Theme Parks — 0.7%
Vail Resorts, Inc.		11,900		$	2,600,864
Retail-Apparel/Shoe — 3.0%
Lululemon Athletica, Inc.†		33,400			2,612,214
Ross Stores, Inc.		78,400			6,459,376
Tapestry, Inc.		50,800			2,389,632
					11,461,222
Retail-Auto Parts — 1.3%
O’Reilly Automotive, Inc.†		19,500			5,161,455
Retail-Automobile — 1.2%
Copart, Inc.†		102,000			4,495,140
Retail-Convenience Store — 0.5%
Casey’s General Stores, Inc.		16,900			2,046,759
Retail-Perfume & Cosmetics — 0.8%
Ulta Beauty, Inc.†		13,100			2,909,510
Schools — 0.7%
Bright Horizons Family Solutions, Inc.†		28,600			2,808,520
Semiconductor Equipment — 2.5%
Applied Materials, Inc.		35,900			1,925,317
Lam Research Corp.		22,400			4,290,048
Teradyne, Inc.		70,792			3,245,105
					9,460,470
Textile-Home Furnishings — 2.2%
Mohawk Industries, Inc.†		30,100			8,459,906
Tools-Hand Held — 1.3%
Stanley Black & Decker, Inc.		28,800			4,787,424
Transport-Truck — 1.4%
Old Dominion Freight Line, Inc.		37,300			5,462,585
Web Hosting/Design — 1.2%
GoDaddy, Inc., Class A†		79,800			4,407,354
Total Long-Term Investment Securities (cost $284,613,920)					373,157,761
REPURCHASE AGREEMENTS — 2.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20%, dated 1/31/2018, to be repurchased 02/01/2018 in the amount of $10,210,057 collateralized by $10,640,000 of United States Treasury Notes, bearing interest at 1.88% due 09/30/2022 and having an approximate value of $10,418,773 (cost $10,210,000)	$	10,210,000			10,210,000
TOTAL INVESTMENTS (cost $294,823,920)(1)		100.3	%		383,367,761
Liabilities in excess of other assets		(0.3	)		(1,053,736	)
NET ASSETS		100.0	%	$	382,314,025

# See Note 1

† Non-income producing security

(1) See Note 3 for cost of investments on a tax basis.

232

SunAmerica Series Trust SA JPMorgan Mid-Cap Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	373,157,761	$	—	$	—	$	373,157,761
Repurchase Agreements		—		10,210,000		—		10,210,000
Total Investments at Value	$	373,157,761	$	10,210,000	$	—	$	383,367,761

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

233

SunAmerica Series Trust SA Large Cap Index Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Exchange-Traded Funds	4.9	%
Medical-Drugs	4.7
Diversified Banking Institutions	4.2
Computers	3.6
Applications Software	3.4
Electronic Components-Semiconductors	2.8
Web Portals/ISP	2.7
Real Estate Investment Trusts	2.5
Banks-Super Regional	2.4
E-Commerce/Products	2.4
Oil Companies-Integrated	2.4
Internet Content-Entertainment	2.2
Electric-Integrated	2.2
Medical-Biomedical/Gene	2.1
Aerospace/Defense	2.0
Finance-Credit Card	1.9
Diversified Manufacturing Operations	1.9
Telephone-Integrated	1.8
Medical-HMO	1.8
Repurchase Agreements	1.7
Insurance-Reinsurance	1.6
Oil Companies-Exploration & Production	1.6
Beverages-Non-alcoholic	1.6
Retail-Discount	1.3
Cosmetics & Toiletries	1.3
Retail-Building Products	1.2
Computer Services	1.2
Multimedia	1.2
Commercial Services-Finance	1.2
Tobacco	1.2
Cable/Satellite TV	1.1
Chemicals-Diversified	1.1
Insurance-Multi-line	1.0
Retail-Restaurants	1.0
Diagnostic Equipment	1.0
Medical Instruments	0.9
Medical Products	0.9
Transport-Rail	0.8
Networking Products	0.8
Food-Misc./Diversified	0.8
Oil-Field Services	0.7
Transport-Services	0.7
Enterprise Software/Service	0.7
Investment Management/Advisor Services	0.6
Insurance-Life/Health	0.6
Retail-Drug Store	0.6
Banks-Fiduciary	0.6
Instruments-Controls	0.5
Aerospace/Defense-Equipment	0.5
Oil Refining & Marketing	0.5
Semiconductor Components-Integrated Circuits	0.5
Finance-Other Services	0.5
Airlines	0.5
E-Commerce/Services	0.4
Insurance Brokers	0.4
Semiconductor Equipment	0.4
Banks-Commercial	0.4
Electronic Forms	0.4
Auto-Cars/Light Trucks	0.4
Machinery-Construction & Mining	0.4
Entertainment Software	0.4

Finance-Investment Banker/Broker	0.4	%
Athletic Footwear	0.3
Data Processing/Management	0.3
Pipelines	0.3
Industrial Gases	0.3
Retail-Apparel/Shoe	0.3
Insurance-Property/Casualty	0.3
Hotels/Motels	0.3
Medical-Wholesale Drug Distribution	0.3
Agricultural Chemicals	0.3
Commercial Services	0.3
Retail-Auto Parts	0.3
Computer Aided Design	0.3
Electronic Connectors	0.3
Electric Products-Misc.	0.2
Cruise Lines	0.2
Consumer Products-Misc.	0.2
Computers-Memory Devices	0.2
Retail-Major Department Stores	0.2
Apparel Manufacturers	0.2
Electronic Measurement Instruments	0.2
Machinery-Farming	0.2
Beverages-Wine/Spirits	0.2
Non-Hazardous Waste Disposal	0.2
Medical Labs & Testing Services	0.2
Pharmacy Services	0.2
Medical-Hospitals	0.2
Distribution/Wholesale	0.2
Building-Residential/Commercial	0.1
Containers-Paper/Plastic	0.1
Auto/Truck Parts & Equipment-Original	0.1
Building Products-Air & Heating	0.1
Dental Supplies & Equipment	0.1
Tools-Hand Held	0.1
Gas-Distribution	0.1
Medical-Generic Drugs	0.1
Coatings/Paint	0.1
Electronic Components-Misc.	0.1
Electric-Distribution	0.1
Finance-Consumer Loans	0.1
Building Products-Cement	0.1
Food-Meat Products	0.1
Casino Hotels	0.1
Food-Wholesale/Distribution	0.1
Food-Confectionery	0.1
Engines-Internal Combustion	0.1
Machinery-General Industrial	0.1
Consulting Services	0.1
Food-Retail	0.1
Metal-Copper	0.1
Auto-Heavy Duty Trucks	0.1
Advertising Agencies	0.1
Instruments-Scientific	0.1
Paper & Related Products	0.1
Industrial Automated/Robotic	0.1
Computer Software	0.1
Chemicals-Specialty	0.1
Agricultural Operations	0.1
Medical Information Systems	0.1
Gold Mining	0.1
Steel-Producers	0.1

234

SunAmerica Series Trust SA Large Cap Index Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited) — (continued)

Industry Allocation* (continued)

Television	0.1	%
Machinery-Pumps	0.1
Retail-Regional Department Stores	0.1
Retail-Consumer Electronics	0.1
Textile-Home Furnishings	0.1
Broadcast Services/Program	0.1
Internet Security	0.1
Engineering/R&D Services	0.1
Diagnostic Kits	0.1
Toys	0.1
Wireless Equipment	0.1
Brewery	0.1
Rental Auto/Equipment	0.1
Water	0.1
Respiratory Products	0.1
Retail-Jewelry	0.1
Building Products-Wood	0.1
Oil Field Machinery & Equipment	0.1
Real Estate Management/Services	0.1
Containers-Metal/Glass	0.1
Appliances	0.1
Retail-Automobile	0.1
Retail-Perfume & Cosmetics	0.1
Home Decoration Products	0.1
	99.9%

* Calculated as a percentage of net assets

# See Note 1

235

SunAmerica Series Trust SA Large Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 93.3%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		32,733	$	716,525
Omnicom Group, Inc.		19,418		1,488,390
				2,204,915
Aerospace/Defense — 2.0%
Arconic, Inc.		35,677		1,072,451
Boeing Co.		47,156		16,710,672
General Dynamics Corp.		23,389		5,203,585
Lockheed Martin Corp.		21,012		7,456,108
Northrop Grumman Corp.		14,663		4,993,191
Raytheon Co.		24,350		5,087,689
Rockwell Collins, Inc.		13,713		1,899,113
TransDigm Group, Inc.		4,070		1,289,824
				43,712,633
Aerospace/Defense-Equipment — 0.5%
Harris Corp.		10,040		1,600,175
L3 Technologies, Inc.		6,582		1,398,412
United Technologies Corp.		62,555		8,633,215
				11,631,802
Agricultural Chemicals — 0.3%
CF Industries Holdings, Inc.		19,646		833,776
Monsanto Co.		37,004		4,507,087
Mosaic Co.		29,566		807,152
				6,148,015
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		47,106		2,023,203
Airlines — 0.5%
Alaska Air Group, Inc.		10,364		681,226
American Airlines Group, Inc.		35,871		1,948,513
Delta Air Lines, Inc.		55,249		3,136,486
Southwest Airlines Co.		45,983		2,795,766
United Continental Holdings, Inc.†		21,210		1,438,462
				10,000,453
Apparel Manufacturers — 0.2%
Hanesbrands, Inc.		30,709		666,999
Michael Kors Holdings, Ltd.†		12,810		845,460
Ralph Lauren Corp.		4,666		533,370
Under Armour, Inc., Class A†		15,594		216,133
Under Armour, Inc., Class C†		15,527		199,522
VF Corp.		27,625		2,241,493
				4,702,977
Appliances — 0.1%
Whirlpool Corp.		6,053		1,098,135
Applications Software — 3.4%
Intuit, Inc.		20,457		3,434,730
Microsoft Corp.		649,800		61,737,498
Red Hat, Inc.†		14,904		1,958,088
salesforce.com, Inc.†		57,797		6,583,656
				73,713,972
Athletic Footwear — 0.3%
NIKE, Inc., Class B		110,674		7,550,180
Auto-Cars/Light Trucks — 0.4%
Ford Motor Co.		328,619		3,604,950
General Motors Co.		107,677		4,566,582
				8,171,532

Security Description	Shares		Value (Note 2)
Auto-Heavy Duty Trucks — 0.1%
PACCAR, Inc.		29,616	$	2,208,169
Auto/Truck Parts & Equipment-Original — 0.1%
Aptiv PLC		22,392		2,124,553
BorgWarner, Inc.		16,693		939,148
				3,063,701
Banks-Commercial — 0.4%
BB&T Corp.		66,451		3,667,430
M&T Bank Corp.		12,678		2,418,709
Regions Financial Corp.		97,704		1,878,848
Zions Bancorporation		16,824		909,001
				8,873,988
Banks-Fiduciary — 0.6%
Bank of New York Mellon Corp.		86,253		4,890,545
Citizens Financial Group, Inc.		41,440		1,902,096
Northern Trust Corp.		18,091		1,906,611
State Street Corp.		31,236		3,441,270
				12,140,522
Banks-Super Regional — 2.4%
Capital One Financial Corp.		40,830		4,244,687
Comerica, Inc.		14,649		1,394,878
Fifth Third Bancorp		59,431		1,967,166
Huntington Bancshares, Inc.		91,048		1,473,157
KeyCorp		90,581		1,938,433
PNC Financial Services Group, Inc.		40,077		6,332,967
SunTrust Banks, Inc.		40,096		2,834,787
US Bancorp		132,790		7,587,621
Wells Fargo & Co.		373,294		24,555,279
				52,328,975
Beverages-Non-alcoholic — 1.6%
Coca-Cola Co.		322,989		15,371,047
Dr Pepper Snapple Group, Inc.		15,207		1,814,955
Monster Beverage Corp.†		34,677		2,366,012
PepsiCo, Inc.		119,787		14,410,376
				33,962,390
Beverages-Wine/Spirits — 0.2%
Brown-Forman Corp., Class B		16,494		1,143,034
Constellation Brands, Inc., Class A		14,510		3,184,510
				4,327,544
Brewery — 0.1%
Molson Coors Brewing Co., Class B		15,563		1,307,603
Broadcast Services/Program — 0.1%
Discovery Communications, Inc., Class A†		12,972		325,208
Discovery Communications, Inc., Class C†		17,118		408,436
Scripps Networks Interactive, Inc., Class A		8,092		712,015
				1,445,659
Building & Construction Products-Misc. — 0.0%
Fortune Brands Home & Security, Inc.		12,972		920,104
Building Products-Air & Heating — 0.1%
Johnson Controls International PLC		77,949		3,050,144

236

SunAmerica Series Trust SA Large Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building Products-Cement — 0.1%
Martin Marietta Materials, Inc.		5,295	$	1,208,160
Vulcan Materials Co.		11,142		1,508,627
				2,716,787
Building Products-Wood — 0.1%
Masco Corp.		26,496		1,183,311
Building-Residential/Commercial — 0.1%
D.R. Horton, Inc.		28,746		1,409,991
Lennar Corp., Class A		17,225		1,079,319
PulteGroup, Inc.		22,780		725,087
				3,214,397
Cable/Satellite TV — 1.1%
Charter Communications, Inc., Class A†		16,334		6,162,002
Comcast Corp., Class A		392,877		16,709,059
DISH Network Corp., Class A†		19,198		900,386
				23,771,447
Casino Hotels — 0.1%
MGM Resorts International		42,917		1,564,325
Wynn Resorts, Ltd.		6,753		1,118,229
				2,682,554
Chemicals-Diversified — 1.1%
DowDuPont, Inc.		197,098		14,896,667
Eastman Chemical Co.		12,107		1,200,772
FMC Corp.		11,309		1,032,851
LyondellBasell Industries NV, Class A		27,245		3,265,041
PPG Industries, Inc.		21,435		2,544,977
				22,940,308
Chemicals-Specialty — 0.1%
Albemarle Corp.		9,307		1,038,568
International Flavors & Fragrances, Inc.		6,652		999,796
				2,038,364
Coatings/Paint — 0.1%
Sherwin-Williams Co.		6,931		2,890,989
Commercial Services — 0.3%
Cintas Corp.		7,253		1,221,768
Ecolab, Inc.		21,902		3,015,467
Nielsen Holdings PLC		28,200		1,054,962
Quanta Services, Inc.†		13,032		501,602
				5,793,799
Commercial Services-Finance — 1.2%
Automatic Data Processing, Inc.		37,355		4,618,199
Equifax, Inc.		10,114		1,263,542
Global Payments, Inc.		13,405		1,498,411
H&R Block, Inc.		17,609		467,343
IHS Markit, Ltd.†		30,598		1,460,442
Moody’s Corp.		14,004		2,265,707
PayPal Holdings, Inc.†		95,163		8,119,307
S&P Global, Inc.		21,479		3,889,847
Total System Services, Inc.		14,092		1,252,215
Western Union Co.		38,686		804,282
				25,639,295

Security Description	Shares		Value (Note 2)
Computer Aided Design — 0.3%
ANSYS, Inc.†		7,148	$	1,155,474
Autodesk, Inc.†		18,463		2,134,692
Cadence Design Systems, Inc.†		23,783		1,066,905
Synopsys, Inc.†		12,655		1,171,980
				5,529,051
Computer Services — 1.2%
Accenture PLC, Class A		52,053		8,364,917
Cognizant Technology Solutions Corp., Class A		49,666		3,872,955
CSRA, Inc.		13,795		459,097
DXC Technology Co.		24,028		2,391,987
International Business Machines Corp.		72,521		11,871,688
				26,960,644
Computer Software — 0.1%
Akamai Technologies, Inc.†		14,248		954,474
Citrix Systems, Inc.†		12,057		1,118,407
				2,072,881
Computers — 3.6%
Apple, Inc.		432,463		72,407,280
Hewlett Packard Enterprise Co.		134,347		2,203,291
HP, Inc.		140,686		3,280,797
				77,891,368
Computers-Memory Devices — 0.2%
NetApp, Inc.		22,722		1,397,403
Seagate Technology PLC		24,369		1,345,169
Western Digital Corp.		24,914		2,216,848
				4,959,420
Consulting Services — 0.1%
Gartner, Inc.†		7,636		1,059,419
Verisk Analytics, Inc.†		13,091		1,309,754
				2,369,173
Consumer Products-Misc. — 0.2%
Clorox Co.		10,861		1,538,895
Kimberly-Clark Corp.		29,629		3,466,593
				5,005,488
Containers-Metal/Glass — 0.1%
Ball Corp.		29,485		1,128,686
Containers-Paper/Plastic — 0.1%
Packaging Corp. of America		7,947		998,382
Sealed Air Corp.		15,194		719,436
WestRock Co.		21,446		1,428,947
				3,146,765
Cosmetics & Toiletries — 1.3%
Colgate-Palmolive Co.		73,963		5,491,013
Coty, Inc., Class A		39,772		779,929
Estee Lauder Cos., Inc., Class A		18,857		2,544,941
Procter & Gamble Co.		214,627		18,530,895
				27,346,778
Cruise Lines — 0.2%
Carnival Corp.		34,351		2,459,875
Norwegian Cruise Line Holdings, Ltd.†		15,010		911,708

237

SunAmerica Series Trust SA Large Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cruise Lines (continued)
Royal Caribbean Cruises, Ltd.		14,426	$	1,926,592
				5,298,175
Data Processing/Management — 0.3%
Fidelity National Information Services, Inc.		28,122		2,878,568
Fiserv, Inc.†		17,553		2,472,165
Paychex, Inc.		26,937		1,838,450
				7,189,183
Dental Supplies & Equipment — 0.1%
Align Technology, Inc.†		6,078		1,592,436
DENTSPLY SIRONA, Inc.		19,346		1,176,430
Patterson Cos., Inc.		6,938		249,005
				3,017,871
Diagnostic Equipment — 1.0%
Abbott Laboratories		146,611		9,113,340
Danaher Corp.		51,560		5,221,997
Thermo Fisher Scientific, Inc.		33,776		7,569,539
				21,904,876
Diagnostic Kits — 0.1%
IDEXX Laboratories, Inc.†		7,346		1,373,996
Dialysis Centers — 0.0%
DaVita, Inc.†		12,751		995,088
Distribution/Wholesale — 0.2%
Fastenal Co.		24,207		1,330,417
LKQ Corp.†		26,031		1,094,083
WW Grainger, Inc.		4,368		1,177,875
				3,602,375
Diversified Banking Institutions — 4.2%
Bank of America Corp.		817,071		26,146,272
Citigroup, Inc.		222,704		17,477,810
Goldman Sachs Group, Inc.		29,548		7,915,614
JPMorgan Chase & Co.		292,255		33,805,136
Morgan Stanley		117,255		6,630,770
				91,975,602
Diversified Manufacturing Operations — 1.9%
3M Co.		50,266		12,591,633
A.O. Smith Corp.		12,282		820,192
Dover Corp.		13,122		1,393,688
Eaton Corp. PLC		37,112		3,116,295
General Electric Co.		730,450		11,811,376
Illinois Tool Works, Inc.		25,971		4,510,383
Ingersoll-Rand PLC		21,046		1,991,583
Parker-Hannifin Corp.		11,222		2,260,335
Pentair PLC		13,910		994,565
Textron, Inc.		22,188		1,301,770
				40,791,820
Diversified Operations — 0.0%
Leucadia National Corp.		26,408		714,865
E-Commerce/Products — 2.4%
Amazon.com, Inc.†		33,688		48,877,582
eBay, Inc.†		81,825		3,320,459
				52,198,041

Security Description	Shares		Value (Note 2)
E-Commerce/Services — 0.4%
Cars.com, Inc.†		1	$	30
Expedia, Inc.		10,355		1,325,544
Priceline Group, Inc.†		4,108		7,854,701
TripAdvisor, Inc.†		9,133		316,641
				9,496,916
Electric Products-Misc. — 0.2%
AMETEK, Inc.		19,467		1,485,332
Emerson Electric Co.		54,061		3,904,826
				5,390,158
Electric-Distribution — 0.1%
CenterPoint Energy, Inc.		36,305		1,023,075
PPL Corp.		57,544		1,833,927
				2,857,002
Electric-Integrated — 2.2%
AES Corp.		55,624		643,013
Alliant Energy Corp.		19,474		774,092
Ameren Corp.		20,437		1,157,347
American Electric Power Co., Inc.		41,428		2,849,418
CMS Energy Corp.		23,754		1,062,992
Consolidated Edison, Inc.		26,117		2,098,762
Dominion Energy, Inc.		54,205		4,143,430
DTE Energy Co.		15,110		1,596,220
Duke Energy Corp.		58,951		4,627,654
Edison International		27,443		1,716,011
Entergy Corp.		15,183		1,194,750
Eversource Energy		26,691		1,683,935
Exelon Corp.		80,868		3,114,227
FirstEnergy Corp.		37,470		1,232,763
NextEra Energy, Inc.		39,622		6,276,917
PG&E Corp.		43,195		1,832,764
Pinnacle West Capital Corp.		9,411		752,410
Public Service Enterprise Group, Inc.		42,624		2,210,907
SCANA Corp.		12,013		488,208
Southern Co.		84,536		3,813,419
WEC Energy Group, Inc.		26,581		1,709,158
Xcel Energy, Inc.		42,769		1,951,977
				46,930,374
Electronic Components-Misc. — 0.1%
Corning, Inc.		73,201		2,285,335
Garmin, Ltd.		9,347		588,300
				2,873,635
Electronic Components-Semiconductors — 2.8%
Advanced Micro Devices, Inc.†		69,075		949,091
Broadcom, Ltd.		34,247		8,494,283
Intel Corp.		394,197		18,976,644
Microchip Technology, Inc.		19,702		1,876,025
Micron Technology, Inc.†		97,139		4,246,917
NVIDIA Corp.		51,043		12,546,369
Qorvo, Inc.†		10,720		769,374
Skyworks Solutions, Inc.		15,476		1,504,422
Texas Instruments, Inc.		83,014		9,104,145
Xilinx, Inc.		21,138		1,543,497
				60,010,767
Electronic Connectors — 0.3%
Amphenol Corp., Class A		25,719		2,385,952
TE Connectivity, Ltd.		29,618		3,036,733
				5,422,685

238

SunAmerica Series Trust SA Large Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Forms — 0.4%
Adobe Systems, Inc.†		41,521	$	8,294,235
Electronic Measurement Instruments — 0.2%
Agilent Technologies, Inc.		27,108		1,990,541
FLIR Systems, Inc.		11,672		597,723
Fortive Corp.		25,762		1,958,427
				4,546,691
Electronic Security Devices — 0.0%
Allegion PLC		8,001		688,966
Engineering/R&D Services — 0.1%
Fluor Corp.		11,782		715,167
Jacobs Engineering Group, Inc.		10,147		704,811
				1,419,978
Engines-Internal Combustion — 0.1%
Cummins, Inc.		13,141		2,470,508
Enterprise Software/Service — 0.7%
CA, Inc.		26,440		947,874
Oracle Corp.		256,619		13,238,974
				14,186,848
Entertainment Software — 0.4%
Activision Blizzard, Inc.		63,686		4,721,043
Electronic Arts, Inc.†		25,937		3,292,962
				8,014,005
Finance-Consumer Loans — 0.1%
Navient Corp.		22,154		315,694
Synchrony Financial		61,963		2,458,692
				2,774,386
Finance-Credit Card — 1.9%
Alliance Data Systems Corp.		4,049		1,039,216
American Express Co.		60,682		6,031,791
Discover Financial Services		30,608		2,442,519
Mastercard, Inc., Class A		78,233		13,221,377
Visa, Inc., Class A		152,748		18,975,884
				41,710,787
Finance-Investment Banker/Broker — 0.4%
Charles Schwab Corp.		100,496		5,360,456
E*TRADE Financial Corp.†		22,800		1,201,560
Raymond James Financial, Inc.		10,825		1,043,422
				7,605,438
Finance-Other Services — 0.5%
CBOE Holdings, Inc.		9,557		1,284,365
CME Group, Inc.		28,663		4,399,197
Intercontinental Exchange, Inc.		49,277		3,638,614
Nasdaq, Inc.		9,801		792,999
				10,115,175
Food-Confectionery — 0.1%
Hershey Co.		11,882		1,310,941
J.M. Smucker Co.		9,567		1,213,957
				2,524,898
Food-Meat Products — 0.1%
Hormel Foods Corp.		22,674		778,399
Tyson Foods, Inc., Class A		25,067		1,907,849
				2,686,248

Security Description	Shares		Value (Note 2)
Food-Misc./Diversified — 0.8%
Campbell Soup Co.		16,201	$	754,156
Conagra Brands, Inc.		34,408		1,307,504
General Mills, Inc.		47,871		2,799,975
Kellogg Co.		20,951		1,426,973
Kraft Heinz Co.		50,290		3,942,233
McCormick & Co., Inc.		10,086		1,097,054
Mondelez International, Inc., Class A		125,872		5,588,717
				16,916,612
Food-Retail — 0.1%
Kroger Co.		74,925		2,274,723
Food-Wholesale/Distribution — 0.1%
Sysco Corp.		40,377		2,538,502
Gas-Distribution — 0.1%
NiSource, Inc.		28,368		700,122
Sempra Energy		21,148		2,263,259
				2,963,381
Gold Mining — 0.1%
Newmont Mining Corp.		44,923		1,819,831
Hazardous Waste Disposal — 0.0%
Stericycle, Inc.†		7,191		541,914
Home Decoration Products — 0.1%
Newell Brands, Inc.		41,281		1,091,470
Home Furnishings — 0.0%
Leggett & Platt, Inc.		11,103		516,401
Hotels/Motels — 0.3%
Hilton Worldwide Holdings, Inc.		17,033		1,458,876
Marriott International, Inc., Class A		25,795		3,800,635
Wyndham Worldwide Corp.		8,535		1,059,450
				6,318,961
Human Resources — 0.0%
Robert Half International, Inc.		10,558		611,097
Independent Power Producers — 0.0%
NRG Energy, Inc.		25,337		659,015
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		10,824		2,135,467
Industrial Gases — 0.3%
Air Products & Chemicals, Inc.		18,359		3,091,105
Praxair, Inc.		24,115		3,894,331
				6,985,436
Instruments-Controls — 0.5%
Honeywell International, Inc.		64,168		10,245,705
Mettler-Toledo International, Inc.†		2,155		1,455,185
				11,700,890
Instruments-Scientific — 0.1%
PerkinElmer, Inc.		9,283		744,125
Waters Corp.†		6,699		1,444,372
				2,188,497
Insurance Brokers — 0.4%
Aon PLC		21,049		2,992,536
Arthur J. Gallagher & Co.		15,229		1,040,445
Marsh & McLennan Cos., Inc.		42,987		3,590,274
Willis Towers Watson PLC		11,122		1,784,748
				9,408,003

239

SunAmerica Series Trust SA Large Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Life/Health — 0.6%
Aflac, Inc.		33,115	$	2,920,743
Brighthouse Financial, Inc.†		8,071		518,642
Lincoln National Corp.		18,432		1,526,170
Principal Financial Group, Inc.		22,619		1,529,044
Prudential Financial, Inc.		35,714		4,243,538
Torchmark Corp.		9,043		821,557
Unum Group		18,900		1,005,291
				12,564,985
Insurance-Multi-line — 1.0%
Allstate Corp.		30,224		2,985,225
American International Group, Inc.		75,719		4,839,959
Assurant, Inc.		4,533		414,679
Chubb, Ltd.		39,101		6,105,621
Cincinnati Financial Corp.		12,576		967,094
Hartford Financial Services Group, Inc.		30,046		1,765,503
Loews Corp.		23,249		1,200,811
MetLife, Inc.		88,635		4,260,684
				22,539,576
Insurance-Property/Casualty — 0.3%
Progressive Corp.		48,988		2,650,251
Travelers Cos., Inc.		23,053		3,456,105
XL Group, Ltd.		21,564		794,418
				6,900,774
Insurance-Reinsurance — 1.6%
Berkshire Hathaway, Inc., Class B†		162,093		34,749,498
Everest Re Group, Ltd.		3,459		794,878
				35,544,376
Internet Content-Entertainment — 2.2%
Facebook, Inc., Class A†		200,872		37,540,968
Netflix, Inc.†		36,449		9,852,165
				47,393,133
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		5,272		762,015
Internet Security — 0.1%
Symantec Corp.		52,221		1,421,978
Investment Management/Advisor Services — 0.6%
Affiliated Managers Group, Inc.		4,682		934,668
Ameriprise Financial, Inc.		12,460		2,102,002
BlackRock, Inc.		10,399		5,842,158
Franklin Resources, Inc.		27,527		1,167,420
Invesco, Ltd.		34,288		1,238,826
T. Rowe Price Group, Inc.		20,410		2,278,368
				13,563,442
Lighting Products & Systems — 0.0%
Acuity Brands, Inc.		3,551		548,416
Machinery-Construction & Mining — 0.4%
Caterpillar, Inc.		50,111		8,157,069
Machinery-Farming — 0.2%
Deere & Co.		26,942		4,483,688
Machinery-General Industrial — 0.1%
Roper Technologies, Inc.		8,622		2,419,247
Machinery-Pumps — 0.1%
Flowserve Corp.		11,004		498,701

Security Description	Shares		Value (Note 2)
Machinery-Pumps (continued)
Xylem, Inc.		15,128	$	1,093,150
				1,591,851
Medical Information Systems — 0.1%
Cerner Corp.†		26,599		1,838,789
Medical Instruments — 0.9%
Boston Scientific Corp.†		115,664		3,233,965
Edwards Lifesciences Corp.†		17,825		2,256,289
Intuitive Surgical, Inc.†		9,438		4,074,101
Medtronic PLC		114,013		9,792,577
				19,356,932
Medical Labs & Testing Services — 0.2%
IQVIA Holdings, Inc.†		12,263		1,253,156
Laboratory Corp. of America Holdings†		8,575		1,496,337
Quest Diagnostics, Inc.		11,480		1,214,814
				3,964,307
Medical Products — 0.9%
Baxter International, Inc.		42,223		3,041,323
Becton Dickinson and Co.		22,320		5,422,421
Cooper Cos., Inc.		4,123		1,008,774
Henry Schein, Inc.†		13,220		1,000,490
Hologic, Inc.†		23,221		991,537
Stryker Corp.		27,109		4,456,177
Varian Medical Systems, Inc.†		7,717		983,918
Zimmer Biomet Holdings, Inc.		17,054		2,167,904
				19,072,544
Medical-Biomedical/Gene — 2.1%
Alexion Pharmaceuticals, Inc.†		18,818		2,245,364
Amgen, Inc.		61,144		11,375,841
Biogen, Inc.†		17,809		6,194,148
Celgene Corp.†		66,316		6,708,526
Gilead Sciences, Inc.		110,027		9,220,262
Illumina, Inc.†		12,298		2,861,007
Incyte Corp.†		14,754		1,332,139
Regeneron Pharmaceuticals, Inc.†		6,489		2,379,192
Vertex Pharmaceuticals, Inc.†		21,302		3,554,665
				45,871,144
Medical-Drugs — 4.7%
AbbVie, Inc.		134,271		15,067,892
Allergan PLC		28,013		5,049,623
Bristol-Myers Squibb Co.		137,859		8,629,973
Eli Lilly & Co.		81,608		6,646,972
Johnson & Johnson		226,286		31,270,462
Merck & Co., Inc.		230,383		13,650,193
Pfizer, Inc.		502,071		18,596,710
Zoetis, Inc.		41,044		3,149,306
				102,061,131
Medical-Generic Drugs — 0.1%
Mylan NV†		45,171		1,935,577
Perrigo Co. PLC		11,033		999,811
				2,935,388
Medical-HMO — 1.8%
Aetna, Inc.		27,467		5,131,385
Anthem, Inc.		21,627		5,360,252
Centene Corp.†		14,528		1,557,983

240

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PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-HMO (continued)
Cigna Corp.		20,767	$	4,326,804
Humana, Inc.		12,033		3,391,260
UnitedHealth Group, Inc.		81,625		19,327,168
				39,094,852
Medical-Hospitals — 0.2%
Envision Healthcare Corp.†		10,191		366,774
HCA Healthcare, Inc.†		23,858		2,413,475
Universal Health Services, Inc., Class B		7,381		896,792
				3,677,041
Medical-Wholesale Drug Distribution — 0.3%
AmerisourceBergen Corp.		13,593		1,354,814
Cardinal Health, Inc.		26,499		1,902,363
McKesson Corp.		17,560		2,965,533
				6,222,710
Metal-Copper — 0.1%
Freeport-McMoRan, Inc.†		113,396		2,211,222
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		14,176		686,969
Multimedia — 1.2%
Time Warner, Inc.		65,581		6,253,148
Twenty-First Century Fox, Inc., Class A		88,779		3,275,945
Twenty-First Century Fox, Inc., Class B		36,993		1,349,875
Viacom, Inc., Class B		29,719		993,209
Walt Disney Co.		127,214		13,824,345
				25,696,522
Networking Products — 0.8%
Cisco Systems, Inc.		416,402		17,297,339
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		19,143		1,317,038
Waste Management, Inc.		33,648		2,975,493
				4,292,531
Office Automation & Equipment — 0.0%
Xerox Corp.		17,982		613,726
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		7,445		913,353
Oil & Gas Drilling — 0.0%
Helmerich & Payne, Inc.		9,148		658,930
Oil Companies-Exploration & Production — 1.6%
Anadarko Petroleum Corp.		46,087		2,767,524
Apache Corp.		32,086		1,439,699
Cabot Oil & Gas Corp.		38,956		1,026,491
Chesapeake Energy Corp.†		76,539		267,887
Cimarex Energy Co.		8,024		900,293
Concho Resources, Inc.†		12,526		1,972,093
ConocoPhillips		100,698		5,922,049
Devon Energy Corp.		44,264		1,831,202
EOG Resources, Inc.		48,703		5,600,845
EQT Corp.		20,622		1,119,568
Hess Corp.		22,750		1,149,103
Marathon Oil Corp.		71,567		1,301,804
Newfield Exploration Co.†		16,778		531,191

Security Description	Shares		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Noble Energy, Inc.		40,987	$	1,250,923
Occidental Petroleum Corp.		64,457		4,832,341
Pioneer Natural Resources Co.		14,333		2,621,649
Range Resources Corp.		19,019		271,021
				34,805,683
Oil Companies-Integrated — 2.4%
Chevron Corp.		159,984		20,053,994
Exxon Mobil Corp.		356,905		31,157,807
				51,211,801
Oil Field Machinery & Equipment — 0.1%
National Oilwell Varco, Inc.		32,011		1,174,163
Oil Refining & Marketing — 0.5%
Andeavor		12,088		1,307,438
Marathon Petroleum Corp.		41,139		2,849,699
Phillips 66		36,191		3,705,958
Valero Energy Corp.		36,857		3,537,166
				11,400,261
Oil-Field Services — 0.7%
Baker Hughes a GE Co., LLC		36,065		1,159,489
Halliburton Co.		73,494		3,946,628
Schlumberger, Ltd.		116,681		8,585,388
TechnipFMC PLC		36,930		1,198,748
				14,890,253
Paper & Related Products — 0.1%
International Paper Co.		34,778		2,186,145
Pharmacy Services — 0.2%
Express Scripts Holding Co.†		47,706		3,777,361
Pipelines — 0.3%
Kinder Morgan, Inc.		161,771		2,908,643
ONEOK, Inc.		32,297		1,901,001
Williams Cos., Inc.		69,637		2,185,905
				6,995,549
Publishing-Newspapers — 0.0%
News Corp., Class A		32,259		551,951
News Corp., Class B		10,257		178,985
				730,936
Real Estate Investment Trusts — 2.5%
Alexandria Real Estate Equities, Inc.		8,522		1,105,303
American Tower Corp.		36,123		5,335,367
Apartment Investment & Management Co., Class A		13,226		553,376
AvalonBay Communities, Inc.		11,631		1,981,922
Boston Properties, Inc.		12,998		1,607,983
Crown Castle International Corp.		34,220		3,858,990
Digital Realty Trust, Inc.		17,304		1,937,183
Duke Realty Corp.		29,998		792,247
Equinix, Inc.		6,590		2,999,702
Equity Residential		30,953		1,907,014
Essex Property Trust, Inc.		5,562		1,295,835
Extra Space Storage, Inc.		10,606		885,389
Federal Realty Investment Trust		6,111		738,209
GGP, Inc.		52,589		1,211,125
HCP, Inc.		39,513		951,473
Host Hotels & Resorts, Inc.		62,335		1,294,075
Iron Mountain, Inc.		23,705		830,386
Kimco Realty Corp.		35,853		570,421

241

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PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Macerich Co.		9,130	$	589,524
Mid-America Apartment Communities, Inc.		9,571		912,786
Prologis, Inc.		44,817		2,918,035
Public Storage		12,607		2,467,946
Realty Income Corp.		23,735		1,262,465
Regency Centers Corp.		12,463		784,047
SBA Communications Corp.†		9,901		1,727,725
Simon Property Group, Inc.		26,182		4,277,353
SL Green Realty Corp.		8,277		832,004
UDR, Inc.		22,538		823,313
Ventas, Inc.		29,999		1,679,044
Vornado Realty Trust		14,522		1,040,937
Welltower, Inc.		31,195		1,870,764
Weyerhaeuser Co.		63,579		2,386,756
				53,428,699
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		25,447		1,162,673
Rental Auto/Equipment — 0.1%
United Rentals, Inc.†		7,119		1,289,322
Respiratory Products — 0.1%
ResMed, Inc.		11,953		1,204,743
Retail-Apparel/Shoe — 0.3%
Foot Locker, Inc.		10,444		513,323
Gap, Inc.		18,342		609,688
L Brands, Inc.		20,800		1,041,872
PVH Corp.		6,521		1,011,277
Ross Stores, Inc.		32,478		2,675,862
Tapestry, Inc.		23,953		1,126,749
				6,978,771
Retail-Auto Parts — 0.3%
Advance Auto Parts, Inc.		6,224		728,146
AutoZone, Inc.†		2,316		1,772,759
Genuine Parts Co.		12,349		1,285,160
O’Reilly Automotive, Inc.†		7,162		1,895,710
				5,681,775
Retail-Automobile — 0.1%
CarMax, Inc.†		15,358		1,096,100
Retail-Building Products — 1.2%
Home Depot, Inc.		98,360		19,760,524
Lowe’s Cos., Inc.		70,148		7,346,600
				27,107,124
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		21,422		1,565,091
Retail-Discount — 1.3%
Costco Wholesale Corp.		36,808		7,172,775
Dollar General Corp.		21,943		2,262,762
Dollar Tree, Inc.†		19,971		2,296,665
Target Corp.		45,785		3,443,948
Walmart, Inc.		123,290		13,142,714
				28,318,864
Retail-Drug Store — 0.6%
CVS Health Corp.		85,324		6,714,145
Walgreens Boots Alliance, Inc.		73,130		5,503,764
				12,217,909

Security Description	Shares		Value (Note 2)
Retail-Gardening Products — 0.0%
Tractor Supply Co.		10,576	$	806,420
Retail-Jewelry — 0.1%
Signet Jewelers, Ltd.		5,093		269,420
Tiffany & Co.		8,600		917,190
				1,186,610
Retail-Major Department Stores — 0.2%
Nordstrom, Inc.		9,823		484,372
TJX Cos., Inc.		53,593		4,304,590
				4,788,962
Retail-Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		4,916		1,091,844
Retail-Regional Department Stores — 0.1%
Kohl’s Corp.		14,200		919,734
Macy’s, Inc.		25,656		665,773
				1,585,507
Retail-Restaurants — 1.0%
Chipotle Mexican Grill, Inc.†		2,093		679,723
Darden Restaurants, Inc.		10,417		998,469
McDonald’s Corp.		67,147		11,491,538
Starbucks Corp.		119,843		6,808,281
Yum! Brands, Inc.		28,385		2,401,087
				22,379,098
Rubber-Tires — 0.0%
Goodyear Tire & Rubber Co.		20,748		722,445
Savings & Loans/Thrifts — 0.0%
People’s United Financial, Inc.		29,165		573,676
Semiconductor Components-Integrated Circuits — 0.5%
Analog Devices, Inc.		31,050		2,852,874
QUALCOMM, Inc.		124,169		8,474,534
				11,327,408
Semiconductor Equipment — 0.4%
Applied Materials, Inc.		89,830		4,817,583
KLA-Tencor Corp.		13,200		1,449,360
Lam Research Corp.		13,641		2,612,524
				8,879,467
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		3,825		908,591
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.		21,051		1,028,341
Steel-Producers — 0.1%
Nucor Corp.		26,778		1,793,055
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		31,580		825,817
Telephone-Integrated — 1.8%
AT&T, Inc.		517,173		19,368,129
CenturyLink, Inc.		81,938		1,459,316
Verizon Communications, Inc.		343,606		18,578,776
				39,406,221
Television — 0.1%
CBS Corp., Class B		30,540		1,759,409
Textile-Home Furnishings — 0.1%
Mohawk Industries, Inc.†		5,322		1,495,801

242

SunAmerica Series Trust SA Large Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Tobacco — 1.2%
Altria Group, Inc.		160,727	$	11,305,537
Philip Morris International, Inc.		130,821		14,027,936
				25,333,473
Tools-Hand Held — 0.1%
Snap-on, Inc.		4,802		822,631
Stanley Black & Decker, Inc.		12,917		2,147,193
				2,969,824
Toys — 0.1%
Hasbro, Inc.		9,547		902,860
Mattel, Inc.		28,952		458,599
				1,361,459
Transport-Rail — 0.8%
CSX Corp.		75,278		4,273,532
Kansas City Southern		8,721		986,607
Norfolk Southern Corp.		24,102		3,636,510
Union Pacific Corp.		66,303		8,851,450
				17,748,099
Transport-Services — 0.7%
C.H. Robinson Worldwide, Inc.		11,742		1,073,923
Expeditors International of Washington, Inc.		14,968		972,172
FedEx Corp.		20,779		5,454,072
United Parcel Service, Inc., Class B		57,871		7,368,136
				14,868,303
Transport-Truck — 0.0%
JB Hunt Transport Services, Inc.		7,211		871,305
Water — 0.1%
American Water Works Co., Inc.		15,025		1,249,629
Web Hosting/Design — 0.0%
VeriSign, Inc.†		7,140		820,529

Security Description	Shares/ Principal Amount			Value (Note 2)
Web Portals/ISP — 2.7%
Alphabet, Inc., Class A†		25,104		$	29,678,451
Alphabet, Inc., Class C†		25,426			29,746,894
					59,425,345
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		13,645			1,357,132
Total Common Stocks (cost $1,356,394,976)					2,029,762,886
EXCHANGE-TRADED FUNDS — 4.9%
iShares Core S&P 500 ETF		278,200			79,050,530
SPDR S&P 500 ETF		99,916			28,166,320
Total Exchange-Traded Funds (cost $97,289,502)					107,216,850
Total Long-Term Investment Securities (cost $1,453,684,478)					2,136,979,736
REPURCHASE AGREEMENTS — 1.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20% dated 01/31/2018, to be repurchased 02/01/2018 in the amount of $37,019,206 and collateralized by $38,350,000 of United States Treasury Notes, bearing interest at 2.0% due 02/15/2023 and having an approximate value of $37,760,561. (cost $37,019,000)	$	37,019,000			37,019,000
TOTAL INVESTMENTS (cost $1,490,703,478)(1)		99.9	%		2,173,998,736
Other assets less liabilities		0.1			1,276,768
NET ASSETS		100.0	%	$	2,175,275,504

  # See Note 1

  † Non-income producing security

(1) See Note 3 for cost of investments on a tax basis.

ETF — Exchange-Traded Funds

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	263	Long	S&P 500 E-Mini Index	March 2018		35,082,020		37,159,270	$	2,077,250

* Notional Basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

243

SunAmerica Series Trust SA Large Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	2,029,762,886	$	—	$	—	$	2,029,762,886
Exchanged -Traded Funds		107,216,850		—		—		107,216,850
Repurchase Agreements		—		37,019,000		—		37,019,000
Total Investments at Value	$	2,136,979,736	$	37,019,000	$	—	$	2,173,998,736
Other Financial Instruments:†
Open Futures Contracts	$	2,077,250	$	—	$	—	$	2,077,250

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

† Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

244

SunAmerica Series Trust SA Legg Mason BW Large Cap Value Portfolio

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Diversified Banking Institutions	8.9	%
Medical-Drugs	8.6
Banks-Super Regional	6.9
Computers	4.9
Multimedia	3.4
Medical-Biomedical/Gene	3.2
Retail-Discount	2.7
Insurance-Multi-line	2.7
Electronic Components-Semiconductors	2.6
Oil Companies-Integrated	2.5
Enterprise Software/Service	2.3
Electric-Integrated	2.3
Telephone-Integrated	2.2
Networking Products	2.1
Cable/Satellite TV	2.0
Medical-HMO	1.9
Insurance-Life/Health	1.7
Banks-Commercial	1.7
Insurance-Property/Casualty	1.6
Computer Services	1.6
Banks-Fiduciary	1.5
Oil Refining & Marketing	1.5
Chemicals-Diversified	1.5
Finance-Credit Card	1.5
Exchange-Traded Funds	1.3
Instruments-Controls	1.3
Aerospace/Defense-Equipment	1.2
Airlines	1.1
Auto-Cars/Light Trucks	1.1
Semiconductor Equipment	1.1
Oil Companies-Exploration & Production	1.1
Diversified Manufacturing Operations	1.0
Investment Management/Advisor Services	1.0
Transport-Services	1.0
Aerospace/Defense	0.9
Retail-Building Products	0.9
Cruise Lines	0.8
Electronic Components-Misc.	0.6
Registered Investment Companies	0.6
Auto/Truck Parts & Equipment-Original	0.6
Retail-Drug Store	0.6
Medical-Wholesale Drug Distribution	0.5
Retail-Major Department Stores	0.5
Finance-Consumer Loans	0.4
Steel-Producers	0.4
Transport-Rail	0.4
Medical-Hospitals	0.4
Finance-Investment Banker/Broker	0.3
Medical-Generic Drugs	0.3
Medical Labs & Testing Services	0.3
Food-Misc./Diversified	0.3
Engines-Internal Combustion	0.3
Building-Residential/Commercial	0.3
Retail-Auto Parts	0.3
Retail-Apparel/Shoe	0.3
Auto-Heavy Duty Trucks	0.3
Apparel Manufacturers	0.3
Paper & Related Products	0.3
Pharmacy Services	0.3
Food-Retail	0.2
Rental Auto/Equipment	0.2

Retail-Consumer Electronics	0.2	%
Textile-Home Furnishings	0.2
Insurance Brokers	0.2
Finance-Auto Loans	0.2
Retail-Automobile	0.2
Containers-Paper/Plastic	0.2
Human Resources	0.2
Wireless Equipment	0.2
Hotels/Motels	0.2
Building & Construction Products-Misc.	0.2
Dialysis Centers	0.2
Commercial Services-Finance	0.1
Gold Mining	0.1
Telecommunication Equipment	0.1
Appliances	0.1
Insurance-Reinsurance	0.1
E-Services/Consulting	0.1
Computers-Memory Devices	0.1
Semiconductor Components-Integrated Circuits	0.1
Finance-Other Services	0.1
Toys	0.1
Shipbuilding	0.1
Electronic Parts Distribution	0.1
Retail-Regional Department Stores	0.1
Tools-Hand Held	0.1
Diversified Operations	0.1
Finance-Mortgage Loan/Banker	0.1
Rubber-Tires	0.1
Office Automation & Equipment	0.1
Engineering/R&D Services	0.1
Containers-Metal/Glass	0.1
Vitamins & Nutrition Products	0.1
Internet Infrastructure Software	0.1
Gas-Distribution	0.1
Building-Mobile Home/Manufactured Housing	0.1
Real Estate Management/Services	0.1
Poultry	0.1
Retail-Gardening Products	0.1
Oil & Gas Drilling	0.1
Consumer Products-Misc.	0.1
Publishing-Newspapers	0.1
Power Converter/Supply Equipment	0.1
Coatings/Paint	0.1
Machinery-Construction & Mining	0.1
Machinery-Farming	0.1
Recreational Vehicles	0.1
Consulting Services	0.1
	100.4	%

* Calculated as a percentage of net assets

245

SunAmerica Series Trust SA Legg Mason BW Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.5%
Aerospace/Defense — 0.9%
General Dynamics Corp.		57,000	$	12,681,360
Spirit AeroSystems Holdings, Inc., Class A		20,300		2,077,908
				14,759,268
Aerospace/Defense-Equipment — 1.2%
L3 Technologies, Inc.		5,400		1,147,284
United Technologies Corp.		132,800		18,327,728
				19,475,012
Airlines — 1.1%
American Airlines Group, Inc.		81,600		4,432,512
Delta Air Lines, Inc.		121,900		6,920,263
JetBlue Airways Corp.†		51,000		1,063,860
Southwest Airlines Co.		99,600		6,055,680
				18,472,315
Apparel Manufacturers — 0.3%
Carter’s, Inc.		7,500		902,250
Hanesbrands, Inc.		58,100		1,261,932
Michael Kors Holdings, Ltd.†		17,800		1,174,800
Ralph Lauren Corp.		8,800		1,005,928
				4,344,910
Appliances — 0.1%
Whirlpool Corp.		11,200		2,031,904
Auto-Cars/Light Trucks — 1.1%
Ford Motor Co.		620,700		6,809,079
General Motors Co.		250,000		10,602,500
				17,411,579
Auto-Heavy Duty Trucks — 0.3%
PACCAR, Inc.		58,300		4,346,848
Auto/Truck Parts & Equipment-Original — 0.6%
Allison Transmission Holdings, Inc.		22,600		999,824
Aptiv PLC		44,500		4,222,160
BorgWarner, Inc.		35,200		1,980,352
Lear Corp.		12,700		2,452,878
				9,655,214
Banks-Commercial — 1.7%
BB&T Corp.		125,500		6,926,345
BOK Financial Corp.		10,800		1,044,252
CIT Group, Inc.		20,900		1,059,421
Commerce Bancshares, Inc.		17,807		1,041,888
Cullen/Frost Bankers, Inc.		10,100		1,074,741
East West Bancorp, Inc.		23,200		1,529,112
M&T Bank Corp.		25,700		4,903,046
Prosperity Bancshares, Inc.		11,400		864,120
Regions Financial Corp.		210,900		4,055,607
Synovus Financial Corp.		20,300		1,022,917
Webster Financial Corp.		13,000		736,060
Western Alliance Bancorp†		13,700		803,642
Zions Bancorporation		33,500		1,810,005
				26,871,156
Banks-Fiduciary — 1.5%
Bank of New York Mellon Corp.		174,800		9,911,160
Citizens Financial Group, Inc.		84,100		3,860,190
Northern Trust Corp.		33,900		3,572,721

Security Description	Shares		Value (Note 2)
Banks-Fiduciary (continued)
State Street Corp.		62,300	$	6,863,591
				24,207,662
Banks-Super Regional — 6.9%
Capital One Financial Corp.		79,900		8,306,404
Comerica, Inc.		25,900		2,466,198
Fifth Third Bancorp		128,300		4,246,730
Huntington Bancshares, Inc.		151,000		2,443,180
KeyCorp		171,200		3,663,680
PNC Financial Services Group, Inc.		80,100		12,657,402
SunTrust Banks, Inc.		80,000		5,656,000
US Bancorp		279,300		15,959,202
Wells Fargo & Co.		827,600		54,439,528
				109,838,324
Building & Construction Products-Misc. — 0.2%
Owens Corning		18,600		1,729,242
USG Corp.†		23,500		908,510
				2,637,752
Building-Mobile Home/Manufactured Housing — 0.1%
Thor Industries, Inc.		8,700		1,188,942
Building-Residential/Commercial — 0.3%
NVR, Inc.†		670		2,129,374
PulteGroup, Inc.		52,200		1,661,526
Toll Brothers, Inc.		26,800		1,248,344
				5,039,244
Cable/Satellite TV — 2.0%
Comcast Corp., Class A		742,100		31,561,513
Chemicals-Diversified — 1.5%
Celanese Corp., Series A		23,200		2,509,312
Eastman Chemical Co.		24,100		2,390,238
Huntsman Corp.		38,500		1,330,945
LyondellBasell Industries NV, Class A		85,600		10,258,304
PPG Industries, Inc.		40,500		4,808,565
Westlake Chemical Corp.		21,400		2,409,640
				23,707,004
Chemicals-Specialty — 0.0%
Ashland Global Holdings, Inc.		9,300		675,087
Coatings/Paint — 0.1%
RPM International, Inc.		19,900		1,038,780
Commercial Services-Finance — 0.2%
H&R Block, Inc.		34,300		910,322
Western Union Co.		77,300		1,607,067
				2,517,389
Computer Services — 1.6%
CSRA, Inc.		23,100		768,768
International Business Machines Corp.		151,500		24,800,550
				25,569,318
Computers — 4.9%
Apple, Inc.		431,900		72,313,017
HP, Inc.		280,700		6,545,924
				78,858,941
Computers-Memory Devices — 0.1%
NetApp, Inc.		31,600		1,943,400

246

SunAmerica Series Trust SA Legg Mason BW Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consulting Services — 0.1%
Booz Allen Hamilton Holding Corp.		23,200	$	908,976
Consumer Products-Misc. — 0.1%
Kimberly-Clark Corp.		9,290		1,086,930
Containers-Metal/Glass — 0.1%
Crown Holdings, Inc.†		22,700		1,317,735
Containers-Paper/Plastic — 0.2%
Packaging Corp. of America		15,100		1,897,013
Sonoco Products Co.		16,500		896,115
				2,793,128
Cruise Lines — 0.8%
Carnival Corp.		88,900		6,366,129
Norwegian Cruise Line Holdings, Ltd.†		37,800		2,295,972
Royal Caribbean Cruises, Ltd.		35,500		4,741,025
				13,403,126
Dialysis Centers — 0.2%
DaVita, Inc.†		32,300		2,520,692
Diversified Banking Institutions — 8.9%
Citigroup, Inc.		455,600		35,755,488
Goldman Sachs Group, Inc.		68,800		18,430,832
JPMorgan Chase & Co.		620,800		71,807,936
Morgan Stanley		306,700		17,343,885
				143,338,141
Diversified Manufacturing Operations — 1.0%
Carlisle Cos., Inc.		9,900		1,130,679
Eaton Corp. PLC		74,100		6,222,177
Ingersoll-Rand PLC		39,800		3,766,274
Pentair PLC		25,900		1,851,850
Textron, Inc.		44,400		2,604,948
Trinity Industries, Inc.		24,200		834,174
				16,410,102
Diversified Operations — 0.1%
Leucadia National Corp.		59,600		1,613,372
E-Services/Consulting — 0.1%
CDW Corp.		26,500		1,981,935
Electric-Integrated — 2.3%
AES Corp.		93,000		1,075,080
Ameren Corp.		40,100		2,270,863
American Electric Power Co., Inc.		81,400		5,598,692
DTE Energy Co.		29,700		3,137,508
Duke Energy Corp.		99,700		7,826,450
Entergy Corp.		29,700		2,337,093
Eversource Energy		52,600		3,318,534
Pinnacle West Capital Corp.		18,600		1,487,070
Public Service Enterprise Group, Inc.		84,000		4,357,080
WEC Energy Group, Inc.		20,020		1,287,286
Westar Energy, Inc.		22,500		1,162,350
Xcel Energy, Inc.		77,100		3,518,844
				37,376,850
Electronic Components-Misc. — 0.6%
Corning, Inc.		217,100		6,777,862
Garmin, Ltd.		31,600		1,988,904
Gentex Corp.		47,600		1,127,168
Jabil, Inc.		13,980		355,511
				10,249,445

Security Description	Shares		Value (Note 2)
Electronic Components-Semiconductors — 2.6%
Intel Corp.		779,700	$	37,534,758
Qorvo, Inc.†		21,100		1,514,347
Skyworks Solutions, Inc.		29,600		2,877,416
				41,926,521
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc.†		15,200		1,236,368
SYNNEX Corp.		4,500		552,285
				1,788,653
Engineering/R&D Services — 0.1%
Jacobs Engineering Group, Inc.		19,900		1,382,254
Engines-Internal Combustion — 0.3%
Cummins, Inc.		27,700		5,207,600
Enterprise Software/Service — 2.3%
CA, Inc.		66,600		2,387,610
Oracle Corp.		681,200		35,143,108
				37,530,718
Finance-Auto Loans — 0.2%
Ally Financial, Inc.		76,600		2,280,382
Credit Acceptance Corp.†		2,300		758,333
				3,038,715
Finance-Consumer Loans — 0.4%
Santander Consumer USA Holdings, Inc.		57,500		991,875
Synchrony Financial		134,301		5,329,064
				6,320,939
Finance-Credit Card — 1.5%
Alliance Data Systems Corp.		6,400		1,642,624
American Express Co.		162,200		16,122,680
Discover Financial Services		73,200		5,841,360
				23,606,664
Finance-Investment Banker/Broker — 0.3%
E*TRADE Financial Corp.†		45,600		2,403,120
Lazard, Ltd., Class A		20,700		1,212,399
Raymond James Financial, Inc.		21,100		2,033,829
				5,649,348
Finance-Mortgage Loan/Banker — 0.1%
FNF Group		40,700		1,586,486
Finance-Other Services — 0.1%
Nasdaq, Inc.		23,500		1,901,385
Food-Meat Products — 0.0%
Tyson Foods, Inc., Class A		6,510		495,476
Food-Misc./Diversified — 0.3%
General Mills, Inc.		61,885		3,619,654
Ingredion, Inc.		11,500		1,651,860
				5,271,514
Food-Retail — 0.2%
Kroger Co.		124,100		3,767,676
Gas-Distribution — 0.1%
National Fuel Gas Co.		14,300		797,225
UGI Corp.		8,960		410,099
				1,207,324

247

SunAmerica Series Trust SA Legg Mason BW Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Gold Mining — 0.1%
Newmont Mining Corp.		59,800	$	2,422,498
Home Furnishings — 0.0%
Leggett & Platt, Inc.		10,770		500,913
Hotels/Motels — 0.2%
Hyatt Hotels Corp., Class A†		6,500		528,450
Wyndham Worldwide Corp.		17,200		2,135,036
				2,663,486
Human Resources — 0.2%
ManpowerGroup, Inc.		11,200		1,471,568
Robert Half International, Inc.		21,100		1,221,268
				2,692,836
Instruments-Controls — 1.3%
Honeywell International, Inc.		126,300		20,166,321
Insurance Brokers — 0.2%
Willis Towers Watson PLC		21,100		3,385,917
Insurance-Life/Health — 1.7%
Aflac, Inc.		66,200		5,838,840
Lincoln National Corp.		34,900		2,889,720
Principal Financial Group, Inc.		47,700		3,224,520
Prudential Financial, Inc.		71,200		8,459,984
Torchmark Corp.		53,300		4,842,305
Unum Group		39,900		2,122,281
				27,377,650
Insurance-Multi-line — 2.7%
Allstate Corp.		70,100		6,923,777
American Financial Group, Inc.		31,000		3,513,540
Assurant, Inc.		11,600		1,061,168
Chubb, Ltd.		73,800		11,523,870
Cincinnati Financial Corp.		26,200		2,014,780
Hartford Financial Services Group, Inc.		61,000		3,584,360
Loews Corp.		55,800		2,882,070
MetLife, Inc.		179,300		8,618,951
Old Republic International Corp.		43,700		939,113
Voya Financial, Inc.		30,800		1,598,828
				42,660,457
Insurance-Property/Casualty — 1.6%
Alleghany Corp.†		3,000		1,883,100
Markel Corp.†		2,480		2,846,271
Progressive Corp.		45,470		2,459,927
Travelers Cos., Inc.		116,700		17,495,664
WR Berkley Corp.		20,000		1,459,600
				26,144,562
Insurance-Reinsurance — 0.1%
Reinsurance Group of America, Inc.		12,700		1,989,455
Internet Infrastructure Software — 0.1%
F5 Networks, Inc.†		8,700		1,257,498
Investment Management/Advisor Services — 1.0%
Ameriprise Financial, Inc.		29,200		4,926,040
Franklin Resources, Inc.		93,300		3,956,853
Invesco, Ltd.		67,800		2,449,614
T. Rowe Price Group, Inc.		40,100		4,476,363
				15,808,870

Security Description	Shares		Value (Note 2)
Machinery-Construction & Mining — 0.1%
Oshkosh Corp.		10,500	$	952,560
Machinery-Farming — 0.1%
AGCO Corp.		13,200		958,584
Medical Labs & Testing Services — 0.3%
Laboratory Corp. of America Holdings†		16,900		2,949,050
Quest Diagnostics, Inc.		22,100		2,338,622
				5,287,672
Medical-Biomedical/Gene — 3.2%
Amgen, Inc.		118,400		22,028,320
Biogen, Inc.†		34,900		12,138,569
Gilead Sciences, Inc.		207,800		17,413,640
				51,580,529
Medical-Drugs — 8.6%
AbbVie, Inc.		263,600		29,581,192
Bristol-Myers Squibb Co.		190,300		11,912,780
Johnson & Johnson		445,900		61,618,921
Pfizer, Inc.		948,300		35,125,032
				138,237,925
Medical-Generic Drugs — 0.3%
Mylan NV†		75,500		3,235,175
Perrigo Co. PLC		22,400		2,029,888
				5,265,063
Medical-HMO — 1.9%
Aetna, Inc.		55,000		10,275,100
Anthem, Inc.		44,600		11,054,110
Cigna Corp.		42,300		8,813,205
				30,142,415
Medical-Hospitals — 0.4%
HCA Healthcare, Inc.†		61,100		6,180,876
Medical-Wholesale Drug Distribution — 0.5%
AmerisourceBergen Corp.		25,400		2,531,618
McKesson Corp.		33,100		5,589,928
				8,121,546
Multimedia — 3.4%
Time Warner, Inc.		217,200		20,710,020
Twenty-First Century Fox, Inc., Class A		174,500		6,439,050
Walt Disney Co.		259,300		28,178,131
				55,327,201
Networking Products — 2.1%
Cisco Systems, Inc.		828,100		34,399,274
Office Automation & Equipment — 0.1%
Xerox Corp.		42,025		1,434,313
Oil & Gas Drilling — 0.1%
Helmerich & Payne, Inc.		15,300		1,102,059
Oil Companies-Exploration & Production — 1.1%
ConocoPhillips		205,000		12,056,050
Energen Corp.†		15,600		814,788
Hess Corp.		36,550		1,846,140
Marathon Oil Corp.		119,600		2,175,524
				16,892,502

248

SunAmerica Series Trust SA Legg Mason BW Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Integrated — 2.5%
Chevron Corp.		313,800	$	39,334,830
Murphy Oil Corp.		24,300		780,030
				40,114,860
Oil Refining & Marketing — 1.5%
HollyFrontier Corp.		28,500		1,366,860
Marathon Petroleum Corp.		87,000		6,026,490
Phillips 66		92,300		9,451,520
Valero Energy Corp.		74,100		7,111,377
				23,956,247
Paper & Related Products — 0.3%
International Paper Co.		68,600		4,312,196
Pharmacy Services — 0.3%
Express Scripts Holding Co.†		53,810		4,260,676
Poultry — 0.1%
Pilgrim’s Pride Corp.†		41,200		1,144,124
Power Converter/Supply Equipment — 0.1%
Hubbell, Inc.		7,700		1,046,815
Professional Sports — 0.0%
Madison Square Garden Co., Class A†		3,200		690,688
Publishing-Newspapers — 0.1%
News Corp., Class A		62,800		1,074,508
Real Estate Management/Services — 0.1%
Jones Lang LaSalle, Inc.		7,400		1,156,990
Recreational Vehicles — 0.1%
Brunswick Corp.		15,000		941,700
Rental Auto/Equipment — 0.2%
AMERCO		3,200		1,168,256
United Rentals, Inc.†		14,100		2,553,651
				3,721,907
Retail-Apparel/Shoe — 0.3%
Gap, Inc.		54,700		1,818,228
L Brands, Inc.		11,780		590,060
PVH Corp.		12,900		2,000,532
				4,408,820
Retail-Auto Parts — 0.3%
AutoZone, Inc.†		3,900		2,985,216
Genuine Parts Co.		16,900		1,758,783
				4,743,999
Retail-Automobile — 0.2%
AutoNation, Inc.†		12,800		770,816
CarMax, Inc.†		30,700		2,191,059
				2,961,875
Retail-Building Products — 0.9%
Lowe’s Cos., Inc.		132,500		13,876,725
Retail-Consumer Electronics — 0.2%
Best Buy Co., Inc.		47,800		3,492,268
Retail-Discount — 2.7%
Dollar General Corp.		43,600		4,496,032
Target Corp.		76,500		5,754,330
Walmart, Inc.		305,810		32,599,346
				42,849,708

Security Description	Shares		Value (Note 2)
Retail-Drug Store — 0.6%
CVS Health Corp.		113,900	$	8,962,791
Retail-Gardening Products — 0.1%
Tractor Supply Co.		14,600		1,113,250
Retail-Mail Order — 0.0%
Williams-Sonoma, Inc.		14,500		742,835
Retail-Major Department Stores — 0.5%
Nordstrom, Inc.		23,400		1,153,854
TJX Cos., Inc.		81,890		6,577,405
				7,731,259
Retail-Regional Department Stores — 0.1%
Kohl’s Corp.		26,700		1,729,359
Rubber-Tires — 0.1%
Goodyear Tire & Rubber Co.		41,700		1,451,994
Savings & Loans/Thrifts — 0.0%
Investors Bancorp, Inc.		49,100		672,179
Semiconductor Components-Integrated Circuits — 0.1%
Marvell Technology Group, Ltd.		83,000		1,936,390
Semiconductor Equipment — 1.1%
Applied Materials, Inc.		163,900		8,789,957
KLA-Tencor Corp.		25,000		2,745,000
Lam Research Corp.		22,800		4,366,656
Teradyne, Inc.		27,600		1,265,184
				17,166,797
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		7,600		1,805,304
Steel-Producers — 0.4%
Nucor Corp.		52,900		3,542,184
Reliance Steel & Aluminum Co.		10,500		919,695
Steel Dynamics, Inc.		40,100		1,820,540
				6,282,419
Telecommunication Equipment — 0.1%
ARRIS International PLC†		29,900		756,470
Juniper Networks, Inc.		63,300		1,655,295
				2,411,765
Telephone-Integrated — 2.2%
Verizon Communications, Inc.		649,100		35,096,837
Textile-Home Furnishings — 0.2%
Mohawk Industries, Inc.†		12,300		3,457,038
Tools-Hand Held — 0.1%
Snap-on, Inc.		9,600		1,644,576
Toys — 0.1%
Hasbro, Inc.		19,800		1,872,486
Transport-Rail — 0.4%
Kansas City Southern		14,500		1,640,385
Norfolk Southern Corp.		30,600		4,616,928
				6,257,313
Transport-Services — 1.0%
FedEx Corp.		5,700		1,496,136
United Parcel Service, Inc., Class B		109,400		13,928,808
				15,424,944
Vitamins & Nutrition Products — 0.1%
Herbalife, Ltd.†		15,600		1,294,644

249

SunAmerica Series Trust SA Legg Mason BW Large Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Wireless Equipment — 0.2%
Motorola Solutions, Inc.		27,000	$	2,685,420
Total Common Stocks (cost $1,185,056,568)				1,577,279,955
EXCHANGE-TRADED FUNDS — 1.3%
iShares Russell 1000 Value ETF (cost $20,356,317)		157,500		20,323,800
Total Long-Term Investment Securities (cost $1,205,412,885)				1,597,603,755

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.6%
Registered Investment Companies — 0.6%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.25%(1)		9,845,272		$	9,845,272
Total Short-Term Investment Securities (cost $9,845,272)
TOTAL INVESTMENTS (cost $1,215,258,157)(2)		100.4	%		1,607,449,027
Liabilities in excess of other assets		(0.4	)		(5,774,283	)
NET ASSETS		100.0	%	$	1,601,674,744

† Non-income producing security

(1) The rate shown is the 7-day yield as of January 31, 2018.

(2) See Note 3 for cost of investments on a tax basis.

ETF — Exchange-Traded Funds

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	1,577,279,955	$	—	$	—	$	1,577,279,955
Exchange-Traded Funds		20,323,800		—		—		20,323,800
Short-Term Investment Securities		9,845,272		—		—		9,845,272
Total Investments at Value	$	1,607,449,027	$	—	$	—	$	1,607,449,027

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

250

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

United States Treasury Notes	6.6	%
Registered Investment Companies	5.1
Exchange-Traded Funds	5.0
Diversified Banking Institutions	4.2
Medical-Drugs	3.5
Banks-Commercial	2.6
Banks-Super Regional	2.2
United States Treasury Bonds	2.2
Federal National Mtg. Assoc.	2.1
Medical-HMO	1.9
Telephone-Integrated	1.9
Applications Software	1.9
Insurance-Multi-line	1.8
Finance-Credit Card	1.7
Enterprise Software/Service	1.6
Oil Companies-Integrated	1.6
Medical-Biomedical/Gene	1.5
Computers	1.5
Insurance-Property/Casualty	1.4
Federal Home Loan Mtg. Corp.	1.4
Insurance-Reinsurance	1.3
Aerospace/Defense	1.2
Retail-Restaurants	1.2
Cable/Satellite TV	1.1
Food-Retail	1.1
Oil Companies-Exploration & Production	1.1
Auto-Cars/Light Trucks	1.1
Retail-Building Products	1.1
Chemicals-Diversified	1.0
Transport-Services	1.0
Real Estate Investment Trusts	0.9
Electric-Integrated	0.9
Food-Misc./Diversified	0.9
Web Portals/ISP	0.9
Cosmetics & Toiletries	0.8
Diversified Manufacturing Operations	0.8
Oil Refining & Marketing	0.8
Computer Services	0.8
Networking Products	0.8
Beverages-Non-alcoholic	0.8
Multimedia	0.8
Building-Residential/Commercial	0.7
Retail-Discount	0.7
Electronic Components-Semiconductors	0.7
Pipelines	0.7
Medical-Wholesale Drug Distribution	0.7
Aerospace/Defense-Equipment	0.6
Building & Construction-Misc.	0.6
Insurance-Life/Health	0.6
Non-Hazardous Waste Disposal	0.6
Transport-Rail	0.6
Machinery-Construction & Mining	0.5
Retail-Drug Store	0.5
Instruments-Controls	0.5
Internet Content-Entertainment	0.5
Telecom Services	0.5
Banks-Fiduciary	0.5
Medical Products	0.4
E-Commerce/Products	0.4
Investment Management/Advisor Services	0.4
Electronic Forms	0.4

Commercial Services-Finance	0.4	%
Gas-Distribution	0.4
Retail-Major Department Stores	0.4
Food-Confectionery	0.4
Retail-Apparel/Shoe	0.3
Diagnostic Equipment	0.3
Tobacco	0.3
Finance-Other Services	0.3
Medical Labs & Testing Services	0.3
Oil-Field Services	0.3
Commercial Services	0.3
Import/Export	0.3
Agricultural Operations	0.3
Computer Software	0.3
Consumer Products-Misc.	0.3
Rubber-Tires	0.3
Gold Mining	0.3
Gambling (Non-Hotel)	0.3
Advertising Agencies	0.3
Finance-Investment Banker/Broker	0.2
Brewery	0.2
Distribution/Wholesale	0.2
Finance-Mortgage Loan/Banker	0.2
Medical Instruments	0.2
Metal-Diversified	0.2
Auto/Truck Parts & Equipment-Original	0.2
Wireless Equipment	0.2
Computers-Memory Devices	0.2
Public Thoroughfares	0.2
Human Resources	0.2
Rental Auto/Equipment	0.2
Real Estate Management/Services	0.2
Warehousing & Harbor Transportation Services	0.2
Electronic Components-Misc.	0.2
Diversified Operations	0.2
Electric Products-Misc.	0.2
Building-Heavy Construction	0.2
Steel-Producers	0.2
Machinery-Electrical	0.2
Agricultural Chemicals	0.2
Building & Construction Products-Misc.	0.2
Semiconductor Equipment	0.2
Building Products-Cement	0.2
Soap & Cleaning Preparation	0.2
Savings & Loans/Thrifts	0.2
Machinery-Farming	0.2
Internet Security	0.2
Apparel Manufacturers	0.2
Medical-Generic Drugs	0.2
Transport-Marine	0.1
Real Estate Operations & Development	0.1
Paper & Related Products	0.1
Diversified Minerals	0.1
Beverages-Wine/Spirits	0.1
Security Services	0.1
Audio/Video Products	0.1
Finance-Leasing Companies	0.1
Cruise Lines	0.1
Dental Supplies & Equipment	0.1
Cellular Telecom	0.1
Machinery-General Industrial	0.1

251

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited) — (continued)

Industry Allocation* (continued)

Chemicals-Specialty	0.1	%
Engineering/R&D Services	0.1
Television	0.1
Power Converter/Supply Equipment	0.1
Entertainment Software	0.1
Finance-Consumer Loans	0.1
Casino Services	0.1
Transport-Truck	0.1
Software Tools	0.1
Industrial Gases	0.1
Electric-Generation	0.1
Therapeutics	0.1
Airlines	0.1
Coal	0.1
Containers-Paper/Plastic	0.1
Oil Field Machinery & Equipment	0.1
Data Processing/Management	0.1
Hotels/Motels	0.1
Medical Imaging Systems	0.1
Female Health Care Products	0.1
Office Furnishings-Original	0.1
Lasers-System/Components	0.1
Miscellaneous Manufacturing	0.1
Telecom Equipment-Fiber Optics	0.1
Machine Tools & Related Products	0.1
Retail-Jewelry	0.1
Casino Hotels	0.1
	99.2	%

* Calculated as a percentage of net assets

# See Note 1

252

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 61.4%
Advertising Agencies — 0.3%
Omnicom Group, Inc.		296	$	22,688
WPP PLC		732		13,283
				35,971
Aerospace/Defense — 0.8%
Dassault Aviation SA		1		1,672
Esterline Technologies Corp.†		38		2,795
General Dynamics Corp.		29		6,452
Leonardo SpA		77		929
Lockheed Martin Corp.		78		27,678
Meggitt PLC		3,294		21,711
Raytheon Co.		208		43,460
Rockwell Collins, Inc.		55		7,617
Spirit AeroSystems Holdings, Inc., Class A		10		1,024
Thales SA		24		2,692
				116,030
Aerospace/Defense-Equipment — 0.2%
AAR Corp.		71		2,873
L3 Technologies, Inc.		3		637
Moog, Inc., Class A†		19		1,711
Triumph Group, Inc.		77		2,245
United Technologies Corp.		201		27,740
				35,206
Agricultural Chemicals — 0.2%
China BlueChemical, Ltd., Class H		8,000		2,884
Incitec Pivot, Ltd.		4,500		13,525
Monsanto Co.		59		7,186
OCI NV†		93		2,357
				25,952
Agricultural Operations — 0.3%
Archer-Daniels-Midland Co.		521		22,377
Bunge, Ltd.		208		16,521
				38,898
Airlines — 0.1%
American Airlines Group, Inc.		43		2,336
Delta Air Lines, Inc.		63		3,576
JetBlue Airways Corp.†		26		542
Southwest Airlines Co.		52		3,162
				9,616
Apparel Manufacturers — 0.2%
Burberry Group PLC		104		2,332
Carter’s, Inc.		4		481
Columbia Sportswear Co.		32		2,389
Gildan Activewear, Inc.		100		3,401
Hanesbrands, Inc.		30		652
Michael Kors Holdings, Ltd.†		9		594
Oxford Industries, Inc.		51		4,019
PRADA SpA		1,830		7,486
Ralph Lauren Corp.		5		571
				21,925
Appliances — 0.0%
Electrolux AB, Series B		60		2,118
Whirlpool Corp.		6		1,089
				3,207
Applications Software — 1.6%
Appfolio, Inc., Class A†		31		1,313
Microsoft Corp.		1,867		177,383

Security Description	Shares		Value (Note 2)
Applications Software (continued)
New Relic, Inc.†		56	$	3,345
Red Hat, Inc.†		263		34,553
TomTom NV†		660		7,188
TravelSky Technology, Ltd.		2,010		6,308
				230,090
Athletic Equipment — 0.0%
Nautilus, Inc.†		176		2,262
Athletic Footwear — 0.0%
adidas AG		12		2,791
Auction Houses/Art Dealers — 0.0%
Sotheby’s†		23		1,213
Audio/Video Products — 0.1%
Sony Corp.		316		15,078
Auto-Cars/Light Trucks — 0.8%
Bayerische Motoren Werke AG		130		14,844
Fiat Chrysler Automobiles NV†		194		4,688
Ford Motor Co.		2,297		25,198
General Motors Co.		130		5,513
Honda Motor Co., Ltd.		557		19,521
Mazda Motor Corp.		200		2,802
Nissan Motor Co., Ltd.		300		3,197
Subaru Corp.		800		26,513
Toyota Motor Corp.		200		13,703
				115,979
Auto-Heavy Duty Trucks — 0.0%
PACCAR, Inc.		30		2,237
Volvo AB, Class B		149		3,041
				5,278
Auto/Truck Parts & Equipment-Original — 0.2%
Allison Transmission Holdings, Inc.		12		531
Aptiv PLC		23		2,182
BorgWarner, Inc.		18		1,013
Dana, Inc.		88		2,903
Georg Fischer AG		2		2,896
JTEKT Corp.		100		1,781
Lear Corp.		7		1,352
Magna International, Inc.		100		5,712
Meritor, Inc.†		133		3,628
NGK Spark Plug Co., Ltd.		100		2,630
Rheinmetall AG		19		2,687
Tower International, Inc.		108		3,262
				30,577
Auto/Truck Parts & Equipment-Replacement — 0.0%
Gestamp Automocion SA†*		304		2,329
Banks-Commercial — 2.2%
Australia & New Zealand Banking Group, Ltd.		292		6,725
Banco Bilbao Vizcaya Argentaria SA		608		5,713
Banco de Sabadell SA		1,461		3,472
Bancorp, Inc.†		357		3,773
Bank Hapoalim B.M.		464		3,474
Bank Leumi Le-Israel B.M.		524		3,223
Bankinter SA		2,465		28,346
BB&T Corp.		65		3,587
BOC Hong Kong Holdings, Ltd.		500		2,553
BOK Financial Corp.		6		580
CaixaBank SA		582		3,141
Chiba Bank, Ltd.		400		3,459

253

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Commercial (continued)
China Construction Bank Corp.		15,060	$	17,365
CIT Group, Inc.		11		558
Commerce Bancshares, Inc.		9		527
Commonwealth Bank of Australia		41		2,606
Cullen/Frost Bankers, Inc.		5		532
Customers Bancorp, Inc.†		95		2,912
Danske Bank A/S		741		30,100
DBS Group Holdings, Ltd.		100		2,013
DNB ASA		1,361		27,612
East West Bancorp, Inc.		12		791
Financial Institutions, Inc.		54		1,682
First BanCorp†		614		3,684
First Connecticut Bancorp, Inc.		108		2,716
First Financial Bancorp		169		4,816
First Financial Corp.		54		2,500
First Internet Bancorp		102		3,820
Grupo Financiero Banorte SAB de CV, Class O		300		1,921
Hachijuni Bank, Ltd.		400		2,367
Hancock Holding Co.		100		5,370
ING Groep NV		267		5,248
Itau Unibanco Holding SA ADR		300		4,920
KBC Group NV		25		2,402
M&T Bank Corp.		13		2,480
Mediobanca SpA		198		2,407
Midland States Bancorp, Inc.		49		1,572
National Bank of Canada		500		25,951
Northeast Bancorp		160		3,576
Old Second Bancorp, Inc.		223		3,278
Oversea-Chinese Banking Corp., Ltd.		400		3,943
Peapack Gladstone Financial Corp.		89		3,161
Peoples Bancorp, Inc.		77		2,742
Prosperity Bancshares, Inc.		6		455
Regions Financial Corp.		109		2,096
Republic Bancorp, Inc., Class A		75		2,890
Resona Holdings, Inc.		500		3,010
Sandy Spring Bancorp, Inc.		111		4,198
Skandinaviska Enskilda Banken AB, Class A		241		3,044
Standard Bank Group, Ltd.		149		2,524
Standard Chartered PLC†		1,020		11,870
State Bank Financial Corp.		62		1,892
Synovus Financial Corp.		11		554
Toronto-Dominion Bank		500		30,415
Triumph Bancorp, Inc.†		94		3,619
Webster Financial Corp.		7		396
Western Alliance Bancorp†		8		469
Wintrust Financial Corp.		64		5,498
Zions Bancorporation		17		919
				317,467
Banks-Fiduciary — 0.2%
Bank of New York Mellon Corp.		271		15,366
Citizens Financial Group, Inc.		44		2,020
Northern Trust Corp.		18		1,897
State Street Corp.		32		3,525
				22,808
Banks-Super Regional — 0.8%
Capital One Financial Corp.		42		4,366
Comerica, Inc.		13		1,238
Fifth Third Bancorp		67		2,218

Security Description	Shares		Value (Note 2)
Banks-Super Regional (continued)
Huntington Bancshares, Inc.		78	$	1,262
KeyCorp		89		1,905
PNC Financial Services Group, Inc.		95		15,012
SunTrust Banks, Inc.		42		2,969
US Bancorp		527		30,113
Wells Fargo & Co.		894		58,807
				117,890
Beverages-Non-alcoholic — 0.8%
Coca-Cola Co.		1,341		63,818
PepsiCo, Inc.		388		46,677
				110,495
Beverages-Wine/Spirits — 0.1%
Diageo PLC		426		15,318
Brewery — 0.2%
Anheuser-Busch InBev NV ADR		120		13,618
Asahi Group Holdings, Ltd.		400		20,119
				33,737
Broadcast Services/Program — 0.0%
TiVo Corp.		307		4,283
Building & Construction Products-Misc. — 0.2%
Builders FirstSource, Inc.†		191		4,091
Cie de Saint-Gobain		48		2,790
Owens Corning		10		930
Tarkett SA		146		5,710
USG Corp.†		12		464
Wienerberger AG		420		11,451
				25,436
Building & Construction-Misc. — 0.6%
Eiffage SA		34		4,123
EMCOR Group, Inc.		62		5,039
HOCHTIEF AG		15		2,710
Kajima Corp.		2,000		19,767
Obayashi Corp.		2,400		28,843
Taisei Corp.		600		30,503
				90,985
Building Products-Cement — 0.2%
Cemex SAB de CV ADR†		850		7,046
Continental Building Products, Inc.†		120		3,414
Vulcan Materials Co.		99		13,405
				23,865
Building Products-Doors & Windows — 0.0%
Asahi Glass Co., Ltd.		100		4,388
Building Products-Wood — 0.0%
Boise Cascade Co.		86		3,823
Building-Heavy Construction — 0.2%
ACS Actividades de Construccion y Servicios SA		79		3,164
Bouygues SA		276		15,341
China Railway Group, Ltd., Class H		2,000		1,537
Orion Group Holdings, Inc.†		425		3,196
Primoris Services Corp.		150		3,900
				27,138
Building-Mobile Home/Manufactured Housing — 0.0%
Thor Industries, Inc.		5		683

254

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building-Residential/Commercial — 0.7%
Barratt Developments PLC		289	$	2,401
Bellway PLC		55		2,593
Berkeley Group Holdings PLC		347		19,540
Haseko Corp.		200		3,122
KB Home		135		4,255
Lennar Corp., Class A		171		10,715
MDC Holdings, Inc.		101		3,405
Persimmon PLC		71		2,522
PulteGroup, Inc.		25		796
Sekisui House, Ltd.		1,500		27,453
Taylor Wimpey PLC		8,856		23,966
Toll Brothers, Inc.		13		606
				101,374
Cable/Satellite TV — 0.7%
Comcast Corp., Class A		2,529		107,558
Casino Hotels — 0.1%
Caesars Entertainment Corp.†		235		3,278
Crown Resorts, Ltd.		290		3,097
				6,375
Casino Services — 0.1%
Aristocrat Leisure, Ltd.		169		3,255
Scientific Games Corp., Class A†		85		3,965
Sega Sammy Holdings, Inc.		200		2,790
				10,010
Cellular Telecom — 0.1%
Telstra Corp., Ltd.		531		1,570
Turkcell Iletisim Hizmet AS ADR		239		2,498
Vodafone Group PLC		2,928		9,337
				13,405
Chemicals-Diversified — 1.0%
AdvanSix, Inc.†		27		1,065
Akzo Nobel NV		100		9,364
BASF SE		175		20,493
Celanese Corp., Series A		12		1,298
Covestro AG*		34		3,908
DowDuPont, Inc.		244		18,442
Eastman Chemical Co.		12		1,190
Huntsman Corp.		20		691
Koppers Holdings, Inc.†		66		3,023
LyondellBasell Industries NV, Class A		238		28,522
Mitsubishi Gas Chemical Co., Inc.		100		2,821
Nitto Denko Corp.		100		9,136
PPG Industries, Inc.		397		47,136
Westlake Chemical Corp.		11		1,239
				148,328
Chemicals-Plastics — 0.0%
A. Schulman, Inc.		103		4,017
Chemicals-Specialty — 0.1%
Ashland Global Holdings, Inc.		5		363
Daicel Corp.		200		2,422
IMCD Group NV		29		1,937
Tronox, Ltd., Class A		189		3,710
Valhi, Inc.		616		3,567
				11,999
Circuit Boards — 0.0%
TTM Technologies, Inc.†		209		3,446

Security Description	Shares		Value (Note 2)
Coal — 0.1%
China Shenhua Energy Co., Ltd., Class H		500	$	1,556
Peabody Energy Corp.†		114		4,607
SunCoke Energy, Inc.†		279		3,097
				9,260
Coatings/Paint — 0.0%
RPM International, Inc.		10		522
Commercial Services — 0.3%
Ecolab, Inc.		267		36,760
HMS Holdings Corp.†		143		2,450
Medifast, Inc.		51		3,504
				42,714
Commercial Services-Finance — 0.4%
Automatic Data Processing, Inc.		265		32,762
Everi Holdings, Inc.†		187		1,447
H&R Block, Inc.		18		478
PayPal Holdings, Inc.†		200		17,064
Travelport Worldwide, Ltd.		218		2,967
Western Union Co.		40		832
				55,550
Computer Data Security — 0.0%
Check Point Software Technologies, Ltd.†		24		2,482
Computer Services — 0.8%
Atos SE		14		2,208
CACI International, Inc., Class A†		17		2,389
Capgemini SE		213		28,283
Computershare, Ltd.		218		2,934
CSRA, Inc.		12		399
Indra Sistemas SA†		490		7,203
Infosys, Ltd. ADR		400		7,204
International Business Machines Corp.		368		60,242
Science Applications International Corp.		48		3,679
				114,541
Computer Software — 0.3%
Akamai Technologies, Inc.†		289		19,360
Box, Inc., Class A†		173		3,847
CommerceHub, Inc., Series A†		136		2,750
Splunk, Inc.†		140		12,932
				38,889
Computers — 1.2%
Apple, Inc.		878		147,003
BlackBerry, Ltd.†		200		2,537
HP, Inc.		1,257		29,313
				178,853
Computers-Integrated Systems — 0.0%
Ingenico Group SA		15		1,708
Super Micro Computer, Inc.†		136		3,104
				4,812
Computers-Memory Devices — 0.2%
NetApp, Inc.		16		984
Western Digital Corp.		324		28,830
				29,814
Computers-Periphery Equipment — 0.0%
Logitech International SA		51		2,140
Consulting Services — 0.0%
Booz Allen Hamilton Holding Corp.		12		470

255

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consumer Products-Misc. — 0.3%
Kimberly-Clark Corp.		331	$	38,727
Containers-Metal/Glass — 0.0%
Crown Holdings, Inc.†		12		697
Greif, Inc., Class A		61		3,606
				4,303
Containers-Paper/Plastic — 0.1%
Greatview Aseptic Packaging Co., Ltd.		10,790		7,738
Packaging Corp. of America		8		1,005
Sonoco Products Co.		8		435
				9,178
Cosmetics & Toiletries — 0.4%
Oriflame Holding AG		62		2,776
Pigeon Corp.		100		3,902
Procter & Gamble Co.		534		46,106
Unicharm Corp.		100		2,670
Unilever NV CVA		122		7,066
				62,520
Cruise Lines — 0.1%
Carnival Corp.		47		3,366
Carnival PLC		100		7,056
Norwegian Cruise Line Holdings, Ltd.†		19		1,154
Royal Caribbean Cruises, Ltd.		18		2,404
				13,980
Data Processing/Management — 0.1%
Bottomline Technologies de, Inc.†		36		1,314
CommVault Systems, Inc.†		90		4,801
CompuGroup Medical SE		31		1,961
				8,076
Decision Support Software — 0.0%
QAD, Inc., Class B		103		3,435
Dental Supplies & Equipment — 0.1%
DENTSPLY SIRONA, Inc.		221		13,439
Diagnostic Equipment — 0.3%
Lonza Group AG		12		3,338
Thermo Fisher Scientific, Inc.		198		44,374
				47,712
Dialysis Centers — 0.0%
DaVita, Inc.†		17		1,327
Fresenius Medical Care AG & Co. KGaA		25		2,886
				4,213
Distribution/Wholesale — 0.2%
Ahlsell AB*		412		2,776
Essendant, Inc.		177		1,602
Ferguson PLC		31		2,393
H&E Equipment Services, Inc.		40		1,575
Inchcape PLC		185		1,903
Triton International, Ltd.		76		2,934
Veritiv Corp.†		129		3,702
WW Grainger, Inc.		57		15,371
				32,256
Diversified Banking Institutions — 2.6%
Banco Santander SA		2,926		21,735
Bank of America Corp.		726		23,232
Barclays PLC		3,800		10,788

Security Description	Shares		Value (Note 2)
Diversified Banking Institutions (continued)
BNP Paribas SA		283	$	23,400
Citigroup, Inc.		537		42,144
Credit Suisse Group AG		730		14,086
Goldman Sachs Group, Inc.		35		9,376
HSBC Holdings PLC		705		7,518
JPMorgan Chase & Co.		1,232		142,505
Lloyds Banking Group PLC		6,452		6,368
Mitsubishi UFJ Financial Group, Inc.		900		6,767
Mizuho Financial Group, Inc.		2,900		5,454
Morgan Stanley		159		8,991
Natixis SA		299		2,723
Royal Bank of Scotland Group PLC†		2,040		8,333
Sumitomo Mitsui Financial Group, Inc.		244		10,903
UBS Group AG		924		18,763
UniCredit SpA†		600		13,219
				376,305
Diversified Financial Services — 0.0%
Julius Baer Group, Ltd.		42		2,883
Diversified Manufacturing Operations — 0.4%
3M Co.		144		36,072
Carlisle Cos., Inc.		5		571
Eaton Corp. PLC		38		3,191
Federal Signal Corp.		181		3,682
Harsco Corp.†		198		3,544
Ingersoll-Rand PLC		20		1,893
Pentair PLC		13		929
Siemens AG		17		2,578
Textron, Inc.		23		1,349
Trelleborg AB, Class B		72		1,922
Trinity Industries, Inc.		13		448
				56,179
Diversified Minerals — 0.1%
Anglo American PLC		185		4,488
BHP Billiton PLC		402		8,927
Lundin Mining Corp.		200		1,446
Teck Resources, Ltd., Class B		100		2,904
				17,765
Diversified Operations — 0.2%
Jardine Matheson Holdings, Ltd.		339		21,520
Leucadia National Corp.		30		812
Swire Pacific, Ltd., Class A		500		5,001
				27,333
Drug Delivery Systems — 0.0%
Catalent, Inc.†		89		4,142
Revance Therapeutics, Inc.†		66		2,132
				6,274
E-Commerce/Products — 0.4%
Amazon.com, Inc.†		34		49,330
eBay, Inc.†		185		7,507
Etsy, Inc.†		206		3,865
				60,702
E-Services/Consulting — 0.0%
CDW Corp.		14		1,047
Electric Products-Misc. — 0.2%
Brother Industries, Ltd.		100		2,557
Emerson Electric Co.		318		22,969
Legrand SA		20		1,664
				27,190

256

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric-Distribution — 0.0%
Unitil Corp.		61	$	2,697
Electric-Generation — 0.1%
E.ON SE		283		2,972
Electric Power Development Co., Ltd.		100		2,835
Engie SA		229		3,975
				9,782
Electric-Integrated — 0.9%
AES Corp.		49		566
AGL Energy, Ltd.		156		2,947
ALLETE, Inc.		42		3,042
Ameren Corp.		127		7,192
American Electric Power Co., Inc.		43		2,958
Atco, Ltd., Class I		600		21,698
DTE Energy Co.		15		1,585
Duke Energy Corp.		52		4,082
Enel SpA		858		5,443
Entergy Corp.		15		1,180
Eversource Energy		27		1,703
Great Plains Energy, Inc.		884		27,510
NextEra Energy, Inc.		37		5,862
NorthWestern Corp.		63		3,423
Origin Energy, Ltd.†		376		2,830
PGE SA†		540		1,919
Pinnacle West Capital Corp.		10		800
PNM Resources, Inc.		142		5,410
Portland General Electric Co.		127		5,378
Public Service Enterprise Group, Inc.		44		2,282
RWE AG†		111		2,222
SSE PLC		626		11,595
WEC Energy Group, Inc.		10		643
Westar Energy, Inc.		12		620
Xcel Energy, Inc.		39		1,780
				124,670
Electronic Components-Misc. — 0.2%
Benchmark Electronics, Inc.†		95		2,750
Corning, Inc.		112		3,497
Garmin, Ltd.		17		1,070
Gentex Corp.		24		568
Jabil, Inc.		4		102
Koninklijke Philips NV		42		1,714
Nippon Electric Glass Co., Ltd.		100		4,108
Plexus Corp.†		59		3,525
Rogers Corp.†		20		3,296
Sanmina Corp.†		95		2,484
ZAGG, Inc.†		264		4,409
				27,523
Electronic Components-Semiconductors — 0.7%
Ambarella, Inc.†		120		6,048
Amkor Technology, Inc.†		301		3,028
Diodes, Inc.†		163		4,595
Intel Corp.		961		46,263
Lattice Semiconductor Corp.†		323		2,103
Qorvo, Inc.†		11		789
Skyworks Solutions, Inc.		15		1,458
SMART Global Holdings, Inc.†		82		2,974
STMicroelectronics NV		149		3,557
Texas Instruments, Inc.		240		26,321
				97,136

Security Description	Shares		Value (Note 2)
Electronic Forms — 0.4%
Adobe Systems, Inc.†		291	$	58,130
Electronic Parts Distribution — 0.0%
Arrow Electronics, Inc.†		8		651
SYNNEX Corp.		2		245
				896
Electronics-Military — 0.0%
Safran SA		28		3,161
Energy-Alternate Sources — 0.0%
Renewable Energy Group, Inc.†		133		1,423
Vestas Wind Systems A/S		26		1,774
				3,197
Engineering/R&D Services — 0.1%
Argan, Inc.		47		2,049
Jacobs Engineering Group, Inc.		11		764
KBR, Inc.		280		5,695
Stantec, Inc.		100		2,909
				11,417
Engines-Internal Combustion — 0.0%
Cummins, Inc.		14		2,632
Enterprise Software/Service — 0.9%
CA, Inc.		700		25,095
Hortonworks, Inc.†		217		4,329
MobileIron, Inc.†		717		3,227
Oracle Corp.		1,671		86,207
SAP SE		22		2,481
SAP SE ADR		82		9,286
Verint Systems, Inc.†		102		4,258
				134,883
Entertainment Software — 0.1%
Konami Holdings Corp.		100		5,716
Square Enix Holdings Co., Ltd.		100		4,557
				10,273
Female Health Care Products — 0.1%
Hengan International Group Co., Ltd.		780		7,478
Finance-Auto Loans — 0.0%
Ally Financial, Inc.		39		1,161
Credit Acceptance Corp.†		1		330
Santander Consumer USA Holdings, Inc.		29		500
Total Finance-Auto Loans (cost $1,730)				1,991
Finance-Consumer Loans — 0.1%
Enova International, Inc.†		224		4,009
Regional Management Corp.†		120		3,403
Synchrony Financial		70		2,778
				10,190
Finance-Credit Card — 0.7%
Alliance Data Systems Corp.		3		770
American Express Co.		217		21,570
Discover Financial Services		38		3,032
Visa, Inc., Class A		586		72,799
				98,171
Finance-Investment Banker/Broker — 0.2%
Charles Schwab Corp.		293		15,629
Daiwa Securities Group, Inc.		1,840		13,184

257

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance-Investment Banker/Broker (continued)
E*TRADE Financial Corp.†		23	$	1,212
Evercore, Inc., Class A		8		804
Lazard, Ltd., Class A		11		644
PJT Partners, Inc., Class A		43		2,036
Raymond James Financial, Inc.		11		1,060
				34,569
Finance-Leasing Companies — 0.1%
Aircastle, Ltd.		139		3,283
Far East Horizon, Ltd.		6,550		7,059
ORIX Corp.		200		3,728
				14,070
Finance-Mortgage Loan/Banker — 0.2%
Charter Court Financial Services Group PLC†*		164		752
FNF Group		708		27,598
PennyMac Financial Services, Inc., Class A†		157		3,485
				31,835
Finance-Other Services — 0.3%
CME Group, Inc.		98		15,041
IG Group Holdings PLC		2,847		31,247
Nasdaq, Inc.		12		971
				47,259
Financial Guarantee Insurance — 0.0%
MGIC Investment Corp.†		423		6,269
Firearms & Ammunition — 0.0%
Sturm Ruger & Co., Inc.		53		2,806
Food-Confectionery — 0.4%
Barry Callebaut AG		1		2,048
Hershey Co.		223		24,604
J.M. Smucker Co.		213		27,027
				53,679
Food-Dairy Products — 0.0%
Dean Foods Co.		376		3,899
Food-Meat Products — 0.0%
Tyson Foods, Inc., Class A		8		609
Food-Misc./Diversified — 0.9%
Associated British Foods PLC		49		1,901
Campbell Soup Co.		436		20,296
Conagra Brands, Inc.		530		20,140
Danone SA		100		8,624
General Mills, Inc.		30		1,755
Ingredion, Inc.		6		862
Kraft Heinz Co.		93		7,290
McCormick & Co., Inc.		72		7,831
Mondelez International, Inc., Class A		290		12,876
Nestle SA		212		18,318
Nichirei Corp.		100		2,671
Tate & Lyle PLC		2,324		21,178
				123,742
Food-Retail — 0.5%
Empire Co., Ltd., Class A		200		3,870
Kesko Oyj, Class B		462		26,930
Koninklijke Ahold Delhaize NV		183		4,083
Kroger Co.		64		1,943
Seven & i Holdings Co., Ltd.		100		4,109

Security Description	Shares		Value (Note 2)
Food-Retail (continued)
Tesco PLC		1,703	$	5,054
Wesfarmers, Ltd.		98		3,459
WM Morrison Supermarkets PLC		7,377		23,253
Woolworths Group, Ltd.		255		5,538
				78,239
Food-Wholesale/Distribution — 0.0%
Booker Group PLC		801		2,577
Gambling (Non-Hotel) — 0.3%
Genting Singapore PLC		3,200		3,293
Pinnacle Entertainment, Inc.†		118		3,810
William Hill PLC		6,572		28,927
				36,030
Gas-Distribution — 0.4%
Centrica PLC		9,688		18,357
Enagas SA		820		22,347
National Fuel Gas Co.		7		390
New Jersey Resources Corp.		68		2,638
Osaka Gas Co., Ltd.		100		1,981
Sempra Energy		51		5,458
Southwest Gas Holdings, Inc.		48		3,532
UGI Corp.		4		183
				54,886
Gold Mining — 0.3%
IAMGOLD Corp.†		300		1,766
Newcrest Mining, Ltd.		380		6,942
Newmont Mining Corp.		31		1,256
Novagold Resources, Inc.†		1,100		4,069
Randgold Resources, Ltd.		232		23,341
				37,374
Hazardous Waste Disposal — 0.0%
Heritage-Crystal Clean, Inc.†		136		2,958
Home Furnishings — 0.0%
Leggett & Platt, Inc.		2		93
Hotels/Motels — 0.1%
Hyatt Hotels Corp., Class A†		3		244
Whitbread PLC		120		6,613
Wyndham Worldwide Corp.		9		1,117
				7,974
Human Resources — 0.2%
Adecco Group AG		195		16,048
Insperity, Inc.		72		4,410
Kelly Services, Inc., Class A		119		3,369
Kforce, Inc.		126		3,270
ManpowerGroup, Inc.		6		788
Robert Half International, Inc.		11		637
				28,522
Import/Export — 0.3%
ITOCHU Corp.		200		3,919
Marubeni Corp.		400		2,998
Mitsubishi Corp.		200		5,588
Mitsui & Co., Ltd.		1,400		24,545
Sumitomo Corp.		200		3,442
				40,492
Industrial Gases — 0.1%
Praxair, Inc.		61		9,851

258

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Instruments-Controls — 0.5%
Honeywell International, Inc.		449	$	71,692
Insurance Brokers — 0.0%
Willis Towers Watson PLC		11		1,765
Insurance-Life/Health — 0.3%
Aflac, Inc.		34		2,999
Aviva PLC		1,578		11,498
CNO Financial Group, Inc.		77		1,894
Legal & General Group PLC		1,018		3,911
Lincoln National Corp.		18		1,490
Manulife Financial Corp.		100		2,122
NN Group NV		59		2,784
Poste Italiane SpA*		417		3,450
Principal Financial Group, Inc.		24		1,622
Prudential Financial, Inc.		37		4,396
Standard Life PLC		1,609		9,721
Torchmark Corp.		28		2,544
Unum Group		21		1,117
				49,548
Insurance-Multi-line — 1.5%
Aegon NV		377		2,578
Ageas		70		3,697
Allianz SE		35		8,843
Allstate Corp.		36		3,556
American Financial Group, Inc.		267		30,262
Assicurazioni Generali SpA		191		3,787
Assurant, Inc.		297		27,169
AXA SA		605		19,901
Baloise Holding AG		13		2,127
Chubb, Ltd.		38		5,934
Cincinnati Financial Corp.		13		1,000
CNP Assurances		76		1,947
Direct Line Insurance Group PLC		5,432		28,483
Hartford Financial Services Group, Inc.		487		28,616
Loews Corp.		29		1,498
MetLife, Inc.		359		17,257
Old Republic International Corp.		23		494
Talanx AG		562		24,868
Voya Financial, Inc.		16		831
Zurich Insurance Group AG		12		3,944
				216,792
Insurance-Property/Casualty — 1.1%
Alleghany Corp.†		2		1,255
First American Financial Corp.		450		26,581
Hanover Insurance Group, Inc.		230		26,025
HCI Group, Inc.		80		2,796
Heritage Insurance Holdings, Inc.		202		3,440
Infinity Property & Casualty Corp.		42		4,253
Markel Corp.†		1		1,148
MS&AD Insurance Group Holdings, Inc.		100		3,399
Progressive Corp.		20		1,082
Sompo Holdings, Inc.		100		3,999
Tokio Marine Holdings, Inc.		100		4,708
Travelers Cos., Inc.		549		82,306
Universal Insurance Holdings, Inc.		132		3,881
WR Berkley Corp.		10		730
				165,603
Insurance-Reinsurance — 1.3%
Axis Capital Holdings, Ltd.		564		28,499

Security Description	Shares		Value (Note 2)
Insurance-Reinsurance (continued)
Berkshire Hathaway, Inc., Class B†		316	$	67,744
Essent Group, Ltd.†		121		5,629
Everest Re Group, Ltd.		117		26,887
Hannover Rueck SE		28		3,827
Reinsurance Group of America, Inc.		6		940
SCOR SE		58		2,596
Swiss Re AG		267		26,334
Validus Holdings, Ltd.		459		31,074
				193,530
Internet Connectivity Services — 0.0%
Boingo Wireless, Inc.†		148		3,589
Internet Content-Entertainment — 0.5%
Facebook, Inc., Class A†		341		63,730
Limelight Networks, Inc.†		693		3,035
				66,765
Internet Content-Information/News — 0.0%
Yelp, Inc.†		69		3,024
Internet Gambling — 0.0%
LeoVegas AB*		253		3,612
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		4		578
Internet Security — 0.2%
Imperva, Inc.†		74		3,237
Palo Alto Networks, Inc.†		79		12,472
Rapid7, Inc.†		161		3,861
Zix Corp.†		579		2,449
				22,019
Investment Management/Advisor Services — 0.4%
Altisource Portfolio Solutions SA†		117		3,276
Ameriprise Financial, Inc.		15		2,530
BlackRock, Inc.		32		17,978
CI Financial Corp.		900		21,666
Franklin Resources, Inc.		49		2,078
Hamilton Lane, Inc., Class A		111		4,138
Invesco, Ltd.		35		1,265
OM Asset Management PLC		212		3,793
T. Rowe Price Group, Inc.		21		2,344
				59,068
Lasers-System/Components — 0.1%
El.En. SpA		65		2,386
Electro Scientific Industries, Inc.†		203		4,754
				7,140
Leisure Products — 0.0%
Johnson Outdoors, Inc., Class A		41		2,471
Lighting Products & Systems — 0.0%
OSRAM Licht AG		34		2,970
Machine Tools & Related Products — 0.1%
Finning International, Inc.		100		2,754
Sandvik AB		188		3,701
				6,455
Machinery-Construction & Mining — 0.1%
Atlas Copco AB, Class A		67		3,142
Hyster-Yale Materials Handling, Inc.		39		3,303
Oshkosh Corp.		5		453

259

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery-Construction & Mining (continued)
Tadano, Ltd.		292	$	5,093
Takeuchi Manufacturing Co., Ltd.		168		4,340
				16,331
Machinery-Electrical — 0.2%
Hitachi, Ltd.		2,890		22,936
Mitsubishi Electric Corp.		200		3,650
				26,586
Machinery-Farming — 0.2%
AGCO Corp.		7		508
CNH Industrial NV		290		4,263
Deere & Co.		106		17,641
				22,412
Machinery-General Industrial — 0.1%
Deutz AG		310		2,875
FLSmidth & Co. A/S		32		1,887
Intevac, Inc.†		358		2,434
Manitowoc Co, Inc.†		128		5,130
				12,326
Medical Imaging Systems — 0.1%
Analogic Corp.		45		3,731
Lantheus Holdings, Inc.†		168		3,864
				7,595
Medical Instruments — 0.2%
Cardiovascular Systems, Inc.†		108		2,669
Halyard Health, Inc.†		76		3,709
LivaNova PLC†		53		4,534
Medtronic PLC		240		20,614
				31,526
Medical Labs & Testing Services — 0.3%
BioMerieux		26		2,463
ICON PLC†		21		2,300
Laboratory Corp. of America Holdings†		9		1,570
Miraca Holdings, Inc.		400		18,320
Natera, Inc.†		221		2,301
Quest Diagnostics, Inc.		182		19,259
				46,213
Medical Products — 0.4%
Baxter International, Inc.		270		19,448
Becton Dickinson and Co.		83		20,164
Exactech, Inc.†		88		4,409
Haemonetics Corp.†		77		4,978
Intersect ENT, Inc.†		73		2,726
Orthofix International NV†		61		3,504
Smith & Nephew PLC		277		4,991
Straumann Holding AG		4		3,056
				63,276
Medical-Biomedical/Gene — 1.1%
Achillion Pharmaceuticals, Inc.†		643		1,704
Alexion Pharmaceuticals, Inc.†		99		11,813
AMAG Pharmaceuticals, Inc.†		158		2,267
Amgen, Inc.		135		25,117
Biogen, Inc.†		73		25,390
Bluebird Bio, Inc.†		6		1,229
Celgene Corp.†		269		27,212

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene (continued)
Emergent BioSolutions, Inc.†		80	$	3,903
Exact Sciences Corp.†		55		2,734
Gilead Sciences, Inc.		377		31,593
H. Lundbeck A/S		42		2,141
Infinity Pharmaceuticals, Inc.†		1,625		3,331
Myriad Genetics, Inc.†		25		922
PDL BioPharma, Inc.†		887		2,448
Regeneron Pharmaceuticals, Inc.†		31		11,366
Retrophin, Inc.†		127		3,037
Sangamo Therapeutics, Inc.†		146		3,044
				159,251
Medical-Drugs — 3.5%
AbbVie, Inc.		389		43,654
Akcea Therapeutics, Inc.†		50		1,083
Allergan PLC		20		3,605
Astellas Pharma, Inc.		200		2,638
AstraZeneca PLC		26		1,804
Bayer AG		156		20,418
Bristol-Myers Squibb Co.		348		21,785
Catalyst Pharmaceuticals, Inc.†		1,093		3,705
Chimerix, Inc.†		170		814
Conatus Pharmaceuticals, Inc.†		518		2,880
Corcept Therapeutics, Inc.†		164		3,774
Durect Corp.†		1,420		1,690
Eli Lilly & Co.		320		26,064
GlaxoSmithKline PLC		245		4,593
Indivior PLC†		464		2,653
Insys Therapeutics, Inc.†		322		3,046
Ipsen SA		16		2,244
Johnson & Johnson		902		124,647
Merck & Co., Inc.		946		56,051
Novartis AG		233		21,078
Novo Nordisk A/S, Class B		162		9,010
Ono Pharmaceutical Co., Ltd.		200		4,936
Pfizer, Inc.		1,873		69,376
Roche Holding AG		157		38,704
Roche Holding AG ADR		271		8,401
Sanofi		85		7,505
Supernus Pharmaceuticals, Inc.†		73		2,851
UCB SA		34		2,963
Vanda Pharmaceuticals, Inc.†		249		3,947
Zoetis, Inc.		231		17,725
				513,644
Medical-Generic Drugs — 0.2%
Momenta Pharmaceuticals, Inc.†		229		3,893
Mylan NV†		199		8,527
Perrigo Co. PLC		12		1,087
Teva Pharmaceutical Industries, Ltd. ADR		370		7,552
				21,059
Medical-HMO — 1.4%
Aetna, Inc.		184		34,375
Anthem, Inc.		23		5,700
Cigna Corp.		22		4,584
Humana, Inc.		105		29,592
Magellan Health, Inc.†		40		3,984
Molina Healthcare, Inc.†		45		4,111
Triple-S Management Corp., Class B†		189		4,343
UnitedHealth Group, Inc.		501		118,627
				205,316

260

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Hospitals — 0.0%
HCA Healthcare, Inc.†		31	$	3,136
Medical-Outpatient/Home Medical — 0.0%
Providence Service Corp.†		55		3,538
Medical-Wholesale Drug Distribution — 0.1%
AmerisourceBergen Corp.		13		1,296
McKesson Corp.		17		2,871
Suzuken Co., Ltd.		100		4,255
				8,422
Metal-Aluminum — 0.0%
Century Aluminum Co.†		213		4,739
Metal-Diversified — 0.2%
Glencore PLC		576		3,302
Rio Tinto PLC		116		6,460
Rio Tinto, Ltd.		290		17,958
South32, Ltd.		1,094		3,367
				31,087
Metal-Iron — 0.0%
Fortescue Metals Group, Ltd.		627		2,506
Miscellaneous Manufacturing — 0.1%
FreightCar America, Inc.		198		3,085
Hillenbrand, Inc.		91		4,031
				7,116
Motion Pictures & Services — 0.0%
Toho Co., Ltd.		100		3,380
Multimedia — 0.8%
Thomson Reuters Corp.		588		25,466
Time Warner, Inc.		112		10,679
Twenty-First Century Fox, Inc., Class A		90		3,321
Vivendi SA		129		3,785
Walt Disney Co.		613		66,615
				109,866
Networking Products — 0.5%
Cisco Systems, Inc.		1,738		72,197
Non-Ferrous Metals — 0.0%
Mitsubishi Materials Corp.		100		3,705
Non-Hazardous Waste Disposal — 0.6%
Renewi PLC		5,800		8,318
Republic Services, Inc.		363		24,974
Waste Management, Inc.		576		50,936
				84,228
Office Automation & Equipment — 0.0%
Ricoh Co., Ltd.		200		1,964
Xerox Corp.		21		717
				2,681
Office Furnishings-Original — 0.1%
Herman Miller, Inc.		97		3,929
Steelcase, Inc., Class A		211		3,281
				7,210
Oil & Gas Drilling — 0.0%
Helmerich & Payne, Inc.		8		576
Noble Corp. PLC†		707		3,316
				3,892

Security Description	Shares		Value (Note 2)
Oil Companies-Exploration & Production — 0.5%
Abraxas Petroleum Corp.†		1,509	$	3,606
Anadarko Petroleum Corp.		327		19,636
Bill Barrett Corp.†		481		2,468
Bonanza Creek Energy, Inc.†		96		2,689
ConocoPhillips		106		6,234
Energen Corp.†		8		418
Hess Corp.		20		1,010
Marathon Oil Corp.		62		1,128
Penn Virginia Corp.†		74		3,126
Pioneer Natural Resources Co.		178		32,558
Stone Energy Corp.†		138		4,987
				77,860
Oil Companies-Integrated — 1.6%
BP PLC		2,983		21,224
Chevron Corp.		381		47,758
Exxon Mobil Corp.		798		69,666
Murphy Oil Corp.		12		385
OMV AG		37		2,382
Repsol SA		326		6,134
Royal Dutch Shell PLC, Class A (CHIX)		1,655		58,016
TOTAL SA		348		20,149
				225,714
Oil Field Machinery & Equipment — 0.1%
CIMC Enric Holdings, Ltd.†		7,970		8,782
Oil Refining & Marketing — 0.8%
Caltex Australia, Ltd.		546		15,298
CVR Energy, Inc.		24		859
HollyFrontier Corp.		15		719
Marathon Petroleum Corp.		46		3,186
Neste Oyj		452		31,247
Phillips 66		48		4,915
Sunoco LP		879		28,049
Valero Energy Corp.		330		31,670
				115,943
Oil-Field Services — 0.3%
Archrock, Inc.		357		3,320
C&J Energy Services, Inc.†		141		4,317
Newpark Resources, Inc.†		320		2,912
SBM Offshore NV		116		2,165
Schlumberger, Ltd.		446		32,817
				45,531
Paper & Related Products — 0.1%
International Paper Co.		35		2,200
Oji Holdings Corp.		1,000		6,843
Stora Enso Oyj, Class R		225		3,861
UPM-Kymmene Oyj		160		5,391
				18,295
Patient Monitoring Equipment — 0.0%
Masimo Corp.†		45		4,241
Pharmacy Services — 0.0%
Express Scripts Holding Co.†		30		2,375
Photo Equipment & Supplies — 0.0%
Nikon Corp.		100		1,939
Pipelines — 0.3%
Enterprise Products Partners LP		860		23,753
Kinder Morgan, Inc.		672		12,083
				35,836

261

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Poultry — 0.0%
Pilgrim’s Pride Corp.†		21	$	583
Sanderson Farms, Inc.		25		3,173
				3,756
Power Converter/Supply Equipment — 0.1%
Hubbell, Inc.		4		544
Schneider Electric SE		110		10,308
				10,852
Printing-Commercial — 0.0%
Quad/Graphics, Inc.		129		2,853
RR Donnelley & Sons Co.		292		2,386
				5,239
Professional Sports — 0.0%
Madison Square Garden Co., Class A†		2		432
Public Thoroughfares — 0.2%
Abertis Infraestructuras SA		1,198		29,034
Publishing-Newspapers — 0.0%
News Corp., Class A		32		548
Publishing-Periodicals — 0.0%
Wolters Kluwer NV		53		2,805
Racetracks — 0.0%
Penn National Gaming, Inc.†		143		4,563
Real Estate Investment Trusts — 0.9%
AG Mtg. Investment Trust, Inc.		156		2,721
AGNC Investment Corp.		1,036		19,466
American Tower Corp.		191		28,211
Annaly Capital Management, Inc.		1,825		19,235
CBL & Associates Properties, Inc.		383		2,129
Chatham Lodging Trust		149		3,338
Dexus		336		2,580
GPT Group		369		1,496
Hersha Hospitality Trust		164		3,042
ICADE		100		10,839
LaSalle Hotel Properties		130		3,970
Link REIT		500		4,423
Mirvac Group		2,270		4,024
MTGE Investment Corp.		159		2,703
Pebblebrook Hotel Trust		100		3,900
Potlatch Corp.		68		3,597
Preferred Apartment Communities, Inc., Class A		202		3,367
Ramco-Gershenson Properties Trust		216		2,856
Scentre Group		1,452		4,856
Stockland		852		2,897
Vicinity Centres		1,198		2,597
Xenia Hotels & Resorts, Inc.		166		3,685
				135,932
Real Estate Management/Services — 0.2%
Daito Trust Construction Co., Ltd.		100		17,463
Jones Lang LaSalle, Inc.		4		625
Marcus & Millichap, Inc.†		66		2,155
RE/MAX Holdings, Inc., Class A		68		3,356
Vonovia SE		82		4,043
				27,642
Real Estate Operations & Development — 0.1%
CapitaLand, Ltd.		900		2,635

Security Description	Shares		Value (Note 2)
Real Estate Operations & Development (continued)
CK Asset Holdings, Ltd.		500	$	4,771
Hongkong Land Holdings, Ltd.		600		4,320
Kerry Properties, Ltd.		500		2,390
LEG Immobilien AG		18		2,030
Tokyu Fudosan Holdings Corp.		400		3,151
				19,297
Recreational Vehicles — 0.0%
Brunswick Corp.		8		502
MCBC Holdings, Inc.†		92		2,224
				2,726
Rental Auto/Equipment — 0.2%
AMERCO		2		730
Ashtead Group PLC		106		3,168
CAI International, Inc.†		146		4,126
Europcar Groupe SA*		680		9,464
Herc Holdings, Inc.†		56		3,681
McGrath RentCorp		79		3,776
Textainer Group Holdings, Ltd.†		78		1,911
United Rentals, Inc.†		7		1,268
				28,124
Retail-Apparel/Shoe — 0.3%
ANTA Sports Products, Ltd.		1,450		6,988
Ascena Retail Group, Inc.†		1,303		2,814
Cato Corp., Class A		218		2,590
DSW, Inc., Class A		127		2,544
Express, Inc.†		421		2,939
Francesca’s Holdings Corp.†		392		2,285
Gap, Inc.		28		931
HUGO BOSS AG		24		2,204
L Brands, Inc.		6		300
PVH Corp.		7		1,086
Shimamura Co., Ltd.		200		23,505
				48,186
Retail-Auto Parts — 0.0%
AutoZone, Inc.†		2		1,531
Genuine Parts Co.		9		937
				2,468
Retail-Automobile — 0.0%
AutoNation, Inc.†		7		421
CarMax, Inc.†		16		1,142
Rush Enterprises, Inc., Class A†		71		3,838
				5,401
Retail-Building Products — 0.8%
Home Depot, Inc.		509		102,258
Lowe’s Cos., Inc.		70		7,331
Lumber Liquidators Holdings, Inc.†		125		3,493
				113,082
Retail-Consumer Electronics — 0.0%
Best Buy Co., Inc.		24		1,753
Retail-Discount — 0.7%
Costco Wholesale Corp.		63		12,277
Dollar General Corp.		22		2,269
Target Corp.		39		2,933
Walmart, Inc.		770		82,082
				99,561

262

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Drug Store — 0.5%
CVS Health Corp.		671	$	52,801
Walgreens Boots Alliance, Inc.		348		26,190
				78,991
Retail-Gardening Products — 0.0%
Tractor Supply Co.		7		534
Retail-Home Furnishings — 0.0%
Kirkland’s, Inc.†		242		2,568
Retail-Jewelry — 0.1%
Cie Financiere Richemont SA		41		3,935
Movado Group, Inc.		80		2,448
				6,383
Retail-Mail Order — 0.0%
Williams-Sonoma, Inc.		7		359
Retail-Major Department Stores — 0.4%
Nordstrom, Inc.		12		592
TJX Cos., Inc.		672		53,975
				54,567
Retail-Regional Department Stores — 0.0%
Dillard’s, Inc., Class A		58		3,918
Kohl’s Corp.		14		907
				4,825
Retail-Restaurants — 0.9%
Brinker International, Inc.		355		12,901
Cheesecake Factory, Inc.		273		13,429
Chipotle Mexican Grill, Inc.†		19		6,170
Dave & Buster’s Entertainment, Inc.†		70		3,290
Del Taco Restaurants, Inc.†		247		3,129
Dunkin’ Brands Group, Inc.		404		26,119
Jack in the Box, Inc.		38		3,458
McDonald’s Corp.		227		38,849
Ruth’s Hospitality Group, Inc.		144		3,413
Yum China Holdings, Inc.		347		16,097
				126,855
Retail-Sporting Goods — 0.0%
Hibbett Sports, Inc.†		209		4,723
Rubber-Tires — 0.3%
Bridgestone Corp.		500		24,302
Cie Generale des Etablissements Michelin		23		3,678
Continental AG		30		9,002
Goodyear Tire & Rubber Co.		21		731
				37,713
Satellite Telecom — 0.0%
Eutelsat Communications SA		80		1,760
Globalstar, Inc.†		1,861		1,954
				3,714
Savings & Loans/Thrifts — 0.2%
Berkshire Hills Bancorp, Inc.		86		3,264
BofI Holding, Inc.†		193		6,942
HomeTrust Bancshares, Inc.†		114		2,890
Investors Bancorp, Inc.		25		342
Meridian Bancorp, Inc.		152		3,108
Meta Financial Group, Inc.		30		3,510
United Financial Bancorp, Inc.		171		2,866
				22,922

Security Description	Shares		Value (Note 2)
Schools — 0.0%
Career Education Corp.†		153	$	1,897
Security Services — 0.1%
Brink’s Co.		47		3,920
G4S PLC		2,810		11,343
				15,263
Seismic Data Collection — 0.0%
Geospace Technologies Corp.†		167		2,298
Semiconductor Components-Integrated Circuits — 0.0%
Cirrus Logic, Inc.†		94		4,660
Marvell Technology Group, Ltd.		43		1,003
				5,663
Semiconductor Equipment — 0.2%
Applied Materials, Inc.		85		4,559
ASML Holding NV (Euronext Amsterdam)		21		4,255
ASML Holding NV (NASDAQ)		15		3,044
FormFactor, Inc.†		182		2,612
KLA-Tencor Corp.		13		1,427
Lam Research Corp.		12		2,298
MKS Instruments, Inc.		30		3,069
Teradyne, Inc.		14		642
Xcerra Corp.†		227		2,266
				24,172
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		4		950
Soap & Cleaning Preparation — 0.2%
Church & Dwight Co., Inc.		472		23,057
Software Tools — 0.1%
VMware, Inc., Class A†		80		9,903
Steel Pipe & Tube — 0.0%
TimkenSteel Corp.†		266		4,307
Steel-Producers — 0.2%
BlueScope Steel, Ltd.		248		2,898
Nucor Corp.		27		1,808
POSCO ADR		26		2,327
Reliance Steel & Aluminum Co.		5		438
Shiloh Industries, Inc.†		276		2,056
SSAB AB, Class A†		382		2,423
Steel Dynamics, Inc.		21		953
thyssenkrupp AG		450		14,157
				27,060
Steel-Specialty — 0.0%
Outokumpu Oyj		165		1,414
Telecom Equipment-Fiber Optics — 0.1%
Ciena Corp.†		169		3,596
Finisar Corp.†		162		2,910
				6,506
Telecom Services — 0.5%
HKT Trust & HKT, Ltd.		18,000		22,527
PCCW, Ltd.		40,000		23,061
Spark New Zealand, Ltd.		6,620		17,514
Telenor ASA		114		2,670
				65,772
Telecommunication Equipment — 0.0%
ADTRAN, Inc.		106		1,696
ARRIS International PLC†		15		380

263

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Telecommunication Equipment (continued)
Juniper Networks, Inc.		34	$	889
				2,965
Telephone-Integrated — 1.1%
AT&T, Inc.		734		27,488
BT Group PLC		572		2,075
Frontier Communications Corp.		258		2,113
KDDI Corp.		900		22,696
Koninklijke KPN NV		920		3,221
Nippon Telegraph & Telephone Corp.		700		33,285
SoftBank Group Corp.		100		8,226
Telecom Italia SpA†		11,210		10,093
Verizon Communications, Inc.		821		44,391
				153,588
Television — 0.1%
Central European Media Enterprises, Ltd., Class A†		716		3,401
Gray Television, Inc.†		227		3,711
Sinclair Broadcast Group, Inc., Class A		109		4,044
				11,156
Textile-Apparel — 0.0%
LVMH Moet Hennessy Louis Vuitton SE		7		2,195
Perry Ellis International, Inc.†		127		3,046
				5,241
Textile-Home Furnishings — 0.0%
Mohawk Industries, Inc.†		6		1,686
Therapeutics — 0.1%
Akebia Therapeutics, Inc.†		161		2,379
Concert Pharmaceuticals, Inc.†		197		3,956
Sarepta Therapeutics, Inc.†		52		3,408
				9,743
Tobacco — 0.3%
British American Tobacco PLC		136		9,305
Imperial Brands PLC		726		29,878
Japan Tobacco, Inc.		100		3,309
Scandinavian Tobacco Group A/S*		115		2,329
Swedish Match AB		71		2,876
				47,697
Tools-Hand Held — 0.0%
Snap-on, Inc.		5		857
Toys — 0.0%
Hasbro, Inc.		10		946
Transport-Marine — 0.1%
AP Moller - Maersk A/S, Series B		7		12,495
Safe Bulkers, Inc.†		950		3,258
Scorpio Tankers, Inc.		836		2,224
Ship Finance International, Ltd.		181		2,769
				20,746
Transport-Rail — 0.0%
Kansas City Southern		7		792
Norfolk Southern Corp.		16		2,414
				3,206
Transport-Services — 0.6%
Deutsche Post AG		101		4,774
FedEx Corp.		3		787

Security Description	Shares/ Principal Amount		Value (Note 2)
Transport-Services (continued)
Royal Mail PLC		4,960	$	33,064
United Parcel Service, Inc., Class B		392		49,910
				88,535
Transport-Truck — 0.1%
Covenant Transportation Group, Inc., Class A†		105		3,079
Heartland Express, Inc.		133		3,018
Werner Enterprises, Inc.		94		3,826
				9,923
Travel Services — 0.0%
TUI AG		166		3,744
Veterinary Diagnostics — 0.0%
Phibro Animal Health Corp., Class A		128		4,358
Vitamins & Nutrition Products — 0.0%
Herbalife, Ltd.†		8		664
Warehousing & Harbor Transportation Services — 0.2%
Hutchison Port Holdings Trust		66,403		27,557
Water — 0.0%
Severn Trent PLC		98		2,718
Veolia Environnement SA		127		3,199
				5,917
Water Treatment Systems — 0.0%
Kurita Water Industries, Ltd.		100		3,270
Web Portals/ISP — 0.9%
Alphabet, Inc., Class A†		46		54,382
Alphabet, Inc., Class C†		56		65,517
United Internet AG		39		2,842
				122,741
Wireless Equipment — 0.2%
Aerohive Networks, Inc.†		626		2,573
Motorola Solutions, Inc.		278		27,650
				30,223
Total Common Stocks (cost $8,254,029)				8,927,709
U.S. CORPORATE BONDS & NOTES — 15.4%
Aerospace/Defense — 0.4%
Lockheed Martin Corp. Senior Notes 2.90% due 03/01/2025	$	64,000		62,668
Aerospace/Defense-Equipment — 0.4%
United Technologies Corp. Senior Notes 4.50% due 04/15/2020		62,000		64,661
Applications Software — 0.3%
Microsoft Corp. Senior Notes 2.40% due 08/08/2026		43,000		40,470
Auto-Cars/Light Trucks — 0.3%
General Motors Financial Co., Inc. Company Guar. Notes 3.20% due 07/06/2021		39,000		39,021
Banks-Commercial — 0.4%
BB&T Corp. Senior Notes 6.85% due 04/30/2019		61,000		64,313

264

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Fiduciary — 0.3%
Bank of New York Mellon Corp. Senior Notes 2.10% due 01/15/2019	$	41,000	$	40,994
Banks-Super Regional — 1.4%
Capital One Financial Corp. Senior Notes 3.20% due 02/05/2025		66,000		64,154
PNC Funding Corp. Senior Notes 3.30% due 03/08/2022		38,000		38,591
US Bancorp Senior Notes 3.15% due 04/27/2027		64,000		62,627
Wells Fargo & Co. Senior Notes 3.90% due 05/01/2045		39,000		39,438
				204,810
Cable/Satellite TV — 0.4%
Comcast Corp. Company Guar. Notes 4.65% due 07/15/2042		57,000		62,570
Computers — 0.3%
Apple, Inc. FRS Senior Notes 1.69% (3 ML+0.30%) due 05/06/2019		36,000		36,134
Cosmetics & Toiletries — 0.4%
Procter & Gamble Co. Senior Notes 1.60% due 11/15/2018		59,000		58,856
Diversified Banking Institutions — 1.6%
Bank of America Corp. Senior Notes 3.50% due 04/19/2026		60,000		60,373
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		42,000		40,970
Goldman Sachs Group, Inc. Senior Notes 4.80% due 07/08/2044		56,000		63,097
JPMorgan Chase & Co. Senior Notes 5.40% due 01/06/2042		51,000		63,342
				227,782
Diversified Manufacturing Operations — 0.4%
General Electric Capital Corp. Senior Notes 6.75% due 03/15/2032		50,000		64,693
Enterprise Software/Service — 0.7%
Oracle Corp. Senior Notes 5.00% due 07/08/2019		101,000		104,826
Finance-Credit Card — 1.0%
American Express Credit Corp. Senior Notes 2.70% due 03/03/2022		63,000		62,508

Security Description	Principal Amount		Value (Note 2)
Finance-Credit Card (continued)
Visa, Inc. Senior Notes 4.30% due 12/14/2045	$	76,000	$	84,219
				146,727
Food-Retail — 0.6%
Kroger Co. Senior Notes 1.50% due 09/30/2019		82,000		80,623
Insurance-Life/Health — 0.3%
Prudential Financial, Inc. Senior Bonds 4.60% due 05/15/2044		36,000		39,530
Insurance-Multi-line — 0.3%
MetLife, Inc. Senior Notes 3.60% due 04/10/2024		38,000		38,765
Insurance-Property/Casualty — 0.3%
ACE INA Holdings, Inc. Company Guar. Notes 2.88% due 11/03/2022		43,000		42,979
Machinery-Construction & Mining — 0.4%
Caterpillar Financial Services Corp. Senior Notes 1.80% due 11/13/2018		65,000		64,871
Medical-Biomedical/Gene — 0.4%
Gilead Sciences, Inc. Senior Notes 4.40% due 12/01/2021		60,000		63,275
Medical-HMO — 0.5%
UnitedHealth Group, Inc. Senior Notes 2.70% due 07/15/2020		39,000		39,182
WellPoint, Inc. Senior Notes 3.13% due 05/15/2022		40,000		40,032
				79,214
Medical-Wholesale Drug Distribution — 0.6%
Cardinal Health, Inc. Senior Notes 1.95% due 06/14/2019		84,000		83,312
Networking Products — 0.3%
Cisco Systems, Inc. Senior Notes 2.13% due 03/01/2019		39,000		38,966
Oil Companies-Exploration & Production — 0.6%
Noble Energy, Inc. Senior Notes 4.15% due 12/15/2021		40,000		41,474
Occidental Petroleum Corp. Senior Notes 3.40% due 04/15/2026		39,000		39,319
				80,793
Pipelines — 0.4%
Enterprise Products Operating LLC Company Guar. Notes 3.75% due 02/15/2025		60,000		61,223

265

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Building Products — 0.3%
Home Depot, Inc. Senior Notes 4.20% due 04/01/2043	$	38,000	$	40,771
Retail-Restaurants — 0.3%
McDonald’s Corp. Senior Notes 3.38% due 05/26/2025		39,000		39,291
Telephone-Integrated — 0.8%
AT&T, Inc. Senior Notes 5.35% due 09/01/2040		40,000		42,199
Verizon Communications, Inc. Senior Notes 5.15% due 09/15/2023		73,000		80,098
				122,297
Transport-Rail — 0.6%
Norfolk Southern Corp. Senior Notes 3.85% due 01/15/2024		78,000		80,850
Transport-Services — 0.4%
FedEx Corp. Company Guar. Notes 4.75% due 11/15/2045		53,000		58,687
Total U.S. Corporate Bonds & Notes (cost $2,263,411)				2,233,972
U.S. GOVERNMENT AGENCIES — 3.5%
Federal Home Loan Mtg. Corp. — 1.4%
2.38% due 01/13/2022		126,000		125,727
3.75% due 03/27/2019		79,000		80,561
				206,288
Federal National Mtg. Assoc. — 2.1%
2.13% due 04/24/2026		176,000		167,199
3.50% due 05/01/2047		139,097		140,562
				307,761
Total U.S. Government Agencies (cost $523,439)				514,049
U.S. GOVERNMENT TREASURIES — 8.8%
United States Treasury Bonds — 2.2%
2.75% due 11/15/2042		83,000		80,578
2.88% due 08/15/2045		40,000		39,534
3.38% due 05/15/2044		182,000		196,930
				317,042
United States Treasury Notes — 6.6%
1.25% due 10/31/2021		114,000		109,262
1.38% due 03/31/2020		134,000		131,707
1.50% due 10/31/2019		105,000		103,892
1.63% due 06/30/2019		62,000		61,632
1.63% due 02/15/2026		180,000		165,966
2.00% due 11/15/2026		88,000		83,064
2.25% due 01/31/2024		45,000		44,095
2.25% due 11/15/2024		107,000		104,266

Security Description	Principal Amount/ Shares			Value (Note 2)
United States Treasury Notes (continued)
2.25% due 02/15/2027	$	40,000		$	38,492
3.13% due 05/15/2021		122,000			124,950
					967,326
Total U.S. Government Treasuries (cost $1,308,513)					1,284,368
EXCHANGE-TRADED FUNDS — 5.0%
Guggenheim S&P 500 Top 50 ETF		1,842			370,758
iShares Edge MSCI ETF		3,054			340,857
iShares Russell 1000 Value ETF		82			10,581
Total Exchange-Traded Funds (cost $645,820)					722,196
RIGHTS — 0.0%
Diversified Banking Institutions — 0.0%
UniCredit SpA† Expires 02/21/2018 (cost $0)		600			1,047
Total Long-Term Investment Securities (cost $12,995,212)					13,683,341
SHORT-TERM INVESTMENT SECURITIES — 5.1%
Registered Investment Companies — 5.1%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.25%(1) (cost $745,665)		745,665			745,665
TOTAL INVESTMENTS (cost $13,740,877)(2)		99.2	%		14,429,006
Other assets less liabilities		0.8			113,861
NET ASSETS		100.0	%	$	14,542,867

# See Note 1

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $28,620 representing 0.2% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) The rate shown is the 7-day yield as of January 31, 2018.

(2) See Note 3 for cost of investments on a tax basis.

ADR — American Depositary Receipt

CHIX — Chi X Europe Exchange

CVA — Certification Van Aandelen (Dutch Cert.)

ETF — Exchange-Traded Funds

Euronext Amsterdam — Euronext Stock Exchange, Amsterdam

NASDAQ — National Association of Securities Dealers Automated Quotations

FRS — Floating Rate Security

266

SunAmerica Series Trust SA Legg Mason Tactical Opportunities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The rates shown on FRS are the current interest rates at January 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

3 ML — 3 Month USD LIBOR

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	3	Long	S&P 500 E-Mini Index	March 2018	$	398,093	$	423,870	$	25,777
	3	Short	U.S. Treasury 10 Year Notes	March 2018		374,132		364,734		9,398
									$	35,175

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	8,927,709	$	—	$	—	$	8,927,709
U.S. Corporate Bonds & Notes		—		2,233,972		—		2,233,972
U.S. Government Agencies		—		514,049		—		514,049
U.S. Government Treasuries		—		1,284,368		—		1,284,368
Exchange-Traded Funds		722,196		—		—		722,196
Rights		1,047		—		—		1,047
Short-Term Investment Securities		745,665		—		—		745,665
Total Investments at Value	$	10,396,617	$	4,032,389	$	—	$	14,429,006
Other Financial Instruments:+
Futures Contracts	$	35,175	$	—	$	—	$	35,175

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

267

SunAmerica Series Trust SA MFS Blue Chip Growth Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Applications Software	5.9	%
Web Portals/ISP	5.7
Computers	5.4
Internet Content-Entertainment	4.2
E-Commerce/Products	3.7
Medical-Biomedical/Gene	3.5
Aerospace/Defense	3.3
Electronic Components-Semiconductors	3.2
Computer Services	3.0
Entertainment Software	2.8
Commercial Services-Finance	2.5
Cable/Satellite TV	2.4
Medical-HMO	2.2
Beverages-Non-alcoholic	2.1
Tobacco	2.0
Medical Instruments	2.0
Diversified Manufacturing Operations	2.0
Transport-Rail	1.9
Electronic Forms	1.9
Real Estate Investment Trusts	1.9
Medical-Drugs	1.8
Finance-Credit Card	1.8
Retail-Restaurants	1.8
Agricultural Chemicals	1.7
Data Processing/Management	1.6
Retail-Discount	1.6
E-Commerce/Services	1.6
Hotels/Motels	1.5
Rental Auto/Equipment	1.4
Retail-Building Products	1.3
Semiconductor Equipment	1.3
Cruise Lines	1.3
Machinery-General Industrial	1.2
Retail-Apparel/Shoe	1.1
Food-Meat Products	1.1
Networking Products	1.0
Chemicals-Diversified	1.0
Retail-Arts & Crafts	0.9
Retail-Consumer Electronics	0.9
Containers-Paper/Plastic	0.8
Beverages-Wine/Spirits	0.8
Insurance-Life/Health	0.8
Finance-Consumer Loans	0.8
Insurance-Multi-line	0.7
Medical-Hospitals	0.7
Auto/Truck Parts & Equipment-Original	0.7
Medical-Wholesale Drug Distribution	0.7
Investment Management/Advisor Services	0.7
Retail-Major Department Stores	0.6
Chemicals-Specialty	0.6
Aerospace/Defense-Equipment	0.6
Airlines	0.5
Computers-Memory Devices	0.5
Building & Construction Products-Misc.	0.5
Electric-Integrated	0.5
Dental Supplies & Equipment	0.5
Diagnostic Equipment	0.4
U.S. Government Agencies	0.4
Agricultural Operations	0.3
Web Hosting/Design	0.3

Pharmacy Services	0.2	%
	100.1	%

* Calculated as a percentage of net assets

# See Note 1

268

SunAmerica Series Trust SA MFS Blue Chip Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.7%
Aerospace/Defense — 3.3%
Boeing Co.		52,974	$	18,772,396
Northrop Grumman Corp.		11,286		3,843,222
				22,615,618
Aerospace/Defense-Equipment — 0.6%
United Technologies Corp.		29,725		4,102,347
Agricultural Chemicals — 1.7%
CF Industries Holdings, Inc.		169,427		7,190,482
Monsanto Co.		40,305		4,909,149
				12,099,631
Agricultural Operations — 0.3%
Archer-Daniels-Midland Co.		50,521		2,169,877
Airlines — 0.5%
Copa Holdings SA, Class A		26,925		3,724,535
Applications Software — 5.9%
Intuit, Inc.		63,098		10,594,154
Microsoft Corp.		318,726		30,282,157
				40,876,311
Auto/Truck Parts & Equipment-Original — 0.7%
Allison Transmission Holdings, Inc.		83,877		3,710,719
Lear Corp.		6,986		1,349,276
				5,059,995
Beverages-Non-alcoholic — 2.1%
Coca-Cola Co.		9,156		435,734
PepsiCo, Inc.		116,112		13,968,274
				14,404,008
Beverages-Wine/Spirits — 0.8%
Constellation Brands, Inc., Class A		26,213		5,752,967
Building & Construction Products-Misc. — 0.5%
Owens Corning		38,361		3,566,422
Cable/Satellite TV — 2.4%
Comcast Corp., Class A		382,803		16,280,612
Chemicals-Diversified — 1.0%
FMC Corp.		73,433		6,706,636
Chemicals-Specialty — 0.6%
Univar, Inc.†		139,152		4,155,079
Commercial Services-Finance — 2.5%
Global Payments, Inc.		69,314		7,747,919
Total System Services, Inc.		105,979		9,417,294
				17,165,213
Computer Services — 3.0%
Accenture PLC, Class A		14,156		2,274,869
Cognizant Technology Solutions Corp., Class A		119,645		9,329,917
DXC Technology Co.		89,964		8,955,917
				20,560,703
Computers — 5.4%
Apple, Inc.		223,307		37,388,291
Computers-Memory Devices — 0.5%
Western Digital Corp.		40,278		3,583,936
Containers-Paper/Plastic — 0.8%
Berry Global Group, Inc.†		33,593		1,988,370

Security Description	Shares		Value (Note 2)
Containers-Paper/Plastic (continued)
Sealed Air Corp.		82,006	$	3,882,984
				5,871,354
Cruise Lines — 1.3%
Norwegian Cruise Line Holdings, Ltd.†		29,662		1,801,670
Royal Caribbean Cruises, Ltd.		51,312		6,852,717
				8,654,387
Data Processing/Management — 1.6%
Fidelity National Information Services, Inc.		45,815		4,689,623
First Data Corp., Class A†		359,180		6,357,486
				11,047,109
Dental Supplies & Equipment — 0.5%
Align Technology, Inc.†		12,602		3,301,724
Diagnostic Equipment — 0.4%
Thermo Fisher Scientific, Inc.		12,089		2,709,266
Diversified Manufacturing Operations — 2.0%
Ingersoll-Rand PLC		73,059		6,913,573
Textron, Inc.		113,508		6,659,515
				13,573,088
E-Commerce/Products — 3.7%
Amazon.com, Inc.†		17,401		25,246,937
E-Commerce/Services — 1.6%
Priceline Group, Inc.†		5,642		10,787,786
Electric-Integrated — 0.5%
AES Corp.		293,309		3,390,652
Electronic Components-Semiconductors — 3.2%
NVIDIA Corp.		56,977		14,004,947
Texas Instruments, Inc.		73,470		8,057,455
				22,062,402
Electronic Forms — 1.9%
Adobe Systems, Inc.†		65,866		13,157,392
Entertainment Software — 2.8%
Electronic Arts, Inc.†		76,241		9,679,557
Take-Two Interactive Software, Inc.†		75,070		9,509,117
				19,188,674
Finance-Consumer Loans — 0.8%
Synchrony Financial		136,541		5,417,947
Finance-Credit Card — 1.8%
Discover Financial Services		98,939		7,895,332
Visa, Inc., Class A		36,308		4,510,543
				12,405,875
Food-Meat Products — 1.1%
Tyson Foods, Inc., Class A		101,680		7,738,865
Hotels/Motels — 1.5%
Marriott International, Inc., Class A		71,828		10,583,138
Insurance-Life/Health — 0.8%
Prudential Financial, Inc.		45,895		5,453,244
Insurance-Multi-line — 0.7%
MetLife, Inc.		106,934		5,140,317
Internet Content-Entertainment — 4.2%
Facebook, Inc., Class A†		153,980		28,777,322

269

SunAmerica Series Trust SA MFS Blue Chip Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Management/Advisor Services — 0.7%
Affiliated Managers Group, Inc.		23,769	$	4,745,005
Machinery-General Industrial — 1.2%
Roper Technologies, Inc.		28,669		8,044,235
Medical Instruments — 2.0%
Edwards Lifesciences Corp.†		70,345		8,904,270
Medtronic PLC		57,577		4,945,289
				13,849,559
Medical-Biomedical/Gene — 3.5%
Amgen, Inc.		25,600		4,762,880
Biogen, Inc.†		31,805		11,062,097
Celgene Corp.†		84,951		8,593,643
				24,418,620
Medical-Drugs — 1.8%
Bristol-Myers Squibb Co.		42,541		2,663,067
Eli Lilly & Co.		120,718		9,832,481
				12,495,548
Medical-HMO — 2.2%
Centene Corp.†		35,892		3,849,058
Molina Healthcare, Inc.†		21,220		1,938,659
UnitedHealth Group, Inc.		16,452		3,895,505
WellCare Health Plans, Inc.†		27,614		5,809,433
				15,492,655
Medical-Hospitals — 0.7%
HCA Healthcare, Inc.†		50,301		5,088,449
Medical-Wholesale Drug Distribution — 0.7%
McKesson Corp.		29,842		5,039,717
Networking Products — 1.0%
Cisco Systems, Inc.		165,042		6,855,845
Pharmacy Services — 0.2%
Express Scripts Holding Co.†		16,590		1,313,596
Real Estate Investment Trusts — 1.9%
American Tower Corp.		33,614		4,964,788
SBA Communications Corp.†		46,367		8,091,041
				13,055,829
Rental Auto/Equipment — 1.4%
United Rentals, Inc.†		53,313		9,655,517
Retail-Apparel/Shoe — 1.1%
Ross Stores, Inc.		96,254		7,930,367
Retail-Arts & Crafts — 0.9%
Michaels Cos., Inc.†		238,889		6,418,947
Retail-Building Products — 1.3%
Home Depot, Inc.		44,635		8,967,172
Retail-Consumer Electronics — 0.9%
Best Buy Co., Inc.		87,597		6,399,837
Retail-Discount — 1.6%
Costco Wholesale Corp.		55,660		10,846,464
Retail-Major Department Stores — 0.6%
TJX Cos., Inc.		52,141		4,187,965

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail-Restaurants — 1.8%
Domino’s Pizza, Inc.		10,714		$	2,323,331
Starbucks Corp.		174,578			9,917,776
					12,241,107
Semiconductor Equipment — 1.3%
Applied Materials, Inc.		166,171			8,911,751
Tobacco — 2.0%
Altria Group, Inc.		114,764			8,072,500
Philip Morris International, Inc.		56,111			6,016,782
					14,089,282
Transport-Rail — 1.9%
Kansas City Southern		10,818			1,223,840
Union Pacific Corp.		91,346			12,194,691
					13,418,531
Web Hosting/Design — 0.3%
VeriSign, Inc.†		17,855			2,051,897
Web Portals/ISP — 5.7%
Alphabet, Inc., Class A†		15,488			18,310,223
Alphabet, Inc., Class C†		18,198			21,290,568
					39,600,791
Total Long-Term Investment Securities (cost $513,624,360)					689,838,346
SHORT-TERM INVESTMENT SECURITIES — 0.4%
U.S. Government Agencies — 0.4%
Federal Home Loan Bank Disc. Notes 0.80% due 02/01/2018 (cost $2,616,000)	$	2,616,000			2,616,000
TOTAL INVESTMENTS (cost $516,240,360)(1)		100.1	%		692,454,346
Liabilities in excess of other assets		(0.1	)		(556,379	)
NET ASSETS		100.0	%	$	691,897,967

† Non-income producing security

# See Note 1

(1) See Note 3 for cost of investments on a tax basis.

270

SunAmerica Series Trust SA MFS Blue Chip Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	689,838,346	$	—	$	—	$	689,838,346
Short-Term Investment Securities		—		2,616,000		—		2,616,000
Total Investments at Value	$	689,838,346	$	2,616,000	$	—	$	692,454,346

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

271

SunAmerica Series Trust SA MFS Massachusetts Investors Trust Port

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Diversified Banking Institutions	10.8	%
Computer Services	6.9
Diagnostic Equipment	5.8
Web Portals/ISP	5.8
Finance-Credit Card	4.9
Medical-Drugs	4.9
Electronic Components-Semiconductors	3.6
Food-Misc./Diversified	3.0
Real Estate Investment Trusts	2.5
Cosmetics & Toiletries	2.5
Beverages-Wine/Spirits	2.3
Cable/Satellite TV	2.3
Data Processing/Management	2.1
Medical Instruments	2.0
Oil-Field Services	1.9
Oil Companies-Exploration & Production	1.9
Computers	1.8
Instruments-Controls	1.8
Transport-Rail	1.8
Containers-Metal/Glass	1.6
Internet Content-Entertainment	1.5
Textile-Apparel	1.4
Retail-Restaurants	1.4
Coatings/Paint	1.4
Aerospace/Defense-Equipment	1.4
Pipelines	1.3
Finance-Other Services	1.3
Home Decoration Products	1.2
Insurance-Multi-line	1.2
Medical-Biomedical/Gene	1.2
Banks-Super Regional	1.2
Retail-Apparel/Shoe	1.1
Medical-Wholesale Drug Distribution	1.1
Multimedia	1.1
Athletic Footwear	1.1
Electronic Forms	1.0
Retail-Discount	1.0
Chemicals-Diversified	1.0
Retail-Gardening Products	0.9
U.S. Government Agencies	0.9
Electric Products-Misc.	0.9
Private Equity	0.9
Food-Catering	0.8
Engineering/R&D Services	0.6
Medical Products	0.6
Investment Management/Advisor Services	0.5
Electric-Integrated	0.5
Retail-Auto Parts	0.5
Consumer Products-Misc.	0.4
Advertising Agencies	0.3
Enterprise Software/Service	0.1
	100.0	%

* Calculated as a percentage of net assets

272

SunAmerica Series Trust SA MFS Massachusetts Investors Trust Port

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.1%
Advertising Agencies — 0.3%
Interpublic Group of Cos., Inc.		155,620	$	3,406,522
Aerospace/Defense-Equipment — 1.4%
United Technologies Corp.		119,764		16,528,630
Athletic Footwear — 1.1%
NIKE, Inc., Class B		190,872		13,021,288
Banks-Super Regional — 1.2%
US Bancorp		245,579		14,032,384
Beverages-Wine/Spirits — 2.3%
Diageo PLC		281,442		10,120,004
Pernod Ricard SA		113,419		18,066,606
				28,186,610
Cable/Satellite TV — 2.3%
Comcast Corp., Class A		661,169		28,119,518
Chemicals-Diversified — 1.0%
PPG Industries, Inc.		102,876		12,214,467
Coatings/Paint — 1.4%
Sherwin-Williams Co.		40,356		16,832,891
Computer Services — 6.9%
Accenture PLC, Class A		162,289		26,079,842
Amdocs, Ltd.		137,602		9,411,977
Cognizant Technology Solutions Corp., Class A		388,895		30,326,032
DXC Technology Co.		186,427		18,558,808
				84,376,659
Computers — 1.8%
Apple, Inc.		80,463		13,471,920
Hewlett Packard Enterprise Co.		550,114		9,021,870
				22,493,790
Consumer Products-Misc. — 0.4%
Kimberly-Clark Corp.		46,026		5,385,042
Containers-Metal/Glass — 1.6%
Crown Holdings, Inc.†		333,735		19,373,317
Cosmetics & Toiletries — 2.5%
Colgate-Palmolive Co.		187,977		13,955,412
Coty, Inc., Class A		458,991		9,000,814
Estee Lauder Cos., Inc., Class A		59,692		8,056,032
				31,012,258
Data Processing/Management — 2.1%
Fidelity National Information Services, Inc.		248,072		25,392,650
Diagnostic Equipment — 5.8%
Abbott Laboratories		211,351		13,137,578
Danaher Corp.		261,138		26,448,057
Thermo Fisher Scientific, Inc.		140,972		31,593,235
				71,178,870
Diversified Banking Institutions — 10.8%
Bank of America Corp.		1,237,901		39,612,832
Goldman Sachs Group, Inc.		97,368		26,083,914
JPMorgan Chase & Co.		422,860		48,912,216
Morgan Stanley		308,139		17,425,260
				132,034,222
Electric Products-Misc. — 0.9%
AMETEK, Inc.		143,196		10,925,855

Security Description	Shares		Value (Note 2)
Electric-Integrated — 0.5%
American Electric Power Co., Inc.		86,825	$	5,971,823
Electronic Components-Semiconductors — 3.6%
Broadcom, Ltd.		94,796		23,512,252
Texas Instruments, Inc.		187,889		20,605,786
				44,118,038
Electronic Forms — 1.0%
Adobe Systems, Inc.†		62,849		12,554,716
Engineering/R&D Services — 0.6%
Fluor Corp.		127,318		7,728,203
Enterprise Software/Service — 0.1%
Micro Focus International PLC ADR		53,778		1,626,247
Finance-Credit Card — 4.9%
Mastercard, Inc., Class A		144,515		24,423,035
Visa, Inc., Class A		289,638		35,981,729
				60,404,764
Finance-Other Services — 1.3%
Nasdaq, Inc.		191,152		15,466,108
Food-Catering — 0.8%
Aramark		213,216		9,767,425
Food-Misc./Diversified — 3.0%
Danone SA		197,292		17,014,076
Mondelez International, Inc., Class A		432,589		19,206,951
				36,221,027
Home Decoration Products — 1.2%
Newell Brands, Inc.		557,622		14,743,526
Instruments-Controls — 1.8%
Honeywell International, Inc.		140,562		22,443,535
Insurance-Multi-line — 1.2%
Chubb, Ltd.		94,264		14,719,324
Internet Content-Entertainment — 1.5%
Facebook, Inc., Class A†		98,052		18,324,938
Investment Management/Advisor Services — 0.5%
BlackRock, Inc.		10,964		6,159,575
Medical Instruments — 2.0%
Medtronic PLC		286,035		24,567,546
Medical Products — 0.6%
Stryker Corp.		44,669		7,342,690
Medical-Biomedical/Gene — 1.2%
Biogen, Inc.†		42,101		14,643,149
Medical-Drugs — 4.9%
Eli Lilly & Co.		193,968		15,798,693
Johnson & Johnson		215,757		29,815,460
Zoetis, Inc.		190,200		14,594,046
				60,208,199
Medical-Wholesale Drug Distribution — 1.1%
McKesson Corp.		80,301		13,561,233
Multimedia — 1.1%
Twenty-First Century Fox, Inc., Class A		156,351		5,769,352
Walt Disney Co.		69,176		7,517,356
				13,286,708

273

SunAmerica Series Trust SA MFS Massachusetts Investors Trust Port

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Exploration & Production — 1.9%
EOG Resources, Inc.		199,768	$	22,973,320
Oil-Field Services — 1.9%
Schlumberger, Ltd.		322,541		23,732,567
Pipelines — 1.3%
Enterprise Products Partners LP		588,465		16,253,403
Private Equity — 0.9%
Blackstone Group LP		289,542		10,582,760
Real Estate Investment Trusts — 2.5%
American Tower Corp.		210,078		31,028,521
Retail-Apparel/Shoe — 1.1%
Ross Stores, Inc.		165,468		13,632,908
Retail-Auto Parts — 0.5%
AutoZone, Inc.†		7,177		5,493,563
Retail-Discount — 1.0%
Costco Wholesale Corp.		63,365		12,347,938
Retail-Gardening Products — 0.9%
Tractor Supply Co.		145,681		11,108,176
Retail-Restaurants — 1.4%
Starbucks Corp.		300,043		17,045,443
Textile-Apparel — 1.4%
LVMH Moet Hennessy Louis Vuitton SE		55,888		17,527,341

Security Description	Shares/ Principal Amount			Value (Note 2)
Transport-Rail — 1.8%
Canadian National Railway Co.		270,076		$	21,638,489
Web Portals/ISP — 5.8%
Alphabet, Inc., Class A†		33,397			39,482,601
Alphabet, Inc., Class C†		26,815			31,371,941
					70,854,542
Total Long-Term Investment Securities (cost $817,510,521)					1,212,592,718
SHORT-TERM INVESTMENT SECURITIES — 0.9%
U.S. Government Agencies — 0.9%
Federal Home Loan Bank Disc. Notes 0.81% due 02/01/2018 (cost $10,946,000)	$	10,946,000			10,946,000
TOTAL INVESTMENTS (cost $828,456,521)(1)		100.0	%		1,223,538,718
Other assets less liabilities		0.0			482,504
NET ASSETS		100.0	%	$	1,224,021,222

† Non-income producing security

(1) See Note 3 for cost of investments on a tax basis.

See Notes to Financial Statements

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	1,212,592,718	$	—	$	—	$	1,212,592,718
Short-Term Investment Securities		—		10,946,000		—		10,946,000
Total Investments at Value	$	1,212,592,718	$	10,946,000	$	—	$	1,223,538,718

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

274

SunAmerica Series Trust SA MFS Telecom Utility Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Electric-Integrated	37.1	%
Pipelines	15.8
Independent Power Producers	5.3
Electric-Generation	5.1
Telephone-Integrated	4.8
Real Estate Investment Trusts	4.5
Electric-Distribution	4.2
Cellular Telecom	3.8
Internet Connectivity Services	3.2
Cable/Satellite TV	3.1
Gas-Distribution	3.1
U.S. Government Agencies	2.6
Oil Companies-Exploration & Production	2.4
Water	1.6
Telecom Services	1.4
Satellite Telecom	1.3
Non-Hazardous Waste Disposal	0.7
Energy-Alternate Sources	0.6
Telecommunication Equipment	0.2
	100.8	%

* Calculated as a percentage of net assets

# See Note 1

275

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PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 91.8%
Cable/Satellite TV — 3.1%
Comcast Corp., Class A		23,606	$	1,003,963
NOS SGPS SA		53,700		365,692
				1,369,655
Cellular Telecom — 3.8%
Advanced Info Service PCL		36,400		223,723
Altice USA, Inc., Class A†		29,301		629,092
America Movil SAB de CV, Series L ADR		3,911		73,136
Millicom International Cellular SA SDR		1,106		82,460
Mobile TeleSystems PJSC ADR		33,445		406,022
Vodafone Group PLC		73,516		234,441
				1,648,874
Electric-Distribution — 4.2%
CenterPoint Energy, Inc.		6,283		177,055
PPL Corp.		51,862		1,652,842
				1,829,897
Electric-Generation — 5.1%
EDP Renovaveis SA		224,738		1,967,115
Engie Brasil Energia SA		20,400		230,124
Vistra Energy Corp.†		1,190		23,205
				2,220,444
Electric-Integrated — 34.5%
AES Corp.		62,095		717,818
Ameren Corp.		1,847		104,596
American Electric Power Co., Inc.		14,529		999,305
Avangrid, Inc.		8,710		424,351
Dominion Energy, Inc.		1,432		109,462
Duke Energy Corp.		7,605		596,992
Edison International		8,573		536,070
Emera, Inc.		22,921		847,891
Enel Americas SA ADR		18,080		212,982
Enel SpA		230,349		1,461,407
Enel Americas SA		71,077		16,625
Eversource Energy		2,865		180,753
Exelon Corp.		73,072		2,814,003
Great Plains Energy, Inc.		10,705		333,140
Iberdrola SA		110,401		898,894
NextEra Energy, Inc.		10,681		1,692,084
PG&E Corp.		14,593		619,181
Public Service Enterprise Group, Inc.		10,115		524,665
RWE AG		13,612		272,427
SCANA Corp.		1,473		59,863
Southern Co.		18,040		813,784
SSE PLC		40,363		747,601
Westar Energy, Inc.		1,737		89,733
				15,073,627
Energy-Alternate Sources — 0.6%
China Longyuan Power Group Corp. Ltd.,		348,000		254,461
Gas-Distribution — 2.7%
China Resources Gas Group, Ltd.		160,000		526,676
Gas Natural SDG SA		943		21,782
NiSource, Inc.		1,784		44,029
Sempra Energy		5,336		571,059
				1,163,546
Independent Power Producers — 4.9%
Dynegy, Inc.†		61,227		766,562
NRG Energy, Inc.		32,250		838,823

Security Description	Shares		Value (Note 2)
Independent Power Producers (continued)
NRG Yield, Inc., Class A		18,052	$	339,919
NRG Yield, Inc., Class C		9,316		176,072
				2,121,376
Internet Connectivity Services — 3.2%
Com Hem Holding AB		79,307		1,378,832
Non-Hazardous Waste Disposal — 0.7%
Covanta Holding Corp.		18,638		304,731
Pipelines — 15.8%
APA Group		34,109		221,529
Cheniere Energy, Inc.†		23,002		1,300,993
Enbridge, Inc.		34,310		1,256,081
Kinder Morgan, Inc.		23,391		420,570
ONEOK, Inc.		1,652		97,237
Plains GP Holdings LP, Class A		20,653		439,496
SemGroup Corp., Class A		5,386		154,309
Tallgrass Energy GP LP		6,878		168,374
Targa Resources Corp.		7,443		357,264
TransCanada Corp.		36,216		1,667,408
Williams Cos., Inc.		26,106		819,467
				6,902,728
Real Estate Investment Trusts — 3.9%
American Tower Corp.		11,548		1,705,640
Satellite Telecom — 1.3%
Cellnex Telecom SA*		21,524		581,228
Telecom Services — 1.4%
Globe Telecom, Inc.		360		13,334
TELUS Corp.		10,580		398,341
XL Axiata Tbk PT†		837,350		187,002
				598,677
Telecommunication Equipment — 0.2%
Telesites SAB de CV†		121,000		91,018
Telephone-Integrated — 4.8%
Hellenic Telecommunications Organization SA		27,148		426,376
KDDI Corp.		9,900		249,654
Koninklijke KPN NV		153,294		536,708
Orange SA		24,033		433,996
TDC A/S		24,222		161,669
Telefonica Brasil SA ADR		17,067		289,456
				2,097,859
Water — 1.6%
Cia de Saneamento Basico do Estado de Sao Paulo		33,500		382,527
Suez		21,068		314,145
				696,672
Total Common Stocks (cost $35,749,361)				40,039,265
CONVERTIBLE PREFERRED SECURITIES — 6.4%
Electric-Integrated — 2.6%
Dominion Resources, Inc. Series A 6.75%		6,831		344,761

276

SunAmerica Series Trust SA MFS Telecom Utility Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES (continued)
Electric-Integrated (continued)
NextEra Energy, Inc. 6.12%		9,074	$	513,225
NextEra Energy, Inc. 6.37%		3,657		259,501
				1,117,487
Gas-Distribution — 0.4%
Sempra Energy 6.00%		1,776		177,600
Independent Power Producers — 0.4%
Dynegy, Inc. 7.00%		1,932		159,875
Oil Companies-Exploration & Production — 2.4%
Anadarko Petroleum Corp. 7.50%		29,024		1,065,181
Real Estate Investment Trusts — 0.6%
American Tower Corp. 5.50%		2,202		283,507
Total Convertible Preferred Securities (cost $2,651,924)				2,803,650
Total Long-Term Investment Securities (cost $38,401,285)				42,842,915

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 2.6%
U.S. Government Agencies — 2.6%
Federal Home Loan Bank Disc. Notes 0.81% due 02/01/2018 (cost $1,128,000)	$	1,128,000		$	1,128,000
TOTAL INVESTMENTS (cost $39,529,285)(1)		100.8	%		43,970,915
Liabilities in excess of other assets		(0.8	)		(342,880	)
NET ASSETS		100.0	%	$	43,628,035

# See Note 1

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $581,228 representing 1.3% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) See Note 3 for cost of investments on a tax basis.

ADR — American Depositary Receipt

SDR — Swedish Depositary Receipt

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
Barclays Bank PLC	GBP	424,745	USD	575,729		03/28/2018	$	—	$	(28,627	)
	USD	13,021	EUR	10,829		03/28/2018		472		—
								472		(28,627	)
BNP Paribas SA	EUR	63,078	USD	77,105		03/28/2018		—		(1,493	)
Citibank N.A.	GBP	443	USD	611		03/28/2018		—		(19	)
Deutsche Bank AG	EUR	103,833	USD	124,825		03/28/2018		—		(4,554	)
	USD	12,694	EUR	10,328		03/28/2018		175		—
								175		(4,554	)
HSBC Bank USA	EUR	26,000	USD	31,257		03/28/2018		—		(1,140	)
JPMorgan Chase Bank N.A.	EUR	2,248,380	USD	2,705,035		03/28/2018		—		(96,514	)
	USD	27,414	EUR	21,964		03/28/2018		—		(45	)
								—		(96,559	)
Merrill Lynch International	CAD	3,378,861	USD	2,711,070		03/28/2018		—		(37,733	)
	EUR	35,252	USD	43,193		03/28/2018		—		(732	)
								—		(38,465	)
Morgan Stanley Capital Services, Inc.	EUR	60,614	USD	72,881		03/28/2018		—		(2,645	)
	EUR	1,104,828	USD	1,358,391		04/19/2018		—		(20,316	)
								—		(22,961	)
Royal Bank of Scotland PLC	GBP	12,131	USD	17,105		03/28/2018		—		(155	)
Net Unrealized Appreciation/(Depreciation)							$	647	$	(193,973	)

CAD	— Canadian Dollar
EUR	— Euro Currency
GBP	— British Pound Sterling
USD	— United States Dollar

277

SunAmerica Series Trust SA MFS Telecom Utility Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	40,039,265	$	—	$	—	$	40,039,265
Convertible Preferred Securities		2,803,650		—		—		2,803,650
Short-Term Investment securities		—		1,128,000		—		1,128,000
Total Investments at Value	$	42,842,915	$	1,128,000	$	—	$	43,970,915
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	647	$	—	$	647
LIABILITIES:
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	193,973	$	—	$	193,973

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

† Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $781,137 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfer between Levels during the reporting period.

See Notes to Financial Statements

278

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

United States Treasury Notes	10.4	%
Diversified Banking Institutions	7.7
Federal National Mtg. Assoc.	5.3
Medical-Drugs	4.3
Federal Home Loan Mtg. Corp.	3.8
United States Treasury Bonds	3.5
Diversified Financial Services	2.9
Tobacco	2.5
Diagnostic Equipment	2.4
Electric-Integrated	2.3
Banks-Super Regional	2.2
Computer Services	2.1
Diversified Manufacturing Operations	1.9
Insurance-Multi-line	1.8
Cable/Satellite TV	1.7
Food-Misc./Diversified	1.6
Pipelines	1.4
Oil Companies-Integrated	1.3
Aerospace/Defense	1.2
Oil Companies-Exploration & Production	1.2
Chemicals-Diversified	1.2
U.S. Government Agencies	1.2
Real Estate Investment Trusts	1.2
Banks-Fiduciary	1.0
Transport-Rail	1.0
Insurance-Life/Health	1.0
Telephone-Integrated	0.9
Instruments-Controls	0.9
Investment Management/Advisor Services	0.9
Medical Instruments	0.8
Electronic Components-Semiconductors	0.8
Government National Mtg. Assoc.	0.8
Internet Content-Entertainment	0.8
Medical-Wholesale Drug Distribution	0.8
Finance-Credit Card	0.7
Aerospace/Defense-Equipment	0.7
Auto-Cars/Light Trucks	0.7
Insurance Brokers	0.7
Computers	0.7
Banks-Commercial	0.6
Building Products-Air & Heating	0.6
Networking Products	0.6
Semiconductor Components-Integrated Circuits	0.6
Insurance-Property/Casualty	0.6
Food-Meat Products	0.5
Oil Refining & Marketing	0.5
Applications Software	0.5
Medical-HMO	0.5
Coatings/Paint	0.5
Electronic Forms	0.5
Advertising Agencies	0.5
Oil-Field Services	0.5
Commercial Services-Finance	0.5
Electric-Distribution	0.5
Beverages-Wine/Spirits	0.5
Medical Products	0.5
Auto/Truck Parts & Equipment-Original	0.4
Private Equity	0.4
Building & Construction Products-Misc.	0.4
Web Portals/ISP	0.4
Metal-Diversified	0.4

Soap & Cleaning Preparation	0.4	%
Data Processing/Management	0.4
Cosmetics & Toiletries	0.4
Finance-Other Services	0.4
Retail-Apparel/Shoe	0.4
Finance-Investment Banker/Broker	0.3
Retail-Drug Store	0.3
Retail-Consumer Electronics	0.3
Home Decoration Products	0.3
Transport-Services	0.3
Food-Retail	0.3
Airlines	0.2
Tools-Hand Held	0.2
Beverages-Non-alcoholic	0.2
Entertainment Software	0.2
Pharmacy Services	0.2
Distribution/Wholesale	0.2
Investment Companies	0.2
Agricultural Operations	0.2
Containers-Metal/Glass	0.2
Athletic Footwear	0.2
Fisheries	0.2
Municipal Bonds & Notes	0.2
Cruise Lines	0.2
Brewery	0.2
Enterprise Software/Service	0.2
Rental Auto/Equipment	0.2
Medical-Biomedical/Gene	0.2
Medical-Generic Drugs	0.2
Banks-Special Purpose	0.2
E-Commerce/Services	0.2
Appliances	0.2
Sovereign	0.1
Food-Catering	0.1
Machinery-Farming	0.1
Consumer Products-Misc.	0.1
Textile-Apparel	0.1
Gas-Distribution	0.1
Multimedia	0.1
Electric-Generation	0.1
Building-Residential/Commercial	0.1
Hotels/Motels	0.1
Computer Data Security	0.1
Food-Confectionery	0.1
Medical Labs & Testing Services	0.1
Electric-Transmission	0.1
Banks-Money Center	0.1
Printing-Commercial	0.1
Apparel Manufacturers	0.1
Housewares	0.1
Retail-Discount	0.1
Retail-Restaurants	0.1
Agricultural Chemicals	0.1
Building Products-Wood	0.1
Small Business Administration	0.1
Insurance-Mutual	0.1
Medical-Hospitals	0.1
Machinery-Electrical	0.1
Metal-Copper	0.1
	100.0%

* Calculated as a percentage of net assets

279

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 61.1%
Advertising Agencies — 0.5%
Interpublic Group of Cos., Inc.		37,230	$	814,965
Omnicom Group, Inc.		24,456		1,874,552
				2,689,517
Aerospace/Defense — 1.2%
Boeing Co.		7,672		2,718,727
Lockheed Martin Corp.		6,842		2,427,884
Northrop Grumman Corp.		5,146		1,752,367
				6,898,978
Aerospace/Defense-Equipment — 0.7%
United Technologies Corp.		28,573		3,943,360
Agricultural Chemicals — 0.1%
Monsanto Co.		3,382		411,928
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co.		24,966		1,072,290
Airlines — 0.2%
Copa Holdings SA, Class A		3,778		522,611
Delta Air Lines, Inc.		14,382		816,466
				1,339,077
Apparel Manufacturers — 0.1%
Hanesbrands, Inc.		23,563		511,788
Appliances — 0.2%
Whirlpool Corp.		4,594		833,443
Applications Software — 0.4%
Microsoft Corp.		22,826		2,168,698
Athletic Footwear — 0.2%
NIKE, Inc., Class B		15,291		1,043,152
Auto-Cars/Light Trucks — 0.5%
Ford Motor Co.		38,955		427,336
General Motors Co.		15,748		667,873
Hyundai Motor Co. (2nd Preferred)		2,272		221,274
Kia Motors Corp.		17,023		552,369
Toyota Motor Corp.		16,000		1,096,272
				2,965,124
Auto/Truck Parts & Equipment-Original — 0.4%
Allison Transmission Holdings, Inc.		11,688		517,077
Aptiv PLC		17,769		1,685,923
Delphi Technologies PLC		5,139		283,827
				2,486,827
Banks-Commercial — 0.1%
Royal Bank of Canada		7,506		642,709
Banks-Fiduciary — 1.0%
Bank of New York Mellon Corp.		56,106		3,181,210
State Street Corp.		23,975		2,641,326
				5,822,536
Banks-Super Regional — 2.2%
PNC Financial Services Group, Inc.		21,230		3,354,764
SunTrust Banks, Inc.		9,584		677,589
US Bancorp		71,083		4,061,683
Wells Fargo & Co.		63,131		4,152,757
				12,246,793
Beverages-Non-alcoholic — 0.2%
Coca-Cola European Partners PLC		12,496		501,839
PepsiCo, Inc.		6,255		752,477
				1,254,316

Security Description	Shares		Value (Note 2)
Beverages-Wine/Spirits — 0.4%
Diageo PLC		57,485	$	2,067,028
Building & Construction Products-Misc. — 0.4%
Owens Corning		25,703		2,389,608
Building Products-Air & Heating — 0.6%
Johnson Controls International PLC		92,085		3,603,286
Building-Residential/Commercial — 0.1%
PulteGroup, Inc.		19,442		618,839
Cable/Satellite TV — 1.4%
Comcast Corp., Class A		181,665		7,726,212
Chemicals-Diversified — 1.2%
Celanese Corp., Series A		8,824		954,404
DowDuPont, Inc.		18,764		1,418,183
PPG Industries, Inc.		35,276		4,188,319
				6,560,906
Coatings/Paint — 0.5%
Axalta Coating Systems, Ltd.†		22,605		712,057
Sherwin-Williams Co.		4,415		1,841,541
				2,553,598
Commercial Services-Finance — 0.5%
Equifax, Inc.		9,143		1,142,235
Moody’s Corp.		4,794		775,621
Worldpay, Inc., Class A†		7,911		635,333
				2,553,189
Computer Data Security — 0.1%
Check Point Software Technologies, Ltd.†		5,874		607,430
Computer Services — 2.1%
Accenture PLC, Class A		30,633		4,922,723
Amdocs, Ltd.		14,317		979,283
Cognizant Technology Solutions Corp., Class A		4,374		341,084
DXC Technology Co.		41,196		4,101,062
International Business Machines Corp.		6,618		1,083,367
				11,427,519
Computers — 0.4%
Apple, Inc.		9,479		1,587,069
Hewlett Packard Enterprise Co.		40,185		659,034
				2,246,103
Consumer Products-Misc. — 0.1%
Kimberly-Clark Corp.		6,423		751,491
Containers-Metal/Glass — 0.2%
Crown Holdings, Inc.†		18,290		1,061,735
Cosmetics & Toiletries — 0.4%
Coty, Inc., Class A		53,425		1,047,664
Procter & Gamble Co.		12,597		1,087,625
				2,135,289
Cruise Lines — 0.2%
Carnival Corp.		14,254		1,020,729
Data Processing/Management — 0.4%
Fidelity National Information Services, Inc.		11,761		1,203,856
Fiserv, Inc.†		5,844		823,069
				2,026,925

280

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diagnostic Equipment — 2.1%
Abbott Laboratories		51,747	$	3,216,594
Danaher Corp.		38,041		3,852,792
Thermo Fisher Scientific, Inc.		19,207		4,304,481
				11,373,867
Distribution/Wholesale — 0.2%
HD Supply Holdings, Inc.†		5,598		217,706
LKQ Corp.†		21,561		906,209
				1,123,915
Diversified Banking Institutions — 5.6%
Bank of America Corp.		141,654		4,532,928
BNP Paribas SA		6,152		508,692
Citigroup, Inc.		82,102		6,443,365
Goldman Sachs Group, Inc.		18,103		4,849,613
JPMorgan Chase & Co.		103,184		11,935,293
Morgan Stanley		24,575		1,389,716
Sumitomo Mitsui Financial Group, Inc.		7,700		344,056
UBS Group AG		49,550		1,006,172
				31,009,835
Diversified Manufacturing Operations — 1.9%
3M Co.		10,870		2,722,935
Eaton Corp. PLC		53,026		4,452,593
Illinois Tool Works, Inc.		15,591		2,707,689
Ingersoll-Rand PLC		6,778		641,402
				10,524,619
Electric-Distribution — 0.3%
PPL Corp.		49,418		1,574,952
Electric-Generation — 0.1%
Engie SA		36,628		635,747
Electric-Integrated — 1.5%
American Electric Power Co., Inc.		8,859		609,322
Duke Energy Corp.		25,729		2,019,727
Exelon Corp.		63,073		2,428,941
Public Service Enterprise Group, Inc.		15,627		810,573
Southern Co.		14,358		647,689
SSE PLC		45,869		849,583
WEC Energy Group, Inc.		8,373		538,384
Xcel Energy, Inc.		9,349		426,688
				8,330,907
Electronic Components-Semiconductors — 0.8%
Broadcom, Ltd.		2,912		722,263
Intel Corp.		21,463		1,033,229
Texas Instruments, Inc.		26,192		2,872,477
				4,627,969
Electronic Forms — 0.5%
Adobe Systems, Inc.†		13,760		2,748,698
Enterprise Software/Service — 0.2%
Oracle Corp.		19,301		995,739
Entertainment Software — 0.2%
Take-Two Interactive Software, Inc.†		9,874		1,250,740
Finance-Credit Card — 0.6%
American Express Co.		11,809		1,173,814
Discover Financial Services		17,541		1,399,772
Visa, Inc., Class A		6,239		775,071
				3,348,657

Security Description	Shares		Value (Note 2)
Finance-Investment Banker/Broker — 0.1%
Charles Schwab Corp.		12,550	$	669,417
Finance-Other Services — 0.2%
Nasdaq, Inc.		13,573		1,098,191
Fisheries — 0.2%
Marine Harvest ASA		60,134		1,040,989
Food-Catering — 0.1%
Aramark		17,069		781,931
Food-Confectionery — 0.1%
J.M. Smucker Co.		3,468		440,055
Food-Meat Products — 0.5%
Tyson Foods, Inc., Class A		39,740		3,024,611
Food-Misc./Diversified — 1.4%
Danone SA		13,430		1,158,177
General Mills, Inc.		44,766		2,618,363
Mondelez International, Inc., Class A		13,638		605,527
Nestle SA		30,767		2,658,375
Pinnacle Foods, Inc.		9,417		583,289
				7,623,731
Food-Retail — 0.3%
Kroger Co.		33,744		1,024,468
Seven & i Holdings Co., Ltd.		8,900		365,718
				1,390,186
Gas-Distribution — 0.1%
Sempra Energy		6,388		683,644
Home Decoration Products — 0.3%
Newell Brands, Inc.		59,088		1,562,287
Hotels/Motels — 0.1%
Marriott International, Inc., Class A		4,140		609,988
Housewares — 0.1%
Tupperware Brands Corp.		8,569		494,945
Instruments-Controls — 0.9%
Honeywell International, Inc.		29,998		4,789,781
Insurance Brokers — 0.6%
Aon PLC		22,520		3,201,668
Insurance-Life/Health — 1.0%
Athene Holding, Ltd., Class A†		13,842		694,315
Brighthouse Financial, Inc.†		1,403		90,157
Prudential Financial, Inc.		30,389		3,610,821
Unum Group		16,503		877,794
				5,273,087
Insurance-Multi-line — 1.8%
Chubb, Ltd.		28,498		4,449,963
MetLife, Inc.		84,488		4,061,338
Zurich Insurance Group AG		4,494		1,476,997
				9,988,298
Insurance-Property/Casualty — 0.6%
Travelers Cos., Inc.		22,616	$	3,390,591
Internet Content-Entertainment — 0.8%
Facebook, Inc., Class A†		22,944		4,288,004
Investment Management/Advisor Services — 0.9%
BlackRock, Inc.		4,336		2,435,965
Franklin Resources, Inc.		9,412		399,163
Invesco, Ltd.		14,870		537,253
T. Rowe Price Group, Inc.		12,069		1,347,262
				4,719,643

281

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery-Electrical — 0.1%
Regal Beloit Corp.		3,646	$	284,023
Machinery-Farming — 0.1%
Deere & Co.		4,640		772,189
Medical Instruments — 0.7%
Medtronic PLC		48,154		4,135,947
Medical Products — 0.2%
Zimmer Biomet Holdings, Inc.		7,419		943,103
Medical-Biomedical/Gene — 0.1%
Biogen, Inc.†		1,641		570,756
Medical-Drugs — 3.9%
Bayer AG		13,738		1,798,087
Bristol-Myers Squibb Co.		16,441		1,029,207
Eli Lilly & Co.		29,420		2,396,259
Johnson & Johnson		44,608		6,164,379
Merck & Co., Inc.		30,901		1,830,884
Novartis AG		8,976		812,011
Pfizer, Inc.		174,986		6,481,481
Roche Holding AG		3,617		891,669
				21,403,977
Medical-Generic Drugs — 0.1%
Mylan NV†		13,571		581,517
Medical-HMO — 0.5%
Cigna Corp.		7,668		1,597,628
Humana, Inc.		2,199		619,744
Molina Healthcare, Inc.†		7,486		683,921
				2,901,293
Medical-Wholesale Drug Distribution — 0.8%
McKesson Corp.		24,903		4,205,619
Metal-Diversified — 0.3%
Rio Tinto PLC		31,291		1,742,486
Motorcycle/Motor Scooter — 0.0%
Harley-Davidson, Inc.		3,455		167,429
Multimedia — 0.1%
Time Warner, Inc.		6,907		658,582
Networking Products — 0.6%
Cisco Systems, Inc.		86,732		3,602,847
Oil Companies-Exploration & Production — 1.2%
Anadarko Petroleum Corp.		14,024		842,141
EOG Resources, Inc.		19,509		2,243,535
EQT Corp.		9,935		539,371
Hess Corp.		12,190		615,717
Noble Energy, Inc.		18,562		566,512
Occidental Petroleum Corp.		17,157		1,286,261
Pioneer Natural Resources Co.		3,801		695,241
				6,788,778
Oil Companies-Integrated — 1.3%
BP PLC		242,353		1,724,309
Chevron Corp.		17,197		2,155,644
Eni SpA		51,854		932,599
Exxon Mobil Corp.		27,214		2,375,782
				7,188,334
Oil Refining & Marketing — 0.2%
Marathon Petroleum Corp.		7,998		554,022
Phillips 66		8,046		823,910
				1,377,932

Security Description	Shares		Value (Note 2)
Oil-Field Services — 0.5%
Schlumberger, Ltd.		36,296	$	2,670,660
Pharmacy Services — 0.2%
Express Scripts Holding Co.†		14,486		1,147,001
Pipelines — 0.8%
Enterprise Products Partners LP		75,764		2,092,602
Plains All American Pipeline LP		29,620		621,131
Plains GP Holdings LP, Class A		28,048		596,861
Williams Partners LP		33,235		1,392,547
				4,703,141
Printing-Commercial — 0.1%
Transcontinental, Inc., Class A		28,039		566,935
Private Equity — 0.4%
Apollo Global Management LLC, Class A		42,984		1,536,678
Blackstone Group LP		26,116		954,540
				2,491,218
Real Estate Investment Trusts — 1.0%
AGNC Investment Corp.		12,162		228,524
Annaly Capital Management, Inc.		54,283		572,143
Iron Mountain, Inc.		14,789		518,059
Medical Properties Trust, Inc.		136,981		1,791,711
Public Storage		1,930		377,817
Simon Property Group, Inc.		4,712		769,799
STAG Industrial, Inc.		11,209		283,812
Starwood Property Trust, Inc.		13,335		271,901
STORE Capital Corp.		7,157		175,418
Washington Prime Group, Inc.		67,225		442,340
				5,431,524
Retail-Apparel/Shoe — 0.3%
Ross Stores, Inc.		17,182		1,415,625
Retail-Consumer Electronics — 0.3%
Best Buy Co., Inc.		21,680		1,583,941
Retail-Discount — 0.1%
Walmart, Inc.		3,954		421,496
Retail-Drug Store — 0.3%
CVS Health Corp.		22,869		1,799,562
Retail-Restaurants — 0.1%
Starbucks Corp.		7,253		412,043
Semiconductor Components-Integrated Circuits — 0.6%
Analog Devices, Inc.		3,122		286,849
Maxim Integrated Products, Inc.		14,637		892,857
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		50,555		2,290,647
				3,470,353
Soap & Cleaning Preparation — 0.2%
Reckitt Benckiser Group PLC		12,150		1,173,597
Telephone-Integrated — 0.5%
TDC A/S		50,839		339,323
Verizon Communications, Inc.		43,687		2,362,156
				2,701,479
Textile-Apparel — 0.1%
LVMH Moet Hennessy Louis Vuitton SE		2,353		737,937

282

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Tobacco — 2.3%
Altria Group, Inc.		56,766	$	3,992,920
Japan Tobacco, Inc.		8,200		271,305
Philip Morris International, Inc.		77,450		8,304,964
				12,569,189
Tools-Hand Held — 0.2%
Stanley Black & Decker, Inc.		7,951		1,321,695
Toys — 0.0%
Hasbro, Inc.		2,297		217,227
Transport-Rail — 1.0%
Canadian National Railway Co.		7,493		600,339
Union Pacific Corp.		36,476		4,869,546
				5,469,885
Transport-Services — 0.3%
United Parcel Service, Inc., Class B		11,755		1,496,647
Web Portals/ISP — 0.3%
Alphabet, Inc., Class A†		1,401		1,656,291
Total Common Stocks (cost $237,495,057)				339,079,373
CONVERTIBLE PREFERRED SECURITIES — 0.4%
Electric-Integrated — 0.1%
NextEra Energy, Inc. 6.12%		4,241		239,871
NextEra Energy, Inc. 6.37%		4,902		347,846
				587,717
Medical-Drugs — 0.3%
Allergan PLC 5.50%		2,479		1,605,648
Total Convertible Preferred Securities (cost $2,693,519)				2,193,365
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.2%
Banks-Commercial — 0.1%
BPCE SA 12.50% due 09/30/2019*(1)		287,000		329,333
Banks-Money Center — 0.1%
BBVA Bancomer SA Sub. Notes 6.75% due 09/30/2022*		510,000		567,502
Total Preferred Securities/Capital Securities (cost $853,979)				896,835
ASSET BACKED SECURITIES — 2.9%
Diversified Financial Services — 2.9%
ALM V, Ltd. FRS Series 2012-5A, Class A2R3 2.60% (3 ML+1.25%) due 10/18/2027*(3)(5)		514,000		513,737
American Tower Trust I Series 13, Class 2A 3.07% due 03/15/2048*		630,000		627,085
Banchmark Mtg. Trust Series 2018-B1, Class A5 3.67% due 01/15/2051(4)		763,000		781,917

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Bayview Financial Revolving Mtg. Loan Trust FRS Series 2005-E, Class M1 3.17% (1 ML+1.60%) due 12/28/2040*(5)	$	326,040	$	289,945
CD Commercial Mtg. Trust VRS Series 2017-CD4, Class A4 3.51% due 05/10/2050(2)(4)		936,324		947,211
Cent CLO LP FRS Series 2014-21A, Class A1BR 2.58% (3 ML+1.21%) due 07/27/2026*(3)		590,176		590,473
Cent CLO LP FRS Series 2013-17A, Class A1 2.68% (3 ML+1.30%) due 01/30/2025*(3)		239,193		239,461
Chesapeake Funding II LLC FRS Series 2016-2A, Class A2 2.56% (1 ML+1.00%) due 06/15/2028*(5)		509,029		511,623
Citigroup Commercial Mtg. Trust Series 2017-C4, Class A4 3.47% due 10/12/2050(4)		245,404		247,045
COMM Mtg. Trust Series 2017-COR2, Class A3 3.51% due 09/10/2050(4)		607,952		611,783
COMM Mtg. Trust Series 2015-LC21, Class A4 3.71% due 07/10/2048(4)		821,121		842,665
CSAIL Commercial Mtg. Trust Series 2015-C2, Class A4 3.50% due 06/15/2057(4)		467,518		474,908
Dryden Senior Loan Fund FRS Series 2013-26A, Class A 2.82% (3 ML+1.10%) due 07/15/2025*(3)		557,618		557,929
Dryden Senior Loan Fund FRS Series 2014-34A, Class AR 2.88% (3 ML+1.16%) due 10/15/2026*(3)		882,000		882,594
Ford Credit Auto Owner Trust Series 2014-1, Class A 2.26% due 11/15/2025*		347,000		346,833
Ford Credit Auto Owner Trust Series 2014-2, Class A 2.31% due 04/15/2026*		268,000		267,490
GMAC Mtg. Corp. Loan Trust VRS Series 2006-HE3, Class A3 5.81% due 10/25/2036(2)		95,404		96,671
GS Mtg. Securities Corp. II Series 2015-GC30, Class A4 3.38% due 05/10/2050(4)		879,375		887,974
GS Mtg. Securities Trust Series 2017-GS6, Class A3 3.43% due 05/10/2050(4)		431,816		433,726
ING Investment Management CLO, Ltd. FRS Series 2013-2A, Class A1 2.90% (3 ML+1.15%) due 04/25/2025*(3)		533,014		533,444
JPMBB Commercial Mtg. Securities Trust Series 2015-C28, Class A4 3.23% due 10/15/2048(4)		635,131		633,359

283

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
JPMBB Commercial Mtg. Securities Trust Series 2014-C26, Class A4 3.49% due 01/15/2048(4)	$	1,010,000	$	1,024,639
JPMCC Commercial Mtg. Securities Trust Series 2017-JP7, Class A5 3.45% due 09/15/2050(4)		166,564		167,576
Morgan Stanley Bank of America Merrill Lynch Trust Series 2017-C34, Class A4 3.54% due 11/15/2052(4)		324,355		328,145
Morgan Stanley Capital I Trust Series 2017-H1, Class A5 3.53% due 06/15/2050(4)		294,880		298,268
Morgan Stanley Capital I, Inc. VRS Series 1998-HF2, Class X 1.29% due 11/15/2030*(2)(4)(6)		246,124		2
Mountain Hawk III CLO, Ltd. FRS Series 2014-3A, Class BR 3.53% (3 ML+1.80%) due 04/18/2025*(3)		905,390		907,634
Residential Funding Mtg. Securities II, Inc. VRS Series 2005-HS2, Class AI3 5.32% due 12/25/2035(2)		185,794		175,814
UBS Commercial Mtg. Trust Series 2017-C7, Class A4 3.68% due 12/15/2050(4)		743,000		757,268
Wells Fargo Commercial Mtg. Trust Series 2015-C28, Class A4 3.54% due 05/15/2048(4)		893,749		911,088
Total Asset Backed Securities (cost $16,139,721)				15,888,307
U.S. CORPORATE BONDS & NOTES — 7.8%
Applications Software — 0.1%
Microsoft Corp. Senior Notes 4.25% due 02/06/2047		677,000		749,462
Auto-Cars/Light Trucks — 0.2%
General Motors Co. Senior Notes 5.15% due 04/01/2038		146,000		152,931
General Motors Co. Senior Notes 6.75% due 04/01/2046		234,000		291,772
General Motors Financial Co., Inc. Company Guar. Notes 3.20% due 07/06/2021		483,000		483,261
				927,964
Auto/Truck Parts & Equipment-Original — 0.0%
Lear Corp. Senior Notes 3.80% due 09/15/2027		251,000		248,922
Banks-Commercial — 0.0%
Citizens Bank NA Senior Bonds 2.25% due 03/02/2020		250,000		247,665
Banks-Super Regional — 0.0%
SunTrust Banks, Inc. Senior Notes 2.35% due 11/01/2018		271,000		271,449

Security Description	Principal Amount		Value (Note 2)
Beverages-Wine/Spirits — 0.1%
Constellation Brands, Inc. Company Guar. Notes 3.50% due 05/09/2027	$	446,000	$	441,275
Brewery — 0.2%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 8.00% due 11/15/2039		660,000		1,016,038
Building Products-Cement — 0.0%
Martin Marietta Materials, Inc. Senior Notes 3.50% due 12/15/2027		182,000		177,166
Building Products-Wood — 0.1%
Masco Corp. Senior Notes 4.38% due 04/01/2026		381,000		396,240
Cable/Satellite TV — 0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.91% due 07/23/2025		449,000		469,448
Cox Communications, Inc. Senior Notes 3.50% due 08/15/2027*		193,000		188,602
Time Warner Entertainment Co. LP Senior Sec. Notes 8.38% due 07/15/2033		700,000		945,653
				1,603,703
Cellular Telecom — 0.0%
Crown Castle Towers LLC Senior Sec. Notes 4.88% due 08/15/2040*		240,000		251,704
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 4.50% due 06/01/2047		250,000		263,831
Computers — 0.3%
Apple, Inc. Senior Notes 2.85% due 02/23/2023		740,000		741,020
Apple, Inc. Senior Notes 3.35% due 02/09/2027		470,000		469,928
Apple, Inc. Senior Notes 3.85% due 05/04/2043		228,000		231,529
				1,442,477
Data Processing/Management — 0.0%
Fidelity National Information Services, Inc. Senior Notes 4.50% due 08/15/2046		131,000		133,665
Diagnostic Equipment — 0.3%
Abbott Laboratories Senior Notes 4.90% due 11/30/2046		468,000		533,865
Thermo Fisher Scientific, Inc. Senior Notes 2.95% due 09/19/2026		527,000		502,853

284

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diagnostic Equipment (continued)
Thermo Fisher Scientific, Inc. Senior Notes 3.20% due 08/15/2027	$	700,000	$	681,968
				1,718,686
Diversified Banking Institutions — 1.8%
Bank of America Corp. Senior Notes 3.00% due 12/20/2023*		496,000		490,942
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		363,000		362,226
Bank of America Corp. Senior Notes 3.50% due 04/19/2026		357,000		359,219
Bank of America Corp. Senior Notes 4.10% due 07/24/2023		800,000		837,855
Bank of America Corp. Senior Notes 4.13% due 01/22/2024		1,282,000		1,341,188
Citigroup, Inc. Senior Notes 2.50% due 09/26/2018		460,000		461,037
Goldman Sachs Group, Inc. Senior Notes 3.85% due 01/26/2027		106,000		107,067
JPMorgan Chase & Co. Senior Notes 3.20% due 01/25/2023		647,000		651,039
JPMorgan Chase & Co. Senior Notes 3.78% due 02/01/2028		1,137,000		1,157,694
JPMorgan Chase & Co. Senior Notes 3.90% due 01/23/2049		246,000		246,225
Morgan Stanley Senior Notes 3.13% due 01/23/2023		447,000		445,064
Morgan Stanley Senior Notes 3.63% due 01/20/2027		1,047,000		1,049,208
Morgan Stanley Senior Notes 3.88% due 04/29/2024		665,000		682,610
Morgan Stanley Senior Notes 4.00% due 07/23/2025		248,000		255,964
Morgan Stanley Senior Notes 6.63% due 04/01/2018		1,270,000		1,279,804
				9,727,142
E-Commerce/Services — 0.2%
Priceline Group, Inc. Senior Notes 2.75% due 03/15/2023		855,000		836,627
Electric-Integrated — 0.6%
Berkshire Hathaway Energy Co. Senior Notes 3.75% due 11/15/2023		410,000		423,903

Security Description	Principal Amount		Value (Note 2)
Electric-Integrated (continued)
Duke Energy Corp. Senior Notes 2.65% due 09/01/2026	$	82,000	$	76,367
Exelon Corp. Senior Notes 3.40% due 04/15/2026		707,000		698,424
PPL Capital Funding, Inc. Company Guar. Notes 3.40% due 06/01/2023		530,000		532,279
PPL Capital Funding, Inc. Company Guar. Notes 5.00% due 03/15/2044		180,000		205,671
Progress Energy, Inc. Senior Notes 3.15% due 04/01/2022		672,000		670,820
Southern Co. Senior Notes 3.25% due 07/01/2026		804,000		777,363
				3,384,827
Electric-Transmission — 0.1%
Oncor Electric Delivery Co. LLC Senior Sec. Notes 7.00% due 09/01/2022		495,000		577,353
Finance-Credit Card — 0.1%
Visa, Inc. Senior Notes 3.15% due 12/14/2025		748,000		746,501
Finance-Investment Banker/Broker — 0.2%
Charles Schwab Corp. Senior Notes 3.20% due 01/25/2028		545,000		534,830
E*TRADE Financial Corp. Senior Notes 2.95% due 08/24/2022		211,000		207,330
Raymond James Financial, Inc. Senior Notes 4.95% due 07/15/2046		487,000		547,255
				1,289,415
Finance-Other Services — 0.2%
Intercontinental Exchange, Inc. Company Guar. Notes 2.35% due 09/15/2022		304,000		296,861
Intercontinental Exchange, Inc. Company Guar. Notes 2.75% due 12/01/2020		188,000		189,186
Intercontinental Exchange, Inc. Company Guar. Notes 4.00% due 10/15/2023		519,000		543,328
				1,029,375
Food-Confectionery — 0.0%
WM Wrigley Jr. Co. Senior Notes 2.40% due 10/21/2018*		150,000		150,176
Food-Misc./Diversified — 0.1%
Kraft Heinz Foods Co. Company Guar. Notes 3.00% due 06/01/2026		540,000		507,479

285

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food-Misc./Diversified (continued)
Kraft Heinz Foods Co. Company Guar. Notes 5.00% due 07/15/2035	$	223,000	$	241,995
				749,474
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc. Senior Notes 4.80% due 07/15/2021		570,000		604,228
Insurance-Mutual — 0.1%
Liberty Mutual Group, Inc. Company Guar. Notes 4.85% due 08/01/2044*		297,000		322,918
Insurance-Reinsurance — 0.0%
Berkshire Hathaway, Inc. Senior Notes 3.13% due 03/15/2026		245,000		242,054
Medical Instruments — 0.1%
Medtronic, Inc. Company Guar. Notes 4.38% due 03/15/2035		600,000		657,875
Medical Labs & Testing Services — 0.1%
Laboratory Corp. of America Holdings Senior Notes 3.20% due 02/01/2022		133,000		133,696
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		431,000		453,968
				587,664
Medical Products — 0.3%
Becton Dickinson and Co. Senior Notes 2.68% due 12/15/2019		325,000		324,764
Becton Dickinson and Co. Senior Notes 4.67% due 06/06/2047		448,000		474,647
Zimmer Holdings, Inc. Senior Notes 3.55% due 04/01/2025		771,000		758,764
				1,558,175
Medical-Biomedical/Gene — 0.1%
Celgene Corp. Senior Notes 2.88% due 08/15/2020		320,000		321,328
Medical-Hospitals — 0.1%
Northwell Healthcare, Inc. Sec. Notes 3.98% due 11/01/2046		35,000		33,646
Northwell Healthcare, Inc. Sec. Notes 4.26% due 11/01/2047		279,000		279,347
				312,993
Metal-Copper — 0.1%
Southern Copper Corp. Senior Notes 5.88% due 04/23/2045		229,000		280,819

Security Description	Principal Amount		Value (Note 2)
Metal-Diversified — 0.1%
Glencore Funding LLC Company Guar. Notes 4.13% due 05/30/2023*	$	427,000	$	439,037
Oil Refining & Marketing — 0.3%
Marathon Petroleum Corp. Senior Notes 3.63% due 09/15/2024		529,000		534,638
Marathon Petroleum Corp. Senior Notes 4.75% due 09/15/2044		357,000		378,213
Valero Energy Corp. Senior Notes 4.90% due 03/15/2045		563,000		637,844
				1,550,695
Pipelines — 0.5%
Enterprise Products Operating LLC Company Guar. Notes 6.50% due 01/31/2019		565,000		587,848
Kinder Morgan Energy Partners LP Company Guar. Notes 4.15% due 02/01/2024		520,000		533,191
Kinder Morgan Energy Partners LP Company Guar. Notes 7.40% due 03/15/2031		110,000		134,316
ONEOK, Inc. Company Guar. Notes 4.95% due 07/13/2047		542,000		577,031
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.00% due 03/15/2027		678,000		719,925
				2,552,311
Real Estate Investment Trusts — 0.2%
American Tower Corp. Senior Notes 3.00% due 06/15/2023		253,000		248,373
American Tower Corp. Senior Notes 3.60% due 01/15/2028		253,000		245,305
Crown Castle International Corp. Senior Notes 3.65% due 09/01/2027		414,000		403,570
				897,248
Rental Auto/Equipment — 0.2%
ERAC USA Finance LLC Company Guar. Notes 7.00% due 10/15/2037*		711,000		937,540
Retail-Apparel/Shoe — 0.1%
Coach, Inc. Senior Notes 4.13% due 07/15/2027		357,000		354,526
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. Company Guar. Notes 3.48% due 12/01/2027*		150,000		148,014
Telephone-Integrated — 0.4%
AT&T, Inc. Senior Notes 3.00% due 06/30/2022		523,000		518,405

286

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
AT&T, Inc. Senior Notes 3.40% due 08/14/2024	$	847,000	$	846,954
AT&T, Inc. Senior Notes 3.40% due 05/15/2025		523,000		508,877
AT&T, Inc. Senior Notes 5.45% due 03/01/2047		564,000		601,041
				2,475,277
Tobacco — 0.1%
Reynolds American, Inc. Company Guar. Notes 5.85% due 08/15/2045		457,000		556,705
Total U.S. Corporate Bonds & Notes (cost $41,774,248)				43,180,544
FOREIGN CORPORATE BONDS & NOTES — 2.2%
Banks-Commercial — 0.4%
ABN AMRO Bank NV Sub. Notes 4.80% due 04/18/2026*		400,000		421,198
Banco de Credito del Peru Senior Notes 5.38% due 09/16/2020		522,000		554,891
Bank of Tokyo-Mitsubishi UFJ, Ltd. Senior Notes 4.10% due 09/09/2023*		530,000		551,036
Credit Suisse AG Sub. Notes 6.50% due 08/08/2023*		240,000		268,200
ING Bank NV Sub. Notes 5.80% due 09/25/2023*		659,000		728,582
				2,523,907
Banks-Special Purpose — 0.2%
KFW Government Guar. Notes 4.88% due 06/17/2019		840,000		870,257
Diversified Banking Institutions — 0.3%
Royal Bank of Scotland Group PLC Senior Notes 3.88% due 09/12/2023		694,000		700,511
UBS Group Funding Switzerland AG Company Guar. Notes 4.13% due 04/15/2026*(5)		523,000		538,527
UBS Group Funding Switzerland AG Company Guar. Notes 4.25% due 03/23/2028*		524,000		542,519
				1,781,557
E-Commerce/Products — 0.0%
Alibaba Group Holding, Ltd. Senior Notes 4.00% due 12/06/2037		200,000		200,087
Electric-Distribution — 0.2%
State Grid Overseas Investment, Ltd. Company Guar. Notes 2.75% due 05/07/2019*(5)		561,000		561,378

Security Description	Principal Amount		Value (Note 2)
Electric-Distribution (continued)
State Grid Overseas Investment, Ltd. Company Guar. Notes 2.75% due 05/04/2022*	$	394,000	$	385,864
				947,242
Electric-Integrated — 0.1%
Enel Finance International NV Company Guar. Notes 4.75% due 05/25/2047*		400,000		425,850
Food-Misc./Diversified — 0.1%
Danone SA Senior Notes 2.95% due 11/02/2026*		694,000		660,627
Investment Companies — 0.2%
Temasek Financial I, Ltd. Company Guar. Notes 2.38% due 01/23/2023*		1,110,000		1,079,924
Medical-Drugs — 0.1%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		486,000		465,601
Medical-Generic Drugs — 0.1%
Actavis Funding SCS Company Guar. Notes 3.80% due 03/15/2025		288,000		289,169
Oil Companies-Integrated — 0.0%
BP Capital Markets PLC Company Guar. Notes 4.50% due 10/01/2020		193,000		202,515
Pipelines — 0.1%
APT Pipelines, Ltd. Company Guar. Notes 4.20% due 03/23/2025*		774,000		791,552
APT Pipelines, Ltd. Company Guar. Notes 4.25% due 07/15/2027*		58,000		58,968
				850,520
Soap & Cleaning Preparation — 0.2%
Reckitt Benckiser Treasury Services PLC Company Guar. Notes 3.00% due 06/26/2027*		357,000		339,306
Reckitt Benckiser Treasury Services PLC Company Guar. Notes 3.63% due 09/21/2023*		650,000		659,470
				998,776
Tobacco — 0.1%
Imperial Brands Finance PLC Company Guar. Notes 2.95% due 07/21/2020*		517,000		518,606
Web Portals/ISP — 0.1%
Baidu, Inc. Senior Notes 3.50% due 11/28/2022		690,000		692,993
Total Foreign Corporate Bonds & Notes (cost $12,297,765)				12,507,631

287

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 10.0%
Federal Home Loan Mtg. Corp. — 3.8%
3.00% due 03/01/2043	$	347,646	$	342,751
3.00% due 04/01/2043		809,679		798,335
3.00% due 05/01/2043		707,858		697,809
3.00% due 05/01/2046		364,040		357,404
3.00% due 10/01/2046		659,387		647,366
3.00% due 11/01/2046		875,884		859,918
3.50% due 02/01/2042		367,602		373,079
3.50% due 04/01/2042		225,809		229,780
3.50% due 12/01/2042		567,624		576,552
3.50% due 04/01/2043		156,881		159,347
3.50% due 07/01/2043		29,484		29,923
3.50% due 08/01/2043		360,779		366,066
3.50% due 12/01/2045		440,457		445,470
3.50% due 11/01/2046		276,384		279,533
3.50% due 12/01/2046		1,176,894		1,190,303
3.50% due 01/01/2047		1,008,601		1,020,094
4.00% due 11/01/2040		430,198		446,425
4.00% due 01/01/2041		893,288		927,000
4.00% due 04/01/2044		298,684		308,857
4.00% due 08/01/2047		757,103		782,750
4.50% due 08/01/2018		4,153		4,192
4.50% due 11/01/2018		12,334		12,452
4.50% due 01/01/2019		3,670		3,704
4.50% due 03/01/2019		1,183		1,195
4.50% due 08/01/2019		1,318		1,340
4.50% due 02/01/2020		2,635		2,660
4.50% due 08/01/2024		119,787		124,951
4.50% due 04/01/2035		23,516		24,880
4.50% due 07/01/2039		184,061		194,653
4.50% due 09/01/2039		80,674		85,321
4.50% due 10/01/2039		46,467		49,151
4.50% due 12/01/2039		71,495		75,613
4.50% due 05/01/2042		125,843		133,064
5.00% due 03/01/2018		629		639
5.00% due 05/01/2018		1,863		1,893
5.00% due 09/01/2018		3,397		3,451
5.00% due 02/01/2019		8,984		9,127
5.00% due 09/01/2033		100,522		108,284
5.00% due 03/01/2034		37,729		41,098
5.00% due 04/01/2034		17,859		19,240
5.00% due 08/01/2035		24,996		26,936
5.00% due 10/01/2035		58,926		63,972
5.00% due 11/01/2035		174,379		188,414
5.00% due 12/01/2036		31,800		34,364
5.00% due 07/01/2039		239,749		259,668
5.50% due 01/01/2019		4,796		4,808
5.50% due 04/01/2019		1,327		1,332
5.50% due 06/01/2019		912		915
5.50% due 07/01/2019		985		986
5.50% due 12/01/2033		71,710		80,530
5.50% due 01/01/2034		102,335		112,542
5.50% due 04/01/2034		17,604		19,149
5.50% due 11/01/2034		12,009		13,191
5.50% due 05/01/2035		13,997		15,185
5.50% due 09/01/2035		17,901		19,436
5.50% due 10/01/2035		18,707		20,652
6.00% due 08/01/2019		9,566		9,697
6.00% due 09/01/2019		871		872
6.00% due 11/01/2019		3,297		3,314
6.00% due 05/01/2021		3,725		3,814
6.00% due 10/01/2021		26,185		26,888
6.00% due 04/01/2034		56,362		63,421

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
6.00% due 07/01/2034	$	48,399	$	54,267
6.00% due 08/01/2034		117,097		132,283
6.00% due 09/01/2034		5,102		5,669
6.00% due 07/01/2035		32,339		36,154
6.00% due 08/01/2035		27,976		31,362
6.00% due 11/01/2035		44,438		49,968
6.00% due 03/01/2036		14,654		16,285
6.00% due 07/01/2036		14,537		16,154
6.00% due 10/01/2036		28,423		31,887
6.00% due 01/01/2037		38,964		43,861
6.00% due 03/01/2037		8,255		9,174
6.00% due 05/01/2037		60,908		68,701
6.00% due 06/01/2037		27,401		30,766
6.50% due 05/01/2034		7,182		7,960
6.50% due 06/01/2034		35,007		38,797
6.50% due 08/01/2034		39,906		44,227
6.50% due 10/01/2034		29,974		33,660
6.50% due 11/01/2034		1,383		1,532
6.50% due 05/01/2037		41,901		47,636
6.50% due 07/01/2037		24,856		27,700
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs.
Series K071, Class X1 0.29% due 11/25/2027(4)(6)		2,291,740		58,110
Series K712, Class A2 1.87% due 11/25/2019(4)		220,629		218,998
Series K704, Class A2 2.41% due 08/25/2018(4)		268,786		268,662
Series K503, Class A2 2.46% due 08/25/2019(4)		200,000		200,213
Series K026, Class A2 2.51% due 11/25/2022(4)		308,000		304,839
Series K042, Class A2 2.67% due 12/25/2024(4)		320,000		315,533
Series K055, Class A2 2.67% due 03/25/2026(4)		232,000		226,268
Series K720, Class A2 2.72% due 06/25/2022(4)		218,832		218,927
Series K718, Class A2 2.79% due 01/25/2022(4)		299,000		300,308
Series K028, Class A2 3.11% due 02/25/2023(4)		439,000		445,682
Series K702, Class A2 3.15% due 02/25/2018(4)		10,861		10,846
Series K041, Class A2 3.17% due 10/25/2024(4)		267,000		271,068
Series K071, Class A2 3.29% due 11/25/2027(4)		494,000		500,476
Series K060, Class A2 3.30% due 10/25/2026(4)		193,000		196,127
Series K003, Class A5 5.09% due 03/25/2019(4)		793,000		810,529
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS
Series K071, Class XAM 0.20% due 11/25/2027(2)(4)(6)		3,192,000		63,738
Series K070, Class XAM 0.24% due 12/25/2027*(2)(4)(5)(6)		1,984,000		47,565
Series K721, Class XAM 0.28% due 11/25/2024(2)(4)(6)		3,013,000		57,571
Series K069, Class XAM 0.28% due 09/25/2027(2)(4)(6)		2,042,000		54,291

288

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series K072, Class XAM 0.29% due 12/25/2027(2)(4)(6)	$	2,208,000	$	60,676
Series K154, Class X1 0.31% due 11/25/2032(2)(4)(6)		1,762,634		59,217
Series K728, Class XAM 0.31% due 08/25/2024(2)(4)(6)		2,996,000		66,109
Series K070, Class X1 0.33% due 11/25/2027*(2)(4)(5)(6)		2,069,595		60,010
Series K068, Class XAM 0.33% due 08/25/2027(2)(4)(6)		1,898,000		57,874
Series K729, Class X1 0.37% due 10/25/2024(2)(4)(6)		4,042,178		86,348
Series K069, Class X1 0.37% due 09/25/2027(2)(4)(6)		1,712,426		55,025
Series K072, Class X1 0.37% due 12/25/2027(2)(4)(6)		3,552,000		113,396
Series K728, Class X1 0.42% due 08/25/2024(2)(4)(6)		5,561,732		133,947
Series K068, Class X1 0.44% due 08/25/2027(2)(4)(6)		1,338,288		48,141
Series K727, Class XAM 0.51% due 07/25/2024(2)(4)(6)		2,786,000		89,085
Series K067, Class X1 0.58% due 07/25/2027(2)(4)(6)		2,377,289		112,735
Series K727, Class X1 0.62% due 07/25/2024(2)(4)(6)		1,026,136		34,715
Series K066, Class XAM 0.63% due 06/25/2027(2)(4)(6)		2,696,000		146,833
Series K066, Class X1 0.75% due 06/25/2027(2)(4)(6)		919,428		54,997
Series K726, Class X1 0.88% due 04/25/2024(2)(4)(6)		1,232,441		56,650
Series K033, Class A2 3.06% due 07/25/2023(2)(4)		135,000		136,728
Series K728, Class A2 3.06% due 08/25/2024(2)(4)		156,000		157,479
Series K069, Class A2 3.19% due 09/25/2027(2)(4)		148,000		148,868
Series K064, Class A2 3.22% due 03/25/2027(2)(4)		204,000		206,255
Series K030, Class A2 3.25% due 04/25/2023(2)(4)		507,000		518,297
Series K029, Class A2 3.32% due 02/25/2023(2)(4)		143,000		146,621
Series K035, Class A2 3.46% due 08/25/2023(2)(4)		523,000		540,055
				21,093,611
Federal National Mtg. Assoc. — 5.3%
2.28% due 11/01/2026		97,987		92,868
2.41% due 05/01/2023		100,754		98,805
2.55% due 05/01/2023		92,291		91,105
2.59% due 05/01/2023		94,607		93,561
2.70% due 07/01/2025		75,000		73,612
3.00% due 12/01/2031		850,097		855,684
3.00% due 09/01/2046		137,864		135,553
3.00% due 10/01/2046		541,231		532,156
3.00% due 11/01/2046		669,146		657,926
3.50% due 11/01/2041		32,759		33,263
3.50% due 01/01/2042		424,867		431,491
3.50% due 01/01/2043		149,459		151,678
3.50% due 04/01/2043		508,193		515,513

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
3.50% due 05/01/2043	$	684,803	$	694,378
3.50% due 07/01/2043		782,137		792,193
3.50% due 08/01/2043		255,294		259,084
3.50% due 09/01/2043		1,046,612		1,060,476
3.50% due 02/01/2045		741,726		752,884
3.50% due 09/01/2045		887,117		896,160
3.50% due 10/01/2045		598,660		606,884
3.50% due 01/01/2046		188,154		190,836
3.50% due 05/01/2046		281,692		285,213
3.50% due 07/01/2046		791,262		801,714
3.50% due 10/01/2046		249,128		251,727
3.50% due 12/01/2046		635,646		642,328
3.50% due 01/01/2047		98,131		99,167
3.50% due March 30 TBA		449,000		452,411
3.75% due 07/01/2018		43,634		43,804
3.80% due 02/01/2018		80,331		80,224
4.00% due 09/01/2040		760,720		789,676
4.00% due 11/01/2040		176,190		182,878
4.00% due 12/01/2040		175,054		181,643
4.00% due 12/01/2040		244,999		254,305
4.00% due 02/01/2041		472,928		490,959
4.00% due 06/01/2041		484,749		503,033
4.00% due 11/01/2041		162,152		168,232
4.00% due 01/01/2042		1,064,302		1,104,211
4.00% due 04/01/2042		147,572		153,667
4.00% due 10/01/2042		117,763		122,626
4.00% due 12/01/2042		141,866		147,715
4.00% due 01/01/2043		222,504		231,250
4.00% due 04/01/2043		35,403		36,730
4.00% due 05/01/2043		455,157		473,108
4.00% due 06/01/2043		202,863		210,476
4.00% due 07/01/2043		199,897		207,744
4.00% due 01/01/2044		86,716		90,355
4.00% due 04/01/2044		94,316		97,844
4.00% due 05/01/2044		348,115		361,144
4.00% due 11/01/2044		176,295		182,308
4.00% due 02/01/2045		275,408		287,485
4.00% due 06/01/2047		705,695		729,919
4.00% due 07/01/2047		1,054,981		1,091,336
4.00% due 09/01/2047		761,536		787,936
4.50% due 04/01/2018		623		628
4.50% due 06/01/2018		2,160		2,179
4.50% due 07/01/2018		761		767
4.50% due 03/01/2019		4,416		4,454
4.50% due 04/01/2020		14,836		14,972
4.50% due 07/01/2020		4,160		4,201
4.50% due 08/01/2033		103,475		109,405
4.50% due 03/01/2034		321,676		340,719
4.50% due 01/01/2040		99,271		105,478
4.50% due 02/01/2041		196,814		209,517
4.50% due 04/01/2041		287,179		305,550
4.50% due 01/01/2043		212,886		226,144
4.50% due 04/01/2044		1,236,755		1,313,540
4.50% due 06/01/2044		140,237		148,963
4.60% due 09/01/2019		77,858		80,308
5.00% due 02/01/2018		30		30
5.00% due 12/01/2018		10,265		10,412
5.00% due 07/01/2019		6,246		6,335
5.00% due 11/01/2019		12,557		12,737
5.00% due 03/01/2020		7,540		7,648
5.00% due 07/01/2020		6,524		6,618
5.00% due 08/01/2020		6,766		6,918
5.00% due 12/01/2020		16,805		17,137

289

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
5.00% due 03/01/2026	$	52,023	$	56,924
5.00% due 11/01/2033		55,147		59,523
5.00% due 03/01/2034		43,254		46,771
5.00% due 05/01/2034		17,872		19,291
5.00% due 08/01/2034		17,760		19,165
5.00% due 09/01/2034		49,149		53,050
5.00% due 06/01/2035		72,659		78,393
5.00% due 07/01/2035		162,308		175,119
5.00% due 08/01/2035		35,236		38,019
5.00% due 09/01/2035		25,950		28,002
5.00% due 10/01/2035		135,703		146,515
5.00% due 10/01/2039		57,363		61,930
5.00% due 11/01/2039		80,695		87,395
5.00% due 11/01/2040		50,708		54,625
5.00% due 01/01/2041		11,697		12,491
5.00% due 03/01/2041		36,668		39,664
5.50% due 07/01/2019		17,550		17,741
5.50% due 08/01/2019		2,651		2,678
5.50% due 09/01/2019		16,867		17,088
5.50% due 01/01/2021		18,289		18,651
5.50% due 03/01/2021		6,851		7,016
5.50% due 05/01/2022		10,836		11,211
5.50% due 02/01/2033		43,633		47,904
5.50% due 06/01/2033		67,322		74,203
5.50% due 07/01/2033		219,214		241,053
5.50% due 11/01/2033		73,140		80,478
5.50% due 12/01/2033		7,916		8,600
5.50% due 01/01/2034		61,936		67,717
5.50% due 02/01/2034		112,509		123,496
5.50% due 03/01/2034		22,438		24,942
5.50% due 04/01/2034		29,202		31,772
5.50% due 05/01/2034		147,437		162,910
5.50% due 06/01/2034		12,220		13,419
5.50% due 07/01/2034		164,221		180,466
5.50% due 09/01/2034		187,821		204,791
5.50% due 10/01/2034		302,647		332,360
5.50% due 11/01/2034		333,367		366,752
5.50% due 12/01/2034		137,486		151,238
5.50% due 01/01/2035		245,998		270,681
5.50% due 04/01/2035		31,650		34,807
5.50% due 09/01/2035		117,157		129,435
5.50% due 06/01/2036		63,035		68,462
5.50% due 03/01/2037		24,523		26,706
6.00% due 03/01/2018		11		11
6.00% due 11/01/2018		1,462		1,470
6.00% due 01/01/2021		11,725		11,955
6.00% due 05/01/2021		5,152		5,294
6.00% due 07/01/2021		26,599		27,369
6.00% due 04/01/2034		72,154		81,460
6.00% due 05/01/2034		72,743		80,888
6.00% due 06/01/2034		206,677		233,853
6.00% due 07/01/2034		93,418		105,393
6.00% due 08/01/2034		43,451		48,459
6.00% due 10/01/2034		120,488		135,591
6.00% due 11/01/2034		14,590		16,234
6.00% due 12/01/2034		4,251		4,726
6.00% due 08/01/2035		21,278		23,767
6.00% due 09/01/2035		46,948		52,648
6.00% due 10/01/2035		39,531		44,525
6.00% due 11/01/2035		7,583		8,432
6.00% due 12/01/2035		97,530		109,940
6.00% due 02/01/2036		76,877		85,575

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
6.00% due 03/01/2036	$	9,402	$	10,523
6.00% due 04/01/2036		26,764		30,241
6.00% due 06/01/2036		5,976		6,740
6.00% due 12/01/2036		18,180		20,424
6.00% due 07/01/2037		33,436		37,664
6.50% due 06/01/2031		24,189		26,968
6.50% due 07/01/2031		722		800
6.50% due 09/01/2031		16,163		17,907
6.50% due 07/01/2032		70,074		78,597
6.50% due 08/01/2032		43,371		49,091
6.50% due 01/01/2033		33,111		36,953
6.50% due 04/01/2034		11,411		12,944
6.50% due 06/01/2034		12,974		14,374
6.50% due 08/01/2034		25,516		28,269
6.50% due 05/01/2036		30,622		33,927
6.50% due 01/01/2037		11,264		12,479
6.50% due 02/01/2037		54,525		60,410
6.50% due 05/01/2037		26,537		29,401
6.50% due 07/01/2037		30,382		33,661
Federal National Mtg. Assoc. Multifamily REMIC Trust FRS Series 2015-M12, Class FA 1.84% (1ML+0.34%) due 04/25/2020(4)		57,112		57,146
Federal National Mtg. Assoc. REMIC
Series 2015-61, Class PA 2.00% due 05/25/2044(7)		142,271		138,001
Series 2011-M7, Class A2 2.58% due 09/25/2018(4)		132,603		132,500
Federal National Mtg. Assoc. REMIC VRS Series 2017-M4, Class A2 2.60% due 12/25/2026(2)(4)		316,000		304,374
				29,438,376
Government National Mtg. Assoc. — 0.8%
3.50% due 12/15/2041		219,168		224,417
3.50% due 02/15/2042		83,802		85,809
3.50% due 06/20/2043		441,745		452,256
3.50% due 07/20/2043		569,758		583,316
4.00% due 01/20/2041		534,619		562,490
4.00% due 02/20/2041		134,231		141,244
4.00% due 04/20/2041		101,415		106,701
4.00% due 02/20/2042		143,192		150,656
4.50% due 07/20/2033		9,420		9,939
4.50% due 09/20/2033		65,426		69,025
4.50% due 12/20/2034		24,231		25,536
4.50% due 11/15/2039		157,518		167,644
4.50% due 03/15/2040		180,012		192,598
4.50% due 04/15/2040		197,315		210,023
4.50% due 06/15/2040		76,224		80,771
4.50% due 01/20/2041		128,820		136,162
5.00% due 07/20/2033		13,778		14,818
5.00% due 06/15/2034		66,143		71,310
5.00% due 10/15/2034		28,670		30,910
5.50% due 11/15/2032		97,094		106,229
5.50% due 05/15/2033		237,149		260,767
5.50% due 12/15/2033		72,862		80,255
5.50% due 10/15/2035		1,992		2,195
6.00% due 09/15/2032		60,983		69,047
6.00% due 04/15/2033		93,301		104,905
6.00% due 02/15/2034		96,883		108,793
6.00% due 07/15/2034		38,051		42,897

290

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
6.00% due 09/15/2034	$	23,233	$	25,843
6.00% due 01/20/2035		18,823		21,380
6.00% due 02/20/2035		26,137		30,214
6.00% due 04/20/2035		15,384		17,363
6.00% due 01/15/2038		95,135		107,264
Government National Mtg. Assoc. REMIC VRS Series 2017-94, Class IO 0.66% due 02/16/2059(2)(4)(6)		1,517,530		93,816
				4,386,593
Small Business Administration — 0.1%
Series 2003-20G, Class 1 4.35% due 07/01/2023		10,815		11,136
Series 2004-20D, Class 1 4.77% due 04/01/2024		40,943		42,386
Series 2005-20C, Class 1 4.95% due 03/01/2025		97,322		101,167
Series 2004-20I, Class 1 4.99% due 09/01/2024		63,946		66,709
Series 2004-20E, Class 1 5.18% due 05/01/2024		60,941		63,642
Series 2004-20F, Class 1 5.52% due 06/01/2024		66,441		69,500
				354,540
Sovereign Agency — 0.0%
Financing Corp. 9.65% due 11/02/2018		235,000		248,408
Total U.S. Government Agencies (cost $55,519,350)				55,521,528
U.S. GOVERNMENT TREASURIES — 13.9%
United States Treasury Bonds — 3.5%
2.50% due 02/15/2045		4,616,000		4,240,770
2.88% due 05/15/2043		4,855,200		4,816,889
2.88% due 11/15/2046		2,075,000		2,047,847
3.50% due 02/15/2039		1,914,000		2,106,596
4.50% due 08/15/2039		3,761,400		4,748,474
5.00% due 05/15/2037		16,000		21,171
5.25% due 02/15/2029		1,000		1,240
6.00% due 02/15/2026		170,000		210,873
6.25% due 08/15/2023		128,000		152,400
6.75% due 08/15/2026		377,000		494,238
8.00% due 11/15/2021		318,000		382,196
				19,222,694
United States Treasury Notes — 10.4%
1.00% due 06/30/2019		15,859,000		15,629,788
1.38% due 09/30/2019		7,193,800		7,108,936
1.38% due 02/29/2020		497,000		488,962
1.75% due 11/30/2021		11,215,000		10,939,006
1.75% due 09/30/2022		799,000		772,315
2.00% due 11/15/2026		1,150,000		1,085,492
2.50% due 08/15/2023		8,400,000		8,369,156
3.13% due 05/15/2019		3,511,000		3,559,688
3.13% due 05/15/2021		7,914,000		8,105,358
3.50% due 05/15/2020		1,809,000		1,860,867
				57,919,568
Total U.S. Government Treasuries (cost $77,332,529)				77,142,262

Security Description	Principal Amount			Value (Note 2)
MUNICIPAL BONDS & NOTES — 0.2%
New Jersey Turnpike Authority Revenue Bonds Series F 7.41% due 01/01/2040 (cost $702,616)	$	675,000		$	1,023,435
FOREIGN GOVERNMENT OBLIGATIONS — 0.1%
Sovereign — 0.1%
United Mexican States Senior Bonds 4.75% due 03/08/2044 (cost $837,869)		849,000			848,151
Total Long-Term Investment Securities (cost $445,646,653)					548,281,431
SHORT-TERM INVESTMENT SECURITIES — 1.2%
U.S. Government Agencies — 1.2%
Federal Home Loan Bank Disc. Notes 0.81% due 02/01/2018 (cost $6,514,000)		6,514,000			6,514,000
TOTAL INVESTMENTS (cost $452,160,653) (8)		100.0	%		554,795,431
Liabilities in excess of other assets		(0.0	)		(119,593	)
NET ASSETS		100.0	%	$	554,675,838

 † Non-income producing security

 * Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $18,733,200 representing 3.4% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

 (1) Perpetual maturity – maturity date reflects the next call date.

 (2) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

 (3) Collateralized Loan Obligation

 (4) Commercial Mortgage Backed Security

 (5) Illiquid security. At January 31, 2018, the aggregate value of these securities was $2,522,785 representing 0.5% of net assets.

 (6) Interest Only

 (7) Collateralized Mortgage Obligation

 (8) See Note 3 for cost of investments on a tax basis.

ADR — American Depositary Receipt

CLO — Collateralized Loan Obligation

IO — Interest Only

REMIC — Real Estate Mortgage Investment Conduit

TBA — Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount andmaturity date will be determined upon settlement date.

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current rates as of January 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1 ML – 1 Month USD LIBOR

3 ML – 3 Month USD LIBOR

291

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	339,079,373	$	—	$	—	$	339,079,373
Convertible Preferred Securities		2,193,365		—		—		2,193,365
Preferred Securities/Capital Securities		—		896,835		—		896,835
Asset Backed Securities		—		15,888,307		—		15,888,307
U.S. Corporate Bonds & Notes		—		43,180,544		—		43,180,544
Foreign Corporate Bonds & Notes		—		12,507,631		—		12,507,631
U.S. Government Agencies		—		55,521,528		—		55,521,528
U.S. Government Treasuries		—		77,142,262		—		77,142,262
Municipal Bonds & Notes		—		1,023,435		—		1,023,435
Foreign Government Obligations		—		848,151		—		848,151
Short-Term Investment Securities		—		6,514,000		—		6,514,000
Total Investments at Value	$	341,272,738	$	213,522,693	$	—	$	554,795,431

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

292

SunAmerica Series Trust SA Mid Cap Index Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Banks-Commercial	7.9	%
Real Estate Investment Trusts	7.8
Exchange-Traded Funds	4.3
Electric-Integrated	2.2
Gas-Distribution	2.2
Retail-Restaurants	1.9
Chemicals-Specialty	1.9
Data Processing/Management	1.8
Insurance-Property/Casualty	1.6
Food-Misc./Diversified	1.5
Computer Services	1.5
Steel-Producers	1.5
Oil Companies-Exploration & Production	1.4
Building-Residential/Commercial	1.4
Medical-Biomedical/Gene	1.4
Electronic Components-Semiconductors	1.4
Medical Products	1.4
Medical Instruments	1.4
Electronic Measurement Instruments	1.3
Machinery-General Industrial	1.3
Transport-Truck	1.2
Diversified Manufacturing Operations	1.2
Investment Management/Advisor Services	1.1
Electronic Parts Distribution	1.0
Repurchase Agreements	0.9
Industrial Automated/Robotic	0.9
Commercial Services-Finance	0.9
Applications Software	0.9
Insurance-Multi-line	0.9
Insurance-Reinsurance	0.9
Oil & Gas Drilling	0.9
Enterprise Software/Service	0.9
Aerospace/Defense-Equipment	0.9
Savings & Loans/Thrifts	0.8
Electronic Components-Misc.	0.8
Oil Refining & Marketing	0.8
Semiconductor Equipment	0.8
Entertainment Software	0.8
Medical-HMO	0.7
Semiconductor Components-Integrated Circuits	0.7
Decision Support Software	0.7
Retail-Automobile	0.6
Recreational Vehicles	0.6
Distribution/Wholesale	0.6
Garden Products	0.6
Machinery-Construction & Mining	0.6
Computers-Integrated Systems	0.5
Machine Tools & Related Products	0.5
Oil-Field Services	0.5
Commercial Services	0.5
Finance-Other Services	0.5
Auto/Truck Parts & Equipment-Original	0.5
Containers-Paper/Plastic	0.5
Finance-Investment Banker/Broker	0.5
Engineering/R&D Services	0.5
Aerospace/Defense	0.5
Human Resources	0.5
Insurance-Life/Health	0.4
Computer Software	0.4
Medical-Drugs	0.4
Footwear & Related Apparel	0.4

Building Products-Air & Heating	0.4	%
Machinery-Pumps	0.4
Multimedia	0.4
Disposable Medical Products	0.4
Containers-Metal/Glass	0.4
Funeral Services & Related Items	0.4
Power Converter/Supply Equipment	0.4
Real Estate Management/Services	0.4
Coatings/Paint	0.4
Computer Data Security	0.4
Wireless Equipment	0.4
Building-Mobile Home/Manufactured Housing	0.3
Airlines	0.3
Medical Information Systems	0.3
Networking Products	0.3
Filtration/Separation Products	0.3
Batteries/Battery Systems	0.3
Water	0.3
Telecommunication Equipment	0.3
Lasers-System/Components	0.3
Building-Heavy Construction	0.3
Medical-Hospitals	0.3
Chemicals-Diversified	0.3
Drug Delivery Systems	0.3
Insurance Brokers	0.3
Gold Mining	0.3
Rental Auto/Equipment	0.3
Retail-Apparel/Shoe	0.3
Television	0.3
Apparel Manufacturers	0.3
Schools	0.3
Energy-Alternate Sources	0.3
Building Products-Cement	0.3
Miscellaneous Manufacturing	0.3
Electric Products-Misc.	0.3
Resorts/Theme Parks	0.3
Physical Therapy/Rehabilitation Centers	0.3
Oil Companies-Integrated	0.3
Food-Flour & Grain	0.3
Physicians Practice Management	0.3
Finance-Consumer Loans	0.3
Transport-Rail	0.3
Machinery-Farming	0.3
Building & Construction-Misc.	0.3
Building-Maintenance & Services	0.2
Retail-Convenience Store	0.2
Transport-Services	0.2
Racetracks	0.2
Patient Monitoring Equipment	0.2
Building & Construction Products-Misc.	0.2
Instruments-Controls	0.2
Cosmetics & Toiletries	0.2
Security Services	0.2
Retail-Catalog Shopping	0.2
Office Furnishings-Original	0.2
Transport-Marine	0.2
Retail-Mail Order	0.2
Theaters	0.2
Steel Pipe & Tube	0.2
Food-Baking	0.2
Metal Processors & Fabrication	0.2

293

SunAmerica Series Trust SA Mid Cap Index Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited) — (continued)

Industry Allocation* (continued)

Wire & Cable Products	0.2	%
Printing-Commercial	0.2
Multilevel Direct Selling	0.2
Chemicals-Plastics	0.2
Food-Retail	0.2
Machinery-Electrical	0.2
Steel-Specialty	0.2
Building Products-Light Fixtures	0.2
Hotels/Motels	0.2
Cable/Satellite TV	0.2
Retail-Bedding	0.2
Paper & Related Products	0.2
Telecom Equipment-Fiber Optics	0.2
Retail-Arts & Crafts	0.2
Housewares	0.2
Publishing-Newspapers	0.2
Hazardous Waste Disposal	0.2
Publishing-Books	0.1
Transactional Software	0.1
Home Furnishings	0.1
Transport-Equipment & Leasing	0.1
Food-Canned	0.1
Environmental Monitoring & Detection	0.1
Office Automation & Equipment	0.1
Publishing-Periodicals	0.1
Retail-Sporting Goods	0.1
Retail-Discount	0.1
Consumer Products-Misc.	0.1
Poultry	0.1
Telephone-Integrated	0.1
Casino Services	0.1
Quarrying	0.1
Food-Wholesale/Distribution	0.1
Medical Labs & Testing Services	0.1
Retail-Misc./Diversified	0.1
E-Commerce/Services	0.1
Metal Products-Distribution	0.1
Rubber-Tires	0.1
Auction Houses/Art Dealers	0.1
Oil Field Machinery & Equipment	0.1
Retail-Petroleum Products	0.1
Retail-Computer Equipment	0.1
Retail-Office Supplies	0.1
Brewery	0.1
Retail-Regional Department Stores	0.1
Medical-Wholesale Drug Distribution	0.1
Computers-Other	0.1
Food-Dairy Products	0.1
	100.1%

* Calculated as a percentage of net assets

# See Note 1

294

SunAmerica Series Trust SA Mid Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.9%
Aerospace/Defense — 0.5%
Esterline Technologies Corp.†		2,403	$	176,740
Teledyne Technologies, Inc.†		3,227		616,099
				792,839
Aerospace/Defense-Equipment — 0.9%
Curtiss-Wright Corp.		4,018		524,992
KLX, Inc.†		4,682		330,830
Orbital ATK, Inc.		5,253		692,871
				1,548,693
Airlines — 0.3%
JetBlue Airways Corp.†		29,196		609,029
Apparel Manufacturers — 0.3%
Carter’s, Inc.		4,309		518,373
Applications Software — 0.9%
CDK Global, Inc.		11,960		852,629
PTC, Inc.†		10,527		765,102
				1,617,731
Auction Houses/Art Dealers — 0.1%
Sotheby’s†		3,394		179,067
Auto/Truck Parts & Equipment-Original — 0.5%
Dana, Inc.		13,191		435,171
Delphi Technologies PLC		8,099		447,308
				882,479
Banks-Commercial — 7.9%
Associated Banc-Corp.		13,764		340,659
BancorpSouth Bank		7,649		256,624
Bank of Hawaii Corp.		3,868		323,636
Bank of the Ozarks		11,057		552,297
Cathay General Bancorp, Class B		6,917		302,550
Chemical Financial Corp.		6,480		378,497
Commerce Bancshares, Inc.		8,551		500,319
Cullen/Frost Bankers, Inc.		5,234		556,950
East West Bancorp, Inc.		13,161		867,441
First Horizon National Corp.		29,555		586,962
FNB Corp.		29,431		422,335
Fulton Financial Corp.		15,946		290,217
Hancock Holding Co.		7,756		416,497
Home BancShares, Inc.		14,394		345,600
International Bancshares Corp.		4,933		204,719
MB Financial, Inc.		7,633		326,540
PacWest Bancorp		11,740		615,528
Pinnacle Financial Partners, Inc.		6,717		425,186
Prosperity Bancshares, Inc.		6,327		479,587
Signature Bank†		4,888		752,752
SVB Financial Group†		4,802		1,183,933
Synovus Financial Corp.		10,887		548,596
TCF Financial Corp.		15,655		335,800
Texas Capital Bancshares, Inc.†		4,519		428,401
Trustmark Corp.		6,168		196,081
UMB Financial Corp.		3,996		304,415
Umpqua Holdings Corp.		20,051		434,104
United Bankshares, Inc.		9,560		351,808
Valley National Bancorp		23,980		301,429
Webster Financial Corp.		8,384		474,702
Wintrust Financial Corp.		5,092		437,403
				13,941,568

Security Description	Shares		Value (Note 2)
Batteries/Battery Systems — 0.3%
Energizer Holdings, Inc.		5,531	$	322,015
EnerSys		3,836		269,709
				591,724
Brewery — 0.1%
Boston Beer Co., Inc., Class A†		789		149,792
Building & Construction Products-Misc. — 0.2%
Louisiana-Pacific Corp.†		13,191		390,586
Building & Construction-Misc. — 0.3%
EMCOR Group, Inc.		5,355		435,254
Building Products-Air & Heating — 0.4%
Lennox International, Inc.		3,423		745,906
Building Products-Cement — 0.3%
Eagle Materials, Inc.		4,428		496,157
Building Products-Light Fixtures — 0.2%
Cree, Inc.†		8,936		308,381
Building-Heavy Construction — 0.3%
Dycom Industries, Inc.†		2,817		328,772
Granite Construction, Inc.		3,629		242,018
				570,790
Building-Maintenance & Services — 0.2%
Rollins, Inc.		8,733		430,886
Building-Mobile Home/Manufactured Housing — 0.3%
Thor Industries, Inc.		4,462		609,777
Building-Residential/Commercial — 1.4%
CalAtlantic Group, Inc.		6,932		389,093
KB Home		7,665		241,601
NVR, Inc.†		317		1,007,480
Toll Brothers, Inc.		13,401		624,218
TRI Pointe Group, Inc.†		13,697		223,398
				2,485,790
Cable/Satellite TV — 0.2%
Cable One, Inc.		427		301,475
Casino Services — 0.1%
Scientific Games Corp., Class A†		4,816		224,666
Chemicals-Diversified — 0.3%
Olin Corp.		15,138		564,345
Chemicals-Plastics — 0.2%
PolyOne Corp.		7,358		319,779
Chemicals-Specialty — 1.9%
Ashland Global Holdings, Inc.		5,658		410,714
Cabot Corp.		5,641		381,557
Chemours Co.		16,860		870,313
Minerals Technologies, Inc.		3,220		241,983
NewMarket Corp.		842		334,771
Sensient Technologies Corp.		3,959		284,454
Valvoline, Inc.		18,450		454,793
Versum Materials, Inc.		9,906		364,541
				3,343,126
Coatings/Paint — 0.4%
RPM International, Inc.		12,159		634,700
Commercial Services — 0.5%
CoreLogic, Inc.†		7,501		355,247
Live Nation Entertainment, Inc.†		12,200		549,732
				904,979

295

SunAmerica Series Trust SA Mid Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Commercial Services-Finance — 0.9%
MarketAxess Holdings, Inc.		3,422	$	671,431
Sabre Corp.		18,991		394,443
WEX, Inc.†		3,634		562,579
				1,628,453
Computer Data Security — 0.4%
Fortinet, Inc.†		13,618		626,973
Computer Services — 1.5%
Convergys Corp.		8,415		195,817
DST Systems, Inc.		5,483		457,118
Leidos Holdings, Inc.		12,948		862,337
MAXIMUS, Inc.		5,931		404,375
Science Applications International Corp.		3,937		301,771
Teradata Corp.†		11,018		446,229
				2,667,647
Computer Software — 0.4%
Blackbaud, Inc.		4,379		419,596
j2 Global, Inc.		4,408		352,596
				772,192
Computers-Integrated Systems — 0.5%
Diebold Nixdorf, Inc.		6,878		126,899
NCR Corp.†		11,090		415,986
NetScout Systems, Inc.†		7,935		226,147
VeriFone Systems, Inc.†		10,216		180,619
				949,651
Computers-Other — 0.1%
3D Systems Corp.†		10,368		106,168
Consumer Products-Misc. — 0.1%
Helen of Troy, Ltd.†		2,483		231,291
Containers-Metal/Glass — 0.4%
Greif, Inc., Class A		2,352		139,050
Owens-Illinois, Inc.†		14,841		344,608
Silgan Holdings, Inc.		6,733		201,250
				684,908
Containers-Paper/Plastic — 0.5%
Bemis Co., Inc.		8,268		386,446
Sonoco Products Co.		9,050		491,506
				877,952
Cosmetics & Toiletries — 0.2%
Avon Products, Inc.†		40,064		97,756
Edgewell Personal Care Co.†		5,101		288,003
				385,759
Data Processing/Management — 1.8%
Acxiom Corp.†		7,213		195,256
Broadridge Financial Solutions, Inc.		10,613		1,023,199
CommVault Systems, Inc.†		3,911		208,652
Dun & Bradstreet Corp.		3,365		416,351
Fair Isaac Corp.		2,731		471,535
Jack Henry & Associates, Inc.		7,032		876,609
				3,191,602
Decision Support Software — 0.7%
MSCI, Inc.		8,200		1,141,686
Disposable Medical Products — 0.4%
STERIS PLC		7,744		704,084

Security Description	Shares		Value (Note 2)
Distribution/Wholesale — 0.6%
Pool Corp.		3,657	$	494,573
Watsco, Inc.		2,778		499,456
				994,029
Diversified Manufacturing Operations — 1.2%
Carlisle Cos., Inc.		5,645		644,716
Crane Co.		4,593		459,024
ITT, Inc.		8,013		448,728
Trinity Industries, Inc.		13,821		476,410
				2,028,878
Drug Delivery Systems — 0.3%
Catalent, Inc.†		12,097		562,994
E-Commerce/Services — 0.1%
Cars.com, Inc.†		6,517		193,490
Electric Products-Misc. — 0.3%
Littelfuse, Inc.		2,257		490,536
Electric-Integrated — 2.2%
Black Hills Corp.		4,870		270,528
Great Plains Energy, Inc.		19,636		611,072
Hawaiian Electric Industries, Inc.		9,905		337,860
IDACORP, Inc.		4,588		395,853
MDU Resources Group, Inc.		17,783		470,894
NorthWestern Corp.		4,425		240,455
OGE Energy Corp.		18,184		585,525
PNM Resources, Inc.		7,253		276,339
Westar Energy, Inc.		12,934		668,170
				3,856,696
Electronic Components-Misc. — 0.8%
Gentex Corp.		25,851		612,152
Jabil, Inc.		16,084		409,016
Knowles Corp.†		8,142		124,084
Vishay Intertechnology, Inc.		12,008		263,575
				1,408,827
Electronic Components-Semiconductors — 1.4%
IPG Photonics Corp.†		3,417		860,913
Microsemi Corp.†		10,707		661,586
Monolithic Power Systems, Inc.		3,478		414,299
Silicon Laboratories, Inc.†		3,876		372,871
Synaptics, Inc.†		3,099		134,311
				2,443,980
Electronic Measurement Instruments — 1.3%
Keysight Technologies, Inc.†		16,879		788,587
National Instruments Corp.		9,762		487,514
Trimble, Inc.†		22,924		1,010,949
				2,287,050
Electronic Parts Distribution — 1.0%
Arrow Electronics, Inc.†		8,010		651,533
Avnet, Inc.		11,011		467,968
SYNNEX Corp.		2,656		325,971
Tech Data Corp.†		3,161		316,953
				1,762,425
Energy-Alternate Sources — 0.3%
First Solar, Inc.†		7,417		498,200
Engineering/R&D Services — 0.5%
AECOM†		14,352		561,307
KBR, Inc.		12,755		259,436
				820,743

296

SunAmerica Series Trust SA Mid Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service — 0.9%
Manhattan Associates, Inc.†		6,276	$	331,498
Tyler Technologies, Inc.†		3,181		641,003
Ultimate Software Group, Inc.†		2,584		601,788
				1,574,289
Entertainment Software — 0.8%
Take-Two Interactive Software, Inc.†		10,385		1,315,468
Environmental Monitoring & Detection — 0.1%
MSA Safety, Inc.		3,082		241,351
Filtration/Separation Products — 0.3%
Donaldson Co., Inc.		11,828		599,206
Finance-Consumer Loans — 0.3%
SLM Corp.†		39,325		449,878
Finance-Investment Banker/Broker — 0.5%
Interactive Brokers Group, Inc., Class A		6,508		416,447
Stifel Financial Corp.		6,234		420,920
				837,367
Finance-Other Services — 0.5%
SEI Investments Co.		11,901		894,360
Food-Baking — 0.2%
Flowers Foods, Inc.		16,796		329,370
Food-Canned — 0.1%
TreeHouse Foods, Inc.†		5,210		245,704
Food-Confectionery — 0.0%
Tootsie Roll Industries, Inc.		1,732		62,006
Food-Dairy Products — 0.1%
Dean Foods Co.		8,292		85,988
Food-Flour & Grain — 0.3%
Post Holdings, Inc.†		6,021		455,609
Food-Misc./Diversified — 1.5%
Hain Celestial Group, Inc.†		9,451		360,461
Ingredion, Inc.		6,544		939,980
Lamb Weston Holdings, Inc.		13,309		779,907
Lancaster Colony Corp.		1,774		227,782
Snyder’s-Lance, Inc.		7,809		390,294
				2,698,424
Food-Retail — 0.2%
Sprouts Farmers Market, Inc.†		11,269		314,743
Food-Wholesale/Distribution — 0.1%
United Natural Foods, Inc.†		4,627		220,245
Footwear & Related Apparel — 0.4%
Deckers Outdoor Corp.†		2,910		249,416
Skechers U.S.A., Inc., Class A†		12,194		502,271
				751,687
Funeral Services & Related Items — 0.4%
Service Corp. International		17,070		682,288
Garden Products — 0.6%
Scotts Miracle-Gro Co., Class A		3,723		336,075
Toro Co.		9,813		644,224
				980,299
Gas-Distribution — 2.2%
Atmos Energy Corp.		10,091		836,544
National Fuel Gas Co.		7,793		434,460

Security Description	Shares		Value (Note 2)
Gas-Distribution (continued)
New Jersey Resources Corp.		7,910	$	306,908
ONE Gas, Inc.		4,759		337,080
Southwest Gas Holdings, Inc.		4,346		319,778
UGI Corp.		15,766		721,610
Vectren Corp.		7,558		458,241
WGL Holdings, Inc.		4,676		393,813
				3,808,434
Gold Mining — 0.3%
Royal Gold, Inc.		5,960		530,440
Hazardous Waste Disposal — 0.2%
Clean Harbors, Inc.†		4,717		261,039
Home Furnishings — 0.1%
Tempur Sealy International, Inc.†		4,193		250,071
Hotels/Motels — 0.2%
ILG, Inc.		9,601		301,567
Housewares — 0.2%
Tupperware Brands Corp.		4,633		267,602
Human Resources — 0.5%
ManpowerGroup, Inc.		6,034		792,807
Industrial Automated/Robotic — 0.9%
Cognex Corp.		15,768		983,450
Nordson Corp.		4,623		664,418
				1,647,868
Instruments-Controls — 0.2%
Woodward, Inc.		5,018		388,995
Insurance Brokers — 0.3%
Brown & Brown, Inc.		10,535		552,877
Insurance-Life/Health — 0.4%
CNO Financial Group, Inc.		15,275		375,612
Primerica, Inc.		4,029		406,929
				782,541
Insurance-Multi-line — 0.9%
American Financial Group, Inc.		6,258		709,282
Genworth Financial, Inc., Class A†		45,449		139,074
Kemper Corp.		4,451		288,647
Old Republic International Corp.		22,339		480,065
				1,617,068
Insurance-Property/Casualty — 1.6%
Alleghany Corp.†		1,406		882,546
First American Financial Corp.		10,082		595,543
Hanover Insurance Group, Inc.		3,859		436,646
Mercury General Corp.		3,325		162,759
WR Berkley Corp.		8,761		639,378
				2,716,872
Insurance-Reinsurance — 0.9%
Aspen Insurance Holdings, Ltd.		5,409		202,026
Reinsurance Group of America, Inc.		5,864		918,596
RenaissanceRe Holdings, Ltd.		3,645		463,425
				1,584,047
Investment Management/Advisor Services — 1.1%
Eaton Vance Corp.		10,752		621,466
Federated Investors, Inc., Class B		8,636		299,496
Janus Henderson Group PLC		16,424		646,777

297

SunAmerica Series Trust SA Mid Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Management/Advisor Services (continued)
Legg Mason, Inc.		7,785	$	331,797
				1,899,536
Lasers-System/Components — 0.3%
Coherent, Inc.†		2,243		582,103
Machine Tools & Related Products — 0.5%
Kennametal, Inc.		7,380		359,996
Lincoln Electric Holdings, Inc.		5,628		549,124
				909,120
Machinery-Construction & Mining — 0.6%
Oshkosh Corp.		6,845		620,978
Terex Corp.		7,275		342,071
				963,049
Machinery-Electrical — 0.2%
Regal Beloit Corp.		4,034		314,249
Machinery-Farming — 0.3%
AGCO Corp.		6,004		436,010
Machinery-General Industrial — 1.3%
IDEX Corp.		6,957		998,190
Wabtec Corp.		7,780		630,491
Zebra Technologies Corp., Class A†		4,843		596,464
				2,225,145
Machinery-Pumps — 0.4%
Graco, Inc.		15,333		717,584
Medical Information Systems — 0.3%
Allscripts Healthcare Solutions, Inc.†		16,452		245,299
Medidata Solutions, Inc.†		5,323		362,550
				607,849
Medical Instruments — 1.4%
Bio-Techne Corp.		3,411		478,529
Halyard Health, Inc.†		4,261		207,979
LivaNova PLC†		3,948		337,751
NuVasive, Inc.†		4,641		226,806
Teleflex, Inc.		4,102		1,139,331
				2,390,396
Medical Labs & Testing Services — 0.1%
Syneos Health, Inc.†		5,131		196,774
Medical Products — 1.4%
ABIOMED, Inc.†		3,825		898,875
Globus Medical, Inc., Class A†		6,600		303,864
Hill-Rom Holdings, Inc.		5,993		511,383
West Pharmaceutical Services, Inc.		6,761		677,452
				2,391,574
Medical-Biomedical/Gene — 1.4%
Bio-Rad Laboratories, Inc., Class A†		1,841		475,954
Bioverativ, Inc.†		9,848		1,014,935
Charles River Laboratories International, Inc.†		4,313		454,762
United Therapeutics Corp.†		3,935		507,615
				2,453,266
Medical-Drugs — 0.4%
Akorn, Inc.†		8,541		275,191
Endo International PLC†		18,299		126,446
Mallinckrodt PLC†		8,651		156,237

Security Description	Shares		Value (Note 2)
Medical-Drugs (continued)
Prestige Brands Holdings, Inc.†		4,829	$	201,997
				759,871
Medical-HMO — 0.7%
Molina Healthcare, Inc.†		4,003		365,714
WellCare Health Plans, Inc.†		4,054		852,881
				1,218,595
Medical-Hospitals — 0.3%
Acadia Healthcare Co., Inc.†		7,437		253,453
LifePoint Health, Inc.†		3,589		177,476
Tenet Healthcare Corp.†		7,353		138,825
				569,754
Medical-Wholesale Drug Distribution — 0.1%
Owens & Minor, Inc.		5,577		117,452
Metal Processors & Fabrication — 0.2%
Timken Co.		6,219		326,808
Metal Products-Distribution — 0.1%
Worthington Industries, Inc.		4,071		190,360
Miscellaneous Manufacturing — 0.3%
AptarGroup, Inc.		5,672		495,846
Multilevel Direct Selling — 0.2%
Nu Skin Enterprises, Inc., Class A		4,506		323,711
Multimedia — 0.4%
FactSet Research Systems, Inc.		3,561		714,657
Networking Products — 0.3%
LogMeIn, Inc.		4,797		603,463
Office Automation & Equipment — 0.1%
Pitney Bowes, Inc.		17,002		239,898
Office Furnishings-Original — 0.2%
Herman Miller, Inc.		5,443		220,442
HNI Corp.		3,954		153,771
				374,213
Oil & Gas Drilling — 0.9%
Diamond Offshore Drilling, Inc.†		5,873		103,835
Ensco PLC, Class A		39,701		234,236
Nabors Industries, Ltd.		28,918		226,717
Patterson-UTI Energy, Inc.		20,254		478,400
Rowan Cos. PLC, Class A†		10,345		152,278
Transocean, Ltd.†		35,619		384,329
				1,579,795
Oil Companies-Exploration & Production — 1.4%
Callon Petroleum Co.†		18,378		208,590
CNX Resources Corp.†		18,857		264,187
Energen Corp.†		8,850		462,235
Gulfport Energy Corp.†		15,003		152,581
Matador Resources Co.†		8,788		284,819
QEP Resources, Inc.†		21,938		205,340
SM Energy Co.		9,351		218,346
Southwestern Energy Co.†		46,659		197,834
WPX Energy, Inc.†		36,226		533,609
				2,527,541
Oil Companies-Integrated — 0.3%
Murphy Oil Corp.		14,771		474,149
Oil Field Machinery & Equipment — 0.1%
Dril-Quip, Inc.†		3,447		178,038

298

SunAmerica Series Trust SA Mid Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Refining & Marketing — 0.8%
HollyFrontier Corp.		16,142	$	774,170
Murphy USA, Inc.†		2,947		251,409
PBF Energy, Inc., Class A		10,019		323,914
				1,349,493
Oil-Field Services — 0.5%
Core Laboratories NV		4,016		459,029
NOW, Inc.†		9,804		115,589
Oceaneering International, Inc.		8,948		185,045
Superior Energy Services, Inc.†		13,939		145,662
				905,325
Paper & Related Products — 0.2%
Domtar Corp.		5,709		293,214
Patient Monitoring Equipment — 0.2%
Masimo Corp.†		4,328		407,871
Physical Therapy/Rehabilitation Centers — 0.3%
Encompass Health Corp.		8,990		475,751
Physicians Practice Management — 0.3%
MEDNAX, Inc.†		8,528		450,364
Poultry — 0.1%
Sanderson Farms, Inc.		1,822		231,212
Power Converter/Supply Equipment — 0.4%
Hubbell, Inc.		4,981		677,167
Printing-Commercial — 0.2%
Deluxe Corp.		4,382		325,451
Publishing-Books — 0.1%
John Wiley & Sons, Inc., Class A		4,058		257,277
Publishing-Newspapers — 0.2%
New York Times Co., Class A		11,463		266,515
Publishing-Periodicals — 0.1%
Meredith Corp.		3,602		238,236
Quarrying — 0.1%
Compass Minerals International, Inc.		3,080		224,532
Racetracks — 0.2%
Churchill Downs, Inc.		1,180		305,620
International Speedway Corp., Class A		2,227		103,333
				408,953
Real Estate Investment Trusts — 7.8%
Alexander & Baldwin, Inc.		6,622		175,615
American Campus Communities, Inc.		12,422		477,750
Camden Property Trust		8,438		730,393
CoreCivic, Inc.		10,763		249,809
CoreSite Realty Corp.		3,113		337,200
Corporate Office Properties Trust		9,070		247,611
Cousins Properties, Inc.		38,242		344,178
CyrusOne, Inc.		8,313		479,577
DCT Industrial Trust, Inc.		8,480		501,931
Douglas Emmett, Inc.		14,510		561,102
Education Realty Trust, Inc.		6,898		227,841
EPR Properties		5,835		344,615
First Industrial Realty Trust, Inc.		10,912		336,744
GEO Group, Inc.		11,294		254,680
Healthcare Realty Trust, Inc.		11,372		339,682
Highwoods Properties, Inc.		9,401		450,120
Hospitality Properties Trust		14,965		425,156
JBG SMITH Properties		8,503		286,976

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Kilroy Realty Corp.		8,958	$	638,885
Lamar Advertising Co., Class A		7,650		550,800
LaSalle Hotel Properties		10,309		314,837
Liberty Property Trust		13,423		555,846
Life Storage, Inc.		4,237		352,095
Mack-Cali Realty Corp.		8,181		164,193
Medical Properties Trust, Inc.		33,158		433,707
National Retail Properties, Inc.		13,845		549,370
Omega Healthcare Investors, Inc.		18,035		487,666
Potlatch Corp.		3,698		195,624
Quality Care Properties, Inc.†		8,542		115,317
Rayonier, Inc.		11,740		381,080
Sabra Health Care REIT, Inc.		16,229		293,745
Senior Housing Properties Trust		21,637		374,969
Tanger Factory Outlet Centers, Inc.		8,607		216,724
Taubman Centers, Inc.		5,528		340,801
Uniti Group, Inc.		15,017		237,719
Urban Edge Properties		9,638		225,337
Washington Prime Group, Inc.		16,915		111,301
Weingarten Realty Investors		10,874		321,327
				13,632,323
Real Estate Management/Services — 0.4%
Jones Lang LaSalle, Inc.		4,131		645,882
Recreational Vehicles — 0.6%
Brunswick Corp.		7,985		501,298
Polaris Industries, Inc.		5,296		598,501
				1,099,799
Rental Auto/Equipment — 0.3%
Aaron’s, Inc.		5,670		231,846
Avis Budget Group, Inc.†		6,524		293,319
				525,165
Resort/Theme Parks — 0.3%
Six Flags Entertainment Corp.		7,095		479,338
Retail-Apparel/Shoe — 0.3%
American Eagle Outfitters, Inc.		15,315		275,670
Urban Outfitters, Inc.†		7,294		248,798
				524,468
Retail-Arts & Crafts — 0.2%
Michaels Cos., Inc.†		10,053		270,124
Retail-Automobile — 0.6%
AutoNation, Inc.†		5,400		325,188
Copart, Inc.†		18,311		806,966
				1,132,154
Retail-Bedding — 0.2%
Bed Bath & Beyond, Inc.		13,043		301,032
Retail-Catalog Shopping — 0.2%
MSC Industrial Direct Co., Inc., Class A		4,056		380,777
Retail-Computer Equipment — 0.1%
GameStop Corp., Class A		9,224		155,055
Retail-Convenience Store — 0.2%
Casey’s General Stores, Inc.		3,482		421,705
Retail-Discount — 0.1%
Big Lots, Inc.		3,865		234,915
Retail-Mail Order — 0.2%
Williams-Sonoma, Inc.		7,077		362,555

299

SunAmerica Series Trust SA Mid Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Misc./Diversified — 0.1%
Sally Beauty Holdings, Inc.†		11,695	$	194,254
Retail-Office Supplies — 0.1%
Office Depot, Inc.		46,879		152,357
Retail-Petroleum Products — 0.1%
World Fuel Services Corp.		6,157		171,719
Retail-Regional Department Stores — 0.1%
Dillard’s, Inc., Class A		1,913		129,242
Retail-Restaurants — 1.9%
Brinker International, Inc.		4,215		153,173
Buffalo Wild Wings, Inc.†		1,412		221,684
Cheesecake Factory, Inc.		3,877		190,710
Cracker Barrel Old Country Store, Inc.		2,185		385,609
Domino’s Pizza, Inc.		3,982		863,497
Dunkin’ Brands Group, Inc.		8,224		531,681
Jack in the Box, Inc.		2,679		243,762
Papa John’s International, Inc.		2,329		151,129
Texas Roadhouse, Inc.		5,957		349,795
Wendy’s Co.		16,540		267,617
				3,358,657
Retail-Sporting Goods — 0.1%
Dick’s Sporting Goods, Inc.		7,530		236,894
Rubber-Tires — 0.1%
Cooper Tire & Rubber Co.		4,669		182,558
Savings & Loans/Thrifts — 0.8%
New York Community Bancorp, Inc.		44,530		630,545
Sterling Bancorp		20,461		506,410
Washington Federal, Inc.		7,939		285,010
				1,421,965
Schools — 0.3%
Adtalem Global Education, Inc.†		5,524		254,104
Graham Holdings Co., Class B		421		250,263
				504,367
Security Services — 0.2%
Brink’s Co.		4,597		383,390
Semiconductor Components-Integrated Circuits — 0.7%
Cirrus Logic, Inc.†		5,797		287,357
Cypress Semiconductor Corp.		30,382		525,305
Integrated Device Technology, Inc.†		12,095		361,641
				1,174,303
Semiconductor Equipment — 0.8%
MKS Instruments, Inc.		4,944		505,771
Teradyne, Inc.		17,861		818,748
				1,324,519
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc.		2,059		336,852
Steel-Producers — 1.5%
Carpenter Technology Corp.		4,263		219,118
Commercial Metals Co.		10,548		253,574
Reliance Steel & Aluminum Co.		6,639		581,510
Steel Dynamics, Inc.		21,575		979,505
United States Steel Corp.		15,904		594,969
				2,628,676

Security Description	Shares		Value (Note 2)
Steel-Specialty — 0.2%
Allegheny Technologies, Inc.†		11,460	$	308,962
Telecom Equipment-Fiber Optics — 0.2%
Ciena Corp.†		12,992		276,470
Telecommunication Equipment — 0.3%
ARRIS International PLC†		16,072		406,621
Plantronics, Inc.		3,011		177,619
				584,240
Telephone-Integrated — 0.1%
Telephone & Data Systems, Inc.		8,353		229,123
Television — 0.3%
AMC Networks, Inc., Class A†		4,587		236,643
TEGNA, Inc.		19,587		283,424
				520,067
Theaters — 0.2%
Cinemark Holdings, Inc.		9,650		355,120
Transactional Software — 0.1%
ACI Worldwide, Inc.†		10,797		253,082
Transport-Equipment & Leasing — 0.1%
GATX Corp.		3,487		248,065
Transport-Marine — 0.2%
Kirby Corp.†		4,892		366,411
Transport-Rail — 0.3%
Genesee & Wyoming, Inc., Class A†		5,615		448,358
Transport-Services — 0.2%
Ryder System, Inc.		4,821		419,572
Transport-Truck — 1.2%
Knight-Swift Transportation Holdings, Inc.		11,665		580,800
Landstar System, Inc.		3,817		423,878
Old Dominion Freight Line, Inc.		6,226		911,798
Werner Enterprises, Inc.		4,084		166,219
				2,082,695
Water — 0.3%
Aqua America, Inc.		16,180		585,878
Wire & Cable Products — 0.2%
Belden, Inc.		3,840		325,517
Wireless Equipment — 0.4%
InterDigital, Inc.		3,161		246,716
ViaSat, Inc.†		4,932		372,958
				619,674
Total Common Stocks (cost $147,758,725)				166,435,062
EXCHANGE-TRADED FUNDS — 4.3%
SPDR S&P MidCap 400 ETF (cost $7,264,510)		21,380		7,589,900
Total Long-Term Investment Securities (cost $155,023,235)				174,024,962

300

SunAmerica Series Trust SA Mid Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.0%
U.S. Government Treasuries — 0.0%
United States Treasury Bills Disc. Notes 1.26% due 03/08/2018	$	25,000	$	24,968
1.42% due 05/17/2018		30,000		29,874
Total Short-Term Investment Securities (cost $54,846)				54,842

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 0.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20%, dated 01/31/2018, to be repurchased 02/01/2018 in the amount $1,657,009 collateralized by $1,725,000 of United States Treasury Notes, bearing interest at 2.13% due 02/29/2024 and having an approximate value of $1,693,695 (cost $1,657,000)	$	1,657,000		$	1,657,000
TOTAL INVESTMENTS (cost $156,735,081)(1)		100.1	%		175,736,804
Liabilities in excess of other assets		(0.1	)		(259,628	)
NET ASSETS		100.0	%	$	175,477,176

# See Note 1

† Non-income producing security

ETF — Exchange-Traded Funds

(1) See Note 3 for cost of investments on a tax basis.

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	7	Long	S&P 400 E-mini Index	March 2018	$	1,350,982	$	1,367,940	$	16,958

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	166,435,062	$	—	$	—	$	166,435,062
Exchange-Traded Funds		7,589,900		—		—		7,589,900
Short-Term Investment Securities		—		54,842		—		54,842
Repurchase Agreements		—		1,657,000		—		1,657,000
Total Investments at Value	$	174,024,962	$	1,711,842	$	—	$	175,736,804
Other Financial Instruments:†
Futures contracts	$	16,958	$	—	$	—	$	16,958

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

† Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

301

SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Medical-Drugs	14.7	%
Cosmetics & Toiletries	13.8
Soap & Cleaning Preparation	5.8
Insurance-Life/Health	5.7
Tobacco	5.4
Commercial Services	4.3
Banks-Commercial	4.2
Brewery	4.1
Beverages-Wine/Spirits	3.8
Enterprise Software/Service	2.9
Internet Application Software	2.8
Diversified Banking Institutions	2.7
Oil Companies-Integrated	2.3
Distribution/Wholesale	2.1
Electronics-Military	2.1
Building Products-Cement	2.0
Insurance-Multi-line	1.9
Gold Mining	1.7
Telephone-Integrated	1.4
Commercial Services-Finance	1.4
Auto-Cars/Light Trucks	1.3
Chemicals-Diversified	1.3
Industrial Automated/Robotic	1.3
Rubber-Tires	1.2
Electronic Measurement Instruments	1.1
Machinery-Construction & Mining	0.9
Internet Content-Entertainment	0.9
Investment Management/Advisor Services	0.8
Computer Software	0.8
Insurance-Property/Casualty	0.8
Advertising Services	0.8
Retail-Automobile	0.7
Oil Refining & Marketing	0.6
Metal-Copper	0.5
Real Estate Management/Services	0.5
Aerospace/Defense	0.2
Food-Misc./Diversified	0.1
Machinery-Electrical	0.1
	99.0	%

Country Allocation*

United Kingdom	23.2	%
France	16.0
Japan	14.7
Netherlands	10.2
Germany	9.8
Switzerland	6.8
Jersey	3.2
Canada	2.8
Cayman Islands	2.8
South Korea	2.1
Hong Kong	1.8
Ireland	1.3
Denmark	1.3
Portugal	0.7
China	0.6
Sweden	0.6
Finland	0.6

Spain	0.5	%
	99.0	%

* Calculated as a percentage of net assets

# See Note 1

302

SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note2)
COMMON STOCKS — 99.0%
Canada — 2.8%
Barrick Gold Corp.		711,226	$	10,228,933
Constellation Software, Inc.		7,274		4,702,138
Turquoise Hill Resources, Ltd.†		540,964		1,649,280
				16,580,351
Cayman Islands — 2.8%
Tencent Holdings, Ltd.		276,100		16,362,737
China — 0.6%
China Petroleum & Chemical Corp.		4,486,000		3,876,610
Denmark — 1.3%
Danske Bank A/S		185,281		7,526,220
Finland — 0.6%
Neste Oyj		49,778		3,441,128
France — 16.0%
AXA SA		213,850		7,034,566
BNP Paribas SA		70,800		5,854,255
L’Oreal SA		102,619		23,328,146
Pernod Ricard SA		139,093		22,156,239
Publicis Groupe SA		67,260		4,649,649
Safran SA		108,391		12,238,052
Sanofi		147,763		13,047,327
TOTAL SA		106,993		6,194,859
				94,503,093
Germany — 9.8%
Bayer AG		126,344		16,536,429
Continental AG		24,198		7,261,398
HeidelbergCement AG		70,272		7,614,847
Henkel AG & Co. KGaA (Preference Shares)		65,920		9,215,517
SAP SE		153,238		17,280,643
				57,908,834
Hong Kong — 1.8%
AIA Group, Ltd.		1,223,400		10,478,265
Ireland — 1.3%
Bank of Ireland Group PLC†		369,416		3,604,976
CRH PLC		108,157		4,017,726
				7,622,702
Japan — 14.7%
FANUC Corp.		27,900		7,532,770
Hitachi, Ltd.		66,000		523,792
Keyence Corp.		10,500		6,389,255
Kirin Holdings Co., Ltd.		362,400		9,032,613
Komatsu, Ltd.		139,000		5,392,187
Lion Corp.		242,600		4,546,667
Mitsubishi Estate Co., Ltd.		150,400		2,877,259
Mizuho Financial Group, Inc.		2,281,700		4,290,859
Nitto Denko Corp.		85,500		7,811,459
Shiseido Co., Ltd.		365,800		18,767,480
Sompo Holdings, Inc.		44,300		1,771,675
Sumitomo Mitsui Financial Group, Inc.		136,500		6,099,176
Toyota Motor Corp.		114,600		7,852,047
USS Co., Ltd.		188,000		4,184,666
				87,071,905

Security Description	Shares			Value (Note2)
Jersey — 3.2%
Experian PLC		349,880		$	8,062,690
Ferguson PLC		137,698			10,627,947
					18,690,637
Netherlands — 10.2%
Heineken NV		136,181			15,311,476
ING Groep NV		372,323			7,317,536
RELX NV		455,555			10,132,620
Unilever NV CVA		479,272			27,758,616
					60,520,248
Portugal — 0.7%
Galp Energia SGPS SA		203,453			3,882,416
South Korea — 2.1%
LG Household & Health Care, Ltd.		6,683			7,366,101
NCSoft Corp.†		12,814			5,303,917
					12,670,018
Spain — 0.5%
Banco Bilbao Vizcaya Argentaria SA		316,626			2,975,033
Sweden — 0.6%
Nordea Bank AB		294,614			3,635,613
Switzerland — 6.8%
Nestle SA		8,357			722,073
Novartis AG		227,013			20,536,658
Roche Holding AG		60,741			14,973,970
Zurich Insurance Group AG		11,828			3,887,387
					40,120,088
United Kingdom — 23.2%
Admiral Group PLC		110,654			2,903,430
Aggreko PLC		444,452			5,090,089
Aviva PLC		955,046			6,959,103
British American Tobacco PLC		405,381			27,737,201
BT Group PLC		2,352,608			8,532,922
Bunzl PLC		25,798			754,563
GlaxoSmithKline PLC		1,161,301			21,771,714
Imperial Brands PLC		94,024			3,869,496
KAZ Minerals PLC†		127,088			1,476,769
Man Group PLC		1,620,987			4,998,983
Meggitt PLC		173,050			1,140,562
Prudential PLC		585,529			15,845,780
Reckitt Benckiser Group PLC		254,833			24,614,921
RELX PLC		451,825			9,994,936
Travis Perkins PLC		70,529			1,462,553
					137,153,022
TOTAL INVESTMENTS — (cost $498,678,386)(1)		99.0	%		585,018,920
Other assets less liabilities		1.0			5,640,133
NET ASSETS —		100.0	%	$	590,659,053

# See Note 1

† Non-income producing security

(1) See Note 3 for cost of investments on a tax basis.

CVA — Certification Van Aandelen (Dutch Cert.)

303

SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Forward Foreign Currency Contracts

Counterparty

Contract to Deliver

In Exchange For

Delivery Date

Unrealized Appreciation

Unrealized Depreciation

Commonwealth Bank of Australia

JPY

4,520,000,000

USD

40,123,566

12/13/2017

$

—

$

(1,349,409

)

JPY	— Japanese Yen
USD	— United States Dollar

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	585,018,920	$	—	$	—	$	585,018,920
LIABILITIES:
Other Financial Instruments:†
Forward Foreign Currency Contracts	$	—	$	1,349,409	$	—	$	1,349,409

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

† Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $30,717,611 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

304

SunAmerica Series Trust SA Oppenheimer Main Street Large Cap Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Computers	5.5	%
Web Portals/ISP	5.2
Commercial Services-Finance	3.5
Diversified Banking Institutions	3.2
Finance-Other Services	3.0
Cable/Satellite TV	3.0
Beverages-Non-alcoholic	3.0
Oil Companies-Integrated	2.9
Food-Misc./Diversified	2.9
Medical-Drugs	2.9
Medical-HMO	2.8
Medical-Biomedical/Gene	2.8
Internet Content-Entertainment	2.8
Banks-Super Regional	2.6
Repurchase Agreements	2.4
Insurance-Reinsurance	2.3
Chemicals-Diversified	2.3
Aerospace/Defense	2.2
Retail-Building Products	2.1
Pipelines	1.9
Transport-Rail	1.9
Retail-Restaurants	1.9
Diversified Manufacturing Operations	1.9
Telephone-Integrated	1.8
Tobacco	1.8
Banks-Fiduciary	1.6
Retail-Auto Parts	1.6
Finance-Credit Card	1.4
Insurance-Property/Casualty	1.4
Gas-Distribution	1.4
Semiconductor Equipment	1.4
Wireless Equipment	1.3
Computer Services	1.3
Insurance Brokers	1.3
E-Commerce/Products	1.3
Pharmacy Services	1.2
Retail-Automobile	1.1
Real Estate Investment Trusts	1.1
Medical Products	1.1
Dialysis Centers	1.0
Auto/Truck Parts & Equipment-Original	0.9
Commercial Services	0.9
Electric-Integrated	0.9
Medical Instruments	0.9
Computers-Memory Devices	0.9
Transport-Services	0.9
Distribution/Wholesale	0.8
Building Products-Cement	0.8
Medical Information Systems	0.7
Appliances	0.7
Non-Hazardous Waste Disposal	0.7
Electronic Measurement Instruments	0.7
Semiconductor Components-Integrated Circuits	0.6
Airlines	0.5
Insurance-Multi-line	0.5
Networking Products	0.5
Oil-Field Services	0.4
Building Products-Air & Heating	0.3
	100.7	%

* Calculated as a percentage of net assets

# See Note 1

305

SunAmerica Series Trust SA Oppenheimer Main Street Large Cap Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.3%
Aerospace/Defense — 2.2%
Lockheed Martin Corp.		29,078	$	10,318,328
Airlines — 0.5%
Alaska Air Group, Inc.		38,010		2,498,397
Appliances — 0.7%
Whirlpool Corp.		18,770		3,405,253
Auto/Truck Parts & Equipment-Original — 0.9%
Aptiv PLC		39,540		3,751,555
Delphi Technologies PLC		13,180		727,932
				4,479,487
Banks-Fiduciary — 1.6%
Bank of New York Mellon Corp.		136,788		7,755,880
Banks-Super Regional — 2.6%
SunTrust Banks, Inc.		80,600		5,698,420
US Bancorp		118,180		6,752,805
				12,451,225
Beverages-Non-alcoholic — 3.0%
PepsiCo, Inc.		118,059		14,202,498
Building Products-Air & Heating — 0.3%
Johnson Controls International PLC		41,327		1,617,125
Building Products-Cement — 0.8%
Vulcan Materials Co.		26,385		3,572,529
Cable/Satellite TV — 3.0%
Comcast Corp., Class A		335,952		14,288,039
Chemicals-Diversified — 2.3%
DowDuPont, Inc.		67,429		5,096,284
PPG Industries, Inc.		48,855		5,800,554
				10,896,838
Commercial Services — 0.9%
Nielsen Holdings PLC		118,881		4,447,338
Commercial Services-Finance — 3.5%
Equifax, Inc.		18,810		2,349,934
PayPal Holdings, Inc.†		84,179		7,182,152
S&P Global, Inc.		40,330		7,303,763
				16,835,849
Computer Services — 1.3%
Amdocs, Ltd.		91,735		6,274,674
Computers — 5.5%
Apple, Inc.		155,006		25,952,655
Computers-Memory Devices — 0.9%
Western Digital Corp.		47,628		4,237,939
Dialysis Centers — 1.0%
DaVita, Inc.†		59,690		4,658,208
Distribution/Wholesale — 0.8%
Fastenal Co.		72,770		3,999,439
Diversified Banking Institutions — 3.2%
Citigroup, Inc.		196,130		15,392,282
Diversified Manufacturing Operations — 1.9%
General Electric Co.		323,536		5,231,577
Illinois Tool Works, Inc.		20,530		3,565,445
				8,797,022

Security Description	Shares		Value (Note 2)
E-Commerce/Products — 1.3%
eBay, Inc.†		147,970	$	6,004,623
Electric-Integrated — 0.9%
PG&E Corp.		104,575		4,437,117
Electronic Measurement Instruments — 0.7%
Agilent Technologies, Inc.		45,390		3,332,988
Finance-Credit Card — 1.4%
American Express Co.		12,770		1,269,338
Discover Financial Services		69,589		5,553,202
				6,822,540
Finance-Other Services — 3.0%
CME Group, Inc.		44,979		6,903,377
Intercontinental Exchange, Inc.		101,680		7,508,051
				14,411,428
Food-Misc./Diversified — 2.9%
Kraft Heinz Co.		96,752		7,584,389
Mondelez International, Inc., Class A		141,853		6,298,273
				13,882,662
Gas-Distribution — 1.4%
National Grid PLC		570,725		6,520,835
Insurance Brokers — 1.3%
Marsh & McLennan Cos., Inc.		74,034		6,183,320
Insurance-Multi-line — 0.5%
MetLife, Inc.		49,640		2,386,195
Insurance-Property/Casualty — 1.4%
Progressive Corp.		124,460		6,733,286
Insurance-Reinsurance — 2.3%
Berkshire Hathaway, Inc., Class B†		51,155		10,966,609
Internet Content-Entertainment — 2.8%
Facebook, Inc., Class A†		70,468		13,169,764
Medical Information Systems — 0.7%
Cerner Corp.†		50,220		3,471,709
Medical Instruments — 0.9%
Boston Scientific Corp.†		152,736		4,270,499
Medical Products — 1.1%
Stryker Corp.		32,290		5,307,830
Medical-Biomedical/Gene — 2.8%
Celgene Corp.†		70,950		7,177,302
Gilead Sciences, Inc.		71,960		6,030,248
				13,207,550
Medical-Drugs — 2.9%
Merck & Co., Inc.		200,975		11,907,769
Valeant Pharmaceuticals International, Inc.†		90,140		1,668,491
				13,576,260
Medical-HMO — 2.8%
UnitedHealth Group, Inc.		56,181		13,302,537
Networking Products — 0.5%
Cisco Systems, Inc.		52,840		2,194,974
Non-Hazardous Waste Disposal — 0.7%
Republic Services, Inc.		49,230		3,387,024

306

SunAmerica Series Trust SA Oppenheimer Main Street Large Cap Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Integrated — 2.9%
Exxon Mobil Corp.		42,920	$	3,746,916
Suncor Energy, Inc.		282,752		10,249,760
				13,996,676
Oil-Field Services — 0.4%
Schlumberger, Ltd.		26,960		1,983,717
Pharmacy Services — 1.2%
Express Scripts Holding Co.†		70,034		5,545,292
Pipelines — 1.9%
Magellan Midstream Partners LP		125,406		8,952,734
Real Estate Investment Trusts — 1.1%
Mid-America Apartment Communities,  Inc.		33,080		3,154,840
Ventas, Inc.		38,690		2,165,479
				5,320,319
Retail-Auto Parts — 1.6%
O’Reilly Automotive, Inc.†		29,290		7,752,770
Retail-Automobile — 1.1%
CarMax, Inc.†		75,750		5,406,277
Retail-Building Products — 2.1%
Lowe’s Cos., Inc.		95,000		9,949,350
Retail-Restaurants — 1.9%
McDonald’s Corp.		51,680		8,844,515
Semiconductor Components-Integrated Circuits — 0.6%
Maxim Integrated Products, Inc.		48,240		2,942,640
Semiconductor Equipment — 1.4%
Applied Materials, Inc.		119,236		6,394,627
Telephone-Integrated — 1.8%
Verizon Communications, Inc.		161,455		8,729,872
Tobacco — 1.8%
Philip Morris International, Inc.		79,600		8,535,508
Transport-Rail — 1.9%
Canadian National Railway Co.		68,950		5,524,274
Canadian Pacific Railway, Ltd.		18,423		3,408,992
				8,933,266
Transport-Services — 0.9%
United Parcel Service, Inc., Class B		33,180		4,224,478
Web Portals/ISP — 5.2%
Alphabet, Inc., Class C†		21,297		24,916,212
Wireless Equipment — 1.3%
Motorola Solutions, Inc.		63,290		6,294,823
Total Long-Term Investment Securities (cost $371,572,442)				468,373,831

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20%, dated 01/31/2018, to be repurchased 02/01/2018 in the amount $11,566,064 collateralized by $12,050,000 of United States Treasury Bonds, bearing interest at 1.88% due 09/30/2022 and having an approximate value of $11,799,456 (cost $11,566,000)	$	11,566,000		$	11,566,000
TOTAL INVESTMENTS (cost $383,138,442)(1)		100.7	%		479,939,831
Liabilities in excess of other assets		(0.7	)		(3,312,967	)
NET ASSETS		100.0	%	$	476,626,864

# See Note 1

† Non-income producing security

(1) See Note 3 for cost of investments on a tax basis.

307

SunAmerica Series Trust SA Oppenheimer Main Street Large Cap Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	468,373,831	$	—	$	—	$	468,373,831
Repurchase Agreements		—		11,566,000		—		11,566,000
Total Investments at Value	$	468,373,831	$	11,566,000	$	—	$	479,939,831

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

308

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Repurchase Agreements	55.2	%
United States Treasury Notes	22.0
Federal National Mtg. Assoc.	13.3
Diversified Financial Services	4.0
United States Treasury Bonds	2.7
Diversified Banking Institutions	2.1
Banks-Commercial	1.2
Government National Mtg. Assoc.	0.7
Electric-Integrated	0.6
Real Estate Investment Trusts	0.6
Airlines	0.5
Options Purchased	0.5
Insurance-Life/Health	0.5
Auto-Cars/Light Trucks	0.4
Sovereign	0.4
Telephone-Integrated	0.4
Federal Home Loan Mtg. Corp.	0.3
Medical-Drugs	0.3
Computers	0.3
Pipelines	0.2
Tobacco	0.2
Banks-Super Regional	0.2
Regional Agencies	0.2
Electronic Components-Semiconductors	0.2
Finance-Consumer Loans	0.2
Cable/Satellite TV	0.1
Insurance-Multi-line	0.1
Transport-Rail	0.1
Commercial Paper	0.1
Retail-Drug Store	0.1
Soap & Cleaning Preparation	0.1
Finance-Leasing Companies	0.1
Municipal Bonds & Notes	0.1
Oil & Gas Drilling	0.1
Applications Software	0.1
Aerospace/Defense	0.1
Special Purpose Entities	0.1
Oil Companies-Integrated	0.1
Commercial Services-Finance	0.1
Chemicals-Diversified	0.1
Finance-Other Services	0.1
Building Societies	0.1
Enterprise Software/Service	0.1
Electronic Parts Distribution	0.1
Medical-Hospitals	0.1
Transport-Marine	0.1
Investment Management/Advisor Services	0.1
	109.4	%

* Calculated as a percentage of net assets

# See Note 1

Credit Quality†**
Aaa	74.8	%
Aa	2.8
A	4.9
Baa	9.9
Ba	0.9
Ca	0.1
Not Rated@	6.6
	100.0	%

* Calculated as a percentage of net assets.

** Calculated as percentage of total debt issues, excluding short-term securities.

† Source: Moody’s

@ Represents debt issues that either have no rating, or the rating is unavailable from the data source.

309

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description		Principal Amount**		Value (Note 2)
ASSET BACKED SECURITIES — 4.0%
Diversified Financial Services — 4.0%
280 Park Avenue Mtg. Trust FRS Series 2017-280P, Class A 2.44% (1 ML+0.88%) due 09/15/2034*(1)		$	1,400,000	$	1,402,619
ALBA PLC FRS Series 2005-1, Class A3 0.71% (3 ML GBP+0.19%) due 11/25/2042(2)	GBP		596,223		819,176
ALBA PLC FRS Series 2015-1, Class A 1.74% (3 ML GBP+1.25%) due 04/24/2049(2)	GBP		462,584		661,137
Auburn Securities 4 PLC FRS Series 4, Class A2 0.90% (1 ML GBP+0.40%) due 10/01/2041(2)	GBP		430,963		611,903
Babson CLO, Ltd. FRS Series 2014-IIA, Class AR 2.88% (3 ML+1.15%) due 10/17/2026*(3)			500,000		500,286
Banco La Hipotecaria SA Series 2016-1A, Class A 3.36% due 01/15/2046*(2)(4)			1,372,001		1,345,834
BlueMountain CLO, Ltd. FRS Series 2013-3A, Class AR 2.65% (3 ML+0.89%) due 10/29/2025*(3)			855,374		855,519
BX Trust FRS Series 2017-APPL, Class A 2.44% (1 ML+0.88%) due 07/15/2034*(1)			4,000,000		4,011,218
Carlyle Global Market Strategies CLO, Ltd. FRS Series 2014-5A, Class A1R 2.86% (3 ML+1.14%) due 10/16/2025*(3)			800,000		800,508
Citigroup Mtg. Loan Trust, Inc. FRS Series 2007-AMC1, Class A1 1.72% (1 ML+0.16%) due 12/25/2036*			1,595,851		1,050,176
Colony Starwood Homes Trust FRS Series 2016-1A, Class A 3.06% (1 ML+1.50%) due 07/17/2033*			983,509		989,868
CVP Cascade, Ltd. FRS Series 2013-CLO1, Class A1R 2.87% (3 ML+1.15%) due 01/16/2026*(3)			2,700,000		2,701,504
DBUBS Mtg. Trust Series 2017-BRBK, Class A 3.45% due 10/10/2034*(1)			2,400,000		2,426,936
Denali Capital CLO XI, Ltd. FRS Series 2015-1A, Class A1R 2.89% (3 ML+1.15%) due 04/20/2027*(3)			400,000		400,125
Dryden Senior Loan Fund FRS Series 2012-25A, Class ARR 2.62% (3 ML+0.90%) due 10/15/2027*(3)			1,500,000		1,499,757

Security Description		Principal Amount**		Value (Note 2)
Diversified Financial Services (continued)
Eurosail PLC FRS Series 2006-4X, Class A3C 0.68% (3 ML GBP+0.16%) due 12/10/2044(2)	GBP		313,400	$	440,001
Eurosail PLC FRS Series 2007-3A, Class A3C 1.47% (3 ML GBP+0.95%) due 06/13/2045*(2)	GBP		760,898		1,073,416
Eurosail PLC FRS Series 2007-3X, Class A3A 1.47% (3 ML GBP+0.95%) due 06/13/2045(2)	GBP		674,518		951,558
Eurosail PLC FRS Series 2007-3X, Class A3C 1.47% (3 ML GBP+0.95%) due 06/13/2045(2)	GBP		899,243		1,268,582
Flagship VII, Ltd. FRS Series 2013-7A, Class A1R 2.86% (3 ML+1.12%) due 01/20/2026*(3)			2,100,000		2,101,172
Ford Credit Auto Owner Trust Series 2016-2, Class A 2.03% due 12/15/2027*			2,100,000		2,053,925
Gemgarto PLC FRS Series 2015-1, Class A 1.48% (3 ML GBP+0.95%) due 02/16/2047(2)	GBP		33,871		48,144
Halcyon Loan Advisors Funding, Ltd. FRS Series 2014-3A, Class AR 2.84% (3 ML+1.10%) due 10/22/2025*(3)			1,900,000		1,900,655
Jamestown CLO III, Ltd. FRS Series 2013-3A, Class A1AR 2.86% (3 ML+1.14%) due 01/15/2026*(3)			2,700,000		2,701,191
JMP Credit Advisors CLO III, Ltd. FRS Series 2014-1A, Class AR 2.97% (3 ML+1.24%) due 10/17/2025*(3)			1,000,000		1,000,552
KVK CLO, Ltd. FRS Series 2013-2A, Class AR 2.87% (3 ML+1.15%) due 01/15/2026*(3)			900,000		900,152
Ludgate Funding PLC FRS Series 2006-1X, Class A2A 0.71% (3 ML GBP+0.19%) due 12/01/2060(2)	GBP		813,858		1,112,184
Ludgate Funding PLC FRS Series 2008-W1X, Class A1 1.12% (3 ML GBP+0.60%) due 01/01/2061(2)	GBP		1,230,400		1,713,638
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25, Class A4 3.37% due 10/15/2048(1)			1,800,000		1,818,602
MortgageIT Trust FRS Series 2005-2, Class 1A1 2.08% (1 ML+0.52%) due 05/25/2035(2)			126,221		126,647

310

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description		Principal Amount**		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Oak Hill Credit Partners X, Ltd. FRS Series 2014-10A, Class AR 2.87% (3 ML+1.13%) due 07/20/2026*(3)		$	1,100,000	$	1,100,164
OZLM Funding V, Ltd. FRS Series 2013-5A, Class A1R 2.86% (3 ML+1.13%) due 01/17/2026*(3)			900,000		900,481
PHEAA Student Loan Trust FRS Series 2016-2A, Class A 2.51% (1 ML+0.95%) due 11/25/2065*			689,251		691,002
Progress Residential Trust FRS Series 2016-SFR1, Class A 3.06% (1 ML+1.50%) due 09/17/2033*			991,034		1,002,084
Shackleton CLO, Ltd. FRS Series 2013-4A, Class AR 2.84% (3 ML+1.12%) due 01/13/2025*(3)			400,000		400,183
SMB Private Education Loan Trust FRS Series 2016-B, Class A2B 3.01% (1 ML+1.45%) due 02/17/2032*			1,800,000		1,859,183
SpringCastle America Funding LLC Series 2016-AA, Class A 3.05% due 04/25/2029*(5)			1,050,915		1,054,191
Symphony CLO XV, Ltd. FRS Series 2014-15A, Class AR 2.91% (3 ML+1.18%) due 10/17/2026*(3)			2,300,000		2,301,454
Thrones PLC FRS Series 2013-1, Class A 2.02% (3 ML GBP+1.50%) due 07/20/2044(2)	GBP		531,983		757,690
Uropa Securities PLC FRS Series 2007-1, Class A3A 0.56% (3 ML GBP+0.20%) due 10/10/2040(2)	GBP		400,000		532,779
Uropa Securities PLC FRS Series 2008-1, Class A 0.72% (3 ML GBP+0.20%) due 06/10/2059(2)	GBP		866,535		1,195,103
Uropa Securities PLC FRS Series 2008-1, Class M1 0.87% (3 ML GBP+0.35%) due 06/10/2059(2)	GBP		200,448		271,101
Uropa Securities PLC FRS Series 2008-1, Class M2 1.07% (3 ML GBP+0.55%) due 06/10/2059(2)	GBP		156,573		209,452
Uropa Securities PLC FRS Series 2008-1, Class B 1.27% (3 ML GBP+0.75%) due 06/10/2059(2)	GBP		166,896		223,332

Security Description	Principal Amount**		Value (Note 2)
Diversified Financial Services (continued)
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2005-AR19, Class A1A1 1.83% (1 ML+0.27%) due 12/25/2045(2)	$	625,964	$	606,140
Worldwide Plaza Trust Series 2017-WWP, Class A 3.53% due 11/10/2036*(1)		2,100,000		2,111,469
Total Asset Backed Securities (cost $53,191,108)				54,502,793
U.S. CORPORATE BONDS & NOTES — 6.4%
Aerospace/Defense — 0.1%
Northrop Grumman Corp. Senior Notes 2.93% due 01/15/2025		600,000		583,922
Northrop Grumman Corp. Senior Notes 3.25% due 01/15/2028		500,000		490,635
				1,074,557
Aerospace/Defense-Equipment — 0.0%
Spirit AeroSystems, Inc. Company Guar. Notes 3.85% due 06/15/2026		300,000		298,707
Airlines — 0.2%
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-3, Class A 3.00% due 04/15/2030		680,670		662,878
American Airlines Pass-Through Trust Pass-Through Certs. 3.25% due 04/15/2030		194,490		189,581
American Airlines Pass-Through Trust Pass-Through Certs. 4.00% due 01/15/2027		387,616		397,721
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-2, Class AA 2.88% due 04/07/2030		1,000,000		960,480
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-2, Class A 3.10% due 04/07/2030		1,000,000		969,100
				3,179,760
Applications Software — 0.1%
Microsoft Corp. Senior Notes 4.10% due 02/06/2037		1,000,000		1,086,816
Auto-Cars/Light Trucks — 0.4%
Daimler Finance North America LLC FRS Company Guar. Notes 1.91% (3 ML+0.42%) due 03/02/2018*		390,000		390,091
Daimler Finance North America LLC Company Guar. Notes 2.25% due 03/02/2020*		200,000		198,241

311

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount**		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Auto-Cars/Light Trucks (continued)
General Motors Financial Co., Inc. Company Guar. Notes 3.20% due 07/13/2020	$	146,000	$	147,111
General Motors Financial Co., Inc. Company Guar. Notes 3.70% due 11/24/2020		1,070,000		1,091,692
Hyundai Capital America Senior Notes 2.50% due 03/18/2019*		1,200,000		1,195,518
Toyota Motor Credit Corp. Senior Notes 2.15% due 03/12/2020		400,000		397,727
Volkswagen Group of America Finance LLC FRS Company Guar. Notes 1.92% (3 ML+0.47%) due 05/22/2018*		300,000		300,324
Volkswagen Group of America Finance LLC Company Guar. Notes 2.13% due 05/23/2019*		2,200,000		2,189,745
				5,910,449
Banks-Commercial — 0.2%
HSBC USA, Inc. FRS Senior Notes 2.02% (3 ML+0.61%) due 11/13/2019		200,000		201,330
HSBC USA, Inc. Senior Notes 2.38% due 11/13/2019		150,000		149,589
HSBC USA, Inc. Senior Notes 2.75% due 08/07/2020		880,000		881,700
Manufacturers & Traders Trust Co. Senior Notes 2.25% due 07/25/2019		250,000		249,466
MUFG Americas Holdings Corp. Senior Notes 2.25% due 02/10/2020		12,000		11,890
Santander Holdings USA, Inc. Senior Notes 2.70% due 05/24/2019		1,500,000		1,499,213
				2,993,188
Banks-Fiduciary — 0.0%
Bank of New York Mellon Corp. Senior Notes 3.00% due 02/24/2025		200,000		197,123
Banks-Super Regional — 0.2%
Bank of America NA Senior Notes 1.75% due 06/05/2018		740,000		739,643
Wells Fargo & Co. Senior Notes 2.55% due 12/07/2020		110,000		109,504
Wells Fargo & Co. FRS Senior Notes 3.00% (3 ML+1.23%) due 10/31/2023		1,900,000		1,958,656

Security Description	Principal Amount**		Value (Note 2)
Banks-Super Regional (continued)
Wells Fargo & Co. Senior Notes 3.00% due 02/19/2025	$	50,000	$	49,028
				2,856,831
Broadcast Services/Program — 0.0%
Discovery Communications LLC Company Guar. Notes 3.45% due 03/15/2025		10,000		9,720
Building & Construction Products-Misc. — 0.0%
Fortune Brands Home & Security, Inc. Senior Notes 4.00% due 06/15/2025		60,000		62,093
Owens Corning Company Guar. Notes 4.20% due 12/01/2024		20,000		20,685
				82,778
Building Products-Wood — 0.0%
Masco Corp. Senior Notes 4.45% due 04/01/2025		10,000		10,444
Cable/Satellite TV — 0.1%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.58% due 07/23/2020		450,000		455,734
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.46% due 07/23/2022		450,000		465,471
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 05/01/2047		1,000,000		1,032,782
Comcast Corp. Company Guar. Notes 4.40% due 08/15/2035		20,000		21,453
				1,975,440
Cellular Telecom — 0.0%
T-Mobile USA, Inc. Company Guar. Notes 6.00% due 03/01/2023		28,000		29,306
T-Mobile USA, Inc. Company Guar. Notes 6.38% due 03/01/2025		28,000		29,785
				59,091
Chemicals-Diversified — 0.1%
Solvay Finance America LLC Company Guar. Notes 3.40% due 12/03/2020*		800,000		812,887
Commercial Services-Finance — 0.1%
Equifax, Inc. Senior Notes 3.25% due 06/01/2026		800,000		754,164

312

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount**		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Commercial Services-Finance (continued)
S&P Global, Inc. Company Guar. Notes 4.40% due 02/15/2026	$	50,000	$	53,286
Total System Services, Inc. Senior Notes 3.75% due 06/01/2023		100,000		100,795
				908,245
Computer Aided Design — 0.0%
Autodesk, Inc. Senior Notes 4.38% due 06/15/2025		40,000		41,348
Computers — 0.3%
Apple, Inc. FRS Senior Notes 2.09% (3 ML+0.30%) due 05/06/2019		200,000		200,744
Apple, Inc. Senior Notes 2.90% due 09/12/2027		700,000		675,757
Apple, Inc. Senior Notes 3.35% due 02/09/2027		600,000		599,908
Apple, Inc. Senior Notes 3.75% due 09/12/2047		500,000		497,357
Apple, Inc. Senior Notes 4.65% due 02/23/2046		500,000		568,625
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 8.10% due 07/15/2036*		1,100,000		1,398,090
				3,940,481
Data Processing/Management — 0.0%
Fidelity National Information Services, Inc. Senior Notes 4.50% due 10/15/2022		489,000		515,765
Diagnostic Equipment — 0.0%
Thermo Fisher Scientific, Inc. Senior Notes 3.30% due 02/15/2022		30,000		30,335
Diversified Banking Institutions — 0.7%
Bank of America Corp. Senior Notes 2.63% due 10/19/2020		600,000		599,488
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		700,000		706,981
Citigroup, Inc. Senior Notes 2.05% due 12/07/2018		1,090,000		1,088,921
Citigroup, Inc. FRS Senior Notes 2.38% (3 ML+0.86%) due 12/07/2018		1,340,000		1,346,415
Citigroup, Inc. Senior Notes 2.40% due 02/18/2020		2,600,000		2,587,708

Security Description	Principal Amount**		Value (Note 2)
Diversified Banking Institutions (continued)
Citigroup, Inc. FRS Senior Notes 2.97% (3 ML+1.19%) due 08/02/2021	$	1,000,000	$	1,024,499
Citigroup, Inc. Sub. Notes 4.40% due 06/10/2025		750,000		779,395
Goldman Sachs Group, Inc. Senior Notes 3.75% due 05/22/2025		30,000		30,379
Goldman Sachs Group, Inc. Senior Notes 3.85% due 07/08/2024		1,300,000		1,327,492
Morgan Stanley Senior Notes 4.00% due 07/23/2025		60,000		61,927
				9,553,205
Electric-Integrated — 0.6%
Appalachian Power Co. Senior Notes 3.40% due 06/01/2025		550,000		552,025
Cleco Corporate Holdings LLC Senior Sec. Notes 3.74% due 05/01/2026		1,600,000		1,573,583
DTE Electric Co General Refunding Mtg. 3.70% due 06/01/2046		1,700,000		1,707,561
Duke Energy Corp. Senior Notes 2.65% due 09/01/2026		1,000,000		931,306
Duke Energy Corp. Senior Notes 3.75% due 04/15/2024		100,000		102,598
Duke Energy Corp. Senior Notes 4.80% due 12/15/2045		1,060,000		1,191,469
Entergy Mississippi, Inc. 1st Mtg. Notes 2.85% due 06/01/2028		1,900,000		1,800,241
IPALCO Enterprises Inc Senior Sec. Notes 3.70% due 09/01/2024		600,000		595,577
Pacific Gas & Electric Co. Senior Notes 3.50% due 06/15/2025		30,000		29,760
				8,484,120
Electronic Components-Semiconductors — 0.2%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.88% due 01/15/2027*		1,000,000		973,169
Intel Corp. Senior Notes 4.10% due 05/11/2047		1,000,000		1,058,919
				2,032,088
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc. Senior Notes 3.25% due 09/08/2024		700,000		678,682

313

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount**		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Enterprise Software/Service — 0.1%
Oracle Corp. Senior Notes 2.95% due 05/15/2025	$	700,000	$	689,165
Finance-Consumer Loans — 0.2%
Synchrony Financial Senior Notes 2.60% due 01/15/2019		1,090,000		1,092,365
Synchrony Financial Senior Notes 2.70% due 02/03/2020		12,000		11,980
Synchrony Financial Senior Notes 4.50% due 07/23/2025		860,000		887,076
				1,991,421
Finance-Credit Card — 0.0%
American Express Credit Corp. FRS Senior Notes 1.91% (3 ML+0.49%) due 08/15/2019		300,000		301,216
American Express Credit Corp. FRS Senior Notes 2.57% (3 ML+0.78%) due 11/05/2018		160,000		160,752
				461,968
Finance-Investment Banker/Broker — 0.0%
Lazard Group LLC Senior Notes 3.75% due 02/13/2025		25,000		25,012
Finance-Other Services — 0.1%
BGC Partners, Inc. Senior Notes 5.13% due 05/27/2021		700,000		732,293
Intercontinental Exchange, Inc. Company Guar. Notes 2.75% due 12/01/2020		50,000		50,315
				782,608
Food-Meat Products — 0.0%
Tyson Foods, Inc. Company Guar. Notes 3.95% due 08/15/2024		100,000		103,231
Food-Misc./Diversified — 0.0%
Kraft Heinz Foods Co. Company Guar. Notes 3.50% due 07/15/2022		20,000		20,204
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046		550,000		537,700
				557,904
Insurance Brokers — 0.0%
Marsh & McLennan Cos., Inc. Senior Notes 3.75% due 03/14/2026		20,000		20,475
Insurance-Life/Health — 0.5%
Jackson National Life Global Funding Senior Sec. Notes 2.30% due 04/16/2019*		200,000		199,967

Security Description	Principal Amount**		Value (Note 2)
Insurance-Life/Health (continued)
Jackson National Life Global Funding Senior Sec. Notes 2.60% due 12/09/2020*	$	1,090,000	$	1,085,117
Pacific Life Insurance Co. Sub. Notes 4.30% due 10/24/2067*		2,300,000		2,247,215
Pricoa Global Funding I Sec. Notes 2.55% due 11/24/2020*		1,070,000		1,067,898
Principal Life Global Funding II Senior Sec. Notes 2.20% due 04/08/2020*		400,000		396,545
Reliance Standard Life Global Funding II Senior Sec. Notes 2.15% due 10/15/2018*		120,000		120,006
Teachers Insurance & Annuity Association of America Sub. Notes 4.27% due 05/15/2047*		1,600,000		1,651,459
				6,768,207
Insurance-Multi-line — 0.1%
MetLife, Inc. Senior Notes 4.05% due 03/01/2045		10,000		9,953
Metropolitan Life Global Funding I Sec. Notes 2.00% due 04/14/2020*		150,000		148,090
Metropolitan Life Global Funding I Sec. Notes 2.30% due 04/10/2019*		200,000		199,880
Metropolitan Life Global Funding I Sec. Notes 2.50% due 12/03/2020*		1,230,000		1,224,681
				1,582,604
Insurance-Property/Casualty — 0.0%
ACE INA Holdings, Inc. Company Guar. Notes 3.35% due 05/03/2026		50,000		50,019
First American Financial Corp. Senior Notes 4.60% due 11/15/2024		20,000		20,352
				70,371
Medical Instruments — 0.0%
Boston Scientific Corp. Senior Notes 3.38% due 05/15/2022		550,000		552,332
Medical Labs & Testing Services — 0.0%
Laboratory Corp. of America Holdings Senior Notes 3.60% due 02/01/2025		12,000		12,043
Medical Products — 0.0%
Zimmer Holdings, Inc. Senior Notes 2.70% due 04/01/2020		10,000		9,968
Zimmer Holdings, Inc. Senior Notes 3.15% due 04/01/2022		30,000		29,818

314

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount**		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical Products (continued)
Zimmer Holdings, Inc. Senior Notes 3.55% due 04/01/2025	$	30,000	$	29,524
				69,310
Medical-Biomedical/Gene — 0.0%
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		20,000		20,230
Medical-Drugs — 0.2%
Johnson & Johnson Senior Notes 3.63% due 03/03/2037		1,100,000		1,128,528
Zoetis, Inc. Senior Notes 3.00% due 09/12/2027		1,100,000		1,054,085
				2,182,613
Medical-HMO — 0.0%
Aetna, Inc. Senior Notes 3.50% due 11/15/2024		20,000		20,064
UnitedHealth Group, Inc. Senior Notes 2.88% due 12/15/2021		310,000		311,139
				331,203
Medical-Hospitals — 0.1%
Northwell Healthcare, Inc. Sec. Notes 3.98% due 11/01/2046		700,000		672,924
Non-Hazardous Waste Disposal — 0.0%
Republic Services, Inc. Senior Notes 3.55% due 06/01/2022		600,000		610,567
Oil & Gas Drilling — 0.1%
Patterson-UTI Energy, Inc. Company Guar. Notes 3.95% due 02/01/2028*		1,200,000		1,183,254
Pipelines — 0.2%
Energy Transfer Partners LP Senior Notes 4.05% due 03/15/2025		100,000		99,560
Energy Transfer Partners LP Senior Notes 4.75% due 01/15/2026		40,000		41,406
EQT Midstream Partners LP Senior Notes 4.13% due 12/01/2026		700,000		689,962
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.63% due 04/15/2023		600,000		653,809
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.75% due 05/15/2024		1,600,000		1,753,903
				3,238,640
Real Estate Investment Trusts — 0.6%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 4.50% due 07/30/2029		100,000		103,840

Security Description	Principal Amount**		Value (Note 2)
Real Estate Investment Trusts (continued)
American Tower Corp. Senior Notes 2.25% due 01/15/2022	$	1,200,000	$	1,156,793
American Tower Corp. Senior Notes 3.38% due 10/15/2026		1,200,000		1,156,409
American Tower Corp. Senior Notes 4.00% due 06/01/2025		690,000		699,547
Crown Castle International Corp. Senior Notes 4.45% due 02/15/2026		290,000		299,430
Crown Castle International Corp. Senior Notes 4.88% due 04/15/2022		900,000		955,473
Crown Castle International Corp. Senior Notes 5.25% due 01/15/2023		800,000		868,520
Digital Realty Trust LP Company Guar. Notes 3.95% due 07/01/2022		810,000		836,076
Goodman US Finance Three LLC Company Guar. Notes 3.70% due 03/15/2028*		1,200,000		1,167,021
WP Carey, Inc. Senior Notes 4.60% due 04/01/2024		500,000		515,001
				7,758,110
Real Estate Operations & Development — 0.0%
Prologis LP Company Guar. Notes 3.75% due 11/01/2025		30,000		30,954
Rental Auto/Equipment — 0.0%
ERAC USA Finance LLC Company Guar. Notes 4.50% due 02/15/2045*		12,000		12,175
Retail-Automobile — 0.0%
AutoNation, Inc. Company Guar. Notes 6.75% due 04/15/2018		200,000		201,865
Retail-Drug Store — 0.1%
Walgreens Boots Alliance, Inc. Senior Notes 3.45% due 06/01/2026		1,700,000		1,653,051
Special Purpose Entity — 0.1%
Protective Life Global Funding Sec. Notes 2.70% due 11/25/2020*		1,070,000		1,067,665
Telephone-Integrated — 0.4%
AT&T, Inc. FRS Senior Notes 2.62% (3 ML+0.93%) due 06/30/2020		90,000		91,135
AT&T, Inc. Senior Notes 3.40% due 05/15/2025		50,000		48,650
AT&T, Inc. Senior Notes 4.30% due 02/15/2030*		204,000		201,397

315

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount**		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
AT&T, Inc. Senior Notes 4.90% due 08/14/2037	$	1,600,000	$	1,621,642
AT&T, Inc. Senior Notes 5.25% due 03/01/2037		1,200,000		1,268,123
Verizon Communications, Inc. Senior Notes 3.38% due 02/15/2025		104,000		103,111
Verizon Communications, Inc. Senior Notes 4.15% due 03/15/2024		1,400,000		1,459,555
				4,793,613
Tobacco — 0.1%
BAT Capital Corp. Company Guar. Notes 4.39% due 08/15/2037*		1,800,000		1,850,197
Reynolds American, Inc. Company Guar. Notes 4.00% due 06/12/2022		20,000		20,658
Reynolds American, Inc. Company Guar. Notes 4.85% due 09/15/2023		100,000		107,847
				1,978,702
Transport-Rail — 0.1%
Burlington Northern Santa Fe LLC Senior Notes 4.13% due 06/15/2047		1,700,000		1,829,456
Water — 0.0%
American Water Capital Corp. Senior Notes 3.40% due 03/01/2025		20,000		20,167
Total U.S. Corporate Bonds & Notes (cost $87,468,462)				88,003,900
FOREIGN CORPORATE BONDS & NOTES — 3.5%
Airlines — 0.3%
Air Canada Pass-Through Certs. Series 2015-2, Class AA 3.75% due 06/15/2029*		779,241		795,527
Norwegian Air Shuttle ASA Pass-Through Trust Series 2016-1, Class A Pass-Through Certs. 4.88% due 11/10/2029*		2,667,169		2,680,505
WestJet Airlines, Ltd. Senior Notes 3.50% due 06/16/2021*(5)		1,000,000		1,006,484
				4,482,516
Airport Development/Maintenance — 0.0%
Sydney Airport Finance Co. Pty, Ltd. Senior Sec. Notes 3.38% due 04/30/2025*		20,000		19,576
Auto/Truck Parts & Equipment-Original — 0.0%
Aptiv PLC Company Guar. Notes 3.15% due 11/19/2020		200,000		201,849

Security Description	Principal Amount**		Value (Note 2)
Banks-Commercial — 0.9%
Australia & New Zealand Banking Group, Ltd. FRS Senior Notes 2.47% (3 ML+0.99%) due 06/01/2021*	$	900,000	$	916,605
Australia & New Zealand Banking Group, Ltd. Sub. Notes 4.40% due 05/19/2026*		2,100,000		2,148,913
Bank of Montreal Notes 1.75% due 06/15/2021*		1,500,000		1,452,515
Bank of Tokyo-Mitsubishi UFJ, Ltd. FRS Senior Notes 2.04% (3 ML+0.55%) due 03/05/2018*		400,000		400,099
Bank of Tokyo-Mitsubishi UFJ, Ltd. Senior Notes 2.30% due 03/05/2020*		200,000		199,361
Cooperatieve Rabobank UA Company Guar. Notes 3.75% due 07/21/2026		1,000,000		990,132
Credit Suisse AG FRS Senior Notes 2.44% (3 ML+0.68%) due 04/27/2018		680,000		680,845
Dexia Credit Local SA Government Guar. Notes 1.88% due 09/15/2021*		2,700,000		2,615,973
ING Bank NV FRS Notes 2.15% (3 ML+0.55%) due 03/16/2018*		400,000		400,189
Mizuho Bank, Ltd. Company Guar. Notes 3.60% due 09/25/2024*		200,000		202,905
Santander UK Group Holdings PLC Senior Notes 2.88% due 10/16/2020		990,000		987,596
Santander UK Group Holdings PLC Senior Notes 3.13% due 01/08/2021		140,000		140,154
Sumitomo Mitsui Banking Corp. Company Guar. Notes 2.65% due 07/23/2020		850,000		849,185
Swedbank AB Senior Notes 2.20% due 03/04/2020*		370,000		366,723
				12,351,195
Banks-Fiduciary — 0.0%
Mitsubishi UFJ Trust & Banking Corp. Senior Notes 2.65% due 10/19/2020*		200,000		199,131
Building Societies — 0.1%
Nationwide Building Society Senior Notes 2.45% due 07/27/2021*		700,000		689,537

316

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description		Principal Amount**		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV — 0.0%
British Sky Broadcasting Group PLC Company Guar. Notes 9.50% due 11/15/2018*		$	400,000	$	422,267
Diversified Banking Institutions — 1.4%
Barclays PLC Senior Notes 3.25% due 02/12/2027	GBP		700,000		1,027,359
Barclays PLC FRS Senior Notes 3.52% (3 ML+2.11%) due 08/10/2021			1,900,000		1,991,188
Barclays PLC Senior Notes 3.65% due 03/16/2025			950,000		936,617
Barclays PLC Senior Notes 4.34% due 01/10/2028			800,000		816,559
BNP Paribas SA Senior Notes 3.38% due 01/09/2025*			2,200,000		2,174,810
Credit Suisse Group AG Senior Bonds 3.87% due 01/12/2029*			900,000		894,435
Credit Suisse Group AG Senior Notes 4.28% due 01/09/2028*			2,000,000		2,055,173
Credit Suisse Group Funding Guernsey, Ltd. Company Guar. Notes 3.75% due 03/26/2025			250,000		249,709
Credit Suisse Group Funding Guernsey, Ltd. Company Guar. Notes 3.80% due 06/09/2023			1,500,000		1,530,757
Deutsche Bank AG Senior Notes 4.25% due 10/14/2021			1,300,000		1,339,477
HSBC Holdings PLC FRS Senior Notes 3.20% (3 ML+1.50%) due 01/05/2022			300,000		310,930
HSBC Holdings PLC Senior Notes 4.30% due 03/08/2026			550,000		576,326
Royal Bank of Scotland Group PLC Senior Notes 3.88% due 09/12/2023			800,000		807,506
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.06% due 07/14/2021			1,000,000		969,897
UBS Group Funding Switzerland AG Company Guar. Notes 2.65% due 02/01/2022*			1,600,000		1,565,702
UBS Group Funding Switzerland AG FRS Company Guar. Notes 3.30% (3 ML+1.53%) due 02/01/2022*			900,000		931,438

Security Description	Principal Amount**		Value (Note 2)
Diversified Banking Institutions (continued)
UBS Group Funding Switzerland AG Company Guar. Notes 4.13% due 04/15/2026*	$	550,000	$	566,328
				18,744,211
Electric-Integrated — 0.0%
E.ON International Finance BV Company Guar. Notes 5.80% due 04/30/2018*		300,000		302,672
Electronic Components-Misc. — 0.0%
Flextronics International, Ltd. Senior Notes 4.75% due 06/15/2025		20,000		21,021
Finance-Leasing Companies — 0.1%
LeasePlan Corp. NV Senior Notes 2.50% due 05/16/2018*		200,000		200,070
ORIX Corp. Senior Notes 3.25% due 12/04/2024		1,400,000		1,372,339
				1,572,409
Insurance-Multi-line — 0.0%
XLIT, Ltd. Company Guar. Notes 4.45% due 03/31/2025		10,000		10,092
Medical-Drugs — 0.1%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 1.90% due 09/23/2019		1,000,000		987,025
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.88% due 09/23/2023		400,000		387,913
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		500,000		479,014
				1,853,952
Oil Companies-Exploration & Production — 0.0%
Woodside Finance, Ltd. Company Guar. Notes 3.65% due 03/05/2025*		10,000		9,944
Oil Companies-Integrated — 0.1%
BP Capital Markets PLC FRS Company Guar. Notes 1.84% (3 ML+0.43%) due 02/13/2018		213,000		213,016
Shell International Finance BV Company Guar. Notes 4.00% due 05/10/2046		700,000		726,067
				939,083
Regional Agencies — 0.2%
Japan Finance Organization for Municipalities Senior Notes 2.13% due 10/25/2023*		2,700,000		2,554,389

317

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount**		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Soap & Cleaning Preparation — 0.1%
Reckitt Benckiser Treasury Services PLC Company Guar. Notes 2.75% due 06/26/2024*	$	700,000	$	672,220
Reckitt Benckiser Treasury Services PLC Company Guar. Notes 3.00% due 06/26/2027*		1,000,000		950,437
				1,622,657
Tobacco — 0.1%
BAT International Finance PLC Company Guar. Notes 3.50% due 06/15/2022*		20,000		20,237
BAT International Finance PLC Company Guar. Notes 3.95% due 06/15/2025*		40,000		40,930
Imperial Brands Finance PLC Company Guar. Notes 4.25% due 07/21/2025*		850,000		876,067
				937,234
Transport-Marine — 0.1%
AP Moeller - Maersk A/S Senior Notes 3.75% due 09/22/2024*		600,000		593,072
Total Foreign Corporate Bonds & Notes (cost $47,534,853)				47,526,807
U.S. GOVERNMENT AGENCIES — 14.3%
Federal Home Loan Mtg. Corp. — 0.3%
1.25% due 10/02/2019(12)		2,000,000		1,970,734
2.38% due 01/13/2022(12)		200,000		199,566
4.33% due 09/15/2043 (1 ML+5.89%)(2)(6)		2,297,767		426,402
Federal Home Loan Mtg. Corp. REMIC FRS Series 4579, Class FD 1.71% (1 ML+0.35%) due 01/15/2038(2)		1,742,909		1,743,176
Federal Home Loan Mtg. Corp. REMIC VRS Series 4579, Class SD 1.57% due 01/15/2038(2)(6)(7)		1,742,909		96,852
				4,436,730
Federal National Mtg. Assoc. — 13.3%
3.70% due 09/01/2034		946,619		989,543
4.00% due 07/01/2045		2,313,932		2,392,000
4.00% due 07/01/2045		1,528,499		1,580,067
4.00% due 02/01/2046		3,265,770		3,374,978
4.00% due 09/01/2046		3,551,813		3,670,926
3.50% due February 30 TBA		44,300,000		44,715,312
3.50% due March 30 TBA		79,000,000		79,600,129
4.00% due March 30 TBA		33,000,000		34,029,317
4.50% due March 30 TBA		6,600,000		6,945,857
Federal National Mtg. Assoc. REMIC Series 2013-17, Class TI 3.00% due 03/25/2028(2)(6)		1,566,820		158,114

Security Description	Principal Amount**		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Federal National Mtg. Assoc. REMIC FRS Series 2012-113, Class PF 1.91% (1 ML+0.35%) due 10/25/2040(2)	$	944,879	$	940,674
Series 2007-85, Class FL 2.10% (1 ML+0.54%) due 09/25/2037(2)		3,129,133		3,137,219
				181,534,136
Government National Mtg. Assoc. — 0.7%
Government National Mtg. Assoc. REMIC FRS Series 2016-H10, Class FJ 1.98% (1 ML+0.60%) due 04/20/2066(2)		344,981		345,500
Series 2014-H02, Class FB 2.03% (1 ML+0.65%) due 12/20/2063(2)		918,803		922,897
Series 2016-H11, Class F 2.18% (1 ML+0.80%) due 05/20/2066(2)		2,571,419		2,594,501
Series 2016-H14, Class FA 2.18% (1 ML+0.80%) due 06/20/2066(2)		1,499,806		1,513,537
Series 2016-H17, Class FC 2.21% (1 ML+0.83%) due 08/20/2066(2)		3,410,184		3,446,338
				8,822,773
Total U.S. Government Agencies (cost $196,749,958)				194,793,639
U.S. GOVERNMENT TREASURIES — 24.7%
United States Treasury Bonds — 2.7%
zero coupon due 02/15/2043 STRIPS		15,000,000		7,204,214
1.00% due 02/15/2046 TIPS(8)		5,933,928		6,246,728
2.75% due 08/15/2047		1,560,000		1,499,916
2.75% due 11/15/2047		2,000,000		1,923,906
2.88% due 05/15/2043		300,000		297,633
2.88% due 11/15/2046		290,000		286,205
3.13% due 02/15/2042		250,000		259,570
4.25% due 05/15/2039		5,900,000		7,202,840
4.38% due 11/15/2039		6,800,000		8,455,109
4.38% due 05/15/2040		1,300,000		1,618,348
4.50% due 08/15/2039		1,750,000		2,209,238
				37,203,707
United States Treasury Notes — 22.0%
0.38% due 01/15/2027 TIPS(8)		1,123,265		1,100,545
1.25% due 04/30/2019		9,300,000		9,212,449
1.50% due 03/31/2023		6,640,000		6,304,628
1.50% due 08/15/2026(12)		2,100,000		1,905,340
1.63% due 05/15/2026		4,559,000		4,191,965
1.75% due 02/28/2022(12)		2,500,000		2,433,008
1.88% due 03/31/2022		47,600,000		46,491,813
1.88% due 04/30/2022		9,500,000		9,270,664
1.88% due 07/31/2022		3,200,000		3,115,375
1.88% due 08/31/2022		38,800,000		37,751,188
2.00% due 12/31/2021		2,600,000		2,557,648
2.00% due 11/15/2026		7,635,000		7,206,724
2.13% due 12/31/2022		12,300,000		12,070,817
2.25% due 04/30/2021(12)		1,100,000		1,096,648

318

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description		Shares/ Principal Amount**		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
2.25% due 02/15/2027		$	87,500,000	$	84,201,660
2.25% due 08/15/2027			57,180,000		54,912,902
2.25% due 11/15/2027			8,100,000		7,773,785
2.38% due 05/15/2027			1,000,000		971,563
2.50% due 05/15/2024			7,300,000		7,244,679
					299,813,401
Total U.S. Government Treasuries (cost $345,906,700)					337,017,108
FOREIGN GOVERNMENT OBLIGATIONS — 0.4%
Sovereign — 0.4%
Abu Dhabi Government International Bond Senior Notes 3.13% due 10/11/2027*			500,000		479,790
Federative Republic of Brazil Senior Notes 5.63% due 02/21/2047			600,000		601,500
Kingdom of Saudi Arabia Senior Notes 4.63% due 10/04/2047*			900,000		896,625
State of Kuwait Senior Bonds 3.50% due 03/20/2027*			1,000,000		995,600
Tokyo Metropolitan Government Senior Notes 2.00% due 05/17/2021*			2,400,000		2,325,004
Total Foreign Government Obligations (cost $5,356,735)					5,298,519
MUNICIPAL BONDS & NOTES — 0.1%
City of Chicago, IL General Obligation Bonds Series B 6.31% due 01/01/2044			800,000		845,328
City of Chicago, IL Series B General Obligation Bonds 7.05% due 01/01/2029			600,000		648,654
Total Municipal Bonds & Notes (cost $1,307,226)					1,493,982
OPTIONS - PURCHASED(9) — 0.5%
Exchange-Traded Put Options - Purchased			1,959		5,227,265
Over the Counter Purchased Call Options on Interest Rate Swap Contracts(5)			222,800,000		149,052
Over the Counter Purchased Put Options on Interest Rate Swap Contracts(5)			13,600,000		1,600,100
Total Options - Purchased (cost $9,231,273)					6,976,417
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.2%
Banks-Commercial — 0.1%
Stichting AK Rabobank Certificaten 6.50% due 03/29/2018(10)	EUR		900,000		1,423,896
Insurance-Multi-line — 0.0%
Voya Financial, Inc. Company Guar. Notes 4.70% due 01/23/2048*			400,000		394,465

Security Description		Shares/ Principal Amount**			Value (Note 2)
Investment Management/Advisor Services — 0.1%
Brighthouse Holdings LLC Series A 6.50% due 12/31/2020*(5)(10)	EUR		500,000		$	554,375
Pipelines — 0.0%
TransCanada Trust 5.30% due 03/15/2077		$	400,000			413,500
Total Preferred Securities/Capital Securities (cost $2,339,711)						2,786,236
Total Long-Term Investment Securities (cost $749,086,026)						738,399,401
SHORT-TERM INVESTMENT SECURITIES — 0.1%
Commercial Paper — 0.1%
Barclays Bank PLC 1.94% due 09/04/2018 (cost $1,700,000)			1,700,000			1,700,000
REPURCHASE AGREEMENTS — 55.2%
Agreement with Barclays Bank PLC, bearing interest at 1.50%, dated 01/31/2018, to be repurchased 02/01/2018 in the amount of $124,305,179 collateralized by $131,726,000 of United States Treasury Notes, bearing interest at 1.13% due 08/31/2021 and having an approximate value of $127,479,502			124,300,000			124,300,000
Agreement with J.P. Morgan Chase, bearing interest at 1.49%, dated 01/31/2018, to be repurchased 02/01/2018 in the amount of $314,213,004 collateralized by $327,334,000 of United States Treasury Notes, bearing interest at 1.88% due 09/30/2022 having an approximate value of $322,925,192			314,200,000			314,200,000
Agreement with Toronto-Dominion Bank, bearing interest at 1.49%, dated 01/31/2018, to be repurchased 02/01/2018 in the amount of $314,213,004 collateralized by $326,785,000 of United States Treasury Notes, bearing interest at 2.25% due 01/31/2024 and having an approximate value of $320,900,317			314,200,000			314,200,000
Total Repurchase Agreements (cost $752,700,000)						752,700,000
TOTAL INVESTMENTS (cost $1,503,486,026)(11)			109.4	%		1,492,799,401
Liabilities in excess of other assets			(9.4	)		(128,061,383	)
NET ASSETS			100.0	%	$	1,364,738,018

319

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PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

# See Note 1

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $96,986,349 representing 7.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

** Denominated in United States Dollars unless otherwise indicated.

(1) Commercial Mortgage Backed Security

(2) Collateralized Mortgage Obligation

(3) Collateralized Loan Obligation

(4) Securities classified as Level 3 (see Note 2).

(5) Illiquid security. At January 31, 2018, the aggregate value of these securities was $4,364,202 representing 0.3% of net assets.

(6) Interest Only

(7) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(8) Principal amount of security is adjusted for inflation.

(9) Options — Purchased

Exchange-Traded Put Options - Purchased
Issue	Expiration Month	Strike Price	Number of Contracts	Notional Amount*		Premiums Paid		Value at January 31, 2018		Unrealized Appreciation/ (Depreciation)
S&P 500 Index	December 2018	$1,850	653	$	698,763	$	1,078,326	$	701,975	$	(376,351	)
S&P 500 Index	December 2018	2,125	653		1,570,663		2,221,076		1,544,345		(676,731	)
S&P 500 Index	December 2018	2,375	653		2,951,778		4,268,231		2,980,945		(1,287,286	)
						$	7,567,633	$	5,227,265	$	(2,340,368	)

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.

Over the Counter Purchased Call Options on Interest Rate Swap Contracts
Issue	Counterparty	Expiration Month		Strike Rate			Notional Amount (000’s)		Premiums Paid		Value at January 31, 2018		Unrealized Appreciation/ (Depreciation)
Call option to enter into an interest rate swap for the right to receive a fixed rate of 1.65% versus U.S. Treasury Bonds maturing on 11/15/2018	Morgan Stanley Co., Inc.		November 2018		1.65	%	$	24,200	$	137,336	$	2,471	$	(134,865	)
Call option to enter into an interest rate swap for the right to receive a fixed rate of 2.54% versus U.S. Treasury Bonds maturing on 03/21/2018	Morgan Stanley Co., Inc.		March 2018		2.54			600		0		1,815		1,815
Call option to enter into an interest rate swap for the right to receive a fixed rate of 1.85% versus U.S. Treasury Bonds maturing on 11/30/2018	Goldman Sachs Bank USA		November 2018		1.85			62,500		89,393		37,594		(51,799	)
Call option to enter into an interest rate swap for the right to receive a fixed rate of 2.00% versus U.S. Treasury Bonds maturing on 12/19/2018	Citibank N.A.		December 2018		2.00			62,500		138,462		33,100		(105,362	)
Call option to enter into an interest rate swap for the right to receive a fixed rate of 2.15% versus U.S. Treasury Bonds maturing on 01/31/2019	Goldman Sachs Bank USA		January 2019		2.15			73,000		76,650		74,072		(2,578	)
									$	441,841	$	149,052	$	(292,789	)

320

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PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Over the Counter Purchased Put Options on Interest Rate Swap Contracts
Issue	Counterparty	Expiration Month		Strike Rate			Notional Amount (000’s)		Premiums Paid		Value at January 31, 2018		Unrealized Appreciation/ (Depreciation)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 2.30% versus U.S. Treasury Bonds maturing on 10/21/2019	Goldman Sachs Bank USA		October 2019		2.30	%	$	9,700	$	921,500	$	1,305,718	$	384,218
Put option to enter into an interest rate swap for the right to pay a fixed rate of 2.54% versus U.S. Treasury Bonds maturing on 03/21/2018	Morgan Stanley Co., Inc.		March 2018		2.54			3,300		0		36,014		36,014
Put option to enter into an interest rate swap for the right to pay a fixed rate of 2.75% versus U.S. Treasury Bonds maturing on 11/07/2019	Morgan Stanley Co., Inc.		November 2019		2.75			600		300,300		258,368		(41,932	)
									$	1,221,800	$	1,600,100	$	378,300

(10) Perpetual maturity - maturity date reflects the next call date.

(11) See Note 3 for cost of investments on a tax basis.

(12) The security or a portion thereof was pledged as collateral to cover margin requirements for open derivative contracts.

GBP — British Pound Sterling

USD — U.S. Dollar

CLO — Collateralized Loan Obligation

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current rates as of January 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

REMIC — Real Estate Mortgage Investment Conduit

STRIPS — Separate Trading of Registered Interest and Principal Securities

TBA — Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.

TIPS — Treasury Inflation Protected Securities

Index Legend

1 ML — 1 Month USD LIBOR

3 ML — 3 Month USD LIBOR

Over the Counter Written Call Options on Currencies@
Issue	Counterparty	Expiration Month		Strike Rate			Notional Amount (000’s)		Premiums Received		Value at January 31, 2018		Unrealized Appreciation/ (Depreciation)
Call option on USD vs ZAR	Goldman Sachs Bank USA		June 2018		12.25	%	$	2,000	$	68,110	$	62,170	$	5,940

Over the Counter Written Put Options on Currencies@
Issue	Counterparty	Expiration Month		Strike Rate			Notional Amount (000’s)		Premiums Received		Value at January 31, 2018		Unrealized Appreciation/ (Depreciation)
Put option on USD vs ZAR	Goldman Sachs Bank USA		June 2018		12.25	%	$	1,900	$	29,317	$	79,249	$	(49,932	)

321

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PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Over the Counter Written Call Options on Interest Rate Swap Contracts
Issue	Counterparty		Expiration Month		Strike Rate			Notional Amount (000’s)		Premiums Received		Value at January 31, 2018		Unrealized Appreciation/ (Depreciation)
Call option to enter into an interest rate swap for the right to receive a fixed rate of 2.00% versus U.S. Treasury Bonds maturing on 11/15/2018		Morgan Stanley Co., Inc.		November 2018		2.00	%	$	5,200	$	137,222	$	12,009	$	125,213
Call option to enter into an interest rate swap for the right to receive a fixed rate of 2.19% versus U.S. Treasury Bonds maturing on 11/30/2018		Goldman Sachs Bank USA		November 2018		2.19			24,400		85,588		46,296		39,292
Call option to enter into an interest rate swap for the right to receive a fixed rate of 2.19% versus U.S. Treasury Bonds maturing on 12/19/2018		Goldman Sachs Bank USA		December 2018		2.19			13,200		139,140		59,969		79,171
Call option to enter into an interest rate swap for the right to receive a fixed rate of 2.21% versus U.S. Treasury Bonds maturing on 01/31/2019		Goldman Sachs Bank USA		January 2019		2.21			14,600		76,650		76,650		0
										$	438,600	$	194,924	$	243,676

Over the Counter Written Put Options on Interest Rate Swap Contracts
Issue	Counterparty		Expiration Month		Strike Rate			Notional Amount (000’s)		Premiums Received		Value at January 31, 2018		Unrealized Appreciation/ (Depreciation)
Put option to enter into an interest rate swap for the right to receive a fixed rate of 2.00% versus U.S. Treasury Bonds maturing on 10/21/2019		Goldman Sachs Bank USA		October 2019		2.00	%	$	48,500	$	921,500	$	1,963,469	$	(1,041,969	)
Put option to enter into an interest rate swap for the right to receive a fixed rate of 2.50% versus U.S. Treasury Bonds maturing on 11/07/2019		Morgan Stanley Co., Inc.		November 2019		2.50			16,500		300,300		400,412		(100,112	)
										$	1,221,800	$	2,363,881	$	(1,142,081	)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	18	Long	Euro-Bund	March 2018	$	3,594,677	$	3,549,292	$	(45,385	)
	657	Long	90 Day Euro Dollar	March 2019		160,333,478		160,201,237		(132,241	)
	546	Long	90 Day Euro Dollar	March 2018		134,063,100		133,933,800		(129,300	)
	350	Long	90 Day Euro Dollar	December 2018		85,474,823		85,413,125		(61,698	)
	5,911	Long	S&P 500 E-Mini Index	March 2018		784,176,882		835,165,190		50,988,308
	34	Long	U.S. Treasury Ultra Long Bonds	March 2018		5,648,297		5,505,875		(142,422	)
	48	Long	U.S. Treasury 5 Year Notes	March 2018		5,601,456		5,506,125		(95,331	)
	853	Long	Russell 2000 E-Mini Index	March 2018		65,220,049		67,768,000		2,547,951
	113	Long	U.S. Treasury 10 Year Notes	March 2018		14,093,364		13,738,328		(355,036	)
	35	Short	Euro-BTP	March 2018		6,022,803		5,908,907		113,896
	47	Short	Euro-BTP	March 2018		9,148,515		8,923,899		224,616
	548	Short	90 Day Euro Dollar	June 2019		133,904,736		133,499,650		405,086
	983	Short	90 Day Euro Dollar	December 2019		239,765,637		239,127,038		638,599
	298	Short	90 Day Euro Dollar	September 2019		72,782,479		72,548,100		234,379
	657	Short	90 Day Euro Dollar	March 2020		160,011,509		159,782,400		229,109
									$	54,420,531

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

322

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PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
Bank of America, N.A.	EUR	2,113,000	USD	2,581,537		02/02/2018	$	—	$	(41,858	)
	GBP	8,459,000	USD	11,465,168		02/02/2018		—		(545,339	)
	JPY	550,800,000	USD	4,915,860		02/15/2018		—		(132,999	)
	USD	2,761,348	JPY	306,419,397		02/15/2018		47,418		—
	USD	130,613	EUR	105,000		03/02/2018		—		(21	)
	USD	3,782,000	RUB	215,649,640		03/07/2018		38,137		—
	ZAR	8,351,000	USD	701,769		02/06/2018		—		(2,747	)
								85,555		(722,964	)
Barclays Bank PLC	GBP	592,000	USD	828,141		02/02/2018		—		(12,410	)
	USD	4,944,625	JPY	559,200,000		02/15/2018		181,232		—
								181,232		(12,410	)
Citibank N.A.	GBP	340,000	USD	468,013		02/02/2018		—		(14,736	)
	GBP	9,391,000	USD	13,325,498		03/02/2018		—		(22,019	)
	KRW	10,916,226,400	USD	9,808,107		03/14/2018		—		(406,215	)
	USD	3,396,857	EUR	2,845,000		02/02/2018		135,352		—
	USD	238,000	RUB	13,804,000		03/07/2018		6,532		—
								141,884		(442,970	)
Goldman Sachs Bank USA	KRW	1,088,404,700	USD	1,019,000		03/14/2018		579		—
	USD	701,084	ZAR	8,332,000		02/06/2018		1,829		—
	USD	3,745,123	JPY	408,700,000		02/15/2018		1,189		—
	USD	4,137,000	RUB	244,808,499		03/07/2018		199,672		—
	USD	2,909,000	KRW	3,111,721,897		03/14/2018		2,641		—
								205,910		—
Net Unrealized Appreciation/(Depreciation)							$	614,581	$	(1,178,344	)

EUR	— Euro Currency	KRW	— South Korean Won	USD	— United States Dollar
GBP	— British Pound Sterling	RUB	— New Russian Ruble	ZAR	— South African Rand
JPY	— Japanese Yen

Over the Counter Total Return Swap Contracts@
							Value
Counterparty	Notional Amount (000’s)		Termination Date		Fixed Payments Received (Paid) by the Portfolio	Total Return Received or Paid by Portfolio	Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
Barclays PLC		62,611		05/09/2018	(3 Month USD LIBOR-BBA plus 10 bps)	MSCI EAFE Index	$	—		$	5,315,358
Merrill Lynch International		52,754		05/23/2018	(3 Month USD LIBOR-BBA plus 8 bps)	MSCI EAFE Index		—			1,415,112
Merrill Lynch International		71,148		06/07/2018	(3 Month USD LIBOR-BBA plus 9 bps)	MSCI EAFE Index		(42,429	)		3,600,887
Merrill Lynch International		22,531		08/22/2018	(3 Month USD LIBOR-BBA plus 8 bps)	MSCI EAFE Index		—			4,468,155
							$	(42,429	)	$	14,799,512

323

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PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Centrally Cleared Interest Rate Swap Contracts@
					Rates Exchanged		Value
	Notional Amount (000’s)		Maturity Date		Payments Received (Paid) by the Portfolio / Frequency	Payments Made by the Portfolio / Frequency	Upfront Premiums Paid/(Received)			Unrealized Appreciation/ (Depreciation)
EUR		6,600		02/03/2037	2.050%/Annually	6 Month USD EURIBOR-BBA/Semi-annually	$	—		$	6,429
JPY		740,000		03/20/2028	6 Month JPY LIBOR-BBA/Semi-annually	0.750%/Semi-annually		103,635			(42,100	)
GBP		2,500		02/01/2037	6 Month GBP LIBOR-BBA/Semi-annually	2.040%/Semi-annually		715			(31,086	)
GBP		3,500		02/01/2037	6 Month GBP LIBOR-BBA/Semi-annually	2.050%/Semi-annually		—			(46,581	)
GBP		14,100		03/21/2028	6 Month GBP LIBOR-BBA/Semi-annually	1.500%/Semi-annually		(246,541	)		433,111
GBP		115,000		09/18/2020	3 Month GBP LIBOR-BBA/Quarterly	1.000%/Maturity		51,828			439,659
GBP		115,000		09/19/2019	1.000%/Maturity	3 Month GBP LIBOR-BBA/Quarterly		167,030			(117,222	)
USD		5,800		08/20/2019	3 Month USD LIBOR-BBA/Quarterly	2.910%/Semi-annually		—			(27,999	)
USD		700		12/16/2019	3 Month USD LIBOR-BBA/Quarterly	2.000%/Semi-annually		(1,347	)		5,166
USD		5,900		12/21/2026	3 Month USD LIBOR-BBA/Quarterly	1.750%/Semi-annually		35,917			433,486
USD		4,700		12/21/2026	3 Month USD LIBOR-BBA/Quarterly	1.750%/Semi-annually		(100,668	)		464,520
USD		82,400		06/21/2027	3 Month USD LIBOR-BBA/Quarterly	1.500%/Semi-annually		6,668,750			2,025,723
USD		44,300		12/20/2027	3 Month USD LIBOR-BBA/Quarterly	2.500%/Semi-annually		(1,642,087	)		2,692,164
USD		5,700		12/20/2047	3 Month USD LIBOR-BBA/Quarterly	2.750%/Semi-annually		(186,718	)		310,593
						Total	$	4,850,514		$	6,545,863

Centrally Cleared Credit Default Swaps on Credit Indices — Sell Protection@(4)
										Value(3)
Reference Obligation	Fixed Deal Receive Rate/Payment Frequency		Maturity Date		Implied Credit Spread at January 31, 2018(1)			Notional Amount(2) (000’s)		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CDX North American High Yield Index		1.000%/Quarterly		6/20/2021		0.3162	%	$	900	$	8,109	$	11,963
CDX North American Investment Grade Index		1.000%/Quarterly		12/20/2022		0.4715			28,900		695,999		23,761
										$	704,108	$	35,724

@ Illiquid security. At January 31, 2018, the aggregate value of these securities was $27,034,711 representing 2.0% of net assets

(1) Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements on corporate issues or sovereign issues of an emerging market country as of period end serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. A credit spread identified as “Defaulted” indicates a credit event has occurred for the referenced entity or obligation.

(2) The maximum potential amount the Portfolio could be required to make as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

(3) The quoted market prices and resulting values for credit default swap agreements on asset-backed securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement have been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

(4) If the Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation.

324

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

BBA	— British Banking Association
CDOR	— Canadian Dollar Offered Rate
EUR	— Euro Currency
EURIBOR	— Euro Interbank Offered Rate
LIBOR	— London Interbank Offered Rate
USD	— United States Dollar
ZAR	— South African Rand

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Asset Backed Securities:
Diversified Financial Services	$	—	$	53,156,959	$	1,345,834	$	54,502,793
U.S. Corporate Bonds & Notes		—		88,003,900		—		88,003,900
Foreign Corporate Bonds & Notes		—		47,526,807		—		47,526,807
U.S. Government Agencies		—		194,793,639		—		194,793,639
U.S. Government Treasuries		—		337,017,108		—		337,017,108
Foreign Government Obligations		—		5,298,519		—		5,298,519
Municipal Bonds & Notes		—		1,493,982		—		1,493,982
Exchange Traded Put Options - Purchased		5,227,265		—		—		5,227,265
Over the Counter Purchased Call Options on Interest Rate Swap Contracts		—		149,052		—		149,052
Over the Counter Purchased Put Options on Interest Rate Swap Contracts		—		1,600,100		—		1,600,100
Preferred Securities/Capital Securities		—		2,786,236		—		2,786,236
Short-Term Investment Securities		—		1,700,000		—		1,700,000
Repurchase Agreements		—		752,700,000		—		752,700,000
Total Investments at Value	$	5,227,265	$	1,486,226,302	$	1,345,834	$	1,492,799,401
Other Financial Instruments:+
Over the Counter Written Call Options on Currencies	$	—	$	5,940	$	—	$	5,940
Over the Counter Written Call Options on Interest Rate Swap Contracts		—		243,676		—		243,676
Futures Contracts		55,381,944		—		—		55,381,944
Forward Foreign Currency Contracts		—		614,581		—		614,581
Over the Counter Total Return Swap Contracts		—		14,799,512		—		14,799,512
Centrally Cleared Interest Rate Swap Contracts		—		6,810,851		—		6,810,851
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection		—		35,724		—		35,724
Total Other Financial Instruments	$	55,381,944	$	22,510,284	$	—	$	77,892,228
LIABILITIES:
Other Financial Instruments:+
Over the Counter Written Put Options on Currencies	$	—	$	49,932	$	—	$	49,932
Over the Counter Written Put Options on Interest Rate Swap Contracts		—		1,142,081		—		1,142,081
Futures Contracts		961,413		—		—		961,413
Forward Foreign Currency Contracts		—		1,178,344		—		1,178,344
Centrally Cleared Interest Rate Swap Contracts		—		264,988		—		264,988
Total Other Financial Instruments	$	961,413	$	2,635,345	$	—	$	3,596,758

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio.

See Notes to Financial Statements

325

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PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Cable/Satellite TV	6.9	%
Oil Companies-Exploration & Production	6.7
Pipelines	6.1
Real Estate Investment Trusts	4.5
Cellular Telecom	3.7
Finance-Consumer Loans	2.8
Repurchase Agreements	2.7
Satellite Telecom	2.2
Medical-Drugs	2.1
Medical-Hospitals	2.0
Oil-Field Services	1.7
Metal-Copper	1.5
Oil & Gas Drilling	1.4
Containers-Metal/Glass	1.4
Real Estate Management/Services	1.4
Steel-Producers	1.3
Retail-Restaurants	1.3
Computer Services	1.3
Computers-Memory Devices	1.2
Computers-Integrated Systems	1.2
Aerospace/Defense-Equipment	1.2
Finance-Auto Loans	1.2
Auto-Heavy Duty Trucks	1.1
Metal Processors & Fabrication	1.1
Printing-Commercial	1.1
Chemicals-Diversified	1.1
Hotels/Motels	1.1
Building-Residential/Commercial	1.1
Oil Refining & Marketing	1.0
Publishing-Books	1.0
Retail-Office Supplies	1.0
Rental Auto/Equipment	1.0
Enterprise Software/Service	0.9
Computers	0.9
Telephone-Integrated	0.9
Internet Connectivity Services	0.9
Energy-Alternate Sources	0.8
Gambling (Non-Hotel)	0.8
Batteries/Battery Systems	0.8
Building & Construction-Misc.	0.8
Marine Services	0.8
Television	0.8
E-Commerce/Services	0.7
Building-Heavy Construction	0.7
Coal	0.7
Semiconductor Equipment	0.7
Internet Content-Entertainment	0.7
Finance-Mortgage Loan/Banker	0.7
Radio	0.7
Building Products-Wood	0.7
Circuit Boards	0.7
Diversified Minerals	0.7
Finance-Credit Card	0.7
Finance-Investment Banker/Broker	0.6
Containers-Paper/Plastic	0.6
Investment Management/Advisor Services	0.6
Food-Retail	0.6
Retail-Appliances	0.6
Agricultural Chemicals	0.6
Diversified Manufacturing Operations	0.6
Electric-Distribution	0.6

Cruise Lines	0.5	%
Independent Power Producers	0.5
Real Estate Operations & Development	0.5
Electronic Parts Distribution	0.5
Auto/Truck Parts & Equipment-Original	0.5
Poultry	0.5
Machinery-Thermal Process	0.5
Physicians Practice Management	0.5
Telecom Services	0.5
Dialysis Centers	0.5
Oil Field Machinery & Equipment	0.5
Food-Dairy Products	0.5
Finance-Other Services	0.5
Consumer Products-Misc.	0.5
Distribution/Wholesale	0.5
Building & Construction Products-Misc.	0.4
Airlines	0.4
Cosmetics & Toiletries	0.4
Broadcast Services/Program	0.4
Racetracks	0.4
Retail-Pawn Shops	0.4
Retail-Automobile	0.4
Medical Instruments	0.3
Food-Wholesale/Distribution	0.3
Publishing-Periodicals	0.3
Telecommunication Equipment	0.3
Paper & Related Products	0.2
	99.0	%
Credit Quality#†
Baa	3.6	%
Ba	31.3
B	47.5
Caa	14.5
Ca	0.3
Not Rated@	2.8
	100.0	%

* Calculated as a percentage of net assets.

# Calculated as a percentage of total debt issues, excluding short-term securities.

† Source: Moody’s

@ Represents debt issues that either have no rating, or the rating is unavailable from the data source.

## See Note 1

326

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio##

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 73.0%
Aerospace/Defense-Equipment — 1.2%
Moog, Inc. Company Guar. Notes 5.25% due 12/01/2022*	$	1,984,000	$	2,048,480
Triumph Group, Inc. Company Guar. Notes 4.88% due 04/01/2021		2,445,000		2,402,212
				4,450,692
Airlines — 0.4%
Atlas Air, Inc. Pass-Through Certs. Series 1999-1, Class B 7.63% due 01/02/2019(1)		67,224		67,466
United Airlines Pass-Through Trust Pass-Through Certs. Series 2014-2, Class B 4.63% due 03/03/2024		1,541,187		1,586,390
				1,653,856
Auto-Heavy Duty Trucks — 1.1%
JB Poindexter & Co., Inc. Senior Notes 9.00% due 04/01/2022*		2,118,000		2,194,777
Navistar International Corp. Senior Notes 6.63% due 11/01/2025*		2,025,000		2,116,733
				4,311,510
Batteries/Battery Systems — 0.8%
EnerSys Company Guar. Notes 5.00% due 04/30/2023*		3,037,000		3,162,276
Broadcast Services/Program — 0.4%
Clear Channel Worldwide Holdings, Inc. Company Guar. Notes 6.50% due 11/15/2022		1,475,000		1,518,468
Building & Construction Products-Misc. — 0.4%
Standard Industries, Inc. Senior Notes 5.00% due 02/15/2027*		1,645,000		1,669,675
Building & Construction-Misc. — 0.8%
Weekley Homes LLC/Weekley Finance Corp. Senior Notes 6.00% due 02/01/2023		3,117,000		3,145,334
Building Products-Wood — 0.7%
Boise Cascade Co. Company Guar. Notes 5.63% due 09/01/2024*		2,395,000		2,502,775
Building-Heavy Construction — 0.7%
Tutor Perini Corp. Company Guar. Notes 6.88% due 05/01/2025*		2,571,000		2,738,115
Building-Residential/Commercial — 0.4%
Lennar Corp. Company Guar. Notes 4.50% due 04/30/2024		1,600,000		1,618,080

Security Description	Principal Amount		Value (Note 2)
Cable/Satellite TV — 2.9%
Block Communications, Inc. Senior Notes 6.88% due 02/15/2025*	$	2,349,000	$	2,442,960
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		2,885,000		2,782,222
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		2,655,000		2,688,187
DISH DBS Corp. Company Guar. Notes 5.00% due 03/15/2023		920,000		862,822
DISH DBS Corp. Company Guar. Notes 7.75% due 07/01/2026		2,104,000		2,161,860
				10,938,051
Cellular Telecom — 3.2%
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		1,730,000		1,754,514
Sprint Corp. Company Guar. Notes 7.88% due 09/15/2023		7,222,000		7,649,326
T-Mobile USA, Inc. Company Guar. Notes 4.75% due 02/01/2028		2,214,000		2,222,302
United States Cellular Corp. Senior Notes 6.70% due 12/15/2033		451,000		478,624
				12,104,766
Circuit Boards — 0.7%
TTM Technologies, Inc. Company Guar. Notes 5.63% due 10/01/2025*		2,410,000		2,476,275
Coal — 0.7%
SunCoke Energy Partners LP/SunCoke Energy Partners Finance Corp. Company Guar. Notes 7.50% due 06/15/2025*		2,595,000		2,718,262
Computer Services — 1.3%
Harland Clarke Holdings Corp. Senior Sec. Notes 8.38% due 08/15/2022*		1,925,000		2,006,813
Harland Clarke Holdings Corp. Senior Notes 9.25% due 03/01/2021*		2,739,000		2,828,017
				4,834,830
Computers — 0.9%
Diamond 1 Finance Corp./Diamond 2 Finance Corp. Senior Sec. Notes 6.02% due 06/15/2026*		3,235,000		3,537,795
Computers-Integrated Systems — 1.2%
Diebold Nixdorf, Inc. Company Guar. Notes 8.50% due 04/15/2024		1,250,000		1,320,625

327

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio##

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computers-Integrated Systems (continued)
Everi Payments, Inc. Company Guar. Notes 7.50% due 12/15/2025*	$	3,095,000	$	3,187,850
				4,508,475
Computers-Memory Devices — 0.5%
Western Digital Corp. Company Guar. Notes 4.75% due 02/15/2026		1,885,000		1,908,563
Consumer Products-Misc. — 0.5%
Central Garden & Pet Co. Company Guar. Notes 5.13% due 02/01/2028		1,800,000		1,791,000
Containers-Metal/Glass — 1.4%
Crown Cork & Seal Co., Inc. Company Guar. Notes 7.38% due 12/15/2026		2,311,000		2,663,427
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.38% due 01/15/2025*		2,438,000		2,559,900
				5,223,327
Containers-Paper/Plastic — 0.6%
Multi-Color Corp. Company Guar. Notes 6.13% due 12/01/2022*		2,309,000		2,401,360
Cosmetics & Toiletries — 0.4%
First Quality Finance Co., Inc. Company Guar. Notes 5.00% due 07/01/2025*		1,511,000		1,522,333
Dialysis Centers — 0.5%
DaVita HealthCare Partners, Inc. Company Guar. Notes 5.00% due 05/01/2025		1,850,000		1,843,063
Distribution/Wholesale — 0.5%
H&E Equipment Services, Inc. Company Guar. Notes 5.63% due 09/01/2025*		1,685,000		1,748,188
Electric-Distribution — 0.6%
NextEra Energy Operating Partners LP Company Guar. Notes 4.25% due 09/15/2024*		1,406,000		1,413,030
NextEra Energy Operating Partners LP Company Guar. Notes 4.50% due 09/15/2027*		765,000		754,481
				2,167,511
Electronic Parts Distribution — 0.5%
Ingram Micro, Inc. Senior Notes 5.45% due 12/15/2024		1,920,000		1,901,817
Energy-Alternate Sources — 0.8%
Pattern Energy Group, Inc. Company Guar. Notes 5.88% due 02/01/2024*		3,028,000		3,186,970

Security Description	Principal Amount		Value (Note 2)
Enterprise Software/Service — 0.9%
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024	$	3,392,000	$	3,587,040
Finance-Auto Loans — 1.2%
Ally Financial, Inc. Sub. Notes 5.75% due 11/20/2025		2,060,000		2,199,462
Credit Acceptance Corp. Company Guar. Notes 7.38% due 03/15/2023		2,066,000		2,158,970
				4,358,432
Finance-Consumer Loans — 2.3%
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*		2,965,000		3,083,600
Navient Corp. Senior Notes 5.63% due 08/01/2033		3,076,000		2,806,850
Springleaf Finance Corp. Company Guar. Notes 6.13% due 05/15/2022		2,610,000		2,695,608
				8,586,058
Finance-Credit Card — 0.7%
Alliance Data Systems Corp. Company Guar. Notes 5.88% due 11/01/2021*		2,400,000		2,466,000
Finance-Investment Banker/Broker — 0.6%
LPL Holdings, Inc. Company Guar. Notes 5.75% due 09/15/2025*		2,370,000		2,417,400
Finance-Mortgage Loan/Banker — 0.7%
Quicken Loans, Inc. Company Guar. Notes 5.75% due 05/01/2025*		2,500,000		2,546,875
Finance-Other Services — 0.5%
Oxford Finance LLC/Oxford Finance Co-Issuer II, Inc. Senior Notes 6.38% due 12/15/2022*		1,737,000		1,793,192
Food-Retail — 0.6%
Albertsons Cos. LLC/Safeway, Inc./New Albertson’s, Inc./Albertson’s LLC Company Guar. Notes 5.75% due 03/15/2025		2,580,000		2,302,650
Food-Wholesale/Distribution — 0.3%
C&S Group Enterprises LLC Senior Sec. Notes 5.38% due 07/15/2022*		1,350,000		1,262,250
Gambling (Non-Hotel) — 0.5%
Mohegan Gaming & Entertainment Company Guar. Notes 7.88% due 10/15/2024*		1,878,000		1,924,950
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014†*(1)(2)		569,536		8,828
				1,933,778

328

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio##

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Hotels/Motels — 1.1%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024	$	1,761,000	$	1,932,698
Wyndham Worldwide Corp. Senior Notes 4.50% due 04/01/2027		2,085,000		2,094,311
				4,027,009
Independent Power Producers — 0.5%
Calpine Corp. Senior Sec. Notes 5.25% due 06/01/2026*		2,025,000		1,987,031
Internet Connectivity Services — 0.9%
Cogent Communications Group, Inc. Senior Sec. Notes 5.38% due 03/01/2022*		2,073,000		2,155,920
Zayo Group LLC/Zayo Capital, Inc. Company Guar. Notes 6.38% due 05/15/2025		1,230,000		1,289,962
				3,445,882
Internet Content-Entertainment — 0.7%
Netflix, Inc. Senior Notes 5.88% due 02/15/2025		2,505,000		2,681,051
Investment Management/Advisor Services — 0.6%
Drawbridge Special Opportunities Fund LP/Drawbridge Special Opportunities Finance Senior Notes 5.00% due 08/01/2021*		2,238,000		2,308,517
Machinery-Thermal Process — 0.5%
Cleaver-Brooks, Inc. Senior Sec. Notes 7.88% due 03/01/2023*		1,766,000		1,854,300
Marine Services — 0.8%
Great Lakes Dredge & Dock Corp. Company Guar. Notes 8.00% due 05/15/2022		2,860,000		2,974,400
Medical Instruments — 0.3%
Teleflex, Inc. Company Guar. Notes 4.63% due 11/15/2027		1,328,000		1,323,020
Medical-Drugs — 0.3%
Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 5.38% due 01/15/2023*		1,425,000		1,111,500
Medical-Hospitals — 2.0%
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.25% due 03/31/2023		1,845,000		1,706,625
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		1,205,000		1,260,731
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024*		2,953,000		2,901,322

Security Description	Principal Amount		Value (Note 2)
Medical-Hospitals (continued)
Tenet Healthcare Corp. Senior Notes 6.75% due 06/15/2023	$	1,575,000	$	1,551,533
				7,420,211
Metal Processors & Fabrication — 1.1%
Grinding Media, Inc./Moly-Cop AltaSteel, Ltd. Senior Sec. Notes 7.38% due 12/15/2023*		2,293,000		2,442,045
Novelis Corp. Company Guar. Notes 6.25% due 08/15/2024*		1,682,000		1,761,895
				4,203,940
Metal-Copper — 0.4%
Freeport-McMoRan Copper & Gold, Inc. Company Guar. Notes 3.88% due 03/15/2023		1,581,000		1,571,119
Oil Companies-Exploration & Production — 5.6%
Carrizo Oil & Gas, Inc. Company Guar. Notes 6.25% due 04/15/2023		1,775,000		1,832,687
Denbury Resources, Inc. Sec. Notes 9.00% due 05/15/2021*		997,000		1,019,433
Denbury Resources, Inc. Sec. Notes 9.25% due 03/31/2022*		1,400,000		1,435,000
Endeavor Energy Resources Finance, Inc. Senior Notes 5.50% due 01/30/2026*		1,475,000		1,493,437
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.00% due 12/01/2024*		2,708,000		2,721,540
Lonestar Resources America, Inc. Company Guar. Notes 11.25% due 01/01/2023*		1,425,000		1,474,875
Newfield Exploration Co. Senior Notes 5.38% due 01/01/2026		2,067,000		2,183,269
QEP Resources, Inc. Senior Notes 5.63% due 03/01/2026		1,290,000		1,315,800
RSP Permian, Inc. Company Guar. Notes 5.25% due 01/15/2025		1,900,000		1,971,250
Sanchez Energy Corp. Company Guar. Notes 6.13% due 01/15/2023		2,610,000		2,277,225
Southwestern Energy Co. Senior Notes 7.50% due 04/01/2026		1,800,000		1,883,250
WPX Energy, Inc. Senior Notes 7.50% due 08/01/2020		1,276,000		1,378,080
				20,985,846

329

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio##

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Field Machinery & Equipment — 0.5%
Forum Energy Technologies, Inc. Company Guar. Notes 6.25% due 10/01/2021	$	1,815,000	$	1,828,613
Oil Refining & Marketing — 1.0%
Murphy Oil USA, Inc. Company Guar. Notes 5.63% due 05/01/2027		449,000		463,592
PBF Holding Co. LLC/PBF Finance Corp. Company Guar. Notes 7.25% due 06/15/2025		3,208,000		3,379,147
				3,842,739
Physicians Practice Management — 0.5%
MEDNAX, Inc. Company Guar. Notes 5.25% due 12/01/2023*		1,815,000		1,853,569
Pipelines — 6.1%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.38% due 09/15/2024		1,303,000		1,342,090
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.13% due 06/30/2027		1,125,000		1,161,563
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 7.00% due 06/30/2024		2,625,000		2,985,937
Cheniere Energy Partners LP Senior Sec. Notes 5.25% due 10/01/2025*		2,054,000		2,092,512
Duke Energy Field Services LLC Company Guar. Notes 6.45% due 11/03/2036*		1,730,000		1,907,325
Energy Transfer Equity LP Senior Sec. Notes 4.25% due 03/15/2023		1,925,000		1,934,625
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.00% due 05/15/2023		2,600,000		2,635,750
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 6.00% due 08/01/2024*		1,327,000		1,386,715
SemGroup Corp. Company Guar. Notes 7.25% due 03/15/2026*		2,072,000		2,144,520
SemGroup Corp./Rose Rock Finance Corp. Company Guar. Notes 5.63% due 07/15/2022		1,709,000		1,726,090
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. Company Guar. Notes 5.50% due 08/15/2022		2,081,000		2,101,810
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 5.50% due 09/15/2024*		1,410,000		1,441,725
				22,860,662

Security Description	Principal Amount		Value (Note 2)
Poultry — 0.5%
Pilgrim’s Pride Corp. Senior Notes 5.88% due 09/30/2027*	$	1,875,000	$	1,879,688
Publishing-Books — 0.5%
McGraw-Hill Global Education Holdings LLC/McGraw-Hill Global Education Finance Senior Notes 7.88% due 05/15/2024*		1,855,000		1,822,538
Publishing-Periodicals — 0.3%
Meredith Corp. Senior Notes 6.88% due 02/01/2026*		1,181,000		1,209,049
Racetracks — 0.4%
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.38% due 04/15/2026		1,390,000		1,487,300
Radio — 0.7%
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 07/15/2026*		2,470,000		2,528,663
Real Estate Investment Trusts — 4.5%
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 5.25% due 06/01/2025		2,460,000		2,490,750
ESH Hospitality, Inc. Company Guar. Notes 5.25% due 05/01/2025*		2,660,000		2,679,950
GEO Group, Inc. Company Guar. Notes 5.13% due 04/01/2023		1,775,000		1,788,312
Iron Mountain, Inc. Company Guar. Notes 4.88% due 09/15/2027*		1,860,000		1,778,625
iStar, Inc. Senior Notes 5.25% due 09/15/2022		2,024,000		2,018,940
iStar, Inc. Senior Notes 6.00% due 04/01/2022		898,000		918,205
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		2,234,000		2,212,107
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025*		3,050,000		3,011,875
				16,898,764
Real Estate Management/Services — 1.4%
Kennedy-Wilson, Inc. Company Guar. Notes 5.88% due 04/01/2024		2,830,000		2,900,750
Realogy Group LLC/Realogy Co-Issuer Corp. Company Guar. Notes 4.88% due 06/01/2023*		2,240,000		2,215,472
				5,116,222

330

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio##

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Operations & Development — 0.5%
Greystar Real Estate Partners LLC Senior Sec. Notes 5.75% due 12/01/2025*	$	1,870,000	$	1,921,425
Rental Auto/Equipment — 1.0%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		2,260,000		2,180,900
United Rentals North America, Inc. Company Guar. Notes 4.63% due 10/15/2025		1,472,000		1,494,080
				3,674,980
Retail-Appliances — 0.6%
Conn’s, Inc. Company Guar. Notes 7.25% due 07/15/2022		2,261,000		2,263,826
Retail-Automobile — 0.4%
Asbury Automotive Group, Inc. Company Guar. Notes 6.00% due 12/15/2024		1,339,000		1,392,560
Retail-Office Supplies — 1.0%
Arch Merger Sub, Inc. Company Guar. Notes 8.50% due 09/15/2025*		3,820,000		3,691,075
Retail-Pawn Shops — 0.4%
FirstCash, Inc. Company Guar. Notes 5.38% due 06/01/2024*		1,331,000		1,394,223
Retail-Restaurants — 1.3%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*		2,695,000		2,715,212
Golden Nugget, Inc. Company Guar. Notes 8.75% due 10/01/2025*		2,110,000		2,252,425
				4,967,637
Rubber/Plastic Products — 0.0%
Venture Holdings Co. LLC Company Guar. Notes 11.00% due 06/01/2007†(1)(2)(3)(4)		750,000		0
Satellite Telecom — 0.7%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		2,605,000		2,755,569
Semiconductor Equipment — 0.3%
Entegris, Inc. Company Guar. Notes 4.63% due 02/10/2026*		1,320,000		1,324,950
Steel-Producers — 0.9%
AK Steel Corp. Company Guar. Notes 6.38% due 10/15/2025		1,800,000		1,777,500
United States Steel Corp. Senior Notes 6.88% due 08/15/2025		1,700,000		1,785,000
				3,562,500

Security Description	Principal Amount		Value (Note 2)
Telecom Services — 0.5%
Embarq Corp. Senior Notes 8.00% due 06/01/2036	$	1,915,000	$	1,852,552
Telecommunication Equipment — 0.3%
Plantronics, Inc. Company Guar. Notes 5.50% due 05/31/2023*		946,000		979,110
Telephone-Integrated — 0.9%
CenturyLink, Inc. Senior Notes 5.80% due 03/15/2022		1,875,000		1,828,125
Citizens Communications Co. Senior Notes 9.00% due 08/15/2031		2,555,000		1,667,137
				3,495,262
Television — 0.6%
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		1,905,000		2,162,175
Total U.S. Corporate Bonds & Notes (cost $271,311,831)				275,496,519
FOREIGN CORPORATE BONDS & NOTES — 21.3%
Agricultural Chemicals — 0.6%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*		2,070,000		2,189,025
Auto/Truck Parts & Equipment-Original — 0.5%
Delphi Jersey Holdings PLC Company Guar. Notes 5.00% due 10/01/2025*		1,890,000		1,885,275
Building-Residential/Commercial — 0.6%
Mattamy Group Corp. Senior Notes 6.50% due 10/01/2025*		2,064,000		2,174,940
Cable/Satellite TV — 4.0%
Altice Financing SA Senior Sec. Notes 7.50% due 05/15/2026*		3,550,000		3,687,562
Altice Luxembourg SA Company Guar. Notes 7.63% due 02/15/2025*		3,000,000		2,752,500
SFR Group SA Senior Sec. Notes 7.38% due 05/01/2026*		5,217,000		5,138,745
UPCB Finance IV, Ltd. Senior Sec. Notes 5.38% due 01/15/2025*		1,660,000		1,689,050
Ziggo Secured Finance BV Senior Sec. Notes 5.50% due 01/15/2027*		1,900,000		1,885,750
				15,153,607
Cellular Telecom — 0.5%
C&W Senior Financing Designated Activity Co. Senior Notes 6.88% due 09/15/2027*		1,760,000		1,854,600

331

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio##

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Chemicals-Diversified — 1.1%
NOVA Chemicals Corp. Senior Notes 5.00% due 05/01/2025*	$	2,300,000	$	2,323,000
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Company Guar. Notes 5.38% due 09/01/2025*		1,810,000		1,854,707
				4,177,707
Computers-Memory Devices — 0.7%
Seagate HDD Cayman Company Guar. Notes 4.75% due 01/01/2025		2,700,000		2,682,247
Cruise Lines — 0.5%
Silversea Cruise Finance, Ltd. Senior Sec. Notes 7.25% due 02/01/2025*		1,925,000		2,075,150
Diversified Manufacturing Operations — 0.6%
Bombardier, Inc. Senior Notes 5.75% due 03/15/2022*		2,175,000		2,183,265
Diversified Minerals — 0.7%
FMG Resources August 2006 Pty, Ltd. Company Guar. Notes 4.75% due 05/15/2022*		2,430,000		2,466,450
Finance-Consumer Loans — 0.5%
goeasy, Ltd. Company Guar. Notes 7.88% due 11/01/2022*		1,900,000		2,028,250
Gambling (Non-Hotel) — 0.3%
International Game Technology PLC Senior Sec. Notes 6.50% due 02/15/2025*		1,110,000		1,234,875
Medical-Drugs — 1.8%
Endo, Ltd./Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 02/01/2025*		925,000		695,489
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 5.88% due 05/15/2023*		4,765,000		4,304,939
Valeant Pharmaceuticals International, Inc. Senior Sec. Notes 7.00% due 03/15/2024*		1,749,000		1,859,957
				6,860,385
Metal-Copper — 1.1%
First Quantum Minerals, Ltd. Company Guar. Notes 7.25% due 04/01/2023*		2,220,000		2,350,425
Hudbay Minerals, Inc. Company Guar. Notes 7.25% due 01/15/2023*		1,625,000		1,734,688
				4,085,113

Security Description	Principal Amount		Value (Note 2)
Oil & Gas Drilling — 1.4%
Noble Holding International, Ltd. Company Guar. Notes 7.75% due 01/15/2024	$	1,190,000	$	1,103,725
Noble Holding International, Ltd. Company Guar. Notes 7.88% due 02/01/2026*		1,407,000		1,433,381
Pacific Drilling SA Senior Sec. Notes 5.38% due 06/01/2020*(4)(9)		2,982,000		1,312,080
Shelf Drilling Holdings, Ltd. Senior Notes 8.25% due 02/15/2025*		1,475,000		1,497,125
				5,346,311
Oil Companies-Exploration & Production — 1.1%
MEG Energy Corp. Company Guar. Notes 6.38% due 01/30/2023*		3,142,000		2,702,120
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		1,456,000		1,423,240
				4,125,360
Oil-Field Services — 1.7%
KCA Deutag UK Finance PLC Senior Sec. Notes 9.88% due 04/01/2022*		2,393,000		2,596,405
Trinidad Drilling, Ltd. Company Guar. Notes 6.63% due 02/15/2025*		2,400,000		2,352,000
Weatherford International, Ltd. Company Guar. Notes 9.88% due 02/15/2024		1,200,000		1,308,000
				6,256,405
Paper & Related Products — 0.2%
Cascades, Inc. Company Guar. Notes 5.50% due 07/15/2022*		499,000		508,980
Cascades, Inc. Company Guar. Notes 5.75% due 07/15/2023*		360,000		371,700
				880,680
Printing-Commercial — 1.1%
Cimpress NV Company Guar. Notes 7.00% due 04/01/2022*		3,983,000		4,197,086
Satellite Telecom — 1.5%
Inmarsat Finance PLC Company Guar. Notes 6.50% due 10/01/2024*		2,660,000		2,699,900
Intelsat Jackson Holdings SA Company Guar. Notes 5.50% due 08/01/2023		2,430,000		1,907,550
Intelsat Luxembourg SA Company Guar. Notes 8.13% due 06/01/2023		2,340,000		1,000,350
				5,607,800
Semiconductor Equipment — 0.4%
Sensata Technologies BV Company Guar. Notes 4.88% due 10/15/2023*		1,310,000		1,362,400

332

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio##

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Special Purpose Entity — 0.0%
Hellas Telecommunications Luxembourg II SCA Sub. Notes 6.03% due 01/15/2015†*(1)(2)(3)(4)	$	1,210,000		$	0
Steel-Producers — 0.4%
ArcelorMittal Senior Notes 6.13% due 06/01/2025		1,500,000			1,706,250
Total Foreign Corporate Bonds & Notes (cost $82,194,641)					80,533,181
LOANS(6)(7)(8) — 1.3%
Building-Residential/Commercial — 0.1%
TOUSA, Inc. Escrow Loans 12.25% due 08/15/2013†(1)(2)		2,037,810			214,581
E-Commerce/Services — 0.7%
RentPath LLC FRS 2nd Lien 10.58% (1 ML +9.00%) due 12/17/2022		2,913,240			2,880,467
Publishing-Books — 0.5%
Houghton Mifflin Harcourt Publishers, Inc. FRS BTL-B 4.57% (1 ML +3.00%) due 05/29/2021		2,108,779			1,984,009
Total Loans (cost $4,847,820)					5,079,057
COMMON STOCKS — 0.2%
Television — 0.2%
ION Media Networks, Inc.†(1)(2)(5) (cost $8)		822			730,026
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.5%
Food-Dairy Products — 0.5%
Land O’Lakes Capital Trust I 7.45% due 03/15/2028* (cost $1,642,042)	$	1,604,000			1,820,540
Total Long-Term Investment Securities (cost $359,996,342)					363,659,323
REPURCHASE AGREEMENTS — 2.7%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20% dated 01/31/2018, to be purchased 02/01/2018 in the amount $10,066,056 and collaterallized by $10,460,000 of United States Treasury Notes, bearing interest at 2.13% due 02/29/2024 and having an approximate value of $10,270,172 (cost $10,066,000)		10,066,000			10,066,000
TOTAL INVESTMENTS (cost $370,062,342)(10)		99.0	%		373,725,323
Other assets less liabilities		1.0			3,888,461
NET ASSETS		100.0	%	$	377,613,784

## See Note 1

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $211,914,529 representing 56.1% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

† Non-income producing security

(1) Securities classified as Level 3 (see Note 2).

(2) Illiquid security. At January 31, 2018, the aggregate value of these securities was $953,435 representing 0.3% of net assets.

(3) Security in default of interest and principal at maturity.

(4) Company has filed for bankruptcy protection.

(5) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of January 31, 2018, the Portfolio held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
ION Media Networks, Inc		03/05/2014		822	$	8	$	730,026	$	888.11		0.19	%

(6) The Portfolio invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Portfolio is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

(7) Senior loans in the Portfolio are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

(8) All loans in the portfolio were purchased through assignment agreements unless otherwise indicated.

(9) Security in default of interest.

(10) See Note 3 for cost of investments on a tax basis.

FRS — Floating Rate Security

The rates shown on FRS are the current interest rates at January 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1ML — 1 Month USD LIBOR

333

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio##

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
U.S. Corporate Bonds & Notes:
Airlines	$	—	$	1,586,390	$	67,466	$	1,653,856
Gambling (Non-Hotel)		—		1,924,950		8,828		1,933,778
Rubber/Plastic Products		—		—		0		0
Other Industries		—		271,908,885		—		271,908,885
Foreign Corporate Bonds & Notes:
Special Purpose Entity		—		—		0		0
Other Industries		—		80,533,181		—		80,533,181
Loans:
Building-Residential/Commercial		—		—		214,581		214,581
Other Industries		—		4,864,476		—		4,864,476
Common Stocks		—		—		730,026		730,026
Preferred Securities/Capital Securities		—		1,820,540		—		1,820,540
Repurchase Agreements		—		10,066,000		—		10,066,000
Total Investments at Value	$	—	$	372,704,422	$	1,020,901	$	373,725,323

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio.

See Notes to Financial Statements

334

SunAmerica Series Trust SA Putnam International Growth and Income Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Banks-Commercial	9.8	%
Diversified Banking Institutions	7.5
Medical-Drugs	7.0
Oil Companies-Integrated	6.6
Insurance-Life/Health	5.4
Insurance-Multi-line	4.3
Diversified Manufacturing Operations	3.2
Import/Export	2.8
Auto-Cars/Light Trucks	2.7
Metal-Diversified	2.6
Telephone-Integrated	2.6
Building-Heavy Construction	2.3
Electronic Components-Semiconductors	2.1
Cellular Telecom	1.9
Telecom Services	1.8
Food-Misc./Diversified	1.7
Food-Retail	1.6
Auto/Truck Parts & Equipment-Original	1.6
Building Products-Cement	1.5
Water	1.2
Insurance-Reinsurance	1.2
Chemicals-Diversified	1.2
Insurance-Property/Casualty	1.2
Private Equity	1.2
Toys	1.1
Airlines	1.1
Tobacco	1.1
Repurchase Agreements	1.0
Aerospace/Defense	1.0
Finance-Leasing Companies	1.0
Electric-Integrated	1.0
Distribution/Wholesale	1.0
Electronic Components-Misc.	1.0
Building Products-Air & Heating	1.0
Oil Companies-Exploration & Production	0.9
Building Products-Doors & Windows	0.9
Metal Processors & Fabrication	0.9
Internet Connectivity Services	0.9
Real Estate Operations & Development	0.9
Cosmetics & Toiletries	0.9
Building & Construction Products-Misc.	0.9
Computers-Memory Devices	0.9
Motorcycle/Motor Scooter	0.8
Wireless Equipment	0.8
Audio/Video Products	0.8
Hotels/Motels	0.8
Airport Development/Maintenance	0.8
Steel-Producers	0.7
Machinery-Material Handling	0.7
Soap & Cleaning Preparation	0.7
Real Estate Investment Trusts	0.5
	99.1	%

Country Allocation*

Japan	21.0	%
France	16.1
United Kingdom	14.3
Germany	7.4
Netherlands	6.6
Switzerland	5.5
Australia	5.3
Ireland	4.8
Canada	4.2
Jersey	2.0
Sweden	1.8
Hong Kong	1.6
South Korea	1.5
Norway	1.2
United States	1.0
New Zealand	1.0
Denmark	1.0
Finland	0.8
Spain	0.8
Taiwan	0.6
Italy	0.6
	99.1	%

* Calculated as a percentage of net assets

# See Note 1

335

SunAmerica Series Trust SA Putnam International Growth and Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Australia — 5.3%
Australia & New Zealand Banking Group, Ltd.		291,195	$	6,706,151
Challenger, Ltd.		500,287		5,498,709
Insurance Australia Group, Ltd.		667,764		3,895,729
Vicinity Centres		790,792		1,714,122
				17,814,711
Canada — 4.2%
BCE, Inc.		56,300		2,632,826
Encana Corp.		255,500		3,159,476
Magna International, Inc.		33,797		1,930,550
Suncor Energy, Inc.		177,251		6,421,386
				14,144,238
Denmark — 1.0%
Danske Bank A/S		83,777		3,403,069
Finland — 0.8%
Nokia OYJ		571,337		2,733,100
France — 16.1%
AXA SA		188,809		6,210,845
Cie de Saint-Gobain		51,639		3,001,421
Eurazeo SA		36,888		3,881,405
Natixis SA		385,451		3,509,734
Sanofi		86,302		7,620,382
SCOR SE		90,059		4,030,849
Societe Generale SA		116,893		6,799,994
TOTAL SA		69,394		4,017,890
Valeo SA		41,205		3,248,536
Veolia Environnement SA		166,404		4,191,890
Vinci SA		71,003		7,669,377
				54,182,323
Germany — 7.4%
Allianz SE		15,086		3,811,559
Bayer AG		30,735		4,022,725
Henkel AG & Co. KGaA (Preference Shares)		16,231		2,269,070
KION Group AG		26,249		2,409,011
LANXESS AG		20,587		1,794,808
Siemens AG		53,603		8,129,844
thyssenkrupp AG		77,747		2,445,988
				24,883,005
Hong Kong — 1.6%
AIA Group, Ltd.		623,600		5,341,054
Ireland — 4.8%
Bank of Ireland Group PLC†		290,734		2,837,151
CRH PLC		74,998		2,785,963
Dalata Hotel Group PLC†		373,632		2,713,714
Johnson Controls International PLC		84,300		3,298,659
Kerry Group PLC, Class A (ISE)		31,919		3,398,189
Kerry Group PLC, Class A (LSE)		9,593		1,022,490
				16,056,166
Italy — 0.6%
Telecom Italia SpA RSP		2,818,090		2,153,861
Japan — 21.0%
Hoya Corp.		65,000		3,315,792
ITOCHU Corp.		175,800		3,444,501
Japan Airlines Co., Ltd.		97,500		3,673,331
KDDI Corp.		65,900		1,661,837

Security Description	Shares		Value (Note 2)
Japan (continued)
Mitsubishi Corp.		215,100	$	6,009,481
Mitsui Fudosan Co., Ltd.		115,900		3,033,656
Mizuho Financial Group, Inc.		1,424,700		2,679,224
Nintendo Co., Ltd.		8,400		3,691,014
Nippon Telegraph & Telephone Corp.		105,100		4,997,473
Nissan Motor Co., Ltd.		570,100		6,075,949
NSK, Ltd.		187,200		3,079,703
ORIX Corp.		179,600		3,347,861
Panasonic Corp.		183,800		2,725,769
Sanwa Holdings Corp.		226,100		3,135,618
Seven & i Holdings Co., Ltd.		56,300		2,313,473
Shiseido Co., Ltd.		58,900		3,021,882
Sumitomo Mitsui Financial Group, Inc.		135,200		6,041,088
TDK Corp.		32,500		2,991,893
Toshiba Corp.†		1,027,000		2,925,685
Yamaha Motor Co., Ltd.		83,200		2,758,853
				70,924,083
Jersey — 2.0%
Ferguson PLC		43,252		3,338,320
Glencore PLC		597,305		3,423,712
				6,762,032
Netherlands — 6.6%
Akzo Nobel NV		23,276		2,179,511
Fiat Chrysler Automobiles NV†		124,476		3,007,718
ING Groep NV		727,124		14,290,700
Koninklijke Ahold Delhaize NV		128,879		2,875,374
				22,353,303
New Zealand — 1.0%
Spark New Zealand, Ltd.		1,302,877		3,446,958
Norway — 1.2%
DNB ASA		136,911		2,777,683
Orkla ASA		128,798		1,340,292
				4,117,975
South Korea — 1.5%
Samsung Electronics Co., Ltd.		2,167		5,063,132
Spain — 0.8%
Aena SME SA*		12,055		2,625,939
Sweden — 1.8%
Com Hem Holding AB		175,250		3,046,898
Skandinaviska Enskilda Banken AB, Class A		229,598		2,900,314
				5,947,212
Switzerland — 5.5%
Chubb, Ltd.		30,006		4,685,437
Credit Suisse Group AG		118,594		2,288,421
LafargeHolcim, Ltd.		36,725		2,249,073
Novartis AG		73,050		6,608,445
UBS Group AG		138,417		2,810,724
				18,642,100
Taiwan — 0.6%
Sino-American Silicon Products, Inc.		624,000		2,173,097
United Kingdom — 14.3%
AstraZeneca PLC		76,383		5,299,525
BAE Systems PLC		408,528		3,445,487
Imperial Brands PLC		88,791		3,654,135
Lloyds Banking Group PLC		1,531,926		1,511,915

336

SunAmerica Series Trust SA Putnam International Growth and Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Prudential PLC		270,590		$	7,322,796
Rio Tinto PLC		97,162			5,410,611
Royal Dutch Shell PLC, Class A		210,212			7,369,014
Royal Dutch Shell PLC, Class B		119,231			4,225,480
SSE PLC		180,652			3,346,025
Vodafone Group PLC		2,060,497			6,570,888
					48,155,876
Total Long-Term Investment Securities (cost $263,880,770)					330,923,234
REPURCHASE AGREEMENTS — 1.0%
Agreement with Bank of America NA, bearing interest at 1.33%, dated 01/31/2018, to be repurchased 02/01/2018 in the amount of $3,469,128 and collateralized by $3,850,000 of United States Treasury Notes, bearing interest at 1.63%, due 05/15/2026 and having an approximate value of $3,576,513 (cost $3,469,000)	$	3,469,000			3,469,000
TOTAL INVESTMENTS (cost $267,349,770)(1)		99.1	%		334,392,234
Other assets less liabilities		0.9			3,164,887
NET ASSETS		100.0	%	$	337,557,121

# See Note 1

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $2,625,939 representing 0.8% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) See Note 3 for cost of investments on a tax basis.

ISE — Irish Stock Exchange

LSE — London Stock Exchange

RSP — Risparmio Shares-Savings Shares on the Italian Stock Exchange

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized Depreciation
Bank of America, N.A.	CAD	3,869,700	USD	3,098,685		04/18/2018	$	—	$	(50,236	)
	EUR	2,700,000	USD	3,230,973		03/21/2018		—		(131,641	)
	HKD	8,660,700	USD	1,110,859		02/22/2018		3,206		—
	USD	7,373,171	HKD	57,459,100		02/22/2018		—		(24,490	)
	USD	449,831	JPY	51,106,400		02/22/2018		18,805		—
	USD	5,069,718	GBP	3,741,100		03/21/2018		251,805		—
								273,816		(206,367	)
Barclays Bank PLC	HKD	25,456,600	USD	3,264,625		02/22/2018		8,875		—
	JPY	74,294,200	USD	663,937		02/22/2018		—		(17,327	)
	USD	3,270,627	HKD	25,456,600		02/22/2018		—		(14,878	)
	USD	653,898	JPY	74,294,200		02/22/2018		27,366		—
								36,241		(32,205	)
Citibank N.A.	CAD	3,834,300	USD	3,070,641		04/18/2018		—		(49,474	)
	DKK	8,240,600	USD	1,329,322		03/21/2018		—		(49,884	)
	EUR	818,200	USD	970,712		03/21/2018		—		(48,284	)
	JPY	369,737,100	USD	3,343,069		02/22/2018		—		(47,349	)
	USD	10,784,713	JPY	1,210,786,000		02/22/2018		317,962		—
	USD	2,840,664	GBP	2,096,400		03/21/2018		141,358		—
								459,320		(194,991	)
Goldman Sachs International	JPY	860,435,500	USD	7,689,291		02/22/2018		—		(200,737	)
	USD	7,574,243	JPY	860,435,500		02/22/2018		315,786		—
								315,786		(200,737	)

337

SunAmerica Series Trust SA Putnam International Growth and Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Forward Foreign Currency Contracts — (continued)
Counterparty	Contract to Deliver			In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized Depreciation
JPMorgan Chase Bank, N.A.		CAD	2,660,900	USD	2,130,612		04/18/2018	$	—	$	(34,663	)
		CHF	1,832,600	USD	1,872,731		03/21/2018		—		(103,486	)
		EUR	2,876,500	USD	3,437,671		03/21/2018		—		(144,758	)
		NOK	10,553,200	USD	1,278,308		03/21/2018		—		(92,674	)
		NZD	3,899,000	USD	2,767,206		04/18/2018		—		(104,107	)
		SGD	605,000	USD	452,086		02/22/2018		—		(9,297	)
		USD	4,531,390	SGD	6,152,200		02/22/2018		160,386		—
		USD	11,867,006	CHF	11,601,600		03/21/2018		643,786		—
		USD	1,028,711	EUR	862,300		03/21/2018		45,208		—
		USD	3,194,424	GBP	2,356,900		03/21/2018		158,145		—
		USD	309,550	SEK	2,572,700		03/21/2018		17,990		—
		USD	3,317,802	AUD	4,241,000		04/18/2018		99,025		—
		USD	284,577	CAD	350,600		04/18/2018		720		—
									1,125,260		(488,985	)
State Street Bank And Trust Co.		CAD	4,098,600	USD	3,281,768		04/18/2018		—		(53,417	)
		SEK	17,389,400	USD	2,077,965		03/21/2018		—		(135,946	)
		USD	2,179,752	JPY	244,620,700		02/22/2018		63,373		—
		USD	2,052,822	SEK	16,528,100		03/21/2018		51,433		—
		USD	924,076	AUD	1,181,400		04/18/2018		27,737		—
		USD	2,924,593	CAD	3,599,200		04/18/2018		4,212		—
		USD	1,536,710	ILS	5,284,700		04/18/2018		14,212		—
									160,967		(189,363	)
UBS AG		CAD	3,598,900	USD	2,881,633		04/18/2018		—		(46,928	)
		USD	82,780	GBP	61,100		03/21/2018		4,132		—
									4,132		(46,928	)
Westpac Banking Corp.		CAD	3,480,700	USD	2,786,901		04/18/2018		—		(45,476	)
		EUR	1,470,900	USD	1,757,674		03/21/2018		—		(74,203	)
		USD	275,323	CAD	338,800		04/18/2018		372		—
									372		(119,679	)
									—		—
Net Unrealized Appreciation/(Depreciation)								$	2,375,894	$	(1,479,255	)

AUD	— Australian Dollar	GBP	— Pound Sterling	NZD	— New Zealand Dollar
CAD	— Canadian Dollar	HKD	— Hong Kong Dollar	SEK	— Swedish Krona
CHF	— Swiss Franc	ILS	— Israeli Shekel	SGD	— Singapore Dollar
DKK	— Danish Krone	JPY	— Japanese Yen	USD	— United States Dollar
EUR	— Euro Currency	NOK	— Norwegian Krone

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	330,923,234	$	—	$	—	$	330,923,234
Repurchase Agreements		—		3,469,000		—		3,469,000
Total Investments at Value	$	330,923,234	$	3,469,000	$	—	$	334,392,234
Other Financial Instruments:*+
Forward Foreign Currency Contracts	$	—	$	2,375,894	$	—	$	2,375,894
LIABILITIES:
Other Financial Instruments:*+
Forward Foreign Currency Contracts	$	—	$	1,479,255	$	—	$	1,479,255

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

+ Other Financial Instruments are derivative Instruments, not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

338

SunAmerica Series Trust SA Putnam International Growth and Income Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $5,341,055 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional transfers between Levels during the reporting period.

See Notes to Financial Statements

339

SunAmerica Series Trust SA Pyramis^® Real Estate Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Real Estate Investment Trusts	97.9	%
Time Deposits	0.8
Storage/Warehousing	0.5
Real Estate Management/Services	0.5
Real Estate Operations & Development	0.3
	100.0	%

* Calculated as a percentage of net assets

# See Note 1

340

SunAmerica Series Trust SA Pyramis^® Real Estate Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.2%
Real Estate Investment Trusts — 97.9%
Acadia Realty Trust		101,700	$	2,497,752
Agree Realty Corp.		46,100		2,219,254
American Assets Trust, Inc.		44,600		1,572,596
American Homes 4 Rent, Class A		254,600		5,293,134
American Tower Corp.		11,100		1,639,470
AvalonBay Communities, Inc.		81,625		13,908,900
Boston Properties, Inc.		99,442		12,301,970
CareTrust REIT, Inc.		159,800		2,539,222
Cedar Realty Trust, Inc.		250,108		1,278,052
Colony NorthStar, Inc., Class A		208,903		1,875,949
CoreCivic, Inc.		135,300		3,140,313
CoreSite Realty Corp.		25,000		2,708,000
Corporate Office Properties Trust		113,500		3,098,550
DCT Industrial Trust, Inc.		173,298		10,257,509
DDR Corp.		228,540		1,855,745
DiamondRock Hospitality Co.		458,200		5,388,432
Digital Realty Trust, Inc.		13,414		1,501,697
Douglas Emmett, Inc.		151,000		5,839,170
Duke Realty Corp.		289,900		7,656,259
Education Realty Trust, Inc.		97,300		3,213,819
Equinix, Inc.		45,200		20,574,588
Equity LifeStyle Properties, Inc.		76,396		6,594,503
Equity Residential		53,754		3,311,784
Essex Property Trust, Inc.		43,413		10,114,361
Extra Space Storage, Inc.		114,129		9,527,489
Four Corners Property Trust, Inc.		78,100		1,843,160
Gaming and Leisure Properties, Inc.		60,000		2,186,400
GGP, Inc.		144,800		3,334,744
Gramercy Property Trust		103,766		2,619,054
Healthcare Realty Trust, Inc.		221,900		6,628,153
Highwoods Properties, Inc.		129,700		6,210,036
Host Hotels & Resorts, Inc.		291,587		6,053,346
Hudson Pacific Properties, Inc.		180,800		5,780,176
Macerich Co.		67,300		4,345,561
Mid-America Apartment Communities, Inc.		78,275		7,465,087
National Retail Properties, Inc.		140,600		5,579,008
Outfront Media, Inc.		131,000		2,934,400
Prologis, Inc.		114,867		7,478,990
Public Storage		41,442		8,112,686
Rexford Industrial Realty, Inc.		79,500		2,360,355
Sabra Health Care REIT, Inc.		162,993		2,950,173
Simon Property Group, Inc.		91,469		14,943,290
SL Green Realty Corp.		76,300		7,669,676
Spirit Realty Capital, Inc.		415,500		3,394,635
Sunstone Hotel Investors, Inc.		329,200		5,547,020
Taubman Centers, Inc.		37,634		2,320,136
Terreno Realty Corp.		57,480		2,046,288
Urban Edge Properties		285,250		6,669,145
Ventas, Inc.		214,645		12,013,681
VEREIT, Inc.		574,153		4,133,901
Washington Real Estate Investment Trust		189,500		5,431,070
Welltower, Inc.		98,264		5,892,892
				285,851,581
Real Estate Management/Services — 0.5%
Safety Income and Growth, Inc.		14,300		251,823
Vonovia SE		23,200		1,143,805
				1,395,628

Security Description	Shares/ Principal Amount			Value (Note 2)
Real Estate Operations & Development — 0.3%
Howard Hughes Corp.†		8,100		$	1,020,276
Storage/Warehousing — 0.5%
Americold Realty Trust†		83,100			1,519,068
Total Long-Term Investment Securities (cost $291,011,091)					289,786,553
SHORT-TERM INVESTMENT SECURITIES — 0.8%
Time Deposits — 0.8%
Euro Time Deposit with State Street Bank and Trust Co. 0.20% due 02/01/2018 (cost $2,406,000)	$	2,406,000			2,406,000
TOTAL INVESTMENTS (cost $293,417,091)(1)		100.0	%		292,192,553
Liabilities in excess of other assets		0.0			(121,702	)
NET ASSETS		100.0	%	$	292,070,851

† Non-income producing security

# See Note 1

(1) See Note 3 for cost of investments on a tax basis.

341

SunAmerica Series Trust SA Pyramis^® Real Estate Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	289,786,553	$	—	$	—	$	289,786,553
Short-Term Investment Securities		—		2,406,000		—		2,406,000
Total Investments at Value	$	289,786,553	$	2,406,000	$	—	$	292,192,553

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

342

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Registered Investment Companies	26.7	%
Diversified Banking Institutions	7.6
Medical-Drugs	4.3
Banks-Commercial	3.8
Oil Companies-Exploration & Production	2.5
Telephone-Integrated	2.4
Oil Companies-Integrated	2.2
Real Estate Investment Trusts	2.0
Diversified Financial Services	1.5
Insurance-Life/Health	1.4
Applications Software	1.4
Pipelines	1.3
Computers	1.3
Transport-Rail	1.3
Tobacco	1.3
Cosmetics & Toiletries	1.2
United States Treasury Notes	1.1
Medical-Biomedical/Gene	1.1
Electronic Components-Semiconductors	1.1
Banks-Super Regional	1.0
Finance-Credit Card	1.0
E-Commerce/Products	0.9
Food-Misc./Diversified	0.8
Web Portals/ISP	0.8
Insurance-Multi-line	0.7
Chemicals-Diversified	0.7
Diversified Manufacturing Operations	0.6
Gas-Distribution	0.6
Enterprise Software/Service	0.6
Retail-Apparel/Shoe	0.6
Medical-Generic Drugs	0.5
Retail-Drug Store	0.5
Commercial Services-Finance	0.5
Medical Products	0.5
Computer Services	0.5
Auto-Cars/Light Trucks	0.5
Aerospace/Defense	0.5
Gold Mining	0.4
Semiconductor Components-Integrated Circuits	0.4
Investment Management/Advisor Services	0.4
Cable/Satellite TV	0.4
Broadcast Services/Program	0.4
Coatings/Paint	0.4
Cellular Telecom	0.4
Home Decoration Products	0.4
Retail-Restaurants	0.4
Electronic Measurement Instruments	0.4
Metal-Diversified	0.4
Multimedia	0.4
Diversified Minerals	0.4
Telecom Services	0.4
Finance-Investment Banker/Broker	0.4
Real Estate Operations & Development	0.4
Non-Hazardous Waste Disposal	0.3
Medical-Wholesale Drug Distribution	0.3
Internet Content-Entertainment	0.3
Building Products-Cement	0.3
Television	0.3
Advanced Materials	0.3
Diagnostic Equipment	0.3
Semiconductor Equipment	0.3

Consumer Products-Misc.	0.3	%
Oil Refining & Marketing	0.3
Advertising Agencies	0.3
Electronic Components-Misc.	0.3
Retail-Discount	0.3
Medical-HMO	0.3
Insurance-Reinsurance	0.3
Import/Export	0.3
Beverages-Non-alcoholic	0.3
Commercial Services	0.3
Apparel Manufacturers	0.3
Auto/Truck Parts & Equipment-Original	0.2
Machinery-General Industrial	0.2
Oil & Gas Drilling	0.2
Pharmacy Services	0.2
Machinery-Construction & Mining	0.2
Electric-Integrated	0.2
Computers-Memory Devices	0.2
Networking Products	0.2
Rubber-Tires	0.2
Data Processing/Management	0.2
Agricultural Operations	0.2
Beverages-Wine/Spirits	0.2
Food-Meat Products	0.2
Building & Construction-Misc.	0.2
Entertainment Software	0.2
Office Automation & Equipment	0.2
Power Converter/Supply Equipment	0.2
Retail-Jewelry	0.2
Food-Retail	0.1
Insurance-Property/Casualty	0.1
Transport-Services	0.1
Retail-Major Department Stores	0.1
Advertising Services	0.1
Finance-Consumer Loans	0.1
Electric Products-Misc.	0.1
Agricultural Chemicals	0.1
Computer Software	0.1
Retail-Regional Department Stores	0.1
Investment Companies	0.1
Food-Confectionery	0.1
Computer Data Security	0.1
Printing-Commercial	0.1
Building-Residential/Commercial	0.1
Linen Supply & Related Items	0.1
Toys	0.1
Retail-Auto Parts	0.1
Chemicals-Specialty	0.1
Medical-Hospitals	0.1
Paper & Related Products	0.1
United States Treasury Bonds	0.1
Building-Heavy Construction	0.1
Computers-Integrated Systems	0.1
Medical Labs & Testing Services	0.1
Electronic Connectors	0.1
Containers-Paper/Plastic	0.1
Electronics-Military	0.1
Oil-Field Services	0.1
Metal-Iron	0.1
Audio/Video Products	0.1
Tools-Hand Held	0.1

343

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO PROFILE — January 31, 2018 — (unaudited) — (continued)

Industry Allocation* (continued)

Industrial Automated/Robotic	0.1	%
Internet Content-Information/News	0.1
Medical Information Systems	0.1
Batteries/Battery Systems	0.1
Financial Guarantee Insurance	0.1
Instruments-Scientific	0.1
Machinery-Electrical	0.1
Electric-Generation	0.1
Cruise Lines	0.1
Electric-Transmission	0.1
Building-Maintenance & Services	0.1
Fisheries	0.1
Electronic Forms	0.1
Engines-Internal Combustion	0.1
Home Furnishings	0.1
Retail-Bedding	0.1
Telecommunication Equipment	0.1
Retail-Arts & Crafts	0.1
Garden Products	0.1
Shipbuilding	0.1
	98.2	%

Country Allocation*

United States	75.5	%
United Kingdom	3.8
Japan	3.5
Canada	2.3
France	2.2
Switzerland	2.1
Australia	1.0
Netherlands	0.8
Cayman Islands	0.8
Spain	0.7
Germany	0.7
Ireland	0.6
Italy	0.4
Luxembourg	0.4
Sweden	0.4
Bermuda	0.4
Denmark	0.3
Israel	0.3
Singapore	0.3
Finland	0.2
South Korea	0.2
Hong Kong	0.2
Jersey	0.2
Belgium	0.1
Russia	0.1
South Africa	0.1
Indonesia	0.1
Liberia	0.1
Norway	0.1
Taiwan	0.1
Austria	0.1
India	0.1
	98.2	%

Credit Quality#†

Aaa	5.3	%
Aa	2.3
A	17.1
Baa	63.5
Ba	5.9
Not Rated@	5.9
	100.0	%

* Calculated as a percentage of net assets.

# Calculated as a percentage of total debt issues, excluding short-term securities.

† Source: Moody’s

@ Represents debt issues that either have no rating, or the rating is unavailable from the data source.

344

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 39.6%
Australia — 0.8%
ASX, Ltd.		1,975	$	87,116
BHP Billiton, Ltd.		13,146		319,910
BWP Trust		18,979		45,880
carsales.com, Ltd.		16,819		203,291
Charter Hall Group		19,764		93,962
Coca-Cola Amatil, Ltd.		11,404		77,007
Fortescue Metals Group, Ltd.		70,900		283,371
Macquarie Group, Ltd.		10,750		893,348
McMillan Shakespeare, Ltd.		6,444		91,130
Myer Holdings, Ltd.		30,369		16,029
OZ Minerals, Ltd.		17,819		134,252
Perseus Mining, Ltd.†		116,116		39,766
Platinum Asset Management, Ltd.		9,303		62,295
Rio Tinto, Ltd.		6,986		432,613
Santos, Ltd.†		27,017		111,028
Sirtex Medical, Ltd.		11,151		246,651
South32, Ltd.		125,619		386,675
Telstra Corp., Ltd.		218,512		646,202
Woodside Petroleum, Ltd.		23,141		617,589
				4,788,115
Austria — 0.1%
OMV AG		4,858		312,791
Belgium — 0.1%
Ageas		3,880		204,924
AGFA Gevaert NV†		5,659		28,427
Melexis NV		1,564		164,663
Proximus SADP		7,850		264,706
Sofina SA		312		54,386
				717,106
Bermuda — 0.4%
Assured Guaranty, Ltd.		2,600		92,534
Athene Holding, Ltd., Class A†		10,700		536,712
Axis Capital Holdings, Ltd.		2,400		121,272
CK Infrastructure Holdings, Ltd.		44,000		391,760
Essent Group, Ltd.†		3,524		163,937
Everest Re Group, Ltd.		939		215,782
Hongkong Land Holdings, Ltd.		21,900		157,680
Jardine Matheson Holdings, Ltd.		1,300		82,524
Kunlun Energy Co., Ltd.		110,000		109,119
Signet Jewelers, Ltd.		4,900		259,210
Third Point Reinsurance, Ltd.†		13,000		185,250
				2,315,780
Brazil — 0.0%
Cia de Saneamento Basico do Estado de Sao Paulo ADR		7,500		85,050
Multiplus SA		1,900		20,992
				106,042
British Virgin Islands — 0.0%
Michael Kors Holdings, Ltd.†		4,000		264,000
Canada — 1.2%
Athabasca Oil Corp.†		52,800		46,790
Baytex Energy Corp.†		34,000		103,659
BCE, Inc.		18,200		851,109
Birchcliff Energy, Ltd.		31,000		85,943
Bonavista Energy Corp.		49,200		68,800
Canadian National Railway Co.		14,300		1,146,093

Security Description	Shares		Value (Note 2)
Canada (continued)
Canadian Real Estate Investment Trust		900	$	32,576
Cenovus Energy, Inc.		29,400		280,376
Centerra Gold, Inc.†		10,600		54,724
CGI Group, Inc., Class A†		6,422		367,568
CI Financial Corp.		11,800		284,063
Crescent Point Energy Corp.		14,900		117,504
Crew Energy, Inc.†		23,200		42,439
Dorel Industries, Inc., Class B		500		12,537
Eldorado Gold Corp.		9,100		11,763
Genworth MI Canada, Inc.		7,800		267,863
Goldcorp, Inc.		10,300		147,466
Gran Tierra Energy, Inc.†		27,200		75,344
Husky Energy, Inc.†		18,700		274,115
Imperial Oil, Ltd.		8,500		267,232
Linamar Corp.		3,400		200,766
Magna International, Inc.		11,300		645,478
MEG Energy Corp.†		12,300		55,600
Nevsun Resources, Ltd.		1,766		3,690
North West Co., Inc.		900		21,322
Nutrien, Ltd.†		2,676		140,000
Obsidian Energy, Ltd.†		23,700		24,663
Pengrowth Energy Corp.†		56,700		44,715
Precision Drilling Corp.†		27,900		101,166
Restaurant Brands International, Inc.		3,600		217,463
Spartan Energy Corp.†		30,200		152,964
Stantec, Inc.		5,000		145,447
Surge Energy, Inc.		31,400		49,270
Tahoe Resources, Inc.		28,500		125,817
Teck Resources, Ltd., Class B		19,600		569,197
Tourmaline Oil Corp.†		10,100		163,160
Transcontinental, Inc., Class A		8,500		171,866
Valeant Pharmaceuticals International, Inc.†		3,900		72,229
Waste Connections, Inc.		1,050		75,463
West Fraser Timber Co., Ltd.		1,700		118,945
Yamana Gold, Inc.		27,500		95,020
				7,732,205
Cayman Islands — 0.1%
AAC Technologies Holdings, Inc.		4,500		75,243
CK Asset Holdings, Ltd.		20,000		190,856
Wharf Real Estate Investment Co., Ltd.†		25,000		172,736
				438,835
Chile — 0.0%
Enel Americas SA ADR		18,096		213,171
Sociedad Quimica y Minera de Chile SA ADR		1,500		84,570
				297,741
China — 0.0%
Bank of China, Ltd.		209,000		125,838
Dongfeng Motor Group Co., Ltd., Class H		68,000		88,840
				214,678
Denmark — 0.3%
Novo Nordisk A/S, Class B		23,116		1,285,657
Pandora A/S		3,449		327,035
Scandinavian Tobacco Group A/S*		3,828		77,524
Spar Nord Bank A/S		3,105		36,932

345

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Denmark (continued)
Vestas Wind Systems A/S		4,331	$	295,501
				2,022,649
Finland — 0.2%
Kone Oyj, Class B		11,191		640,522
Nokian Renkaat Oyj		6,205		313,391
Orion Oyj, Class B		2,793		112,005
UPM-Kymmene Oyj		14,077		474,334
				1,540,252
France — 1.4%
AXA SA		23,522		773,753
BNP Paribas SA		13,125		1,085,270
Cie Generale des Etablissements Michelin		2,213		353,884
Engie SA		19,415		336,983
Metropole Television SA		5,607		152,593
Neopost SA		4,371		130,244
Peugeot SA		8,339		187,291
Publicis Groupe SA		11,880		821,258
Safran SA		2,980		336,461
Sanofi		16,344		1,443,159
Societe BIC SA		2,263		259,329
Societe Generale SA		16,079		935,361
TOTAL SA		29,944		1,733,748
				8,549,334
Germany — 0.7%
BASF SE		4,727		553,546
Commerzbank AG†		10,224		168,292
Covestro AG*		7,759		891,840
CTS Eventim AG & Co. KGaA		4,767		238,396
Deutsche Bank AG		25,466		467,746
Deutsche Euroshop AG		3,733		146,549
Deutsche Lufthansa AG		5,508		196,537
Fresenius SE & Co. KGaA		2,215		193,822
ProSiebenSat.1 Media SE		9,879		377,648
SAP SE		7,839		884,004
				4,118,380
Guernsey — 0.0%
Amdocs, Ltd.		2,173		148,633
Hong Kong — 0.2%
China Mobile, Ltd.		9,500		100,311
Dah Sing Financial Holdings, Ltd.		3,200		21,599
Guangdong Investment, Ltd.		56,000		83,327
Henderson Land Development Co., Ltd.		10,500		73,421
Hysan Development Co., Ltd.		1,000		5,586
Shanghai Industrial Holdings, Ltd.		22,000		64,403
Sino Land Co., Ltd.		78,000		143,783
Sun Hung Kai Properties, Ltd.		17,000		295,335
Swire Pacific, Ltd., Class A		12,000		120,036
Swire Properties, Ltd.		12,400		43,354
Wharf Holdings, Ltd.		25,000		102,427
Wheelock & Co., Ltd.		18,000		140,937
				1,194,519
India — 0.1%
Infosys, Ltd. ADR		16,600		298,966

Security Description	Shares		Value (Note 2)
Indonesia — 0.1%
Telekomunikasi Indonesia Persero Tbk PT		743,800	$	221,665
United Tractors Tbk PT		74,900		217,620
				439,285
Ireland — 0.2%
Allegion PLC		3,200		275,552
Bank of Ireland Group PLC†		25,054		244,491
Jazz Pharmaceuticals PLC†		2,200		320,628
Mallinckrodt PLC†		3,700		66,822
Seagate Technology PLC		7,000		386,400
				1,293,893
Isle of Man — 0.0%
Playtech PLC		6,748		75,921
Israel — 0.3%
Bank Hapoalim B.M.		37,322		279,406
Bank Leumi Le-Israel B.M.		35,821		220,297
Check Point Software Technologies, Ltd.†		6,700		692,847
Taro Pharmaceutical Industries, Ltd.†		1,500		152,535
Teva Pharmaceutical Industries, Ltd. ADR		21,700		442,897
				1,787,982
Italy — 0.4%
ASTM SpA		3,156		85,615
Eni SpA		22,273		400,582
Mediobanca SpA		45,963		558,784
Moncler SpA		10,559		347,927
Recordati SpA		5,040		229,459
Snam SpA		65,819		320,251
Societa Iniziative Autostradali e Servizi SpA		12,981		244,327
UniCredit SpA†		16,712		368,208
				2,555,153
Japan — 3.4%
ABC-Mart, Inc.		3,300		214,619
ADEKA Corp.		1,600		28,286
Ajis Co., Ltd.		400		11,267
Aozora Bank, Ltd.		500		20,244
Astellas Pharma, Inc.		60,700		800,660
Awa Bank, Ltd.		2,000		12,696
Bank of Kyoto, Ltd.		2,500		139,919
Bridgestone Corp.		8,900		432,568
Central Japan Railway Co.		6,100		1,153,843
Chiba Bank, Ltd.		16,000		138,353
Daicel Corp.		32,900		398,404
Daiichi Kigenso Kagaku-Kogyo Co., Ltd.		4,700		63,373
Daiwa Securities Group, Inc.		31,000		222,114
DIC Corp.		1,900		74,837
Dowa Holdings Co., Ltd.		2,200		91,490
Fujibo Holdings, Inc.		700		26,033
Fuso Chemical Co., Ltd.		1,000		28,717
Goldcrest Co., Ltd.		2,900		64,205
GungHo Online Entertainment, Inc.		79,400		228,374
Hachijuni Bank, Ltd.		28,100		166,278
Haseko Corp.		13,100		204,474
Hoya Corp.		7,600		387,693
Hyakugo Bank, Ltd.		6,000		30,173

346

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Inaba Denki Sangyo Co., Ltd.		400	$	18,796
Inpex Corp.		35,700		464,031
ITOCHU Corp.		21,800		427,134
Iyo Bank, Ltd.		17,000		139,681
Japan Petroleum Exploration Co., Ltd.		6,500		179,216
Japan Post Bank Co., Ltd.		34,900		470,896
JTEKT Corp.		4,500		80,132
JXTG Holdings, Inc.		18,900		125,308
Kajima Corp.		33,000		326,161
Kakaku.com, Inc.		3,500		61,267
Kaken Pharmaceutical Co., Ltd.		4,200		220,061
Kanematsu Electronics, Ltd.		2,300		67,839
KDDI Corp.		49,900		1,258,356
Keihin Corp.		1,000		20,711
Kuraray Co., Ltd.		2,500		46,716
Kyokuto Kaihatsu Kogyo Co., Ltd.		1,300		22,661
Maeda Road Construction Co., Ltd.		7,000		155,876
Marubeni Corp.		22,800		170,880
Mazda Motor Corp.		5,300		74,254
Miraca Holdings, Inc.		3,000		137,400
Mitsubishi Chemical Holdings Corp.		30,000		325,502
Mitsubishi Corp.		10,000		279,381
Mitsubishi Gas Chemical Co., Inc.		6,000		169,277
Mitsubishi Heavy Industries, Ltd.		2,800		105,208
Mitsubishi Tanabe Pharma Corp.		4,600		94,006
Mitsubishi UFJ Financial Group, Inc.		28,500		214,279
Mitsui & Co., Ltd.		21,400		375,191
Mitsui Sugar Co., Ltd.		2,700		114,881
Mixi, Inc.		7,100		313,149
Nagase & Co., Ltd.		1,200		21,819
Nexon Co., Ltd.†		20,100		667,422
NHK Spring Co., Ltd.		10,200		113,147
Nippo Corp.		1,000		22,909
Nippon Telegraph & Telephone Corp.		22,700		1,079,378
Nitto Denko Corp.		6,800		621,262
NOF Corp.		3,500		93,872
Nomura Holdings, Inc.		78,400		508,088
NTT DOCOMO, Inc.		50,700		1,256,006
Obayashi Corp.		18,400		221,130
Oracle Corp. Japan		1,600		128,680
Sakai Moving Service Co., Ltd.		400		19,053
Seven Bank, Ltd.		49,500		182,275
Shiga Bank, Ltd.		15,000		80,517
Shinmaywa Industries, Ltd.		6,000		57,433
Shinsei Bank, Ltd.		9,500		165,426
Shizuoka Bank, Ltd.		17,000		180,791
Sinko Industries, Ltd.		4,800		93,256
SMC Corp.		700		343,171
Sony Corp.		8,300		396,031
Subaru Corp.		10,300		341,352
Sumitomo Chemical Co., Ltd.		23,000		168,545
Sumitomo Corp.		8,800		151,463
Sumitomo Mitsui Financial Group, Inc.		12,000		536,191
Sumitomo Seika Chemicals Co., Ltd		400		20,848
Suzuki Motor Corp.		7,600		433,570
Taisei Corp.		2,900		147,431
Takeuchi Manufacturing Co., Ltd.		4,100		105,908
Teikoku Piston Ring Co., Ltd.		2,100		67,326
Toagosei Co., Ltd.		12,600		162,622
Tosoh Corp.		16,500		377,851

Security Description	Shares		Value (Note 2)
Japan (continued)
Toyo Ink SC Holdings Co., Ltd.		4,000	$	24,292
Toyota Boshoku Corp.		9,700		207,292
Trend Micro, Inc.†		3,000		161,583
TS Tech Co., Ltd.		1,100		47,005
Ube Industries, Ltd.		2,600		77,402
Unipres Corp.†		2,000		52,963
USS Co., Ltd.		4,400		97,939
Wakita & Co., Ltd.		7,800		96,384
Yamaha Motor Co., Ltd.		2,200		72,950
Yamato Kogyo Co., Ltd.		2,200		62,975
Yuasa Trading Co., Ltd.		600		21,380
				21,083,808
Jersey — 0.2%
WPP PLC		62,059		1,126,103
Luxembourg — 0.1%
APERAM SA		541		32,173
RTL Group SA		2,676		226,919
Subsea 7 SA		18,879		293,879
				552,971
Malaysia — 0.0%
AMMB Holdings Bhd		30,400		37,593
Hong Leong Bank Bhd		6,300		29,909
Petronas Chemicals Group Bhd		41,700		86,864
Sime Darby Bhd		143,100		112,164
				266,530
Marshall Islands — 0.0%
Gener8 Maritime, Inc.†		16,000		93,920
International Seaways, Inc.†		5,600		93,464
Scorpio Tankers, Inc.		17,200		45,752
Teekay Tankers, Ltd., Class A		34,600		43,942
				277,078
Mexico — 0.0%
Compartamos SAB de CV		41,100		37,298
Grupo Aeroportuario del Centro Norte SAB de CV		21,500		109,488
Grupo Financiero Banorte SAB de CV, Class O		22,400		143,462
				290,248
Netherlands — 0.7%
BE Semiconductor Industries NV		2,624		252,482
EXOR NV		1,591		122,904
LyondellBasell Industries NV, Class A		3,900		467,376
Mylan NV†		18,500		792,725
NN Group NV		6,337		298,973
PostNL NV		17,482		87,253
RELX NV		26,297		584,907
Unilever NV CVA		27,972		1,620,090
				4,226,710
Norway — 0.1%
Leroey Seafood Group ASA		30,017		153,027
Salmar ASA		6,451		175,398
				328,425
Panama — 0.0%
McDermott International, Inc.†		2,900		25,462

347

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Puerto Rico — 0.0%
Triple-S Management Corp., Class B†		3,300	$	75,834
Russia — 0.1%
Gazprom PJSC ADR		37,962		189,051
Lukoil PJSC ADR		1,699		111,879
Novatek PJSC GDR		972		129,373
Tatneft PJSC ADR		3,446		207,828
				638,131
Singapore — 0.3%
CapitaLand, Ltd.		113,800		333,124
China Aviation Oil Singapore Corp., Ltd.		16,900		20,999
ComfortDelGro Corp., Ltd.		64,300		102,935
Jardine Cycle & Carriage, Ltd.		2,300		70,010
Singapore Telecommunications, Ltd.		294,500		796,977
Yangzijiang Shipbuilding Holdings, Ltd.		164,100		200,153
Yanlord Land Group, Ltd.		43,600		61,488
				1,585,686
South Africa — 0.1%
Barclays Africa Group, Ltd.		6,873		104,491
MMI Holdings, Ltd.		23,718		45,389
RMB Holdings, Ltd.		10,576		70,350
Sanlam, Ltd.		13,072		97,326
Truworths International, Ltd.		17,798		147,237
Vodacom Group, Ltd.		10,568		145,858
				610,651
South Korea — 0.2%
Hankook Tire Co., Ltd.†		2,596		130,061
KB Financial Group, Inc.		2,364		148,988
KT&G Corp.		230		22,939
Lotte Chemical Corp.†		368		144,740
Samsung Electronics Co., Ltd.		124		289,722
Shinhan Financial Group Co., Ltd.		2,339		116,747
SK Hynix, Inc.		2,147		147,778
SK Innovation Co., Ltd.		537		102,839
SK Telecom Co., Ltd.		1,048		260,565
				1,364,379
Spain — 0.3%
Bolsas y Mercados Espanoles		7,652		261,069
Cia de Distribucion Integral Logista Holdings SA		6,469		157,740
Corp Financiera Alba SA		832		51,958
Enagas SA		4,046		110,262
Mapfre SA		32,093		113,997
Mediaset Espana Comunicacion SA		10,750		121,561
Red Electrica Corp. SA		15,553		329,619
Repsol SA		33,866		637,212
Zardoya Otis SA		21,558		246,241
				2,029,659
Sweden — 0.4%
Atlas Copco AB, Class A		20,084		941,768
Industrivarden AB, Class C		3,489		92,938
Investor AB, Class B		10,930		534,162
JM AB		7,855		177,039
Swedish Match AB		15,285		619,166
				2,365,073

Security Description	Shares		Value (Note 2)
Switzerland — 1.6%
Flughafen Zurich AG		634	$	161,574
Garmin, Ltd.		7,200		453,168
Nestle SA		28,860		2,493,603
Novartis AG		21,775		1,969,868
Roche Holding AG		8,580		2,115,156
SGS SA		37		99,501
Sonova Holding AG		1,055		170,138
Swiss Re AG		7,196		709,742
Swisscom AG		1,412		771,271
Transocean, Ltd.†		24,500		264,355
UBS Group AG		34,548		701,539
				9,909,915
Taiwan — 0.1%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		7,100		321,701
Turkey — 0.0%
Enka Insaat ve Sanayi AS		51,749		77,832
Eregli Demir ve Celik Fabrikalari TAS		13,630		36,101
TAV Havalimanlari Holding AS		13,070		77,030
				190,963
United Kingdom — 3.2%
Abcam PLC		3,255		56,846
Acacia Mining PLC		40,348		106,269
Anglo American PLC		32,292		783,389
Ashmore Group PLC		28,367		173,352
Babcock International Group PLC		33,748		328,711
Barclays PLC		329,836		936,354
Barratt Developments PLC		30,357		252,235
Beazley PLC		7,416		55,912
Berkeley Group Holdings PLC		3,957		222,824
BHP Billiton PLC		17,210		382,173
Brewin Dolphin Holdings PLC		18,260		96,809
British American Tobacco PLC		14,414		986,243
Burberry Group PLC		13,585		304,568
Centrica PLC		208,755		395,547
Close Brothers Group PLC		13,902		310,688
Delphi Technologies PLC		3,100		171,213
Diageo PLC		29,025		1,043,672
Dialog Semiconductor PLC†		4,119		125,240
Ensco PLC, Class A		31,300		184,670
Ferrexpo PLC		32,732		135,566
GlaxoSmithKline PLC		66,639		1,249,327
Halfords Group PLC		6,351		30,659
HSBC Holdings PLC		35,826		382,066
IG Group Holdings PLC		13,669		150,023
IMI PLC		10,118		190,925
Imperial Brands PLC		16,682		686,537
Inchcape PLC		16,575		170,504
Indivior PLC†		41,335		236,343
Intertek Group PLC		4,430		316,006
Investec PLC		26,370		204,805
ITV PLC		52,712		124,988
Jupiter Fund Management PLC		9,600		80,638
Legal & General Group PLC		317,424		1,219,579
Lloyds Banking Group PLC		56,574		55,835
Marks & Spencer Group PLC		53,656		229,541
Meggitt PLC		41,054		270,584
Mondi PLC		4,763		126,937
Next PLC		7,127		515,273
Nielsen Holdings PLC		6,900		258,129

348

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Noble Corp. PLC†		22,200	$	104,118
QinetiQ PLC		50,743		148,346
Rio Tinto PLC		2,011		111,986
Rowan Cos. PLC, Class A†		13,100		192,832
Royal Bank of Scotland Group PLC†		192,765		787,427
Royal Dutch Shell PLC, Class A		17,983		628,754
Royal Dutch Shell PLC, Class B		18,923		670,621
Royal Mail PLC		26,241		174,928
Smith & Nephew PLC		16,730		301,439
Smiths Group PLC		25,839		586,450
Spirax-Sarco Engineering PLC		1,737		139,961
St James’s Place PLC		10,038		169,390
Standard Chartered PLC†		71,093		827,315
Ultra Electronics Holdings PLC†		6,566		142,265
Unilever PLC		21,221		1,205,225
Victrex PLC		6,277		227,444
				19,969,481
United States — 22.2%
3M Co.		5,000		1,252,500
AbbVie, Inc.		13,300		1,492,526
Acuity Brands, Inc.		1,700		262,548
Adobe Systems, Inc.†		1,600		319,616
Affiliated Managers Group, Inc.		3,500		698,705
Aflac, Inc.		11,800		1,040,760
Alacer Gold Corp.†		37,500		65,244
Ally Financial, Inc.		2,700		80,379
Alphabet, Inc., Class A†		2,100		2,482,662
Alphabet, Inc., Class C†		2,100		2,456,874
Altria Group, Inc.		5,600		393,904
Amazon.com, Inc.†		1,600		2,321,424
AMC Networks, Inc., Class A†		7,700		397,243
American Eagle Outfitters, Inc.		6,200		111,600
American Equity Investment Life Holding Co.		5,800		191,400
American Express Co.		14,300		1,421,420
American Financial Group, Inc.		4,200		476,028
American National Insurance Co.		323		40,824
Amgen, Inc.		10,500		1,953,525
Amphenol Corp., Class A		1,400		129,878
ANSYS, Inc.†		1,100		177,815
Antero Resources Corp.†		5,900		114,637
Apple, Inc.		31,300		5,240,559
Applied Materials, Inc.		10,000		536,300
Archer-Daniels-Midland Co.		17,200		738,740
Argonaut Gold, Inc.†		10,300		21,437
AT&T, Inc.		35,993		1,347,938
Automatic Data Processing, Inc.		4,400		543,972
AutoZone, Inc.†		800		612,352
Bank of America Corp.		90,600		2,899,200
Bed Bath & Beyond, Inc.		13,300		306,964
Berkshire Hathaway, Inc., Class B†		1,900		407,322
Big Lots, Inc.		1,200		72,936
Bill Barrett Corp.†		8,100		41,553
Biogen, Inc.†		4,100		1,426,021
Brinker International, Inc.		7,500		272,550
Buckle, Inc.		8,000		160,400
CA, Inc.		8,300		297,555
Campbell Soup Co.		18,600		865,830
Capital One Financial Corp.		7,900		821,284
CARBO Ceramics, Inc.†		4,500		35,820

Security Description	Shares		Value (Note 2)
United States (continued)
Carlisle Cos., Inc.		1,900	$	216,999
CBL & Associates Properties, Inc.		30,300		168,468
Celgene Corp.†		2,900		293,364
Cerner Corp.†		5,400		373,302
Chase Corp.		639		71,792
Chevron Corp.		6,200		777,170
Chico’s FAS, Inc.		20,500		194,955
Cirrus Logic, Inc.†		4,923		244,033
Cisco Systems, Inc.		29,800		1,237,892
Citigroup, Inc.		26,700		2,095,416
Citrix Systems, Inc.†		5,500		510,180
Clorox Co.		2,700		382,563
CNA Financial Corp.		1,700		92,072
Coca-Cola Co.		19,200		913,728
Cognizant Technology Solutions Corp., Class A		10,600		826,588
Colgate-Palmolive Co.		15,000		1,113,600
Comcast Corp., Class A		1,700		72,301
Contango Oil & Gas Co.†		1,700		6,970
Cooper-Standard Holding, Inc.†		349		43,482
Copart, Inc.†		800		35,256
Cracker Barrel Old Country Store, Inc.		900		158,832
Crane Co.		3,300		329,802
Credit Acceptance Corp.†		400		131,884
CSRA, Inc.		3,100		103,168
Cummins, Inc.		1,700		319,600
CVS Health Corp.		11,900		936,411
Darden Restaurants, Inc.		1,900		182,115
Deluxe Corp.		6,700		497,609
Diamond Offshore Drilling, Inc.†		9,900		175,032
Dick’s Sporting Goods, Inc.		7,200		226,512
Discover Financial Services		12,300		981,540
Domino’s Pizza, Inc.		600		130,110
Donaldson Co., Inc.		5,000		253,300
Dril-Quip, Inc.†		2,700		139,455
DSW, Inc., Class A		6,800		136,204
Dun & Bradstreet Corp.		3,100		383,563
Eaton Vance Corp.		4,100		236,980
eBay, Inc.†		12,500		507,250
Edgewell Personal Care Co.†		6,100		344,406
Eli Lilly & Co.		17,000		1,384,650
Emerson Electric Co.		10,800		780,084
Energizer Holdings, Inc.		6,400		372,608
Ennis, Inc.		1,000		19,900
Equifax, Inc.		1,400		174,902
Express Scripts Holding Co.†		18,000		1,425,240
Exxon Mobil Corp.		36,700		3,203,910
F5 Networks, Inc.†		1,700		245,718
Facebook, Inc., Class A†		11,200		2,093,168
FactSet Research Systems, Inc.		1,600		321,104
Federated Investors, Inc., Class B		10,937		379,295
Finish Line, Inc., Class A		1,400		15,862
FLIR Systems, Inc.		1,200		61,452
Foot Locker, Inc.		6,600		324,390
Ford Motor Co.		29,500		323,615
Fortive Corp.		5,000		380,100
Fox Factory Holding Corp.†		2,300		88,205
Franklin Resources, Inc.		17,500		742,175
GameStop Corp., Class A		10,700		179,867
Gannett Co., Inc.		8,437		99,557
Gap, Inc.		8,700		289,188

349

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
General Dynamics Corp.		2,000	$	444,960
General Mills, Inc.		18,700		1,093,763
Gentex Corp.		21,587		511,180
Gilead Sciences, Inc.		17,900		1,500,020
Goldman Sachs Group, Inc.		4,600		1,232,294
Graco, Inc.		4,200		196,560
Gray Television, Inc.†		6,200		101,370
Greenbrier Cos., Inc.		3,200		160,480
H&R Block, Inc.		22,900		607,766
Hanesbrands, Inc.		13,800		299,736
Hasbro, Inc.		6,900		652,533
HCA Healthcare, Inc.†		6,000		606,960
Hershey Co.		6,400		706,112
Hewlett Packard Enterprise Co.		27,500		451,000
Home Depot, Inc.		1,300		261,170
Host Hotels & Resorts, Inc.		23,600		489,936
HP, Inc.		57,100		1,331,572
Hubbell, Inc.		2,600		353,470
IDEX Corp.		500		71,740
Illinois Tool Works, Inc.		2,100		364,707
Intel Corp.		52,800		2,541,792
International Business Machines Corp.		9,400		1,538,780
Intuit, Inc.		3,000		503,700
j2 Global, Inc.		1,900		151,981
Jabil, Inc.		6,400		162,752
Jack Henry & Associates, Inc.		1,100		137,126
JetBlue Airways Corp.†		8,100		168,966
Johnson & Johnson		23,900		3,302,741
JPMorgan Chase & Co.		27,800		3,215,626
Juniper Networks, Inc.		11,500		300,725
Kellogg Co.		5,900		401,849
Kimberly-Clark Corp.		11,600		1,357,200
KLA-Tencor Corp.		5,600		614,880
Kohl’s Corp.		7,300		472,821
L Brands, Inc.		9,800		490,882
Lam Research Corp.		1,800		344,736
Lamb Weston Holdings, Inc.		3,042		178,261
Lannett Co., Inc.†		2,700		54,945
Lear Corp.		3,500		675,990
Leggett & Platt, Inc.		6,400		297,664
Lincoln Electric Holdings, Inc.		2,500		243,925
Macy’s, Inc.		10,000		259,500
Marathon Oil Corp.		16,500		300,135
Mastercard, Inc., Class A		6,000		1,014,000
Maxim Integrated Products, Inc.		8,600		524,600
McDonald’s Corp.		6,300		1,078,182
McKesson Corp.		4,500		759,960
Merck & Co., Inc.		36,000		2,133,000
Michaels Cos., Inc.†		10,400		279,448
Micron Technology, Inc.†		15,700		686,404
Microsoft Corp.		43,900		4,170,939
Moelis & Co., Class A		1,400		72,380
Moody’s Corp.		2,900		469,191
Mosaic Co.		7,600		207,480
MSCI, Inc.		1,500		208,845
Murphy Oil Corp.		6,100		195,810
National Western Life Group, Inc., Class A		500		161,950
Natural Health Trends Corp.		900		14,508
NCR Corp.†		4,300		161,293

Security Description	Shares		Value (Note 2)
United States (continued)
Nordstrom, Inc.		2,500	$	123,275
Norfolk Southern Corp.		2,700		407,376
Nu Skin Enterprises, Inc., Class A		1,205		86,567
NVIDIA Corp.		1,200		294,960
Oil States International, Inc.†		2,200		70,400
Omnicom Group, Inc.		7,800		597,870
Oracle Corp.		38,700		1,996,533
Park Hotels & Resorts, Inc.		11,000		318,010
Paychex, Inc.		9,400		641,550
PepsiCo, Inc.		2,800		336,840
Pfizer, Inc.		64,500		2,389,080
Philip Morris International, Inc.		13,800		1,479,774
Pilgrim’s Pride Corp.†		4,200		116,634
Pitney Bowes, Inc.		27,009		381,097
Primerica, Inc.		1,053		106,353
Principal Financial Group, Inc.		13,127		887,385
Procter & Gamble Co.		27,067		2,336,965
Public Storage		600		117,456
QEP Resources, Inc.†		8,200		76,752
QUALCOMM, Inc.		3,700		252,525
Quality Care Properties, Inc.†		4,900		66,150
Quest Diagnostics, Inc.		3,642		385,396
Raven Industries, Inc.		3,300		127,215
Rayonier Advanced Materials, Inc.		3,500		66,220
Raytheon Co.		1,300		271,622
ResMed, Inc.		1,700		171,343
Rockwell Automation, Inc.		1,900		374,851
Ross Stores, Inc.		2,900		238,931
Sally Beauty Holdings, Inc.†		14,743		244,881
Sanderson Farms, Inc.		1,700		215,730
Sanmina Corp.†		4,000		104,600
SEI Investments Co.		1,000		75,150
Sinclair Broadcast Group, Inc., Class A		2,700		100,170
Skyworks Solutions, Inc.		4,900		476,329
Snap-on, Inc.		2,200		376,882
Spectra Energy Partners LP		5,900		252,166
Steven Madden, Ltd.†		3,254		150,335
Synaptics, Inc.†		3,600		156,024
Synchrony Financial		20,300		805,504
Target Corp.		6,800		511,496
Tech Data Corp.†		1,700		170,459
TEGNA, Inc.		22,500		325,575
Terra Nitrogen Co LP		1,000		81,360
TJX Cos., Inc.		6,100		489,952
Toro Co.		4,200		275,730
Triumph Group, Inc.		3,600		104,940
Tupperware Brands Corp.		3,400		196,384
Union Pacific Corp.		8,600		1,148,100
Unit Corp.†		700		16,961
United Therapeutics Corp.†		2,200		283,800
UnitedHealth Group, Inc.		6,700		1,586,426
Universal Corp.		2,400		115,200
Universal Insurance Holdings, Inc.		3,574		105,076
USANA Health Sciences, Inc.†		1,900		141,835
Valero Energy Corp.		4,200		403,074
Varian Medical Systems, Inc.†		2,000		255,000
Vectrus, Inc.†		400		12,160
Verizon Communications, Inc.		17,600		951,632
Versum Materials, Inc.		350		12,880
Viacom, Inc., Class B		17,200		574,824
Visa, Inc., Class A		12,200		1,515,606

350

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
VMware, Inc., Class A†		2,000	$	247,580
Waddell & Reed Financial, Inc., Class A		8,500		195,500
Walgreens Boots Alliance, Inc.		11,300		850,438
Walt Disney Co.		11,900		1,293,173
Waters Corp.†		1,600		344,976
Wells Fargo & Co.		34,800		2,289,144
Western Digital Corp.		9,600		854,208
Western Union Co.		13,901		289,002
Westwood Holdings Group, Inc.		300		19,641
Whiting Petroleum Corp.†		5,200		145,184
Williams-Sonoma, Inc.		3,200		163,936
Xerox Corp.		8,000		273,040
Xilinx, Inc.		6,600		481,932
Xylem, Inc.		1,300		93,938
				139,068,498
Total Common Stocks (cost $220,948,584)				247,519,566
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.0%
Canada — 0.3%
Bank of Nova Scotia 4.65% due 10/12/2022(1)	$	1,070,000		1,059,300
Enbridge, Inc. Series 16-A 6.00% due 01/15/2077		920,000		968,300
				2,027,600
Japan — 0.1%
Sumitomo Life Insurance Co. Sub. Notes 4.00% due 09/14/2077*		430,000		418,150
United States — 0.6%
M&T Bank Corp. 5.13% due 11/01/2026(1)		617,000		647,696
MetLife, Inc. 6.40% due 12/15/2066		485,000		557,823
Prudential Financial, Inc. Junior Sub. Notes 4.50% due 09/15/2047		1,714,000		1,739,710
Voya Financial, Inc. Company Guar. Notes 4.70% due 01/23/2048*		1,130,000		1,114,363
				4,059,592
Total Preferred Securities/Capital Securities (cost $6,446,312)				6,505,342
ASSET BACKED SECURITIES — 1.5%
Cayman Islands — 0.7%
Goldentree Loan Management FRS Series 2017-2A, Class A (3 ML+1.15%) 2.72% due 11/28/2030*(2)		420,000		423,188
Carbone CLO, Ltd. FRS Series 2017-1A, Class A1 (3 ML+1.14%) 2.81% due 01/20/2031*(2)		3,810,000		3,836,506
United States — 0.8%
Flagstar Mtg. Trust VRS Series 2017-2, Class A5 3.50% due 10/25/2047*(3)(4)		1,443,972		1,451,586

Security Description	Principal Amount		Value (Note 2)
United States (continued)
JPMorgan Mtg. Trust VRS Series 2017-4, Class A5 3.50% due 11/25/2048*(3)(4)	$	1,553,202	$	1,566,732
Worldwide Plaza Trust Series 2017-WWP, Class A 3.53% due 11/10/2036*(5)		990,000		995,407
Towd Point Mtg. Trust VRS Series 2017-1, Class A1 2.75% due 10/25/2056*(4)		1,347,042		1,338,216
Total Asset Backed Securities (cost $9,653,101)				9,611,635
FOREIGN CORPORATE BONDS & NOTES — 4.2%
Australia — 0.2%
Boral Finance Pty, Ltd. Company Guar. Notes 3.00% due 11/01/2022*		1,290,000		1,268,512
Canada — 0.8%
Canadian Natural Resources, Ltd. Senior Notes 3.85% due 06/01/2027		2,080,000		2,093,857
Cenovus Energy, Inc. Senior Notes 4.25% due 04/15/2027		1,984,000		1,968,769
Manulife Financial Corp. VRS Sub. Notes 4.06% due 02/24/2032(4)		1,000,000		993,822
				5,056,448
France — 0.8%
Banque Federative du Credit Mutuel SA Senior Notes 2.70% due 07/20/2022*		1,970,000		1,936,912
BNP Paribas SA Senior Notes 3.38% due 01/09/2025*		855,000		845,210
BPCE SA Company Guar. Notes 3.00% due 05/22/2022*		2,250,000		2,226,994
				5,009,116
Ireland — 0.4%
Johnson Controls International PLC Senior Notes 3.75% due 12/01/2021		150,000		154,327
Johnson Controls International PLC Senior Notes 4.50% due 02/15/2047		250,000		269,699
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.40% due 09/23/2021		2,225,000		2,172,653
				2,596,679
Liberia — 0.1%
Royal Caribbean Cruises, Ltd. Senior Notes 3.70% due 03/15/2028		345,000		333,694

351

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Luxembourg — 0.3%
Actavis Funding SCS Company Guar. Notes 3.80% due 03/15/2025	$	1,895,000	$	1,902,694
Netherlands — 0.1%
Shell International Finance BV Company Guar. Notes 3.25% due 05/11/2025		286,000		287,192
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 2.20% due 07/21/2021		530,000		493,891
				781,083
Spain — 0.4%
Banco Santander SA Senior Notes 3.13% due 02/23/2023		1,600,000		1,574,182
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		820,000		923,511
				2,497,693
Switzerland — 0.5%
Credit Suisse Group AG Senior Notes 3.00% due 12/14/2023*		1,590,000		1,555,531
UBS Group Funding Switzerland AG Company Guar. Notes 4.13% due 09/24/2025*		1,490,000		1,539,396
				3,094,927
United Kingdom — 0.6%
Barclays Bank PLC Sub. Notes 10.18% due 06/12/2021*		325,000		392,176
Barclays PLC Senior Notes 3.68% due 01/10/2023		855,000		861,605
BP Capital Markets PLC Company Guar. Notes 3.06% due 03/17/2022		500,000		505,520
Royal Bank of Scotland Group PLC Senior Notes 3.88% due 09/12/2023		1,220,000		1,231,446
Standard Chartered PLC Senior Notes 2.10% due 08/19/2019*		990,000		979,983
				3,970,730
Total Foreign Corporate Bonds & Notes (cost $26,681,000)				26,511,576
U.S. CORPORATE BONDS & NOTES — 24.0%
United States — 24.0%
Abbott Laboratories Senior Notes 4.75% due 11/30/2036		1,580,000		1,756,064
AbbVie, Inc. Senior Notes 2.90% due 11/06/2022		614,000		608,558
AbbVie, Inc. Senior Notes 3.60% due 05/14/2025		666,000		672,156

Security Description	Principal Amount		Value (Note 2)
United States (continued)
Aflac, Inc. Senior Notes 4.00% due 10/15/2046	$	1,000,000	$	1,002,291
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024*		2,510,000		2,459,208
American Tower Corp. Senior Notes 3.38% due 10/15/2026		2,050,000		1,975,532
American Tower Corp. Senior Notes 4.00% due 06/01/2025		1,000,000		1,013,836
Amgen, Inc. Senior Notes 2.65% due 05/11/2022		1,065,000		1,049,134
Amphenol Corp. Senior Notes 3.20% due 04/01/2024		372,000		369,757
Anadarko Petroleum Corp. Senior Notes 4.85% due 03/15/2021		500,000		525,055
Anadarko Petroleum Corp. Senior Notes 5.55% due 03/15/2026		1,250,000		1,394,090
Analog Devices, Inc. Senior Notes 3.13% due 12/05/2023		1,565,000		1,550,732
Andeavor Senior Notes 3.80% due 04/01/2028		510,000		501,685
Andeavor Senior Notes 4.50% due 04/01/2048		600,000		603,489
AT&T, Inc. Senior Notes 4.10% due 02/15/2028*		795,000		786,109
AT&T, Inc. Senior Notes 4.90% due 08/14/2037		3,250,000		3,293,960
AT&T, Inc. Senior Notes 5.15% due 03/15/2042		605,000		617,006
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		1,260,000		1,257,313
Bank of America Corp. Senior Notes 3.42% due 12/20/2028*		620,000		609,518
Bank of America Corp. Senior Notes 3.59% due 07/21/2028		1,265,000		1,268,326
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		1,780,000		1,797,752
Bank of America Corp. Senior Notes 4.44% due 01/20/2048		885,000		964,962
Barrick North America Finance LLC Company Guar. Notes 5.75% due 05/01/2043		2,300,000		2,832,967
BAT Capital Corp. Company Guar. Notes 3.22% due 08/15/2024*		3,375,000		3,323,189

352

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
United States (continued)
BB&T Corp. Senior Notes 2.16% due 06/15/2020	$	660,000	$	664,202
BB&T Corp Senior Notes 2.85% due 10/26/2024		1,885,000		1,850,534
Becton Dickinson and Co. Senior Notes 3.36% due 06/06/2024		2,280,000		2,246,373
Boston Properties LP Senior Notes 3.20% due 01/15/2025		856,000		839,009
Bunge Ltd. Finance Corp. Company Guar. Notes 3.00% due 09/25/2022		360,000		354,127
Burlington Northern Santa Fe LLC Senior Notes 4.15% due 04/01/2045		1,500,000		1,592,149
Capital One Bank USA NA Sub. Notes 3.38% due 02/15/2023		1,230,000		1,223,303
Capital One Financial Corp. Senior Notes 3.05% due 03/09/2022		1,815,000		1,805,101
Cardinal Health, Inc. Senior Notes 3.08% due 06/15/2024		1,500,000		1,451,321
CBL & Associates LP Ltd. Guar. Notes 4.60% due 10/15/2024		326,000		287,399
CBL & Associates LP Company Guar. Notes 5.95% due 12/15/2026		148,000		136,382
Cintas Corp. No 2 Company Guar. Notes 2.90% due 04/01/2022		675,000		674,435
Citigroup, Inc. Senior Notes 3.30% due 04/27/2025		1,000,000		990,989
Citigroup, Inc. Senior Notes 3.89% due 01/10/2028		4,000,000		4,084,417
Concho Resources, Inc. Company Guar. Notes 3.75% due 10/01/2027		1,500,000		1,492,855
Continental Resources, Inc. Senior Notes 4.38% due 01/15/2028*		1,045,000		1,041,238
Cox Communications, Inc. Senior Notes 3.15% due 08/15/2024*		2,830,000		2,766,946
Crown Castle International Corp. Senior Notes 3.20% due 09/01/2024		450,000		438,983
Crown Castle International Corp. Senior Notes 3.70% due 06/15/2026		1,500,000		1,465,973
CSX Corp. Senior Notes 3.25% due 06/01/2027		1,500,000		1,474,476

Security Description	Principal Amount		Value (Note 2)
United States (continued)
CVS Health Corp. Senior Notes 3.88% due 07/20/2025	$	1,245,000	$	1,256,236
Devon Energy Corp. Senior Notes 5.85% due 12/15/2025		1,500,000		1,728,433
Digital Realty Trust LP Company Guar. Notes 3.70% due 08/15/2027		3,008,000		2,979,834
Discover Bank Senior Notes 4.20% due 08/08/2023		885,000		916,849
Discovery Communications LLC Company Guar. Notes 2.95% due 03/20/2023		2,500,000		2,443,334
Duke Energy Corp. Senior Notes 2.65% due 09/01/2026		510,000		474,966
Duke Energy Indiana LLC 1st Mtg. Notes 3.75% due 05/15/2046		500,000		491,735
Duke Energy Ohio, Inc. 1st Mtg. Notes 3.70% due 06/15/2046		80,000		79,807
Duke Realty LP Senior Notes 3.38% due 12/15/2027		525,000		516,736
EMD Finance LLC Company Guar. Notes 2.95% due 03/19/2022*		915,000		909,434
Energy Transfer LP Senior Notes 4.65% due 06/01/2021		150,000		156,590
Energy Transfer Partners LP Senior Notes 4.05% due 03/15/2025		300,000		298,679
Energy Transfer Partners LP Senior Notes 5.15% due 03/15/2045		1,000,000		986,116
EOG Resources, Inc. Senior Notes 2.63% due 03/15/2023		1,000,000		978,488
EQT Corp. Senior Notes 3.90% due 10/01/2027		3,660,000		3,584,315
FedEx Corp. Company Guar. Bonds 3.40% due 02/15/2028		510,000		509,998
Fifth Third Bank Senior Notes 2.25% due 06/14/2021		500,000		491,551
Fifth Third Bank Senior Notes 2.26% due 09/27/2019		295,000		296,572
Fifth Third Bank Sub. Notes 3.85% due 03/15/2026		900,000		907,850
First Republic Bank Sub. Notes 4.63% due 02/13/2047		1,020,000		1,062,827
Fortive Corp. Senior Notes 2.35% due 06/15/2021		1,020,000		1,004,872

353

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
United States (continued)
General Motors Financial Co., Inc. Company Guar. Notes 4.38% due 09/25/2021	$	1,250,000	$	1,296,642
Glencore Funding LLC Company Guar. Notes 4.13% due 05/30/2023*		1,280,000		1,316,083
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		3,675,000		3,604,074
Goldman Sachs Group, Inc. Senior Notes 3.50% due 11/16/2026		85,000		83,784
Hartford Financial Services Group, Inc. Senior Notes 5.13% due 04/15/2022		702,000		756,617
Hewlett Packard Enterprise Co. Senior Notes 3.60% due 10/15/2020		1,120,000		1,138,454
Hexcel Corp. Senior Notes 3.95% due 02/15/2027		1,775,000		1,772,117
HSBC Bank USA NA Sub. Notes 4.88% due 08/24/2020		959,000		1,008,751
Hubbell, Inc. Senior Notes 3.50% due 02/15/2028		335,000		333,117
Intel Corp. Senior Notes 2.88% due 05/11/2024		1,000,000		991,317
JPMorgan Chase & Co. Senior Notes 2.95% due 10/01/2026		1,250,000		1,200,496
JPMorgan Chase & Co. Senior Notes 2.97% due 01/15/2023		2,000,000		1,996,457
Keysight Technologies, Inc. Senior Notes 4.60% due 04/06/2027		801,000		830,596
Kroger Co. Senior Notes 4.45% due 02/01/2047		970,000		969,364
Kroger Co. Senior Notes 5.15% due 08/01/2043		205,000		216,951
Lockheed Martin Corp. Senior Notes 4.70% due 05/15/2046		580,000		658,680
Manufacturers & Traders Trust, Co. Sub. Notes 3.40% due 08/17/2027		2,000,000		1,985,706
Markel Corp. Senior Notes 3.50% due 11/01/2027		750,000		729,527
Martin Marietta Materials, Inc. Senior Notes 2.13% due 12/20/2019		720,000		722,553
McDonald’s Corp. Senior Notes 4.88% due 12/09/2045		406,000		464,586

Security Description	Principal Amount		Value (Note 2)
United States (continued)
Metropolitan Life Global Funding I Sec. Notes 2.65% due 04/08/2022*	$	545,000	$	537,208
Microsoft Corp. Senior Notes 2.88% due 02/06/2024		315,000		312,963
Microsoft Corp. Senior Notes 3.30% due 02/06/2027		1,085,000		1,094,528
Microsoft Corp. Senior Notes 4.10% due 02/06/2037		1,500,000		1,630,225
Moody’s Corp. Senior Notes 2.63% due 01/15/2023*		830,000		809,190
Morgan Stanley Senior Notes 3.88% due 01/27/2026		4,540,000		4,638,842
Mosaic Co. Senior Notes 3.25% due 11/15/2022		340,000		338,126
MPLX LP Senior Notes 5.20% due 03/01/2047		538,000		592,919
Nabors Industries, Inc. Company Guar. Notes 5.50% due 01/15/2023		500,000		500,000
Newell Rubbermaid, Inc. Senior Notes 3.85% due 04/01/2023		1,115,000		1,136,135
Newell Rubbermaid, Inc. Senior Notes 4.20% due 04/01/2026		1,130,000		1,151,918
Noble Energy, Inc. Senior Notes 4.15% due 12/15/2021		345,000		357,715
Noble Energy, Inc. Senior Notes 5.05% due 11/15/2044		500,000		550,758
Norfolk Southern Corp. Senior Notes 3.00% due 04/01/2022		500,000		501,706
Norfolk Southern Corp. Senior Notes 3.15% due 06/01/2027		750,000		731,295
ONEOK Partners LP Company Guar. Notes 3.38% due 10/01/2022		775,000		775,362
Packaging Corp. of America Senior Notes 2.45% due 12/15/2020		490,000		487,509
Parker-Hannifin Corp. Senior Notes 3.25% due 03/01/2027		480,000		474,047
PNC Bank NA Senior Notes 2.95% due 02/23/2025		595,000		582,558
PNC Bank NA Senior Notes 3.10% due 10/25/2027		1,525,000		1,485,811
PNC Bank NA Senior Notes 3.25% due 06/01/2025		1,500,000		1,494,061

354

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
United States (continued)
Regions Financial Corp. Senior Notes 2.75% due 08/14/2022	$	1,500,000	$	1,481,634
Regions Financial Corp. Senior Notes 3.20% due 02/08/2021		500,000		504,053
Reynolds American, Inc. Company Guar. Notes 4.00% due 06/12/2022		365,000		377,011
Rockwell Collins, Inc. Senior Notes 3.50% due 03/15/2027		1,005,000		996,947
Roper Technologies, Inc. Senior Notes 2.80% due 12/15/2021		700,000		694,487
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.20% due 03/15/2028		2,250,000		2,263,244
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.63% due 03/01/2025		340,000		371,659
Sempra Energy Senior Notes 3.40% due 02/01/2028		830,000		813,308
Sempra Energy Senior Notes 3.55% due 06/15/2024		1,000,000		1,010,028
Sempra Energy Senior Notes 3.80% due 02/01/2038		1,145,000		1,122,231
Sherwin-Williams Co. Senior Notes 3.45% due 06/01/2027		2,415,000		2,385,156
SunTrust Banks, Inc. Senior Notes 2.70% due 01/27/2022		1,285,000		1,268,428
Tyson Foods, Inc. Senior Notes 3.55% due 06/02/2027		1,000,000		996,077
Ventas Realty LP Company Guar. Notes 3.13% due 06/15/2023		685,000		675,750
Ventas Realty LP Company Guar. Notes 3.50% due 02/01/2025		750,000		744,987
Verizon Communications, Inc. Senior Notes 2.63% due 08/15/2026		514,000		473,119
Verizon Communications, Inc. Senior Notes 3.38% due 02/15/2025		431,000		427,315
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		2,750,000		2,724,988
Vornado Realty LP Senior Notes 3.50% due 01/15/2025		1,010,000		985,706
Wal-Mart Stores, Inc. Senior Notes 3.63% due 12/15/2047		1,079,000		1,105,988

Security Description	Shares/ Principal Amount			Value (Note 2)
United States (continued)
Waste Management, Inc. Company Guar. Notes 3.15% due 11/15/2027	$	2,270,000		$	2,224,305
Williams Partners LP Senior Notes 4.00% due 09/15/2025		1,625,000			1,651,952
Zoetis, Inc. Senior Notes 3.00% due 09/12/2027		1,250,000			1,197,824
Total U.S. Corporate Bonds & Notes (cost $150,777,688)					149,943,068
U.S. GOVERNMENT TREASURIES — 1.2%
United States — 1.2%
United States Treasury Bonds 2.75% due 08/15/2047		625,000			600,928
United States Treasury Notes 0.63% due 01/15/2026 TIPS(6)		5,960,055			5,977,431
2.25% due 11/15/2027		697,800			669,697
Total U.S. Government Treasuries (cost $7,309,367)					7,248,056
REGISTERED INVESTMENT COMPANIES — 0.0%
Switzerland — 0.0%
BB Biotech AG (cost $180,088)		3,105			236,023
OPTIONS — PURCHASED — 0.0%
Exchange-Trade Put Options - Purchased(9) (cost $609,200)		1,121			209,155
RIGHTS — 0.0%
UniCredit SpA† Expires 02/21/2018 (cost $0)		16,712			29,173
Total Long-Term Investment Securities (cost $422,605,340)					447,813,594
SHORT-TERM INVESTMENT SECURITIES — 26.7%
Registered Investment Companies — 26.7%
State Street Institutional Liquid Reserves Fund, Premier Class 1.51%(8) (cost $166,743,494)		166,734,545			166,734,545
TOTAL INVESTMENTS (cost $589,348,834)(7)		98.2	%		614,548,139
Other assets less liabilities		1.8			11,309,388
NET ASSETS		100.0	%	$	625,857,527

   † Non-income producing security

   * Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $37,416,349 representing 6.0% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

  (1) Perpetual maturity — maturity date reflects the next call date.

  (2) Collateralized Loan Obligation

  (3) Collateralized Mortgage Obligation

  (4) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and

355

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PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

  (5) Commercial Mortgage Backed Security

  (6) Principal amount of security is adjusted for inflation.

  (7) See Note 3 for cost of investments on a tax basis.

  (8) The rate shown is the 7-day yield as of January 31, 2018.

  (9) Options — Purchased

Exchange-Traded Put Options — Purchased
Issue	Expiration Month	Strike Price		Number of Contracts		Notional Amount*		Premiums Paid		Value at January 31, 2018		Unrealized Appreciation/ (Depreciation)
S&P 500 Index	March 2018	$	2,250.00		453		127,918,593	$	219,161	$	61,155	$	(158,006	)
S&P 500 Index	February 2018		2,250.00		112		31,626,672		28,426		1,960		(26,466	)
S&P 500 Index	February 2018		2,190.00		286		80,760,966		201,287		4,290		(196,997	)
S&P 500 Index	April 2018		2,350.00		270		76,242,870		160,326		141,750		(18,576	)
								$	609,200	$	209,155	$	(400,045	)

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.

ADR — American Depositary Receipt

CLO — Collateralized Loan Obligation

CVA — Certification Van Aandelen (Dutch Cert.)

FRS — Floating Rate Security

GDR — Global Depositary Receipt

TIPS — Treasury Inflation Protected Securities

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at January 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

3 ML — 3 month USD LIBOR

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	34	Long	S&P/Toronto Stock Exchange 60 Index	March 2018	$	5,206,289	$	5,213,333	$	7,044
	468	Long	Euro Stoxx 50 Index	March 2018		20,680,782		20,917,629		236,847
	163	Long	Topix Index	March 2018		28,129,407		27,465,284		(664,123	)
	576	Long	S&P 500 E-Mini Index	March 2018		78,146,019		81,383,040		3,237,021
	106	Long	U.S. Treasury 2 Year Notes	March 2018		22,745,443		22,602,844		(142,599	)
	218	Long	U.S. Treasury 5 Year Notes	March 2018		25,079,419		25,006,984		(72,435	)
	193	Long	U.S. Treasury Long Bonds	March 2018		29,489,168		28,527,813		(961,355	)
	204	Long	MSCI Emerging Markets Index	March 2018		11,787,175		12,829,560		1,042,385
	284	Long	XAF Financial Index	March 2018		24,247,980		25,993,100		1,745,120
	155	Short	Euro-BOBL	March 2018		25,190,711		25,103,825		86,886
	72	Short	FTSE 100 Index	March 2018		7,863,990		7,633,452		230,538
	80	Short	U.S. Treasury 5 Year Notes	March 2018		9,336,550		9,176,875		159,675
	322	Short	U.S. Treasury 10 Year Notes	March 2018		40,085,435		39,148,156		937,279
									$	5,842,283

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

356

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PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
Bank of America, N.A.		ZAR	8,203,900	USD	661,147		02/28/2018	$	—	$	(28,672	)
Barclays Bank PLC		TRY	1,133,100	USD	293,310		02/28/2018		—		(5,911	)
		USD	3,959,505	CHF	3,798,000		02/22/2018		127,212		—
		USD	399,339	SEK	3,200,000		02/22/2018		7,287		—
		USD	12,018,331	TRY	46,254,000		02/22/2018		217,735		—
									352,234		(5,911	)
Citibank N.A.		CAD	8,446,000	USD	6,788,259		02/22/2018		—		(80,083	)
		EUR	6,374,784	JPY	859,470,000		02/22/2018		—		(43,411	)
		USD	5,818,209	IDR	77,708,000,000		02/22/2018		—		(8,978	)
		USD	3,978,180	JPY	440,000,000		02/22/2018		56,535		—
									56,535		(132,472	)
Morgan Stanley and Co. International PLC		IDR	77,708,000,000	USD	5,827,372		02/22/2018		18,141		—
		USD	5,184,082	GBP	3,758,000		02/22/2018		155,653		—
		USD	28,217,007	JPY	3,121,878,000		02/22/2018		410,014		—
									583,808		—
UBS AG London		CAD	15,643,904	NOK	98,620,000		02/22/2018		78,898		—
		USD	4,501,535	AUD	5,641,000		02/22/2018		43,547		—
									122,445		—
Net Unrealized Appreciation/(Depreciation)								$	1,115,022	$	(167,055	)

AUD	— Australian Dollar	GBP	— British Pound Sterling	SEK	— Swedish Krona
CAD	— Canadian Dollar	IDR	— Indonesian Rupiah	TRY	— Turkish Lira
CHF	— Swiss Franc	JPY	— Japanese Yen	USD	— United States Dollar
EUR	— Euro Dollar	NOK	— Norwegian Krone	ZAR	— South African Rand

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs			Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	247,253,036	$	266,530	**	$	—	$	247,519,566
Preferred Securities/Capital Securities		—		6,505,342			—		6,505,342
Asset Backed Securities		—		9,611,635			—		9,611,635
Foreign Corporate Bonds & Notes		—		26,511,576			—		26,511,576
U.S. Corporate Bonds & Notes		—		149,943,068			—		149,943,068
U.S. Government Treasuries		—		7,248,056			—		7,248,056
Registered Investment Companies		236,023		—			—		236,023
Options-Purchased		209,155		—			—		209,155
Rights		29,173		—			—		29,173
Short-Term Investment Securities		166,734,545		—			—		166,734,545
Total Investments at Value	$	414,461,932	$	200,086,207		$	—	$	614,548,139
Other Financial Instruments:†
Futures Contracts	$	7,682,795	$	—		$	—	$	7,682,795
Forward Foreign Currency Contracts		—		1,115,022			—		1,115,022
Total Other Financial Instruments	$	7,682,795	$	1,115,022		$	—	$	8,797,817
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	1,840,512	$	—		$	—	$	1,840,512
Forward Foreign Currency Contracts		—		167,055			—		167,055
Total Other Financial Instruments	$	1,840,512	$	167,055		$	—	$	2,007,567

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

** Represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board. See Note 2.

† Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, and swap contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no material transfers between Levels during the reporting period.

See Notes to Financial Statements

357

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Banks-Commercial	8.9	%
Real Estate Investment Trusts	6.1
Medical-Biomedical/Gene	4.6
Exchange-Traded Fund	4.6
Medical-Drugs	2.2
Repurchase Agreements	1.9
Savings & Loans/Thrifts	1.8
Medical Products	1.5
Retail-Restaurants	1.5
Oil Companies-Exploration & Production	1.3
Electric-Integrated	1.3
Computer Services	1.3
Chemicals-Specialty	1.2
Insurance-Property/Casualty	1.1
Electronic Components-Semiconductors	1.1
Building & Construction Products-Misc.	1.0
Gas-Distribution	1.0
Enterprise Software/Service	1.0
Applications Software	0.9
Drug Delivery Systems	0.9
Semiconductor Equipment	0.9
Medical Instruments	0.9
Aerospace/Defense-Equipment	0.9
Electronic Components-Misc.	0.9
Human Resources	0.8
Auto/Truck Parts & Equipment-Original	0.8
Oil-Field Services	0.8
Computer Software	0.8
Building-Residential/Commercial	0.8
Distribution/Wholesale	0.8
Transport-Truck	0.8
Finance-Investment Banker/Broker	0.8
Retail-Apparel/Shoe	0.8
E-Commerce/Services	0.7
Diversified Manufacturing Operations	0.7
Food-Misc./Diversified	0.7
Building-Heavy Construction	0.6
Data Processing/Management	0.6
Insurance-Life/Health	0.6
Commercial Services	0.6
Machinery-General Industrial	0.5
Therapeutics	0.5
Schools	0.5
Financial Guarantee Insurance	0.5
Metal Processors & Fabrication	0.5
Investment Management/Advisor Services	0.5
Computers-Integrated Systems	0.5
Rental Auto/Equipment	0.5
Semiconductor Components-Integrated Circuits	0.5
Building & Construction-Misc.	0.5
Commercial Services-Finance	0.5
Wireless Equipment	0.5
Medical Information Systems	0.4
Food-Wholesale/Distribution	0.4
Footwear & Related Apparel	0.4
Telecom Equipment-Fiber Optics	0.4
Transport-Marine	0.4
Printing-Commercial	0.4
Office Furnishings-Original	0.4
Patient Monitoring Equipment	0.4
Retail-Automobile	0.4
Medical-Outpatient/Home Medical	0.4

Power Converter/Supply Equipment	0.4	%
Medical-HMO	0.4
Telecom Services	0.4
E-Commerce/Products	0.3
Steel-Producers	0.3
Electronic Measurement Instruments	0.3
Racetracks	0.3
Chemicals-Diversified	0.3
Television	0.3
Electric Products-Misc.	0.3
Building Products-Doors & Windows	0.3
Instruments-Controls	0.3
Engineering/R&D Services	0.3
Internet Security	0.3
Water	0.3
Insurance-Multi-line	0.3
Electronic Parts Distribution	0.3
Insurance-Reinsurance	0.3
Rubber/Plastic Products	0.3
Miscellaneous Manufacturing	0.3
Finance-Consumer Loans	0.3
Coal	0.3
Airlines	0.3
Hotels/Motels	0.3
Oil & Gas Drilling	0.3
Wire & Cable Products	0.3
Consulting Services	0.3
Physical Therapy/Rehabilitation Centers	0.3
Consumer Products-Misc.	0.3
Independent Power Producers	0.3
Disposable Medical Products	0.3
Aerospace/Defense	0.3
Casino Hotels	0.3
Oil Field Machinery & Equipment	0.3
Energy-Alternate Sources	0.3
Retail-Discount	0.2
Computer Aided Design	0.2
Finance-Mortgage Loan/Banker	0.2
Networking Products	0.2
Retail-Misc./Diversified	0.2
Paper & Related Products	0.2
Recreational Vehicles	0.2
Machine Tools & Related Products	0.2
Computers-Other	0.2
Internet Application Software	0.2
Internet Telephone	0.2
Medical Labs & Testing Services	0.2
Chemicals-Plastics	0.2
Publishing-Newspapers	0.2
Internet Content-Information/News	0.2
Auto/Truck Parts & Equipment-Replacement	0.2
Security Services	0.2
Broadcast Services/Program	0.2
Educational Software	0.2
Telephone-Integrated	0.2
Retail-Home Furnishings	0.2
Diagnostic Equipment	0.2
Steel Pipe & Tube	0.2
Gambling (Non-Hotel)	0.2
Medical-Hospitals	0.2
Resorts/Theme Parks	0.2

358

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited) — (continued)

Industry Allocation* (continued)

Containers-Paper/Plastic	0.2	%
Oil Refining & Marketing	0.2
Transport-Equipment & Leasing	0.2
Casino Services	0.2
Non-Hazardous Waste Disposal	0.2
Retail-Pawn Shops	0.2
Transport-Services	0.2
Building Products-Wood	0.2
Retail-Building Products	0.2
Lasers-System/Components	0.2
Diversified Minerals	0.2
Real Estate Management/Services	0.2
Apparel Manufacturers	0.2
Web Hosting/Design	0.2
Medical-Generic Drugs	0.2
Building Products-Light Fixtures	0.2
Transactional Software	0.2
Telecommunication Equipment	0.2
Computers	0.2
Veterinary Diagnostics	0.1
Tobacco	0.1
Steel-Specialty	0.1
Computer Data Security	0.1
Machinery-Pumps	0.1
Diagnostic Kits	0.1
Internet Connectivity Services	0.1
Auto-Heavy Duty Trucks	0.1
Batteries/Battery Systems	0.1
Real Estate Operations & Development	0.1
Precious Metals	0.1
Health Care Cost Containment	0.1
Metal-Aluminum	0.1
Finance-Other Services	0.1
Recreational Centers	0.1
Firearms & Ammunition	0.1
Private Equity	0.1
Home Furnishings	0.1
Environmental Consulting & Engineering	0.1
Transport-Air Freight	0.1
Building-Mobile Home/Manufactured Housing	0.1
Communications Software	0.1
Publishing-Periodicals	0.1
Medical-Nursing Homes	0.1
Environmental Monitoring & Detection	0.1
Beverages-Non-alcoholic	0.1
Pipelines	0.1
Poultry	0.1
Linen Supply & Related Items	0.1
Finance-Credit Card	0.1
Quarrying	0.1
Metal Products-Distribution	0.1
Multimedia	0.1
Appliances	0.1
Auction Houses/Art Dealers	0.1
Machinery-Electrical	0.1
Golf	0.1
U.S. Government Treasuries	0.1
Satellite Telecom	0.1
Building Products-Cement	0.1
Machinery-Construction & Mining	0.1
Diversified Operations	0.1

Funeral Services & Related Items	0.1	%
Computers-Memory Devices	0.1
Building-Maintenance & Services	0.1
Banks-Super Regional	0.1
Respiratory Products	0.1
Storage/Warehousing	0.1
Metal-Iron	0.1
Machinery-Farming	0.1
Rubber-Tires	0.1
Agricultural Operations	0.1
Publishing-Books	0.1
Computers-Periphery Equipment	0.1
Circuit Boards	0.1
X-Ray Equipment	0.1
Containers-Metal/Glass	0.1
Food-Retail	0.1
Brewery	0.1
Auto Repair Centers	0.1
Identification Systems	0.1
Medical Imaging Systems	0.1
Radio	0.1
Food-Confectionery	0.1
Retail-Office Supplies	0.1
Pharmacy Services	0.1
Banks-Fiduciary	0.1
Retail-Pet Food & Supplies	0.1
Auto-Truck Trailers	0.1
Building Products-Air & Heating	0.1
Cosmetics & Toiletries	0.1
Hazardous Waste Disposal	0.1
E-Marketing/Info	0.1
Athletic Equipment	0.1
Motion Pictures & Services	0.1
Theaters	0.1
Metal Products-Fasteners	0.1
Bicycle Manufacturing	0.1
Water Treatment Systems	0.1
Finance-Commercial	0.1
Finance-Leasing Companies	0.1
B2B/E-Commerce	0.1
Banks-Mortgage	0.1
Medical-Wholesale Drug Distribution	0.1
Web Portals/ISP	0.1
Office Supplies & Forms	0.1
Non-Ferrous Metals	0.1
Retail-Major Department Stores	0.1
Vitamins & Nutrition Products	0.1
Beverages-Wine/Spirits	0.1
Internet Content-Entertainment	0.1
Diversified Operations/Commercial Services	0.1
Retail-Sporting Goods	0.1
Diversified Financial Services	0.1
Capacitors	0.1
Audio/Video Products	0.1
Pastoral & Agricultural	0.1
	100.0	%

* Calculated as a percentage of net assets

# See Note 1

359

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 93.4%
Advanced Materials — 0.0%
Core Molding Technologies, Inc.		542	$	11,274
Advertising Agencies — 0.0%
MDC Partners, Inc., Class A†		4,207		37,863
Advertising Sales — 0.0%
Clear Channel Outdoor Holdings, Inc., Class A		2,720		13,192
Yext, Inc.†		1,733		20,883
				34,075
Aerospace/Defense — 0.3%
AeroVironment, Inc.†		1,551		79,659
Cubic Corp.		1,865		108,263
Esterline Technologies Corp.†		1,934		142,246
Kratos Defense & Security Solutions, Inc.†		6,323		72,146
National Presto Industries, Inc.		366		37,204
				439,518
Aerospace/Defense-Equipment — 0.9%
AAR Corp.		2,376		96,157
Aerojet Rocketdyne Holdings, Inc.†		5,107		140,442
Astronics Corp.†		1,584		70,646
Curtiss-Wright Corp.		3,265		426,605
Ducommun, Inc.†		777		22,673
Kaman Corp.		2,040		127,908
KLX, Inc.†		3,822		270,063
Moog, Inc., Class A†		2,354		212,001
Triumph Group, Inc.		3,606		105,115
				1,471,610
Agricultural Biotech — 0.0%
Calyxt, Inc.†		600		15,630
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		6,993		27,203
Agricultural Operations — 0.1%
Alico, Inc.		229		6,160
Andersons, Inc.		1,993		67,961
Cadiz, Inc.†		1,581		23,004
Limoneira Co.		893		19,244
Tejon Ranch Co.†		1,362		29,705
				146,074
Airlines — 0.3%
Allegiant Travel Co.		935		148,899
Hawaiian Holdings, Inc.		3,830		143,050
SkyWest, Inc.		3,748		208,951
				500,900
Apparel Manufacturers — 0.2%
Columbia Sportswear Co.		2,156		160,988
Delta Apparel, Inc.†		506		9,442
Oxford Industries, Inc.		1,216		95,821
Sequential Brands Group, Inc.†		2,935		4,755
Superior Uniform Group, Inc.		621		14,631
				285,637
Appliances — 0.1%
Hamilton Beach Brands Holding Co., Class A		211		5,425
iRobot Corp.†		1,954		173,417
				178,842

Security Description	Shares		Value (Note 2)
Applications Software — 0.9%
Appfolio, Inc., Class A†		696	$	29,476
Bazaarvoice, Inc.†		6,300		34,650
Brightcove, Inc.†		2,504		16,902
Callidus Software, Inc.†		5,000		179,750
Ebix, Inc.		1,775		145,728
Five9, Inc.†		3,934		102,323
HubSpot, Inc.†		2,518		244,372
MINDBODY, Inc., Class A†		3,170		111,426
New Relic, Inc.†		2,258		134,870
Park City Group, Inc.†		966		8,356
PDF Solutions, Inc.†		2,061		28,194
Progress Software Corp.		3,517		175,252
RealPage, Inc.†		4,334		215,616
Twilio, Inc., Class A†		4,592		120,494
Upland Software, Inc.†		600		13,878
				1,561,287
Athletic Equipment — 0.1%
Clarus Corp.†		1,517		11,302
Nautilus, Inc.†		2,231		28,668
Vista Outdoor, Inc.†		4,223		63,978
				103,948
Auction Houses/Art Dealers — 0.1%
B. Riley Financial, Inc.		1,533		28,744
Sotheby’s†		2,814		148,466
				177,210
Audio/Video Products — 0.1%
Daktronics, Inc.		2,622		24,280
Universal Electronics, Inc.†		1,043		48,082
VOXX International Corp.†		1,481		8,812
				81,174
Auto Repair Centers — 0.1%
Monro, Inc.		2,343		132,379
Auto-Heavy Duty Trucks — 0.1%
Blue Bird Corp.†		549		11,611
Navistar International Corp.†		3,673		168,334
REV Group, Inc.		1,679		49,127
				229,072
Auto-Truck Trailers — 0.1%
Wabash National Corp.		4,313		111,405
Auto/Truck Parts & Equipment-Original — 0.8%
American Axle & Manufacturing Holdings, Inc.†		7,293		128,721
Cooper-Standard Holding, Inc.†		1,272		158,478
Dana, Inc.		10,742		354,379
Gentherm, Inc.†		2,706		86,592
Horizon Global Corp.†		1,837		15,523
Meritor, Inc.†		6,186		168,754
Miller Industries, Inc.		814		21,205
Modine Manufacturing Co.†		3,650		85,227
Spartan Motors, Inc.		2,523		33,808
Superior Industries International, Inc.		1,819		30,650
Tenneco, Inc.		3,763		218,292
Titan International, Inc.		3,678		48,954
Tower International, Inc.		1,459		44,062
				1,394,645
Auto/Truck Parts & Equipment-Replacement — 0.2%
Commercial Vehicle Group, Inc.†		1,858		22,983
Dorman Products, Inc.†		1,989		150,050

360

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Auto/Truck Parts & Equipment-Replacement (continued)
Douglas Dynamics, Inc.		1,631	$	67,197
Motorcar Parts of America, Inc.†		1,407		38,299
Standard Motor Products, Inc.		1,591		76,209
				354,738
B2B/E-Commerce — 0.1%
ePlus, Inc.†		970		74,884
TechTarget, Inc.†		1,449		22,720
				97,604
Banks-Commercial — 8.9%
1st Source Corp.		1,190		62,225
Access National Corp.		1,097		31,868
ACNB Corp.		509		15,397
Allegiance Bancshares, Inc.†		845		34,138
American National Bankshares, Inc.		603		22,552
Ameris Bancorp		2,682		143,621
Ames National Corp.		632		17,822
Arrow Financial Corp.		875		28,700
Atlantic Capital Bancshares, Inc.†		1,542		27,525
BancFirst Corp.		1,241		69,186
Bancorp, Inc.†		3,632		38,390
BancorpSouth Bank		6,286		210,895
Bank of Commerce Holdings		1,144		13,270
Bank of Marin Bancorp		497		34,144
Bank of N.T. Butterfield & Son, Ltd.		3,973		159,675
Bankwell Financial Group, Inc.		443		14,796
Banner Corp.		2,434		132,264
Bar Harbor Bankshares		1,111		31,141
BCB Bancorp, Inc.		931		14,105
Blue Hills Bancorp, Inc.		1,760		33,968
Bridge Bancorp, Inc.		1,392		47,746
Bryn Mawr Bank Corp.		1,382		62,052
Byline Bancorp, Inc.†		489		10,939
C&F Financial Corp.		241		13,195
Cadence BanCorp†		1,458		40,795
Camden National Corp.		1,130		47,980
Capital City Bank Group, Inc.		816		20,017
Capstar Financial Holdings, Inc.†		636		12,440
Carolina Financial Corp.		1,398		57,654
Cass Information Systems, Inc.		965		55,922
Cathay General Bancorp, Class B		5,630		246,256
CBTX, Inc.		206		5,896
CenterState Banks, Inc.		4,467		116,097
Central Pacific Financial Corp.		2,201		65,084
Central Valley Community Bancorp		732		14,193
Century Bancorp, Inc., Class A		216		17,312
Chemical Financial Corp.		5,236		305,835
Chemung Financial Corp.		236		10,542
Citizens & Northern Corp.		868		20,658
City Holding Co.		1,120		77,056
Civista Bancshares, Inc.		733		16,221
CNB Financial Corp.		1,090		29,354
CoBiz Financial, Inc.		2,843		57,031
Codorus Valley Bancorp, Inc.		630		17,231
Columbia Banking System, Inc.		5,329		229,573
Community Bank System, Inc.		3,627		193,319
Community Financial Corp.		292		10,757
Community Trust Bancorp, Inc.		1,137		53,780
ConnectOne Bancorp, Inc.		2,230		65,005
County Bancorp, Inc.		346		9,965
Customers Bancorp, Inc.†		2,081		63,783
CVB Financial Corp.		7,648		178,963

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
DNB Financial Corp.		229	$	7,797
Eagle Bancorp, Inc.†		2,329		146,727
Enterprise Bancorp, Inc.		698		23,418
Enterprise Financial Services Corp.		1,634		79,494
Equity Bancshares, Inc., Class A†		801		28,844
Evans Bancorp, Inc.		341		14,578
Farmers & Merchants Bancorp, Inc.		655		26,645
Farmers Capital Bank Corp.		543		21,340
Farmers National Banc Corp.		1,893		27,638
FB Financial Corp.†		962		40,673
FCB Financial Holdings, Inc., Class A†		2,674		146,535
Fidelity Southern Corp.		1,635		39,175
Financial Institutions, Inc.		1,068		33,268
First BanCorp†		14,188		85,128
First BanCorp		2,077		75,603
First BanCorp, Inc.		753		21,197
First Bancshares, Inc.		768		24,691
First Busey Corp.		3,008		93,188
First Business Financial Services, Inc.		607		14,853
First Citizens BancShares, Inc., Class A		548		233,125
First Commonwealth Financial Corp.		7,147		103,417
First Community Bancshares, Inc.		1,227		33,963
First Connecticut Bancorp, Inc.		1,041		26,181
First Financial Bancorp		4,551		129,704
First Financial Bankshares, Inc.		4,685		217,618
First Financial Corp.		781		36,160
First Foundation, Inc.†		2,200		42,790
First Guaranty Bancshares, Inc.		362		9,521
First Internet Bancorp		588		22,021
First Interstate BancSystem, Inc., Class A		1,923		80,478
First Merchants Corp.		3,026		130,602
First Mid-Illinois Bancshares, Inc.		742		28,567
First Midwest Bancorp, Inc.		7,542		187,494
First Northwest Bancorp†		728		12,340
First of Long Island Corp.		1,764		49,568
FNB Bancorp		392		13,951
Franklin Financial Network, Inc.†		870		28,058
Fulton Financial Corp.		12,667		230,539
German American Bancorp, Inc.		1,565		54,290
Glacier Bancorp, Inc.		5,781		226,731
Great Southern Bancorp, Inc.		802		40,702
Great Western Bancorp, Inc.		4,374		184,364
Green Bancorp, Inc.†		1,574		37,540
Guaranty Bancorp		1,788		50,690
Guaranty Bancshares, Inc.		153		4,844
Hancock Holding Co.		6,227		334,390
Hanmi Financial Corp.		2,328		73,332
HarborOne Bancorp, Inc.†		975		17,999
Heartland Financial USA, Inc.		1,813		96,361
Heritage Commerce Corp.		2,673		42,795
Heritage Financial Corp.		2,174		66,959
Hilltop Holdings, Inc.		5,415		141,819
Home BancShares, Inc.		11,635		279,356
HomeStreet, Inc.†		1,993		58,694
Hope Bancorp, Inc.		9,584		182,479
Horizon Bancorp		1,696		51,643
Howard Bancorp, Inc.†		650		13,650
IBERIABANK Corp.		3,736		315,692
Independent Bank Corp.		1,998		142,557
Independent Bank Corp.		1,500		34,575
International Bancshares Corp.		4,045		167,868
Investar Holding Corp.		603		15,226
Kearny Financial Corp.		5,882		81,172

361

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Commercial (continued)
Lakeland Bancorp, Inc.		3,314	$	66,611
Lakeland Financial Corp.		1,784		85,757
LCNB Corp.		655		12,773
LegacyTexas Financial Group, Inc.		3,491		153,744
Live Oak Bancshares, Inc.		1,721		46,295
Macatawa Bank Corp.		1,918		19,871
MainSource Financial Group, Inc.		1,825		71,814
MB Financial, Inc.		5,985		256,038
MBT Financial Corp.		1,317		14,816
Mercantile Bank Corp.		1,190		41,519
Merchants Bancorp		536		10,881
Metropolitan Bank Holding Corp.†		266		12,632
Middlefield Banc Corp.		193		9,592
Midland States Bancorp, Inc.		1,145		36,743
MidSouth Bancorp, Inc.		1,076		15,225
MidWestOne Financial Group, Inc.		824		27,258
National Bankshares, Inc.		500		21,800
National Commerce Corp.†		886		40,180
NBT Bancorp, Inc.		3,152		116,340
Nicolet Bankshares, Inc.†		652		35,397
Northeast Bancorp		542		12,114
Northrim BanCorp, Inc.		501		16,758
Norwood Financial Corp.		423		13,286
OFG Bancorp		3,195		36,423
Ohio Valley Banc Corp.		301		12,371
Old Line Bancshares, Inc.		629		19,920
Old National Bancorp		9,923		171,668
Old Point Financial Corp.		268		7,863
Old Second Bancorp, Inc.		2,136		31,399
Opus Bank		1,477		40,027
Orrstown Financial Services, Inc.		548		13,782
Pacific Mercantile Bancorp†		1,142		9,878
Park National Corp.		987		103,655
PCSB Financial Corp.†		1,336		26,961
Peapack Gladstone Financial Corp.		1,287		45,714
Penns Woods Bancorp, Inc.		340		14,576
People’s Utah Bancorp		998		31,537
Peoples Bancorp of North Carolina, Inc.		374		11,781
Peoples Bancorp, Inc.		1,213		43,195
Peoples Financial Services Corp.		506		22,988
Preferred Bank		979		63,067
Premier Financial Bancorp, Inc.		695		13,219
Provident Bancorp, Inc.†		324		7,792
QCR Holdings, Inc.		895		39,246
RBB Bancorp		280		7,526
Reliant Bancorp, Inc.		512		12,288
Renasant Corp.		3,345		144,069
Republic Bancorp, Inc., Class A		711		27,402
Republic First Bancorp, Inc.†		3,598		31,842
S&T Bancorp, Inc.		2,539		102,474
Sandy Spring Bancorp, Inc.		2,385		90,201
Seacoast Banking Corp. of Florida†		3,151		81,264
ServisFirst Bancshares, Inc.		3,417		144,949
Shore Bancshares, Inc.		924		16,835
Sierra Bancorp		995		27,243
Simmons First National Corp., Class A		3,060		180,081
SmartFinancial, Inc.†		529		11,532
South State Corp.		2,667		236,296
Southern First Bancshares, Inc.†		488		21,252
Southern National Bancorp of Virginia, Inc.		1,582		25,929
Southside Bancshares, Inc.		2,046		70,239

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
State Bank Financial Corp.		2,771	$	84,543
Stock Yards Bancorp, Inc.		1,612		57,951
Summit Financial Group, Inc.		806		20,714
Sun Bancorp, Inc.		793		19,429
Texas Capital Bancshares, Inc.†		3,680		348,864
Tompkins Financial Corp.		1,081		89,042
Towne Bank		4,712		143,966
TriCo Bancshares		1,509		55,803
TriState Capital Holdings, Inc.†		1,649		39,658
Triumph Bancorp, Inc.†		1,294		49,819
TrustCo Bank Corp.		6,824		58,686
Trustmark Corp.		4,984		158,441
Two River Bancorp		532		9,581
UMB Financial Corp.		3,344		254,746
Umpqua Holdings Corp.		16,362		354,237
Union Bankshares Corp.		3,542		133,711
United Bankshares, Inc.		7,389		271,915
United Community Banks, Inc.		5,404		171,199
United Security Bancshares		961		10,619
Unity Bancorp, Inc.		570		11,714
Univest Corp. of Pennsylvania		1,917		53,676
Valley National Bancorp		19,081		239,848
Veritex Holdings, Inc.†		1,195		34,069
Washington Trust Bancorp, Inc.		1,107		59,557
WesBanco, Inc.		3,109		127,500
West Bancorporation, Inc.		1,173		30,029
Westamerica Bancorporation		1,880		111,616
Western New England Bancorp, Inc.		2,042		22,156
Wintrust Financial Corp.		4,098		352,018
				15,101,985
Banks-Fiduciary — 0.1%
Boston Private Financial Holdings, Inc.		6,158		94,833
Parke Bancorp, Inc.		428		8,624
Union Bankshares, Inc.		288		15,567
				119,024
Banks-Mortgage — 0.1%
Walker & Dunlop, Inc.†		2,050		95,222
Banks-Super Regional — 0.1%
Independent Bank Group, Inc.		1,304		93,562
National Bank Holdings Corp., Class A		1,838		61,095
				154,657
Batteries/Battery Systems — 0.1%
EnerSys		3,224		226,679
Beverages-Non-alcoholic — 0.1%
Coca-Cola Bottling Co. Consolidated		348		70,477
National Beverage Corp.		867		95,777
Primo Water Corp.†		1,869		24,241
				190,495
Beverages-Wine/Spirits — 0.1%
MGP Ingredients, Inc.		953		85,332
Bicycle Manufacturing — 0.1%
Fox Factory Holding Corp.†		2,588		99,250
Brewery — 0.1%
Boston Beer Co., Inc., Class A†		615		116,758
Craft Brew Alliance, Inc.†		937		18,131
				134,889

362

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Broadcast Services/Program — 0.2%
Hemisphere Media Group, Inc.†		1,070	$	11,449
MSG Networks, Inc., Class A†		4,425		106,200
TiVo Corp.		8,852		123,485
World Wrestling Entertainment, Inc., Class A		2,873		101,561
				342,695
Building & Construction Products-Misc. — 1.0%
American Woodmark Corp.†		1,042		141,556
Armstrong Flooring, Inc.†		1,601		24,799
Builders FirstSource, Inc.†		8,152		174,616
Caesarstone, Ltd.†		1,675		35,510
Forterra, Inc.†		1,378		9,577
Gibraltar Industries, Inc.†		2,345		86,999
Louisiana-Pacific Corp.†		10,744		318,130
NCI Building Systems, Inc.†		2,953		54,483
Patrick Industries, Inc.†		1,793		114,842
Ply Gem Holdings, Inc.†		1,639		35,157
Quanex Building Products Corp.		2,536		52,495
Simpson Manufacturing Co., Inc.		3,045		178,863
Summit Materials, Inc., Class A†		8,285		264,706
Trex Co., Inc.†		2,182		243,489
				1,735,222
Building & Construction-Misc. — 0.5%
Aegion Corp.†		2,385		59,816
Comfort Systems USA, Inc.		2,721		115,915
EMCOR Group, Inc.		4,355		353,975
Hill International, Inc.†		2,519		14,358
IES Holdings, Inc.†		640		11,200
MYR Group, Inc.†		1,180		39,978
TopBuild Corp.†		2,619		200,458
				795,700
Building Products-Air & Heating — 0.1%
AAON, Inc.		3,059		111,348
Building Products-Cement — 0.1%
Continental Building Products, Inc.†		2,806		79,831
US Concrete, Inc.†		1,170		91,084
				170,915
Building Products-Doors & Windows — 0.3%
Apogee Enterprises, Inc.		2,091		95,162
Griffon Corp.		2,165		43,408
JELD-WEN Holding, Inc.†		4,982		195,693
Masonite International Corp.†		2,096		146,196
PGT Innovations , Inc.†		3,573		56,989
				537,448
Building Products-Light Fixtures — 0.2%
Cree, Inc.†		7,214		248,955
LSI Industries, Inc.		1,818		14,435
				263,390
Building Products-Wood — 0.2%
Boise Cascade Co.		2,857		126,994
Universal Forest Products, Inc.		4,432		165,446
				292,440
Building-Heavy Construction — 0.6%
Chicago Bridge & Iron Co. NV		7,443		155,335
Dycom Industries, Inc.†		2,228		260,030
Granite Construction, Inc.		2,932		195,535

Security Description	Shares		Value (Note 2)
Building-Heavy Construction (continued)
Layne Christensen Co.†		1,333	$	17,982
MasTec, Inc.†		4,918		262,621
Orion Group Holdings, Inc.†		2,030		15,266
Primoris Services Corp.		2,912		75,712
Sterling Construction Co., Inc.†		1,908		26,617
Tutor Perini Corp.†		2,763		68,384
Willbros Group, Inc.†		3,237		3,593
				1,081,075
Building-Maintenance & Services — 0.1%
ABM Industries, Inc.		4,130		157,064
Building-Mobile Home/Manufactured Housing — 0.1%
Cavco Industries, Inc.†		631		96,638
Winnebago Industries, Inc.		2,327		105,762
				202,400
Building-Residential/Commercial — 0.8%
AV Homes, Inc.†		899		15,193
Beazer Homes USA, Inc.†		2,310		42,828
Century Communities, Inc.†		1,410		44,556
Green Brick Partners, Inc.†		1,755		19,656
Hovnanian Enterprises, Inc., Class A†		9,124		18,522
Installed Building Products, Inc.†		1,593		114,616
KB Home		6,279		197,914
LGI Homes, Inc.†		1,277		86,427
M/I Homes, Inc.†		1,955		63,225
MDC Holdings, Inc.		3,318		111,850
Meritage Homes Corp.†		2,844		134,948
New Home Co., Inc.†		912		10,807
PICO Holdings, Inc.		1,641		21,497
Taylor Morrison Home Corp., Class A†		8,209		208,755
TRI Pointe Group, Inc.†		11,080		180,715
William Lyon Homes, Class A†		2,009		54,544
				1,326,053
Cable/Satellite TV — 0.0%
Global Eagle Entertainment, Inc.†		3,772		10,901
WideOpenWest, Inc.†		1,564		16,015
				26,916
Capacitors — 0.1%
KEMET Corp.†		4,091		83,293
Casino Hotels — 0.3%
Boyd Gaming Corp.		6,137		242,227
Caesars Entertainment Corp.†		10,083		140,658
Century Casinos, Inc.†		1,560		14,274
Monarch Casino & Resort, Inc.†		799		36,403
				433,562
Casino Services — 0.2%
Eldorado Resorts, Inc.†		3,458		119,474
Scientific Games Corp., Class A†		3,931		183,381
				302,855
Cellular Telecom — 0.0%
ATN International, Inc.		775		46,004
Chemicals-Diversified — 0.3%
Aceto Corp.		2,208		24,310
AdvanSix, Inc.†		2,213		87,325
Codexis, Inc.†		3,012		25,903
Innophos Holdings, Inc.		1,429		66,120
Innospec, Inc.		1,770		127,086
Koppers Holdings, Inc.†		1,524		69,799

363

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals-Diversified (continued)
Quaker Chemical Corp.		960	$	147,744
				548,287
Chemicals-Fibers — 0.0%
Rayonier Advanced Materials, Inc.		3,166		59,901
Chemicals-Other — 0.0%
American Vanguard Corp.		2,121		44,859
Chemicals-Plastics — 0.2%
A. Schulman, Inc.		2,110		82,290
Landec Corp.†		1,984		26,089
PolyOne Corp.		5,943		258,283
				366,662
Chemicals-Specialty — 1.2%
AgroFresh Solutions, Inc.†		1,627		12,268
Balchem Corp.		2,340		184,860
Calgon Carbon Corp.		3,732		79,678
CSW Industrials, Inc.†		1,070		51,253
Ferro Corp.†		6,185		145,471
GCP Applied Technologies, Inc.†		5,297		176,920
H.B. Fuller Co.		3,726		193,193
Hawkins, Inc.		712		25,134
Ingevity Corp.†		3,142		227,952
KMG Chemicals, Inc.		967		58,745
Kraton Corp.†		2,214		111,276
Minerals Technologies, Inc.		2,597		195,164
Oil-Dri Corp. of America		370		14,389
OMNOVA Solutions, Inc.†		3,191		35,101
PQ Group Holdings, Inc.†		2,164		35,360
Sensient Technologies Corp.		3,271		235,021
Stepan Co.		1,474		115,591
Tronox, Ltd., Class A		6,639		130,324
Valhi, Inc.		1,867		10,810
				2,038,510
Circuit Boards — 0.1%
Park Electrochemical Corp.		1,422		26,022
TTM Technologies, Inc.†		6,824		112,528
				138,550
Coal — 0.3%
Arch Coal, Inc., Class A		1,419		127,724
Cloud Peak Energy, Inc.†		5,461		27,305
Hallador Energy Co.		1,185		8,271
NACCO Industries, Inc., Class A		301		12,657
Peabody Energy Corp.†		4,927		199,100
Ramaco Resources, Inc.†		453		3,642
SunCoke Energy, Inc.†		4,757		52,803
Warrior Met Coal, Inc.		2,442		68,303
Westmoreland Coal Co.†		1,366		1,475
				501,280
Coatings/Paint — 0.0%
Kronos Worldwide, Inc.		1,675		45,979
Coffee — 0.0%
Farmer Bros. Co.†		641		20,256
Commercial Services — 0.6%
Acacia Research Corp.†		3,654		13,337
Care.com, Inc.†		1,014		18,597
Collectors Universe, Inc.		553		15,329
Emerald Expositions Events, Inc.		1,339		28,896

Security Description	Shares		Value (Note 2)
Commercial Services (continued)
Healthcare Services Group, Inc.		5,263	$	290,412
HMS Holdings Corp.†		6,194		106,103
Medifast, Inc.		783		53,800
National Research Corp., Class A		699		26,317
Nutrisystem, Inc.		2,194		94,891
RPX Corp.		3,394		47,652
ServiceSource International, Inc.†		5,694		19,360
SP Plus Corp.†		1,285		49,537
Team, Inc.†		2,161		36,737
Weight Watchers International, Inc.†		2,067		132,887
				933,855
Commercial Services-Finance — 0.5%
Cardtronics PLC, Class A†		3,367		82,357
CBIZ, Inc.†		3,777		62,321
CPI Card Group, Inc.		301		870
Everi Holdings, Inc.†		4,793		37,098
EVERTEC, Inc.		4,468		69,924
Green Dot Corp., Class A†		3,424		209,754
LendingTree, Inc.†		470		172,889
Liberty Tax, Inc.		506		5,212
MoneyGram International, Inc.†		2,149		25,960
Travelport Worldwide, Ltd.		9,169		124,790
				791,175
Communications Software — 0.1%
BroadSoft, Inc.†		2,338		128,356
Digi International, Inc.†		1,954		20,224
pdvWireless, Inc.†		698		24,011
Ribbon Communications, Inc.†		3,505		24,465
				197,056
Computer Aided Design — 0.2%
Aspen Technology, Inc.†		5,402		418,385
Computer Data Security — 0.1%
ForeScout Technologies, Inc.†		394		11,985
Qualys, Inc.†		2,375		148,437
Varonis Systems, Inc.†		1,445		78,464
				238,886
Computer Graphics — 0.0%
Monotype Imaging Holdings, Inc.		3,072		73,574
Computer Services — 1.3%
Barracuda Networks, Inc.†		1,858		51,188
CACI International, Inc., Class A†		1,803		253,412
Carbonite, Inc.†		1,855		46,746
Cogint, Inc.†		1,495		5,457
Convergys Corp.		6,941		161,517
DMC Global, Inc.		1,042		23,862
Engility Holdings, Inc.†		1,332		34,845
EPAM Systems, Inc.†		3,679		432,209
ExlService Holdings, Inc.†		2,417		146,833
Insight Enterprises, Inc.†		2,631		97,663
KeyW Holding Corp.†		3,559		23,845
MAXIMUS, Inc.		4,744		323,446
Presidio, Inc.†		1,617		29,607
Science Applications International Corp.		3,201		245,357
SecureWorks Corp., Class A†		609		5,895
StarTek, Inc.†		762		9,525
Sykes Enterprises, Inc.†		2,897		89,865
Syntel, Inc.†		2,441		55,044
TTEC Holdings, Inc.		1,026		40,732
Unisys Corp.†		3,718		33,090

364

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computer Services (continued)
Virtusa Corp.†		1,996	$	89,061
				2,199,199
Computer Software — 0.8%
Avid Technology, Inc.†		2,468		13,327
Blackbaud, Inc.		3,522		337,478
Box, Inc., Class A†		5,978		132,951
Cloudera, Inc.†		7,204		134,859
CommerceHub, Inc., Series A†		1,014		20,503
CommerceHub, Inc., Series C†		2,147		41,416
Cornerstone OnDemand, Inc.†		3,919		161,188
Envestnet, Inc.†		3,181		170,979
j2 Global, Inc.		3,432		274,526
SendGrid, Inc.†		612		13,752
Simulations Plus, Inc.		807		13,033
Tintri, Inc.†		701		3,939
Veritone, Inc.†		201		3,568
Workiva, Inc.†		1,885		42,035
				1,363,554
Computers — 0.2%
Nutanix, Inc., Class A†		7,916		254,104
Computers-Integrated Systems — 0.5%
Agilysys, Inc.†		1,133		13,596
Cray, Inc.†		2,962		71,829
Diebold Nixdorf, Inc.		5,583		103,006
Maxwell Technologies, Inc.†		2,664		15,425
Mercury Systems, Inc.†		3,461		166,197
MTS Systems Corp.		1,257		65,175
NetScout Systems, Inc.†		6,233		177,641
Radisys Corp.†		2,722		2,368
Super Micro Computer, Inc.†		2,877		65,668
USA Technologies, Inc.†		3,580		30,251
VeriFone Systems, Inc.†		8,227		145,453
				856,609
Computers-Memory Devices — 0.1%
Pure Storage, Inc., Class A†		7,168		144,364
Quantum Corp.†		2,101		13,005
				157,369
Computers-Other — 0.2%
3D Systems Corp.†		8,071		82,647
ExOne Co.†		822		8,072
Lumentum Holdings, Inc.†		4,565		211,360
Stratasys, Ltd.†		3,691		78,950
				381,029
Computers-Periphery Equipment — 0.1%
Electronics For Imaging, Inc.†		3,420		100,001
Immersion Corp.†		2,150		22,317
Mitek Systems, Inc.†		2,277		17,760
				140,078
Computers-Voice Recognition — 0.0%
Vocera Communications, Inc.†		2,136		62,585
Consulting Services — 0.3%
CRA International, Inc.		583		27,069
Forrester Research, Inc.		752		32,825
Franklin Covey Co.†		717		20,650
FTI Consulting, Inc.†		2,794		121,455
Hackett Group, Inc.		1,732		27,729

Security Description	Shares		Value (Note 2)
Consulting Services (continued)
Huron Consulting Group, Inc.†		1,619	$	65,003
ICF International, Inc.†		1,324		70,304
Information Services Group, Inc.†		2,393		10,194
Navigant Consulting, Inc.†		3,385		69,460
Vectrus, Inc.†		820		24,928
				469,617
Consumer Products-Misc. — 0.3%
Central Garden & Pet Co.†		780		30,568
Central Garden & Pet Co., Class A†		2,606		98,298
CSS Industries, Inc.		659		17,240
Helen of Troy, Ltd.†		2,013		187,511
WD-40 Co.		1,021		126,349
				459,966
Containers-Metal/Glass — 0.1%
Greif, Inc., Class A		1,886		111,500
Greif, Inc., Class B		415		26,415
				137,915
Containers-Paper/Plastic — 0.2%
KapStone Paper and Packaging Corp.		6,422		222,458
Multi-Color Corp.		1,009		78,197
UFP Technologies, Inc.†		477		13,905
				314,560
Cosmetics & Toiletries — 0.1%
e.l.f. Beauty, Inc.†		1,529		31,436
Inter Parfums, Inc.		1,277		58,231
Revlon, Inc., Class A†		872		17,876
				107,543
Cruise Lines — 0.0%
Lindblad Expeditions Holdings, Inc.†		1,481		13,729
Data Processing/Management — 0.6%
Acxiom Corp.†		5,853		158,441
Amber Road, Inc.†		1,481		10,752
Bottomline Technologies de, Inc.†		2,939		107,273
CommVault Systems, Inc.†		2,946		157,169
CSG Systems International, Inc.		2,463		111,254
Fair Isaac Corp.		2,203		380,370
Pegasystems, Inc.		2,707		137,651
				1,062,910
Decision Support Software — 0.0%
Castlight Health, Inc., Class B†		4,725		17,482
QAD, Inc., Class A		737		31,765
				49,247
Diagnostic Equipment — 0.2%
Accelerate Diagnostics, Inc.†		1,924		55,604
BioTelemetry, Inc.†		2,346		80,116
GenMark Diagnostics, Inc.†		3,764		20,476
Genomic Health, Inc.†		1,458		48,420
Oxford Immunotec Global PLC†		1,869		21,699
Quotient, Ltd.†		1,974		5,754
Repligen Corp.†		2,773		98,081
				330,150
Diagnostic Kits — 0.1%
Meridian Bioscience, Inc.		3,075		48,124
OraSure Technologies, Inc.†		4,179		90,935
Quidel Corp.†		2,098		96,046
				235,105

365

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Dialysis Centers — 0.0%
American Renal Associates Holdings, Inc.†		716	$	13,540
Disposable Medical Products — 0.3%
ICU Medical, Inc.†		1,111		254,364
Merit Medical Systems, Inc.†		3,594		166,941
Utah Medical Products, Inc.		252		22,705
				444,010
Distribution/Wholesale — 0.8%
Anixter International, Inc.†		2,144		179,453
Beacon Roofing Supply, Inc.†		4,932		298,386
Core-Mark Holding Co., Inc.		3,369		74,421
EnviroStar, Inc.		270		10,341
Essendant, Inc.		2,760		24,978
Fossil Group, Inc.†		3,270		26,029
G-III Apparel Group, Ltd.†		3,198		119,445
H&E Equipment Services, Inc.		2,327		91,637
Huttig Building Products, Inc.†		1,759		12,419
Nexeo Solutions, Inc.†		1,940		18,294
ScanSource, Inc.†		1,831		62,620
SiteOne Landscape Supply, Inc.†		2,507		190,933
Systemax, Inc.		848		26,331
Titan Machinery, Inc.†		1,372		29,484
Triton International, Ltd.		3,475		134,135
Veritiv Corp.†		848		24,338
				1,323,244
Diversified Financial Services — 0.1%
Ladder Capital Corp.		5,827		84,317
Diversified Manufacturing Operations — 0.7%
Actuant Corp., Class A		4,400		108,900
AZZ, Inc.		1,918		87,269
Barnes Group, Inc.		3,712		244,212
Chase Corp.		528		59,321
EnPro Industries, Inc.		1,563		137,528
Fabrinet†		2,680		66,491
Federal Signal Corp.		4,358		88,642
GP Strategies Corp.†		927		23,129
Harsco Corp.†		5,938		106,290
LSB Industries, Inc.†		1,605		13,626
Lydall, Inc.†		1,234		58,985
NL Industries, Inc.†		617		8,021
Raven Industries, Inc.		2,670		102,929
Standex International Corp.		931		97,708
Tredegar Corp.		1,908		35,012
				1,238,063
Diversified Minerals — 0.2%
Fairmount Santrol Holdings, Inc.†		11,457		63,815
Smart Sand, Inc.†		1,614		14,833
United States Lime & Minerals, Inc.		146		11,205
US Silica Holdings, Inc.		6,033		200,839
				290,692
Diversified Operations — 0.1%
HRG Group, Inc.†		8,784		160,308
Diversified Operations/Commercial Services — 0.1%
Viad Corp.		1,493		84,802
Drug Delivery Systems — 0.9%
Antares Pharma, Inc.†		10,609		22,173
Catalent, Inc.†		9,880		459,815

Security Description	Shares		Value (Note 2)
Drug Delivery Systems (continued)
Depomed, Inc.†		4,259	$	31,304
Heron Therapeutics, Inc.†		3,354		72,614
Nektar Therapeutics†		10,945		915,111
Revance Therapeutics, Inc.†		1,692		54,652
				1,555,669
E-Commerce/Products — 0.3%
1-800-flowers.com, Inc., Class A†		1,967		20,506
Chegg, Inc.†		7,031		121,777
Etsy, Inc.†		8,927		167,471
FTD Cos., Inc.†		1,247		7,307
Lands’ End, Inc.†		981		16,481
Ominto, Inc.†		1,033		3,512
Overstock.com, Inc.†		1,239		85,119
Shutterfly, Inc.†		2,445		166,627
				588,800
E-Commerce/Services — 0.7%
Cars.com, Inc.†		5,317		157,862
Carvana Co.†		1,045		19,949
ChannelAdvisor Corp.†		1,871		17,026
Groupon, Inc.†		25,088		132,716
GrubHub, Inc.†		6,345		458,426
Leaf Group, Ltd.†		899		7,866
Quotient Technology, Inc.†		5,586		65,915
Stamps.com, Inc.†		1,207		246,047
Trade Desk, Inc., Class A†		1,750		84,840
TrueCar, Inc.†		5,195		61,249
				1,251,896
E-Marketing/Info — 0.1%
Liquidity Services, Inc.†		1,891		9,077
New Media Investment Group, Inc.		3,777		63,831
QuinStreet, Inc.†		2,702		25,210
Rubicon Project, Inc.†		3,276		6,290
				104,408
E-Services/Consulting — 0.0%
Perficient, Inc.†		2,535		49,103
Educational Software — 0.2%
2U, Inc.†		3,552		263,807
Instructure, Inc.†		1,616		58,014
Rosetta Stone, Inc.†		1,252		16,001
				337,822
Electric Products-Misc. — 0.3%
Graham Corp.		705		15,087
Littelfuse, Inc.		1,791		389,308
Novanta, Inc.†		2,365		136,933
				541,328
Electric-Distribution — 0.0%
Genie Energy, Ltd., Class B		996		4,352
Spark Energy, Inc., Class A		861		8,524
Unitil Corp.		1,027		45,404
				58,280
Electric-Generation — 0.0%
Atlantic Power Corp.†		8,461		17,768
Electric-Integrated — 1.3%
ALLETE, Inc.		3,780		273,823
Ameresco, Inc., Class A†		1,379		11,997
Avista Corp.		4,755		239,462

366

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric-Integrated (continued)
Black Hills Corp.		3,951	$	219,478
El Paso Electric Co.		2,987		155,921
IDACORP, Inc.		3,733		322,083
MGE Energy, Inc.		2,581		154,344
NorthWestern Corp.		3,598		195,515
Otter Tail Corp.		2,905		123,753
PNM Resources, Inc.		5,895		224,600
Portland General Electric Co.		6,608		279,849
				2,200,825
Electronic Components-Misc. — 0.9%
AVX Corp.		3,404		61,068
Bel Fuse, Inc., Class B		710		14,590
Benchmark Electronics, Inc.†		3,693		106,912
CTS Corp.		2,360		64,900
Kimball Electronics, Inc.†		1,960		36,260
Knowles Corp.†		6,511		99,228
Methode Electronics, Inc.		2,644		108,007
Microvision, Inc.†		5,811		6,915
NVE Corp.		352		29,505
OSI Systems, Inc.†		1,305		86,234
Plexus Corp.†		2,480		148,180
Rogers Corp.†		1,332		219,487
Sanmina Corp.†		5,286		138,229
Sparton Corp.†		712		16,383
Stoneridge, Inc.†		1,988		48,388
Vishay Intertechnology, Inc.		9,786		214,803
Vishay Precision Group, Inc.†		750		20,550
ZAGG, Inc.†		2,008		33,534
				1,453,173
Electronic Components-Semiconductors — 1.1%
Alpha & Omega Semiconductor, Ltd.†		1,476		24,782
Ambarella, Inc.†		2,397		120,809
Amkor Technology, Inc.†		7,525		75,701
AXT, Inc.†		2,748		21,709
CEVA, Inc.†		1,614		71,016
Diodes, Inc.†		2,878		81,131
DSP Group, Inc.†		1,613		21,130
EMCORE Corp.†		1,989		13,426
GSI Technology, Inc.†		1,086		8,720
Impinj, Inc.†		1,345		30,088
Inphi Corp.†		3,103		92,687
Kopin Corp.†		4,546		15,093
Lattice Semiconductor Corp.†		9,067		59,026
MACOM Technology Solutions Holdings, Inc.†		2,995		93,144
Monolithic Power Systems, Inc.		2,949		351,285
Pixelworks, Inc.†		2,106		12,825
Rambus, Inc.†		8,009		101,154
Semtech Corp.†		4,790		171,482
Silicon Laboratories, Inc.†		3,099		298,124
SMART Global Holdings, Inc.†		458		16,612
Synaptics, Inc.†		2,545		110,300
Xperi Corp.		3,615		81,157
				1,871,401
Electronic Measurement Instruments — 0.3%
Badger Meter, Inc.		2,073		99,918
CyberOptics Corp.†		508		7,747
ESCO Technologies, Inc.		1,882		115,084
FARO Technologies, Inc.†		1,224		65,974
Fitbit, Inc., Class A†		14,311		73,702

Security Description	Shares		Value (Note 2)
Electronic Measurement Instruments (continued)
Itron, Inc.†		2,524	$	184,757
Mesa Laboratories, Inc.		240		33,962
				581,144
Electronic Parts Distribution — 0.3%
SYNNEX Corp.		2,143		263,010
Tech Data Corp.†		2,592		259,900
				522,910
Electronic Security Devices — 0.0%
Napco Security Technologies, Inc.†		879		8,043
Energy-Alternate Sources — 0.3%
Clean Energy Fuels Corp.†		10,080		15,826
FutureFuel Corp.		1,848		24,763
Green Plains, Inc.		2,906		50,855
Pacific Ethanol, Inc.†		3,185		13,377
Pattern Energy Group, Inc.		5,808		119,761
Plug Power, Inc.†		16,871		32,561
Renewable Energy Group, Inc.†		2,811		30,078
REX American Resources Corp.†		430		35,110
Sunrun, Inc.†		6,276		39,727
TerraForm Power, Inc., Class A		3,356		36,580
TPI Composites, Inc.†		789		15,843
Vivint Solar, Inc.†		1,996		6,886
				421,367
Engineering/R&D Services — 0.3%
Argan, Inc.		1,073		46,783
Exponent, Inc.		1,894		140,440
KBR, Inc.		10,389		211,312
Keane Group, Inc.†		2,945		48,681
Mistras Group, Inc.†		1,277		27,213
NV5 Global, Inc.†		596		29,055
VSE Corp.		637		31,563
				535,047
Engines-Internal Combustion — 0.0%
Briggs & Stratton Corp.		3,082		74,523
Enterprise Software/Service — 1.0%
Actua Corp.		2,198		34,289
Alteryx, Inc., Class A†		1,734		47,512
American Software, Inc., Class A		1,986		24,885
Apptio, Inc., Class A†		1,722		43,997
Benefitfocus, Inc.†		1,173		29,560
Blackline, Inc.†		1,159		38,514
Coupa Software, Inc.†		2,323		88,808
Donnelley Financial Solutions, Inc.†		2,474		53,067
Everbridge, Inc.†		1,267		40,899
Evolent Health, Inc., Class A†		4,413		62,223
Hortonworks, Inc.†		3,705		73,915
LivePerson, Inc.†		4,076		48,708
Majesco†		410		2,374
ManTech International Corp., Class A		1,903		99,089
MicroStrategy, Inc., Class A†		702		96,686
MobileIron, Inc.†		4,219		18,985
Model N, Inc.†		1,753		26,207
MuleSoft, Inc., Class A†		1,796		44,146
Omnicell, Inc.†		2,769		135,819
Paycom Software, Inc.†		3,641		333,661
PROS Holdings, Inc.†		1,969		57,180
SPS Commerce, Inc.†		1,246		65,540
Verint Systems, Inc.†		4,698		196,141
				1,662,205

367

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Entertainment Software — 0.0%
Glu Mobile, Inc.†		7,798	$	29,165
Environmental Consulting & Engineering — 0.1%
Tetra Tech, Inc.		4,129		205,211
Environmental Monitoring & Detection — 0.1%
MSA Safety, Inc.		2,462		192,799
Finance-Commercial — 0.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		3,746		81,438
NewStar Financial, Inc. CVR†(1)		2,250		1,215
On Deck Capital, Inc.†		3,642		16,389
				99,042
Finance-Consumer Loans — 0.3%
Elevate Credit, Inc.†		1,279		9,554
Encore Capital Group, Inc.†		1,773		73,491
Enova International, Inc.†		2,442		43,712
LendingClub Corp.†		24,128		88,308
Nelnet, Inc., Class A		1,408		73,371
Ocwen Financial Corp.†		7,813		26,330
PRA Group, Inc.†		3,299		117,939
Regional Management Corp.†		753		21,355
World Acceptance Corp.†		435		51,352
				505,412
Finance-Credit Card — 0.1%
Blackhawk Network Holdings, Inc.†		4,039		183,573
Finance-Investment Banker/Broker — 0.8%
Cowen, Inc.†		1,913		24,773
Diamond Hill Investment Group, Inc.		234		49,224
Evercore, Inc., Class A		2,843		285,864
GAIN Capital Holdings, Inc.		2,526		18,440
Greenhill & Co., Inc.		1,797		33,334
Houlihan Lokey, Inc.		1,977		94,303
INTL. FCStone, Inc.†		1,119		48,676
Investment Technology Group, Inc.		2,427		51,841
Ladenburg Thalmann Financial Services, Inc.		7,603		23,645
Moelis & Co., Class A		2,306		119,220
Oppenheimer Holdings, Inc., Class A		723		19,883
Piper Jaffray Cos.		1,063		98,115
PJT Partners, Inc., Class A		1,336		63,260
Stifel Financial Corp.		4,923		332,401
Virtu Financial, Inc., Class A		1,867		35,660
				1,298,639
Finance-Leasing Companies — 0.1%
Aircastle, Ltd.		3,514		83,001
Marlin Business Services Corp.		649		15,381
				98,382
Finance-Mortgage Loan/Banker — 0.2%
Arlington Asset Investment Corp., Class A		2,033		21,347
Ellie Mae, Inc.†		2,500		233,750
Federal Agricultural Mtg. Corp., Class C		651		52,243
Impac Mortgage Holdings, Inc.†		716		6,587
Nationstar Mtg. Holdings, Inc.†		2,160		38,318
PennyMac Financial Services, Inc., Class A†		1,174		26,063
PHH Corp.†		2,367		21,232

Security Description	Shares		Value (Note 2)
Finance-Mortgage Loan/Banker (continued)
TPG RE Finance Trust, Inc.		821	$	15,451
				414,991
Finance-Other Services — 0.1%
R1 RCM, Inc.†		7,406		38,141
WageWorks, Inc.†		2,938		177,896
				216,037
Financial Guarantee Insurance — 0.5%
MBIA, Inc.†		6,565		48,187
MGIC Investment Corp.†		27,352		405,357
NMI Holdings, Inc., Class A†		4,209		77,235
Radian Group, Inc.		16,007		353,274
				884,053
Firearms & Ammunition — 0.1%
American Outdoor Brands Corp.†		3,969		47,350
Axon Enterprise, Inc.†		3,850		101,871
Sturm Ruger & Co., Inc.		1,250		66,188
				215,409
Food-Canned — 0.0%
Seneca Foods Corp., Class A†		514		16,217
Food-Confectionery — 0.1%
Hostess Brands, Inc.†		5,911		81,572
Tootsie Roll Industries, Inc.		1,250		44,750
				126,322
Food-Dairy Products — 0.0%
Dean Foods Co.		6,715		69,635
Lifeway Foods, Inc.†		347		2,755
				72,390
Food-Misc./Diversified — 0.7%
B&G Foods, Inc.		4,854		160,182
Cal-Maine Foods, Inc.†		2,122		90,291
Darling Ingredients, Inc.†		12,125		224,797
J&J Snack Foods Corp.		1,113		154,084
John B. Sanfilippo & Son, Inc.		633		39,638
Lancaster Colony Corp.		1,389		178,348
Snyder’s-Lance, Inc.		6,356		317,673
				1,165,013
Food-Retail — 0.1%
Ingles Markets, Inc., Class A		1,041		34,977
Smart & Final Stores, Inc.†		1,687		15,858
SUPERVALU, Inc.†		2,832		44,859
Village Super Market, Inc., Class A		589		13,830
Weis Markets, Inc.		707		28,110
				137,634
Food-Wholesale/Distribution — 0.4%
Calavo Growers, Inc.		1,184		103,008
Chefs’ Warehouse, Inc.†		1,448		29,467
Fresh Del Monte Produce, Inc.		2,393		113,213
Performance Food Group Co.†		6,675		229,286
SpartanNash Co.		2,706		65,945
United Natural Foods, Inc.†		3,746		178,310
				719,229
Footwear & Related Apparel — 0.4%
Crocs, Inc.†		5,140		69,441
Deckers Outdoor Corp.†		2,336		200,219
Iconix Brand Group, Inc.†		3,697		4,621

368

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Footwear & Related Apparel (continued)
Steven Madden, Ltd.†		4,366	$	201,709
Weyco Group, Inc.		457		14,158
Wolverine World Wide, Inc.		6,970		228,825
				718,973
Forestry — 0.0%
Deltic Timber Corp.		809		76,467
Funeral Services & Related Items — 0.1%
Carriage Services, Inc.		1,094		29,133
Matthews International Corp., Class A		2,311		129,416
				158,549
Gambling (Non-Hotel) — 0.2%
Golden Entertainment, Inc.†		780		24,430
Pinnacle Entertainment, Inc.†		3,907		126,157
Red Rock Resorts, Inc., Class A		5,095		176,949
				327,536
Gas-Distribution — 1.0%
Chesapeake Utilities Corp.		1,168		85,848
New Jersey Resources Corp.		6,351		246,419
Northwest Natural Gas Co.		2,099		120,378
ONE Gas, Inc.		3,857		273,191
RGC Resources, Inc.		494		12,053
South Jersey Industries, Inc.		5,898		173,637
Southwest Gas Holdings, Inc.		3,508		258,119
Spire, Inc.		3,489		232,018
WGL Holdings, Inc.		3,785		318,773
				1,720,436
Gold Mining — 0.0%
Gold Resource Corp.		3,874		17,510
Klondex Mines, Ltd.†		13,159		28,950
				46,460
Golf — 0.1%
Acushnet Holdings Corp.		2,329		49,957
Callaway Golf Co.		6,907		102,017
Drive Shack, Inc.†		4,590		23,776
				175,750
Hazardous Waste Disposal — 0.1%
Heritage-Crystal Clean, Inc.†		1,063		23,120
US Ecology, Inc.		1,614		84,332
				107,452
Health Care Cost Containment — 0.1%
CorVel Corp.†		686		35,432
HealthEquity, Inc.†		3,680		186,281
				221,713
Heart Monitors — 0.0%
FONAR Corp.†		457		11,219
Home Furnishings — 0.1%
Ethan Allen Interiors, Inc.		1,835		45,600
Flexsteel Industries, Inc.		562		24,211
Hooker Furniture Corp.		838		31,131
Sleep Number Corp.†		2,900		109,156
				210,098
Hotels/Motels — 0.3%
Belmond, Ltd., Class A†		6,608		85,243
ILG, Inc.		7,857		246,789

Security Description	Shares		Value (Note 2)
Hotels/Motels (continued)
La Quinta Holdings, Inc.†		6,026	$	120,098
Marcus Corp.		1,380		35,880
Red Lion Hotels Corp.†		1,224		12,791
				500,801
Housewares — 0.0%
Libbey, Inc.		1,619		11,446
Lifetime Brands, Inc.		732		12,774
				24,220
Human Resources — 0.8%
AMN Healthcare Services, Inc.†		3,484		186,917
Barrett Business Services, Inc.		522		36,378
BG Staffing, Inc.		511		8,115
Cross Country Healthcare, Inc.†		2,615		36,636
Heidrick & Struggles International, Inc.		1,355		35,772
Insperity, Inc.		2,678		164,027
Kelly Services, Inc., Class A		2,254		63,811
Kforce, Inc.		1,732		44,945
Korn/Ferry International		3,885		173,116
On Assignment, Inc.†		3,694		282,850
Paylocity Holding Corp.†		1,957		102,331
Resources Connection, Inc.		2,149		35,136
TriNet Group, Inc.†		3,055		134,023
TrueBlue, Inc.†		3,015		82,460
Willdan Group, Inc.†		567		12,848
				1,399,365
Identification Systems — 0.1%
Brady Corp., Class A		3,431		131,236
Import/Export — 0.0%
Castle Brands, Inc.†		6,543		7,263
Independent Power Producers — 0.3%
Dynegy, Inc.†		8,162		102,188
NRG Yield, Inc., Class A		2,575		48,487
NRG Yield, Inc., Class C		4,819		91,079
Ormat Technologies, Inc.		2,980		208,839
				450,593
Industrial Audio & Video Products — 0.0%
Akoustis Technologies, Inc.†		885		5,151
GoPro, Inc., Class A†		8,057		44,072
Iteris, Inc.†		1,758		11,884
				61,107
Industrial Automated/Robotic — 0.0%
Hurco Cos., Inc.		452		20,408
Ichor Holdings, Ltd.†		1,360		43,411
				63,819
Instruments-Controls — 0.3%
Allied Motion Technologies, Inc.		489		17,042
Control4 Corp.†		1,871		50,723
Watts Water Technologies, Inc., Class A		2,056		163,966
Woodward, Inc.		3,935		305,041
				536,772
Instruments-Scientific — 0.0%
Fluidigm Corp.†		2,863		17,550
Insurance Brokers — 0.0%
Crawford & Co., Class B		883		8,327
eHealth, Inc.†		1,149		20,130
				28,457

369

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Life/Health — 0.6%
American Equity Investment Life Holding Co.		6,393	$	210,969
CNO Financial Group, Inc.		12,474		306,736
FBL Financial Group, Inc., Class A		731		50,878
Health Insurance Innovations, Inc., Class A†		872		22,629
Independence Holding Co.		444		13,009
National Western Life Group, Inc., Class A		167		54,091
Primerica, Inc.		3,273		330,573
Trupanion, Inc.†		1,658		57,897
				1,046,782
Insurance-Multi-line — 0.3%
Citizens, Inc.†		3,441		27,287
Genworth Financial, Inc., Class A†		37,136		113,636
Horace Mann Educators Corp.		3,020		124,726
Kemper Corp.		2,928		189,881
United Fire Group, Inc.		1,584		68,730
				524,260
Insurance-Property/Casualty — 1.1%
Ambac Financial Group, Inc.†		3,354		54,335
AMERISAFE, Inc.		1,411		85,718
AmTrust Financial Services, Inc.		6,298		84,519
Atlas Financial Holdings, Inc.†		778		15,599
Baldwin & Lyons, Inc., Class B		689		15,847
Donegal Group, Inc., Class A		651		11,425
EMC Insurance Group, Inc.		647		18,278
Employers Holdings, Inc.		2,348		99,555
Enstar Group, Ltd.†		830		172,308
Federated National Holding Co.		875		12,976
Global Indemnity, Ltd.†		611		25,876
Hallmark Financial Services, Inc.†		984		9,968
HCI Group, Inc.		581		20,306
Heritage Insurance Holdings, Inc.		1,598		27,214
Infinity Property & Casualty Corp.		787		79,684
Investors Title Co.		108		21,006
James River Group Holdings, Ltd.		1,885		71,630
Kingstone Cos., Inc.		670		14,036
Kinsale Capital Group, Inc.		1,068		50,965
National General Holdings Corp.		3,626		72,592
Navigators Group, Inc.		1,521		73,921
NI Holdings, Inc.†		745		12,382
RLI Corp.		2,847		182,948
Safety Insurance Group, Inc.		1,079		83,784
Selective Insurance Group, Inc.		4,251		247,621
State Auto Financial Corp.		1,174		34,950
Stewart Information Services Corp.		1,557		69,302
Third Point Reinsurance, Ltd.†		6,790		96,757
Tiptree, Inc.		1,846		11,353
United Insurance Holdings Corp.		1,521		29,386
Universal Insurance Holdings, Inc.		2,299		67,591
				1,873,832
Insurance-Reinsurance — 0.3%
Argo Group International Holdings, Ltd.		2,142		131,305
Blue Capital Reinsurance Holdings, Ltd.		435		5,285
Essent Group, Ltd.†		6,010		279,585
Greenlight Capital Re, Ltd., Class A†		2,227		45,097
Maiden Holdings, Ltd.		5,177		36,498

Security Description	Shares		Value (Note 2)
Insurance-Reinsurance (continued)
WMIH Corp.†		14,292	$	13,477
				511,247
Internet Application Software — 0.2%
Okta, Inc.†		1,437		42,320
RealNetworks, Inc.†		1,794		5,561
Tucows, Inc., Class A†		672		36,423
VirnetX Holding Corp.†		3,751		12,941
Zendesk, Inc.†		7,362		283,584
				380,829
Internet Connectivity Services — 0.1%
Boingo Wireless, Inc.†		2,809		68,118
Cogent Communications Holdings, Inc.		3,073		138,592
Internap Corp.†		1,497		25,045
				231,755
Internet Content-Entertainment — 0.1%
Limelight Networks, Inc.†		5,557		24,340
Shutterstock, Inc.†		1,370		60,636
				84,976
Internet Content-Information/News — 0.2%
DHI Group, Inc.†		3,581		6,446
HealthStream, Inc.†		1,904		44,782
Reis, Inc.		669		13,882
XO Group, Inc.†		1,817		34,704
Yelp, Inc.†		5,901		258,582
				358,396
Internet Gambling — 0.0%
Inspired Entertainment, Inc.†		293		1,934
Internet Security — 0.3%
Corindus Vascular Robotics, Inc.†		7,526		8,655
Imperva, Inc.†		2,514		109,988
Proofpoint, Inc.†		3,223		328,811
Rapid7, Inc.†		1,578		37,840
VASCO Data Security International, Inc.†		2,236		32,198
Zix Corp.†		3,953		16,721
				534,213
Internet Telephone — 0.2%
8x8, Inc.†		6,521		115,422
RingCentral, Inc., Class A†		4,804		260,857
				376,279
Investment Companies — 0.0%
Cannae Holdings, Inc.†		4,565		79,477
Investment Management/Advisor Services — 0.5%
Altisource Portfolio Solutions SA†		806		22,568
Artisan Partners Asset Management, Inc., Class A		3,341		130,800
Associated Capital Group, Inc., Class A		332		11,504
Cohen & Steers, Inc.		1,576		64,253
Financial Engines, Inc.		4,324		123,018
GAMCO Investors, Inc., Class A		331		9,758
Hamilton Lane, Inc., Class A		1,041		38,808
Medley Management, Inc., Class A		388		2,483
OM Asset Management PLC		5,566		99,576
Pzena Investment Management, Inc., Class A		1,248		15,612
Silvercrest Asset Management Group, Inc., Class A		527		7,905

370

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Management/Advisor Services (continued)
Virtus Investment Partners, Inc.		508	$	65,024
Waddell & Reed Financial, Inc., Class A		6,002		138,046
Westwood Holdings Group, Inc.		599		39,217
WisdomTree Investments, Inc.		8,518		98,724
				867,296
Lasers-System/Components — 0.2%
Applied Optoelectronics, Inc.†		1,383		44,795
Electro Scientific Industries, Inc.†		2,363		55,341
II-VI, Inc.†		4,481		191,115
				291,251
Leisure Products — 0.0%
Escalade, Inc.		784		10,075
Johnson Outdoors, Inc., Class A		357		21,516
Marine Products Corp.		578		8,439
				40,030
Lighting Products & Systems — 0.0%
Revolution Lighting Technologies, Inc.†		910		3,231
Linen Supply & Related Items — 0.1%
UniFirst Corp.		1,129		186,624
Machine Tools & Related Products — 0.2%
Hardinge, Inc.		854		16,106
Kennametal, Inc.		5,931		289,314
Milacron Holdings Corp.†		4,016		76,184
				381,604
Machinery-Construction & Mining — 0.1%
Astec Industries, Inc.		1,573		98,155
Hyster-Yale Materials Handling, Inc.		763		64,619
				162,774
Machinery-Electrical — 0.1%
Babcock & Wilcox Enterprises, Inc.†		3,260		21,190
Franklin Electric Co., Inc.		3,421		154,971
				176,161
Machinery-Farming — 0.1%
Alamo Group, Inc.		700		80,521
Lindsay Corp.		774		69,049
				149,570
Machinery-General Industrial — 0.5%
Albany International Corp., Class A		2,120		134,514
Altra Industrial Motion Corp.		2,117		110,931
Applied Industrial Technologies, Inc.		2,829		208,639
Chart Industries, Inc.†		2,264		112,227
DXP Enterprises, Inc.†		1,164		39,821
Gencor Industries, Inc.†		599		10,063
Intevac, Inc.†		1,459		9,921
Kadant, Inc.		801		80,300
Manitowoc Co, Inc.†		2,354		94,348
Tennant Co.		1,302		87,755
Twin Disc, Inc.†		630		18,572
				907,091
Machinery-Material Handling — 0.0%
Columbus McKinnon Corp.		1,627		66,626
Machinery-Pumps — 0.1%
Gorman-Rupp Co.		1,303		36,836
NN, Inc.		2,000		57,600

Security Description	Shares		Value (Note 2)
Machinery-Pumps (continued)
SPX FLOW, Inc.†		3,060	$	141,892
				236,328
Marine Services — 0.0%
Great Lakes Dredge & Dock Corp.†		4,194		19,712
SEACOR Marine Holdings, Inc.†		1,199		17,937
				37,649
Medical Imaging Systems — 0.1%
Analogic Corp.		927		76,848
Lantheus Holdings, Inc.†		2,252		51,796
				128,644
Medical Information Systems — 0.4%
Allscripts Healthcare Solutions, Inc.†		13,416		200,033
Computer Programs & Systems, Inc.		839		25,128
Cotiviti Holdings, Inc.†		2,711		94,885
Inovalon Holdings, Inc., Class A†		4,733		61,529
Medidata Solutions, Inc.†		4,164		283,610
NantHealth, Inc.†		1,173		4,035
Quality Systems, Inc.†		3,916		50,908
Tabula Rasa HealthCare, Inc.†		713		25,547
				745,675
Medical Instruments — 0.9%
Abaxis, Inc.		1,620		116,073
AngioDynamics, Inc.†		2,697		46,955
AtriCure, Inc.†		2,371		38,671
Cardiovascular Systems, Inc.†		2,468		60,984
CONMED Corp.		2,027		117,120
CryoLife, Inc.†		2,372		44,712
Endologix, Inc.†		6,072		25,138
Entellus Medical, Inc.†		895		21,525
Halyard Health, Inc.†		3,453		168,541
Integra LifeSciences Holdings Corp.†		4,698		247,397
iRhythm Technologies, Inc.†		1,053		62,790
LivaNova PLC†		3,585		306,697
Natus Medical, Inc.†		2,254		69,987
NuVasive, Inc.†		3,749		183,213
Obalon Therapeutics, Inc.†		660		2,706
				1,512,509
Medical Labs & Testing Services — 0.2%
Invitae Corp.†		3,147		21,683
Medpace Holdings, Inc.†		502		18,438
Natera, Inc.†		2,357		24,536
Syneos Health, Inc.†		4,033		154,666
Teladoc, Inc.†		3,973		148,590
				367,913
Medical Laser Systems — 0.0%
Cutera, Inc.†		976		48,410
Medical Products — 1.5%
Accuray, Inc.†		6,012		33,968
Atrion Corp.		103		59,266
AxoGen, Inc.†		2,017		56,073
Cantel Medical Corp.		2,685		297,847
Cerus Corp.†		8,361		37,039
ConforMIS, Inc.†		3,056		4,248
Exactech, Inc.†		789		39,529
Glaukos Corp.†		2,115		63,471
Globus Medical, Inc., Class A†		5,210		239,868
Haemonetics Corp.†		3,930		254,074
Integer Holdings Corp.†		2,290		114,844

371

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products (continued)
Intersect ENT, Inc.†		1,963	$	73,318
Invacare Corp.		2,404		44,234
K2M Group Holdings, Inc.†		3,043		64,116
LeMaitre Vascular, Inc.		1,108		38,558
Luminex Corp.		3,012		60,812
MiMedx Group, Inc.†		7,654		128,205
NanoString Technologies, Inc.†		1,521		11,438
Nevro Corp.†		2,046		164,212
Novocure, Ltd.†		4,264		95,727
NxStage Medical, Inc.†		4,795		120,019
Orthofix International NV†		1,271		73,006
OrthoPediatrics Corp.†		343		5,831
Penumbra, Inc.†		2,164		215,534
Pulse Biosciences, Inc.†		673		13,648
Restoration Robotics, Inc.†		267		1,359
Rockwell Medical, Inc.†		3,538		19,724
Sientra, Inc.†		1,070		13,493
Surmodics, Inc.†		953		27,923
Tactile Systems Technology, Inc.†		958		30,206
Viveve Medical, Inc.†		1,106		4,756
Wright Medical Group NV†		7,722		175,676
				2,582,022
Medical-Biomedical/Gene — 4.6%
Abeona Therapeutics, Inc.†		2,077		31,674
Acceleron Pharma, Inc.†		2,772		115,066
Achillion Pharmaceuticals, Inc.†		8,640		22,896
Acorda Therapeutics, Inc.†		3,199		83,014
Aduro Biotech, Inc.†		3,324		20,941
Advaxis, Inc.†		2,747		8,131
Agenus, Inc.†		5,517		19,916
Aileron Therapeutics, Inc.†		280		2,584
Alder Biopharmaceuticals, Inc.†		4,681		66,236
Allena Pharmaceuticals, Inc.†		398		3,319
AMAG Pharmaceuticals, Inc.†		2,590		37,167
AnaptysBio, Inc.†		1,318		138,904
Anavex Life Sciences Corp.†		2,755		7,797
ANI Pharmaceuticals, Inc.†		592		39,759
Aratana Therapeutics, Inc.†		3,056		14,149
Ardelyx, Inc.†		2,466		17,879
Arena Pharmaceuticals, Inc.†		2,903		108,630
Assembly Biosciences, Inc.†		1,190		56,144
Asterias Biotherapeutics, Inc.†		2,184		4,586
Atara Biotherapeutics, Inc.†		1,975		74,655
Athersys, Inc.†		7,540		13,195
Audentes Therapeutics, Inc.†		1,213		42,576
Avexis, Inc.†		1,815		224,570
Axovant Sciences, Ltd.†		2,394		4,860
Bellicum Pharmaceuticals, Inc.†		2,006		12,196
BioCryst Pharmaceuticals, Inc.†		7,234		32,553
Biohaven Pharmaceutical Holding Co., Ltd.†		775		26,784
BioTime, Inc.†		6,395		18,609
Bluebird Bio, Inc.†		3,614		740,509
Blueprint Medicines Corp.†		3,140		246,961
Cambrex Corp.†		2,399		135,184
Cascadian Therapeutics, Inc.†		2,599		26,146
Celcuity, Inc.†		206		3,475
Celldex Therapeutics, Inc.†		9,713		26,808
ChemoCentryx, Inc.†		1,824		17,054
Clearside Biomedical, Inc.†		1,527		9,926
Corium International, Inc.†		1,797		22,912

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene (continued)
Corvus Pharmaceuticals, Inc.†		622	$	5,237
Curis, Inc.†		9,764		6,025
Cytokinetics, Inc.†		3,067		28,216
CytomX Therapeutics, Inc.†		2,145		57,379
Deciphera Pharmaceuticals, Inc.†		609		15,834
Dermira, Inc.†		2,814		80,255
Dynavax Technologies Corp.†		4,494		72,353
Edge Therapeutics, Inc.†		1,467		18,690
Editas Medicine, Inc.†		2,543		92,845
Emergent BioSolutions, Inc.†		2,474		120,706
Enzo Biochem, Inc.†		3,041		22,382
Epizyme, Inc.†		3,617		58,415
Esperion Therapeutics, Inc.†		1,253		90,855
Exact Sciences Corp.†		8,685		431,731
Fate Therapeutics, Inc.†		2,815		25,729
FibroGen, Inc.†		5,146		301,298
Five Prime Therapeutics, Inc.†		2,007		40,140
Fortress Biotech, Inc.†		2,433		9,635
Foundation Medicine, Inc.†		1,069		74,189
Genocea Biosciences, Inc.†		2,114		1,924
Geron Corp.†		10,977		26,894
Halozyme Therapeutics, Inc.†		8,811		164,589
Idera Pharmaceuticals, Inc.†		10,415		19,059
ImmunoGen, Inc.†		7,374		67,693
Immunomedics, Inc.†		7,547		125,809
Innoviva, Inc.†		5,537		80,785
Inovio Pharmaceuticals, Inc.†		6,015		27,428
Insmed, Inc.†		5,649		143,711
Intellia Therapeutics, Inc.†		1,231		31,637
Iovance Biotherapeutics, Inc.†		4,545		70,675
Karyopharm Therapeutics, Inc.†		2,495		29,491
Kura Oncology, Inc.†		1,488		29,165
Lexicon Pharmaceuticals, Inc.†		3,182		34,938
Ligand Pharmaceuticals, Inc.†		1,513		238,479
Loxo Oncology, Inc.†		1,688		171,281
MacroGenics, Inc.†		2,503		56,493
Matinas BioPharma Holdings, Inc.†		4,826		4,730
Medicines Co.†		5,096		168,830
Merrimack Pharmaceuticals, Inc.		947		9,944
Myriad Genetics, Inc.†		4,821		177,799
NantKwest, Inc.†		2,181		9,640
NeoGenomics, Inc.†		4,181		32,277
NewLink Genetics Corp.†		2,144		17,688
Novavax, Inc.†		23,067		46,595
Novelion Therapeutics, Inc.†		1,117		5,820
Nymox Pharmaceutical Corp.†		2,332		7,836
Omeros Corp.†		3,359		54,382
Oncocyte Corp.†		284		1,164
Organovo Holdings, Inc.†		7,399		10,359
Otonomy, Inc.†		2,082		12,076
Ovid therapeutics, Inc.†		373		3,171
Pacific Biosciences of California, Inc.†		7,651		21,729
Paratek Pharmaceuticals, Inc.†		1,758		26,810
PDL BioPharma, Inc.†		11,257		31,069
Pieris Pharmaceuticals, Inc.†		2,638		19,864
Prothena Corp. PLC†		2,835		118,503
PTC Therapeutics, Inc.†		2,960		77,818
Puma Biotechnology, Inc.†		2,121		141,789
REGENXBIO, Inc.†		2,032		54,458
Retrophin, Inc.†		2,823		67,498
Rigel Pharmaceuticals, Inc.†		10,921		43,684
RTI Surgical, Inc.†		4,035		18,158
Sage Therapeutics, Inc.†		2,793		530,111

372

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Biomedical/Gene (continued)
Sangamo Therapeutics, Inc.†		6,191	$	129,082
Selecta Biosciences, Inc.†		1,028		9,396
Seres Therapeutics, Inc.†		1,510		15,251
Sienna Biopharmaceuticals, Inc.†		372		6,547
Spark Therapeutics, Inc.†		2,041		114,398
Spectrum Pharmaceuticals, Inc.†		6,415		138,179
Stemline Therapeutics, Inc.†		1,667		26,589
Strongbridge Biopharma PLC†		1,824		12,312
Syndax Pharmaceuticals, Inc.†		869		9,472
Theravance Biopharma, Inc.†		3,084		81,541
Tocagen, Inc.†		1,315		17,108
Ultragenyx Pharmaceutical, Inc.†		2,922		155,889
VBI Vaccines, Inc.†		2,551		10,204
Veracyte, Inc.†		1,749		11,176
Versartis, Inc.†		2,436		4,872
WaVe Life Sciences, Ltd.†		877		35,080
XBiotech, Inc.†		1,426		7,016
ZIOPHARM Oncology, Inc.†		9,701		38,222
				7,885,866
Medical-Drugs — 2.2%
Achaogen, Inc.†		2,522		27,666
Aclaris Therapeutics, Inc.†		1,716		37,958
Adamas Pharmaceuticals, Inc.†		1,102		41,700
Aerie Pharmaceuticals, Inc.†		2,447		134,218
Aimmune Therapeutics, Inc.†		2,598		91,476
Akcea Therapeutics, Inc.†		1,107		23,967
Amicus Therapeutics, Inc.†		12,329		199,976
Apellis Pharmaceuticals, Inc.†		799		13,263
Array BioPharma, Inc.†		14,699		217,839
Athenex, Inc.†		523		7,573
BioSpecifics Technologies Corp.†		417		17,856
Catalyst Pharmaceuticals, Inc.†		5,282		17,906
Chimerix, Inc.†		3,441		16,482
Clovis Oncology, Inc.†		3,244		196,262
Coherus Biosciences, Inc.†		2,832		28,603
Collegium Pharmaceutical, Inc.†		1,850		44,104
Conatus Pharmaceuticals, Inc.†		1,941		10,792
Corbus Pharmaceuticals Holdings, Inc.†		3,579		26,843
Corcept Therapeutics, Inc.†		6,730		154,891
Durect Corp.†		10,592		12,604
Eagle Pharmaceuticals, Inc.†		594		35,503
Enanta Pharmaceuticals, Inc.†		1,146		97,353
Global Blood Therapeutics, Inc.†		2,726		157,835
Horizon Pharma PLC†		12,056		175,415
Ignyta, Inc.†		4,348		116,961
Immune Design Corp.†		2,366		8,044
Insys Therapeutics, Inc.†		1,774		16,782
Intra-Cellular Therapies, Inc.†		3,134		53,341
Ironwood Pharmaceuticals, Inc.†		9,944		147,271
Jounce Therapeutics, Inc.†		1,069		25,848
Kala Pharmaceuticals, Inc.†		536		8,158
Keryx Biopharmaceuticals, Inc.†		6,612		30,614
Lannett Co., Inc.†		2,103		42,796
Madrigal Pharmaceuticals, Inc.†		307		45,565
MediciNova, Inc.†		2,525		22,321
Melinta Therapeutics, Inc.†		707		9,863
Minerva Neurosciences, Inc.†		1,957		12,525
Miragen Therapeutics, Inc.†		972		7,290
MyoKardia, Inc.†		1,449		74,768
Neos Therapeutics, Inc.†		1,827		19,366
Ocular Therapeutix, Inc.†		1,664		9,102

Security Description	Shares		Value (Note 2)
Medical-Drugs (continued)
Pacira Pharmaceuticals, Inc.†		2,901	$	105,596
PRA Health Sciences, Inc.†		3,661		333,371
Prestige Brands Holdings, Inc.†		3,937		164,685
Progenics Pharmaceuticals, Inc.†		5,223		30,555
Protagonist Therapeutics, Inc.†		841		19,225
Ra Pharmaceuticals, Inc.†		868		6,388
Radius Health, Inc.†		2,824		106,352
Reata Pharmaceuticals, Inc., Class A†		835		23,798
Rhythm Pharmaceuticals, Inc.†		608		19,195
Spero Therapeutics, Inc.†		445		5,385
Sucampo Pharmaceuticals, Inc., Class A†		1,784		32,023
Supernus Pharmaceuticals, Inc.†		3,566		139,252
Synergy Pharmaceuticals, Inc.†		18,360		40,025
Syros Pharmaceuticals, Inc.†		924		8,852
Tetraphase Pharmaceuticals, Inc.†		3,759		21,953
TG Therapeutics, Inc.†		3,791		43,597
TherapeuticsMD, Inc.†		12,231		71,918
Trevena, Inc.†		4,142		6,751
Vanda Pharmaceuticals, Inc.†		3,252		51,544
Voyager Therapeutics, Inc.†		1,259		25,986
vTv Therapeutics, Inc., Class A†		524		4,066
Zogenix, Inc.†		2,527		91,856
Zynerba Pharmaceuticals, Inc.†		861		10,409
				3,801,482
Medical-Generic Drugs — 0.2%
Amphastar Pharmaceuticals, Inc.†		2,679		49,936
Dova Pharmaceuticals, Inc.†		379		12,075
Impax Laboratories, Inc.†		5,420		105,419
Momenta Pharmaceuticals, Inc.†		5,582		94,894
Teligent, Inc.†		3,036		9,260
				271,584
Medical-HMO — 0.4%
Magellan Health, Inc.†		1,780		177,288
Molina Healthcare, Inc.†		3,251		297,011
Tivity Health, Inc.†		2,698		104,548
Triple-S Management Corp., Class B†		1,687		38,767
				617,614
Medical-Hospitals — 0.2%
Community Health Systems, Inc.†		7,026		39,697
Optinose, Inc.†		401		7,599
Select Medical Holdings Corp.†		7,931		140,379
Surgery Partners, Inc.†		1,393		21,661
Tenet Healthcare Corp.†		6,004		113,355
				322,691
Medical-Nursing Homes — 0.1%
Ensign Group, Inc.		3,556		81,895
Genesis Healthcare, Inc.†		3,352		3,285
Kindred Healthcare, Inc.		6,291		57,877
National HealthCare Corp.		829		51,705
				194,762
Medical-Outpatient/Home Medical — 0.4%
Addus HomeCare Corp.†		552		19,789
Almost Family, Inc.†		943		53,798
Amedisys, Inc.†		2,104		112,816
Chemed Corp.		1,162		302,782
Civitas Solutions, Inc.†		1,187		20,832
LHC Group, Inc.†		1,162		72,974
Providence Service Corp.†		835		53,716
				636,707

373

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Wholesale Drug Distribution — 0.1%
Owens & Minor, Inc.		4,489	$	94,538
Metal Processors & Fabrication — 0.5%
Ampco-Pittsburgh Corp.		642		8,731
CIRCOR International, Inc.		1,220		64,684
Global Brass & Copper Holdings, Inc.		1,602		51,504
Haynes International, Inc.		916		32,793
LB Foster Co., Class A†		615		16,697
Mueller Industries, Inc.		4,207		139,210
Park-Ohio Holdings Corp.		651		27,114
RBC Bearings, Inc.†		1,727		217,602
Rexnord Corp.†		7,690		216,166
Sun Hydraulics Corp.		1,745		108,330
				882,831
Metal Products-Distribution — 0.1%
Lawson Products, Inc.†		475		11,281
Olympic Steel, Inc.		678		15,804
Worthington Industries, Inc.		3,288		153,747
				180,832
Metal Products-Fasteners — 0.1%
Eastern Co.		412		11,021
TriMas Corp.†		3,362		89,429
				100,450
Metal-Aluminum — 0.1%
Century Aluminum Co.†		3,682		81,924
Kaiser Aluminum Corp.		1,224		134,934
				216,858
Metal-Iron — 0.1%
Cleveland-Cliffs, Inc.†		22,011		150,775
Miscellaneous Manufacturing — 0.3%
American Railcar Industries, Inc.		536		21,022
FreightCar America, Inc.		896		13,960
Hillenbrand, Inc.		4,677		207,191
John Bean Technologies Corp.		2,320		263,900
				506,073
Motion Pictures & Services — 0.1%
Eros International PLC†		1,856		21,158
IMAX Corp.†		4,140		82,179
				103,337
MRI/Medical Diagnostic Imaging — 0.0%
RadNet, Inc.†		2,732		27,730
Multimedia — 0.1%
E.W. Scripps Co., Class A†		4,271		68,379
Entravision Communications Corp., Class A		4,891		33,992
Liberty Media Corp. - Liberty Braves, Series A†		735		17,346
Liberty Media Corp. - Liberty Braves, Series C†		2,533		59,551
				179,268
Networking Products — 0.2%
A10 Networks, Inc.†		3,695		22,650
Calix, Inc.†		3,171		20,295
Extreme Networks, Inc.†		8,276		124,388
Infinera Corp.†		10,894		70,484
NeoPhotonics Corp.†		2,434		13,655

Security Description	Shares		Value (Note 2)
Networking Products (continued)
NETGEAR, Inc.†		2,310	$	161,007
				412,479
Night Clubs — 0.0%
RCI Hospitality Holdings, Inc.		670		19,685
Non-Ferrous Metals — 0.1%
Materion Corp.		1,471		73,109
Uranium Energy Corp.†		10,078		15,822
				88,931
Non-Hazardous Waste Disposal — 0.2%
Advanced Disposal Services, Inc.†		3,229		78,691
Casella Waste Systems, Inc., Class A†		2,889		73,900
Covanta Holding Corp.		8,657		141,542
				294,133
Office Automation & Equipment — 0.0%
Eastman Kodak Co.†		1,219		9,691
Office Furnishings-Original — 0.4%
CompX International, Inc.		122		1,678
Herman Miller, Inc.		4,407		178,483
HNI Corp.		3,201		124,487
Interface, Inc.		4,410		110,030
Kimball International, Inc., Class B		2,693		50,009
Knoll, Inc.		3,571		81,919
Steelcase, Inc., Class A		6,228		96,845
				643,451
Office Supplies & Forms — 0.1%
ACCO Brands Corp.†		7,769		92,063
Oil & Gas Drilling — 0.3%
Diamond Offshore Drilling, Inc.†		4,777		84,457
Ensco PLC, Class A		31,578		186,310
Noble Corp. PLC†		18,036		84,589
Parker Drilling Co.†		9,918		11,307
Rowan Cos. PLC, Class A†		8,616		126,827
				493,490
Oil Companies-Exploration & Production — 1.3%
Abraxas Petroleum Corp.†		11,327		27,072
Approach Resources, Inc.†		3,177		10,611
Bill Barrett Corp.†		5,574		28,595
Bonanza Creek Energy, Inc.†		1,501		42,043
California Resources Corp.†		3,148		66,517
Callon Petroleum Co.†		14,889		168,990
Carrizo Oil & Gas, Inc.†		5,714		114,909
Contango Oil & Gas Co.†		1,743		7,146
Denbury Resources, Inc.†		29,363		71,352
Earthstone Energy, Inc., Class A†		1,720		17,166
Eclipse Resources Corp.†		6,453		13,809
Energy XXI Gulf Coast, Inc.†		2,184		14,655
EP Energy Corp., Class A†		2,842		5,428
Evolution Petroleum Corp.		1,870		14,305
Gastar Exploration, Inc.†		13,319		13,299
Halcon Resources Corp.†		9,548		76,289
Isramco, Inc.†		54		5,818
Jagged Peak Energy, Inc.†		4,234		54,407
Jones Energy, Inc., Class A†		3,741		4,377
Lilis Energy, Inc.†		3,159		13,584
Matador Resources Co.†		7,179		232,671
Midstates Petroleum Co., Inc.†		827		13,571
Oasis Petroleum, Inc.†		19,724		170,810
Panhandle Oil and Gas, Inc., Class A		1,160		23,606

374

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Exploration & Production (continued)
PDC Energy, Inc.†		4,883	$	253,184
Penn Virginia Corp.†		1,054		44,521
Resolute Energy Corp.†		1,603		54,374
Ring Energy, Inc.†		3,690		50,922
Rosehill Resources, Inc.†		186		1,456
Sanchez Energy Corp.†		5,354		26,502
SandRidge Energy, Inc.†		2,579		46,138
SilverBow Resources, Inc.†		515		15,810
SRC Energy, Inc.†		17,423		173,359
Stone Energy Corp.†		1,441		52,078
Ultra Petroleum Corp.†		14,411		100,589
Unit Corp.†		3,824		92,656
W&T Offshore, Inc.†		6,925		33,517
WildHorse Resource Development Corp.†		3,593		63,991
				2,220,127
Oil Field Machinery & Equipment — 0.3%
Dril-Quip, Inc.†		2,798		144,517
Exterran Corp.†		2,371		68,474
Flotek Industries, Inc.†		4,086		22,473
Forum Energy Technologies, Inc.†		5,953		100,606
Gulf Island Fabrication, Inc.		1,009		13,016
Natural Gas Services Group, Inc.†		916		25,236
Thermon Group Holdings, Inc.†		2,380		55,168
				429,490
Oil Refining & Marketing — 0.2%
Adams Resources & Energy, Inc.		160		7,120
CVR Energy, Inc.		1,166		41,731
Delek US Holdings, Inc.		5,753		200,722
Par Pacific Holdings, Inc.†		2,347		42,786
Trecora Resources†		1,451		19,298
				311,657
Oil-Field Services — 0.8%
Archrock, Inc.		5,161		47,997
Basic Energy Services, Inc.†		1,286		25,064
Bristow Group, Inc.		2,390		36,830
C&J Energy Services, Inc.†		3,427		104,935
CARBO Ceramics, Inc.†		1,695		13,492
Era Group, Inc.†		1,454		14,729
Frank’s International NV		3,680		25,466
Helix Energy Solutions Group, Inc.†		10,387		78,214
Independence Contract Drilling, Inc.†		2,530		11,638
Key Energy Services, Inc.†		762		11,285
Mammoth Energy Services, Inc.†		594		13,638
Matrix Service Co.†		1,939		34,708
McDermott International, Inc.†		20,917		183,651
MRC Global, Inc.†		6,601		118,686
NCS Multistage Holdings, Inc.†		783		12,794
Newpark Resources, Inc.†		6,217		56,575
NOW, Inc.†		7,903		93,176
Oil States International, Inc.†		3,753		120,096
PHI, Inc.†		862		9,905
Pioneer Energy Services Corp.†		5,624		18,278
ProPetro Holding Corp.†		4,212		78,680
Ranger Energy Services, Inc.†		437		4,720
SEACOR Holdings, Inc.†		1,214		56,548
Select Energy Services, Inc., Class A†		1,977		35,428
Solaris Oilfield Infrastructure, Inc., Class A†		1,291		24,361

Security Description	Shares		Value (Note 2)
Oil-Field Services (continued)
Superior Energy Services, Inc.†		11,246	$	117,521
TETRA Technologies, Inc.†		8,455		32,467
				1,380,882
Optical Recognition Equipment — 0.0%
Digimarc Corp.†		761		23,515
Optical Supplies — 0.0%
STAAR Surgical Co.†		3,020		47,414
Paper & Related Products — 0.2%
Clearwater Paper Corp.†		1,196		56,272
Neenah Paper, Inc.		1,229		111,225
Orchids Paper Products Co.		673		10,135
P.H. Glatfelter Co.		3,208		74,939
Schweitzer-Mauduit International, Inc.		2,249		101,835
Verso Corp., Class A†		2,538		40,760
				395,166
Patient Monitoring Equipment — 0.4%
Insulet Corp.†		4,293		328,543
Masimo Corp.†		3,312		312,123
				640,666
Pharmacy Services — 0.1%
BioScrip, Inc.†		8,576		23,927
Diplomat Pharmacy, Inc.†		3,586		96,786
				120,713
Physical Therapy/Rehabilitation Centers — 0.3%
AAC Holdings, Inc.†		846		7,572
Encompass Health Corp.		7,274		384,940
U.S. Physical Therapy, Inc.		894		67,899
				460,411
Pipelines — 0.1%
SemGroup Corp., Class A		4,905		140,528
Tellurian, Inc.†		4,262		48,374
				188,902
Pollution Control — 0.0%
Advanced Emissions Solutions, Inc.		1,460		11,767
CECO Environmental Corp.		2,205		9,989
Hudson Technologies, Inc.†		2,708		17,006
				38,762
Poultry — 0.1%
Sanderson Farms, Inc.		1,488		188,827
Power Converter/Supply Equipment — 0.4%
Advanced Energy Industries, Inc.†		2,934		208,696
Energous Corp.†		1,390		25,826
Generac Holdings, Inc.†		4,496		219,989
Powell Industries, Inc.		651		21,216
SPX Corp.†		3,145		98,281
SunPower Corp.†		4,413		34,995
Vicor Corp.†		1,237		22,637
				631,640
Precious Metals — 0.1%
Coeur Mining, Inc.†		13,686		110,036
Hecla Mining Co.		29,111		111,786
				221,822
Printing-Commercial — 0.4%
ARC Document Solutions, Inc.†		2,952		7,144
Cimpress NV†		1,845		235,071

375

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Printing-Commercial (continued)
Deluxe Corp.		3,581	$	265,961
Ennis, Inc.		1,848		36,775
LSC Communications, Inc.		2,535		34,679
Quad/Graphics, Inc.		2,317		51,252
RR Donnelley & Sons Co.		5,181		42,329
				673,211
Private Equity — 0.1%
Granite Point Mtg. Trust, Inc.		3,184		54,892
Kennedy-Wilson Holdings, Inc.		8,940		158,685
				213,577
Publishing-Books — 0.1%
Houghton Mifflin Harcourt Co.†		7,638		64,159
Scholastic Corp.		2,091		80,336
				144,495
Publishing-Newspapers — 0.2%
Daily Journal Corp.†		82		18,753
Gannett Co., Inc.		8,303		97,975
New York Times Co., Class A		9,274		215,621
tronc, Inc.†		1,479		30,172
				362,521
Publishing-Periodicals — 0.1%
Meredith Corp.		2,923		193,327
Value Line, Inc.		81		1,558
				194,885
Quarrying — 0.1%
Compass Minerals International, Inc.		2,504		182,542
Racetracks — 0.3%
Churchill Downs, Inc.		995		257,705
Empire Resorts, Inc.†		251		7,292
International Speedway Corp., Class A		1,786		82,870
Penn National Gaming, Inc.†		6,259		199,725
Speedway Motorsports, Inc.		859		17,824
				565,416
Radio — 0.1%
Beasley Broadcast Group, Inc., Class A		360		4,518
Entercom Communications Corp., Class A		9,365		103,483
Saga Communications, Inc., Class A		279		11,049
Salem Media Group, Inc.		857		3,985
Townsquare Media, Inc., Class A†		650		4,875
				127,910
Real Estate Investment Trusts — 6.1%
Acadia Realty Trust		6,126		150,455
AG Mtg. Investment Trust, Inc.		2,070		36,101
Agree Realty Corp.		2,091		100,661
Alexander & Baldwin, Inc.		5,457		144,720
Alexander’s, Inc.		157		57,048
Altisource Residential Corp.		3,665		40,352
American Assets Trust, Inc.		2,983		105,181
Anworth Mtg. Asset Corp.		7,182		34,905
Apollo Commercial Real Estate Finance, Inc.		7,942		144,306
Ares Commercial Real Estate Corp.		1,978		25,061
Armada Hoffler Properties, Inc.		3,302		47,516
ARMOUR Residential REIT, Inc.		3,075		71,986
Ashford Hospitality Prime, Inc.		1,958		17,661

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
Ashford Hospitality Trust, Inc.		5,678	$	36,566
Bluerock Residential Growth REIT, Inc.		1,696		14,212
Capstead Mtg. Corp.		7,045		57,839
CareTrust REIT, Inc.		5,570		88,507
CatchMark Timber Trust, Inc., Class A		3,199		42,131
CBL & Associates Properties, Inc.		12,452		69,233
Cedar Realty Trust, Inc.		6,512		33,276
Chatham Lodging Trust		3,299		73,898
Cherry Hill Mtg. Investment Corp.		866		14,687
Chesapeake Lodging Trust		4,370		119,607
City Office REIT, Inc.		2,183		25,497
Clipper Realty, Inc.		1,163		10,990
CorEnergy Infrastructure Trust, Inc.		878		33,654
Cousins Properties, Inc.		30,885		277,965
CYS Investments, Inc.		11,430		77,038
DiamondRock Hospitality Co.		14,774		173,742
Dynex Capital, Inc.		3,687		23,966
Easterly Government Properties, Inc.		3,115		64,885
EastGroup Properties, Inc.		2,482		215,462
Education Realty Trust, Inc.		5,621		185,662
Ellington Residential Mortgage REIT		668		7,221
First Industrial Realty Trust, Inc.		8,788		271,198
Four Corners Property Trust, Inc.		4,556		107,522
Franklin Street Properties Corp.		7,720		78,281
GEO Group, Inc.		9,043		203,920
Getty Realty Corp.		2,285		59,958
Gladstone Commercial Corp.		2,017		38,323
Global Medical REIT, Inc.		1,342		10,763
Global Net Lease, Inc.		5,007		91,828
Government Properties Income Trust		6,984		119,845
Gramercy Property Trust		11,823		298,413
Great Ajax Corp.		1,159		15,484
Healthcare Realty Trust, Inc.		9,063		270,712
Hersha Hospitality Trust		2,865		53,146
Independence Realty Trust, Inc.		6,194		56,923
InfraREIT, Inc.		3,135		59,502
Invesco Mtg. Capital, Inc.		8,305		134,873
Investors Real Estate Trust		8,905		50,491
iStar, Inc.†		4,863		51,305
Jernigan Capital, Inc.		974		17,279
Kite Realty Group Trust		6,117		103,133
KKR Real Estate Finance Trust, Inc.		787		15,307
LaSalle Hotel Properties		8,408		256,780
Lexington Realty Trust		16,001		144,329
LTC Properties, Inc.		2,907		119,129
Mack-Cali Realty Corp.		6,688		134,228
MedEquities Realty Trust, Inc.		2,117		23,118
Monmouth Real Estate Investment Corp.		5,250		89,723
MTGE Investment Corp.		3,380		57,460
National Health Investors, Inc.		2,974		209,756
National Storage Affiliates Trust		3,272		83,011
New Senior Investment Group, Inc.		6,063		46,443
New York Mortgage Trust, Inc.		8,231		46,917
NexPoint Residential Trust, Inc.		1,282		33,986
NorthStar Realty Europe Corp.		4,021		47,971
One Liberty Properties, Inc.		1,063		25,980
Orchid Island Capital, Inc.		3,255		24,673
Owens Realty Mortgage, Inc.		723		10,303
Pebblebrook Hotel Trust		5,086		198,354
Pennsylvania Real Estate Investment Trust		5,057		56,436
PennyMac Mortgage Investment Trust		4,790		78,556
Physicians Realty Trust		13,299		216,774

376

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Potlatch Corp.		2,988	$	158,065
Preferred Apartment Communities, Inc., Class A		2,693		44,892
PS Business Parks, Inc.		1,460		178,281
QTS Realty Trust, Inc., Class A		3,643		181,421
Quality Care Properties, Inc.†		6,983		94,270
RAIT Financial Trust		6,781		4,333
Ramco-Gershenson Properties Trust		5,806		76,755
Redwood Trust, Inc.		5,658		84,248
Resource Capital Corp.		2,229		21,131
Retail Opportunity Investments Corp.		7,999		146,942
Rexford Industrial Realty, Inc.		5,710		169,530
RLJ Lodging Trust		12,532		289,740
Ryman Hospitality Properties, Inc.		3,266		250,012
Sabra Health Care REIT, Inc.		13,105		237,200
Saul Centers, Inc.		838		45,864
Select Income REIT		4,678		104,600
Seritage Growth Properties, Class A		1,887		77,744
STAG Industrial, Inc.		6,998		177,189
Summit Hotel Properties, Inc.		7,658		118,622
Sunstone Hotel Investors, Inc.		16,670		280,889
Sutherland Asset Management Corp.		1,298		18,821
Terreno Realty Corp.		3,949		140,584
Tier REIT, Inc.		3,523		68,381
UMH Properties, Inc.		2,296		30,720
Universal Health Realty Income Trust		936		62,291
Urban Edge Properties		7,638		178,576
Urstadt Biddle Properties, Inc., Class A		2,181		42,355
Washington Prime Group, Inc.		13,777		90,653
Washington Real Estate Investment Trust		5,827		167,002
Western Asset Mortgage Capital Corp.		3,018		28,158
Whitestone REIT		2,751		36,148
Xenia Hotels & Resorts, Inc.		7,950		176,490
				10,416,031
Real Estate Management/Services — 0.2%
Farmland Partners, Inc.		2,346		19,120
Griffin Industrial Realty, Inc.		51		1,892
HFF, Inc., Class A		2,714		133,556
Marcus & Millichap, Inc.†		1,184		38,657
RE/MAX Holdings, Inc., Class A		1,316		64,944
Redfin Corp.†		792		16,078
Safety Income and Growth, Inc.		765		13,472
				287,719
Real Estate Operations & Development — 0.1%
Community Healthcare Trust, Inc.		1,270		33,833
Consolidated-Tomoka Land Co.		287		18,991
Forestar Group, Inc.†		776		18,934
FRP Holdings, Inc.†		484		24,176
Maui Land & Pineapple Co., Inc.†		496		6,820
RMR Group, Inc., Class A		519		33,605
St. Joe Co.†		3,277		61,608
Stratus Properties, Inc.		436		13,342
Transcontinental Realty Investors, Inc.†		124		4,051
Trinity Place Holdings, Inc.†		1,340		9,058
				224,418
Recreational Centers — 0.1%
Planet Fitness, Inc., Class A†		6,390		215,726

Security Description	Shares		Value (Note 2)
Recreational Vehicles — 0.2%
Camping World Holdings, Inc., Class A		2,345	$	104,939
LCI Industries		1,790		197,347
Malibu Boats, Inc., Class A†		1,504		50,023
MCBC Holdings, Inc.†		1,358		32,823
				385,132
Recycling — 0.0%
Aqua Metals, Inc.†		1,244		2,264
Rental Auto/Equipment — 0.5%
Aaron’s, Inc.		4,681		191,406
Avis Budget Group, Inc.†		5,347		240,401
CAI International, Inc.†		1,142		32,273
Herc Holdings, Inc.†		1,789		117,573
Hertz Global Holdings, Inc.†		4,041		92,660
McGrath RentCorp		1,730		82,694
Rent-A-Center, Inc.		3,163		34,255
Textainer Group Holdings, Ltd.†		2,003		49,074
				840,336
Resorts/Theme Parks — 0.2%
Marriott Vacations Worldwide Corp.		1,581		240,834
SeaWorld Entertainment, Inc.†		5,054		77,073
				317,907
Respiratory Products — 0.1%
Inogen, Inc.†		1,257		153,153
Retail-Apparel/Shoe — 0.8%
Abercrombie & Fitch Co., Class A		5,046		104,503
American Eagle Outfitters, Inc.		11,985		215,730
Ascena Retail Group, Inc.†		12,743		27,525
Boot Barn Holdings, Inc.†		904		15,847
Buckle, Inc.		2,124		42,586
Caleres, Inc.		3,108		92,121
Cato Corp., Class A		1,711		20,327
Chico’s FAS, Inc.		9,500		90,345
Children’s Place, Inc.		1,274		190,845
DSW, Inc., Class A		4,852		97,186
Duluth Holdings, Inc., Class B†		709		12,485
Express, Inc.†		5,698		39,772
Finish Line, Inc., Class A		2,937		33,276
Francesca’s Holdings Corp.†		2,728		15,904
Genesco, Inc.†		1,437		50,079
Guess?, Inc.		4,426		81,306
J. Jill, Inc.†		870		7,352
Shoe Carnival, Inc.		849		19,400
Tailored Brands, Inc.		3,628		87,761
Tilly’s, Inc., Class A		969		14,457
Vera Bradley, Inc.†		1,485		13,796
Winmark Corp.		159		21,306
				1,293,909
Retail-Appliances — 0.0%
Conn’s, Inc.†		1,373		45,721
Retail-Automobile — 0.4%
America’s Car-Mart, Inc.†		524		24,156
Asbury Automotive Group, Inc.†		1,370		99,531
Group 1 Automotive, Inc.		1,466		115,008
Lithia Motors, Inc., Class A		1,739		217,305
Rush Enterprises, Inc., Class A†		2,249		121,558
Rush Enterprises, Inc., Class B†		377		19,159
Sonic Automotive, Inc., Class A		1,863		40,148
				636,865

377

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Bookstores — 0.0%
Barnes & Noble Education, Inc.†		2,824	$	18,780
Barnes & Noble, Inc.		4,393		20,647
				39,427
Retail-Building Products — 0.2%
At Home Group, Inc.†		376		11,912
BMC Stock Holdings, Inc.†		4,835		108,304
Foundation Building Materials, Inc.†		1,096		16,254
GMS, Inc.†		2,029		69,554
Lumber Liquidators Holdings, Inc.†		2,078		58,059
Tile Shop Holdings, Inc.		2,940		27,489
				291,572
Retail-Computer Equipment — 0.0%
PC Connection, Inc.		854		22,375
PCM, Inc.†		697		6,168
				28,543
Retail-Discount — 0.2%
Big Lots, Inc.		3,148		191,336
Citi Trends, Inc.		983		23,110
Fred’s, Inc., Class A		2,656		8,791
Ollie’s Bargain Outlet Holdings, Inc.†		3,516		195,314
				418,551
Retail-Hair Salons — 0.0%
Regis Corp.†		2,624		41,774
Retail-Home Furnishings — 0.2%
Bassett Furniture Industries, Inc.		751		25,497
Haverty Furniture Cos., Inc.		1,388		30,952
Kirkland’s, Inc.†		1,131		12,000
La-Z-Boy, Inc.		3,567		107,545
Pier 1 Imports, Inc.		5,908		19,615
RH†		1,484		139,481
				335,090
Retail-Jewelry — 0.0%
Movado Group, Inc.		1,121		34,303
Retail-Leisure Products — 0.0%
MarineMax, Inc.†		1,682		38,602
Party City Holdco, Inc.†		2,029		29,420
				68,022
Retail-Major Department Stores — 0.1%
J.C. Penney Co., Inc.†		22,912		85,004
Sears Holdings Corp.†		878		2,256
				87,260
Retail-Misc./Diversified — 0.2%
Container Store Group, Inc.†		1,182		5,626
Five Below, Inc.†		3,991		259,136
Gaia, Inc.†		647		7,732
PriceSmart, Inc.		1,632		139,046
				411,540
Retail-Office Supplies — 0.1%
Office Depot, Inc.		37,831		122,951
Retail-Pawn Shops — 0.2%
EZCORP, Inc., Class A†		3,687		43,507
FirstCash, Inc.		3,424		250,294
				293,801

Security Description	Shares		Value (Note 2)
Retail-Pet Food & Supplies — 0.1%
Freshpet, Inc.†		1,835	$	33,764
PetIQ, Inc.†		536		12,864
PetMed Express, Inc.		1,459		65,947
				112,575
Retail-Regional Department Stores — 0.0%
Dillard’s, Inc., Class A		1,034		69,857
Retail-Restaurants — 1.5%
Biglari Holdings, Inc.†		75		30,952
BJ’s Restaurants, Inc.		1,488		56,172
Bloomin’ Brands, Inc.		6,848		150,861
Bojangles’, Inc.†		1,294		15,852
Brinker International, Inc.		3,438		124,937
Buffalo Wild Wings, Inc.†		1,143		179,451
Carrols Restaurant Group, Inc.†		2,548		31,723
Cheesecake Factory, Inc.		3,165		155,686
Chuy’s Holdings, Inc.†		1,225		32,463
Cracker Barrel Old Country Store, Inc.		1,420		250,602
Dave & Buster’s Entertainment, Inc.†		3,067		144,149
Del Frisco’s Restaurant Group, Inc.†		1,562		27,335
Del Taco Restaurants, Inc.†		2,435		30,851
Denny’s Corp.†		4,728		70,873
DineEquity, Inc.		1,271		70,388
El Pollo Loco Holdings, Inc.†		1,501		15,085
Fiesta Restaurant Group, Inc.†		1,906		36,595
Fogo De Chao, Inc.†		696		9,048
Habit Restaurants, Inc., Class A†		1,491		13,046
J Alexander’s Holdings, Inc.†		951		9,177
Jack in the Box, Inc.		2,174		197,812
Nathan’s Famous, Inc.		210		14,994
Noodles & Co.†		865		5,104
Papa John’s International, Inc.		1,919		124,524
Potbelly Corp.†		1,690		20,449
Red Robin Gourmet Burgers, Inc.†		951		50,070
Ruth’s Hospitality Group, Inc.		2,182		51,713
Shake Shack, Inc., Class A†		1,648		72,034
Sonic Corp.		2,879		74,393
Texas Roadhouse, Inc.		4,944		290,312
Wingstop, Inc.		2,146		103,781
Zoe’s Kitchen, Inc.†		1,410		20,755
				2,481,187
Retail-Sporting Goods — 0.1%
Big 5 Sporting Goods Corp.		1,501		8,481
Hibbett Sports, Inc.†		1,521		34,374
Sportsman’s Warehouse Holdings, Inc.†		2,672		13,547
Zumiez, Inc.†		1,361		28,241
				84,643
Retail-Toy Stores — 0.0%
Build-A-Bear Workshop, Inc.†		1,005		8,643
Retail-Vision Service Center — 0.0%
National Vision Holdings, Inc.†		1,356		53,047
Retail-Vitamins & Nutrition Supplements — 0.0%
GNC Holdings, Inc., Class A†		5,009		21,789
Vitamin Shoppe, Inc.†		1,576		6,698
				28,487
Retirement/Aged Care — 0.0%
Capital Senior Living Corp.†		1,813		20,451
Rubber-Tires — 0.1%
Cooper Tire & Rubber Co.		3,800		148,580

378

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Rubber/Plastic Products — 0.3%
Myers Industries, Inc.		1,707	$	35,847
Proto Labs, Inc.†		1,832		200,329
Trinseo SA		3,279		270,354
				506,530
Satellite Telecom — 0.1%
Globalstar, Inc.†		42,032		44,134
Intelsat SA†		2,679		7,528
Iridium Communications, Inc.†		6,189		78,600
Loral Space & Communications, Inc.†		949		44,271
				174,533
Savings & Loans/Thrifts — 1.8%
Banc of California, Inc.		3,210		63,237
Bank Mutual Corp.		3,132		32,573
BankFinancial Corp.		1,054		16,738
Bear State Financial, Inc.		1,532		15,718
Beneficial Bancorp, Inc.		5,113		83,086
Berkshire Hills Bancorp, Inc.		2,950		111,952
BofI Holding, Inc.†		4,429		159,311
Brookline Bancorp, Inc.		5,545		88,720
BSB Bancorp, Inc.†		617		18,880
Capitol Federal Financial, Inc.		9,489		124,116
Charter Financial Corp.		909		17,480
Clifton Bancorp, Inc.		1,449		23,662
Community Bankers Trust Corp.†		1,585		13,076
Dime Community Bancshares, Inc.		2,339		44,441
Entegra Financial Corp.†		495		13,959
ESSA Bancorp, Inc.		655		10,546
First Defiance Financial Corp.		733		40,725
First Financial Northwest, Inc.		613		9,771
Flagstar Bancorp, Inc.†		1,574		58,632
Flushing Financial Corp.		2,051		57,756
Greene County Bancorp, Inc.		225		7,965
Hingham Institution for Savings		96		20,805
Home Bancorp, Inc.		433		18,558
HomeTrust Bancshares, Inc.†		1,232		31,231
Investors Bancorp, Inc.		19,153		262,205
Malvern Bancorp, Inc.†		474		11,329
Meridian Bancorp, Inc.		3,537		72,332
Meta Financial Group, Inc.		662		77,454
MutualFirst Financial, Inc.		453		17,010
Northfield Bancorp, Inc.		3,179		53,344
Northwest Bancshares, Inc.		6,991		117,798
OceanFirst Financial Corp.		2,328		61,576
Oconee Federal Financial Corp.		92		2,622
Oritani Financial Corp.		2,921		48,781
Pacific Premier Bancorp, Inc.†		2,894		117,930
Provident Financial Holdings, Inc.		413		7,558
Provident Financial Services, Inc.		4,555		119,842
Prudential Bancorp, Inc.		600		10,386
Riverview Bancorp, Inc.		1,579		15,127
SI Financial Group, Inc.		829		11,979
Southern Missouri Bancorp, Inc.		501		19,203
Sterling Bancorp		15,749		389,788
Territorial Bancorp, Inc.		569		17,229
Timberland Bancorp, Inc.		459		12,806
United Community Financial Corp.		3,618		35,276
United Financial Bancorp, Inc.		3,737		62,632
Washington Federal, Inc.		6,441		231,232
Waterstone Financial, Inc.		1,886		32,251

Security Description	Shares		Value (Note 2)
Savings & Loans/Thrifts (continued)
WSFS Financial Corp.		2,232	$	114,055
				3,004,683
Schools — 0.5%
Adtalem Global Education, Inc.†		4,452		204,792
American Public Education, Inc.†		1,167		29,642
Bridgepoint Education, Inc.†		1,376		10,636
Cambium Learning Group, Inc.†		1,021		7,167
Capella Education Co.		850		67,618
Career Education Corp.†		4,995		61,938
Grand Canyon Education, Inc.†		3,465		322,210
K12, Inc.†		2,842		49,309
Laureate Education, Inc., Class A†		4,084		58,810
Strayer Education, Inc.		784		72,504
				884,626
Security Services — 0.2%
Alarm.com Holdings, Inc.†		1,500		57,570
Ascent Capital Group, Inc., Class A†		813		7,666
Brink’s Co.		3,387		282,476
				347,712
Seismic Data Collection — 0.0%
Geospace Technologies Corp.†		968		13,320
Semiconductor Components-Integrated Circuits — 0.5%
Aquantia Corp.†		509		6,658
Cirrus Logic, Inc.†		4,765		236,201
Integrated Device Technology, Inc.†		9,897		295,920
MaxLinear, Inc.†		4,546		117,242
Power Integrations, Inc.		2,119		158,289
Sigma Designs, Inc.†		2,769		15,645
				829,955
Semiconductor Equipment — 0.9%
Axcelis Technologies, Inc.†		2,218		57,446
Brooks Automation, Inc.		5,079		141,704
Cabot Microelectronics Corp.		1,838		187,274
Cohu, Inc.		2,030		46,223
Entegris, Inc.		10,494		341,580
FormFactor, Inc.†		5,317		76,299
MKS Instruments, Inc.		3,981		407,256
Nanometrics, Inc.†		1,777		44,016
Photronics, Inc.†		4,937		41,471
Rudolph Technologies, Inc.†		2,306		60,417
Ultra Clean Holdings, Inc.†		2,431		52,729
Veeco Instruments, Inc.†		3,485		58,025
Xcerra Corp.†		3,953		39,451
				1,553,891
Steel Pipe & Tube — 0.2%
Advanced Drainage Systems, Inc.		2,608		64,418
Atkore International Group, Inc.†		2,448		57,234
Mueller Water Products, Inc., Class A		11,384		132,396
Northwest Pipe Co.†		704		13,376
Omega Flex, Inc.		215		13,149
TimkenSteel Corp.†		2,927		47,388
				327,961
Steel-Producers — 0.3%
AK Steel Holding Corp.†		23,299		117,893
Carpenter Technology Corp.		3,425		176,045
Commercial Metals Co.		8,539		205,277
Ryerson Holding Corp.†		1,181		11,810
Schnitzer Steel Industries, Inc., Class A		1,953		66,793

379

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Steel-Producers (continued)
Shiloh Industries, Inc.†		1,068	$	7,957
				585,775
Steel-Specialty — 0.1%
Allegheny Technologies, Inc.†		9,282		250,243
Storage/Warehousing — 0.1%
Mobile Mini, Inc.		3,246		122,861
Wesco Aircraft Holdings, Inc.†		4,117		29,437
				152,298
SupraNational Banks — 0.0%
Banco Latinoamericano de Comercio Exterior SA, Class E		2,239		66,454
Telecom Equipment-Fiber Optics — 0.4%
Acacia Communications, Inc.†		1,391		51,342
Ciena Corp.†		10,421		221,759
Clearfield, Inc.†		849		10,995
Finisar Corp.†		8,421		151,241
Harmonic, Inc.†		5,858		21,382
KVH Industries, Inc.†		1,150		12,707
Oclaro, Inc.†		12,232		72,658
Viavi Solutions, Inc.†		16,907		145,062
				687,146
Telecom Services — 0.4%
Consolidated Communications Holdings, Inc.		4,828		60,109
GTT Communications, Inc.†		2,287		105,545
Hawaiian Telcom Holdco, Inc.†		441		12,652
HC2 Holdings, Inc.†		3,071		18,426
Ooma, Inc.†		1,251		12,823
ORBCOMM, Inc.†		5,015		57,622
RigNet, Inc.†		984		16,236
Spok Holdings, Inc.		1,466		22,870
Straight Path Communications, Inc., Class B†		723		131,948
Vonage Holdings Corp.†		15,197		170,054
				608,285
Telecommunication Equipment — 0.2%
ADTRAN, Inc.		3,588		57,408
Comtech Telecommunications Corp.		1,695		36,663
Plantronics, Inc.		2,432		143,464
Preformed Line Products Co.		225		16,618
				254,153
Telephone-Integrated — 0.2%
Cincinnati Bell, Inc.†		3,101		53,492
Frontier Communications Corp.		5,809		47,576
General Communication, Inc., Class A†		1,966		82,434
IDT Corp., Class B		1,284		13,957
Shenandoah Telecommunications Co.		3,431		116,654
Windstream Holdings, Inc.		13,516		22,302
				336,415
Television — 0.3%
Central European Media Enterprises, Ltd., Class A†		6,087		28,913
Gray Television, Inc.†		4,728		77,303
Nexstar Media Group, Inc., Class A		3,239		243,249
Sinclair Broadcast Group, Inc., Class A		5,271		195,554
				545,019

Security Description	Shares		Value (Note 2)
Textile-Apparel — 0.0%
Perry Ellis International, Inc.†		946	$	22,685
Unifi, Inc.†		1,137		40,489
				63,174
Textile-Products — 0.0%
Culp, Inc.		809		25,726
Theaters — 0.1%
AMC Entertainment Holdings, Inc., Class A		3,935		50,368
National CineMedia, Inc.		4,570		30,619
Reading International, Inc., Class A†		1,244		20,514
				101,501
Therapeutics — 0.5%
Akebia Therapeutics, Inc.†		3,305		48,848
Anika Therapeutics, Inc.†		1,062		70,856
Calithera Biosciences, Inc.†		2,261		18,088
Cara Therapeutics, Inc.†		1,973		28,944
Concert Pharmaceuticals, Inc.†		1,323		26,566
Flexion Therapeutics, Inc.†		2,420		54,668
G1 Therapeutics, Inc.†		580		13,868
La Jolla Pharmaceutical Co.†		1,291		44,230
Mersana Therapeutics, Inc.†		373		5,315
Portola Pharmaceuticals, Inc.†		4,198		215,399
Recro Pharma, Inc.†		1,006		8,662
Sarepta Therapeutics, Inc.†		4,512		295,716
Xencor, Inc.†		2,812		64,001
				895,161
Tobacco — 0.1%
Turning Point Brands, Inc.		373		8,206
Universal Corp.		1,827		87,696
Vector Group, Ltd.		7,250		154,425
				250,327
Toys — 0.0%
Funko, Inc., Class A†		777		5,726
Transactional Software — 0.2%
ACI Worldwide, Inc.†		8,610		201,818
InnerWorkings, Inc.†		3,401		34,044
Synchronoss Technologies, Inc.†		3,227		25,945
				261,807
Transport-Air Freight — 0.1%
Air Transport Services Group, Inc.†		4,342		107,942
Atlas Air Worldwide Holdings, Inc.†		1,719		96,780
				204,722
Transport-Equipment & Leasing — 0.2%
GATX Corp.		2,824		200,900
Greenbrier Cos., Inc.		2,022		101,403
Willis Lease Finance Corp.†		255		6,885
				309,188
Transport-Marine — 0.4%
Ardmore Shipping Corp.†		2,073		14,718
Costamare, Inc.		3,710		24,189
DHT Holdings, Inc.		6,311		21,836
Dorian LPG, Ltd.†		1,926		14,714
Eagle Bulk Shipping, Inc.†		2,838		13,452
Frontline, Ltd.		5,685		26,151
GasLog, Ltd.		3,018		60,963
Genco Shipping & Trading, Ltd.†		567		7,377

380

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Transport-Marine (continued)
Gener8 Maritime, Inc.†		3,485	$	20,457
Golar LNG, Ltd.		7,097		193,677
International Seaways, Inc.†		2,172		36,251
Navios Maritime Acquisition Corp.		6,091		4,751
Navios Maritime Holdings, Inc.†		6,767		8,256
Nordic American Tankers, Ltd.		7,384		17,057
Overseas Shipholding Group, Inc., Class A†		3,343		7,054
Safe Bulkers, Inc.†		3,635		12,468
Scorpio Bulkers, Inc.		4,338		32,969
Scorpio Tankers, Inc.		17,667		46,994
Ship Finance International, Ltd.		4,419		67,611
Teekay Corp.		3,987		32,534
Teekay Tankers, Ltd., Class A		15,021		19,077
				682,556
Transport-Services — 0.2%
Echo Global Logistics, Inc.†		1,950		56,940
Hub Group, Inc., Class A†		2,410		115,800
Matson, Inc.		3,115		106,564
Radiant Logistics, Inc.†		2,765		13,300
				292,604
Transport-Truck — 0.8%
ArcBest Corp.		1,913		68,007
Covenant Transportation Group, Inc., Class A†		877		25,722
Daseke, Inc.†		1,780		24,030
Forward Air Corp.		2,185		132,651
Heartland Express, Inc.		3,492		79,234
Knight-Swift Transportation Holdings, Inc.		9,269		461,504
Marten Transport, Ltd.		2,878		66,770
Roadrunner Transportation Systems, Inc.†		2,257		12,572
Saia, Inc.†		1,869		141,203
Schneider National, Inc., Class B		3,087		90,387
Universal Logistics Holdings, Inc.		617		14,345
Werner Enterprises, Inc.		3,522		143,345
YRC Worldwide, Inc.†		2,440		38,967
				1,298,737
Travel Services — 0.0%
Liberty TripAdvisor Holdings, Inc., Class A†		5,365		47,212
Venture Capital — 0.0%
Safeguard Scientifics, Inc.†		1,496		18,700
Veterinary Diagnostics — 0.2%
Heska Corp.†		485		37,806
Kindred Biosciences, Inc.†		1,857		16,249
Neogen Corp.†		3,654		215,695
Phibro Animal Health Corp., Class A		1,459		49,679
				319,429
Vitamins & Nutrition Products — 0.1%
Natural Grocers by Vitamin Cottage, Inc.†		666		5,728
Natural Health Trends Corp.		542		8,737
Nature’s Sunshine Products, Inc.		793		9,595
USANA Health Sciences, Inc.†		838		62,557
				86,617

Security Description	Shares		Value (Note 2)
Water — 0.3%
American States Water Co.		2,682	$	148,100
Artesian Resources Corp., Class A		580		21,564
California Water Service Group		3,548		144,403
Connecticut Water Service, Inc.		877		46,525
Consolidated Water Co., Ltd.		1,079		14,459
Global Water Resources, Inc.		749		6,666
Middlesex Water Co.		1,174		44,213
SJW Group		1,208		72,287
York Water Co.		948		30,004
				528,221
Water Treatment Systems — 0.1%
AquaVenture Holdings, Ltd.†		855		13,005
Energy Recovery, Inc.†		2,677		20,693
Evoqua Water Technologies Corp.†		2,383		54,475
Pure Cycle Corp.†		1,263		10,925
				99,098
Web Hosting/Design — 0.2%
Endurance International Group Holdings, Inc.†		4,283		35,549
NIC, Inc.		4,736		78,618
Q2 Holdings, Inc.†		2,314		97,998
Web.com Group, Inc.†		2,834		65,890
				278,055
Web Portals/ISP — 0.1%
Blucora, Inc.†		3,272		79,837
Meet Group, Inc.†		4,945		13,648
				93,485
Wire & Cable Products — 0.3%
Belden, Inc.		3,108		263,465
Encore Wire Corp.		1,497		75,748
General Cable Corp.		3,637		108,019
Insteel Industries, Inc.		1,344		42,108
				489,340
Wireless Equipment — 0.5%
Aerohive Networks, Inc.†		2,365		9,720
CalAmp Corp.†		2,554		62,522
Gogo, Inc.†		4,210		40,584
InterDigital, Inc.		2,558		199,652
Quantenna Communications, Inc.†		1,630		22,429
Telenav, Inc.†		2,123		11,995
Ubiquiti Networks, Inc.†		1,656		133,590
ViaSat, Inc.†		3,933		297,413
				777,905
X-Ray Equipment — 0.1%
Varex Imaging Corp.†		2,782		118,151
ViewRay, Inc.†		2,258		20,164
				138,315
Total Common Stocks (cost $142,781,376)				158,853,877

381

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE-TRADED FUNDS — 4.6%
iShares Russell 2000 ETF (cost $7,147,200)		49,840		$	7,792,982
Total Long-Term Investment Securities (cost $149,928,576)					166,646,859
SHORT-TERM INVESTMENT SECURITIES — 0.1%
U.S. Government Treasuries — 0.1%
United States Treasury Bills 1.26% due 03/08/2018	$	25,000			24,968
1.32% due 03/22/2018		50,000			49,910
1.39% due 03/29/2018		100,000			99,797
Total Short-Term Investment Securities (cost $174,665)					174,675
REPURCHASE AGREEMENTS — 1.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.12%, dated 01/31/2018, to be repurchased 02/01/2018 in the amount $3,333,019 collateralized by $3,465,000 of United States Treasury Bonds, bearing interest at 2.13% due 02/29/2024 and having an approximate value of $3,402,117 (cost $3,333,000)		3,333,000			3,333,000
TOTAL INVESTMENTS (cost $153,436,241)(2)		100.0	%		170,154,534
Liabilities in excess of other assets		0.0			(60,385	)
NET ASSETS		100.0	%	$	170,094,149

 # See Note 1

 † Non-income producing security

(1) Security classified as Level 3 (See Note 2).

(2) See Note 3 for cost of investments on a tax basis.

CVR — Contingent Value Rights

ETF — Exchange-Traded Funds

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	40	Long	Russell 2000 Mini Index	March 2018	$	3,098,254	$	3,152,000	$	53,746

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

382

SunAmerica Series Trust SA Small Cap Index Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Finance-Commercial	$	97,827	$	—	$	1,215	$	99,042
Other Industries		158,754,835		—		—		158,754,835
Exchange-Traded Funds		7,792,982		—		—		7,792,982
Short-Term Investment Securities		—		174,675		—		174,675
Repurchase Agreements		—		3,333,000		—		3,333,000
Total Investments at Value	$	166,645,644	$	3,507,675	$	1,215	$	170,154,534
Other Financial Instruments:†
Futures Contracts	$	53,746		—		—	$	53,746

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

† Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio.

See Notes to Financial Statements

383

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

United States Treasury Notes	7.5	%
Diversified Banking Institutions	5.5
Medical-Drugs	3.5
United States Treasury Bonds	3.4
Registered Investment Companies	3.3
Applications Software	3.2
Banks-Commercial	2.8
Banks-Super Regional	2.4
E-Commerce/Products	2.4
Medical-HMO	2.3
Electric-Integrated	2.0
Real Estate Investment Trusts	1.9
Medical Products	1.8
Oil Companies-Integrated	1.8
Insurance-Multi-line	1.7
Telephone-Integrated	1.6
Finance-Credit Card	1.6
Electronic Components-Semiconductors	1.5
Diagnostic Equipment	1.4
Web Portals/ISP	1.4
Internet Content-Entertainment	1.4
Medical-Biomedical/Gene	1.4
Aerospace/Defense	1.2
Computers	1.1
Food-Misc./Diversified	1.1
Diversified Manufacturing Operations	1.1
Oil Companies-Exploration & Production	1.0
Gas-Distribution	1.0
Commercial Services-Finance	0.9
Tobacco	0.9
Chemicals-Diversified	0.8
Auto-Cars/Light Trucks	0.8
Municipal Bonds & Notes	0.8
Federal National Mtg. Assoc.	0.8
Insurance Brokers	0.8
Insurance-Life/Health	0.8
Semiconductor Components-Integrated Circuits	0.8
Banks-Fiduciary	0.8
Insurance-Property/Casualty	0.8
E-Commerce/Services	0.8
Airlines	0.7
Cosmetics & Toiletries	0.7
Retail-Discount	0.7
Medical Instruments	0.7
Cable/Satellite TV	0.7
Regional Authority	0.7
Electronic Measurement Instruments	0.7
Food-Meat Products	0.7
Beverages-Non-alcoholic	0.6
Retail-Building Products	0.6
Retail-Restaurants	0.6
Auto/Truck Parts & Equipment-Original	0.6
Finance-Investment Banker/Broker	0.6
Machinery-General Industrial	0.5
Instruments-Controls	0.5
Semiconductor Equipment	0.5
Computer Services	0.5
Hotels/Motels	0.5
Internet Application Software	0.5
Multimedia	0.5
Data Processing/Management	0.5

Networking Products	0.5	%
Insurance-Reinsurance	0.5
Brewery	0.5
Machinery-Electrical	0.4
Retail-Apparel/Shoe	0.4
Aerospace/Defense-Equipment	0.4
Pipelines	0.4
Electronic Components-Misc.	0.4
Transport-Services	0.4
Oil Refining & Marketing	0.4
Finance-Other Services	0.3
Tools-Hand Held	0.3
Industrial Gases	0.3
Cellular Telecom	0.3
Enterprise Software/Service	0.3
Coatings/Paint	0.3
Paper & Related Products	0.3
Cruise Lines	0.3
Electric-Generation	0.3
Retail-Drug Store	0.3
Import/Export	0.3
Building-Residential/Commercial	0.3
Beverages-Wine/Spirits	0.3
Transport-Rail	0.3
Entertainment Software	0.2
Building Products-Air & Heating	0.2
Containers-Metal/Glass	0.2
Dialysis Centers	0.2
Chemicals-Specialty	0.2
Diversified Minerals	0.2
Apparel Manufacturers	0.2
Audio/Video Products	0.2
Advertising Agencies	0.2
Non-Hazardous Waste Disposal	0.2
Diversified Operations	0.2
Electronic Connectors	0.2
Agricultural Operations	0.2
Wireless Equipment	0.2
Casino Hotels	0.2
Retail-Major Department Stores	0.2
Consumer Products-Misc.	0.2
Finance-Consumer Loans	0.2
Finance-Leasing Companies	0.2
Medical-Hospitals	0.2
Containers-Paper/Plastic	0.1
Real Estate Operations & Development	0.1
Internet Security	0.1
Investment Management/Advisor Services	0.1
Commercial Services	0.1
Machine Tools & Related Products	0.1
Food-Retail	0.1
Human Resources	0.1
Distribution/Wholesale	0.1
Food-Catering	0.1
Metal-Diversified	0.1
Auto-Heavy Duty Trucks	0.1
Building & Construction Products-Misc.	0.1
Hazardous Waste Disposal	0.1
Medical-Wholesale Drug Distribution	0.1
Savings & Loans/Thrifts	0.1
Computer Aided Design	0.1
Agricultural Chemicals	0.1

384

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited) — (continued)

Industry Allocation* (continued)

Electric Products-Misc.	0.1	%
Water	0.1
Steel-Producers	0.1
Pharmacy Services	0.1
Finance-Auto Loans	0.1
Power Converter/Supply Equipment	0.1
E-Marketing/Info	0.1
Athletic Footwear	0.1
Rental Auto/Equipment	0.1
Oil-Field Services	0.1
Wire & Cable Products	0.1
Engineering/R&D Services	0.1
Machinery-Farming	0.1
Advertising Sales	0.1
Building Products-Cement	0.1
Rubber-Tires	0.1
Medical Labs & Testing Services	0.1
Computer Software	0.1
Retail-Auto Parts	0.1
Medical-Generic Drugs	0.1
Dental Supplies & Equipment	0.1
Metal-Copper	0.1
Finance-Mortgage Loan/Banker	0.1
Schools	0.1
Machinery-Construction & Mining	0.1
Instruments-Scientific	0.1
Satellite Telecom	0.1
Software Tools	0.1
Internet Content-Information/News	0.1
	101.9	%

* Calculated as a percentage of net assets

# See Note 1

385

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 77.5%
Advertising Agencies — 0.2%
Omnicom Group, Inc.		180	$	13,797
WPP PLC		1,450		26,311
				40,108
Advertising Sales — 0.1%
Stroeer SE & Co. KGaA		170		13,086
Yext, Inc.†		110		1,325
				14,411
Aerospace/Defense — 1.2%
Boeing Co.		484		171,515
Meggitt PLC		3,591		23,668
Northrop Grumman Corp.		97		33,031
Raytheon Co.		1		209
Rockwell Collins, Inc.		110		15,234
Spirit AeroSystems Holdings, Inc., Class A		65		6,653
Teledyne Technologies, Inc.†		32		6,110
				256,420
Aerospace/Defense-Equipment — 0.4%
Harris Corp.		246		39,208
HEICO Corp.		48		3,856
HEICO Corp., Class A		61		4,033
L3 Technologies, Inc.		16		3,399
United Technologies Corp.		234		32,294
				82,790
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		463		19,650
Agricultural Operations — 0.2%
Bunge, Ltd.		428		33,996
Cadiz, Inc.†		70		1,019
				35,015
Airlines — 0.7%
Alaska Air Group, Inc.		117		7,690
Allegiant Travel Co.		17		2,707
American Airlines Group, Inc.		1,530		83,110
Delta Air Lines, Inc.		770		43,713
Hawaiian Holdings, Inc.		50		1,868
United Continental Holdings, Inc.†		193		13,089
				152,177
Apparel Manufacturers — 0.2%
Burberry Group PLC		910		20,402
Moncler SpA		570		18,782
Oxford Industries, Inc.		40		3,152
				42,336
Appliances — 0.0%
iRobot Corp.†		27		2,396
Applications Software — 3.1%
CDK Global, Inc.		168		11,977
Intuit, Inc.		251		42,143
Microsoft Corp.		4,457		423,460
Nuance Communications, Inc.†		250		4,452
Red Hat, Inc.†		288		37,837
salesforce.com, Inc.†		612		69,713
ServiceNow, Inc.†		349		51,956
Upland Software, Inc.†		70		1,619
				643,157

Security Description	Shares		Value (Note 2)
Athletic Footwear — 0.1%
NIKE, Inc., Class B		245	$	16,714
Audio/Video Products — 0.2%
Panasonic Corp.		1,800		26,694
Sony Corp.		300		14,315
				41,009
Auto-Cars/Light Trucks — 0.7%
Bayerische Motoren Werke AG		128		14,616
Ferrari NV		57		6,812
Honda Motor Co., Ltd.		700		24,532
Suzuki Motor Corp.		400		22,819
Tesla, Inc.†		108		38,266
Toyota Motor Corp.		600		41,110
				148,155
Auto-Heavy Duty Trucks — 0.1%
PACCAR, Inc.		305		22,741
Auto/Truck Parts & Equipment-Original — 0.6%
Aisin Seiki Co., Ltd.		200		11,670
Aptiv PLC		77		7,306
Autoliv, Inc. SDR		135		20,336
GKN PLC		1,956		11,742
Koito Manufacturing Co., Ltd.		100		7,025
Lear Corp.		56		10,816
Magna International, Inc.		774		44,234
Tenneco, Inc.		100		5,801
				118,930
Auto/Truck Parts & Equipment-Replacement — 0.0%
Dorman Products, Inc.†		45		3,395
Standard Motor Products, Inc.		70		3,353
				6,748
Banks-Commercial — 2.6%
ABN AMRO Group NV CVA*		357		12,096
Australia & New Zealand Banking Group, Ltd.		1,437		33,094
BankUnited, Inc.		150		6,156
Commerzbank AG†		594		9,778
Danske Bank A/S		583		23,682
DBS Group Holdings, Ltd.		1,700		34,213
DNB ASA		2,041		41,408
Erste Group Bank AG		390		19,625
Farmers & Merchants Bancorp, Inc.		110		4,475
First Interstate BancSystem, Inc., Class A		120		5,022
First Republic Bank		360		32,238
FNB Corp.		430		6,170
Hilltop Holdings, Inc.		190		4,976
Home BancShares, Inc.		240		5,762
ING Groep NV		2,321		45,616
Intesa Sanpaolo SpA		7,141		28,021
LegacyTexas Financial Group, Inc.		120		5,285
National Bank of Canada		616		31,972
Nordea Bank AB		3,189		39,353
PacWest Bancorp		130		6,816
Park National Corp.		50		5,251
Popular, Inc.		130		5,283
Prosperity Bancshares, Inc.		110		8,338
Signature Bank†		44		6,776
Standard Chartered PLC†		1,361		15,838
Sumitomo Mitsui Trust Holdings, Inc.		500		20,734
SVB Financial Group†		5		1,233

386

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Commercial (continued)
Svenska Handelsbanken AB, Class A		2,171	$	31,587
TCF Financial Corp.		270		5,791
United Bankshares, Inc.		160		5,888
United Overseas Bank, Ltd.		800		16,728
Webster Financial Corp.		130		7,361
Western Alliance Bancorp†		140		8,212
				534,778
Banks-Fiduciary — 0.8%
Bank of New York Mellon Corp.		1,166		66,112
Citizens Financial Group, Inc.		152		6,977
State Street Corp.		799		88,026
				161,115
Banks-Super Regional — 1.9%
Capital One Financial Corp.		56		5,822
Fifth Third Bancorp		1,353		44,784
KeyCorp		1,794		38,392
PNC Financial Services Group, Inc.		246		38,873
SunTrust Banks, Inc.		49		3,464
US Bancorp		1,202		68,682
Wells Fargo & Co.		3,014		198,261
				398,278
Batteries/Battery Systems — 0.0%
Energizer Holdings, Inc.		50		2,911
EnerSys		80		5,625
				8,536
Beverages-Non-alcoholic — 0.6%
Coca-Cola Co.		657		31,267
Dr Pepper Snapple Group, Inc.		267		31,866
Monster Beverage Corp.†		22		1,501
National Beverage Corp.		15		1,657
PepsiCo, Inc.		550		66,165
Primo Water Corp.†		110		1,427
				133,883
Beverages-Wine/Spirits — 0.3%
Constellation Brands, Inc., Class A		39		8,559
Diageo PLC		1,245		44,767
MGP Ingredients, Inc.		20		1,791
				55,117
Brewery — 0.1%
Kirin Holdings Co., Ltd.		400		9,970
New Age Beverages Corp.†		300		1,074
				11,044
Broadcast Services/Program — 0.0%
MSG Networks, Inc., Class A†		100		2,400
Building & Construction Products-Misc. — 0.1%
Fortune Brands Home & Security, Inc.		232		16,456
NCI Building Systems, Inc.†		120		2,214
Ply Gem Holdings, Inc.†		140		3,003
				21,673
Building & Construction-Misc. — 0.0%
Aegion Corp.†		70		1,756
TopBuild Corp.†		50		3,827
				5,583

Security Description	Shares		Value (Note 2)
Building Products-Air & Heating — 0.2%
Johnson Controls International PLC		1,239	$	48,482
Building Products-Cement — 0.1%
Martin Marietta Materials, Inc.		16		3,651
Vulcan Materials Co.		64		8,665
				12,316
Building Products-Doors & Windows — 0.0%
Apogee Enterprises, Inc.		50		2,275
Griffon Corp.		80		1,604
Masonite International Corp.†		40		2,790
				6,669
Building Products-Wood — 0.0%
Masco Corp.		36		1,608
Building-Heavy Construction — 0.0%
Dycom Industries, Inc.†		41		4,785
Goldfield Corp.†		200		990
				5,775
Building-Maintenance & Services — 0.0%
Rollins, Inc.		110		5,427
Building-Residential/Commercial — 0.3%
Green Brick Partners, Inc.†		100		1,120
Lennar Corp., Class A		342		21,430
Lennar Corp., Class B		1		51
NVR, Inc.†		3		9,534
Persimmon PLC		737		26,182
				58,317
Cable/Satellite TV — 0.7%
Cable One, Inc.		4		2,824
Charter Communications, Inc., Class A†		67		25,276
Comcast Corp., Class A		1,876		79,786
Liberty Broadband Corp., Class C†		158		15,097
Liberty Global PLC, Class A†		404		15,102
Liberty Global PLC, Class C†		230		8,225
WideOpenWest, Inc.†		210		2,150
				148,460
Capacitors — 0.0%
KEMET Corp.†		60		1,222
Casino Hotels — 0.2%
Caesars Entertainment Corp.†		284		3,962
Las Vegas Sands Corp.		160		12,403
MGM Resorts International		476		17,350
Wynn Resorts, Ltd.		3		497
				34,212
Casino Services — 0.0%
Eldorado Resorts, Inc.†		100		3,455
Scientific Games Corp., Class A†		50		2,332
				5,787
Cellular Telecom — 0.3%
America Movil SAB de CV, Series L ADR		654		12,230
Sprint Corp.†		450		2,399
T-Mobile US, Inc.†		105		6,835
Telstra Corp., Ltd.		1,630		4,820
Vodafone Group PLC ADR		1,280		41,242
				67,526

387

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals-Diversified — 0.8%
AdvanSix, Inc.†		60	$	2,368
Asahi Kasei Corp.		1,800		23,487
BASF SE		217		25,411
Celanese Corp., Series A		81		8,761
Covestro AG*		128		14,713
DowDuPont, Inc.		762		57,592
Johnson Matthey PLC		383		18,815
PPG Industries, Inc.		131		15,554
Tosoh Corp.		300		6,870
				173,571
Chemicals-Specialty — 0.2%
Chemours Co.		100		5,162
Minerals Technologies, Inc.		48		3,607
NewMarket Corp.		10		3,976
Platform Specialty Products Corp.†		220		2,576
Sensient Technologies Corp.		48		3,449
Umicore SA		376		19,775
Valvoline, Inc.		268		6,606
				45,151
Circuit Boards — 0.0%
TTM Technologies, Inc.†		160		2,638
Coal — 0.0%
Arch Coal, Inc., Class A		28		2,520
CONSOL Energy, Inc.†		30		973
				3,493
Coatings/Paint — 0.3%
Axalta Coating Systems, Ltd.†		150		4,725
RPM International, Inc.		577		30,119
Sherwin-Williams Co.		70		29,198
				64,042
Commercial Services — 0.1%
Cintas Corp.		26		4,380
CoStar Group, Inc.†		31		10,729
Ecolab, Inc.		38		5,232
Macquarie Infrastructure Corp.		47		3,118
Nielsen Holdings PLC		73		2,731
				26,190
Commercial Services-Finance — 0.9%
Automatic Data Processing, Inc.		148		18,297
Equifax, Inc.		164		20,489
FleetCor Technologies, Inc.†		116		24,650
Global Payments, Inc.		184		20,568
Green Dot Corp., Class A†		50		3,063
IHS Markit, Ltd.†		4		191
LendingTree, Inc.†		8		2,943
PayPal Holdings, Inc.†		564		48,120
S&P Global, Inc.		142		25,716
TransUnion†		159		9,438
Worldpay, Inc., Class A†		279		22,406
				195,881
Computer Aided Design — 0.1%
Synopsys, Inc.†		218		20,189
Computer Data Security — 0.0%
Finjan Holdings, Inc.†		600		1,164

Security Description	Shares		Value (Note 2)
Computer Data Security (continued)
Technical Communications Corp.†		100	$	960
				2,124
Computer Services — 0.5%
Accenture PLC, Class A		372		59,780
Conduent, Inc.†		260		4,264
Convergys Corp.		130		3,025
Dell Technologies, Inc., Class V†		97		6,955
DST Systems, Inc.		50		4,168
Infosys, Ltd. ADR		1,029		18,532
Presidio, Inc.†		150		2,747
Science Applications International Corp.		40		3,066
Sykes Enterprises, Inc.†		80		2,482
				105,019
Computer Software — 0.1%
Cloudera, Inc.†		110		2,059
j2 Global, Inc.		60		4,799
Splunk, Inc.†		65		6,004
Veritone, Inc.†		30		533
				13,395
Computers — 0.9%
Apple, Inc.		1,094		183,168
Hewlett Packard Enterprise Co.		479		7,856
				191,024
Computers-Integrated Systems — 0.0%
NCR Corp.†		100		3,751
NetScout Systems, Inc.†		90		2,565
Super Micro Computer, Inc.†		60		1,369
				7,685
Computers-Memory Devices — 0.0%
Everspin Technologies, Inc.†		90		850
Computers-Other — 0.0%
3D Systems Corp.†		130		1,331
Computers-Periphery Equipment — 0.0%
Qualstar Corp.†		200		1,902
Qumu Corp.†		500		910
				2,812
Consulting Services — 0.0%
FTI Consulting, Inc.†		60		2,608
Consumer Products-Misc. — 0.2%
Kimberly-Clark Corp.		133		15,561
Samsonite International SA		3,300		14,301
Spectrum Brands Holdings, Inc.		23		2,724
				32,586
Containers-Metal/Glass — 0.2%
Ball Corp.		1,175		44,979
Greif, Inc., Class B		50		3,182
				48,161
Containers-Paper/Plastic — 0.1%
Amcor, Ltd.		1,468		17,223
Bemis Co., Inc.		130		6,076
Sonoco Products Co.		130		7,061
				30,360

388

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cosmetics & Toiletries — 0.7%
Colgate-Palmolive Co.		238	$	17,669
Coty, Inc., Class A		87		1,706
Edgewell Personal Care Co.†		44		2,484
Estee Lauder Cos., Inc., Class A		13		1,755
L’Oreal SA		134		30,462
Pola Orbis Holdings, Inc.		300		11,734
Procter & Gamble Co.		208		17,959
Unilever PLC		1,178		66,903
				150,672
Cruise Lines — 0.3%
Carnival Corp.		203		14,537
Norwegian Cruise Line Holdings, Ltd.†		470		28,548
Royal Caribbean Cruises, Ltd.		150		20,032
				63,117
Data Processing/Management — 0.5%
Acxiom Corp.†		110		2,978
Broadridge Financial Solutions, Inc.		82		7,906
CSG Systems International, Inc.		60		2,710
Dun & Bradstreet Corp.		37		4,578
Fidelity National Information Services, Inc.		542		55,479
Fiserv, Inc.†		153		21,548
				95,199
Dental Supplies & Equipment — 0.1%
DENTSPLY SIRONA, Inc.		205		12,466
Diagnostic Equipment — 1.3%
Abbott Laboratories		347		21,569
Accelerate Diagnostics, Inc.†		50		1,445
Danaher Corp.		1,321		133,791
Repligen Corp.†		80		2,830
Thermo Fisher Scientific, Inc.		535		119,899
				279,534
Dialysis Centers — 0.2%
DaVita, Inc.†		7		546
Fresenius SE & Co. KGaA		531		46,465
				47,011
Distribution/Wholesale — 0.1%
EnviroStar, Inc.		90		3,447
HD Supply Holdings, Inc.†		244		9,489
SiteOne Landscape Supply, Inc.†		60		4,570
Systemax, Inc.		70		2,173
WESCO International, Inc.†		60		4,089
				23,768
Diversified Banking Institutions — 3.4%
Bank of America Corp.		494		15,808
Barclays PLC ADR		477		5,423
BNP Paribas SA		586		48,455
Citigroup, Inc.		1,197		93,941
JPMorgan Chase & Co.		2,648		306,294
Lloyds Banking Group PLC		30,853		30,450
Macquarie Group, Ltd.		281		23,352
Mitsubishi UFJ Financial Group, Inc.		4,300		32,330
Morgan Stanley		2,619		148,104
				704,157
Diversified Manufacturing Operations — 0.7%
3M Co.		22		5,511

Security Description	Shares		Value (Note 2)
Diversified Manufacturing Operations (continued)
A.O. Smith Corp.		43	$	2,872
Actuant Corp., Class A		140		3,465
Carlisle Cos., Inc.		64		7,309
Fabrinet†		60		1,489
General Electric Co.		524		8,473
Illinois Tool Works, Inc.		221		38,381
Pentair PLC		77		5,505
Siemens AG		398		60,364
Textron, Inc.		174		10,209
				143,578
Diversified Minerals — 0.2%
BHP Billiton PLC		828		18,387
BHP Billiton, Ltd.		251		6,108
Independence Group NL		4,474		18,134
				42,629
Diversified Operations — 0.2%
CK Hutchison Holdings, Ltd.		2,500		33,748
HRG Group, Inc.†		150		2,738
				36,486
Drug Delivery Systems — 0.0%
DexCom, Inc.†		50		2,910
Heron Therapeutics, Inc.†		80		1,732
Nektar Therapeutics†		12		1,003
				5,645
E-Commerce/Products — 2.3%
Alibaba Group Holding, Ltd. ADR†		658		134,423
Amazon.com, Inc.†		237		343,861
Ominto, Inc.†		200		680
				478,964
E-Commerce/Services — 0.8%
Ctrip.com International, Ltd. ADR†		105		4,912
IAC/InterActiveCorp†		45		6,523
Priceline Group, Inc.†		74		141,492
TrueCar, Inc.†		130		1,533
Zillow Group, Inc., Class A†		50		2,239
Zillow Group, Inc., Class C†		80		3,557
				160,256
E-Marketing/Info — 0.1%
CyberAgent, Inc.		400		17,312
Educational Software — 0.0%
2U, Inc.†		40		2,971
Electric Products-Misc. — 0.1%
Legrand SA		189		15,726
Novanta, Inc.†		60		3,474
				19,200
Electric-Distribution — 0.0%
Spark Energy, Inc., Class A		30		297
Electric-Generation — 0.3%
E.ON SE		838		8,801
Electric Power Development Co., Ltd.		700		19,845
Engie SA		1,705		29,593
Sembcorp Industries, Ltd.		1,400		3,629
				61,868

389

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric-Integrated — 1.3%
American Electric Power Co., Inc.		47	$	3,233
DTE Energy Co.		313		33,065
Entergy Corp.		160		12,590
Eversource Energy		379		23,911
MDU Resources Group, Inc.		210		5,561
NextEra Energy, Inc.		582		92,200
NorthWestern Corp.		80		4,347
PG&E Corp.		271		11,499
Southern Co.		950		42,855
SSE PLC		508		9,409
Westar Energy, Inc.		477		24,642
				263,312
Electronic Components-Misc. — 0.4%
Corning, Inc.		129		4,027
Knowles Corp.†		120		1,829
Koninklijke Philips NV		1,057		43,123
Omron Corp.		400		24,952
Rogers Corp.†		23		3,790
				77,721
Electronic Components-Semiconductors — 1.4%
Amkor Technology, Inc.†		180		1,811
Broadcom, Ltd.		449		111,365
EMCORE Corp.†		140		945
GSI Technology, Inc.†		80		642
Impinj, Inc.†		60		1,342
Inphi Corp.†		50		1,494
Intel Corp.		98		4,718
IPG Photonics Corp.†		21		5,291
MACOM Technology Solutions Holdings, Inc.†		50		1,555
Microchip Technology, Inc.		392		37,326
Micron Technology, Inc.†		98		4,285
QuickLogic Corp.†		600		1,314
Samsung Electronics Co., Ltd. GDR		28		33,152
Texas Instruments, Inc.		672		73,698
Xilinx, Inc.		218		15,918
				294,856
Electronic Connectors — 0.2%
TE Connectivity, Ltd.		355		36,398
Electronic Measurement Instruments — 0.7%
Agilent Technologies, Inc.		793		58,230
Fortive Corp.		679		51,618
Keysight Technologies, Inc.†		581		27,144
				136,992
Electronic Parts Distribution — 0.0%
Avnet, Inc.		100		4,250
Tech Data Corp.†		34		3,409
				7,659
Electronic Security Devices — 0.0%
Allegion PLC		38		3,272
Identiv, Inc.†		300		1,110
				4,382
Energy-Alternate Sources — 0.0%
REX American Resources Corp.†		17		1,388
Sunworks, Inc.†		500		555
				1,943

Security Description	Shares		Value (Note 2)
Engineering/R&D Services — 0.1%
Argan, Inc.		50	$	2,180
WorleyParsons, Ltd.†		1,123		13,148
				15,328
Enterprise Software/Service — 0.2%
Asure Software, Inc.†		80		1,216
Benefitfocus, Inc.†		50		1,260
Black Knight, Inc.†		43		2,128
Coupa Software, Inc.†		90		3,441
Evolent Health, Inc., Class A†		80		1,128
Manhattan Associates, Inc.†		60		3,169
MuleSoft, Inc., Class A†		70		1,721
Ultimate Software Group, Inc.†		22		5,124
Workday, Inc., Class A†		186		22,299
				41,486
Entertainment Software — 0.2%
Activision Blizzard, Inc.		189		14,011
Electronic Arts, Inc.†		240		30,470
Take-Two Interactive Software, Inc.†		54		6,840
				51,321
Finance-Auto Loans — 0.1%
Ally Financial, Inc.		462		13,754
Credit Acceptance Corp.†		11		3,627
				17,381
Finance-Consumer Loans — 0.2%
SLM Corp.†		290		3,318
Synchrony Financial		694		27,538
				30,856
Finance-Credit Card — 1.5%
American Express Co.		121		12,027
Credit Saison Co., Ltd.		600		10,899
Mastercard, Inc., Class A		587		99,203
Visa, Inc., Class A		1,524		189,327
				311,456
Finance-Investment Banker/Broker — 0.6%
Charles Schwab Corp.		372		19,842
Close Brothers Group PLC		155		3,464
Piper Jaffray Cos.		40		3,692
Raymond James Financial, Inc.		22		2,121
TD Ameritrade Holding Corp.		1,542		86,028
				115,147
Finance-Leasing Companies — 0.1%
Mitsubishi UFJ Lease & Finance Co., Ltd.		2,400		15,477
Finance-Mortgage Loan/Banker — 0.1%
Ellie Mae, Inc.†		32		2,992
FNF Group		223		8,693
				11,685
Finance-Other Services — 0.3%
CBOE Holdings, Inc.		29		3,897
CME Group, Inc.		20		3,070
Intercontinental Exchange, Inc.		805		59,441
Nasdaq, Inc.		28		2,265
WageWorks, Inc.†		50		3,028
				71,701

390

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Financial Guarantee Insurance — 0.0%
Assured Guaranty, Ltd.		120	$	4,271
Firearms & Ammunition — 0.0%
Sturm Ruger & Co., Inc.		30		1,589
Food-Catering — 0.1%
Aramark		206		9,437
Compass Group PLC		663		13,956
				23,393
Food-Confectionery — 0.0%
Hostess Brands, Inc.†		90		1,242
Food-Meat Products — 0.7%
Hormel Foods Corp.		73		2,506
Tyson Foods, Inc., Class A		1,752		133,345
				135,851
Food-Misc./Diversified — 1.1%
Danone SA		180		15,523
Ingredion, Inc.		36		5,171
Kellogg Co.		49		3,337
Kraft Heinz Co.		158		12,386
Lancaster Colony Corp.		12		1,541
McCormick & Co., Inc.		115		12,509
Mondelez International, Inc., Class A		965		42,846
Nestle SA		1,215		104,980
Pinnacle Foods, Inc.		130		8,052
Wilmar International, Ltd.		6,300		15,368
				221,713
Food-Retail — 0.1%
Seven & i Holdings Co., Ltd.		600		24,655
Food-Wholesale/Distribution — 0.0%
US Foods Holding Corp.†		100		3,213
Footwear & Related Apparel — 0.0%
Skechers U.S.A., Inc., Class A†		90		3,707
Funeral Services & Related Items — 0.0%
Matthews International Corp., Class A		40		2,240
Service Corp. International		165		6,595
				8,835
Garden Products — 0.0%
Toro Co.		90		5,908
Gas-Distribution — 0.7%
Atmos Energy Corp.		514		42,611
National Grid PLC		2,005		22,908
NiSource, Inc.		468		11,550
ONE Gas, Inc.		77		5,454
Sempra Energy		547		58,540
UGI Corp.		140		6,408
				147,471
Golf — 0.0%
Acushnet Holdings Corp.		100		2,145
Hazardous Waste Disposal — 0.1%
Stericycle, Inc.†		285		21,478
Hotels/Motels — 0.5%
Hilton Worldwide Holdings, Inc.		335		28,693
Marcus Corp.		70		1,820
Marriott International, Inc., Class A		460		67,776

Security Description	Shares		Value (Note 2)
Hotels/Motels (continued)
Playa Hotels & Resorts NV†		250	$	2,590
				100,879
Human Resources — 0.1%
Barrett Business Services, Inc.		20		1,394
ManpowerGroup, Inc.		47		6,175
Recruit Holdings Co., Ltd.		700		17,050
				24,619
Import/Export — 0.3%
Castle Brands, Inc.†		700		777
Mitsubishi Corp.		700		19,557
Sumitomo Corp.		2,300		39,587
				59,921
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		21		4,143
Industrial Gases — 0.3%
Air Liquide SA		141		19,003
Air Products & Chemicals, Inc.		232		39,062
Praxair, Inc.		68		10,981
				69,046
Instruments-Controls — 0.5%
Honeywell International, Inc.		636		101,550
Sensata Technologies Holding NV†		165		9,281
				110,831
Instruments-Scientific — 0.1%
Hamamatsu Photonics KK		300		11,074
Insurance Brokers — 0.8%
Aon PLC		179		25,449
Marsh & McLennan Cos., Inc.		881		73,581
Willis Towers Watson PLC		411		65,953
				164,983
Insurance-Life/Health — 0.7%
AIA Group, Ltd.		2,800		23,982
Aviva PLC		2,444		17,809
Brighthouse Financial, Inc.†		23		1,478
Challenger, Ltd.		2,271		24,961
Health Insurance Innovations, Inc., Class A†		60		1,557
Prudential PLC		1,439		38,943
Sun Life Financial, Inc.		624		27,075
Trupanion, Inc.†		70		2,444
				138,249
Insurance-Multi-line — 1.7%
American Financial Group, Inc.		63		7,140
American National Insurance Co.		34		4,297
AXA SA		1,731		56,941
Chubb, Ltd.		884		138,037
CNA Financial Corp.		52		2,816
Direct Line Insurance Group PLC		4,395		23,045
Loews Corp.		81		4,184
MetLife, Inc.		409		19,661
Ping An Insurance Group Co. of China, Ltd.		2,000		23,688
Storebrand ASA		2,591		23,218
Voya Financial, Inc.		437		22,685
Zurich Insurance Group AG		79		25,964
				351,676

391

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Property/Casualty — 0.8%
Alleghany Corp.†		10	$	6,277
Arch Capital Group, Ltd.†		55		5,002
James River Group Holdings, Ltd.		80		3,040
Markel Corp.†		6		6,886
Mercury General Corp.		50		2,447
Progressive Corp.		658		35,598
RSA Insurance Group PLC		2,329		20,489
Tokio Marine Holdings, Inc.		600		28,250
White Mountains Insurance Group, Ltd.		5		4,199
XL Group, Ltd.		1,315		48,445
				160,633
Insurance-Reinsurance — 0.5%
Argo Group International Holdings, Ltd.		40		2,452
Axis Capital Holdings, Ltd.		70		3,537
Berkshire Hathaway, Inc., Class B†		107		22,939
Muenchener Rueckversicherungs-Gesellschaft AG		226		53,186
Reinsurance Group of America, Inc.		45		7,049
RenaissanceRe Holdings, Ltd.		35		4,450
				93,613
Internet Application Software — 0.5%
Okta, Inc.†		60		1,767
Tencent Holdings, Ltd.		1,600		94,822
				96,589
Internet Content-Entertainment — 1.4%
Facebook, Inc., Class A†		1,084		202,589
Netflix, Inc.†		184		49,735
Pandora Media, Inc.†		250		1,195
Snap, Inc., Class A†		230		3,110
Twitter, Inc.†		250		6,452
YY, Inc., ADR†		171		22,736
				285,817
Internet Content-Information/News — 0.1%
Kakaku.com, Inc.		500		8,753
Live Ventures, Inc.†		60		866
				9,619
Internet Security — 0.1%
Imperva, Inc.†		50		2,188
Palo Alto Networks, Inc.†		38		5,999
Symantec Corp.		788		21,457
				29,644
Internet Telephone — 0.0%
8x8, Inc.†		120		2,124
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc.		35		5,904
BlackRock, Inc.		8		4,494
Franklin Resources, Inc.		75		3,181
GAM Holding AG		676		12,696
				26,275
Lasers-System/Components — 0.0%
Applied Optoelectronics, Inc.†		40		1,295
Coherent, Inc.†		15		3,893
				5,188
Lighting Products & Systems — 0.0%
Acuity Brands, Inc.		21		3,243

Security Description	Shares		Value (Note 2)
Lighting Products & Systems (continued)
Universal Display Corp.		26	$	4,145
				7,388
Machine Tools & Related Products — 0.1%
THK Co., Ltd.		600		24,842
Machinery-Construction & Mining — 0.1%
Caterpillar, Inc.		31		5,046
Oshkosh Corp.		67		6,078
				11,124
Machinery-Electrical — 0.4%
ABB, Ltd.		1,161		32,369
BWX Technologies, Inc.		90		5,710
Mitsubishi Electric Corp.		2,900		52,929
				91,008
Machinery-General Industrial — 0.5%
Middleby Corp.†		45		6,132
Roper Technologies, Inc.		336		94,278
Tennant Co.		50		3,370
Wabtec Corp.		96		7,780
				111,560
Machinery-Pumps — 0.0%
Flowserve Corp.		76		3,444
Medical Imaging Systems — 0.0%
Lantheus Holdings, Inc.†		70		1,610
Medical Information Systems — 0.0%
athenahealth, Inc.†		30		3,759
Medical Transcription Billing Corp.†		300		975
				4,734
Medical Instruments — 0.7%
Elekta AB, Series B		1,074		10,255
Intuitive Surgical, Inc.†		130		56,117
Medtronic PLC		861		73,951
NuVasive, Inc.†		50		2,444
Teleflex, Inc.		23		6,388
TransEnterix, Inc.†		400		720
				149,875
Medical Labs & Testing Services — 0.1%
Miraca Holdings, Inc.		300		13,740
Medical Products — 1.6%
ABIOMED, Inc.†		23		5,405
Becton Dickinson and Co.		680		165,199
Cooper Cos., Inc.		56		13,702
Glaukos Corp.†		40		1,200
Henry Schein, Inc.†		18		1,362
Hologic, Inc.†		381		16,269
Inogen, Inc.†		18		2,193
MiMedx Group, Inc.†		150		2,512
Nuvectra Corp.†		60		487
Penumbra, Inc.†		35		3,486
Pulse Biosciences, Inc.†		100		2,028
Stryker Corp.		683		112,272
Tactile Systems Technology, Inc.†		60		1,892
West Pharmaceutical Services, Inc.		50		5,010
				333,017
Medical-Biomedical/Gene — 1.4%
Aldeyra Therapeutics, Inc.†		110		822

392

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Biomedical/Gene (continued)
Alexion Pharmaceuticals, Inc.†		274	$	32,694
Alnylam Pharmaceuticals, Inc.†		40		5,199
Amgen, Inc.		52		9,675
Anavex Life Sciences Corp.†		300		849
BioCryst Pharmaceuticals, Inc.†		300		1,350
Biogen, Inc.†		112		38,955
BioMarin Pharmaceutical, Inc.†		102		9,203
Bluebird Bio, Inc.†		22		4,508
Celgene Corp.†		109		11,026
ChemoCentryx, Inc.†		130		1,216
Cleveland BioLabs, Inc.†		300		1,068
CSL, Ltd.		95		11,209
Dermira, Inc.†		50		1,426
Exact Sciences Corp.†		80		3,977
Exelixis, Inc.†		150		4,547
Five Prime Therapeutics, Inc.†		40		800
Gilead Sciences, Inc.		329		27,570
Illumina, Inc.†		3		698
Immunomedics, Inc.†		100		1,667
Incyte Corp.†		58		5,237
Intercept Pharmaceuticals, Inc.†		21		1,304
Lexicon Pharmaceuticals, Inc.†		140		1,537
Loxo Oncology, Inc.†		18		1,826
Matinas BioPharma Holdings, Inc.†		700		686
Medicines Co.†		60		1,988
Ovid therapeutics, Inc.†		130		1,105
PolarityTE, Inc.†		50		1,065
Puma Biotechnology, Inc.†		32		2,139
Radius Health, Inc.†		40		1,506
Regeneron Pharmaceuticals, Inc.†		2		733
Rexahn Pharmaceuticals, Inc.†		400		836
Savara, Inc.†		60		712
Seattle Genetics, Inc.†		60		3,138
Selecta Biosciences, Inc.†		110		1,005
Shire PLC ADR		167		23,387
Spectrum Pharmaceuticals, Inc.†		100		2,154
Theravance Biopharma, Inc.†		60		1,586
United Therapeutics Corp.†		36		4,644
Vertex Pharmaceuticals, Inc.†		324		54,066
WaVe Life Sciences, Ltd.†		30		1,200
ZIOPHARM Oncology, Inc.†		300		1,182
				281,495
Medical-Drugs — 3.4%
AbbVie, Inc.		150		16,833
Achaogen, Inc.†		110		1,207
Aclaris Therapeutics, Inc.†		50		1,106
Alkermes PLC†		90		5,145
Allergan PLC		85		15,322
Astellas Pharma, Inc.		2,400		31,657
Bayer AG		512		67,013
Bristol-Myers Squibb Co.		69		4,319
Conatus Pharmaceuticals, Inc.†		200		1,112
Corbus Pharmaceuticals Holdings, Inc.†		110		825
Eagle Pharmaceuticals, Inc.†		20		1,195
Eli Lilly & Co.		101		8,226
GlaxoSmithKline PLC ADR		813		30,496
Horizon Pharma PLC†		140		2,037
Ignyta, Inc.†		70		1,883
Johnson & Johnson		636		87,889
Jounce Therapeutics, Inc.†		40		967

Security Description	Shares		Value (Note 2)
Medical-Drugs (continued)
Merck & Co., Inc.		1,626	$	96,341
Novartis AG		736		66,582
Novo Nordisk A/S, Class B		290		16,129
Pacira Pharmaceuticals, Inc.†		50		1,820
Pfizer, Inc.		2,764		102,379
Prestige Brands Holdings, Inc.†		80		3,346
Progenics Pharmaceuticals, Inc.†		240		1,404
Ra Pharmaceuticals, Inc.†		40		294
Roche Holding AG		224		55,221
Sanofi		383		33,819
Sucampo Pharmaceuticals, Inc., Class A†		70		1,257
Syros Pharmaceuticals, Inc.†		80		766
TESARO, Inc.†		31		2,091
TherapeuticsMD, Inc.†		200		1,176
Veru, Inc.†		600		714
Zoetis, Inc.		511		39,209
				699,780
Medical-Generic Drugs — 0.1%
Momenta Pharmaceuticals, Inc.†		160		2,720
Perrigo Co. PLC		109		9,878
Teligent, Inc.†		220		671
				13,269
Medical-HMO — 1.9%
Aetna, Inc.		372		69,497
Anthem, Inc.		252		62,458
Centene Corp.†		31		3,325
Cigna Corp.		301		62,713
Humana, Inc.		68		19,165
Tivity Health, Inc.†		60		2,325
UnitedHealth Group, Inc.		771		182,557
				402,040
Medical-Hospitals — 0.1%
Envision Healthcare Corp.†		124		4,463
HCA Healthcare, Inc.†		48		4,856
LifePoint Health, Inc.†		70		3,461
Tenet Healthcare Corp.†		120		2,266
Universal Health Services, Inc., Class B		16		1,944
				16,990
Medical-Outpatient/Home Medical — 0.0%
Almost Family, Inc.†		50		2,852
Medical-Wholesale Drug Distribution — 0.0%
AmerisourceBergen Corp.		18		1,794
McKesson Corp.		20		3,378
				5,172
Metal Products-Distribution — 0.0%
Worthington Industries, Inc.		70		3,273
Metal-Copper — 0.1%
Antofagasta PLC		782		10,337
Southern Copper Corp.		43		2,088
				12,425
Metal-Diversified — 0.1%
Rio Tinto, Ltd.		165		10,218
South32, Ltd.		4,198		12,922
				23,140
Metal-Iron — 0.0%
Cleveland-Cliffs, Inc.†		270		1,849

393

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Multimedia — 0.5%
E.W. Scripps Co., Class A†		70	$	1,121
Liberty Media Corp. - Liberty Formula One, Series C†		90		3,392
Time Warner, Inc.		130		12,395
Twenty-First Century Fox, Inc., Class A		602		22,214
Twenty-First Century Fox, Inc., Class B		593		21,639
Walt Disney Co.		324		35,209
				95,970
Networking Products — 0.5%
Arista Networks, Inc.†		4		1,103
Cisco Systems, Inc.		1,984		82,415
Infinera Corp.†		150		971
Lantronix, Inc.†		400		876
Telefonaktiebolaget LM Ericsson, Class B		1,458		9,363
				94,728
Non-Hazardous Waste Disposal — 0.2%
Covanta Holding Corp.		150		2,453
Waste Connections, Inc.		425		30,523
				32,976
Office Automation & Equipment — 0.0%
Pitney Bowes, Inc.		200		2,822
Office Furnishings-Original — 0.0%
HNI Corp.		60		2,333
Steelcase, Inc., Class A		130		2,022
				4,355
Oil & Gas Drilling — 0.0%
Patterson-UTI Energy, Inc.		180		4,252
Transocean, Ltd.†		270		2,913
				7,165
Oil Companies-Exploration & Production — 1.0%
Apache Corp.		113		5,070
Callon Petroleum Co.†		280		3,178
Canadian Natural Resources, Ltd.		655		22,368
CNX Resources Corp.†		200		2,802
Concho Resources, Inc.†		33		5,196
Continental Resources, Inc.†		111		6,164
Devon Energy Corp.		140		5,792
Diamondback Energy, Inc.†		94		11,797
Energen Corp.†		80		4,178
EOG Resources, Inc.		460		52,900
Hess Corp.		139		7,021
Noble Energy, Inc.		298		9,095
Occidental Petroleum Corp.		835		62,600
Parsley Energy, Inc., Class A†		140		3,304
Resolute Energy Corp.†		50		1,696
RSP Permian, Inc.†		90		3,571
Torchlight Energy Resources, Inc.†		700		847
WPX Energy, Inc.†		240		3,535
Zion Oil & Gas, Inc.†		400		844
				211,958
Oil Companies-Integrated — 1.3%
BP PLC ADR		79		3,380
Chevron Corp.		265		33,218
Exxon Mobil Corp.		1,032		90,094
Royal Dutch Shell PLC, Class B ADR		446		32,081
Statoil ASA		648		15,130

Security Description	Shares		Value (Note 2)
Oil Companies-Integrated (continued)
TOTAL SA		936	$	54,194
TOTAL SA ADR		769		44,648
				272,745
Oil Refining & Marketing — 0.4%
Andeavor		168		18,171
DCC PLC		217		22,816
Marathon Petroleum Corp.		453		31,379
				72,366
Oil-Field Services — 0.1%
Baker Hughes a GE Co., LLC		181		5,819
C&J Energy Services, Inc.†		110		3,368
Mammoth Energy Services, Inc.†		70		1,607
MRC Global, Inc.†		120		2,158
Schlumberger, Ltd.		41		3,017
				15,969
Paper & Related Products — 0.3%
International Paper Co.		691		43,436
Stora Enso Oyj, Class R		1,157		19,852
				63,288
Pharmacy Services — 0.1%
Diplomat Pharmacy, Inc.†		60		1,619
Express Scripts Holding Co.†		200		15,836
				17,455
Physical Therapy/Rehabilitation Centers — 0.0%
Catasys, Inc.†		200		994
Physicians Practice Management — 0.0%
MEDNAX, Inc.†		60		3,169
Pipelines — 0.4%
NextDecade Corp.†		280		1,913
Targa Resources Corp.		110		5,280
Tellurian, Inc.†		320		3,632
TransCanada Corp.		1,480		68,139
				78,964
Pollution Control — 0.0%
Hudson Technologies, Inc.†		160		1,005
Poultry — 0.0%
Pilgrim’s Pride Corp.†		60		1,666
Power Converter/Supply Equipment — 0.1%
Hubbell, Inc.		121		16,450
SunPower Corp.†		110		872
				17,322
Private Equity — 0.0%
KKR & Co. LP		81		1,950
Publishing-Books — 0.0%
Houghton Mifflin Harcourt Co.†		140		1,176
John Wiley & Sons, Inc., Class A		70		4,438
				5,614
Publishing-Periodicals — 0.0%
Meredith Corp.		40		2,646
Quarrying — 0.0%
Compass Minerals International, Inc.		40		2,916
Radio — 0.0%
Beasley Broadcast Group, Inc., Class A		110		1,380

394

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Radio (continued)
Liberty Media Corp. - Liberty SiriusXM, Series C†		90	$	4,033
				5,413
Real Estate Investment Trusts — 1.8%
American Tower Corp.		366		54,058
Annaly Capital Management, Inc.		850		8,959
Apple Hospitality REIT, Inc.		210		4,093
AvalonBay Communities, Inc.		24		4,090
CIM Commercial Trust Corp.		150		2,557
Colony NorthStar, Inc., Class A		350		3,143
CoreCivic, Inc.		200		4,642
CoreSite Realty Corp.		47		5,091
Crown Castle International Corp.		590		66,534
CubeSmart		90		2,478
EPR Properties		82		4,843
Equinix, Inc.		25		11,380
Equity Residential		258		15,895
GGP, Inc.		187		4,307
Great Portland Estates PLC		1,068		10,084
Healthcare Trust of America, Inc., Class A		210		5,798
Hospitality Properties Trust		160		4,546
Hudson Pacific Properties, Inc.		140		4,476
JBG SMITH Properties		164		5,535
Kilroy Realty Corp.		85		6,062
Lamar Advertising Co., Class A		80		5,760
LTC Properties, Inc.		70		2,869
Medical Properties Trust, Inc.		430		5,624
National Retail Properties, Inc.		140		5,555
Omega Healthcare Investors, Inc.		150		4,056
Orchid Island Capital, Inc.		360		2,729
OUTFRONT Media, Inc.		140		3,136
Paramount Group, Inc.		320		4,810
Park Hotels & Resorts, Inc.		240		6,938
Physicians Realty Trust		180		2,934
Piedmont Office Realty Trust, Inc., Class A		260		5,075
Prologis, Inc.		143		9,311
Quality Care Properties, Inc.†		100		1,350
Regency Centers Corp.		75		4,718
RLJ Lodging Trust		180		4,162
Sabra Health Care REIT, Inc.		160		2,896
SBA Communications Corp.†		7		1,222
Scentre Group		4,999		16,717
Senior Housing Properties Trust		250		4,332
SL Green Realty Corp.		46		4,624
Starwood Property Trust, Inc.		270		5,505
Summit Hotel Properties, Inc.		150		2,323
Unibail-Rodamco SE		86		22,059
VEREIT, Inc.		750		5,400
Vornado Realty Trust		66		4,731
Weyerhaeuser Co.		438		16,443
				383,850
Real Estate Management/Services — 0.0%
Redfin Corp.†		80		1,624
Real Estate Operations & Development — 0.1%
Howard Hughes Corp.†		33		4,157
Maui Land & Pineapple Co., Inc.†		120		1,650
Mitsui Fudosan Co., Ltd.		700		18,322
RMR Group, Inc., Class A		30		1,942
St. Joe Co.†		120		2,256

Security Description	Shares		Value (Note 2)
Real Estate Operations & Development (continued)
Transcontinental Realty Investors, Inc.†		50	$	1,634
				29,961
Rental Auto/Equipment — 0.1%
Element Fleet Management Corp.		2,374		16,020
Resort/Theme Parks — 0.0%
Vail Resorts, Inc.		25		5,464
Retail-Apparel/Shoe — 0.4%
Burlington Stores, Inc.†		50		6,086
Caleres, Inc.		110		3,260
L Brands, Inc.		220		11,020
lululemon athletica, Inc.†		60		4,693
Ross Stores, Inc.		631		51,988
Tapestry, Inc.		136		6,397
				83,444
Retail-Arts & Crafts — 0.0%
Michaels Cos., Inc.†		100		2,687
Retail-Auto Parts — 0.1%
AutoZone, Inc.†		7		5,358
O’Reilly Automotive, Inc.†		30		7,941
				13,299
Retail-Automobile — 0.0%
Penske Automotive Group, Inc.		60		3,131
Retail-Building Products — 0.6%
Floor & Decor Holdings, Inc., Class A†		50		2,345
Foundation Building Materials, Inc.†		110		1,631
Home Depot, Inc.		444		89,199
Kingfisher PLC		6,252		30,803
Lowe’s Cos., Inc.		57		5,970
				129,948
Retail-Catalog Shopping — 0.0%
Liberty Interactive Corp. QVC Group, Class A†		40		1,124
MSC Industrial Direct Co., Inc., Class A		57		5,351
				6,475
Retail-Convenience Store — 0.0%
Casey’s General Stores, Inc.		21		2,543
Retail-Discount — 0.7%
Costco Wholesale Corp.		105		20,462
Dollar General Corp.		593		61,150
Ollie’s Bargain Outlet Holdings, Inc.†		60		3,333
Walmart, Inc.		610		65,026
				149,971
Retail-Drug Store — 0.3%
CVS Health Corp.		618		48,630
Walgreens Boots Alliance, Inc.		161		12,117
				60,747
Retail-Gardening Products — 0.0%
Tractor Supply Co.		91		6,939
Retail-Home Furnishings — 0.0%
La-Z-Boy, Inc.		50		1,508
Retail-Major Department Stores — 0.2%
Kering		52		26,328
TJX Cos., Inc.		98		7,871
				34,199

395

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Office Supplies — 0.0%
Office Depot, Inc.		500	$	1,625
Retail-Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		19		4,220
Retail-Pet Food & Supplies — 0.0%
PetMed Express, Inc.		30		1,356
Retail-Restaurants — 0.6%
Domino’s Pizza, Inc.		23		4,987
Jack in the Box, Inc.		49		4,458
McDonald’s Corp.		180		30,805
Papa John’s International, Inc.		40		2,596
Restaurant Brands International, Inc.		99		5,979
Sonic Corp.		90		2,326
Starbucks Corp.		223		12,669
Yum! Brands, Inc.		704		59,551
				123,371
Rubber-Tires — 0.1%
Cooper Tire & Rubber Co.		110		4,301
Sumitomo Rubber Industries, Ltd.		500		9,696
				13,997
Satellite Telecom — 0.1%
Eutelsat Communications SA		465		10,230
Globalstar, Inc.†		800		840
				11,070
Savings & Loans/Thrifts — 0.1%
Beneficial Bancorp, Inc.		240		3,900
Capitol Federal Financial, Inc.		370		4,840
Investors Bancorp, Inc.		450		6,160
Meta Financial Group, Inc.		14		1,638
TFS Financial Corp.		260		3,801
				20,339
Schools — 0.1%
Bright Horizons Family Solutions, Inc.†		60		5,892
Capella Education Co.		23		1,830
Grand Canyon Education, Inc.†		39		3,626
				11,348
Semiconductor Components-Integrated Circuits — 0.8%
Analog Devices, Inc.		45		4,134
Cirrus Logic, Inc.†		70		3,470
Marvell Technology Group, Ltd.		564		13,158
Maxim Integrated Products, Inc.		358		21,838
MaxLinear, Inc.†		130		3,353
Power Integrations, Inc.		52		3,884
QUALCOMM, Inc.		784		53,508
Renesas Electronics Corp.†		800		9,402
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,090		49,388
				162,135
Semiconductor Equipment — 0.5%
Aehr Test Systems†		300		780
Applied Materials, Inc.		364		19,521
ASML Holding NV (Euronext Amsterdam)		117		23,707
ASML Holding NV (NASDAQ)		32		6,495
Brooks Automation, Inc.		80		2,232
KLA-Tencor Corp.		102		11,199
Lam Research Corp.		6		1,149

Security Description	Shares		Value (Note 2)
Semiconductor Equipment (continued)
MKS Instruments, Inc.		34	$	3,478
Tokyo Electron, Ltd.		200		37,483
				106,044
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.		113		5,520
Software Tools — 0.1%
VMware, Inc., Class A†		79		9,779
Steel Pipe & Tube — 0.0%
Atkore International Group, Inc.†		90		2,104
TimkenSteel Corp.†		90		1,457
				3,561
Steel-Producers — 0.1%
AK Steel Holding Corp.†		300		1,518
Commercial Metals Co.		140		3,366
Reliance Steel & Aluminum Co.		77		6,744
Ryerson Holding Corp.†		140		1,400
Shiloh Industries, Inc.†		220		1,639
United States Steel Corp.		90		3,367
				18,034
Telecom Equipment-Fiber Optics — 0.0%
Ciena Corp.†		130		2,766
Finisar Corp.†		110		1,976
Oclaro, Inc.†		280		1,663
Viavi Solutions, Inc.†		240		2,059
				8,464
Telecom Services — 0.0%
Aviat Networks, Inc.†		60		976
Telecommunication Equipment — 0.0%
ARRIS International PLC†		150		3,795
Telephone-Integrated — 1.2%
AT&T, Inc.		294		11,010
General Communication, Inc., Class A†		60		2,516
Nippon Telegraph & Telephone Corp.		1,200		57,060
SoftBank Group Corp.		200		16,451
TDC A/S		3,802		25,376
Telecom Italia SpA RSP		16,556		12,654
Telefonica Deutschland Holding AG		4,047		20,450
Telefonica SA		1,856		19,017
Telephone & Data Systems, Inc.		100		2,743
Verizon Communications, Inc.		1,568		84,782
				252,059
Television — 0.0%
Nexstar Media Group, Inc., Class A		40		3,004
Sinclair Broadcast Group, Inc., Class A		60		2,226
TEGNA, Inc.		200		2,894
				8,124
Textile-Home Furnishings — 0.0%
Mohawk Industries, Inc.†		13		3,654
Textile-Products — 0.0%
Culp, Inc.		50		1,590
Theaters — 0.0%
Cinemark Holdings, Inc.		90		3,312
Therapeutics — 0.0%
Cara Therapeutics, Inc.†		70		1,027

396

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Therapeutics (continued)
Xencor, Inc.†		60	$	1,365
				2,392
Tobacco — 0.7%
Altria Group, Inc.		189		13,294
British American Tobacco PLC		99		6,774
Philip Morris International, Inc.		1,089		116,774
Vector Group, Ltd.		100		2,130
				138,972
Tools-Hand Held — 0.3%
Stanley Black & Decker, Inc.		418		69,484
Transport-Marine — 0.0%
Kirby Corp.†		70		5,243
Transport-Rail — 0.3%
Canadian Pacific Railway, Ltd.		26		4,811
Central Japan Railway Co.		100		18,915
CSX Corp.		149		8,459
Union Pacific Corp.		167		22,295
				54,480
Transport-Services — 0.4%
C.H. Robinson Worldwide, Inc.		184		16,829
FedEx Corp.		58		15,224
Hub Group, Inc., Class A†		90		4,324
United Parcel Service, Inc., Class B		318		40,488
				76,865
Vitamins & Nutrition Products — 0.0%
Natural Health Trends Corp.		30		484
USANA Health Sciences, Inc.†		30		2,239
				2,723
Water — 0.1%
American Water Works Co., Inc.		225		18,713
Web Hosting/Design — 0.0%
Endurance International Group Holdings, Inc.†		160		1,328
NIC, Inc.		120		1,992
				3,320
Web Portals/ISP — 1.4%
Alphabet, Inc., Class A†		75		88,667
Alphabet, Inc., Class C†		147		171,981
Baidu, Inc. ADR†		71		17,531
Yahoo Japan Corp.		2,900		13,946
				292,125
Wire & Cable Products — 0.1%
Prysmian SpA		447		15,728
Wireless Equipment — 0.2%
GN Store Nord A/S		626		21,116
Gogo, Inc.†		150		1,446
InterDigital, Inc.		39		3,044
Quantenna Communications, Inc.†		40		550
Ubiquiti Networks, Inc.†		70		5,647
ViaSat, Inc.†		40		3,025
				34,828
Total Common Stocks (cost $15,115,493)				16,189,839

Security Description	Shares/ Principal Amount		Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES — 0.1%
Electric-Integrated — 0.1%
NextEra Energy, Inc. 6.12%		130	$	7,353
Gas-Distribution — 0.0%
Sempra Energy 6.00%		44		4,400
Medical Products — 0.0%
Becton Dickinson and Co. 6.13%		67		4,202
Total Convertible Preferred Securities (cost $15,419)				15,955
U.S. CORPORATE BONDS & NOTES — 6.8%
Airlines — 0.0%
Delta Air Lines, Inc. Senior Notes 2.60% due 12/04/2020	$	5,000		4,958
Applications Software — 0.1%
Microsoft Corp. Senior Notes 3.13% due 11/03/2025		25,000		25,090
Auto-Cars/Light Trucks — 0.1%
General Motors Financial Co., Inc. Company Guar. Notes 3.15% due 01/15/2020		25,000		25,181
Banks-Super Regional — 0.5%
Capital One Financial Corp. Senior Notes 3.20% due 01/30/2023		35,000		34,798
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023		75,000		75,044
				109,842
Brewery — 0.4%
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 2.65% due 02/01/2021		75,000		74,760
Computers — 0.2%
Apple, Inc. Senior Notes 3.75% due 09/12/2047		50,000		49,736
Containers-Paper/Plastic — 0.0%
Packaging Corp. of America Senior Notes 2.45% due 12/15/2020		5,000		4,974
Diagnostic Equipment — 0.1%
Abbott Laboratories Senior Notes 3.40% due 11/30/2023		25,000		25,186
Diversified Banking Institutions — 1.8%
Bank of America Corp. Senior Notes 3.82% due 01/20/2028		75,000		76,439
Citigroup, Inc. Senior Notes 3.89% due 01/10/2028		75,000		76,583

397

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Goldman Sachs Group, Inc. Senior Notes 3.00% due 04/26/2022	$	75,000	$	74,482
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		75,000		75,675
Morgan Stanley Senior Notes 3.59% due 07/22/2028		75,000		74,190
				377,369
Diversified Manufacturing Operations — 0.4%
General Electric Co. Senior Notes 2.70% due 10/09/2022		75,000		73,592
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024*		25,000		24,494
Electric-Integrated — 0.6%
Berkshire Hathaway Energy Co. Senior Bonds 3.80% due 07/15/2048*		25,000		24,800
Duke Energy Corp. Senior Notes 2.65% due 09/01/2026		50,000		46,565
Eversource Energy Senior Bonds 3.30% due 01/15/2028		5,000		4,907
Exelon Corp. Senior Notes 3.40% due 04/15/2026		25,000		24,697
Southern Co. Senior Notes 4.40% due 07/01/2046		25,000		25,899
				126,868
Electronic Components-Semiconductors — 0.1%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 2.20% due 01/15/2021*		10,000		9,710
Enterprise Software/Service — 0.1%
Oracle Corp. Senior Notes 2.40% due 09/15/2023		25,000		24,217
Finance-Credit Card — 0.1%
Discover Financial Services Senior Notes 3.85% due 11/21/2022		18,000		18,280
Finance-Leasing Companies — 0.1%
Air Lease Corp. Senior Notes 2.50% due 03/01/2021		15,000		14,825
Gas-Distribution — 0.3%
NiSource, Inc. Senior Notes 3.95% due 03/30/2048		25,000		24,894

Security Description	Principal Amount		Value (Note 2)
Gas-Distribution (continued)
Sempra Energy Senior Notes 2.90% due 02/01/2023	$	35,000	$	34,681
				59,575
Insurance-Life/Health — 0.1%
Teachers Insurance & Annuity Association of America Sub. Notes 4.27% due 05/15/2047*		25,000		25,804
Machinery-Farming — 0.1%
John Deere Capital Corp. Senior Notes 2.35% due 01/08/2021		15,000		14,904
Medical Products — 0.2%
Becton Dickinson and Co. Senior Notes 3.70% due 06/06/2027		50,000		49,260
Medical-Drugs — 0.1%
AbbVie, Inc. Senior Notes 2.30% due 05/14/2021		25,000		24,569
Medical-HMO — 0.4%
Anthem, Inc. Senior Notes 2.50% due 11/21/2020		25,000		24,862
UnitedHealth Group, Inc. Senior Notes 4.75% due 07/15/2045		50,000		57,834
				82,696
Medical-Hospitals — 0.1%
Stanford Health Care Notes 3.80% due 11/15/2048		10,000		10,088
Medical-Wholesale Drug Distribution — 0.1%
McKesson Corp. Senior Notes 4.88% due 03/15/2044		15,000		16,124
Non-Hazardous Waste Disposal — 0.0%
Republic Services, Inc. Senior Notes 3.38% due 11/15/2027		5,000		4,929
Real Estate Investment Trusts — 0.1%
Healthcare Realty Trust, Inc. Senior Notes 3.63% due 01/15/2028		5,000		4,866
Kilroy Realty LP Company Guar. Notes 3.45% due 12/15/2024		5,000		4,917
				9,783
Telephone-Integrated — 0.4%
AT&T, Inc. Senior Notes 3.00% due 06/30/2022		25,000		24,780
Verizon Communications, Inc. Senior Notes 5.50% due 03/16/2047		50,000		56,658
				81,438

398

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Tobacco — 0.2%
BAT Capital Corp. Company Guar. Notes 2.76% due 08/15/2022*	$	50,000	$	49,112
Total U.S. Corporate Bonds & Notes (cost $1,431,003)				1,417,364
FOREIGN CORPORATE BONDS & NOTES — 1.0%
Banks-Commercial — 0.2%
Toronto-Dominion Bank Senior Notes 2.50% due 12/14/2020		50,000		49,838
Building Products-Cement — 0.0%
Boral Finance Pty, Ltd. Company Guar. Notes 3.00% due 11/01/2022*		2,000		1,967
Diversified Banking Institutions — 0.3%
HSBC Holdings PLC Senior Notes 5.10% due 04/05/2021		50,000		53,334
Oil Companies-Integrated — 0.5%
BP Capital Markets PLC Company Guar. Notes 2.52% due 09/19/2022		25,000		24,637
Petroleos Mexicanos Company Guar. Notes 5.38% due 03/13/2022*		50,000		52,950
Shell International Finance BV Company Guar. Notes 3.25% due 05/11/2025		25,000		25,104
				102,691
Total Foreign Corporate Bonds & Notes (cost $208,511)				207,830
U.S. GOVERNMENT AGENCIES — 0.8%
Federal National Mtg. Assoc. — 0.8%
1.25% due 08/17/2021 (cost $169,945)		175,000		167,932
U.S. GOVERNMENT TREASURIES — 10.9%
United States Treasury Bonds — 3.4%
2.50% due 02/15/2045		13,000		11,943
2.50% due 02/15/2046		15,000		13,737
2.50% due 05/15/2046		17,200		15,738
2.75% due 08/15/2042		15,000		14,573
2.75% due 11/15/2042		25,000		24,270
2.75% due 08/15/2047		160,000		153,837
2.75% due 11/15/2047		23,300		22,414
2.88% due 08/15/2045		11,000		10,872
3.00% due 05/15/2042		10,000		10,163
3.00% due 11/15/2044		17,000		17,218
3.00% due 05/15/2045		9,000		9,113
3.00% due 11/15/2045		10,000		10,124
3.00% due 05/15/2047		19,200		19,409
3.13% due 11/15/2041		121,000		125,632
3.13% due 02/15/2042		11,000		11,421
3.13% due 02/15/2043		17,000		17,630
3.13% due 08/15/2044		17,000		17,615
3.38% due 05/15/2044		17,000		18,395
3.50% due 02/15/2039		16,000		17,610
3.63% due 08/15/2043		16,000		18,025

Security Description	Principal Amount		Value (Note 2)
United States Treasury Bonds (continued)
3.63% due 02/15/2044	$	16,000	$	18,036
3.75% due 11/15/2043		16,000		18,391
4.25% due 11/15/2040		10,000		12,268
4.38% due 05/15/2040		5,000		6,224
4.38% due 05/15/2041		10,000		12,509
4.50% due 02/15/2036		2,000		2,483
4.50% due 05/15/2038		20,000		25,102
4.63% due 02/15/2040		10,000		12,854
4.75% due 02/15/2037		4,000		5,142
5.38% due 02/15/2031		21,500		27,697
5.50% due 08/15/2028		7,000		8,777
				709,222
United States Treasury Notes — 7.5%
0.75% due 04/15/2018		13,900		13,881
1.00% due 03/15/2019		260,000		257,156
1.38% due 12/15/2019		120,000		118,345
1.38% due 04/30/2020		165,000		162,016
1.38% due 09/15/2020		380,000		371,554
1.63% due 08/31/2022		150,000		144,334
1.75% due 09/30/2019		55,000		54,693
1.75% due 12/31/2020		40,000		39,381
1.88% due 09/30/2022		195,000		189,546
2.13% due 12/31/2022		85,000		83,416
2.25% due 08/15/2027		140,000		134,449
				1,568,771
Total U.S. Government Treasuries (cost $2,306,560)				2,277,993
MUNICIPAL BONDS & NOTES — 0.8%
Denver Schools Certificate Participation Series B 4.24% due 12/15/2037		25,000		26,448
Municipal Electric Authority of Georgia Revenue Bonds 6.66% due 04/01/2057		25,000		30,914
San Jose Redevelopment Agency Successor Agency Tax Allocation Series A-T 3.38% due 08/01/2034		5,000		4,837
State of California General Obligation Bonds 7.63% due 03/01/2040		50,000		77,612
Virginia Commonwealth University Health System Authority Revenue Bonds 4.96% due 01/01/2044		25,000		28,556
Total Municipal Bonds & Notes (cost $166,180)				168,367
FOREIGN GOVERNMENT OBLIGATIONS — 0.7%
Regional Authority — 0.7%
Province of Alberta, Canada Senior Notes 2.20% due 07/26/2022		75,000		72,944
Province of Ontario, Canada Notes 2.20% due 10/03/2022		75,000		72,942
Total Foreign Government Obligations (cost $149,547)				145,886

399

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
REGISTERED INVESTMENT COMPANIES — 0.1%
Altaba, Inc. (cost $9,559)		136		$	10,864
Total Long-Term Investment Securities (cost $19,572,217)					20,602,030
SHORT-TERM INVESTMENT SECURITIES — 3.2%
Registered Investment Companies — 3.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class 1.25%(1)		667,716			667,716
T. Rowe Price Treasury Reserve Fund 1.31%(1)		1,004			1,004
Total Short-Term Investment Securities (cost $668,720)					668,720
TOTAL INVESTMENTS (cost $20,240,937)(2)		101.9	%		21,270,750
Liabilities in excess of other assets		(1.9	)		(401,694	)
NET ASSETS		100.0	%	$	20,869,056

  # See Note 1

  † Non-income producing security

  * Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $215,646 representing 1.0% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

(1) The rate shown is the 7-day yield as of January 31, 2018.

(2) See Note 3 for cost of investments on a tax basis.

ADR — American Depositary Receipt

CVA — Certification Van Aandelen (Dutch Cert.)

Euronext Amsterdam — Euronext Stock Exchange, Amsterdam

GDR — Global Depositary Receipt

NASDAQ — National Association of Securities Dealers Automated Quotations

RSP — Risparmio Shares-Savings Shares on the Italian Stock Exchange

SDR — Swedish Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	16,189,839	$	—	$	—	$	16,189,839
Convertible Preferred Securities		15,955		—		—		15,955
U.S. Corporate Bonds & Notes		—		1,417,364		—		1,417,364
Foreign Corporate Bonds & Notes		—		207,830		—		207,830
U.S. Government Agencies		—		167,932		—		167,932
U.S. Government Treasuries		—		2,277,993		—		2,277,993
Municipal Bonds & Notes		—		168,367		—		168,367
Foreign Government Obligations		—		145,886		—		145,886
Registered Investment Companies		10,864		—		—		10,864
Short-Term Investment Securities		668,720		—		—		668,720
Total Investments at Value	$	16,885,378	$	4,385,372	$	—	$	21,270,750

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

400

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (unaudited)

Industry Allocation*

Registered Investment Companies	12.6	%
United States Treasury Notes	6.3
Federal National Mtg. Assoc.	5.2
Diversified Banking Institutions	3.9
Banks-Commercial	3.0
Medical-Drugs	2.9
Applications Software	2.5
United States Treasury Bonds	2.4
E-Commerce/Products	2.3
Government National Mtg. Assoc.	2.0
Diversified Financial Services	2.0
Real Estate Investment Trusts	1.8
Banks-Super Regional	1.5
Insurance-Multi-line	1.5
Telephone-Integrated	1.5
Medical-HMO	1.5
Electric-Integrated	1.5
Web Portals/ISP	1.4
Oil Companies-Integrated	1.3
Internet Content-Entertainment	1.3
Finance-Credit Card	1.3
Aerospace/Defense	1.2
Medical-Biomedical/Gene	1.1
Electronic Components-Semiconductors	1.1
Medical Products	1.0
Oil Companies-Exploration & Production	0.9
Insurance-Life/Health	0.9
Airlines	0.9
Computers	0.9
Cable/Satellite TV	0.9
Diagnostic Equipment	0.8
Auto-Cars/Light Trucks	0.8
E-Commerce/Services	0.8
Chemicals-Diversified	0.8
Food-Misc./Diversified	0.7
Semiconductor Components-Integrated Circuits	0.7
Diversified Manufacturing Operations	0.7
Tobacco	0.7
Cosmetics & Toiletries	0.6
Gas-Distribution	0.6
Medical Instruments	0.6
Commercial Services-Finance	0.5
Machinery-Electrical	0.5
Food-Meat Products	0.5
Insurance Brokers	0.5
Auto/Truck Parts & Equipment-Original	0.5
Municipal Bonds & Notes	0.5
Cellular Telecom	0.5
Electronic Measurement Instruments	0.5
Insurance-Reinsurance	0.5
Pipelines	0.4
Retail-Restaurants	0.4
Internet Application Software	0.4
Semiconductor Equipment	0.4
Retail-Discount	0.4
Retail-Building Products	0.4
Insurance-Property/Casualty	0.4
Banks-Fiduciary	0.4
Paper & Related Products	0.4
Finance-Investment Banker/Broker	0.4
Oil Refining & Marketing	0.3

Networking Products	0.3	%
Electronic Components-Misc.	0.3
Machinery-General Industrial	0.3
Finance-Other Services	0.3
Federal Home Loan Mtg. Corp.	0.3
Regional Authority	0.3
Import/Export	0.3
Instruments-Controls	0.3
Electric-Generation	0.3
Medical-Hospitals	0.3
Retail-Apparel/Shoe	0.3
Diversified Minerals	0.3
Aerospace/Defense-Equipment	0.3
Cruise Lines	0.3
Hotels/Motels	0.3
Retail-Drug Store	0.3
Building-Residential/Commercial	0.2
Beverages-Non-alcoholic	0.2
Dialysis Centers	0.2
Data Processing/Management	0.2
Transport-Services	0.2
Metal-Diversified	0.2
Multimedia	0.2
Entertainment Software	0.2
Retail-Auto Parts	0.2
Apparel Manufacturers	0.2
Audio/Video Products	0.2
Chemicals-Specialty	0.2
Tools-Hand Held	0.2
Beverages-Wine/Spirits	0.2
Computer Services	0.2
Containers-Paper/Plastic	0.2
Transport-Rail	0.2
Pharmacy Services	0.2
Industrial Gases	0.2
Retail-Major Department Stores	0.2
Diversified Operations	0.2
Finance-Leasing Companies	0.2
Brewery	0.2
Rental Auto/Equipment	0.2
Sovereign	0.2
Enterprise Software/Service	0.2
Satellite Telecom	0.2
Auto-Heavy Duty Trucks	0.2
Advertising Agencies	0.1
Containers-Metal/Glass	0.1
Investment Management/Advisor Services	0.1
Machine Tools & Related Products	0.1
Wireless Equipment	0.1
Food-Catering	0.1
Gold Mining	0.1
Agricultural Operations	0.1
Food-Retail	0.1
Insurance-Mutual	0.1
Real Estate Operations & Development	0.1
Building Products-Air & Heating	0.1
Finance-Consumer Loans	0.1
Schools	0.1
Steel-Producers	0.1
Federal Home Loan Bank	0.1
Building & Construction Products-Misc.	0.1
Coatings/Paint	0.1
Consumer Products-Misc.	0.1

401

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (unaudited) — (continued)

Industry Allocation* (continued)

Agricultural Chemicals	0.1	%
Internet Security	0.1
Metal-Copper	0.1
Hazardous Waste Disposal	0.1
Electric Products-Misc.	0.1
Oil-Field Services	0.1
Commercial Services	0.1
Computer Aided Design	0.1
Human Resources	0.1
Building Products-Cement	0.1
Transport-Equipment & Leasing	0.1
Machinery-Construction & Mining	0.1
Wire & Cable Products	0.1
E-Marketing/Info	0.1
Engineering/R&D Services	0.1
Advertising Sales	0.1
Coal	0.1
Independent Power Producers	0.1
Banks-Special Purpose	0.1
Distribution/Wholesale	0.1
Electronic Connectors	0.1
Medical Labs & Testing Services	0.1
Electric-Transmission	0.1
Telecom Services	0.1
Banks-Money Center	0.1
Retail-Mail Order	0.1
Television	0.1
	100.2	%

* Calculated as a percentage of net assets

402

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 56.4%
Advertising Agencies — 0.1%
WPP PLC		89,188	$	1,618,377
Advertising Sales — 0.1%
Stroeer SE & Co. KGaA		10,947		842,657
Aerospace/Defense — 1.1%
Boeing Co.		28,154		9,976,933
Meggitt PLC		220,234		1,451,549
Northrop Grumman Corp.		5,344		1,819,792
Raytheon Co.		86		17,969
Rockwell Collins, Inc.		322		44,594
				13,310,837
Aerospace/Defense-Equipment — 0.3%
Harris Corp.		14,054		2,239,927
L3 Technologies, Inc.		896		190,364
United Technologies Corp.		6,323		872,637
				3,302,928
Agricultural Biotech — 0.0%
Calyxt, Inc.†		257		6,695
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		26,797		1,137,264
Incitec Pivot, Ltd.		6,000		18,034
Nutrien, Ltd.†		606		31,718
Yara International ASA		685		32,922
				1,219,938
Agricultural Operations — 0.1%
Bunge, Ltd.		20,456		1,624,820
Airlines — 0.7%
Alaska Air Group, Inc.		7,218		474,439
American Airlines Group, Inc.		88,156		4,788,634
Delta Air Lines, Inc.		44,811		2,543,920
United Continental Holdings, Inc.†		10,580		717,536
				8,524,529
Apparel Manufacturers — 0.2%
Burberry Group PLC		59,827		1,341,287
Moncler SpA		36,539		1,203,987
				2,545,274
Applications Software — 2.4%
CDK Global, Inc.		4,343		309,612
Intuit, Inc.		14,981		2,515,310
Microsoft Corp.		202,449		19,234,680
Red Hat, Inc.†		16,287		2,139,786
salesforce.com, Inc.†		35,376		4,029,680
ServiceNow, Inc.†		16,344		2,433,131
				30,662,199
Athletic Footwear — 0.0%
NIKE, Inc., Class B		7,119		485,658
Audio/Video Products — 0.2%
Panasonic Corp.		116,100		1,721,772
Sony Corp.		16,100		768,205
				2,489,977
Auto-Cars/Light Trucks — 0.6%
Bayerische Motoren Werke AG		8,179		933,922
Ferrari NV		3,765		449,917
Honda Motor Co., Ltd.		45,700		1,601,614
Suzuki Motor Corp.		23,300		1,329,233

Security Description	Shares		Value (Note 2)
Auto-Cars/Light Trucks (continued)
Tesla, Inc.†		3,528	$	1,250,006
Toyota Motor Corp.		37,600		2,576,239
				8,140,931
Auto-Heavy Duty Trucks — 0.1%
PACCAR, Inc.		8,441		629,361
Auto/Truck Parts & Equipment-Original — 0.5%
Aisin Seiki Co., Ltd.		11,300		659,348
Aptiv PLC		4,366		414,246
Autoliv, Inc. SDR		8,737		1,316,110
GKN PLC		137,656		826,366
Koito Manufacturing Co., Ltd.		7,300		512,879
Magna International, Inc.		46,597		2,663,019
				6,391,968
Banks-Commercial — 2.0%
ABN AMRO Group NV CVA*		23,856		808,286
Australia & New Zealand Banking Group, Ltd.		90,369		2,081,176
Commerzbank AG†		35,924		591,326
Danske Bank A/S		35,727		1,451,251
DBS Group Holdings, Ltd.		107,000		2,153,377
DNB ASA		126,330		2,563,013
Erste Group Bank AG		23,753		1,195,251
First Republic Bank		6,903		618,164
ING Groep NV		145,157		2,852,877
Intesa Sanpaolo SpA		457,627		1,795,691
National Bank of Canada		36,700		1,904,820
Nordea Bank AB		195,511		2,412,656
Standard Chartered PLC†		86,157		1,002,616
Sumitomo Mitsui Trust Holdings, Inc.		33,400		1,385,012
Svenska Handelsbanken AB, Class A		140,089		2,038,250
United Overseas Bank, Ltd.		52,500		1,097,786
				25,951,552
Banks-Fiduciary — 0.4%
Bank of New York Mellon Corp.		22,391		1,269,570
Citizens Financial Group, Inc.		8,510		390,609
State Street Corp.		26,652		2,936,251
				4,596,430
Banks-Super Regional — 1.3%
Capital One Financial Corp.		3,181		330,697
Fifth Third Bancorp		75,406		2,495,938
KeyCorp		100,434		2,149,288
PNC Financial Services Group, Inc.		13,786		2,178,464
SunTrust Banks, Inc.		2,657		187,850
US Bancorp		24,991		1,427,986
Wells Fargo & Co.		115,758		7,614,561
				16,384,784
Batteries/Battery Systems — 0.0%
W-Scope Corp.		600		11,800
Beverages-Non-alcoholic — 0.2%
Coca-Cola Co.		19,767		940,712
Dr Pepper Snapple Group, Inc.		4,869		581,115
Monster Beverage Corp.†		1,726		117,765
PepsiCo, Inc.		10,683		1,285,165
				2,924,757

403

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Beverages-Wine/Spirits — 0.2%
Constellation Brands, Inc., Class A		2,424	$	531,995
Diageo PLC		52,324		1,881,450
				2,413,445
Brewery — 0.1%
Kirin Holdings Co., Ltd.		26,700		665,482
Building & Construction Products-Misc. — 0.1%
Fortune Brands Home & Security, Inc.		13,326		945,213
Building Products-Air & Heating — 0.1%
Johnson Controls International PLC		40,106		1,569,348
Building Products-Cement — 0.1%
Martin Marietta Materials, Inc.		1,036		236,384
Vulcan Materials Co.		4,281		579,647
				816,031
Building Products-Wood — 0.0%
Masco Corp.		2,020		90,213
Building-Residential/Commercial — 0.2%
Lennar Corp., Class A		18,957		1,187,846
Lennar Corp., Class B		102		5,165
Persimmon PLC		44,952		1,596,903
				2,789,914
Cable/Satellite TV — 0.4%
Charter Communications, Inc., Class A†		3,805		1,435,436
Comcast Corp., Class A		48,053		2,043,694
Liberty Broadband Corp., Class C†		5,655		540,335
Liberty Global PLC, Class A†		18,775		701,810
				4,721,275
Casino Hotels — 0.0%
Caesars Entertainment Corp.†		15,551		216,936
MGM Resorts International		5,733		208,968
Wynn Resorts, Ltd.		167		27,654
				453,558
Cellular Telecom — 0.3%
America Movil SAB de CV, Series L ADR		39,750		743,325
Telstra Corp., Ltd.		107,010		316,459
Vodafone Group PLC ADR		80,350		2,588,877
				3,648,661
Chemicals-Diversified — 0.8%
Akzo Nobel NV		432		40,451
Asahi Kasei Corp.		115,600		1,508,402
BASF SE		13,347		1,562,973
Covestro AG*		7,988		918,162
Croda International PLC		696		44,312
DowDuPont, Inc.		43,497		3,287,503
Johnson Matthey PLC		23,433		1,151,188
Koninklijke DSM NV		352		36,369
Olin Corp.		534		19,908
Orion Engineered Carbons SA		515		15,167
PPG Industries, Inc.		4,756		564,680
Symrise AG		312		26,093
Tosoh Corp.		15,800		361,821
				9,537,029

Security Description	Shares		Value (Note 2)
Chemicals-Specialty — 0.1%
GCP Applied Technologies, Inc.†		480	$	16,032
SGL Carbon AG†		620		9,645
Umicore SA		24,683		1,298,129
Valvoline, Inc.		4,420		108,953
Victrex PLC		651		23,589
				1,456,348
Coal — 0.0%
Warrior Met Coal, Inc.		549		15,356
Coatings/Paint — 0.1%
Axalta Coating Systems, Ltd.†		235		7,402
RPM International, Inc.		3,672		191,678
Sherwin-Williams Co.		2,796		1,166,240
				1,365,320
Commercial Services — 0.1%
Cintas Corp.		1,834		308,937
CoStar Group, Inc.†		499		172,709
Nielsen Holdings PLC		3,957		148,032
				629,678
Commercial Services-Finance — 0.5%
Equifax, Inc.		1,448		180,899
FleetCor Technologies, Inc.†		4,258		904,825
Global Payments, Inc.		11,013		1,231,033
IHS Markit, Ltd.†		430		20,524
PayPal Holdings, Inc.†		32,876		2,804,980
S&P Global, Inc.		4,522		818,934
TransUnion†		2,222		131,898
Worldpay, Inc., Class A†		9,715		780,212
				6,873,305
Computer Aided Design — 0.1%
Synopsys, Inc.†		12,080		1,118,729
Computer Services — 0.2%
Accenture PLC, Class A		5,517		886,582
Infosys, Ltd. ADR		63,550		1,144,535
				2,031,117
Computers — 0.6%
Apple, Inc.		44,089		7,381,821
Hewlett Packard Enterprise Co.		27,044		443,522
				7,825,343
Consumer Products-Misc. — 0.1%
Kimberly-Clark Corp.		3,938		460,746
Samsonite International SA		206,100		893,149
				1,353,895
Containers-Metal/Glass — 0.1%
Ball Corp.		23,171		886,986
Vidrala SA		257		26,132
				913,118
Containers-Paper/Plastic — 0.1%
Amcor, Ltd.		92,308		1,082,999
Graphic Packaging Holding Co.		743		11,999
Orora, Ltd.		8,461		22,226
				1,117,224
Cosmetics & Toiletries — 0.6%
Colgate-Palmolive Co.		3,807		282,632
Coty, Inc., Class A		4,782		93,775
Estee Lauder Cos., Inc., Class A		757		102,165

404

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cosmetics & Toiletries (continued)
L’Oreal SA		8,289	$	1,884,320
Pola Orbis Holdings, Inc.		15,500		606,256
Procter & Gamble Co.		11,716		1,011,559
Unilever PLC		73,639		4,182,252
				8,162,959
Cruise Lines — 0.2%
Norwegian Cruise Line Holdings, Ltd.†		24,603		1,494,386
Royal Caribbean Cruises, Ltd.		7,950		1,061,723
				2,556,109
Data Processing/Management — 0.2%
Fidelity National Information Services, Inc.		14,095		1,442,764
Fiserv, Inc.†		9,545		1,344,318
				2,787,082
Dental Supplies & Equipment — 0.0%
DENTSPLY SIRONA, Inc.		2,870		174,525
Diagnostic Equipment — 0.7%
Abbott Laboratories		19,271		1,197,885
Danaher Corp.		41,926		4,246,265
Thermo Fisher Scientific, Inc.		15,715		3,521,889
				8,966,039
Dialysis Centers — 0.2%
DaVita, Inc.†		392		30,592
Fresenius SE & Co. KGaA		34,654		3,032,378
				3,062,970
Diamonds/Precious Stones — 0.0%
Lucara Diamond Corp.		12,560		26,039
Petra Diamonds, Ltd.†		30,214		25,740
				51,779
Distribution/Wholesale — 0.0%
HD Supply Holdings, Inc.†		4,090		159,060
Diversified Banking Institutions — 2.7%
Bank of America Corp.		27,891		892,512
Barclays PLC ADR		29,400		334,278
BNP Paribas SA		36,342		3,005,019
Citigroup, Inc.		68,576		5,381,844
JPMorgan Chase & Co.		105,162		12,164,089
Lloyds Banking Group PLC		1,931,174		1,905,948
Macquarie Group, Ltd.		16,443		1,366,448
Mitsubishi UFJ Financial Group, Inc.		269,000		2,022,490
Morgan Stanley		134,939		7,630,800
				34,703,428
Diversified Manufacturing Operations — 0.5%
3M Co.		1,262		316,131
A.O. Smith Corp.		2,374		158,536
ALS, Ltd.		4,595		25,807
Carlisle Cos., Inc.		204		23,299
General Electric Co.		29,378		475,042
Illinois Tool Works, Inc.		1,539		267,278
Pentair PLC		4,865		347,848
Siemens AG		24,912		3,778,346
Textron, Inc.		9,927		582,417
				5,974,704

Security Description	Shares		Value (Note 2)
Diversified Minerals — 0.3%
Anglo American PLC		5,163	$	125,252
BHP Billiton PLC		54,462		1,209,408
BHP Billiton, Ltd.		24,331		592,099
Independence Group NL		305,395		1,237,819
Lundin Mining Corp.		16,746		121,034
Nittetsu Mining Co., Ltd.		200		14,381
Sumitomo Metal Mining Co., Ltd.		1,100		51,468
Teck Resources, Ltd., Class B		3,530		102,547
US Silica Holdings, Inc.		39		1,298
Western Areas, Ltd.		9,974		26,522
				3,481,828
Diversified Operations — 0.2%
CK Hutchison Holdings, Ltd.		145,000		1,957,393
E-Commerce/Products — 2.2%
Alibaba Group Holding, Ltd. ADR†		39,423		8,053,725
Amazon.com, Inc.†		13,840		20,080,317
				28,134,042
E-Commerce/Services — 0.7%
Ctrip.com International, Ltd. ADR†		5,985		279,978
Priceline Group, Inc.†		4,347		8,311,682
				8,591,660
E-Marketing/Info — 0.1%
CyberAgent, Inc.		21,300		921,888
Electric Products-Misc. — 0.1%
Legrand SA		14,257		1,186,306
Electric-Generation — 0.3%
E.ON SE		51,848		544,522
Electric Power Development Co., Ltd.		39,700		1,125,506
Engie SA		104,413		1,812,282
Sembcorp Industries, Ltd.		85,200		220,826
				3,703,136
Electric-Integrated — 0.8%
American Electric Power Co., Inc.		3,128		215,144
DTE Energy Co.		7,204		761,031
Entergy Corp.		9,204		724,263
Eversource Energy		22,266		1,404,762
NextEra Energy, Inc.		21,463		3,400,168
PG&E Corp.		14,911		632,674
Southern Co.		32,986		1,487,998
SSE PLC		31,270		579,181
Westar Energy, Inc.		20,121		1,039,451
				10,244,672
Electric-Transmission — 0.0%
Red Electrica Corp. SA		1,486		31,493
Electronic Components-Misc. — 0.3%
Corning, Inc.		7,453		232,683
Koninklijke Philips NV		67,757		2,764,304
Omron Corp.		21,000		1,309,975
				4,306,962
Electronic Components-Semiconductors — 1.0%
Broadcom, Ltd.		26,458		6,562,378
Intel Corp.		5,638		271,413
Microchip Technology, Inc.		13,457		1,281,376
Micron Technology, Inc.†		5,454		238,449

405

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components-Semiconductors (continued)
Samsung Electronics Co., Ltd.		855	$	1,997,682
Texas Instruments, Inc.		19,068		2,091,188
Xilinx, Inc.		2,374		173,349
				12,615,835
Electronic Connectors — 0.1%
TE Connectivity, Ltd.		6,798		696,999
Electronic Measurement Instruments — 0.4%
Agilent Technologies, Inc.		22,332		1,639,839
Fortive Corp.		22,408		1,703,456
Keysight Technologies, Inc.†		25,187		1,176,737
				4,520,032
Electronic Security Devices — 0.0%
Allegion PLC		2,152		185,309
Energy-Alternate Sources — 0.0%
Siemens Gamesa Renewable Energy SA		594		9,270
Vestas Wind Systems A/S		135		9,211
				18,481
Engineering/R&D Services — 0.1%
Jacobs Engineering Group, Inc.		287		19,935
WorleyParsons, Ltd.†		71,408		836,064
				855,999
Enterprise Software/Service — 0.1%
Black Knight, Inc.†		2,438		120,681
Workday, Inc., Class A†		7,440		891,982
				1,012,663
Entertainment Software — 0.2%
Activision Blizzard, Inc.		11,121		824,400
Electronic Arts, Inc.†		13,760		1,746,969
				2,571,369
Finance-Auto Loans — 0.0%
Ally Financial, Inc.		11,700		348,309
Finance-Consumer Loans — 0.1%
Synchrony Financial		39,300		1,559,424
Finance-Credit Card — 1.1%
Credit Saison Co., Ltd.		38,800		704,776
Mastercard, Inc., Class A		34,301		5,796,869
Visa, Inc., Class A		56,149		6,975,390
				13,477,035
Finance-Investment Banker/Broker — 0.4%
Charles Schwab Corp.		22,263		1,187,508
Close Brothers Group PLC		9,907		221,406
Raymond James Financial, Inc.		1,212		116,825
TD Ameritrade Holding Corp.		55,518		3,097,349
				4,623,088
Finance-Leasing Companies — 0.1%
Mitsubishi UFJ Lease & Finance Co., Ltd.		140,200	$	904,102
Finance-Mortgage Loan/Banker — 0.0%
FNF Group		3,605		140,523
Finance-Other Services — 0.3%
CBOE Holdings, Inc.		1,644		220,937
CME Group, Inc.		1,079		165,605

Security Description	Shares		Value (Note 2)
Finance-Other Services (continued)
Intercontinental Exchange, Inc.		47,250		3,488,940
Nasdaq, Inc.		1,565		126,624
				4,002,106
Food-Catering — 0.1%
Aramark		3,267		149,661
Compass Group PLC		48,596		1,022,911
				1,172,572
Food-Meat Products — 0.5%
Hormel Foods Corp.		4,092		140,478
Tyson Foods, Inc., Class A		86,301		6,568,369
				6,708,847
Food-Misc./Diversified — 0.7%
Cal-Maine Foods, Inc.†		589		25,062
Danone SA		12,383		1,067,886
Kellogg Co.		2,777		189,141
Kraft Heinz Co.		8,892		697,044
Mondelez International, Inc., Class A		17,039		756,531
Nestle SA		63,514		5,487,828
Wilmar International, Ltd.		410,800		1,002,104
				9,225,596
Food-Retail — 0.1%
Seven & i Holdings Co., Ltd.		38,800		1,594,365
Gas-Distribution — 0.4%
Atmos Energy Corp.		5,910		489,939
Italgas SpA		5,078		31,359
National Grid PLC		119,223		1,362,186
NiSource, Inc.		27,387		675,911
Sempra Energy		22,742		2,433,849
				4,993,244
Gold Mining — 0.1%
Acacia Mining PLC		2,047		5,392
Alamos Gold, Inc., Class A		7,424		44,484
Alamos Gold, Inc., Class A		2,533		15,147
B2Gold Corp.†		13,500		40,829
Centamin PLC		35,934		82,960
Centerra Gold, Inc.†		1,625		8,389
Detour Gold Corp.†		3,730		39,847
Dundee Precious Metals, Inc.†		4,500		10,756
Evolution Mining, Ltd.		49,864		114,514
Franco-Nevada Corp.		2,599		198,729
Guyana Goldfields, Inc.†		2,400		9,229
Highland Gold Mining, Ltd.		1,161		2,471
Kirkland Lake Gold, Ltd.		6,716		101,232
Klondex Mines, Ltd.†		10,409		22,849
New Gold, Inc.†		6,149		18,632
Northern Star Resources, Ltd.		23,250		108,475
OceanaGold Corp.		3,340		9,205
Osisko Gold Royalties, Ltd.		2,303		25,876
Randgold Resources, Ltd.		2,400		241,465
Regis Resources, Ltd.		7,801		25,899
Royal Gold, Inc.		647		57,583
Saracen Mineral Holdings, Ltd.†		25,988		31,202
SEMAFO, Inc.†		8,969		26,542
				1,241,707
Hazardous Waste Disposal — 0.1%
Stericycle, Inc.†		16,035		1,208,398

406

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Hotels/Motels — 0.3%
Hilton Worldwide Holdings, Inc.		9,318	$	798,087
Marriott International, Inc., Class A		16,435		2,421,533
				3,219,620
Human Resources — 0.1%
Recruit Holdings Co., Ltd.		42,900		1,044,894
Import/Export — 0.3%
Mitsubishi Corp.		44,900		1,254,420
Sumitomo Corp.		148,100		2,549,051
				3,803,471
Industrial Automated/Robotic — 0.0%
Rockwell Automation, Inc.		1,162		229,251
Industrial Gases — 0.2%
Air Liquide SA		9,133		1,230,856
Air Products & Chemicals, Inc.		4,021		677,016
Praxair, Inc.		352		56,845
				1,964,717
Instruments-Controls — 0.3%
Honeywell International, Inc.		22,296		3,560,002
Sensata Technologies Holding NV†		3,038		170,888
				3,730,890
Instruments-Scientific — 0.0%
Hamamatsu Photonics KK		14,200		524,192
Insurance Brokers — 0.4%
Marsh & McLennan Cos., Inc.		23,690		1,978,589
Willis Towers Watson PLC		16,869		2,706,968
				4,685,557
Insurance-Life/Health — 0.7%
AIA Group, Ltd.		178,200		1,526,260
Aviva PLC		178,776		1,302,681
Brighthouse Financial, Inc.†		1,237		79,490
Challenger, Ltd.		135,446		1,488,702
Prudential PLC		93,565		2,532,087
Sun Life Financial, Inc.		38,397		1,666,055
				8,595,275
Insurance-Multi-line — 1.3%
AXA SA		107,983		3,552,086
Chubb, Ltd.		24,691		3,855,500
CNA Financial Corp.		2,959		160,259
Direct Line Insurance Group PLC		272,322		1,427,922
Hartford Financial Services Group, Inc.		26,997		1,586,344
Loews Corp.		4,550		235,007
MetLife, Inc.		22,761		1,094,121
Ping An Insurance Group Co. of China, Ltd.		110,500		1,308,741
Storebrand ASA		156,723		1,404,406
Voya Financial, Inc.		16,679		865,807
Zurich Insurance Group AG		4,844		1,592,027
				17,082,220
Insurance-Property/Casualty — 0.4%
Progressive Corp.		9,912		536,239
RSA Insurance Group PLC		152,356		1,340,335
Tokio Marine Holdings, Inc.		40,500		1,906,842
XL Group, Ltd.		42,275		1,557,411
				5,340,827

Security Description	Shares		Value (Note 2)
Insurance-Reinsurance — 0.4%
Berkshire Hathaway, Inc., Class B†		6,187	$	1,326,369
Muenchener Rueckversicherungs-Gesellschaft AG		13,715		3,227,630
				4,553,999
Internet Application Software — 0.4%
Tencent Holdings, Ltd.		92,300		5,470,049
Internet Content-Entertainment — 1.3%
Facebook, Inc., Class A†		63,218		11,814,812
Netflix, Inc.†		10,776		2,912,753
YY, Inc., ADR†		10,700		1,422,672
				16,150,237
Internet Content-Information/News — 0.0%
Kakaku.com, Inc.		29,200		511,140
Internet Security — 0.1%
Symantec Corp.		46,839		1,275,426
Investment Companies — 0.0%
Bradespar SA		1,625		15,959
Investment Management/Advisor Services — 0.1%
Ameriprise Financial, Inc.		1,859		313,613
BlackRock, Inc.		431		242,136
Franklin Resources, Inc.		4,241		179,861
GAM Holding AG		42,934		806,324
				1,541,934
Lighting Products & Systems — 0.0%
Acuity Brands, Inc.		1,194		184,401
Machine Tools & Related Products — 0.1%
Sandvik AB		1,165		22,938
THK Co., Ltd.		42,400		1,755,501
				1,778,439
Machinery-Construction & Mining — 0.0%
Caterpillar, Inc.		1,763		286,981
Machinery-Electrical — 0.5%
ABB, Ltd.		75,511		2,105,303
Mitsubishi Electric Corp.		180,000		3,285,243
SMC Corp.		2,800		1,372,685
				6,763,231
Machinery-Farming — 0.0%
AGCO Corp.		367		26,652
Machinery-General Industrial — 0.2%
Krones AG		178		24,840
Roper Technologies, Inc.		10,031		2,814,598
Wabtec Corp.		1,973		159,892
				2,999,330
Machinery-Pumps — 0.0%
Flowserve Corp.		4,358		197,505
Medical Instruments — 0.5%
Elekta AB, Series B		68,587		654,893
Intuitive Surgical, Inc.†		7,566		3,266,015
Medtronic PLC		28,435		2,442,282
				6,363,190
Medical Labs & Testing Services — 0.1%
Miraca Holdings, Inc.		15,200		696,162

407

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products — 0.9%
Becton Dickinson and Co.		23,743	$	5,768,124
Cooper Cos., Inc.		3,153		771,445
Henry Schein, Inc.†		977		73,939
Hologic, Inc.†		20,584		878,937
Stryker Corp.		27,291		4,486,095
				11,978,540
Medical-Biomedical/Gene — 1.0%
Alexion Pharmaceuticals, Inc.†		16,526		1,971,882
Amgen, Inc.		2,862		532,475
Biogen, Inc.†		6,435		2,238,157
BioMarin Pharmaceutical, Inc.†		1,260		113,690
Celgene Corp.†		6,196		626,788
CSL, Ltd.		6,129		723,131
Gilead Sciences, Inc.		18,209		1,525,914
Illumina, Inc.†		284		66,070
Incyte Corp.†		3,560		321,433
Regeneron Pharmaceuticals, Inc.†		129		47,298
Shire PLC ADR		9,723		1,361,609
Vertex Pharmaceuticals, Inc.†		18,798		3,136,822
				12,665,269
Medical-Drugs — 2.6%
AbbVie, Inc.		8,428		945,790
Allergan PLC		4,678		843,256
Astellas Pharma, Inc.		157,600		2,078,813
Bayer AG		31,589		4,134,500
Bristol-Myers Squibb Co.		3,905		244,453
Eli Lilly & Co.		5,622		457,912
GlaxoSmithKline PLC ADR		49,905		1,871,936
Johnson & Johnson		24,651		3,406,522
Merck & Co., Inc.		67,875		4,021,594
Novartis AG		45,466		4,113,067
Novo Nordisk A/S, Class B		18,141		1,008,960
Pfizer, Inc.		80,113		2,967,385
Roche Holding AG		14,239		3,510,221
Sanofi		23,717		2,094,188
Zoetis, Inc.		9,175		703,998
				32,402,595
Medical-Generic Drugs — 0.0%
Perrigo Co. PLC		6,355		575,890
Medical-HMO — 1.4%
Aetna, Inc.		21,211		3,962,639
Anthem, Inc.		14,234		3,527,897
Centene Corp.†		1,807		193,783
Cigna Corp.		11,947		2,489,157
Humana, Inc.		3,930		1,107,592
UnitedHealth Group, Inc.		25,789		6,106,319
				17,387,387
Medical-Hospitals — 0.1%
Envision Healthcare Corp.†		7,161		257,725
HCA Healthcare, Inc.†		2,671		270,198
Universal Health Services, Inc., Class B		858		104,247
				632,170
Medical-Wholesale Drug Distribution — 0.0%
AmerisourceBergen Corp.		1,010		100,667
McKesson Corp.		1,111		187,625
				288,292

Security Description	Shares		Value (Note 2)
Metal Processors & Fabrication — 0.0%
Aurubis AG		277	$	29,074
Sims Metal Management, Ltd.		1,191		15,816
				44,890
Metal Products-Distribution — 0.0%
Granges AB		1,535		16,149
Worthington Industries, Inc.		437		20,434
				36,583
Metal-Aluminum — 0.0%
Alumina, Ltd.		36,472		70,828
Kaiser Aluminum Corp.		33		3,638
Norsk Hydro ASA		6,493		47,335
				121,801
Metal-Copper — 0.1%
Antofagasta PLC		61,813		817,093
First Quantum Minerals, Ltd.		5,938		88,539
Freeport-McMoRan, Inc.†		6,600		128,700
HudBay Minerals, Inc.		1,558		13,351
KAZ Minerals PLC†		1,172		13,619
OZ Minerals, Ltd.		5,123		38,598
Southern Copper Corp.		3,353		162,788
				1,262,688
Metal-Diversified — 0.2%
Boliden AB		4,094		148,487
Glencore PLC		38,455		220,422
Rio Tinto PLC		5,799		322,926
Rio Tinto, Ltd.		10,200		631,642
Sandfire Resources NL		4,405		25,521
South32, Ltd.		304,713		937,954
				2,286,952
Metal-Iron — 0.0%
Ferrexpo PLC		4,495		18,617
Fortescue Metals Group, Ltd.		21,421		85,615
Labrador Iron Ore Royalty Corp.		907		19,541
Vale SA		11,603		150,955
				274,728
Mining — 0.0%
Eramet†		158		22,284
Multimedia — 0.2%
Time Warner, Inc.		2,141		204,144
Twenty-First Century Fox, Inc., Class A		8,006		295,421
Twenty-First Century Fox, Inc., Class B		32,091		1,171,001
Walt Disney Co.		8,156		886,313
				2,556,879
Networking Products — 0.3%
Cisco Systems, Inc.		83,379		3,463,563
Telefonaktiebolaget LM Ericsson, Class B		94,693		608,062
				4,071,625
Non-Ferrous Metals — 0.0%
Materion Corp.		294		14,612
Mitsubishi Materials Corp.		1,100		40,757
				55,369

408

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Non-Hazardous Waste Disposal — 0.0%
Waste Connections, Inc.		4,919	$	353,283
Oil Companies-Exploration & Production — 0.6%
Advantage Oil & Gas, Ltd.†		2,620		8,414
Apache Corp.		6,362		285,463
ARC Resources, Ltd.		2,550		28,050
Cairn Energy PLC†		7,129		20,932
Canadian Natural Resources, Ltd.		13,688		467,445
Centennial Resource Development, Inc., Class A†		2,037		41,575
Cimarex Energy Co.		208		23,338
Concho Resources, Inc.†		2,638		415,327
Continental Resources, Inc.†		3,535		196,298
Crew Energy, Inc.†		1,495		2,735
Devon Energy Corp.		7,871		325,623
Diamondback Energy, Inc.†		2,464		309,232
Encana Corp.		2,677		33,141
EOG Resources, Inc.		26,890		3,092,350
Hess Corp.		7,983		403,221
Jagged Peak Energy, Inc.†		1,449		18,620
Kelt Exploration, Ltd.†		2,950		18,084
Kosmos Energy, Ltd.†		4,550		31,440
Lundin Petroleum AB†		887		22,091
Matador Resources Co.†		778		25,215
Noble Energy, Inc.		17,455		532,727
Occidental Petroleum Corp.		22,539		1,689,749
Peyto Exploration & Development Corp.		1,229		11,211
Pioneer Natural Resources Co.		229		41,886
RSP Permian, Inc.†		1,035		41,069
Seven Generations Energy, Ltd., Class A†		2,323		32,390
Venture Global LNG, Inc.†(1)(10)(11)		3		11,313
				8,128,939
Oil Companies-Integrated — 1.1%
BP PLC		13,194		93,874
BP PLC ADR		4,456		190,672
Chevron Corp.		15,220		1,907,827
Exxon Mobil Corp.		33,472		2,922,106
Galp Energia SGPS SA		2,498		47,668
Royal Dutch Shell PLC, Class B ADR		27,670		1,990,303
Statoil ASA		40,939		955,911
Suncor Energy, Inc.		1,029		37,301
TOTAL SA		61,430		3,556,777
TOTAL SA ADR		44,454		2,580,999
				14,283,438
Oil Field Machinery & Equipment — 0.0%
Dril-Quip, Inc.†		306		15,805
Oil Refining & Marketing — 0.3%
Andeavor		9,951		1,076,300
DCC PLC		13,109		1,378,278
HollyFrontier Corp.		689		33,045
Marathon Petroleum Corp.		26,018		1,802,267
				4,289,890
Oil-Field Services — 0.1%
Baker Hughes a GE Co., LLC		11,532		370,754
C&J Energy Services, Inc.†		500		15,310
Frank’s International NV		1,372		9,494
Halliburton Co.		519		27,870

Security Description	Shares		Value (Note 2)
Oil-Field Services (continued)
Helix Energy Solutions Group, Inc.†		2,001	$	15,067
Oceaneering International, Inc.		801		16,565
Schlumberger, Ltd.		2,623		193,000
Subsea 7 SA		1,747		27,195
				675,255
Paper & Related Products — 0.3%
International Paper Co.		38,454		2,417,219
Stora Enso Oyj, Class R		75,132		1,289,131
				3,706,350
Pharmacy Services — 0.1%
Express Scripts Holding Co.†		11,273		892,596
Pipelines — 0.2%
Gibson Energy, Inc.		777		11,219
Koninklijke Vopak NV		726		32,801
Plains GP Holdings LP, Class A		965		20,535
TransCanada Corp.		53,173		2,448,085
				2,512,640
Power Converter/Supply Equipment — 0.0%
Hubbell, Inc.		2,458		334,165
Precious Metals — 0.0%
Roxgold, Inc.†		2,022		1,825
Private Equity — 0.0%
KKR & Co. LP		4,443		106,987
Real Estate Investment Trusts — 1.3%
Acadia Realty Trust		3,386		83,160
Alexander & Baldwin, Inc.		1,129		29,941
Alexandria Real Estate Equities, Inc.		773		100,258
Allied Properties Real Estate Investment Trust		400		13,447
American Campus Communities, Inc.		2,542		97,765
American Tower Corp.		9,438		1,393,993
AvalonBay Communities, Inc.		3,271		557,378
Boston Properties, Inc.		1,292		159,833
Camden Property Trust		1,552		134,341
Canadian Real Estate Investment Trust		774		28,015
CapitaLand Mall Trust		34,800		55,710
Charter Hall Retail REIT		11,719		36,167
Concentradora Fibra Danhos SA de CV		21,010		34,938
Crown Castle International Corp.		16,321		1,840,519
CubeSmart		629		17,316
DCT Industrial Trust, Inc.		3,015		178,458
Derwent London PLC		1,305		54,216
Douglas Emmett, Inc.		4,858		187,859
EastGroup Properties, Inc.		483		41,929
Equinix, Inc.		1,481		674,136
Equity Residential		11,624		716,155
Essex Property Trust, Inc.		943		219,700
Federal Realty Investment Trust		1,025		123,820
Gecina SA		437		85,290
GGP, Inc.		22,194		511,128
Great Portland Estates PLC		74,306		701,597
Healthcare Realty Trust, Inc.		2,905		86,772
Highwoods Properties, Inc.		818		39,166
Host Hotels & Resorts, Inc.		3,101		64,377
Hudson Pacific Properties, Inc.		1,893		60,519
JBG SMITH Properties		3,869		130,579

409

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Kilroy Realty Corp.		1,711	$	122,029
Kimco Realty Corp.		3,933		62,574
Klepierre SA		647		29,553
Macerich Co.		2,766		178,601
Mitsui Fudosan Logistics Park, Inc.		8		27,627
Mori Hills REIT Investment Corp		31		38,931
Nippon Accommodations Fund, Inc.		15		67,945
Nippon Prologis REIT, Inc.		14		32,124
Paramount Group, Inc.		2,147		32,269
Pebblebrook Hotel Trust		1,190		46,410
Prologis, Inc.		13,911		905,745
PS Business Parks, Inc.		261		31,871
Public Storage		956		187,147
Pure Industrial Real Estate Trust		3,200		21,021
Rayonier, Inc.		1,478		47,976
Regency Centers Corp.		7,662		482,017
SBA Communications Corp.†		480		83,760
Scentre Group		357,167		1,194,391
Shaftesbury PLC		4,994		70,907
Simon Property Group, Inc.		1,447		236,396
SL Green Realty Corp.		5,005		503,103
Sunstone Hotel Investors, Inc.		5,383		90,704
Taubman Centers, Inc.		479		29,530
Terreno Realty Corp.		1,599		56,924
Unibail-Rodamco SE		5,886		1,509,784
UNITE Group PLC		6,177		69,900
Urban Edge Properties		5,131		119,963
Vicinity Centres		25,142		54,498
Vornado Realty Trust		6,055		434,022
Weingarten Realty Investors		1,064		31,441
Weyerhaeuser Co.		26,950		1,011,703
				16,269,348
Real Estate Management/Services — 0.0%
Hufvudstaden AB, Class A		1,876		30,188
Mitsubishi Estate Co., Ltd.		4,200		80,349
PSP Swiss Property AG		974		95,804
				206,341
Real Estate Operations & Development — 0.1%
Hang Lung Properties, Ltd.		12,000		31,754
Hongkong Land Holdings, Ltd.		9,800		70,560
Hysan Development Co., Ltd.		10,000		55,863
Iguatemi Empresa de Shopping Centers SA		2,320		31,312
Inmobiliaria Colonial SA		4,500		50,255
Mitsui Fudosan Co., Ltd.		47,900		1,253,772
Sun Hung Kai Properties, Ltd.		5,000		86,863
				1,580,379
Recycling — 0.0%
Asahi Holdings, Inc.†		200		3,963
Rental Auto/Equipment — 0.1%
Element Fleet Management Corp.		153,000		1,032,439
Retail-Apparel/Shoe — 0.3%
L Brands, Inc.		7,525		376,927
Lojas Renner SA		59,008		701,206
Ross Stores, Inc.		20,359		1,677,378
Tapestry, Inc.		7,911		372,134
				3,127,645

Security Description	Shares		Value (Note 2)
Retail-Auto Parts — 0.1%
AutoZone, Inc.†		417	$	319,188
O’Reilly Automotive, Inc.†		1,688		446,797
				765,985
Retail-Building Products — 0.4%
Home Depot, Inc.		16,178		3,250,160
Kingfisher PLC		396,046		1,951,270
Lowe’s Cos., Inc.		2,367		247,896
				5,449,326
Retail-Discount — 0.4%
Costco Wholesale Corp.		3,366		655,933
Dollar General Corp.		12,691		1,308,696
Walmart, Inc.		33,944		3,618,430
				5,583,059
Retail-Drug Store — 0.2%
CVS Health Corp.		24,431		1,922,475
Walgreens Boots Alliance, Inc.		3,685		277,333
				2,199,808
Retail-Major Department Stores — 0.2%
Kering		2,993		1,515,368
TJX Cos., Inc.		5,582		448,346
				1,963,714
Retail-Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		1,055		234,315
Retail-Restaurants — 0.3%
McDonald’s Corp.		7,929		1,356,969
Restaurant Brands International, Inc.		5,520		333,353
Starbucks Corp.		12,609		716,317
Yum! Brands, Inc.		23,418		1,980,929
				4,387,568
Rubber-Tires — 0.0%
Sumitomo Rubber Industries, Ltd.		27,400		531,335
Satellite Telecom — 0.1%
Eutelsat Communications SA		30,402		668,852
Semiconductor Components-Integrated Circuits — 0.7%
Analog Devices, Inc.		2,536		233,008
Marvell Technology Group, Ltd.		21,131		492,986
Maxim Integrated Products, Inc.		12,835		782,935
QUALCOMM, Inc.		44,016		3,004,092
Renesas Electronics Corp.†		52,300		614,646
Taiwan Semiconductor Manufacturing Co., Ltd.		352,000		3,079,721
				8,207,388
Semiconductor Equipment — 0.4%
Applied Materials, Inc.		19,935		1,069,114
ASML Holding NV (Borsa Italiana)		6,962		1,410,647
ASML Holding NV(NASDAQ)		1,774		360,051
KLA-Tencor Corp.		5,692		624,982
Lam Research Corp.		438		83,886
Tokyo Electron, Ltd.		11,000		2,061,555
				5,610,235
Silver Mining — 0.0%
First Majestic Silver Corp.†		1,292		7,899
Fortuna Silver Mines, Inc.†		5,651		27,199

410

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Silver Mining (continued)
Silvercorp Metals, Inc.		786	$	2,083
				37,181
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.		6,362		310,783
Henkel AG & Co. KGaA (Preference Shares)		145		20,271
				331,054
Software Tools — 0.0%
VMware, Inc., Class A†		2,352		291,154
Specified Purpose Acquisitions — 0.0%
Sentinel Energy Services, Inc.†		1,228		12,255
Steel Pipe & Tube — 0.0%
Mueller Water Products, Inc., Class A		1,188		13,817
Tenaris SA		2,002		34,860
Valmont Industries, Inc.		102		16,687
				65,364
Steel-Producers — 0.0%
Acerinox SA		2,709		39,839
BlueScope Steel, Ltd.		2,890		33,767
Nucor Corp.		2,440		163,382
POSCO		306		109,035
Reliance Steel & Aluminum Co.		532		46,598
Steel Dynamics, Inc.		2,412		109,505
Ternium SA ADR		964		32,882
voestalpine AG		388		25,184
				560,192
Steel-Specialty — 0.0%
APERAM SA		606		36,039
Outokumpu Oyj		4,121		35,303
Sanyo Special Steel Co., Ltd.		600		15,175
Topy Industries, Ltd.		200		6,494
				93,011
Telephone-Integrated — 1.2%
AT&T, Inc.		16,500		617,925
KT Corp.		25,539		709,118
Nippon Telegraph & Telephone Corp.		75,500		3,590,002
SoftBank Group Corp.		11,400		937,730
TDC A/S		233,195		1,556,449
Telecom Italia SpA RSP		1,081,234		826,385
Telefonica Deutschland Holding AG		257,454		1,300,943
Telefonica SA		110,723		1,134,524
Verizon Communications, Inc.		87,775		4,745,994
				15,419,070
Textile-Home Furnishings — 0.0%
Mohawk Industries, Inc.†		707		198,709
Tobacco — 0.5%
Altria Group, Inc.		10,460		735,757
British American Tobacco PLC		3,995		273,348
Philip Morris International, Inc.		44,279		4,748,037
				5,757,142

Security Description	Shares		Value (Note 2)
Tools-Hand Held — 0.2%
Stanley Black & Decker, Inc.		14,545	$	2,417,815
Transport-Rail — 0.2%
Canadian Pacific Railway, Ltd.		1,720		318,269
Central Japan Railway Co.		6,800		1,286,251
CSX Corp.		8,827		501,109
Union Pacific Corp.		261		34,843
				2,140,472
Transport-Services — 0.2%
C.H. Robinson Worldwide, Inc.		2,120		193,895
FedEx Corp.		3,313		869,596
United Parcel Service, Inc., Class B		10,164		1,294,081
				2,357,572
Water — 0.0%
American Water Works Co., Inc.		3,130		260,322
Web Portals/ISP — 1.4%
Alphabet, Inc., Class A†		4,340		5,130,835
Alphabet, Inc., Class C†		8,575		10,032,236
Baidu, Inc. ADR†		4,458		1,100,769
NAVER Corp.		609		518,977
Yahoo Japan Corp.		180,400		867,546
				17,650,363
Wire & Cable Products — 0.1%
Prysmian SpA		26,893		946,244
Wireless Equipment — 0.1%
GN Store Nord A/S		40,505		1,366,271
Total Common Stocks (cost $568,245,236)				715,575,667
CONVERTIBLE PREFERRED SECURITIES — 0.1%
E-Commerce/Services — 0.0%
Farmers Business Network, Inc. (10)(11)		563		10,395
Electric-Integrated — 0.1%
DTE Energy Co. 6.50%		330		17,404
NextEra Energy, Inc. 6.12%		10,535		595,860
				613,264
Gas-Distribution — 0.0%
Sempra Energy 6.00%		2,933		293,300
Medical Products — 0.0%
Becton Dickinson and Co. 6.13%		4,409		276,533
Total Convertible Preferred Securities (cost $1,080,108)				1,193,492
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.0%
Pipelines — 0.0%
Enbridge, Inc. Series 16-A 6.00% due 01/15/2077 (cost $160,000)		160,000		168,400

411

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 2.0%
Diversified Financial Services — 2.0%
Allegro CLO, Ltd. FRS Series 2015-1A, Class AR 2.59% (3ML+0.84%) due 07/25/2027*(2)	$	1,100,000	$	1,099,447
Ally Auto Receivables Trust Series 2014-1, Class C 2.04% due 12/15/2019		55,000		55,008
Ally Auto Receivables Trust Series 2016-1, Class C 2.29% due 06/15/2021		95,000		94,661
Ally Auto Receivables Trust Series 2014-1, Class D 2.48% due 02/15/2021		50,000		50,003
Ally Auto Receivables Trust Series 2015-2, Class D 3.01% due 03/15/2022*		50,000		50,164
ALM XI, Ltd. FRS Series 2014-11A, Class A2AR 3.28% (3 ML+1.55%) due 10/17/2026*(2)		250,000		250,529
American Express Credit Account Master Trust FRS Series 2017-5, Class B 2.14% (1 ML+0.58%) due 02/18/2025		320,000		320,780
AmeriCredit Automobile Receivables Trust Series 2015-4, Class A3 1.70% due 07/08/2020		107,225		107,099
AmeriCredit Automobile Receivables Trust Series 2017-1, Class A3 1.87% due 08/18/2021		130,000		129,289
AmeriCredit Automobile Receivables Trust Series 2016-3, Class D 2.71% due 09/08/2022		475,000		470,958
AmeriCredit Automobile Receivables Trust Series 2014-4, Class D 3.07% due 11/09/2020		700,000		705,185
Ascentium Equipment Receivables Trust Series 2016-2A, ClassA3 1.65% due 05/10/2022*		500,000		495,379
Atrium Hotel Portfolio Trust FRS Series 2017-ATRM, Class A 2.49% (1M + 0.93%) due 11/15/2019*(3)		680,000		680,640
Avis Budget Rental Car Funding AESOP LLC Series 2013-2A, Class A 2.97% due 02/20/2020*		200,000		201,021
Barclays Dryrock Issuance Trust Series 2014-3, Class A 2.41% due 07/15/2022		135,000		135,181
BMW Vehicle Lease Trust Series 2016-1, Class A4 1.51% due 06/20/2019		10,000		9,978
BMW Vehicle Lease Trust Series 2017-2, Class A3 2.07% due 10/20/2020		180,000		179,031

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Capital Auto Receivables Asset Trust Series 2016-3, Class A3 1.54% due 08/20/2020	$	95,000	$	94,699
Capital Auto Receivables Asset Trust Series 2016-1, Class A4 1.98% due 10/20/2020		100,000		99,661
CarMax Auto Owner Trust Series 2016-1, Class A4 1.88% due 06/15/2021		10,000		9,890
CarMax Auto Owner Trust Series 2017-4, Class A3 2.11% due 10/17/2022		130,000		128,843
CCG Receivables Trust Series 2016-1, Class A2 1.69% due 09/14/2022*		52,757		52,586
CD Commercial Mtg. Trust VRS Series 2016-CD2, Class A4 3.53% due 11/10/2049(3)(9)		520,000		527,409
Chase Issuance Trust Series 2016-A2, Class A 1.37% due 06/15/2021		245,000		242,128
Citigroup Commercial Mtg. Trust Series 2016-GC36, Class A5 3.62% due 02/10/2049(3)		250,000		254,642
Citigroup Commercial Mtg. Trust Series 2015-GC33, Class A4 3.78% due 09/10/2058(3)		50,000		51,696
CNH Equipment Trust Series 2016-C, Class A3 1.44% due 12/15/2021		125,000		123,501
CNH Equipment Trust Series 2016-A, Class A4 1.79% due 09/15/2021		25,000		24,645
CNH Equipment Trust Series 2017-C, Class A3 2.08% due 02/15/2023		260,000		257,624
COLT Mtg. Loan Trust VRS Series 2017-1, Class A1 2.61% due 05/27/2047*(4)(9)		192,319		190,257
COLT Mtg. Loan Trust VRS Series 2018-1, Class A1 2.93% due 02/25/2048*(4)(9)		340,000		339,967
COMM Mtg. Trust Series 2017-PANW, Class A 3.24% due 10/10/2029*(3)		645,000		639,645
COMM Mtg. Trust Series 2015-CR26, Class A4 3.63% due 10/10/2048(3)		345,000		353,530
COMM Mtg. Trust Series 2015-CR24, Class A6 3.70% due 08/10/2048(3)		250,000		257,743
COMM Mtg. Trust Series 2015-PC1, Class A5 3.90% due 07/10/2050(3)		165,000		170,832
COMM Mtg. Trust VRS Series 2014-UBS4, Class C 4.62% due 08/10/2047(3)(9)		690,000		700,511
CSAIL Commercial Mtg. Trust Series 2016-C6, Class A5 3.09% due 01/15/2049(3)		245,000		240,595

412

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
CSAIL Commercial Mtg. Trust Series 2015-C3, Class A4 3.72% due 08/15/2048(3)	$	50,000	$	51,426
DB Master Finance LLC Series 2017-1A, Class A2I 3.63% due 11/20/2047*		395,000		396,418
Deephaven Residential Mtg. Trust VRS Series 2018-1A, Class A1 2.98% due 12/25/2057*(4)(9)(11)		440,000		439,996
Discover Card Execution Note Trust Series 2016-A4, Class A4 1.39% due 03/15/2022		455,000		448,371
Elara HGV Timeshare Issuer Series 2017-A, Class A 2.69% due 03/25/2030*		217,510		214,546
Enterprise Fleet Financing LLC Series 2017-1, Class A2 2.13% due 07/20/2022*		188,412		188,088
Ford Credit Floorplan Master Owner Trust Series 2015-4, Class A1 1.77% due 08/15/2020		30,000		29,961
Galton Funding Mtg. Trust VRS Series 2018-1, Class A23 3.50% due 11/25/2057*(4)(9)(11)		385,000		386,243
GM Financial Automobile Leasing Trust Series 2016-3, Class A3 1.61% due 12/20/2019		120,000		119,494
GM Financial Automobile Leasing Trust Series 2016-1, Class A4 1.79% due 03/20/2020		25,000		24,919
GMF Floorplan Owner Revolving Trust Series 2017-1, Class A1 2.22% due 01/18/2022*		390,000		388,152
GreatAmerica Leasing Receivables Funding LLC Series 2017-1, Class A3 2.06% due 06/22/2020*		175,000		174,099
GS Mtg. Securities Trust Series 2015-GC32, Class A4 3.76% due 07/10/2048(3)		25,000		25,818
Huntington Auto Trust Series 2016-1, Class A3 1.59% due 11/16/2020		335,000		333,304
Jimmy Johns Funding LLC Series 2017-1A, Class A2I 3.61% due 07/30/2047*		233,825		235,658
John Deere Owner Trust Series 2016-A, Class A4 1.64% due 01/17/2023		15,000		14,860
JPMCC Commercial Mtg. Securities Trust Series 2017-JP5, Class A5 3.72% due 03/15/2050(3)		910,000		934,820
JPMDB Commercial Mtg. Securities Trust Series 2016-C2, Class A4 3.14% due 06/15/2049(3)		50,000		49,348

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Mercedes-Benz Auto Lease Trust Series 2016-B, Class A4 1.52% due 06/15/2022	$	195,000	$	193,583
Mercedes-Benz Auto Lease Trust Series 2016-A, Class A4 1.69% due 11/15/2021		55,000		54,921
Mill City Mtg. Loan Trust VRS Series 2016-1, Class A1 2.50% due 04/25/2057*(9)		69,765		68,943
Mill City Mtg. Loan Trust VRS Series 2017-2, Class A1 2.75% due 07/25/2059*(9)		253,377		251,757
MMAF Equipment Finance LLC Series 2016-AA, Class A4 1.76% due 01/17/2023*		100,000		97,808
MMAF Equipment Finance LLC Series 2017-B, Class A3 2.21% due 10/17/2022*		380,000		375,606
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25, Class A5 3.64% due 10/15/2048(3)		250,000		256,645
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C17, Class A5 3.74% due 08/15/2047(3)		115,000		118,393
OZLM VIII, Ltd. FRS Series 2014-8A, Class A1AR 2.86% (3 ML+1.13%) due 10/17/2026*(2)		395,000		395,032
Santander Drive Auto Receivables Trust Series 2015-2, Class C 2.44% due 04/15/2021		802,831		804,100
Santander Retail Auto Lease Trust Series 2017-A, Class A3 2.22% due 01/20/2021*		330,000		327,912
Seasoned Credit Risk Transfer Trust VRS Series 2016-1, Class M1 3.00% due 09/25/2055*(4)(9)		75,000		74,247
SLM Student Loan Trust FRS Series 2010-1, Class A 1.96% (1 ML+0.40%) due 03/25/2025		337,922		335,717
SLM Student Loan Trust FRS Series 2007-7, Class A4 2.08% (3 ML+0.33%) due 01/25/2022		922,657		908,383
SLM Student Loan Trust FRS Series 2008-9, Class A 3.25% (3 ML+1.50%) due 04/25/2023		132,772		135,912
SLM Student Loan Trust FRS Series 2008-5, Class A4 3.45% (3 ML+1.70%) due 07/25/2023		134,027		138,182
Sonic Capital LLC Series 2018-1A, Class A2 4.03% due 02/20/2048*		70,000		70,000
Springleaf Funding Trust Series 2016-AA, Class A 2.90% due 11/15/2029*		335,000		335,849

413

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Synchrony Credit Card Master Note Trust Series 2017-2, Class A 2.62% due 10/15/2025	$	275,000	$	271,588
Towd Point Mtg. Trust VRS Series 2016-3, Class A1 2.25% due 04/25/2056*(9)		109,983		108,588
Towd Point Mtg. Trust VRS Series 2016-1, Class A1B 2.75% due 02/25/2055*(9)		52,933		52,692
Towd Point Mtg. Trust VRS Series 2016-2, Class A1A 2.75% due 08/25/2055*(9)		70,426		69,707
Towd Point Mtg. Trust VRS Series 2017-1, Class A1 2.75% due 10/25/2056*(9)		234,620		233,083
Towd Point Mtg. Trust VRS Series 2017-4, Class A1 2.75% due 06/25/2057*(9)		1,400,040		1,384,205
Towd Point Mtg. Trust VRS Series 2017-3, Class A1 2.75% due 07/25/2057*(9)		450,594		446,752
Towd Point Mtg. Trust VRS Series 2017-6, Class A1 2.75% due 10/25/2057*(9)		778,853		771,544
Volvo Financial Equipment LLC Series 2017-1A, Class A3 1.92% due 03/15/2021*		135,000		134,042
Wells Fargo Commercial Mtg. Trust Series 2016-C34, Class A4 3.10% due 06/15/2049(3)		120,000		118,113
Wendys Funding LLC Series 1A, Class A2I 3.57% due 03/15/2048*		250,000		249,922
WF-RBS Commercial Mtg. Trust Series 2014-L14, Class A5 4.05% due 03/15/2047(3)		25,000		26,197
Wheels SPV 2 LLC Series 2016-1A, Class A2 1.59% due 05/20/2025*		127,287		126,851
World Financial Network Credit Card Master Trust Series 2013-A, Class A 1.61% due 12/15/2021		200,000		199,967
World Omni Auto Receivables Trust Series 2016-A, Class A3 1.77% due 09/15/2021		90,000		89,566
World Omni Auto Receivables Trust Series 2018-A, Class A2 2.19% due 05/17/2021		405,000		404,996
World Omni Auto Receivables Trust Series 2017-B, Class B 2.37% due 05/15/2024		710,000		694,907
Worldwide Plaza Trust Series 2017-WWP, Class A 3.53% due 11/10/2036*(3)		640,000		643,495
Total Asset Backed Securities (cost $25,458,530)				25,219,483

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 9.2%
Advertising Agencies — 0.0%
Interpublic Group of Cos., Inc. Senior Notes 4.00% due 03/15/2022	$	175,000	$	179,756
Omnicom Group, Inc. Company Guar. Notes 3.60% due 04/15/2026		40,000		39,794
Omnicom Group, Inc. Company Guar. Notes 3.65% due 11/01/2024		75,000		75,663
				295,213
Aerospace/Defense — 0.1%
Lockheed Martin Corp. Senior Notes 3.55% due 01/15/2026		400,000		408,129
Lockheed Martin Corp. Senior Notes 3.80% due 03/01/2045		350,000		346,934
Lockheed Martin Corp. Senior Notes 4.50% due 05/15/2036		200,000		219,825
Rockwell Collins, Inc. Senior Notes 3.20% due 03/15/2024		665,000		660,002
				1,634,890
Aerospace/Defense-Equipment — 0.0%
Harris Corp. Senior Notes 2.00% due 04/27/2018		130,000		129,986
Airlines — 0.2%
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-2, Class A 3.65% due 12/15/2029		123,240		123,856
American Airlines Pass-Through Trust Pass-Through Certs. Series 2014-1, Class A 3.70% due 04/01/2028		132,912		134,075
American Airlines Pass-Through Trust Pass-Through Certs. Series 2017-1B, Class B 4.95% due 08/15/2026		535,000		555,731
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-1, Class B 5.25% due 07/15/2025		462,347		485,557
Delta Air Lines, Inc. Senior Notes 2.88% due 03/13/2020		780,000		780,192
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-2, Class A 3.10% due 04/07/2030		390,000		377,949

414

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines (continued)
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-1, Class A 3.45% due 01/07/2030	$	184,988	$	183,088
				2,640,448
Applications Software — 0.1%
Microsoft Corp. Senior Notes 1.85% due 02/06/2020		900,000		891,762
Microsoft Corp. Senior Notes 4.20% due 11/03/2035		150,000		164,882
				1,056,644
Auto-Cars/Light Trucks — 0.2%
BMW US Capital LLC Company Guar. Notes 1.45% due 09/13/2019*		250,000		246,293
Daimler Finance North America LLC Company Guar. Notes 2.30% due 02/12/2021*		575,000		566,582
Ford Motor Credit Co. LLC Senior Notes 2.24% due 06/15/2018		425,000		425,288
General Motors Co. Senior Notes 4.00% due 04/01/2025		550,000		552,709
General Motors Financial Co., Inc. Company Guar. Notes 3.15% due 01/15/2020		50,000		50,362
Toyota Motor Credit Corp. Senior Notes 1.40% due 05/20/2019		330,000		326,424
				2,167,658
Auto-Heavy Duty Trucks — 0.1%
PACCAR Financial Corp. Senior Notes 1.30% due 05/10/2019		160,000		158,045
PACCAR Financial Corp. Senior Notes 1.95% due 02/27/2020		430,000		425,761
				583,806
Banks-Commercial — 0.2%
Branch Banking & Trust Co Senior Notes 1.45% due 05/10/2019		250,000		247,135
Capital One NA Senior Notes 1.85% due 09/13/2019		350,000		345,609
Capital One NA Senior Notes 2.35% due 01/31/2020		600,000		595,043
Citizens Bank NA Senior Bonds 2.25% due 03/02/2020		500,000		495,329
Citizens Bank NA Senior Notes 2.55% due 05/13/2021		250,000		247,436

Security Description	Principal Amount		Value (Note 2)
Banks-Commercial (continued)
KeyBank NA Senior Notes 1.60% due 08/22/2019	$	250,000	$	246,660
Manufacturers & Traders Trust, Co. Sub. Notes 3.40% due 08/17/2027		250,000		248,213
PNC Bank NA Senior Notes 1.45% due 07/29/2019		250,000		246,222
				2,671,647
Banks-Fiduciary — 0.0%
Citizens Financial Group, Inc. Senior Notes 2.38% due 07/28/2021		40,000		39,200
Citizens Financial Group, Inc. Sub. Notes 4.30% due 12/03/2025		220,000		226,258
State Street Corp. Senior Notes 1.95% due 05/19/2021		250,000		244,000
				509,458
Banks-Super Regional — 0.2%
Citibank NA Senior Notes 2.13% due 10/20/2020		650,000		640,388
PNC Funding Corp. Senior Notes 3.30% due 03/08/2022		545,000		553,475
SunTrust Banks, Inc. Senior Notes 2.35% due 11/01/2018		25,000		25,041
Wells Fargo & Co. Senior Notes 2.50% due 03/04/2021		975,000		966,386
Wells Fargo & Co. Senior Notes 3.07% due 01/24/2023		765,000		765,451
				2,950,741
Beverages-Non-alcoholic — 0.0%
Dr Pepper Snapple Group, Inc. Company Guar. Notes 2.55% due 09/15/2026		310,000		283,015
Brewery — 0.1%
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 3.65% due 02/01/2026		475,000		480,717
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 4.90% due 02/01/2046		650,000		734,506
				1,215,223
Broadcast Services/Program — 0.0%
Univision Communications, Inc. Senior Sec. Notes 5.13% due 02/15/2025*		500,000		485,000
Building & Construction Products-Misc. — 0.0%
American Woodmark Corp. Company Guar. Notes 4.88% due 03/15/2026*		475,000		475,000

415

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building Products-Cement — 0.0%
Martin Marietta Materials, Inc. Senior Notes 4.25% due 07/02/2024	$	11,000	$	11,449
Vulcan Materials Co. Senior Notes 4.50% due 06/15/2047		130,000		131,578
				143,027
Building-Heavy Construction — 0.0%
SBA Tower Trust Mtg. Notes Series 2016-1 2.88% due 07/10/2046*		175,000		174,125
SBA Tower Trust Mtg. Notes Series 2014-1C 2.90% due 10/11/2044*		50,003		50,129
				224,254
Building-Residential/Commercial — 0.0%
M/I Homes, Inc. Company Guar. Notes 5.63% due 08/01/2025		275,000		279,813
Cable/Satellite TV — 0.4%
Altice US Finance II Corp. Senior Notes 7.75% due 07/15/2025*		750,000		815,625
Cablevision Systems Corp. Senior Notes 5.88% due 09/15/2022		750,000		757,500
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.88% due 04/01/2024*		750,000		783,750
CSC Holdings LLC Company Guar. Bonds 5.38% due 02/01/2028*		400,000		399,000
DISH DBS Corp. Company Guar. Notes 7.75% due 07/01/2026		700,000		719,250
Radiate Holdco LLC/Radiate Finance, Inc. Senior Notes 6.63% due 02/15/2025*		400,000		391,000
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		480,000		565,968
				4,432,093
Casino Hotels — 0.0%
MGM Resorts International Company Guar. Notes 6.00% due 03/15/2023		375,000		405,000
Cellular Telecom — 0.1%
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024		550,000		557,794
T-Mobile USA, Inc. Company Guar. Notes 4.75% due 02/01/2028		750,000		752,812
				1,310,606

Security Description	Principal Amount		Value (Note 2)
Chemicals-Specialty — 0.1%
Kraton Polymers LLC/Kraton Polymers Capital Corp. Company Guar. Notes 7.00% due 04/15/2025*	$	581,000	$	614,408
Platform Specialty Products Corp. Company Guar. Notes 5.88% due 12/01/2025*		400,000		406,500
				1,020,908
Coal — 0.1%
Peabody Energy Corp. Senior Sec. Notes 6.38% due 03/31/2025*		750,000		787,500
Commercial Services — 0.0%
Weight Watchers International, Inc. Company Guar. Notes 8.63% due 12/01/2025*		475,000		508,250
Computer Services — 0.0%
DXC Technology Co. Senior Notes 2.88% due 03/27/2020		345,000		345,110
Computers — 0.3%
Apple, Inc. Senior Notes 1.10% due 08/02/2019		250,000		245,817
Apple, Inc. Senior Notes 1.90% due 02/07/2020		400,000		396,719
Apple, Inc. Senior Notes 3.20% due 05/11/2027		1,670,000		1,650,181
Apple, Inc. Senior Notes 3.25% due 02/23/2026		265,000		264,627
Hewlett Packard Enterprise Co. Senior Notes 2.10% due 10/04/2019*		350,000		346,082
Hewlett Packard Enterprise Co. Senior Notes 2.85% due 10/05/2018		250,000		251,141
				3,154,567
Containers-Metal/Glass — 0.0%
BWAY Holding Co. Senior Notes 7.25% due 04/15/2025*		500,000		521,875
Containers-Paper/Plastic — 0.1%
Crown Americas LLC/Crown Americas Capital Corp. Company Guar. Notes 4.75% due 02/01/2026*		750,000		753,750
Packaging Corp. of America Senior Notes 2.45% due 12/15/2020		385,000		383,042
				1,136,792
Diagnostic Equipment — 0.1%
Abbott Laboratories Senior Notes 3.40% due 11/30/2023		295,000		297,193
Abbott Laboratories Senior Notes 4.75% due 11/30/2036		395,000		439,016

416

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diagnostic Equipment (continued)
Avantor, Inc. Senior Sec. Notes 6.00% due 10/01/2024*	$	550,000	$	554,812
Thermo Fisher Scientific, Inc. Senior Notes 2.95% due 09/19/2026		300,000		286,254
Thermo Fisher Scientific, Inc. Senior Notes 3.00% due 04/15/2023		70,000		69,672
				1,646,947
Distribution/Wholesale — 0.1%
H&E Equipment Services, Inc. Company Guar. Notes 5.63% due 09/01/2025*		550,000		570,625
Diversified Banking Institutions — 0.9%
Bank of America Corp. Senior Notes 2.60% due 01/15/2019		500,000		502,150
Bank of America Corp. Senior Notes 2.65% due 04/01/2019		150,000		150,485
Bank of America Corp. Senior Notes 3.50% due 04/19/2026		150,000		150,933
Bank of America Corp. Senior Notes 3.82% due 01/20/2028		750,000		764,389
Bank of America Corp. Sub. Notes 4.45% due 03/03/2026		350,000		367,228
Citigroup, Inc. Senior Notes 2.35% due 08/02/2021		250,000		244,997
Citigroup, Inc. Senior Notes 2.90% due 12/08/2021		500,000		498,273
Citigroup, Inc. Senior Notes 3.89% due 01/10/2028		505,000		515,658
Citigroup, Inc. Sub. Notes 4.60% due 03/09/2026		175,000		184,439
Goldman Sachs Group, Inc. Senior Notes 2.00% due 04/25/2019		325,000		323,164
Goldman Sachs Group, Inc. Senior Notes 2.35% due 11/15/2021		500,000		487,795
Goldman Sachs Group, Inc. Senior Notes 3.00% due 04/26/2022		980,000		973,235
Goldman Sachs Group, Inc. Senior Notes 3.75% due 05/22/2025		125,000		126,579
Goldman Sachs Group, Inc. Sub. Notes 4.25% due 10/21/2025		640,000		657,484
JPMorgan Chase & Co. Senior Notes 1.63% due 05/15/2018		450,000		449,674

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 1.70% due 03/01/2018	$	500,000	$	500,000
JPMorgan Chase & Co. Senior Notes 2.55% due 03/01/2021		140,000		139,218
JPMorgan Chase & Co. Senior Notes 2.78% due 04/25/2023		500,000		493,338
JPMorgan Chase & Co. Senior Notes 3.13% due 01/23/2025		175,000		173,284
JPMorgan Chase & Co. Senior Notes 3.20% due 06/15/2026		200,000		195,802
JPMorgan Chase & Co. Senior Notes 3.78% due 02/01/2028		445,000		453,099
JPMorgan Chase & Co. Senior Notes 3.88% due 07/24/2038		545,000		549,905
JPMorgan Chase & Co. Sub. Notes 4.25% due 10/01/2027		25,000		26,059
Morgan Stanley Senior Notes 2.38% due 07/23/2019		300,000		299,337
Morgan Stanley Senior Notes 3.13% due 07/27/2026		550,000		531,597
Morgan Stanley Senior Notes 3.97% due 07/22/2038		970,000		988,176
Morgan Stanley Senior Notes 4.30% due 01/27/2045		25,000		26,555
				10,772,853
Diversified Manufacturing Operations — 0.1%
General Electric Capital Corp. Senior Notes 1.63% due 04/02/2018		500,000		499,842
General Electric Capital Corp. Senior Notes 2.20% due 01/09/2020		150,000		148,675
General Electric Capital Corp. Senior Notes 3.15% due 09/07/2022		100,000		99,844
General Electric Capital Corp. Senior Notes 5.88% due 01/14/2038		300,000		366,308
General Electric Co. Senior Notes 4.13% due 10/09/2042		100,000		98,925
				1,213,594
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024*		245,000		240,042
Amazon.com, Inc. Senior Notes 3.30% due 12/05/2021		50,000		51,172

417

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
E-Commerce/Products (continued)
Amazon.com, Inc. Senior Notes 3.88% due 08/22/2037*	$	385,000	$	396,516
Amazon.com, Inc. Senior Notes 5.20% due 12/03/2025		405,000		455,767
				1,143,497
E-Commerce/Services — 0.1%
Expedia, Inc. Company Guar. Notes 5.00% due 02/15/2026		205,000		215,517
Priceline Group, Inc. Senior Notes 3.60% due 06/01/2026		850,000		845,336
				1,060,853
Electric-Integrated — 0.5%
Alabama Power Co. Senior Notes 3.75% due 03/01/2045		170,000		169,604
Berkshire Hathaway Energy Co. Senior Bonds 3.80% due 07/15/2048*		780,000		773,748
CMS Energy Corp. Senior Notes 3.00% due 05/15/2026		195,000		188,130
Dominion Energy, Inc. Junior Sub. Notes 2.58% due 07/01/2020		160,000		158,807
Duke Energy Corp. Senior Notes 2.65% due 09/01/2026		45,000		41,909
Duke Energy Corp. Senior Notes 3.75% due 09/01/2046		40,000		38,245
Duke Energy Progress LLC 1st Mtg. Bonds 3.70% due 10/15/2046		225,000		223,455
Eversource Energy Senior Bonds 3.30% due 01/15/2028		170,000		166,843
Exelon Corp. Senior Notes 3.40% due 04/15/2026		245,000		242,028
Exelon Generation Co. LLC Senior Notes 2.95% due 01/15/2020		120,000		120,612
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		410,000		551,392
FirstEnergy Transmission LLC Senior Notes 4.35% due 01/15/2025*		550,000		574,448
Georgia Power Co. Senior Notes 2.00% due 09/08/2020		900,000		888,857
Ohio Power Co. Senior Notes 5.38% due 10/01/2021		450,000		490,622

Security Description	Principal Amount		Value (Note 2)
Electric-Integrated (continued)
Ohio Power Co. Senior Notes 6.60% due 03/01/2033	$	255,000	$	336,777
Progress Energy, Inc. Senior Notes 7.05% due 03/15/2019		600,000		630,142
Southern Co. Senior Notes 1.55% due 07/01/2018		155,000		154,704
Southern Co. Senior Notes 4.40% due 07/01/2046		230,000		238,269
Virginia Electric & Power Co. Senior Notes 4.00% due 01/15/2043		400,000		414,208
				6,402,800
Electric-Transmission — 0.1%
ITC Holdings Corp. Senior Notes 2.70% due 11/15/2022*		640,000		631,515
Electronic Components-Semiconductors — 0.1%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.00% due 01/15/2022*		800,000		785,600
Electronic Measurement Instruments — 0.1%
Agilent Technologies, Inc. Senior Notes 3.88% due 07/15/2023		75,000		76,446
Itron, Inc. Company Guar. Notes 5.00% due 01/15/2026*		400,000		402,000
Keysight Technologies, Inc. Senior Notes 3.30% due 10/30/2019		450,000		451,883
				930,329
Electronic Parts Distribution — 0.0%
Avnet, Inc. Senior Notes 4.63% due 04/15/2026		255,000		259,501
Enterprise Software/Service — 0.1%
Oracle Corp. Senior Notes 2.40% due 09/15/2023		850,000		823,372
Finance-Credit Card — 0.2%
American Express Credit Corp. Senior Notes 2.20% due 03/03/2020		825,000		818,846
Discover Financial Services Senior Notes 3.75% due 03/04/2025		600,000		597,089
Discover Financial Services Senior Notes 3.85% due 11/21/2022		380,000		385,911
Visa, Inc. Senior Notes 2.15% due 09/15/2022		740,000		717,835

418

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Credit Card (continued)
Visa, Inc. Senior Notes 4.15% due 12/14/2035	$	90,000	$	97,435
				2,617,116
Finance-Investment Banker/Broker — 0.0%
Raymond James Financial, Inc. Senior Notes 3.63% due 09/15/2026		30,000		29,764
Finance-Leasing Companies — 0.1%
Air Lease Corp. Senior Notes 2.50% due 03/01/2021		365,000		360,748
Air Lease Corp. Senior Notes 3.63% due 04/01/2027		535,000		523,387
				884,135
Finance-Other Services — 0.0%
Intercontinental Exchange, Inc. Company Guar. Notes 2.75% due 12/01/2020		45,000		45,284
Food-Catering — 0.0%
Aramark Services, Inc. Company Guar. Bonds 5.00% due 02/01/2028*		525,000		535,500
Food-Flour & Grain — 0.0%
Post Holdings, Inc. Company Guar. Notes 5.00% due 08/15/2026*		325,000		317,281
Food-Misc./Diversified — 0.0%
Hearthside Group Holdings LLC/Hearthside Finance Co. Company Guar. Notes 6.50% due 05/01/2022*		400,000		406,000
Funeral Services & Related Items — 0.0%
Matthews International Corp. Senior Notes 5.25% due 12/01/2025*		400,000		406,000
Gambling (Non-Hotel) — 0.0%
CRC Escrow Issuer LLC/CRC Finco, Inc. Company Guar. Notes 5.25% due 10/15/2025*		375,000		372,229
Gas-Distribution — 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.50% due 05/20/2025		400,000		409,000
NiSource, Inc. Senior Notes 3.49% due 05/15/2027		620,000		617,656
NiSource, Inc. Senior Notes 3.95% due 03/30/2048		425,000		423,204
Sempra Energy Senior Notes 2.40% due 02/01/2020		1,005,000		1,001,601
				2,451,461

Security Description	Principal Amount		Value (Note 2)
Independent Power Producers — 0.1%
Calpine Corp. Senior Sec. Notes 5.25% due 06/01/2026*	$	400,000	$	392,500
Calpine Corp. Senior Notes 5.75% due 01/15/2025		425,000		402,688
				795,188
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc. Senior Notes 3.30% due 03/14/2023		110,000		110,799
Marsh & McLennan Cos., Inc. Senior Notes 4.35% due 01/30/2047		525,000		568,838
USIS Merger Sub, Inc. Senior Notes 6.88% due 05/01/2025*		275,000		283,250
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		395,000		395,816
				1,358,703
Insurance-Life/Health — 0.2%
Aflac, Inc. Senior Notes 4.00% due 10/15/2046		540,000		541,237
Pricoa Global Funding I Sec. Notes 1.45% due 09/13/2019*		225,000		221,323
Pricoa Global Funding I Sec. Notes 2.45% due 09/21/2022*		700,000		683,709
Principal Financial Group, Inc. Company Guar. Notes 3.40% due 05/15/2025		375,000		373,754
Teachers Insurance & Annuity Association of America Sub. Notes 4.27% due 05/15/2047*		1,000,000		1,032,162
Unum Group Senior Notes 3.00% due 05/15/2021		55,000		54,930
				2,907,115
Insurance-Multi-line — 0.2%
Acrisure LLC/Acrisure Finance, Inc. Senior Notes 7.00% due 11/15/2025*		400,000		397,000
CNA Financial Corp. Senior Notes 3.95% due 05/15/2024		700,000		712,804
Metropolitan Life Global Funding I Sec. Notes 1.35% due 09/14/2018*		430,000		427,752
Metropolitan Life Global Funding I Sec. Notes 1.75% due 12/19/2018*		225,000		224,399
Metropolitan Life Global Funding I Sec. Notes 2.05% due 06/12/2020*		240,000		236,892
				1,998,847

419

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Mutual — 0.1%
Liberty Mutual Group, Inc. Company Guar. Notes 4.25% due 06/15/2023*	$	115,000	$	119,391
Liberty Mutual Group, Inc. Company Guar. Notes 4.85% due 08/01/2044*		510,000		554,506
MassMutual Global Funding II Sec. Notes 1.95% due 09/22/2020*		630,000		619,260
New York Life Global Funding Sec. Notes 1.50% due 10/24/2019*		305,000		300,489
				1,593,646
Insurance-Property/Casualty — 0.0%
ACE INA Holdings, Inc. Company Guar. Notes 4.35% due 11/03/2045		75,000		82,289
Insurance-Reinsurance — 0.1%
Berkshire Hathaway, Inc. Senior Notes 1.15% due 08/15/2018		400,000		398,364
Berkshire Hathaway, Inc. Senior Notes 2.75% due 03/15/2023		200,000		198,913
				597,277
Investment Management/Advisor Services — 0.0%
Ameriprise Financial, Inc. Senior Notes 2.88% due 09/15/2026		285,000		272,880
Machinery-Construction & Mining — 0.1%
BlueLine Rental Finance Corp./BlueLine Rental LLC Sec. Notes 9.25% due 03/15/2024*		625,000		679,688
Machinery-Farming — 0.0%
John Deere Capital Corp. Senior Notes 2.35% due 01/08/2021		525,000		521,631
Machinery-General Industrial — 0.1%
Roper Technologies, Inc. Senior Notes 3.00% due 12/15/2020		120,000		120,832
Roper Technologies, Inc. Senior Notes 3.80% due 12/15/2026		745,000		755,516
Wabtec Corp. Company Guar. Notes 3.45% due 11/15/2026		405,000		388,299
				1,264,647
Medical Instruments — 0.0%
Medtronic, Inc. Company Guar. Notes 4.63% due 03/15/2045		150,000		169,943
Medical Products — 0.1%
Becton Dickinson and Co. Senior Notes 3.70% due 06/06/2027		635,000		625,599

Security Description	Principal Amount		Value (Note 2)
Medical-Biomedical/Gene — 0.1%
Baxalta, Inc. Company Guar. Notes 2.88% due 06/23/2020	$	45,000	$	45,063
Biogen, Inc. Senior Notes 3.63% due 09/15/2022		550,000		565,465
Celgene Corp. Senior Notes 3.55% due 08/15/2022		570,000		579,269
Celgene Corp. Senior Notes 3.88% due 08/15/2025		70,000		71,450
Gilead Sciences, Inc. Senior Notes 1.85% due 09/20/2019		350,000		347,343
Gilead Sciences, Inc. Senior Notes 3.25% due 09/01/2022		50,000		50,644
				1,659,234
Medical-Drugs — 0.1%
AbbVie, Inc. Senior Notes 2.30% due 05/14/2021		65,000		63,879
AbbVie, Inc. Senior Notes 3.20% due 05/14/2026		100,000		97,505
AbbVie, Inc. Senior Notes 3.60% due 05/14/2025		415,000		418,836
AbbVie, Inc. Senior Notes 4.50% due 05/14/2035		50,000		53,856
Horizon Pharma, Inc. Company Guar. Notes 6.63% due 05/01/2023		350,000		352,625
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 7.25% due 07/15/2022*		400,000		396,000
				1,382,701
Medical-HMO — 0.1%
Anthem, Inc. Senior Notes 2.50% due 11/21/2020		240,000		238,672
Humana, Inc. Senior Notes 2.63% due 10/01/2019		50,000		50,094
MPH Acquisition Holdings LLC Company Guar. Notes 7.13% due 06/01/2024*		400,000		429,500
UnitedHealth Group, Inc. Senior Notes 4.70% due 02/15/2021		25,000		26,364
WellPoint, Inc. Senior Notes 3.13% due 05/15/2022		100,000		100,081
				844,711

420

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Hospitals — 0.2%
Baylor Scott & White Holdings Sec. Notes 3.97% due 11/15/2046	$	100,000	$	100,463
Northwell Healthcare, Inc. Sec. Notes 3.98% due 11/01/2046		500,000		480,660
Providence St Joseph Health Obligated Group Notes 3.93% due 10/01/2048		1,375,000		1,385,313
Stanford Health Care Notes 3.80% due 11/15/2048		420,000		423,682
Tenet Healthcare Corp. Sec. Notes 7.50% due 01/01/2022*		275,000		291,005
THC Escrow Corp. III Senior Notes 7.00% due 08/01/2025*		275,000		269,500
				2,950,623
Networking Products — 0.0%
Cisco Systems, Inc. Senior Notes 1.40% due 09/20/2019		500,000		492,740
Non-Hazardous Waste Disposal — 0.0%
Republic Services, Inc. Senior Notes 3.38% due 11/15/2027		270,000		266,181
Oil & Gas Drilling — 0.0%
Nabors Industries, Inc. Company Guar. Notes 5.50% due 01/15/2023		100,000		100,000
Oil Companies-Exploration & Production — 0.2%
Cimarex Energy Co. Senior Notes 4.38% due 06/01/2024		15,000		15,743
Concho Resources, Inc. Company Guar. Notes 3.75% due 10/01/2027		155,000		154,262
CrownRock LP/CrownRock Finance, Inc. Senior Notes 5.63% due 10/15/2025*		500,000		505,000
Hess Corp. Senior Notes 4.30% due 04/01/2027		185,000		186,002
Occidental Petroleum Corp. Senior Notes 3.00% due 02/15/2027		425,000		414,158
Occidental Petroleum Corp. Senior Notes 3.40% due 04/15/2026		50,000		50,408
Parsley Energy LLC/Parsley Finance Corp. Company Guar. Notes 5.25% due 08/15/2025*		750,000		757,500

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Sanchez Energy Corp. Company Guar. Notes 7.75% due 06/15/2021	$	120,000	$	118,197
				2,201,270
Oil Refining & Marketing — 0.0%
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 5.50% due 02/15/2026*		400,000		408,380
Oil-Field Services — 0.0%
Jonah Energy LLC/Jonah Energy Finance Corp. Company Guar. Notes 7.25% due 10/15/2025*		500,000		504,375
Paper & Related Products — 0.1%
International Paper Co. Senior Notes 4.80% due 06/15/2044		165,000		180,546
International Paper Co. Senior Notes 5.00% due 09/15/2035		500,000		560,505
				741,051
Pharmacy Services — 0.1%
Express Scripts Holding Co. Company Guar. Notes 2.60% due 11/30/2020		675,000		669,803
Express Scripts Holding Co. Company Guar. Notes 3.00% due 07/15/2023		500,000		489,743
Express Scripts Holding Co. Company Guar. Notes 3.30% due 02/25/2021		50,000		50,297
				1,209,843
Pipelines — 0.2%
Boardwalk Pipelines LP Company Guar. Notes 4.45% due 07/15/2027		85,000		85,466
Cheniere Energy Partners LP Senior Sec. Notes 5.25% due 10/01/2025*		525,000		534,844
Crestwood Midstream Partners LP/Crestwood Midstream Finance Corp. Company Guar. Notes 6.25% due 04/01/2023		235,000		244,987
EnLink Midstream Partners LP Senior Notes 4.85% due 07/15/2026		80,000		83,065
Magellan Midstream Partners LP Senior Notes 4.25% due 09/15/2046		45,000		45,027
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.20% due 03/15/2028		610,000		613,591
Spectra Energy Partners LP Senior Notes 3.38% due 10/15/2026		185,000		180,266
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.13% due 02/01/2025		500,000		503,750

421

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Western Gas Partners LP Senior Notes 5.45% due 04/01/2044	$	140,000	$	151,681
Williams Partners LP Senior Notes 5.10% due 09/15/2045		405,000		446,939
				2,889,616
Poultry — 0.0%
Simmons Foods, Inc. Sec. Notes 5.75% due 11/01/2024*		500,000		490,000
Real Estate Investment Trusts — 0.5%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 3.45% due 04/30/2025		1,035,000		1,015,133
Alexandria Real Estate Equities, Inc. Company Guar. Notes 3.95% due 01/15/2027		45,000		45,028
Alexandria Real Estate Equities, Inc. Company Guar. Notes 3.95% due 01/15/2028		350,000		350,411
Brixmor Operating Partnership LP Senior Notes 3.25% due 09/15/2023		235,000		227,874
Brixmor Operating Partnership LP Senior Notes 3.90% due 03/15/2027		280,000		271,202
Brixmor Operating Partnership LP Senior Notes 4.13% due 06/15/2026		115,000		114,246
Crown Castle International Corp. Senior Notes 3.40% due 02/15/2021		35,000		35,470
Crown Castle International Corp. Senior Notes 3.70% due 06/15/2026		150,000		146,597
Crown Castle International Corp. Senior Notes 4.45% due 02/15/2026		350,000		361,381
Crown Castle International Corp. Senior Notes 4.75% due 05/15/2047		145,000		147,980
Essex Portfolio LP Company Guar. Notes 3.38% due 04/15/2026		635,000		618,833
Federal Realty Investment Trust Senior Notes 2.75% due 06/01/2023		35,000		34,107
Highwoods Realty LP Senior Notes 3.63% due 01/15/2023		280,000		279,882
Iron Mountain, Inc. Company Guar. Notes 4.88% due 09/15/2027*		725,000		693,281
Kilroy Realty LP Company Guar. Notes 3.45% due 12/15/2024		350,000		344,153
Kilroy Realty LP Company Guar. Notes 4.38% due 10/01/2025		15,000		15,482

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
Kimco Realty Corp. Senior Notes 3.30% due 02/01/2025	$	265,000	$	259,509
Kimco Realty Corp. Senior Notes 6.88% due 10/01/2019		150,000		160,068
Regency Centers LP Company Guar. Notes 3.60% due 02/01/2027		140,000		136,720
Ventas Realty LP Company Guar. Notes 3.25% due 10/15/2026		270,000		258,659
VEREIT Operating Partnership LP Company Guar. Notes 3.95% due 08/15/2027		345,000		334,336
				5,850,352
Rental Auto/Equipment — 0.1%
Herc Rentals, Inc. Sec. Notes 7.75% due 06/01/2024*		375,000		411,094
United Rentals North America, Inc. Company Guar. Notes 4.63% due 10/15/2025		400,000		406,000
				817,094
Retail-Apparel/Shoe — 0.0%
The Men’s Wearhouse, Inc. Company Guar. Notes 7.00% due 07/01/2022		400,000		397,000
Retail-Auto Parts — 0.1%
AutoZone, Inc. Senior Notes 1.63% due 04/21/2019		325,000		321,674
AutoZone, Inc. Senior Notes 3.13% due 04/21/2026		50,000		47,917
AutoZone, Inc. Senior Notes 3.75% due 06/01/2027		1,000,000		1,000,585
O’Reilly Automotive, Inc. Senior Notes 3.60% due 09/01/2027		430,000		426,135
				1,796,311
Retail-Drug Store — 0.1%
CVS Health Corp. Senior Notes 3.50% due 07/20/2022		600,000		604,466
Rite Aid Corp. Company Guar. Notes 6.13% due 04/01/2023*		350,000		326,375
				930,841
Retail-Mail Order — 0.1%
QVC, Inc. Senior Sec. Notes 3.13% due 04/01/2019		400,000		400,683
QVC, Inc. Senior Sec. Notes 4.45% due 02/15/2025		120,000		120,958
QVC, Inc. Senior Sec. Notes 4.85% due 04/01/2024		75,000		78,365
				600,006

422

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Restaurants — 0.1%
Golden Nugget, Inc. Company Guar. Notes 8.75% due 10/01/2025*	$	375,000	$	400,312
IRB Holding Corp. Company Guar. Notes 6.75% due 02/15/2026*		400,000		405,000
KFC Holding Co./Pizza Hut Holdings LLC/Taco Bell of America LLC Company Guar. Notes 5.25% due 06/01/2026*		400,000		408,000
				1,213,312
Schools — 0.1%
George Washington University Notes 3.55% due 09/15/2046		45,000		41,926
Northwestern University Notes 3.81% due 12/01/2050		1,000,000		1,000,584
President and Fellows of Harvard College Notes 3.15% due 07/15/2046		500,000		472,584
				1,515,094
Security Services — 0.0%
Prime Security Services Borrower LLC/Prime Finance, Inc. Sec. Notes 9.25% due 05/15/2023*		375,000		414,844
Semiconductor Components-Integrated Circuits — 0.0%
QUALCOMM, Inc. Senior Notes 3.00% due 05/20/2022		520,000		516,537
Steel-Producers — 0.1%
Carpenter Technology Corp. Senior Notes 5.20% due 07/15/2021		150,000		154,874
Steel Dynamics, Inc. Company Guar. Notes 4.13% due 09/15/2025		750,000		742,275
				897,149
Telecom Services — 0.1%
GCI, Inc. Senior Notes 6.88% due 04/15/2025		600,000		639,000
Telephone-Integrated — 0.3%
AT&T, Inc. Senior Notes 2.85% due 02/14/2023		600,000		597,026
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024		325,000		327,438
Level 3 Financing, Inc. Company Guar. Notes 5.63% due 02/01/2023		500,000		506,250
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		1,375,000		1,362,494

Security Description	Principal Amount		Value (Note 2)
Telephone-Integrated (continued)
Verizon Communications, Inc. Senior Notes 5.15% due 09/15/2023	$	725,000	$	795,492
				3,588,700
Television — 0.1%
Sinclair Television Group, Inc. Company Guar. Notes 5.63% due 08/01/2024*		550,000		566,500
Tobacco — 0.1%
BAT Capital Corp. Company Guar. Notes 2.76% due 08/15/2022*		510,000		500,945
Reynolds American, Inc. Company Guar. Notes 2.30% due 06/12/2018		275,000		275,237
				776,182
Transport-Equipment & Leasing — 0.1%
GATX Corp. Senior Notes 2.60% due 03/30/2020		50,000		49,797
GATX Corp. Senior Notes 3.25% due 09/15/2026		375,000		359,113
GATX Corp. Senior Notes 3.50% due 03/15/2028		605,000		584,230
				993,140
Vitamins & Nutrition Products — 0.0%
Mead Johnson Nutrition Co. Company Guar. Notes 4.60% due 06/01/2044		50,000		53,750
Wireless Equipment — 0.0%
CB Escrow Corp. Senior Notes 8.00% due 10/15/2025*		400,000		401,000
Total U.S. Corporate Bonds & Notes (cost $117,173,229)				116,649,770
FOREIGN CORPORATE BONDS & NOTES — 2.6%
Advertising Services — 0.0%
WPP Finance 2010 Company Guar. Notes 3.75% due 09/19/2024		100,000		101,240
Agricultural Chemicals — 0.0%
Potash Corp. of Saskatchewan, Inc. Senior Notes 4.00% due 12/15/2026		110,000		112,558
Auto/Truck Parts & Equipment-Original — 0.0%
Aptiv PLC Company Guar. Notes 3.15% due 11/19/2020		50,000		50,462
Banks-Commercial — 0.8%
ABN AMRO Bank NV Senior Notes 2.10% due 01/18/2019*		265,000		264,332
ABN AMRO Bank NV Sub. Notes 4.75% due 07/28/2025*		500,000		523,277

423

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
ANZ New Zealand International, Ltd. Company Guar. Notes 2.20% due 07/17/2020*	$	285,000	$	281,570
ANZ New Zealand International, Ltd. Company Guar. Notes 2.75% due 01/22/2021*		675,000		672,322
Bank of Montreal Senior Notes 1.50% due 07/18/2019		385,000		379,786
Barclays Bank PLC Senior Notes 2.65% due 01/11/2021		850,000		844,146
BPCE SA Company Guar. Notes 3.00% due 05/22/2022*		250,000		247,444
BPCE SA Sub. Notes 4.88% due 04/01/2026*		400,000		421,804
Commonwealth Bank of Australia Sub. Notes 4.50% due 12/09/2025*		750,000		776,750
Danske Bank A/S Senior Notes 2.20% due 03/02/2020*		570,000		565,171
ING Groep NV Senior Notes 3.15% due 03/29/2022		265,000		264,645
Intesa Sanpaolo SpA Senior Notes 3.13% due 07/14/2022*		415,000		409,063
Intesa Sanpaolo SpA Senior Notes 3.38% due 01/12/2023*		200,000		198,185
Nordea Bank AB Senior Notes 2.13% due 05/29/2020*		400,000		395,433
Royal Bank of Canada Senior Notes 1.50% due 07/29/2019		250,000		246,752
Santander UK Group Holdings PLC Senior Notes 2.88% due 08/05/2021		445,000		439,727
Santander UK Group Holdings PLC Senior Notes 3.57% due 01/10/2023		200,000		200,635
Santander UK PLC Senior Notes 2.35% due 09/10/2019		25,000		24,919
Skandinaviska Enskilda Banken AB Senior Notes 1.50% due 09/13/2019		500,000		491,971
Standard Chartered PLC FRS Senior Notes 2.57% (3 ML+1.13%) due 08/19/2019*		325,000		329,042
Sumitomo Mitsui Trust Bank, Ltd. Senior Notes 2.05% due 03/06/2019*		437,000		435,088
Toronto-Dominion Bank Senior Notes 1.45% due 09/06/2018		500,000		498,236

Security Description	Principal Amount		Value (Note 2)
Banks-Commercial (continued)
Toronto-Dominion Bank Sub. Notes 3.63% due 09/15/2031	$	55,000	$	53,740
Westpac Banking Corp. Senior Notes 2.15% due 03/06/2020		1,100,000		1,090,583
				10,054,621
Banks-Money Center — 0.1%
BBVA Bancomer SA Senior Notes 4.38% due 04/10/2024*		600,000		621,000
Banks-Special Purpose — 0.1%
KFW Government Guar. Notes 2.13% due 03/07/2022		800,000		784,936
Building Products-Cement — 0.0%
Boral Finance Pty, Ltd. Company Guar. Notes 3.00% due 11/01/2022*		55,000		54,084
Building Societies — 0.0%
Nationwide Building Society Senior Notes 2.45% due 07/27/2021*		410,000		403,872
Building-Residential/Commercial — 0.0%
Mattamy Group Corp. Senior Notes 6.50% due 10/01/2025*		275,000		289,781
Cable/Satellite TV — 0.1%
Telenet Finance Luxembourg Notes SARL Senior Sec. Notes 5.50% due 03/01/2028*		600,000		597,000
Ziggo Bond Finance BV Senior Notes 6.00% due 01/15/2027*		425,000		418,625
				1,015,625
Cellular Telecom — 0.1%
C&W Senior Financing Designated Activity Co. Senior Notes 6.88% due 09/15/2027*		550,000		579,562
Containers-Metal/Glass — 0.0%
ARD Finance SA Senior Sec. Notes 7.13% due 09/15/2023		450,000		468,000
Cruise Lines — 0.1%
VOC Escrow, Ltd. Senior Sec. Notes 5.00% due 02/15/2028*		675,000		671,625
Diversified Banking Institutions — 0.3%
Banco Santander SA Senior Notes 3.13% due 02/23/2023		600,000		590,318
Barclays PLC Senior Notes 3.25% due 01/12/2021		205,000		205,665

424

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Barclays PLC Senior Notes 3.68% due 01/10/2023	$	315,000	$	317,433
Credit Agricole SA FRS Senior Notes 3.14% (3 ML+1.43%) due 01/10/2022*		275,000		282,662
Credit Suisse Group AG Senior Notes 3.00% due 12/14/2023*		320,000		313,063
HSBC Holdings PLC Senior Notes 2.65% due 01/05/2022		350,000		344,717
HSBC Holdings PLC Senior Notes 3.26% due 03/13/2023		325,000		325,800
HSBC Holdings PLC Sub. Notes 4.38% due 11/23/2026		500,000		514,897
UBS Group Funding Switzerland AG Company Guar. Notes 3.00% due 04/15/2021*		200,000		199,690
UBS Group Funding Switzerland AG Company Guar. Notes 3.49% due 05/23/2023*		335,000		336,771
UBS Group Funding Switzerland AG Company Guar. Notes 4.13% due 09/24/2025*		200,000		206,630
				3,637,646
Diversified Manufacturing Operations — 0.1%
Siemens Financieringsmaatschappij NV Company Guar. Notes 1.30% due 09/13/2019*		500,000		491,264
E-Commerce/Products — 0.0%
Alibaba Group Holding, Ltd. Senior Notes 4.00% due 12/06/2037		315,000		315,137
Electric-Distribution — 0.0%
State Grid Overseas Investment 2016, Ltd. Company Guar. Notes 2.25% due 05/04/2020*		445,000		438,144
Electric-Integrated — 0.1%
Enel Finance International NV Company Guar. Notes 2.75% due 04/06/2023*		900,000		874,395
Finance-Leasing Companies — 0.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 3.50% due 05/26/2022		150,000		150,839
Food-Misc./Diversified — 0.0%
Danone SA Senior Notes 2.95% due 11/02/2026*		450,000		428,361

Security Description	Principal Amount		Value (Note 2)
Gold Mining — 0.0%
Goldcorp, Inc. Senior Notes 3.63% due 06/09/2021	$	424,000	$	430,180
Insurance Brokers — 0.0%
Aon PLC Company Guar. Notes 3.88% due 12/15/2025		35,000		35,802
Aon PLC Company Guar. Notes 4.75% due 05/15/2045		350,000		377,991
Trinity Acquisition PLC Company Guar. Notes 3.50% due 09/15/2021		25,000		25,216
				439,009
Internet Application Software — 0.0%
Tencent Holdings, Ltd. Senior Notes 2.99% due 01/19/2023*		265,000		262,463
Medical Instruments — 0.1%
Medtronic Global Holdings SCA Company Guar. Notes 1.70% due 03/28/2019		650,000		645,385
Medical-Drugs — 0.2%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.88% due 09/23/2023		780,000		756,430
Teva Pharmaceutical Finance Netherlands III BV Company Guar. Notes 1.70% due 07/19/2019		1,190,000		1,162,474
Valeant Pharmaceuticals International, Inc. Senior Sec. Notes 7.00% due 03/15/2024*		750,000		797,580
				2,716,484
Medical-Generic Drugs — 0.0%
Teva Pharmaceutical Finance IV BV Company Guar. Notes 3.65% due 11/10/2021		330,000		319,764
Metal-Diversified — 0.0%
Rio Tinto Finance USA, Ltd. Company Guar. Notes 3.75% due 06/15/2025		300,000		309,253
Multimedia — 0.0%
Thomson Reuters Corp. Senior Notes 3.35% due 05/15/2026		30,000		29,220
Oil & Gas Drilling — 0.0%
Ensco PLC Senior Notes 7.75% due 02/01/2026		400,000		397,750
Oil Companies-Exploration & Production — 0.1%
CNOOC Finance 2013, Ltd. Company Guar. Notes 3.00% due 05/09/2023		200,000		195,324

425

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Woodside Finance, Ltd. Company Guar. Notes 3.70% due 09/15/2026*	$	101,000	$	99,820
Woodside Finance, Ltd. Company Guar. Notes 3.70% due 03/15/2028*		470,000		459,057
				754,201
Oil Companies-Integrated — 0.2%
BP Capital Markets PLC Company Guar. Notes 1.77% due 09/19/2019		365,000		361,415
Petroleos Mexicanos Company Guar. Notes 3.50% due 07/23/2020		250,000		252,125
Petroleos Mexicanos Company Guar. Notes 5.38% due 03/13/2022*		610,000		645,990
Petroleos Mexicanos Company Guar. Notes 5.50% due 06/27/2044		305,000		280,268
Petroleos Mexicanos Company Guar. Notes 6.38% due 02/04/2021		250,000		271,375
Shell International Finance BV Company Guar. Notes 1.38% due 05/10/2019		200,000		197,719
Shell International Finance BV Company Guar. Notes 3.25% due 05/11/2025		250,000		251,042
Shell International Finance BV Company Guar. Notes 4.38% due 05/11/2045		40,000		43,840
				2,303,774
Paper & Related Products — 0.0%
Celulosa Arauco y Constitucion SA Senior Notes 3.88% due 11/02/2027*		260,000		258,050
Pipelines — 0.0%
APT Pipelines, Ltd. Company Guar. Notes 4.25% due 07/15/2027*		240,000		244,005
Enbridge, Inc. Senior Notes 4.00% due 10/01/2023		90,000		92,625
Enbridge, Inc. Senior Notes 4.25% due 12/01/2026		115,000		118,491
TransCanada PipeLines, Ltd. Senior Notes 4.88% due 01/15/2026		15,000		16,508
				471,629
Public Thoroughfares — 0.0%
Transurban Finance Co. Pty., Ltd. Senior Sec. Notes 3.38% due 03/22/2027*		90,000		86,227

Security Description	Principal Amount		Value (Note 2)
Retail-Restaurants — 0.0%
New Red Finance, Inc. Senior Sec. Notes 4.25% due 05/15/2024*	$	400,000	$	393,000
Satellite Telecom — 0.1%
Intelsat Jackson Holdings SA Senior Sec. Notes 8.00% due 02/15/2024*		675,000		708,750
Tobacco — 0.1%
Imperial Brands Finance PLC Company Guar. Notes 2.95% due 07/21/2020*		600,000		601,864
Transport-Services — 0.0%
Autoridad del Canal de Panama Senior Notes 4.95% due 07/29/2035*		300,000		333,750
Total Foreign Corporate Bonds & Notes (cost $33,139,273)				33,003,905
U.S. GOVERNMENT AGENCIES — 7.6%
Federal Home Loan Bank — 0.1%
1.00% due 09/26/2019		700,000		687,319
1.38% due 05/28/2019		765,000		758,324
				1,445,643
Federal Home Loan Mtg. Corp. — 0.3%
1.38% due 08/15/2019		895,000		885,173
3.00% due 12/01/2046		954,685		937,096
3.50% due 03/01/2046		155,435		157,759
3.50% due 05/01/2046		60,078		60,763
4.00% due 09/01/2045		14,743		15,242
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. Series K057, Class A1 2.21% due 06/25/2025(3)		171,732		166,029
Series K068, Class A1 2.95% due 02/25/2027(3)		337,772		336,518
Federal Home Loan Mtg. Corp. REMIC FRS
Series 4650, Class FL 2.01% (1 ML+0.45%) due 01/15/2047(4)		173,563		174,749
Series 4566, Class FA 2.06% (1 ML+0.50%) due 04/15/2046(4)		143,262		144,757
Series 4604, Class FH 2.06% (1 ML+0.50%) due 08/15/2046(4)		21,522		21,742
Series 4614, Class FG 2.06% (1 ML+0.50%) due 09/15/2046(4)		116,057		117,483
Series 4621, Class FK 2.06% (1 ML+0.50%) due 10/15/2046(4)		93,874		94,552
Series 4623, Class MF 2.06% (1 ML+0.50%) due 10/15/2046(4)		57,279		57,798
Series 4648, Class FA 2.06% (1 ML+0.50%) due 01/15/2047(4)		176,717		178,446

426

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series 4654, Class FK 2.06% (1 ML+0.50%) due 02/15/2047(4)	$	140,811	$	142,267
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS Series 2016-HQA3, Class M1 2.36% (1 ML+0.80%) due 03/25/2029(4)		133,566		133,815
Series 2016-DNA3, Class M2 3.56% (1 ML+2.00%) due 12/25/2028(4)		250,000		254,709
				3,878,898
Federal National Mtg. Assoc. — 5.2%
1.00% due 08/28/2019		1,000,000		983,119
1.25% due 08/17/2021		870,000		834,862
1.50% due 02/28/2020		790,000		778,898
2.50% due 11/01/2031		1,579,069		1,556,238
2.50% due 02/01/2032		390,603		384,956
2.50% due 05/01/2032		911,684		899,090
2.50% due 05/01/2043		173,412		164,391
2.50% due 10/01/2046		411,910		388,811
3.00% due 01/01/2031		20,609		20,724
3.00% due 10/01/2032		2,650,299		2,669,118
3.00% due 11/01/2036		422,359		420,877
3.00% due 12/01/2036		111,638		111,212
3.00% due 10/01/2037		846,543		842,260
3.00% due 05/01/2043		25,926		25,554
3.00% due 08/01/2043		30,693		30,246
3.00% due 01/01/2044		848,864		836,685
3.00% due 09/01/2045		341,670		335,426
3.00% due 03/01/2046		376,132		369,066
3.00% due 10/01/2046		2,340,955		2,299,721
3.00% due 11/01/2046		4,081,727		4,010,746
3.00% due 12/01/2046		1,212,181		1,191,410
3.00% due 01/01/2047		297,743		292,750
3.00% due 02/01/2047		2,815,581		2,761,462
3.50% due 11/01/2031		2,948,388		3,020,134
3.50% due 10/01/2041		39,679		40,290
3.50% due 07/01/2042		117,940		119,726
3.50% due 07/01/2043		24,711		25,083
3.50% due 01/01/2044		719,761		728,929
3.50% due 07/01/2044		487,707		494,738
3.50% due 04/01/2045		539,020		545,158
3.50% due 05/01/2045		210,707		213,475
3.50% due 06/01/2045		261,856		265,294
3.50% due 07/01/2045		1,132,270		1,146,319
3.50% due 11/01/2045		735,518		743,592
3.50% due 12/01/2045		328,770		333,528
3.50% due 01/01/2046		707,673		716,465
3.50% due 03/01/2046		3,298,615		3,333,010
3.50% due 04/01/2046		2,245,742		2,269,166
3.50% due 05/01/2046		80,524		81,527
3.50% due 06/01/2046		1,371,065		1,390,042
3.50% due 08/01/2046		579,511		586,731
3.50% due 09/01/2046		1,286,812		1,300,010
3.50% due 04/01/2047		4,339,471		4,385,306
3.50% due February 30 TBA		595,000		600,578
3.50% due March 15 TBA		1,685,000		1,722,070
4.00% due 12/01/2040		20,395		21,168
4.00% due 02/01/2041		858,907		891,493

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
4.00% due 07/01/2044	$	1,283,338	$	1,327,407
4.00% due 07/01/2045		950,979		983,063
4.00% due 09/01/2045		40,642		42,007
4.00% due 10/01/2045		401,001		414,484
4.00% due 11/01/2045		31,103		32,143
4.00% due 12/01/2045		49,273		51,106
4.00% due 03/01/2046		219,769		227,201
4.00% due 09/01/2046		33,256		34,371
4.00% due 02/01/2047		252,718		261,158
4.00% due 03/01/2047		1,924,406		1,989,811
4.00% due 04/01/2047		2,707,116		2,799,419
4.00% due 05/01/2047		938,107		970,061
4.00% due 08/01/2047		1,321,596		1,367,368
4.50% due 01/01/2044		222,354		234,822
4.50% due 03/01/2046		1,640,253		1,730,865
4.50% due 10/01/2047		1,167,431		1,232,394
4.50% due February 30 TBA		355,000		374,192
5.00% due 10/01/2033		21,400		23,098
5.00% due 07/01/2035		1,591,935		1,718,300
5.00% due 05/01/2040		114,947		124,044
5.50% due 10/01/2035		21,577		23,739
5.50% due 05/01/2036		70,255		77,227
5.50% due 08/01/2037		1,622,604		1,785,188
6.00% due 09/01/2037		102,943		116,158
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS
Series 2016-C04, Class 1M1 3.01% (1 ML+1.45%) due 01/25/2029(4)		59,330		59,883
Series 2016-C03, Class 1M1 3.56% (1 ML+2.00%) due 10/25/2028(4)		30,427		30,928
Federal National Mtg. Assoc. REMIC FRS
Series 2016-70, Class F 2.01% (1 ML+0.45%) due 10/25/2046(4)		112,087		112,849
Series 2016-103, Class LF 2.06% (1 ML+0.50%) due 01/25/2047(4)		101,225		102,311
				65,427,051
Government National Mtg. Assoc. — 2.0%
2.50% due 09/20/2046		894,820		856,263
3.00% due 03/20/2045		1,238,781		1,228,124
3.00% due 11/20/2046		561,707		556,581
3.00% due 04/20/2047		880,168		872,136
3.50% due 04/20/2032		29,258		30,100
3.50% due 07/20/2032		299,298		307,213
3.50% due 08/20/2032		105,368		108,157
3.50% due 11/20/2032		237,434		243,715
3.50% due 05/20/2043		20,356		20,841
3.50% due 10/20/2044		16,478		16,831
3.50% due 05/20/2045		18,568		18,959
3.50% due 02/20/2046		107,024		109,307
3.50% due 05/20/2046		1,383,566		1,410,422
3.50% due 10/20/2046		1,138,750		1,160,328
4.00% due 05/20/2046		141,969		147,830
4.00% due 06/20/2047		3,680,816		3,811,045
4.00% due 07/20/2047		1,399,623		1,450,803
4.00% due 08/20/2047		3,077,738		3,198,749

427

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
4.50% due 04/20/2041	$	19,729	$	20,851
4.50% due 09/15/2045		103,298		109,960
4.50% due 01/20/2046		138,861		146,727
4.50% due 08/20/2047		3,082,064		3,240,182
4.50% due 09/20/2047		1,354,848		1,426,567
4.50% due 10/20/2047		139,181		146,644
5.00% due 08/20/2042		105,237		112,592
5.00% due 07/20/2047		1,097,982		1,159,971
5.00% due 08/20/2047		174,527		184,699
5.00% due 09/20/2047		575,432		607,898
5.00% due 10/20/2047		54,084		57,127
5.00% due 11/20/2047		337,471		356,441
5.00% due 01/20/2048		1,583,000		1,673,615
Government National Mtg. Assoc. REMIC
Series 2018-8, Class DA 3.00% due 11/20/2047(4)		280,000		280,833
Series 2017-184, Class JH 3.00% due 12/20/2047(4)		346,346		347,269
				25,418,780
Total U.S. Government Agencies (cost $97,844,428)				96,170,372
U.S. GOVERNMENT TREASURIES — 8.7%
United States Treasury Bonds — 2.4%
0.63% due 02/15/2043 TIPS(5)		105,143		101,403
0.75% due 02/15/2042 TIPS(5)		53,491		53,235
0.75% due 02/15/2045 TIPS(5)		18,855		18,666
0.88% due 02/15/2047 TIPS(5)		44,553		45,532
1.00% due 02/15/2046 TIPS(5)		27,483		28,932
1.38% due 02/15/2044 TIPS(5)		95,574		108,822
1.75% due 01/15/2028 TIPS(5)		23,196		25,701
2.13% due 02/15/2040 TIPS(5)		35,379		45,443
2.13% due 02/15/2041 TIPS(5)		48,435		62,649
2.50% due 01/15/2029 TIPS(5)		46,875		56,029
2.25% due 08/15/2046		1,945,000		1,685,464
2.50% due 02/15/2045		115,000		105,652
2.50% due 02/15/2046		1,545,000		1,414,882
2.50% due 05/15/2046		840,000		768,600
2.75% due 08/15/2047		3,085,000		2,966,179
2.88% due 11/15/2046		1,875,000		1,850,464
3.00% due 11/15/2045		1,025,000		1,037,732
3.00% due 02/15/2047		675,000		682,778
3.00% due 05/15/2047		2,535,000		2,562,628
3.13% due 11/15/2041(12)		3,960,000		4,111,594
3.13% due 02/15/2043		320,000		331,850
3.38% due 04/15/2032 TIPS(5)		16,676		22,691
3.50% due 02/15/2039(12)		3,145,000		3,461,466
3.63% due 04/15/2028 TIPS(5)		30,502		39,462
3.88% due 04/15/2029 TIPS(5)		103,683		139,360
3.88% due 08/15/2040		1,900,000		2,210,012
4.50% due 02/15/2036		2,000,000		2,483,125
4.50% due 05/15/2038		3,000,000		3,765,234
4.75% due 02/15/2037		50,000		64,281
5.38% due 02/15/2031		860,000		1,107,888
				31,357,754
United States Treasury Notes — 6.3%
0.13% due 04/15/2019 TIPS(5)		332,337		332,079
0.13% due 04/15/2020 TIPS(5)		447,349		445,376
0.13% due 04/15/2021 TIPS(5)		598,235		592,720

Security Description	Principal Amount		Value (Note 2)
United States Treasury Notes (continued)
0.13% due 01/15/2022 TIPS(5)	$	381,444	$	377,432
0.13% due 04/15/2022 TIPS(5)		601,468		592,710
0.13% due 07/15/2022 TIPS(5)		307,851		304,899
0.13% due 01/15/2023 TIPS(5)		12,824		12,618
0.13% due 07/15/2024 TIPS(5)		219,091		214,345
0.13% due 07/15/2026 TIPS(5)		129,560		124,932
0.25% due 01/15/2025 TIPS(5)		62,382		61,121
0.38% due 07/15/2023 TIPS(5)		18,019		17,983
0.38% due 07/15/2025 TIPS(5)		259,002		256,306
0.38% due 07/15/2027 TIPS(5)		134,115		131,632
0.38% due 01/15/2027 TIPS(5)		120,598		118,159
0.63% due 01/15/2024 TIPS(5)		298,119		300,353
0.63% due 07/15/2021 TIPS(5)		235,305		238,357
0.63% due 01/15/2026 TIPS(5)		162,985		163,460
1.13% due 06/30/2021		3,770,000		3,616,255
1.13% due 07/31/2021(12)		3,520,000		3,371,500
1.13% due 01/15/2021 TIPS(5)		293,068		300,090
1.13% due 08/31/2021		890,000		851,132
1.25% due 07/15/2020 TIPS(5)		251,437		258,614
1.38% due 02/29/2020		4,425,000		4,353,439
1.38% due 04/30/2020		6,000,000		5,891,484
1.38% due 10/31/2020		750,000		732,012
1.38% due 04/30/2021		2,310,000		2,239,798
1.38% due 05/31/2021		755,000		731,141
1.38% due 06/30/2023		4,400,000		4,135,312
1.50% due 05/31/2020		780,000		767,386
1.63% due 08/31/2022		14,510,000		13,961,907
1.63% due 11/15/2022		435,000		417,651
1.75% due 12/31/2020(12)		1,705,000		1,678,626
1.75% due 11/30/2021(12)		3,850,000		3,755,254
1.75% due 05/31/2022		760,000		737,259
1.88% due 03/31/2022		5,975,000		5,835,895
1.88% due 09/30/2022		3,000,000		2,916,094
1.88% due 07/15/2019 TIPS(5)		145,563		149,937
2.00% due 02/15/2022		385,000		378,548
2.00% due 11/30/2022		6,325,000		6,175,770
2.13% due 08/15/2021		180,000		178,404
2.13% due 01/15/2019 TIPS(5)		38,258		39,068
2.25% due 08/15/2027		10,620,000		10,198,934
2.25% due 11/15/2027		1,690,000		1,621,938
				79,577,930
Total U.S. Government Treasuries (cost $113,408,179)				110,935,684
MUNICIPAL BONDS & NOTES — 0.5%
California State Public Works Board Revenue Bonds
7.80% due 03/01/2035		300,000		418,119
Chicago Transit Authority Revenue Bonds Series A
6.90% due 12/01/2040		500,000		668,645
Detroit City School District General Obligation Bonds
6.65% due 05/01/2029		295,000		358,054
Florida State Board of Administration Finance Corp. Revenue Bonds Series A
2.64% due 07/01/2021		50,000		49,818

428

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
Municipal Bonds & Notes (continued)
Metropolitan Water Reclamation District of Greater Chicago General Obligation Bonds 5.72% due 12/01/2038	$	375,000	$	472,931
Municipal Electric Authority of Georgia Revenue Bonds 6.66% due 04/01/2057		800,000		989,232
New York State Dormitory Authority Revenue Bonds Series B 3.88% due 07/01/2046		200,000		201,222
Northern California Power Agency Revenue Bonds 7.31% due 06/01/2040		300,000		401,184
San Jose Redevelopment Agency Successor Agency Tax Allocation Series A-T 3.38% due 08/01/2034		285,000		275,723
South Carolina Public Service Authority Revenue Bonds Series D 2.39% due 12/01/2023		145,000		135,791
State of California General Obligation Bonds 7.63% due 03/01/2040		620,000		962,395
State of California General Obligation Bonds 7.50% due 04/01/2034		300,000		438,723
State of Wisconsin Revenue Bonds 3.95% due 05/01/2036		850,000		867,918
Total Municipal Bonds & Notes (cost $6,085,888)				6,239,755
FOREIGN GOVERNMENT OBLIGATIONS — 0.5%
Regional Authority — 0.3%
Province of Alberta, Canada Senior Notes 1.90% due 12/06/2019		550,000		544,613
Province of Alberta, Canada Senior Notes 2.20% due 07/26/2022		850,000		826,702
Province of Manitoba, Canada Senior Notes 3.05% due 05/14/2024		150,000		150,263
Province of Ontario, Canada Senior Notes 1.20% due 02/14/2018		175,000		174,967
Province of Ontario, Canada Senior Notes 2.40% due 02/08/2022		1,000,000		985,883
Province of Quebec, Canada Senior Notes 2.88% due 10/16/2024		25,000		24,849

Security Description	Principal Amount			Value (Note 2)
Regional Authority (continued)
Province of Quebec, Canada Notes 3.50% due 07/29/2020	$	1,100,000		$	1,125,587
					3,832,864
Sovereign — 0.2%
Government of Bermuda Senior Notes 4.85% due 02/06/2024*		600,000			642,893
Republic of Indonesia Senior Notes 4.88% due 05/05/2021		200,000			211,655
Republic of Poland Senior Notes 3.25% due 04/06/2026		110,000			110,690
United Mexican States Senior Bonds 4.13% due 01/21/2026		850,000			875,500
					1,840,738
Total Foreign Government Obligations (cost $5,744,768)					5,673,602
LOANS(13)(14)(15) — 0.0%
Oil Companies-Exploration & Production — 0.0%
California Resources Corp. FRS 1st Lien 6.34% (3ML+4.75%) due 12/31/2022 (cost $513,750)		500,000			508,125
REGISTERED INVESTMENT COMPANIES — 0.1%
Altaba, Inc. (cost $371,049)		7,849			626,978
OPTIONS - PURCHASED(6) — 0.0%
Exchange-Traded Put Options-Purchased		1,864			116,500
Over the Counter Purchased Options on Credit Default Swap Contracts		8,000,000			5,376
Total Options-Purchased (cost $4,205,992)					121,876
Total Long-Term Investment Securities (cost $973,430,430)					1,112,087,109
SHORT-TERM INVESTMENT SECURITIES — 12.6%
Registered Investment Companies — 12.6%
State Street Institutional U.S. Government Money Market Fund     Premier Class     1.25% (7) (cost $158,909,472)		158,909,472			158,909,472
TOTAL INVESTMENTS (cost $1,132,339,902)(8)		100.2	%		1,270,996,581
Liabilities in excess of other assets		(0.2	)		(2,141,822	)
NET ASSETS		100.0	%	$	1,268,854,759

† Non-income producing security

* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The Portfolio has no right to demand registration of these securities. At January 31, 2018, the aggregate value of these securities was $63,203,739 representing 5.0% of net assets. Unless otherwise indicated, these securities are not considered to be illiquid.

429

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

(1) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the “1933 Act”); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 1. Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition,

certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of January 31, 2018, the Portfolio held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
Venture Global LNG, Inc.		10/16/2017		3	$	11,313	$	11,313	$	3,771.00		0.00	%

(2) Collateralized Loan Obligation

(3) Commercial Mortgage Backed Security

(4) Collateralized Mortgage Obligation

(5) Principal amount of security is adjusted for inflation.

(6) Purchased Options:

Exchanged Traded Put Options - Purchased
Issue	Expiration Month		Strike Price		Number of Contracts		Notional Amount*		Premiums Paid		Value at January 31, 2018		Unrealized Appreciation (Depreciation)
S&P 500 Index		March 2018	$	2,025		1,864	$	526,358,184	$	4,199,592	$	116,500	$	(4,083,092	)

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.

Over the Counter Purchased Options on Credit Default Swap Contracts
Issue	Counterparty	Expiration Month		Strike Rate			Notional Amount (000’s)		Premiums Paid		Value at January 31, 2018		Unrealized Appreciation/ (Depreciation)
Call option to enter into a credit default swap, Protection Bought - Markit CDX IG-S29 5 Year Index, 12/20/2022, Pay 1.00% Quarterly, Receive upon credit default, 04/18/2018 @ 0.45%	JPMorgan Chase Bank, N.A.		April 2018		0.45	%	$	8,000	$	6,400	$	5,376	$	(1,024	)

(7) The rate shown is the 7-day yield as of January 31, 2018.

(8) See Note 3 for cost of investments on a tax basis.

(9) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(10) Illiquid security. At January 31, 2018, the aggregate value of these securities was $21,708 representing 0.0% of net assets

(11) Security classified as Level 3. (see Note 2).

(12) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(13) Senior loans in the Portfolio are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

(14) The Portfolio invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. These base lending rates are generally either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offer Rate (“LIBOR) or the prime rate offered by one or more major United States banks, or the certificate of deposit rate. Senior loans are generally considered to be restrictive in that the Portfolio is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the disposition of a senior loan.

(15) All loans in the Portfolio were purchased through assignment agreements unless otherwise indicated.

ADR — American Depositary Receipt

BorsaItaliana — Italian Stock Exchange

CVA — Certification Van Aandelen (Dutch Cert.)

ETF — Exchange-Traded Funds

NASDAQ — National Association of Securities Dealers Automated Quotations

REMIC — Real Estate Mortgage Investment Conduit

RSP — Risparmio Shares-Savings Shares on the Italian Stock Exchange

SDR — Swedish Depositary Receipt

TBA — Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date.

TIPS — Treasury Inflation Protected Securities

FRS — Floating Rate Security

VRS — Variable Rate Security

430

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The rates shown on FRS and VRS are the current interest rates at January 31, 2018 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1ML-1 Month USD LIBOR

3ML-3 Month USD LIBOR

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	1307	Long	S&P 500 E-Mini Index	March 2018		173,198,237		184,666,030		11,467,793
	808	Long	MSCI EAFE Index	March 2018		81,206,771		86,678,200		5,471,429
	62	Short	U.S. Ultra Long Bonds	March 2018		10,311,750		10,040,125		271,625
	66	Short	U.S. Treasury Long Bonds	March 2018		10,072,066		9,755,625		316,441
	98	Short	U.S. Treasury 2 YR Notes	March 2018		21,011,202		20,896,969		114,233
	415	Short	U.S. Treasury 5 YR Notes	March 2018		48,355,558		47,605,039		750,519
	223	Short	U.S. Treasury 10 YR Notes	March 2018		27,697,623		27,111,922		585,701
									$	18,977,741

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

Over the Counter Written Options on Credit Default Swap Contracts
Issue	Counterparty	Expiration Month		Strike Rate			Notional Amount (000’s)		Premiums Received		Value at January 31, 2018		Unrealized Appreciation/ (Depreciation)
Put option to enter into a credit default swap, Protection Bought - Markit CDX IG-S29 5 Year Index, 12/20/2022, Pay 1.00% Quarterly, Receive upon credit default, 04/18/2018 @ 0.525%	JPMorgan Chase Bank, N.A.		April 2018		0.525	%	$	8,000	$	9,200	$	11,018	$	(1,818	)

431

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks:
Oil Companies-Exploration & Production	$	8,117,626	$	—	$	11,313	$	8,128,939
Other Industries		707,446,728		—		—		707,446,728
Convertible Preferred Securities:
E-Commerce/Services		—		—		10,395		10,395
Other Industries		1,183,097		—		—		1,183,097
Preferred Securities/Capital Securities		—		168,400		—		168,400
Asset Backed Securities:
Diversified Financial Services		—		24,393,244		826,239		25,219,483
U.S. Corporate Bonds & Notes		—		116,649,770		—		116,649,770
Foreign Corporate Bonds & Notes		—		33,003,905		—		33,003,905
U.S. Government Agencies		—		96,170,372		—		96,170,372
U.S. Government Treasuries		—		110,935,684		—		110,935,684
Municipal Bonds & Notes		—		6,239,755		—		6,239,755
Foreign Government Obligations		—		5,673,602		—		5,673,602
Loans		—		508,125		—		508,125
Registered Investment Companies		626,978		—		—		626,978
Exchange-Traded Put Options - Purchased		116,500		—		—		116,500
Over the Counter Purchased Options on Credit Default Swap Contracts		—		5,376		—		5,376
Short-Term Investment Securities		158,909,472		—		—		158,909,472
Total Investments at Value	$	876,400,401	$	393,748,233	$	847,947	$	1,270,996,581
Other Financial Instruments:†
Futures Contracts	$	18,977,741	$	—	$	—	$	18,977,741
LIABILITIES:
Other Financial Instruments:†
Over the Counter Written Options on Credit Default Swap Contracts	$	—	$	1,818	$	—	$	1,818

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

† Other Financial Instruments are derivative instruments, not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. Securities currently valued at $14,378,040 were transferred from Level 2 to Level 1 due to foreign equity securities whose values were previously adjusted for fair value pricing procedures for foreign equity securities. There were no additional material transfers between Levels during the reporting period.

At the beginning and at the end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio.

432

SunAmerica Series Trust SA VCP Dynamic Allocation Portfolio*

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation**

Domestic Equity Investment Companies	44.3	%
Domestic Fixed Income Investment Companies	21.8
United States Treasury Notes	12.5
International Equity Investment Companies	11.8
Registered Investment Companies	8.7
Options-Purchased	0.6
International Fixed Income Investment Companies	0.3
United States Treasury Bonds	0.3
	100.3	%

* See Note 1

** Calculated as a percentage of net assets

433

SunAmerica Series Trust SA VCP Dynamic Allocation Portfolio*

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#@ — 78.2%
Domestic Equity Investment Companies — 44.3%
Anchor Series Trust SA Wellington Capital Appreciation Portfolio, Class 1		3,150,532	$	160,204,541
Anchor Series Trust SA Wellington Growth and Income Portfolio, Class 1		12,727,924		205,174,139
Anchor Series Trust SA Wellington Growth Portfolio, Class 1		3,259,521		106,618,935
Seasons Series Trust SA Columbia Focused Growth Portfolio, Class 1†		7,574,857		85,065,642
Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1		9,048,649		198,889,311
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		12,262,341		196,320,085
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		24,272,631		435,693,734
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		5,610,129		109,229,217
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		8,702,248		153,072,544
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		7,428,210		108,600,434
Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1		12,444,086		357,394,143
SunAmerica Series Trust SA Boston Company Capital Growth Portfolio, Class 1		11,942,195		216,750,844
SunAmerica Series Trust SA Frankin Small Company Value Portfolio, Class 1		4,251,915		101,663,290
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		10,815,774		103,831,434
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1		3,912,658		57,633,452
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		12,763,077		479,253,551
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		4,037,971		79,103,845
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		53,892,373		1,272,398,937
SunAmerica Series Trust SA Legg Mason BW Large Cap Value Portfolio, Class 1		11,782,888		278,665,293
SunAmerica Series Trust SA MFS Blue Chip Growth Portfolio, Class 1		31,639,056		444,845,130
SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1		15,194,863		388,076,791
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		7,631,279		87,912,337
SunAmerica Series Trust SA Pyramis® Real Estate Portfolio, Class 1		2,209,018		28,231,246
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		6,051,723		70,502,571
SunAmerica Series Trust SA WellCap Fundamental Growth Portfolio, Class 1		1,166,247		33,541,275

Security Description	Shares		Value (Note 2)
Domestic Equity Investment Companies (continued)
SunAmerica Series Trust SA WellsCap Aggressive Growth Portfolio, Class 1†		1,333,625	$	31,593,570
Total Domestic Equity Investment Companies (cost $4,708,070,574)				5,790,266,291
Domestic Fixed Income Investment Companies — 21.8%
Anchor Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		34,468,396		512,545,044
Seasons Series Trust SA Multi -Managed Diversified Fixed Income Portfolio, Class 1		59,111,629		685,103,777
Seasons Series Trust SA Wellington Real Return Portfolio, Class 1		21,550,422		206,884,053
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		10,854,615		114,624,739
SunAmerica Series Trust SA Federated Corporate Bond Portfolio, Class 1		27,957,267		374,906,951
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1†		16,387,458		166,332,699
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1†		12,677,664		125,001,771
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		66,190,904		586,451,407
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		12,635,870		73,035,329
Total Domestic Fixed Income Investment Companies (cost $2,879,078,897)				2,844,885,770
International Equity Investment Companies — 11.8%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		33,661,247		346,374,228
SunAmerica Series Trust SA Franklin Foreign Value Portfolio, Class 1		15,102,263		267,763,115
SunAmerica Series Trust SA International Index Portfolio, Class 1		13,454,146		163,198,789
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1		13,725,758		138,218,386
SunAmerica Series Trust SA JPMorgan Global Equities Portfolio, Class 1		12,921,573		317,224,620
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		26,797,931		303,620,564
Total International Equity Investment Companies (cost $1,244,160,999)				1,536,399,702
International Fixed Income Investment Companies — 0.3%
SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio, Class 1 (cost $40,723,642)		3,653,693		41,579,029
Total Affiliated Registered Investment Companies (cost $8,872,034,112)				10,213,130,792

434

SunAmerica Series Trust SA VCP Dynamic Allocation Portfolio*

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES — 12.8%
6.00% due 02/15/2026	$	7,145,000	$	8,862,870
6.63% due 02/15/2027		3,790,000		4,989,328
6.75% due 08/15/2026		3,805,000		4,988,266
6.88% due 08/15/2025		4,420,000		5,694,031
7.63% due 02/15/2025		6,625,000		8,743,188
				33,277,683
United States Treasury Notes — 12.5%
1.50% due 08/15/2026(1)		148,265,600		134,522,074
1.63% due 02/15/2026(1)		176,864,000		163,074,135
1.63% due 05/15/2026		147,197,500		135,346,951
2.00% due 02/15/2025		93,704,500		89,674,475
2.00% due 08/15/2025		156,490,500		149,136,669
2.00% due 11/15/2026		182,591,700		172,349,447
2.13% due 05/15/2025		155,108,500		149,413,110
2.25% due 11/15/2025(1)		144,170,000		139,642,161
2.25% due 02/15/2027		182,615,500		175,731,752
2.25% due 08/15/2027		138,794,500		133,291,515
2.25% due 11/15/2027		53,421,000		51,269,552
2.38% due 05/15/2027		149,800,000		145,540,062
				1,638,991,903
Total U.S. Government Treasuries (cost $1,745,403,369)				1,672,269,586
OPTIONS - PURCHASED — 0.6%
Over the Counter Put Options – Purchased(4) (cost $67,639,400)		3,420,000		78,917,208
Total Long-Term Investment Securities (cost $10,685,076,881)				11,964,317,586

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 8.7%
Registered Investment Companies — 8.7%
AllianceBernstein Government STIF Portfolio 1.18%(3) (cost $1,144,739,806)	$	1,144,739,806		$	1,144,739,806
TOTAL INVESTMENTS (cost $11,829,816,687)(2)		100.3	%		13,109,057,392
Liabilities in excess of other assets		(0.3	)		(44,222,005	)
NET ASSETS		100.0	%	$	13,064,835,387

† Non-income producing security

@ The SunAmerica Series Trust SA VCP Dynamic Allocation Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of the SunAmerica Series Trust, Anchor Series Trust, and the Seasons Series Trust, some of which are not presented in this report. Additional information on the underlying Portfolios, including such portfolios’ prospectuses and shareholder reports are available on our website, www.aig.com/getprospectus.

# See Note 8

* See Note 1

STIF — Short Term Index Fund

(1) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(2) See Note 3 for cost of investments on a tax basis.

(3) The rate shown is the 7-day yield as of January 31, 2018.

(4) Purchased Options:

Over the Counter Put Options - Purchased
Issue	Counterparty	Expiration Month	Strike Price		Number of Contracts		Notional Amount*		Premiums Paid		Value at January 31, 2018		Unrealized Appreciation/ (Depreciation)
S&P 500 Index	UBS AG	April 2018	$	2,570.00		950,000	$	2,682,619,500	$	13,965,000	$	13,542,723	$	(422,277	)
S&P 500 Index	Morgan Stanley and Co. International	April 2018		2,570.00		160,000		451,809,600		2,480,000		2,280,880		(199,120	)
S&P 500 Index	Citibank N.A.	May 2018		2,625.00		1,020,000		2,880,286,200		21,318,000		27,859,514		6,541,514
S&P 500 Index	Goldman Sachs International	May 2018		2,625.00		1,290,000		3,642,714,900		29,876,400		35,234,091		5,357,691
									$	67,639,400	$	78,917,208	$	11,277,808

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.

Over the Counter Written Call Options
Issue	Counterparty	Expiration Month		Strike Price	Number of Contracts		Notional Amount*		Premiums Received		Value at January 31, 2018		Unrealized Appreciation/ (Depreciation)
S&P 500 Index	UBS AG		April 2018	$2,890.00		950,000	$	2,682,619,500	$	18,525,000	$	29,357,754	$	(10,832,754	)
S&P 500 Index	Morgan Stanley and Co. International		April 2018	2,890.00		160,000		451,809,600		2,880,000		4,944,464		(2,064,464	)
S&P 500 Index	Citibank N.A.		May 2018	3,025.00		1,020,000		2,880,286,200		12,079,860		6,986,582		5,093,278
S&P 500 Index	Goldman Sachs International		May 2018	3,025.00		1,290,000		3,642,714,900		16,328,175		8,835,971		7,492,204
									$	49,813,035	$	50,124,771	$	(311,736	)

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.

435

SunAmerica Series Trust SA VCP Dynamic Allocation Portfolio*

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Futures Contracts
Number of Contracts	Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
52,100	Long	S&P 500 E-Mini Index	March 2018	$	7,023,896,695	$	7,361,209,000	$	337,312,305

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	10,213,130,792	$	—	$	—	$	10,213,130,792
U.S. Government Treasuries		—		1,672,269,586		—		1,672,269,586
Options-Purchased		—		78,917,208		—		78,917,208
Short-Term Investment securities		1,144,739,806		—		—		1,144,739,806
Total Investments at Value	$	11,357,870,598	$	1,751,186,794	$	—	$	13,109,057,392
Other Financial Instruments:†
Futures Contracts	$	337,312,305	$	—	$	—	$	337,312,305
Over the Counter Written Call Options		—		12,585,482		—		12,585,482
Total Other Financial Instruments	$	337,312,305	$	12,585,482	$	—	$	349,897,787
LIABILITIES:
Other Financial Instruments:†
Over the Counter Written Call Options	$	—	$	12,897,218	$	—	$	12,897,218

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

† Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

436

SunAmerica Series Trust SA VCP Dynamic Strategy Portfolio*

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation**

Domestic Equity Investment Companies	51.0	%
Domestic Fixed Income Investment Companies	15.1
International Equity Investment Companies	12.9
United States Treasury Notes	12.6
Registered Investment Companies	6.9
International Fixed Income Investment Companies	0.8
Options-Purchased	0.6
United States Treasury Bonds	0.4
	100.3	%

* See Note 1

** Calculated as a percentage of net assets

437

SunAmerica Series Trust SA VCP Dynamic Strategy Portfolio*

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES#@ — 79.8%
Domestic Equity Investment Companies — 51.0%
Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1		5,111,531	$	112,351,452
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		12,406,105		198,621,740
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		18,877,443		338,850,099
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		3,759,072		73,189,137
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		2,841,290		49,978,282
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		9,465,911		138,391,619
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		4,436,642		211,938,371
SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1		4,630,620		91,408,446
SunAmerica Series Trust SA Boston Company Capital Growth Portfolio, Class 1		6,211,577		112,740,125
SunAmerica Series Trust SA Dogs of Wall Street Portfolio, Class 1		10,201,706		154,453,835
SunAmerica Series Trust SA Frankin Small Company Value Portfolio, Class 1		1,605,782		38,394,243
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1		7,978,778		117,527,404
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		6,669,502		250,439,801
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		3,081,953		60,375,451
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		24,978,086		589,732,608
SunAmerica Series Trust SA Legg Mason BW Large Cap Value Portfolio, Class 1		9,035,682		213,693,879
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		3,517,654		49,458,219
SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1		13,152,833		335,923,354
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		4,706,331		54,216,931
SunAmerica Series Trust SA Oppenheimer Main Street Large Cap Portfolio, Class 1		12,174,716		288,175,539
SunAmerica Series Trust SA Pyramis® Real Estate Portfolio, Class 1		2,205,540		28,186,805
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		4,539,902		52,889,863
Total Domestic Equity Investment Companies (cost $2,996,651,905)				3,560,937,203
Domestic Fixed Income Investment Companies — 15.1%
Anchor Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		11,169,520		166,090,760
Seasons Series Trust SA Multi -Managed Diversified Fixed Income Portfolio, Class 1		11,945,650		138,450,083
Seasons Series Trust SA Wellington Real Return Portfolio, Class 1		8,786,102		84,346,577

Security Description	Shares/ Principal Amount		Value (Note 2)
Domestic Fixed Income Investment Companies (continued)
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		4,231,647	$	44,686,191
SunAmerica Series Trust SA Federated Corporate Bond Portfolio, Class 1		12,345,288		165,550,311
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1†		8,187,400		83,102,106
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1†		6,798,855		67,036,712
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		29,523,984		261,582,499
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		7,204,192		41,640,228
Total Domestic Fixed Income Investment Companies (cost $1,062,491,131)				1,052,485,467
International Equity Investment Companies — 12.9%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		20,162,389		207,470,981
SunAmerica Series Trust SA Franklin Foreign Value Portfolio, Class 1		13,888,385		246,241,072
SunAmerica Series Trust SA International Index Portfolio, Class 1		8,802,014		106,768,424
SunAmerica Series Trust SA JPMorgan Global Equities Portfolio, Class 1		6,816,274		167,339,534
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		4,181,917		47,381,125
SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1		10,487,513		123,647,775
Total International Equity Investment Companies (cost $753,221,253)				898,848,911
International Fixed Income Investment Companies — 0.8%
SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio, Class 1 (cost $56,707,393)		4,952,186		56,355,871
Total Affiliated Registered Investment Companies (cost $4,869,071,682)				5,568,627,452
U.S. GOVERNMENT TREASURIES — 13.0%
United States Treasury Bonds — 0.4%
6.00% due 02/15/2026	$	7,232,000		8,970,788
6.63% due 02/15/2027		3,420,000		4,502,243
6.75% due 08/15/2026		4,375,000		5,735,522
6.88% due 08/15/2025		2,456,100		3,164,052
7.63% due 02/15/2025		3,582,100		4,727,392
				27,099,997
United States Treasury Notes — 12.6%
1.50% due 08/15/2026(1)		101,483,400		92,076,365
1.63% due 02/15/2026(1)		84,676,000		78,073,918
1.63% due 05/15/2026		78,029,000		71,747,056
2.00% due 02/15/2025		38,819,000		37,149,480
2.00% due 08/15/2025		78,110,000		74,439,440
2.00% due 11/15/2026		96,684,800		91,261,387

438

SunAmerica Series Trust SA VCP Dynamic Strategy Portfolio*

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
2.13% due 05/15/2025(1)	$	94,529,000		$	91,058,013
2.25% due 11/15/2025		79,405,000			76,911,187
2.25% due 02/15/2027		101,353,000			97,532,467
2.25% due 08/15/2027		67,753,500			65,067,179
2.25% due 11/15/2027		28,884,000			27,720,742
2.38% due 05/15/2027		76,529,000			74,352,707
					877,389,941
Total U.S. Government Treasuries (cost $943,345,554)					904,489,938
OPTIONS — PURCHASED — 0.6%
Over the Counter Put Options — Purchased(4) (cost $36,459,000)		1,830,000			42,801,483
Total Long-Term Investment Securities (cost $5,848,876,236)					6,515,918,873
SHORT-TERM INVESTMENT SECURITIES — 6.9%
Registered Investment Companies — 6.9%
AllianceBernstein Government STIF Portfolio 1.18%(2) (cost $479,468,150)	$	479,468,150			479,468,150
TOTAL INVESTMENTS (cost $6,328,344,386)(3)		100.3	%		6,995,387,023
Liabilities in excess of other assets		(0.3	)		(23,364,234	)
NET ASSETS		100.0	%	$	6,972,022,789

* See Note 1

@ The SunAmerica Series Trust SA VCP Dynamic Strategy Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of the SunAmerica Series Trust, Anchor Series Trust, and Seasons Series Trust, some of which are not presented in this report. Additional information on the underlying Portfolios, including such portfolios’ prospectuses and shareholder reports are available on our website, www.aig.com/getprospectus.

# See Note 8

† Non-income producing security

STIF — Short-Term Index Fund

(1) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(2) The rate shown is the 7-day yield as of January 31, 2018.

(3) See Note 3 for cost of investments on a tax basis.

(4) Options — Purchased:

Over the Counter Put Options - Purchased
Issue	Counterparty		Expiration Month		Strike Price		Number of Contracts		Notional Amount*		Premiums Paid		Value at January 31, 2018		Unrealized Appreciation (Depreciation)
S&P 500 Index		UBS AG		April 2018	$	2,570.00		500,000	$	1,411,905,000	$	7,350,000	$	7,127,749	$	(222,251	)
S&P 500 Index		Morgan Stanley and Co. International		April 2018		2,570.00		50,000		141,190,500		775,000		712,775		(62,225	)
S&P 500 Index		Citibank, N.A.		May 2018		2,625.00		580,000		1,637,809,800		12,122,000		15,841,685		3,719,685
S&P 500 Index		Goldman Sachs International		May 2018		2,625.00		700,000		1,976,667,000		16,212,000		19,119,274		2,907,274
											$	36,459,000	$	42,801,483	$	6,342,483

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security of index.

Over the Counter Written Call Options
Issue	Counterparty		Expiration Month		Strike Price		Number of Contracts		Notional Amount*		Premiums Received		Value at January 31, 2018		Unrealized Appreciation (Depreciation)
S&P 500 Index		UBS AG		April 2018	$	2,890.00		500,000	$	1,411,905,000	$	9,750,000	$	15,451,450	$	(5,701,450	)
S&P 500 Index		Morgan Stanley and Co. International		April 2018		2,890.00		50,000		141,190,500		900,000		1,545,145		(645,145	)
S&P 500 Index		Citibank, N.A.		May 2018		3,025.00		580,000		1,637,809,800		6,868,940		3,972,762		2,896,178
S&P 500 Index		Goldman Sachs International		May 2018		3,025.00		700,000		1,976,667,000		8,860,250		4,794,713		4,065,537
											$	26,379,190	$	25,764,070	$	615,120

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security of index.

439

SunAmerica Series Trust SA VCP Dynamic Strategy Portfolio*

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	23,900	Long	S&P 500 E-Mini Index	March 2018	$	3,232,550,415	$	3,376,831,000	$	144,280,585

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	5,568,627,452	$	—	$	—	$	5,568,627,452
U.S. Government Treasuries		—		904,489,938		—		904,489,938
Options-Purchased		—		42,801,483		—		42,801,483
Short-Term Investment Securities		479,468,150		—		—		479,468,150
Total Investments at Value	$	6,048,095,602	$	947,291,421	$	—	$	6,995,387,023
Other Financial Instruments:†
Futures Contracts	$	144,280,585	$	—	$	—	$	144,280,585
Over the Counter Written Call Options		—		6,961,715		—		6,961,715
Total Other Financial Instruments	$	144,280,585	$	6,961,715	$	—	$	151,242,300
LIABILITIES
Other Financial Instruments:†
Over the Counter Written Call Options	$	—	$	6,346,595	$	—	$	6,346,595

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

† Other Financial Instruments are derivative instruments, not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

440

SunAmerica Series Trust SA VCP Index Allocation Portfolio††

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	47.5	%
Domestic Fixed Income Investment Companies	19.8
Registered Investment Companies	19.7
International Equity Investment Companies	11.6
U.S. Government Treasuries	1.4
Options Purchased	0.1
	100.1	%

†† See Note 1

* Calculated as a percentage of net assets

441

SunAmerica Series Trust SA VCP Index Allocation Portfolio††

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# — 78.9%
Domestic Equity Investment Companies — 47.5%
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		398,608	$	9,411,124
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		97,758		1,126,172
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		79,426		925,318
Total Domestic Equity Investment Companies (cost $10,835,362)				11,462,614
Domestic Fixed Income Investment Companies — 19.8%
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1†		252,821		2,566,135
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1†		224,524		2,213,807
Total Domestic Fixed Income Investment Companies (cost $4,818,626)				4,779,942
International Equity Investment Companies — 11.6%
SunAmerica Series Trust SA International Index Portfolio, Class 1 (cost $2,708,190)		231,890		2,812,826
Total Affiliated Registered Investment Companies (cost $18,362,178)				19,055,382
OPTIONS — PURCHASED — 0.1%
Exchange Traded Put Options-Purchased(1) (cost $69,612)		44		34,540
Total Long-Term Investment Securities (cost $18,431,790)				19,089,922
SHORT-TERM INVESTMENT SECURITIES — 21.1%
Registered Investment Companies — 19.7%
State Street Institutional U.S. Government Money Market Fund Premier Class 1.25%(2)		4,765,166		4,765,166
T. Rowe Price Treasury Reserve Fund 1.31%(2)		1,003		1,003
				4,766,169

Security Description	Principal Amount			Value (Note 2)
U.S. Government Treasuries — 1.4%
United States Treasury Bills 1.16% due 03/08/2018(3)	$	115,000		$	114,850
1.17% due 03/08/2018(3)		5,000			4,994
1.21% due 03/08/2018(3)		7,000			6,991
1.25% due 03/08/2018(3)		16,000			15,979
1.26% due 03/08/2018(3)		26,000			25,966
1.27% due 03/08/2018(3)		5,000			4,994
1.28% due 03/08/2018(3)		62,000			61,919
1.31% due 03/08/2018(3)		30,000			29,961
1.32% due 03/08/2018(3)		20,000			19,974
1.56% due 07/12/2018(3)		20,000			19,860
1.57% due 07/12/2018(3)		20,000			19,860
					325,348
Total Short-Term Investment Securities (cost $5,091,551)					5,091,517
TOTAL INVESTMENTS (cost $23,523,341)(4)		100.1	%		24,181,439
Liabilities in excess of other assets		(0.1	)		(24,253	)
NET ASSETS		100.0	%	$	24,157,186

@ The SunAmerica Series Trust SA VCP Index Allocation Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of the SunAmerica Series Trust. Additional information on the underlying Portfolios, including such portfolios’ prospectuses and shareholder reports are available on our website, www.aig.com/get prospectus.

†† See Note 1

# See Note 8

† Non-income producing security

(1) Options — Purchased

Exchanged Traded Put Options — Purchased
Issue	Expiration Month	Strike Price		Number of Contracts	Notional Amount*	Premiums Paid		Value at January 31, 2018		Unrealized Appreciation (Depreciation)
S&P 500 Index	June 2018	$	2,200	44	$12,424,764	$	69,612	$	34,540	$	(35,072	)

* Notional amount is calculated by multiplying the number of contracts by the multiplier by the market value of the underlying security or index.

(2) The rate shown is the 7-day yield as of January 31, 2018.

(3) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(4) See Note 3 for cost of investments on a tax basis.

442

SunAmerica Series Trust SA VCP Index Allocation Portfolio††

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	13	Long	MSCI EAFE Index	March 2018	$	1,313,847	$	1,394,575	$	80,728
	6	Long	Russell 2000 Mini Index	March 2018		461,734		472,800		11,066
	3	Long	S&P 400 E-mini Index	March 2018		567,343		586,260		18,917
	39	Long	S&P 500 E-mini Index	March 2018		5,202,264		5,510,310		308,046
	11	Short	U.S. Treasury 5 Year Notes	March 2018		1,280,053		1,261,820		18,233
	10	Short	U.S. Treasury 10 Year Notes	March 2018		1,242,453		1,215,781		26,672
	1	Short	U.S. Treasury Long Bonds	March 2018		152,123		147,813		4,310
									$	467,972

* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Affiliated Registered Investment Companies	$	19,055,382	$	—	$	—	$	19,055,382
Options-Purchased		34,540		—		—		34,540
Short-Term Investment Securities:
Registered Investment Companies		4,766,169		—		—		4,766,169
U.S. Government Treasuries		—		325,348		—		325,348
Total Investments at Value	$	23,856,091	$	325,348	$	—	$	24,181,439
Other Financial Instruments:†
Futures Contracts	$	467,972	$	—	$	—	$	467,972

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

† Other financial instruments are derivative instruments not reflected in the Portfolio of Investments, such as futures, forward, swap and written option contracts, which are valued at the unrealized appreciation (depreciation) on the instrument.

The Portfolio’s policy is to recongnize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

443

SunAmerica Series Trust SA WellsCap Aggressive Growth Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Commercial Services-Finance	7.1	%
Medical Products	4.8
Enterprise Software/Service	4.6
Schools	3.5
Semiconductor Equipment	3.3
E-Commerce/Services	3.1
Entertainment Software	2.8
Medical-Biomedical/Gene	2.8
Resorts/Theme Parks	2.8
Computers-Integrated Systems	2.6
Non-Hazardous Waste Disposal	2.6
Chemicals-Specialty	2.6
Computer Software	2.4
Electric Products-Misc.	2.4
Aerospace/Defense-Equipment	2.2
Security Services	2.0
Machinery-Electrical	1.9
Medical-HMO	1.9
Consulting Services	1.8
Hotels/Motels	1.7
Lighting Products & Systems	1.7
Containers-Paper/Plastic	1.7
Distribution/Wholesale	1.6
Medical-Drugs	1.6
Internet Security	1.5
Networking Products	1.4
Retail-Apparel/Shoe	1.4
Web Portals/ISP	1.4
Diversified Manufacturing Operations	1.4
Disposable Medical Products	1.4
Beverages-Non-alcoholic	1.4
Industrial Automated/Robotic	1.3
Finance-Investment Banker/Broker	1.3
Therapeutics	1.3
Food-Misc./Diversified	1.3
Miscellaneous Manufacturing	1.3
Patient Monitoring Equipment	1.3
Finance-Consumer Loans	1.3
Computer Services	1.2
Building Products-Cement	1.2
Building Products-Doors & Windows	1.2
Oil Companies-Exploration & Production	1.1
Theaters	1.1
Financial Guarantee Insurance	1.1
Machinery-General Industrial	1.1
Repurchase Agreements	1.1
Water Treatment Systems	1.0
Airlines	1.0
Medical-Outpatient/Home Medical	1.0
Electronic Measurement Instruments	1.0
Retail-Restaurants	0.8
Telecom Services	0.7
E-Commerce/Products	0.7
Casino Services	0.1
	99.9	%

* Calculated as a percentage of net assets

# See Note 1

444

SunAmerica Series Trust SA WellsCap Aggressive Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.8%
Aerospace/Defense-Equipment — 2.2%
Aerojet Rocketdyne Holdings, Inc.†		29,350	$	807,125
Curtiss-Wright Corp.		12,110		1,582,293
				2,389,418
Airlines — 1.0%
Spirit Airlines, Inc.†		25,276		1,064,625
Beverages-Non-alcoholic — 1.4%
National Beverage Corp.		13,530		1,494,659
Building Products-Cement — 1.2%
Vulcan Materials Co.		9,870		1,336,398
Building Products-Doors & Windows — 1.2%
Masonite International Corp.†		18,892		1,317,717
Casino Services — 0.1%
Eldorado Resorts, Inc.†		4,724		163,214
Chemicals-Specialty — 2.6%
Albemarle Corp.		8,310		927,313
Univar, Inc.†		63,539		1,897,274
				2,824,587
Commercial Services-Finance — 7.1%
Euronet Worldwide, Inc.†		17,450		1,638,031
Total System Services, Inc.		18,510		1,644,799
TransUnion†		29,786		1,768,097
WEX, Inc.†		17,537		2,714,903
				7,765,830
Computer Services — 1.2%
EPAM Systems, Inc.†		11,568		1,359,009
Computer Software — 2.4%
Box, Inc., Class A†		80,460		1,789,430
Envestnet, Inc.†		16,720		898,700
				2,688,130
Computers-Integrated Systems — 2.6%
Mercury Systems, Inc.†		31,700		1,522,234
NCR Corp.†		35,970		1,349,235
				2,871,469
Consulting Services — 1.8%
Gartner, Inc.†		14,520		2,014,505
Containers-Paper/Plastic — 1.7%
Berry Global Group, Inc.†		30,700		1,817,133
Disposable Medical Products — 1.4%
ICU Medical, Inc.†		6,690		1,531,675
Distribution/Wholesale — 1.6%
SiteOne Landscape Supply, Inc.†		23,736		1,807,734
Diversified Manufacturing Operations — 1.4%
A.O. Smith Corp.		23,146		1,545,690
E-Commerce/Products — 0.7%
Etsy, Inc.†		40,460		759,030
E-Commerce/Services — 3.1%
Match Group, Inc.†		35,310		1,233,731
MercadoLibre, Inc.		5,580		2,160,018
				3,393,749
Electric Products-Misc. — 2.4%
Littelfuse, Inc.		6,875		1,494,212

Security Description	Shares		Value (Note 2)
Electric Products-Misc. (continued)
Novanta, Inc.†		20,230	$	1,171,317
				2,665,529
Electronic Measurement Instruments — 1.0%
National Instruments Corp.		21,210		1,059,227
Enterprise Software/Service — 4.6%
Black Knight, Inc.†		35,310		1,747,845
Ultimate Software Group, Inc.†		7,860		1,830,516
Veeva Systems, Inc., Class A†		23,340		1,467,152
				5,045,513
Entertainment Software — 2.8%
Take-Two Interactive Software, Inc.†		24,469		3,099,488
Finance-Consumer Loans — 1.3%
SLM Corp.†		120,150		1,374,516
Finance-Investment Banker/Broker — 1.3%
Raymond James Financial, Inc.		14,985		1,444,404
Financial Guarantee Insurance — 1.1%
Radian Group, Inc.		55,110		1,216,278
Food-Misc./Diversified — 1.3%
Lamb Weston Holdings, Inc.		24,270		1,422,222
Hotels/Motels — 1.7%
Hilton Grand Vacations, Inc.†		41,930		1,885,592
Industrial Automated/Robotic — 1.3%
Nordson Corp.		10,100		1,451,572
Internet Security — 1.5%
Proofpoint, Inc.†		15,881		1,620,180
Lighting Products & Systems — 1.7%
Universal Display Corp.		11,690		1,863,386
Machinery-Electrical — 1.9%
BWX Technologies, Inc.		32,930		2,089,079
Machinery-General Industrial — 1.1%
Zebra Technologies Corp., Class A†		9,810		1,208,200
Medical Products — 4.8%
ABIOMED, Inc.†		4,410		1,036,350
Cantel Medical Corp.		9,694		1,075,355
Hill-Rom Holdings, Inc.		17,920		1,529,114
Hologic, Inc.†		39,220		1,674,694
				5,315,513
Medical-Biomedical/Gene — 2.8%
Bio-Rad Laboratories, Inc., Class A†		4,290		1,109,094
CRISPR Therapeutics AG†		12,245		480,983
Exelixis, Inc.†		33,277		1,008,626
Puma Biotechnology, Inc.†		7,320		489,342
				3,088,045
Medical-Drugs — 1.6%
Array BioPharma, Inc.†		50,216		744,201
MyoKardia, Inc.†		8,133		419,663
TESARO, Inc.†		8,130		548,450
				1,712,314
Medical-HMO — 1.9%
Molina Healthcare, Inc.†		9,540		871,575
WellCare Health Plans, Inc.†		5,690		1,197,062
				2,068,637
Medical-Outpatient/Home Medical — 1.0%
Amedisys, Inc.†		19,821		1,062,802

445

SunAmerica Series Trust SA WellsCap Aggressive Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Miscellaneous Manufacturing — 1.3%
John Bean Technologies Corp.		12,410	$	1,411,637
Networking Products — 1.4%
LogMeIn, Inc.		12,660		1,592,628
Non-Hazardous Waste Disposal — 2.6%
Waste Connections, Inc.		39,551		2,840,553
Oil Companies-Exploration & Production — 1.1%
Diamondback Energy, Inc.†		10,022		1,257,761
Patient Monitoring Equipment — 1.3%
Insulet Corp.†		18,350		1,404,325
Resorts/Theme Parks — 2.8%
Six Flags Entertainment Corp.		23,690		1,600,497
Vail Resorts, Inc.		6,752		1,475,717
				3,076,214
Retail-Apparel/Shoe — 1.4%
Burlington Stores, Inc.†		12,925		1,573,102
Retail-Restaurants — 0.8%
Wingstop, Inc.		18,029		871,882
Schools — 3.5%
Adtalem Global Education, Inc.†		36,390		1,673,940
Bright Horizons Family Solutions, Inc.†		22,651		2,224,328
				3,898,268
Security Services — 2.0%
Brink’s Co.		25,860		2,156,724
Semiconductor Equipment — 3.3%
MKS Instruments, Inc.		15,590		1,594,857
Teradyne, Inc.		44,180		2,025,211
				3,620,068
Telecom Services — 0.7%
Switch, Inc., Class A		49,021		795,121

Security Description	Shares/ Principal Amount			Value (Note 2)
Theaters — 1.1%
Cinemark Holdings, Inc.		33,414		$	1,229,635
Therapeutics — 1.3%
Flexion Therapeutics, Inc.†		39,570			893,886
Sarepta Therapeutics, Inc.†		8,320			545,293
					1,439,179
Water Treatment Systems — 1.0%
Evoqua Water Technologies Corp.†		47,624			1,088,685
Web Portals/ISP — 1.4%
Yandex NV, Class A†		40,449			1,566,590
Total Long-Term Investment Securities (cost $80,546,559)					108,659,441
REPURCHASE AGREEMENTS — 1.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20% dated 01/31/2018, to be repurchased 02/01/2018 in the amount of $1,162,006 and collateralized by $1,205,000 of United States Treasury Bonds, bearing interest at 1.88% due 03/31/2022 and having an approximate value of $1,185,761 (cost $1,162,000)	$	1,162,000			1,162,000
TOTAL INVESTMENTS (cost $81,708,559)(1)		99.9	%		109,821,441
Other assets less liabilities		0.1			116,697
NET ASSETS		100.0	%	$	109,938,138

† Non-income producing security

# See Note 1

(1) See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	108,659,441	$	—	$	—	$	108,659,441
Repurchase Agreements		—		1,162,000		—		1,162,000
Total Investments at Value	$	108,659,441	$	1,162,000	$	—	$	109,821,441

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

446

SunAmerica Series Trust SA WellsCap Fundamental Growth Portfolio#

PORTFOLIO PROFILE — January 31, 2018 — (unaudited)

Industry Allocation*

Applications Software	10.2	%
E-Commerce/Products	7.4
Commercial Services-Finance	6.8
Web Portals/ISP	6.2
Finance-Credit Card	4.8
Medical-HMO	4.7
Internet Content-Entertainment	4.4
Medical-Biomedical/Gene	3.7
Repurchase Agreements	3.3
Medical Products	3.2
Entertainment Software	3.1
Medical Instruments	3.1
Electronic Components-Semiconductors	2.9
Non-Hazardous Waste Disposal	2.8
Retail-Building Products	2.7
Data Processing/Management	2.4
Finance-Other Services	2.2
Coatings/Paint	2.1
Building Products-Cement	2.1
Internet Application Software	2.0
Finance-Investment Banker/Broker	2.0
Industrial Gases	2.0
Toys	1.7
Aerospace/Defense	1.7
Commercial Services	1.6
Auto/Truck Parts & Equipment-Original	1.4
E-Commerce/Services	1.4
Industrial Automated/Robotic	1.1
Beverages-Non-alcoholic	1.1
Machinery-Electrical	1.1
Auto-Cars/Light Trucks	1.1
Enterprise Software/Service	1.0
Oil Companies-Exploration & Production	1.0
Food-Misc./Diversified	1.0
Real Estate Investment Trusts	0.9
	100.2	%

* Calculated as a percentage of net assets

# See Note 1

447

SunAmerica Series Trust SA WellsCap Fundamental Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 96.9%
Aerospace/Defense — 1.7%
Northrop Grumman Corp.		8,350	$	2,843,426
Applications Software — 10.2%
Microsoft Corp.		112,960		10,732,330
salesforce.com, Inc.†		37,649		4,288,597
ServiceNow, Inc.†		13,216		1,967,466
				16,988,393
Auto-Cars/Light Trucks — 1.1%
Ferrari NV		14,500		1,732,750
Auto/Truck Parts & Equipment-Original — 1.4%
Aptiv PLC		24,970		2,369,154
Beverages-Non-alcoholic — 1.1%
Monster Beverage Corp.†		27,317		1,863,839
Building Products-Cement — 2.1%
Vulcan Materials Co.		25,720		3,482,488
Coatings/Paint — 2.1%
Sherwin-Williams Co.		8,356		3,485,371
Commercial Services — 1.6%
Cintas Corp.		16,190		2,727,206
Commercial Services-Finance — 6.8%
FleetCor Technologies, Inc.†		17,270		3,669,875
PayPal Holdings, Inc.†		18,945		1,616,387
S&P Global, Inc.		12,351		2,236,766
Total System Services, Inc.		21,990		1,954,032
TransUnion†		29,350		1,742,216
				11,219,276
Data Processing/Management — 2.4%
Fidelity National Information Services, Inc.		22,939		2,348,036
First Data Corp., Class A†		96,540		1,708,758
				4,056,794
E-Commerce/Products — 7.4%
Amazon.com, Inc.†		8,451		12,261,471
E-Commerce/Services — 1.4%
MercadoLibre, Inc.		6,110		2,365,181
Electronic Components-Semiconductors — 2.9%
Broadcom, Ltd.		13,449		3,335,755
Infineon Technologies AG ADR		52,980		1,545,427
				4,881,182
Enterprise Software/Service — 1.0%
Black Knight, Inc.†		34,750		1,720,125
Entertainment Software — 3.1%
Activision Blizzard, Inc.		36,700		2,720,571
Electronic Arts, Inc.†		19,456		2,470,134
				5,190,705
Finance-Credit Card — 4.8%
Visa, Inc., Class A		63,596		7,900,531
Finance-Investment Banker/Broker — 2.0%
Raymond James Financial, Inc.		34,930		3,366,903
Finance-Other Services — 2.2%
Intercontinental Exchange, Inc.		48,385		3,572,748
Food-Misc./Diversified — 1.0%
Lamb Weston Holdings, Inc.		27,560		1,615,016

Security Description	Shares/ Principal Amount			Value (Note 2)
Industrial Automated/Robotic — 1.1%
Rockwell Automation, Inc.		9,510		$	1,876,228
Industrial Gases — 2.0%
Air Products & Chemicals, Inc.		19,540			3,289,950
Internet Application Software — 2.0%
Tencent Holdings, Ltd. ADR		57,058			3,376,122
Internet Content-Entertainment — 4.4%
Facebook, Inc., Class A†		23,047			4,307,254
Netflix, Inc.†		11,230			3,035,469
					7,342,723
Machinery-Electrical — 1.1%
BWX Technologies, Inc.		28,080			1,781,395
Medical Instruments — 3.1%
Boston Scientific Corp.†		91,481			2,557,809
Edwards Lifesciences Corp.†		20,260			2,564,511
					5,122,320
Medical Products — 3.2%
Baxter International, Inc.		29,870			2,151,536
Hologic, Inc.†		74,390			3,176,453
					5,327,989
Medical-Biomedical/Gene — 3.7%
Celgene Corp.†		24,455			2,473,868
Exelixis, Inc.†		62,540			1,895,587
Incyte Corp.†		8,780			792,746
Regeneron Pharmaceuticals, Inc.†		2,660			975,289
					6,137,490
Medical-HMO — 4.7%
UnitedHealth Group, Inc.		32,800			7,766,384
Non-Hazardous Waste Disposal — 2.8%
Waste Connections, Inc.		65,425			4,698,823
Oil Companies-Exploration & Production — 1.0%
Pioneer Natural Resources Co.		9,020			1,649,848
Real Estate Investment Trusts — 0.9%
SBA Communications Corp.†		8,670			1,512,915
Retail-Building Products — 2.7%
Home Depot, Inc.		22,683			4,557,015
Toys — 1.7%
Nintendo Co., Ltd. ADR		50,280			2,869,982
Web Portals/ISP — 6.2%
Alphabet, Inc., Class A†		8,706			10,292,407
Total Long-Term Investment Securities (cost $111,312,555)					161,244,150
REPURCHASE AGREEMENTS — 3.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.20%, dated 01/31/2018, to be repurchased 02/01/2018 in the amount of $5,511,031 collateralized by $5,715,000 of United States Treasury Bonds, bearing interest at 1.88% due 03/31/2022 and having an approximate value of $5,623,754 (cost $5,511,000)	$	5,511,000			5,511,000
TOTAL INVESTMENTS (cost $116,823,555)(1)		100.2	%		166,755,150
Liabilities in excess of other assets		(0.2	)		(275,776	)
NET ASSETS		100.0	%	$	166,479,374

† Non-income producing security

# See Note 1

(1) See Note 3 for cost of investments on a tax basis.

ADR — American Depositary Receipt

448

SunAmerica Series Trust SA WellsCap Fundamental Growth Portfolio#

PORTFOLIO OF INVESTMENTS — January 31, 2018 — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2018 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	161,244,150	$	—	$	—	$	161,244,150
Repurchase Agreements		—		5,511,000		—		5,511,000
Total Investments at Value	$	161,244,150	$	5,511,000	$	—	$	166,755,150

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

The Portfolio’s policy is to recognize transfers between Levels as of the end of the reporting period. There were no transfers between Levels during the reporting period.

See Notes to Financial Statements

449

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2018

	SA AB Growth†		SA AB Small & Mid Cap Value†		SA BlackRock VCP Global Multi Asset		SA Boston Company Capital Growth†		SA Columbia Technology†
ASSETS:
Investments at value (unaffiliated)*	$	654,632,949	$	614,330,680	$	728,851,340	$	396,457,537	$	75,029,947
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		—		—		—		—		1,830,000
Cash		786		754		722		856		65
Foreign cash*		—		—		13,692,030		3,690		—
Cash collateral for futures contracts		—		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		5,844,724		—		—
Receivable for:
Fund shares sold		22,326		20,239		323,713		5,447		147,344
Dividends and interest		71,654		197,075		1,406,836		180,466		9,608
Investments sold		3,979,096		4,106,788		—		—		253,703
Investments sold on an extended settlement basis		—		—		—		—		—
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		4,661		32,454		4,308		7,974		22,610
Due from investment adviser for expense reimbursements/fee waivers		—		—		793		33,904		6,443
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		—		—		133,515		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		353,903		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		658,711,472		618,687,990		750,611,884		396,689,874		77,299,720
LIABILITIES:
Payable for:
Fund shares redeemed		347,174		556,032		80,548		178,799		6,701
Investments purchased		6,742,723		1,194,547		—		—		589,211
Investments purchased on an extended settlement basis		—		—		—		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		335,689		488,156		538,216		276,752		64,431
Service fees — Class 2		2,949		1,867		—		221		640
Service fees — Class 3		28,582		109,877		157,631		12,291		11,693
Transfer agent fees		200		144		80		208		175
Trustees’ fees and expenses		581		678		576		373		83
Other accrued expenses		84,903		84,480		124,841		67,941		56,731
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		—		—		676,712		—		—
Due to investment adviser from expense recoupment		—		—		—		—		—
Due to custodian		—		—		—		—		—
Due to custodian for foreign cash		—		—		—		—		—
Due to broker		—		—		—		—		—
Call and put options written, at value@		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		828,694		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		7,542,801		2,435,781		2,407,298		536,585		729,665
Net Assets	$	651,168,671	$	616,252,209	$	748,204,586	$	396,153,289	$	76,570,055
*  Cost
Investments (unaffiliated)	$	471,062,110	$	488,301,021	$	705,539,407	$	310,638,774	$	53,243,723
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	—	$	—	$	13,478,948	$	3,547	$	—
#  Proceeds from forward sales contracts	$	—	$	—	$	—	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—

†  See Note 1

See Notes to Financial Statements

450

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2018

	SA AB Growth†		SA AB Small & Mid Cap Value†		SA BlackRock VCP Global Multi Asset			SA Boston Company Capital Growth†		SA Columbia Technology†
NET ASSETS REPRESENTED BY:
Paid-in capital	$	402,197,798	$	424,306,933	$	668,641,667		$	279,469,887	$	44,918,258
Accumulated undistributed net investment income (loss)		16,009		906,442		3,775,747			1,186,931		(63,081	)
Accumulated undistributed net realized gain (loss) on investments, swap contracts, futures contracts, options contracts, forward sales contracts, foreign exchange transactions and capital gain distributions from underlying funds		65,384,025		65,009,175		47,682,882			29,677,565		9,928,661
Unrealized appreciation (depreciation) on investments		183,570,839		126,029,659		23,311,933			85,818,763		21,786,224
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		—		—		5,036,616			—		—
Unrealized foreign exchange gain (loss) on other assets and liabilities		—		—		(244,259	)		143		(7	)
Accrued capital gains tax on unrealized appreciation (depreciation)		—		—		—			—		—
Net Assets	$	651,168,671	$	616,252,209	$	748,204,586		$	396,153,289	$	76,570,055
Class 1 (unlimited shares authorized):
Net assets	$	491,202,677	$	91,640,359	$	119,690		$	335,869,739	$	15,770,815
Shares of beneficial interest issued and outstanding		10,282,565		4,642,109		10,019			18,508,393		2,111,281
Net asset value, offering and redemption price per share	$	47.77	$	19.74	$	11.95		$	18.15	$	7.47
Class 2 (unlimited shares authorized):
Net assets	$	23,393,679	$	14,443,125	$	—		$	1,761,596	$	5,043,193
Shares of beneficial interest issued and outstanding		492,494		732,560		—			98,463		693,495
Net asset value, offering and redemption price per share	$	47.50	$	19.72	$	—		$	17.89	$	7.27
Class 3 (unlimited shares authorized):
Net assets	$	136,572,315	$	510,168,725	$	748,084,896		$	58,521,954	$	55,756,047
Shares of beneficial interest issued and outstanding		2,906,085		26,078,378		62,775,133			3,305,538		7,800,620
Net asset value, offering and redemption price per share	$	47.00	$	19.56	$	11.92		$	17.70	$	7.15

†  See Note 1

See Notes to Financial Statements

451

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2018

	SA DFA Ultra Short Bond†		SA Dogs of Wall Street†		SA Federated Corporate Bond†		SA Fixed Income Index†		SA Fixed Income Intermediate Index†
ASSETS:
Investments at value (unaffiliated)*	$	404,704,193	$	376,562,674	$	1,603,477,672	$	298,010,088	$	229,763,035
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		—		1,326,000		—		6,475,000		13,295,000
Cash		—		357		56,534		798		514
Foreign cash*		—		—		—		—		—
Cash collateral for futures contracts		—		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		—		—		—
Receivable for:
Fund shares sold		81,665		1,309		150,880		149,793		126,531
Dividends and interest		1,759,388		732,761		19,244,849		2,300,136		1,416,029
Investments sold		3,016,069		—		975,607		—		—
Investments sold on an extended settlement basis		—		—		—		—		—
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		5,291		4,348		4,652		21		—
Due from investment adviser for expense reimbursements/fee waivers		—		—		—		9,065		19,346
Deferred offering costs		—		—		—		—		43,464
Variation margin on futures contracts		—		—		3,125		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		409,566,606		378,627,449		1,623,913,319		306,944,901		244,663,919
LIABILITIES:
Payable for:
Fund shares redeemed		1,694,079		286,248		713,805		172,146		129,936
Investments purchased		2,409,391		—		393,413		1,980,275		4,893,812
Investments purchased on an extended settlement basis		—		—		725,000		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		157,783		192,691		711,281		76,751		59,794
Service fees — Class 2		1,804		969		2,745		—		—
Service fees — Class 3		38,065		37,400		193,797		286		247
Transfer agent fees		428		208		187		543		517
Trustees’ fees and expenses		817		409		1,800		3,134		2,408
Other accrued expenses		97,298		68,529		184,296		140,203		67,433
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		—
Due to investment adviser from expense recoupment		—		—		—		—		—
Due to custodian		—		—		—		—		—
Due to broker		—		—		—		—		—
Call and put options written, at value@		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		4,399,665		586,454		2,926,324		2,373,338		5,154,147
Net Assets	$	405,166,941	$	378,040,995	$	1,620,986,995	$	304,571,563	$	239,509,772
*  Cost
Investments (unaffiliated)	$	406,375,317	$	322,832,642	$	1,559,187,836	$	299,645,966	$	233,945,401
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	—	$	—	$	—	$	—	$	—
#  Proceeds from forward sales contracts	$	—	$	—	$	—	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—

†  See Note 1

See Notes to Financial Statements

452

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2018

	SA DFA Ultra Short Bond†			SA Dogs of Wall Street†		SA Federated Corporate Bond†		SA Fixed Income Index†			SA Fxed Income Intermediate Index†
NET ASSETS REPRESENTED BY:
Paid-in capital	$	408,697,855		$	275,717,252	$	1,502,699,427	$	300,623,134		$	242,722,520
Accumulated undistributed net investment income (loss)		4,014,262			8,241,431		62,300,827		5,788,832			1,151,080
Accumulated undistributed net realized gain (loss) on investments, swap contracts, futures contracts, options contracts, forward sales contracts, foreign exchange transactions and capital gain distributions from underlying funds		(5,874,052	)		40,352,280		11,534,450		(204,525	)		(181,462	)
Unrealized appreciation (depreciation) on investments		(1,671,124	)		53,730,032		44,289,836		(1,635,878	)		(4,182,366	)
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		—			—		162,455		—			—
Unrealized foreign exchange gain (loss) on other assets and liabilities		—			—		—		—			—
Accrued capital gains tax on unrealized appreciation (depreciation)		—			—		—		—			—
Net Assets	$	405,166,941		$	378,040,995	$	1,620,986,995	$	304,571,563		$	239,509,772
Class 1 (unlimited shares authorized):
Net assets	$	215,124,567		$	192,395,126	$	695,387,554	$	303,097,150		$	238,097,510
Shares of beneficial interest issued and outstanding		20,364,669			12,706,819		51,864,676		29,872,591			24,140,358
Net asset value, offering and redemption price per share	$	10.56		$	15.14	$	13.41	$	10.15		$	9.86
Class 2 (unlimited shares authorized):
Net assets	$	14,205,961		$	7,665,929	$	21,286,680	$	—		$	—
Shares of beneficial interest issued and outstanding		1,361,004			507,264		1,588,729		—			—
Net asset value, offering and redemption price per share	$	10.44		$	15.11	$	13.40	$	—		$	—
Class 3 (unlimited shares authorized):
Net assets	$	175,836,413		$	177,979,940	$	904,312,761	$	1,474,413		$	1,412,262
Shares of beneficial interest issued and outstanding		16,992,903			11,865,239		67,912,169		145,674			143,301
Net asset value, offering and redemption price per share	$	10.35		$	15.00	$	13.32	$	10.12		$	9.86

†  See Note 1

See Notes to Financial Statements

453

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2018

	SA Franklin Foreign Value†		SA Franklin Small Company Value†		SA Goldman Sachs Global Bond†		SA Goldman Sachs Multi-Asset Insights†		SA Index Allocation 60/40†
ASSETS:
Investments at value (unaffiliated)*	$	1,075,938,923	$	365,626,416	$	437,473,378	$	11,416,594	$	—
Investments at value (affiliated)*		—		—		—		—		35,146,736
Repurchase agreements (cost approximates value)		20,038,000		5,303,000		—		—		—
Cash		879		802		56		—		—
Foreign cash*		17		—		344,474		—		—
Cash collateral for futures contracts		—		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		12,498,325		177,555		—
Receivable for:
Fund shares sold		82,708		8,205		139,555		61,661		338,539
Dividends and interest		1,345,912		181,928		2,368,397		12,995		—
Investments sold		948,637		2,636,325		8,756,167		105,015		—
Investments sold on an extended settlement basis		4,730,625		—		2,333,108		—		—
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		27,477		—		—
Prepaid expenses and other assets		20,196		4,351		4,748		—		—
Due from investment adviser for expense reimbursements/fee waivers		—		16,029		—		21,722		6,433
Deferred offering costs		—		—		—		39,083		—
Variation margin on futures contracts		—		—		66,418		8,546		—
Unrealized appreciation on forward foreign currency contracts		—		—		8,057,292		—		—
Swap premiums paid		—		—		1,318,533		3,662		—
Unrealized appreciation on swap contracts		—		—		2,575,718		34,887		—
Total assets		1,103,105,897		373,777,056		475,963,646		11,881,720		35,491,708
LIABILITIES:
Payable for:
Fund shares redeemed		389,513		201,506		208,911		49		480
Investments purchased		2,309,010		823,066		4,518,170		100,036		338,059
Investments purchased on an extended settlement basis		2,010,956		—		210,061		—		—
Payments on swap contracts		—		—		136,523		—		—
Investment advisory and management fees		729,437		308,530		229,196		6,846		2,716
Service fees — Class 2		1,781		—		776		—		—
Service fees — Class 3		120,495		48,172		66,714		2,422		6,757
Transfer agent fees		160		128		240		181		312
Trustees’ fees and expenses		1,255		530		517		1,073		1,139
Other accrued expenses		170,676		77,196		180,830		54,067		39,888
Accrued foreign tax on capital gains		714,795		—		—		—		—
Variation margin on futures contracts		—		—		84,316		7,570		—
Due to investment adviser from expense recoupment		—		—		—		—		—
Due to custodian		—		—		—		—		—
Due to broker		—		—		314,282		—		—
Call and put options written, at value@		—		—		64,609		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		7,022,240		—		—
Swap premiums received		—		—		4,160,379		—		—
Unrealized depreciation on swap contracts		—		—		3,651,486		—		—
Total liabilities		6,448,078		1,459,128		20,849,250		172,244		389,351
Net Assets	$	1,096,657,819	$	372,317,928	$	455,114,396	$	11,709,476	$	35,102,357
*  Cost
Investments (unaffiliated)	$	856,431,019	$	287,977,004	$	422,067,313	$	11,055,239	$	—
Investments (affiliated)	$	—	$	—	$	—	$	—	$	33,220,820
Foreign cash	$	17	$	—	$	340,621	$	—	$	—
#  Proceeds from forward sales contracts	$	—	$	—	$	—	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	66,700	$	—	$	—

†  See Note 1

See Notes to Financial Statements

454

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2018

	SA Franklin Foreign Value†			SA Franklin Small Company Value†		SA Goldman Sachs Global Bond†			SA Goldman Sachs Multi-Asset Insights†		SA Index Allocation 60/40†
NET ASSETS REPRESENTED BY:
Paid-in capital	$	881,536,854		$	245,291,472	$	461,261,405		$	11,111,362	$	33,181,732
Accumulated undistributed net investment income (loss)		17,262,327			2,885,693		(902,774	)		4,766		(11,634	)
Accumulated undistributed net realized gain (loss) on investments, swap contracts, futures contracts, options contracts, forward sales contracts, foreign exchange transactions and capital gain distributions from underlying funds		(20,992,075	)		46,486,303		(19,639,850	)		111,825		6,343
Unrealized appreciation (depreciation) on investments		219,507,904			77,649,412		15,406,065			361,355		1,925,916
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		—			—		(2,122,633	)		120,168		—
Unrealized foreign exchange gain (loss) on other assets and liabilities		57,604			5,048		1,112,183			—		—
Accrued capital gains tax on unrealized appreciation (depreciation)		(714,795	)		—		—			—		—
Net Assets	$	1,096,657,819		$	372,317,928	$	455,114,396		$	11,709,476	$	35,102,357
Class 1 (unlimited shares authorized):
Net assets	$	514,252,765		$	149,189,379	$	133,157,569		$	107,965	$	152,330
Shares of beneficial interest issued and outstanding		28,999,813			6,240,676		11,695,164			10,222		13,490
Net asset value, offering and redemption price per share	$	17.73		$	23.91	$	11.39		$	10.56	$	11.29
Class 2 (unlimited shares authorized):
Net assets	$	13,991,806		$	—	$	6,084,144		$	—	$	—
Shares of beneficial interest issued and outstanding		789,198			—		539,180			—		—
Net asset value, offering and redemption price per share	$	17.73		$	—	$	11.28		$	—	$	—
Class 3 (unlimited shares authorized):
Net assets	$	568,413,248		$	223,128,549	$	315,872,683		$	11,601,511	$	34,950,027
Shares of beneficial interest issued and outstanding		32,156,514			9,423,045		28,270,342			1,098,810		3,096,281
Net asset value, offering and redemption price per share	$	17.68		$	23.68	$	11.17		$	10.56	$	11.29

†  See Note 1

See Notes to Financial Statements

455

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2018

	SA Index Allocation 80/20†		SA Index Allocation 90/10†		SA International Index†		SA Invesco Growth Opportunities†		SA Invesco VCP Equity- Income†
ASSETS:
Investments at value (unaffiliated)*	$	—	$	—	$	378,833,262	$	297,797,378	$	1,613,350,513
Investments at value (affiliated)*		79,870,123		222,610,212		—		—		—
Repurchase agreements (cost approximates value)		—		—		9,718,000		—		—
Cash		—		—		246		922		—
Foreign cash*		—		—		589,389		—		132,243
Cash collateral for futures contracts		—		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		—		—		26
Receivable for:
Fund shares sold		176,810		1,193,001		365,653		522		338,398
Dividends and interest		—		—		707,824		10,981		3,146,914
Investments sold		—		—		—		977,868		11,045,434
Investments sold on an extended settlement basis		—		—		—		—		—
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		—		—		19		5,196		4,393
Due from investment adviser for expense reimbursements/fee waivers		3,582		—		37,050		—		67,794
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		39,000
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		13,174
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		80,050,515		223,803,213		390,251,443		298,792,867		1,628,137,889
LIABILITIES:
Payable for:
Fund shares redeemed		3,690		2,521		160,380		89,640		362,537
Investments purchased		173,120		1,190,481		—		407,642		12,742,282
Investments purchased on an extended settlement basis		—		—		—		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		6,542		17,696		130,087		186,364		1,148,454
Service fees — Class 2		—		—		—		396		—
Service fees — Class 3		16,329		44,184		76		36,539		338,960
Transfer agent fees		312		320		648		139		80
Trustees’ fees and expenses		1,368		1,922		3,467		371		1,364
Other accrued expenses		40,054		40,829		178,269		65,672		127,361
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		—		—		23,230		—		—
Due to investment adviser from expense recoupment		—		4,468		—		—		—
Due to custodian		—		—		—		—		1,324,480
Due to broker		—		—		—		—		—
Call and put options written, at value@		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		1,886,069
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		241,415		1,302,421		496,157		786,763		17,931,587
Net Assets	$	79,809,100	$	222,500,792	$	389,755,286	$	298,006,104	$	1,610,206,302
*  Cost
Investments (unaffiliated)	$	—	$	—	$	320,979,218	$	232,376,886	$	1,363,721,908
Investments (affiliated)	$	73,743,146	$	204,381,724	$	—	$	—	$	—
Foreign cash	$	—	$	—	$	573,725	$	—	$	132,384
#  Proceeds from forward sales contracts	$	—	$	—	$	—	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—

†  See Note 1

See Notes to Financial Statements

456

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2018

	SA Index Allocation 80/20†			SA Index Allocation 90/10†			SA International Index†			SA Invesco Growth Opportunities†		SA Invesco VCP Equity- Income†
NET ASSETS REPRESENTED BY:
Paid-in capital	$	73,697,558		$	204,324,244		$	331,974,891		$	200,131,967	$	1,341,323,415
Accumulated undistributed net investment income (loss)		(22,558	)		(70,224	)		(736,044	)		—		12,402,952
Accumulated undistributed net realized gain (loss) on investments, swap contracts, futures contracts, options contracts, forward sales contracts, foreign exchange transactions and capital gain distributions from underlying funds		7,123			18,284			284,367			32,453,645		6,238,585
Unrealized appreciation (depreciation) on investments		6,126,977			18,228,488			57,854,044			65,420,492		249,628,605
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		—			—			317,868			—		2,470,376
Unrealized foreign exchange gain (loss) on other assets and liabilities		—			—			60,160			—		(1,857,631	)
Accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—		—
Net Assets	$	79,809,100		$	222,500,792		$	389,755,286		$	298,006,104	$	1,610,206,302
Class 1 (unlimited shares authorized):
Net assets	$	119,270		$	268,076		$	389,353,214		$	121,703,365	$	123,710
Shares of beneficial interest issued and outstanding		10,172			22,430			32,103,165			12,672,468		8,746
Net asset value, offering and redemption price per share	$	11.73		$	11.95		$	12.13		$	9.60	$	14.14
Class 2 (unlimited shares authorized):
Net assets	$	—		$	—		$	—		$	3,134,306	$	—
Shares of beneficial interest issued and outstanding		—			—			—			339,318		—
Net asset value, offering and redemption price per share	$	—		$	—		$	—		$	9.24	$	—
Class 3 (unlimited shares authorized):
Net assets	$	79,689,830		$	222,232,716		$	402,072		$	173,168,433	$	1,610,082,592
Shares of beneficial interest issued and outstanding		6,799,096			18,601,834			33,165			19,195,766		114,142,404
Net asset value, offering and redemption price per share	$	11.72		$	11.95		$	12.12		$	9.02	$	14.11

†  See Note 1

See Notes to Financial Statements

457

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2018

	SA Janus Focused Growth		SA JPMorgan Balanced†		SA JPMorgan Emerging Markets†		SA JPMorgan Equity- Income†		SA JPMorgan Global Equities†
ASSETS:
Investments at value (unaffiliated)*	$	344,282,101	$	259,599,947	$	371,817,532	$	1,212,817,618	$	577,481,235
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		—		5,433,000		—		—		5,957,000
Cash		60,145		149,657		74		846		—
Foreign cash*		—		—		1,091,642		—		25,883
Cash collateral for futures contracts		—		170,000		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		—		—		—
Receivable for:
Fund shares sold		7,748		451,657		72,222		79,584		31,996
Dividends and interest		166,965		707,928		406,702		808,325		565,274
Investments sold		1,790,041		8,899,193		6,563,586		6,771,733		—
Investments sold on an extended settlement basis		—		—		—		—		—
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		7,502		9,431		198,788		5,562		5,894
Due from investment adviser for expense reimbursements/fee waivers		29,117		3,750		28,654		561		92
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		—		12,436		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		346,343,619		275,436,999		380,179,200		1,220,484,229		584,067,374
LIABILITIES:
Payable for:
Fund shares redeemed		144,608		76,458		161,380		447,709		246,087
Investments purchased		—		8,989,905		4,992,698		4,424,471		—
Investments purchased on an extended settlement basis		—		—		—		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		247,492		142,935		336,382		557,163		353,225
Service fees — Class 2		1,254		1,611		554		1,436		600
Service fees — Class 3		29,958		35,758		34,746		53,171		8,445
Transfer agent fees		208		240		255		200		237
Trustees’ fees and expenses		325		261		320		1,235		586
Other accrued expenses		62,551		116,997		389,532		118,744		106,332
Accrued foreign tax on capital gains		—		—		586,186		—		—
Variation margin on futures contracts		—		13,047		—		—		—
Due to investment adviser from expense recoupment		—		—		—		—		—
Due to custodian		—		—		—		—		1,898
Due to broker		—		—		25		—		—
Call and put options written, at value@		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		486,396		9,377,212		6,502,078		5,604,129		717,410
Net Assets	$	345,857,223	$	266,059,787	$	373,677,122	$	1,214,880,100	$	583,349,964
*  Cost
Investments (unaffiliated)	$	251,540,665	$	229,838,053	$	252,982,123	$	882,328,689	$	451,354,626
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	—	$	—	$	1,096,480	$	—	$	25,446
#  Proceeds from forward sales contracts	$	—	$	—	$	—	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—

†  See Note 1

See Notes to Financial Statements

458

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2018

	SA Janus Focused Growth		SA JPMorgan Balanced†		SA JPMorgan Emerging Markets†			SA JPMorgan Equity- Income†		SA JPMorgan Global Equities†
NET ASSETS REPRESENTED BY:
Paid-in capital	$	225,987,065	$	216,679,952	$	315,097,357		$	797,686,239	$	384,092,535
Accumulated undistributed net investment income (loss)		—		3,757,302		5,443,649			22,069,348		7,177,053
Accumulated undistributed net realized gain (loss) on investments,
swap contracts, futures contracts, options contracts, forward sales contracts, foreign exchange transactions and capital gain distributions from underlying funds		27,126,495		15,823,017		(65,117,038	)		64,635,584		65,930,352
Unrealized appreciation (depreciation) on investments		92,741,436		29,761,894		118,835,409			330,488,929		126,126,609
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		—		37,622		—			—		—
Unrealized foreign exchange gain (loss) on other assets and liabilities		2,227		—		3,931			—		23,415
Accrued capital gains tax on unrealized appreciation (depreciation)		—		—		(586,186	)		—		—
Net Assets	$	345,857,223	$	266,059,787	$	373,677,122		$	1,214,880,100	$	583,349,964
Class 1 (unlimited shares authorized):
Net assets	$	190,835,882	$	83,279,044	$	200,885,444		$	950,519,409	$	538,327,488
Shares of beneficial interest issued and outstanding		12,959,658		3,963,538		19,942,272			25,309,948		21,924,399
Net asset value, offering and redemption price per share	$	14.73	$	21.01	$	10.07		$	37.56	$	24.55
Class 2 (unlimited shares authorized):
Net assets	$	10,095,546	$	12,732,234	$	4,486,549		$	11,349,905	$	4,767,639
Shares of beneficial interest issued and outstanding		700,360		607,190		447,675			302,579		194,626
Net asset value, offering and redemption price per share	$	14.41	$	20.97	$	10.02		$	37.51	$	24.50
Class 3 (unlimited shares authorized):
Net assets	$	144,925,795	$	170,048,509	$	168,305,129		$	253,010,786	$	40,254,837
Shares of beneficial interest issued and outstanding		10,213,142		8,141,357		16,930,348			6,775,573		1,651,879
Net asset value, offering and redemption price per share	$	14.19	$	20.89	$	9.94		$	37.34	$	24.37

†  See Note 1

See Notes to Financial Statements

459

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2018

	SA JPMorgan MFS Core Bond		SA JPMorgan Mid-Cap Growth†		SA Large Cap Index†		SA Legg Mason BW Large Cap Value		SA Legg Mason Tactical Opportunities†
ASSETS:
Investments at value (unaffiliated)*	$	1,941,329,974	$	373,157,761	$	2,132,139,778	$	1,607,449,027	$	14,429,006
Investments at value (affiliated)*		—		—		4,839,959		—		—
Repurchase agreements (cost approximates value)		—		10,210,000		37,019,000		—		—
Cash		773,699		781		574		—		53,000
Foreign cash*		—		—		—		—		2,427
Cash collateral for futures contracts		—		—		2,725,000		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		26		—		—		—		39,535
Receivable for:
Fund shares sold		108,154		51,639		1,055,159		1,716		25,454
Dividends and interest		10,620,538		18,322		1,556,908		1,462,688		36,019
Investments sold		490,650		793,815		—		39,221,557		38,178
Investments sold on an extended settlement basis		—		—		—		—		1,213
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		7,411		4,658		2,867		118,074		4
Due from investment adviser for expense reimbursements/fee waivers		166,559		516		201,322		66,112		22,626
Deferred offering costs		—		—		—		—		101,468
Variation margin on futures contracts		109,375		—		17,094		—		383
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		1,953,606,386		384,237,492		2,179,557,661		1,648,319,174		14,749,313
LIABILITIES:
Payable for:
Fund shares redeemed		780,442		172,412		717,630		767,459		21
Investments purchased		1,262,101		1,395,304		2,624,755		44,608,919		117,302
Investments purchased on an extended settlement basis		547,000		—		—		—		2,151
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		993,230		245,894		732,082		973,576		8,315
Service fees — Class 2		1,120		1,988		—		6,760		—
Service fees — Class 3		209,080		34,102		1,370		120,534		2,942
Transfer agent fees		218		202		45		219		181
Trustees’ fees and expenses		2,139		382		1,747		1,639		1,073
Other accrued expenses		243,122		73,183		204,528		165,324		74,461
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		57,063		—		—		—		—
Due to investment adviser from expense recoupment		—		—		—		—		—
Due to custodian		—		—		—		—		—
Due to broker		—		—		—		—		—
Call and put options written, at value@		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		4,095,515		1,923,467		4,282,157		46,644,430		206,446
Net Assets	$	1,949,510,871	$	382,314,025	$	2,175,275,504	$	1,601,674,744	$	14,542,867
*  Cost
Investments (unaffiliated)	$	1,962,948,536	$	284,613,920	$	1,449,593,569	$	1,215,258,157	$	13,740,877
Investments (affiliated)	$	—	$	—	$	4,090,909	$	—	$	—
Foreign cash	$	—	$	—	$	—	$	—	$	2,403
#  Proceeds from forward sales contracts	$	—	$	—	$	—	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—

†  See Note 1

See Notes to Financial Statements

460

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2018

	SA JPMorgan MFS Core Bond			SA JPMorgan Mid-Cap Growth†		SA Large Cap Index†		SA Legg Mason BW Large Cap Value		SA Legg Mason Tactical Opportunities†
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,950,005,080		$	250,588,431	$	1,426,058,797	$	1,068,978,675	$	13,814,436
Accumulated undistributed net investment income (loss)		44,289,290			—		31,065,434		23,091,888		(10,341	)
Accumulated undistributed net realized gain (loss) on investments, swap contracts, futures contracts, options contracts, forward sales contracts, foreign exchange transactions and capital gain distributions from underlying funds		(23,664,480	)		43,181,753		32,778,765		117,413,311		15,383
Unrealized appreciation (depreciation) on investments		(21,618,562	)		88,543,841		683,295,258		392,190,870		688,129
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		499,543			—		2,077,250		—		35,175
Unrealized foreign exchange gain (loss) on other assets and liabilities		—			—		—		—		85
Accrued capital gains tax on unrealized appreciation (depreciation)		—			—		—		—		—
Net Assets	$	1,949,510,871		$	382,314,025	$	2,175,275,504	$	1,601,674,744	$	14,542,867
Class 1 (unlimited shares authorized):
Net assets	$	967,277,741		$	203,679,693	$	2,168,615,855	$	977,479,571	$	132,720
Shares of beneficial interest issued and outstanding		109,143,104			10,398,162		91,851,505		41,327,149		12,520
Net asset value, offering and redemption price per share	$	8.86		$	19.59	$	23.61	$	23.65	$	10.60
Class 2 (unlimited shares authorized):
Net assets	$	8,618,713		$	15,782,660	$	—	$	53,259,903	$	—
Shares of beneficial interest issued and outstanding		976,014			832,522		—		2,251,873		—
Net asset value, offering and redemption price per share	$	8.83		$	18.96	$	—	$	23.65	$	—
Class 3 (unlimited shares authorized):
Net assets	$	973,614,417		$	162,851,672	$	6,659,649	$	570,935,270	$	14,410,147
Shares of beneficial interest issued and outstanding		111,001,162			8,765,156		282,298		24,270,955		1,359,852
Net asset value, offering and redemption price per share	$	8.77		$	18.58	$	23.59	$	23.52	$	10.60

†  See Note 1

See Notes to Financial Statements

461

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2018

	SA MFS Blue Chip Growth†		SA MFS Massachusetts Investors Trust		SA MFS Telecom Utility†		SA MFS Total Return		SA Mid Cap Index†
ASSETS:
Investments at value (unaffiliated)*	$	692,454,346	$	1,223,538,718	$	43,970,915	$	554,795,431	$	174,079,804
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		—		—		—		—		1,657,000
Cash		774		832		15,533		48,379		321
Foreign cash*		—		—		4,501		23		—
Cash collateral for futures contracts		—		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		—		—		2
Receivable for:
Fund shares sold		4,390		8,081		246		85,019		136,410
Dividends and interest		100,774		657,326		90,950		1,672,621		63,820
Investments sold		—		2,453,488		6,270		6,073,792		—
Investments sold on an extended settlement basis		—		—		—		—		—
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		4,360		5,726		10,607		6,479		10
Due from investment adviser for expense reimbursements/fee waivers		—		—		—		—		—
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		647		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		692,564,644		1,226,664,171		44,099,669		562,681,744		175,937,367
LIABILITIES:
Payable for:
Fund shares redeemed		175,003		495,671		131,054		168,408		55,599
Investments purchased		—		1,236,311		42,020		7,347,802		284,834
Investments purchased on an extended settlement basis		—		—		3,944		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		378,589		699,859		28,055		306,826		44,478
Service fees — Class 2		476		1,270		214		3,717		—
Service fees — Class 3		29,027		90,354		5,673		70,489		58
Transfer agent fees		136		240		192		253		648
Trustees’ fees and expenses		540		1,306		53		639		2,121
Other accrued expenses		82,906		117,938		59,920		107,772		64,056
Accrued foreign tax on capital gains		—		—		6,536		—		—
Variation margin on futures contracts		—		—		—		—		3,500
Due to investment adviser from expense recoupment		—		—		—		—		4,897
Due to custodian		—		—		—		—		—
Due to broker		—		—		—		—		—
Call and put options written, at value@		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		193,973		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		666,677		2,642,949		471,634		8,005,906		460,191
Net Assets	$	691,897,967	$	1,224,021,222	$	43,628,035	$	554,675,838	$	175,477,176
*  Cost
Investments (unaffiliated)	$	516,240,360	$	828,456,521	$	39,529,285	$	452,160,653	$	155,078,081
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	—	$	—	$	4,501	$	23	$	—
#  Proceeds from forward sales contracts	$	—	$	—	$	—	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—

†  See Note 1

See Notes to Financial Statements

462

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2018

	SA MFS Blue Chip Growth†		SA MFS Massachusetts Investors Trust		SA MFS Telecom Utility†			SA MFS Total Return		SA Mid Cap Index†
NET ASSETS REPRESENTED BY:
Paid-in capital	$	461,598,751	$	731,815,913	$	37,869,591		$	416,686,695	$	156,396,313
Accumulated undistributed net investment income (loss)		2,471,147		3,432,509		418,426			9,252,425		34,006
Accumulated undistributed net realized gain (loss) on investments, swap contracts, futures contracts, options contracts, forward sales contracts, foreign exchange transactions and capital gain distributions from underlying funds		51,614,083		93,690,603		1,096,663			26,095,880		28,176
Unrealized appreciation (depreciation) on investments		176,213,986		395,082,197		4,441,630			102,634,778		19,001,723
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		—		—		—			—		16,958
Unrealized foreign exchange gain (loss) on other assets and liabilities		—		—		(191,739	)		6,060		—
Accrued capital gains tax on unrealized appreciation (depreciation)		—		—		(6,536	)		—		—
Net Assets	$	691,897,967	$	1,224,021,222	$	43,628,035		$	554,675,838	$	175,477,176
Class 1 (unlimited shares authorized):
Net assets	$	548,668,830	$	784,894,355	$	15,558,727		$	192,656,381	$	175,118,853
Shares of beneficial interest issued and outstanding		39,016,198		30,735,253		1,019,375			9,661,840		15,203,120
Net asset value, offering and redemption price per share	$	14.06	$	25.54	$	15.26		$	19.94	$	11.52
Class 2 (unlimited shares authorized):
Net assets	$	3,759,836	$	10,004,569	$	1,674,604		$	29,150,668	$	—
Shares of beneficial interest issued and outstanding		268,338		391,614		109,497			1,461,177		—
Net asset value, offering and redemption price per share	$	14.01	$	25.55	$	15.29		$	19.95	$	—
Class 3 (unlimited shares authorized):
Net assets	$	139,469,301	$	429,122,298	$	26,394,704		$	332,868,789	$	358,323
Shares of beneficial interest issued and outstanding		10,018,011		16,881,356		1,734,769			16,735,390		31,126
Net asset value, offering and redemption price per share	$	13.92	$	25.42	$	15.22		$	19.89	$	11.51

†  See Note 1

See Notes to Financial Statements

463

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2018

	SA Morgan Stanley International Equities†		SA Oppenheimer Main Street Large Cap†		SA PIMCO VCP Tactical Balanced†		SA PineBridge High-Yield Bond†		SA Putnam International Growth and Income†
ASSETS:
Investments at value (unaffiliated)*	$	585,018,920	$	468,373,831	$	740,099,401	$	363,659,323	$	330,923,234
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		—		11,566,000		752,700,000		10,066,000		3,469,000
Cash		4,227,064		506		30,324,515		37,936		872
Foreign cash*		2,206,211		—		1,363,733		—		367
Cash collateral for futures contracts		—		—		33,513,000		—		—
Cash collateral for centrally cleared swap contracts		—		—		2,654,000		—		—
Due from broker		—		—		841,425		—		—
Receivable for:
Fund shares sold		85,213		21,016		370,743		119,689		15,019
Dividends and interest		1,432,053		240,145		4,109,771		5,857,170		537,992
Investments sold		2,638,945		3,943,603		6,335,294		2,270,082		2,455,583
Investments sold on an extended settlement basis		21,318,363		—		121,698,969		854,701		—
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		313,319		—		—
Prepaid expenses and other assets		22,273		4,422		4,380		16,012		29,336
Due from investment adviser for expense reimbursements/fee waivers		—		—		—		—		14,434
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		—		—		614,309		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		614,581		—		2,375,894
Swap premiums paid		—		—		7,731,983		—		—
Unrealized appreciation on swap contracts		—		—		21,646,087		—		—
Total assets		616,949,042		484,149,523		1,724,935,510		382,880,913		339,821,731
LIABILITIES:
Payable for:
Fund shares redeemed		246,289		285,007		81,138		197,286		392,143
Investments purchased		17,560,258		6,844,172		35,283,425		503,869		—
Investments purchased on an extended settlement basis		6,567,996		—		289,149,566		4,228,163		—
Payments on swap contracts		—		—		785,208		—		—
Investment advisory and management fees		406,963		295,151		981,795		194,640		269,164
Service fees — Class 2		1,522		551		—		1,223		791
Service fees — Class 3		33,854		22,702		286,864		38,404		30,851
Transfer agent fees		168		179		84		303		202
Trustees’ fees and expenses		559		424		1,291		532		351
Other accrued expenses		122,971		74,473		141,505		102,709		91,853
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		—		—		525,353		—		—
Due to investment adviser from expense recoupment		—		—		—		—		—
Due to custodian		—		—		—		—		—
Due to broker		—		—		26,597,917		—		—
Call and put options written, at value@		—		—		2,700,224		—		—
Unrealized depreciation on forward foreign currency contracts		1,349,409		—		1,178,344		—		1,479,255
Swap premiums received		—		—		2,219,790		—		—
Unrealized depreciation on swap contracts		—		—		264,988		—		—
Total liabilities		26,289,989		7,522,659		360,197,492		5,267,129		2,264,610
Net Assets	$	590,659,053	$	476,626,864	$	1,364,738,018	$	377,613,784	$	337,557,121
*  Cost
Investments (unaffiliated)	$	498,678,386	$	371,572,442	$	750,786,026	$	359,996,342	$	263,880,770
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	2,200,143	$	—	$	1,356,054	$	—	$	367
#  Proceeds from forward sales contracts	$	—	$	—	$	—	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	1,757,827	$	—	$	—

†  See Note 1

See Notes to Financial Statements

464

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2018

	SA Morgan Stanley International Equities†			SA Oppenheimer Main Street Large Cap†			SA PIMCO VCP Tactical Balanced†			SA PineBridge High-Yield Bond†			SA Putnam International Growth and Income†
NET ASSETS REPRESENTED BY:
Paid-in capital	$	488,199,232		$	350,353,798		$	1,153,813,278		$	368,993,207		$	263,859,453
Accumulated undistributed net investment income (loss)		7,224,728			3,240,604			22,544,390			22,320,411			6,779,323
Accumulated undistributed net realized gain (loss) on investments, swap contracts, futures contracts, options contracts, forward sales contracts, foreign exchange transactions and capital gain distributions from underlying funds		10,192,867			26,235,463			124,740,319			(17,362,815	)		(1,051,405	)
Unrealized appreciation (depreciation) on investments		86,340,534			96,801,389			(10,686,625	)		3,662,981			67,042,464
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		—			—			74,859,233			—			—
Unrealized foreign exchange gain (loss) on other assets and liabilities		(1,298,308	)		(4,390	)		(532,577	)		—			927,286
Accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net Assets	$	590,659,053		$	476,626,864		$	1,364,738,018		$	377,613,784		$	337,557,121
Class 1 (unlimited shares authorized):
Net assets	$	419,078,032		$	364,981,277		$	121,449		$	188,571,988		$	185,609,444
Shares of beneficial interest issued and outstanding		37,002,289			15,420,418			9,497			32,635,253			15,746,129
Net asset value, offering and redemption price per share	$	11.33		$	23.67		$	12.79		$	5.78		$	11.79
Class 2 (unlimited shares authorized):
Net assets	$	11,973,882		$	4,323,971		$	—		$	9,398,259		$	6,382,506
Shares of beneficial interest issued and outstanding		1,061,793			182,781			—			1,627,710			538,884
Net asset value, offering and redemption price per share	$	11.28		$	23.66		$	—		$	5.77		$	11.84
Class 3 (unlimited shares authorized):
Net assets	$	159,607,139		$	107,321,616		$	1,364,616,569		$	179,643,537		$	145,565,171
Shares of beneficial interest issued and outstanding		14,184,479			4,554,514			107,012,007			31,299,041			12,323,821
Net asset value, offering and redemption price per share	$	11.25		$	23.56		$	12.75		$	5.74		$	11.81

†  See Note 1

See Notes to Financial Statements

465

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2018

	SA Pyramis® Real Estate†		SA Schroders VCP Global Allocation		SA Small Cap Index†		SA T.Rowe Price Asset Allocation Growth†		SA T.Rowe Price VCP Balanced
ASSETS:
Investments at value (unaffiliated)*	$	292,192,553	$	614,548,139	$	166,821,534	$	21,270,750	$	1,270,996,581
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		—		—		3,333,000		—		—
Cash		294		—		97		54,424		1,723,216
Foreign cash*		—		227,936		—		—		764,904
Cash collateral for futures contracts		—		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		9,308,610		240		—		12,959
Receivable for:
Fund shares sold		6,986		394,244		96,992		50,775		1,137,077
Dividends and interest		104,745		1,990,381		40,593		39,577		3,318,230
Investments sold		843,925		7,164,930		166,148		93,920		9,548,027
Investments sold on an extended settlement basis		—		1,204,414		—		—		3,677,446
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		6,121		4,302		9		—		4,332
Due from investment adviser for expense reimbursements/fee waivers		—		9,150		—		34,818		—
Deferred offering costs		—		—		—		27,092		—
Variation margin on futures contracts		—		373,584		—		—		159,955
Unrealized appreciation on forward foreign currency contracts		—		1,115,022		—		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		293,154,624		636,340,712		170,458,613		21,571,356		1,291,342,727
LIABILITIES:
Payable for:
Fund shares redeemed		374,735		51,459		141,941		34,956		124,213
Investments purchased		391,440		7,673,859		—		545,527		10,133,422
Investments purchased on an extended settlement basis		—		640,495		—		35,835		10,703,119
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		194,916		437,401		50,500		10,830		806,767
Service fees — Class 2		670		—		—		—		—
Service fees — Class 3		43,582		131,661		76		3,845		263,234
Transfer agent fees		193		86		632		129		100
Trustees’ fees and expenses		505		496		2,045		1,073		775
Other accrued expenses		77,732		106,568		109,929		70,105		162,792
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		—		292,969		21,600		—		282,528
Due to investment adviser from expense recoupment		—		—		37,741		—		—
Due to custodian		—		981,136		—		—		—
Due to broker		—		—		—		—		—
Call and put options written, at value@		—		—		—		—		11,018
Unrealized depreciation on forward foreign currency contracts		—		167,055		—		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		1,083,773		10,483,185		364,464		702,300		22,487,968
Net Assets	$	292,070,851	$	625,857,527	$	170,094,149	$	20,869,056	$	1,268,854,759
*  Cost
Investments (unaffiliated)	$	293,417,091	$	589,348,834	$	150,103,241	$	20,240,937	$	1,132,339,902
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	—	$	262,905	$	—	$	—	$	766,131
#  Proceeds from forward sales contracts	$	—	$	—	$	—	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	9,200

†  See Note 1

See Notes to Financial Statements

466

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2018

	SA Pyramis® Real Estate†			SA Schroders VCP Global Allocation		SA Small Cap Index†			SA T.Rowe Price Asset Allocation Growth†			SA T.Rowe Price VCP Balanced
NET ASSETS REPRESENTED BY:
Paid-in capital	$	272,548,855		$	545,503,504	$	153,069,811		$	19,839,869		$	1,051,943,478
Accumulated undistributed net investment income (loss)		5,943,979			9,759,465		(3,705	)		(2,071	)		9,886,389
Accumulated undistributed net realized gain (loss) on investments, swap contracts, futures contracts, options contracts, forward sales contracts, foreign exchange transactions and capital gain distributions from underlying funds		14,802,620			38,633,678		256,004			1,630			49,375,491
Unrealized appreciation (depreciation) on investments		(1,224,538	)		25,199,305		16,718,293			1,029,813			138,656,679
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		—			5,842,283		53,746			—			18,975,923
Unrealized foreign exchange gain (loss) on other assets and liabilities		(65	)		919,292		—			(185	)		16,799
Accrued capital gains tax on unrealized appreciation (depreciation)		—			—		—			—			—
Net Assets	$	292,070,851		$	625,857,527	$	170,094,149		$	20,869,056		$	1,268,854,759
Class 1 (unlimited shares authorized):
Net assets	$	84,195,179		$	118,032	$	169,759,060		$	111,017		$	125,166
Shares of beneficial interest issued and outstanding		6,588,627			9,446		14,575,740			10,356			9,434
Net asset value, offering and redemption price per share	$	12.78		$	12.50	$	11.65		$	10.72		$	13.27
Class 2 (unlimited shares authorized):
Net assets	$	5,208,458		$	—	$	—		$	—		$	—
Shares of beneficial interest issued and outstanding		408,721			—		—			—			—
Net asset value, offering and redemption price per share	$	12.74		$	—	$	—		$	—		$	—
Class 3 (unlimited shares authorized):
Net assets	$	202,667,214		$	625,739,495	$	335,089		$	20,758,039		$	1,268,729,593
Shares of beneficial interest issued and outstanding		16,015,838			50,257,665		28,779			1,937,043			95,871,929
Net asset value, offering and redemption price per share	$	12.65		$	12.45	$	11.64		$	10.72		$	13.23

†  See Note 1

See Notes to Financial Statements

467

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES

January 31, 2018

	SA VCP Dynamic Allocation†		SA VCP Dynamic Strategy†		SA VCP Index Allocation†		SA WellsCap Aggressive Growth†		SA WellsCap Fundamental Growth†
ASSETS:
Investments at value (unaffiliated)*	$	2,895,926,600	$	1,426,759,571	$	5,126,057	$	108,659,441	$	161,244,150
Investments at value (affiliated)*		10,213,130,792		5,568,627,452		19,055,382		—		—
Repurchase agreements (cost approximates value)		—		—		—		1,162,000		5,511,000
Cash		21,324,670		12,122,000		3		207		49
Foreign cash*		—		600		—		—		—
Cash collateral for futures contracts		—		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		17		—		—
Receivable for:
Fund shares sold		1,707,700		911,940		279,714		67,849		51,383
Dividends and interest		13,700,182		7,358,712		4,008		4,173		2,173
Investments sold		1,931,384		3,193,093		—		407,790		—
Investments sold on an extended settlement basis		—		—		—		—		—
Written options		3,530,000		1,920,000		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		12,430		4,942		—		5,179		4,979
Due from investment adviser for expense reimbursements/fee waivers		197,188		85,245		20,231		—		—
Deferred offering costs		—		—		33,285		—		—
Variation margin on futures contracts		3,386,500		1,553,500		4,535		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		13,154,847,446		7,022,537,055		24,523,232		110,306,639		166,813,734
LIABILITIES:
Payable for:
Fund shares redeemed		4,121,931		4,903,307		424		58,039		142,475
Investments purchased		30,306,580		16,871,671		223,435		177,664		—
Investments purchased on an extended settlement basis		—		—		—		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		2,289,544		1,266,859		3,397		68,413		116,253
Service fees — Class 2		—		—		—		417		356
Service fees — Class 3		2,750,424		1,472,067		4,223		6,560		14,953
Transfer agent fees		128		112		142		255		192
Trustees’ fees and expenses		13,524		7,348		1,042		112		185
Other accrued expenses		350,073		201,290		56,014		57,041		59,946
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		—		—		8,168		—		—
Due to investment adviser from expense recoupment		—		—		—		—		—
Due to custodian		—		—		69,201		—		—
Due to broker		55,084		27,542		—		—		—
Call and put options written, at value@		50,124,771		25,764,070		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		90,012,059		50,514,266		366,046		368,501		334,360
Net Assets	$	13,064,835,387	$	6,972,022,789	$	24,157,186	$	109,938,138	$	166,479,374
*  Cost
Investments (unaffiliated)	$	2,957,782,575	$	1,459,272,704	$	5,161,163	$	80,546,559	$	111,312,555
Investments (affiliated)	$	8,872,034,112	$	4,869,071,682	$	18,362,178	$	—	$	—
Foreign cash	$	—	$	563	$	—	$	—	$	—
#  Proceeds from forward sales contracts	$	—	$	—	$	—	$	—	$	—
@ Premiums received on options written	$	49,813,035	$	26,379,190	$	—	$	—	$	—

†  See Note 1

See Notes to Financial Statements

468

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

January 31, 2018

	SA VCP Dynamic Allocation†		SA VCP Dynamic Strategy†		SA VCP Index Allocation†		SA WellsCap Aggressive Growth†			SA WellsCap Fundamental Growth†
NET ASSETS REPRESENTED BY:
Paid-in capital	$	10,340,128,010	$	5,658,642,059	$	22,950,966	$	65,501,234		$	95,213,185
Accumulated undistributed net investment income (loss)		169,027,876		101,497,999		1,892		(78,919	)		(136,100	)
Accumulated undistributed net realized gain (loss) on investments, swap contracts, futures contracts, options contracts, forward sales contracts, foreign exchange transactions and capital gain distributions from underlying funds		939,438,227		399,944,352		78,258		16,402,941			21,470,694
Unrealized appreciation (depreciation) on investments		1,279,240,705		667,042,637		658,098		28,112,882			49,931,595
Unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts		337,000,569		144,895,705		467,972		—			—
Unrealized foreign exchange gain (loss) on other assets and liabilities		—		37		—		—			—
Accrued capital gains tax on unrealized appreciation (depreciation)		—		—		—		—			—
Net Assets	$	13,064,835,387	$	6,972,022,789	$	24,157,186	$	109,938,138		$	166,479,374
Class 1 (unlimited shares authorized):
Net assets	$	161,877	$	159,896	$	109,449	$	75,184,427		$	91,354,572
Shares of beneficial interest issued and outstanding		10,875		10,802		10,051		3,173,232			3,176,277
Net asset value, offering and redemption price per share	$	14.89	$	14.80	$	10.89	$	23.69		$	28.76
Class 2 (unlimited shares authorized):
Net assets	$	—	$	—	$	—	$	3,312,675		$	2,891,915
Shares of beneficial interest issued and outstanding		—		—		—		142,126			102,989
Net asset value, offering and redemption price per share	$	—	$	—	$	—	$	23.31		$	28.08
Class 3 (unlimited shares authorized):
Net assets	$	13,064,673,510	$	6,971,862,893	$	24,047,737	$	31,441,036		$	72,232,887
Shares of beneficial interest issued and outstanding		879,977,408		472,242,382		2,208,998		1,366,734			2,619,490
Net asset value, offering and redemption price per share	$	14.85	$	14.76	$	10.89	$	23.00		$	27.58

†  See Note 1

See Notes to Financial Statements

469

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS

For the Year Ended January 31, 2018

	SA AB Growth†			SA AB Small & Mid Cap Value†			SA BlackRock VCP Global Multi Asset			SA Boston Company Capital Growth†			SA Columbia Technology†
INVESTMENT INCOME:
Dividends (unaffiliated)	$	4,018,484		$	7,856,191		$	6,499,736		$	3,967,105		$	578,302
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		55,392			11,850			3,037,306			9,524			1,869
Total investment income*		4,073,876			7,868,041			9,537,042			3,976,629			580,171
EXPENSES:
Investment advisory and management fees		3,531,270			5,529,633			5,429,470			2,906,036			700,205
Services fees:
Class 2		31,811			21,076			—			2,560			6,918
Class 3		318,595			1,244,820			1,585,897			139,603			127,319
Transfer agent fees		2,657			1,447			811			2,092			1,768
Custodian and accounting fees		55,815			74,620			157,364			35,959			24,188
Reports to shareholders		46,415			47,808			59,518			29,153			8,945
Audit and tax fees		37,595			37,631			52,840			37,864			47,454
Legal fees		9,534			12,805			9,468			8,899			6,834
Trustees’ fees and expenses		12,050			13,415			12,805			7,203			1,470
Deferred offering costs		—			—			—			—			—
Interest expense		—			—			6,488			—			298
License fee		—			—			—			—			—
Other expenses		13,615			12,859			20,500			16,571			10,663
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		4,059,357			6,996,114			7,335,161			3,185,940			936,062
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		—			—			30,864			(368,341	)		(70,020	)
Fees paid indirectly (Note 5)		(1,486	)		(34,514	)		—			(28,251	)		(16,756	)
Net expenses		4,057,871			6,961,600			7,366,025			2,789,348			849,286
Net investment income (loss)		16,005			906,441			2,171,017			1,187,281			(269,115	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		66,513,052			66,908,213			29,136,503			29,963,803			10,307,218
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			—			22,145,520			—			—
Forward contracts		—			—			1,843,304			—			—
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			—			1,157,470			(351	)		(3,952	)
Net realized gain (loss) on capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		66,513,052			66,908,213			54,282,797			29,963,452			10,303,266
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)**		109,137,305			12,955,214			18,487,008			56,536,321			9,636,464
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			—			4,057,785			—			—
Forward contracts		—			—			(468,844	)		—			—
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		—			—			97,171			570			(7	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		109,137,305			12,955,214			22,173,120			56,536,891			9,636,457
Net realized and unrealized gain (loss) on investments and foreign currencies		175,650,357			79,863,427			76,455,917			86,500,343			19,939,723
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	175,666,362		$	80,769,868		$	78,626,934		$	87,687,624		$	19,670,608
* Net of foreign withholding taxes on interest and dividends of	$	—		$	8,234		$	381,470		$	—		$	1,748
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

†  See Note 1

See Notes to Financial Statements

470

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Year Ended January 31, 2018

	SA DFA Ultra Short Bond†			SA Dogs of Wall Street†		SA Federated Corporate Bond†			SA Fixed Income Index†			SA Fixed Income Intermediate Index†
INVESTMENT INCOME:
Dividends (unaffiliated)	$	—		$	11,002,569	$	59,832		$	134,317		$	—
Dividends (affiliated)		—			—		—			—			—
Interest (unaffiliated)		7,006,612			1,446		73,406,800			6,627,058			1,398,996
Total investment income*		7,006,612			11,004,015		73,466,632			6,761,375			1,398,996
EXPENSES:
Investment advisory and management fees		2,279,947			2,193,838		8,317,678			857,375			218,548
Services fees:
Class 2		22,072			10,863		33,442			—			—
Class 3		473,361			418,776		2,257,950			913			461
Transfer agent fees		4,225			2,130		2,623			1,806			1,035
Custodian and accounting fees		75,878			37,841		203,963			38,985			14,000
Reports to shareholders		43,577			30,995		129,652			20,383			15,138
Audit and tax fees		43,035			37,586		48,074			45,573			28,063
Legal fees		7,647			9,145		16,706			3,978			4,854
Trustees’ fees and expenses		11,606			8,052		35,592			8,050			3,469
Deferred offering costs		—			—		—			19,627			15,234
Interest expense		—			2,293		4,200			—			—
License fee		—			—		—			66,470			7,285
Other expenses		31,002			11,066		19,709			9,053			3,507
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		2,992,350			2,762,585		11,069,589			1,072,213			311,594
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		—			—		—			(99,608	)		(63,445	)
Fees paid indirectly (Note 5)		—			—		—			—			—
Net expenses		2,992,350			2,762,585		11,069,589			972,605			248,149
Net investment income (loss)		4,014,262			8,241,430		62,397,043			5,788,770			1,150,847
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		(647,652	)		40,776,254		13,334,610			(204,525	)		(181,462	)
Investments (affiliated)		—			—		—			—			—
Futures contracts		—			—		(1,494,251	)		—			—
Forward contracts		—			—		—			—			—
Swap contracts		—			—		—			—			—
Written option contracts		—			—		—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			—		—			—			—
Net realized gain (loss) on capital gain distributions received from underlying funds (affiliated)		—			—		—			—			—
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4)		—			—		—			—			—
Net realized gain (loss) on investments and foreign currencies		(647,652	)		40,776,254		11,840,359			(204,525	)		(181,462	)
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)**		(753,863	)		28,032,162		5,910,404			(1,635,878	)		(4,182,366	)
Investments (affiliated)		—			—		—			—			—
Futures contracts		—			—		(83,165	)		—			—
Forward contracts		—			—		—			—			—
Swap contracts		—			—		—			—			—
Written option contracts		—			—		—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		—			—		—			—			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—		—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(753,863	)		28,032,162		5,827,239			(1,635,878	)		(4,182,366	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(1,401,515	)		68,808,416		17,667,598			(1,840,403	)		(4,363,828	)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,612,747		$	77,049,846	$	80,064,641		$	3,948,367		$	(3,212,981	)
* Net of foreign withholding taxes on interest and dividends of	$	—		$	—	$	—		$	—		$	—
** Net of foreign withholding taxes on capital gains of	$	—		$	—	$	—		$	—		$	—

†  See Note 1

See Notes to Financial Statements

471

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Year Ended January 31, 2018

	SA Franklin Foreign Value†			SA Franklin Small Company Value†			SA Goldman Sachs Global Bond†			SA Goldman Sachs Multi-Asset Insights†			SA Index Allocation 60/40†
INVESTMENT INCOME:
Dividends (unaffiliated)	$	28,481,523		$	6,721,330		$	—		$	30,508		$	—
Dividends (affiliated)		—			—			—			—			198,196
Interest (unaffiliated)		20,248			439,085			7,252,452			20,393			10
Total investment income*		28,501,771			7,160,415			7,252,452			50,901			198,206
EXPENSES:
Investment advisory and management fees		8,297,818			3,619,648			2,678,629			24,304			14,476
Services fees:
Class 2		20,221			—			9,304			—			—
Class 3		1,371,156			552,750			760,800			8,597			35,912
Transfer agent fees		1,608			1,286			2,412			310			1,131
Custodian and accounting fees		228,738			52,955			318,746			8,332			11,821
Reports to shareholders		82,681			32,621			39,206			1,855			2,303
Audit and tax fees		68,496			37,814			57,822			39,227			33,047
Legal fees		15,741			8,807			13,464			3,312			2,890
Trustees’ fees and expenses		23,306			8,654			9,838			1,128			1,343
Deferred offering costs		—			—			—			16,901			9,766
Interest expense		—			—			6,087			—			—
License fee		—			—			—			—			—
Other expenses		14,173			15,325			11,883			5,583			6,094
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		10,123,938			4,329,860			3,908,191			109,549			118,783
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		—			(46,778	)		—			(72,828	)		(56,815	)
Fees paid indirectly (Note 5)		(1,619	)		—			—			—			—
Net expenses		10,122,319			4,283,082			3,908,191			36,721			61,968
Net investment income (loss)		18,379,452			2,877,333			3,344,261			14,180			136,238
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		59,474,863			46,728,849			2,622,310			85,304			—
Investments (affiliated)		—			—			—			—			136,409
Futures contracts		—			—			1,424,820			59,648			—
Forward contracts		—			—			(89,061	)		—			—
Swap contracts		—			—			(3,727,878	)		10,665			—
Written option contracts		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		(128,371	)		8,360			(325,361	)		—			—
Net realized gain (loss) on capital gain distributions received from underlying funds (affiliated)		—			—			—			—			108,218
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		59,346,492			46,737,209			(95,170	)		155,617			244,627
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)**		132,965,747			(13,693,110	)		28,329,596			361,355			—
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			—			(1,140,924	)		85,281			1,925,916
Forward contracts		—			—			1,146,877			—			—
Swap contracts		—			—			(662,057	)		34,887			—
Written option contracts		—			—			2,091			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		144,783			6,548			121,893			—			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		(444,710	)		—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		132,665,820			(13,686,562	)		27,797,476			481,523			1,925,916
Net realized and unrealized gain (loss) on investments and foreign currencies		192,012,312			33,050,647			27,702,306			637,140			2,170,543
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	210,391,764		$	35,927,980		$	31,046,567		$	651,320		$	2,306,781
* Net of foreign withholding taxes on interest and dividends of	$	3,517,694		$	47,309		$	4,811		$	—		$	—
** Net of foreign withholding taxes on capital gains of	$	155,239		$	—		$	—		$	—		$	—

†  See Note 1

See Notes to Financial Statements

472

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Year Ended January 31, 2018

	SA Index Allocation 80/20†			SA Index Allocation 90/10†			SA International Index†			SA Invesco Growth Opportunities†			SA Invesco VCP Equity- Income†
INVESTMENT INCOME:
Dividends (unaffiliated)	$	—		$	—		$	7,661,739		$	1,152,436		$	23,414,322
Dividends (affiliated)		661,279			1,950,686			—			—			—
Interest (unaffiliated)		10			10			4,208			9,118			9,493,365
Total investment income*		661,289			1,950,696			7,665,947			1,161,554			32,907,687
EXPENSES:
Investment advisory and management fees		32,298			84,769			1,115,845			2,097,625			12,040,737
Services fees:
Class 2		—			—			—			4,722			—
Class 3		80,479			211,530			347			418,174			3,528,074
Transfer agent fees		1,131			1,196			2,074			2,147			811
Custodian and accounting fees		11,821			11,821			251,065			31,817			158,986
Reports to shareholders		2,881			5,202			18,937			24,410			106,503
Audit and tax fees		33,047			33,047			46,323			37,928			39,517
Legal fees		2,850			2,715			8,735			8,242			26,386
Trustees’ fees and expenses		1,830			3,129			8,119			6,152			29,503
Deferred offering costs		9,817			10,132			16,201			—			—
Interest expense		—			—			591			401			1,716
License fee		—			—			116,928			—			—
Other expenses		6,059			6,251			21,022			11,802			18,803
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		182,213			369,792			1,606,187			2,643,420			15,951,036
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		(43,598	)		(5,680	)		(148,718	)		—			(705,668	)
Fees paid indirectly (Note 5)		—			—			—			(8,914	)		(13,378	)
Net expenses		138,615			364,112			1,457,469			2,634,506			15,231,990
Net investment income (loss)		522,674			1,586,584			6,208,478			(1,472,952	)		17,675,697
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		—			—			1,192,376			34,363,751			18,010,695
Investments (affiliated)		167,729			392,928			—			—			—
Futures contracts		—			—			13,745			—			6,650,258
Forward contracts		—			—			—			—			(5,598,366	)
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			—			275,250			—			152,191
Net realized gain (loss) on capital gain distributions received from underlying funds (affiliated)		351,435			983,897			—			—			—
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		519,164			1,376,825			1,481,371			34,363,751			19,214,778
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)**		—			—			57,854,044			31,553,538			146,251,435
Investments (affiliated)		6,126,977			18,228,488			—			—			—
Futures contracts		—			—			317,868			—			2,470,376
Forward contracts		—			—			—			—			(1,348,815	)
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		—			—			60,160			—			16,037
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		6,126,977			18,228,488			58,232,072			31,553,538			147,389,033
Net realized and unrealized gain (loss) on investments and foreign currencies		6,646,141			19,605,313			59,713,443			65,917,289			166,603,811
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	7,168,815		$	21,191,897		$	65,921,921		$	64,444,337		$	184,279,508
* Net of foreign withholding taxes on interest and dividends of	$	—		$	—		$	667,066		$	10,964		$	463,450
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

473

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Year Ended January 31, 2018

	SA Janus Focused Growth			SA JPMorgan Balanced†			SA JPMorgan Emerging Markets†			SA JPMorgan Equity- Income†			SA JPMorgan Global Equities†
INVESTMENT INCOME:
Dividends (unaffiliated)	$	2,549,408		$	2,728,651		$	9,201,144		$	29,113,464		$	11,463,864
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		97,752			2,536,008			4,415			10,909			4,671
Total investment income*		2,647,160			5,264,659			9,205,559			29,124,373			11,468,535
EXPENSES:
Investment advisory and management fees		2,628,960			1,557,028			3,751,862			6,156,251			3,931,881
Services fees:
Class 2		13,930			17,012			6,069			16,209			6,669
Class 3		339,018			378,308			388,948			593,134			93,319
Transfer agent fees		2,099			2,412			2,649			2,657			2,287
Custodian and accounting fees		34,622			118,358			279,920			112,953			100,168
Reports to shareholders		27,507			21,808			34,367			88,968			44,888
Audit and tax fees		37,622			61,363			52,064			37,874			60,059
Legal fees		19,453			8,107			14,914			14,084			14,224
Trustees’ fees and expenses		6,480			5,247			7,347			24,999			12,104
Deferred offering costs		—			—			—			—			—
Interest expense		—			—			12,004			909			9,812
License fee		—			—			—			—			—
Other expenses		13,553			16,986			12,849			19,160			11,800
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		3,123,244			2,186,629			4,562,993			7,067,198			4,287,211
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		(309,289	)		(29,794	)		(325,484	)		(4,441	)		(713	)
Fees paid indirectly (Note 5)		(6,787	)		(2,436	)		(7,341	)		(7,732	)		(6,592	)
Net expenses		2,807,168			2,154,399			4,230,168			7,055,025			4,279,906
Net investment income (loss)		(160,008	)		3,110,260			4,975,391			22,069,348			7,188,629
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		27,883,929			17,338,727			45,253,726			65,431,975			71,692,316
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			41,904			445,258			—			—
Forward contracts		—			—			—			—			—
Swap contracts		—			—			—			—			—
Written option contracts		—			2,002			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		(1,263	)		(5	)		60,463			—			(89,522	)
Net realized gain (loss) on capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		27,882,666			17,382,628			45,759,447			65,431,975			71,602,794
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)**		62,823,099			16,687,165			75,301,251			149,533,056			56,635,568
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			64,660			(91,951	)		—			—
Forward contracts		—			—			—			—			—
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		3,375			—			(11,357	)		—			34,896
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			(338,197	)		—			—
Net unrealized gain (loss) on investments and foreign currencies		62,826,474			16,751,825			74,859,746			149,533,056			56,670,464
Net realized and unrealized gain (loss) on investments and foreign currencies		90,709,140			34,134,453			120,619,193			214,965,031			128,273,258
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	90,549,132		$	37,244,713		$	125,594,584		$	237,034,379		$	135,461,887
* Net of foreign withholding taxes on interest and dividends of	$	7,328		$	962		$	1,240,433		$	—		$	659,796
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	104,450		$	—		$	—

†  See Note 1

See Notes to Financial Statements

474

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Year Ended January 31, 2018

	SA JPMorgan MFS Core Bond			SA JPMorgan Mid-Cap Growth†			SA Large Cap Index†			SA Legg Mason BW Large Cap Value			SA Legg Mason Tactical Opportunities†
INVESTMENT INCOME:
Dividends (unaffiliated)	$	163,587		$	2,097,115		$	37,066,429		$	34,838,901		$	38,369
Dividends (affiliated)		—			—			96,956			—			—
Interest (unaffiliated)		52,577,725			13,732			45,157			55,759			28,749
Total investment income*		52,741,312			2,110,847			37,208,542			34,894,660			67,118
EXPENSES:
Investment advisory and management fees		11,384,565			2,744,446			7,499,050			10,678,376			26,858
Services fees:
Class 2		13,742			21,931			—			77,034			—
Class 3		2,428,791			380,470			1,637			1,361,408			9,502
Transfer agent fees		2,621			2,784			1,477			2,947			362
Custodian and accounting fees		295,789			40,496			183,249			156,317			28,000
Reports to shareholders		152,551			30,700			156,020			115,377			3,730
Audit and tax fees		72,817			37,877			40,314			37,532			39,227
Legal fees		18,688			8,926			57,311			11,409			3,827
Trustees’ fees and expenses		41,685			7,744			39,782			32,775			1,127
Deferred offering costs		—			—			—			—			37,736
Interest expense		2,935			—			9,165			16,342			—
License fee		—			—			187,481			—			—
Other expenses		22,470			10,174			29,862			47,350			5,583
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		14,436,654			3,285,548			8,205,348			12,536,867			155,952
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		(1,905,546	)		(4,067	)		(2,062,239	)		(744,787	)		(115,372	)
Fees paid indirectly (Note 5)		—			(5,286	)		—			(15,997	)		(3	)
Net expenses		12,531,108			3,276,195			6,143,109			11,776,083			40,577
Net investment income (loss)		40,210,204			(1,165,348	)		31,065,433			23,118,577			26,541
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		(768,279	)		47,033,235			29,904,589			118,664,203			2,025
Investments (affiliated)		—			—			141,877			—			—
Futures contracts		1,195,408			—			5,307,700			—			11,578
Forward contracts		—			—			—			—			—
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		(4	)		—			—			(26,663	)		(1,606	)
Net realized gain (loss) on capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4)		—			—			—			—			(6	)
Net realized gain (loss) on investments and foreign currencies		427,125			47,033,235			35,354,166			118,637,540			11,991
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)**		4,214,538			54,088,983			376,706,352			199,213,314			688,129
Investments (affiliated)		—			—			(165,287	)		—			—
Futures contracts		377,544			—			1,997,472			—			35,175
Forward contracts		—			—			—			—			—
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		3			—			—			31,736			85
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		4,592,085			54,088,983			378,538,537			199,245,050			723,389
Net realized and unrealized gain (loss) on investments and foreign currencies		5,019,210			101,122,218			413,892,703			317,882,590			735,380
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	45,229,414		$	99,956,870		$	444,958,136		$	341,001,167		$	761,921
* Net of foreign withholding taxes on interest and dividends of	$	2,458		$	20,289		$	—		$	—		$	948
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

†  See Note 1

See Notes to Financial Statements

475

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Year Ended January 31, 2018

	SA MFS Blue Chip Growth†		SA MFS Massachusetts Investors Trust			SA MFS Telecom Utility†			SA MFS Total Return			SA Mid Cap Index†
INVESTMENT INCOME:
Dividends (unaffiliated)	$	6,785,259	$	16,422,147		$	1,453,845		$	7,489,151		$	1,909,662
Dividends (affiliated)		—		—			—			—			—
Interest (unaffiliated)		21,614		67,108			11,575			6,206,562			1,152
Total investment income*		6,806,873		16,489,255			1,465,420			13,695,713			1,910,814
EXPENSES:
Investment advisory and management fees		3,829,540		7,720,408			334,526			3,519,577			386,932
Services fees:
Class 2		5,246		14,025			2,624			43,737			—
Class 3		318,273		1,023,064			66,828			795,842			352
Transfer agent fees		2,164		2,412			1,929			2,446			2,030
Custodian and accounting fees		62,992		115,516			31,037			115,844			38,403
Reports to shareholders		46,817		90,733			7,073			44,595			11,262
Audit and tax fees		38,030		38,135			39,416			43,085			36,303
Legal fees		9,680		13,223			7,794			9,965			4,123
Trustees’ fees and expenses		12,032		24,828			981			11,881			4,192
Deferred offering costs		—		—			—			—			12,655
Interest expense		826		2,099			—			213			378
License fee		—		—			—			—			28,102
Other expenses		11,520		27,363			8,726			25,927			11,817
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		4,337,120		9,071,806			500,934			4,613,112			536,549
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		—		—			—			—			(20,286	)
Fees paid indirectly (Note 5)		—		(21,298	)		(2,866	)		(3,741	)		—
Net expenses		4,337,120		9,050,508			498,068			4,609,371			516,263
Net investment income (loss)		2,469,753		7,438,747			967,352			9,086,342			1,394,551
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		51,910,031		90,875,991			1,373,400			30,198,772			1,169,544
Investments (affiliated)		—		—			—			—			—
Futures contracts		—		—			—			—			9,843
Forward contracts		—		—			(593,533	)		—			—
Swap contracts		—		—			—			—			—
Written option contracts		—		—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—		11,762			(5,787	)		1,585			138
Net realized gain (loss) on capital gain distributions received from underlying funds (affiliated)		—		—			—			—			—
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4)		—		—			—			—			—
Net realized gain (loss) on investments and foreign currencies		51,910,031		90,887,753			774,080			30,200,357			1,179,525
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)**		108,138,340		175,315,788			3,794,462			29,223,490			19,001,723
Investments (affiliated)		—		—			—			—			—
Futures contracts		—		—			—			—			16,958
Forward contracts		—		—			(147,835	)		—			—
Swap contracts		—		—			—			—			—
Written option contracts		—		—			—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		—		3,102			3,480			9,049			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—		—			(4,587	)		—			—
Net unrealized gain (loss) on investments and foreign currencies		108,138,340		175,318,890			3,645,520			29,232,539			19,018,681
Net realized and unrealized gain (loss) on investments and foreign currencies		160,048,371		266,206,643			4,419,600			59,432,896			20,198,206
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	162,518,124	$	273,645,390		$	5,386,952		$	68,519,238		$	21,592,757
* Net of foreign withholding taxes on interest and dividends of	$	—	$	211,233		$	82,028		$	85,607		$	1,349
** Net of foreign withholding taxes on capital gains of	$	—	$	—		$	3,376		$	—		$	—

†  See Note 1

See Notes to Financial Statements

476

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Year Ended January 31, 2018

	SA Morgan Stanley International Equities†			SA Oppenheimer Main Street Large Cap†			SA PIMCO VCP Tactical Balanced†			SA PineBridge High-Yield Bond†			SA Putnam International Growth and Income†
INVESTMENT INCOME:
Dividends (unaffiliated)	$	11,560,139		$	8,077,483		$	—		$	—		$	10,158,581
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		76			9,228			19,030,640			25,568,413			31,018
Total investment income*		11,560,215			8,086,711			19,030,640			25,568,413			10,189,599
EXPENSES:
Investment advisory and management fees		4,167,989			3,186,782			10,505,568			2,430,614			3,107,056
Services fees:
Class 2		17,288			6,750			—			15,284			9,010
Class 3		388,447			254,159			3,067,538			453,865			356,510
Transfer agent fees		2,485			2,394			795			3,055			2,788
Custodian and accounting fees		106,854			46,867			191,256			51,885			64,802
Reports to shareholders		42,231			35,956			103,103			34,993			28,144
Audit and tax fees		47,156			37,707			46,795			59,857			67,179
Legal fees		9,377			9,707			18,984			9,209			13,872
Trustees’ fees and expenses		10,671			9,341			25,870			9,322			6,339
Deferred offering costs		—			—			—			—			—
Interest expense		—			—			140			610			2,734
License fee		—			—			—			—			—
Other expenses		11,006			12,495			19,543			11,900			13,291
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		4,803,504			3,602,158			13,979,592			3,080,594			3,671,725
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		—			—			11,511			—			(166,066	)
Fees paid indirectly (Note 5)		(5,111	)		—			—			—			(3,262	)
Net expenses		4,798,393			3,602,158			13,991,103			3,080,594			3,502,397
Net investment income (loss)		6,761,822			4,484,553			5,039,537			22,487,819			6,687,202
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		21,394,465			26,136,844			(12,506,587	)		23,128,476			16,430,316
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			—			134,770,855			—			—
Forward contracts		96,471			—			(1,056,061	)		—			(1,618,075	)
Swap contracts		—			—			31,790,173			—			—
Written option contracts		—			—			783,144			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		58,073			(4,155	)		(126,590	)		—			54,880
Net realized gain (loss) on capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		21,549,009			26,132,689			153,654,934			23,128,476			14,867,121
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)**		89,247,037			48,541,797			(4,655,477	)		(14,069,478	)		57,009,835
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			—			45,341,656			—			—
Forward contracts		(1,023,885	)		—			(649,862	)		—			2,266,293
Swap contracts		—			—			16,367,558			—			—
Written option contracts		—			—			(44,055	)		—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		109,286			(4,390	)		37,482			—			40,476
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		88,332,438			48,537,407			56,397,302			(14,069,478	)		59,316,604
Net realized and unrealized gain (loss) on investments and foreign currencies		109,881,447			74,670,096			210,052,236			9,058,998			74,183,725
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	116,643,269		$	79,154,649		$	215,091,773		$	31,546,817		$	80,870,927
* Net of foreign withholding taxes on interest and dividends of	$	1,270,222		$	61,973		$	1,096		$	—		$	1,204,768
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

†  See Note 1

See Notes to Financial Statements

477

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Year Ended January 31, 2018

	SA Pyramis® Real Estate†			SA Schroders VCP Global Allocation			SA Small Cap Index†			SA T.Rowe Price Asset Allocation Growth†			SA T.Rowe Price VCP Balanced
INVESTMENT INCOME:
Dividends (unaffiliated)	$	9,179,083		$	6,601,406		$	1,396,373		$	39,816		$	12,359,638
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		4,468			5,344,910			1,876			26,098			8,243,643
Total investment income*		9,183,551			11,946,316			1,398,249			65,914			20,603,281
EXPENSES:
Investment advisory and management fees		2,683,416			4,476,473			405,585			30,696			7,748,315
Services fees:
Class 2		8,827			—			—			—			—
Class 3		539,380			1,338,526			331			10,879			2,472,625
Transfer agent fees		1,955			781			2,142			271			946
Custodian and accounting fees		48,148			185,448			103,650			24,000			272,066
Reports to shareholders		31,024			49,016			10,137			3,483			80,973
Audit and tax fees		37,587			55,687			36,303			39,227			49,823
Legal fees		9,108			13,194			4,185			8,068			19,526
Trustees’ fees and expenses		8,098			10,817			3,870			1,128			19,316
Deferred offering costs		—			—			12,026			13,587			—
Interest expense		6,427			15,632			110			—			1,329
License fee		—			—			49,860			—			—
Other expenses		13,001			25,562			26,987			18,454			35,119
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		3,386,971			6,171,136			655,186			149,793			10,700,038
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		—			2,793			(133,390	)		(103,392	)		415,740
Fees paid indirectly (Note 5)		(15,066	)		—			—			—			(74	)
Net expenses		3,371,905			6,173,929			521,796			46,401			11,115,704
Net investment income (loss)		5,811,646			5,772,387			876,453			19,513			9,487,577
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		17,606,097			12,652,461			1,394,767			8,865			14,352,915
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			28,173,298			7,370			3,912			39,590,959
Forward contracts		—			2,909,607			—			—			—
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			27,977
Net realized foreign exchange gain (loss) on other assets and liabilities		12,205			624,539			99			1,476			93,822
Net realized gain (loss) on capital gain distributions received from underlying funds (affiliated)		—			—			—			—			—
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		17,618,302			44,359,905			1,402,236			14,253			54,065,673
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)**		(15,316,178	)		22,666,995			16,718,293			1,029,813			117,954,264
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			3,502,721			53,746			—			16,846,352
Forward contracts		—			1,875,029			—			—			—
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			(1,818	)
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		(65	)		(163,922	)		—			(185	)		6,767
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(15,316,243	)		27,880,823			16,772,039			1,029,628			134,805,565
Net realized and unrealized gain (loss) on investments and foreign currencies		2,302,059			72,240,728			18,174,275			1,043,881			188,871,238
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,113,705		$	78,013,115		$	19,050,728		$	1,063,394		$	198,358,815
* Net of foreign withholding taxes on interest and dividends of	$	—		$	213,665		$	416		$	639		$	500,047
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

†  See Note 1

See Notes to Financial Statements

478

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Year Ended January 31, 2018

	SA VCP Dynamic Allocation†			SA VCP Dynamic Strategy†			SA VCP Index Allocation†			SA WellsCap Aggressive Growth†			SA WellsCap Fundamental Growth†
INVESTMENT INCOME:
Dividends (unaffiliated)	$	—		$	—		$	—		$	398,517		$	1,071,038
Dividends (affiliated)		154,342,818			82,718,401			43,601			—			—
Interest (unaffiliated)		41,976,707			22,226,252			9,093			1,771			4,834
Total investment income*		196,319,525			104,944,653			52,694			400,288			1,075,872
EXPENSES:
Investment advisory and management fees		25,070,877			13,971,359			8,037			746,649			1,277,586
Services fees:
Class 2		—			—			—			4,739			3,915
Class 3		30,025,784			16,151,388			9,963			71,656			171,604
Transfer agent fees		1,286			1,125			323			2,572			1,929
Custodian and accounting fees		189,304			108,247			8,332			23,779			24,933
Reports to shareholders		935,119			504,404			3,104			10,471			14,257
Audit and tax fees		31,466			31,463			39,227			37,581			37,545
Legal fees		98,226			57,291			3,472			7,312			7,881
Trustees’ fees and expenses		259,806			140,262			1,074			2,145			2,250
Deferred offering costs		—			—			13,212			—			—
Interest expense		3,307			1,473			—			—			30
License fee		—			—			402			—			—
Other expenses		79,922			50,751			7,082			10,111			12,407
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		56,695,097			31,017,763			94,228			917,015			1,554,337
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		(1,376,604	)		(630,831	)		(73,014	)		—			—
Fees paid indirectly (Note 5)		—			—			—			(4,374	)		(1,885	)
Net expenses		55,318,493			30,386,932			21,214			912,641			1,552,452
Net investment income (loss)		141,001,032			74,557,721			31,480			(512,353	)		(476,580	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated)**		(432,115,978	)		(233,841,668	)		(10,273	)		17,647,712			22,364,155
Investments (affiliated)		199,295,461			69,910,653			2,851			—			—
Futures contracts		1,357,541,673			630,879,043			105,671			—			—
Forward contracts		—			—			—			—			—
Swap contracts		—			—			—			—			—
Written option contracts		(341,285,136	)		(183,961,234	)		—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			342,733			—			—			—
Net realized gain (loss) on capital gain distributions received from underlying funds (affiliated)		236,209,113			161,190,117			12,728			—			—
Net realized gain (loss) on disposal of investments in violation of investments restrictions (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		1,019,645,133			444,519,644			110,977			17,647,712			22,364,155
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated)**		(23,415,362	)		(11,940,267	)		(35,106	)		11,020,743			30,798,390
Investments (affiliated)		1,093,235,458			635,804,229			693,204			—			—
Futures contracts		308,991,197			138,310,651			467,972			—			—
Forward contracts		—			—			—			—			—
Swap contracts
Written option contracts		(6,640,587	)		(2,894,259	)		—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		—			37			—			—			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		1,372,170,706			759,280,391			1,126,070			11,020,743			30,798,390
Net realized and unrealized gain (loss) on investments and foreign currencies		2,391,815,839			1,203,800,035			1,237,047			28,668,455			53,162,545
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,532,816,871		$	1,278,357,756		$	1,268,527		$	28,156,102		$	52,685,965
* Net of foreign withholding taxes on interest and dividends of	$	—		$	—		$	—		$	3,428		$	8,290
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

†  See Note 1

See Notes to Financial Statements

479

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS

	SA AB Growth††						SA AB Small & Mid Cap Value††						SA BlackRock VCP Global Multi Asset
	For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	16,005		$	156,521		$	906,441		$	1,047,161		$	2,171,017		$	293,447
Net realized gain (loss) on investments and foreign currencies		66,513,052			39,817,501			66,908,213			54,681,360			54,282,797			897,020
Net unrealized gain (loss) on investments and foreign currencies		109,137,305			25,564,215			12,955,214			127,743,392			22,173,120			5,711,206
Net increase (decrease) in net assets resulting from operations		175,666,362			65,538,237			80,769,868			183,471,913			78,626,934			6,901,673
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(158,638	)		(755,173	)		(328,789	)		(413,233	)		(67	)		(104	)
Net investment income — Class 2		—			(7,743	)		(30,914	)		(33,500	)		—			—
Net investment income — Class 3		—			—			(687,457	)		(635,478	)		(73,636	)		(257,816	)
Net realized gain on securities — Class 1		(30,484,748	)		(46,597,952	)		(7,963,518	)		(5,166,491	)		(371	)		(814	)
Net realized gain on securities — Class 2		(1,471,380	)		(2,547,850	)		(1,268,093	)		(709,615	)		—			—
Net realized gain on securities — Class 3		(8,878,166	)		(15,561,207	)		(46,298,384	)		(24,286,497	)		(2,354,434	)		(3,502,491	)
Total distributions to shareholders		(40,992,932	)		(65,469,925	)		(56,577,155	)		(31,244,814	)		(2,428,508	)		(3,761,225	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		15,698,658			8,175,988			(29,431,115	)		(79,965,667	)		187,176,068			469,399,745
TOTAL INCREASE (DECREASE) IN NET ASSETS		150,372,088			8,244,300			(5,238,402	)		72,261,432			263,374,494			472,540,193
NET ASSETS:
Beginning of period		500,796,583			492,552,283			621,490,611			549,229,179			484,830,092			12,289,899
End of period†	$	651,168,671		$	500,796,583		$	616,252,209		$	621,490,611		$	748,204,586		$	484,830,092
†   Includes accumulated undistributed net investment income (loss)	$	16,009		$	158,642		$	906,442		$	1,047,161		$	3,775,747		$	(1,797,461	)

†† See Note 1

See Notes to Financial Statements

480

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Boston Company Capital Growth††						SA Columbia Technology††						SA DFA Ultra Short Bond††
	For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,187,281		$	968,100		$	(269,115	)	$	(209,257	)	$	4,014,262		$	824,887
Net realized gain (loss) on investments and foreign currencies		29,963,452			3,259,474			10,303,266			10,437,840			(647,652	)		(261,951	)
Net unrealized gain (loss) on investments and foreign currencies		56,536,891			20,558,198			9,636,457			6,625,702			(753,863	)		(851,461	)
Net increase (decrease) in net assets resulting from operations		87,687,624			24,785,772			19,670,608			16,854,285			2,612,747			(288,525	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(918,034	)		(362,540	)		—			—			(692,074	)		—
Net investment income — Class 2		(2,589	)		(383	)		—			—			(18,300	)		—
Net investment income — Class 3		(47,442	)		—			—			—			(55,484	)		—
Net realized gain on securities — Class 1		(2,950,696	)		(798,580	)		(1,816,239	)		—			—			—
Net realized gain on securities — Class 2		(16,447	)		(6,937	)		(585,427	)		—			—			—
Net realized gain on securities — Class 3		(546,003	)		(205,377	)		(6,501,119	)		—			—			—
Total distributions to shareholders		(4,481,211	)		(1,373,817	)		(8,902,785	)		—			(765,858	)		—
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		33,349,556			118,648,183			5,932,699			(6,810,842	)		(118,115,296	)		188,208,286
TOTAL INCREASE (DECREASE) IN NET ASSETS		116,555,969			142,060,138			16,700,522			10,043,443			(116,268,407	)		187,919,761
NET ASSETS:
Beginning of period		279,597,320			137,537,182			59,869,533			49,826,090			521,435,348			333,515,587
End of period†	$	396,153,289		$	279,597,320		$	76,570,055		$	59,869,533		$	405,166,941		$	521,435,348
†  Includes accumulated undistributed net investment income (loss)	$	1,186,931		$	968,066		$	(63,081	)	$	(48,797	)	$	4,014,262		$	765,858

†† See Note 1

See Notes to Financial Statements

481

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Dogs of Wall Street††						SA Federated Corporate Bond††						SA Fixed Income Index††
	For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017			For the period February 6, 2017@ through January 31, 2018
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	8,241,430		$	8,185,662		$	62,397,043		$	70,606,039		$	5,788,770
Net realized gain (loss) on investments and foreign currencies		40,776,254			29,696,605			11,840,359			7,433,658			(204,525	)
Net unrealized gain (loss) on investments and foreign currencies		28,032,162			26,801,667			5,827,239			82,622,242			(1,635,878	)
Net increase (decrease) in net assets resulting from operations		77,049,846			64,683,934			80,064,641			160,661,939			3,948,367
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(4,481,679	)		(4,198,072	)		(31,024,482	)		(36,107,209	)		—
Net investment income — Class 2		(154,791	)		(146,388	)		(921,032	)		(1,108,181	)		—
Net investment income — Class 3		(3,549,192	)		(2,983,168	)		(38,660,525	)		(37,130,919	)		—
Net realized gain on securities — Class 1		(15,531,100	)		(9,698,259	)		(3,156,347	)		—			—
Net realized gain on securities — Class 2		(573,023	)		(363,074	)		(97,454	)		—			—
Net realized gain on securities — Class 3		(13,560,601	)		(7,645,649	)		(4,149,545	)		—			—
Total distributions to shareholders		(37,850,386	)		(25,034,610	)		(78,009,385	)		(74,346,309	)		—
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(15,053,959	)		262,761			(12,021,410	)		(261,513,020	)		300,623,196
TOTAL INCREASE (DECREASE) IN NET ASSETS		24,145,501			39,912,085			(9,966,154	)		(175,197,390	)		304,571,563
NET ASSETS:
Beginning of period		353,895,494			313,983,409			1,630,953,149			1,806,150,539			—
End of period†	$	378,040,995		$	353,895,494		$	1,620,986,995		$	1,630,953,149			$304,571,563
†  Includes accumulated undistributed net investment income (loss)	$	8,241,431		$	8,185,663		$	62,300,827		$	70,509,784		$	5,788,832

@ Commencement of operations

††  See Note 1

See Notes to Financial Statements

482

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Fixed Income Intermediate Index††			SA Franklin Foreign Value††						SA Franklin Small Company Value††
	For the period October 6, 2017@ through January 31, 2018			For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,150,847		$	18,379,452		$	26,011,979		$	2,877,333		$	1,763,126
Net realized gain (loss) on investments and foreign currencies		(181,462	)		59,346,492			(80,794,319	)		46,737,209			44,075,678
Net unrealized gain (loss) on investments and foreign currencies		(4,182,366	)		132,665,820			193,901,887			(13,686,562	)		96,775,595
Net increase (decrease) in net assets resulting from operations		(3,212,981	)		210,391,764			139,119,547			35,927,980			142,614,399
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		—			(12,933,643	)		(10,511,689	)		(879,535	)		(1,571,580	)
Net investment income — Class 2		—			(335,261	)		(234,604	)		—			—
Net investment income — Class 3		—			(13,171,778	)		(9,051,837	)		(864,649	)		(949,082	)
Net realized gain on securities — Class 1		—			—			(10,397,347	)		(16,858,028	)		(24,009,859	)
Net realized gain on securities — Class 2		—			—			(258,050	)		—			—
Net realized gain on securities — Class 3		—			—			(10,427,933	)		(27,104,604	)		(23,268,335	)
Total distributions to shareholders		—			(26,440,682	)		(40,881,460	)		(45,706,816	)		(49,798,856	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		242,722,753			(187,362,728	)		(132,097,129	)		(55,885,437	)		(93,515,491	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		239,509,772			(3,411,646	)		(33,859,042	)		(65,664,273	)		(699,948	)
NET ASSETS:
Beginning of period		—			1,100,069,465			1,133,928,507			437,982,201			438,682,149
End of period†	$	239,509,772		$	1,096,657,819		$	1,100,069,465		$	372,317,928		$	437,982,201
†  Includes accumulated undistributed net investment income (loss)	$	1,151,080		$	17,262,327		$	25,605,856		$	2,885,693		$	1,744,184

†† See Note 1

@ Commencement of operations

See Notes to Financial Statements

483

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Goldman Sachs Global Bond††						SA Goldman Sachs Multi-Asset Insights††			SA Index Allocation 60/40††
	For the year ended January 31, 2018			For the year ended January 31, 2017			For the period October 6, 2017@ through January 31, 2018			For the period February 6, 2017@ through January 31, 2018
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	3,344,261		$	3,141,639		$	14,180		$	136,238
Net realized gain (loss) on investments and foreign currencies		(95,170	)		2,676,148			155,617			244,627
Net unrealized gain (loss) on investments and foreign currencies		27,797,476			(3,881,756	)		481,523			1,925,916
Net increase (decrease) in net assets resulting from operations		31,046,567			1,936,031			651,320			2,306,781
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(3,651,779	)		(808,388	)		(299	)		(1,328	)
Net investment income — Class 2		(172,439	)		(8,931	)		—			—
Net investment income — Class 3		(8,599,560	)		(204,822	)		(26,004	)		(190,967	)
Net realized gain on securities — Class 1		—			—			(311	)		(1,038	)
Net realized gain on securities — Class 2		—			—			—			—
Net realized gain on securities — Class 3		—			—			(32,993	)		(194,847	)
Total distributions to shareholders		(12,423,778	)		(1,022,141	)		(59,607	)		(388,180	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(47,365,431	)		(11,723,031	)		11,117,763			33,183,756
TOTAL INCREASE (DECREASE) IN NET ASSETS		(28,734,936	)		(10,809,141	)		11,709,476			35,102,357
NET ASSETS:
Beginning of period		483,857,038			494,666,179			—			—
End of period†	$	455,114,396		$	483,857,038		$	11,709,476		$	35,102,357
†  Includes accumulated undistributed net investment income (loss)	$	(902,774	)	$	4,969,245		$	4,766		$	(11,634	)

†† See Note 1

@ Commencement of operations

See Notes to Financial Statements

484

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Index Allocation 80/20††			SA Index Allocation 90/10††			SA International Index††
	For the period February 6, 2017@ through January 31, 2018			For the period February 6, 2017@ through January 31, 2018			For the period February 6, 2017@ through January 31, 2018
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	522,674		$	1,586,584		$	6,208,478
Net realized gain (loss) on investments and foreign currencies		519,164			1,376,825			1,481,371
Net unrealized gain (loss) on investments and foreign currencies		6,126,977			18,228,488			58,232,072
Net increase (decrease) in net assets resulting from operations		7,168,815			21,191,897			65,921,921
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(1,349	)		(1,566	)		(7,220,080	)
Net investment income — Class 2		—			—			—
Net investment income — Class 3		(690,373	)		(2,066,383	)		(4,632	)
Net realized gain on securities — Class 1		(591	)		(610	)		(916,222	)
Net realized gain on securities — Class 2		—			—			—
Net realized gain on securities — Class 3		(367,307	)		(951,776	)		(654	)
Total distributions to shareholders		(1,059,620	)		(3,020,335	)		(8,141,588	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		73,699,905			204,329,230			331,974,953
TOTAL INCREASE (DECREASE) IN NET ASSETS		79,809,100			222,500,792			389,755,286
NET ASSETS:
Beginning of period		—			—			—
End of period†	$	79,809,100		$	222,500,792		$	389,755,286
†  Includefs accumulated undistributed net investment income (loss)	$	(22,558	)	$	(70,224	)	$	(736,044	)

†† See Note 1

@ Commencement of operations

See Notes to Financial Statements

485

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Invesco Growth Opportunities††						SA Invesco VCP Equity-Income††						SA Janus Focused Growth
	For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(1,472,952	)	$	(1,215,831	)	$	17,675,697		$	11,317,867		$	(160,008	)	$	(424,736	)
Net realized gain (loss) on investments and foreign currencies		34,363,751			10,100,473			19,214,778			(18,662,371	)		27,882,666			24,166,384
Net unrealized gain (loss) on investments and foreign currencies		31,553,538			40,607,688			147,389,033			151,875,032			62,826,474			2,424,968
Net increase (decrease) in net assets resulting from operations		64,444,337			49,492,330			184,279,508			144,530,528			90,549,132			26,166,616
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		—			—			(1,009	)		—			—			—
Net investment income — Class 2		—			—			—			—			—			—
Net investment income — Class 3		—			—			(12,211,891	)		(6,091,754	)		—			—
Net realized gain on securities — Class 1		(3,757,883	)		(8,357,886	)		—			—			(13,381,605	)		(11,011,715	)
Net realized gain on securities — Class 2		(100,847	)		(249,280	)		—			—			(706,080	)		(856,434	)
Net realized gain on securities — Class 3		(5,812,279	)		(14,262,011	)		—			(106,877	)		(10,307,401	)		(12,118,668	)
Total distributions to shareholders		(9,671,009	)		(22,869,177	)		(12,212,900	)		(6,198,631	)		(24,395,086	)		(23,986,817	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(31,990,626	)		(2,964,715	)		255,027,844			325,828,415			26,980,272			(295,768	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		22,782,702			23,658,438			427,094,452			464,160,312			93,134,318			1,884,031
NET ASSETS:
Beginning of period		275,223,402			251,564,964			1,183,111,850			718,951,538			252,722,905			250,838,874
End of period†	$	298,006,104		$	275,223,402		$	1,610,206,302		$	1,183,111,850		$	345,857,223		$	252,722,905
†  Includes accumulated undistributed net investment income (loss)	$	—		$	(187,893	)	$	12,402,952		$	12,363,999		$	—		$	(137,467	)

†† See Note 1

See Notes to Financial Statements

486

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA JPMorgan Balanced††						SA JPMorgan Emerging Markets††						SA JPMorgan Equity-Income††
	For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	3,110,260		$	2,778,053		$	4,975,391		$	5,878,114		$	22,069,348		$	23,453,867
Net realized gain (loss) on investments and foreign currencies		17,382,628			13,375,147			45,759,447			(22,600,711	)		65,431,975			55,759,533
Net unrealized gain (loss) on investments and foreign currencies		16,751,825			9,657,310			74,859,746			101,678,882			149,533,056			125,079,150
Net increase (decrease) in net assets resulting from operations		37,244,713			25,810,510			125,594,584			84,956,285			237,034,379			204,292,550
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(1,275,767	)		(1,326,218	)		(3,299,274	)		(3,301,199	)		(18,733,862	)		(17,587,962	)
Net investment income — Class 2		(169,541	)		(156,504	)		(71,832	)		(64,803	)		(206,255	)		(189,272	)
Net investment income — Class 3		(2,174,254	)		(1,924,977	)		(2,556,536	)		(2,312,110	)		(4,514,640	)		(3,650,962	)
Net realized gain on securities — Class 1		(3,840,000	)		(3,490,943	)		—			—			(43,966,752	)		(30,425,706	)
Net realized gain on securities — Class 2		(557,192	)		(455,690	)		—			—			(521,937	)		(357,166	)
Net realized gain on securities — Class 3		(7,547,068	)		(5,912,950	)		—			—			(11,862,661	)		(7,226,606	)
Total distributions to shareholders		(15,563,822	)		(13,267,282	)		(5,927,642	)		(5,678,112	)		(79,806,107	)		(59,437,674	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		15,431,479			5,015,097			(65,099,682	)		(130,108,208	)		(79,707,427	)		19,201,435
TOTAL INCREASE (DECREASE) IN NET ASSETS		37,112,370			17,558,325			54,567,260			(50,830,035	)		77,520,845			164,056,311
NET ASSETS:
Beginning of period		228,947,417			211,389,092			319,109,862			369,939,897			1,137,359,255			973,302,944
End of period†	$	266,059,787		$	228,947,417		$	373,677,122		$	319,109,862		$	1,214,880,100		$	1,137,359,255
†  Includes accumulated undistributed net investment income (loss)	$	3,757,302		$	3,619,562		$	5,443,649		$	5,626,565		$	22,069,348		$	23,454,757

†† See Note 1

See Notes to Financial Statements

487

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA JPMorgan Global Equities††						SA JPMorgan MFS Core Bond						SA JPMorgan Mid-Cap Growth††
	For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	7,188,629		$	8,941,150		$	40,210,204		$	39,737,660		$	(1,165,348	)	$	(670,638	)
Net realized gain (loss) on investments and foreign currencies		71,602,794			2,397,750			427,125			(3,220,598	)		47,033,235			19,303,781
Net unrealized gain (loss) on investments and foreign currencies		56,670,464			71,861,410			4,592,085			10,241,614			54,088,983			40,082,442
Net increase (decrease) in net assets resulting from operations		135,461,887			83,200,310			45,229,414			46,758,676			99,956,870			58,715,585
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(8,941,782	)		(7,514,271	)		(22,317,964	)		(19,743,843	)		—			—
Net investment income — Class 2		(73,484	)		(53,529	)		(200,747	)		(172,550	)		—			—
Net investment income — Class 3		(585,059	)		(401,782	)		(21,171,667	)		(15,696,762	)		—			—
Net realized gain on securities — Class 1		—			—			—			—			(10,899,038	)		(22,287,126	)
Net realized gain on securities — Class 2		—			—			—			—			(827,541	)		(1,730,692	)
Net realized gain on securities — Class 3		—			—			—			—			(8,639,096	)		(17,464,689	)
Total distributions to shareholders		(9,600,325	)		(7,969,582	)		(43,690,378	)		(35,613,155	)		(20,365,675	)		(41,482,507	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(99,736,150	)		(78,224,255	)		15,132,732			(89,374,897	)		(39,411,784	)		(40,489,395	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		26,125,412			(2,993,527	)		16,671,768			(78,229,376	)		40,179,411			(23,256,317	)
NET ASSETS:
Beginning of period		557,224,552			560,218,079			1,932,839,103			2,011,068,479			342,134,614			365,390,931
End of period†	$	583,349,964		$	557,224,552		$	1,949,510,871		$	1,932,839,103		$	382,314,025		$	342,134,614
†  Includes accumulated undistributed net investment income (loss)	$	7,177,053		$	8,927,685		$	44,289,290		$	43,689,493		$	—		$	(47,026	)

†† See Note 1

See Notes to Financial Statements

488

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Large Cap Index††						SA Legg Mason BW Large Cap Value††						SA Legg Mason Tactical Opportunities††
	For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017			For the period October 6, 2017@ through January 31, 2018
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	31,065,433		$	27,935,645		$	23,118,577		$	24,747,041		$	26,541
Net realized gain (loss) on investments and foreign currencies		35,354,166			21,967,833			118,637,540			51,889,808			11,991
Net unrealized gain (loss) on investments and foreign currencies		378,538,537			220,349,841			199,245,050			205,695,822			723,389
Net increase (decrease) in net assets resulting from operations		444,958,136			270,253,319			341,001,167			282,332,671			761,921
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(29,539,231	)		(22,770,395	)		(15,550,001	)		(7,742,250	)		(459	)
Net investment income — Class 2		—			—			(821,683	)		(370,400	)		—
Net investment income — Class 3		—			—			(8,380,514	)		(3,294,146	)		(39,865	)
Net realized gain on securities — Class 1		(21,689,902	)		(15,670,929	)		(30,316,936	)		(219,349,231	)		—
Net realized gain on securities — Class 2		—			—			(1,754,379	)		(13,022,916	)		—
Net realized gain on securities — Class 3		—			—			(18,912,546	)		(134,408,678	)		—
Total distributions to shareholders		(51,229,133	)		(38,441,324	)		(75,736,059	)		(378,187,621	)		(40,324	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		71,957,655			157,682,643			(146,052,298	)		357,595,480			13,821,270
TOTAL INCREASE (DECREASE) IN NET ASSETS		465,686,658			389,494,638			119,212,810			261,740,530			14,542,867
NET ASSETS:
Beginning of period		1,709,588,846			1,320,094,208			1,482,461,934			1,220,721,404			—
End of period†	$	2,175,275,504		$	1,709,588,846		$	1,601,674,744		$	1,482,461,934		$	14,542,867
†  Includes accumulated undistributed net investment income (loss)	$	31,065,434		$	29,539,232		$	23,091,888		$	24,752,197		$	(10,341	)

†† See Note 1

@ Commencement of operations

See Notes to Financial Statements

489

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA MFS Blue Chip Growth††						SA MFS Massachusetts Investors Trust						SA MFS Telecom Utility††
	For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,469,753		$	3,438,326		$	7,438,747		$	8,481,713		$	967,352		$	923,119
Net realized gain (loss) on investments and foreign currencies		51,910,031			12,742,882			90,887,753			31,993,624			774,080			772,294
Net unrealized gain (loss) on investments and foreign currencies		108,138,340			65,326,841			175,318,890			124,360,974			3,645,520			3,756,608
Net increase (decrease) in net assets resulting from operations		162,518,124			81,508,049			273,645,390			164,836,311			5,386,952			5,452,021
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(3,124,263	)		(2,343,155	)		(7,490,676	)		(6,019,060	)		(422,700	)		(472,912	)
Net investment income — Class 2		(18,526	)		(14,284	)		(80,678	)		(60,617	)		(43,193	)		(54,065	)
Net investment income — Class 3		(587,406	)		(412,593	)		(3,240,990	)		(2,416,839	)		(636,918	)		(700,998	)
Net realized gain on securities — Class 1		(9,553,988	)		(11,939,670	)		(18,556,705	)		(58,479,919	)		(155,360	)		(332,659	)
Net realized gain on securities — Class 2		(72,164	)		(101,691	)		(233,792	)		(750,559	)		(16,953	)		(40,335	)
Net realized gain on securities — Class 3		(2,648,328	)		(3,491,829	)		(10,395,080	)		(33,276,993	)		(258,430	)		(542,287	)
Total distributions to shareholders		(16,004,675	)		(18,303,222	)		(39,997,921	)		(101,003,987	)		(1,533,554	)		(2,143,256	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		32,003,363			(20,267,733	)		(101,339,819	)		10,326,737			(4,970,330	)		(1,930,580	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		178,516,812			42,937,094			132,307,650			74,159,061			(1,116,932	)		1,378,185
NET ASSETS:
Beginning of period		513,381,155			470,444,061			1,091,713,572			1,017,554,511			44,744,967			43,366,782
End of period†	$	691,897,967		$	513,381,155		$	1,224,021,222		$	1,091,713,572		$	43,628,035		$	44,744,967
†   Includes accumulated undistributed net investment income (loss)	$	2,471,147		$	3,730,197		$	3,432,509		$	9,314,016		$	418,426		$	1,072,994

†† See Note 1

See Notes to Financial Statements

490

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA MFS Total Return						SA Mid Cap Index††			SA Morgan Stanley International Equities††
	For the year ended January 31, 2018			For the year ended January 31, 2017			For the period February 6, 2017@ through January 31, 2018			For the year ended January 31, 2018			For the year ended January 31, 2017
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	9,086,342		$	10,695,489		$	1,394,551		$	6,761,822		$	7,763,498
Net realized gain (loss) on investments and foreign currencies		30,200,357			32,178,484			1,179,525			21,549,009			(5,043,183	)
Net unrealized gain (loss) on investments and foreign currencies		29,232,539			20,239,822			19,018,681			88,332,438			17,084,385
Net increase (decrease) in net assets resulting from operations		68,519,238			63,113,795			21,592,757			116,643,269			19,804,700
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(4,692,036	)		(4,510,184	)		(1,358,989	)		(4,130,347	)		(3,956,000	)
Net investment income — Class 2		(671,062	)		(650,225	)		—			(117,165	)		(123,548	)
Net investment income — Class 3		(7,246,503	)		(6,209,287	)		(1,757	)		(1,463,267	)		(1,437,566	)
Net realized gain on securities — Class 1		(10,167,337	)		(11,375,316	)		(1,149,226	)		—			—
Net realized gain on securities — Class 2		(1,555,747	)		(1,773,224	)		—			—			—
Net realized gain on securities — Class 3		(17,361,932	)		(17,717,002	)		(1,985	)		—			—
Total distributions to shareholders		(41,694,617	)		(42,235,238	)		(2,511,957	)		(5,710,779	)		(5,517,114	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(6,775,022	)		(11,772,205	)		156,396,376			16,604,027			50,553,768
TOTAL INCREASE (DECREASE) IN NET ASSETS		20,049,599			9,106,352			175,477,176			127,536,517			64,841,354
NET ASSETS:
Beginning of period		534,626,239			525,519,887			—			463,122,536			398,281,182
End of period†	$	554,675,838		$	534,626,239		$	175,477,176		$	590,659,053		$	463,122,536
†   Includes accumulated undistributed net investment income (loss)	$	9,252,425		$	12,528,369		$	34,006		$	7,224,728		$	6,019,142

@  Commencement of operations

††  See Note 1

See Notes to Financial Statements

491

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Oppenheimer Main Street Large Cap††						SA PIMCO VCP Total Tactical Return Balanced††						SA PineBridge High-Yield Bond††
	For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	4,484,553		$	4,245,488		$	5,039,537		$	(982,382	)	$	22,487,819		$	33,138,023
Net realized gain (loss) on investments and foreign currencies		26,132,689			10,035,833			153,654,934			69,085,699			23,128,476			(10,807,403	)
Net unrealized gain (loss) on investments and foreign currencies		48,537,407			49,813,417			56,397,302			18,087,630			(14,069,478	)		81,096,503
Net increase (decrease) in net assets resulting from operations		79,154,649			64,094,738			215,091,773			86,190,947			31,546,817			103,427,123
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(3,559,948	)		(2,259,434	)		(269	)		—			(16,545,044	)		(18,791,932	)
Net investment income — Class 2		(36,650	)		(29,485	)		—			—			(887,189	)		(688,200	)
Net investment income — Class 3		(820,958	)		(484,435	)		(2,193,741	)		—			(15,705,790	)		(11,487,404	)
Net realized gain on securities — Class 1		(8,240,799	)		(9,264,820	)		(5,404	)		—			—			—
Net realized gain on securities — Class 2		(102,443	)		(156,324	)		—			—			—			—
Net realized gain on securities — Class 3		(2,412,800	)		(2,855,804	)		(61,202,252	)		—			—			—
Total distributions to shareholders		(15,173,598	)		(15,050,302	)		(63,401,666	)		—			(33,138,023	)		(30,967,536	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		11,663,779			41,649,916			142,996,003			411,085,344			(109,777,219	)		(92,588,388	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		75,644,830			90,694,352			294,686,110			497,276,291			(111,368,425	)		(20,128,801	)
NET ASSETS:
Beginning of period		400,982,034			310,287,682			1,070,051,908			572,775,617			488,982,209			509,111,010
End of period†	$	476,626,864		$	400,982,034		$	1,364,738,018		$	1,070,051,908		$	377,613,784		$	488,982,209
†  Includes accumulated undistributed net investment income (loss)	$	3,240,604		$	3,968,288		$	22,544,390		$	(2,064,752	)	$	22,320,411		$	32,970,615

†† See Note 1

See Notes to Financial Statements

492

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Putnam International Growth and Income††						SA Pyramis® Real Estate††						SA Schroders VCP Global Allocation
	For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	6,687,202		$	6,858,308		$	5,811,646		$	9,005,241		$	5,772,387		$	887,814
Net realized gain (loss) on investments and foreign currencies		14,867,121			(4,396,470	)		17,618,302			43,694,491			44,359,905			8,481,571
Net unrealized gain (loss) on investments and foreign currencies		59,316,604			28,332,422			(15,316,243	)		(5,336,319	)		27,880,823			3,902,875
Net increase (decrease) in net assets resulting from operations		80,870,927			30,794,260			8,113,705			47,363,413			78,013,115			13,272,260
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(2,888,400	)		(3,595,685	)		(3,188,078	)		(4,388,149	)		—			—
Net investment income — Class 2		(79,535	)		(98,156	)		(153,001	)		(152,370	)		—			—
Net investment income — Class 3		(1,719,144	)		(2,252,932	)		(5,664,163	)		(4,332,139	)		—			—
Net realized gain on securities — Class 1		—			—			(14,897,828	)		(9,339,691	)		(1,195	)		(1,404	)
Net realized gain on securities — Class 2		—			—			(763,906	)		(348,504	)		—			—
Net realized gain on securities — Class 3		—			—			(29,132,790	)		(10,527,721	)		(6,187,420	)		(4,918,907	)
Total distributions to shareholders		(4,687,079	)		(5,946,773	)		(53,799,766	)		(29,088,574	)		(6,188,615	)		(4,920,311	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(79,592,907	)		(24,746,171	)		(64,431,714	)		(40,060,643	)		146,421,882			386,885,338
TOTAL INCREASE (DECREASE) IN NET ASSETS		(3,409,059	)		101,316			(110,117,775	)		(21,785,804	)		218,246,382			395,237,287
NET ASSETS:
Beginning of period		340,966,180			340,864,864			402,188,626			423,974,430			407,611,145			12,373,858
End of period†	$	337,557,121		$	340,966,180		$	292,070,851		$	402,188,626		$	625,857,527		$	407,611,145
†  Includes accumulated undistributed net investment income (loss)	$	6,779,323		$	5,990,666		$	5,943,979		$	9,005,238		$	9,759,465		$	(485,887	)

†† See Note 1

See Notes to Financial Statements

493

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Small Cap Index††			SA T. Rowe Price Asset Allocation Growth††			SA T. Rowe Price VCP Balanced
	For the period February 6, 2017@ through January 31, 2018			For the period October 6, 2017@ through January 31, 2018			For the year ended January 31, 2018			For the year ended January 31, 2017
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	876,453		$	19,513		$	9,487,577		$	2,110,426
Net realized gain (loss) on investments and foreign currencies		1,402,236			14,253			54,065,673			(552,113	)
Net unrealized gain (loss) on investments and foreign currencies		16,772,039			1,029,628			134,805,565			22,730,831
Net increase (decrease) in net assets resulting from operations		19,050,728			1,063,394			198,358,815			24,289,144
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(1,003,103	)		(323	)		(82	)		(396	)
Net investment income — Class 2		—			—			—			—
Net investment income — Class 3		(757	)		(37,889	)		(315,214	)		(1,987,117	)
Net realized gain on securities — Class 1		(1,021,442	)		(24	)		(373	)		—
Net realized gain on securities — Class 2		—			—			—			—
Net realized gain on securities — Class 3		(1,151	)		(3,333	)		(3,541,827	)		—
Total distributions to shareholders		(2,026,453	)		(41,569	)		(3,857,496	)		(1,987,513	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		153,069,874			19,847,231			387,995,610			650,484,034
TOTAL INCREASE (DECREASE) IN NET ASSETS		170,094,149			20,869,056			582,496,929			672,785,665
NET ASSETS:
Beginning of period		—			—			686,357,830			13,572,165
End of period†	$	170,094,149		$	20,869,056		$	1,268,854,759		$	686,357,830
†  Includes accumulated undistributed net investment income (loss)	$	(3,705	)	$	(2,071	)	$	9,886,389		$	259,761

†† See Note 1

@ Commencement of operations

See Notes to Financial Statements

494

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA VCP Dynamic Allocation††						SA VCP Dynamic Strategy††						SA VCP Index Allocation††
	For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017			For the period October 6, 2017@ through January 31, 2018
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	141,001,032		$	113,368,713		$	74,557,721		$	60,274,289		$	31,480
Net realized gain (loss) on investments and foreign currencies		1,019,645,133			380,019,837			444,519,644			158,277,360			110,977
Net unrealized gain (loss) on investments and foreign currencies		1,372,170,706			620,198,291			759,280,391			382,951,321			1,126,070
Net increase (decrease) in net assets resulting from operations		2,532,816,871			1,113,586,841			1,278,357,756			601,502,970			1,268,527
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		(1,705	)		—			(1,659	)		—			(389	)
Net investment income — Class 2		—			—			—			—			—
Net investment income — Class 3		(131,551,990	)		(164,596,577	)		(68,675,992	)		(86,298,183	)		(47,676	)
Net realized gain on securities — Class 1		(3,012	)		—			(2,930	)		—			(142	)
Net realized gain on securities — Class 2		—			—			—			—			—
Net realized gain on securities — Class 3		(249,764,454	)		—			(130,717,810	)		—			(20,173	)
Total distributions to shareholders		(381,321,161	)		(164,596,577	)		(199,398,391	)		(86,298,183	)		(68,380	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(418,903,066	)		(311,869,973	)		(255,329,814	)		(233,736,379	)		22,957,039
TOTAL INCREASE (DECREASE) IN NET ASSETS		1,732,592,644			637,120,291			823,629,551			281,468,408			24,157,186
NET ASSETS:
Beginning of period		11,332,242,743			10,695,122,452			6,148,393,238			5,866,924,830			—
End of period†	$	13,064,835,387		$	11,332,242,743		$	6,972,022,789		$	6,148,393,238		$	24,157,186
†  Includes accumulated undistributed net investment income (loss)	$	169,027,876		$	131,553,695		$	101,497,999		$	68,677,649		$	1,892

†† See Note 1

@ Commencement of operations

See Notes to Financial Statements

495

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA WellsCap Aggressive Growth††						SA WellsCap Fundamental Growth††
	For the year ended January 31, 2018			For the year ended January 31, 2017			For the year ended January 31, 2018			For the year ended January 31, 2017
INCREASED (DECREASED) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(512,353	)	$	(325,127	)	$	(476,580	)	$	117,806
Net realized gain (loss) on investments and foreign currencies		17,647,712			12,761,867			22,364,155			7,835,885
Net unrealized gain (loss) on investments and foreign currencies		11,020,743			11,846,922			30,798,390			11,352,238
Net increase (decrease) in net assets resulting from operations		28,156,102			24,283,662			52,685,965			19,305,929
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income — Class 1		—			—			(205,784	)		—
Net investment income — Class 2		—			—			(3,208	)		—
Net investment income — Class 3		—			—			(14,691	)		—
Net realized gain on securities — Class 1		—			—			(3,960,159	)		(6,235,267	)
Net realized gain on securities — Class 2		—			—			(132,342	)		(218,546	)
Net realized gain on securities — Class 3		—			—			(3,423,318	)		(5,856,473	)
Total distributions to shareholders		—			—			(7,739,502	)		(12,310,286	)
Net increase (decrease) in net assets resulting from capital share transactions (Note 7)		(10,828,161	)		(64,545,121	)		(19,211,020	)		(46,984,162	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		17,327,941			(40,261,459	)		25,735,443			(39,988,519	)
NET ASSETS:
Beginning of period		92,610,197			132,871,656			140,743,931			180,732,450
End of period†	$	109,938,138		$	92,610,197		$	166,479,374		$	140,743,931
†  Includes accumulated undistributed net investment income (loss)	$	(78,919	)	$	(63,595	)	$	(136,100	)	$	223,683

††  See Note 1

See Notes to Financial Statements

496

SUNAMERICA SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

January 31, 2018

Note 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. The Trust is comprised of fifty separate investment series, forty-five of which are included in this report. The five Portfolios of the Trust not included in this report are the SA American Funds^® Asset Allocation Portfolio, SA American Funds^® Global Growth Portfolio, SA American Funds^® Growth Portfolio, SA American Funds^® Growth-Income Portfolio and SA American Funds^® VCP Managed Asset Allocation Portfolio (collectively, the “Feeder Funds”). The Feeder Funds attempt to achieve their investment goals by investing all or substantially all of their assets in shares of another mutual fund (“Master Fund”) advised by Capital Research and Management Company. SunAmerica Asset Management, LLC (“SAAMCo” or the “Adviser”), an indirect wholly-owned subsidiary of American International Group, Inc., a Delaware Corporation (“AIG”), serves as investment adviser for all the Portfolios of the Trust. Shares of the Trust are issued and redeemed only in connection with investments in and payments under variable annuity contracts and variable life policies. Shares of the Trust are held by separate accounts of American General Life Insurance Company (“AGL”), a Texas life insurer, The Variable Annuity Life Insurance Company (“VALIC”), a Texas life insurer, and The United States Life Insurance Company in the City of New York, a New York life insurer (“USL”). AGL, VALIC and USL are wholly-owned subsidiaries of AIG. Each of the life insurance companies listed above are collectively referred to as the “Life Companies.”

The Trust issues separate series of shares (the “Portfolios”), each of which represents a separate managed portfolio of securities with its own investment objectives. All shares may be purchased or redeemed at net asset value without any sales or redemption charges.

Class 1 shares, Class 2 shares and Class 3 shares of each Portfolio may be offered only in connection with certain variable contracts. Class 2 and 3 shares of a given Portfolio are identical in all respects to Class 1 shares of the same Portfolio, except that (i) each class may bear differing amounts of certain class-specific expenses; (ii) Class 2 shares and Class 3 shares are subject to service fees while Class 1 shares are not; and (iii) Class 2 shares and Class 3 shares have voting rights on matters that pertain to the Rule 12b-1 plan adopted with respect to Class 2 shares and Class 3 shares. Class 2 and Class 3 shares of each Portfolio pay service fees at an annual rate of 0.15% and 0.25%, respectively, of each class’s average daily net assets. The Board of Trustees may establish additional portfolios or classes in the future.

Effective February 6, 2017, the name of the Equity Index Portfolio was changed to SA Large Cap Index Portfolio.

Effective February 6, 2017, the SA Fixed Income Index Portfolio, SA Index Allocation 60/40 Portfolio, SA Index Allocation 80/20 Portfolio, SA Index Allocation 90/10 Portfolio, SA International Index Portfolio, SA Mid Cap Index Portfolio and SA Small Cap Index Portfolio commenced operations.

Effective October 6, 2017, the SA Fixed Income Intermediate Index Portfolio, SA Goldman Sachs Multi-Asset Insights Portfolio, SA Legg Mason Tactical Opportunities Portfolio, SA T. Rowe Price Asset Allocation Growth Portfolio and SA VCP Index Allocation Portfolio commenced operations.

Effective October 9, 2017, certain Portfolios’ names changed as shown in the chart below to reflect the “New Portfolio Name.” The Portfolio maintains its current investment adviser. In addition, there were no changes in the Portfolios’ investment goals, strategies, or portfolio managers in connection with the renaming.

Current Portfolio Name	New Portfolio Name
Small & Mid Cap Value Portfolio	SA AB Small & Mid Cap Value Portfolio
Capital Growth Portfolio	SA Boston Company Capital Growth Portfolio
Technology Portfolio	SA Columbia Technology Portfolio
Ultra Short Bond Portfolio	SA DFA Ultra Short Bond Portfolio
“Dogs” of Wall Street Portfolio	SA Dogs of Wall Street Portfolio
Corporate Bond Portfolio	SA Federated Corporate Bond Portfolio
Foreign Value Portfolio	SA Franklin Foreign Value Portfolio
Small Company Value Portfolio	SA Franklin Small Company Value Portfolio
Global Bond Portfolio	SA Goldman Sachs Global Bond Portfolio
Growth Opportunities Portfolio	SA Invesco Growth Opportunities Portfolio
VCP ValueSM Portfolio	SA Invesco VCP Equity-Income Portfolio
Balanced Portfolio	SA JPMorgan Balanced Portfolio
Emerging Markets Portfolio	SA JPMorgan Emerging Markets Portfolio
Growth-Income Portfolio	SA JPMorgan Equity-Income Portfolio
Global Equities Portfolio	SA JPMorgan Global Equities Portfolio
Mid-Cap Growth Portfolio	SA JPMorgan Mid-Cap Growth Portfolio
Blue Chip Growth Portfolio	SA MFS Blue Chip Growth Portfolio

497

Current Portfolio Name	New Portfolio Name
Telecom Utility Portfolio	SA MFS Telecom Utility Portfolio
International Diversified Equities Portfolio	SA Morgan Stanley International Equities Portfolio
Equity Opportunities Portfolio	SA Oppenheimer Main Street Large Cap Portfolio
VCP Total Return BalancedSM Portfolio	SA PIMCO VCP Tactical Balanced Portfolio
High-Yield Bond Portfolio	SA PineBridge High-Yield Bond Portfolio
International Growth and Income Portfolio	SA Putnam International Growth and Income Portfolio
Real Estate Portfolio	SA Pyramis® Real Estate Portfolio
SunAmerica Dynamic Allocation Portfolio	SA VCP Dynamic Allocation Portfolio
SunAmerica Dynamic Strategy Portfolio	SA VCP Dynamic Strategy Portfolio
Aggressive Growth Portfolio	SA WellsCap Aggressive Growth Portfolio
Fundamental Growth Portfolio	SA WellsCap Fundamental Growth Portfolio

The investment goals for each of the Portfolios included in this report are as follows:

The SA AB Growth Portfolio seeks long-term growth of capital. Its strategy is to invest primarily in equity securities of a limited number of large, carefully selected, high quality U.S. companies that are judged likely to achieve superior long-term earnings growth.

The SA AB Small & Mid Cap Value Portfolio seeks long-term growth of capital. Its strategy is to invest under normal circumstances at least 80% of net assets in equity securities of companies with small and medium market capitalizations that the subadviser determines to be undervalued.

The SA BlackRock VCP Global Multi Asset Portfolio seeks capital appreciation and income while managing portfolio volatility. Its strategy is to invest tactically allocating its assets to various equity and fixed income asset classes. Under normal market conditions, the Portfolio targets an allocation of approximately 55% of its net assets to equity exposure and approximately 45% of its net assets to fixed income exposure.

The SA Boston Company Capital Growth Portfolio seeks capital appreciation. Its strategy is to invest in equity investments.

The SA Columbia Technology Portfolio seeks capital appreciation. Its strategy is to invest, under normal circumstances, at least 80% of net assets in equity securities that demonstrate the potential for capital appreciation, issued by companies the subadviser believes are positioned to benefit from involvement in technology and technology-related industries worldwide.

The SA DFA Ultra Short Bond Portfolio seeks current income consistent with liquidity and preservation of capital. Its strategy is to invest, under normal circumstances, at least 80% of net assets in bonds.

The SA Dogs of Wall Street Portfolio seeks total return (including capital appreciation and current income). Its strategy is to invest in 30 high dividend yielding common stocks selected quarterly from the Dow Jones Industrial Average and the broader market.

The SA Federated Corporate Bond Portfolio seeks high total return with only moderate price risk. Its strategy is to invest, under normal conditions, at least 80% of net assets in corporate bonds, which includes any corporate fixed income security. The Portfolio invests primarily in investment grade fixed income securities; but may invest up to 35% in fixed income securities rated below investment grade or “junk bonds.”

The SA Fixed Income Portfolio seeks to provide investment results that correspond with the performance of the Bloomberg Barclays US Government/Credit Bond Index (the “Bloomberg Barclays US Government/Credit Bond”). Its strategy is to invest, under normal circumstances, at least 80% of its net assets in securities included in the Bloomberg Barclays US Government/Credit Bond Index.

The SA Fixed Income Intermediate Index Portfolio seeks to provide investment results that correspond with the performance of the Bloomberg Barclays US Government/Credit Bond Index (the “Bloomberg Barclays US Government/Credit Bond”). Its strategy is to invest, under normal circumstances, at least 80% of its net assets in securities included in the Bloomberg Barclays US Government/ Credit Bond Index or that have economic characteristics comparable to securities included in the index.

The SA Franklin Foreign Value Portfolio seeks long-term growth of capital. Its strategy is to invest, under normal circumstances, at least 80% of net assets in equity and debt securities of companies and governments outside the U.S., including emerging markets.

The SA Franklin Small Company Value Portfolio seeks long-term growth of capital. Its strategy is to invest, under normal circumstances, at least 80% of net assets in a diversified portfolio of equity securities of small companies.

The SA Goldman Sachs Global Bond Portfolio seeks high total return, emphasizing current income and, to a lesser extent, capital appreciation. Its strategy is to invest, under normal circumstances, at least 80% of net assets in high quality fixed income securities of U.S. and foreign issuers, including issuers of emerging markets.

The SA Goldman Sachs Multi-Asset Insights Portfolio seeks capital appreciation and income. Its strategy is to invest, under normal circumstances, approximately 70% (with a range of 60% to 80%) of net assets in equity exposure and approximately 30% (with a range of 20% to 40%) of its net assets in fixed income exposure.

498

The SA Index Allocation 60/40 Portfolio seeks growth of capital, and secondarily, current income. Its strategy is to invest under normal circumstances, in mutual funds (“Underlying Portfolios”) allocating 60% of assets (with a range of 50% to 70%) in Underlying Portfolios investing primarily in equity securities (“Underlying Equity Portfolios”) and 40% of its assets (with a range of 30% to 50%) to Underlying Portfolios investing primarily in fixed income securities (“Underlying Fixed Income Portfolios”).

The SA Index Allocation 80/20 Portfolio seeks growth of capital, and secondarily, current income. Its strategy is to invest under normal circumstances, in mutual funds (“Underlying Portfolios”) allocating 80% of assets (with a range of 70% to 90% in equity securities (“Underlying Equity Portfolios”) and 20% of its assets (with a range of 10% to 30%) to Underlying Portfolios investing primarily in fixed income securities (“Underlying Fixed Income Portfolios”).

The SA Index Allocation 90/10 Portfolio seeks growth of capital. Its strategy is to invest under normal circumstances, in mutual funds (“Underlying Portfolios”) allocating 90% of assets (with a range of 80% to 100%) in Underlying Portfolios investing primarily in equity securities (“Underlying Equity Portfolios”) and 10% of its assets (with a range of 0% to 20%) to Underlying Portfolios investing primarily in fixed income securities (“Underlying Fixed Income Portfolios”).

The SA International Index Portfolio seeks investment results that correspond with the performance of the MSCI EAFE Index (the “MSCI EAFE”). Its strategy is to invest, under normal circumstances, at least 80% of net assets in securities included in the MSCI EAFE or in securities that have economic characteristics comparable to securities included in the index.

The SA Invesco Growth Opportunities Portfolio seeks capital appreciation. Its strategy is to invest in equity securities that demonstrate the potential for capital appreciation, issued generally by small-cap companies.

The SA Invesco VCP Equity-Income Portfolio seeks current income and moderate capital appreciation while managing portfolio volatility. Its strategy is to invest, under normal circumstances, at least 65% of its net assets in income-producing equity securities.

The SA Janus Focused Growth Portfolio seeks long-term growth of capital. Its strategy is to invest, under normal market conditions, at least 65% of its assets in equity securities of companies selected for their long term growth potential with a general core position of 30 to 40 common stocks.

The SA JPMorgan Balanced Portfolio seeks conservation of principal and capital appreciation by maintaining at all times a balanced portfolio of common stocks and bonds, with at least 25% invested in fixed income securities.

The SA JPMorgan Emerging Markets Portfolio seeks long-term capital appreciation. Its strategy is to invest, under normal circumstances, at least 80% of its net assets in common stocks, depository receipts and other equity securities of companies primarily in emerging markets outside the U.S., which the subadviser believes, when compared to developed markets, have above-average growth prospects.

The SA JPMorgan Equity-Income Portfolio seeks growth of capital and income. Its strategy is to invest primarily in common stocks (principally large-cap and mid-cap) or securities that demonstrate the potential for appreciation and/or dividends.

The SA JPMorgan Global Equities Portfolio seeks long-term growth of capital. Its strategy is to invest 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. Under normal circumstances, at least 80% of net assets of the Portfolio will be invested in equity securities.

The SA JPMorgan MFS Core Bond Portfolio seeks maximum total return consistent with preservation of capital and prudent investment management. Its strategy is to invest under normal circumstances at least 80% of its net assets in a diversified portfolio of bonds including U.S. and foreign fixed income investments with varying maturities.

The SA JPMorgan Mid-Cap Growth Portfolio seeks long-term growth of capital. Its strategy is to invest, under normal circumstances, at least 80% of its net assets in equity securities of medium-sized companies that its subadviser believes have above-average growth potential.

The SA Large Cap Index Portfolio seeks investment results that correspond with the performance of the Standard & Poor’s 500^® Composite Stock Price Index (“S&P 500^®”). Its strategy is to invest, under normal circumstances, at least 90% of net assets in common stocks included in the S&P 500 or in securities that have economic characteristics comparable to securities included in the index.

The SA Legg Mason BW Large Cap Value Portfolio seeks growth of capital. Its strategy is to invest, under normal circumstances, at least 80% of its net assets in equity securities of large capitalization companies.

The SA Legg Mason Tactical Opportunities Portfolio seeks growth of capital appreciation and income. Its strategy is to invest, under normal circumstances, approximately 70% (with a range of 60% to 80%) of net assets in equity strategies and approximately 30% (with a range of 20% to 40%) of its net assets in fixed income strategies.

The SA MFS Blue Chip Growth Portfolio seeks capital appreciation. Its strategy is to invest, under normal circumstances, at least 80% of its net assets in common stocks that demonstrate the potential for capital appreciation, issued by large-cap companies.

The SA MFS Massachusetts Investors Trust Portfolio seeks reasonable growth of income and long-term growth and appreciation. Its strategy is to invest primarily, under normal market conditions, at least 65% of its assets in equity securities.

499

The SA MFS Telecom Utility Portfolio seeks total return. Its strategy is to invest, under normal circumstances, at least 80% of net assets in securities of utility companies.

The SA MFS Total Return Portfolio seeks reasonable current income, long-term capital growth and conservation of capital. Its strategy is to invest in a combination of equity and fixed income securities.

The SA Mid Cap Index Portfolio seeks investment results that correspond with the performance of the S&P MidCap 400 Index (“S&P MidCap 400”). Its strategy is to invest, under normal circumstances, at least 80% of its net assets in securities included in S&P MidCap 400 or in securities that have economic characteristics comparable to securities included in the index.

The SA Morgan Stanley International Equities Portfolio seeks long-term capital appreciation. Its strategy is to invest primarily in a diversified portfolio of equity securities of non-U.S. issuers based on fundamental analysis and individual stock selection. Under normal circumstances, at least 80% of net assets of the Portfolio will be invested in equity securities that may include convertible securities.

The SA Oppenheimer Main Street Large Cap Portfolio seeks long-term capital appreciation. Its strategy is to invest under normal circumstances, at least 80% of its net assets in equity investments selected by their potential to achieve capital appreciation over the long-term.

The SA PIMCO VCP Tactical Balanced Portfolio seeks capital appreciation and income while managing portfolio volatility. Its strategy is to invest in a combination of fixed-income instruments and derivatives.

The SA PineBridge High-Yield Bond Portfolio seeks high current income and, secondarily, capital appreciation. Its strategy is to invest, under normal circumstances, at least 80% of net assets in intermediate and long-term corporate obligations, emphasizing high-yield, high-risk fixed income securities (junk bonds) with a primary focus on “B” rated high-yield securities.

The SA Putnam International Growth and Income Portfolio seeks growth of capital and, secondarily, current income. Its strategy is to invest primarily in common stocks of companies outside the U.S. that the subadviser considers undervalued by the market and offer a potential for income.

The SA Pyramis^® Real Estate Portfolio seeks total return through a combination of growth and income. Its strategy is to invest, under normal circumstances, at least 80% of its net assets in securities of companies principally engaged in the real estate industry and other real estate related investments.

The SA Schroders VCP Global Allocation Portfolio seeks capital appreciation and income while managing portfolio volatility. Its strategy is to invest through flexible asset allocation driven by tactical and thematic ideas. Under normal market conditions, the Portfolio targets an allocation of approximately 60% of its net assets to equity exposure and approximately 40% of its net assets to fixed income exposure.

The SA Small Cap Index Portfolio seeks investment results that correspond with the performance of the Russell 2000 Index (“Russell 2000”). Its strategy is to invest, under normal circumstances, at least 80% of its net assets in securities included in securities included in Russell 2000 or in securities that have economic characteristics comparable to securities included in the index.

The SA T. Rowe Price Asset Allocation Growth Portfolio seeks capital appreciation and income. Its strategy is to invest, under normal circumstances, approximately 80% (with a range of 70% to 90%) of net assets in equity strategies and approximately 20% (with a range of 10% to 30%) of its net assets in fixed income strategies.

The SA T. Rowe Price VCP Balanced Portfolio seeks capital appreciation and income while managing portfolio volatility. Its strategy is to invest approximately 65% of its total assets in common stocks and 35% of its total assets in fixed income securities. The Portfolio invests in securities of both U.S. and foreign corporate and governmental issuers, including emerging market issuers.

The SA VCP Dynamic Allocation Portfolio seeks capital appreciation and current income while managing net equity exposure. Its strategy is to invest under normal conditions approximately 70% to 90% of its assets in certain Trust portfolios, Anchor Series Trust and Seasons Series Trust portfolios (Fund-of-Funds Component) and 10% to 30% of its assets in a portfolio of derivative instruments, fixed-income securities and short-term investments (Overlay Component).

The SA VCP Dynamic Strategy Portfolio seeks capital appreciation and current income while managing net equity exposure. Its strategy is to invest under normal conditions approximately 70% to 90% of its assets in certain Trust portfolios, Anchor Series Trust and Seasons Series Trust portfolios (Fund-to-Funds Component) and 10% to 30% of its assets in a portfolio of derivative instruments, fixed-income securities and short-term investments (Overlay Component).

The SA VCP Index Allocation Portfolio seeks capital appreciation and income. Its strategy is to invest, under normal circumstances, approximately 80% (with a range of 70% to 90%) of net assets in equity strategies and approximately 20% (with a range of 10% to 30%) of its net assets in fixed income strategies.

The SA WellsCap Aggressive Growth Portfolio seeks capital appreciation. Its strategy is to invest primarily in common and preferred stocks of U.S. companies.

500

The SA WellsCap Fundamental Growth Portfolio seeks capital appreciation. Its strategy is to invest primarily in common and preferred stocks of U.S. companies.

Indemnifications: The Trust’s organizational documents provide current and former officers and trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust. In addition, pursuant to Indemnification Agreements between the Trust and each of the current (and certain former) trustees who is not an “interested person,” as defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended (the “1940 Act”), of the Trust (collectively, the “Disinterested Trustees”), the Trust provides the Disinterested Trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust, whether such liabilities are asserted during or after their service as trustees. In addition, in the normal course of business the Trust enters into contracts that contain the obligation to indemnify others. The Trust’s maximum exposure under these arrangements is unknown. Currently, however, the Trust expects the risk of loss to be remote.

Note 2.  Significant Accounting Policies

The preparation of financial statements in accordance with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. The Portfolios are considered investment companies under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies. The following is a summary of significant accounting policies consistently followed by the Trust, in the preparation of its financial statements:

Security Valuation

In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Portfolios would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

Level 1 — Unadjusted quoted prices in active markets for identical securities

Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures approved by the Board of Trustees (the “Board”), etc.)

Level 3 — Significant unobservable inputs (includes inputs that reflect the Portfolios’ own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)

Changes in valuation techniques may result in transfers in or out of an investment’s assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The summary of the Portfolios’ assets and liabilities classified in the fair value hierarchy as of January 31, 2018, is reported on a schedule following the portfolio of investments.

Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price (“NOCP”). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

As of the close of regular trading on the New York Stock Exchange (“NYSE”), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security’s price is available from more than one exchange, the Portfolios use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Portfolio’s shares, and the Portfolio may determine that

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certain closing prices do not reflect the fair value of the security. This determination will be based on the review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Portfolio determines that closing prices do not reflect the fair value of the securities, the Portfolio will adjust the previous closing prices in accordance with pricing procedures approved by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Portfolios may also fair value securities in other situations, for example, when a particular foreign market is closed but a Portfolio is open. For foreign equity securities and foreign equity futures contracts, the Portfolios use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities and futures are generally categorized as Level 2.

Bonds, debentures, and other debt securities are valued at evaluated bid prices obtained for the day of valuation from a Board-approved pricing service and are generally categorized as Level 2. The pricing services may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. If a price is unavailable from a Board-approved pricing service, the securities may be priced at the mean of two independent quotes obtained from brokers.

Senior floating rate loans (“Loans”) are valued at the average of available bids in the market for such Loans, as provided by a Board-approved loan pricing service, and are generally categorized as Level 2.

Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in registered investment companies are generally categorized as Level 1.

Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by a Board-approved pricing service, and are generally categorized as Level 1. Swap contracts traded on national securities exchanges are valued at the closing price of the exchange on which they are traded or if a closing price of the exchange is not available, the swap will be valued using a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Swap contracts traded in the over-the-counter (“OTC”) market are valued at a mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by a Board-approved pricing service as of the close of the exchange on which they are traded, and are generally categorized as Level 1. Option contracts traded in the over-the-counter (“OTC”) market are valued at the mid valuation provided by a Board-approved pricing service, and are generally categorized as Level 2. Forward foreign currency contracts (“forward contracts”) are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or OTC market, and are generally categorized as Level 1 or Level 2.

The Board is responsible for the share valuation process and has adopted policies and procedures (the “PRC Procedures”) for valuing the securities and other assets held by the Portfolios, including procedures for the fair valuation of securities and other assets for which market quotations are not readily available or are unreliable. The PRC Procedures provide for the establishment of a pricing review committee, which is responsible for, among other things, making certain determinations in connection with the Trust’s fair valuation procedures. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. There is no single standard for making fair value determinations, which may result in prices that vary from those of other funds.

Derivative Instruments

Forward Foreign Currency Contracts:    During the period, the SA BlackRock VCP Global Multi Asset, SA Goldman Sachs Global Bond, SA Invesco VCP Equity-Income, SA MFS Telecom Utility, SA Morgan Stanley International Equities, SA Putnam International Growth and Income and SA Schroders VCP Global Allocation Portfolios used forward currency contracts to attempt to protect the value of securities and related receivables and payables against changes in future foreign exchange rates. In addition, the SA BlackRock VCP Global Multi Asset, SA Goldman Sachs Global Bond, SA PIMCO VCP Tactical Balanced and SA Schroders VCP Global Allocation Portfolios also used forward currency contracts 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 cumulative change in market value is recorded by a Portfolio as unrealized appreciation or depreciation. On the settlement date, a Portfolio records either realized gains or losses 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 to a Portfolio of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the

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counterparty defaults, a Portfolio’s loss will generally consist of the net amount of contractual payments that the Portfolio has not yet received though the Portfolio’s maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule following each Portfolio’s Portfolio of Investments.

Futures:    During the period, the SA Federated Corporate Bond and SA Goldman Sachs Global Bond Portfolios used futures contracts to manage duration and yield curve positioning. The SA Goldman Sachs Multi-Asset Insights Portfolio used equity index futures contracts to Passively replicate exposure to U.S. large cap equities, U.S. small cap and emerging market equities. In addition, SA Goldman Sachs Multi-Asset Insights Portfolio used treasury futures to passively replicate exposure to U.S. 7-10 year treasuries, U.S. investment grade credit and U.S. long duration corporate bonds. The SA JPMorgan MFS Core Bond Portfolio used futures contracts to increase or decrease exposure to bond markets, to manage duration and yield curve positioning, and hedge against changes in interest rates. The SA BlackRock VCP Global Multi Asset, SA Legg Mason Tactical Opportunities, SA JPMorgan Balanced, SA PIMCO VCP Tactical Balanced, SA Schroders VCP Global Allocation, SA T. Rowe Price Asset Allocation Growth and SA T. Rowe Price VCP Balanced Portfolios may use futures contracts primarily to increase or decrease exposure to equity and bond markets and to hedge against changes in interest rates, and prices of bonds. The SA International Index, SA Invesco VCP Equity-Income, SA JPMorgan Emerging Markets, SA Large Cap Index, SA Mid Cap Index, SA Small Cap Index, SA VCP Dynamic Allocation, SA VCP Dynamic Strategy, SA VCP Index Allocation Portfolios used futures contracts to increase or decrease exposure to equity markets. The SA BlackRock VCP Global Multi Asset Portfolio also used futures contracts to control currency exposure. In addition, SA Schroders VCP Global Allocation used futures contracts to manage duration.

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 a futures transaction, a portfolio will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the “broker”). Subsequent payments are made or received by the Portfolio as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statements of Assets and Liabilities as variation margin for changes in the value of the contracts and as cash collateral for futures contracts for the changes in the value of the initial margin requirement. 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.

The primary risk to a Portfolio of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security or securities. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While a Portfolio will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, the Portfolio may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Portfolio has insufficient cash to meet margin requirements, the Portfolio may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to a Portfolio since the futures contracts are generally exchange-traded.

Futures contracts outstanding at the end of the period, if any, are reported on a schedule following each Portfolio’s Portfolio of Investments.

Options:    During the period, the SA BlackRock VCP Global Multi Asset, SA Invesco VCP-Equity Income, SA JPMorgan Balanced, SA PIMCO VCP Tactical Balanced, SA Schroders VCP Global Allocation, SA T. Rowe Price VCP Balanced, SA VCP Dynamic Allocation, SA VCP Dynamic Strategy and SA VCP Index Allocation Portfolios used options contracts to seek protection against a decline in the value of a Portfolio’s securities or an increase in prices of securities that may be purchased or to generate income. SA Goldman Sachs Global Bond Portfolio used options contracts to manage exposure to fluctuations in interest rates and to express active views to enhance returns.

An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Portfolio writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Portfolio purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Portfolio’s Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a 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 a Portfolio has written is exercised, the Portfolio realizes a gain or loss

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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 a 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. Options may be traded on a national securities exchange or in the OTC market.

Risks to a Portfolio of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Portfolio’s loss will consist of the net amount of contractual payments that the Portfolio has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities. There is also the risk a Portfolio may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

Option contracts outstanding at the end of the period, if any, are reported on a schedule following each Portfolio’s Portfolio of Investments.

Swap Contracts:    Certain Portfolios may enter into credit default, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract (“centrally cleared swaps”). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the “CCP”) and a Portfolio faces the CCP through a broker. Upon entering into a centrally cleared swap, a Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash collateral for centrally cleared swap contracts. Unlike a bilateral swap contract, for centrally cleared swaps, a Portfolio has no credit exposure to the counterparty as the CCP stands between the Portfolio and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Portfolio will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolios’s basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Portfolio are included as part of realized gain (loss).

Credit Default Swap Agreements:    During the period, the SA Goldman Sachs Global Bond Portfolio used credit default swaps to manage credit risk and to express active credit views to enhance return. The Goldman Sachs Multi-Asset Insights Portfolio used credit default swaps to passively replicate exposure to U.S. investment grade credit and U.S. long duration corporate bonds. The SA PIMCO VCP Tactical Balanced Portfolio also used credit default swaps as a substitute for physical securities.

Credit default swaps are generally contracts in which one party makes periodic fixed-rate payments or a one time premium payment (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified payment in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. If a Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. As a buyer of protection on credit default swaps, a Portfolio will make periodic payments, similar to an insurance premium and the seller of protection agrees to compensate the Portfolio for future potential losses as a result of a credit event on the reference bond or other asset. A Portfolio effectively transfers the credit event risk of the reference bond or asset from it to the seller of protection. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

Credit default swaps on corporate issues or sovereign issues of an emerging market country are contracts in which the buyer of protection makes periodic fixed payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to deliver option (the buyer of protection’s right to choose the deliverable obligation with the lowest value following a credit event). A Portfolio may use credit default swaps on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce credit risk where the Portfolio owns or

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has exposure to the referenced obligation) or to take a speculative credit position with an active long or short position with respect to the likelihood of a particular issuer’s default.

Credit default swaps on asset-backed securities are contracts in which the buyer of protection makes periodic fixed-rate payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a default or other credit event. Unlike credit default swaps on corporate issues or sovereign issues of an emerging market country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Portfolio may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take a speculative credit position with an active long or short position with respect to the likelihood of a particular referenced obligation’s default.

Credit default swaps on credit indices are generally contracts in which the buyer of protection makes periodic fixed-rate payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name’s weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Portfolio may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds which is less expensive than it would be to enter into many credit default swaps to achieve a similar effect. Credit-default swaps on indices are used for protecting investors owning bonds against default, and also to speculate on changes in credit quality.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swaps on corporate issues or sovereign issues of an emerging market country as of period end are reported on a schedule following each Portfolio’s Portfolio of Investments and serve as an indicator of the current status of the payment/performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-based securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swaps outstanding at the end of the period, for which a Portfolio is the seller of protection, if any, are disclosed on a schedule following each Portfolio’s Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swaps entered into by a Portfolio for the same referenced entity or entities.

Credit default swap contracts outstanding at the end of the period, if any, are reported on a schedule following each Portfolio’s Portfolio of Investments.

Equity Swap Agreements:    During the period, the SA Goldman Sachs Global Bond Portfolio used equity swaps, a type of total return swap, to express directional exposures with certain credit or spread markets for hedging and to express active investment news. The SA PIMCO VCP Tactical Balanced Portfolio used equity swaps to gain exposure to a security or market index and to enhance total return.

Equity swaps, a type of total return swaps, are contracts that are typically entered into for the purpose of investing in a security or index without owning or taking physical custody of securities. Total return swaps are contracts that obligate a party to pay or receive interest in exchange for the payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, the Portfolio will receive a payment from or make a payment to the counterparty.

The counterparty to an equity swap will typically be a bank, investment banking firm or broker/dealer. Equity swaps may be structured in different ways. The counterparty will generally agree to pay the Portfolio the amount, if any, by which the notional amount of the equity swap contract would have increased in value had it been invested in particular stocks (or an index of stocks), plus the dividends that would have been received on those stocks. In these cases, the Portfolio may agree to pay to the counterparty a floating rate of interest on the notional amount of the equity swap contract plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such stocks.

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Therefore, the return to the Portfolio on any equity swap should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Portfolio on the notional amount. In other cases, the counterparty and the Portfolio may agree to pay the other the difference between the relative investment performances that would have been achieved if the notional amount of the equity swap contract had been invested in different stocks (or indices of stocks).

The Portfolio will generally enter into equity swaps only on a net basis, which means that the two payment streams are netted against each other, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of an equity swap contract or periodically during its term. Equity swaps normally do not involve the delivery of securities or other underlying assets.

Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that the Portfolio is contractually obligated to make. If the counterparty to an equity swap defaults, the Portfolio’s risk of loss consists of the net discounted amount of payments that the Portfolio is contractually entitled to receive, if any. In addition, the value of some components of an equity swap (such as the dividends on a common stock) may also be sensitive to changes in interest rates.

Equity swap contracts outstanding at the end of the period, if any, are reported on a schedule following each Portfolio’s Portfolio of Investments.

Interest Rate Swap Agreements:    During the period, the SA Goldman Sachs Global Bond Portfolio used interest rate swap agreements, to manage exposure to fluctuations in interest rates and/or express inflation views to enhance returns. The SA PIMCO VCP Tactical Balanced Portfolio used interest rate swap agreements to manage exposure to fluctuations in interest rates.

Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Portfolio expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Portfolio will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments.

Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Portfolio is contractually obligated to make. If the other party to an interest rate swap defaults, a Portfolio’s risk of loss consists of the net discounted amount of interest payments that the Portfolio is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions.

Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule following each Portfolio’s Portfolio of Investments.

Risks of Entering into Swap Agreements:    Risks to a Portfolio of entering into credit default swaps, equity swaps and interest rate swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Portfolio may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset’s perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Portfolio may suffer a loss.

Master Agreements:    Certain Portfolios that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements (“Master Agreements”) with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination.Collateral can be in the form of cash or securities as agreed to by a Portfolio and applicable counterparty. Collateral requirements are generally determined based on a Portfolio’s net position with each counterparty. Master Agreements may also include certain provisions that require a Portfolio to post additional collateral upon the occurrence of certain events, such as when a Portfolio’s net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Portfolio may also occur upon a decline in a Portfolio’s net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty’s long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty’s credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Portfolio’s counterparties to elect early termination could cause the Portfolio to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Portfolio’s financial statements. The Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

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The following tables represent the value of derivatives held as of January 31, 2018, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the period ended January 31, 2018. For a detailed presentation of derivatives held as of January 31, 2018, please refer to the Portfolio of Investments.

	Asset Derivatives
	Interest Rate Contracts						Equity Contracts						Credit Contracts				Foreign Exchange Contracts
Portfolio	Futures Contracts(1)(8)		Swap Contracts(2)		Options Purchased(3)		Futures Contracts(1)(8)		Swap Contracts(2)		Options Purchased(3)		Swap Contracts(2)		Options Purchased(3)		Futures Contracts(1)(8)		Options Purchased(3)		Forward Foreign Currency Contracts(4)		Total
SA BlackRock VCP Global Multi Asset	$	92,500	$	—	$	—	$	41,015	$	—	$	2,020,640	$	—	$	—	$	—	$	—	$	353,903	$	2,508,058
SA Federated Corporate Bond		3,125		—		—		—		—		—		—		—		—		—		—		3,125
SA Goldman Sachs Global Bond		66,418		2,575,718		60,133		—		—		—		—		—		—		—		8,057,292		10,759,561
SA Goldman Sachs Multi-Asset Insights		3,626		—		—		4,920		—		—		34,887		—		—		—		—		43,433
SA International Index		—		—		—		—		—		—		—		—		—		—		—		—
SA Invesco VCP Equity-Income		—		—		—		39,000		—		4,954,710		—		—		—		—		13,174		5,006,884
SA JPMorgan Balanced		11,656		—		—		780		—		—		—		—		—		—		—		12,436
SA JPMorgan Emerging Markets		—		—		—		—		—		—		—		—		—		—		—		—
SA JPMorgan MFS Core Bond		109,375		—		—		—		—		—		—		—		—		—		—		109,375
SA Large Cap Index		—		—		—		17,095		—		—		—		—		—		—		—		17,095
SA Legg Mason Tactical Opportunities		188		—		—		195		—		—		—		—		—		—		—		383
SA MFS Telecom Utility		—		—		—		—		—		—		—		—		—		—		647		647
SA Mid Cap Index		—		—		—		—		—		—		—		—		—		—		—		—
SA Morgan Stanley International Equities		—		—		—		—		—		—		—		—		—		—		—		—
SA PIMCO VCP Tactical Balanced		230,094		6,810,851		1,749,152		384,215		14,799,512		5,227,265		35,724		—		—		—		614,581		29,851,394
SA Putnam International Growth and Income		—		—		—		—		—		—		—		—		—		—		2,375,894		2,375,894
SA Schroders VCP Global Allocation		115,745		—		—		257,839		—		209,155		—		—		—		—		1,115,022		1,697,761
SA Small Cap Index		—		—		—		—		—		—		—		—		—		—		—		—
SA T. Rowe Price Asset Allocation Growth		—		—		—		—		—		—		—		—		—		—		—		—
SA T. Rowe Price VCP Balanced		75,000		—		—		84,955		—		116,500		—		5,376		—		—		—		281,831
SA VCP Dynamic Allocation		—		—		—		3,386,500		—		78,917,208		—		—		—		—		—		82,303,708
SA VCP Dynamic Strategy		—		—		—		1,553,500		—		42,801,483		—		—		—		—		—		44,354,983
SA VCP Index Allocation		2,000		—		—		2,535		—		34,540		—		—		—		—		—		39,075

507

	Liability Derivatives
	Interest Rate Contracts						Equity Contracts						Credit Contracts				Foreign Exchange Contracts
Portfolio	Futures Contracts(1)(8)		Swap Contracts(5)		Options Written(6)		Futures Contracts(1)(8)		Swap Contracts(5)		Options Written(6)		Swap Contracts(5)		Options Written(6)		Futures Contracts(1)(8)		Options Written(6)		Forward Foreign Currency Contracts(7)		Total
SA BlackRock VCP Global Multi Asset	$	460,469	$	—	$	—	$	216,243	$	—	$	—	$	—	$	—	$	—	$	—	$	828,694	$	1,505,406
SA Federated Corporate Bond		—		—		—		—		—		—		—		—		—		—		—		—
SA Goldman Sachs Global Bond		84,316		2,738,749		64,609		—		—		—		912,737		—		—		—		7,022,240		10,822,651
SA Goldman Sachs Multi-Asset Insights		1,500		—		—		6,070		—		—		—		—		—		—		—		7,570
SA International Index		—		—		—		23,230		—		—		—		—		—		—		—		23,230
SA Invesco VCP Equity- Income		—		—		—		—		—		—		—		—		—		—		1,886,069		1,886,069
SA JPMorgan Balanced		13,047		—		—		—		—		—		—		—		—		—		—		13,047
SA JPMorgan Emerging Markets		—		—		—		—		—		—		—		—		—		—		—		—
SA JPMorgan MFS Core Bond		57,063		—		—		—		—		—		—		—		—		—		—		57,063
SA Large Cap Index		—		—		—		—		—		—		—		—		—		—		—		—
SA Legg Mason Tactical Opportunities		—		—		—		—		—		—		—		—		—		—		—		—
SA MFS Telecom Utility		—		—		—		—		—		—		—		—		—		—		193,973		193,973
SA Mid Cap Index		—		—		—		3,500		—		—		—		—		—		—		—		3,500
SA Morgan Stanley International Equities		—		—		—		—		—		—		—		—		—		—		1,349,409		1,349,409
SA PIMCO VCP Tactical Balanced		62,703		264,988		2,558,805		462,650		—		—		—		—		—		141,419		1,178,344		4,668,909
SA Putnam International Growth and Income		—		—		—		—		—		—		—		—		—		—		1,479,255		1,479,255
SA Schroders VCP Global Allocation		37,188		—		—		255,781		—		—		—		—		—		—		167,055		460,024
SA Small Cap Index		—		—		—		21,600		—		—		—		—		—		—		—		21,600
SA T. Rowe Price Asset Allocation Growth		—		—		—		—		—		—		—		—		—		—		—		—
SA T. Rowe Price VCP Balanced		96,688		—		—		185,840		—		—		—		11,018		—		—		—		293,546
SA VCP Dynamic Allocation		—		—		—		—		—		50,124,771		—		—		—		—		—		50,124,771
SA VCP Dynamic Strategy		—		—		—		—		—		25,764,070		—		—		—		—		—		25,764,070
SA VCP Index Allocation		438		—		—		7,730		—		—		—		—		—		—		—		8,168

Statement of Assets and Liabilities Location:

(1) Variation margin on futures contracts

(2) Unrealized appreciation on swap contracts

(3) Investments at value (unaffiliated)

(4) Unrealized appreciation on forward foreign currency contracts

(5) Unrealized depreciation on swap contracts

(6) Call and put options written, at value

(7) Unrealized depreciation on forward foreign currency contracts

(8) The variation margin on futures contracts is included in the cumulative appreciation (depreciation) as reported on each Portfolio’s Portfolio of Investments in the following amounts:

508

Portfolio	Cumulative Appreciation/ (Depreciation)			Portfolio	Cumulative Appreciation/ (Depreciation)
SA BlackRock VCP Global Multi Asset	$	5,036,616		SA Legg Mason Tactical Opportunities	$	35,175
SA Federated Corporate Bond		162,455		SA Mid Cap Index		16,958
SA Goldman Sachs Global Bond		(1,048,956	)	SA PIMCO VCP Tactical Balanced		54,420,531
SA Goldman Sachs Multi-Asset Insights		85,281		SA Schroders VCP Global Allocation		5,842,283
SA International Index		317,868		SA Small Cap Index		53,746
SA Invesco VCP Equity-Income		2,470,376		SA T. Rowe Price Asset Allocation		—
SA JPMorgan Balanced		37,622		SA T. Rowe Price VCP Balanced		18,977,741
SA JPMorgan Emerging Markets		—		SA VCP Dynamic Allocation		337,312,305
SA JPMorgan MFS Core Bond		499,543		SA VCP Dynamic Strategy		144,280,585
SA Large Cap Index		2,077,250		SA VCP Index Allocation		467,972

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts									Equity Contracts							Credit Contracts					Foreign Exchange Contracts
Portfolio	Futures Contracts(1)			Swap Contracts(1)			Options*			Futures Contracts(1)		Swap Contracts(1)		Options*			Swap Contracts(1)			Options*		Futures Contracts(1)		Options*		Foreign Exchange Contracts(3)			Total
SA BlackRock VCP Global Multi Asset	$	2,237,821		$	—		$	—		$	19,541,191	$	—	$	(9,759,846	)	$	—		$	—	$	366,508	$	—	$	1,843,304		$	14,228,978
SA Federated Corporate Bond		(1,494,251	)		—			—			—		—		—			—			—		—		—		—			(1,494,251	)
SA Goldman Sachs Global Bond		1,424,820			(1,649,641	)		(2,743	)		—		35,185		—			(2,113,422	)		—		—		—		(89,061	)		(2,394,862	)
SA Goldman Sachs Multi-Asset Insights		18,942			—			—			40,706		—		—			10,665			—		—		—		—			70,313
SA International Index		—			—			—			13,745		—		—			—			—		—		—		—			13,745
SA Invesco VCP Equity-Income		—			—			—			6,650,258		—		(11,123,840	)		—			—		—		—		(5,598,366	)		(10,071,948	)
SA JPMorgan Balanced		(285,267	)		—			(15,478	)		327,171		—		—			—			—		—		—		—			26,426
SA JPMorgan Emerging Markets		—			—			—			445,258		—		—			—			—		—		—		—			445,258
SA JPMorgan MFS Core Bond		1,195,408			—			—			—		—		—			—			—		—		—		—			1,195,408
SA Large Cap Index		—			—			—			5,307,700		—		—			—			—		—		—		—			5,307,700
SA Legg Mason Tactical Opportunities		457			—			—			11,121		—		—			—			—		—		—		—			11,578
SA MFS Telecom Utility		—			—			—			—		—		—			—			—		—		—		(593,533	)		(593,533	)
SA Mid Cap Index		—			—			—			9,843		—		—			—			—		—		—		—			9,843
SA Morgan Stanley International Equities		—			—			—			—		—		—			—			—		—		—		96,471			96,471
SA PIMCO VCP Tactical Balanced		451,871			(1,235,751	)		439,579			134,318,984		32,134,440		(12,966,763	)		891,484			—		—		56,625		(1,056,061	)		153,034,408
SA Putnam International Growth and Income		—			—			—			—		—		—			—			—		—		—		(1,618,075	)		(1,618,075	)
SA Schroders VCP Global Allocation		3,279,043			—			—			24,894,255		—		(2,524,897	)		—			—		—		—		2,909,607			28,558,008
SA Small Cap Index		—			—			—			7,370		—		—			—			—		—		—		—			7,370
SA T. Rowe Price Asset Allocation Growth		—			—			—			3,912		—		—			—			—		—		—		—			3,912
SA T. Rowe Price VCP Balanced		(990,185	)		—			—			40,581,144		—		(10,279,538	)		—			36,977		—		—		—			29,348,398
SA VCP Dynamic Allocation		—			—			—			1,357,541,673		—		(776,336,356	)		—			—		—		—		—			581,205,317
SA VCP Dynamic Strategy		—			—			—			630,879,043		—		(418,585,872	)		—			—		—		—		—			212,293,171
SA VCP Index Allocation		4,631			—			—			101,040		—		(10,272	)		—			—		—		—		—			95,399

509

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts								Equity Contracts								Credit Contracts						Foreign Exchange Contracts
Portfolio	Futures Contracts(4)			Swap Contracts(4)		Options*			Futures Contracts(4)			Swap Contracts(4)		Options*			Swap Contracts(4)			Options*			Futures Contracts(4)			Options*			Foreign Exchange Contracts(6)			Total
SA BlackRock VCP Global Multi Asset	$	(2,805,749	)	$	—	$	—		$	7,409,256		$	—	$	(397,594	)	$	—		$	—		$	(545,722	)	$	—		$	(468,844	)	$	3,191,347
SA Federated Corporate Bond		(83,165	)		—		—			—			—		—			—			—			—			—			—			(83,165	)
SA Goldman Sachs Global Bond		(1,140,924	)		87,774		(4,220	)		—			—		—			(749,831	)		—			—			—			1,146,877			(660,324	)
SA Goldman Sachs Multi-Asset Insights		(116,042	)		—		—			201,323			—		—			34,887			—			—			—			—			120,168
SA International Index		—			—		—			317,868			—		—			—			—			—			—			—			317,868
SA Invesco VCP Equity-Income		—			—		—			2,470,376			—		(328,230	)		—			—			—			—			(1,348,815	)		793,331
SA JPMorgan Balanced		54,557			—		2,702			10,103			—		—			—			—			—			—			—			67,362
SA JPMorgan Emerging Markets		—			—		—			(91,951	)		—		—			—			—			—			—			—			(91,951	)
SA JPMorgan MFS Core Bond		377,544			—		—			—			—		—			—			—			—			—			—			377,544
SA Large Cap Index		—			—		—			1,997,472			—		—			—			—			—			—			—			1,997,472
SA Legg Mason Tactical Opportunities		9,398			—		—			25,777			—		—			—			—			—			—			—			35,175
SA MFS Telecom Utility		—			—		—			—			—		—			—			—			—			—			(147,835	)		(147,835	)
SA Mid Cap Index		—			—		—			16,958			—		—			—			—			—			—			—			16,958
SA Morgan Stanley International Equities		—			—		—			—			—		—			—			—			—			—			(1,023,885	)		(1,023,885	)
SA PIMCO VCP Tactical Balanced		717,309			5,704,985		(321,429	)		44,624,347			10,758,645		(165,416	)		(96,072	)		—			—			(43,992	)		(649,862	)		60,528,515
SA Putnam International Growth and Income		—			—		—			—			—		—			—			—			—			—			2,266,293			2,266,293
SA Schroders VCP Global Allocation		(627,492	)		—		—			4,130,213			—		141,862			—			—			—			—			1,875,029			5,519,612
SA Small Cap Index		—			—		—			53,746			—		—			—			—			—			—			—			53,746
SA T. Rowe Price Asset Allocation Growth		—			—		—			—			—		—			—			—			—			—			—			—
SA T. Rowe Price VCP Balanced		2,049,760			—		—			14,796,592			—		(3,121,742	)		—			(2,842	)		—			—			—			13,721,768
SA VCP Dynamic Allocation		—			—		—			308,991,197			—		6,036,296			—			—			—			—			—			315,027,493
SA VCP Dynamic Strategy		—			—		—			138,310,651			—		4,259,824			—			—			—			—			—			142,570,475
SA VCP Index Allocation		49,215			—		—			418,757			—		(35,072	)		—			—			—			—			—			432,900

* Includes amounts relating to purchased and written call and put options as follows:

	Realized Gain (Loss) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts					Equity Contracts						Credit Contracts				Foreign Exchange Contracts
	Options Purchased(2)			Options Written(1)		Options Purchased(2)			Options Written(1)			Options Purchased(2)		Options Written(1)		Options Written(1)
SA BlackRock VCP Global Multi Asset	$	—		$	—	$	(9,759,846	)	$	—		$	—	$	—	$	—
SA Goldman Sachs Global Bond		(2,743	)		—		—			—			—		—		—
SA Invesco VCP Equity-Income		—			—		(11,123,840	)		—			—		—		—
SA JPMorgan Balanced		(17,480	)		2,002		—			—			—		—		—
SA PIMCO VCP Tactical Balanced		(286,940	)		726,519		(12,966,763	)		—			—		—		56,625
SA Schroders VCP Global Allocation		—			—		(2,524,897	)		—			—		—		—
SA T. Rowe Price VCP Balanced		—			—		(10,279,538	)		—			9,000		27,977		—
SA VCP Dynamic Allocation		—			—		(435,051,220	)		(341,285,136	)		—		—		—
SA VCP Dynamic Strategy		—			—		(234,624,638	)		(183,961,234	)		—		—		—
SA VCP Index Allocation		—			—		(10,272	)		—			—		—		—

510

	Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Interest Rate Contracts						Equity Contracts						Credit Contracts						Foreign Exchange Contracts
	Options Purchased(5)			Options Written(4)			Options Purchased(5)			Options Written(4)			Options Purchased(5)			Options Written(4)			Options Written(4)
SA BlackRock VCP Global Multi Asset	$	—		$	—		$	(397,594	)	$	—		$	—		$	—		$	—
SA Goldman Sachs Global Bond		(6,311	)		2,091			—			—			—			—			—
SA Invesco VCP Equity-Income		—			—			(328,230	)		—			—			—			—
SA JPMorgan Balanced		2,702			—			—			—			—			—			—
SA PIMCO VCP Tactical Balanced		(321,366	)		(63	)		(165,416	)		—			—			—			(43,992	)
SA Schroders VCP Global Allocation		—			—			141,862			—			—			—			—
SA T. Rowe Price VCP Balanced		—			—			(3,121,742	)		—			(1,024	)		(1,818	)		—
SA VCP Dynamic Allocation		—			—			12,676,883			(6,640,587	)		—			—			—
SA VCP Dynamic Strategy		—			—			7,154,083			(2,894,259	)		—			—			—
SA VCP Index Allocation		—			—			(35,072	)		—			—			—			—

Statement of Operations Location:

(1) Net realized gain (loss) on futures contracts, written options contracts and swap contracts

(2) Net realized gain (loss) on investments (unaffiliated)

(3) Net realized foreign exchange gain (loss) on other assets and liabilities

(4) Change in unrealized appreciation (depreciation) on futures contracts, written options contracts and swap contracts

(5) Change in unrealized appreciation (depreciation) on investments (unaffiliated)

(6) Change in unrealized foreign exchange gain (loss) on other assets and liabilities

The following table represents the average monthly balances of derivatives held during the period ended January 31, 2018.

	Average Amount Outstanding During the Period
Portfolio	Futures Contracts(1)		Forward Foreign Currency Contracts(2)		Purchased Call Options Contracts(2)		Purchased Put Options Contracts(2)		Interest Rate Swap Contracts(2)		Credit Swap Contracts(2)		Total Return Swap Contracts(2)		Written Call  Option Contracts(2)		Written Put  Option Contracts(2)
SA BlackRock VCP Global Multi Asset	$	315,926,850	$	47,516,558	$	—	$	157,625	$	—	$	—	$	—	$	—	$	—
SA Federated Corporate Bond		34,797,591		—		—		—		—		—		—		—		—
SA Goldman Sachs Global Bond		97,563,174		565,135,214		—		811,007		803,693,696		87,838,694		356,563,256		—		241,667
SA Goldman Sachs Multi-Asset Insights		6,658,538		—		—		—		—		3,265,000		—		—		—
SA International Index		1,548,229						—								—		—
SA Invesco VCP Equity-Income		49,777,518		78,076,865		—		233,350		—		—		—		—		—
SA JPMorgan Balanced		41,979,857		—		1,833		4,833		—		—		—		—		—
SA JPMorgan Emerging Markets		1,175,234		—		—		—		—		—		—		—		—
SA JP Morgan MFS Core Bond		80,104,457		—		—		—		—		—		—		—		—
SA Large Cap Index		32,996,747		—		—		—		—		—		—		—		—
SA Legg Mason Tactical Opportunities		777,157		—		—		—		—		—		—		—		—
SA MFS Telecom Utility		—		7,456,633		—		—		—		—		—		—		—
SA Mid Cap Index		177,368		—		—		—		—		—		—		—		—
SA Morgan Stanley International Equities		—		28,859,971		—		—		—		—		—		—		—
SA PIMCO VCP Tactical Balanced		1,292,006,771		60,093,399		136,300,000		20,132,783		220,447,140		49,360,093		186,143,616		178,591,156		73,688,781
SA Putnam International Growth and Income		—		116,068,873		—		—		—		—		—		—		—
SA Schroders VCP Global Allocation		353,681,366		167,521,392		—		102,925		—		—		215,268		—		—
SA Small Cap Index		435,634		—		—		—		—				—		—		—
SA T. Rowe Price Asset Allocation Growth		—		—		—		—		—		—		—		—		—
SA T. Rowe Price VCP Balanced		337,833,037		—		666,667		212,967		—		—		—		416,667		5,083,333
SA VCP Dynamic Allocation		7,487,582,083		—		—		3,534,167		—		—		—		3,534,167		—
SA VCP Dynamic Strategy		3,416,465,667		—		—		1,899,167		—		—		—		1,899,167		—
SA VCP Index Allocation		7,428,728		—		—		767		—		—		—		—		—

(1) Amounts represent values in US dollars.

(2) Amounts represent notional amounts in US dollars.

The following tables set forth the Portfolios’ derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged (received) as of January 31, 2018. The repurchase agreements held by the

511

Portfolios as of January 31, 2018, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments and the Notes to the Financial Statements for more information about the Portfolios’ holdings in repurchase agreements.

	SA Blackrock VCP Global Multi Asset Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Barclays Bank PLC	$	199,139	$	—	$	—	$	199,139	$	383,608	$	—	$	—	$	383,608	$	(184,469	)	$	—	$	(184,469	)
Citibank N.A.		3,895		—		—		3,895		121,103		—		—		121,103		(117,208	)		—		(117,208	)
Deutsche Bank AG		51,814		—		—		51,814		115,043		—		—		115,043		(63,229	)		—		(63,229	)
JPMorgan Chase Bank		66,351		—		—		66,351		64,451		—		—		64,451		1,900			—		1,900
Morgan Stanley and Co., Inc.		32,704		—		—		32,704		143,214		—		—		143,214		(110,510	)		—		(110,510	)
UBS AG		—		—		—		—		1,275		—		—		1,275		(1,275	)		—		(1,275	)
Total	$	353,903	$	—	$	—	$	353,903	$	828,694	$	—	$	—	$	828,694	$	(474,791	)	$	—	$	(474,791	)

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA Goldman Sachs Global Bond Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
BNP Paribas SA	$	32,587	$	—	$	—	$	32,587	$	2,287	$	—	$	—	$	2,287	$	30,300		$	—	$	30,300
Citibank N.A.		63,505		—		60,133		123,638		—		266,349		64,609		330,958		(207,320	)		207,320		—
Deutsche Bank AG		—		—		—		—		—		5,266		—		5,266		(5,266	)		—		(5,266	)
HSBC Bank PLC		24,158		—		—		24,158		24,981		—		—		24,981		(823	)		—		(823	)
JPMorgan Chase Bank N.A.		—		—		—		—		27,690		1,750		—		29,440		(29,440	)		—		(29,440	)
Morgan Stanley & Co. International PLC		7,917,472		—		—		7,917,472		6,932,492		258,511		—		7,191,003		726,469			—		726,469
Standard Chartered Bank		19,570		—		—		19,570		34,790		—		—		34,790		(15,220	)		—		(15,220	)
Total	$	8,057,292	$	—	$	60,133	$	8,117,425	$	7,022,240	$	531,876	$	64,609	$	7,618,725	$	498,700		$	207,320	$	706,020

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA Invesco VCP Equity-Income Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Bank of New York	$	—	$	—	$	—	$	—	$	927,311	$	—	$	—	$	927,311	$	(927,311	)	$	—	$	(927,311	)
Barclays Bank PLC		—		—		—		—		31,249		—		—		31,249		(31,249	)		—		(31,249	)
State Street Bank and Trust Co.		13,174		—		—		13,174		927,509		—		—		927,509		(914,335	)		—		(914,335	)
Total	$	13,174	$	—	$	—	$	13,174	$	1,886,069	$	—	$	—	$	1,886,069	$	(1,872,895	)	$	—	$	(1,872,895	)

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

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	SA MFS Telecom Utility Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Barclays Bank PLC	$	472	$	—	$	—	$	472	$	28,627	$	—	$	—	$	28,627	$	(28,155	)	$	—	$	(28,155	)
BNP Paribas SA		—		—		—		—		1,493		—		—		1,493		(1,493	)		—		(1,493	)
Citibank N.A.		—		—		—		—		19		—		—		19		(19	)		—		(19	)
Deutsche Bank AG		175		—		—		175		4,554		—		—		4,554		(4,379	)		—		(4,379	)
HSBC Bank USA		—		—		—		—		1,140		—		—		1,140		(1,140	)		—		(1,140	)
JPMorgan Chase Bank N.A.		—		—		—		—		96,559		—		—		96,559		(96,559	)		—		(96,559	)
Merrill Lynch International		—		—		—		—		38,465		—		—		38,465		(38,465	)		—		(38,465	)
Morgan Stanley Capital Services, Inc.		—		—		—		—		22,961		—		—		22,961		(22,961	)		—		(22,961	)
Royal Bank of Scotland PLC		—		—		—		—		155		—		—		155		(155	)		—		(155	)
Total	$	647	$	—	$	—	$	647	$	193,973	$	—	$	—	$	193,973	$	(193,326	)	$	—	$	(193,326	)

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA Morgan Stanley International Equities Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Commonwealth Bank of Australia	$	—	$	—	$	—	$	—	$	1,349,409	$	—	$	—	$	1,349,409	$	(1,349,409	)	$	—	$	(1,349,409	)

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA PIMCO VCP Tactical Balanced Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)			Net Amount(3)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total
Bank of America N.A.	$	85,555	$	—	$	—	$	85,555	$	722,964	$	—	$	—	$	722,964	$	(637,409	)	$	637,409		$	—
Barclays Bank PLC		181,232		5,315,358		—		5,496,590		12,410		—		—		12,410		5,484,180			(5,484,180	)		—
Citibank N.A.		141,884		—		33,100		174,984		442,970		—		—		442,970		(267,986	)		267,986			—
Goldman Sachs Bank USA		205,910		—		1,417,384		1,623,294		—		—		2,287,803		2,287,803		(664,509	)		294,101			(370,408	)
Merrill Lynch international		—		9,484,154		—		9,484,154		—		—		—		—		9,484,154			(9,484,154	)		—
Morgan Stanley Co., Inc.		—		—		298,668		298,668		—		—		412,421		412,421		(113,753	)		—			(113,753	)
Total	$	614,581	$	14,799,512	$	1,749,152	$	17,163,245	$	1,178,344	$	—	$	2,700,224	$	3,878,568	$	13,284,677		$	(13,768,838	)	$	(484,161	)

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA Putnam International Growth and Income Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)		Collateral Pledged/ (Received)(2)		Net Amount(3)
Bank of America, N.A.	$	273,816	$	—	$	—	$	273,816	$	206,367	$	—	$	—	$	206,367	$	67,449	$	—	$	67,449
Barclays Bank PLC		36,241		—		—		36,241		32,205		—		—		32,205		4,036		—		4,036
Citibank N.A.		459,320		—		—		459,320		194,991		—		—		194,991		264,329		—		264,329
Goldman Sachs International		315,786		—		—		315,786		200,737		—		—		200,737		115,049		—		115,049

513

	SA Putnam International Growth and Income Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
JPMorgan Chase Bank, N.A.	$	1,125,260	$	—	$	—	$	1,125,260	$	488,985	$	—	$	—	$	488,985	$	636,275		$	—	$	636,275
State Street Bank and Trust Co.		160,967		—		—		160,967		189,363		—		—		189,363		(28,396	)		—		(28,396	)
UBS AG		4,132		—		—		4,132		46,928		—		—		46,928		(42,796	)		—		(42,796	)
Westpac Banking Corp.		372		—		—		372		119,679		—		—		119,679		(119,307	)		—		(119,307	)
Total	$	2,375,894	$	—	$	—	$	2,375,894	$	1,479,255	$	—	$	—	$	1,479,255	$	896,639		$	—	$	896,639

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA Schroders VCP Global Allocation Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total
Bank of America, N.A.	$	—	$	—	$	—	$	—	$	28,672	$	—	$	—	$	28,672	$	(28,672	)	$	—	$	(28,672	)
Barclays Bank PLC		352,234		—		—		352,234		5,911		—		—		5,911		346,323			—		346,323
Citibank N.A.		56,535		—		—		56,535		132,472		—		—		132,472		(75,937	)		—		(75,937	)
Morgan Stanley and International PLC		583,808		—		—		583,808		—		—		—		—		583,808			—		583,808
UBS AG London		122,445		—		209,155		331,600		—		—		—		—		331,600			—		331,600
Total	$	1,115,022	$	—	$	209,155	$	1,324,177	$	167,055	$	—	$	—	$	167,055	$	1,157,122		$	—	$	1,157,122

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA T.Rowe Price VCP Balanced Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
JP Morgan	$	—	$	—	$	5,376	$	5,376	$	—	$	—	$	11,018	$	11,018	$	(5,642	)	$	—	$	(5,642	)

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

	SA VCP Dynamic Allocation Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
CitiBank N.A.	$	—	$	—	$	27,859,514	$	27,859,514	$	—	$	—	$	6,986,582	$	6,986,582	$	20,872,932		$	—	$	20,872,932
Goldman Sachs		—		—		35,234,091		35,234,091		—		—		8,835,971		8,835,971		26,398,120			—		26,398,120
Morgan Stanley Co., Inc.		—		—		2,280,880		2,280,880		—		—		4,944,464		4,944,464		(2,663,584	)		—		(2,663,584	)
UBS AG		—		—		13,542,723		13,542,723		—		—		29,357,754		29,357,754		(15,815,031	)		—		(15,815,031	)
Total	$	—	$	—	$	78,917,208	$	78,917,208	$	—	$	—	$	50,124,771	$	50,124,771	$	28,792,437		$	—	$	28,792,437

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

514

	SA VCP Dynamic Strategy Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total		Net Derivative Assets (Liabilities)			Collateral Pledged/ (Received)(2)		Net Amount(3)
CitiBank N.A.	$	—	$	—	$	15,841,685	$	15,841,685	$	—	$	—	$	3,972,762	$	3,972,762	$	11,868,923		$	—	$	11,868,923
Goldman Sachs		—		—		19,119,274		19,119,274		—		—		4,794,713		4,794,713		14,324,561			—		14,324,561
Morgan Stanley Co., Inc.		—		—		712,775		712,775		—		—		1,545,145		1,545,145		(832,370	)		—		(832,370	)
UBS AG		—		—		7,127,749		7,127,749		—		—		15,451,450		15,451,450		(8,323,701	)		—		(8,323,701	)
Total	$	—	$	—	$	42,801,483	$	42,801,483	$	—	$	—	$	25,764,070	$	25,764,070	$	17,037,413		$	—	$	17,037,413

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

Structured Notes:    A credit linked note (“CLN”) is a type of hybrid instrument in which a special purpose entity issues a structured note (the “Note Issuer”) that is intended to replicate a corporate bond or a portfolio of corporate bonds. The purchaser of the CLN (the “Note Purchaser”) invests a par amount and receives a payment during the term of the CLN that equals a fixed- or floating-rate of interest equivalent to a high-rated funded asset (such as a bank certificate of deposit) plus an additional premium that relates to taking on the credit risk of an identified bond (the “Reference Bond”). Upon maturity of the CLN, the Note Purchaser will receive a payment equal to (i) the original par amount paid to the Note Issuer, if there is neither a designated event of default (an “Event of Default”) with respect to the Reference Bond nor a restructuring of the issuer of the Reference Bond (a “Restructuring Event”) or (ii) the value of the Reference Bond, if an Event of Default or a Restructuring Event has occurred. Depending upon the terms of the CLN, it is also possible that the Note Purchaser may be required to take physical delivery of the Reference Bond in the event of an Event of Default or a Restructuring Event.

Inflation-Indexed Bonds:    Certain Portfolios may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation-indexed bonds are recorded in the Statement of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statement of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.

Repurchase Agreements:    The Portfolios, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission (“SEC”), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Trust’s custodian takes possession of the collateral pledged for investments in such repurchase agreements (“repo” or collectively “repos”). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Portfolio 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 a Portfolio may be delayed or limited.

Stripped Mortgage-Backed Securities:    Stripped Mortgage-Backed Securities (“SMBS”) are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Portfolio invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the “principal only” class) from the mortgage pool, while the other class will receive all or most of the interest (the “interest only” class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Portfolio‘s yield.

Mortgage-Backed Dollar Rolls:    During the period ended January 31, 2018, the SA Goldman Sachs Global Bond, SA JPMorgan Balanced, SA JPMorgan MFS Core Bond, SA MFS Total Return Bond, SA PIMCO VCP Tactical Balanced and SA T. Rowe Price VCP

515

Balanced Portfolios entered into dollar rolls using “to be announced” (“TBA”) mortgage-backed securities (“TBA Rolls”). TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Portfolios’ policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. TBA Roll transactions involve the risk that the market value of the securities held by a Portfolio may decline below the price of the securities that the Portfolio has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Portfolio’s use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Portfolio’s obligation to repurchase the securities. The return earned by a Portfolio with the proceeds of the TBA Roll transaction may not exceed the transaction costs. Mortgage-Backed Dollar Rolls outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

When-Issued Securities and Forward Commitments:    Certain Portfolios may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Portfolio may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Portfolios may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. For the period ended January 31, 2018, the SA Goldman Sachs Global Bond, SA JPMorgan Balanced, SA JPMorgan MFS Core Bond, SA MFS Total Return Bond, SA PIMCO VCP Tactical Balanced and SA T. Rowe Price VCP Balanced Portfolios purchased and/or sold when-issued securities. Securities purchased or sold on a when-issued or forward commitment basis outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

Loans:    Certain Portfolios Fund invests in senior loans which generally consist of direct debt obligations of companies (collectively, “Borrowers”), primarily U.S. companies and their affiliates, undertaken to finance the growth of the Borrower’s business internally and externally, or to finance a capital restructuring. Transactions in senior loans may settle on a delayed basis. Loans outstanding at the end of the period, if any, are included in investments purchased/sold on an extended settlement basis in the Statement of Assets and Liabilities.

Foreign Currency Translation:    The books and records of the Portfolios 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 based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

The Portfolios do 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 the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.

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 located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios’ 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 rates.

Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders:    Security transactions are recorded on a trade date basis. Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is 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. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations. For SA Index Allocation 60/40, SA Index Allocation 80/20, SA Index Allocation 90/10, SA VCP Dynamic Allocation, SA VCP Dynamic Strategy and SA VCP Index Allocation Portfolios, distributions from income from the Underlying Portfolios, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from the underlying Portfolios, if any, are recorded to realized gains on the ex-dividend date.

Realized gains and losses on the sale of investments are calculated on the identified cost basis. Portfolios which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and certain other countries’ tax regulations require that taxes be paid on capital gains realized by a Portfolio.

For financial statement purposes, the Portfolios amortize all premiums and accrete all discounts on fixed income securities.

Distributions received from Real Estate Investment Trust (“REIT”) investments are recharacterized based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year’s allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The amount recharacterized as ordinary income is recorded as dividend income and the amount recharacterized as capital gain is recorded as realized gain in the Statement of Operations. The amount recharacterized as return of capital is recorded as a reduction to the cost of investments in the Statement of Assets and Liabilities. These recharacterizations are reflected in the accompanying financial statements.

516

Net investment income, expenses other than class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares of each class of shares at the beginning of the day (after adjusting for current capital share activity of the respective class).

Expenses common to all Portfolios, not directly related to individual Portfolios 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. For SA Index Allocation 60/40, SA Index Allocation 80/20, SA Index Allocation 90/10, SA VCP Dynamic Allocation, SA VCP Dynamic Strategy Portfolios and SA VCP Index Allocation Portfolios, the expenses included in the accompanying financial statements reflect the expenses of the SA Index Allocation 60/40, SA Index Allocation 80/20, SA Index Allocation 90/10, SA VCP Dynamic Allocation, SA VCP Dynamic Strategy Portfolios and SA VCP Index Allocation Portfolios and do not include indirect expenses borne by each Underlying Portfolio in connection with its investment in the Underlying Portfolio.

Dividends from net investment income and capital gain distributions, if any, are paid annually. 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 in accordance with federal income tax regulations, which may differ from GAAP. 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 at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

Each Portfolio is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Portfolio also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

The Portfolios recognize the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Portfolio’s tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years 2014 — 2016 or expected to be taken in each Portfolio’s 2017 tax return. The Portfolios are not aware of any tax provisions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. The Portfolios file U.S. federal and certain state income tax returns. With few exceptions, the Portfolios are no longer subject to U.S. federal and state tax examinations by tax authorities for tax returns ending before 2014.

Organization and Offering Costs:    Organization costs incurred in connection with the commencement of the SA Fixed Income Index, SA Fixed Income Intermediate Index, SA Goldman Sachs Multi-Asset Insights, SA Index Allocation 60/40, SA Index Allocation 80/20, SA Index Allocation 90/10, SA International Index, SA Legg Mason Tactical Opportunities, SA Mid Cap Index, , SA Small Cap Index, SA T. Rowe Price Asset Allocation Growth and SA VCP Index Allocation Portfolios are expensed, while offering costs are reflected as “Deferred offering costs” in the Statement of Assets and Liabilities of the Portfolio, and amortized over 12-month period. As of January 31, 2018, the deferred offering costs for the SA Fixed Income Index, SA Index Allocation 60/40, SA Index Allocation 80/20, SA Index Allocation 90/10, SA International Index and SA Mid Cap Index and SA Small Cap Index Portfolios were fully amortized.

New Accounting Pronouncement:    In October 2016, the SEC adopted amendments to rules under the 1940 Act (“final rules”) intended to modernize the reporting and disclosure of information by registered investment companies. The final rules amend Regulation S-X and require funds to provide standardized, enhanced derivative disclosure in fund financial statements in a format designed for individual investors. The amendments to Regulation S-X also update the disclosures for other investments and investments in and advances to affiliates and amend the rules regarding the general form and content of fund financial statements. The compliance date for the amendments to Regulation S-X was August 1, 2017. All required changes have been made in accordance with Regulation S-X.

Note 3.  Federal Income Taxes

The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, post October capital losses, investments in passive foreign investment companies, straddle loss deferrals, foreign taxes payable, contingent payment debt securities, inflation securities, late year ordinary losses, investments in partnerships, treatment of defaulted securities and derivative transactions.

	Distributable Earnings						Tax Distributions
	For the year ended January 31, 2018
Portfolio	Ordinary Income		Long-term Gains/Capital Loss Carryover		Unrealized Appreciation (Depreciation)*		Ordinary Income		Long-Term Capital Gains
SA AB Growth	$	5,532,552	$	60,993,444	$	182,444,876	$	158,638	$	40,834,294
SA AB Small & Mid Cap Value		1,711,084		65,683,987		124,550,205		6,052,794		50,524,361
SA BlackRock VCP Global Multi Asset		48,476,732		8,846,774		22,239,413		2,428,508		—
SA Boston Company Capital Growth		5,483,391		25,480,065		85,719,942		968,065		3,513,146

517

	Distributable Earnings								Tax Distributions
	For the year ended January 31, 2018
Portfolio	Ordinary Income		Long-term Gains/Capital Loss Carryover			Unrealized Appreciation (Depreciation)*			Ordinary Income		Long-Term Capital Gains
SA Columbia Technology	$	2,101,965	$	7,990,781		$	21,622,132		$	349,271	$	8,553,514
SA DFA Ultra Short Bond		4,014,262		(5,871,629	)		(1,673,547	)		765,858		—
SA Dogs of Wall Street		20,287,832		28,983,548			53,052,360			25,641,684		12,208,702
SA Federated Corporate Bond		62,397,082		11,757,155			44,133,332			73,297,935		4,711,450
SA Fixed Income Index		5,788,832		(194,766	)		(1,645,637	)		—		—
SA Fixed Income Intermediate Index		1,151,080		(181,462	)		(4,182,366	)		—		—
SA Franklin Foreign Value		20,157,682		(20,992,064	)		215,982,676			26,440,682		—
SA Franklin Small Company Value		7,082,884		43,349,127			76,594,444			2,691,144		43,015,672
SA Goldman Sachs Global Bond		16,150,019		(20,099,290	)		14,562,927			12,423,778		—
SA Goldman Sachs Multi-Asset Insights		169,976		68,867			359,272			39,018		20,589
SA Index Allocation 60/40		6,351		582			1,925,327			322,845		65,335
SA Index Allocation 80/20		11,357		2,392			6,125,887			854,720		204,900
SA Index Allocation 90/10		21,800		6,242			18,224,531			2,448,835		571,500
SA International Index		997,568		198,968			56,655,019			8,141,588		—
SA Invesco Growth Opportunities		4,936,245		28,241,255			64,696,638			—		9,671,009
SA Invesco VCP Equity-Income		11,059,545		9,283,866			248,539,479			12,212,900		—
SA Janus Focused Growth		4,377,064		23,123,429			92,369,665			—		24,395,086
SA JPMorgan Balanced		7,284,826		12,897,104			29,222,630			5,229,939		10,333,883
SA JPMorgan Emerging Markets		5,636,117		(63,100,669	)		116,106,508			5,927,642		—
SA JPMorgan Equity-Income		22,069,348		66,492,378			328,632,134			24,386,264		55,419,843
SA JPMorgan Global Equities		23,350,904		52,165,581			123,740,940			9,600,325		—
SA JPMorgan MFS Core Bond		44,289,290		(22,207,968	)		(22,257,223	)		43,690,378		—
SA JPMorgan Mid-Cap Growth		9,841,175		35,968,882			85,915,533			—		20,365,675
SA Large Cap Index		48,438,399		19,927,228			680,851,082			34,261,878		16,967,255
SA Legg Mason BW Large Cap Value		28,061,881		113,559,246			391,074,947			24,752,198		50,983,861
SA Legg Mason Tactical Opportunities		29,647		28,091			670,692			40,324		—
SA MFS Blue Chip Growth		7,035,819		47,343,224			175,920,171			3,730,195		12,274,480
SA MFS Massachusetts Investors Trust		8,038,233		89,176,697			394,990,379			10,812,344		29,185,577
SA MFS Telecom Utility		445,020		1,066,851			4,246,567			1,102,811		430,743
SA MFS Total Return		11,213,395		27,305,272			99,470,474			13,953,559		27,741,058
SA Mid Cap Index		124,233		14,793			18,941,837			2,454,493		57,464
SA Morgan Stanley International Equities		5,898,006		11,751,803			84,832,697			5,710,779		—
SA Oppenheimer Main Street Large Cap		8,117,776		21,798,357			96,356,933			6,130,459		9,043,139
SA PIMCO VCP Tactical Balanced		121,727,956		96,497,216			(7,266,646	)		32,010,509		31,391,157
SA PineBridge High-Yield Bond		22,487,819		(17,349,185	)		3,481,940			33,138,023		—
SA Putnam International Growth and Income		8,153,059		—			65,583,748			4,687,079		—
SA Pyramis® Real Estate		6,763,776		17,984,813			(5,226,586	)		20,063,728		33,736,038
SA Schroders VCP Global Allocation		38,928,799		17,791,305			23,634,594			3,590,578		2,598,037
SA Small Cap Index		276,648		42,681			16,705,010			2,002,094		24,359
SA T Rowe Price Asset Allocation Growth		25,512		2,561			1,001,114			41,569		—
SA T Rowe Price VCP Balanced		57,378,210		37,590,483			140,113,149			3,563,580		293,916
SA VCP Dynamic Allocation		670,467,110		807,259,884			1,257,946,454			235,374,611		145,946,550
SA VCP Dynamic Strategy		270,271,376		392,568,325			657,498,636			91,729,355		107,669,036
SA VCP Index Allocation		213,047		305,121			692,530			56,198		12,182
SAWellsCap Aggressive Growth		2,316,807		14,265,926			27,933,090			—		—
SA WellsCap Fundamental Growth		3,100,595		18,520,117			49,781,577			223,683		7,515,819

* Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

	Tax Distributions
	For the year ended January 31, 2017
	Ordinary Income		Long-Term Capital Gains
SA AB Growth	$	4,450,545	$	61,019,380
SA AB Small & Mid Cap Value		1,991,082		29,253,732
SA BlackRock VCP Global Multi Asset		3,709,476		51,749
SA Boston Company Capital Growth		362,923		1,010,894
SA Columbia Technology		—		—

518

	Tax Distributions
	For the year ended January 31, 2017
	Ordinary Income		Long-Term Capital Gains
SA DFA Ultra Short Bond	$	—	$	—
SA Dogs of Wall Street		9,058,502		15,976,108
SA Federated Corporate Bond		74,346,309		—
SA Fixed Income Index		—		—
SA Fixed Income Intermediate Index		—		—
SA Franklin Foreign Value		34,576,112		6,305,348
SA Franklin Small Company Value		2,520,662		47,278,194
SA Goldman Sachs Global Bond		1,022,141		—
SA Goldman Sachs Multi-Asset Insights		—		—
SA Index Allocation 60/40		—		—
SA Index Allocation 80/20		—		—
SA Index Allocation 90/10		—		—
SA International Index		—		—
SA Invesco Growth Opportunities		477,102		22,392,075
SA Invesco VCP Equity-Income		6,091,754		106,877
SA Janus Focused Growth		—		23,986,817
SA JPMorgan Balanced		3,407,699		9,859,583
SA JPMorgan Emerging Markets		5,678,112		—
SA JPMorgan Equity-Income		21,428,196		38,009,478
SA JPMorgan Global Equities		7,969,582		—
SA JPMorgan MFS Core Bond		35,613,155		—
SA JPMorgan Mid-Cap Growth		—		41,482,507
SA Large Cap Index		23,655,601		14,785,723
SA Legg Mason BW Large Cap Value		11,406,796		366,780,825
SA Legg Mason Tactical Opportunities		—		—
SA MFS Blue Chip Growth		3,500,244		14,802,978
SA MFS Massachusetts Investors Trust		11,078,202		89,925,785
SA MFS Telecom Utility		1,227,975		915,281
SA MFS Total Return		11,369,696		30,865,542
SA Mid Cap Index		—		—
SA Morgan Stanley International Equities		5,517,114		—
SA Oppenheimer Main Street Large Cap		3,463,273		11,587,029
SA PIMCO VCP Tactical Balanced		—		—
SA PineBridge High-Yield Bond		30,967,536		—
SA Putnam International Growth and Income		5,946,773		—
SA Pyramis® Real Estate		8,872,658		20,215,916
SA Schroders VCP Global Allocation		2,739,835		2,180,476
SA Small Cap Index		—		—
SA T Rowe Price Asset Allocation Growth		—		—
SA T Rowe Price VCP Balanced		1,987,513		—
SA VCP Dynamic Allocation		164,596,577		—
SA VCP Dynamic Strategy		86,298,183		—
SA VCP Index Allocation		—		—
SAWellsCap Aggressive Growth		—		—
SA WellsCap Fundamental Growth		—		12,310,286

As of January 31, 2018, for Federal income tax purposes, the Portfolios indicated below have capital loss carryforwards which are available to offset future capital gains, if any:

Portfolio	Unlimited†
	ST		LT
SA AB Growth	$	—	$	—
SA AB Small & Mid Cap Value		—		—
SA BlackRock VCP Global Multi Asset		—		—
SA Boston Company Capital Growth		—		—
SA Columbia Technology		—		—
SA DFA Ultra Short Bond		550,931		5,320,698
SA Dogs of Wall Street		—		—

519

Portfolio	Unlimited†
	ST		LT
SA Federated Corporate Bond	$	—	$	—
SA Fixed Income Index		194,766		—
SA Fixed Income Intermediate Index		181,462		—
SA Franklin Foreign Value		4,924,333		16,067,731
SA Franklin Small Company Value		—		—
SA Goldman Sachs Global Bond		10,285,226		9,814,064
SA Goldman Sachs Multi-Asset Insights		—		—
SA Index Allocation 60/40		—		—
SA Index Allocation 80/20		—		—
SA Index Allocation 90/10		—		—
SA International Index		—		—
SA Invesco Growth Opportunities		—		—
SA Invesco VCP Equity-Income		—		—
SA Janus Focused Growth		—		—
SA JPMorgan Balanced		—		—
SA JPMorgan Emerging Markets		38,968,254		24,132,415
SA JPMorgan Equity-Income		—		—
SA JPMorgan Global Equities		—		—
SA JPMorgan MFS Core Bond		11,122,670		11,085,298
SA JPMorgan Mid-Cap Growth		—		—
SA Large Cap Index		—		—
SA Legg Mason BW Large Cap Value		—		—
SA Legg Mason Tactical Opportunities		—		—
SA MFS Blue Chip Growth		—		—
SA MFS Massachusetts Investors Trust		—		—
SA MFS Telecom Utility		—		—
SA MFS Total Return		—		—
SA Mid Cap Index		—		—
SA Morgan Stanley International Equities		—		—
SA Oppenheimer Main Street Large Cap		—		—
SA PIMCO VCP Tactical Balanced		—		—
SA PineBridge High-Yield Bond		—		17,349,185
SA Putnam International Growth and Income		—		—
SA Pyramis® Real Estate		—		—
SA Schroders VCP Global Allocation		—		—
SA Small Cap Index		—		—
SA T Rowe Price Asset Allocation Growth		—		—
SA T Rowe Price VCP Balanced		—		—
SA VCP Dynamic Allocation		—		—
SA VCP Dynamic Strategy		—		—
SA VCP Index Allocation		—		—
SAWellsCap Aggressive Growth		—		—
SA WellsCap Fundamental Growth		—		—

† On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term losses rather than being considered all short-term as under previous law.

The Portfolio’s indicated below, utilized capital loss carryforwards, which offset net realized taxable gains and had expired capital loss carryforwards in the year ended January 31, 2018.

Portfolio	Capital Loss Carryforward Utilized		Capital Loss Carryforward Expired
SA AB Growth	$	—	$	—
SA AB Small & Mid Cap Value		—		—

520

Portfolio	Capital Loss Carryforward Utilized		Capital Loss Carryforward Expired
SA BlackRock VCP Global Multi Asset	$	—	$	—
SA Boston Company Capital Growth		—		—
SA Columbia Technology		—		—
SA DFA Ultra Short Bond		—		70,311
SA Dogs of Wall Street		—		—
SA Federated Corporate Bond		—		—
SA Fixed Income Index		—		—
SA Fixed Income Intermediate Index		—		—
SA Franklin Foreign Value		59,549,042		—
SA Franklin Small Company Value		—		—
SA Goldman Sachs Global Bond		—		—
SA Goldman Sachs Multi-Asset Insights		—		—
SA Index Allocation 60/40		—		—
SA Index Allocation 80/20		—		—
SA Index Allocation 90/10		—		—
SA International Index		—		—
SA Invesco Growth Opportunities		—		—
SA Invesco VCP Equity-Income		17,568,935		—
SA Janus Focused Growth		—		—
SA JPMorgan Balanced		—		—
SA JPMorgan Emerging Markets		44,543,911		7,578,922
SA JPMorgan Equity-Income		—		—
SA JPMorgan Global Equities		3,574,100		—
SA JPMorgan MFS Core Bond		209,818		—
SA JPMorgan Mid-Cap Growth		—		—
SA Large Cap Index		—		—
SA Legg Mason BW Large Cap Value		—		—
SA Legg Mason Tactical Opportunities		—		—
SA MFS Blue Chip Growth		—		—
SA MFS Massachusetts Investors Trust		—		—
SA MFS Telecom Utility		—		—
SA MFS Total Return		—		—
SA Mid Cap Index		—		—
SA Morgan Stanley International Equities		9,453,666		—
SA Oppenheimer Main Street Large Cap		—		—
SA PIMCO VCP Tactical Balanced		—		—
SA PineBridge High-Yield Bond		23,068,744		27,610,843
SA Putnam International Growth and Income		15,764,348		114,409,095
SA Pyramis® Real Estate		—		—
SA Schroders VCP Global Allocation		—		—
SA Small Cap Index		—		—
SA T Rowe Price Asset Allocation Growth		—		—
SA T Rowe Price VCP Balanced		—		—
SA VCP Dynamic Allocation		—		—
SA VCP Dynamic Strategy		—		—
SA VCP Index Allocation		—		—
SAWellsCap Aggressive Growth		550,176		—
SA WellsCap Fundamental Growth		—		—

Under the current law, capital losses realized after October 31 and specified ordinary losses may be deferred and treated as occurring on the first day of the following year. For the fiscal year ended January 31, 2018, the Portfolios elected to defer late year ordinary losses and post October capital losses as follows:

Portfolio	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital Loss		Deferred Post-October Long-Term Capital Loss
SA AB Growth	$	—	$	—	$	—
SA AB Small & Mid Cap Value		—		—		—
SA BlackRock VCP Global Multi Asset		—		—		—
SA Boston Company Capital Growth		—		—		—

521

Portfolio	Deferred Late Year Ordinary Loss		Deferred Post-October Short-Term Capital Loss		Deferred Post-October Long-Term Capital Loss
SA Columbia Technology	$	63,080	$	—	$	—
SA DFA Ultra Short Bond		—		—		—
SA Dogs of Wall Street		—		—		—
SA Federated Corporate Bond		—		—		—
SA Fixed Income Index		—		—		—
SA Fixed Income Intermediate Index		—		—		—
SA Franklin Foreign Value		—		—		—
SA Franklin Small Company Value		—		—		—
SA Goldman Sachs Global Bond		—		—		—
SA Goldman Sachs Multi-Asset Insights		—		—		—
SA Index Allocation 60/40		11,635		—		—
SA Index Allocation 80/20		28,094		—		—
SA Index Allocation 90/10		76,025		—		—
SA International Index		35,038		—		—
SA Invesco Growth Opportunities		—		—		—
SA Invesco VCP Equity-Income		—		—		—
SA Janus Focused Growth		—		—		—
SA JPMorgan Balanced		—		—		—
SA JPMorgan Emerging Markets		—		—		—
SA JPMorgan Equity-Income		—		—		—
SA JPMorgan Global Equities		—		—		—
SA JPMorgan MFS Core Bond		—		—		—
SA JPMorgan Mid-Cap Growth		—		—		—
SA Large Cap Index		—		—		—
SA Legg Mason BW Large Cap Value		—		—		—
SA Legg Mason Tactical Opportunities		—		—		—
SA MFS Blue Chip Growth		—		—		—
SA MFS Massachusetts Investors Trust		—		—		—
SA MFS Telecom Utility		—		—		—
SA MFS Total Return		—		—		—
SA Mid Cap Index		—		—		—
SA Morgan Stanley International Equities		—		—		—
SA Oppenheimer Main Street Large Cap		—		—		—
SA PIMCO VCP Tactical Balanced		—		—		—
SA PineBridge High-Yield Bond		—		—		—
SA Putnam International Growth and Income		—		—		—
SA Pyramis® Real Estate		—		—		—
SA Schroders VCP Global Allocation		—		—		—
SA Small Cap Index		—		—		—
SA T Rowe Price Asset Allocation Growth		—		—		—
SA T Rowe Price VCP Balanced		—		—		—
SA VCP Dynamic Allocation		—		—		—
SA VCP Dynamic Strategy		—		—		—
SA VCP Index Allocation		4,478		—		—
SAWellsCap Aggressive Growth		78,919		—		—
SA WellsCap Fundamental Growth		136,100		—		—

For the year ended January 31, 2018, the reclassifications arising from book/tax differences resulted in increases (decreases) that were primarily due to net investment losses, nondeductible expenses, treatment of foreign currency, derivative transactions, investments in Regulated Investment Companies, investments in partnerships, investments in passive foreign investment companies, paydown losses, investments in real estate investment trusts and expiration of capital loss carryforwards, to the components of net assets as follows:

Portfolio	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Paid-in Capital
SA AB Growth	$	—		$	—		$	—
SA AB Small & Mid Cap Value		—			—			—
SA BlackRock VCP Global Multi Asset		3,475,894			(3,475,894	)		—
SA Boston Company Capital Growth		(351	)		351			—
SA Columbia Technology		254,831			(254,831	)		—

522

Portfolio	Accumulated Undistributed Net Investment Income (Loss)			Accumulated Undistributed Net Realized Gain (Loss)			Paid-in Capital
SA DFA Ultra Short Bond	$	—		$	70,311		$	(70,311	)
SA Dogs of Wall Street		—			—			—
SA Federated Corporate Bond		39			(39	)		—
SA Fixed Income Index		62			—			(62	)
SA Fixed Income Intermediate Index		233			—			(233	)
SA Franklin Foreign Value		(282,299	)		202,550			79,749
SA Franklin Small Company Value		8,360			(8,360	)		—
SA Goldman Sachs Global Bond		3,207,498			(3,207,498	)		—
SA Goldman Sachs Multi-Asset Insights		16,889			(10,488	)		(6,401	)
SA Index Allocation 60/40		44,423			(42,399	)		(2,024	)
SA Index Allocation 80/20		146,490			(144,143	)		(2,347	)
SA Index Allocation 90/10		411,141			(406,155	)		(4,986	)
SA International Index		280,190			(280,128	)		(62	)
SA Invesco Growth Opportunities		1,660,845			(1,660,845	)		—
SA Invesco VCP Equity-Income		(5,423,844	)		5,266,167			157,677
SA Janus Focused Growth		297,475			(297,475	)		—
SA JPMorgan Balanced		647,042			(647,042	)		—
SA JPMorgan Emerging Markets		769,335			6,809,587			(7,578,922	)
SA JPMorgan Equity-Income		—			—			—
SA JPMorgan Global Equities		661,064			(661,064	)		—
SA JPMorgan MFS Core Bond		4,079,971			(4,079,971	)		—
SA JPMorgan Mid-Cap Growth		1,212,374			(1,315,007	)		102,633
SA Large Cap Index		—			—			—
SA Legg Mason BW Large Cap Value		(26,688	)		26,688			—
SA Legg Mason Tactical Opportunities		3,442			3,392			(6,834	)
SA MFS Blue Chip Growth		1,392			(1,392	)		—
SA MFS Massachusetts Investors Trust		(2,507,910	)		2,507,910			—
SA MFS Telecom Utility		(519,109	)		519,109			—
SA MFS Total Return		247,315			(247,315	)		—
SA Mid Cap Index		201			(138	)		(63	)
SA Morgan Stanley International Equities		154,543			(154,543	)		—
SA Oppenheimer Main Street Large Cap		(794,681	)		794,681			—
SA PIMCO VCP Tactical Balanced		21,763,616			(21,763,616	)		—
SA PineBridge High-Yield Bond		—			27,610,843			(27,610,843	)
SA Putnam International Growth and Income		(1,211,466	)		115,620,561			(114,409,095	)
SA Pyramis® Real Estate		132,337			(132,337	)		—
SA Schroders VCP Global Allocation		4,472,965			(4,472,960	)		(5	)
SA Small Cap Index		123,702			(123,639	)		(63	)
SA T Rowe Price Asset Allocation Growth		16,628			(9,266	)		(7,362	)
SA T Rowe Price VCP Balanced		454,347			(454,347	)		—
SA VCP Dynamic Allocation		28,026,844			(28,026,844	)		—
SA VCP Dynamic Strategy		26,940,280			(26,940,280	)		—
SA VCP Index Allocation		18,477			(12,404	)		(6,073	)
SAWellsCap Aggressive Growth		497,029			(497,029	)		—
SA WellsCap Fundamental Growth		340,480			(340,480	)		—

The amounts of aggregate unrealized gain (loss) and the cost of investment securities for Federal tax purposes, including short-term securities, repurchase agreements, and derivatives, were as follows:

	Aggregate Unrealized Gain		Aggregate Unrealized Loss			Net Unrealized Gain/(Loss)			Cost of Investments
SA AB Growth	$	184,060,919	$	(1,616,043	)	$	182,444,876		$	472,188,073
SA AB Small & Mid Cap Value		142,956,952		(18,406,747	)		124,550,205			489,780,475
SA BlackRock VCP Global Multi Asset		32,451,497		(10,442,616	)		22,008,881			707,470,475
SA Boston Company Capital Growth		87,548,104		(1,828,305	)		85,719,799			310,737,738
SA Columbia Technology		22,641,124		(1,018,985	)		21,622,139			55,237,808
SA DFA Ultra Short Bond		66,819		(1,740,366	)		(1,673,547	)		406,377,740
SA Dogs of Wall Street		62,002,105		(8,949,745	)		53,052,360			324,836,314
SA Federated Corporate Bond		60,919,186		(16,785,854	)		44,133,332			1,559,344,340
SA Fixed Income Index		2,016,862		(3,662,499	)		(1,645,637	)		306,130,725

523

	Aggregate Unrealized Gain		Aggregate Unrealized Loss			Net Unrealized Gain/(Loss)			Cost of Investments
SA Fixed Income Intermediate Index	$	3,657	$	(4,186,023	)	$	(4,182,366	)	$	247,240,401
SA Franklin Foreign Value		257,084,518		(40,441,707	)		216,642,811			879,334,112
SA Franklin Small Company Value		80,041,128		(3,451,732	)		76,589,396			294,340,020
SA Goldman Sachs Global Bond		29,956,696		(15,470,900	)		14,485,796			423,542,533
SA Goldman Sachs Multi-Asset Insights		527,321		(168,049	)		359,272			11,060,984
SA Index Allocation 60/40		2,041,203		(115,876	)		1,925,327			33,221,409
SA Index Allocation 80/20		6,260,060		(134,173	)		6,125,887			73,744,236
SA Index Allocation 90/10		18,356,695		(132,164	)		18,224,531			204,385,681
SA International Index		59,661,459		(3,066,600	)		56,594,859			331,956,403
SA Invesco Growth Opportunities		73,400,825		(8,704,187	)		64,696,638			233,100,740
SA Invesco VCP Equity-Income		264,099,276		(15,575,063	)		248,524,213			1,365,154,528
SA Janus Focused Growth		96,574,637		(4,207,199	)		92,367,438			251,914,663
SA JPMorgan Balanced		32,784,756		(3,562,126	)		29,222,630			235,810,317
SA JPMorgan Emerging Markets		122,288,199		(5,599,436	)		116,688,763			255,128,769
SA JPMorgan Equity-Income		334,546,316		(5,914,182	)		328,632,134			884,185,484
SA JPMorgan Global Equities		127,956,891		(4,239,366	)		123,717,525			459,720,710
SA JPMorgan MFS Core Bond		13,539,662		(35,796,885	)		(22,257,223	)		1,963,587,196
SA JPMorgan Mid-Cap Growth		95,816,746		(9,901,213	)		85,915,533			297,452,228
SA Large Cap Index		721,377,156		(40,526,074	)		680,851,082			1,493,147,655
SA Legg Mason BW Large Cap Value		393,995,508		(2,920,561	)		391,074,947			1,216,374,080
SA Legg Mason Tactical Opportunities		845,212		(174,605	)		670,607			13,758,399
SA MFS Blue Chip Growth		177,559,032		(1,638,861	)		175,920,171			516,534,175
SA MFS Massachusetts Investor Trust		406,157,895		(11,167,516	)		394,990,379			828,548,339
SA MFS Telecom Utility		6,876,800		(2,625,284	)		4,251,516			39,719,399
SA MFS Total Return		107,567,187		(8,102,774	)		99,464,413			455,331,018
SA Mid Cap Index		24,604,600		(5,662,763	)		18,941,837			156,794,966
SA Morgan Stanley International Equities		96,697,468		(11,915,871	)		84,781,597			500,237,323
SA Oppenheimer Main Street Large Cap		106,824,474		(10,463,151	)		96,361,323			383,578,508
SA PIMCO VCP Tactical Balanced		16,141,226		(23,439,059	)		(7,297,833	)		1,515,773,051
SA PineBridge High-Yield Bond		10,833,851		(7,351,911	)		3,481,940			370,243,383
SA Putnam International Growth and Income		77,360,922		(11,807,821	)		65,553,101			268,913,052
SA Pyramis® Real Estate		16,216,784		(21,443,305	)		(5,226,521	)		297,419,074
SA Schroders VCP Global Allocation		32,855,963		(9,192,694	)		23,663,269			590,636,758
SA Small Cap Index		24,465,805		(7,760,795	)		16,705,010			153,449,524
SA T. Rowe Price Asset Allocation Growth		1,199,568		(198,269	)		1,001,299			20,269,588
SA T. Rowe Price VCP Balanced		157,350,661		(17,254,375	)		140,096,286			1,134,981,569
SA VCP Dynamic Allocation		1,417,221,216		(159,274,762	)		1,257,946,454			11,850,799,202
SA VCP Dynamic Strategy		725,166,759		(67,668,160	)		657,498,599			6,338,503,544
SA VCP Index Allocation		766,960		(74,430	)		692,530			23,523,981
SA WellsCap Aggressive Growth		29,587,240		(1,654,150	)		27,933,090			81,888,351
SA WellsCap Fundamental growth		50,871,265		(1,089,688	)		49,781,577			116,973,573

On December 22, 2017, the Tax Cuts and Jobs Act (the “Act”) was signed into law. Certain provisions of the Act were effective upon enactment with the remainder becoming effective for tax years beginning after December 31, 2017. Management is currently evaluating the impact, if any, on the financial statements and the accompanying notes to financial statements.

Note 4.  Investment Advisory and Management Agreement, and Service Plan (12b-1 Plan)

The Trust, on behalf of each Portfolio, has entered into an Investment Advisory and Management Agreement, as amended, (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 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 are no subadvisers for the SA Dogs of Wall Street, SA Fixed Income Index, SA Fixed Income Intermediate Index, SA Large Cap Index, SA Mid Cap Index, SA Index Allocation 60/40, SA Index Allocation 80/20, SA Index Allocation 90/10, SA International Index and SA Small Cap Index Portfolios, therefore, SAAMCo performs all investment advisory services for these Portfolios. The term “Assets,” as used in the following tables, means the average daily net assets of the Portfolios.

524

The Trust pays SAAMCo a monthly fee calculated daily at the following annual percentages of each Portfolio’s Assets:

Portfolio	Assets		Management Fees
SA AB Growth		$0-$50 million		0.700	%
		> $50 million		0.650	%
		> $150 million		0.600	%
SA AB Small & Mid Cap Value		$0-$250 million		0.950	%
		> $250 million		0.900	%
SA BlackRock VCP Global Multi Asset		$0-$500 million		0.860	%
		> $500 million		0.840	%
		> $3 billion		0.790	%
SA Boston Company Capital Growth(4)		$0-$50 million		0.900	%
		> $50 million		0.850	%
		> $200 million		0.800	%
SA Columbia Technology(2)		$0-$250 million		1.000	%
		> $250 million		0.950	%
		> $500 million		0.900	%
SA DFA Ultra Short Bond		$0-$100 million		0.475	%
		> $100 million		0.450	%
		> $500 million		0.425	%
		> $1 billion		0.400	%
SA Dogs of Wall Street		> $0		0.600	%
SA Federated Corporate Bond		$0-$50 million		0.700	%
		> $50 million		0.600	%
		> $150 million		0.550	%
		> $250 million		0.500	%
SA Fixed Income Index		> $0		0.300	%
SA Fixed Income Intermediate Index		> $0		0.300	%
SA Franklin Foreign Value		$0-$50 million		1.025	%
		> $50 million		0.865	%
		> $200 million		0.775	%
		> $500 million		0.750	%
SA Franklin Small Company Value(12)		$0-$200 million		1.000	%
		> $200 million		0.920	%
		> $500 million		0.900	%
SA Goldman Sachs Global Bond		$0-$50 million		0.750	%
		> $50 million		0.650	%
		> $150 million		0.600	%
		> $250 million		0.550	%
SA Goldman Sachs Multi-Asset Insights		$0-$500 million		0.700	%
		> $500 million		0.675	%
		> $1 billion		0.665	%
SA Index Allocation 60/40		> $0		0.100	%
SA Index Allocation 80/20		> $0		0.100	%
SA Index Allocation 90/10		> $0		0.100	%
SA International Index		> $0		0.400	%
SA Invesco Growth Opportunities		$0-$250 million		0.750	%
		> $250 million		0.700	%
		> $500 million		0.650	%
SA Invesco VCP Equity-Income(10)		$0-$250 million		0.925	%
		> $250 million		0.900	%
		> $500 million		0.875	%
		> $750 million		0.800	%
SA Janus Focused Growth(8)		> $0		0.850	%

Portfolio	Assets		Management Fees
SA JPMorgan Balanced(11)		$0-$50 million		0.700	%
		> $50 million		0.650	%
		> $150 million		0.600	%
		> $300 million		0.550	%
		> $500 million		0.500	%
SA JPMorgan Emerging Markets(3)(11)		$0-$100 million		1.150	%
		> $100 million		1.100	%
		> $200 million		1.050	%
SA JPMorgan Equity-Income(11)		$0-$50 million		0.700	%
		> $50 million		0.650	%
		> $150 million		0.600	%
		> $300 million		0.550	%
		> $500 million		0.500	%
SA JPMorgan Global Equities(11)		$0-$50 million		0.900	%
		> $50 million		0.800	%
		> $150 million		0.700	%
		> $300 million		0.650	%
SA JPMorgan MFS Core Bond(5)(11)		> $0		0.600	%
SA JPMorgan Mid-Cap Growth(11)		$0-$100 million		0.800	%
		> $100 million		0.750	%
SA Large Cap Index(6)		> $0		0.400	%
SA Legg Mason BW Large Cap Value(7)		$0-$100 million		0.800	%
		> $100 million		0.750	%
		> $500 million		0.700	%
SA Legg Mason Tactical Opportunities		$0-$500 million		0.700	%
		> $500 million		0.675	%
		> $1 billion		0.650	%
		> $2 billion		0.625	%
SA MFS Blue Chip Growth		$0-$250 million		0.700	%
		> $250 million		0.650	%
		> $500 million		0.600	%
SA MFS Massachusetts Investors Trust		$0-$600 million		0.700	%
		> $600 million		0.650	%
		> $1.5 billion		0.600	%
SA MFS Telecom Utility		$0-$150 million		0.750	%
		> $150 million		0.600	%
		> $500 million		0.500	%
SA MFS Total Return		$0-$50 million		0.700	%
		> $50 million		0.650	%
		> $500 million		0.625	%
		> $750 million		0.595	%
		> $1 billion		0.575	%
SA Mid Cap Index		> $0		0.300	%
SA Morgan Stanley International Equities		$0-$250 million		0.850	%
		> $250 million		0.800	%
		> $500 million		0.750	%
SA Oppenheimer Main Street Large Cap		$0-$50 million		0.800	%
		> $50 million		0.750	%
		> $250 million		0.700	%

525

Portfolio	Assets		Management Fees
SA PIMCO VCP Tactical Balanced		$0-$750 million		0.860	%
		> $750 million		0.850	%
		> $1.5 billion		0.820	%
SA PineBridge High-Yield Bond		$0-$50 million		0.700	%
		> $50 million		0.650	%
		> $150 million		0.600	%
		> $250 million		0.550	%
SA Putnam International Growth and Income(1)		$0-$150 million		1.000	%
		> $150 million		0.900	%
		> $300 million		0.800	%
SA Pyramis® Real Estate		$0-$100 million		0.800	%
		> $100 million		0.750	%
		> $500 million		0.700	%
SA Schroders VCP Global Allocation		$0-$250 million		0.850	%
		> $250 million		0.830	%
		> $500 million		0.790	%
		> $1.5 billion		0.770	%
SA Small Cap Index		> $0		0.350	%
SA T. Rowe Price Asset Allocation Growth		$0-$400 million		0.700	%
		> $400 million		0.685	%
		> $900 million		0.660	%
		> $1.9 billion		0.635	%

Portfolio	Assets		Management Fees
SA T. Rowe Price VCP Balanced		< $200 million		0.850	%
		Reset at $200 million		0.820	%
		> $200 million		0.820	%
		Reset at $500 million		0.800	%
		> $500 million		0.800	%
		Reset at $1 billion		0.770	%
		> $1 billion		0.750	%
		Reset at $2 billion		0.750	%
		> $2 billion		0.750	%
SA VCP Dynamic Allocation(9)		$0-$1.5 billion		0.250	%
		> $1.5 billion		0.220	%
		> $3 billion		0.200	%
SA VCP Dynamic Strategy(9)		$0-$1.5 billion		0.250	%
		> $1.5 billion		0.220	%
		> $3 billion		0.200	%
SA VCP Index Allocation		$0-$500 million		0.200	%
		> $500 million		0.175	%
SA WellsCap Aggressive Growth		$0-$100 million		0.750	%
		> $100 million		0.675	%
		> $250 million		0.625	%
		> $500 million		0.600	%
SA WellsCap Fundamental Growth		$0-$150 million		0.850	%
		> $150 million		0.800	%
		> $300 million		0.700	%

(1) The Advisor voluntarily agreed, until further notice, to waive 0.05% of the investment advisory fees for the SA Putnam International Growth and Income Portfolio.

(2) The Advisor voluntarily agreed, until further notice, to waive 0.10% of the investment advisory fees for the SA Columbia Technology Portfolio.

(3) The Advisor is contractually obligated to waive its advisory fee with respect to the SA JPMorgan Emerging Markets Portfolio so that the advisory fee payable by the Portfolio to SAAMCo under the agreement equals 1.00% of average daily net assets.

(4) The Advisor is contractually obligated to waive its advisory fee with respect to the SA Boston Company Capital Growth Portfolio so that the advisory fee payable by the Portfolio to SAAMCo under the agreement equals 0.73% of average daily net assets.

(5) The Advisor contractually agreed to waive 0.10% of the investment advisory fees for SA JPMorgan MFS Core Bond Portfolio through April 30, 2018.

(6) The Advisor contractually agreed to waive 0.11% of the investment advisory fees for SA Large Cap Index Portfolio through April 30, 2018.

(7) The Advisor is contractually obligated to waive its advisory fee with respect to the SA Legg Mason BW Large Cap Value Portfolio so that the advisory fee payable by the Portfolio to SAAMCo under the agreement equals 0.67% of average daily net assets.

(8) The Advisor contractually agreed to waive its advisory fee with respect to the SA Janus Focused Growth Portfolio through April 30, 2018 so that the advisory fee payable by the Portfolio to the Advisor under the agreement equals 0.75% of average daily net assets.

(9) The Advisor has voluntarily agreed, until further notice, to waive a portion of its advisory fee in an amount equal to the amount of any advisory fees voluntarily waived by the Portfolio’s Subadviser, AllianceBernstein L.P. (“AB”), in connection with the Portfolio’s investments in the AB Government Money Market Portfolio, a series of AB Fixed-Income Shares, Inc. managed by AB (the “AB Portfolio Waiver”). The AB Portfolio Waiver may be terminated at any time by the Advisor.

(10) The Advisor voluntarily agreed until further notice to waive 0.05% of the investment advisory fee for the SA Invesco VCP Equity-Income Portfolio.

(11) The Adviser has agreed to waive a portion of its advisory fee in an amount equal to the amount of any advisory fees waived by the Portfolio’s Subadviser, J.P. Morgan Investment Management, Inc., in connection with those shares of the Portfolio beneficially owned by qualified employer-sponsored retirement plans and IRAs (the “Plans”) that are held through separate accounts of AGL and USL under variable insurance contracts sold to the Plans by an affiliated broker-dealer of the Subadviser, who is the broker-dealer of record for such shares (“the JPM Portfolio Waiver”). This arrangement will remain in effect so long as the JPM Portfolio Waiver is in effect.

(12) Effective November 1, 2017, the Advisor voluntarily agreed until further notice to waive 0.05% of the investment advisory fee for the SA Franklin Small Company Value Portfolio.

526

For the period ended January 31, 2018, the amount of the investment advisory fees waived were $368,341, $70,020, $46,778, $705,668, $309,289, $29,794, $325,484, $4,441, $713, $1,905,546, $4,067, $2,062,239, $744,787, $166,066, $1,376,604 and $630,831 for the SA Boston Company Capital Growth, SA Columbia Technology, SA Franklin Small Company Value, SA Invesco VCP Equity-Income, SA Janus Focused Growth, SA JPMorgan Balanced, SA JPMorgan Emerging Markets, SA JPMorgan Equity-Income, SA JPMorgan Global Equities, SA JPMorgan MFS Core Bond, SA JPMorgan Mid-Cap Growth, SA Large Cap Index, SA Legg Mason BW Large Cap Value, SA Putnam International Growth and Income, SA VCP Dynamic Allocation and SA VCP Dynamic Strategy Portfolios, respectively. These amounts are reflected in the Statement of Operations.

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.

Subadviser	Portfolio
AllianceBernstein L.P.	SA AB Growth SA AB Small & Mid Cap Value SA VCP Dynamic Allocation (Subadviser for a portion of the Portfolio) SA VCP Dynamic Strategy (Subadviser for a portion of the Portfolio)
BlackRock Investment, LLC	SA BlackRock VCP Global Multi Asset
Brandywine Global Investment Management, LLC	SA Legg Mason BW Large Cap Value
Columbia Management Investment Advisers, LLC	SA Columbia Technology
Dimensional Fund Advisers, L.P	SA DFA Ultra Short Bond
Federated Investment Management Company	SA Federated Corporate Bond
FIAM, LLC	SA Pyramis® Real Estate
Franklin Advisory Services, LLC	SA Franklin Small Company Value
Goldman Sachs Asset Management International	SA Goldman Sachs Global Bond SA Goldman Sachs Multi-Asset Insights
Invesco Advisers, Inc. (“Invesco”)	SA Invesco Growth Opportunities SA Invesco VCP Equity-Income
Janus Capital Management, LLC	SA Janus Focused Growth
J.P. Morgan Investment Management Inc.	SA JPMorgan Balanced SA JPMorgan Emerging Markets SA JPMorgan Equity-Income SA JPMorgan Global Equities SA JPMorgan MFS Core Bond (Subadviser for a portion of the Portfolio) SA JPMorgan Mid-Cap Growth
Massachusetts Financial Services Company (“MFS”)	SA JPMorgan MFS Core Bond (Subadviser for a portion of the Portfolio) SA MFS Blue Chip Growth SA MFS Massachusetts Investors Trust SA MFS Telecom Utility SA MFS Total Return
Morgan Stanley Investment Management, Inc.	SA Morgan Stanley International Equities
OppenheimerFunds, Inc.	SA Oppenheimer Main Street Large Cap
Pacific Investment Management Company, LLC (“PIMCO”)	SA PIMCO VCP Tactical Balanced
PineBridge Investments, LLC	SA PineBridge High-Yield Bond
Putnam Investment Management, LLC	SA Putnam International Growth and Income
QS Investors, LLC	SA Legg Mason Tactical Opportunities

527

Subadviser	Portfolio
Schroders Investment Management North America, Inc.	SA Schroders VCP Global Allocation
T. Rowe Price Associates, Inc.	SA T. Rowe Price Asset Allocation Growth
	SA T. Rowe Price VCP Balanced
	SA VCP Index Allocation (Subadviser for a portion of the Portfolio)
Templeton Investment Counsel, LLC	SA Franklin Foreign Value
The Boston Company Asset Management, LLC	SA Boston Company Capital Growth
Wells Capital Management Incorporated	SA WellsCap Aggressive Growth SA WellsCap Fundamental Growth

The portion of the investment advisory fees received by SAAMCo which are paid by SAAMCo to the subadvisers are as follows:

Portfolio	Assets		Subadvisory Fees
SA AB Growth		$0-$50 million		0.350%
		> $50 million		0.300%
		> $150 million		0.250%
SA AB Small & Mid Cap Value		$0-$250 million		0.500%
		> $250 million		0.450%
SA BlackRock VCP Global Multi Asset		$0-$500 million		0.390%
		> $500 million		0.370%
		> $3 billion		0.320%
SA Boston Company Capital Growth(3)		$0-$100 million		0.300%
		> $100 million		0.250%
SA Columbia Technology		$0-$150 million		0.500%
		> $150 million		0.450%
		> $250 million		0.425%
SA DFA Ultra Short Bond		$0-$50 million		0.150%
		> $50 million		0.100%
		> $500 million		0.075%
SA Federated Corporate Bond		$0-$25 million		0.300%
		> $25 million		0.250%
		> $50 million		0.200%
		> $150 million		0.150%
SA Franklin Foreign Value		$0-$50 million		0.625%
		> $50 million		0.465%
		> $200 million		0.375%
		> $500 million		0.350%
SA Franklin Small Company Value		$0-$200 million		0.600%
		> $200 million		0.400%
SA Goldman Sachs Global Bond		$0-$50 million		0.400%
		> $50 million		0.300%
		> $150 million		0.250%
		> $250 million		0.200%
SA Goldman Sachs Multi-Asset Insights		$0-$250 million		0.350%
		> $250 million		0.330%
		> $500 million		0.310%
		> $1 billion		0.300%
SA Invesco Growth Opportunities		> $0		0.500%

Portfolio	Assets		Subadvisory Fees
SA Invesco VCP Equity-Income(6)		$0-$250 million		0.425%
		> $250 million		0.400%
		> $500 million		0.375%
		> $1 billion		0.300%
SA Janus Focused Growth		$0-$250 million		0.350%
		> $250 million		0.300%
SA JPMorgan Balanced(7)		$0-$50 million		0.400%
		> $50 million		0.300%
		> $150 million		0.250%
SA JPMorgan Emerging Markets(7)		> $0		0.600%
SA JPMorgan Equity-Income(7)		$0-$50 million		0.350%
		> $50 million		0.300%
		> $150 million		0.250%
		> $300 million		0.200%
		> $500 million		0.150%
SA JPMorgan Global Equities(7)		$0-$50 million		0.450%
		> $50 million		0.400%
		> $150 million		0.350%
		> $500 million		0.300%
SA JPMorgan MFS Core Bond(4)(7)		> $0		0.130%
SA JPMorgan Mid-Cap Growth(7)		$0-$100 million		0.420%
		> $100 million		0.400%
SA Legg Mason BW Large Cap Value		$0-$500 million		0.270%
		> $500 million		0.200%
		> $2.5 billion		0.175%
SA Legg Mason Tactical Opportunities		$0-$500 million		0.350%
		> $500 million		0.325%
		> $1 billion		0.300%
		> $2 billion		0.275%
SA MFS Blue Chip Growth		$0-$50 million		0.300%
		> $50 million		0.225%
		> $150 million		0.200%
		> $500 million		0.150%

528

Portfolio	Assets		Subadvisory Fees
SA MFS Massachusetts Investors Trust		$0-$250 million		0.375%
		> $250 million		0.350%
		> $500 million		0.325%
		> $1.5 billion		0.250%
SA MFS Telecom Utility		$0-$250 million		0.375%
		> $250 million		0.325%
		> $750 million		0.300%
		> $1.5 billion		0.250%
SA MFS Total Return		$0-$500 million		0.375%
		> $500 million		0.350%
		> $750 million		0.320%
		> $1 billion		0.300%
SA Morgan Stanley International Equities		When Assets are under
		$175 million:
		$0-$25 million		0.800%
		> $25 million		0.600%
		> $50 million		0.500%
		$75 million-$175 million		0.400%
		When Assets are over
		$175 million:
		$0-$350 million		0.450%
		> $350 million		0.400%
		> $750 million		0.370%
SA Oppenheimer Main Street Large Cap		$0-$50 million		0.400%
		> $50 million		0.350%
		> $250 million		0.300%
SA PIMCO VCP Tactical Balanced		$0-$750 million		0.360%
		> $750 million		0.350%
		> $1.5 billion		0.320%
SA PineBridge High-Yield Bond		$0-$50 million		0.400%
		> $50 million		0.300%
		> $250 million		0.250%
SA Putnam International Growth and Income(1)		$0-$150 million		0.650%
		> $150 million		0.550%
		> $300 million		0.450%
SA Pyramis® Real Estate		$0-$100 million		0.400%
		> $100 million		0.350%
		> $500 million		0.300%

Portfolio	Assets		Subadvisory Fees
SA Schroders VCP Global Allocation		$0-$250 million		0.380%
		> $250 million		0.360%
		> $500 million		0.320%
		> $1.5 billion		0.300%
SA T. Rowe Price Asset Allocation Growth		< $200 million		0.350%
		Reset at $200 million		0.325%
		> $200 million		0.325%
		Reset at $500 million		0.310%
		> $500 million		0.310%
		Reset at $1 billion		0.285%
		> $1 billion		0.260%
		Reset at $2 billion		0.260%
		> $2 billion		0.260%
SA T. Rowe Price VCP Balanced		< $200 million		0.375%
		Reset at $200 million		0.350%
		> $200 million		0.350%
		Reset at $500 million		0.325%
		> $500 million		0.325%
		Reset at $1 billion		0.300%
		> $1 billion		0.275%
		Reset at $2 billion		0.275%
		> $2 billion		0.275%
SA VCP Dynamic Allocation(2)(5)		$0-$500 million		0.240%
		> $500 million		0.210%
		> $1.5 billion		0.190%
SA VCP Dynamic Strategy(2)(5)		$0-$500 million		0.240%
		> $500 million		0.210%
		> $1.5 billion		0.190%
SA VCP Index Allocation		$0-$500 million		0.075%
		> $500 million		0.050%
SA WellsCap Aggressive Growth		$0-$100 million		0.450%
		> $100 million		0.400%
		> $200 million		0.350%
SA WellsCap Fundamental Growth		$0-$150 million		0.450%
		> $150 million		0.425%
		> $300 million		0.350%

(1) The Subadviser agreed, until further notice to waive 0.05% of the Subadvisory fees for SA Putnam International Growth and Income Portfolio.

(2) For purposes of determining whether the Portfolio’s assets meet the breakpoints set forth herein, the assets managed by the Subadviser for the SA VCP Dynamic Allocation Portfolio, SA VCP Dynamic Strategy Portfolio and VALIC Company I Dynamic Allocation Fund shall be aggregated.

(3) For purposes of determining whether the Portfolio’s assets meet the breakpoints set forth herein, the assets managed by the Subadviser for the Portfolio and the assets of the VALIC Company II Capital Appreciation Fund shall be aggregated.

(4) The rate represents the aggregate fee paid to JP Morgan Investment Management Inc. and Massachusetts Financial Services Company.

(5) The Subadviser has voluntarily agreed, until further notice, to waive a portion of its subadvisory fee in an amount equal to the amount of any advisory fees paid by the Portfolio in connection with its investments in the AB Government Money Market Portfolio, a series of AB Fixed-Income Shares, Inc., which is managed by the Subadviser (the “AB Portfolio Waiver”). The AB Portfolio Waiver may be terminated at any time by the Subadviser.

529

(6) Invesco has voluntarily agreed to waive a portion of its subadvisory fee through April 30, 2018 so that the subadvisory fee rate paid to Invesco is 0.39% on the first $250 million, 0.37% on the next $250 million, 0.35% on the next $500 million and 0.30% on assets over $1 billion.

(7) The Subadviser has agreed to waive a portion of its subadvisory fee in an amount equal to the amount of its subadvisory fee attributable to the value of shares of the Portfolio beneficially owned by qualified employer-sponsored retirement plans and IRAs (the “Plans”) that are held through separate accounts of AGL and USL under variable insurance contracts sold to the Plans by an affiliated broker-dealer of the Subadviser, who is the broker-dealer of record for such shares (the “JPM Portfolio Waiver”). The JPM Portfolio Waiver may be terminated by either the Subadviser or the Adviser, upon 60 days’ notice to the other party, or by a majority of the trustees of the Trust, on behalf of the Portfolio, on 60 days’ written notice to the Subadviser.

The Adviser has contractually agreed to reimburse expenses, if necessary, to keep annual operating expenses at or below the following percentages of the following Portfolios’ average net assets through April 30, 2018. The contractual fee reimbursements may be modified or terminated only with the approval of the Board of Trustees, including a majority of the Independent Trustees. For purposes of the waived fees and/or reimbursed expense calculations, annual Portfolio operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and/or infrequent in occurrence such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Portfolio’s business.

Portfolio	Class 1		Class 3
SA BlackRock VCP Global Multi Asset		0.91%		1.16	%
SA Fixed Income Index		0.34%		0.59	%
SA Fixed Income Intermediate Index		0.34%		0.59	%
SA Goldman Sachs Multi-Asset Insights		0.81%		1.06	%
SA Index Allocation 60/40		0.18%		0.43	%
SA Index Allocation 80/20		0.18%		0.43	%
SA Index Allocation 90/10		0.18%		0.43	%
SA International Index		0.52%		0.77	%
SA Invesco VCP Equity-Income		N/A		1.23	%
SA Legg Mason Tactical Opportunities		0.81%		1.06	%
SA Mid Cap Index		0.40%		0.65	%
SA PIMCO VCP Tactical Balanced		N/A		1.16	%
SA Schroders VCP Global Allocation		0.90%		1.15	%
SA Small Cap Index		0.45%		0.70	%
SA T. Rowe Price Asset Allocation Growth		0.81%		1.06	%
SA T. Rowe Price VCP Balanced		0.90%		1.15	%
SA VCP Index Allocation		0.28%		0.53	%

Further, for certain Portfolios, the Adviser has voluntarily agreed to reimburse expenses, if necessary, to keep annual operating expenses at or below the percentages of the Portfolios’ average net assets. For purposes of the waived fees and/or reimbursed expense calculations, annual Portfolio operating expenses shall not include extraordinary expenses (i.e. expenses that are unusual in nature and/or infrequent in occurrence such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Portfolio’s business. Effective May 1, 2016, the voluntary expense cap for Ultra Short Bond was eliminated.

The Adviser also may voluntarily reimburse additional amounts to increase the investment return to a Portfolio’s investors. The Adviser may terminate all such voluntary waivers and/or reimbursements at any time. Waivers or reimbursements made by the Adviser with respect to a Portfolio, with the exception of management fee waivers, 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 without exceeding the applicable expense limitations in effect at the time such waivers and/or reimbursements occurred.

For the period ended January 31, 2018, pursuant to the voluntary and contractual expense limitations referred to above, SAAMCo has agreed to reimburse expenses as follows:

Portfolio	Amount
SA BlackRock VCP Global Multi Asset	$	18,288
SA DFA Ultra Short Bond		—
SA Fixed Income Index		115,709
SA Fixed Income Intermediate Index		63,445
SA Goldman Sachs Multi-Asset Insights		72,828
SA Index Allocation 60/40		99,943
SA Index Allocation 80/20		89,064
SA Index Allocation 90/10		61,659
SA International Index		212,253

530

Portfolio	Amount
SA Legg Mason Tactical Opportunities	$	115,372
SA Mid Cap Index		61,477
SA PIMCO VCP Tactical Balanced		—
SA Schroders VCP Global Allocation		80,210
SA Small Cap Index		194,968
SA T. Rowe Price Asset Allocation Growth		103,392
SA T. Rowe Price VCP Balanced		—
SA VCP Index Allocation		73,014

For the period ended January 31, 2018, the amounts repaid to the Adviser which are included in the Statement of Operations along with the remaining balance subject to recoupment are as follows:

	Amount Recouped		Balance Subject to Recoupment
Portfolio	January 31, 2018		January 31, 2019		January 31, 2020
SA BlackRock VCP Global Multi Asset	$	49,152	$	270,753	$	18,289
SA DFA Ultra Short Bond		—		71,968		—
SA Fixed Income Index		16,101		—		99,608
SA Fixed Income Intermediate Index		—		—		63,445
SA Goldman Sachs Multi-Asset Insights		—		—		72,828
SA Index Allocation 60/40		43,128		—		56,815
SA Index Allocation 80/20		45,466		—		43,598
SA Index Allocation 90/10		55,979		—		5,680
SA International Index		63,535		—		148,718
SA Legg Mason Tactical Opportunities		—		—		115,372
SA Mid Cap Index		41,191		—		20,286
SA PIMCO VCP Tactical Balanced		11,511		—		—
SA Schroders VCP Global Allocation		83,003		113,943		80,210
SA Small Cap Index		61,578				133,390
SA T. Rowe Price Asset Allocation Growth		—		—		103,392
SA T. Rowe Price VCP Balanced		415,740		—		—
SA VCP Index Allocation		—		—		73,014

The Trust has entered into a Master Transfer Agency and Service Agreement with VALIC Retirement Services Company (“VRSCO”), a wholly-owned subsidiary of VALIC, which is an affiliate of the Adviser. Under the agreement, VRSCO provides services, which include the issuance and redemption of shares, payment of dividends between the Trust and their “institutional” shareholders and certain shareholder reporting services including confirmation of transactions, statements of account and tax reporting. The Trust, and certain other mutual funds advised by SAAMCo pay VRSCO, on an annual basis, a fee in the aggregate amount of $150,000 for transfer agency services provided pursuant to the agreement. Accordingly, for the period ended January 31, 2018, transfer agent fees were paid (see Statement of Operations) based on the aforementioned agreement.

Class 2 and Class 3 shares of each Portfolio are subject to Rule 12b-1 plans that provide for service fees payable at the annual rate of 0.15% and 0.25%, respectively, of the average daily net assets of Class 2 and Class 3 shares. The service fees will be used to compensate the Life Companies for expenditures made to financial intermediaries for providing services to contract holders who are the indirect beneficial owners of the Portfolios’ Class 2 and Class 3 shares. Accordingly, for the period ended January 31, 2018, service fees were paid (see Statement of Operations) based on the aforementioned rates.

On October 12, 2017, the SA Legg Mason Tactical Opportunities Portfolio purchased $29,000 par value of American International Group, Inc. 3.75%, due 07/10/2025 Bonds. The Portfolio is prohibited from acquiring securities issued by American International Group, Inc., which is an affiliate of SAAMCo. On October 17, 2017, $29,000 par value of the bond was sold to correct this error, resulting in a loss of $6 to the Portfolio, which was reimbursed by QS Investors, LLC, the subadviser to the Portfolio.

Note 5.  Expense Reductions

Through expense offset arrangements resulting from broker commission recapture, a portion of the expenses of certain Portfolios have been reduced. For the period ended January 31, 2018, the amount of expense reductions received by each Portfolio used to offset non-affiliated expenses are reflected as “Fees paid indirectly” in the Statement of Operations.

531

Note 6.  Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long-term investments during the period ended January 31, 2018 were as follows:

	Purchases of portfolio securities (excluding U.S. government securities)		Sales of portfolio securities (excluding U.S. government securities)		Purchases of U.S. government securities		Sales of U.S. government securities
SA AB Growth	$	276,120,466	$	318,137,872	$	—	$	—
SA AB Small & Mid Cap Value		195,974,675		281,824,807		—		—
SA BlackRock VCP Global Multi Asset		731,366,611		664,985,549		—		—
SA Boston Company Capital Growth		247,829,740		224,503,986		—		—
SA Columbia Technology		38,299,413		39,993,762		—		—
SA DFA Ultra Short Bond		374,015,664		481,101,034		128,381,656		135,504,172
SA Dogs of Wall Street		202,742,744		246,385,453		—		—
SA Federated Corporate Bond		301,311,501		264,110,191		—		—
SA Fixed Income Index		135,908,249		14,904,092		218,046,151		39,460,436
SA Fixed Income Intermediate Index		87,896,537		—		164,006,938		17,640,797
SA Franklin Foreign Value		167,647,944		367,960,892		—		—
SA Franklin Small Company Value		114,701,760		224,165,985		—		—
SA Goldman Sachs Global Bond		341,291,807		390,282,102		184,149,715		202,965,896
SA Goldman Sachs Multi-Asset Insights		6,481,805		2,142,383		—		—
SA Index Allocation 60/40		38,451,077		5,673,080		—		—
SA Index Allocation 80/20		80,714,632		8,151,930		—		—
SA Index Allocation 90/10		217,643,868		16,589,655		—		—
SA International Index		362,366,985		42,793,962		—		—
SA Invesco Growth Opportunities		105,122,410		149,894,966		—		—
SA Invesco VCP Equity-Income		476,076,172		258,263,206		1,748,547,248		1,705,319,473
SA Janus Focused Growth		145,294,017		142,897,777		—		—
SA JPMorgan Balanced		179,024,509		187,803,415		80,015,257		69,957,765
SA JPMorgan Emerging Markets		166,849,557		234,822,815		—		—
SA JPMorgan Equity-Income		158,089,647		306,136,849		—		—
SA JPMorgan Global Equities		480,192,450		583,746,609		—		—
SA JPMorgan MFS Core Bond		410,432,100		398,013,004		199,840,392		209,833,582
SA JPMorgan Mid-Cap Growth		163,389,425		222,474,612		—		—
SA Large Cap Index		348,228,486		292,801,644		—		—
SA Legg Mason BW Large Cap Value		688,175,547		884,038,418		—		—
SA Legg Mason Tactical Opportunities		11,678,857		512,782		1,876,097		43,434
SA MFS Blue Chip Growth		398,907,407		380,585,672		—		—
SA MFS Massachusetts Investors Trust		157,245,413		283,980,587		—		—
SA MFS Telecom Utility		13,246,244		17,019,177		—		—
SA MFS Total Return		119,733,643		155,485,112		43,606,737		42,391,226
SA Mid Cap Index		189,876,862		31,395,379		—		—
SA Morgan Stanley International Equities		185,951,807		164,852,422		—		—
SA Oppenheimer Main Street Large Cap		182,147,847		182,680,192		—		—
SA PIMCO VCP Tactical Balanced		73,690,319		36,775,416		3,506,035,096		3,289,317,731
SA PineBridge High Yield Bond		386,848,279		502,064,496		—		—
SA Putnam International Growth and Income		44,220,698		118,972,815		—		—
SA Pyramis® Real Estate		162,123,732		268,837,519		—		—
SA Schroders VCP Global Allocation		514,484,296		375,536,711		28,252,779		20,938,988
SA Small Cap Index		170,296,797		16,788,189		—		—
SA T. Rowe Price Asset Allocation Growth		18,190,153		1,105,707		3,212,644		731,179
SA T. Rowe Price VCP Balanced		517,283,795		259,498,608		293,365,076		174,859,439
SA VCP Dynamic Allocation		1,272,436,391		1,956,332,915		799,458,669		762,995,073
SA VCP Dynamic Strategy		803,363,990		1,191,181,437		455,527,924		437,223,088
SA VCP Index Allocation		18,553,508		250,510		—		—
SA WellsCap Aggressive Growth		71,877,386		82,541,239		—		—
SA WellsCap Fundamental Growth		72,205,662		102,771,457		—		—

532

Note 7.  Capital Share Transactions

Transactions in capital shares of each class of each Portfolio were as follows:

	SA AB Growth Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,090,577		$	46,921,818			138,395		$	5,310,551			27,823		$	1,193,067			19,002		$	753,665
Reinvested dividends		719,148			30,643,386			1,290,437			47,353,124			34,713			1,471,380			69,896			2,555,593
Shares redeemed		(1,119,929	)		(48,153,620	)		(1,130,609	)		(43,656,740	)		(89,108	)		(3,801,622	)		(97,387	)		(3,753,157	)
Net increase (decrease)		689,796		$	29,411,584			298,223		$	9,006,935			(26,572	)	$	(1,137,175	)		(8,489	)	$	(443,899	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		189,264		$	8,058,401			334,989		$	12,796,900
Reinvested dividends		211,649			8,878,166			429,289			15,561,208
Shares redeemed		(697,058	)		(29,512,318	)		(750,215	)		(28,745,156	)
Net increase (decrease)		(296,145	)	$	(12,575,751	)		14,063		$	(387,048	)
	SA AB Small & Mid Cap Value Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,763		$	52,733			65,522		$	1,037,200			23,118		$	442,356			45,237		$	797,782
Reinvested dividends		451,061			8,292,307			331,253			5,579,724			70,721			1,299,007			44,148			743,115
Shares redeemed		(1,353,471	)		(26,160,831	)		(960,471	)		(16,625,164	)		(135,205	)		(2,586,637	)		(192,642	)		(3,369,489	)
Net increase (decrease)		(899,647	)	$	(17,815,791	)		(563,696	)	$	(10,008,240	)		(41,366	)	$	(845,274	)		(103,257	)	$	(1,828,592	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		1,840,233		$	34,969,861			1,280,737		$	21,907,455
Reinvested dividends		2,577,337			46,985,841			1,490,403			24,921,975
Shares redeemed		(4,860,898	)		(92,725,752	)		(6,614,100	)		(114,958,265	)
Net increase (decrease)		(443,328	)	$	(10,770,050	)		(3,842,960	)	$	(68,128,835	)
	SA BlackRock VCP Global Multi Asset Portfolio
	Class 1												Class 3
	For the year ended January 31, 2018						For the period September 26, 2016* to January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		522		$	6,230			9,371		$	100,000			18,474,914		$	205,195,325			45,557,896		$	478,479,303
Reinvested dividends		38			438			88			918			211,832			2,428,070			361,000			3,760,307
Shares redeemed		—			—			—			—			(1,810,605	)		(20,453,995	)		(1,225,441	)		(12,940,783	)
Net increase (decrease)		560		$	6,668			9,459		$	100,918			16,876,141		$	187,169,400			44,693,455		$	469,298,827

* Commencement of operations

533

	SA Boston Company Capital Growth Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,398,213		$	66,396,334			9,399,019		$	128,850,071			64		$	1,002			4,259		$	57,852
Reinvested dividends		241,290			3,868,730			83,868			1,161,120			1,204			19,036			536			7,320
Shares redeemed		(1,705,725	)		(27,520,398	)		(1,083,742	)		(14,975,752	)		(23,982	)		(376,782	)		(15,621	)		(206,672	)
Net increase (decrease)		2,933,778		$	42,744,666			8,399,145		$	115,035,439			(22,714	)	$	(356,744	)		(10,826	)	$	(141,500	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		136,087		$	2,057,133			741,319		$	9,884,553
Reinvested dividends		37,913			593,445			15,183			205,377
Shares redeemed		(751,543	)		(11,688,944	)		(477,495	)		(6,335,686	)
Net increase (decrease)		(577,543	)	$	(9,038,366	)		279,007		$	3,754,244
	SA Columbia Technology Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		257,893		$	1,813,695			165,070		$	914,403			40,103		$	274,357			50,092		$	272,759
Reinvested dividends		257,781			1,816,239			—			—			85,314			585,427			—			—
Shares redeemed		(334,303	)		(2,397,034	)		(505,175	)		(2,667,005	)		(72,696	)		(511,948	)		(127,314	)		(674,718	)
Net increase (decrease)		181,371		$	1,232,900			(340,105	)	$	(1,752,602	)		52,721		$	347,836			(77,222	)	$	(401,959	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		1,749,474		$	11,939,643			1,494,303		$	7,730,864
Reinvested dividends		963,647			6,501,119			—			—
Shares redeemed		(2,051,425	)		(14,088,799	)		(2,405,630	)		(12,387,145	)
Net increase (decrease)		661,696		$	4,351,963			(911,327	)	$	(4,656,281	)
	SA DFA Ultra Short Bond Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7,226,247		$	76,271,852			30,159,111		$	317,585,760			542,775		$	5,665,598			828,440		$	8,625,368
Reinvested dividends		65,480			692,074			—			—			1,752			18,300			—			—
Shares redeemed		(15,809,077	)		(167,467,394	)		(7,292,736	)		(76,821,004	)		(707,714	)		(7,386,121	)		(1,239,211	)		(12,901,335	)
Net increase (decrease)		(8,517,350	)	$	(90,503,468	)		22,866,375		$	240,764,756			(163,187	)	$	(1,702,223	)		(410,771	)	$	(4,275,967	)
	SA DFA Ultra Short Bond Portfolio
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		7,682,677		$	79,481,268			13,899,526		$	143,608,643
Reinvested dividends		5,356			55,484			—			—
Shares redeemed		(10,192,367	)		(105,446,357	)		(18,572,347	)		(191,889,146	)
Net increase (decrease)		(2,504,334	)	$	(25,909,605	)		(4,672,821	)	$	(48,280,503	)

534

	SA Dogs of Wall Street Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		64,771		$	926,543			435,948		$	5,842,551			15,182		$	212,402			71,626		$	977,074
Reinvested dividends		1,454,752			20,012,779			1,055,679			13,896,331			52,985			727,814			38,749			509,462
Shares redeemed		(2,465,107	)		(35,164,352	)		(3,008,128	)		(40,100,385	)		(95,894	)		(1,368,197	)		(109,405	)		(1,475,598	)
Net increase (decrease)		(945,584	)	$	(14,225,030	)		(1,516,501	)	$	(20,361,503	)		(27,727	)	$	(427,981	)		970		$	10,938
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		1,163,036		$	16,445,520			2,533,919		$	33,958,292
Reinvested dividends		1,254,577			17,109,793			813,298			10,628,817
Shares redeemed		(2,378,078	)		(33,956,261	)		(1,792,601	)		(23,973,783	)
Net increase (decrease)		39,535		$	(400,948	)		1,554,616		$	20,613,326
	SA Federated Corporate Bond Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		5,533,882		$	76,895,036			1,026,169		$	13,519,113			123,891		$	1,680,584			157,274		$	2,156,257
Reinvested dividends		2,547,559			34,180,829			2,687,739			36,107,209			75,931			1,018,486			82,518			1,108,181
Shares redeemed		(10,039,781	)		(137,453,721	)		(25,111,612	)		(338,312,882	)		(373,866	)		(5,119,471	)		(365,512	)		(4,935,152	)
Net increase (decrease)		(1,958,340	)	$	(26,377,856	)		(21,397,704	)	$	(288,686,560	)		(174,044	)	$	(2,420,401	)		(125,720	)	$	(1,670,714	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		7,198,179		$	97,797,913			8,760,764		$	117,468,189
Reinvested dividends		3,210,536			42,810,070			2,779,179			37,130,919
Shares redeemed		(9,112,120	)		(123,831,136	)		(9,394,662	)		(125,754,854	)
Net increase (decrease)		1,296,595		$	16,776,847			2,145,281		$	28,844,254
	SA Fixed Income Index Portfolio
	Class 1						Class 3
	For the period February 6, 2017* to January 31, 2018						For the period February 6, 2017* to January 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		35,742,561		$	359,073,313			181,185		$	1,847,472
Reinvested dividends		—			—			—			—
Shares redeemed		(5,869,970	)		(59,936,198	)		(35,511	)		(361,391	)
Net increase (decrease)		29,872,591		$	299,137,115			145,674		$	1,486,081

* Commencement of operations

535

	SA Fixed Income Intermediate Index Portfolio
	Class 1						Class 3
	For the period October 6, 2017* to January 31, 2018						For the period October 6, 2017* to January 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		24,758,382		$	247,447,701			148,925		$	1,479,535
Reinvested dividends		—			—			—			—
Shares redeemed		(618,024	)		(6,149,003	)		(5,624	)		(55,480	)
Net increase (decrease)		24,140,358		$	241,298,698			143,301		$	1,424,055
	SA Franklin Foreign Value Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		22,506		$	369,479			2,361,990		$	32,601,507			11,574		$	194,011			20,345		$	288,514
Reinvested dividends		776,890			12,933,643			1,484,181			20,909,036			20,134			335,261			34,959			492,654
Shares redeemed		(8,105,922	)		(125,407,333	)		(12,466,608	)		(176,172,767	)		(136,250	)		(2,204,169	)		(198,769	)		(2,825,339	)
Net increase (decrease)		(7,306,526	)	$	(112,104,211	)		(8,620,437	)	$	(122,662,224	)		(104,542	)	$	(1,674,897	)		(143,465	)	$	(2,044,171	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		797,938		$	12,944,431			3,168,640		$	44,125,624
Reinvested dividends		793,186			13,171,778			1,385,656			19,479,770
Shares redeemed		(6,198,466	)		(99,699,829	)		(5,028,325	)		(70,996,128	)
Net increase (decrease)		(4,607,342	)	$	(73,583,620	)		(474,029	)	$	(7,390,734	)
	SA Franklin Small Company Value Portfolio
	Class 1												Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		249,793		$	5,985,481			118,319		$	2,581,564			748,247		$	18,243,128			526,997		$	12,387,100
Reinvested dividends		782,148			17,737,563			1,141,068			25,581,438			1,244,305			27,969,253			1,088,344			24,217,418
Shares redeemed		(3,368,031	)		(83,190,714	)		(4,307,098	)		(98,708,714	)		(1,762,095	)		(42,630,148	)		(2,561,320	)		(59,574,297	)
Net increase (decrease)		(2,336,090	)	$	(59,467,670	)		(3,047,711	)	$	(70,545,712	)		230,457		$	3,582,233			(945,979	)	$	(22,969,779	)
	SA Goldman Sachs Global Bond Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,131,736		$	12,861,871			4,319,906		$	49,479,286			66,891		$	741,161			47,385		$	527,298
Reinvested dividends		330,990			3,651,779			69,140			808,388			15,764			172,439			770			8,931
Shares redeemed		(6,132,646	)		(67,661,523	)		(8,744,672	)		(96,284,424	)		(120,970	)		(1,347,173	)		(138,097	)		(1,554,015	)
Net increase (decrease)		(4,669,920	)	$	(51,147,873	)		(4,355,626	)	$	(45,996,750	)		(38,315	)	$	(433,573	)		(89,942	)	$	(1,017,786	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		3,918,344		$	43,156,113			7,416,215		$	82,192,080
Reinvested dividends		793,750			8,599,560			17,823			204,822
Shares redeemed		(4,323,282	)		(47,539,658	)		(4,244,629	)		(47,105,397	)
Net increase (decrease)		388,812		$	4,216,015			3,189,409		$	35,291,505

* Commencement of operations

536

	SA Goldman Sachs Multi-Asset Insights Portfolio
	Class 1						Class 3
	For the period October 6, 2017* to January 31, 2018						For the period October 6, 2017* to January 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		10,162		$	101,710			1,094,365		$	10,969,984
Reinvested dividends		60			610			5,767			58,997
Shares redeemed		—			—			(1,322	)		(13,538	)
Net increase (decrease)		10,222		$	102,320			1,098,810		$	11,015,443
	SA Index Allocation 60/40 Portfolio
	Class 1						Class 3
	For the period February 6, 2017* to January 31, 2018						For the period February 6, 2017* to January 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		13,282		$	136,291			3,223,377		$	34,384,213
Reinvested dividends		216			2,366			35,173			385,814
Shares redeemed		(8	)		(87	)		(162,269	)		(1,724,841	)
Net increase (decrease)		13,490		$	138,570			3,096,281		$	33,045,186
	SA Index Allocation 80/20 Portfolio
	Class 1						Class 3
	For the period February 6, 2017* to January 31, 2018						For the period February 6, 2017* to January 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		10,000		$	100,001			6,781,903		$	73,380,951
Reinvested dividends		172			1,940			93,834			1,057,680
Shares redeemed		—			—			(76,641	)		(840,667	)
Net increase (decrease)		10,172		$	101,941			6,799,096		$	73,597,964
	SA Index Allocation 90/10 Portfolio
	Class 1						class 3
	For the period February 6, 2017* to January 31, 2018						For the period February 6, 2017* to January 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		52,235		$	573,463			18,559,060		$	203,544,057
Reinvested dividends		190			2,176			264,216			3,018,159
Shares redeemed		(29,995	)		(340,190	)		(221,442	)		(2,468,435	)
Net increase (decrease)		22,430		$	235,449			18,601,834			204,093,781
	SA International Index Portfolio
	Class 1						Class 3
	For the period February 6, 2017* to January 31, 2018						For the period February 6, 2017* to January 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		33,269,295		$	344,384,681			36,897		$	417,436
Reinvested dividends		707,884			8,136,302			460			5,286
Shares redeemed		(1,874,014	)		(20,918,003	)		(4,192	)		(50,749	)
Net increase (decrease)		32,103,165		$	331,602,980			33,165		$	371,973

* Commencement of operations

537

	SA Invesco Growth Opportunities Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		812,062		$	7,108,615			209,454		$	1,529,742			26,921		$	226,281			11,222		$	83,163
Reinvested dividends		424,897			3,757,883			1,121,274			8,357,886			11,850			100,847			34,655			249,280
Shares redeemed		(1,896,785	)		(16,588,182	)		(1,630,203	)		(12,506,050	)		(96,367	)		(818,001	)		(81,487	)		(606,971	)
Net increase (decrease)		(659,826	)	$	(5,721,684	)		(299,475	)	$	(2,618,422	)		(57,596	)	$	(490,873	)		(35,610	)	$	(274,528	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		582,455		$	4,744,095			1,513,297		$	10,805,463
Reinvested dividends		699,149			5,812,279			2,025,769			14,262,011
Shares redeemed		(4,452,924	)		(36,334,443	)		(3,495,818	)		(25,139,239	)
Net increase (decrease)		(3,171,320	)	$	(25,778,069	)		43,248		$	(71,765	)
	SA Invesco VCP Equity-Income Portfolio
	Class 1												Class 3
	For the year ended January 31, 2018						For the period September 26, 2016* to January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		121		$	1,710			8,549		$	100,000			22,563,219		$	292,092,659			33,275,039		$	387,210,964
Reinvested dividends		76			1,009			—			—			920,030			12,211,891			529,668			6,198,631
Shares redeemed		—			—			—			—			(3,717,876	)		(49,279,425	)		(5,570,001	)		(67,681,180	)
Net increase (decrease)		197		$	2,719			8,549		$	100,000			19,765,373		$	255,025,125			28,234,706		$	325,728,415
	SA Janus Focused Growth Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,910,903		$	50,689,574			117,401		$	1,376,474			11,951		$	161,872			17,462		$	197,159
Reinvested dividends		1,016,884			13,381,605			969,449			11,011,715			54,789			706,080			76,746			856,434
Shares redeemed		(1,579,674	)		(21,790,709	)		(1,233,581	)		(14,286,237	)		(130,608	)		(1,690,427	)		(211,535	)		(2,494,093	)
Net increase (decrease)		3,348,113		$	42,280,470			(146,731	)	$	(1,898,048	)		(63,868	)	$	(822,475	)		(117,327	)	$	(1,440,500	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		431,884		$	5,489,615			1,105,589		$	12,596,339
Reinvested dividends		812,258			10,307,401			1,100,377			12,118,668
Shares redeemed		(2,369,777	)		(30,274,739	)		(1,891,119	)		(21,672,227	)
Net increase (decrease)		(1,125,635	)	$	(14,477,723	)		314,847		$	3,042,780

* Commencement of operations

538

	SA JPMorgan Balanced Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		168,642		$	3,397,287			236,590		$	4,514,075			125,246		$	2,540,804			98,115		$	1,862,167
Reinvested dividends		259,653			5,115,767			260,129			4,817,161			36,945			726,733			33,099			612,194
Shares redeemed		(590,875	)		(11,879,716	)		(646,842	)		(12,293,493	)		(116,413	)		(2,351,227	)		(107,920	)		(2,052,849	)
Net increase (decrease)		(162,580	)	$	(3,366,662	)		(150,123	)	$	(2,962,257	)		45,778		$	916,310			23,294		$	421,512
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		2,751,119		$	54,930,532			1,198,323		$	22,697,632
Reinvested dividends		496,009			9,721,322			425,084			7,837,927
Shares redeemed		(2,345,723	)		(46,770,023	)		(1,213,313	)		(22,979,717	)
Net increase (decrease)		901,405		$	17,881,831			410,094		$	7,555,842
	SA JPMorgan Emerging Markets Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		962,547		$	8,028,404			4,536,896		$	28,763,956			26,667		$	228,047			40,532		$	275,439
Reinvested dividends		366,647			3,299,274			472,253			3,301,199			8,020			71,832			9,307			64,803
Shares redeemed		(5,202,277	)		(44,128,137	)		(22,297,886	)		(149,444,062	)		(106,306	)		(894,127	)		(149,868	)		(997,866	)
Net increase (decrease)		(3,873,083	)	$	(32,800,459	)		(17,288,737	)	$	(117,378,907	)		(71,619	)	$	(594,248	)		(100,029	)	$	(657,624	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		1,313,375		$	10,927,535			2,012,172		$	13,084,489
Reinvested dividends		287,690			2,556,536			334,537			2,312,110
Shares redeemed		(5,461,882	)		(45,189,046	)		(4,242,984	)		(27,468,276	)
Net increase (decrease)		(3,860,817	)	$	(31,704,975	)		(1,896,275	)		(12,071,677	)
	SA JPMorgan Equity-Income Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,498,698		$	52,179,386			3,756,661		$	116,590,211			6,360		$	224,591			6,403		$	204,105
Reinvested dividends		1,820,284			62,700,614			1,568,224			48,013,668			21,157			728,192			17,859			546,438
Shares redeemed		(5,371,017	)		(185,916,090	)		(4,614,034	)		(144,797,715	)		(53,393	)		(1,865,038	)		(56,850	)		(1,782,723	)
Net increase (decrease)		(2,052,035	)	$	(71,036,090	)		710,851		$	19,806,164			(25,876	)	$	(912,255	)		(32,588	)	$	(1,032,180	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		368,535		$	12,634,117			754,001		$	23,513,435
Reinvested dividends		477,852			16,377,301			356,773			10,877,568
Shares redeemed		(1,058,473	)		(36,770,500	)		(1,082,348	)		(33,963,552	)
Net increase (decrease)		(212,086	)	$	(7,759,082	)		28,426		$	427,451

539

	SA JPMorgan Global Equities Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		64,160		$	1,425,700			391,028		$	6,855,505			4,019		$	86,607			8,095		$	146,983
Reinvested dividends		399,322			8,941,782			405,915			7,514,271			3,288			73,484			2,897			53,529
Shares redeemed		(4,958,712	)		(105,598,519	)		(4,791,066	)		(89,197,110	)		(32,002	)		(689,124	)		(48,205	)		(881,057	)
Net increase (decrease)		(4,495,230	)	$	(95,231,037	)		(3,994,123	)	$	(74,827,334	)		(24,695	)	$	(529,033	)		(37,213	)	$	(680,545	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		149,097		$	3,213,845			188,398		$	3,410,796
Reinvested dividends		26,308			585,059			21,841			401,782
Shares redeemed		(361,362	)		(7,774,984	)		(359,729	)		(6,528,954	)
Net increase (decrease)		(185,957	)	$	(3,976,080	)		(149,490	)	$	(2,716,376	)
	SA JPMorgan MFS Core Bond Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		12,769,597		$	115,537,707			3,999,709		$	35,871,321			123,371		$	1,102,016			102,466		$	913,887
Reinvested dividends		2,506,624			22,317,964			2,186,847			19,743,843			22,620			200,747			19,173			172,550
Shares redeemed		(15,209,219	)		(135,831,838	)		(18,106,837	)		(162,303,190	)		(250,733	)		(2,239,221	)		(255,882	)		(2,293,508	)
Net increase (decrease)		67,002		$	2,023,833			(11,920,281	)	$	(106,688,026	)		(104,742	)	$	(936,458	)		(134,243	)	$	(1,207,071	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		13,663,137		$	121,526,651			13,019,931		$	115,562,496
Reinvested dividends		2,401,042			21,171,667			1,754,557			15,696,762
Shares redeemed		(14,468,814	)		(128,652,961	)		(12,689,853	)		(112,739,058	)
Net increase (decrease)		1,595,365		$	14,045,357			2,084,635		$	18,520,200
	SA JPMorgan Mid-Cap Growth Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,699,625		$	29,138,537			253,901		$	3,888,897			37,412		$	619,394			35,884		$	551,280
Reinvested dividends		610,525			10,899,038			1,482,359			22,287,126			47,877			827,541			118,489			1,730,692
Shares redeemed		(3,638,950	)		(63,631,589	)		(4,747,976	)		(77,367,628	)		(159,916	)		(2,703,689	)		(206,077	)		(3,205,866	)
Net increase (decrease)		(1,328,800	)	$	(23,594,014	)		(3,011,716	)	$	(51,191,605	)		(74,627	)	$	(1,256,754	)		(51,704	)	$	(923,894	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		727,160		$	11,923,003			1,013,397		$	15,375,766
Reinvested dividends		509,845			8,639,096			1,217,041			17,464,689
Shares redeemed		(2,110,476	)		(35,123,115	)		(1,396,900	)		(21,214,351	)
Net increase (decrease)		(873,471	)	$	(14,561,016	)		833,538		$	11,626,104

540

	SA Large Cap Index Portfolio
	Class 1												Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the period October 6, 2017* to January 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		16,189,143		$	343,548,115			13,758,106		$	251,639,260			286,248		$	6,415,634
Reinvested dividends		2,425,628			51,229,133			2,116,072			38,441,324			—			—
Shares redeemed		(15,570,274	)		(329,142,200	)		(7,231,779	)		(132,397,941	)		(3,950	)		(93,027	)
Net increase (decrease)		3,044,497		$	65,635,048			8,642,399		$	157,682,643			282,298		$	6,322,607
	SA Legg Mason BW Large Cap Value Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,808,302		$	86,138,058			7,966,793		$	191,729,965			31,376		$	681,354			28,565		$	637,337
Reinvested dividends		2,118,022			45,866,937			12,486,508			227,091,481			118,913			2,576,062			736,079			13,393,316
Shares redeemed		(9,925,780	)		(213,810,867	)		(5,607,803	)		(122,271,459	)		(494,202	)		(10,605,601	)		(507,819	)		(10,976,217	)
Net increase (decrease)		(3,999,456	)	$	(81,805,872	)		14,845,498		$	296,549,987			(343,913	)	$	(7,348,185	)		256,825		$	3,054,436
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		530,056		$	11,157,688			567,753		$	11,954,571
Reinvested dividends		1,266,376			27,293,060			7,603,400			137,702,824
Shares redeemed		(4,443,432	)		(95,348,989	)		(4,345,964	)		(91,666,338	)
Net increase (decrease)		(2,647,000	)	$	(56,898,241	)		3,825,189		$	57,991,057
	SA Legg Mason Tactical Opportunities Portfolio
	Class 1						Class 3
	For the period October 6, 2017* to January 31, 2018						For the period October 6, 2017* to January 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		12,478		$	125,563			1,358,730		$	13,684,699
Reinvested dividends		45			459			3,880			39,865
Shares redeemed		(3	)		(27	)		(2,758	)		(29,289	)
Net increase (decrease)		12,520		$	125,995			1,359,852		$	13,695,275
	SA MFS Blue Chip Growth Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		6,748,525		$	85,229,705			1,672,891		$	16,275,752			11,679		$	134,753			9,259		$	97,963
Reinvested dividends		1,018,262			12,678,251			1,367,144			14,282,825			7,307			90,690			11,134			115,974
Shares redeemed		(4,166,912	)		(52,826,543	)		(5,164,236	)		(54,459,399	)		(51,163	)		(627,190	)		(72,090	)		(751,991	)
Net increase (decrease)		3,599,875		$	45,081,413			(2,124,201	)	$	(23,900,822	)		(32,177	)	$	(401,747	)		(51,697	)	$	(538,054	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		789,943		$	9,535,700			1,461,413		$	15,145,735
Reinvested dividends		262,327			3,235,734			376,940			3,904,422
Shares redeemed		(2,097,077	)		(25,447,737	)		(1,439,305	)		(14,879,014	)
Net increase (decrease)		(1,044,807	)	$	(12,676,303	)		399,048		$	4,171,143

* Commencement of operations

541

	SA MFS Massachusetts Investors Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		405,713		$	9,374,999			400,543		$	8,035,216			22,164		$	527,655			48,796		$	959,426
Reinvested dividends		1,124,642			26,047,381			3,277,465			64,498,979			13,567			314,470			41,181			811,176
Shares redeemed		(3,645,979	)		(84,399,798	)		(3,465,257	)		(72,156,947	)		(81,131	)		(1,871,955	)		(117,458	)		(2,442,086	)
Net increase (decrease)		(2,115,624	)	$	(48,977,418	)		212,751		$	377,248			(45,400	)	$	(1,029,830	)		(27,481	)	$	(671,484	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		406,562		$	9,166,476			886,037		$	18,053,026
Reinvested dividends		591,078			13,636,070			1,819,908			35,693,832
Shares redeemed		(3,243,911	)		(74,135,117	)		(2,105,899	)		(43,125,885	)
Net increase (decrease)		(2,246,271	)	$	(51,332,571	)		600,046		$	10,620,973
	SA MFS Telecom Utility Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		17,905		$	274,090			60,268		$	856,411			5,145		$	79,071			16,439		$	237,313
Reinvested dividends		38,089			578,060			56,409			805,571			3,953			60,146			6,595			94,400
Shares redeemed		(175,632	)		(2,654,165	)		(230,708	)		(3,270,637	)		(20,922	)		(319,443	)		(43,916	)		(618,247	)
Net increase (decrease)		(119,638	)	$	(1,802,015	)		(114,031	)	$	(1,608,655	)		(11,824	)	$	(180,226	)		(20,882	)	$	(286,534	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		177,769		$	2,663,016			13,758,106		$	251,639,260
Reinvested dividends		59,140			895,348			2,116,072			38,441,324
Shares redeemed		(439,659	)		(6,546,453	)		(7,231,779	)		(132,397,941	)
Net increase (decrease)		(202,750	)	$	(2,988,089	)		8,642,399		$	157,682,643
	SA MFS Total Return Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		194,926		$	3,817,528			149,787		$	2,868,559			29,121		$	563,978			18,091		$	352,106
Reinvested dividends		779,215			14,859,373			856,649			15,885,500			116,665			2,226,809			130,575			2,423,449
Shares redeemed		(1,458,169	)		(28,798,988	)		(1,633,639	)		(31,290,788	)		(245,700	)		(4,830,813	)		(290,461	)		(5,620,476	)
Net increase (decrease)		(484,028	)	$	(10,122,087	)		(627,203	)	$	(12,536,729	)		(99,914	)	$	(2,040,026	)		(141,795	)	$	(2,844,921	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		1,551,761		$	30,540,953			1,530,103		$	29,156,535
Reinvested dividends		1,292,805			24,608,435			1,291,973			23,926,289
Shares redeemed		(2,535,464	)		(49,762,297	)		(2,589,586	)		(49,473,379	)
Net increase (decrease)		309,102		$	5,387,091			232,490		$	3,609,445

542

	SA Mid Cap Index Portfolio
	Class 1						Class 3
	For the period February 6, 2017* to January 31, 2018						For the period February 6, 2017* to January 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		16,170,743		$	166,158,755			43,851		$	484,967
Reinvested dividends		223,479			2,508,215			333			3,742
Shares redeemed		(1,191,102	)		(12,609,561	)		(13,058	)		(149,742	)
Net increase (decrease)		15,203,120		$	156,057,409			31,126		$	338,967
	SA Morgan Stanley International Equities Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7,986,111		$	84,995,678			8,482,756		$	75,606,654			66,006		$	670,325			49,049		$	433,874
Reinvested dividends		389,344			4,130,347			434,699			3,956,000			11,088			117,165			13,627			123,548
Shares redeemed		(4,874,148	)		(47,840,291	)		(2,800,977	)		(24,879,429	)		(224,350	)		(2,284,785	)		(296,562	)		(2,629,624	)
Net increase (decrease)		3,501,307		$	41,285,734			6,116,478		$	54,683,225			(147,256	)	$	(1,497,295	)		(233,886	)	$	(2,072,202	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		699,226		$	7,135,117			2,187,845		$	19,287,662
Reinvested dividends		138,741			1,463,267			158,813			1,437,566
Shares redeemed		(3,123,541	)		(31,782,796	)		(2,588,714	)		(22,782,483	)
Net increase (decrease)		(2,285,574	)	$	(23,184,412	)		(242,056	)	$	(2,057,255	)
	SA Oppenheimer Main Street Large Cap Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,532,584		$	34,578,279			2,650,933		$	50,513,058			2,581		$	58,519			7,298		$	142,446
Reinvested dividends		532,603			11,800,747			598,619			11,524,254			6,278			139,093			9,654			185,809
Shares redeemed		(1,323,055	)		(29,289,387	)		(1,230,778	)		(24,084,310	)		(53,979	)		(1,194,132	)		(77,459	)		(1,516,510	)
Net increase (decrease)		742,132		$	17,089,639			2,018,774		$	37,953,002			(45,120	)	$	(996,520	)		(60,507	)	$	(1,188,255	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		262,201		$	5,740,749			674,138		$	13,098,490
Reinvested dividends		146,500			3,233,758			174,042			3,340,239
Shares redeemed		(609,020	)		(13,403,847	)		(595,827	)		(11,553,560	)
Net increase (decrease)		(200,319	)	$	(4,429,340	)		252,353		$	4,885,169
	SA PIMCO VCP Tactical Balanced Portfolio
	Class 1												Class 3
	For the year ended January 31, 2018						For the period September 26, 2016* to January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		—		$	—			9,022		$	100,000			10,642,018		$	126,094,500			39,407,004		$	424,731,417
Reinvested dividends		475			5,673			—			—			5,317,577			63,395,993			—			—
Shares redeemed		—			—			—			—			(3,827,464	)		(46,500,163	)		(1,276,951	)		(13,746,073	)
Net increase (decrease)		475		$	5,673			9,022		$	100,000			12,132,131		$	142,990,330			38,130,053		$	410,985,344

* Commencement of operations

543

	SA PineBridge High-Yield Bond Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,659,795		$	15,731,221			21,668,914		$	123,451,416			168,803		$	1,017,574			394,626		$	2,178,702
Reinvested dividends		2,877,318			16,545,044			3,381,099			18,791,932			154,346			887,189			123,858			688,200
Shares redeemed		(23,208,026	)		(138,394,063	)		(34,883,382	)		(196,929,415	)		(426,438	)		(2,534,100	)		(799,513	)		(4,525,033	)
Net increase (decrease)		(17,670,913	)	$	(106,117,798	)		(9,833,369	)	$	(54,686,067	)		(103,289	)	$	(629,337	)		(281,029	)	$	(1,658,131	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		4,222,421		$	24,915,888			17,829,808		$	99,501,468
Reinvested dividends		2,747,894			15,705,790			2,078,222			11,487,404
Shares redeemed		(7,398,595	)		(43,651,762	)		(25,931,439	)		(147,233,062	)
Net increase (decrease)		(428,280	)	$	(3,030,084	)		(6,023,409	)	$	(36,244,190	)
	SA Putnam International Growth and Income Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,446,799		$	15,697,120			1,338,971		$	11,865,291			27,191		$	305,902			39,312		$	354,007
Reinvested dividends		264,273			2,888,400			395,004			3,595,685			7,239			79,535			10,725			98,156
Shares redeemed		(6,634,023	)		(68,400,605	)		(3,170,576	)		(28,820,542	)		(108,232	)		(1,151,641	)		(114,531	)		(1,032,108	)
Net increase (decrease)		(4,922,951	)	$	(49,815,085	)		(1,436,601	)	$	(13,359,566	)		(73,802	)	$	(766,204	)		(64,494	)	$	(579,945	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		330,135		$	3,536,345			1,324,009		$	11,785,787
Reinvested dividends		156,866			1,719,144			246,780			2,252,932
Shares redeemed		(3,262,246	)		(34,267,107	)		(2,765,452	)		(24,845,379	)
Net increase (decrease)		(2,775,245	)	$	(29,011,618	)		(1,194,663	)	$	(10,806,660	)
	SA Pyramis® Real Estate Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,274,031		$	19,690,343			2,882,243		$	48,985,933			15,088		$	213,158			30,004		$	478,646
Reinvested dividends		1,383,932			18,085,906			886,611			13,727,840			70,328			916,907			32,421			500,874
Shares redeemed		(7,891,973	)		(117,815,199	)		(5,636,836	)		(88,156,132	)		(101,982	)		(1,509,230	)		(106,432	)		(1,645,487	)
Net increase (decrease)		(5,234,010	)	$	(80,038,950	)		(1,867,982	)	$	(25,442,359	)		(16,566	)	$	(379,165	)		(44,007	)	$	(665,967	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		1,375,203		$	20,176,671			2,905,769		$	45,241,924
Reinvested dividends		2,687,065			34,796,953			967,017			14,859,860
Shares redeemed		(2,663,540	)		(38,987,223	)		(4,578,782	)		(74,054,101	)
Net increase (decrease)		1,398,728		$	15,986,401			(705,996	)	$	(13,952,317	)

544

	SA Schroders VCP Global Allocation Portfolio
	Class 1												Class 3
	For the year ended January 31, 2018						For the period September 26, 2016* to January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		13,606		$	164,754			9,214		$	100,000			13,937,755		$	158,702,710			36,938,542		$	395,102,324
Reinvested dividends		102			1,195			130			1,404			526,966			6,187,420			454,574			4,918,907
Shares redeemed		(13,606	)		(167,886	)		—			—			(1,578,318	)		(18,466,311	)		(1,240,380	)		(13,237,297	)
Net increase (decrease)		102		$	(1,937	)		9,344		$	101,404			12,886,403		$	146,423,819			36,152,736		$	386,783,934
	SA Small Cap Index Portfolio
	Class 1						Class 3
	For the period February 6, 2017* to January 31, 2018						For the period February 6, 2017* to January 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		15,398,975		$	161,527,623			35,483		$	392,703
Reinvested dividends		177,074			2,024,545			167			1,908
Shares redeemed		(1,000,309	)		(10,796,927	)		(6,871	)		(79,978	)
Net increase (decrease)		14,575,740		$	152,755,241			28,779		$	314,633
	SA T. Rowe Price Asset Allocation Growth Portfolio
	Class 1						Class 3
	For the period October 6, 2017* to January 31, 2018						For the period October 6, 2017* to January 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		10,322		$	103,422			1,948,651		$	19,863,023
Reinvested dividends		34			347			4,006			41,222
Shares redeemed		—			—			(15,614	)		(160,783	)
Net increase (decrease)		10,356		$	103,769			1,937,043		$	19,743,462
	SA T. Rowe Price VCP Balanced Portfolio
	Class 1												Class 3
	For the year ended January 31, 2018						For the period September 26, 2016* to January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		0		$	4			9,360		$	100,000			35,664,431		$	419,935,084			62,687,603		$	662,305,733
Reinvested dividends		37			455			37			396			313,229			3,857,041			185,467			1,987,117
Shares redeemed		—			—			—			—			(2,993,948	)		(35,796,974	)		(1,330,997	)		(13,909,212	)
Net increase (decrease)		37		$	459			9,397		$	100,396			32,983,712		$	387,995,151			61,542,073		$	650,383,638
	SA VCP Dynamic Allocation Portfolio
	Class 1												Class 3
	For the year ended January 31, 2018						For the period September 26, 2016* to January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,347		$	32,415			8,200		$	100,000			18,622,689		$	254,456,335			37,834,378		$	449,308,490
Reinvested dividends		344			4,717			—			—			27,889,144			381,316,444			13,525,314			164,596,577
Shares redeemed		(16	)		(228	)		—			—			(77,943,508	)		(1,054,712,749	)		(76,458,522	)		(925,875,040	)
Net increase (decrease)		2,675		$	36,904			8,200		$	100,000			(31,431,675	)	$	(418,939,970	)		(25,098,830	)	$	(311,969,973	)

* Commencement of operations

545

	SA VCP Dynamic Strategy Portfolio
	Class 1												Class 3
	For the year ended January 31, 2018						For the period September 26, 2016* to January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,296		$	31,564			8,185		$	100,000			9,082,486		$	123,279,227			15,804,467		$	188,840,067
Reinvested dividends		335			4,589			—			—			14,602,417			199,393,802			7,075,625			86,298,183
Shares redeemed		(14	)		(199	)		—			—			(42,718,000	)		(578,038,797	)		(41,823,980	)		(508,974,629	)
Net increase (decrease)		2,617		$	35,954			8,185		$	100,000			(19,033,097	)	$	(255,365,768	)		(18,943,888	)	$	(233,836,379	)
	SA VCP Index Allocation Portfolio
	Class 1						Class 3
	For the period October 6, 2017* to January 31, 2018						For the period October 6, 2017* to January 31, 2018
	Shares			Amount			Shares			Amount
Shares sold		10,000		$	100,000			2,217,094		$	22,941,548
Reinvested dividends		51			531			6,525			67,849
Shares redeemed		—			—			(14,621	)		(152,889	)
Net increase (decrease)		10,051		$	100,531			2,208,998		$	22,856,508
	SA WellsCap Aggressive Growth Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		98,214		$	1,972,742			123,880		$	1,913,177			2,896		$	54,553			3,000		$	49,912
Reinvested dividends		—			—			—			—			—			—			—			—
Shares redeemed		(455,395	)		(9,198,875	)		(3,829,689	)		(62,170,045	)		(29,266	)		(595,050	)		(38,188	)		(621,734	)
Net increase (decrease)		(357,181	)	$	(7,226,133	)		(3,705,809	)	$	(60,256,868	)		(26,370	)	$	(540,497	)		(35,188	)	$	(571,822	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		216,834		$	4,197,895			187,854		$	2,950,360
Reinvested dividends		—			—			—			—
Shares redeemed		(371,156	)		(7,259,426	)		(422,085	)		(6,666,791	)
Net increase (decrease)		(154,322	)	$	(3,061,531	)		(234,231	)	$	(3,716,431	)
	SA WellsCap Fundamental Growth Portfolio
	Class 1												Class 2
	For the year ended January 31, 2018						For the year ended January 31, 2017						For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		41,748		$	1,059,414			25,041		$	526,251			2,304		$	54,752			1,757		$	35,871
Reinvested dividends		167,197			4,165,943			299,373			6,235,267			5,570			135,550			10,728			218,546
Shares redeemed		(370,518	)		(9,067,393	)		(2,494,750	)		(54,403,293	)		(18,617	)		(451,552	)		(19,603	)		(405,716	)
Net increase (decrease)		(161,573	)	$	(3,842,036	)		(2,170,336	)	$	(47,641,775	)		(10,743	)	$	(261,250	)		(7,118	)	$	(151,299	)
	Class 3
	For the year ended January 31, 2018						For the year ended January 31, 2017
	Shares			Amount			Shares			Amount
Shares sold		130,055		$	3,109,733			266,825		$	5,397,824
Reinvested dividends		143,821			3,438,009			292,363			5,856,473
Shares redeemed		(913,712	)		(21,655,476	)		(507,958	)		(10,445,385	)
Net increase (decrease)		(639,836	)	$	(15,107,734	)		51,230		$	808,912

* Commencement of operations

546

Note 8.  Transactions with Affiliates

The following Portfolios incurred brokerage commissions with affiliated brokers for the period ended January 31, 2018:

Portfolio	Invesco Capital Markets, Inc.		National Financial Services, LLC		Oppenheimer & Co., Inc.
SA Invesco Growth Opportunities	$	5,596	$	—	$	—
SA Invesco VCP Equity-Income		5,897		—		—
SA Oppenheimer Main Street Large Cap		—		—		1,603
SA Pyramis© Real Estate		—		15,768		—

As disclosed in the Portfolio of Investments, certain Portfolios owned shares of various SunAmerica Mutual Funds (SunAmerica Series Trust, Anchor Series Trust and Seasons Series Trust) and securities issued by American International Group, Inc. (“AIG”) or an affiliate thereof. For the period ended January 31, 2018, transactions in these securities were as follows:

SA Index Allocation 60/40 Portfolio

Security	Income		Capital Gain Distribution Received		Value at January 31, 2017		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)			Change in Unrealized Gain (Loss)			Value at January 31, 2018
SunAmerica Series Trust
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1	$	—	$	—	$	—	$	10,840,266	$	4,569,111	$	63,105		$	(49,625	)	$	6,284,635
SunAmerica Series Trust SA Fixed Income Intemediate Index Portfolio, Class 1		—		—		—		5,773,916		11,217		(88	)		(65,662	)		5,696,949
SunAmerica Series Trust SA International Index Portfolio, Class 1		67,033		8,506		—		4,185,770		228,139		27,606			335,323			4,320,560
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		113,745		83,520		—		14,599,373		436,612		38,752			1,509,291			15,710,804
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		8,939		7,558		—		1,469,663		177,526		3,053			96,794			1,391,984
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		8,479		8,634		—		1,888,503		250,475		3,981			99,795			1,741,804
	$	198,196	$	108,218	$	—	$	38,757,491	$	5,673,080	$	136,409		$	1,925,916		$	35,146,736

† Includes reinvestments of distributions paid

SA Index Allocation 80/20 Portfolio

Security	Income		Capital Gain Distribution Received		Value at January 31, 2017		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)			Change in Unrealized Gain (Loss)			Value at January 31, 2018
SunAmerica Series Trust
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1	$	—	$	—	$	—	$	13,196,743	$	6,488,893	$	61,947		$	(67,190	)	$	6,702,607
SunAmerica Series Trust SA Fixed Income Intemediate Index Portfolio, Class 1		—		—		—		5,289,870		3,892		(20	)		(65,893	)		5,220,065
SunAmerica Series Trust SA International Index Portfolio, Class 1		238,889		30,314		—		13,163,617		664,542		83,171			1,036,846			13,619,092
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		356,722		261,932		—		39,978,324		143,328		12,125			4,526,254			44,373,375
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		44,477		37,611		—		6,212,828		567,146		7,298			460,528			6,113,508
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		21,191		21,578		—		3,885,965		284,129		3,208			236,432			3,841,476
	$	661,279	$	351,435	$	—	$	81,727,347	$	8,151,930	$	167,729		$	6,126,977		$	79,870,123

† Includes reinvestments of distributions paid

547

SA Index Allocation 90/10 Portfolio

Security	Income		Capital Gain Distributions Received		Value at January 31, 2017		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)			Value at January 31, 2018
SunAmerica Series Trust
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1	$	—	$	—	$	—	$	18,664,117	$	12,004,544	$	93,899		$	(66,019	)	$	6,687,453
SunAmerica Series Trust SA Fixed Income Intemediate Index Portfolio, Class 1		—		—		—		5,245,735		3,490		(20	)		(62,188	)		5,180,037
SunAmerica Series Trust SA International Index Portfolio, Class 1		784,952		99,609		—		47,079,039		2,105,722		262,358			3,573,704			48,809,379
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		994,957		730,571		—		120,908,399		82,741		10,258			12,946,477			133,782,393
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		116,907		98,862		—		17,830,548		1,586,174		19,400			1,217,254			17,481,028
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		53,870		54,855		—		10,850,613		806,984		7,033			619,260			10,669,922
	$	1,950,686	$	983,897	$	—	$	220,578,451	$	16,589,655	$	392,928		$	18,228,488		$	222,610,212

† Includes reinvestments of distributions paid.

SA Large Cap Index Portfolio

Security	Income		Capital Gain Distributions Received		Value at January 31, 2017		Cost of Purchases		Proceeds of Sales		Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Value at January 31, 2018
American International Group, Inc. — Common Stock	$	96,956	$	—	$	5,037,406	$	301,784	$	475,821	$	141,877	$	(165,287	)	$	4,839,959

SunAmerica Dynamic Allocation Portfolio

Security	Income		Capital Gain Distribution Received		Value at January 31, 2017		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)			Change in Unrealized Gain (Loss)			Value at January 31, 2018
SunAmerica Series Trust
SA Boston Company Capital Growth Portfolio, Class 1	$	583,693	$	1,876,074	$	118,863,740	$	68,629,995	$	13,848,582	$	2,185,568		$	40,920,123		$	216,750,844
SA DFA Ultra Short Bond Portfolio, Class 1		373,116		—		172,476,550		20,506,443		79,026,756		539,384			129,118			114,624,739
SA Federated Corporate Bond Portfolio, Class 1		17,022,387		1,731,811		414,244,867		33,094,654		72,894,454		(1,243,063	)		1,704,947			374,906,951
SA Fixed Income Index Portfolio, Class 1		—		—		—		180,160,389		16,573,605		288,404			2,457,511			166,332,699
SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		—		130,066,421		3,279,288		(16,111	)		(1,769,251	)		125,001,771
SA Franklin Foreign Value Portfolio, Class 1		6,730,566		—		284,691,918		6,943,350		67,508,017		(10,031,069	)		53,666,933			267,763,115
SA Franklin Small Company Value Portfolio, Class 1		621,550		11,913,250		158,532,107		12,622,433		66,913,961		(167,192	)		(2,410,097	)		101,663,290
SA Goldman Sachs Global Bond Portfolio, Class 1		1,233,215		—		56,174,177		1,270,852		18,219,235		175,905			2,177,330			41,579,029

548

SunAmerica Dynamic Allocation Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at January 31, 2017		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)			Change in Unrealized Gain (Loss)			Value at January 31, 2018
SA International Index Portfolio, Class 1	$	3,108,265	$	394,436	$	—	$	143,630,370	$	9,794,568	$	881,711		$	28,481,276		$	163,198,789
SA Invesco Growth Opportunities Portfolio, Class 1		—		3,199,935		95,121,146		3,285,049		13,924,291		1,610,114			17,739,416			103,831,434
SA Janus Focused Growth Portfolio, Class 1		—		3,869,763		—		53,912,318		3,243,664		267,956			6,696,842			57,633,452
SA JPMorgan Emerging Markets Portfolio, Class 1		2,263,249		—		124,475,421		2,369,641		34,355,364		4,275,778			41,452,910			138,218,386
SA JPMorgan Equity-Income Portfolio, Class 1		9,296,945		21,819,124		436,786,621		38,511,383		56,256,590		10,792,777			49,419,360			479,253,551
SA JPMorgan Global Equities Portfolio, Class 1		5,158,436		—		319,822,804		5,413,777		75,970,163		19,455,392			48,502,810			317,224,620
SA JPMorgan MFS Core Bond Portfolio, Class 1		13,516,942		—		625,097,307		47,027,626		86,940,327		(528,631	)		1,795,432			586,451,407
SA JPMorgan Mid-Cap Growth Portfolio, Class 1		—		4,765,409		93,038,521		4,838,223		38,827,012		7,526,413			12,527,700			79,103,845
SA Large Cap Index Portfolio, Class 1		18,543,028		13,615,666		1,157,826,120		95,207,802		227,888,981		92,815,869			154,438,127			1,272,398,937
SA Legg Mason BW Large Cap Value Portfolio, Class 1		3,445,784		6,718,046		199,425,035		75,370,959		33,337,709		(4,218,670	)		41,425,678			278,665,293
SA MFS Blue Chip Growth Portfolio		2,797,199		8,553,825		380,099,563		11,710,239		48,860,857		11,624,938			90,271,247			444,845,130
SA MFS Massachusetts Investors Trust Portfolio, Class 1		3,639,494		9,016,145		320,905,808		20,957,791		25,017,051		4,886,137			66,344,106			388,076,791
SA Mid Cap Index Portfolio, Class 1		697,574		589,902		—		83,922,590		6,529,712		386,292			10,133,167			87,912,337
SA Morgan Stanley International Equities Portfolio, Class 1		3,375,437		—		267,526,674		13,626,526		38,990,842		(1,398,991	)		62,857,197			303,620,564
SA PineBridge High-Yield Bond Portfolio, Class 1		6,509,636		—		105,713,141		6,573,470		39,291,862		(117,465	)		158,045			73,035,329
SA Pyramis® Real Estate Portfolio, Class 1		867,626		4,054,398		80,830,856		15,968,833		65,441,467		(1,015,434	)		(2,111,542	)		28,231,246
SA Small Cap Index Portfolio, Class 1		423,646		431,391		—		66,793,873		4,897,284		354,975			8,251,007			70,502,571
SA WellsCap Aggressive Growth Portfolio, Class 1		—		—		25,363,498		21,278		1,731,071		453,906			7,485,959			31,593,570
SA WellsCap Fundamental Growth Portfolio, Class 1		74,805		1,439,560		25,133,212		1,535,643		1,731,072		(227,604	)		8,831,096			33,541,275

549

SunAmerica Dynamic Allocation Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at January 31, 2017		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)			Change in Unrealized Gain (Loss)			Value at January 31, 2018
Seasons Series Trust
SA Columbia Focused Growth Portfolio, Class 1	$	—	$	—	$	78,866,444	$	63,836	$	18,193,218	$	(3,441,179	)	$	27,769,759		$	85,065,642
SA Columbia Focused Value Portfolio, Class 1		2,860,027		5,172,110		212,096,419		8,202,365		55,947,227		18,977,428			15,560,326			198,889,311
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		14,972,895		1,355,111		648,381,723		84,923,803		48,470,037		(2,040,365	)		2,308,653			685,103,777
SA Multi-Managed International Equity Portfolio, Class 1		6,658,542		—		317,836,603		6,932,643		52,035,211		4,892,093			68,748,100			346,374,228
SA Multi-Managed Large Cap Growth Portfolio, Class 1		887,784		10,464,651		160,374,427		11,503,509		12,508,524		983,503			35,967,170			196,320,085
SA Multi-Managed Large Cap Value Portfolio, Class 1		8,493,578		30,175,690		385,161,245		69,017,772		47,012,412		14,789,552			13,737,577			435,693,734
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		8,566,179		90,724,697		8,651,291		6,924,290		2,034,834			14,742,685			109,229,217
SA Multi-Managed Mid Cap Value Portfolio, Class 1		1,829,744		17,720,679		188,191,653		29,675,966		65,094,064		(6,554,561	)		6,853,550			153,072,544
SA Multi-Managed Small Cap Portfolio, Class 1		379,102		9,033,262		116,743,761		9,497,478		21,924,291		4,783,420			(499,934	)		108,600,434
SA T. Rowe Price Growth Stock Portfolio, Class 1		—		40,677,787		330,249,109		40,963,385		87,137,740		22,218,524			51,100,865			357,394,143
SA Wellington Real Return Portfolio, Class 1		5,073,864		—		119,541,407		104,753,933		14,334,403		(28,047	)		(3,048,837	)		206,884,053
Anchor Series Trust
SA Wellington Capital Appreciation Portfolio, Class 1		—		13,619,574		181,390,817		13,758,741		79,587,610		1,676,719			42,965,874			160,204,541
SA Wellington Government and Quality Bond Portfolio, Class 1		10,137,309		—		541,313,597		122,602,113		149,698,767		(1,851,803	)		179,904			512,545,044
SA Wellington Growth and Income Portfolio, Class 1		1,403,868		5,435,335		190,110,382		7,009,430		33,848,582		12,252,763			29,650,146			205,174,139
SA Wellington Growth Portfolio, Class 1		1,363,512		—		190,813,103		1,460,122		112,322,754		(8,954,709	)		35,623,173			106,618,935
SA Wellington Natural Resources Portfolio, Class 1		—		—		—		—		—		—			—			—
	$	154,342,818	$	236,209,113	$	9,213,944,473	$	1,662,988,315	$	1,956,332,915	$	199,295,461		$	1,093,235,458		$	10,213,130,792

† Includes reinvestments of distributions paid.

550

SA VCP Dynamic Strategy Portfolio

Security	Income		Capital Gain Distribution Received		Value at January 31, 2017		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)			Change in Unrealized Gain (Loss)			Value at January 31, 2018
SunAmerica Series Trust
SA AB Growth Portfolio, Class 1	$	67,673	$	13,004,363	$	152,004,701	$	30,181,023	$	13,157,656	$	3,785,082		$	39,125,221		$	211,938,371
SA AB Small & Mid Cap Value Portfolio, Class 1		327,991		7,944,184		105,388,974		8,324,908		26,160,830		(3,248,723	)		7,104,117			91,408,446
SA Boston Company Capital Growth Portfolio, Class 1		315,809		1,015,057		98,542,155		1,400,174		12,325,657		2,939,324			22,184,129			112,740,125
SA DFA Ultra Short Bond Portfolio		134,021		—		51,525,011		23,669,798		30,763,569		184,217			70,734			44,686,191
SA Dogs of Wall Street Portfolio, Class 1		3,663,335		12,695,161		150,841,786		16,462,457		29,053,303		4,188,202			12,014,693			154,453,835
SA Federated Corporate Bond Portfolio, Class 1		6,974,200		709,536		187,603,485		19,814,064		43,828,794		1,518,315			443,241			165,550,311
SA Fixed Income Index Portfolio, Class 1		—		—		—		100,566,297		18,999,233		393,184			1,141,858			83,102,106
SA Fixed Income Intemediate Index Portfolio, Class 1		—		—		—		69,500,000		1,584,168		(8,561	)		(870,559	)		67,036,712
SA Frankin Small Company Value Portfolio, Class 1		236,932		4,541,276		50,337,435		4,807,089		15,781,866		205,369			(1,173,784	)		38,394,243
SA Franklin Foreign Value Portfolio, Class 1		6,199,074		—		255,972,232		6,355,768		57,899,314		(552,200	)		42,364,586			246,241,072
SA Goldman Sachs Global Bond Portfolio, Class 1		1,381,961		—		87,692,680		11,418,121		44,496,007		(110,051	)		1,851,128			56,355,871
SA International Index Portfolio, Class 1		2,034,359		258,158		—		93,350,527		5,826,889		586,132			18,658,654			106,768,424
SA Invesco Growth Opportunities Portfolio, Class 1		—		—		480,762		—		498,624		14,869			2,993			—
SA Janus Focused Growth Portfolio, Class 1		—		8,431,701		100,246,054		8,501,009		15,825,657		1,732,745			22,873,253			117,527,404
SA JPMorgan Equity-Income Portfolio, Class 1		5,088,449		11,942,148		300,427,665		17,227,609		104,038,210		16,807,016			20,015,721			250,439,801
SA JPMorgan Global Equities Portfolio, Class 1		2,904,721		—		150,279,055		2,997,135		22,976,556		7,319,342			29,720,558			167,339,534
SA JPMorgan MFS Core Bond Portfolio, Class 1		5,910,424		—		269,402,113		26,082,323		34,556,720		533,367			121,416			261,582,499
SA JPMorgan Mid Cap Growth Portfolio, Class 1		—		2,968,872		49,414,515		15,997,752		16,781,865		(2,137,308	)		13,882,357			60,375,451
SA Large Cap Index Portfolio, Class 1		8,358,123		6,137,156		535,615,007		33,859,146		93,584,695		29,037,972			84,805,178			589,732,608
SA Legg Mason BW Large Cap Value Portfolio, Class 1		4,033,650		7,864,174		267,818,867		12,067,723		109,028,275		(31,598,801	)		74,434,365			213,693,879
SA MFS Blue Chip Growth, Class 1		—		—		—		46,000,000		740,725		30,671			4,168,273			49,458,219
SA MFS Massachusetts Investors Trust Portfolio, Class 1		3,269,832		8,100,377		309,576,906		11,578,131		50,976,969		8,946,035			56,799,251			335,923,354
SA Mid Cap Index Portfolio, Class 1		430,002		363,630		—		51,526,779		3,329,650		123,848			5,895,954			54,216,931
SA Morgan Stanley International Equities Portfolio, Class 1		—		—		—		45,999,999		740,724		15,673			2,106,177			47,381,125
SA Oppenheimer Main Street Large Cap Portfolio, Class 1		2,804,259		6,491,481		258,518,027		9,471,523		20,265,591		6,451,224			34,000,356			288,175,539
SA PineBridge High-Yield Bond Portfolio, Class 1		3,273,482		—		36,624,289		8,299,471		2,934,620		81,915			(430,827	)		41,640,228
SA Putnum International Growth and Income Portfolio, Class 1		2,020,403		—		149,480,951		2,099,503		58,341,247		642,341			29,766,227			123,647,775
SA Pyramis® Real Estate Portfolio, Class 1		1,459,992		6,822,516		43,253,873		16,317,161		24,542,466		(4,961,553	)		(1,880,210	)		28,186,805
SA Small Cap Index Portfolio, Class 1		317,966		323,779		—		50,374,892		3,329,650		115,678			5,728,943			52,889,863

551

SA VCP Dynamic Strategy Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at January 31, 2017		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)			Change in Unrealized Gain (Loss)			Value at January 31, 2018
Seasons Series Trust
SA Columbia Focused Value Portfolio, Class 1	$	1,714,607	$	3,100,717	$	126,309,431	$	4,898,321	$	40,635,818	$	8,227,524		$	13,551,994		$	112,351,452
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		2,835,793		256,651		97,455,184		50,678,325		9,490,482		(46,177	)		(146,767	)		138,450,083
SA Multi-Managed International Equity Portfolio, Class 1		4,079,275		—		202,967,865		4,202,439		44,931,291		(1,226,643	)		46,458,611			207,470,981
SA Multi-Managed Large Cap Growth Portfolio, Class 1		899,921		10,607,713		103,708,241		86,585,070		20,751,123		1,110,869			27,968,683			198,621,740
SA Multi-Managed Large Cap Value Portfolio, Class 1		6,904,801		24,531,141		402,727,492		31,703,116		123,756,103		17,913,756			10,261,838			338,850,099
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		5,746,977		50,239,075		20,782,754		7,757,632		1,113,393			8,811,547			73,189,137
SA Multi-Managed Mid Cap Value Portfolio, Class 1		598,931		5,800,519		50,305,563		6,434,103		6,812,828		(1,088,830	)		1,140,274			49,978,282
SA Multi-Managed Small Cap Portfolio, Class 1		484,002		11,532,830		149,297,458		12,104,219		28,073,660		739,215			4,324,387			138,391,619
SA Wellington Real Return Portfolio, Class 1		1,645,624		—		71,886,694		19,197,604		5,869,242		(130,520	)		(737,959	)		84,346,577
Anchor Series Trust
SA Wellington Government and Quality Bond Portfolio, Class 1		2,348,789		—		140,877,953		66,436,175		40,733,728		262,742			(752,382	)		166,090,760
	$	82,718,401	$	161,190,117	$	5,006,821,499	$	1,047,272,508	$	1,191,181,437	$	69,910,653		$	635,804,229		$	5,568,627,452

† Includes reinvestments of distributions paid.

SA VCP Index Allocation

Security	Income		Capital Gain Distributions Received		Value at January 31, 2017		Cost of Purchases†		Proceeds of Sales		Realized Gain/ (Loss)			Change in Unrealized Gain (Loss)			Value at January 31, 2018
SunAmerica Series Trust
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1	$	—	$	—	$	—	$	2,586,840	$	2,157	$	12		$	(18,560	)	$	2,566,135
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		—		2,356,475		121,905		(639	)		(20,124	)		2,213,807
SunAmerica Series Trust SA International Index Portfolio, Class 1		34,432		4,369		—		2,774,112		67,271		1,348			104,637			2,812,826
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		—		—		—		8,884,477		57,522		2,105			582,064			9,411,124
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		5,666		4,792		—		1,096,817		916		25			30,246			1,126,172
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		3,503		3,567		—		911,116		739		—			14,941			925,318
	$	43,601	$	12,728	$	—	$	18,609,837	$	250,510	$	2,851		$	693,204		$	19,055,382

† Includes reinvestments of distributions paid.

552

At January 31, 2018, the following affiliated owned outstanding shares of the following Portfolios:

	Holder
Portfolio	USL			AGL			VALIC			Seasons Series Trust Allocation Balanced Portfolio			Seasons Series Trust Allocation Growth Portfolio			Seasons Series Trust Allocation Moderate Growth Portfolio			Seasons Series Trust Allocation Moderate Portfolio			SAST SunAmerica Dynamic Allocation Portfolio			SAST SunAmerica Dynamic Strategy Portfolio			SAST SA Index Allocation 60/40 Portfolio			SAST SA Index Allocation 80/20 Portfolio			SAST SA Index Allocation 90/10 Portfolio			SAST SA VCP Index Allocation Portfolio
SA AB Growth		2.84	%		60.28	%		0.06	%		0.64	%		0.57	%		1.99	%		1.19	%		—			32.43	%		—			—			—			—
SA AB Small & Mid Cap Value		4.01	%		81.17	%		0.10	%		—			—			—			—			—			14.72	%		—			—			—			—
SA BlackRock VCP Global Multi Asset		9.28	%		87.74	%		2.98	%		—			—			—			—			—			—			—			—			—			—
SA Boston Company Capital Growth		0.77	%		16.23	%		0.15	%		—			—			—			—			54.50	%		28.35	%		—			—			—			—
SA Columbia Technology		4.85	%		94.83	%		0.32	%		—			—			—			—			—			—			—			—			—			—
SA DFA Ultra Short Bond		3.50	%		54.42	%		0.12	%		0.84	%		0.14	%		1.22	%		0.80	%		28.03	%		10.93	%		—			—			—			—
SA Dogs of Wall Street		2.71	%		56.09	%		0.52	%		—			—			—			—			—			40.68	%		—			—			—			—
SA Federated Corporate Bond		3.17	%		60.80	%		0.19	%		0.73	%		0.14	%		0.99	%		0.77	%		23.04	%		10.17	%		—			—			—			—
SA Fixed Income Index		0.02	%		0.47	%		0.03	%		3.35	%		0.69	%		3.26	%		3.02	%		54.59	%		27.28	%		2.06	%		2.20	%		2.19	%		0.84	%
SA Fixed Income Intermediate Index		0.02	%		0.61	%		—			3.76	%		0.74	%		3.53	%		3.49	%		52.21	%		28.00	%		2.38	%		2.18	%		2.16	%		0.92	%
SA Franklin Foreign Value		2.28	%		50.87	%		0.05	%		—			—			—			—			24.38	%		22.42	%		—			—			—			—
SA Fraklin Small Company Value		2.81	%		58.16	%		0.09	%		0.16	%		0.19	%		0.85	%		0.35	%		27.14	%		10.25	%		—			—			—			—
SA Goldman Sachs Global Bond		5.08	%		73.32	%		0.35	%		—			—			—			—			9.02	%		12.23	%		—			—			—			—
SA Goldman Sachs Multi-Asset Insights		0.03	%		99.79	%		0.18	%		—			—			—			—			—			—			—			—			—			—
SA Index Allocation 60/40		10.43	%		88.25	%		1.32	%		—			—			—			—			—			—			—			—			—			—
SA Index Allocation 80/20		13.09	%		84.71	%		2.20	%		—			—			—			—			—			—			—			—			—			—
SA Index Allocation 90/10		6.19	%		89.30	%		4.51	%		—			—			—			—			—			—			—			—			—			—
SA International Index		0.00	%		0.10	%		0.01	%		1.62	%		1.72	%		6.38	%		3.08	%		41.87	%		27.39	%		1.11	%		3.49	%		12.52	%		0.72	%
SA Invesco Growth Opportunuities		3.16	%		60.97	%		0.02	%		0.29	%		0.29	%		1.12	%		0.57	%		33.58	%		—			—			—			—			—
SA Invesco VCP Equity-Income		10.64	%		88.22	%		1.14	%		—			—			—			—			—			—			—			—			—			—
SA Janus Focused Growth		1.95	%		48.13	%		0.11	%		—			—			—			—			16.39	%		33.42	%		—			—			—			—
SA JPMorgan Balanced		6.22	%		93.33	%		0.45	%		—			—			—			—			—			—			—			—			—			—
SA JPMorgan Emerging Markets		2.60	%		54.69	%		0.09	%		0.71	%		0.86	%		2.81	%		1.46	%		36.78	%		—			—			—			—			—
SA JPMorgan Equity-Income		1.58	%		34.31	%		0.11	%		0.56	%		0.50	%		1.90	%		1.04	%		39.41	%		20.59	%		—			—			—			—
SA JPMorgan Global Equities		0.62	%		16.35	%		0.00	%		—			—			—			—			54.36	%		28.68	%		—			—			—			—

553

	Holder
Portfolio	USL			AGL			VALIC			Seasons Series Trust Allocation Balanced Portfolio			Seasons Series Trust Allocation Growth Portfolio			Seasons Series Trust Allocation Moderate Growth Portfolio			Seasons Series Trust Allocation Moderate Portfolio			SAST SunAmerica Dynamic Allocation Portfolio			SAST SunAmerica Dynamic Strategy Portfolio			SAST SA Index Allocation 60/40 Portfolio			SAST SA Index Allocation 80/20 Portfolio			SAST SA Index Allocation 90/10 Portfolio			SAST SA VCP Index Allocation Portfolio
SA JPMorgan MFS Core Bond		2.87	%		51.02	%		0.18	%		0.77	%		0.11	%		0.99	%		0.78	%		29.93	%		13.35	%		—			—			—			—
SA JPMorgan Mid-Cap Growth		2.74	%		58.07	%		0.05	%		0.49	%		0.49	%		1.64	%		0.92	%		20.19	%		15.41	%		—			—			—			—
SA Large Cap Index		—			1.09	%		0.00	%		0.53	%		0.50	%		1.87	%		1.06	%		58.50	%		27.11	%		0.72	%		2.04	%		6.15	%		0.43	%
SA Legg Mason BW Large Cap Value		2.33	%		65.62	%		0.06	%		0.18	%		0.16	%		0.63	%		0.33	%		17.37	%		13.32	%		—			—			—			—
SA Legg Mason Tactical Opportunities		0.42	%		99.33	%		0.25	%		—			—			—			—			—			—			—			—			—			—
SA MFS Blue Chip Growth		1.20	%		21.28	%		0.11	%		0.85	%		0.74	%		2.93	%		1.58	%		64.17	%		7.13	%		—			—			—			—
SA MFS Massachusetts Investors Trust		1.70	%		39.14	%		0.11	%		—			—			—			—			31.65	%		27.40	%		—			—			—			—
SA MFS Telecom Utility		5.23	%		94.68	%		0.09	%		—			—			—			—			—			—			—			—			—			—
SA MFS Total Return		2.76	%		97.10	%		0.13	%		—			—			—			—			—			—			—			—			—			—
SA Mid Cap Index		0.00	%		0.18	%		0.02	%		0.45	%		1.08	%		1.60	%		0.81	%		50.09	%		30.89	%		0.79	%		3.48	%		9.96	%		0.64	%
SA Morgan Stanley International Equities		1.64	%		34.29	%		0.12	%		0.63	%		0.64	%		2.25	%		1.14	%		51.29	%		8.00	%		—			—			—			—
SA Oppenheimer Main Street Large Cap		1.25	%		30.78	%		0.23	%		1.04	%		0.94	%		3.41	%		1.95	%		—			60.40	%		—			—			—			—
SA PIMCO VCP Tactical Balanced		9.26	%		89.11	%		1.63	%		—			—			—			—			—			—			—			—			—			—
SA PineBridge High-Yield		2.75	%		62.52	%		0.17	%		1.21	%		0.24	%		1.60	%		1.25	%		19.27	%		10.99	%		—			—			—			—
SA Putnam International Growth and Income		2.83	%		56.23	%		0.04	%		0.56	%		0.63	%		2.04	%		1.01	%		—			36.66	%		—			—			—			—
SA Pyramis® Real Estate		4.20	%		76.59	%		0.03	%		—			—			—			—			9.60	%		9.58	%		—			—			—			—
SA Schroders VCP Global Allocation		9.84	%		87.93	%		2.23	%		—			—			—			—			0.00	%		—			—			—			—			—
SA Small Cap Index		—			0.19	%		0.01	%		2.58	%		2.13	%		7.71	%		4.76	%		41.44	%		31.09	%		1.02	%		2.26	%		6.27	%		0.54	%
SA T. Rowe Price Asset Allocation Growth		1.86	%		97.68	%		0.46	%		—			—			—			—			—			—			—			—			—			—
SA T. Rowe Price VCP Balanced		9.27	%		88.99	%		1.74	%		—			—			—			—			—			—			—			—			—			—
SA VCP Dynamic Allocation		7.66	%		91.85	%		0.49	%		—			—			—			—			—			—			—			—			—			—
SA VCP Dynamic Strategy		9.13	%		90.10	%		0.77	%		—			—			—			—			—			—			—			—			—			—
SA VCP Index Allocation		5.60	%		92.01	%		2.39	%		—			—			—			—			—			—			—			—			—			—
SA WellCap Aggressive Growth		3.80	%		67.60	%		0.12	%		—			—			—			—			28.48	%		—			—			—			—			—
SA WellsCap Fundamental Growth		3.58	%		76.65	%		—			—			—			—			—			19.77	%		—			—			—			—			—

554

Note 9.  Investment Concentration

Certain Portfolios invest internationally, including in “emerging market” countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed countries. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the SA Franklin Foreign Value, SA Goldman Sachs Global Bond, SA International Index, SA JPMorgan Emerging Markets, SA Morgan Stanley International Equities and SA Putnam International Growth and Income Portfolios.

The SA PineBridge High-Yield Bond Portfolio’s investment in high yield securities, whether rated or unrated, may be considered speculative and subject to greater market fluctuations and risk of loss of income and principal than lower-yielding, higher-rated, fixed-income securities. The risk of loss due to default by the issuer may be significantly greater for the holders of high yield securities, because such securities are generally unsecured and are often subordinated to other creditors of the issuer.

Each Portfolio may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a fund holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the SA Fixed Income Index, SA Fixed Income Intermediate Index, SA JPMorgan MFS Core Bond and SA PIMCO VCP Tactical Balanced Portfolios concentration in such investments, these funds may be subject to risks associated with the U.S. Government, its agencies or instrumentalities.

SA MFS Telecom Utility Portfolio invests primarily in equity and debt securities of utility companies. Utility companies may include companies engaged in the manufacture, production, generation, transmission, sale or distribution of electric, gas or other types of energy, water or other sanitary services; and companies engaged in telecommunications, including telephone, cellular telephone, telegraph, satellite, microwave, cable television, and other communications media (but not engaged in public broadcasting). Securities in the utilities sector are subject to many risks, including increases in fuel and other operating costs; restrictions on operations, increased costs, and delays as a result of environmental and safety regulations; coping with the impact of energy conservation and other factors reducing the demand for services; technological innovations that may render existing plants, equipment or products obsolete, the potential impact of natural or man-made disasters; difficulty in obtaining adequate returns on invested capital; difficulty in obtaining approval of rate increases; the high cost of obtaining financing, particularly during periods of inflation; increased competition resulting from deregulation, overcapacity, and pricing pressures; and the negative impact of regulation.

SA Pyramis^® Real Estate Portfolio invests primarily in the real estate industry. A fund that invests primarily in the real estate industry is subject to the risks associated with the direct ownership of real estate and could also be subject to the risks of direct ownership as a result of a default on a debt security it may own. These risks include declines in the value of real estate, risks related to general and local economic conditions, overbuilding and increased competition, increases in property taxes and operating expenses, changes in zoning laws, casualty or condemnation losses, fluctuations in rental income, changes in neighborhood values, the appeal of properties to tenants and increases in interest rates. If a fund has rental income or income from the disposition of real property, the receipt of such income may adversely affect its ability to retain its tax status as a regulated investment company.

SA Columbia Technology Portfolio invests primarily in the technology sector. There are numerous risks and uncertainties involved in investing in the technology sector. Historically, the prices of securities in this sector have tended to be volatile. A fund that invests primarily in technology-related issuers bears an additional risk that economic events may affect a substantial portion of its investments. In addition, at times equity securities of technology-related issuers may underperform relative to other sectors. The technology sector includes companies from various industries, including computer hardware, software, semiconductors, telecommunications, electronics, aerospace and defense, health care equipment and biotechnology, among others.

Note 10.  Line of Credit

The Trust has access to a $75 million committed unsecured line of credit and, along with certain other funds managed by the Adviser, a $50 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company (“State Street”), the Trust’s custodian. Interest is currently payable on the committed line of credit at the higher of the Federal Funds Rate (but not less than zero) plus 125 basis points or the One-Month London Interbank Offered Rate (but not less than zero) plus 125 basis points and State Street’s discretionary bid rate on the uncommitted line of credit. The Trust, on behalf of each of the Portfolios, has paid State Street for its own account, such Portfolio’s ratable portion of an upfront fee in an amount equal to $25,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 25 basis points per

555

annum on the daily unused portion of the committed line of credit. Borrowings under the line of credit will commence when the respective Portfolio’s cash shortfall exceeds $100,000. For the year ended January 31, 2018, the following Portfolios had borrowings:

Portfolio	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
SA Columbia Technology		8	$	298	$	506,966		2.45	%
SA Dogs of Wall Street		18		2,293		1,751,336		2.48	%
SA Goldman Sachs Global Bond		3		1,648		7,642,867		2.59	%
SA International Index		12		591		711,529		2.49	%
SA Invesco Growth Opportunities		4		401		1,535,867		2.30	%
SA JPMorgan Emerging Markets		33		12,004		5,231,754		2.50	%
SA JPMorgan Equity-Income		2		909		8,026,049		2.42	%
SA JPMorgan Global Equities		21		9,812		7,253,057		2.49	%
SA JPMorgan MFS Core Bond		5		2,382		8,135,732		2.26	%
SA Legg Mason BW Large Cap Value		27		16,342		9,538,327		2.42	%
SA MFS Blue Chip Growth		5		826		2,289,722		2.46	%
SA MFS Massachusetts Investors Trust		8		2,099		3,489,981		2.67	%
SA MFS Total Return		1		213		3,078,175		2.49	%
SA Mid Cap Index		26		378		211,435		2.48	%
SA PineBridge High-Yield Bond		3		610		2,933,713		2.50	%
SA Putnam International Growth and Income		42		2,734		897,141		2.63	%
SA Pyramis® Real Estate		12		6,427		8,180,208		2.32	%
SA Small Cap Index		21		110		76,378		2.48	%
SA WellsCap Fundamental Growth		2		30		256,865		2.10	%

At January 31, 2018, there were no borrowings outstanding.

Note 11.  Interfund Lending Agreement

Pursuant to the exemptive relief granted by the SEC, the Portfolios are permitted to participate in an interfund lending program among investment companies advised by SAAMCo or an affiliate. The interfund lending program allows the participating Portfolios to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Portfolios receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the year period January 31, 2018, none of the Portfolios participated in this program.

Note 12.  Security Transactions with Affiliated Portfolios

The Portfolios are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board of Trustees. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Trustees, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the period ended January 31, 2018, the following Portfolios engaged in security transactions with affiliated Portfolios:

Portfolio	Cost of Purchases		Proceeds from Sales		Realized Gain/(Loss)
SA Federated Corporate Bond	$	254,688	$	925,328	$	(75,592	)
SA Invesco VCP Equity-Income		2,815,318		—		—
SA JPMorgan MFS Core Bond		51,037		21,053		28
SA MFS Blue Chip Growth		4,886,100		3,212,076		708,158
SA MFS Massachusetts Investors Trust		322,850		550,030		312,007
SA MFS Telecom Utility		17,764		80,489		30,156
SA MFS Total Return		822,900		550,823		68,812
SA Oppenheimer Main Street Large Cap		1,833,876		5,458,503		693,182
SA PIMCO VCP Tactical Balanced		2,561,100		1,847,442		25,259
SA T. Rowe Price Asset Allocation Growth		1,466		314		(9	)
SA T. Rowe Price VCP Balanced		212,777		106,917		673

556

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets(1)			Ratio of net investment income (loss) to average net assets(1)			Portfolio turnover
SA AB Growth Portfolio — Class 1
01/31/14	$	27.20	$	0.02		$	7.20		$	7.22		$	(0.09	)	$	—		$	(0.09	)	$	34.33		26.55	%	$	270,895		0.67	%		0.04	%		63	%
01/31/15		34.33		0.08			5.73			5.81			—			—			—			40.14		16.92			319,922		0.66			0.20			67
01/31/16		40.14		0.09			2.11			2.20			(0.06	)		(4.31	)		(4.37	)		37.97		5.24			352,893		0.65			0.21			65
01/31/17		37.97		0.04			5.15			5.19			(0.09	)		(5.33	)		(5.42	)		37.74		14.06			362,019		0.66			0.10			54
01/31/18		37.74		0.03			13.10			13.13			(0.02	)		(3.08	)		(3.10	)		47.77		35.78			491,203		0.65			0.06			53
SA AB Growth Portfolio — Class 2
01/31/14		27.14		(0.03	)		7.20			7.17			(0.04	)		—			(0.04	)		34.27		26.41			23,204		0.83			(0.10	)		63
01/31/15		34.27		0.02			5.72			5.74			—			—			—			40.01		16.75			22,447		0.81			0.06			67
01/31/16		40.01		0.03			2.09			2.12			—			(4.31	)		(4.31	)		37.82		5.06			19,953		0.80			0.07			65
01/31/17		37.82		(0.02	)		5.13			5.11			(0.02	)		(5.33	)		(5.35	)		37.58		13.89			19,507		0.81			(0.05	)		54
01/31/18		37.58		(0.03	)		13.03			13.00			—			(3.08	)		(3.08	)		47.50		35.59			23,394		0.80			(0.08	)		53
SA AB Growth Portfolio — Class 3
01/31/14		27.02		(0.06	)		7.16			7.10			(0.01	)		—			(0.01	)		34.11		26.26			127,869		0.93			(0.20	)		63
01/31/15		34.11		(0.01	)		5.68			5.67			—			—			—			39.78		16.62			126,671		0.91			(0.04	)		67
01/31/16		39.78		(0.01	)		2.09			2.08			—			(4.31	)		(4.31	)		37.55		4.99			119,707		0.90			(0.03	)		65
01/31/17		37.55		(0.06	)		5.09			5.03			—			(5.33	)		(5.33	)		37.25		13.79			119,270		0.91			(0.15	)		54
01/31/18		37.25		(0.08	)		12.91			12.83			—			(3.08	)		(3.08	)		47.00		35.44			136,572		0.90			(0.18	)		53
SA AB Small & Mid Cap Value Portfolio — Class 1@
01/31/14		18.71		0.12			4.19			4.31			(0.11	)		(1.61	)		(1.72	)		21.30		23.38			40,650		0.96			0.59			51
01/31/15		21.30		0.11			1.40			1.51			(0.20	)		(3.50	)		(3.70	)		19.11		8.56			80,714		0.95			0.53			45
01/31/16		19.11		0.07			(1.44	)		(1.37	)		(0.12	)		(2.82	)		(2.94	)		14.80		(8.83	)		90,372		0.95			0.37			44
01/31/17		14.80		0.06			5.13			5.19			(0.07	)		(0.87	)		(0.94	)		19.05		35.85			105,585		0.95			0.36			57
01/31/18		19.05		0.07			2.56			2.63			(0.08	)		(1.86	)		(1.94	)		19.74		14.54			91,640		0.95			0.36			33
SA AB Small & Mid Cap Value Portfolio — Class 2@
01/31/14		18.68		0.09			4.19			4.28			(0.08	)		(1.61	)		(1.69	)		21.27		23.24			19,206		1.11			0.42			51
01/31/15		21.27		0.10			1.37			1.47			(0.16	)		(3.50	)		(3.66	)		19.08		8.36			16,166		1.10			0.42			45
01/31/16		19.08		0.04			(1.44	)		(1.40	)		(0.08	)		(2.82	)		(2.90	)		14.78		(8.97	)		12,967		1.10			0.22			44
01/31/17		14.78		0.04			5.12			5.16			(0.04	)		(0.87	)		(0.91	)		19.03		35.67			14,727		1.10			0.21			57
01/31/18		19.03		0.04			2.56			2.60			(0.05	)		(1.86	)		(1.91	)		19.72		14.37			14,443		1.10			0.21			33
SA AB Small & Mid Cap Value Portfolio — Class 3@
01/31/14		18.60		0.07			4.17			4.24			(0.06	)		(1.61	)		(1.67	)		21.17		23.13			580,647		1.21			0.32			51
01/31/15		21.17		0.07			1.38			1.45			(0.14	)		(3.50	)		(3.64	)		18.98		8.31			530,998		1.20			0.32			45
01/31/16		18.98		0.02			(1.44	)		(1.42	)		(0.06	)		(2.82	)		(2.88	)		14.68		(9.11	)		445,890		1.20			0.12			44
01/31/17		14.68		0.02			5.09			5.11			(0.02	)		(0.87	)		(0.89	)		18.90		35.57			501,178		1.20			0.11			57
01/31/18		18.90		0.02			2.53			2.55			(0.03	)		(1.86	)		(1.89	)		19.56		14.21			510,169		1.20			0.11			33

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA AB Growth Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA AB Growth Class 2		0.00			0.00			0.00			0.00			0.00
SA AB Growth Class 3		0.00			0.00			0.00			0.00			0.00
SA AB Small & Mid-Cap Value Class 1		0.02			0.02			0.01			0.01			0.01
SA AB Small & Mid-Cap Value Class 2		0.02			0.02			0.01			0.01			0.01
SA AB Small & Mid-Cap Value Class 3		0.02			0.02			0.01			0.01			0.01

See Notes to Financial Statements

557

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments			Total from investment operations		Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA BlackRock VCP Global Multi Asset Portfolio — Class 1
09/26/16#- 01/31/17	$	10.67	$	0.01		$	(0.01	)	$	0.00	$	(0.01	)	$	(0.09	)	$	(0.10	)	$	10.57		0.00	%	$	100		0.91	%†		0.21	%†		161	%
01/31/18		10.57		0.07			1.36			1.43		(0.01	)		(0.04	)		(0.05	)		11.95		13.51			120		0.91			0.62			160
SA BlackRock VCP Global Multi Asset Portfolio — Class 3
01/25/16#-01/31/16		10.00		(0.00	)		0.19			0.19		—			—			—			10.19		1.90			12,290		1.16	†		(0.15	)†		0
01/31/17		10.19		0.01			0.46			0.47		(0.01	)		(0.09	)		(0.10	)		10.56		4.58			484,730		1.16			0.12			161
01/31/18		10.56		0.04			1.36			1.40		(0.00	)		(0.04	)		(0.04	)		11.92		13.28			748,085		1.16			0.34			160
SA Boston Company Capital Growth Portfolio — Class 1@
01/31/14		10.02		0.03			2.04			2.07		(0.09	)		—			(0.09	)		12.00		20.72			7,517		0.97			0.24			82
01/31/15		12.00		0.03			1.01			1.04		(0.01	)		—			(0.01	)		13.03		8.69			42,252		0.85	(2)		0.22	(2)		112
01/31/16		13.03		0.05			0.20			0.25		(0.01	)		(0.57	)		(0.58	)		12.70		1.75			91,155		0.81	(2)		0.39	(2)		51
01/31/17		12.70		0.07			1.67			1.74		(0.03	)		(0.06	)		(0.09	)		14.35		13.65			223,489		0.78	(2)		0.52	(2)		68
01/31/18		14.35		0.06			3.95			4.01		(0.05	)		(0.16	)		(0.21	)		18.15		28.09			335,870		0.77	(2)		0.37	(2)		66
SA Boston Company Capital Growth Portfolio — Class 2@
01/31/14		9.90		0.01			2.01			2.02		(0.07	)		—			(0.07	)		11.85		20.48			2,365		1.12			0.10			82
01/31/15		11.85		0.02			0.99			1.01		—			—			—			12.86		8.52			1,825		1.03	(2)		0.13	(2)		112
01/31/16		12.86		0.04			0.20			0.24		—			(0.57	)		(0.57	)		12.53		1.70			1,653		0.96	(2)		0.27	(2)		51
01/31/17		12.53		0.05			1.63			1.68		(0.00	)		(0.06	)		(0.06	)		14.15		13.42			1,715		0.94	(2)		0.39	(2)		68
01/31/18		14.15		0.04			3.88			3.92		(0.02	)		(0.16	)		(0.18	)		17.89		27.87			1,762		0.92	(2)		0.25	(2)		66
SA Boston Company Capital Growth Portfolio — Class 3@
01/31/14		9.84		0.00			1.99			1.99		(0.06	)		—			(0.06	)		11.77		20.30			51,413		1.22			(0.01	)		82
01/31/15		11.77		0.00			0.99			0.99		—			—			—			12.76		8.41			47,600		1.13	(2)		0.03	(2)		112
01/31/16		12.76		0.02			0.20			0.22		—			(0.57	)		(0.57	)		12.41		1.55			44,729		1.06	(2)		0.17	(2)		51
01/31/17		12.41		0.04			1.62			1.66		—			(0.06	)		(0.06	)		14.01		13.36			54,394		1.04	(2)		0.29	(2)		68
01/31/18		14.01		0.02			3.84			3.86		(0.01	)		(0.16	)		(0.17	)		17.70		27.71			58,522		1.02	(2)		0.14	(2)		66

* Calculated based upon average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

† Annualized

# Commencement of operations.

@ See Note 1

(1) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses															Net Investment Income (Loss)
Portfolio	1/14			1/15			1/16			1/17			1/18			1/14			1/15			1/16			1/17			1/18
SA BlackRock VCP Global Multi Asset Class 1		—	%		—	%		—	%		0.98	%†		0.91	%		—	%		—	%		—	%		0.14	%†		0.62	%
SA BlackRock VCP Global Multi Asset Class 3		—			—			12.00	†		1.28			1.16			—			—			(10.99	)†		0.00			0.34
SA Boston Company Capital Growth Class 1		1.07			0.99	(2)		0.95	(2)		0.91	(2)		0.88	(2)		0.14			0.08	(2)		0.25	(2)		0.39	(2)		0.26	(2)
SA Boston Company Capital Growth Class 2		1.22			1.17	(2)		1.11	(2)		1.07	(2)		1.03	(2)		(0.00	)		(0.01)	(2)		0.13	(2)		0.26	(2)		0.14	(2)
SA Boston Company Capital Growth Class 3		1.32			1.27	(2)		1.21	(2)		1.17	(2)		1.13	(2)		(0.11	)		(0.11)	(2)		0.03	(2)		0.16	(2)		0.04	(2)

(2) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/15			1/16			1/17			1/18
SA Boston Company Capital Growth Class 1		0.01	%		0.01	%		0.01	%		0.01	%
SA Boston Company Capital Growth Class 2		0.00			0.01			0.01			0.01
SA Boston Company Capital Growth Class 3		0.00			0.01			0.01			0.01

See Notes to Financial Statements

558

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments		Total from investment operations		Dividends declared from net investment income		Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets(1)(2)			Ratio of net investment income (loss) to average net assets(1)(2)			Portfolio turnover
SA Columbia Technology Portfolio — Class 1@
01/31/14	$	3.05	$	(0.01	)	$	0.63	$	0.62	$	—	$	—		$	—		$	3.67		20.33	%	$	10,209		1.16	%		(0.43	)%		88	%
01/31/15		3.67		(0.02	)		0.90		0.88		—		—			—			4.55		23.98	(3)		11,742		1.12			(0.40	)		88
01/31/16		4.55		(0.01	)		0.09		0.08		—		—			—			4.63		1.76			10,516		1.08			(0.20	)		59
01/31/17		4.63		(0.01	)		1.72		1.71		—		—			—			6.34		36.93	(3)		12,239		1.06			(0.22	)		56
01/31/18		6.34		(0.01	)		2.07		2.06		—		(0.93	)		(0.93	)		7.47		33.42			15,771		1.04			(0.22	)		56
SA Columbia Technology Portfolio — Class 2@
01/31/14		3.00		(0.02	)		0.63		0.61		—		—			—			3.61		20.33			3,043		1.31			(0.58	)		88
01/31/15		3.61		(0.02	)		0.88		0.86		—		—			—			4.47		23.82	(3)		3,261		1.27			(0.54	)		88
01/31/16		4.47		(0.02	)		0.09		0.07		—		—			—			4.54		1.57			3,258		1.23			(0.35	)		59
01/31/17		4.54		(0.02	)		1.68		1.66		—		—			—			6.20		36.56	(3)		3,975		1.21			(0.37	)		56
01/31/18		6.20		(0.02	)		2.02		2.00		—		(0.93	)		(0.93	)		7.27		33.21			5,043		1.20			(0.37	)		56
SA Columbia Technology Portfolio — Class 3@
01/31/14		2.97		(0.02	)		0.62		0.60		—		—			—			3.57		20.20			26,723		1.41			(0.69	)		88
01/31/15		3.57		(0.03	)		0.87		0.84		—		—			—			4.41		23.53	(3)		33,661		1.38			(0.65	)		88
01/31/16		4.41		(0.02	)		0.09		0.07		—		—			—			4.48		1.59			36,051		1.33			(0.45	)		59
01/31/17		4.48		(0.02	)		1.66		1.64		—		—			—			6.12		36.61	(3)		43,656		1.31			(0.47	)		56
01/31/18		6.12		(0.03	)		1.99		1.96		—		(0.93	)		(0.93	)		7.15		32.98			55,756		1.30			(0.47	)		56

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

(1) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolio or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. If all fees and expenses had been incurred by the Portfolio, 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:

	Expenses															Net Investment Income (Loss)
Portfolio	1/14(2)			1/15(2)			1/16(2)			1/17(2)			1/18(2)			1/14(2)			1/15(2)			1/16(2)			1/17(2)			1/18(2)
SA Columbia Technology Class 1		1.26	%		1.22	%		1.18	%		1.16	%		1.14	%		(0.53	)%		(0.50	)%		(0.30	)%		(0.32	)%		(0.32	)%
SA Columbia Technology Class 2		1.41			1.37			1.33			1.31			1.30			(0.68	)		(0.64	)		(0.45	)		(0.47	)		(0.47	)
SA Columbia Technology Class 3		1.51			1.48			1.43			1.41			1.40			(0.79	)		(0.75	)		(0.55	)		(0.57	)		(0.57	)

(2) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA Columbia Technology Class 1		0.02	%		0.03	%		0.03	%		0.02	%		0.02	%
SA Columbia Technology Class 2		0.02			0.03			0.03			0.02			0.02
SA Columbia Technology Class 3		0.02			0.03			0.03			0.02			0.02

(3) The Portfolio’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

559

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments		Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover
SA DFA Ultra Short Bond Portfolio — Class 1@
01/31/14	$	10.61	$	(0.03	)	$	(0.00	)	$	(0.03	)	$	—		$	—	$	—		$	10.58		(0.28	)%	$	79,418		0.45	%(1)		(0.27	)%(1)		—	%
01/31/15		10.58		(0.03	)		0.01			(0.02	)		—			—		—			10.56		(0.19	)		72,581		0.45	(1)		(0.28	)(1)		—
01/31/16		10.56		(0.02	)		0.00			(0.02	)(2)		—			—		—			10.54		(0.19	)		63,380		0.45	(1)		(0.19	)(1)		—
01/31/17		10.54		0.04			(0.04	)		0.00			—			—		—			10.54		0.00			304,376		0.50	(1)		0.41	(1)		126
01/31/18		10.54		0.09			(0.04	)		0.05			(0.03	)		—		(0.03	)		10.56		0.51			215,125		0.50			0.89			105
SA DFA Ultra Short Bond Portfolio — Class 2@
01/31/14		10.55		(0.04	)		(0.01	)		(0.05	)		—			—		—			10.50		(0.47	)		16,899		0.60	(1)		(0.42	)(1)		—
01/31/15		10.50		(0.04	)		0.00			(0.04	)		—			—		—			10.46		(0.38	)		13,803		0.60	(1)		(0.43	)(1)		—
01/31/16		10.46		(0.04	)		0.00			(0.04	)(2)		—			—		—			10.42		(0.38	)		20,166		0.60	(1)		(0.34	)(1)		—
01/31/17		10.42		0.01			(0.02	)		(0.01	)		—			—		—			10.41		(0.10	)		15,865		0.65	(1)		0.14	(1)		126
01/31/18		10.41		0.08			(0.04	)		0.04			(0.01	)		—		(0.01	)		10.44		0.42			14,206		0.65			0.76			105
SA DFA Ultra Short Bond Portfolio — Class 3@
01/31/14		10.50		(0.05	)		(0.01	)		(0.06	)		—			—		—			10.44		(0.57	)		187,750		0.70	(1)		(0.52	)(1)		—
01/31/15		10.44		(0.05	)		0.00			(0.05	)		—			—		—			10.39		(0.48	)		169,945		0.70	(1)		(0.53	)(1)		—
01/31/16		10.39		(0.04	)		(0.01	)		(0.05	)(2)		—			—		—			10.34		(0.48	)		249,970		0.70	(1)		(0.44	)(1)		—
01/31/17		10.34		0.00			(0.02	)		(0.02	)		—			—		—			10.32		(0.19	)		201,194		0.75	(1)		0.03	(1)		126
01/31/18		10.32		0.07			(0.04	)		0.03			(0.00	)		—		(0.00	)		10.35		0.32			175,836		0.75			0.66			105

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

(1) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolio or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. If all fees and expenses had been incurred by the Portfolio, 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:

	Expenses												Net Investment Income (Loss)
Portfolio	1/14			1/15			1/16			1/17			1/14			1/15			1/16			1/17
SA DFA Ultra Short Bond Class 1		0.51	%		0.50	%		0.53	%		0.51	%		(0.33	)%		(0.33	)%		(0.27	)%		0.40	%
SA DFA Ultra Short Bond Class 2		0.66			0.65			0.67			0.67			(0.48	)		(0.48	)		(0.42	)		0.11
SA DFA Ultra Short Bond Class 3		0.76			0.75			0.78			0.77			(0.58	)		(0.58	)		(0.51	)		0.01

(2) Includes the effect of a merger.

See Notes to Financial Statements

560

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover
SA Dogs of Wall Street Portfolio — Class 1@
01/31/14	$	10.01	$	0.29	$	2.16		$	2.45		$	(0.17	)	$	—		$	(0.17	)	$	12.29		24.56	%	$	95,864		0.68	%		2.49	%		50	%
01/31/15		12.29		0.32		1.11			1.43			(0.19	)		(0.55	)		(0.74	)		12.98		11.84			156,928		0.66			2.42			46
01/31/16		12.98		0.31		(0.00	)		0.31			(0.26	)		(0.91	)		(1.17	)		12.12		2.38			183,901		0.64			2.43			68
01/31/17		12.12		0.34		2.23			2.57			(0.31	)		(0.72	)		(1.03	)		13.66		21.56			186,426		0.64			2.51			61
01/31/18		13.66		0.34		2.70			3.04			(0.35	)		(1.21	)		(1.56	)		15.14		23.41			192,395		0.64			2.37			56
SA Dogs of Wall Street Portfolio — Class 2@
01/31/14		9.99		0.28		2.16			2.44			(0.16	)		—			(0.16	)		12.27		24.46			8,484		0.83			2.36			50
01/31/15		12.27		0.30		1.10			1.40			(0.17	)		(0.55	)		(0.72	)		12.95		11.60			7,347		0.81			2.28			46
01/31/16		12.95		0.30		(0.00	)		0.30			(0.24	)		(0.91	)		(1.15	)		12.10		2.28			6,464		0.79			2.30			68
01/31/17		12.10		0.32		2.22			2.54			(0.29	)		(0.72	)		(1.01	)		13.63		21.32			7,293		0.79			2.36			61
01/31/18		13.63		0.32		2.70			3.02			(0.33	)		(1.21	)		(1.54	)		15.11		23.28			7,666		0.79			2.22			56
SA Dogs of Wall Street Portfolio — Class 3@
01/31/14		9.97		0.26		2.16			2.42			(0.16	)		—			(0.16	)		12.23		24.29			101,665		0.93			2.25			50
01/31/15		12.23		0.28		1.10			1.38			(0.17	)		(0.55	)		(0.72	)		12.89		11.46			126,193		0.91			2.17			46
01/31/16		12.89		0.28		0.01			0.29			(0.23	)		(0.91	)		(1.14	)		12.04		2.23			123,619		0.89			2.19			68
01/31/17		12.04		0.30		2.20			2.50			(0.28	)		(0.72	)		(1.00	)		13.54		21.09			160,177		0.89			2.25			61
01/31/18		13.54		0.30		2.69			2.99			(0.32	)		(1.21	)		(1.53	)		15.00		23.20			177,980		0.89			2.12			56
SA Federated Corporate Bond Portfolio — Class 1@
01/31/14		13.90		0.62		(0.25	)		0.37			(0.61	)		(0.17	)		(0.78	)		13.49		2.81			526,339		0.56			4.67			14
01/31/15		13.49		0.59		0.27			0.86			(0.50	)		(0.04	)		(0.54	)		13.81		6.47			831,572		0.55			4.31			12
01/31/16		13.81		0.57		(1.02	)		(0.45	)		(0.53	)		(0.04	)		(0.57	)		12.79		(3.32	)		962,298		0.54			4.27			18
01/31/17		12.79		0.58		0.66			1.24			(0.64	)		—			(0.64	)		13.39		9.67			720,862		0.54			4.23			22
01/31/18		13.39		0.55		0.16			0.71			(0.63	)		(0.06	)		(0.69	)		13.41		5.30			695,388		0.54			4.01			17
SA Federated Corporate Bond Portfolio — Class 2@
01/31/14		13.88		0.63		(0.28	)		0.35			(0.59	)		(0.17	)		(0.76	)		13.47		2.63			31,387		0.71			4.54			14
01/31/15		13.47		0.58		0.26			0.84			(0.48	)		(0.04	)		(0.52	)		13.79		6.29			28,786		0.70			4.19			12
01/31/16		13.79		0.56		(1.02	)		(0.46	)		(0.51	)		(0.04	)		(0.55	)		12.78		(3.43	)		24,136		0.69			4.12			18
01/31/17		12.78		0.55		0.67			1.22			(0.62	)		—			(0.62	)		13.38		9.50			23,588		0.69			4.06			22
01/31/18		13.38		0.53		0.15			0.68			(0.60	)		(0.06	)		(0.66	)		13.40		5.12			21,287		0.69			3.86			17
SA Federated Corporate Bond Portfolio — Class 3@
01/31/14		13.82		0.60		(0.26	)		0.34			(0.58	)		(0.17	)		(0.75	)		13.41		2.57			896,610		0.81			4.43			14
01/31/15		13.41		0.56		0.26			0.82			(0.47	)		(0.04	)		(0.51	)		13.72		6.17			900,946		0.80			4.08			12
01/31/16		13.72		0.54		(1.02	)		(0.48	)		(0.49	)		(0.04	)		(0.53	)		12.71		(3.54	)		819,716		0.79			4.02			18
01/31/17		12.71		0.53		0.67			1.20			(0.60	)		—			(0.60	)		13.31		9.45			886,503		0.79			3.96			22
01/31/18		13.31		0.51		0.15			0.66			(0.59	)		(0.06	)		(0.65	)		13.32		5.01			904,313		0.79			3.76			17

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

561

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income		Dividends from net realized gain on investments		Total distributions		Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets(1)†		Ratio of net investment income to average net assets(1)†		Portfolio turnover
SA Fixed Income Index Portfolio — Class 1
02/06/17#- 01/31/18		10.00		0.20		(0.05	)		0.15			—		—		—		10.15		1.50			303,097		0.34		2.03		19	%
SA Fixed Income Index Portfolio — Class 3
02/06/17#- 01/31/18		10.00		0.16		(0.04	)		0.12			—		—		—		10.12		1.20			1,474		0.59		1.79		19
SA Fixed Income Intermediate Index Portfolio — Class 1
10/06/17#- 01/31/18		10.00		0.05		(0.19	)		(0.14	)		—		—		—		9.86		(1.40	)		238,098		0.34		1.58		8
SA Fixed Income Intermediate Index Portfolio — Class 3
10/06/17#- 01/31/18		10.00		0.04		(0.18	)		(0.14	)		—		—		—		9.86		(1.40	)		1,412		0.59		1.37		8

* Calculated based upon average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

† Annualized

# Commencement of operations

(1) During the below stated periods, the investment adviser either waived fees and assumed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses			Net Investment Income (Loss)
Portfolio	1/18†			1/18†
SA Fixed Income Index Class 1		0.37	%		1.99	%
SA Fixed Income Index Class 3		0.69			1.70
SA Fixed Income Intermediate Index Class 1		0.43			1.49
SA Fixed Income Intermediate Index Class 3		1.34			0.62

See Notes to Financial Statements

562

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover
SA Franklin Foreign Value Portfolio — Class 1@
01/31/14	$	14.74	$	0.19	$	1.80		$	1.99		$	(0.31	)	$	—		$	(0.31	)	$	16.42		13.49	%	$	242,569		0.87	%(1)		1.28	%(1)		17	%
01/31/15		16.42		0.35		(0.88	)		(0.53	)		(0.21	)		—			(0.21	)		15.68		(3.20	)		528,744		0.83	(1)		2.20	(1)		8
01/31/16		15.68		0.27		(1.95	)		(1.68	)		(0.35	)		—			(0.35	)		13.65		(11.01	)		613,167		0.83	(1)		1.73	(1)		18
01/31/17		13.65		0.36		1.45			1.81			(0.28	)		(0.28	)		(0.56	)		14.90		13.53			540,797		0.83	(1)		2.54	(1)		19
01/31/18		14.90		0.30		2.98			3.28			(0.45	)		—			(0.45	)		17.73		22.20			514,253		0.83	(1)		1.86	(1)		16
SA Franklin Foreign Value Portfolio — Class 2@
01/31/14		14.72		0.24		1.71			1.95			(0.28	)		—			(0.28	)		16.39		13.27			23,442		1.02	(1)		1.60	(1)		17
01/31/15		16.39		0.47		(1.02	)		(0.55	)		(0.18	)		—			(0.18	)		15.66		(3.33	)		18,748		0.98	(1)		2.79	(1)		8
01/31/16		15.66		0.27		(1.97	)		(1.70	)		(0.32	)		—			(0.32	)		13.64		(11.13	)		14,146		0.98	(1)		1.69	(1)		18
01/31/17		13.64		0.32		1.46			1.78			(0.25	)		(0.28	)		(0.53	)		14.89		13.31			13,310		0.98	(1)		2.25	(1)		19
01/31/18		14.89		0.28		2.98			3.26			(0.42	)		—			(0.42	)		17.73		22.10			13,992		0.98	(1)		1.73	(1)		16
SA Franklin Foreign Value Portfolio — Class 3@
01/31/14		14.69		0.22		1.72			1.94			(0.27	)		—			(0.27	)		16.36		13.21			646,752		1.12	(1)		1.49	(1)		17
01/31/15		16.36		0.43		(0.99	)		(0.56	)		(0.17	)		—			(0.17	)		15.63		(3.42	)		613,752		1.08	(1)		2.59	(1)		8
01/31/16		15.63		0.25		(1.98	)		(1.73	)		(0.30	)		—			(0.30	)		13.60		(11.29	)		506,615		1.08	(1)		1.56	(1)		18
01/31/17		13.60		0.29		1.48			1.77			(0.24	)		(0.28	)		(0.52	)		14.85		13.26			545,963		1.08	(1)		2.09	(1)		19
01/31/18		14.85		0.27		2.97			3.24			(0.41	)		—			(0.41	)		17.68		21.98			568,413		1.08	(1)		1.64	(1)		16
SA Franklin Small Company Value Portfolio — Class 1@
01/31/14		20.55		0.09		4.21			4.30			(0.21	)		(0.08	)		(0.29	)		24.56		20.95			163,689		1.01			0.41			10
01/31/15		24.56		0.08		(0.29	)		(0.21	)		(0.08	)		(0.82	)		(0.90	)		23.45		(0.69	)		260,770		1.00			0.32			22
01/31/16		23.45		0.14		(1.56	)		(1.42	)		(0.08	)		(1.72	)		(1.80	)		20.23		(6.66	)		235,150		0.99			0.60			41
01/31/17		20.23		0.12		7.18			7.30			(0.17	)		(2.60	)		(2.77	)		24.76		37.51			212,319		0.99			0.52			27
01/31/18		24.76		0.24		2.22			2.46			(0.16	)		(3.15	)		(3.31	)		23.91		10.66			149,189		0.99	(2)		0.96	(2)		31
SA Franklin Small Company Value Portfolio — Class 3@
01/31/14		20.41		0.05		4.16			4.21			(0.16	)		(0.08	)		(0.24	)		24.38		20.62			247,510		1.27			0.20			10
01/31/15		24.38		0.02		(0.28	)		(0.26	)		(0.02	)		(0.82	)		(0.84	)		23.28		(0.93	)		230,544		1.25			0.08			22
01/31/16		23.28		0.08		(1.55	)		(1.47	)		(0.01	)		(1.72	)		(1.73	)		20.08		(6.88	)		203,532		1.24			0.35			41
01/31/17		20.08		0.06		7.12			7.18			(0.11	)		(2.60	)		(2.71	)		24.55		37.12			225,663		1.24			0.26			27
01/31/18		24.55		0.15		2.23			2.38			(0.10	)		(3.15	)		(3.25	)		23.68		10.38			223,129		1.24	(2)		0.63	(2)		31

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA Franklin Foreign Value Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Franklin Foreign Value Class 2		0.00			0.00			0.00			0.00			0.00
SA Franklin Foreign Value Class 3		0.00			0.00			0.00			0.00			0.00

(2) During the below stated periods, the investment adviser either waived fees and assumed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses			Net Investment Income (Loss)
Portfolio	1/18			1/18
SA Franklin Small Company Value Class 1		1.00	%		0.94	%
SA Franklin Small Company Value Class 3		1.25			0.62

See Notes to Financial Statements

563

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover
SA Goldman Sachs Global Bond Portfolio — Class 1@
01/31/14	$	11.60	$	0.15	$	(0.25	)	$	(0.10	)	$	(0.13	)	$	(0.10	)	$	(0.23	)	$	11.27		(0.83	)%	$	140,303		0.71	%		1.37	%		222	%
01/31/15		11.27		0.14		(0.38	)		(0.24	)		—			—			—			11.03		(2.13	)		189,565		0.70			1.25			69
01/31/16		11.03		0.11		(0.25	)		(0.14	)		—			(0.05	)		(0.05	)		10.84		(1.28	)		224,593		0.69			0.99			99
01/31/17		10.84		0.08		0.03			0.11			(0.03	)		—			(0.03	)		10.92		1.03			178,675		0.68			0.71			115
01/31/18		10.92		0.11		0.70			0.81			(0.34	)		—			(0.34	)		11.39		7.53			133,158		0.71			0.93			125
SA Goldman Sachs Global Bond Portfolio — Class 2@
01/31/14		11.53		0.13		(0.25	)		(0.12	)		(0.11	)		(0.10	)		(0.21	)		11.20		(1.02	)		10,753		0.86			1.19			222
01/31/15		11.20		0.13		(0.38	)		(0.25	)		—			—			—			10.95		(2.23	)		8,839		0.85			1.12			69
01/31/16		10.95		0.09		(0.25	)		(0.16	)		—			(0.05	)		(0.05	)		10.74		(1.48	)		7,169		0.84			0.85			99
01/31/17		10.74		0.06		0.03			0.09			(0.01	)		—			(0.01	)		10.82		0.87			6,249		0.83			0.57			115
01/31/18		10.82		0.09		0.69			0.78			(0.32	)		—			(0.32	)		11.28		7.31			6,084		0.86			0.78			125
SA Goldman Sachs Global Bond Portfolio — Class 3@
01/31/14		11.46		0.12		(0.24	)		(0.12	)		(0.11	)		(0.10	)		(0.21	)		11.13		(1.07	)		275,388		0.96			1.10			222
01/31/15		11.13		0.11		(0.38	)		(0.27	)		—			—			—			10.86		(2.43	)		274,670		0.95			1.01			69
01/31/16		10.86		0.08		(0.24	)		(0.16	)		—			(0.05	)		(0.05	)		10.65		(1.49	)		262,904		0.94			0.75			99
01/31/17		10.65		0.05		0.03			0.08			(0.01	)		—			(0.01	)		10.72		0.73			298,933		0.93			0.46			115
01/31/18		10.72		0.07		0.69			0.76			(0.31	)		—			(0.31	)		11.17		7.23			315,873		0.96			0.68			125
SA Goldman Sachs Multi-Asset Insights Portfolio — Class 1
10/06/17#- 01/31/18		10.00		0.02		0.60			0.62			(0.03	)		(0.03	)		(0.06	)		10.56		6.23			108		0.81	†(1)		0.64	†(1)		46
SA Goldman Sachs Multi-Asset Insights Portfolio — Class 3
10/06/17#- 01/31/18		10.00		0.01		0.60			0.61			(0.02	)		(0.03	)		(0.05	)		10.56		6.17			11,601		1.06	†(1)		0.41	†(1)		46

* Calculated based upon average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

† Annualized

# Commencement of operations

@ See Note 1

(1) During the below stated periods, the investment adviser either waived fees and assumed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses			Net Investment Income (Loss)
Portfolio	1/18†			1/18†
SA Goldman Sachs Multi-Asset Allocation Class 1		2.90	%		(1.45	)%
SA Goldman Sachs Multi-Asset Allocation Class 3		3.16			(1.69	)

See Notes to Financial Statements

564

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments		Total from investment operations		Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets(1)†			Ratio of net investment income to average net assets(1)†			Portfolio turnover
SA Index Allocation 60/40 Portfolio — Class 1
02/06/17#- 01/31/18	$	10.00	$	0.07	$	1.40	$	1.47	$	(0.10	)	$	(0.08	)	$	(0.18	)	$	11.29		14.73	%	$	152		0.18	%		0.63	%		36	%
SA Index Allocation 60/40 Portfolio — Class 3
02/06/17#- 01/31/18		10.00		0.09		1.36		1.45		(0.08	)		(0.08	)		(0.16	)		11.29		14.49			34,950		0.43			0.94			36
SA Index Allocation 80/20 Portfolio — Class 1
02/06/17#- 01/31/18		10.00		0.07		1.85		1.92		(0.13	)		(0.06	)		(0.19	)		11.73		19.32			119		0.18			0.70			23
SA Index Allocation 80/20 Portfolio — Class 3
02/06/17#- 01/31/18		10.00		0.16		1.73		1.89		(0.11	)		(0.06	)		(0.17	)		11.72		18.97			79,690		0.43			1.62			23
SA Index Allocation 90/10 Portfolio — Class 1
02/06/17#- 01/31/18		10.00		0.15		2.02		2.17		(0.16	)		(0.06	)		(0.22	)		11.95		21.78			268		0.18			1.36			18
SA Index Allocation 90/10 Portfolio — Class 3
02/06/17#- 01/31/18		10.00		0.19		1.95		2.14		(0.13	)		(0.06	)		(0.19	)		11.95		21.53			222,233		0.43			1.87			18

* Calculated based upon average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

† Annualized

# Commencement of operations.

(1) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses			Net Investment Income (Loss)
Portfolio	01/18†			01/18†
SA Index Allocation 60/40 Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		1.44	%		(0.63	)%
SA Index Allocation 60/40 Class 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.82			0.56
SA Index Allocation 80/20 Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		1.36			(0.47	)
SA Index Allocation 80/20 Class 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.56			1.49
SA Index Allocation 90/10 Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.64			0.90
SA Index Allocation 90/10 Class 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.44			1.87

See Notes to Financial Statements

565

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover
SA International Index Portfolio — Class 1
02/06/17#- 01/31/18	$	10.00	$	0.24		$	2.15		$	2.39		$	(0.23	)	$	(0.03	)	$	(0.26	)	$	12.13		24.09	%	$	389,353		0.52	%†(1)		2.23	%†(1)		15	%
SA International Index Portfolio — Class 3
02/06/17#- 01/31/18		10.00		0.18			2.18			2.36			(0.21	)		(0.03	)		(0.24	)		12.12		23.73			402		0.77	†(1)		1.68	†(1)		15
SA Invesco Growth Opportunities Portfolio — Class 1@
01/31/14		8.40		(0.04	)		2.42			2.38			—			(0.57	)		(0.57	)		10.21		28.71			79,176		0.80	(2)		(0.41	)(2)		81
01/31/15		10.21		(0.04	)		0.27			0.23			—			(1.32	)		(1.32	)		9.12		4.15			104,633		0.79	(2)		(0.44	)(2)		82
01/31/16		9.12		(0.04	)		(0.79	)		(0.83	)		—			(1.16	)		(1.16	)		7.13		(10.51	)		97,228		0.79	(2)		(0.44	)(2)		60
01/31/17		7.13		(0.02	)		1.45			1.43			—			(0.66	)		(0.66	)		7.90		20.62			105,375		0.79	(2)		(0.31	)(2)		57
01/31/18		7.90		(0.03	)		2.03			2.00			—			(0.30	)		(0.30	)		9.60		25.64			121,703		0.79	(2)		(0.38	)(2)		38
SA Invesco Growth Opportunities Portfolio — Class 2@
01/31/14		8.25		(0.05	)		2.37			2.32			—			(0.57	)		(0.57	)		10.00		28.50			4,167		0.96	(2)		(0.55	)(2)		81
01/31/15		10.00		(0.05	)		0.25			0.20			—			(1.32	)		(1.32	)		8.88		3.94			3,660		0.94	(2)		(0.58	)(2)		82
01/31/16		8.88		(0.05	)		(0.76	)		(0.81	)		—			(1.16	)		(1.16	)		6.91		(10.57	)		2,989		0.94	(2)		(0.58	)(2)		60
01/31/17		6.91		(0.03	)		1.40			1.37			—			(0.66	)		(0.66	)		7.62		20.40			3,026		0.94	(2)		(0.46	)(2)		57
01/31/18		7.62		(0.04	)		1.96			1.92			—			(0.30	)		(0.30	)		9.24		25.53			3,134		0.94	(2)		(0.52	)(2)		38
SA Invesco Growth Opportunities Portfolio — Class 3@
01/31/14		8.16		(0.06	)		2.34			2.28			—			(0.57	)		(0.57	)		9.87		28.32			210,968		1.06	(2)		(0.65	)(2)		81
01/31/15		9.87		(0.06	)		0.25			0.19			—			(1.32	)		(1.32	)		8.74		3.87			189,902		1.04	(2)		(0.68	)(2)		82
01/31/16		8.74		(0.06	)		(0.74	)		(0.80	)		—			(1.16	)		(1.16	)		6.78		(10.63	)		151,349		1.04	(2)		(0.68	)(2)		60
01/31/17		6.78		(0.04	)		1.38			1.34			—			(0.66	)		(0.66	)		7.46		20.35			166,823		1.04	(2)		(0.56	)(2)		57
01/31/18		7.46		(0.05	)		1.91			1.86			—			(0.30	)		(0.30	)		9.02		25.27			173,168		1.04	(2)		(0.62	)(2)		38

* Calculated based upon average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

† Annualized

# Commencement of operations

@ See Note 1

(1) During the below stated periods, the investment adviser either waived fees and assumed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses			Net Investment Income (Loss)
Portfolio	01/18†			01/18†
SA International Index Class 1		0.58	%		2.17	%
SA International Index Class 3		1.14			1.31

(2) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA Invesco Growth Opportunities Class 1		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
SA Invesco Growth Opportunities Class 2		0.01			0.01			0.01			0.01			0.00
SA Invesco Growth Opportunities Class 3		0.01			0.01			0.01			0.01			0.00

See Notes to Financial Statements

566

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover
SA Invesco VCP Equity-Income Portfolio — Class 1@
09/26/16#- 01/31/17	$	11.70	$	0.06	$	0.79		$	0.85		$	—		$	—		$	—		$	12.55		7.26	%	$	107		0.86	%†(2)		1.31	%†(2)		179	%
01/31/18		12.55		0.20		1.51			1.71			(0.12	)		—			(0.12	)		14.14		13.67			124		0.83	(1)(2)		1.50	(1)(2)		151
SA Invesco VCP Equity-Income Portfolio — Class 3@
05/01/13#- 01/31/14		10.00		0.04		0.85			0.89			(0.03	)		(0.01	)		(0.04	)		10.85		8.89	(3)		76,672		1.23	†(1)		0.54	†(1)		52
01/31/15		10.85		0.10		0.74			0.84			(0.11	)		(0.17	)		(0.28	)		11.41		7.74			237,408		1.23	(1)(2)		0.89	(1)(2)		114
01/31/16		11.41		0.08		(0.60	)		(0.52	)		(0.02	)		—			(0.02	)		10.87		(4.56	)		718,952		1.23	(1)(2)		0.74	(1)(2)		135
01/31/17		10.87		0.14		1.59			1.73			(0.07	)		(0.00	)		(0.07	)		12.53		15.98			1,183,005		1.15	(1)(2)		1.18	(1)(2)		179
01/31/18		12.53		0.16		1.53			1.69			(0.11	)		—			(0.11	)		14.11		13.54			1,610,083		1.08	(1)(2)		1.25	(1)(2)		151

* Calculated based upon average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

† Annualized

# Commencement of operations.

@ See Note 1

(1) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses															Net Investment Income (Loss)
Portfolio	1/14			1/15			1/16			1/17			1/18(2)			1/14			1/15			1/16			1/17			1/18(2)
SA Invesco Equity-Income Class 1		—	%		—	%		—	%		—	%		0.88	%		—	%		—	%		—	%		—	%		1.45	%
SA Invesco Equity-Income Class 3		1.71	†		1.27	(2)		1.20	(2)		1.16	(2)		1.13			0.06	†		0.86	(2)		0.76	(2)		1.17	(2)		1.20

(2) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/15			1/16			1/17			1/18
SA Invesco Equity-Income Class 1		—	%		—	%		0.00	%†		0.00	%
SA Invesco Equity-Income Class 3		0.00			0.00			0.00			0.00

(3) The Portfolio’s performance was increased by less than 0.01% from reimbursements for losses realized on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

567

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets(1)			Ratio of net investment income (loss) to average net assets(1)			Portfolio turnover
SA Janus Focused Growth Portfolio — Class 1
01/31/14	$	10.14	$	0.01		$	2.68		$	2.69		$	(0.02	)	$	(0.33	)	$	(0.35	)	$	12.48		26.86	%	$	103,137		0.92	%		0.03	%		92	%
01/31/15		12.48		(0.00	)		1.39			1.39			(0.00	)		(0.84	)		(0.84	)		13.03		11.54			187,091		0.89			(0.02	)		64
01/31/16		13.03		(0.03	)		(0.64	)		(0.67	)		—			(0.62	)		(0.62	)		11.74		(5.29	)		114,577		0.90			(0.24	)		70
01/31/17		11.74		(0.00	)		1.26			1.26			—			(1.16	)		(1.16	)		11.84		11.16			113,795		0.84	(2)		(0.04	)(2)		126
01/31/18		11.84		0.01			3.93			3.94			—			(1.05	)		(1.05	)		14.73		34.31			190,836		0.80	(2)		0.04	(2)		48
SA Janus Focused Growth Portfolio — Class 2
01/31/14		10.03		(0.01	)		2.67			2.66			(0.01	)		(0.33	)		(0.34	)		12.35		26.76			14,157		1.07			(0.06	)		92
01/31/15		12.35		(0.02	)		1.37			1.35			—			(0.84	)		(0.84	)		12.86		11.33			12,586		1.05			(0.17	)		64
01/31/16		12.86		(0.05	)		(0.62	)		(0.67	)		—			(0.62	)		(0.62	)		11.57		(5.36	)		10,196		1.05			(0.41	)		70
01/31/17		11.57		(0.02	)		1.24			1.22			—			(1.16	)		(1.16	)		11.63		10.98			8,884		0.99	(2)		(0.19	)(2)		126
01/31/18		11.63		(0.01	)		3.84			3.83			—			(1.05	)		(1.05	)		14.41		33.97			10,096		0.95	(2)		(0.07	)(2)		48
SA Janus Focused Growth Portfolio — Class 3
01/31/14		9.96		(0.02	)		2.64			2.62			(0.00	)		(0.33	)		(0.33	)		12.25		26.59			131,156		1.17			(0.18	)		92
01/31/15		12.25		(0.03	)		1.36			1.33			—			(0.84	)		(0.84	)		12.74		11.26			141,944		1.15			(0.27	)		64
01/31/16		12.74		(0.07	)		(0.61	)		(0.68	)		—			(0.62	)		(0.62	)		11.44		(5.49	)		126,066		1.15			(0.51	)		70
01/31/17		11.44		(0.03	)		1.22			1.19			—			(1.16	)		(1.16	)		11.47		10.84			130,043		1.09	(2)		(0.29	)(2)		126
01/31/18		11.47		(0.02	)		3.79			3.77			—			(1.05	)		(1.05	)		14.19		33.92			144,926		1.05	(2)		(0.17	)(2)		48

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA Janus Focused Growth Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Janus Focused Growth Class 2		0.00			0.00			0.00			0.00			0.00
SA Janus Focused Growth Class 3		0.00			0.00			0.00			0.00			0.00

(2) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolio or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. If all fees and expenses had been incurred by the Portfolio, 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:

	Expenses						Net Investment Income (Loss)
Portfolio	1/17(1)			1/18(1)			1/17(1)			1/18(1)
SA Janus Focused Growth Class 1		0.90	%		0.90	%		(0.10	)%		(0.06	)%
SA Janus Focused Growth Class 2		1.05			1.05			(0.25	)		(0.17	)
SA Janus Focused Growth Class 3		1.15			1.15			(0.35	)		(0.27	)

See Notes to Financial Statements

568

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover
SA JPMorgan Balanced Portfolio — Class 1@
01/31/14	$	16.55	$	0.26	$	2.13		$	2.39		$	(0.27	)	$	—		$	(0.27	)	$	18.67		14.51	%	$	89,077		0.78	%(1)		1.47	%(1)		106	%
01/31/15		18.67		0.34		1.85			2.19			(0.28	)		—			(0.28	)		20.58		11.83			87,892		0.73	(1)		1.71	(1)		68
01/31/16		20.58		0.30		(0.72	)		(0.42	)		(0.37	)		(1.58	)		(1.95	)		18.21		(2.29	)		77,857		0.73	(1)		1.46	(1)		82
01/31/17		18.21		0.27		1.95			2.22			(0.32	)		(0.85	)		(1.17	)		19.26		12.49			79,458		0.73	(1)		1.40	(1)		99
01/31/18		19.26		0.29		2.80			3.09			(0.33	)		(1.01	)		(1.34	)		21.01		16.50			83,279		0.73	(1)(2)		1.45	(1)(2)		108
SA JPMorgan Balanced Portfolio — Class 2@
01/31/14		16.53		0.24		2.12			2.36			(0.25	)		—			(0.25	)		18.64		14.32			10,981		0.93	(1)		1.32	(1)		106
01/31/15		18.64		0.31		1.85			2.16			(0.26	)		—			(0.26	)		20.54		11.64			11,458		0.88	(1)		1.57	(1)		68
01/31/16		20.54		0.27		(0.72	)		(0.45	)		(0.34	)		(1.58	)		(1.92	)		18.17		(2.47	)		9,780		0.88	(1)		1.32	(1)		82
01/31/17		18.17		0.24		1.95			2.19			(0.29	)		(0.85	)		(1.14	)		19.22		12.34			10,792		0.88	(1)		1.25	(1)		99
01/31/18		19.22		0.26		2.81			3.07			(0.31	)		(1.01	)		(1.32	)		20.97		16.38			12,732		0.88	(1)(2)		1.29	(1)(2)		108
SA JPMorgan Balanced Portfolio — Class 3@
01/31/14		16.50		0.21		2.13			2.34			(0.24	)		—			(0.24	)		18.60		14.24			107,687		1.03	(1)		1.21	(1)		106
01/31/15		18.60		0.29		1.84			2.13			(0.24	)		—			(0.24	)		20.49		11.53			125,451		0.98	(1)		1.47	(1)		68
01/31/16		20.49		0.24		(0.71	)		(0.47	)		(0.32	)		(1.58	)		(1.90	)		18.12		(2.53	)		123,752		0.98	(1)		1.21	(1)		82
01/31/17		18.12		0.22		1.95			2.17			(0.28	)		(0.85	)		(1.13	)		19.16		12.23			138,697		0.98	(1)		1.14	(1)		99
01/31/18		19.16		0.24		2.79			3.03			(0.29	)		(1.01	)		(1.30	)		20.89		16.23			170,049		0.98	(1)(2)		1.19	(1)(2)		108

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA JPMorgan Balanced Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA JPMorgan Balanced Class 2		0.00			0.00			0.00			0.00			0.00
SA JPMorgan Balanced Class 3		0.00			0.00			0.00			0.00			0.00

(2) During the below stated periods, the investment adviser either waived fees and assumed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses			Net Investment Income (Loss)
Portfolio	1/18(1)			1/18(1)
SA JPMorgan Balanced Class 1		0.74	%		1.44	%
SA JPMorgan Balanced Class 2		0.89			1.28
SA JPMorgan Balanced Class 3		0.99			1.18

See Notes to Financial Statements

569

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments		Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets(1)(2)			Ratio of net investment income (loss) to average net assets(1)(2)			Portfolio turnover
SA JPMorgan Emerging Markets Portfolio — Class 1@
01/31/14	$	8.25	$	0.12	$	(1.07	)	$	(0.95	)	$	(0.05	)	$	—	$	(0.05	)	$	7.25		(11.62	)%	$	167,629		1.19	%		1.65	%		51	%
01/31/15		7.25		0.15		0.02			0.17			(0.10	)		—		(0.10	)		7.32		2.31			234,473		1.12			1.92			54
01/31/16		7.32		0.12		(1.55	)		(1.43	)		(0.12	)		—		(0.12	)		5.77		(19.68	)		237,213		1.13			1.79			59
01/31/17		5.77		0.13		1.35			1.48			(0.14	)		—		(0.14	)		7.11		25.63			169,400		1.15			1.88			67
01/31/18		7.11		0.13		2.99			3.12			(0.16	)		—		(0.16	)		10.07		44.22			200,885		1.12			1.56			49
SA JPMorgan Emerging Markets Portfolio — Class 2@
01/31/14		8.20		0.12		(1.09	)		(0.97	)		(0.03	)		—		(0.03	)		7.20		(11.85	)		5,571		1.34			1.53			51
01/31/15		7.20		0.14		0.02			0.16			(0.09	)		—		(0.09	)		7.27		2.14			5,035		1.27			1.78			54
01/31/16		7.27		0.11		(1.53	)		(1.42	)		(0.11	)		—		(0.11	)		5.74		(19.70	)		3,553		1.28			1.56			59
01/31/17		5.74		0.10		1.36			1.46			(0.12	)		—		(0.12	)		7.08		25.42			3,676		1.30			1.46			67
01/31/18		7.08		0.12		2.97			3.09			(0.15	)		—		(0.15	)		10.02		43.94			4,487		1.27			1.40			49
SA JPMorgan Emerging Markets Portfolio — Class 3@
01/31/14		8.14		0.11		(1.07	)		(0.96	)		(0.03	)		—		(0.03	)		7.15		(11.88	)		159,494		1.44			1.43			51
01/31/15		7.15		0.13		0.02			0.15			(0.08	)		—		(0.08	)		7.22		2.07			159,734		1.37			1.70			54
01/31/16		7.22		0.10		(1.52	)		(1.42	)		(0.11	)		—		(0.11	)		5.69		(19.91	)		129,174		1.38			1.47			59
01/31/17		5.69		0.09		1.35			1.44			(0.11	)		—		(0.11	)		7.02		25.36			146,034		1.40			1.33			67
01/31/18		7.02		0.11		2.96			3.07			(0.15	)		—		(0.15	)		9.94		43.91			168,305		1.37			1.31			49

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense deductions.

@ See Note 1

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA JPMorgan Emerging Markets Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA JPMorgan Emerging Markets Class 2		0.00			0.00			0.00			0.00			0.00
SA JPMorgan Emerging Markets Class 3		0.00			0.00			0.00			0.00			0.00

(2) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolio or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. If all fees and expenses had been incurred by the Portfolio, 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:

	Expenses															Net Investment Income (Loss)
Portfolio	1/14(1)			1/15(1)			1/16(1)			1/17(1)			1/18(1)			1/14(1)			1/15(1)			1/16(1)			1/17(1)			1/18(1)
SA JPMorgan Emerging Markets Class 1		1.29	%		1.20	%		1.22	%		1.24	%		1.22	%		1.56	%		1.83	%		1.70	%		1.79	%		1.46	%
SA JPMorgan Emerging Markets Class 2		1.44			1.35			1.37			1.40			1.37			1.44			1.69			1.48			1.36			1.30
SA JPMorgan Emerging Markets Class 3		1.54			1.45			1.47			1.50			1.47			1.33			1.61			1.39			1.23			1.21

See Notes to Financial Statements

570

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA JPMorgan Equity-Income Portfolio — Class 1@
01/31/14	$	24.69	$	0.57	$	4.35		$	4.92		$	(0.42	)	$	(0.52	)	$	(0.94	)	$	28.67		20.08	%	$	472,564		0.64	%		2.08	%		28	%
01/31/15		28.67		0.68		3.51			4.19			(0.40	)		(1.19	)		(1.59	)		31.27		14.94			727,505		0.60			2.20			20
01/31/16		31.27		0.68		(1.48	)		(0.80	)		(0.57	)		(1.22	)		(1.79	)		28.68		(2.69	)		764,330		0.58			2.19			23
01/31/17		28.68		0.68		5.16			5.84			(0.62	)		(1.07	)		(1.69	)		32.83		20.77			898,336		0.57			2.19			26
01/31/18		32.83		0.70		6.60			7.30			(0.77	)		(1.80	)		(2.57	)		37.56		22.93			950,519		0.57	(2)		2.00	(2)		14
SA JPMorgan Equity-Income Portfolio — Class 2@
01/31/14		24.66		0.55		4.32			4.87			(0.38	)		(0.52	)		(0.90	)		28.63		19.89			12,292		0.79			1.98			28
01/31/15		28.63		0.65		3.49			4.14			(0.35	)		(1.19	)		(1.54	)		31.23		14.78			11,573		0.75			2.06			20
01/31/16		31.23		0.64		(1.49	)		(0.85	)		(0.52	)		(1.22	)		(1.74	)		28.64		(2.86	)		10,342		0.73			2.06			23
01/31/17		28.64		0.64		5.15			5.79			(0.57	)		(1.07	)		(1.64	)		32.79		20.61			10,771		0.72			2.05			26
01/31/18		32.79		0.65		6.58			7.23			(0.71	)		(1.80	)		(2.51	)		37.51		22.74			11,350		0.72	(2)		1.86	(2)		14
SA JPMorgan Equity-Income Portfolio — Class 3@
01/31/14		24.63		0.51		4.33			4.84			(0.38	)		(0.52	)		(0.90	)		28.57		19.78			164,406		0.89			1.85			28
01/31/15		28.57		0.61		3.49			4.10			(0.35	)		(1.19	)		(1.54	)		31.13		14.65			201,697		0.85			1.96			20
01/31/16		31.13		0.61		(1.48	)		(0.87	)		(0.50	)		(1.22	)		(1.72	)		28.54		(2.93	)		198,631		0.83			1.95			23
01/31/17		28.54		0.61		5.13			5.74			(0.54	)		(1.07	)		(1.61	)		32.67		20.51			228,252		0.82			1.95			26
01/31/18		32.67		0.61		6.54			7.15			(0.68	)		(1.80	)		(2.48	)		37.34		22.58			253,011		0.82	(2)		1.76	(2)		14

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA JPMorgan Equity-Income Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA JPMorgan Equity-Income Class 2		0.00			0.00			0.00			0.00			0.00
SA JPMorgan Equity-Income Class 3		0.00			0.00			0.00			0.00			0.00

(2) During the below stated periods, the investment adviser either waived fees and assumed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses			Net Investment Income (Loss)
Portfolio	1/18(1)			1/18(1)
SA JPMorgan Equity-Income Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.57	%		2.00	%
SA JPMorgan Equity-Income Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.72			1.86
SA JPMorgan Equity-Income Class 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.82			1.76

See Notes to Financial Statements

571

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets(1)			Ratio of net investment income (loss) to average net assets(1)			Portfolio turnover
SA JPMorgan Global Equities Portfolio — Class 1@
01/31/14	$	15.14	$	0.17	$	2.34		$	2.51		$	(0.09	)	$	—		$	(0.09	)	$	17.56		16.61	%	$	355,857		0.86	%		1.03	%		107	%
01/31/15		17.56		0.34		0.78			1.12			(0.13	)		—			(0.13	)		18.55		6.42			476,334		0.79			1.81			85
01/31/16		18.55		0.26		(1.33	)		(1.07	)		(0.28	)		(0.04	)		(0.32	)		17.16		(5.89	)		521,970		0.76			1.39			60
01/31/17		17.16		0.29		2.39			2.68			(0.26	)		—			(0.26	)		19.58		15.72			517,220		0.76			1.58			92
01/31/18		19.58		0.29		5.08			5.37			(0.40	)		—			(0.40	)		24.55		27.61			538,327		0.76	(2)		1.32	(2)		88
SA JPMorgan Global Equities Portfolio — Class 2@
01/31/14		15.10		0.18		2.29			2.47			(0.06	)		—			(0.06	)		17.51		16.40			5,414		1.02			1.07			107
01/31/15		17.51		0.33		0.76			1.09			(0.10	)		—			(0.10	)		18.50		6.26			5,296		0.94			1.79			85
01/31/16		18.50		0.24		(1.34	)		(1.10	)		(0.24	)		(0.04	)		(0.28	)		17.12		(6.01	)		4,392		0.91			1.28			60
01/31/17		17.12		0.26		2.38			2.64			(0.23	)		—			(0.23	)		19.53		15.50			4,284		0.91			1.43			92
01/31/18		19.53		0.25		5.09			5.34			(0.37	)		—			(0.37	)		24.50		27.50			4,768		0.91	(2)		1.17	(2)		88
SA JPMorgan Global Equities Portfolio — Class 3@
01/31/14		15.04		0.15		2.31			2.46			(0.06	)		—			(0.06	)		17.44		16.34			38,140		1.12			0.93			107
01/31/15		17.44		0.31		0.75			1.06			(0.09	)		—			(0.09	)		18.41		6.10			39,092		1.04			1.66			85
01/31/16		18.41		0.22		(1.32	)		(1.10	)		(0.23	)		(0.04	)		(0.27	)		17.04		(6.07	)		33,857		1.01			1.17			60
01/31/17		17.04		0.24		2.37			2.61			(0.21	)		—			(0.21	)		19.44		15.39			35,721		1.01			1.31			92
01/31/18		19.44		0.23		5.05			5.28			(0.35	)		—			(0.35	)		24.37		27.31			40,255		1.01	(2)		1.06	(2)		88

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA JPMorgan Global Equities Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA JPMorgan Global Equities Class 2		0.00			0.00			0.00			0.00			0.00
SA JPMorgan Global Equities Class 3		0.00			0.00			0.00			0.00			0.00

(2) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolio or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. If all fees and expenses had been incurred by the Portfolio, 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:

	Expenses			Net Investment Income (Loss)
Portfolio	1/18(1)			1/18(1)
SA JPMorgan Global Equities Class 1		0.76	%		1.32	%
SA JPMorgan Global Equities Class 2		0.91			1.17
SA JPMorgan Global Equities Class 3		1.01			1.06

See Notes to Financial Statements

572

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover
SA JPMorgan MFS Core Bond Portfolio — Class 1
01/31/14	$	9.25	$	0.12	$	(0.28	)	$	(0.16	)	$	(0.13	)	$	(0.12	)	$	(0.25	)	$	8.84		(1.78	)%	$	548,331		0.65	%		1.43	%		227	%
01/31/15		8.84		0.14		0.34			0.48			(0.12	)		—			(0.12	)		9.20		5.43			852,919		0.64	(1)		1.56	(1)		305
01/31/16		9.20		0.16		(0.23	)		(0.07	)		(0.11	)		(0.22	)		(0.33	)		8.80		(0.78	)		1,065,054		0.54	(1)		1.76	(1)		65
01/31/17		8.80		0.19		0.03			0.22			(0.17	)		—			(0.17	)		8.85		2.52			965,033		0.53	(1)		2.13	(1)		33
01/31/18		8.85		0.20		0.03			0.23			(0.22	)		—			(0.22	)		8.86		2.55			967,278		0.53	(1)		2.25	(1)		33
SA JPMorgan MFS Core Bond Portfolio — Class 2
01/31/14		9.20		0.12		(0.30	)		(0.18	)		(0.11	)		(0.12	)		(0.23	)		8.79		(1.97	)		18,704		0.80			1.28			227
01/31/15		8.79		0.13		0.34			0.47			(0.10	)		—			(0.10	)		9.16		5.37			15,129		0.79	(1)		1.49	(1)		305
01/31/16		9.16		0.14		(0.22	)		(0.08	)		(0.09	)		(0.22	)		(0.31	)		8.77		(0.90	)		10,651		0.69	(1)		1.57	(1)		65
01/31/17		8.77		0.18		0.02			0.20			(0.16	)		—			(0.16	)		8.81		2.21			9,526		0.68	(1)		1.98	(1)		33
01/31/18		8.81		0.19		0.03			0.22			(0.20	)		—			(0.20	)		8.83		2.50			8,619		0.68	(1)		2.10	(1)		33
SA JPMorgan MFS Core Bond Portfolio — Class 3
01/31/14		9.17		0.10		(0.29	)		(0.19	)		(0.11	)		(0.12	)		(0.23	)		8.75		(2.12	)		1,019,174		0.90			1.18			227
01/31/15		8.75		0.12		0.34			0.46			(0.10	)		—			(0.10	)		9.11		5.23			1,004,578		0.89	(1)		1.36	(1)		305
01/31/16		9.11		0.13		(0.21	)		(0.08	)		(0.09	)		(0.22	)		(0.31	)		8.72		(0.95	)		935,363		0.79	(1)		1.49	(1)		65
01/31/17		8.72		0.17		0.02			0.19			(0.15	)		—			(0.15	)		8.76		2.16			958,280		0.78	(1)		1.88	(1)		33
01/31/18		8.76		0.18		0.03			0.21			(0.20	)		—			(0.20	)		8.77		2.33			973,614		0.78	(1)		2.00	(1)		33

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

(1) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolio or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. If all fees and expenses had been incurred by the Portfolio, 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:

	Expenses												Net Investment Income (Loss)
Portfolio	1/15			1/16			1/17			1/18			1/15			1/16			1/17			1/18
SA JPMorgan MFS Core Bond Class 1		0.64	%		0.64	%		0.63	%		0.63	%		1.56	%		1.67	%		2.03	%		2.15	%
SA JPMorgan MFS Core Bond Class 2		0.79			0.79			0.78			0.78			1.49			1.48			1.88			2.00
SA JPMorgan MFS Core Bond Class 3		0.89			0.89			0.88			0.88			1.36			1.40			1.78			1.90

See Notes to Financial Statements

573

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income		Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets(1)			Ratio of net investment income (loss) to average net assets(1)			Portfolio turnover
SA JPMorgan Mid-Cap Growth Portfolio — Class 1@
01/31/14	$	13.18	$	(0.02	)	$	4.31		$	4.29		$	—	$	—		$	—		$	17.47		32.55	%	$	124,232		0.83	%		(0.11	)%		78	%
01/31/15		17.47		(0.06	)		1.75			1.69			—		(1.55	)		(1.55	)		17.61		10.46			174,081		0.81			(0.31	)		53
01/31/16		17.61		(0.05	)		(1.00	)		(1.05	)		—		(1.42	)		(1.42	)		15.14		(6.88	)		223,093		0.80			(0.29	)		58
01/31/17		15.14		(0.01	)		2.59			2.58			—		(2.03	)		(2.03	)		15.69		17.61			184,053		0.81			(0.08	)		43
01/31/18		15.69		(0.04	)		4.94			4.90			—		(1.00	)		(1.00	)		19.59		31.83			203,680		0.80	(2)		(0.21	)(2)		47
SA JPMorgan Mid-Cap Growth Portfolio — Class 2@
01/31/14		12.96		(0.04	)		4.24			4.20			—		—			—			17.16		32.41			18,908		0.98			(0.24	)		78
01/31/15		17.16		(0.08	)		1.72			1.64			—		(1.55	)		(1.55	)		17.25		10.36			17,671		0.96			(0.45	)		53
01/31/16		17.25		(0.08	)		(0.98	)		(1.06	)		—		(1.42	)		(1.42	)		14.77		(7.09	)		14,163		0.95			(0.43	)		58
01/31/17		14.77		(0.04	)		2.54			2.50			—		(2.03	)		(2.03	)		15.24		17.50			13,824		0.96			(0.24	)		43
01/31/18		15.24		(0.06	)		4.78			4.72			—		(1.00	)		(1.00	)		18.96		31.59			15,783		0.95	(2)		(0.37	)(2)		47
SA JPMorgan Mid-Cap Growth Portfolio — Class 3@
01/31/14		12.84		(0.05	)		4.19			4.14			—		—			—			16.98		32.24			152,430		1.08			(0.34	)		78
01/31/15		16.98		(0.10	)		1.70			1.60			—		(1.55	)		(1.55	)		17.03		10.22			151,864		1.06			(0.55	)		53
01/31/16		17.03		(0.09	)		(0.97	)		(1.06	)		—		(1.42	)		(1.42	)		14.55		(7.18	)		128,135		1.05			(0.53	)		58
01/31/17		14.55		(0.05	)		2.50			2.45			—		(2.03	)		(2.03	)		14.97		17.42			144,257		1.06			(0.35	)		43
01/31/18		14.97		(0.08	)		4.69			4.61			—		(1.00	)		(1.00	)		18.58		31.42			162,852		1.05	(2)		(0.46	)(2)		47

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA JPMorgan Mid-Cap Growth Class 1		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%
SA JPMorgan Mid-Cap Growth Class 2		0.01			0.00			0.00			0.00			0.00
SA JPMorgan Mid-Cap Growth Class 3		0.01			0.00			0.00			0.00			0.00

(2) During the below stated periods, the investment adviser either waived fees and assumed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses			Net Investment Income (Loss)
Portfolio	1/18(1)			1/18(1)
SA JPMorgan Mid-Cap Growth Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.80	%		(0.21	)%
SA JPMorgan Mid-Cap Growth Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.95			(0.37	)
SA JPMorgan Mid-Cap Growth Class 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		1.05			(0.46	)

See Notes to Financial Statements

574

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover
SA Large Cap Index Portfolio — Class 1@
01/31/14	$	12.69	$	0.20	$	2.43		$	2.63		$	(0.05	)	$	—		$	(0.05	)	$	15.27		20.72	%	$	715,800		0.47	(1)		1.46	(1)		58	%
01/31/15		15.27		0.25		1.82			2.07			(0.11	)		(0.13	)		(0.24	)		17.10		13.62			1,174,316		0.44	(1)		1.50	(1)		38
01/31/16		17.10		0.29		(0.47	)		(0.18	)		(0.19	)		(0.26	)		(0.45	)		16.47		(1.08	)		1,320,094		0.38	(1)		1.68	(1)		23
01/31/17		16.47		0.33		2.87			3.20			(0.25	)		(0.17	)		(0.42	)		19.25		19.62			1,709,589		0.33	(1)		1.81	(1)		7
01/31/18		19.25		0.35		4.58			4.93			(0.33	)		(0.24	)		(0.57	)		23.61		25.93			2,168,616		0.33	%(1)		1.66	%(1)		16
SA Large Cap Index Portfolio — Class 3@
10/06/17#- 01/31/18		21.24		0.03		2.32			2.35			—			—			—			23.59		11.06			6,660		0.59	%†(1)		0.57	%†(1)		16

* Calculated based upon average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

† Annualized

# Commencement of operations.

@ See Note 1

(1) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolio or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. If all fees and expenses had been incurred by the Portfolio, 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:

	Expenses															Net Investment Income (Loss)
Portfolio	1/14			1/15			1/16			1/17			1/18			1/14			1/15			1/16			1/17			1/18
SA Large Cap Index Class 1		0.45	%		0.45	%		0.44	%		0.44	%		0.44	%		1.48	%		1.54	%		1.62	%		1.70	%		1.55	%
SA Large Cap Index Class 3		—			—			—			—			0.70	†		—			—			—			—			0.46	†

See Notes to Financial Statements

575

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover
SA Legg Mason BW Large Cap Value Portfolio — Class 1
01/31/14	$	24.47	$	0.18	$	4.78		$	4.96		$	(0.33	)	$	(1.63	)	$	(1.96	)	$	27.47		20.63	%	$	638,286		0.76	%(1)		0.67	%(1)		13	%
01/31/15		27.47		0.14		1.83			1.97			(0.19	)		(2.68	)		(2.87	)		26.57		7.52			688,896		0.75	(1)		0.49	(1)		28
01/31/16		26.57		0.26		(0.41	)		(0.15	)		(0.14	)		(4.41	)		(4.55	)		21.87		(1.55	)		666,660		0.74	(1)(2)		0.98	(1)(2)		126
01/31/17		21.87		0.40		4.05			4.45			(0.22	)		(6.26	)		(6.48	)		19.84		23.05			899,493		0.70	(1)(2)		1.89	(1)(2)		51
01/31/18		19.84		0.36		4.62			4.98			(0.40	)		(0.77	)		(1.17	)		23.65		25.65			977,480		0.70	(1)(2)		1.66	(1)(2)		47
SA Legg Mason BW Large Cap Value Portfolio — Class 2
01/31/14		24.45		0.14		4.77			4.91			(0.29	)		(1.63	)		(1.92	)		27.44		20.41			68,823		0.91	(1)		0.51	(1)		13
01/31/15		27.44		0.10		1.83			1.93			(0.14	)		(2.68	)		(2.82	)		26.55		7.38			61,129		0.90	(1)		0.35	(1)		28
01/31/16		26.55		0.22		(0.40	)		(0.18	)		(0.10	)		(4.41	)		(4.51	)		21.86		(1.69	)		51,134		0.89	(1)(2)		0.82	(1)(2)		126
01/31/17		21.86		0.38		4.04			4.42			(0.18	)		(6.26	)		(6.44	)		19.84		22.87			51,509		0.85	(1)(2)		1.78	(1)(2)		51
01/31/18		19.84		0.32		4.62			4.94			(0.36	)		(0.77	)		(1.13	)		23.65		25.46			53,260		0.85	(1)(2)		1.50	(1)(2)		47
SA Legg Mason BW Large Cap Value Portfolio — Class 3
01/31/14		24.39		0.11		4.75			4.86			(0.26	)		(1.63	)		(1.89	)		27.36		20.28			615,428		1.01	(1)		0.41	(1)		13
01/31/15		27.36		0.07		1.82			1.89			(0.11	)		(2.68	)		(2.79	)		26.46		7.26			583,624		1.00	(1)		0.25	(1)		28
01/31/16		26.46		0.19		(0.39	)		(0.20	)		(0.07	)		(4.41	)		(4.48	)		21.78		(1.77	)		502,927		0.99	(1)(2)		0.72	(1)(2)		126
01/31/17		21.78		0.36		4.01			4.37			(0.15	)		(6.26	)		(6.41	)		19.74		22.74			531,460		0.95	(1)(2)		1.67	(1)(2)		51
01/31/18		19.74		0.30		4.59			4.89			(0.34	)		(0.77	)		(1.11	)		23.52		25.33			570,935		0.95	(1)(2)		1.40	(1)(2)		47
SA Legg Mason Tactical Opportunities Portfolio — Class 1
10/06/17#-01/31/18		10.00		0.03		0.61			0.64			(0.04	)		—			(0.04	)		10.60		6.38	(3)		133		0.81	(1)(2)†		0.93	(1)(2)†		5
SA Legg Mason Tactical Opportunities Portfolio — Class 3
10/06/17#-01/31/18		10.00		0.02		0.61			0.63			(0.03	)		—			(0.03	)		10.60		6.33	(3)		14,410		1.06	(1)(2)†		0.69	(1)(2)†		5

* Calculated based upon average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

† Annualized

# Commencement of operations

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA Legg Mason BW Large Cap Value Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Legg Mason BW Large Cap Value Class 2		0.00			0.00			0.00			0.00			0.00
SA Legg Mason BW Large Cap Value Class 3		0.00			0.00			0.00			0.00			0.00
SA Legg Mason Tactical Opportunities Class 1		—			—			—			—			0.00
SA Legg Mason Tactical Opportunities Class 3		—			—			—			—			0.00

(2) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolio or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. If all fees and expenses had been incurred by the Portfolio, 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:

	Expenses							Net Investment Income (Loss)
Portfolio		1/16(1)		1/17(1)		1/18(1)			1/16(1)		1/17(1)		1/18(1)
SA Legg Mason BW Large Cap Value Class 1		0.76	%	0.75	%	0.75	%		0.96	%	1.84	%	1.61	%
SA Legg Mason BW Large Cap Value Class 2		0.91		0.91		0.90			0.80		1.73		1.45
SA Legg Mason BW Large Cap Value Class 3		1.01		1.00		1.00			0.70		1.62		1.35
SA Legg Mason Tactical Opportunities Class 1		—		—		3.81	†		—		—		(2.07	)†
SA Legg Mason Tactical Opportunities Class 3		—		—		4.07	†		—		—		(2.32	)†

(3) The Portfolio’s performance figure was decreased by less than 0.01% from losses on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

576

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover
SA MFS Blue Chip Growth Portfolio — Class 1@
01/31/14	$	8.04	$	0.03	$	1.91		$	1.94		$	(0.03	)	$	(0.69	)	$	(0.72	)	$	9.26		24.89	%	$	11,953		0.85	%(1)		0.34	%(1)		255	%
01/31/15		9.26		0.06		1.09			1.15			(0.00	)		(0.47	)		(0.47	)		9.94		12.79			306,990		0.73			0.65			44
01/31/16		9.94		0.07		(0.08	)		(0.01	)		(0.04	)		(0.18	)		(0.22	)		9.71		(0.18	)		364,443		0.72			0.64			48
01/31/17		9.71		0.08		1.60			1.68			(0.06	)		(0.33	)		(0.39	)		11.00		17.51			389,551		0.71	(2)		0.73	(2)		59
01/31/18		11.00		0.06		3.35			3.41			(0.09	)		(0.26	)		(0.35	)		14.06		31.36			548,669		0.70			0.48			66
SA MFS Blue Chip Growth Portfolio — Class 2@
01/31/14		8.02		0.02		1.91			1.93			(0.02	)		(0.69	)		(0.71	)		9.24		24.74			3,495		1.00	(1)		0.19	(1)		255
01/31/15		9.24		0.06		1.07			1.13			—			(0.47	)		(0.47	)		9.90		12.54			3,768		0.89			0.61			44
01/31/16		9.90		0.05		(0.07	)		(0.02	)		(0.03	)		(0.18	)		(0.21	)		9.67		(0.33	)		3,407		0.87			0.50			48
01/31/17		9.67		0.06		1.61			1.67			(0.05	)		(0.33	)		(0.38	)		10.96		17.38			3,294		0.86	(2)		0.59	(2)		59
01/31/18		10.96		0.04		3.34			3.38			(0.07	)		(0.26	)		(0.33	)		14.01		31.19			3,760		0.85			0.35			66
SA MFS Blue Chip Growth Portfolio — Class 3@
01/31/14		8.00		0.01		1.90			1.91			(0.01	)		(0.69	)		(0.70	)		9.21		24.61			84,479		1.10	(1)		0.09	(1)		255
01/31/15		9.21		0.05		1.06			1.11			—			(0.47	)		(0.47	)		9.85		12.36			100,954		0.99			0.51			44
01/31/16		9.85		0.04		(0.07	)		(0.03	)		(0.02	)		(0.18	)		(0.20	)		9.62		(0.40	)		102,594		0.97			0.40			48
01/31/17		9.62		0.05		1.60			1.65			(0.04	)		(0.33	)		(0.37	)		10.90		17.29			120,537		0.96	(2)		0.48	(2)		59
01/31/18		10.90		0.03		3.31			3.34			(0.06	)		(0.26	)		(0.32	)		13.92		31.00			139,469		0.95			0.25			66

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

(1) During the below stated periods, the investment adviser either waived or reimbursed expenses for the Portfolio or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. If all fees and expenses had been incurred by the Portfolio, 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:

	Expenses			Net Investment Income (Loss)
Portfolio	1/14			1/14
SA MFS Blue Chip Growth Class 1		0.82	%		0.37	%
SA MFS Blue Chip Growth Class 2		0.97			0.22
SA MFS Blue Chip Growth Class 3		1.07			0.13

(2) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/17
SA MFS Blue Chip Growth Class 1		0.00	%
SA MFS Blue Chip Growth Class 2		0.00
SA MFS Blue Chip Growth Class 3		0.00

See Notes to Financial Statements

577

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets(1)			Ratio of net investment income (loss) to average net assets(1)			Portfolio turnover
SA MFS Massachusetts Investors Trust Portfolio — Class 1
01/31/14	$	16.98	$	0.17	$	3.34		$	3.51		$	(0.12	)	$	(0.38	)	$	(0.50	)	$	19.99		20.82	%	$	447,124		0.74	%		0.90	%		22	%
01/31/15		19.99		0.20		1.79			1.99			(0.13	)		(0.85	)		(0.98	)		21.00		10.18			738,358		0.72			0.92			18
01/31/16		21.00		0.18		(0.18	)		0.00			(0.19	)		(1.07	)		(1.26	)		19.74		(0.23	)		644,192		0.71			0.83			23
01/31/17		19.74		0.18		3.00			3.18			(0.19	)		(1.87	)		(2.06	)		20.86		16.74			685,288		0.70			0.88			18
01/31/18		20.86		0.17		5.35			5.52			(0.24	)		(0.60	)		(0.84	)		25.54		26.91			784,894		0.70			0.74			14
SA MFS Massachusetts Investors Trust Portfolio — Class 2
01/31/14		16.98		0.15		3.32			3.47			(0.09	)		(0.38	)		(0.47	)		19.98		20.58			12,552		0.89			0.81			22
01/31/15		19.98		0.18		1.77			1.95			(0.09	)		(0.85	)		(0.94	)		20.99		10.00			11,725		0.87			0.79			18
01/31/16		20.99		0.15		(0.18	)		(0.03	)		(0.15	)		(1.07	)		(1.22	)		19.74		(0.36	)		9,167		0.86			0.68			23
01/31/17		19.74		0.15		3.00			3.15			(0.15	)		(1.87	)		(2.02	)		20.87		16.56			9,120		0.85			0.74			18
01/31/18		20.87		0.14		5.35			5.49			(0.21	)		(0.60	)		(0.81	)		25.55		26.71			10,005		0.85			0.59			14
SA MFS Massachusetts Investors Trust Portfolio — Class 3
01/31/14		16.93		0.13		3.32			3.45			(0.08	)		(0.38	)		(0.46	)		19.92		20.51			378,681		0.99			0.70			22
01/31/15		19.92		0.16		1.76			1.92			(0.08	)		(0.85	)		(0.93	)		20.91		9.86			393,514		0.97			0.68			18
01/31/16		20.91		0.12		(0.17	)		(0.05	)		(0.13	)		(1.07	)		(1.20	)		19.66		(0.44	)		364,196		0.96			0.58			23
01/31/17		19.66		0.13		2.99			3.12			(0.14	)		(1.87	)		(2.01	)		20.77		16.44			397,306		0.95			0.63			18
01/31/18		20.77		0.11		5.33			5.44			(0.19	)		(0.60	)		(0.79	)		25.42		26.58			429,122		0.95			0.49			14

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA MFS Massachusetts Investors Trust Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA MFS Massachusetts Investors Trust Class 2		0.00			0.00			0.00			0.00			0.00
SA MFS Massachusetts Investors Trust Class 3		0.00			0.00			0.00			0.00			0.00

See Notes to Financial Statements

578

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA MFS Telecom Utility Portfolio — Class 1@
01/31/14	$	12.61	$	0.38	$	1.53		$	1.91		$	(0.33	)	$	—		$	(0.33	)	$	14.19		15.25	%	$	22,341		1.08	%		2.76	%		45	%
01/31/15		14.19		0.41		1.20			1.61			(0.43	)		—			(0.43	)		15.37		11.41			22,214		0.95			2.59			43
01/31/16		15.37		0.29		(1.89	)		(1.60	)		(0.74	)		—			(0.74	)		13.03		(10.75	)		16,326		1.00			1.94			44
01/31/17		13.03		0.31		1.39			1.70			(0.42	)		(0.29	)		(0.71	)		14.02		12.94			15,966		0.97			2.19			39
01/31/18		14.02		0.35		1.45			1.80			(0.41	)		(0.15	)		(0.56	)		15.26		12.90			15,559		0.97			2.32			31
SA MFS Telecom Utility Portfolio — Class 2@
01/31/14		12.60		0.36		1.53			1.89			(0.31	)		—			(0.31	)		14.18		15.06			2,418		1.23			2.63			45
01/31/15		14.18		0.38		1.21			1.59			(0.38	)		—			(0.38	)		15.39		11.28			2,481		1.10			2.44			43
01/31/16		15.39		0.27		(1.90	)		(1.63	)		(0.71	)		—			(0.71	)		13.05		(10.90	)		1,856		1.15			1.79			44
01/31/17		13.05		0.29		1.38			1.67			(0.39	)		(0.29	)		(0.68	)		14.04		12.74			1,704		1.12			2.05			39
01/31/18		14.04		0.33		1.46			1.79			(0.39	)		(0.15	)		(0.54	)		15.29		12.76			1,675		1.12			2.17			31
SA MFS Telecom Utility Portfolio — Class 3@
01/31/14		12.56		0.34		1.53			1.87			(0.30	)		—			(0.30	)		14.13		14.97			26,653		1.32			2.49			45
01/31/15		14.13		0.35		1.21			1.56			(0.37	)		—			(0.37	)		15.32		11.10			30,289		1.20			2.28			43
01/31/16		15.32		0.25		(1.88	)		(1.63	)		(0.70	)		—			(0.70	)		12.99		(10.97	)		25,185		1.25			1.69			44
01/31/17		12.99		0.27		1.38			1.65			(0.38	)		(0.29	)		(0.67	)		13.97		12.61			27,076		1.22			1.94			39
01/31/18		13.97		0.31		1.46			1.77			(0.37	)		(0.15	)		(0.52	)		15.22		12.73			26,395		1.22			2.07			31

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA MFS Telecom Utility Class 1		0.01	%		0.01	%		0.01	%		0.01	%		0.01	%
SA MFS Telecom Utility Class 2		0.01			0.01			0.01			0.01			0.01
SA MFS Telecom Utility Class 3		0.01			0.01			0.01			0.01			0.01

See Notes to Financial Statements

579

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average netassets(1)			Portfolio turnover
SA MFS Total Return Portfolio — Class 1
01/31/14	$	16.24	$	0.35	$	1.72		$	2.07		$	(0.42	)	$	—		$	(0.42	)	$	17.89		12.81	%	$	250,645		0.70	%		2.00	%		44	%
01/31/15		17.89		0.42		1.17			1.59			(0.41	)		—			(0.41	)		19.07		8.96			233,620		0.69			2.21			31
01/31/16		19.07		0.40		(0.64	)		(0.24	)		(0.48	)		—			(0.48	)		18.35		(1.31	)		197,724		0.69			2.05			38
01/31/17		18.35		0.41		1.89			2.30			(0.46	)		(1.16	)		(1.62	)		19.03		12.74			193,053		0.70			2.15			32
01/31/18		19.03		0.36		2.17			2.53			(0.51	)		(1.11	)		(1.62	)		19.94		13.67			192,656		0.70			1.84			31
SA MFS Total Return Portfolio — Class 2
01/31/14		16.23		0.33		1.71			2.04			(0.39	)		—			(0.39	)		17.88		12.63			41,859		0.85			1.85			44
01/31/15		17.88		0.39		1.17			1.56			(0.38	)		—			(0.38	)		19.06		8.78			37,921		0.84			2.06			31
01/31/16		19.06		0.37		(0.63	)		(0.26	)		(0.45	)		—			(0.45	)		18.35		(1.44	)		31,255		0.84			1.90			38
01/31/17		18.35		0.39		1.87			2.26			(0.42	)		(1.16	)		(1.58	)		19.03		12.54			29,714		0.85			2.00			32
01/31/18		19.03		0.33		2.18			2.51			(0.48	)		(1.11	)		(1.59	)		19.95		13.54			29,151		0.85			1.69			31
SA MFS Total Return Portfolio — Class 3
01/31/14		16.20		0.31		1.70			2.01			(0.37	)		—			(0.37	)		17.84		12.51			351,335		0.95			1.75			44
01/31/15		17.84		0.37		1.17			1.54			(0.36	)		—			(0.36	)		19.02		8.70			339,088		0.94			1.95			31
01/31/16		19.02		0.35		(0.63	)		(0.28	)		(0.43	)		—			(0.43	)		18.31		(1.54	)		296,540		0.94			1.80			38
01/31/17		18.31		0.36		1.89			2.25			(0.41	)		(1.16	)		(1.57	)		18.99		12.47			311,860		0.95			1.90			32
01/31/18		18.99		0.31		2.16			2.47			(0.46	)		(1.11	)		(1.57	)		19.89		13.38			332,869		0.95			1.59			31

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA MFS Total Return Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA MFS Total Return Class 2		0.00			0.00			0.00			0.00			0.00
SA MFS Total Return Class 3		0.00			0.00			0.00			0.00			0.00

See Notes to Financial Statements

580

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover
SA Mid Cap Index Portfolio — Class 1
02/06/17#- 01/31/18	$	10.00	$	0.11	$	1.57		$	1.68		$	(0.09	)	$	(0.07	)	$	(0.16	)	$	11.52		16.94		$	175,119		0.40	(1)%†		1.08	(1)%†		23	%
SA Mid Cap Index Portfolio — Class 3
02/06/17#- 01/31/18		10.00		0.08		1.57			1.65			(0.07	)		(0.07	)		(0.14	)		11.51		16.60			358		0.65	(1)†		0.83	(1)†		23
SA Morgan Stanley International Equities Portfolio — Class 1@
01/31/14		9.18		0.15		0.83			0.98			(0.27	)		—			(0.27	)		9.89		10.63			54,709		0.99			1.52			45
01/31/15		9.89		0.23		(0.45	)		(0.22	)		(0.16	)		—			(0.16	)		9.51		(2.16	)		67,362		0.93	(2)		2.31	(2)		99
01/31/16		9.51		0.12		(0.66	)		(0.54	)		(0.20	)		—			(0.20	)		8.77		(5.81	)		240,105		0.90	(2)		1.30	(2)		27
01/31/17		8.77		0.16		0.26			0.42			(0.12	)		—			(0.12	)		9.07		4.73			303,787		0.89	(2)		1.80	(2)		33
01/31/18		9.07		0.14		2.24			2.38			(0.12	)		—			(0.12	)		11.33		26.39			419,078		0.87	(2)		1.37	(2)		33
SA Morgan Stanley International Equities Portfolio — Class 2@
01/31/14		9.13		0.14		0.82			0.96			(0.25	)		—			(0.25	)		9.84		10.51			18,054		1.14			1.40			45
01/31/15		9.84		0.22		(0.45	)		(0.23	)		(0.15	)		—			(0.15	)		9.46		(2.36	)		15,454		1.08	(2)		2.20	(2)		99
01/31/16		9.46		0.16		(0.71	)		(0.55	)		(0.18	)		—			(0.18	)		8.73		(5.91	)		12,593		1.06	(2)		1.68	(2)		27
01/31/17		8.73		0.17		0.23			0.40			(0.10	)		—			(0.10	)		9.03		4.55			10,917		1.04	(2)		1.87	(2)		33
01/31/18		9.03		0.14		2.22			2.36			(0.11	)		—			(0.11	)		11.28		26.20			11,974		1.02	(2)		1.35	(2)		33
SA Morgan Stanley International Equities Portfolio — Class 3@
01/31/14		9.12		0.12		0.82			0.94			(0.24	)		—			(0.24	)		9.82		10.33			184,390		1.24			1.26			45
01/31/15		9.82		0.21		(0.45	)		(0.24	)		(0.14	)		—			(0.14	)		9.44		(2.45	)		169,194		1.18	(2)		2.07	(2)		99
01/31/16		9.44		0.15		(0.71	)		(0.56	)		(0.17	)		—			(0.17	)		8.71		(6.01	)		145,583		1.16	(2)		1.55	(2)		27
01/31/17		8.71		0.15		0.24			0.39			(0.09	)		—			(0.09	)		9.01		4.47			148,419		1.14	(2)		1.69	(2)		33
01/31/18		9.01		0.13		2.21			2.34			(0.10	)		—			(0.10	)		11.25		26.05			159,607		1.12	(2)		1.25	(2)		33

* Calculated based upon average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense deductions.

† Annualized

@ See Note 1

# Commencement of operations.

(1) During the below stated periods, the investment adviser either waived fees and assumed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses			Net Investment Income (Loss)
Portfolio	01/18†			01/18†
SA Mid Cap Index Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.42	%		1.07	%
SA Mid Cap Index Class 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.84			0.64

(2) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/15			1/16			1/17			1/18
SA Morgan Stanley International Equities Class 1		0.00	%		0.01	%		0.00	%		0.00	%
SA Morgan Stanley International Equities Class 2		0.00			0.01			0.00			0.00
SA Morgan Stanley International Equities Class 3		0.00			0.01			0.00			0.00

See Notes to Financial Statements

581

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover
SA Oppenheimer Main Street Large Cap Portfolio — Class 1@
01/31/14	$	13.94	$	0.11		$	2.86		$	2.97		$	(0.09	)	$	—		$	(0.09	)	$	16.82		21.33	%	$	110,533		0.86	%		0.69	%		61	%
01/31/15		16.82		0.15			1.65			1.80			(0.07	)		—			(0.07	)		18.55		10.74			170,420		0.82			0.81			54
01/31/16		18.55		0.20			0.03			0.23			(0.12	)		(0.86	)		(0.98	)		17.80		1.05			225,320		0.80			1.08			52
01/31/17		17.80		0.23			3.16			3.39			(0.15	)		(0.63	)		(0.78	)		20.41		19.34			299,651		0.78			1.19			32
01/31/18		20.41		0.24			3.79			4.03			(0.23	)		(0.54	)		(0.77	)		23.67		20.02			364,981		0.77			1.09			43
SA Oppenheimer Main Street Large Cap Portfolio — Class 2@
01/31/14		13.93		0.09			2.85			2.94			(0.07	)		—			(0.07	)		16.80		21.13			6,217		1.02			0.57			61
01/31/15		16.80		0.12			1.65			1.77			(0.05	)		—			(0.05	)		18.52		10.55			5,759		0.97			0.66			54
01/31/16		18.52		0.18			0.02			0.20			(0.08	)		(0.86	)		(0.94	)		17.78		0.93			5,128		0.95			0.92			52
01/31/17		17.78		0.21			3.16			3.37			(0.12	)		(0.63	)		(0.75	)		20.40		19.21			4,649		0.93			1.05			32
01/31/18		20.40		0.21			3.78			3.99			(0.19	)		(0.54	)		(0.73	)		23.66		19.82			4,324		0.92			0.97			43
SA Oppenheimer Main Street Large Cap Portfolio — Class 3@
01/31/14		13.90		0.07			2.86			2.93			(0.06	)		—			(0.06	)		16.77		21.07			61,787		1.11			0.44			61
01/31/15		16.77		0.10			1.65			1.75			(0.04	)		—			(0.04	)		18.48		10.42			79,979		1.07			0.56			54
01/31/16		18.48		0.16			0.02			0.18			(0.07	)		(0.86	)		(0.93	)		17.73		0.83			79,840		1.05			0.82			52
01/31/17		17.73		0.18			3.16			3.34			(0.11	)		(0.63	)		(0.74	)		20.33		19.08			96,682		1.03			0.95			32
01/31/18		20.33		0.19			3.76			3.95			(0.18	)		(0.54	)		(0.72	)		23.56		19.69			107,322		1.02			0.85			43
SA PIMCO VCP Tactical Balanced Portfolio — Class 1@
09/26/16#- 01/31/17		11.08		0.00			0.21			0.21			—			—			—			11.29		1.90			102		0.91	†		0.06	†		150
01/31/18		11.29		0.08			2.05			2.13			(0.03	)		(0.60	)		(0.63	)		12.79		19.25			121		0.89			0.66			458
SA PIMCO VCP Tactical Balanced Portfolio — Class 3@
05/01/13#- 01/31/14		10.00		(0.04	)		0.73			0.69			(0.06	)		(0.29	)		(0.35	)		10.34		6.89			73,541		1.16	†(1)		(0.62	)†(1)		46
01/31/15		10.34		(0.05	)		0.72			0.67			—			(0.39	)		(0.39	)		10.62		6.46			222,442		1.16	(1)		(0.49	)(1)		55
01/31/16		10.62		(0.04	)		(0.49	)		(0.53	)		—			(0.00	)		(0.00	)		10.09		(4.97	)		572,776		1.16	(1)		(0.42	)(1)		66
01/31/17		10.09		(0.01	)		1.20			1.19			—			—			—			11.28		11.79			1,069,950		1.16	(1)		(0.12	)(1)		150
01/31/18		11.28		0.05			2.04			2.09			(0.02	)		(0.60	)		(0.62	)		12.75		18.91			1,364,617		1.14	(1)		0.41	(1)		458

* Calculated based upon average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

† Annualized

# Commencement of operations.

@ See Note 1

(1) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses															Net Investment Income (Loss)
Portfolio	1/14†			1/15			1/16			1/17			1/18			1/14†			1/15			1/16			1/17			1/18
SA PIMCO VCP Tactical Balanced Class 3		1.63	%		1.22	%		1.16	%		1.15	%		1.14	%		(1.09	)%		(0.54	)%		(0.42	)%		(0.11	)%		0.41	%

See Notes to Financial Statements

582

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments		Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover
SA PineBridge High-Yield Bond Portfolio — Class 1@
01/31/14	$	5.98	$	0.37	$	0.03		$	0.40		$	(0.34	)	$	—	$	(0.34	)	$	6.04		6.83	%	$	222,289		0.66	%		6.29	%		85	%
01/31/15		6.04		0.35		(0.29	)		0.06			(0.31	)		—		(0.31	)		5.79		0.99			288,427		0.65			5.82			71
01/31/16		5.79		0.35		(0.72	)		(0.37	)		(0.31	)		—		(0.31	)		5.11		(6.69	)		307,191		0.64			6.13			78
01/31/17		5.11		0.37		0.76			1.13			(0.39	)		—		(0.39	)		5.85		22.47			294,382		0.64			6.67			108
01/31/18		5.85		0.35		0.13			0.48			(0.55	)		—		(0.55	)		5.78		8.30			188,572		0.65			5.75			99
SA PineBridge High-Yield Bond Portfolio — Class 2@
01/31/14		5.97		0.38		0.01			0.39			(0.33	)		—		(0.33	)		6.03		6.66			16,144		0.82			6.18			85
01/31/15		6.03		0.35		(0.30	)		0.05			(0.30	)		—		(0.30	)		5.78		0.81			12,841		0.80			5.68			71
01/31/16		5.78		0.34		(0.72	)		(0.38	)		(0.30	)		—		(0.30	)		5.10		(6.89	)		10,267		0.79			5.97			78
01/31/17		5.10		0.36		0.77			1.13			(0.38	)		—		(0.38	)		5.85		22.51			10,121		0.79			6.51			108
01/31/18		5.85		0.33		0.13			0.46			(0.54	)		—		(0.54	)		5.77		7.94			9,398		0.80			5.54			99
SA PineBridge High-Yield Bond Portfolio — Class 3@
01/31/14		5.95		0.37		0.00			0.37			(0.32	)		—		(0.32	)		6.00		6.43			197,270		0.92			6.07			85
01/31/15		6.00		0.34		(0.29	)		0.05			(0.30	)		—		(0.30	)		5.75		0.73			190,077		0.90			5.57			71
01/31/16		5.75		0.33		(0.70	)		(0.37	)		(0.30	)		—		(0.30	)		5.08		(6.82	)		191,653		0.89			5.88			78
01/31/17		5.08		0.36		0.74			1.10			(0.37	)		—		(0.37	)		5.81		22.08			184,479		0.88			6.42			108
01/31/18		5.81		0.32		0.15			0.47			(0.54	)		—		(0.54	)		5.74		8.05			179,644		0.90			5.45			99

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

See Notes to Financial Statements

583

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments		Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets(1)(2)			Ratio of net investment income (loss) to average net assets(1)(2)			Portfolio turnover
SA Putnam International Growth and Income Portfolio — Class 1@
01/31/14	$	9.37	$	0.16	$	1.00		$	1.16		$	(0.21	)	$	—	$	(0.21	)	$	10.32		12.37	%	$	175,655		0.96	%		1.68	%		46	%
01/31/15		10.32		0.31		(0.92	)		(0.61	)		(0.19	)		—		(0.19	)		9.52		(5.88	)		210,646		0.93			2.97			53
01/31/16		9.52		0.17		(0.71	)		(0.54	)		(0.26	)		—		(0.26	)		8.72		(5.91	)		192,684		0.94			1.78			31
01/31/17		8.72		0.19		0.62			0.81			(0.17	)		—		(0.17	)		9.36		9.34			193,538		0.94			2.12			24
01/31/18		9.36		0.22		2.37			2.59			(0.16	)		—		(0.16	)		11.79		27.84			185,609		0.95			2.10			14
SA Putnam International Growth and Income Portfolio — Class 2@
01/31/14		9.40		0.18		0.97			1.15			(0.19	)		—		(0.19	)		10.36		12.27			8,967		1.11			1.77			46
01/31/15		10.36		0.34		(0.97	)		(0.63	)		(0.18	)		—		(0.18	)		9.55		(6.13	)		7,428		1.08			3.22			53
01/31/16		9.55		0.17		(0.73	)		(0.56	)		(0.24	)		—		(0.24	)		8.75		(6.07	)		5,928		1.08			1.70			31
01/31/17		8.75		0.18		0.63			0.81			(0.15	)		—		(0.15	)		9.41		9.34			5,764		1.09			1.98			24
01/31/18		9.41		0.21		2.37			2.58			(0.15	)		—		(0.15	)		11.84		27.50			6,383		1.10			1.99			14
SA Putnam International Growth and Income Portfolio — Class 3@
01/31/14		9.37		0.17		0.97			1.14			(0.18	)		—		(0.18	)		10.33		12.18			196,338		1.22			1.73			46
01/31/15		10.33		0.32		(0.96	)		(0.64	)		(0.16	)		—		(0.16	)		9.53		(6.18	)		172,174		1.18			3.10			53
01/31/16		9.53		0.16		(0.73	)		(0.57	)		(0.23	)		—		(0.23	)		8.73		(6.18	)		142,252		1.18			1.59			31
01/31/17		8.73		0.17		0.62			0.79			(0.14	)		—		(0.14	)		9.38		9.14			141,664		1.19			1.87			24
01/31/18		9.38		0.20		2.37			2.57			(0.14	)		—		(0.14	)		11.81		27.46			145,565		1.20			1.90			14

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA Putnam International Growth and Income Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Putnam International Growth and Income Class 2		0.00			0.00			0.00			0.00			0.00
SA Putnam International Growth and Income Class 3		0.00			0.00			0.00			0.00			0.00

(2) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolio or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. If all fees and expenses had been incurred by the Portfolio, 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:

	Expenses															Net Investment Income (Loss)
Portfolio	1/14(1)			1/15(1)			1/16(1)			1/17(1)			1/18(1)			1/14(1)			1/15(1)			1/16(1)			1/17(1)			1/18(1)
SA Putnam International Growth and Income Class 1		1.01	%		0.98	%		0.99	%		0.99	%		1.00	%		1.63	%		2.92	%		1.73	%		2.07	%		2.05	%
SA Putnam International Growth and Income Class 2		1.16			1.13			1.13			1.14			1.15			1.72			3.17			1.65			1.93			1.94
SA Putnam International Growth and Income Class 3		1.27			1.23			1.23			1.24			1.25			1.68			3.05			1.54			1.82			1.85

See Notes to Financial Statements

584

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000s)		Ratio of expenses to average net assets			Ratio of net investment income (loss) to average net assets			Portfolio turnover
SA Pyramis® Real Estate Portfolio — Class 1@
01/31/14	$	14.97	$	0.25	$	(0.37	)	$	(0.12	)	$	(0.18	)	$	—		$	(0.18	)	$	14.67		(0.83	)%	$	115,103		0.81	%		1.73	%		136	%
01/31/15		14.67		0.29		4.32			4.61			(0.23	)		(1.37	)		(1.60	)		17.68		33.52			219,872		0.81	(1)		1.83	(1)		79
01/31/16		17.68		0.33		(1.71	)		(1.38	)		(0.30	)		(1.56	)		(1.86	)		14.44		(7.86	)		197,728		0.80	(1)		2.09	(1)		75
01/31/17		14.44		0.37		1.39			1.76			(0.37	)		(0.79	)		(1.16	)		15.04		12.01			177,817		0.80	(1)		2.36	(1)		77
01/31/18		15.04		0.28		0.03			0.31			(0.45	)		(2.12	)		(2.57	)		12.78		1.71			84,195		0.81	(1)		1.81	(1)		47
SA Pyramis® Real Estate Portfolio — Class 2@
01/31/14		14.93		0.21		(0.36	)		(0.15	)		(0.15	)		—			(0.15	)		14.63		(1.00	)		8,728		0.96			1.44			136
01/31/15		14.63		0.27		4.30			4.57			(0.20	)		(1.37	)		(1.57	)		17.63		33.32			8,962		0.96	(1)		1.64	(1)		79
01/31/16		17.63		0.31		(1.71	)		(1.40	)		(0.27	)		(1.56	)		(1.83	)		14.40		(7.99	)		6,760		0.95	(1)		1.93	(1)		75
01/31/17		14.40		0.33		1.41			1.74			(0.35	)		(0.79	)		(1.14	)		15.00		11.87			6,379		0.95	(1)		2.13	(1)		77
01/31/18		15.00		0.25		0.03			0.28			(0.42	)		(2.12	)		(2.54	)		12.74		1.51			5,208		0.96	(1)		1.66	(1)		47
SA Pyramis® Real Estate Portfolio — Class 3@
01/31/14		14.86		0.20		(0.35	)		(0.15	)		(0.14	)		—			(0.14	)		14.57		(1.02	)		280,919		1.06			1.34			136
01/31/15		14.57		0.25		4.27			4.52			(0.18	)		(1.37	)		(1.55	)		17.54		33.12			277,581		1.06	(1)		1.56	(1)		79
01/31/16		17.54		0.29		(1.70	)		(1.41	)		(0.25	)		(1.56	)		(1.81	)		14.32		(8.08	)		219,487		1.05	(1)		1.84	(1)		75
01/31/17		14.32		0.31		1.40			1.71			(0.33	)		(0.79	)		(1.12	)		14.91		11.72			217,992		1.05	(1)		2.01	(1)		77
01/31/18		14.91		0.23		0.04			0.27			(0.41	)		(2.12	)		(2.53	)		12.65		1.44			202,667		1.06	(1)		1.56	(1)		47

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/15			1/16			1/17			1/18
SA Pyramis® Real Estate Class 1		0.00	%		0.01	%		0.00	%		0.00	%
SA Pyramis® Real Estate Class 2		0.00			0.01			0.00			0.00
SA Pyramis® Real Estate Class 3		0.00			0.01			0.00			0.00

See Notes to Financial Statements

585

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments		Total from investment operations		Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA Schroders VCP Global Allocation Portfolio — Class 1
09/26/16#- 01/31/17	$	10.85	$	0.03		$	0.19	$	0.22	$	—		$	(0.16	)	$	(0.16	)	$	10.91		1.97	%	$	102		0.90	%†		0.82	%†		110	%
01/31/18		10.91		0.15			1.57		1.72		—			(0.13	)		(0.13	)		12.50		15.82			118		0.90			1.31			108
SA Schroders VCP Global Allocation Portfolio — Class 3
01/25/16#-01/31/16		10.00		(0.00	)		0.15		0.15		—			—			—			10.15		1.50			12,374		1.15	†		(0.73	)†		0
01/31/17		10.15		0.05			0.86		0.91		—			(0.16	)		(0.16	)		10.90		8.95			407,509		1.15			0.46			110
01/31/18		10.90		0.12			1.56		1.68		—			(0.13	)		(0.13	)		12.45		15.46			625,739		1.15			1.08			108
SA Small Cap Index Portfolio — Class 1
02/06/17#- 01/31/18		10.00		0.08			1.71		1.79		(0.07	)		(0.07	)		(0.14	)		11.65		17.94			169,759		0.45	†		0.76	†		14
SA Small Cap Index Portfolio — Class 3
02/06/17#- 01/31/18		10.00		0.04			1.72		1.76		(0.05	)		(0.07	)		(0.12	)		11.64		17.61			335		0.70	†		0.40	†		14

* Calculated based upon average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

† Annualized

# Commencement of operations.

(1) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses									Net Investment Income (Loss)
Portfolio	1/16			1/17			1/18			1/16			1/17			1/18
SA Schroders VCP Global Allocation Class 1		—	%		0.94	%†		0.90	%		—	%		0.78	%†		1.31	%
SA Schroders VCP Global Allocation Class 3		12.10	†		1.24			1.15			11.68	†		0.37			1.08
SA Small Cap Index Class 1		—			—			0.56			—			—			0.64
SA Small Cap Index Class 3		—			—			0.95			—			—			0.15

See Notes to Financial Statements

586

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments		Total from investment operations		Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets(1)			Ratio of net investment income to average net assets(1)			Portfolio turnover
SA T. Rowe Price Asset Allocation Growth Portfolio — Class 1
02/06/17#- 01/31/18	$	10.00	$	0.02	$	0.73	$	0.75	$	(0.03	)	$	—		$	(0.03	)	$	10.72		7.56	%	$	111		0.81	%†		0.69	%†		13	%
SA T. Rowe Price Asset Allocation Growth Portfolio — Class 3
02/06/17#- 01/31/18		10.00		0.01		0.74		0.75		(0.03	)		—			(0.03	)		10.72		7.51			20,758		1.06	†		0.44	†		13
SA T. Rowe Price VCP Balanced Portfolio — Class 1
09/26/16#- 01/31/17		10.68		0.03		0.25		0.28		(0.04	)		—			(0.04	)		10.92		2.65			103		0.90	†		0.82	†		45
01/31/18		10.92		0.15		2.25		2.40		(0.01	)		(0.04	)		(0.05	)		13.27		22.00			125		0.88	(2)		1.24	(2)		50
SA T. Rowe Price VCP Balanced Portfolio — Class 3
01/25/16#- 1/31/2016		10.00		0.00		0.08		0.08		—			—			—			10.08		0.80			13,572		1.15	†		(0.09	)†		1
01/31/17		10.08		0.07		0.80		0.87		(0.04	)		—			(0.04	)		10.91		8.62			686,255		1.15			0.67			45
01/31/18		10.91		0.11		2.25		2.36		(0.00	)		(0.04	)		(0.04	)		13.23		21.69			1,268,730		1.12	(2)		0.96	(2)		50

* Calculated based upon average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

† Annualized

# Commencement of operations.

(1) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses									Net Investment Income (Loss)
Portfolio	1/16			1/17			1/18			1/16			1/17			1/18
SA T. Rowe Price Asset Allocation Growth Class 1		—	%		—	%		3.13	%†		—	%		—	%		(1.63	)%†
SA T. Rowe Price Asset Allocation Growth Class 3		—			—			3.42	†		—			—			(1.91	)†
SA T. Rowe Price VCP Balanced Class 1		—			0.92	†		0.83	(2)		—			0.80	†		1.28	(2)
SA T. Rowe Price VCP Balanced Class 3		15.65	†		1.27			1.08	(2)		(14.58	)†		0.55			1.00	(2)

(2) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/18
SA T. Rowe Price VCP Balanced Class 1		0.00	%
SA T. Rowe Price VCP Balanced Class 3		0.00

See Notes to Financial Statements

587

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*		Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets			Ratio of net investment income to average net assets			Portfolio turnover
SA VCP Dynamic Allocation Portfolio — Class 1@
09/26/16#- 01/31/17	$	12.20	$	0.13	$	0.11		$	0.24		$	—		$	—		$	—		$	12.44		1.97	%	$	102		0.21	%†(1)		3.16	%†(1)		20	%
01/31/18		12.44		0.27		2.63			2.90			(0.16	)		(0.29	)		(0.45	)		14.89		23.63			162		0.21	(1)		1.97	(1)		18
SA VCP Dynamic Allocation Portfolio — Class 3@
01/31/14		10.90		0.11		1.10			1.21			—			(0.02	)		(0.02	)		12.09		11.07			5,837,927		0.49			0.94			10
01/31/15		12.09		0.12		0.59			0.71			(0.07	)		(0.09	)		(0.16	)		12.64		5.87			9,425,867		0.48			0.86			13
01/31/16		12.64		0.13		(1.13	)		(1.00	)		(0.12	)		(0.10	)		(0.22	)		11.42		(7.99	)		10,695,122		0.47			1.03			10
01/31/17		11.42		0.12		1.07			1.19			(0.18	)		—			(0.18	)		12.43		10.43			11,332,141		0.47	(1)		1.01	(1)		20
01/31/18		12.43		0.16		2.70			2.86			(0.15	)		(0.29	)		(0.44	)		14.85		23.30			13,064,674		0.46	(1)		1.17	(1)		18
SA VCP Dynamic Strategy Portfolio — Class 1@
09/26/16#- 01/31/17		12.22		0.10		0.21			0.31			—			—			—			12.53		2.54			103		0.22	†(1)		2.32	†(1)		14
01/31/18		12.53		0.28		2.43			2.71			(0.16	)		(0.28	)		(0.44	)		14.80		21.90			160		0.22	%(1)		2.04	%(1)		20
SA VCP Dynamic Strategy Portfolio — Class 3@
01/31/14		10.73		0.12		1.08			1.20			—			(0.00	)		(0.00	)		11.93		11.22			2,429,480		0.52	(1)		1.13	(1)		8
01/31/15		11.93		0.10		0.56			0.66			(0.05	)		(0.00	)		(0.05	)		12.54		5.55			4,943,613		0.50			0.82			8
01/31/16		12.54		0.12		(1.06	)		(0.94	)		(0.09	)		(0.01	)		(0.10	)		11.50		(7.49	)		5,866,925		0.48			0.99			12
01/31/17		11.50		0.12		1.06			1.18			(0.17	)		—			(0.17	)		12.51		10.32			6,148,291		0.47	(1)		0.98	(1)		14
01/31/18		12.51		0.16		2.52			2.68			(0.15	)		(0.28	)		(0.43	)		14.76		21.67			6,971,863		0.47	%(1)		1.15	%(1)		20
SA VCP Index Allocation Portfolio — Class 1
10/06/17#- 1/31/2018		10.00		0.03		0.91			0.94			(0.04	)		(0.01	)		(0.05	)		10.89		9.46			109		0.28	%†(1)		0.79	%†(1)		2
SA VCP Index Allocation Portfolio — Class 3
10/06/17#- 1/31/2018		10.00		0.02		0.91			0.93			(0.03	)		(0.01	)		(0.04	)		10.89		9.40			24,048		0.53	%†(1)		0.78	%†(1)		2

* Calculated based upon average shares outstanding.

** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

† Annualized

# Commencement of operations.

@ See Note 1

(1) During the below stated periods, the investment adviser either waived fees or reimbursed expenses for the Portfolios or through recoupment provisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. 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:

	Expenses															Net Investment Income (Loss)
Portfolio	1/14			1/15			1/16			1/17			1/18			1/14			1/15			1/16			1/17			1/18
SA VCP Dynamic Allocation Class 1		—	%		—	%		—	%		0.22	%†		0.22	%		—	%		—	%		—	%		3.15	%†		1.96	%
SA VCP Dynamic Allocation Class 3		—			—			—			0.47			0.47			—			—			—			1.00			1.16
SA VCP Dynamic Strategy Class 1		—			—			—			0.23	†		0.23			—			—			—			2.31	†		2.03
SA VCP Dynamic Strategy Class 3		0.52			—			—			0.48			0.48			1.13			—			—			0.98			1.14
SA VCP Index Allocation Class 1		—			—			—			—			2.53	†		—			—			—			—			(1.46	)†
SA VCP Index Allocation Class 3		—			—			—			—			2.34	†		—			—			—			—			(1.03	)†

See Notes to Financial Statements

588

SUNAMERICA SERIES TRUST

FINANCIAL HIGHLIGHTS — (continued)

Selected data for a share of beneficial interest outstanding throughout each period

Period ended	Net Asset Value beginning of period		Net investment income (loss)*			Net realized & unrealized gain (loss) on investments			Total from investment operations			Dividends declared from net investment income			Dividends from net realized gain on investments			Total distributions			Net Asset Value end of period		Total Return**			Net Assets end of period (000’s)		Ratio of expenses to average net assets(1)			Ratio of net investment income (loss) to average net assets(1)			Portfolio turnover
SA WellsCap Aggressive Growth Portfolio — Class 1@
01/31/14	$	11.97	$	(0.06	)	$	3.79		$	3.73		$	—		$	—		$	—		$	15.70		31.16	%	$	93,531		0.85	%		(0.43	)%		89	%
01/31/15		15.70		(0.06	)		0.33			0.27			—			—			—			15.97		1.72			106,196		0.81			(0.37	)		80
01/31/16		15.97		(0.07	)		(1.38	)		(1.45	)		—			—			—			14.52		(9.08	)		105,081		0.80			(0.45	)		89
01/31/17		14.52		(0.04	)		3.41			3.37			—			—			—			17.89		23.21			63,155		0.83			(0.25	)		75
01/31/18		17.89		(0.09	)		5.89			5.80			—			—			—			23.69		32.42			75,184		0.84			(0.44	)		73
SA WellsCap Aggressive Growth Portfolio — Class 2@
01/31/14		11.86		(0.08	)		3.76			3.68			—			—			—			15.54		31.03			3,773		1.00			(0.58	)		89
01/31/15		15.54		(0.08	)		0.32			0.24			—			—			—			15.78		1.54			3,322		0.96			(0.54	)		80
01/31/16		15.78		(0.10	)		(1.35	)		(1.45	)		—			—			—			14.33		(9.19	)		2,918		0.95			(0.60	)		89
01/31/17		14.33		(0.06	)		3.35			3.29			—			—			—			17.62		22.96			2,970		0.98			(0.43	)		75
01/31/18		17.62		(0.12	)		5.81			5.69			—			—			—			23.31		32.29			3,313		0.99			(0.59	)		73
SA WellsCap Aggressive Growth Portfolio — Class 3@
01/31/14		11.77		(0.09	)		3.71			3.62			—			—			—			15.39		30.76			32,550		1.10			(0.68	)		89
01/31/15		15.39		(0.10	)		0.33			0.23			—			—			—			15.62		1.49			28,865		1.06			(0.63	)		80
01/31/16		15.62		(0.11	)		(1.34	)		(1.45	)		—			—			—			14.17		(9.28	)		24,872		1.04			(0.69	)		89
01/31/17		14.17		(0.08	)		3.32			3.24			—			—			—			17.41		22.87			26,485		1.08			(0.53	)		75
01/31/18		17.41		(0.14	)		5.73			5.59			—			—			—			23.00		32.11			31,441		1.09			(0.69	)		73
SA WellsCap Fundamental Growth Portfolio — Class 1
01/31/14		18.79		(0.03	)		5.32			5.29			—			—			—			24.08		28.15			208,765		0.89			(0.14	)		105
01/31/15		24.08		(0.05	)		2.24			2.19			—			—			—			26.27		9.09			139,948		0.88			(0.22	)		85
01/31/16		26.27		(0.06	)		(0.77	)		(0.83	)		—			(4.73	)		(4.73	)		20.71		(3.60	)		114,064		0.88			(0.23	)		131
01/31/17		20.71		0.04			2.58			2.62			—			(1.94	)		(1.94	)		21.39		12.92			71,385		0.91			0.17			69
01/31/18		21.39		(0.05	)		8.77			8.72			(0.07	)		(1.28	)		(1.35	)		28.76		41.72			91,355		0.92			(0.21	)		49
SA WellsCap Fundamental Growth Portfolio — Class 2
01/31/14		18.58		(0.05	)		5.25			5.20			—			—			—			23.78		27.99			3,130		1.04			(0.24	)		105
01/31/15		23.78		(0.09	)		2.21			2.12			—			—			—			25.90		8.91			2,942		1.04			(0.37	)		85
01/31/16		25.90		(0.09	)		(0.77	)		(0.86	)		—			(4.73	)		(4.73	)		20.31		(3.78	)		2,455		1.03			(0.38	)		131
01/31/17		20.31		0.01			2.53			2.54			—			(1.94	)		(1.94	)		20.91		12.77			2,378		1.06			0.02			69
01/31/18		20.91		(0.09	)		8.57			8.48			(0.03	)		(1.28	)		(1.31	)		28.08		41.52			2,892		1.07			(0.35	)		49
SA WellsCap Fundamental Growth Portfolio — Class 3
01/31/14		18.41		(0.07	)		5.20			5.13			—			—			—			23.54		27.87			83,382		1.14			(0.34	)		105
01/31/15		23.54		(0.11	)		2.19			2.08			—			—			—			25.62		8.84			77,627		1.14			(0.47	)		85
01/31/16		25.62		(0.11	)		(0.76	)		(0.87	)		—			(4.73	)		(4.73	)		20.02		(3.86	)		64,213		1.13			(0.47	)		131
01/31/17		20.02		(0.01	)		2.48			2.47			—			(1.94	)		(1.94	)		20.55		12.60			66,981		1.16			(0.08	)		69
01/31/18		20.55		(0.11	)		8.43			8.32			(0.01	)		(1.28	)		(1.29	)		27.58		41.42			72,233		1.17			(0.44	)		49

* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the total return would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

@ See Note 1

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio	1/14			1/15			1/16			1/17			1/18
SA WellsCap Aggressive Growth Class 1		0.01	%		0.01	%		0.01	%		0.02	%		0.00	%
SA WellsCap Aggressive Growth Class 2		0.01			0.01			0.01			0.02			0.00
SA WellsCap Aggressive Growth Class 3		0.01			0.01			0.01			0.02			0.00
SA WellsCap Fundamental Growth Class 1		0.01			0.01			0.01			0.01			0.00
SA WellsCap Fundamental Growth Class 2		0.01			0.01			0.01			0.01			0.00
SA WellsCap Fundamental Growth Class 3		0.01			0.01			0.01			0.01			0.00

See Notes to Financial Statements

589

SUNAMERICA SERIES TRUST

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of SunAmerica Series Trust and Shareholders of each of the funds listed in the table below

Opinions on the Financial Statements

We have audited the financial statements and financial highlights of each of the funds listed in the table below (fifty of the funds constituting SunAmerica Series Trust, hereafter collectively referred to as the “Funds”) as of the date listed in the table below and for the periods listed in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of the date listed in the table below, the results of each of their operations, the changes in each of their net assets and each of the financial highlights for each of the periods listed in the table below in conformity with accounting principles generally accepted in the United States of America.

SA AB Growth Portfolio (1)

SA AB Small & Mid Cap Value Portfolio (formerly Small & Mid Cap Value Portfolio) (1)

SA BlackRock VCP Global Multi Asset Portfolio (2)

SA Boston Company Capital Growth Portfolio (formerly Capital Growth Portfolio) (1)

SA Columbia Technology Portfolio (formerly Technology Portfolio) (1)

SA DFA Ultra Short Bond Portfolio (formerly Ultra Short Bond Portfolio) (1)

SA Dogs of Wall Street Portfolio (formerly “Dogs” of Wall Street Portfolio) (1)

SA Federated Corporate Bond Portfolio (formerly Corporate Bond Portfolio) (1)

SA Fixed Income Index Portfolio (3)

SA Fixed Income Intermediate Index Portfolio (4)

SA Franklin Foreign Value Portfolio (formerly Foreign Value Portfolio) (1)

SA Franklin Small Company Value Portfolio (formerly Small Company Value Portfolio) (1)

SA Goldman Sachs Global Bond Portfolio (formerly Global Bond Portfolio) (1)

SA Goldman Sachs Multi-Asset Insights Allocation Portfolio (4)

SA Index Allocation 60/40 Portfolio (3)

SA Index Allocation 80/20 Portfolio (3)

SA Index Allocation 90/10 Portfolio (3)

SA International Index Portfolio (3)

SA Invesco Growth Opportunities Portfolio (formerly Growth Opportunities Portfolio) (1)

SA Invesco VCP Equity-Income Portfolio (formerly VCP^SM Value Portfolio) (2)

SA Janus Focused Growth Portfolio (1)

SA JPMorgan Balanced Portfolio (formerly Balanced Portfolio) (1)

SA JPMorgan Emerging Markets Portfolio (formerly Emerging Markets Portfolio) (1)

SA JPMorgan Equity-Income Portfolio (formerly Growth-Income Portfolio) (1)

SA JPMorgan Global Equities Portfolio (formerly Global Equities Portfolio) (1)

SA JPMorgan MFS Core Bond Portfolio (1)

SA JPMorgan Mid-Cap Growth Portfolio (formerly Mid-Cap Growth Portfolio) (1)

SA Large Cap Index Portfolio (formerly Equity Index Portfolio) (2)

SA Legg Mason BW Large Cap Value Portfolio (1)

SA Legg Mason Tactical Opportunities Portfolio (4)

SA MFS Blue Chip Growth Portfolio (formerly Blue Chip Growth Portfolio) (1)

SA MFS Massachusetts Investors Trust Portfolio (1)

SA MFS Telecom Utility Portfolio (formerly Telecom Utility Portfolio) (1)

SA MFS Total Return Portfolio (1)

SA Mid Cap Index Portfolio (3)

SA Morgan Stanley International Equities Portfolio (formerly International Diversified Equities Portfolio) (1)

SA Oppenheimer Main Street Large Cap Portfolio (formerly Equity Opportunities Portfolio) (1)

SA PIMCO VCP Tactical Balanced Portfolio (formerly VCP Total Return Balanced^SM Portfolio) (2)

SA PineBridge High-Yield Bond Portfolio (formerly High-Yield Bond Portfolio) (1)

SA Putnam International Growth and Income Portfolio (formerly International Growth and Income Portfolio) (1)

SA Pyramis^® Real Estate Portfolio (formerly Real Estate Portfolio) (1)

SA Schroders VCP Global Allocation Portfolio (2)

590

SA Small Cap Index Portfolio (3)

SA T. Rowe Price Asset Allocation Portfolio (4)

SA T. Rowe Price VCP Balanced Portfolio (2)

SA VCP Dynamic Allocation Portfolio (formerly SunAmerica Dynamic Allocation Portfolio) (2)

SA VCP Dynamic Strategy Portfolio (formerly SunAmerica Dynamic Strategy Portfolio) (2)

SA VCP Index Allocation Portfolio (4)

SA WellsCap Aggressive Growth Portfolio (formerly Aggressive Growth Portfolio) (1)

SA WellsCap Fundamental Growth Portfolio (formerly Fundamental Growth Portfolio) (1)

(1) The statement of assets and liabilities, including the portfolio of investments, as of January 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period ended January 31, 2018, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2018

(2) The statement of assets and liabilities, including the portfolio of investments, as of January 31, 2018, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period ended January 31, 2018, including the related notes, and the financial highlights for each of the periods indicated therein

(3) The statement of assets and liabilities, including the portfolio of investments, as of January 31, 2018, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period February 6, 2017 (commencement of operations) through January 31, 2018

(4) The statement of assets and liabilities, including the portfolio of investments, as of January 31, 2018, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period October 6, 2017 (commencement of operations) through January 31, 2018

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2018 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Houston, Texas

March 29, 2018

We have served as the auditor of one or more investment companies in the SunAmerica annuity family of funds (consisting of SunAmerica Series Trust, Seasons Series Trust and Anchor Series Trust) since at least 1986.

591

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENTS

January 31, 2018 (unaudited)

At a meeting held on October 11, 2017, the Board of Trustees (the “Board”), including the Trustees that are not interested persons of SunAmerica Series Trust (the “Trust”), as defined in the Investment Company Act of 1940, as amended (the “Independent Trustees”), approved with respect to each Portfolio the continuation of the Investment Management and Advisory Agreement between SunAmerica Asset Management, LLC (“SAAMCo” or the “Adviser”) and the Trust (the “Advisory Agreement”) and the continuation of each Subadvisory Agreement between SAAMCo and each of the following subadvisers (the “Subadvisory Agreements”): AllianceBernstein, L.P. (“AB”), BlackRock Investment Management, LLC (“BlackRock”), Brandywine Global Investment Management, LLC (“Brandywine”), Columbia Management Investment Advisers, LLC (“Columbia”), Dimensional Fund Advisors LP (“DFA”), Federated Investment Management Company (“Federated”), FIAM LLC (“FIAM”), Franklin Advisory Services, LLC (“Franklin”), Goldman Sachs Asset Management International (“GSAMI”), Invesco Advisers, Inc. (“Invesco”), J.P. Morgan Investment Management Inc. (“JPMorgan”), Massachusetts Financial Services Company (“MFS”), Morgan Stanley Investment Management Inc. (“MSIM”), OppenheimerFunds, Inc. (“Oppenheimer”), Pacific Investment Management Company, LLC (“PIMCO”), PineBridge Investments, LLC (“PineBridge”), Putnam Investment Management, LLC (“Putnam”), Schroder Investment Management North America Inc. (“SIMNA”), Templeton Investment Counsel, LLC (“Templeton”), T. Rowe Price Associates, Inc. (“T. Rowe Price”), The Boston Company Asset Management, LLC (“Boston Company”) and Wells Capital Management Incorporated (“WellsCap”) (collectively referred to as the “Subadvisers” and each a “Subadviser”). The Advisory Agreement and Subadvisory Agreements are collectively referred to as the “Advisory Contracts.”

In connection with the approval of the Advisory Contracts, the Board received materials related to certain factors used in its consideration whether to renew or approve the Advisory Contracts. Those factors included:

(1) the requirements of the Trust in the areas of investment supervisory and administrative services;

(2) the nature, extent and quality of the investment advisory, administrative, operational and compliance services provided by SAAMCo, including a review of the investment performance of the Portfolios and oversight of the Subadvisers;

(3) the size and structure of the investment advisory fee and any other material payments to the Adviser and Subadvisers and, in connection therewith, a review of the costs of services provided and the profits realized by the Adviser and its affiliates from the relationship with the Trust;

(4) the expenses paid by each of the Portfolios, including their total operating expenses and any applicable expense limitation;

(5) the extent to which the Adviser realizes economies of scale and shares them with the Trust;

(6) the organizational capability, resources, personnel and financial condition of the Adviser and Subadvisers and their affiliates; and

(7) the fees paid by the Adviser to the Subadvisers for managing the Portfolios of the Trust.

In addition, the Board considered (a) the historical relationship between the Trust and SAAMCo; (b) the possibility that services of the type required by the Trust might be better obtained from other organizations; (c) the conditions and trends prevailing in the economy, the securities markets and the investment company industry; and (d) the reasonableness of the amount of the fee retained by the Adviser in light of the services provided by the Adviser and the Subadvisers.

The Independent Trustees were separately represented by counsel that is independent of SAAMCo in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Trustees in executive sessions during which their independent counsel provided guidance to the Independent Trustees.

The Board received information regarding the Trust’s advisory and subadvisory fees compared to advisory and subadvisory fee rates of a group of funds with similar investment strategies and/or objectives, as applicable (respectively, the “Expense Group/Universe” and the “Subadvised Expense Group/Universe”), as selected and prepared by an independent third-party provider of investment company data. The Board also received performance data and expense information prepared by management. In addition, the Board considered the expenses and performance of SAAMCo and the Subadvisers with respect to accounts and mutual funds managed by each that have comparable investment objectives and strategies to each of the Portfolios that they manage.

Nature, Extent and Quality of Services.

The Board, including the Independent Trustees, considered the nature, quality and extent of services provided by SAAMCo and each of the Subadvisers. In making its evaluation, the Board considered that SAAMCo acts as adviser for each Portfolio, manages the investment of portions of certain Portfolios’ assets, manages the daily business affairs of the Trust, obtains and evaluates economic, statistical and financial information to formulate and implement investment policies, and provides oversight with respect to the daily

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January 31, 2018 (unaudited) — (continued)

management of certain Portfolios’ assets, or a portion thereof, allocated to the Subadvisers, subject to the Trustees’ oversight and control. It was also noted that SAAMCo’s advisory fees compensate SAAMCo for services such as monitoring Portfolio performance, selecting and replacing Subadvisers, determining asset allocations among Portfolios with multiple Subadvisers and ensuring that the Subadvisers’ styles adhere to the prospectus and statement of additional information as well as other administrative, compliance and legal services.

The Board noted that SAAMCo is responsible for overseeing the performance of services by the Trust’s custodian, transfer agent and dividend disbursing agent. The Board also noted that SAAMCo is responsible for the financial, legal and accounting records required to be maintained by each Portfolio and for the administration of the Trust’s business affairs, including providing such office space, bookkeeping, accounting, clerical, secretarial and administrative services (exclusive of, and in addition to, any such service provided by any others retained by the Trust or any Portfolio) and such executive and other personnel as may be necessary for the operations of each Portfolio. The Board considered that SAAMCo monitors and reviews the activities of third-party service providers that may provide additional administrative services.

In addition, the Board considered the key personnel of SAAMCo that are involved in the investment management, administration, compliance and risk management activities with respect to the Portfolios. The Board also considered the compensation program for SAAMCo’s investment professionals.

With respect to the Subadvisers, the Board noted that the Subadvisers are responsible for providing investment management services on a day-to-day basis. In such role, each Subadviser (i) determines the securities to be purchased or sold and executes such documents on behalf of the Portfolios they manage as may be necessary in connection therewith; (ii) provides SAAMCo with records concerning their activities; and (iii) renders regular reports to SAAMCo and to officers and Trustees of the Trust concerning their discharge of the foregoing responsibilities. The Board reviewed each Subadviser’s history, structure and size, and investment experience. The Board considered each Subadviser’s personnel that are involved in the investment management, administration, compliance and risk management activities with respect to the Portfolios, as well as current and projected staffing levels and compensation practices. The Board was informed that in management’s judgment, each of the Subadvisers has the size, viability and resources to attract and retain highly qualified investment professionals.

The Board reviewed the qualifications, background and responsibilities of SAAMCo’s staff and each of the Subadviser’s staff who is responsible for providing investment management services to the Portfolios and other key personnel of SAAMCo in addition to current and projected staffing levels and compensation practices.

The Board considered SAAMCo’s reputation and long-standing relationship with the Portfolios and considered the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of types of mutual funds and shareholder services. The Board also considered the Trust’s relationship with affiliated life insurance companies that offer the Portfolios through variable annuity and variable life insurance products. The Board considered SAAMCo’s experience in providing management and investment advisory and administrative services to advisory clients. The Board also considered SAAMCo’s code of ethics and its risk management process, and that SAAMCo has developed internal procedures, adopted by the Board, for monitoring compliance with the investment objectives, policies and restrictions of the Portfolios as set forth in the Portfolios’ registration statement.

The Board also reviewed and considered SAAMCo’s and each Subadviser’s compliance and regulatory history, including information about whether any were involved in any litigation, regulatory actions or investigations that could impair their ability to serve as an adviser or subadviser to the Portfolios. The Board considered SAAMCo’s and the Subadvisers’ risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on SAAMCo’s or the Subadvisers’ ability to provide services to the Trust.

The Board concluded that it was satisfied with the nature, quality and extent of the services provided by or to be provided by SAAMCo and each Subadviser and that there was a reasonable basis on which to conclude that they would provide high quality services to the Trust.

Portfolio Fees and Expenses; Investment Performance.

The Board, including the Independent Trustees, received and reviewed information regarding the Portfolios’ fees (actual or contractual management fees, subadvisory fees, non-management fees, and 12b-1 fees, if applicable), and expense ratios compared against such fees and expense ratios of the Expense Group/Universe for each Portfolio. Such fees and expense ratios were compared both before and after expense waivers, caps and reimbursements, if any. It was noted that with respect to subadvisory fees, SAAMCo negotiates such fees at arm’s length. The Board also considered that the subadvisory fees are paid by SAAMCo out of its advisory fee and not by the Portfolios, and that subadvisory fees may vary widely within a Subadvised Expense Group/Universe for various reasons,

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APPROVAL OF ADVISORY AGREEMENTS

January 31, 2018 (unaudited) — (continued)

including market pricing demands, existing relationships, experience and success, and individual client needs. The Board further considered the amount of subadvisory fees paid by SAAMCo and the amount of the management fees which it retained and determined that these amounts were reasonable in light of the services performed by SAAMCo and the Subadvisers, respectively.

To assist in analyzing the reasonableness of the advisory and subadvisory fees, the Board received a report prepared independently by Broadridge Financial Solutions, Inc. (“Broadridge”) as well as information provided by management. The Board also considered advisory fees received by the Adviser and the Subadvisers with respect to other mutual funds and accounts with similar investment strategies to the Portfolios each advises. Based on the information from Broadridge, the Board reviewed detailed information about peer groups of comparable mutual funds based on various factors such as the type of fund (those underlying variable insurance products), comparable investment objectives and strategies, among other factors. Referred to herein are “Expense Groups” and “Performance Groups” that represent those peer groups of funds used to compare expenses and performance, respectively.

The Trustees noted that expense information as a whole was useful in assessing whether SAAMCo and the Subadvisers were providing services at a cost that was competitive with other similar funds. The performance information included annualized returns for the period since inception and the one-, three-, five- and ten-year periods, as applicable, ended June 30, 2017 from Broadridge and performance information as of June 30, 2017 from management. On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to each Portfolio’s overall performance, performance relative to each Portfolio’s relevant benchmark and Morningstar and/or Broadridge peer groups, as applicable, and each Subadviser’s performance within a Portfolio. The Board considered that management makes particular note of Portfolios that may require closer monitoring or potential corrective action by the Board.

As part of its review of the Portfolios’ fees and expenses and performance, the Board considered information, including but not limited to the following expense and performance information, provided by Broadridge and management in making its determinations. It was noted that actual advisory and subadvisory fees and total expenses were calculated as of each Portfolio’s most recent fiscal year end, which may vary among the Portfolio’s Expense Group/Universe. The Board considered management’s discussion of the Trust’s multi-manager subadvisory management structure and its explanation that the structure results in increased advisory fees and expenses to these Portfolios but noted the potential benefits to this type of multi-manager strategy where the Portfolios have access to the expertise of multiple subadvisers and the varied investment techniques employed by each subadviser in connection with a Portfolio’s investment objectives/strategies.

• SA WellsCap Aggressive Growth Portfolio (subadvised by WellsCap).    The Board considered that actual management fees were at the median and total expenses were below the median of its Expense Group.

The Board further noted that the Portfolio outperformed its benchmark index for the one-, three-, and five-year periods but was below that index for the ten-year period. The Board considered that the Portfolio performed above the medians of its Performance Group for the one-, three- and five-year periods but below the median for the ten-year period.

• SA JPMorgan Balanced Portfolio (subadvised by JPMorgan).     The Board considered that actual management fees and total expenses were at the medians of its Expense Group.

The Board noted that the Portfolio performed below its benchmark index for the one-year period but outperformed that index for the three-, five- and ten-year periods. The Board also noted that the Portfolio performed below the median of its Performance Group for the one-year period but above the medians for the three-, five- and ten-year periods. The Board took account of management’s discussion of the Portfolio’s performance.

• SA MFS Blue Chip Growth Portfolio (subadvised by MFS).     The Board considered that actual management fees and total expenses were below the medians of its Expense Group. The Board considered that the voluntary expense limitations of 0.85%, 1.00% and 1.10% for Class 1, Class 2, and Class 3 shares, respectively, would continue for another one-year period.

The Board noted that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also noted that the Portfolio performed below the medians of its Performance Group for the same periods. The Board took account of management’s discussion of the Portfolio’s performance, including the fact that MFS had taken over as subadviser in October 2013.

• SA Boston Company Capital Growth Portfolio (subadvised by Boston Company).     The Board noted that actual management fees were above and total expenses were slightly above the medians of its Expense Group. The Board considered that SAAMCo has contractually agreed to waive part of its investment advisory fee so that the advisory fee payable by the Portfolio to SAAMCo equals 0.73% of average daily net assets.

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SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENTS

January 31, 2018 (unaudited) — (continued)

The Board noted that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also noted that the Portfolio performed below the medians of its Performance Group for the same periods. The Board took account of management’s discussion of the Portfolio’s performance and noted that Boston Company had taken over as subadviser in May 2014.

• SA Federated Corporate Bond Portfolio (subadvised by Federated).     The Board noted that actual management fees were slightly above and total expenses were below the medians of its Expense Group. The Board took account of management’s discussion of the Portfolio’s fees.

The Board noted that the Portfolio outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board also noted that the Portfolio performed above the medians of its Performance Group for the same periods.

• SA Dogs of Wall Street Portfolio (advised by SAAMCo).     The Board noted that actual management fees were slightly above and total expenses were below the medians of its Expense Group. The Board took account of management’s discussion of the Portfolio’s fees.

The Board noted that the Portfolio outperformed its benchmark index for the three-, five- and ten-year periods but performed below that index for the one-year period. The Board also noted that the Portfolio performed above the medians of its Performance Group for the three-, five- and ten-year periods but below the median for the one-year period. The Board took account of management’s discussion of the Portfolio’s performance.

• SA JPMorgan Emerging Markets Portfolio (subadvised by JPMorgan).     The Board considered that actual management fees were slightly above and total expenses were below the medians of its Expense Group. The Board considered that SAAMCo has contractually agreed to waive part of its investment advisory fee so that the advisory fee payable by the Portfolio to SAAMCo equals 1.00% of average daily net assets.

The Board considered that the Portfolio outperformed its benchmark index for the one- and three-year periods but performed below that index for the five- and ten-year periods. The Board further considered that the Portfolio performed above the medians of its Performance Group for the one- and three-year periods but below the medians for the five- and ten-year periods. The Board took account of management’s discussion of the Portfolio’s performance and noted that performance had improved since JPMorgan took over as subadviser in January 2013.

• SA Oppenheimer Main Street Large Cap Portfolio (subadvised by Oppenheimer).     The Board noted that both actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration management’s discussion of the Portfolio’s fees and expenses.

The Board considered that the Portfolio outperformed its benchmark index for the three-, five- and ten-year periods but performed below that index for the one-year period. The Board also considered that the Portfolio performed above the medians of its Performance Group for the three- and ten-year periods but below the medians for the one- and five-year periods. The Board took account of management’s discussion of the Portfolio’s performance.

• SA Franklin Foreign Value Portfolio (subadvised by Templeton).     The Board considered that actual management fees and total expenses were at the medians its Expense Group.

The Board considered that the Portfolio performed at or above the medians of its Performance Group for the one-, three- and five-year periods but below the median for the ten-year period.

• SA WellsCap Fundamental Growth Portfolio (subadvised by WellsCap).     The Board noted that both actual management fees and total expenses were above the medians of its Expense Group. The Board took account of management’s discussion of the Portfolio’s fees and expenses.

The Board considered that the Portfolio outperformed its benchmark index for the one-year period but performed below that index for the three-, five- and ten-year periods. The Board also considered that the Portfolio performed at the median of its Performance Group for the one-year period but below the medians for the three-, five- and ten-year periods. The Board took account of management’s discussion of the Portfolio’s performance.

• SA Goldman Sachs Global Bond Portfolio (subadvised by GSAMI).     The Board noted that actual management fees were below and total expenses were slightly above the medians of its Expense Group.

The Board noted that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also noted that the Portfolio performed below the medians of its Performance Group for the same periods. The Board took account of management’s discussion of the Portfolio’s performance.

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SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENTS

January 31, 2018 (unaudited) — (continued)

• SA JPMorgan Global Equities Portfolio (subadvised by JPMorgan).     The Board noted that actual management fees were at the median and total expenses were below the median of its Expense Group.

The Board considered that the Portfolio performed at or above the medians of its Performance Group for the one-, three- and ten-year periods but below the median for the five-year period. The Board took account of management’s discussion of the Portfolio’s performance.

• SA JPMorgan Equity-Income Portfolio (subadvised by JPMorgan).     The Board noted that both actual management fees and total expenses were below the medians of its Expense Group.

The Board considered that the Portfolio outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed above the medians of its Performance Group for the three-, five- and ten-year periods but below the median for the one-year period.

• SA Invesco Growth Opportunities Portfolio (subadvised by Invesco).     The Board noted that both actual management fees and total expenses were below the medians of its Expense Group.

The Board considered that the Portfolio outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed above the median of its Performance Group for the one-year period but below the medians for the three-, five- and ten-year periods.

• SA PineBridge High-Yield Bond Portfolio (subadvised by PineBridge).     The Board noted that actual management fees and total expenses were below the median of its Expense Group.

The Board considered that the Portfolio outperformed its benchmark index for the one-, three- and five-year periods but performed below that index for the ten-year period. The Board also considered that the Portfolio performed above the medians of its Performance Group for the one-, three- and five-year periods but below the median for the ten-year period.

• SA Morgan Stanley International Equities Portfolio (subadvised by MSIM).     The Board noted that actual management fees were above and total expenses were slightly above the median of its Expense Group. The Board took account of management’s discussion of the Portfolio’s fees.

The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed at or above the medians of its Performance Group for the one-, three- and ten-year periods and slightly below the median for the five-year period. The Board took account of management’s discussion of the Portfolio’s performance and noted that a new portfolio management team at MSIM had taken over as subadviser in October 2014.

• SA Putnam International Growth and Income Portfolio (subadvised by Putnam).     The Board noted that actual management fees were above and total expenses were slightly above the medians of its Expense Group. The Board took account of management’s discussion of the Portfolio’s fees and expenses and noted that SAAMCo and Putnam each agreed to waive 0.05% of their advisory and subadvisory fees, respectively.

The Board considered that the Portfolio performed slightly below the medians of its Performance Group for the one-, three-, five- and ten-year periods. The Board took account of management’s discussion of the Portfolio’s performance and noted the narrower range of underperformance respective to the benchmark and medians.

• SA JPMorgan Mid-Cap Growth Portfolio (subadvised by JPMorgan).     The Board considered that both actual management fees and total expenses were below the medians of its Expense Group.

The Board considered that the Portfolio outperformed its benchmark index for the one-, five- and ten-year periods but below that index for the three-year period. The Board also noted that the Portfolio performed at or above the medians of its Performance Group for the one-, five- and ten-year periods but below the median for the three-year period. The Board took account of management’s discussion of the Portfolio’s performance.

• SA Pyramis^® Real Estate Portfolio (subadvised by FIAM).     The Board noted that actual management fees were slightly above the median of its Expense Group and total expenses were below the median of its Expense Group. The Board took account of management’s discussion of the Portfolio’s fees.

The Board considered that the Portfolio performed above its benchmark index for the one-, three- and five-year periods but below that index for the ten-year period. The Board also considered that the Portfolio performed above the medians of its Performance Group for the one- and three-year periods but below the medians for the five- and ten-year periods. The Board noted that FIAM had taken over as subadviser in October 2013.

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SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENTS

January 31, 2018 (unaudited) — (continued)

• SA AB Growth Portfolio (subadvised by AB).     The Board noted that both actual management fees and total expenses were below the medians of its Expense Group.

The Board considered that the Portfolio outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board further considered that the Portfolio performed above the medians of its Performance Group for the same periods.

• SA BlackRock VCP Global Multi Asset Portfolio (subadvised by BlackRock).     The Board noted that actual management fees were slightly above and total expenses were below the medians of its Expense Group. The Board further noted that there is an expense limitation of 0.91% and 1.16% on Class 1 and Class 3 shares, respectively. The Board also considered management’s discussion of the Portfolio’s fees.

The Board considered that the Portfolio performed below its benchmark index for the one-year period and the period since the Portfolio’s inception. The Board further considered that the Portfolio performed below the medians of its Performance Group for the same periods. The Board took account of management’s discussion of the Portfolio’s performance.

• SA Janus Focused Growth Portfolio (subadvised by Janus Capital Management, LLC (“Janus”)).     The Board noted that both actual management fees and total expenses were above the medians of its Expense Group. The Board noted that SAAMCo has added a contractual management fee cap of 0.75%.

The Board considered that the Portfolio performed above its benchmark index for the one-year period but below that index for the three-, five- and ten-year periods. The Board also considered that the Portfolio performed above the median of its Performance Group for the one-year period but below the medians for the three-, five- and ten-year periods. The Board took account of management’s discussion of the Portfolio’s performance and noted that Janus took over as the new subadviser effective June 30, 2016.

• SA JPMorgan MFS Core Bond Portfolio (subadvised by JPMorgan and MFS).     The Board noted that both actual management fees and total expenses were at the medians of its Expense Group. The Board noted that SAAMCo has contractually agreed to waive 0.10% of its investment advisory fee.

The Board considered that the Portfolio had performed above its benchmark index for the one- and ten-year periods but below that index for the three- and five-year periods. The Board also considered that the Portfolio performed at the median of its Performance Group for the one-year period but below the medians for the three-, five- and ten-year periods. The Board took account of management’s discussion of the Portfolio’s performance and noted that JPMorgan and MFS took over management of the Portfolio in early 2015.

• SA Large Cap Index Portfolio (advised by SAAMCo).     The Board noted that both actual management fees and total expenses were slightly above the medians of its Expense Group. The Board considered management’s discussion of the Portfolio’s fees, and noted that SAAMCo has contractually agreed to waive 0.11% of its investment advisory fee. The Board also noted that the voluntary expense limitation of 0.55% for Class 1 Shares would continue for another year.

The Board noted that the Portfolio performed slightly below its benchmark index for the one-, three-, five- and ten-year periods. The Board also noted that the Portfolio performed slightly below the medians of its Performance Group for the same periods. The Board took account of management’s discussion of the Portfolio’s performance and noted the narrower range of underperformance respective to the benchmark and medians.

• SA Legg Mason BW Large Cap Value Portfolio (subadvised by Brandywine).     The Board noted that actual management fees were slightly above the median and total expenses were near the median of its Expense Group. The Board took account of management’s discussion of the Portfolio’s fees and expenses and noted that SAAMCo has contractually agreed to waive 0.05% of its investment advisory fee.

The Board considered that the Portfolio had outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board also noted that the Portfolio had performed above the medians of its Performance Group for the same periods.

• SA MFS Massachusetts Investors Trust Portfolio (subadvised by MFS).    The Board noted that actual management fees were slightly above the median and total expenses were below the median of its Expense Group. The Board took account of management’s discussion of the Portfolio’s fees.

The Board considered that the Portfolio outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed above the medians of its Performance Group for the same periods.

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APPROVAL OF ADVISORY AGREEMENTS

January 31, 2018 (unaudited) — (continued)

• SA MFS Total Return Portfolio (subadvised by MFS).    The Board noted that actual management fees were above and total expenses were slightly above the medians of its Expense Group. The Board took account of management’s discussion of the Portfolio’s fees and expenses.

The Board considered that the Portfolio performed below its benchmark index for the one-year period and outperformed that index for the three-, five- and ten-year periods. The Board further considered that the Portfolio performed below the median of its Performance Group for the one-year period and above the medians for the three-, five- and ten-year periods. The Board took account of management’s discussion of the Portfolio’s performance.

• SA Schroders VCP Global Allocation Portfolio (subadvised by SIMNA).    The Board noted that actual management fees were slightly above and total expenses were below the medians of its Expense Group. The Board further noted that there is an expense limitation of 0.90% and 1.15% on Class 1 and Class 3 shares, respectively.

The Board considered that the Portfolio performed below its benchmark index for the one-year period and the period since the Portfolio’s inception. The Board further considered that the Portfolio performed above the medians of its Performance Group for the same periods. The Board took account of management’s discussion of the Portfolio’s performance.

• SA T. Rowe Price VCP Balanced Portfolio (subadvised by T. Rowe Price).    The Board noted that both actual management fees and total expenses were below the medians of its Expense Group. The Board further noted that there is an expense limitation of 0.90% and 1.15% on Class 1 and Class 3 shares, respectively.

The Board considered that the Portfolio outperformed its benchmark index for the one-year period and performed below that index for the period since the Portfolio’s inception. The Board further considered that the Portfolio performed above the medians of its Performance Group for the one-year period and the period since inception.

• SA Franklin Small Company Value Portfolio (subadvised by Franklin).    The Board noted that both actual management fees and total expenses were above the medians of its Expense Group. The Board took account of management’s discussion of the Portfolio’s fees and expenses and noted that SAAMCo had added a 0.05% advisory fee waiver.

The Board considered that the Portfolio performed below its benchmark index for the one- and three-year periods and outperformed that index for the five- and ten-year periods. The Board also considered that the Portfolio performed at the median of its Performance Group for the five-year period and below the medians for the one-, three- and ten-year periods. The Board took account of management’s discussion of the Portfolio’s performance.

• SA AB Small & Mid Cap Value Portfolio (subadvised by AB).    The Board noted that actual management fees were above and total expenses were slightly above the medians of its Expense Group. The Board took account of management’s discussion of the Portfolio’s fees and expenses.

The Board considered that the Portfolio outperformed its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed at or above the medians of its Performance Group for the three-, five- and ten-year periods but below the median for the one-year period.

• SA VCP Dynamic Allocation Portfolio (advised/subadvised by SAAMCo and AB).    The Board noted that actual management fees and total expenses were above the medians of its Expense Group. The Board took account of management’s discussion of the Portfolio’s fees and expenses.

The Board considered that the Portfolio outperformed its benchmark index for the one-year period but performed below that index for the three- and five-year periods. The Board also noted that the Portfolio performed above the medians of its Performance Group for the one- and five-year periods but below that median for the three-year period. The Board took account of management’s discussion of the Portfolio’s performance, including the Portfolio’s volatility control formula.

• SA VCP Dynamic Strategy Portfolio (advised/subadvised by SAAMCo and AB).    The Board noted that both actual management fees and total expenses were above the medians of its Expense Group. The Board took account of management’s discussion of the Portfolio’s fees and expenses.

The Board considered that the Portfolio outperformed its benchmark index for the one-year period but performed below that index for the three-year period. The Board also considered that the Portfolio performed above the median of its Performance Group for the one-year period and below the median for the three-year period. The Board took account of management’s discussion of the Portfolio’s performance, including the Portfolio’s volatility control formula.

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• SA Columbia Technology Portfolio (subadvised by Columbia).    The Board noted that both actual management fees and total expenses were above the medians of its Expense Group. The Board took account of management’s discussion of the Portfolio’s fees and expenses and noted that SAAMCo has been voluntarily waiving 0.10% of its advisory fee.

The Board noted that the Portfolio outperformed its benchmark index for the one-, three- and five-year periods but performed below that index for the ten-year period. The Board also noted that the Portfolio performed above the medians of its Performance Group for the one-, three- and five-year periods and below the median for the ten-year period.

• SA MFS Telecom Utility Portfolio (subadvised by MFS).    The Board noted that actual management fees were slightly above and total expenses were above the medians of its Expense Group. The Board considered management’s discussion of the Portfolio’s fees and expenses. The Board also considered the small size of the Portfolio relative to its peers.

The Board considered that the Portfolio outperformed its benchmark index for the one-, five- and ten-year periods but performed below that index for the three-year period. The Board also considered that the Portfolio performed below the median of its Performance Group for the one-year period and at or above the medians for the three-, five- and ten-year periods.

• SA DFA Ultra Short Bond Portfolio (subadvised by Dimensional Fund Advisors LP (“DFA”)).    The Board noted that both actual management fees and total expenses were at the medians of its Expense Group.

The Board considered that the Portfolio performed under the medians of its Performance Group for the one-, three-, five- and ten-year periods. The Board noted that in May 2016 the Portfolio was converted to an ultra short bond fund and DFA became the new subadviser. The Board determined that performance prior to May 2016 does not reflect the Portfolio’s current strategy.

• SA PIMCO VCP Tactical Balanced Portfolio (subadvised by PIMCO).    The Board noted that actual management fees and total expenses were slightly above the medians of its Expense Group. The Board further noted that there is an expense limitation of 0.91% and 1.16% on Class 1 and Class 3 shares, respectively.

The Board considered that the Portfolio outperformed its benchmark index for the one-year period but performed below that index for the three-year period. The Board also considered that the Portfolio performed above the median of its Performance Group for the one-year period but below that median for the three-year period. The Board took account of management’s discussion of the Portfolio’s performance.

• SA Invesco VCP Equity-Income Portfolio (subadvised by Invesco).    The Board noted that actual management fees were slightly above and total expenses were below the medians of its Expense Group. The Board further noted that there is an expense limitation of 0.98% and 1.23% on Class 1 and Class 3 shares, respectively. The Board also considered management’s discussion of the Portfolio’s fees and expenses.

The Board considered that the Portfolio outperformed its benchmark index for the one-year period and performed below that index for the three-year period. The Board further considered that the Portfolio performed at the median of its Performance Group for the one-year period and below the median for the three-year period. The Board took account of management’s discussion of the Portfolio’s performance.

The Trustees noted that expense and performance information as a whole was useful in assessing whether the Subadvisers were providing services at a cost that was competitive with other similar funds.

Cost of Services & Benefits Derived.

With respect to indirect costs and benefits, the Board was informed, based on management’s judgment, that any indirect costs incurred by SAAMCo in connection with rendering investment advisory services to the Trust were inconsequential to the analysis of the adequacy of the advisory fees, and that any collateral benefits derived as a result of providing advisory services to the Trust did not impact the reasonableness of the advisory fee. The Board considered that SAAMCo is paid an administrative services fee of up to 0.04% of the average daily net asset value of the Trust’s Portfolios pursuant to an arrangement between SAAMCo and certain affiliated life insurance companies (the “Life Companies”). The Board considered that the Trust also pays VALIC Retirement Services Company, an affiliate of SAAMCo, a fee for the provision of recordkeeping and shareholder services to contract owners and participants.

In connection with benefits derived from the Trust, the Board considered that the Life Companies may benefit as a result of their direct ownership of the Portfolios’ shares, which amounts may be significant. It was noted that in calculating their corporate income tax liability as insurance companies, the Life Companies, as corporate mutual fund shareholders, may exclude a portion of the ordinary dividends paid by underlying U.S. equities in the Portfolios to the same extent the Portfolios receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Life Companies may

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January 31, 2018 (unaudited) — (continued)

also rely on foreign tax credits with respect to certain foreign securities held by applicable Portfolios. The Board considered that the Life Companies receive financial support from SAAMCo and certain Subadvisers for distribution-related activities, including administrative, marketing and other servicing activities, including payments to help offset costs for marketing activities and training (including training of registered representatives of AIG Capital Services, Inc., an affiliate of SAAMCo) to support sales of the Portfolios, as well as occasional gifts, entertainment or other compensation as incentives. It was noted that such payments may be derived from 12b-1 (service) fees that are deducted directly from the assets of the Portfolios or from investment management fees received by SAAMCo or the Subadvisers. In addition, the Board considered that, because shares of the Portfolios are offered as investment options through variable annuity or life contracts issued by the Life Companies (the “Variable Contracts”), the investment objectives, strategies and performance of the Portfolios may positively or negatively impact a Life Company’s ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts.

The Board concluded that any benefits that SAAMCo and its affiliates could be expected to receive with regard to providing investment advisory and other services to the Portfolios were reasonable.

Profitability and Economies of Scale.

The Board received information related to SAAMCo’s profitability as well as the profitability of certain affiliates with respect to the services they provide to the Trust’s Portfolios. The profitability analysis reflected the relationship between SAAMCo and American General Life Insurance Company (“AGL”) that provides that SAAMCo contributes the profits earned through its management of the Portfolios of the Trust to AGL. The Board also considered that SAAMCo has entered into an agreement with The United States Life Insurance Company in the City of New York (“U.S. Life”) wherein SAAMCo pays U.S. Life a fee to perform certain administrative services for the benefit of certain variable annuity contract owners. Pursuant to additional Administrative Services Agreements between SAAMCo and each of AGL and U.S. Life, SAAMCo pays a fee to each insurer and in return each insurer provides certain administrative, recordkeeping, accounting and similar such services to the Portfolios as they relate to the insurer’s participants owning interest in shares of the Trust. The Board further considered that certain SAAMCo affiliates (i.e., AGL, U.S. Life and The Variable Annuity Life Insurance Company) provide services pursuant to certain agreements with the Trust and the Portfolios’ Rule 12b-1 Plans. The Board determined that the profitability to SAAMCo in connection with its relationship to the Trust was reasonable.

It was noted that the subadvisory fees paid pursuant to the Subadvisory Agreements are paid by SAAMCo out of the advisory fees that it receives under the Advisory Agreement. The Trustees also relied on the ability of SAAMCo to negotiate the Subadvisory Agreements and the fees thereunder at arm’s length. It was noted that SAAMCo reviewed a number of factors in determining appropriate subadvisory fees payable to each Subadviser. Such factors include review of (1) style class peers primarily within the variable annuity universe; (2) key competitor analysis; (3) portfolio analysis; and (4) special considerations such as competitor subaccount characteristics, uniqueness of the product and the manager’s prestige. The Board determined that the profitability to each Subadviser in connection with its relationship with the respective Portfolios is therefore not a material factor in their consideration of the Subadvisory Agreements.

The Board also received and considered information regarding the ability of the Portfolios to achieve economies of scale. It was noted that the advisory fees of nearly all Portfolios contain breakpoints that will reduce the fees paid by a Portfolio as its assets increase. The Board also considered that SAAMCo has voluntarily agreed to waive fees in certain instances, which was noted earlier in the discussion of fees. It was noted that as a result of being part of a complex of mutual funds advised or administered by SAAMCo, the Trust is able to share common resources and may share certain expenses, which could result in a Portfolio experiencing lower expenses than it otherwise would achieve if the Trust were a stand-alone entity. The Board considered that management believed that the Portfolios’ existing fee schedules and the fee schedules for those Portfolios for which management proposed reductions or waivers reflect the economies of scale inherent in providing investment advice to a Portfolio in its particular asset category and asset size. The Board concluded that any potential economies of scale are currently being shared between the Trust and SAAMCo in an appropriate manner.

The Board considered that certain Subadvisory Agreements also contain breakpoints in the fee schedules, however, since SAAMCo, and not the Trust, is responsible for the payment of the fees pursuant to the Subadvisory Agreements, the Trust does not directly benefit from any reduction in subadvisory fee rates. For similar reasons as stated above with respect to the Subadvisers’ profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Subadvisers’ management of the Portfolios are not a material factor in its consideration at this time.

Terms of Advisory Contracts.

The Board, including the Independent Trustees, reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken by SAAMCo and the Subadvisers as discussed above. The Board considered that SAAMCo pays all of its own expenses in

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January 31, 2018 (unaudited) — (continued)

connection with the performance of its duties, as well as the salaries, fees and expenses of the officers of the Trust who are employees of SAAMCo. The Board also reviewed the terms of payment for services rendered and noted that SAAMCo compensates the Subadvisers out of the fees it receives from the Trust. The Board noted that each Subadvisory Agreement provides that the Subadviser will pay all of its own expenses in connection with the performance of its duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered other terms and conditions of the Advisory Contracts.

Conclusions.

In reaching its decision to recommend the renewal of the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered and each Trustee attributes different weight to the various factors. Based upon the materials it reviewed, the representations made to it and the considerations described above, and as part of their deliberations, the Board, including the Independent Trustees, concluded that SAAMCo and the Subadvisers possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.

Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that: (1) the terms of the Advisory Contracts are reasonable, fair and in the best interest of the Portfolios and their shareholders, and (2) the advisory fee rates and subadvisory fee rates are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

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TRUSTEES AND OFFICERS INFORMATION (unaudited)

The following table contains information regarding the Trustees and Officers that oversee operations of the Portfolios and other investment companies within the Fund complex.

Name, Address and Age†	Position Held With Trust	Term of Office and Length of Time Served(4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(1)		Other Directorships Held by Trustee(3)
Disinterested Trustee
Garrett Bouton Age: 73	Trustee	2007 – Present	Retired (2003 – Present); Managing Director and CEO, Barclays Global Investors (1996-2003).		75	Chairman/Director, The LECG Company (consulting services) (2006-2010).
Carl D. Covitz Age: 78	Trustee	2001 – Present	Owner and President, Landmark Capital, Inc. (1973 – Present).		75	Director, Arden Realty, Inc. (real estate) (1995-2006).
Jane Jelenko Age: 69	Trustee	2006 – Present	Retired Partner KPMG, LLP and Managing Director Bearingpoint, Inc. (formerly KPMG Consulting). (2003 – Present).		75	Director, Countrywide Bank (2003-2008); and Director, Cathay General Bancorp and Cathay Bank (banking) (2012 – Present).
Gilbert T. Ray Age: 73	Trustee	2001 – Present	Retired Partner, O’Melveny & Myers LLP (law firm) (2000 – Present).		75	Director, Advanced Auto Parts, Inc. (retail, auto and home supply stores) (2002 - Present); Director, Watson, Wyatt Worldwide (services — management consulting services) (2000-2009); Director Dine Equity (services — restaurant) (2004 - Present); Director Diamond Rock Hospitality (financial — real estate) (2005 – Present); Director, Towers Watson & Co. (2010 – Present).
Allan L. Sher Age: 86	Trustee	1997 – Present	Retired Brokerage Executive (1992 – Present).		75	Director, Bowl America Inc. (1997-Present).
Bruce G. Willison Age: 69	Trustee and Chairman	2001 – Present	Professor of Management, Anderson School at UCLA (1999-2011); Dean, Anderson School at UCLA (1999-2005); co-founder, Grandpoint Capital, Inc (2009-2010).		75	Director, GrandPoint Bank (banking). (2011-Present); Director, Indy Mac Bancorp (banking) (2003-2008); Director, Move, Inc. (internet real estate site) (2003 – Present); Director, Health Net, Inc. (health insurance) (2000-2016).
Interested Trustee
Peter A. Harbeck(2) Age: 64	Trustee	2014 – Present	President, CEO and Director, SAAMCo (1995 – Present); Director, AIG Capital Services, Inc. (“ACS”) (1993 – Present).		152	None.
Officers
John T. Genoy Age: 49	President	2007 – Present	Chief Financial Officer and Director, SAAMCo (2002 to Present); Senior Vice President, SAAMCo (2003 to Present); Chief Operating Officer, SAAMCo (2006 – Present).		N/A	N/A
Kathleen D. Fuentes Age: 48	Chief Legal Officer, Vice President, and Secretary	2015 – Present	Vice President and Deputy General Counsel, SAAMCo (2006 – Present).		N/A	N/A

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TRUSTEES AND OFFICERS INFORMATION (unaudited) — (continued)

Name, Address and Age†	Position Held With Trust	Term of Office and Length of Time Served(4)	Principal Occupation(s) During Past 5 Years	Number of Portfolios in Fund Complex Overseen by Trustee(1)		Other Directorships Held by Trustee(3)
Christopher C. Joe Age: 48	Chief Compliance Officer	2017-Present	Chief Compliance Officer, AIG Funds, Seasons Series Trust, SunAmerica Series Trust, VALIC Company I and VALIC Company II (2017-Present); Chief Compliance Officer, VALIC Retirement Services Company (2017-Present); Chief Compliance Officer, Invesco Powershares (2012-2017); Chief Compliance Officer, Invesco Investment Advisers, LLC (2010-2013); U.S. Compliance Director, Invesco, Ltd (2006-2014); Deputy Chief Compliance Officer, Invesco Advisers, Inc. (2014-2015).		N/A	N/A
Gregory N. Bressler Age: 50	Vice President and Assistant Secretary	2005 – Present	Senior Vice President and General Counsel, SAAMCo (2005 – Present).		N/A	N/A
Gregory R. Kingston Age: 52	Treasurer	2014 – Present	Vice President, SAAMCo (2001-Present); Head of Mutual Fund Administration (2014 – Present).		N/A	N/A
Shawn Parry Age: 45	Vice President and Assistant Treasurer	2014 – Present	Assistant Vice President, SAAMCo (2005 – 2014); Vice President, SAAMCo (2014 – Present).		N/A	N/A
Donna McManus Age: 57	Vice President and Assistant Treasurer	2014 – Present	Vice President, SAAMCo (2014 – Present); Managing Director, BNY Mellon (2009-2014).		N/A	N/A
Matthew J. Hackethal Age: 46	Anti-Money Laundering Compliance Officer	2006 – Present	Acting Chief Compliance Officer (2016 - 2017); Chief Compliance Officer, SAAMCo (2007 – Present) and Vice President SAAMCO (2011 - Present).		N/A	N/A

† The business address for each Trustee and Officer is 21650 Oxnard Street, 10^th Floor, Woodland Hills, CA 91367.

(1) The “Fund Complex” consists of all registered investment company portfolios for which SAAMCo serves as investment adviser or administrator. The “Fund Complex” includes the Trust (55 portfolios), the SunAmerica Equity Funds (2 funds), SunAmerica Income Funds (3 funds), SunAmerica Money Market Funds, Inc. (1 fund), SunAmerica Senior Floating Rate Fund, Inc. (1 fund), SunAmerica Series, Inc. (6 funds), Anchor Series Trust (8 portfolios), Seasons Series Trust (20 portfolios), SunAmerica Speciality Series (7 funds), VALIC Company I (34 funds), and VALIC Company II (15 funds).

(2) Interested Trustee, as defined within the Investment Company Act of 1940, because he serves as President and CEO and Director of SAAMCo, and Director of ACS.

(3) Directorships of companies required to report to the Securities and Exchange Commission under the Securities Exchange Act of 1934 (i.e. “Public Company”) registered under the investment act of 1940.

(4) Trustees serve until their successors are duly elected and qualified. Each officer will hold office for an indefinite term until the date he or she resigns or retires or until his/her successor is duly elected and qualifies.

Additional information concerning the Trustees and Officers is contained in the Statement of Additional Information and is available without charge by calling (800) 445-7862.

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SHAREHOLDERS TAX INFORMATION (unaudited)

Certain tax information regarding the SunAmerica Series Trust Portfolios is required to be provided to the shareholders based upon each Portfolio’s income and capital gain distributions for the taxable year ended January 31, 2018.

During the year ended January 31, 2018, the Portfolios paid the following dividends per share along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations.

	Total Dividends		Net Investment Income		Net Short-Term Capital Gains *		Net Long-Term Capital Gains *		Qualifying % for the Dividends Received Deduction
SA AB Growth Portfolio Class 1	$	3.10	$	0.02	$	—	$	3.08		100.00
SA AB Growth Portfolio Class 2		3.08		—		—		3.08		—
SA AB Growth Portfolio Class 3		3.08		—		—		3.08		—
SA AB Small & Mid Cap Value Portfolio Class 1		1.94		0.08		0.17		1.69		100.00
SA AB Small & Mid Cap Value Portfolio Class 2		1.91		0.05		0.17		1.69		100.00
SA AB Small & Mid Cap Value Portfolio Class 3		1.89		0.03		0.17		1.69		100.00
SA BlackRock VCP Global Multi Asset Portfolio Class 1		0.05		0.01		0.04		—		10.05
SA BlackRock VCP Global Multi Asset Portfolio Class 3		0.04		0.00		0.04		—		10.05
SA Boston Company Capital Growth Portfolio Class 1		0.21		0.05		—		0.16		100.00
SA Boston Company Capital Growth Portfolio Class 2		0.18		0.02		—		0.16		100.00
SA Boston Company Capital Growth Portfolio Class 3		0.17		0.01		—		0.16		100.00
SA Columbia Technology Portfolio Class 1		0.93		—		0.03		0.90		0.00
SA Columbia Technology Portfolio Class 2		0.93		—		0.03		0.90		0.00
SA Columbia Technology Portfolio Class 3		0.93		—		0.03		0.90		0.00
SA DFA Ultra Short Bond Portfolio Class 1		0.03		0.03		—		—		0.00
SA DFA Ultra Short Bond Portfolio Class 2		0.01		0.01		—		—		0.00
SA DFA Ultra Short Bond Portfolio Class 3		0.00		0.00		—		—		0.00
SA Dogs of Wall Street Portfolio Class 1		1.56		0.35		0.71		0.50		41.54
SA Dogs of Wall Street Portfolio Class 2		1.54		0.33		0.71		0.50		41.54
SA Dogs of Wall Street Portfolio Class 3		1.53		0.32		0.71		0.50		41.54
SA Federated Corporate Bond Portfolio Class 1		0.69		0.63		0.02		0.04		0.00
SA Federated Corporate Bond Portfolio Class 2		0.66		0.60		0.02		0.04		0.00
SA Federated Corporate Bond Portfolio Class 3		0.65		0.59		0.02		0.04		0.00
SA Fixed Income Index Portfolio Class 1		—		—		—		—		—
SA Fixed Income Index Portfolio Class 3		—		—		—		—		—
SA Fixed Income Intermediate Index Portfolio Class 1		—		—		—		—		—
SA Fixed Income Intermediate Index Portfolio Class 3		—		—		—		—		—
SA Franklin Foreign Value Portfolio Class 1		0.45		0.45		—		—		0.00
SA Franklin Foreign Value Portfolio Class 2		0.42		0.42		—		—		0.00
SA Franklin Foreign Value Portfolio Class 3		0.41		0.41		—		—		0.00
SA Franklin Small Company Value Portfolio Class 1		3.31		0.16		0.07		3.08		100.00
SA Franklin Small Company Value Portfolio Class 3		3.25		0.10		0.07		3.08		100.00
SA Goldman Sachs Global Bond Portfolio Class 1		0.34		0.34		—		—		0.00
SA Goldman Sachs Global Bond Portfolio Class 2		0.32		0.32		—		—		0.00
SA Goldman Sachs Global Bond Portfolio Class 3		0.31		0.31		—		—		0.00
SA Goldman Sachs Multi-Asset Insights Portfolio Class 1		0.06		0.03		0.01		0.02		6.39
SA Goldman Sachs Multi-Asset Insights Portfolio Class 3		0.05		0.02		0.01		0.02		6.39

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SHAREHOLDERS TAX INFORMATION (unaudited) — (continued)

	Total Dividends		Net Investment Income		Net Short-Term Capital Gains *		Net Long-Term Capital Gains *		Qualifying % for the Dividends Received Deduction
SA Index Allocation 60/40 Portfolio Class 1	$	0.18	$	0.10	$	0.05	$	0.03		37.55
SA Index Allocation 60/40 Portfolio Class 3		0.16		0.08		0.05		0.03		37.55
SA Index Allocation 80/20 Portfolio Class 1		0.19		0.13		0.03		0.03		46.07
SA Index Allocation 80/20 Portfolio Class 3		0.17		0.11		0.03		0.03		46.07
SA Index Allocation 90/10 Portfolio Class 1		0.22		0.16		0.02		0.04		44.59
SA Index Allocation 90/10 Portfolio Class 3		0.19		0.13		0.02		0.04		44.59
SA International Index Portfolio Class 1		0.26		0.23		0.03		—		0.00
SA International Index Portfolio Class 3		0.24		0.21		0.03		—		0.00
SA Invesco Growth Opportunities Portfolio Class 1		0.30		—		—		0.30		—
SA Invesco Growth Opportunities Portfolio Class 2		0.30		—		—		0.30		—
SA Invesco Growth Opportunities Portfolio Class 3		0.30		—		—		0.30		—
SA Invesco VCP Equity-Income Portfolio Class 1		0.12		0.12		—		—		89.26
SA Invesco VCP Equity-Income Portfolio Class 3		0.11		0.11		—		—		89.26
SA Janus Focused Growth Portfolio Class 1		1.05		—		—		1.05		—
SA Janus Focused Growth Portfolio Class 2		1.05		—		—		1.05		—
SA Janus Focused Growth Portfolio Class 3		1.05		—		—		1.05		—
SA JPMorgan Balanced Portfolio Class 1		1.34		0.33		0.14		0.87		39.50
SA JPMorgan Balanced Portfolio Class 2		1.32		0.31		0.14		0.87		39.50
SA JPMorgan Balanced Portfolio Class 3		1.30		0.29		0.14		0.87		39.50
SA JPMorgan Emerging Markets Portfolio Class 1		0.16		0.16		—		—		0.00
SA JPMorgan Emerging Markets Portfolio Class 2		0.15		0.15		—		—		0.00
SA JPMorgan Emerging Markets Portfolio Class 3		0.15		0.15		—		—		0.00
SA JPMorgan Equity-Income Portfolio Class 1		2.57		0.77		0.03		1.77		100.00
SA JPMorgan Equity-Income Portfolio Class 2		2.51		0.71		0.03		1.77		100.00
SA JPMorgan Equity-Income Portfolio Class 3		2.48		0.68		0.03		1.77		100.00
SA JPMorgan Global Equities Portfolio Class 1		0.40		0.40		—		—		58.82
SA JPMorgan Global Equities Portfolio Class 2		0.37		0.37		—		—		58.82
SA JPMorgan Global Equities Portfolio Class 3		0.35		0.35		—		—		58.82
SA JPMorgan MFS Core Bond Portfolio Class 1		0.22		0.22		—		—		0.00
SA JPMorgan MFS Core Bond Portfolio Class 2 .		0.20		0.20		—		—		0.00
SA JPMorgan MFS Core Bond Portfolio Class 3		0.20		0.20		—		—		0.00
SA JPMorgan Mid-Cap Growth Portfolio Class 1		1.00		—		—		1.00		—
SA JPMorgan Mid-Cap Growth Portfolio Class 2		1.00		—		—		1.00		—
SA JPMorgan Mid-Cap Growth Portfolio Class 3		1.00		—		—		1.00		—
SA Large Cap Index Portfolio Class 1		0.57		0.33		0.05		0.19		82.05
SA Large Cap Index Portfolio Class 3		—		—		—		—		—
SA Legg Mason BW Large Cap Value Portfolio Class 1		1.17		0.40		—		0.77		100.00
SA Legg Mason BW Large Cap Value Portfolio Class 2		1.13		0.36		—		0.77		100.00
SA Legg Mason BW Large Cap Value Portfolio Class 3		1.11		0.34		—		0.77		100.00
SA Legg Mason Tactical Opportunities Portfolio Class 1		0.04		0.04		—		—		33.05
SA Legg Mason Tactical Opportunities Portfolio Class 3		0.03		0.03		—		—		33.05
SA MFS Blue Chip Growth Portfolio Class 1		0.35		0.09		—		0.26		100.00
SA MFS Blue Chip Growth Portfolio Class 2		0.33		0.07		—		0.26		100.00

605

SUNAMERICA SERIES TRUST

SHAREHOLDERS TAX INFORMATION (unaudited) — (continued)

	Total Dividends		Net Investment Income		Net Short-Term Capital Gains *		Net Long-Term Capital Gains *		Qualifying % for the Dividends Received Deduction
SA MFS Blue Chip Growth Portfolio Class 3	$	0.32	$	0.06	$	—	$	0.26		100.00
SA MFS Massachusetts Investors Trust Portfolio Class		0.84		0.24		—		0.60		100.00
SA MFS Massachusetts Investors Trust Portfolio Class		0.81		0.21		—		0.60		100.00
SA MFS Massachusetts Investors Trust Portfolio Class		0.79		0.19		—		0.60		100.00
SA MFS Telecom Utility Portfolio Class 1		0.56		0.41		—		0.15		88.94
SA MFS Telecom Utility Portfolio Class 2		0.54		0.39		—		0.15		88.94
SA MFS Telecom Utility Portfolio Class 3		0.52		0.37		—		0.15		88.94
SA MFS Total Return Portfolio Class 1		1.62		0.51		0.05		1.06		45.37
SA MFS Total Return Portfolio Class 2		1.59		0.48		0.05		1.06		45.37
SA MFS Total Return Portfolio Class 3		1.57		0.46		0.05		1.06		45.37
SA Mid Cap Index Portfolio Class 1		0.16		0.09		0.07		0.00		52.93
SA Mid Cap Index Portfolio Class 3		0.14		0.07		0.07		0.00		52.93
SA Morgan Stanley International Equities Portfolio Class 1		0.12		0.12		—		—		0.00
SA Morgan Stanley International Equities Portfolio Class 2		0.11		0.11		—		—		0.00
SA Morgan Stanley International Equities Portfolio Class 3		0.10		0.10		—		—		0.00
SA Oppenheimer Main Street Large Cap Class 1		0.77		0.23		0.09		0.45		100.00
SA Oppenheimer Main Street Large Cap Class 2		0.73		0.19		0.09		0.45		100.00
SA Oppenheimer Main Street Large Cap Class 3		0.72		0.18		0.09		0.45		100.00
SA PIMCO VCP Tactical Balanced Portfolio Class 1		0.63		0.03		0.29		0.31		0.00
SA PIMCO VCP Tactical Balanced Portfolio Class 3		0.62		0.02		0.29		0.31		0.00
SA PineBridge High-Yield Bond Portfolio Class 1		0.55		0.55		—		—		0.00
SA PineBridge High-Yield Bond Portfolio Class 2		0.54		0.54		—		—		0.00
SA PineBridge High-Yield Bond Portfolio Class 3		0.54		0.54		—		—		0.00
SA Putnam International Growth and Income Portfolio Class 1		0.16		0.16		—		—		4.77
SA Putnam International Growth and Income Portfolio Class 2		0.15		0.15		—		—		4.77
SA Putnam International Growth and Income Portfolio Class 3		0.14		0.14		—		—		4.77
SA Pyramis® Real Estate Portfolio Class 1		2.57		0.45		0.52		1.60		1.01
SA Pyramis® Real Estate Portfolio Class 2		2.54		0.42		0.52		1.60		1.01
SA Pyramis® Real Estate Portfolio Class 3		2.53		0.41		0.52		1.60		1.01
SA Schroders VCP Global Allocation Portfolio Class 1		0.13		—		0.07		0.06		6.97
SA Schroders VCP Global Allocation Portfolio Class 3		0.13		—		0.07		0.06		6.97
SA Small Cap Index Portfolio Class 1		0.14		0.07		0.07		0.00		40.28
SA Small Cap Index Portfolio Class 3		0.12		0.05		0.07		0.00		40.28
SA T. Rowe Price Asset Allocation Growth Portfolio Class 1		0.03		0.03		0.00		0.00		38.29
SA T. Rowe Price Asset Allocation Growth Portfolio Class 3		0.03		0.03		0.00		0.00		38.29
SA T. Rowe Price VCP Balanced Portfolio Class 1		0.05		0.01		0.04		0.00		28.36
SA T. Rowe Price VCP Balanced Portfolio Class 3		0.04		0.00		0.04		0.00		28.36
SA VCP Dynamic Allocation Portfolio Class 1		0.45		0.16		0.12		0.17		27.77

606

SUNAMERICA SERIES TRUST

SHAREHOLDERS TAX INFORMATION (unaudited) — (continued)

	Total Dividends		Net Investment Income		Net Short-Term Capital Gains *		Net Long-Term Capital Gains *		Qualifying % for the Dividends Received Deduction
SA VCP Dynamic Allocation Portfolio Class 3	$	0.44	$	0.15	$	0.12	$	0.17		27.77
SA VCP Dynamic Strategy Portfolio Class 1		0.44		0.16		0.05		0.23		42.45
SA VCP Dynamic Strategy Portfolio Class 3		0.43		0.15		0.05		0.23		42.45
SA VCP Index Allocation Portfolio Class 1		0.05		0.04		0.00		0.01		3.05
SA VCP Index Allocation Portfolio Class 3		0.04		0.03		0.00		0.01		3.05
SA WellsCap Aggressive Growth Portfolio Class 1		—		—		—		—		—
SA WellsCap Aggressive Growth Portfolio Class 2		—		—		—		—		—
SA WellsCap Aggressive Growth Portfolio Class 3		—		—		—		—		—
SA WellsCap Fundamental Growth Portfolio Class 1		1.35		0.07		—		1.28		100.00
SA WellsCap Fundamental Growth Portfolio Class 2		1.31		0.03		—		1.28		100.00
SA WellsCap Fundamental Growth Portfolio Class 3		1.29		0.01		—		1.28		100.00

Under the Internal Revenue Code Section 853 portfolios make an election to pass through foreign taxes paid to its shareholders. During the year ended January 31, 2018, foreign source income and foreign taxes passed through to shareholders are as follows:

	Foreign Taxes Passed Through		Foreign Source Income
SA Franklin Foreign Value Portfolio	$	2,744,748	$	31,843,978
SA International Index Portfolio		515,041		7,928,656
SA JPMorgan Emerging Markets Portfolio		1,070,869		10,389,283
SA Morgan Stanley International Equities Portfolio		993,851		12,831,760
SA Putnam International Growth and Income Portfolio		863,776		11,148,603

607

COMPARISONS: PORTFOLIOS VS. INDEXES

As required by the Securities and Exchange Commission, the following graphs compare the performance of a $10,000 investment in the presented SunAmerica Series Trust Portfolios to a $10,000 investment in a comparable securities index benchmark since the portfolio’s inception. Importantly, such indices represent “paper” portfolios and do not reflect the costs and expenses of actual investing. Following each graph is a discussion of portfolio performance and factors affecting performance over the year ended January 31, 2018.

The following graphs and tables show the performance of the portfolios of the SunAmerica Series Trust and include all trust expenses but no insurance company expenses associated with the variable annuity or variable life policy and no insurance company contingent deferred sales charge. It is assumed that all dividends are reinvested. No expenses are deducted from the performance of the indexes.

Market indices referenced are unmanaged. You cannot invest directly in an index. Investments in stocks and bonds are subject to risk, including stock market and interest-rate fluctuations. Investments in non-U.S. stocks are subject to additional risks, including political and social instability, differing securities regulations and accounting standards, and limited public information. 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, like investments in other portfolios, is not guaranteed by the U.S. government or any other entity. Lower rated high yield, high-risk securities generally involve more credit risk. These securities may also be subject to greater market price fluctuations than lower yielding, higher rated debt securities. The common stocks of medium-sized companies may be more volatile than those of larger, more established companies. Investing in real estate involves special risks, which may not be associated with investing in stocks, including possible declines in real estate values, adverse economic conditions, and changes in interest rates. Investments in small capitalization and emerging growth companies involve greater than average risk. Such securities may have limited marketability and the issuers may have limited product lines, markets and financial resources. The value of such investments may fluctuate more widely than investments in larger, more established companies. The technology industry can be significantly affected by obsolescence, short product cycles, falling prices and profits, and competition from new market participants. Funding choices that primarily invest in one sector are more volatile than those that diversify across many industry sectors and companies.

608

AllianceBernstein L.P.

SA AB Growth Portfolio — Class 1

SA AB Growth Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		35.78%		35.59%		35.44%
5-year		19.25%		19.07%		18.96%
10-year		11.60%		11.43%		11.32%
Since Inception		10.64%		7.42%		10.50%

* Inception date for Class 1: 2/9/93; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with a greater-than-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA AB Growth Portfolio — Class 1 shares posted a return of 35.78% for the 12-month period ending January 31, 2018, compared to a 34.89% return for the Russell 1000 Growth Index.

Equities surged to multi-year highs in 2017, a year of steady and consistent gains. After underperformance in 2016, growth stocks outperformed value stocks in 2017. January 2018 was a continuation of 2017, with robust equity markets and growth outperforming value.

Overall security selection contributed to performance mainly due to stock selection in the healthcare, consumer staples and technology sectors. Stock selection in the consumer discretionary sector detracted. Overall sector allocation had a negative effect on performance for the period. The Portfolio’s cash position and an overweight position in healthcare counteracted the positive effect of an overweight in technology and an underweight in real estate.

During the 12-month period, the Portfolio’s outperformance was due in part to healthcare and technology stocks, such as Intuitive Surgical and Adobe Systems. The Portfolio continues to hold robotics surgical equipment manufacturer Intuitive Surgical. Computer software company Adobe Systems outperformed after reporting record quarterly results during the period.

In contrast, Ulta Beauty and O’Reilly Automotive detracted from performance. Ulta Beauty, a salon and cosmetics retailer, underperformed over the period as sales growth slowed. O’Reilly Automotive underperformed earlier in 2017 and the holding has been sold.

609

AllianceBernstein L.P.

SA AB Small & Mid Cap Value Portfolio@ — Class 2

SA AB Small & Mid Cap Value Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		14.54%		14.37%		14.21%
5-year		13.70%		13.54%		13.42%
10-year		N/A		10.21%		10.09%
Since Inception		14.55%		11.13%		11.73%

* Inception date for Class 1: 1/23/12; Class 2: 8/1/02; Class 3: 9/30/02.

¹  The Russell 2500^® Value Index measures the performance of small to mid-cap value segment of the U.S. equity universe. It includes Russell 2500 companies with lower price-to-book ratios and lower forecasted growth values.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA AB Small & Mid Cap Value Portfolio — Class 2 shares posted a return of 14.37% for the 12-month period ending January 31, 2018, compared to a 11.14% return for the Russell 2500 Value Index.

Equity markets marched higher in 2017. After outperformance in 2016, value stocks lagged their growth counterparts in 2017, with the Russell 2500 Value Index and Russell 2500 Growth Index up 10.36% and 24.46%, respectively, for 2017. Large cap value outperformed smaller cap value in 2017, with the Russell 1000 Value Index up 13.66%. January 2018 proved to be a continuation of 2017, with equity markets up, growth outperforming value and large cap value outperforming smaller cap value.

Strong stock selection in the financials sector drove the Portfolio’s relative outperformance. An underweight position in the real estate sector also contributed to returns. The Portfolio’s technology and industrials holdings as well as an overweight position in the energy sector detracted from performance.

The leading contributor to performance for the period was homebuilder CalAtlantic Group, as shares rose as the company agreed to be acquired by fellow housing company Lennar. The leading detractor from performance was energy exploration and production company QEP Resources, whose shares were pressured amid investor concern over reduced production guidance and higher capital spending.

@ See Note 1

610

BlackRock Investment, LLC

SA BlackRock VCP Global Multi Asset Portfolio — Class 3

SA BlackRock VCP Global Multi Asset Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 3*
1-year		13.51%		13.28%
5-year		N/A		N/A
10-year		N/A		N/A
Since Inception		9.83%		9.77%

* Inception date for Class 1: 9/26/16; Class 3: 1/25/16.

¹  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

²  The MSCI EAFE ^® Index (net) measures the performance of companies representative of the market structure of 22 countries in Europe, Australasia and the Far East. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

³  The Bloomberg Barclays U.S. Treasury 7-10 year Index measures US dollar-denominated, fixed rate, nominal debt issued by the U.S. Treasury.

⁴  The Blended Index consists 45% Bloomberg Barclays U.S. Treasury 7-10 year Index, 27.5% S&P 500^® Index and 27.5% MSCI EAFE Index (net).

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA BlackRock VCP Global Multi Asset Portfolio — Class 3 shares posted a return of 13.28% for the 12-month period ending January 31, 2018, compared to 26.41% for the S&P 500^® Index, 27.60% for the MSCI EAFE Index, and 0.19% for the Bloomberg Barclays U.S Treasury 7-10 Year Index. The blended benchmark of 27.5% S&P 500^® Index / 27.5% MSCI EAFE Index/ 45% Bloomberg Barclays U.S Treasury 7-10 Year Index returned 14.30%.

Active performance was driven by a combination of tactical asset allocation views and volatility control decisions. Tactical asset allocation added to performance over the period. In the first half of the year, the Portfolio benefited from an overweight exposure to the euro. Performance of this position was mixed during the first quarter of 2017. However, after Macron’s victory in the French presidential election in May, the euro appreciated strongly. In the second half of the year, the Portfolio benefited from an overweight to Japan, as Japanese equities outpaced the U.S. and other Asian equity markets during the fourth quarter. Japanese economic data was strong throughout 2017. The Portfolio’s underweight in U.S. duration in the five-year segment of the yield curve contributed positively during the fourth quarter when the U.S. yield curve flattened.

In terms of detractors, an overweight to European equities paired against an underweight to U.S. equities weighed on returns as U.S. equities outperformed their European counterparts. Additionally, the Portfolio’s underweight position in 30-year U.S. Treasuries detracted from performance in the fourth quarter, but contributed positively to returns in the first month of 2018 as yields rose sharply.

Volatility control management overall detracted as put options purchased to protect the Portfolio from sudden market drawdowns decreased in value as the underlying equity index (the S&P 500^® Index) rose over the course of the year.

The Portfolio used derivatives to adjust equity risk during the period. Overall, the Portfolio’s use of equity futures contributed positively to performance while the use of put options detracted.

611

The Boston Company Asset Management, LLC

SA Boston Company Capital Growth Portfolio@ — Class 1

SA Boston Company Capital Growth Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		28.09%		27.87%		27.71%
5-year		14.19%		14.04%		13.90%
10-year		7.93%		7.77%		7.66%
Since Inception		4.02%		5.42%		9.29%

* Inception date for Class 1: 7/5/00; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with a greater-than-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Boston Company Capital Growth Portfolio — Class 1 shares posted a return of 28.09% for the 12-month period ending January 31, 2018, compared to a 34.89% return for the Russell 1000 Growth Index.

Global equities posted robust results during the past 12 months as lead economic indicators beat expectations. The Portfolio maintains a relatively neutral sector exposure, ultimately enabling stock selection to drive Portfolio results.

On a sector basis, health care, consumer discretionary and energy detracted. The Portfolio’s lack of exposure to real estate supported relative results. Positioning in information technology also contributed. In information technology, Square, Inc. contributed to relative performance posting positive first- and second-quarter results, which drove estimates higher. Stock selection among software companies also contributed. In biotechnology, shares of Celgene Corporation and TESARO, Inc. lagged. The holdings in health care equipment & supplies also lagged the benchmark.

FAAAM stocks (Facebook, Amazon, Apple, Alphabet, Microsoft) saw gains, and these represent a significant percentage of the Russell 1000 Growth Index. The Portfolio’s underweight to Apple detracted from relative performance.

@ See Note 1

612

Columbia Management Investment Advisors, LLC

SA Columbia Technology Portfolio@ — Class 1

SA Columbia Technology Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		33.42%		33.21%		32.98%
5-year		22.63%		22.45%		22.34%
10-year		11.97%		11.83%		11.71%
Since Inception		-0.95%		4.41%		11.51%

* Inception date for Class 1: 7/5/00; Class 2: 7/9/01; Class 3: 9/30/02.

¹ The Nasdaq Composite Index includes over 4,000 companies and measures all Nasdaq domestic and international based common type stocks listed on The Nasdaq Stock Market.

²  The MSCI World Information Technology Index^SM is a capitalization weighted index that monitors the performance of information technology stocks from around the world.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Columbia Technology Portfolio — Class 1 shares posted a return of 33.42% for the 12-month period ending January 31, 2018, compared to a 42.11% return for the MSCI World Information Technology Index and a 33.43% return for the Nasdaq Composite Index.

Using the GICs sectors of the S&P 500® and the MSCI EAFE indices as a proxy for domestic and international markets, the information technology sector returns were among the top performing sectors relative to other sectors of the market, and outperformed the returns of these broader indices for the measured period.

Security selection within the software, hardware and semiconductor industries was the primary driver of underperformance during the period. Also detracting from relative performance was a small cash position which acted as a headwind in a rising equity market. Contributing to relative returns was security selection and an underweight position to the electronic equipment instruments & components industry.

From a country perspective, stock selection in the United States was the primary detractor from relative performance. There were no significant contributors to relative performance from a country perspective.

Security selection was the primary driver to relative underperformance. Holdings Synaptics, Tivo and Electronics for Imaging all posted negative returns for the period and detracted from the Portfolio’s return. Positions in Lam Research and Micron Technology posted positive returns for the period which helped the Portfolio’s performance. Not holding a position in IBM, which underperformed the Index, also contributed to relative returns for the period.

@ See Note 1

613

Dimensional Fund Advisers L.P.

SA DFA Ultra Short Bond Portfolio@ — Class 1

SA DFA Ultra Short Bond
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		0.51%		0.42%		0.32%
5-year		-0.03%		-0.18%		-0.28%
10-year		0.00%		-0.15%		-0.24%
Since Inception		2.23%		0.83%		0.65%

* Inception date for Class 1: 2/9/93; Class 2: 7/9/01; Class 3: 9/30/02.

¹  Effective May 1, 2016, the Portfolio added its benchmark index, the BofA Merrill Lynch 6-Month U.S. Treasury Bill Index. The BofA Merrill Lynch 6-Month U.S. Treasury Bill Index is comprised of a single issue purchased at beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. Performance for periods prior to May 1, 2016 reflects results when the Portfolio was managed as a money market fund. As a result, prior to May 1, 2016, the Portfolio did not have a benchmark index.

² The ICE BofA Merrill Lynch 6-Month U.S. Treasury Bill Index is comprised of a single issue purchased at beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue.

(Note: The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA DFA Ultra Short Bond Portfolio — Class 1 shares posted a return of 0.51% for the 12-month period ending January 31, 2018, compared to a 0.99% return for the ICE BofA Merrill Lynch 6-Month U.S. Treasury Bill Index.

Throughout the period, the U.S. Treasury yield curve remained upwardly sloped, indicating positive expected term premiums. As such, the Portfolio was positioned towards the longer end of its eligible average maturity range. During the period, the Portfolio maintained an allocation to shorter- and longer-dated securities relative to the 6-month U.S. Treasury Bill benchmark. In general, the Portfolio’s allocation to shorter-dated securities contributed positively to relative performance, while its greater allocation to longer-dated securities detracted from relative performance. Relative to the U.S. Treasury-only benchmark, the Portfolio’s allocation to high-quality corporate bonds and floating-rate notes contributed positively to relative performance.

@ See Note 1

614

SunAmerica Asset Management, LLC

SA Dogs of Wall Street Portfolio@ — Class 1

SA Dogs of Wall Street Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		23.41%		23.28%		23.20%
5-year		16.43%		16.26%		16.14%
10-year		11.47%		11.30%		11.18%
Since Inception		7.71%		9.25%		10.68%

* Inception date for Class 1: 4/1/98; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Dogs of Wall Street Portfolio — Class 1 shares posted a return of 23.41% for the 12-month period ending January 31, 2018, compared to a 26.41% return for the S&P 500^® Index.

The SA Dogs of Wall Street is a rules-based quantitative fund. Stock selections are based on quantitative methods and reconstituted quarterly. The Portfolio’s quantitative model seeks out high quality individual stocks paying above-market-average dividend yields that meet its capitalization, independent ranking and other criteria.

Domestic equity indices advanced across the board during the 12-month period ended January 31, 2018, as all eleven S&P 500^® industry groups posted positive gains. While the technology, financials, consumer discretionary, and healthcare sectors outperformed the S&P 500^® Index, other groups lagged, most notably telecommunication services and energy.

During the period, the Portfolio’s focus on quality companies was not rewarded as companies that payed lower dividends and exhibited higher beta profiles outperformed.

With respect to sector weighting versus the Portfolio’s benchmark, the combination of stock selection and underweight allocation to the technology group was the primary driver of underperformance during the period. Not owning Amazon.com, Inc., Microsoft Corporation, and Apple Inc. negatively impacted performance. A consumer staples overweight and no exposure to financials also hindered performance, as did the underweight exposure and stock selection in the healthcare group.

Factors that enhanced results included holdings in the industrial, consumer discretionary, and energy groups. No exposure to real estate or utility groups was also beneficial.

For the period, top-performing investments on a relative basis included several consumer discretionary companies such as VF Corp., WW Grainger, Inc., Walmart, Inc., and Gap, Inc. Boeing Co. (industrials) also delivered strong results.

615

SunAmerica Asset Management, LLC

SA Dogs of Wall Street Portfolio@ — Class 1 — (continued)

Conversely, the list of leading detractors during the period was more broad-based and included General Electric Co. (industrials), Omnicom Group, Inc. (consumer discretionary), General Mills, Inc. (consumer staples), International Business Machines Corp. (technology), and CVS Health Corp. (consumer staples).

As of fiscal year-end, the average yield of the Portfolio holdings was 2.77% compared to 1.74% average yield of the S&P 500^® constituents.

@ See Note 1

616

Federated Investment Management Company

SA Federated Corporate Bond Portfolio@ — Class 1

SA Federated Corporate Bond Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		5.30%		5.12%		5.01%
5-year		4.09%		3.93%		3.84%
10-year		6.74%		6.58%		6.47%
Since Inception		6.32%		6.54%		6.49%

* Inception date for Class 1: 7/1/93; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The Bloomberg Barclays U.S. Credit Index is a broad measure of the U.S. investment grade corporate bond market that includes all publicly issued, fixed rate, nonconvertible investment grade, dollar-denominated, SEC-registered corporate debt.

²  The Blended Index consists of 75% Bloomberg Barclays U.S. Credit Index and 25% the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index.

³ The Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index is an unmanaged index which covers the universe of U.S. dollar denominated, non-convertible, fixed rate, non-investment grade debt. The index limits the maximum exposure to any one issuer to 2%. Index holdings must have at least one year to final maturity, at least $150 million par amount outstanding, and be publicly issued with a rating of Ba1 or lower.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Federated Corporate Bond Portfolio — Class 1 shares posted a return of 5.30% for the 12-month period ending January 31, 2018, compared to a 4.84% return for the Bloomberg Barclays U.S. Credit Index, a 6.60% return for the Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped Index, and a 5.28% return by the blended benchmark (75% Bloomberg Barclays U.S. Credit/25% Bloomberg Barclays U.S. Corporate High Yield 2% Issuer Capped).

Performance benefitted from having an overweight allocation to the high yield asset class. Additional positive contribution was achieved via the down-in-quality positioning within the investment grade asset class.

Individual security selection was a significant positive contributor. Positive selection contributors included positions in Intelsat Jackson, Goldman Sachs, Ortho-Clinical Diagnostics, and Electricite de France. Negative contributors included positions in Remington Outdoor Company, PetSmart, Bank of America and Petroleos Mexicanos (PEMEX). Duration positioning had a neutral impact to performance in the period. Yield curve positioning had a negative impact to performance. This was driven by positive contribution from the 2-year and 7-year key rates, which was more than offset by negative contribution from the 30-year key rate.

The use of derivatives as a tool to express the Portfolio’s overall duration and yield curve positioning had a negative absolute contribution to performance.

@ See Note 1

617

SunAmerica Asset Management, LLC

SA Fixed Income Index Portfolio@ — Class 1

SA Fixed Income Index Portfolio+
Average Annual Total Returns as of 1/31/18
	Class 1*			Class 3*
1-year		N/A			N/A
5-year		N/A			N/A
10-year		N/A			N/A
Since Inception		1.50%	+		1.20%	+

* Inception date for Class 1: 2/6/17; Class 3: 2/6/17.

+ Cumulative return. Portfolio in existence less than one year.

¹  The Bloomberg Barclays U.S. Government/ Credit Bond Index is a broad-based measure of the non-securitized component of U.S. Aggregate Index that includes investment grade, US denominated, fixed rate Treasuries, government-related and corporate securities.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Fixed Income Index Portfolio — Class 1 shares posted a return of 1.50% for the February 6, 2017 (fund inception) to January 31, 2018 period, compared to a 2.71% return for the Bloomberg Barclays U.S. Government/Credit Bond Index.

The SA Fixed Income Index Portfolio was launched on February 6, 2017. The Portfolio is passively managed to match the Bloomberg Barclays U.S. Government/Credit Bond Index before expenses.

For the period, security selection in the agency subsector was the biggest detractor to performance. Losses were partially offset by the Portfolio’s allocation to cash, which contributed positively to performance. Security selection in the corporate category, particularly among financials, was also beneficial.

With respect to duration, positioning in the 3- to 5-year maturity bucket was the primary driver of underperformance. Security selection among investments with maturities greater than 10 years also negatively impacted results. On the other hand, the Portfolio’s allocation to shorter-term maturities (0- to 1-year and 1- to 3-year) was beneficial, as was security selection in the 5- to 7-year bucket.

In terms of individual holdings, top contributors to performance included Walmart, Marathon Petroleum, Bank of America, and Microsoft. Conversely, notable laggards include FNMA, Aetna, Chevron, and Public Services Enterprise.

@ See Note 1

618

Templeton Investment Counsel, LLC

SA Franklin Foreign Value Portfolio@ — Class 2

SA Franklin Foreign Value Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		22.20%		22.10%		21.98%
5-year		6.28%		6.13%		6.03%
10-year		N/A		2.45%		2.34%
Since Inception		8.39%		7.01%		7.57%

* Inception date for Class 1: 1/23/12; Class 2: 8/1/02; Class 3: 9/30/02.

¹  The MSCI EAFE Index (net) measures the performance of companies representative of the market structure of 22 countries in Europe, Australasia and the Far East. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

Note:     The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Franklin Foreign Value Portfolio — Class 2 shares posted a return of 22.10% for the 12-month period ending January 31, 2018, compared to 27.60% return for the MSCI EAFE (net) Index.

The global economy grew moderately during the 12 months under review. Global developed and emerging market stocks rose significantly, aided by price gains in oil and other commodities, generally upbeat economic data across regions, the European Central Bank’s extension of its monetary easing program, and investor optimism about pro-growth and pro-business policies in the United States. The prospects for reforms in the European Union with the election of Emmanuel Macron as France’s president, encouraging corporate earnings reports and the passage of a U.S. tax reform bill also supported global stocks.

Key detractors from the Portfolio’s performance relative to the Index included stock selection and an overweight allocation in the health care sector, as well as security selection in the energy sector. Within health care, Israel-based pharmaceuticals firm Teva Pharmaceutical Industries hindered relative results, while United Kingdom energy equipment and services firm Petrofac detracted from performance in the energy sector. Stock selection and an underweighted position in the industrials sector also hurt relative results. Within the sector, Japan-based industrial conglomerate Toshiba detracted from performance. In country terms, stock selection in the United Kingdom hindered relative results, as did positioning in Israel and China.

Conversely, a major contributor to the Portfolio’s relative performance was the financials sector, due to stock selection. Within the sector, financial services provider Hana Financial Group (South Korea) performed well. In the industrials sector, German airline Deutsche

619

Templeton Investment Counsel, LLC

SA Franklin Foreign Value Portfolio@ — Class 2 — (continued)

Lufthansa benefited relative results. Other key contributors to relative performance included consumer electronics manufacturer Samsung Electronics (South Korea) and metals and mining company Sumitomo Metal Mining (Japan). In country terms, exposures to South Korea and Thailand benefited the Portfolio’s relative performance, as did stock selection in Norway.

@ See Note 1

620

Franklin Advisory Services, LLC

SA Franklin Small Company Value Portfolio@ — Class 1

SA Franklin Small Company Value Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 3*
1-year		10.66%		10.38%
5-year		11.27%		10.99%
10-year		8.82%		8.55%
Since Inception		9.63%		7.55%

* Inception date for Class 1: 12/14/98; Class 3: 9/13/05.

¹  The Russell 2000^® Value Index measures the performance of those Russell 2000^® companies with lower price-to-book ratios and lower forecasted growth values.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Franklin Small Company Value Portfolio — Class 1 shares posted a return of 10.66% for the 12-month period ending January 31, 2018, compared to a 9.95% return for the Russell 2000 Value Index.

The global economy grew moderately during the 12 months under review. Global developed- and emerging-market stocks rose significantly, aided by price gains in oil and other commodities, generally upbeat economic data across regions, the European Central Bank’s extension of its monetary easing program, and investor optimism about pro-growth and pro-business policies in the United States. The prospects for reforms in the European Union with the election of Emmanuel Macron as France’s president, encouraging corporate earnings reports and the passage of a U.S. tax reform bill also supported global stocks.

Relative to the Russell 2000 Value Index, stock selection in the information technology (IT) sector aided Portfolio performance. The top IT contributors were MKS Instruments, and Versum Materials. An underweighted exposure and stock selection in the real estate sector, as well as stock selection in the consumer discretionary and telecommunication services sectors, also boosted performance. Brandywine Realty Trust, BRP, and Orbcomm were major contributors within those sectors, respectively.

Conversely, stock selection in the industrials sector detracted from the Portfolio’s relative performance. Spirit Airlines and Mueller Water Products hampered industrials sector performance. Health care, due to a combination of stock selection and an underweighted exposure, and materials, due to stock selection, also hindered relative Portfolio performance. Gerresheimer was a major health care sector detractor. OceanaGold and Detour Gold were detractors in the materials sector. The Portfolio’s cash position also hindered relative performance.

@ See Note 1

621

Goldman Sachs Asset Management International

SA Goldman Sachs Global Bond Portfolio@ — Class 1

SA Goldman Sachs Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		7.53%		7.31%		7.23%
5-year		0.79%		0.63%		0.54%
10-year		2.73%		2.58%		2.47%
Since Inception		5.03%		3.84%		3.68%

* Inception date for Class 1: 7/1/93; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The JPMorgan Global Government Bond (unhedged) Index is a total return, market capitalization weighted index, rebalanced monthly consisting of the following countries: Australia, Germany, Spain, Belgium, Italy, Sweden, Canada, Japan, United Kingdom, Denmark, Netherlands, United States and France.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Goldman Sachs Global Bond Portfolio — Class 1 shares posted a return of 7.53% for the 12-month period ending January 31, 2018, compared to a 7.27% return for the JPMorgan Global Government Bond (unhedged) Index.

The Portfolio’s active currency strategy was the biggest contributor towards positive excess returns over the period mainly due to the Portfolio’s emerging market currency exposures. The Portfolio’s positioning in the Czech Koruna and Polish Zloty performed positively. The Portfolio’s cross-sector strategy (sector selection) also contributed towards positive excess returns driven by exposures to asset-backed securities (ABS), collateralized loan obligations and mortgage-backed securities (MBS) credit.

In aggregate, the Portfolio’s bottom-up strategies contributed positively to performance driven by the Portfolio’s European curve steepener trades. Exposure to United Kingdom, Japanese and U.S. inflation protected securities also contributed positively. Within other selection strategies, securitized selection performed positively. This was driven by specific ABS and MBS selection. The Portfolio’s emerging market debt selection strategy however underperformed mainly due to the Portfolio’s positioning in Venezuelan and Chinese external sovereign debt.

The Portfolio’s country strategy detracted over the period mainly from relative value trades such as an overweight positioning in Canadian rates versus underweight U.S. and Australian rates along with an overweight positioning in European rates versus underweight U.S. rates and an overweight positioning in Australian rates versus U.S. rates.

The Portfolio utilizes derivatives for the purposes of efficient portfolio management and to hedge out undesired risks. For the period, the Portfolio’s use of credit default swaps negatively impacted performance.

@ See Note 1

622

SunAmerica Asset Management, LLC

SA Index Allocation 60/40 Portfolio@ — Class 3

SA Index Allocation 60/40 Portfolio+
Average Annual Total Returns as of 1/31/18
	Class 1*			Class 3*
1-year		N/A			N/A
5-year		N/A			N/A
10-year		N/A			N/A
Since Inception		14.73%	+		14.49%	+

* Inception date for Class 1: 2/6/17; Class 3: 3/6/17.

+ Cumulative return. Portfolio in existence less than one year.

¹  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

²  The Russell 2000 Index the performance of the 2,000 smallest companies in the Russell 3000^® and is widely recognized as representative of small-cap stocks.

³  The S&P MidCap 400^® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market value weighted index, with each stock’s percentage in the Index in proportion to its market value.

⁴  The MSCI EAFE^® Index (net) measures the performance of companies representative of the market structure of 22 countries in Europe, Australasia and the Far East. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

⁵  The Bloomberg Barclays U.S. Government/ Credit Bond Index is a broad-based measure of the non-securitized component of U.S. Aggregate Index that includes investment grade, US denominated, fixed rate Treasuries, government-related and corporate securities.

⁶  The Blended Index is comprised of 40% S&P 500^® Index, 5% S&P MidCap 400 Index, 5% Russell 2000 Index, 10% MSCI EAFE Index (net) and 40% Bloomberg Barclays U.S. Government /Credit Index.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Index Allocation 60/40 Portfolio — Class 3 shares posted a return of 14.49% for the February 6, 2017 (fund inception) to January 31, 2018 period, compared to a 25.34% return for the S&P 500^® Index, a 15.80% return for the Russell 2000 Index, a 16.26% return for the S&P MidCap 400^® Index, a 26.89% return for the MSCI EAFE^® Index (net), a 2.71% return for the Bloomberg Barclays U.S. Government/Credit Index, and a 15.12% return for the Blended Index consisting of 40% S&P 500^® Index, 5% S&P Midcap 400^® Index, 5% Russell 2000 Index, 10% MSCI EAFE Index, and 40% Bloomberg Barclays U.S. Government/Credit Index.

The SA Index Allocation 60/40 Portfolio was launched on February 6, 2017 as a fund-of-funds investing in equity and fixed income indexed portfolios.

The Portfolio was overweight equities on average during the period relative to the Blended Index, which contributed positively to performance as equity returns were substantially higher than fixed income returns.

623

SunAmerica Asset Management, LLC

SA Index Allocation 60/40 Portfolio@ — Class 3 — (continued)

Within equities, an underweight to mid-cap U.S. equities versus the Blended Index helped performance as the category lagged on a relative basis. An overweight to international equities relative to the Blended Index also had a positive impact on results as international equities performed strongly. The Portfolio’s underlying equity portfolios trailed their respective benchmarks during the period, detracting from relative returns.

Within fixed income, the Portfolio maintained a position in the SA Fixed Income Index Portfolio. A new position in the SA Fixed Income Intermediate Index Portfolio was initiated during the fourth quarter of 2017 to reduce the Portfolio’s interest rate risk. The underlying fixed income portfolios trailed their respective benchmarks during the period and detracted from relative returns.

@ See Note 1

624

SunAmerica Asset Management, LLC

SA Index Allocation 80/20 Portfolio@ — Class 3

SA Index Allocation 80/20 Portfolio+
Average Annual Total Returns as of 1/31/18
	Class 1*			Class 3*
1-year		N/A			N/A
5-year		N/A			N/A
10-year		N/A			N/A
Since Inception		19.32%	+		18.97%	+

* Inception date for Class 1: 2/6/17; Class 3: 2/6/17.

+ Cumulative return. Portfolio in existence less than one year.

¹  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

²  The Russell 2000 Index represents the performance of the 2,000 smallest companies in the Russell 3000^® and is widely recognized as representative of small-cap stocks.

³  The S&P MidCap 400^® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market value weighted index, with each stock’s percentage in the Index in proportion to its market value.

⁴  The MSCI EAFE^® Index (net) measures the performance of companies representative of the market structure of 22 countries in Europe, Australasia and the Far East. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

⁵  The Bloomberg Barclays U.S. Government/ Credit Bond Index is a broad-based measure of the non-securitized component of U.S. Aggregate Index that includes investment grade, US denominated, fixed rate Treasuries, government-related and corporate securities.

⁶  The Blended Index is comprised of 50% S&P 500^® Index, 10% S&P MidCap 400 Index, 5% Russell 2000 Index, 15% MSCI EAFE Index (net) and 20% Bloomberg Barclays U.S. Government /Credit Index.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Index Allocation 80/20 Portfolio — Class 3 shares posted a return of 18.97% for the February 6, 2017 (fund inception) to January 31, 2018 period, compared to a 25.34% return for the S&P 500^® Index, a 15.80% return for the Russell 2000 Index, a 16.26% return for the S&P MidCap 400^® Index, a 26.89% return for the MSCI EAFE^® Index (net), a 2.71% return for the Bloomberg Barclays U.S. Government/Credit Index, and a 19.40% return for the Blended Index consisting of 50% S&P 500^® Index, 10% S&P Midcap 400^® Index, 5% Russell 2000 Index, 15% MSCI EAFE Index, and 20% Bloomberg Barclays U.S. Government/Credit Index.

The SA Index Allocation 80/20 Portfolio was launched on February 6, 2017 as a fund-of-funds investing in equity and fixed income indexed portfolios.

625

SunAmerica Asset Management, LLC

SA Index Allocation 80/20 Portfolio@ — Class 3 — (continued)

The Portfolio was slightly overweight equities on average during the period relative to the Blended Index, which contributed positively to performance as equity returns were substantially higher than fixed income returns.

Within equities, an underweight to mid-cap U.S. equities versus the Blended Index helped performance as the category lagged on a relative basis. An overweight to international equities relative to the Blended Index also had a positive impact on results as international equities performed strongly. The Portfolio’s underlying equity portfolios trailed their respective benchmarks during the period, detracting from relative returns.

Within fixed income, the Portfolio maintained a position in the SA Fixed Income Index Portfolio. A new position in the SA Fixed Income Intermediate Index Portfolio was initiated during the fourth quarter of 2017 to reduce the Portfolio’s interest rate risk. The underlying fixed income portfolios trailed their respective benchmarks during the period and detracted from relative returns.

@ See Note 1

626

SunAmerica Asset Management, LLC

SA Index Allocation 90/10 Portfolio@ — Class 3

SA Index Allocation 90/10 Portfolio+
Average Annual Total Returns as of 1/31/18
	Class 1*			Class 3*
1-year		N/A			N/A
5-year		N/A			N/A
10-year		N/A			N/A
Since Inception		21.78%	+		21.53%	+

* Inception date for Class 1: 2/6/17; Class 3: 2/6/17.

+ Cumulative return. Portfolio in existence less than one year.

¹  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

²  The Russell 2000 Index represents the performance of the 2,000 smallest companies in the Russell 3000^® and is widely recognized as representative of small-cap stocks.

³  The S&P MidCap 400^® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market value weighted index, with each stock’s percentage in the Index in proportion to its market value.

⁴  The MSCI EAFE^® Index (net) measures the performance of companies representative of the market structure of 22 countries in Europe, Australasia and the Far East. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

⁵  The Bloomberg Barclays U.S. Government/ Credit Bond Index is a broad-based measure of the non-securitized component of U.S. Aggregate Index that includes investment grade, US denominated, fixed rate Treasuries, government-related and corporate securities.

⁶  The Blended Index is comprised of 55% S&P 500^® Index, 10% S&P MidCap 400 Index, 5% Russell 2000 Index, 20% MSCI EAFE Index (net) and 10% Bloomberg Barclays U.S. Government /Credit Index.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Index Allocation 90/10 Portfolio — Class 3 shares posted a return of 21.53% for the February 6, 2017 (fund inception) to January 31, 2018 period, compared to a 25.34% return for the S&P 500^® Index and a 15.80% return for the Russell 2000 Index, a 16.26% return for the S&P MidCap 400^® Index, a 26.89% return for the MSCI EAFE^® Index (net), a 2.71% return for the Bloomberg Barclays U.S. Government/Credit Bond Index, a 21.86% return for the Blended Index consisting of 55% S&P 500^® Index, 10% S&P Midcap 400 Index, 5% Russell 2000 Index, 20% MSCI EAFE Index, and 10% Bloomberg Barclays U.S. Government/Credit Index.

The SA Index Allocation 90/10 Portfolio was launched on February 6, 2017 as a fund-of-funds investing in equity and fixed income indexed portfolios.

The Portfolio was slightly overweight equities on average during the period relative to the Blended Index, which contributed positively to performance as equity returns were substantially higher than fixed income returns.

627

SunAmerica Asset Management, LLC

SA Index Allocation 90/10 Portfolio@ — Class 3 — (continued)

Within equities, an underweight to mid-cap U.S. equities versus the Blended Index helped performance as the category lagged on a relative basis. An overweight to international equities relative to the Blended Index also had a positive impact on results as international equities performed strongly. The Portfolio’s underlying equity portfolios trailed their respective benchmarks during the period, detracting from relative returns.

Within fixed income, the Portfolio maintained a position in the SA Fixed Income Index Portfolio. A new position in the SA Fixed Income Intermediate Index Portfolio was initiated during the fourth quarter of 2017 to reduce the Portfolio’s interest rate risk. Underlying fixed income portfolios slightly trailed their respective benchmarks during the period and detracted from relative returns.

@ See Note 1

628

SunAmerica Asset Management, LLC

SA International Index Portfolio@ — Class 1

SA International Index Portfolio+
Average Annual Total Returns as of 1/31/18
	Class 1*			Class 3*
1-year		N/A			N/A
5-year		N/A			N/A
10-year		N/A			N/A
Since Inception		24.09%	+		23.73%	+

* Inception date for Class 1: 2/6/17; Class 3: 2/6/17.

+ Cumulative return. Portfolio in existence less than one year.

¹  The MSCI EAFE^® Index (net) measures the performance of companies representative of the market structure of 22 countries in Europe, Australasia and the Far East. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA International Index Portfolio — Class 1 shares posted a return of 24.09% for the February 6, 2017 (fund inception) to January 31, 2018 period, compared to a 26.89% return for the MSCI EAFE (net) Index.

The SA International Index Portfolio was launched on February 6, 2017. The Portfolio is passively managed to match the MSCI EAFE Index before expenses.

For the reporting period, stocks advanced both in the U.S. and abroad as the S&P 500^® and MSCI EAFE advanced 25.34% and 26.89%, respectively. With respect to geographic regions among MSCI EAFE constituents, Austria, Italy and Ireland led the market higher, while Luxembourg, Israel, and New Zealand were the most notable laggards.

In terms of holdings, Nestle S.A., HSBC Holdings PLC, Novo Nordisk A/S Class B, Novartis AG, and Allianz SE were top contributors during the period. At the other end of the spectrum, Teva Pharmaceuticals Industries Limited, Hennes & Mauritz AB Class B, WPP PLC, Shire PLC, and Altice N.V. Class A were the principal detractors.

@ See Note 1

629

Invesco Advisers, Inc.

SA Invesco Growth Opportunities Portfolio@ — Class 1

SA Invesco Growth Opportunities Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		25.64%		25.53%		25.27%
5-year		12.70%		12.54%		12.42%
10-year		8.79%		8.64%		8.53%
Since Inception		2.65%		5.52%		10.38%

* Inception date for Class 1: 7/05/00; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The Russell 2000^® Growth Index measures the performance of those Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Invesco Growth Opportunities Portfolio — Class 1 shares posted a return of 25.64% for the 12-month period ending January 31, 2018, compared to a 24.90% return for the Russell 2000 Growth Index.

In contrast to 2016, U.S. large- and mid- cap stocks outpaced the returns for small cap stocks during the period. Large caps finished the period with a gain of roughly 28% for the year followed by mid cap stocks which were up roughly 20% and small cap stocks which were up roughly 17%. In terms of investment style, growth stocks solidly outperformed value across the market cap spectrum.

In this environment, the Portfolio posted strong relative performance and outperformed the Russell 2000 Growth Index. Relative to the benchmark, stock selection effects in the information technology, financials, and industrials sectors contributed positively to relative performance. Conversely, stock selection in the health care sector and a modest cash position detracted from relative performance. Notably, only one sector in the benchmark, energy, posted negative returns for the period and the Portfolio’s overweight position in the energy sector also detracted from performance. The performance drag created by the overweight position was partially offset by positive stock selection.

The primary contributor to the Portfolio’s relative performance against the benchmark was stock selection in the information technology sector. Examples of stocks in this sector that contributed to performance included Take-Two Interactive Software Inc., Costar Group Inc. and Interxion Holdings. In the financial sector, outperformance was again due primarily to stock selection. One notable standout was CBOE Global Markets.

The primary detractor from the Portfolio’s relative performance against the benchmark was stock selection in the health care sector. Detractors include Syneos Health and Tesaro Inc,

@ See Note 1

630

Invesco Advisers, Inc.

SA Invesco VCP Equity-Income Portfolio@ — Class 3

SA Invesco VCP Equity-Income Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 3*
1-year		13.67%		13.54%
5-year		N/A		N/A
10-year		N/A		N/A
Since Inception		15.87%		8.51%

* Inception date for Class 1: 9/26/16; Class 3: 5/1/13.

¹ The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is marketweighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

² The Bloomberg Barclays U.S. Aggregate Bond Index combines several fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

³ The Blended Index is comprised of 60% S&P 500^® Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Invesco VCP Equity-Income Portfolio — Class 3 shares posted a return of 13.54% for the 12-month period ending January 31, 2018, compared to a 26.41% return for the S&P 500^® Index and a 2.15% return for the Bloomberg Barclays U.S. Aggregate Bond Index. The blended benchmark comprising 60% S&P 500^® Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index returned 16.19%.

During the reporting period, U.S. stocks posted strong returns, measured by the S&P 500^® Index. In terms of style investing, large growth stocks outperformed large value stocks by a large margin, as measured by the Russell 1000 Growth versus the Russell 1000 Value. U.S. bonds posted low single-digit returns as measured by the Bloomberg Barclays U.S. Aggregate Bond Index

Most S&P 500^® sectors posted strong performance, with telecommunication services, utilities, energy and real estate being the only sectors posting single-digit performance. Within fixed income, high grade bonds, indicated by the Bloomberg Barclays U.S. Government/Credit Index, outperformed the Bloomberg Barclays U.S. Aggregate Bond Index.

Stock selection within equities versus the blended benchmark detracted the most to relative performance. Within equities, Citigroup, Bank of America and JPMorgan Chase were top contributors. Apache, Microsoft and Devon Energy were the top equity detractors.

The allocation to convertible securities, which is a non-benchmark allocation, posted positive performance, but detracted from relative performance. Security selection within fixed income detracted versus the benchmark. However, the material underweight allocation to fixed income helped performance, overall. Cash was a detractor versus the blended benchmark.

631

Invesco Advisers, Inc.

SA Invesco VCP Equity-Income Portfolio@ — Class 3 — (continued)

In the second quarter of 2017 the Portfolio began utilizing put options which had a negative impact on performance.

@ See Note 1

632

Janus Capital Management, LLC

SA Janus Focused Growth Portfolio — Class 1

SA Janus Focused Growth Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		34.31%		33.97%		33.92%
5-year		14.88%		14.70%		14.59%
10-year		8.67%		8.51%		8.40%
Since Inception		6.98%		7.80%		9.14%

* Inception date for Class 1: 12/29/00; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with a greater-than-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Janus Focused Growth Portfolio — Class 1 shares posted a return of 34.31% for the 12-month period ending January 31, 2018, compared to a 34.89% return for the Russell 1000 Growth Index.

Within the Russell 1000 Growth Index, information technology [+45.2%] and industrials [+38.1%] were among the best performing sectors, while energy [1.2%] and consumer staples [13.9%] were among the weakest performing sectors.

The leading detractors from performance were primarily holdings within the health care sector, including Celgene Corp., Allergan PLC, and Dexcom, Inc. The Portfolio’s largest individual contributors to absolute returns during the period were led by Activision Blizzard, Inc., Amazon.com, Inc., and Alphabet, Inc.

Stock selection in the health care, industrials and financials sectors weighed on relative returns. Relative contributors were led by stock selection in the information technology and consumer discretionary sectors, along with the Portfolio’s underweight to the consumer staples sector.

633

J.P. Morgan Investment Management Inc.

SA JPMorgan Balanced Portfolio@ — Class 1

SA JPMorgan Balanced Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		16.50%		16.38%		16.23%
5-year		10.40%		10.23%		10.13%
10-year		7.60%		7.44%		7.34%
Since Inception		6.69%		5.31%		6.99%

* Inception date for Class 1: 6/3/96; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The Russell 1000^® Index measures the performance of the 1000 largest companies in the Russell 3000 Index, which represents 92% of the total market capitalization of the Russell 3000^® Index.

²  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

³  The Bloomberg Barclays U.S. Aggregate Bond Index combines several fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

⁴ The Blended Index consists 60% S&P 500 Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA JPMorgan Balanced Portfolio — Class 1 shares posted a return of 16.50% for the 12-month period ending January 31, 2018, compared to 25.84% for the Russell 1000^® Index, 26.41% for the S&P 500^® Index, 2.15% for the Bloomberg Barclays U.S. Aggregate Bond Index. The blended benchmark of 60% S&P 500^® Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index returned 16.19%.

The Portfolio is comprised of three sleeves: two complementary equity sleeves, one employing a fundamental research driven strategy and one employing a quantitative research driven strategy, and one fixed income sleeve. The Portfolio’s equity positioning drifted slightly above 60% for most of the year, which contributed to returns as equities outperformed bonds. Within the equity portion of the Portfolio, both sleeves outperformed their benchmark. The fixed income portion of the Portfolio outperformed its benchmark for the year as well.

The quantitative research driven equity sleeve outperformed the S&P 500^® Index for the period. Stock selection drove outperformance. The largest stock contributors to performance were Boeing and General Electric, while the largest detractors were Ross Stores and Halliburton. The fundamental research driven equity sleeve also outperformed for the period. Sector allocation drove outperformance. The largest sector allocation contributors were REITs and media, while the largest sector allocation detractors were financial services and pharmaceutical/medical technology.

The Portfolio’s fixed income sleeve outperformed its benchmark during the period. The largest contributors to performance were corporate high yield and non-agency mortgage-backed securities (MBS) positioning, while the largest detractors included duration and curve positioning and Agency MBS holdings.

@ See Note 1

634

J.P. Morgan Investment Management Inc.

SA JPMorgan Emerging Markets Portfolio@ — Class 1

SA JPMorgan Emerging Markets Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		44.22%		43.94%		43.91%
5-year		5.64%		5.47%		5.38%
10-year		1.89%		1.74%		1.64%
Since Inception		6.01%		9.83%		11.49%

* Inception date for Class 1: 6/2/97; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The MSCI Emerging Markets Index^SM (net) measures the performance of companies representative of the market structure of 21 emerging economies. The MSCI Emerging Markets Index (net) excludes closed markets and those shares in otherwise free markets which are not purchasable by foreigners. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

Note:     The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA JPMorgan Emerging Markets Portfolio — Class 1 shares posted a return of 44.22% for the 12-month period ending January 31, 2018, compared to a 41.01% return for the MSCI Emerging Markets Index (net).

The Portfolio outperformed the benchmark for the period driven primarily by positive stock selection, with country allocation also contributing to performance.

Stock selection was strongest in China, most notably driven by Geely Automobile. Additionally, exposure to Ping An, a life insurance company, aided performance. Stock selection in financials was also a leading contributor to returns. In addition to Ping An, Sberbank (Russia) and HDFC Bank (India) were leading contributors.

Country allocation was hindered by exposure to Russia, where the Portfolio is overweight. Among the leading detractors in the market were exposure to two energy companies, Lukoil and Rosneft. Additionally, stock selection in South Korea detracted from performance with the Portfolio’s holdings in Korea Electric Power and Celltrion being notable detractors.

@ See Note 1

635

J.P. Morgan Investment Management Inc.

SA JPMorgan Equity-Income Portfolio@ — Class 1

SA JPMorgan Equity-Income Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		22.93%		22.74%		22.58%
5-year		14.80%		14.63%		14.51%
10-year		8.81%		8.65%		8.54%
Since Inception		9.28%		6.26%		8.97%

* Inception date for Class 1: 2/9/93; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The Russell 1000^® Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book and lower expected growth values.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA JPMorgan Equity-Income Portfolio — Class 1 shares posted a return of 22.93% for the 12-month period ending January 31, 2018, compared to a 17.22% return for the Russell 1000 Value index.

The Portfolio outperformed the Russell 1000 Value Index for the period. Strong stock selection within the industrials sector was the top contributor to performance, led by the Portfolio’s position in Illinois Tool Works. The Portfolio’s underweight position in the energy sector was positive, as was stock selection within the sector. Stock selection in the energy sector was led by positions in Chevron and Occidental Petroleum.

Alternatively, stock selection in the consumer staples sector was the top detractor from performance, due in part to positions in Molson Coors Brewing and Kraft Heinz. Stock selection in the materials sector detracted, although the negative impact was offset by positive sector allocation due to the Portfolio’s overweight.

@ See Note 1

636

J.P. Morgan Investment Management Inc.

SA JPMorgan Global Equities Portfolio@ — Class 1

SA JPMorgan Global Equities Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		27.61%		27.50%		27.31%
5-year		11.52%		11.35%		11.24%
10-year		5.73%		5.58%		5.47%
Since Inception		6.87%		5.71%		8.78%

* Inception date for Class 1: 2/9/93; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The MSCI World Index^SM (net) measures the performance of companies representative of the market structures of 24 developed market countries in North America, Europe and Asia/Pacific regions. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA JPMorgan Global Equities Portfolio — Class 1 shares posted a return of 27.61% for the 12-month period ending January 31, 2018, compared to a 25.83% return for the MSCI World Index (net).

Market conditions were somewhat supportive for the Portfolio during the period as stocks characterized by select measures of growth (high price/earnings momentum) and quality (high return on invested capital) factors utilized in the Portfolio outperformed, boosting performance.

For the 12 months overall, stock selection in health care and utilities outperformed, while stock selection in consumer discretionary and materials detracted from performance. Underweight allocations to utilities and real estate also added value, while underweight allocations to materials and financials were negative. In terms of regions, stock selection in North America was the leading contributor, led by the Portfolio’s underweight position in General Electric and overweight position in AbbVie. Stock selection in Continental Europe also aided returns. Stock selection in Japan was a primary detractor, as the Portfolio’s overweight positions in Subaru and Nichirei hurt performance. Stock selection in the United Kingdom also detracted from performance.

@ See Note 1

637

J.P. Morgan Investment Management Inc.

Massachusetts Financial Services Company

SA JPMorgan MFS Core Bond Portfolio — Class 1

SA JPMorgan MFS Core Bond Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		2.55%		2.50%		2.33%
5-year		1.56%		1.41%		1.30%
10-year		4.30%		4.14%		4.04%
Since Inception		6.30%		5.74%		6.57%

* Inception date for Class 1: 10/28/94; Class 2: 7/9/01; Class 3: 11/11/02.

¹  The Bloomberg Barclays U.S. Aggregate Bond Index combines several fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA JPMorgan MFS Core Bond Portfolio — Class 1 shares posted a return of 2.55% for the 12-month period ending January 31, 2018, compared to a 2.15% return for the Bloomberg Barclays U.S. Aggregate Bond Index.

The Portfolio component managed by J.P. Morgan Investment Management Inc. performed in-line with the Bloomberg Barclays U.S. Aggregate Bond Index during the period. U.S. Treasury yields increased across the curve during the year, with the two-year yield ending the period up 94 basis points (bps) to 2.14% and the 10-year yield increased 25 bps to 2.71%. The Portfolio’s duration positioning was positive for performance. This was partly offset by the Portfolio’s yield curve positioning, a negative for performance.

The Portfolio’s agency mortgage-backed securities (MBS) outperformed mortgages in the benchmark, resulting in positive security selection in the sector. The Portfolio’s positioning within asset-backed securities (ABS) and commercial mortgage-backed securities (CMBS), was also positive to performance during the period. The Portfolio’s underweight to credit detracted from performance, although this was offset by positive security selection within the sector. The Portfolio ended the year with an underweight in Treasury debt, overweights in MBS, ABS and corporates, and a slight underweight in non-corporate credit. The Portfolio’s duration ended the year at 5.51 years compared to 6.00 years for the benchmark.

The Portfolio component managed by Massachusetts Financial Services Company outperformed the Bloomberg Barclays U.S. Aggregate Bond Index during the period. Asset allocation was a primary factor that contributed to performance relative to the Index. Notably, a greater exposure to and strong security selection within both the industrials and financial institutions sectors, and a less-than-benchmark exposure to the weak performing Treasury sector supported relative results. The Portfolio’s allocation to BB-rated securities, not represented within the benchmark, and an underweight exposure to AA-rated securities also aided relative performance. The Portfolio’s yield curve positioning, in particular along the long end of the curve, detracted from relative results.

638

J.P. Morgan Investment Management Inc.

SA JPMorgan Mid-Cap Growth Portfolio@ — Class 1

SA JPMorgan Mid-Cap Growth Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		31.83%		31.59%		31.42%
5-year		16.15%		15.99%		15.86%
10-year		10.72%		10.56%		10.45%
Since Inception		6.98%		4.84%		10.92%

* Inception date for Class 1: 4/1/99; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The Russell Midcap^® Growth Index measures the performance of those Russell Midcap companies with higher price-to-book ratios and higher forecasted growth values. The stocks are also members of the Russell 1000^® Growth Index.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA JPMorgan Mid-Cap Growth Portfolio — Class 1 shares posted a return of 31.83% for the 12-month period ending January 31, 2018, compared to a 28.09% return for the Russell Midcap Growth Index.

The Portfolio outperformed the Russell Midcap Growth Index for the period. Technology was the best performing sector in the Index, returning 44.94% for the period.

Stock selection was the primary driver of outperformance over the period, with the technology and consumer discretionary sectors contributing the most. Stock selection in the financial services and producer durables sectors detracted from performance.

Positions in Kite Pharma, Inc., which was acquired by Gilead Sciences, Inc., and in Arista Networks, Inc. were top contributors to performance during the year. The Portfolio’s overweight positions in Range Resources Corp. and Intercept Pharmaceuticals, Inc. versus the benchmark detracted from performance.

As of January 31, 2018, the Portfolio’s largest overweight exposures were in the technology and consumer discretionary sectors. The largest underweight exposures were in the materials and processing and consumer staples sectors.

@ See Note 1

639

SunAmerica Asset Management, LLC

SA Large Cap Index Portfolio@ — Class 1

SA Large Cap Index Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 3*+
1-year		25.93%		N/A
5-year		15.37%		N/A
10-year		9.24%		N/A
Since Inception		6.17%		11.06%	+

* Inception date for Class 1: 12/14/98; Class 3: 10/6/17

+ Cumulative return. Class 3 in existence less than one year.

¹  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in small companies.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Large Cap Index Portfolio — Class 1 shares posted a return of 25.93% for the 12-month period ending January 31, 2018, compared to a 26.41% return for the S&P 500® Index.

The Portfolio is passively managed to match the S&P 500® Index before expenses.

In terms of S&P 500® Index constituent groups, technology, financials, and consumer discretionary were the top-performing groups during the fiscal period, returning 43.02%, 29.79%, and 28.97%, respectively. Telecommunication services, energy, and utilities were the principal laggards, returning 1.81%, 6.58%, and 7.07%, respectively. The real estate, consumer staples, materials, and industrial groups also underperformed the S&P 500® Index.

Examples of top-contributing holdings during the annual period included Apple Inc., Microsoft Corporation, Amazon.com, Inc., Facebook, Inc., and JPMorgan Chase & Company. Portfolio laggards included General Electric Company, AT&T Inc., Schlumberger NV, Allergan plc, and Newell Brands.

@ See Note 1

640

Brandywine Global Investment Management, LLC

SA Legg Mason BW Large Cap Value Portfolio — Class 1

SA Legg Mason BW Large Cap Value Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		25.65%		25.46%		25.33%
5-year		14.56%		14.40%		14.28%
10-year		8.16%		8.00%		7.89%
Since Inception		10.59%		7.64%		10.10%

* Inception date for Class 1: 10/28/94; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The Russell 1000 Value Index measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book and lower expected growth values.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Legg Mason BW Large Cap Value Portfolio — Class 1 shares posted a return of 25.65% for the 12-month period ending January 31, 2018, compared to a 17.22% return for the Russell 1000 Value Index.

Growth oriented investing performed much better during the past twelve months; however, adhering to a lower valuation approach was a tail wind for the Portfolio. Both absolute and relative performance was positively impacted from holdings in the industrials sector. The sector had the largest contribution to excess returns driven by aerospace and defense companies. The Portfolio sold out of many of these holdings. The Portfolio also benefited from avoiding certain industrial conglomerates, such as General Electric which lost nearly half of its value.

Also aiding results was the Portfolio’s positioning in the energy sector. The poor performance in the energy sector during the period was driven by a drop in the price of oil in the first half of the period. The Portfolio sold out of some energy holdings and maintained a large, steady underweight in the sector. The only industry within the energy sector that performed well was oil refining and marketing, which the Portfolio was slightly overweight. Top contributing Portfolio holdings in the industry included Valero Energy Corporation and Marathon Petroleum Corporation.

641

Massachusetts Financial Services Company

SA MFS Blue Chip Growth Portfolio@ — Class 1

SA MFS Blue Chip Growth Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		31.36%		31.19%		31.00%
5-year		16.77%		16.60%		16.46%
10-year		9.33%		9.17%		9.07%
Since Inception		3.43%		5.45%		8.77%

* Inception date for Class 1: 7/5/00; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with a greater-than-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA MFS Blue Chip Growth — Class 1 shares posted a return of 31.36% for the 12-month period ending January 31, 2018, compared to a 34.89% return for the Russell 1000 Growth Index.

Stock selection in the health care, financial services and retailing sectors detracted from performance relative to the Russell 1000 Growth Index. Within the health care sector, not owning shares of pharmaceutical company Abbvie weighed on relative results. An overweight position in biopharmaceutical company Celgene further detracted from relative performance. Within the financial services sector, holdings of real estate services provider Realogy and insurance company MetLife weighed on relative results. Within the retailing sector, the timing of the Portfolio’s ownership in shares of athletic apparel retailer Lululemon Athletica and automotive replacement parts distributor AutoZone hampered relative results. An overweight position in shares of apparel retailer Urban Outfitters further weighed on relative returns.

Other top relative detractors during the reporting period included the Portfolio’s overweight position in omni-channel technology solutions provider NCR, not owning shares of digital and mobile payments services provider Paypal Holdings and an underweight position in internet TV show and movie subscription services provider Netflix.

Stock selection in both the technology and leisure sectors was a primary contributor to relative performance. Within the technology sector, the Portfolio’s overweight positions in computer graphics processors maker NVIDIA and software company Adobe Systems supported relative performance. An underweight position in shares of diversified technology products and services company International Business Machines also helped relative results. Within the leisure sector, the Portfolio’s overweight holdings of game software developer Take-Two Interactive, global lodging company Marriott International and video game maker Electronic Arts boosted relative performance. An underweight position in shares of diversified entertainment company Walt Disney further aided relative returns.

642

Massachusetts Financial Services Company

SA MFS Blue Chip Growth Portfolio@ — Class 1 — (continued)

Other notable contributors to relative performance included not owning shares of poor-performing diversified industrial conglomerate General Electric, an overweight position in shares of electronic payment processing services provider Total System Services and the Portfolio’s position in multinational retailer Best Buy.

@ See Note 1

643

Massachusetts Financial Services Company

SA MFS Massachusetts Investors Trust Portfolio — Class 1

MFS Massachusetts Investors Trust Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		26.91%		26.71%		26.58%
5-year		14.50%		14.31%		14.21%
10-year		9.33%		9.16%		9.05%
Since Inception		8.35%		7.18%		9.98%

* Inception date for Class 1: 2/9/93; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA MFS Massachusetts Investors Trust Portfolio — Class 1 shares posted a return of 26.91% for the 12-month period ending January 31, 2018, compared to a 26.41% return for the S&P 500^® Index.

Security selection in the financial services sector strengthened performance relative to the S&P 500^® Index during the reporting period. Within this sector, overweight positions in strong-performing global payments companies Visa and MasterCard lifted relative returns as shares of both companies outpaced the benchmark.

The combination of stock selection and an underweight position in the utilities & communications sector further supported relative results. Within this sector, not owning shares of telecommunication services provider AT&T and the Portfolio’s overweight position in broadcast and communication tower management firm American Tower contributed positively to relative performance.

Elsewhere, avoiding owning shares of poor-performing diversified industrial conglomerate General Electric and integrated oil and gas company Exxon Mobil helped relative returns. The Portfolio’s overweight positions in life sciences supply company Thermo Fisher Scientific, technology company Alphabet and custom IT consulting firm Cognizant Technology Solutions, as well holding shares of LVMH (France), also benefited relative performance.

During the reporting period, the Portfolio’s relative currency exposure, resulting primarily from differences between the Portfolio’s and the benchmark’s exposures to holdings of securities denominated in foreign currencies, was a contributor to relative performance.

An underweight position in the strong-performing technology sector was a primary factor that detracted from relative performance during the reporting period. Within this sector, not owning shares of software giant Microsoft and computer graphics processors maker NVIDIA, in conjunction with an underweight position in Apple, hurt relative returns.

644

Massachusetts Financial Services Company

SA MFS Massachusetts Investors Trust Portfolio — Class 1 — (continued)

Weak security selection within the leisure sector also weighed on relative results. However, there were no individual stocks within this sector that were among the Portfolio’s largest relative detractors during the reporting period.

Stocks in other sectors that further dampened relative performance included overweight positions in commercial products manufacturer Newell Brands, oil field services company Schlumberger and snack food and beverage producer Mondelez International. Not holding shares of internet retailer Amazon.com and aerospace company Boeing, as well as owning shares of packaging products manufacturer Crown Holdings, also hindered relative returns.

The Portfolio’s cash and/or cash equivalents position during the period was also a detractor from relative performance. Under normal market conditions, the Portfolio strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a period when equity markets rise, as measured by the Portfolio’s benchmark, holding cash hurts performance versus the benchmark, which has no cash position.

645

Massachusetts Financial Services Company

SA MFS Telecom Utility Portfolio@ — Class 1

SA MFS Telecom Utility Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		12.90%		12.76%		12.73%
5-year		7.88%		7.72%		7.62%
10-year		6.38%		6.22%		6.12%
Since Inception		6.23%		5.95%		9.37%

* Inception date for Class 1: 6/3/96; Class 2: 7/9/01; Class 3: 11/11/02.

¹  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

²  The S&P 500 Utility Index is presently comprised of 40 stocks from the electric and natural gas industries.

³  The S&P Telecommunication Services Index is comprised of the companies listed in the telecommunications sectors of the S&P 400^®, 500^®, and 600^® Indices.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA MFS Telecom Utility Portfolio — Class 1 shares posted a return of 12.90% for the 12-month period ending January 31, 2018, compared to a 7.29% return for the S&P 500 Utilities^® Index and 26.41% for the S&P 500^® Index.

Strong stock selection in the electric power industry was a primary contributor to performance relative to the S&P Utilities Index. The Portfolio’s holdings of electricity and gas distributor Enel (Italy), renewable energy company EDP Renovaveis and power generation company Dynegy aided relative results. In addition, underweight holdings of utility company PG&E, retail electric services provider Southern Company and gas company Scana also bolstered relative returns.

The Portfolio’s out-of-benchmark allocation to both the wireless communications and telephone services industries further benefited relative performance. Within the wireless communications industry, holding shares of broadcast and communication tower management firm American Tower and telecommunications services provider Cellnex Telecom (Spain) contributed to relative results. Within the telephone services industry, holdings of communications company Com Hem (Sweden) and telecommunications provider Hellenic Telecommunications Organisation (Greece) bolstered relative returns.

The Portfolio’s out-of-benchmark allocation to the natural gas pipeline industry was a primary detractor from relative performance. Within this industry, holding shares of natural gas transmission and distributor company Enbridge (Canada), oil transportation and storage company Plains GP Holdings and energy infrastructure company Kinder Morgan held back relative results.

The Portfolio’s out-of-benchmark allocation to the Energy-Independent industry also detracted from relative performance led by holdings of oil and natural gas company Anadarko Petroleum.

646

Massachusetts Financial Services Company

SA MFS Telecom Utility Portfolio@ — Class 1 — (continued)

Elsewhere, underweight positions in electricity provider NextEra, electricity and natural gas provider Public Service Enterprise Group and energy company Eversource Energy weakened relative performance. Additionally, holding shares of telecommunications company Frontier Communications and cable and telecommunications company Altice hindered relative results.

The Portfolio’s cash and/or cash equivalents position during the period detracted from relative performance. Under normal market conditions, the Portfolio strives to be fully invested and generally holds cash to buy new holdings and to provide liquidity. In a period when markets rise, as measured by the Portfolio’s benchmark, holding cash hurts performance versus the benchmark, which has no cash position. Currency forwards were used during the period. Forwards detracted from performance as the pound and euro appreciated against the U.S. dollar.

@ See Note 1

647

Massachusetts Financial Services Company

SA MFS Total Return Portfolio — Class 1

SA MFS Total Return Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		13.67%		13.54%		13.38%
5-year		9.23%		9.06%		8.96%
10-year		6.64%		6.48%		6.37%
Since Inception		8.41%		6.24%		7.24%

* Inception date for Class 1: 10/28/94; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

²  The Bloomberg Barclays U.S. Aggregate Bond Index combines several fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

³  The Blended Index consists 40% Bloomberg Barclays U.S. Aggregate Bond Index and 60% S&P 500^® Index.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA MFS Total Return Portfolio — Class 1 shares posted a return of 13.67% for the 12-month period ending January 31, 2018, compared to a 26.41% return for the S&P 500^® Index and a 2.15% return for the Bloomberg Barclays U.S. Aggregate Bond Index. The blended benchmark comprising 60% S&P 500^® Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index returned 16.19%.

Within the equity portion of the Portfolio, a combination of an underweight allocation and, to a lesser extent, security selection in both the technology and retailing sectors detracted from performance relative to the S&P 500^® Index. Within the technology sector, underweight positions in software giant Microsoft, computer and personal electronics maker Apple and technology company Alphabet dampened relative returns. Additionally, not owning shares of computer graphics processors maker NVIDIA further weighed on relative results. Within the retailing sector, not owning internet retailer Amazon.com hindered relative performance.

Weak stock selection in the health care sector also held back relative returns. Here, not owning pharmaceutical company Abbvie hampered relative results.

Other top relative detractors during the reporting period included the Portfolio’s overweight positions in automotive components supplier Johnson Controls International and insurance company MetLife. Additionally, an underweight position in aerospace company Boeing and not owning shares of internet TV show and movie subscription services provider Netflix also detracted from relative performance.

Within the fixed income portion of the Portfolio, out-of-benchmark exposure to the collateralized mortgage obligation (CMO) sector held back results relative to the Bloomberg Barclays U.S. Aggregate Bond Index. Additionally, the Portfolio’s cash and/or cash equivalents position during the period was also a detractor from relative performance.

648

Massachusetts Financial Services Company

SA MFS Total Return Portfolio — Class 1 — (continued)

Within the equity portion of the Portfolio, strong stock selection in the autos & housing sector benefited returns relative to the S&P 500^® Index. Here, holdings of residential and commercial building materials manufacturer Owens Corning supported relative results.

An underweight allocation to the energy sector also helped relative results led by an underweight position in integrated oil and gas company Exxon Mobil.

Stock selection in the industrial goods & services sector further aided relative performance. Within this sector, not owning shares of diversified industrial conglomerate General Electric contributed to relative returns.

Other top relative contributors included underweight positions in telecommunication services provider AT&T, biopharmaceutical company Celgene, media conglomerate Walt Disney and household products maker Procter & Gamble. Additionally, the Portfolio’s overweight positions in financial services firms JPMorgan Chase, management consulting firm Accenture and multinational retailer Best Buy also supported relative results.

Within the fixed income portion of the Portfolio, strong stock selection in the industrials sector, in particular within “BBB”-rated securities, boosted relative performance. A combination of an overweight position and strong stock selection in the financial institutions sector bolstered relative returns. Additionally, underweight positions in both the treasuries and mortgage backed securities (MBS) agency fixed rate also aided relative results.

649

SunAmerica Asset Management, LLC

SA Mid Cap Index Portfolio@ — Class 1

SA Mid Cap Index Portfolio+
Average Annual Total Returns as of 1/31/18
	Class 1*			Class 3*
1-year		N/A			N/A
5-year		N/A			N/A
10-year		N/A			N/A
Since Inception		16.94%	+		16.60%	+

* Inception date for Class 1: 2/6/17; Class 3: 2/6/17.

+ Cumulative return. Portfolio in existence less than one year.

¹  The S&P MidCap 400^® Index is an index of the stocks of 400 domestic stocks chosen for market size, liquidity, and industry group representation. It is a market value weighted index, with each stock’s percentage in the Index in proportion to its market value.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Mid Cap Index Portfolio — Class 1 shares posted a return of 16.94% for the February 6, 2017 (fund inception) to January 31, 2018 period, compared to a 16.26% return for the S&P Midcap 400^® Index.

The SA Mid Cap Index Portfolio was launched on February 6, 2017. The Portfolio is passively managed to match the S&P Midcap 400^® Index before expenses.

During the reporting period, the market was led higher by information technology, health care, and industrials, each advancing in excess of 23%. Conversely, the telecommunication services, energy, and real estate sectors were the worst performing sectors in the S&P Midcap 400^® Index, returning -42%, -14%, and -1%, respectively.

Examples of top-contributing holdings during the period include Take-Two Interactive Software Inc. (consumer discretionary), IPG Photonics Corporation (information technology), Cognex Corporation (information technology), ABIOMED, Inc. (health care), and Teleflex Incorporated (healthcare).

Portfolio laggards included Mallinckrodt (health care), Nabors Industries (energy), Frontier Communications Corporation Class B (telecommunication services), Southwestern Energy Company (energy), and QEP Resources (energy).

@ See Note 1

650

Morgan Stanley Investment Management Inc.

SA Morgan Stanley International Equities Portfolio@ — Class 1

SA Morgan Stanley International Equities Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		26.39%		26.20%		26.05%
5-year		6.18%		6.02%		5.90%
10-year		2.75%		2.60%		2.50%
Since Inception		3.87%		3.98%		7.03%

* Inception date for Class 1: 10/28/94; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The MSCI EAFE Index (net) measures the performance of companies representative of the market structure of 22 countries in Europe, Australasia and the Far East. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

Note:     The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Morgan Stanley International Equities — Class 1 shares posted a return of 26.39% for the 12-month period ending January 31, 2018, compared to a 27.60% return for the MSCI EAFE (net) Index.

The MSCI EAFE (net) Index finished the year up 27.6% in U.S. dollar (USD) terms, but up only 16.5% in local currency terms as the USD weakened against most major currencies throughout the year. Emerging markets (+41.0% USD, +34.1% local) outperformed developed markets partly due to the weaker U.S. dollar. The Eurozone advanced, finishing the year up 34.0% in USD terms, but just +16.4% in local currency terms, held back by by the strength of the euro. Japan (+25.0% USD, +21.2% local) also did well. The United Kingdom (+24.4% USD, +10.1% local) lagged, weighed down by sterling strength.

At the sector level within the Index, information technology (+41.6%), industrials (+32.5%) and materials (+31.9%) led the way over the year, while telecommunications (+12.6%) and health care (+19.3%) were the primary laggards.

The Portfolio’s largest contributor to relative performance was stock selection in consumer staples, specifically the Portfolio’s allocations to household and personal products (Shiseido and Unilever). Stock selection and allocation in information technology also contributed to performance, primarily due to the Portfolio’s non-index holding in Tencent performing strongly. Stock selection, an underweight to materials, and an overweight to health care detracted from relative performance, primarily due to Barrick Gold in materials and GlaxosmithKline in health care. The Portfolio remains overweight defensives versus cyclicals.

Through the use of short-term forward contracts, the Portfolio’s partial hedge out of the Japanese yen into U.S. dollars detracted on a relative basis and absolute basis.

@ See Note 1

651

OppenheimerFunds, Inc.

SA Oppenheimer Main Street Large Cap Portfolio@ — Class 1

SA Oppenheimer Main Street Large Cap Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		20.02%		19.82%		19.69%
5-year		14.23%		14.06%		13.95%
10-year		9.20%		9.03%		8.92%
Since Inception		8.22%		6.79%		9.50%

* Inception date for Class 1: 6/3/96; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The Russell 1000^® Index measures the performance of the 1000 largest companies in the Russell 3000 Index, which represents 92% of the total market capitalization of the Russell 3000^® Index.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Oppenheimer Main Street Large Cap Portfolio — Class 1 shares posted a return of 20.02% for the 12-month period ending January 31, 2018, compared to a 25.84% return for the Russell 1000 Index.

During the period, the Portfolio underperformed the Russell 1000 Index. The Portfolio underperformed the Index within the industrials, health care, utilities, consumer discretionary, consumer staples, information technology and materials sectors. Stock selection was the primary driver of underperformance in these sectors, with the exception of information technology, where an underweight position detracted. The Portfolio outperformed the Index within the financials, energy, telecommunication services, and real estate sectors. Stock selection was the primary driver of outperformance in financials, energy, and telecommunication services. The Portfolio’s outperformance in real estate was driven by an underweight position.

Stocks that detracted from performance included General Electric (industrials), PG&E (utilities), and Amazon.com (consumer discretionary). General Electric underperformed this reporting period and recently underwent a CEO change. While largely anticipated, the company also announced a cut to the dividend. PG&E’s stock has been under pressure due to concerns that some of the company’s equipment may have played a role in some of the Northern California wildfires. The stock saw further pressure after the company announced they would be suspending the dividend to preserve cash for potential future liabilities. The Portfolio was underweight Amazon.com during the period and it performed well for the Index.

Holdings that contributed to relative performance this period included information technology stocks PayPal Holdings, Apple, and Alphabet. These stocks rallied in what was a strong year for the information technology sector, which was the best performing sector of the Index. Although the Portfolio underperformed in the information technology sector overall, overweight positions in PayPal, Apple, and Alphabet, resulted in outperformance.

@ See Note 1

652

Pacific Investment Management Company LLC (“PIMCO”)

SA PIMCO VCP Tactical Balanced Portfolio@ — Class 3

SA PIMCO VCP Tactical Balanced Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1		Class 3*
1-year		19.25%		18.91%
5-year		N/A		N/A
10-year		N/A		N/A
Since Inception		15.51%		7.93%

* Inception date for Class 1: 9/26/16; Class 3: 5/1/13

¹ The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is marketweighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

² The Bloomberg Barclays U.S. Aggregate Bond Index combines several Bloomberg Barclays Capital fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

³  The MSCI EAFE ^® Index (net) measures the performance of companies representative of the market structure of 22 countries in Europe, Australasia and the Far East. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

⁴  The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000^® and is widely recognized as representative of small-cap stocks.

⁵ The Blended Index is comprised of 40% S&P 500^® Index, 40% Bloomberg Barclays U.S. Aggregate Bond Index, 15% MSCI EAFE Index (net) and 5% Russell 2000 Index.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA PIMCO VCP Tactical Balanced Portfolio — Class 3 returned 18.91% for the period ending January 31, 2018, compared to 26.41% for the S&P 500^® Index, 2.15% for the Bloomberg Barclays U.S. Aggregate Bond Index, 27.60% for the MSCI EAFE Index (net), 17.18% for the Russell 2000 Index, and a 15.94% return for the blended benchmark of 40% S&P 500^® Index/ 40% Bloomberg Barclays U.S. Aggregate Bond Index/15% MSCI EAFE Index (net)/ 5% Russell 2000 Index.

Low volatility, high risk appetite, and generally stable market conditions characterized the majority of the year. With the CBOE Volatility Index (VIX) spending most of the period near historic lows, global equities and risk assets rallied. Amid the subdued volatility, the Portfolio maintained its near-max equity exposure throughout the period. An overweight to equities, obtained via exposure to S&P 500^® index futures, was positive for absolute and relative performance as U.S. equities ended the period higher. Positive equity gains were partially offset by investment in S&P 500^® put options, used to hedge against equity market shocks, as the S&P delivered positive returns every month of 2017.

653

Pacific Investment Management Company LLC (“PIMCO”)

SA PIMCO VCP Tactical Balanced Portfolio@ — Class 3 — (continued)

The fixed income component of the Portfolio also contributed to performance. Exposure to the securitized sector, including Agency and non-Agency mortgage-backed securities contributed. U.S. duration and curve strategies, which were partially facilitated through the use of interest rate swaps, added to performance as defensive positioning in the front-end of the curve benefited from rising short-term rates. Outside the U.S., duration positioning within core Eurozone, more particular, French rates detracted from performance while a defensive stance in the U.K. contributed amid higher front-end yields. Lastly, within currencies, a long U.S. dollar bias versus the South Korean Won detracted from performance as the currency appreciated.

Derivatives were used in the Portfolio during the year and were instrumental in both hedging other Portfolio positions and obtaining specific exposures. On an absolute basis, equity swaps and equity futures contributed to performance and performed as expected. Equity options detracted from performance.

@ See Note 1

654

PineBridge Investments, LLC

SA PineBridge High-Yield Bond Portfolio@ — Class 1

SA PineBridge High-Yield Bond Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		8.30%		7.94%		8.05%
5-year		5.95%		5.81%		5.71%
10-year		6.61%		6.45%		6.35%
Since Inception		6.51%		7.15%		8.80%

* Inception date for Class 1: 2/9/93; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The ICE BofA Merrill Lynch High Yield Master II Index tracks the performance of below investment grade U.S. denominated corporate bonds publicly issued in the U.S. domestic market.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA PineBridge High-Yield Bond Portfolio — Class 1 shares posted a return of 8.30% for the 12-month period ending January 31, 2018, compared to a 6.74% return for the ICE BofA Merrill Lynch U.S. High Yield Master II Index.

High Yield Credit Spreads, as measured by the Option-Adjusted Spread on the ICE BofA Merrill Lynch U.S. High Yield Master II Index, rallied from 400 basis points to 329 basis points during the fiscal year which provided for a supportive market environment.

Sector selection had a positive impact on relative performance during the period. Contributions from an underweight allocation to wirelines and an overweight allocation to industrials had the greatest impact and more than offset the negative impact of an underweight allocation to pharmaceuticals and the drag of holding cash. Security selection contributed positively to relative performance during the period with the largest contributions coming from credits within retailers and finance companies.

@ See Note 1

655

Putnam Investment Management, LLC

SA Putman International Growth and Income Portfolio@ — Class 1

SA Putman International Growth and Income Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		27.84%		27.50%		27.46%
5-year		6.82%		6.66%		6.55%
10-year		2.21%		2.06%		1.95%
Since Inception		4.78%		4.62%		7.05%

* Inception date for Class 1: 6/2/97; Class 2: 7/9/01; Class 3: 9/30/02

¹ The MSCI EAFE Value Index (net) is a subset of the MSCI EAFE Index, and constituents of the index include securities from Europe, Australasia and the Far East. The index generally represents approximately 50% of the free float-adjusted market capitalization of the underlying MSCI EAFE Index, and consists of those securities classified by MSCI as most representing the value style, such as higher book value-to-price ratios, higher forward earnings-to-price ratios, higher dividend yields and lower forecasted growth rates than securities representing growth style. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Putnam International Growth and Income Portfolio – Class 1 shares posted a return of 27.84% for the 12-month period ending January 31, 2018, compared to a 24.92% return for the MSCI EAFE Value (net) Index.

Global stock markets performed well over the period, driven by healthy, synchronized economic growth around the globe. In 2017, international equities outperformed U.S. equities, a reversal from the prior year. Though growth stocks were the leaders in international developed markets for most of the period, value stocks closed the gap somewhat as investors looked for more attractive opportunities.

On a sector level, Portfolio outperformance was driven predominately by stock selection. Sector allocation was modestly positive. Positions within financials (AIA Group, Eurazeo SA), information technology (Nintendo, TDK Corp), and telecommunication services (Com Hem Holdings, Vodafone) contributed to outperformance. The Portfolio’s overweight to health care was additive to performance. Top detractors for the period were WPP, Imperial Brands and Encana.

On a country level, strong stock selection contributed most to outperformance. Allocation impact was slightly positive. Selections within Japan, France and Australia were most beneficial. Selections within Canada, China and Finland detracted from performance for the period.

@ See Note 1

656

FIAM LLC (f/k/a Pyramis^® Global Advisors, LLC)

SA Pyramis^® Real Estate Portfolio@ — Class 1

SA Pyramis® Real Estate Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		1.71%		1.51%		1.44%
5-year		6.81%		6.64%		6.52%
10-year		4.85%		4.69%		4.58%
Since Inception		8.03%		8.73%		9.03%

* Inception date for Class 1: 6/2/97; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The FTSE NAREIT Equity REITs Index is a free-floated adjusted, market capitalization-weighted index of U.S. Equity REITs.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Pyramis^® Real Estate Portfolio — Class 1 shares posted a return of 1.71% for the 12-month period ending January 31, 2018, compared to a 0.71% return for the FTSE NAREIT Equity REITs Index.

The fundamental backdrop for REITs was generally favorable for the past twelve months as occupancy rates remained relatively high and net operating income growth continued to stay in positive territory supported by economic growth and limited new supply. Economic growth and employment gains continued to help support demand for commercial real estate properties.

Security selection and sector selection were both strong for the period. A modest average cash position of under 1% detracted from Portfolio performance by a small margin, given the positive market performance. Strong security selection in the specialty and industrial sectors, along with strong sector selection in the shopping centers sector were among the leading contributors to relative Portfolio performance. Modestly offsetting this was weak security and sector selection in the office, real estate-related, and regional malls sectors.

Among individual stocks, an out-of-benchmark or overweight position in DCT Industrial, Marriot, and Extra Space Storage were the leading contributors to relative Portfolio performance. An underweight in ProLogis and overweight positions in Urban Edge Properties and DDR Corporation were the leading detractors from relative Portfolio performance for the period.

@ See Note 1

657

Schroders Investment Management North America, Inc.

SA Schroders VCP Global Allocation Portfolio — Class 3

SA Schroders VCP Global Allocation Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 3*
1-year		15.82%		15.46%
5-year		N/A		N/A
10-year		N/A		N/A
Since Inception		13.11%		12.87%

* Inception date for Class 1: 9/26/16; Class 3: 1/25/16.

¹  The MSCI World Index^SM (net) measures the performance of companies representative of the market structures of 24 developed market countries in North America, Europe and Asia/Pacific regions. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

²  The Bloomberg Barclays U.S. Corporate Index measures investment Grade, fixed–rate, taxable corporate bond market. It includes USD denominated securities publicly issued by US and non-US Industrial, utility and financial issuers.

³  The Blended Index consists 60% MSCI World Index (net) and 40% Bloomberg Barclays U.S. Corporate Index.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Schroders VCP Global Allocation Portfolio — Class 3 shares posted a return of 15.46% for the 12-month period ending January 31, 2018, compared to 25.83% for the MSCI World Index (net) and 5.08% for the Bloomberg Barclays U.S. Corporate Bond Index. The blended benchmark of 60% MSCI World Index (net) / 40% Bloomberg Barclays U.S. Corporate Bond Index returned 17.16%.

2017 was full of political noise, but ultimately, investors continued to push risky assets higher by focusing on the potential gains for corporate profits. In Europe, the populist movement continued to dominate political headlines, while in the U.K. there remained the question of Brexit.

The primary headwind to performance was the global core equity component of the Portfolio. Also detracting was the Portfolio’s underweight allocation to investment grade debt. The “risk on” environment helped credit assets, with the Bloomberg Barclays U.S. Corporate Bond Index ending the year up 5.08%. Key drivers of outperformance were overweight allocations to Japanese and emerging equities. Japanese equities had a strong year due to a weak Japanese yen and improving economic data such as GDP, inflation and employment. Across emerging markets equities, a weaker U.S. dollar was supportive to performance. U.S. equities were buoyed by President Trump’s plans for tax cuts, deregulation and infrastructure spending, and their implications for growth, also contributing to performance.

Derivatives were used in the Portfolio during the period and were instrumental in both hedging other Portfolio positions and obtaining specific exposures in an efficient and cost effective manner. Futures contributed to performance as well as currency forwards over the period.

658

SunAmerica Asset Management, LLC

SA Small Cap Index Portfolio@ — Class 1

SA Small Cap Index Portfolio+
Average Annual Total Returns as of 1/31/18
	Class 1*			Class 3*
1-year		N/A			N/A
5-year		N/A			N/A
10-year		N/A			N/A
Since Inception		17.94%	+		17.61%	+

* Inception date for Class 1: 2/6/17; Class 3: 2/6/17.

+ Cumulative return. Portfolio in existence less than one year.

¹  The Russell 2000 Index represents measures the performance of the 2,000 smallest companies in the Russell 3000^® and is widely recognized as representative of small-cap stocks.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA Small Cap Index Portfolio — Class 1 shares posted a return of 17.94% for the February 6, 2017 (fund inception) to January 31, 2018 period, compared to a 15.80% return for the Russell 2000 Index.

The SA Small Cap Index Portfolio was launched on February 6, 2017. The Portfolio is passively managed to match the Russell 2000 Index before expenses.

During the period, large-cap stocks outperformed small-cap stocks, and growth outperformed value across the capitalization spectrum. In terms of contributors, Nektar Therapeutics, Kite Pharma, Inc., bluebird bio, Inc., SAGE Therapeutics, Inc., and Exact Sciences Corporation were the most additive holdings during the period. At the other end of the spectrum, U.S. Silica Holdings, Inc., PDC Energy Inc., Finisar Corporation, Cardtronics PLC Class A, and Oasis Petroleum Inc. detracted the most from performance.

@ See Note 1

659

T. Rowe Price Associates, Inc.

SA T. Rowe Price VCP Balanced Portfolio — Class 3

SA T. Rowe Price VCP Balanced Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 3*
1-year		22.00%		21.69%
5-year		N/A		N/A
10-year		N/A		N/A
Since Inception		18.13%		15.27%

* Inception date for Class 1: 9/26/16; Class 3: 1/25/16.

¹  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

²  The Bloomberg Barclays U.S. Aggregate Bond Index combines several fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

³  The MSCI EAFE ^® Index (net) measures the performance of companies representative of the market structure of 22 countries in Europe, Australasia and the Far East. The net index approximates the minimum possible dividend reinvestment and assumes that the dividend is reinvested after the deduction of withholding tax, applying the rate to nonresident individuals who do not benefit from double taxation treaties.

⁴  The Blended Index consists 35% Bloomberg Barclays U.S. Aggregate Bond Index , 19.5% MSCI EAFE Index (net) and 45.5% S&P 500^® Index.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA T. Rowe Price VCP Balanced Portfolio — Class 3 shares posted a return of 21.69% for the 12-month period ending January 31, 2018, compared to 26.41% for the S&P 500^® Index, 27.60% for the MSCI EAFE Index (net), and 2.15% for the Bloomberg Barclays U.S. Aggregate Bond Index. The blended benchmark of 45.5% S&P 500^® Index/19.5% MSCI EAFE Index (net)/35% Bloomberg Barclays U.S. Aggregate Bond Index returned 17.66%.

The Portfolio’s equity positioning due to the volatility control overlay was the principal driver of relative outperformance during the period. The overlay component uses equity index and fixed income futures as primary tools to adjust the Portfolio’s net equity exposure and S&P 500^® index put options to protect against equity market drawdowns. Over the period, equity futures contributed to absolute performance while the use of S&P 500^® put options detracted. The Portfolio’s neutral allocation to equities is 65% and overall equity exposure may be increased or decreased based on forecasted volatility levels. The Portfolio benefitted from its overweight allocation to equities as volatility remained subdued and equity markets rallied to record levels over the period.

Within the core Portfolio, security selection within U.S. and international large-cap stocks contributed to relative performance. Performance was particularly strong within growth oriented equities, including companies such as Amazon.com, Alphabet and Alibaba. A diversifying allocation to real assets related equities detracted from relative performance as the sector underperformed both the S&P 500^® Index and MSCI EAFE Index (net) over the period. However, a tactical underweight allocation to real assets related equities relative to its neutral target contributed to performance as the sector underperformed broader equities over the period.

660

SunAmerica Asset Management, LLC

AllianceBernstein L.P.

SA VCP Dynamic Allocation Portfolio@ — Class 3

SA VCP Dynamic Allocation Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 3*
1-year		23.63%		23.30%
5-year		N/A		8.06%
10-year		N/A		N/A
Since Inception		18.70%		8.34%

* Inception date for Class 1: 9/26/16; Class 3: 1/23/12.

¹  The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is market-weighted, the index will reflect changes in larger companies more heavily than those in smaller companies

²  The Bloomberg Barclays U.S. Aggregate Bond Index combines several fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

³  The Blended Index is comprised of 60% S&P 500^® Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA VCP Dynamic Allocation Portfolio — Class 3 shares returned 23.30% during the 12-month period ended January 31, 2018, compared to the 26.41% return for the S&P 500^® Index, 2.15% for the Bloomberg Barclays U.S. Aggregate Bond Index, and a 16.19% return for the blended benchmark consisting of 60% S&P 500^® Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index.

The Portfolio consists of two components: a Fund-of-Funds component representing a combination of underlying Anchor Series Trust, Seasons Series Trust, and SunAmerica Series Trust Portfolios, and an Overlay component which invests in cash, treasuries and derivatives, to manage the Portfolio’s net equity exposure and generate income.

For the fiscal period, the overall Portfolio outperformed the blended benchmark due to outperformance of both the Fund-of-Funds and Overlay components.

Within the equity portion of the Fund-of-Funds component, returns were in-line with the S&P 500^® Index. The Portfolio’s overweight to growth equity within domestic large caps boosted performance as growth was in favor during the period. The domestic equity underlying managers, in aggregate, outperformed their respective benchmarks which helped results. Exposure to non-U.S. equities aided performance primarily due to investments in emerging markets which significantly outperformed U.S. markets. Conversely, the Portfolio’s investments in U.S. small- and mid-cap equities and real estate hurt relative performance as these categories lagged the S&P 500^® Index.

Within the fixed income portion of the Fund-of-Funds component, returns were stronger than the Bloomberg Barclays U.S. Aggregate Bond Index. Exposure to corporate credit aided relative performance during the period. This was slightly offset due to exposure to

661

SunAmerica Asset Management, LLC

AllianceBernstein L.P.

SA VCP Dynamic Allocation Portfolio@ — Class 3 — (continued)

underlying funds focused on higher quality and shorter duration bond sectors, both of which underperformed the Bloomberg Barclays U.S. Aggregate Bond Index during the period. In aggregate, fixed income underlying funds outperformed their respective benchmarks, boosting relative results.

The Overlay component includes S&P 500^® Index futures and options to manage net equity exposure. The Portfolio manages its equity exposure in order to try to maintain a relatively stable exposure to market volatility over time. During periods of higher forecasted volatility, the Overlay component will decrease its net equity exposure and during periods when forecasted volatility is lower, the net equity exposure will be increased. At any given time, the net equity exposure may range from 25% to 100%, with the expectation that it will average approximately 60% to 65% over the long term. The Overlay component aided Portfolio performance relative to the blended benchmark during the period. In isolation, equity futures contributed to absolute returns and equity options detracted from returns.

@ See Note 1

662

SunAmerica Asset Management, LLC

AllianceBernstein L.P.

SA VCP Dynamic Strategy Portfolio@ — Class 3

SA VCP Dynamic Strategy Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 3*
1-year		21.90%		21.67%
5-year		N/A		7.83%
10-year		N/A		N/A
Since Inception		17.96%		8.56%

* for Class 1: 9/26/16; Class 3: 7/16/12.

¹ The S&P 500^® Index tracks the performance of 500 stocks representing a sampling of the largest domestic stocks traded publicly in the United States. Because it is marketweighted, the index will reflect changes in larger companies more heavily than those in smaller companies.

² The Bloomberg Barclays U.S. Aggregate Bond Index combines several fixed-income indices to give a broad view of the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset backed securities.

³ The Blended Index is comprised of 60% S&P 500^® Index and 40% Bloomberg Barclays U.S. Aggregate Bond Index.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA VCP Dynamic Strategy Portfolio — Class 3 shares returned 21.67% during the 12-month period ended January 31, 2018, compared to the 26.41%% return for the S&P 500^® Index, 2.15% for the Bloomberg Barclays U.S. Aggregate Bond Index, and a 16.19% return for the blended benchmark consisting of 60% S&P 500^® Index / 40% Bloomberg Barclays U.S. Aggregate Bond Index.

The Portfolio consists of two components: a Fund-of-Funds component representing a combination of underlying Anchor Series Trust, Seasons Series Trust, and SunAmerica Series Trust Portfolios, and an Overlay component which invests in cash, treasuries and derivatives, to manage the Portfolio’s net equity exposure and generate income.

For the fiscal period, the overall Portfolio outperformed the blended benchmark due to the outperformance of both the Fund-of-Funds and Overlay components.

The equity portion of the Fund-of-Funds component underperformed the S&P 500^® Index. The Portfolio, by design, maintains an overweight to value equities. This overweight was reduced during the fiscal year. Despite this reduction, exposure to value oriented-equities was the primary detractor from results as value was significantly out of favor during the period. Additionally, exposure to small- and mid-cap equities and real estate hurt relative results as these categories lagged the S&P 500^® Index. Conversely, exposure to international equities helped results as developed foreign equities outperformed domestic equities. Among underlying equity managers, domestic managers in aggregate outperformed their respective benchmarks. However, this was offset by underlying international equity managers who, in aggregate, underperformed their benchmarks.

663

SunAmerica Asset Management, LLC

AllianceBernstein L.P.

SA VCP Dynamic Strategy Portfolio@ — Class 3 — (continued)

The fixed income portion of the Fund-of-Funds component outperformed the Bloomberg Barclays U.S. Aggregate Bond Index. Exposure to corporate credit aided relative performance during the period. This was partially offset by exposure to underlying funds focused on higher quality and shorter duration bond sectors, both of which underperformed the Bloomberg Barclays U.S. Aggregate Bond Index during the period.

The Overlay component includes S&P 500^® Index futures and options to manage net equity exposure. The Portfolio manages its equity exposure in order to try to maintain a relatively stable exposure to market volatility over time. During periods of higher forecasted volatility, the Overlay component will decrease its net equity exposure and during periods when forecasted volatility is lower, the net equity exposure will be increased. At any given time, the net equity exposure may range from 25% to 100%, with the expectation that it will average approximately 60% to 65% over the long term. The Overlay component aided Portfolio performance relative to the blended benchmark during the period. In isolation, equity futures contributed to absolute returns and equity options detracted from returns.

@ See Note 1

664

Wells Capital Management Incorporated

SA WellsCap Aggressive Growth Portfolio@ — Class 1

SA WellsCap Aggressive Growth Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		32.42%		32.29%		32.11%
5-year		14.63%		14.47%		14.34%
10-year		7.56%		7.41%		7.28%
Since Inception		6.57%		5.01%		8.34%

* Inception date for Class 1: 6/3/96; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The Russell 2500^® Growth Index measures the performance of small to mid-cap growth segment of the U.S. equity universe. It includes Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA WellsCap Aggressive Growth Portfolio — Class 1 shares posted a return of 32.42% for the 12-month period ending January 31, 2018, compared to 27.65% for the Russell 2500 Growth Index.

Stock selection in information technology and consumer staples contributed to performance, as did an overweight to the information technology sector and underweight to the real estate sector. Stock selection in financials detracted from relative performance.

Within information technology, names such as Take-Two Interactive Software, Inc., Universal Display Corp., and MercadoLibre, Inc. performed strongly on both an absolute and relative basis. While the consumer staples sector was a weak-performer overall, Portfolio positioning, particularly in Constellation Brands, Inc., contributed to the Portfolio’s return. As the U.S. Federal Reserve continued to raise its target federal funds rate during the year, rate sensitive “bond proxy” stocks such as REITs continued to underperform, thereby rewarding the Portfolio’s underweight position.

Within the financial sector, SLM Corp. was the largest detractor from relative performance despite reporting earnings estimates in line with expectations due to concerns over lower than expected growth. Spirit Airlines, Inc. also weighed on relative performance in the industrials sector. During the period, share weakness was attributed to investor concerns over multiple factors such as aggressive price competition from United Airlines, ongoing labor negotiations, and adverse weather in the Florida market.

@ See Note 1

665

Wells Capital Management Incorporated

SA WellsCap Fundamental Growth Portfolio@ — Class 1

SA WellsCap Fundamental Growth Portfolio
Average Annual Total Returns as of 1/31/18
	Class 1*		Class 2*		Class 3*
1-year		41.72%		41.52%		41.42%
5-year		16.62%		16.44%		16.33%
10-year		9.24%		9.07%		8.97%
Since Inception		7.32%		5.41%		8.75%

* Inception date for Class 1: 2/9/93; Class 2: 7/9/01; Class 3: 9/30/02.

¹  The Russell 1000^® Growth Index measures the performance of those Russell 1000 companies with a greater-than-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higher forecasted growth values.

Note:    The performance data quoted represents past performance; past performance does not guarantee future results; the investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance data quoted. Please visit www.aig.com/Annuities for performance data current to the most recent month-end.

The SA WellsCap Fundamental Growth Portfolio — Class 1 shares posted a return of 41.72% for the 12-month period ending January 31, 2018, compared to a 34.89% for the Russell 1000 Growth Index.

Stock selection in the information technology and consumer discretionary sectors as well positioning in consumer staples were the largest contributors to performance relative to the benchmark. Stock selection in health care and industrials were the main detractors from the Portfolio’s relative performance.

Security selection in information technology contributed to relative performance, particularly among IT services and internet services and software industries. Specific strength was visible in Tencent Holdings, Ltd., Nintendo Co., Ltd., PayPal Holdings, Inc., and Activision Blizzard, Inc., which were all meaningful contributors during the period. Within consumer discretionary, Amazon.com, Inc. added value to relative performance as the company continues to benefit from the powerful secular shift to online retail spending. Despite overall weakness in consumer staples as a whole, the Portfolio’s underweight as well as select positions such as Monster Beverage Corp. aided relative performance.

On the negative side, within healthcare Celgene Corp. was the largest detractor from relative performance due in part to lower than expected sales of its psoriasis treatment drug Otezla as well as the discontinuation of the Phase III trial for a drug to treat Crohn’s disease. Spirit Airlines, Inc. also weighed on relative performance in the industrials sector. During the period, share weakness was attributed to investor concerns over multiple factors such as aggressive price competition from United Airlines, ongoing labor negotiations, and adverse weather in the Florida market. The team exited the position during the 12 month period.

@ See Note 1

666

SUNAMERICA SERIES TRUST

VOTING PROXIES ON TRUST PORTFOLIO SECURITIES

A description of the policies and procedures that the Trust uses to determine how to vote proxies relating to securities held in the Trust’s portfolios which is available in the Trust’s Statement of Additional Information, may be obtained without charge upon request, by calling (800) 445-SUN2. This information is also available from the EDGAR database on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

PROXY VOTING RECORD ON TRUST PORTFOLIO SECURITIES

Information regarding how SunAmerica Series Trust Portfolios voted proxies related to securities held in SunAmerica Series Trust Portfolios during the most recent twelve month period ended June 30 is available, once filed with the U.S. Securities and Exchange Commission, without charge, upon request, by calling (800) 445-SUN2 or on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

DISCLOSURE OF QUARTERLY PORTFOLIO HOLDINGS

The Trust is required to file its complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission for its first and third fiscal quarters on Form N-Q. The Trust’s Forms N-Q are available on the U.S. Securities and Exchange Commission’s website at www.sec.gov. You can also review and obtain copies of the Forms N-Q at the U.S. Securities and Exchange Commission’s Public Reference Room in Washington, DC (information on the operation of Public Reference Room may be obtained by calling 1-800-SEC-0330).

This report is submitted solely for the general information of shareholders of the Trust. Distribution of this report to persons other than shareholders of the Trust is authorized only in connection with a currently effective prospectus, setting forth details of the Trust, which must precede or accompany this report.

667

Annuity Service Center

P.O. Box 15570

Amarillo, TX 79105-5570

CHANGE SERVICE REQUESTED

THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE PURCHASERS UNLESS ACCOMPANIED OR PRECEDED BY A CURRENT PROSPECTUS.

R1411AR.14 (3/18)

Item 2.    Code of Ethics.

SunAmerica Series Trust (“the registrant”) has adopted a Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the “Code”). During the fiscal year ended January 31, 2018, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant’s Principal Executive and Principal Accounting Officers (the “Covered Officers”).

Item 3.    Audit Committee Financial Expert.

The registrant’s Board of Trustees has determined that Allan Sher, Garrett Bouton and Jane Jelenko each qualify as audit committee financial experts, as defined in Item 3(b) of Form N-CSR. Mr. Sher, Mr. Bouton and Ms. Jelenko are considered “independent” for purposes of Item 3(a)(2) of Form N-CSR.

Item 4.    Principal Accountant Fees and Services.

(a)-(d) Aggregate fees billed to the registrant for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2017		2018
(a) Audit Fees	$	1,373,857	$	1,762,803
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	224,305	$	295,150
(d) All Other Fees	$	0	$	0

Audit Fees include amounts related to the audit of the registrant’s annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings. Tax Fees principally include tax compliance, tax advice, tax planning and preparation of tax returns.

Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4 (e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant’s principal accountant were as follows:

	2017		2018
(b) Audit-Related Fees	$	0	$	0
(c) Tax Fees	$	0	$	0
(d) All Other Fees	$	139,171	$	325,506

       (e) (1) The registrant’s audit committee pre-approves all audit services provided by the registrant’s principal accountant for the registrant and all non-audit services provided by the registrant’s principal accountant for the registrant, its investment adviser and any entity controlling, controlled by, or under common control with the investment adviser (“Adviser Affiliates”) that provides ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliates relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the pre-approval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant’s audit committee minutes.

(2) No services included in (b)-(d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

       (f) Not applicable.

       (g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant’s principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provides ongoing services to the registrant for 2017 and 2018 were $392,476 and $647,111 respectively.

       (h) Non-audit services rendered to the registrant’s investment adviser and any Adviser Affiliates that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant’s audit committee as to whether they were compatible with maintaining the principal accountant’s independence.

Item 5.    Audit Committee of Listed Registrants.

Not applicable.

Item 6.    Investments.

Included in Item 1 to the Form.

Item 7.    Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8.     Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9.    Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10.  Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407)(as required by 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 10.

Item 11.  Controls and Procedures.

(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant’s management, including the President and Treasurer, of the effectiveness of the design and operation of the registrant’s disclosure controls and procedures (as defined under Rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant’s management, including the President and Treasurer, concluded that the registrant’s disclosure controls and procedures are effective.

(b) There was no change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the registrant’s last fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12.    Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13.    Exhibits.

       (a) (1) Code of Ethics applicable to its Principal Executive and Principal Accounting Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.406.Code of Ethics.

(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(3) Not applicable.

       (b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) and Section 906 of the Sarbanes-Oxley Act of 2002 attached hereto as Exhibit 99.906.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SunAmerica Series Trust
By:	/s/    John T. Genoy
	John T. Genoy
	President

Date: April 10, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/    John T. Genoy
	John T. Genoy
	President

Date: April 10, 2018

By:	/s/    Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: April 10, 2018