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, 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: July 31, 2021

Item 1.    Reports to Stockholders

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

SUNAMERICA SERIES TRUST

SEMI-ANNUAL REPORT

JULY 31, 2021

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 Multi-Factor 70/30 Portfolio (BlackRock Investment, LLC)	14
SA BlackRock VCP Global Multi Asset Portfolio (BlackRock Investment, LLC)	16
SA Columbia Technology Portfolio (Columbia Management Investment Advisors, LLC)	31
SA DFA Ultra Short Bond Portfolio (Dimensional Fund Advisers, L.P.)	34
SA Emerging Markets Equity Index Portfolio (SunAmerica Asset Management, LLC)	39
SA Federated Hermes Corporate Bond Portfolio (Federated Hermes Investment Management Company)	51
SA Fidelity Institutional AM® International Growth Portfolio (FIAM LLC)	84
SA Fidelity Institutional AM® Real Estate Portfolio (FIAM LLC)	87
SA Fixed Income Index Portfolio (SunAmerica Asset Management, LLC)	89
SA Fixed Income Intermediate Index Portfolio (SunAmerica Asset Management, LLC)	97
SA Franklin BW U.S. Large Cap Value Portfolio ( Brandywine Global Investment Management, LLC)	105
SA Franklin Small Company Value Portfolio (Franklin Advisory Services, LLC)	110
SA Franklin Systematic U.S. Large Cap Value Portfolio (Franklin Advisory Services, LLC)	113
SA Franklin Tactical Opportunities Portfolio (QS Investors, LLC)	117
SA Franklin U. S. Equity Smart Beta Portfolio (Franklin Advisory Services, LLC)	135
SA Global Index Allocation 60/40 Portfolio (SunAmerica Asset Management, LLC)	141
SA Global Index Allocation 75/25 Portfolio (SunAmerica Asset Management, LLC)	143
SA Global Index Allocation 90/10 Portfolio (SunAmerica Asset Management, LLC)	145
SA Goldman Sachs Global Bond Portfolio (Goldman Sachs Asset Management International)	147
SA Goldman Sachs Multi-Asset Insights Portfolio (Goldman Sachs Asset Management International)	171
SA Index Allocation 60/40 Portfolio (SunAmerica Asset Management, LLC)	178
SA Index Allocation 80/20 Portfolio (SunAmerica Asset Management, LLC)	180
SA Index Allocation 90/10 Portfolio (SunAmerica Asset Management, LLC)	182
SA International Index Portfolio (SunAmerica Asset Management, LLC)	184
SA Invesco Growth Opportunities Portfolio (Invesco Advisers, Inc.)	195
SA Invesco Main Street Large Cap Portfolio (Invesco Advisors, Inc.)	199
SA Janus Focused Growth Portfolio (Janus Capital Management, LLC)	202
SA JPMorgan Diversified Balanced Portfolio (J.P. Morgan Investment Management Inc.)	205
SA JPMorgan Emerging Markets Portfolio (J.P. Morgan Investment Management Inc.)	246
SA JPMorgan Equity-Income Portfolio (J.P. Morgan Investment Management Inc.)	249
SA JPMorgan Global Equities Portfolio (J.P. Morgan Investment Management Inc.)	252
SA JPMorgan MFS Core Bond Portfolio (Massachusetts Financial Services Company and J.P. Morgan Investment Management Inc.)	257
SA JPMorgan Mid-Cap Growth Portfolio (J.P. Morgan Investment Management Inc.)	303
SA Large Cap Growth Index Portfolio (SunAmerica Asset Management, LLC)	307
SA Large Cap Index Portfolio (SunAmerica Asset Management, LLC)	313
SA Large Cap Value Index Portfolio (SunAmerica Asset Management, LLC)	323
SA MFS Blue Chip Growth Portfolio (Massachusetts Financial Services Company)	332
SA MFS Massachusetts Investors Trust Portfolio (Massachusetts Financial Services Company)	336
SA MFS Total Return Portfolio (Massachusetts Financial Services Company)	339
SA Mid Cap Index Portfolio (SunAmerica Asset Management, LLC)	355
SA Morgan Stanley International Equities Portfolio (Morgan Stanley Investment Management, Inc.)	364
SA PIMCO RAE International Value Portfolio (Pacific Investment Management Company, LLC)	367
SA PIMCO VCP Tactical Balanced Portfolio (Pacific Investment Management Company, LLC)	374
SA PineBridge High-Yield Bond Portfolio (PineBridge Investments, LLC)	393
SA Putnam International Growth and Income Portfolio (Putnam Investment Management, LLC)	405
SA Schroders VCP Global Allocation Portfolio (Schroders Investment Management North America, Inc.)	410
SA Small Cap Index Portfolio (SunAmerica Asset Management, LLC)	428
SA T. Rowe Price Asset Allocation Growth Portfolio (T. Rowe Price Associates, Inc.)	453
SA T. Rowe Price VCP Balanced Portfolio (T. Rowe Price Associates, Inc.)	485
SA VCP Dynamic Allocation Portfolio (SunAmerica Asset Management, LLC and AllianceBernstein L.P.)	520
SA VCP Dynamic Strategy Portfolio (SunAmerica Asset Management, LLC and AllianceBernstein L.P.)	524
SA VCP Index Allocation Portfolio (SunAmerica Asset Management, LLC and T. Rowe Price Associates, Inc.)	528
SA WellsCap Aggressive Growth Portfolio (Wells Capital Management Incorporated)	531
Statement of Assets and Liabilities	534
Statement of Operations	556
Statement of Changes in Net Assets	567
Notes to Financial Statements	586
Financial Highlights	646
Statement Regarding Liquidity Risk Management Program	681
Approval of Advisory Agreement	682
Supplements to the Prospectus	688

Dear SunAmerica Series Trust Investor:

We are pleased to present our semiannual 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 July 31, 2021. 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 59¹⁄₂, 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.

The portfolio operating expenses for a fund-of-funds are typically higher than those of a traditional portfolio because you pay the expenses of that portfolio and indirectly pay a proportionate share of the expenses of the underlying portfolios.

Investments are not guaranteed or endorsed by any bank, are not a deposit or obligation of any bank, and are 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

July 31, 2021

(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. The 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 February 1, 2021 and held until July 31, 2021. 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 Six Months Ended July 31, 2021” to estimate the expenses you paid on your account during this period. The “Expenses Paid During the Six Months Ended July 31, 2021” 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 Six Months Ended July 31, 2021” 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 Six Months Ended July 31, 2021” 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 Six Months Ended July 31, 2021” 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)

July 31, 2021

(unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at February 1, 2021		Ending Account Value Using Actual Return at July 31, 2021		Expenses Paid During the Period Ended July 31, 2021*		Beginning Account Value at February 1, 2021		Ending Account Value Using a Hypothetical 5% Annual Return at July 31, 2021		Expenses Paid During the Period Ended July 31, 2021*		Annualized Expense Ratio*
SA AB Growth
Class 1	$	1,000.00	$	1,232.36	$	3.43	$	1,000.00	$	1,021.72	$	3.11		0.62	%
Class 2	$	1,000.00	$	1,231.55	$	4.26	$	1,000.00	$	1,020.98	$	3.86		0.77	%
Class 3	$	1,000.00	$	1,230.80	$	4.81	$	1,000.00	$	1,020.48	$	4.36		0.87	%
SA Small & Mid Cap Value#
Class 1	$	1,000.00	$	1,241.27	$	5.06	$	1,000.00	$	1,020.28	$	4.56		0.91	%
Class 2	$	1,000.00	$	1,240.11	$	5.89	$	1,000.00	$	1,019.54	$	5.31		1.06	%
Class 3	$	1,000.00	$	1,240.00	$	6.44	$	1,000.00	$	1,019.04	$	5.81		1.16	%
SA BlackRock Muti-Factor 70/30#
Class 1	$	1,000.00	$	1,113.35	$	1.57	$	1,000.00	$	1,023.31	$	1.51		0.30	%
Class 3	$	1,000.00	$	1,112.16	$	2.88	$	1,000.00	$	1,022.07	$	2.76		0.55	%
SA BlackRock VCP Global Multi Asset#
Class 1	$	1,000.00	$	1,074.76	$	4.73	$	1,000.00	$	1,020.23	$	4.61		0.92	%
Class 3	$	1,000.00	$	1,073.94	$	6.02	$	1,000.00	$	1,018.99	$	5.86		1.17	%
SA Columbia Technology#
Class 1	$	1,000.00	$	1,198.51	$	5.29	$	1,000.00	$	1,019.98	$	4.86		0.97	%
Class 2	$	1,000.00	$	1,198.25	$	6.10	$	1,000.00	$	1,019.24	$	5.61		1.12	%
Class 3	$	1,000.00	$	1,197.80	$	6.65	$	1,000.00	$	1,018.74	$	6.11		1.22	%
SA DFA Ultra Short Bond
Class 1	$	1,000.00	$	998.09	$	2.48	$	1,000.00	$	1,022.32	$	2.51		0.50	%
Class 2	$	1,000.00	$	997.10	$	3.22	$	1,000.00	$	1,021.57	$	3.26		0.65	%
Class 3	$	1,000.00	$	997.08	$	3.71	$	1,000.00	$	1,021.08	$	3.76		0.75	%
SA Emerging Markets Equity Index#
Class 1	$	1,000.00	$	972.00	$	2.88	$	1,000.00	$	1,021.87	$	2.96		0.59	%
Class 3	$	1,000.00	$	970.75	$	4.06	$	1,000.00	$	1,020.68	$	4.16		0.83	%
SA Federated Hermes Corporate Bond
Class 1	$	1,000.00	$	1,019.45	$	2.70	$	1,000.00	$	1,022.12	$	2.71		0.54	%
Class 2	$	1,000.00	$	1,018.73	$	3.45	$	1,000.00	$	1,021.37	$	3.46		0.69	%
Class 3	$	1,000.00	$	1,017.42	$	3.95	$	1,000.00	$	1,020.88	$	3.96		0.79	%
SA Fidelity Institutional AM® International Growth#
Class 1	$	1,000.00	$	1,090.08	$	4.46	$	1,000.00	$	1,020.53	$	4.31		0.86	%
Class 3	$	1,000.00	$	1,089.19	$	5.75	$	1,000.00	$	1,019.29	$	5.56		1.11	%
SA Fidelity Institutional AM® Real Estate
Class 1	$	1,000.00	$	1,273.44	$	4.62	$	1,000.00	$	1,020.73	$	4.11		0.82	%
Class 2	$	1,000.00	$	1,272.51	$	5.47	$	1,000.00	$	1,019.98	$	4.86		0.97	%
Class 3	$	1,000.00	$	1,271.72	$	6.03	$	1,000.00	$	1,019.49	$	5.36		1.07	%
SA Fixed Income Index#
Class 1	$	1,000.00	$	1,001.77	$	1.69	$	1,000.00	$	1,023.11	$	1.71		0.34	%
Class 3	$	1,000.00	$	1,000.00	$	2.93	$	1,000.00	$	1,021.87	$	2.96		0.59	%
SA Fixed Income Intermediate Index#
Class 1	$	1,000.00	$	1,000.00	$	1.69	$	1,000.00	$	1,023.11	$	1.71		0.34	%
Class 3	$	1,000.00	$	998.14	$	2.92	$	1,000.00	$	1,021.87	$	2.96		0.59	%
SA Franklin BW U.S. Large Cap Value @#
Class 1	$	1,000.00	$	1,221.28	$	3.86	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Class 2	$	1,000.00	$	1,219.47	$	4.68	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Class 3	$	1,000.00	$	1,219.51	$	5.23	$	1,000.00	$	1,020.08	$	4.76		0.95	%
SA Franklin Small Company Value#
Class 1	$	1,000.00	$	1,169.23	$	5.16	$	1,000.00	$	1,020.03	$	4.81		0.96	%
Class 3	$	1,000.00	$	1,167.56	$	6.50	$	1,000.00	$	1,018.79	$	6.06		1.21	%
SA Franklin Systematic U.S. Large Cap Value @
Class 1	$	1,000.00	$	1,176.60	$	3.40	$	1,000.00	$	1,021.67	$	3.16		0.63	%
Class 2	$	1,000.00	$	1,175.49	$	4.26	$	1,000.00	$	1,020.88	$	3.96		0.79	%
Class 3	$	1,000.00	$	1,175.34	$	4.80	$	1,000.00	$	1,020.38	$	4.46		0.89	%

4

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE (continued)

July 31, 2021

(unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at February 1, 2021		Ending Account Value Using Actual Return at July 31, 2021		Expenses Paid During the Period Ended July 31, 2021*		Beginning Account Value at February 1, 2021		Ending Account Value Using a Hypothetical 5% Annual Return at July 31, 2021		Expenses Paid During the Period Ended July 31, 2021*		Annualized Expense Ratio*
SA Franklin Tactical Opportunities @#
Class 1	$	1,000.00	$	1,124.79	$	4.27	$	1,000.00	$	1,020.78	$	4.06		0.81	%
Class 3	$	1,000.00	$	1,123.18	$	5.58	$	1,000.00	$	1,019.54	$	5.31		1.06	%
SA Franklin U.S. Equity Smart Beta#
Class 1	$	1,000.00	$	1,189.03	$	3.09	$	1,000.00	$	1,021.97	$	2.86		0.57	%
Class 3	$	1,000.00	$	1,187.72	$	4.39	$	1,000.00	$	1,020.78	$	4.06		0.81	%
SA Global Index Allocation 60/40#
Class 1	$	1,000.00	$	1,081.76	$	0.93	$	1,000.00	$	1,023.90	$	0.90		0.18	%
Class 3	$	1,000.00	$	1,080.18	$	2.22	$	1,000.00	$	1,022.66	$	2.16		0.43	%
SA Global Index Allocation 75/25#
Class 1	$	1,000.00	$	1,099.44	$	0.94	$	1,000.00	$	1,023.90	$	0.90		0.18	%
Class 3	$	1,000.00	$	1,098.47	$	2.24	$	1,000.00	$	1,022.66	$	2.16		0.43	%
SA Global Index Allocation 90/10#
Class 1	$	1,000.00	$	1,121.25	$	0.74	$	1,000.00	$	1,024.10	$	0.70		0.14	%
Class 3	$	1,000.00	$	1,119.42	$	2.05	$	1,000.00	$	1,022.86	$	1.96		0.39	%
SA Global Sachs Global Bond
Class 1	$	1,000.00	$	977.22	$	3.48	$	1,000.00	$	1,021.27	$	3.56		0.71	%
Class 2	$	1,000.00	$	976.15	$	4.21	$	1,000.00	$	1,020.53	$	4.31		0.86	%
Class 3	$	1,000.00	$	975.87	$	4.70	$	1,000.00	$	1,020.03	$	4.81		0.96	%
SA Global Sachs Multi-Asset Insights#
Class 1	$	1,000.00	$	1,118.15	$	4.25	$	1,000.00	$	1,020.78	$	4.06		0.81	%
Class 3	$	1,000.00	$	1,117.50	$	5.57	$	1,000.00	$	1,019.54	$	5.31		1.06	%
SA Index Allocation 60/40#
Class 1	$	1,000.00	$	1,099.16	$	0.73	$	1,000.00	$	1,024.10	$	0.70		0.14	%
Class 3	$	1,000.00	$	1,097.78	$	2.03	$	1,000.00	$	1,022.86	$	1.96		0.39	%
SA Index Allocation 80/20
Class 1	$	1,000.00	$	1,133.10	$	0.63	$	1,000.00	$	1,024.20	$	0.60		0.12	%
Class 3	$	1,000.00	$	1,131.33	$	1.96	$	1,000.00	$	1,022.96	$	1.86		0.37	%
SA Index Allocation 90/10
Class 1	$	1,000.00	$	1,149.16	$	0.59	$	1,000.00	$	1,024.25	$	0.55		0.11	%
Class 3	$	1,000.00	$	1,147.37	$	1.92	$	1,000.00	$	1,023.01	$	1.81		0.36	%
SA International Index
Class 1	$	1,000.00	$	1,110.75	$	2.46	$	1,000.00	$	1,022.46	$	2.36		0.47	%
Class 3	$	1,000.00	$	1,108.73	$	3.76	$	1,000.00	$	1,021.22	$	3.61		0.72	%
SA Invesco Growth Opportunities
Class 1	$	1,000.00	$	1,059.82	$	3.93	$	1,000.00	$	1,020.98	$	3.86		0.77	%
Class 2	$	1,000.00	$	1,059.38	$	4.70	$	1,000.00	$	1,020.23	$	4.61		0.92	%
Class 3	$	1,000.00	$	1,058.14	$	5.21	$	1,000.00	$	1,019.74	$	5.11		1.02	%
SA Invesco Main Street Large Cap#
Class 1	$	1,000.00	$	1,186.36	$	3.90	$	1,000.00	$	1,021.22	$	3.61		0.72	%
Class 2	$	1,000.00	$	1,185.51	$	4.71	$	1,000.00	$	1,020.48	$	4.36		0.87	%
Class 3	$	1,000.00	$	1,184.92	$	5.25	$	1,000.00	$	1,019.98	$	4.86		0.97	%
SA Janus Focused Growth#
Class 1	$	1,000.00	$	1,217.25	$	4.29	$	1,000.00	$	1,020.93	$	3.91		0.78	%
Class 2	$	1,000.00	$	1,216.00	$	5.11	$	1,000.00	$	1,020.18	$	4.66		0.93	%
Class 3	$	1,000.00	$	1,215.36	$	5.66	$	1,000.00	$	1,019.69	$	5.16		1.03	%
SA JPMorgan Diversified Balanced#
Class 1	$	1,000.00	$	1,085.18	$	3.46	$	1,000.00	$	1,021.47	$	3.36		0.67	%
Class 2	$	1,000.00	$	1,084.42	$	4.24	$	1,000.00	$	1,020.73	$	4.11		0.82	%
Class 3	$	1,000.00	$	1,083.94	$	4.75	$	1,000.00	$	1,020.23	$	4.61		0.92	%
SA JPMorgan Emerging Markets#
Class 1	$	1,000.00	$	1,011.79	$	5.49	$	1,000.00	$	1,019.34	$	5.51		1.10	%
Class 2	$	1,000.00	$	1,010.86	$	6.23	$	1,000.00	$	1,018.60	$	6.26		1.25	%
Class 3	$	1,000.00	$	1,010.96	$	6.73	$	1,000.00	$	1,018.10	$	6.76		1.35	%
SA JPMorgan Equity-Income
Class 1	$	1,000.00	$	1,204.67	$	3.12	$	1,000.00	$	1,021.97	$	2.86		0.57	%
Class 2	$	1,000.00	$	1,203.72	$	3.93	$	1,000.00	$	1,021.22	$	3.61		0.72	%
Class 3	$	1,000.00	$	1,203.56	$	4.48	$	1,000.00	$	1,020.73	$	4.11		0.82	%

5

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE (continued)

July 31, 2021

(unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at February 1, 2021		Ending Account Value Using Actual Return at July 31, 2021		Expenses Paid During the Period Ended July 31, 2021*		Beginning Account Value at February 1, 2021		Ending Account Value Using a Hypothetical 5% Annual Return at July 31, 2021		Expenses Paid During the Period Ended July 31, 2021*		Annualized Expense Ratio*
SA JPMorgan Global Equities
Class 1	$	1,000.00	$	1,179.69	$	4.27	$	1,000.00	$	1,020.88	$	3.96		0.79	%
Class 2	$	1,000.00	$	1,178.54	$	5.08	$	1,000.00	$	1,020.13	$	4.71		0.94	%
Class 3	$	1,000.00	$	1,178.46	$	5.62	$	1,000.00	$	1,019.64	$	5.21		1.04	%
SA JPMorgan MFS Core Bond#
Class 1	$	1,000.00	$	1,006.20	$	2.64	$	1,000.00	$	1,022.17	$	2.66		0.53	%
Class 2	$	1,000.00	$	1,005.19	$	3.38	$	1,000.00	$	1,021.42	$	3.41		0.68	%
Class 3	$	1,000.00	$	1,004.18	$	3.88	$	1,000.00	$	1,020.93	$	3.91		0.78	%
SA JPMorgan Mid-Cap Growth
Class 1	$	1,000.00	$	1,098.30	$	4.16	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Class 2	$	1,000.00	$	1,097.68	$	4.94	$	1,000.00	$	1,020.08	$	4.76		0.95	%
Class 3	$	1,000.00	$	1,097.06	$	5.46	$	1,000.00	$	1,019.59	$	5.26		1.05	%
SA Large Cap Growth Index#
Class 1	$	1,000.00	$	1,190.89	$	1.90	$	1,000.00	$	1,023.06	$	1.76		0.35	%
Class 3	$	1,000.00	$	1,189.36	$	3.26	$	1,000.00	$	1,021.82	$	3.01		0.60	%
SA Large Cap Index#
Class 1	$	1,000.00	$	1,190.28	$	1.41	$	1,000.00	$	1,023.51	$	1.30		0.26	%
Class 3	$	1,000.00	$	1,188.77	$	2.77	$	1,000.00	$	1,022.27	$	2.56		0.51	%
SA Large Cap Value Index#
Class 1	$	1,000.00	$	1,187.85	$	1.90	$	1,000.00	$	1,023.06	$	1.76		0.35	%
Class 3	$	1,000.00	$	1,186.57	$	3.25	$	1,000.00	$	1,021.82	$	3.01		0.60	%
SA MFS Blue Chip Growth
Class 1	$	1,000.00	$	1,197.02	$	3.70	$	1,000.00	$	1,021.42	$	3.41		0.68	%
Class 2	$	1,000.00	$	1,196.75	$	4.52	$	1,000.00	$	1,020.68	$	4.16		0.83	%
Class 3	$	1,000.00	$	1,195.97	$	5.06	$	1,000.00	$	1,020.18	$	4.66		0.93	%
SA MFS Massachusetts Investors Trust#
Class 1	$	1,000.00	$	1,215.47	$	3.68	$	1,000.00	$	1,021.47	$	3.36		0.67	%
Class 2	$	1,000.00	$	1,214.40	$	4.50	$	1,000.00	$	1,020.73	$	4.11		0.82	%
Class 3	$	1,000.00	$	1,214.26	$	5.05	$	1,000.00	$	1,020.23	$	4.61		0.92	%
SA MFS Total Return
Class 1	$	1,000.00	$	1,113.45	$	3.67	$	1,000.00	$	1,021.32	$	3.51		0.70	%
Class 2	$	1,000.00	$	1,112.28	$	4.45	$	1,000.00	$	1,020.58	$	4.26		0.85	%
Class 3	$	1,000.00	$	1,111.78	$	4.97	$	1,000.00	$	1,020.08	$	4.76		0.95	%
SA Mid Cap Index
Class 1	$	1,000.00	$	1,159.82	$	1.93	$	1,000.00	$	1,023.01	$	1.81		0.36	%
Class 3	$	1,000.00	$	1,158.29	$	3.26	$	1,000.00	$	1,021.77	$	3.06		0.61	%
SA Morgan Stanley International Equities#
Class 1	$	1,000.00	$	1,088.45	$	4.30	$	1,000.00	$	1,020.68	$	4.16		0.83	%
Class 2	$	1,000.00	$	1,087.93	$	5.07	$	1,000.00	$	1,019.93	$	4.91		0.98	%
Class 3	$	1,000.00	$	1,088.18	$	5.59	$	1,000.00	$	1,019.44	$	5.41		1.08	%
SA PIMCO RAE International Value#
Class 1	$	1,000.00	$	1,112.81	$	4.35	$	1,000.00	$	1,020.68	$	4.16		0.83	%
Class 2	$	1,000.00	$	1,112.00	$	5.13	$	1,000.00	$	1,019.93	$	4.91		0.98	%
Class 3	$	1,000.00	$	1,110.87	$	5.65	$	1,000.00	$	1,019.44	$	5.41		1.08	%
SA PIMCO VCP Tactical Balanced
Class 1	$	1,000.00	$	1,070.11	$	4.57	$	1,000.00	$	1,020.38	$	4.46		0.89	%
Class 3	$	1,000.00	$	1,068.78	$	5.85	$	1,000.00	$	1,019.14	$	5.71		1.14	%
SA PineBridge High-Yield Bond
Class 1	$	1,000.00	$	1,037.77	$	3.44	$	1,000.00	$	1,021.42	$	3.41		0.68	%
Class 2	$	1,000.00	$	1,037.77	$	4.19	$	1,000.00	$	1,020.68	$	4.16		0.83	%
Class 3	$	1,000.00	$	1,036.23	$	4.70	$	1,000.00	$	1,020.18	$	4.66		0.93	%
SA Putnam International Growth and Income#
Class 1	$	1,000.00	$	1,137.31	$	5.09	$	1,000.00	$	1,020.03	$	4.81		0.96	%
Class 2	$	1,000.00	$	1,136.50	$	5.88	$	1,000.00	$	1,019.29	$	5.56		1.11	%
Class 3	$	1,000.00	$	1,135.91	$	6.41	$	1,000.00	$	1,018.79	$	6.06		1.21	%

6

SUNAMERICA SERIES TRUST

EXPENSE EXAMPLE (continued)

July 31, 2021

(unaudited)

	Actual						Hypothetical
Portfolio	Beginning Account Value at February 1, 2021		Ending Account Value Using Actual Return at July 31, 2021		Expenses Paid During the Period Ended July 31, 2021*		Beginning Account Value at February 1, 2021		Ending Account Value Using a Hypothetical 5% Annual Return at July 31, 2021		Expenses Paid During the Period Ended July 31, 2021*		Annualized Expense Ratio*
SA Schroders VCP Global Allocation#
Class 1	$	1,000.00	$	1,104.84	$	4.70	$	1,000.00	$	1,020.33	$	4.51		0.90	%
Class 3	$	1,000.00	$	1,104.13	$	6.00	$	1,000.00	$	1,019.09	$	5.76		1.15	%
SA Small Cap Index#
Class 1	$	1,000.00	$	1,074.88	$	2.32	$	1,000.00	$	1,022.56	$	2.26		0.45	%
Class 3	$	1,000.00	$	1,073.09	$	3.60	$	1,000.00	$	1,021.32	$	3.51		0.70	%
SA T. Rowe Price Asset Allocation Growth#
Class 1	$	1,000.00	$	1,130.01	$	4.28	$	1,000.00	$	1,020.78	$	4.06		0.81	%
Class 3	$	1,000.00	$	1,128.43	$	5.59	$	1,000.00	$	1,019.54	$	5.31		1.06	%
SA T. Rowe Price VCP Balanced
Class 1	$	1,000.00	$	1,095.31	$	4.16	$	1,000.00	$	1,020.83	$	4.01		0.80	%
Class 3	$	1,000.00	$	1,093.94	$	5.40	$	1,000.00	$	1,019.64	$	5.21		1.04	%
SA VCP Dynamic Allocation#
Class 1	$	1,000.00	$	1,079.83	$	1.08	$	1,000.00	$	1,023.75	$	1.05		0.21	%
Class 3	$	1,000.00	$	1,078.43	$	2.37	$	1,000.00	$	1,022.51	$	2.31		0.46	%
SA VCP Dynamic Strategy#
Class 1	$	1,000.00	$	1,085.57	$	1.14	$	1,000.00	$	1,023.70	$	1.10		0.22	%
Class 3	$	1,000.00	$	1,084.12	$	2.43	$	1,000.00	$	1,022.46	$	2.36		0.47	%
SA VCP Allocation Index
Class 1	$	1,000.00	$	1,100.34	$	1.25	$	1,000.00	$	1,023.60	$	1.20		0.24	%
Class 3	$	1,000.00	$	1,100.25	$	2.55	$	1,000.00	$	1,022.36	$	2.46		0.49	%
SA WellsCap Aggressive Growth
Class 1	$	1,000.00	$	1,037.99	$	3.89	$	1,000.00	$	1,020.98	$	3.86		0.77	%
Class 2	$	1,000.00	$	1,036.98	$	4.65	$	1,000.00	$	1,020.23	$	4.61		0.92	%
Class 3	$	1,000.00	$	1,036.58	$	5.15	$	1,000.00	$	1,019.74	$	5.11		1.02	%

@ See Note 1 in Notes to Financial Statements

* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by 181 days divided by 365 days (to reflect the one-half year period). 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 Six Months Ended July 31, 2021” 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 Six Months Ended July 31, 2021” and the “Annualized Expense Ratio” would have been lower.

7

SunAmerica Series Trust SA AB Growth Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Applications Software	9.5	%
Web Portals/ISP	8.3
E-Commerce/Products	6.2
Internet Content-Entertainment	5.6
Finance-Credit Card	5.1
Electronic Components-Semiconductors	5.0
Medical Instruments	5.0
Medical-HMO	3.9
Medical-Drugs	3.5
Athletic Footwear	3.4
Retail-Building Products	3.2
Electronic Forms	3.1
Medical-Biomedical/Gene	2.8
Semiconductor Components-Integrated Circuits	2.7
Commercial Services-Finance	2.7
Retail-Discount	2.6
Beverages-Non-alcoholic	2.4
Medical Products	2.3
Entertainment Software	2.0
Computer Data Security	1.6
Semiconductor Equipment	1.5
Distribution/Wholesale	1.4
Coatings/Paint	1.4
Enterprise Software/Service	1.3
Diagnostic Kits	1.2
Networking Products	0.9
Computer Services	0.9
Retail-Restaurants	0.8
Electronic Connectors	0.8
Electronic Security Devices	0.6
Schools	0.6
Electric Products-Misc.	0.5
Machinery-General Industrial	0.5
Retail-Apparel/Shoe	0.5
Industrial Automated/Robotic	0.5
Building & Construction Products-Misc.	0.4
Instruments-Controls	0.4
Wireless Equipment	0.4
	95.5%

* Calculated as a percentage of net assets

8

SunAmerica Series Trust SA AB Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.5%
Applications Software — 9.5%
Microsoft Corp.		605,830	$	172,607,025
Roper Technologies, Inc.		73,290		36,010,309
				208,617,334
Athletic Footwear — 3.4%
NIKE, Inc., Class B		441,380		73,935,564
Beverages-Non-alcoholic — 2.4%
Monster Beverage Corp.†		550,767		51,948,343
Building & Construction Products-Misc. — 0.4%
Trex Co., Inc.†		94,599		9,185,563
Coatings/Paint — 1.4%
Sherwin-Williams Co.		107,390		31,253,712
Commercial Services-Finance — 2.7%
MarketAxess Holdings, Inc.		10,359		4,922,286
PayPal Holdings, Inc.†		198,190		54,607,291
				59,529,577
Computer Data Security — 1.6%
Fortinet, Inc.†		127,844		34,804,251
Computer Services — 0.9%
EPAM Systems, Inc.†		36,158		20,241,248
Diagnostic Kits — 1.2%
IDEXX Laboratories, Inc.†		37,599		25,512,049
Distribution/Wholesale — 1.4%
Copart, Inc.†		213,607		31,400,229
E-Commerce/Products — 6.2%
Amazon.com, Inc.†		34,840		115,933,236
Etsy, Inc.†		111,536		20,467,971
				136,401,207
Electric Products-Misc. — 0.5%
AMETEK, Inc.		87,250		12,132,112
Electronic Components-Semiconductors — 5.0%
IPG Photonics Corp.†		93,697		20,440,938
NVIDIA Corp.		224,866		43,846,621
Texas Instruments, Inc.		68,440		13,046,033
Xilinx, Inc.		222,899		33,399,186
				110,732,778
Electronic Connectors — 0.8%
Amphenol Corp., Class A		244,216		17,703,218
Electronic Forms — 3.1%
Adobe, Inc.†		110,720		68,826,874
Electronic Security Devices — 0.6%
Allegion PLC		100,572		13,738,135
Enterprise Software/Service — 1.3%
Tyler Technologies, Inc.†		25,672		12,647,054
Veeva Systems, Inc., Class A†		45,293		15,069,434
				27,716,488
Entertainment Software — 2.0%
Electronic Arts, Inc.		167,064		24,050,534
Take-Two Interactive Software, Inc.†		113,151		19,622,646
				43,673,180
Finance-Credit Card — 5.1%
Visa, Inc., Class A		452,400		111,466,836

Security Description	Shares			Value (Note 2)
Industrial Automated/Robotic — 0.5%
Cognex Corp.		119,300		$	10,785,913
Instruments-Controls — 0.4%
Mettler-Toledo International, Inc.†		5,860			8,635,941
Internet Content-Entertainment — 5.6%
Facebook, Inc., Class A†		343,540			122,403,302
Machinery-General Industrial — 0.5%
IDEX Corp.		52,131			11,817,576
Medical Instruments — 5.0%
Edwards Lifesciences Corp.†		388,290			43,593,318
Intuitive Surgical, Inc.†		66,571			66,002,484
					109,595,802
Medical Products — 2.3%
ABIOMED, Inc.†		28,656			9,374,524
Align Technology, Inc.†		59,433			41,353,481
					50,728,005
Medical-Biomedical/Gene — 2.8%
Illumina, Inc.†		25,980			12,879,585
Vertex Pharmaceuticals, Inc.†		243,643			49,113,556
					61,993,141
Medical-Drugs — 3.5%
Zoetis, Inc.		382,844			77,602,479
Medical-HMO — 3.9%
UnitedHealth Group, Inc.		206,840			85,263,585
Networking Products — 0.9%
Arista Networks, Inc.†		54,051			20,560,460
Retail-Apparel/Shoe — 0.5%
Burlington Stores, Inc.†		32,684			10,942,603
Retail-Building Products — 3.2%
Home Depot, Inc.		212,750			69,822,422
Retail-Discount — 2.6%
Costco Wholesale Corp.		134,542			57,815,388
Retail-Restaurants — 0.8%
Domino’s Pizza, Inc.		35,780			18,802,032
Schools — 0.6%
Chegg, Inc.†		143,193			12,691,196
Semiconductor Components-Integrated Circuits — 2.7%
QUALCOMM, Inc.		400,195			59,949,211
Semiconductor Equipment — 1.5%
ASML Holding NV		43,600			33,429,864
Web Portals/ISP — 8.3%
Alphabet, Inc., Class C†		67,260			181,899,289
Wireless Equipment — 0.4%
Motorola Solutions, Inc.		37,914			8,489,703
TOTAL INVESTMENTS (cost $1,160,782,517)(1)		95.5	%		2,102,046,610
Other assets less liabilities		4.5			97,977,493
NET ASSETS		100.0	%	$	2,200,024,103

† Non-income producing security

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

9

SunAmerica Series Trust SA AB Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	2,102,046,610	$	—	$	—	$	2,102,046,610

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

See Notes to Financial Statements

10

SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Real Estate Investment Trusts	10.7	%
Banks-Commercial	10.5
Apparel Manufacturers	4.1
Steel-Producers	3.7
Building-Residential/Commercial	3.4
Human Resources	3.1
Food-Misc./Diversified	2.7
Machinery-Electrical	2.5
Retail-Restaurants	2.0
Insurance-Property/Casualty	1.8
Auto/Truck Parts & Equipment-Original	1.6
Electric-Integrated	1.5
Medical Labs & Testing Services	1.5
Machinery-Construction & Mining	1.5
Banks-Super Regional	1.4
Containers-Paper/Plastic	1.4
Computer Services	1.4
Engineering/R&D Services	1.4
Investment Management/Advisor Services	1.4
Transport-Truck	1.4
Aerospace/Defense	1.4
Rental Auto/Equipment	1.3
Chemicals-Diversified	1.3
Electronic Parts Distribution	1.3
Home Furnishings	1.3
Rubber-Tires	1.2
Insurance-Multi-line	1.2
Building Products-Doors & Windows	1.1
Gas-Distribution	1.1
Insurance-Reinsurance	1.1
Machinery-General Industrial	1.0
Metal Processors & Fabrication	1.0
Protection/Safety	1.0
Retail-Misc./Diversified	1.0
Casino Services	1.0
Oil Companies-Exploration & Production	1.0
Wire & Cable Products	1.0
Computers-Other	1.0
Insurance-Life/Health	1.0
Recreational Vehicles	0.9
Oil Refining & Marketing	0.9
Airlines	0.9
Finance-Investment Banker/Broker	0.9
Retail-Home Furnishings	0.9
E-Marketing/Info	0.9
Semiconductor Equipment	0.9
Rubber/Plastic Products	0.8
Transport-Equipment & Leasing	0.8
Electronic Components-Semiconductors	0.8
Footwear & Related Apparel	0.8
Finance-Consumer Loans	0.8
Chemicals-Specialty	0.8
Semiconductor Components-Integrated Circuits	0.7
Retail-Apparel/Shoe	0.7
Oil-Field Services	0.7
Miscellaneous Manufacturing	0.7
Data Processing/Management	0.7
Computers-Integrated Systems	0.7
Publishing-Books	0.6
Hotels/Motels	0.6
Savings & Loans/Thrifts	0.6

Oil Field Machinery & Equipment	0.6	%
	98.0	%

* Calculated as a percentage of net assets

11

SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.0%
Aerospace/Defense — 1.4%
Spirit AeroSystems Holdings, Inc., Class A		194,700	$	8,412,987
Airlines — 0.9%
SkyWest, Inc.†		136,742		5,536,684
Apparel Manufacturers — 4.1%
Carter’s, Inc.		58,400		5,708,016
Kontoor Brands, Inc.		102,270		5,663,712
Ralph Lauren Corp.		66,540		7,553,621
Tapestry, Inc.†		151,860		6,423,678
				25,349,027
Auto/Truck Parts & Equipment-Original — 1.6%
Dana, Inc.		170,871		4,128,243
Lear Corp.		31,425		5,498,747
				9,626,990
Banks-Commercial — 10.5%
BankUnited, Inc.		171,946		6,805,623
First Citizens BancShares, Inc., Class A		12,117		9,482,643
First Hawaiian, Inc.		222,720		6,131,481
Synovus Financial Corp.		200,391		8,195,992
Texas Capital Bancshares, Inc.†		125,656		7,913,815
Umpqua Holdings Corp.		271,754		5,127,998
Webster Financial Corp.		143,193		6,887,583
Wintrust Financial Corp.		105,500		7,532,700
Zions Bancorp NA		119,366		6,224,937
				64,302,772
Banks-Super Regional — 1.4%
Comerica, Inc.		129,300		8,877,738
Building Products-Doors & Windows — 1.1%
Masonite International Corp.†		61,388		6,946,666
Building-Residential/Commercial — 3.4%
KB Home		156,870		6,657,563
PulteGroup, Inc.		187,550		10,290,869
Taylor Morrison Home Corp.†		156,271		4,191,188
				21,139,620
Casino Services — 1.0%
Scientific Games Corp.†		99,600		6,146,316
Chemicals-Diversified — 1.3%
Innospec, Inc.		40,900		3,617,605
Orion Engineered Carbons SA†		242,775		4,389,372
				8,006,977
Chemicals-Specialty — 0.8%
GCP Applied Technologies, Inc.†		200,743		4,667,275
Computer Services — 1.4%
Amdocs, Ltd.		56,538		4,359,645
Genpact, Ltd.		88,826		4,424,423
				8,784,068
Computers-Integrated Systems — 0.7%
NCR Corp.†		91,413		4,058,737
Computers-Other — 1.0%
Lumentum Holdings, Inc.†		70,310		5,905,337
Containers-Paper/Plastic — 1.4%
Sealed Air Corp.		154,987		8,795,512

Security Description	Shares		Value (Note 2)
Data Processing/Management — 0.7%
CommVault Systems, Inc.†		56,829	$	4,295,704
E-Marketing/Info — 0.9%
Criteo SA ADR†		136,959		5,312,640
Electric-Integrated — 1.5%
IDACORP, Inc.		89,929		9,483,013
Electronic Components-Semiconductors — 0.8%
ON Semiconductor Corp.†		124,810		4,875,079
Electronic Parts Distribution — 1.3%
Avnet, Inc.		192,450		7,952,034
Engineering/R&D Services — 1.4%
AECOM†		138,560		8,723,738
Finance-Consumer Loans — 0.8%
OneMain Holdings, Inc.		76,847		4,687,667
Finance-Investment Banker/Broker — 0.9%
Moelis & Co., Class A		91,523		5,422,738
Food-Misc./Diversified — 2.7%
Hain Celestial Group, Inc.†		214,699		8,568,637
Nomad Foods, Ltd.†		312,278		8,156,701
				16,725,338
Footwear & Related Apparel — 0.8%
Steven Madden, Ltd.		108,810		4,769,142
Gas-Distribution — 1.1%
Southwest Gas Holdings, Inc.		93,490		6,537,756
Home Furnishings — 1.3%
Herman Miller, Inc.		179,440		7,742,836
Hotels/Motels — 0.6%
Hilton Grand Vacations, Inc.†		89,070		3,622,477
Human Resources — 3.1%
Korn Ferry		118,570		8,150,502
Robert Half International, Inc.		109,529		10,756,843
				18,907,345
Insurance-Life/Health — 1.0%
Voya Financial, Inc.		90,514		5,829,102
Insurance-Multi-line — 1.2%
American Financial Group, Inc.		58,318		7,376,644
Insurance-Property/Casualty — 1.8%
Hanover Insurance Group, Inc.		48,300		6,563,970
Selective Insurance Group, Inc.		54,860		4,462,861
				11,026,831
Insurance-Reinsurance — 1.1%
Everest Re Group, Ltd.		25,803		6,523,772
Investment Management/Advisor Services — 1.4%
Stifel Financial Corp.		130,278		8,668,698
Machinery-Construction & Mining — 1.5%
Oshkosh Corp.		75,810		9,063,085
Machinery-Electrical — 2.5%
Regal Beloit Corp.		67,874		9,993,089
Vertiv Holdings Co.		200,080		5,610,243
				15,603,332
Machinery-General Industrial — 1.0%
Crane Co.		65,828		6,400,456

12

SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Instruments — 0.0%
Integra LifeSciences Holdings Corp.†		3,797	$	274,865
Medical Labs & Testing Services — 1.5%
MEDNAX, Inc.†		321,120		9,351,014
Metal Processors & Fabrication — 1.0%
Timken Co.		79,140		6,291,630
Miscellaneous Manufacturing — 0.7%
Hillenbrand, Inc.		96,512		4,371,994
Oil Companies-Exploration & Production — 1.0%
Cimarex Energy Co.		94,167		6,139,688
Oil Field Machinery & Equipment — 0.6%
Dril-Quip, Inc.†		119,278		3,408,965
Oil Refining & Marketing — 0.9%
HollyFrontier Corp.		191,554		5,631,688
Oil-Field Services — 0.7%
MRC Global, Inc.†		480,293		4,404,287
Protection/Safety — 1.0%
ADT, Inc.		596,330		6,255,502
Publishing-Books — 0.6%
Houghton Mifflin Harcourt Co.†		350,951		3,972,765
Real Estate Investment Trusts — 10.7%
American Campus Communities, Inc.		111,930		5,631,198
Broadstone Net Lease, Inc.		118,993		3,096,198
Camden Property Trust		62,849		9,389,012
Cousins Properties, Inc.		149,760		5,948,467
CubeSmart		174,348		8,658,122
MGM Growth Properties LLC, Class A		208,558		7,883,492
Physicians Realty Trust		484,340		9,178,243
RLJ Lodging Trust		417,410		5,989,834
STAG Industrial, Inc.		250,570		10,353,552
				66,128,118
Recreational Vehicles — 0.9%
Brunswick Corp.		54,129		5,651,068
Rental Auto/Equipment — 1.3%
Herc Holdings, Inc.†		65,430		8,115,937
Retail-Apparel/Shoe — 0.7%
Foot Locker, Inc.		78,052		4,453,647

Security Description	Shares			Value (Note 2)
Retail-Home Furnishings — 0.9%
Williams-Sonoma, Inc.		35,340		$	5,361,078
Retail-Misc./Diversified — 1.0%
Sally Beauty Holdings, Inc.†		328,300			6,211,436
Retail-Restaurants — 2.0%
Dine Brands Global, Inc.†		67,747			5,248,360
Papa John’s International, Inc.		62,017			7,077,380
					12,325,740
Rubber-Tires — 1.2%
Goodyear Tire & Rubber Co.†		481,620			7,566,250
Rubber/Plastic Products — 0.8%
Trinseo SA		93,910			5,104,948
Savings & Loans/Thrifts — 0.6%
Sterling Bancorp		166,285			3,610,047
Semiconductor Components-Integrated Circuits — 0.7%
MaxLinear, Inc.†		93,042			4,487,416
Semiconductor Equipment — 0.9%
Kulicke & Soffa Industries, Inc.		96,590			5,250,632
Steel-Producers — 3.7%
Carpenter Technology Corp.		194,200			7,408,730
Commercial Metals Co.		206,120			6,760,736
Reliance Steel & Aluminum Co.		56,300			8,847,545
					23,017,011
Transport-Equipment & Leasing — 0.8%
GATX Corp.		54,400			5,018,400
Transport-Truck — 1.4%
Knight-Swift Transportation Holdings, Inc.		174,266			8,659,278
Wire & Cable Products — 1.0%
Belden, Inc.		124,886			6,119,414
TOTAL INVESTMENTS (cost $459,682,892)(1)		98.0	%		603,288,951
Other assets less liabilities		2.0			12,243,509
NET ASSETS		100.0	%	$	615,532,460

† 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 July 31, 2021 (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	$	603,288,951	$	—	$	—	$	603,288,951

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

See Notes to Financial Statements

13

SunAmerica Series Trust SA BlackRock Multi-Factor 70/30 Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Exchange-Traded Funds	98.7	%
Registered Investment Companies	1.6
	100.3	%

* Calculated as a percentage of net assets

14

SunAmerica Series Trust SA BlackRock Multi-Factor 70/30 Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
EXCHANGE-TRADED FUNDS — 98.7%
iShares MSCI EAFE Min Vol Factor ETF		8,015	$	619,479
iShares MSCI EAFE Small-Cap ETF		30,729		2,318,196
iShares MSCI International Momentum Factor ETF		106,114		4,153,302
iShares MSCI International Quality Factor ETF		104,877		4,130,056
iShares MSCI International Size Factor ETF		1,204		38,127
iShares MSCI International Value Factor ETF		22,724		583,552
iShares MSCI USA Min Vol Factor ETF		16,700		1,272,874
iShares MSCI USA Momentum Factor ETF		49,250		8,620,228
iShares MSCI USA Quality Factor ETF		63,077		8,664,257
iShares MSCI USA Size Factor ETF		37,006		4,849,636
iShares MSCI USA Value Factor ETF		12,407		1,294,422
iShares U.S. Fixed Income Balanced Risk Factor ETF		155,282		15,747,179
Total Long-Term Investment Securities (cost $50,141,084)				52,291,308

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.6%
Registered Investment Companies — 1.6%
State Street Institutional Treasury Money Market Fund, Premier Class  0.01%(1) (cost $817,892)		817,892		$	817,892
TOTAL INVESTMENTS (cost $50,958,976)(2)		100.3	%		53,109,200
Liabilities in excess of other assets		(0.3	)		(140,426	)
NET ASSETS		100.0	%	$	52,968,774

(1) The rate shown is the 7-day yield as of July 31, 2021.

(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 July 31, 2021 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Exchange-Traded Funds	$	52,291,308	$	—	$	—	$	52,291,308
Short-Term Investments		817,892		—		—		817,892
Total Investments at Value	$	53,109,200	$	—	$	—	$	53,109,200

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

See Notes to Financial Statements

15

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

United States Treasury Notes	45.0	%
U.S. Government Treasuries	4.9
Medical-Drugs	2.3
Computers	1.9
Applications Software	1.9
Web Portals/ISP	1.4
Banks-Commercial	1.4
Oil Companies-Integrated	1.2
Electronic Components-Semiconductors	1.1
Auto-Cars/Light Trucks	1.1
E-Commerce/Products	1.0
Insurance-Property/Casualty	1.0
Apparel Manufacturers	1.0
Enterprise Software/Service	0.9
Diversified Banking Institutions	0.8
Electric-Integrated	0.8
Medical Products	0.8
Registered Investment Companies	0.8
Cosmetics & Toiletries	0.8
Insurance-Multi-line	0.8
Internet Content-Entertainment	0.8
Real Estate Investment Trusts	0.7
Industrial Automated/Robotic	0.7
Medical-HMO	0.7
Finance-Credit Card	0.7
Tobacco	0.7
Insurance-Life/Health	0.6
Telephone-Integrated	0.6
Transport-Services	0.6
Commercial Services-Finance	0.6
Machinery-General Industrial	0.6
Diversified Manufacturing Operations	0.6
Data Processing/Management	0.6
Pharmacy Services	0.6
Chemicals-Diversified	0.6
Building & Construction Products-Misc.	0.6
Human Resources	0.6
E-Commerce/Services	0.5
Retail-Apparel/Shoe	0.4
Medical-Biomedical/Gene	0.4
Options Purchased	0.4
Electronic Measurement Instruments	0.4
Retail-Jewelry	0.4
Retail-Discount	0.4
Retail-Auto Parts	0.4
Semiconductor Equipment	0.4
Aerospace/Defense	0.4
Retail-Building Products	0.4
Computer Services	0.3
Chemicals-Specialty	0.3
Food-Retail	0.3
Computer Data Security	0.3
Semiconductor Components-Integrated Circuits	0.3
Textile-Apparel	0.3
Beverages-Wine/Spirits	0.3
Internet Application Software	0.3
Rubber-Tires	0.3
Transport-Marine	0.3
Finance-Other Services	0.2
Airlines	0.2
Food-Misc./Diversified	0.2

Commercial Services	0.2	%
Real Estate Management/Services	0.2
Auto/Truck Parts & Equipment-Original	0.2
Electronic Components-Misc.	0.2
Retail-Major Department Stores	0.2
Retail-Restaurants	0.2
Real Estate Operations & Development	0.2
Machinery-Farming	0.2
Athletic Footwear	0.2
Diversified Minerals	0.2
Electronic Security Devices	0.2
Electronic Forms	0.2
Cable/Satellite TV	0.2
Electric Products-Misc.	0.2
Diagnostic Equipment	0.2
Instruments-Controls	0.2
Non-Hazardous Waste Disposal	0.1
Computer Aided Design	0.1
Investment Management/Advisor Services	0.1
Power Converter/Supply Equipment	0.1
Distribution/Wholesale	0.1
Medical Instruments	0.1
Diagnostic Kits	0.1
Networking Products	0.1
Transport-Rail	0.1
Coatings/Paint	0.1
Pipelines	0.1
Insurance-Reinsurance	0.1
Electric-Generation	0.1
Multimedia	0.1
Lighting Products & Systems	0.1
Medical-Generic Drugs	0.1
Banks-Super Regional	0.1
Building Products-Air & Heating	0.1
Gas-Distribution	0.1
Casino Services	0.1
Machine Tools & Related Products	0.1
Electric-Distribution	0.1
Entertainment Software	0.1
Food-Catering	0.1
Transport-Truck	0.1
Brewery	0.1
Auto-Heavy Duty Trucks	0.1
Toys	0.1
Machinery-Electrical	0.1
Cellular Telecom	0.1
Home Furnishings	0.1
Retail-Consumer Electronics	0.1
Metal Processors & Fabrication	0.1
Savings & Loans/Thrifts	0.1
Funeral Services & Related Items	0.1
Telecommunication Equipment	0.1
Footwear & Related Apparel	0.1
Filtration/Separation Products	0.1
Building Products-Wood	0.1
	97.0	%

16

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Country Allocation*

United States	76.5	%
Japan	4.2
United Kingdom	2.7
Germany	2.3
France	2.1
Switzerland	1.6
Australia	1.1
Hong Kong	0.9
Netherlands	0.9
Sweden	0.9
Denmark	0.7
Ireland	0.6
Israel	0.6
Finland	0.6
Jersey	0.2
Norway	0.2
Canada	0.2
Singapore	0.2
Bermuda	0.1
Italy	0.1
Spain	0.1
Cayman Islands	0.1
Belgium	0.1
	97.0	%

* Calculated as a percentage of net assets

17

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 45.9%
Australia — 1.1%
Adbri, Ltd.		10,558	$	27,531
Afterpay, Ltd.†		181		12,939
AGL Energy, Ltd.		6,959		36,828
APA Group		820		5,734
Aristocrat Leisure, Ltd.		20,864		640,097
ASX, Ltd.		3,829		216,630
Aurizon Holdings, Ltd.		20,108		57,129
Australia & New Zealand Banking Group, Ltd.		4,118		83,866
Bendigo & Adelaide Bank, Ltd.		34,571		263,030
BHP Group, Ltd.		38,419		1,505,606
BlueScope Steel, Ltd.		2,000		35,952
Brambles, Ltd.		28,373		242,430
Challenger, Ltd.		4,069		16,992
Charter Hall Group		1,118		13,395
Cochlear, Ltd.		49		8,840
Commonwealth Bank of Australia		18,452		1,349,839
Computershare, Ltd.		4,942		56,760
CSL, Ltd.		5,462		1,159,526
Dexus†		918		6,925
Goodman Group		66,191		1,101,733
GPT Group		2		7
Harvey Norman Holdings, Ltd.		6,340		26,457
IDP Education, Ltd.		892		18,529
Insurance Australia Group, Ltd.		2,707		9,665
JB Hi-Fi, Ltd.		581		20,521
Macquarie Group, Ltd.		569		65,658
Magellan Financial Group, Ltd.		1,480		53,260
Medibank Private, Ltd.		155,067		377,229
National Australia Bank, Ltd.		4,920		93,684
Perpetual, Ltd.		649		17,937
QBE Insurance Group, Ltd.		1,486		11,944
Ramsay Health Care, Ltd.		1,416		66,668
REA Group, Ltd.		7,436		885,134
Rio Tinto, Ltd.		84		8,267
Santos, Ltd.		2,832		13,332
Scentre Group		96,712		185,370
SEEK, Ltd.		8,563		184,212
Sonic Healthcare, Ltd.		323		9,506
South32, Ltd.		96,561		211,425
Stockland		67,122		217,257
Suncorp Group, Ltd.		2,035		17,259
Transurban Group		705		7,418
Wesfarmers, Ltd.		225		10,110
Westpac Banking Corp.		28,876		517,553
WiseTech Global, Ltd.		472		10,703
Woodside Petroleum, Ltd.		1,434		23,080
				9,903,967
Austria — 0.0%
ANDRITZ AG		3,786		208,705
BAWAG Group AG*		242		13,764
Erste Group Bank AG		521		20,202
OMV AG		337		18,186
Raiffeisen Bank International AG		3,832		90,458
Verbund AG		196		18,053
voestalpine AG		546		24,076
Wienerberger AG		287		11,729
				405,173
Belgium — 0.1%
Ageas SA/NV		255		13,456
Anheuser-Busch InBev SA NV		4,168		262,665

Security Description	Shares		Value (Note 2)
Belgium (continued)
Groupe Bruxelles Lambert SA		425	$	49,444
KBC Group NV		347		27,879
Sofina SA		56		26,248
Solvay SA		190		25,348
UCB SA		47		5,084
Umicore SA		369		22,915
				433,039
Bermuda — 0.1%
Arch Capital Group, Ltd.†		509		19,851
Athene Holding, Ltd., Class A†		313		20,226
Essent Group, Ltd.		10,213		461,321
Everest Re Group, Ltd.		181		45,762
Hongkong Land Holdings, Ltd.		11,200		50,849
IHS Markit, Ltd.		1,369		159,954
Invesco, Ltd.		10,331		251,870
Jardine Matheson Holdings, Ltd.		500		29,711
Kerry Properties, Ltd.		8,500		25,051
Norwegian Cruise Line Holdings, Ltd.†		521		12,520
NWS Holdings, Ltd.		13,608		13,713
RenaissanceRe Holdings, Ltd.		75		11,452
VTech Holdings, Ltd.		2,200		21,897
				1,124,177
Canada — 0.2%
Canada Goose Holdings, Inc.†		28,885		1,225,590
Waste Connections, Inc.		1,849		234,250
				1,459,840
Cayman Islands — 0.1%
ASM Pacific Technology, Ltd.		900		11,611
CK Asset Holdings, Ltd.		32,500		221,614
CK Hutchison Holdings, Ltd.		5,500		40,223
ESR Cayman, Ltd.†*		19,000		66,820
Futu Holdings, Ltd. ADR†		50		5,123
Herbalife Nutrition, Ltd.†		1,950		99,333
Sea, Ltd. ADR†		27		7,456
Wharf Real Estate Investment Co., Ltd.		25,000		141,258
				593,438
Denmark — 0.7%
Ambu A/S, Class B		230		8,509
AP Moller - Maersk A/S, Series A		197		526,550
AP Moller - Maersk A/S, Series B		538		1,493,233
Carlsberg A/S, Class B		277		51,262
Chr. Hansen Holding A/S		146		13,131
Coloplast A/S, Class B		3,170		579,623
Danske Bank A/S		1,125		19,693
Demant A/S†		569		34,780
DSV PANALPINA A/S		1,546		376,600
FLSmidth & Co. A/S		3		111
Genmab A/S†		338		152,466
GN Store Nord A/S		1,075		94,219
Novo Nordisk A/S, Class B		29,246		2,709,000
Novozymes A/S, Class B		1,138		89,451
Orsted A/S*		248		36,884
Pandora A/S		70		9,075
ROCKWOOL International A/S, Class B		13		6,906
SimCorp A/S		129		17,931
Tryg A/S		1,176		29,078
Vestas Wind Systems A/S		1,950		71,901
				6,320,403

18

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finland — 0.6%
Elisa Oyj		101	$	6,492
Fortum Oyj		1,654		45,656
Kone Oyj, Class B		18,119		1,500,444
Neste Oyj		838		51,562
Nokia Oyj†		2,474		15,170
Nordea Bank Abp		255,577		2,990,583
Orion Oyj, Class B		232		9,877
Sampo Oyj, Class A		2,965		142,971
Stora Enso Oyj, Class R		2,069		40,925
UPM-Kymmene Oyj		2,227		91,058
Wartsila Oyj Abp		683		10,292
				4,905,030
France — 2.1%
Air Liquide SA		870		151,239
Amundi SA*		4,997		462,108
Atos SE		953		45,601
AXA SA		43,082		1,115,155
BNP Paribas SA		11,015		670,138
Bollore SA		2,878		16,082
Capgemini SE		489		105,789
Carrefour SA		1		19
Cie de Saint-Gobain		816		58,376
Cie Generale des Etablissements Michelin SCA		127		20,739
Covivio		76		7,142
Credit Agricole SA		2,053		28,556
Dassault Systemes SE		6,690		369,088
Edenred		413		23,991
Electricite de France SA		820		9,926
Engie SA		57,436		766,459
EssilorLuxottica SA		343		64,743
Faurecia SE		678		30,295
Gecina SA		68		10,795
Hermes International		1,454		2,224,886
Imerys SA		233		10,787
JCDecaux SA†		1,445		39,417
Kering SA		1,804		1,619,825
Klepierre SA		333		8,074
L’Oreal SA		7,553		3,459,770
La Francaise des Jeux SAEM*		151		8,081
Legrand SA		6,984		786,823
LVMH Moet Hennessy Louis Vuitton SE		3,043		2,435,187
Orange SA		1,444		16,091
Pernod Ricard SA		2,634		581,355
Publicis Groupe SA		293		18,492
Rexel SA		20,454		431,275
Rubis SCA		3,882		155,705
Safran SA		372		48,731
Sanofi		1,301		134,066
Schneider Electric SE		7,209		1,207,969
SCOR SE		151		4,224
Societe Generale SA		1,112		32,578
Sodexo SA†		1,388		118,298
SPIE SA		3		71
Suez SA		322		7,517
Teleperformance		306		129,122
TotalEnergies SE		3,584		156,282
Ubisoft Entertainment SA†		139		8,831
Valeo SA		16,122		466,054
Veolia Environnement SA		652		21,422

Security Description	Shares		Value (Note 2)
France (continued)
Vinci SA		355	$	37,535
Vivendi SE		1,462		49,384
Wendel SE		180		25,299
Worldline SA†*		922		86,282
				18,285,674
Germany — 2.3%
adidas AG		2,415		877,291
Allianz SE		13,226		3,293,851
BASF SE		1,808		142,064
Bayer AG		1,620		96,617
Bayerische Motoren Werke AG		10,023		997,065
Bayerische Motoren Werke AG (Preference Shares)		370		31,785
Beiersdorf AG		9,415		1,118,754
Brenntag SE		123		12,284
Carl Zeiss Meditec AG		244		54,349
Commerzbank AG†		366		2,363
Continental AG†		292		39,686
Covestro AG*		668		42,985
Daimler AG		24,492		2,187,964
Delivery Hero SE†*		341		51,066
Deutsche Bank AG†		2,444		30,893
Deutsche Boerse AG		353		58,952
Deutsche Pfandbriefbank AG*		6		66
Deutsche Post AG		29,893		2,024,486
Deutsche Telekom AG		3,944		81,943
Deutsche Wohnen SE		552		34,478
DWS Group GmbH & Co. KGaA*		455		21,484
E.ON SE		3,985		49,025
Evonik Industries AG		13,201		458,797
Fielmann AG		670		50,308
Fresenius Medical Care AG & Co. KGaA		521		41,133
Fresenius SE & Co. KGaA		1,002		52,707
Fuchs Petrolub SE (Preference Shares)		918		45,782
GEA Group AG		48		2,129
Hannover Rueck SE		1,091		183,629
HeidelbergCement AG		380		33,719
HelloFresh SE†		8,500		797,226
Infineon Technologies AG		1,369		52,199
Jenoptik AG		2		69
LEG Immobilien SE		141		22,310
Merck KGaA		265		54,293
MTU Aero Engines AG		90		22,533
Muenchener Rueckversicherungs-Gesellschaft AG		788		213,107
Puma SE		155		19,034
Rational AG		16		17,397
Rheinmetall AG		3,405		326,887
RWE AG		700		24,926
SAP SE		1,650		236,653
Sartorius AG (Preference Shares)		861		520,811
Schaeffler AG (Preference Shares)		9,298		81,006
Scout24 AG*		147		12,591
Siemens AG		18,967		2,961,281
Siemens Energy AG†		725		19,736
Siemens Healthineers AG*		976		64,488
TeamViewer AG†*		179		6,026
Volkswagen AG		96		31,929
Volkswagen AG (Preference Shares)		2,362		576,385
Vonovia SE		937		62,468
Zalando SE†*		16,378		1,821,786
				20,062,796

19

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Hong Kong — 0.9%
AIA Group, Ltd.		241,019	$	2,891,111
BOC Hong Kong Holdings, Ltd.		409,000		1,315,676
Cathay Pacific Airways, Ltd.†		13,000		10,434
CLP Holdings, Ltd.		5,500		56,746
Hang Lung Properties, Ltd.		3,000		7,763
Hang Seng Bank, Ltd.		29,000		555,626
Henderson Land Development Co., Ltd.		45,000		201,361
Hong Kong & China Gas Co., Ltd.		20,107		32,772
Hong Kong Exchanges & Clearing, Ltd.		1,504		96,098
Hysan Development Co., Ltd.		5,000		19,695
Link REIT		93,600		895,553
MTR Corp., Ltd.		91,500		542,452
New World Development Co., Ltd.		4,000		18,991
Power Assets Holdings, Ltd.		2,500		16,160
Sino Land Co., Ltd.		6,000		9,191
Sun Hung Kai Properties, Ltd.		35,000		501,592
Swire Pacific, Ltd., Class A		19,819		123,229
Swire Properties, Ltd.		74,200		211,164
Techtronic Industries Co., Ltd.		22,500		402,680
				7,908,294
Ireland — 0.6%
Accenture PLC, Class A		6,504		2,066,191
AIB Group PLC†		17,301		42,339
Allegion PLC		4,688		640,381
Aon PLC, Class A		671		174,480
CRH PLC		2,559		127,533
Eaton Corp. PLC		232		36,668
Flutter Entertainment PLC†		1,745		297,486
James Hardie Industries PLC CDI		10,555		355,724
Johnson Controls International PLC		1,117		79,776
Kerry Group PLC, Class A (ISE)		1,237		183,402
Kingspan Group PLC		3,493		379,844
Linde PLC		857		263,433
Medtronic PLC		4,088		536,795
Perrigo Co. PLC		148		7,108
Smurfit Kappa Group PLC		349		19,686
Trane Technologies PLC		450		91,625
Willis Towers Watson PLC		1,093		225,245
				5,527,716
Israel — 0.6%
Bank Hapoalim BM†		111,021		883,375
Bank Leumi Le-Israel BM†		8,398		64,213
Check Point Software Technologies, Ltd.†		20,625		2,621,438
Israel Discount Bank, Ltd., Class A†		57,424		269,492
Mizrahi Tefahot Bank, Ltd.†		2,008		60,882
NICE, Ltd.†		1,278		356,239
Teva Pharmaceutical Industries, Ltd.†		8,689		84,459
Teva Pharmaceutical Industries, Ltd. ADR†		69,754		673,126
				5,013,224
Italy — 0.1%
Amplifon SpA		797		39,427
Assicurazioni Generali SpA		16,860		336,856
Atlantia SpA†		377		6,850
Banca Mediolanum SpA		4,268		42,064
Enel SpA		11,792		108,885
Eni SpA		3,463		40,905
FinecoBank Banca Fineco SpA†		796		14,254
Intesa Sanpaolo SpA		26,669		73,649

Security Description	Shares		Value (Note 2)
Italy (continued)
Mediobanca Banca di Credito Finanziario SpA†		915	$	10,714
Pirelli & C SpA*		7,792		47,171
Poste Italiane SpA*		1,230		16,305
Prysmian SpA		548		19,662
Snam SpA		3,308		20,037
Terna Rete Elettrica Nazionale SpA		2,556		20,322
UniCredit SpA		2,680		32,053
				829,154
Japan — 4.2%
ABC-Mart, Inc.		100		5,537
Aisin Corp.		5,600		226,538
Alps Alpine Co., Ltd.		29,900		310,563
Amada Co., Ltd.		30,600		316,245
ANA Holdings, Inc.†		500		11,750
Asahi Kasei Corp.		51,700		563,727
Astellas Pharma, Inc.		17,500		278,731
Bandai Namco Holdings, Inc.		200		12,943
Benesse Holdings, Inc.		1,900		43,727
Bridgestone Corp.		34,600		1,522,883
Brother Industries, Ltd.		900		18,294
Calbee, Inc.		4,100		94,287
Canon, Inc.		5,100		117,125
Central Japan Railway Co.		100		14,608
Chubu Electric Power Co., Inc.		900		10,853
Chugai Pharmaceutical Co., Ltd.		835		30,874
CyberAgent, Inc.		400		7,201
Dai Nippon Printing Co., Ltd.		4,000		94,195
Dai-ichi Life Holdings, Inc.		1,900		35,105
Daifuku Co., Ltd.		2,600		233,001
Daiichi Sankyo Co., Ltd.		2,100		41,584
Daikin Industries, Ltd.		2,200		457,323
Daito Trust Construction Co., Ltd.		100		11,773
Daiwa House Industry Co., Ltd.		1,100		33,750
Daiwa House REIT Investment Corp.		5		14,876
Daiwa Securities Group, Inc.		3,200		16,789
Denso Corp.		3,300		226,592
Disco Corp.		1,200		343,416
Eisai Co., Ltd.		292		23,968
ENEOS Holdings, Inc.		5,200		21,684
Ezaki Glico Co., Ltd.		300		11,249
FANUC Corp.		5,600		1,254,187
Fast Retailing Co., Ltd.		1,300		882,016
Fuji Media Holdings, Inc.		800		8,692
FUJIFILM Holdings Corp.		300		21,545
Fujitsu, Ltd.		92		15,628
GLP J-REIT		7		12,538
Gunma Bank, Ltd.		3,000		9,609
Hamamatsu Photonics KK		1,500		83,478
Harmonic Drive Systems, Inc.		300		16,699
Hitachi Metals, Ltd.†		300		5,856
Hitachi, Ltd.		1,000		57,431
Honda Motor Co., Ltd.		13,735		439,373
Hoshizaki Corp.		100		8,402
Hoya Corp.		600		84,715
Hulic Co., Ltd.		900		10,260
Idemitsu Kosan Co., Ltd.		300		7,053
Inpex Corp.		1,800		12,691
Isuzu Motors, Ltd.		7,400		98,532
Itochu Techno-Solutions Corp.		100		3,072
Japan Airlines Co., Ltd.†		400		8,374
Japan Exchange Group, Inc.		1,000		22,756

20

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Japan Metropolitan Fund Investment Corp.		10	$	10,466
Japan Post Bank Co., Ltd.		2,200		18,740
Japan Post Holdings Co., Ltd.		41,200		350,103
Japan Post Insurance Co., Ltd.		800		14,215
Japan Real Estate Investment Corp.		3		18,830
Japan Tobacco, Inc.		39,500		772,456
JTEKT Corp.		1,100		10,436
Kandenko Co., Ltd.		1,100		9,270
Kansai Electric Power Co., Inc.		200		1,892
Kao Corp.		15,700		943,904
KDDI Corp.		36,316		1,108,296
Keyence Corp.		6,400		3,563,675
Kirin Holdings Co., Ltd.		11,400		208,619
Koito Manufacturing Co., Ltd.		1,400		85,635
Komatsu, Ltd.		4,000		104,290
Konica Minolta, Inc.		4,800		24,643
Kubota Corp.		5,600		117,022
Kyocera Corp.		900		55,627
Kyowa Kirin Co., Ltd.		200		6,501
Lasertec Corp.†		200		37,631
Lawson, Inc.		3,500		175,740
Lintec Corp.		700		15,338
M3, Inc.		700		45,854
Makita Corp.		1,900		98,588
Marubeni Corp.		10,200		87,393
Mazda Motor Corp.†		900		8,868
McDonald’s Holdings Co. Japan, Ltd.		200		9,016
Mitsubishi Chemical Holdings Corp.		15,600		131,021
Mitsubishi Corp.		2,500		70,484
Mitsubishi Electric Corp.		1,000		13,537
Mitsubishi Estate Co., Ltd.		3,200		50,212
Mitsubishi Heavy Industries, Ltd.		500		14,521
Mitsubishi Materials Corp.		13,300		277,416
Mitsubishi UFJ Financial Group, Inc.		21,500		113,913
Mitsubishi UFJ Lease & Finance Co., Ltd.		10,400		56,760
Mitsui & Co., Ltd.		2,500		57,695
Mitsui Fudosan Co., Ltd.		1,800		42,148
Mitsui Mining & Smelting Co., Ltd.		400		11,408
Mizuho Financial Group, Inc.		4,870		69,532
MS&AD Insurance Group Holdings, Inc.		1,600		49,462
Murata Manufacturing Co., Ltd.		1,100		91,214
NEC Corp.		200		10,169
Nexon Co., Ltd.		400		8,328
NGK Insulators, Ltd.		2,300		36,760
NGK Spark Plug Co., Ltd.		8,100		119,313
Nidec Corp.		9,300		1,044,964
Nifco, Inc.		400		13,284
Nihon M&A Center, Inc.		400		11,144
Nikon Corp.		21,000		195,566
Nintendo Co., Ltd.		781		402,399
Nippon Building Fund, Inc.		3		19,386
Nippon Paint Holdings Co., Ltd.		3,700		47,293
Nippon Prologis REIT, Inc.		4		13,345
Nippon Sanso Holdings Corp.		700		15,501
Nippon Shokubai Co., Ltd.		200		9,620
Nippon Telegraph & Telephone Corp.		43,500		1,114,522
Nippon Television Holdings, Inc.		900		10,028
Nissan Motor Co., Ltd.†		4,800		27,785
Nisshin Seifun Group, Inc.		3,600		58,143

Security Description	Shares		Value (Note 2)
Japan (continued)
Nitori Holdings Co., Ltd.		100	$	19,022
Nitto Denko Corp.		3,786		281,667
Nomura Holdings, Inc.		6,000		29,986
Nomura Real Estate Holdings, Inc.		300		7,435
Nomura Real Estate Master Fund, Inc.		5		7,949
Nomura Research Institute, Ltd.		5,300		170,613
NTT Data Corp.		2,400		37,193
OBIC Co., Ltd.		400		70,481
Olympus Corp.		11,100		228,571
Omron Corp.		3,200		273,765
Ono Pharmaceutical Co., Ltd.		100		2,287
Oriental Land Co., Ltd.		300		41,072
ORIX Corp.		2,400		41,955
Orix JREIT, Inc.		5		9,549
Otsuka Holdings Co., Ltd.		400		15,901
Pan Pacific International Holdings Corp.		200		4,175
Panasonic Corp.		2,700		32,340
Persol Holdings Co., Ltd.		100		2,016
Pigeon Corp.		7,400		214,198
Pola Orbis Holdings, Inc.		44		1,052
Rakuten Group, Inc.		1,300		14,335
Recruit Holdings Co., Ltd.		41,800		2,161,640
Relo Group, Inc.		700		15,462
Renesas Electronics Corp.†		1,300		14,079
Resona Holdings, Inc.		3,600		13,567
Ricoh Co., Ltd.		15,300		166,963
Rohm Co., Ltd.		100		9,740
Sankyu, Inc.		600		26,945
Sanwa Holdings Corp.		900		10,951
SBI Holdings, Inc.		400		9,590
Seiko Epson Corp.		500		8,602
Seven & i Holdings Co., Ltd.		900		40,111
Seven Bank, Ltd.		9,200		20,095
Shimadzu Corp.		1,400		56,467
Shimano, Inc.		200		51,155
Shin-Etsu Chemical Co., Ltd.		800		130,536
Shionogi & Co., Ltd.		240		12,622
Shizuoka Bank, Ltd.		1,100		7,963
SMC Corp.		1,600		950,776
SoftBank Corp.		28,800		376,301
SoftBank Group Corp.		12,756		801,654
Sompo Holdings, Inc.		700		28,966
Sony Group Corp.		1,900		198,324
Stanley Electric Co., Ltd.		200		5,222
Subaru Corp.		19,000		372,841
Sumitomo Chemical Co., Ltd.		357,400		1,861,973
Sumitomo Corp.		16,000		217,577
Sumitomo Electric Industries, Ltd.		6,100		86,702
Sumitomo Heavy Industries, Ltd.		600		16,714
Sumitomo Mitsui Financial Group, Inc.		23,400		788,766
Sumitomo Mitsui Trust Holdings, Inc.		700		23,000
Sumitomo Realty & Development Co., Ltd.		800		26,061
Sumitomo Rubber Industries, Ltd.		33,300		447,884
Suntory Beverage & Food, Ltd.		6,500		228,530
Suzuki Motor Corp.		200		8,140
Sysmex Corp.		1,500		178,524
T&D Holdings, Inc.		1,000		12,817
Taiheiyo Cement Corp.		500		11,638
Takeda Pharmaceutical Co., Ltd.		68,900		2,290,361
Teijin, Ltd.		4,700		71,160
Terumo Corp.		3,900		151,417
THK Co., Ltd.		400		11,450

21

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Tokio Marine Holdings, Inc.		12,200	$	582,039
Tokyo Century Corp.		100		5,510
Tokyo Electron, Ltd.		2,900		1,194,844
Tokyo Gas Co., Ltd.		300		5,691
Toray Industries, Inc.		10,200		67,226
Toshiba Corp.		4,100		176,576
Toyo Suisan Kaisha, Ltd.		1,400		53,508
Toyoda Gosei Co., Ltd.		800		18,790
Toyota Industries Corp.		1,200		100,585
Toyota Motor Corp.		2,885		259,095
Toyota Tsusho Corp.		700		33,080
Trend Micro, Inc.		700		36,429
United Urban Investment Corp.		6		8,831
Yamada Holdings Co., Ltd.		65,300		308,290
Yamaha Corp.		300		16,618
Yaskawa Electric Corp.		2,700		133,644
Z Holdings Corp.		2,200		11,018
ZOZO, Inc.		1,900		64,698
				36,829,339
Jersey — 0.2%
Amcor PLC		15,884		183,619
Aptiv PLC†		188		31,368
Clarivate PLC†		1,369		31,213
Experian PLC		30,841		1,357,622
Ferguson PLC		943		132,192
Glencore PLC		4,364		19,617
WPP PLC		18,500		239,504
				1,995,135
Liberia — 0.0%
Royal Caribbean Cruises, Ltd.†		1,047		80,483
Luxembourg — 0.0%
ArcelorMittal SA		1,122		39,188
Aroundtown SA		9,745		76,411
InPost SA†		2,795		54,751
RTL Group SA		452		25,573
Spotify Technology SA†		187		42,761
				238,684
Netherlands — 0.9%
ABN AMRO Bank NV CVA†*		16,257		188,853
Adyen NV†*		47		127,972
Aegon NV		2,413		10,259
Airbus SE†		579		79,431
Akzo Nobel NV		6,167		762,619
Argenx SE (BSE)†		39		11,881
ASML Holding NV(XAMS)		1,702		1,294,199
ASR Nederland NV		334		13,725
CNH Industrial NV		1,633		27,281
EXOR NV		198		16,308
Ferrari NV		91		19,856
GrandVision NV†*		535		17,991
Heineken NV		551		64,171
IMCD NV		154		26,684
ING Groep NV		5,272		67,511
JDE Peet’s NV		4,887		164,510
Just Eat Takeaway.com NV (Euronext)†*		226		20,038
Koninklijke Ahold Delhaize NV		47,509		1,477,187
Koninklijke DSM NV		163		32,856
Koninklijke Philips NV		10,455		482,199
Koninklijke Vopak NV		1		42

Security Description	Shares		Value (Note 2)
Netherlands (continued)
LyondellBasell Industries NV, Class A		133	$	13,211
NN Group NV		2,687		133,379
NXP Semiconductors NV		549		113,308
PostNL NV		29,960		162,272
Prosus NV		726		64,420
QIAGEN NV†		374		20,045
Randstad NV		17,094		1,241,094
Signify NV*		12,407		694,997
Stellantis NV		2,163		41,601
STMicroelectronics NV		1,032		42,267
Wolters Kluwer NV		1,390		158,552
				7,590,719
New Zealand — 0.0%
Contact Energy, Ltd.		1,990		11,321
Fisher & Paykel Healthcare Corp., Ltd.		16,961		373,170
Xero, Ltd.†		49		5,078
				389,569
Norway — 0.2%
DNB Bank ASA		7,743		158,677
Equinor ASA		79,762		1,560,376
				1,719,053
Panama — 0.0%
Carnival Corp.†		4,662		100,932
Portugal — 0.0%
EDP - Energias de Portugal SA		8,361		43,456
Galp Energia SGPS SA		1,316		12,850
Jeronimo Martins SGPS SA		980		19,957
				76,263
Singapore — 0.2%
Ascendas Real Estate Investment Trust		3,100		7,138
CapitaLand, Ltd.		4,900		14,581
DBS Group Holdings, Ltd.		2,282		51,212
Flex, Ltd.†		1,350		24,260
Jardine Cycle & Carriage, Ltd.		12,000		181,555
Oversea-Chinese Banking Corp., Ltd.		34,337		310,680
Singapore Airlines, Ltd.†		5,500		20,700
Singapore Press Holdings, Ltd.		100		139
Singapore Technologies Engineering, Ltd.		16,600		49,097
Singapore Telecommunications, Ltd.		126,900		212,586
United Overseas Bank, Ltd.		11,700		226,492
Yangzijiang Shipbuilding Holdings, Ltd.		215,700		218,146
				1,316,586
Spain — 0.1%
Amadeus IT Group SA†		750		49,100
Banco Bilbao Vizcaya Argentaria SA		10,078		64,642
Banco Santander SA		25,886		94,701
CaixaBank SA		7,520		22,356
Cellnex Telecom SA*		537		34,993
EDP Renovaveis SA		619		14,556
Endesa SA		1,380		33,583
Ferrovial SA		2,716		80,569
Grifols SA		180		4,578
Iberdrola SA		11,795		142,186
Industria de Diseno Textil SA		2,030		68,874
Naturgy Energy Group SA		1,197		30,929
Repsol SA		2,247		24,580
Siemens Gamesa Renewable Energy SA†		365		10,180

22

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Spain (continued)
Telefonica SA		5,757	$	26,409
Zardoya Otis SA		2,116		14,334
				716,570
SupraNational — 0.0%
Unibail-Rodamco-Westfield†		182		15,135
Sweden — 0.9%
Assa Abloy AB, Class B		20,558		659,169
Atlas Copco AB, Class A		28,010		1,896,118
Atlas Copco AB, Class B		11,314		643,397
Boliden AB		1,587		61,926
Elekta AB, Series B		5,603		81,726
EQT AB		389		18,786
Evolution Gaming Group AB*		173		30,207
Hennes & Mauritz AB, Class B†		53,244		1,115,439
Hexagon AB, Class B		634		10,510
Intrum AB		3,087		95,567
Investor AB, Class B		13,442		333,001
Kinnevik AB, Class B		158		6,891
L E Lundbergforetagen AB, Class B		565		40,362
Lundin Energy AB		85		2,649
Nibe Industrier AB, Class B		747		8,932
Saab AB, Series B		5,073		154,076
Samhallsbyggnadsbolaget i Norden AB		3,662		18,363
Sandvik AB		564		14,691
Securitas AB, Class B		1,328		23,413
Sinch AB†*		590		11,932
Skandinaviska Enskilda Banken AB, Class A		1,226		16,564
SKF AB, Class B		14,118		375,818
Svenska Handelsbanken AB, Class A		1,564		17,657
Swedbank AB, Class A		490		9,547
Swedish Match AB		38,065		340,797
Telefonaktiebolaget LM Ericsson, Class B		96,266		1,109,923
Trelleborg AB, Class B		16,673		411,858
Volvo AB, Class B		2,126		50,140
				7,559,459
Switzerland — 1.6%
ABB, Ltd.		1,850		67,634
Adecco Group AG		8,653		518,355
Alcon, Inc.		724		52,711
Baloise Holding AG		212		33,485
Banque Cantonale Vaudoise		266		23,757
Cie Financiere Richemont SA		25,856		3,311,596
Credit Suisse Group AG		4,396		44,177
Garmin, Ltd.		1,534		241,145
Geberit AG		133		109,218
Givaudan SA		478		2,385,754
Holcim, Ltd.		589		34,530
Julius Baer Group, Ltd.		587		38,833
Kuehne & Nagel International AG		838		282,741
Logitech International SA		102		11,150
Lonza Group AG		97		75,493
Nestle SA		14,199		1,799,206
Novartis AG		4,241		392,275
Partners Group Holding AG		58		99,159
Roche Holding AG (NYSE)		102		43,802
Roche Holding AG (SIX)		2,278		880,908
Schindler Holding AG		90		28,039

Security Description	Shares		Value (Note 2)
Switzerland (continued)
SGS SA		1	$	3,240
Sika AG		8,917		3,140,391
Sonova Holding AG		63		24,754
Straumann Holding AG		57		105,723
Swiss Life Holding AG		116		59,915
Swiss Prime Site AG		359		38,259
Swiss Re AG		861		77,937
TE Connectivity, Ltd.		326		48,075
Tecan Group AG		24		13,845
Temenos AG		104		16,531
UBS Group AG		7,140		117,729
Zurich Insurance Group AG		391		157,615
				14,277,982
United Kingdom — 2.7%
3i Group PLC		4,655		82,733
Admiral Group PLC		160		7,549
Anglo American PLC		4,684		207,506
Antofagasta PLC		362		7,516
Ashmore Group PLC		2,405		12,702
Ashtead Group PLC		1,115		83,527
AstraZeneca PLC		10,759		1,235,653
AstraZeneca PLC ADR		733		41,950
Atlassian Corp. PLC, Class A†		4,094		1,331,041
Auto Trader Group PLC†*		1,627		14,741
Aviva PLC		55,859		300,534
Babcock International Group PLC†		6		21
BAE Systems PLC		2,957		23,667
Barclays PLC		19,101		46,293
Barratt Developments PLC		1,414		13,820
Beazley PLC†		2,868		15,622
Bellway PLC		332		15,137
BHP Group PLC		1,054		34,230
BP PLC		481,395		1,930,062
British American Tobacco PLC		86,822		3,236,264
British Land Co. PLC		1,226		8,695
BT Group PLC†		11,836		28,552
Bunzl PLC		1,058		39,197
Burberry Group PLC		574		16,453
Compass Group PLC†		21,300		449,991
Croda International PLC		136		15,913
Dart Group PLC†		5,700		98,268
Diageo PLC		35,684		1,770,311
Direct Line Insurance Group PLC		817		3,373
Dunelm Group PLC		4,528		83,339
GlaxoSmithKline PLC		6,240		123,306
Greggs PLC†		1,032		39,501
Halma PLC		461		18,507
Hargreaves Lansdown PLC		473		10,730
HomeServe PLC		19,046		247,350
Howden Joinery Group PLC		30,251		377,123
HSBC Holdings PLC		213,130		1,176,341
IG Group Holdings PLC		10,342		128,208
Imperial Brands PLC		17,373		372,183
Informa PLC†		1,984		13,642
InterContinental Hotels Group PLC†		128		8,456
Intertek Group PLC		3,228		231,284
ITV PLC†		75,623		117,841
JD Sports Fashion PLC		22,124		275,627
John Wood Group PLC†		17,770		53,808
Johnson Matthey PLC		10,573		436,577
Kingfisher PLC		91,083		466,255

23

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Land Securities Group PLC		757	$	7,462
Legal & General Group PLC		8,104		29,423
Lloyds Banking Group PLC		1,075,696		681,610
London Stock Exchange Group PLC		462		48,087
M&G PLC		3,526		11,040
Meggitt PLC†		2,300		14,987
Melrose Industries PLC		5,646		12,551
Micro Focus International PLC		54,228		302,503
Mondi PLC		522		14,473
National Grid PLC		4,771		61,037
Natwest Group PLC		44,657		125,547
Nielsen Holdings PLC		504		11,940
NMC Health PLC†(1)		128		0
Pearson PLC		1,598		19,283
Phoenix Group Holdings PLC		23,286		219,779
Prudential PLC		3,598		67,630
Reckitt Benckiser Group PLC		1,039		79,743
Redrow PLC		1,547		13,838
RELX PLC (LSE)		48,848		1,434,854
Rentokil Initial PLC		17,758		139,878
Rightmove PLC		92,420		901,750
Rio Tinto PLC		914		77,894
Rolls-Royce Holdings PLC†		7,552		10,462
Royal Dutch Shell PLC, Class A (LSE)		80,704		1,619,100
Royal Dutch Shell PLC, Class B		59,194		1,168,304
Royal Mail PLC		5,667		39,705
Sage Group PLC		886		8,638
Schroders PLC		211		10,720
Segro PLC		1,876		31,740
Severn Trent PLC		74		2,880
Smith & Nephew PLC		919		18,733
Smiths Group PLC		8,891		192,102
Spirax-Sarco Engineering PLC		93		19,397
SSE PLC		1,102		22,133
St James’s Place PLC		2,725		60,073
Standard Chartered PLC		57,827		346,413
Standard Life Aberdeen PLC		1,848		7,290
Tate & Lyle PLC		5,213		53,525
Tesco PLC		77,377		250,485
Unilever PLC		9,637		554,942
United Utilities Group PLC		459		6,844
Vodafone Group PLC		36,442		58,446
WM Morrison Supermarkets PLC		3,055		11,362
				24,020,002
United States — 25.4%
3M Co.		617		122,129
Abbott Laboratories		2,457		297,248
AbbVie, Inc.		9,812		1,141,136
Activision Blizzard, Inc.		1,563		130,698
Adobe, Inc.†		2,061		1,281,179
Advanced Micro Devices, Inc.†		17,297		1,836,768
AES Corp.		4,260		100,962
Aflac, Inc.		2,024		111,320
Agilent Technologies, Inc.		18,112		2,775,302
Air Products & Chemicals, Inc.		89		25,902
Airbnb, Inc., Class A†		1,569		225,952
Akamai Technologies, Inc.†		546		65,476
Alaska Air Group, Inc.†		2,959		171,711
Alexandria Real Estate Equities, Inc.		315		63,422
Align Technology, Inc.†		4,391		3,055,258

Security Description	Shares		Value (Note 2)
United States (continued)
Alleghany Corp.†		1,452	$	962,821
Allegiant Travel Co.†		923		175,481
Alliant Energy Corp.		885		51,799
Allstate Corp.		884		114,964
Ally Financial, Inc.		5,798		297,785
Alphabet, Inc., Class A†		2,372		6,391,425
Alphabet, Inc., Class C†		2,258		6,106,580
Altice USA, Inc., Class A†		1,805		55,468
Altria Group, Inc.		4,454		213,970
Amazon.com, Inc.†		2,654		8,831,424
Ameren Corp.		1,027		86,186
American Airlines Group, Inc.†		986		20,095
American Electric Power Co., Inc.		2,275		200,473
American Express Co.		12,616		2,151,406
American Financial Group, Inc.		121		15,305
American Tower Corp.		954		269,791
American Water Works Co., Inc.		901		153,269
Ameriprise Financial, Inc.		1,005		258,848
AmerisourceBergen Corp.		182		22,235
Amgen, Inc.		3,071		741,769
Analog Devices, Inc.		488		81,701
ANSYS, Inc.†		191		70,376
Anthem, Inc.		2,896		1,112,093
APA Corp.		530		9,938
Apple, Inc.		109,854		16,023,304
Applied Materials, Inc.		1,067		149,305
Aramark		1,096		38,502
Arthur J. Gallagher & Co.		661		92,084
Assurant, Inc.		144		22,725
AT&T, Inc.		89,969		2,523,630
Autodesk, Inc.†		2,604		836,223
Automatic Data Processing, Inc.		1,107		232,060
AutoZone, Inc.†		24		38,966
AvalonBay Communities, Inc.		297		67,666
Avery Dennison Corp.		384		80,901
Ball Corp. (LSE)		644		52,087
Ball Corp. (NYSE)		1,179		95,358
Bank of America Corp.		14,530		557,371
Bank of New York Mellon Corp.		1,287		66,062
Bath + Body Works, Inc		330		26,423
Baxter International, Inc.		307		23,746
Becton Dickinson & Co.		230		58,822
Berkshire Hathaway, Inc., Class B†		15,469		4,304,868
Best Buy Co., Inc.		439		49,322
Biogen, Inc.†		382		124,811
BioMarin Pharmaceutical, Inc.†		1,803		138,344
Boeing Co.†		767		173,710
Booking Holdings, Inc.†		908		1,977,860
Booz Allen Hamilton Holding Corp.		344		29,519
BorgWarner, Inc.		6,757		330,958
Boston Properties, Inc.		311		36,505
Boston Scientific Corp.†		1,420		64,752
Bristol-Myers Squibb Co.		49,592		3,365,809
Broadcom, Inc.		696		337,838
Broadridge Financial Solutions, Inc.		204		35,392
Brown & Brown, Inc.		483		26,275
Bruker Corp.		264		21,714
C.H. Robinson Worldwide, Inc.		1,148		102,367
Cabot Oil & Gas Corp.		744		11,904
Cadence Design Systems, Inc.†		349		51,530
Caesars Entertainment, Inc.†		952		83,167
Capital One Financial Corp.		1,282		207,299
Cardinal Health, Inc.		100		5,938

24

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
CarMax, Inc.†		167	$	22,370
Carrier Global Corp.		1,405		77,626
Carter’s, Inc.		434		42,419
Catalent, Inc.†		59		7,069
Caterpillar, Inc.		494		102,134
Cboe Global Markets, Inc.		120		14,216
CBRE Group, Inc., Class A†		8,282		798,882
Celanese Corp.		473		73,679
Centene Corp.†		738		50,634
CenterPoint Energy, Inc.		599		15,251
Cerner Corp.		442		35,532
Charles Schwab Corp.		2,596		176,398
Charter Communications, Inc., Class A†		282		209,822
Chegg, Inc.†		327		28,982
Cheniere Energy, Inc.†		692		58,772
Chevron Corp.		34,322		3,494,323
Chewy, Inc., Class A†		166		13,894
Chipotle Mexican Grill, Inc.†		110		204,978
Cigna Corp.		13,055		2,995,992
Cincinnati Financial Corp.		407		47,977
Cintas Corp.		321		126,532
Citigroup, Inc.		4,041		273,252
Citizens Financial Group, Inc.		549		23,146
Citrix Systems, Inc.		287		28,915
Clean Harbors, Inc.†		262		24,890
CMC Materials, Inc.		93		13,452
CME Group, Inc.		3,653		774,911
CMS Energy Corp.		10,437		644,902
Cognizant Technology Solutions Corp., Class A		1,225		90,074
Colgate-Palmolive Co.		302		24,009
Columbia Sportswear Co.		3,138		312,608
Comcast Corp., Class A		8,785		516,822
Comerica, Inc.		203		13,938
ConocoPhillips		3,198		179,280
Consolidated Edison, Inc.		7,422		547,521
Copart, Inc.†		567		83,349
CoStar Group, Inc.†		1,220		108,397
Costco Wholesale Corp.		1,955		840,103
Crowdstrike Holdings, Inc., Class A†		21		5,326
Crown Castle International Corp.		1,116		215,488
Crown Holdings, Inc.		673		67,138
CSX Corp.		3,061		98,932
Cummins, Inc.		1,810		420,101
Curtiss-Wright Corp.		78		9,227
CVS Health Corp.		20,343		1,675,449
D.R. Horton, Inc.		306		29,202
Danaher Corp.		1,536		456,945
Darden Restaurants, Inc.		664		96,864
DaVita, Inc.†		55		6,614
Deere & Co.		4,018		1,452,869
Dell Technologies, Inc., Class C†		3,641		351,793
Delta Air Lines, Inc.†		17,535		699,646
Devon Energy Corp.		1,764		45,582
DexCom, Inc.†		64		32,993
Diamondback Energy, Inc.		284		21,905
Digital Realty Trust, Inc.		612		94,346
Discover Financial Services		496		61,663
Discovery, Inc., Class A†		245		7,107
Discovery, Inc., Class C†		349		9,461
DocuSign, Inc.†		23		6,855
Dollar General Corp.		802		186,577

Security Description	Shares		Value (Note 2)
United States (continued)
Dollar Tree, Inc.†		1,053	$	105,079
Dominion Energy, Inc.		2,670		199,903
Domino’s Pizza, Inc.		195		102,471
Donaldson Co., Inc.		4,977		329,428
Dow, Inc.		816		50,723
DraftKings, Inc., Class A†		1,257		60,964
DTE Energy Co.		532		62,414
Duke Energy Corp.		3,426		360,107
Duke Realty Corp.		749		38,109
DuPont de Nemours, Inc.		607		45,555
DXC Technology Co.†		353		14,113
Dynatrace, Inc.†		302		19,289
Eastman Chemical Co.		478		53,880
eBay, Inc.		2,038		139,012
Ecolab, Inc.		373		82,370
Edison International		1,975		107,637
Edwards Lifesciences Corp.†		518		58,156
Electronic Arts, Inc.		527		75,867
Eli Lilly & Co.		1,220		297,070
Emerson Electric Co.		3,020		304,688
Enphase Energy, Inc.†		51		9,670
Entergy Corp.		2,570		264,504
EOG Resources, Inc.		1,468		106,958
EPAM Systems, Inc.†		93		52,061
Equifax, Inc.		1,239		322,883
Equinix, Inc.		192		157,519
Equity Residential		2,385		200,650
Erie Indemnity Co., Class A		106		19,598
Essex Property Trust, Inc.		136		44,622
Etsy, Inc.†		358		65,697
Euronet Worldwide, Inc.†		727		103,830
Evergy, Inc.		1,228		80,090
Eversource Energy		1,854		159,945
Exelon Corp.		4,461		208,775
Expedia Group, Inc.†		581		93,465
Expeditors International of Washington, Inc.		4,175		535,444
Extra Space Storage, Inc.		281		48,933
Exxon Mobil Corp.		9,626		554,169
Facebook, Inc., Class A†		9,306		3,315,728
Fastenal Co.		737		40,365
Federal Realty Investment Trust		89		10,460
FedEx Corp.		5,389		1,508,651
Fidelity National Financial, Inc.		911		40,640
Fidelity National Information Services, Inc.		20,504		3,056,121
Fifth Third Bancorp		1,304		47,322
First Republic Bank		548		106,871
FirstEnergy Corp.		3,200		122,624
Fiserv, Inc.†		1,134		130,535
FleetCor Technologies, Inc.†		237		61,198
Ford Motor Co.†		2,635		36,758
Fortinet, Inc.†		271		73,777
Fox Corp., Class A		407		14,514
Franklin Resources, Inc.		333		9,840
Gap, Inc.		240		7,001
Gartner, Inc.†		178		47,122
General Electric Co.		10,751		139,225
General Motors Co.†		750		42,630
Genuine Parts Co.		18,342		2,327,967
Gilead Sciences, Inc.		9,508		649,301
Global Payments, Inc.		546		105,602
Globe Life, Inc.		198		18,436

25

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Globus Medical, Inc., Class A†		282	$	23,454
GoDaddy, Inc., Class A†		131		10,984
Goldman Sachs Group, Inc.		624		233,925
H&R Block, Inc.		3,392		83,274
Hanesbrands, Inc.		427		7,797
Hanover Insurance Group, Inc.		122		16,580
Hartford Financial Services Group, Inc.		1,160		73,799
Hasbro, Inc.		629		62,548
HCA Healthcare, Inc.		487		120,873
Healthcare Trust of America, Inc., Class A		16,388		468,533
Healthpeak Properties, Inc.		1,018		37,635
HEICO Corp.		351		47,473
Henry Schein, Inc.†		176		14,106
Hess Corp.		905		69,178
Hewlett Packard Enterprise Co.		10,065		145,942
Hill-Rom Holdings, Inc.		1,211		167,675
Hilton Worldwide Holdings, Inc.†		977		128,427
Hologic, Inc.†		15,348		1,151,714
Home Depot, Inc.		1,836		602,557
Honeywell International, Inc.		1,574		367,985
Host Hotels & Resorts, Inc.†		1,235		19,674
HP, Inc.		1,159		33,460
HubSpot, Inc.†		1,193		711,052
Humana, Inc.		178		75,803
Huntington Bancshares, Inc.		8,606		121,172
IAC/InterActiveCorp†		37		5,080
IDEX Corp.		11		2,494
IDEXX Laboratories, Inc.†		1,695		1,150,108
Illinois Tool Works, Inc.		927		210,123
Illumina, Inc.†		211		104,603
Intel Corp.		67,798		3,642,109
Interactive Brokers Group, Inc., Class A		4,030		249,296
Intercontinental Exchange, Inc.		7,265		870,565
International Business Machines Corp.		2,166		305,319
International Flavors & Fragrances, Inc.		496		74,717
Interpublic Group of Cos., Inc.		177		6,259
Intuit, Inc.		6,540		3,466,004
Intuitive Surgical, Inc.†		132		130,873
Invitation Homes, Inc.		403		16,394
IQVIA Holdings, Inc.†		237		58,705
Iron Mountain, Inc.		624		27,306
ITT, Inc.		190		18,603
Jack Henry & Associates, Inc.		46		8,008
Jacobs Engineering Group, Inc.		683		92,376
JetBlue Airways Corp.†		7,247		107,183
Johnson & Johnson		29,624		5,101,253
JPMorgan Chase & Co.		14,223		2,158,767
Kansas City Southern		239		64,004
KeyCorp		1,729		33,992
Kilroy Realty Corp.		432		29,925
Kimco Realty Corp.		591		12,606
Kinder Morgan, Inc.		42,759		743,151
KLA Corp.		266		92,611
Kroger Co.		3,983		162,108
Laboratory Corp. of America Holdings†		139		41,165
Lam Research Corp.		152		96,886
Las Vegas Sands Corp.†		1,638		69,369
Leggett & Platt, Inc.		159		7,637
Leidos Holdings, Inc.		333		35,438
Lennox International, Inc.		336		110,688
LHC Group, Inc.†		64		13,772

Security Description	Shares		Value (Note 2)
United States (continued)
Lincoln National Corp.		456	$	28,099
Live Nation Entertainment, Inc.†		199		15,699
LKQ Corp.†		4,092		207,669
Lockheed Martin Corp.		4,298		1,597,438
Loews Corp.		834		44,727
Lowe’s Cos., Inc.		6,983		1,345,554
Lululemon Athletica, Inc.†		517		206,888
M&T Bank Corp.		190		25,432
Manhattan Associates, Inc.†		426		68,002
Marathon Oil Corp.		1,173		13,595
Marathon Petroleum Corp.		2,481		137,001
Markel Corp.†		13		15,680
MarketAxess Holdings, Inc.		45		21,383
Marriott International, Inc., Class A†		992		144,812
Marsh & McLennan Cos., Inc.		1,680		247,330
Masco Corp.		5,326		318,015
Mastercard, Inc., Class A		3,077		1,187,537
Match Group, Inc.†		284		45,233
McDonald’s Corp.		2,618		635,415
McKesson Corp.		250		50,958
Medical Properties Trust, Inc.		25,404		534,246
MercadoLibre, Inc.†		459		720,033
Merck & Co., Inc.		3,872		297,641
Meritage Homes Corp.†		299		32,465
MetLife, Inc.		26,237		1,513,875
Mettler-Toledo International, Inc.†		249		366,954
MGM Resorts International		1,736		65,152
Microchip Technology, Inc.		358		51,237
Micron Technology, Inc.†		1,346		104,423
Microsoft Corp.		38,952		11,097,814
Mid-America Apartment Communities, Inc.		219		42,289
Moderna, Inc.†		809		286,062
Mohawk Industries, Inc.†		493		96,086
Molina Healthcare, Inc.†		266		72,621
MongoDB, Inc.†		76		27,278
Monolithic Power Systems, Inc.		1,795		806,422
Moody’s Corp.		297		111,672
Morgan Stanley		2,707		259,818
MSCI, Inc.		145		86,414
Nasdaq, Inc.		177		33,051
NetApp, Inc.		1,028		81,819
Netflix, Inc.†		2,734		1,415,036
New York Community Bancorp, Inc.		30,594		360,397
Newell Brands, Inc.		2,142		53,015
News Corp., Class A		570		14,039
News Corp., Class B		238		5,595
NextEra Energy, Inc.		6,794		529,253
NIKE, Inc., Class B		3,983		667,192
NiSource, Inc.		8,137		201,553
Norfolk Southern Corp.		304		78,380
Northern Trust Corp.		306		34,532
Northrop Grumman Corp.		905		328,533
NortonLifeLock, Inc.		899		22,313
NOV, Inc.†		3,787		52,298
NRG Energy, Inc.		1,851		76,335
NVIDIA Corp.		10,555		2,058,119
O’Reilly Automotive, Inc.†		944		570,025
Occidental Petroleum Corp.		3,136		81,850
OGE Energy Corp.		470		15,863
Okta, Inc.†		6,598		1,634,918
Old Dominion Freight Line, Inc.		1,901		511,654
Omnicom Group, Inc.		175		12,744

26

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
ON Semiconductor Corp.†		537	$	20,975
OneMain Holdings, Inc.		2,332		142,252
ONEOK, Inc.		1,986		103,212
Oracle Corp.		3,621		315,534
Organon & Co.†		472		13,693
Otis Worldwide Corp.		5,181		463,959
Owens Corning		929		89,333
Packaging Corp. of America		45		6,368
Palantir Technologies, Inc.†		995		21,601
Parker-Hannifin Corp.		1,227		382,861
Paychex, Inc.		12,677		1,442,896
Paycom Software, Inc.†		660		264,000
PayPal Holdings, Inc.†		9,410		2,592,737
Peloton Interactive, Inc., Class A†		892		105,301
Penn National Gaming, Inc.†		229		15,659
People’s United Financial, Inc.		567		8,902
PerkinElmer, Inc.		42		7,654
Pfizer, Inc.		8,718		373,218
PG&E Corp.†		8,048		70,742
Phillips 66		1,612		118,369
Pinnacle Financial Partners, Inc.		118		10,574
Pinnacle West Capital Corp.		657		54,892
Pinterest, Inc., Class A†		174		10,249
Pioneer Natural Resources Co.		612		88,966
Pool Corp.		184		87,919
PPG Industries, Inc.		306		50,037
PPL Corp.		4,251		120,601
Principal Financial Group, Inc.		667		41,441
Procter & Gamble Co.		2,172		308,924
PROG Holdings, Inc.		272		11,905
Progressive Corp.		1,711		162,819
Prologis, Inc.		1,857		237,770
Prudential Financial, Inc.		963		96,570
PTC, Inc.†		228		30,883
Public Service Enterprise Group, Inc.		2,448		152,339
Public Storage		330		103,118
Pure Storage, Inc., Class A†		913		17,822
PVH Corp.†		92		9,625
QUALCOMM, Inc.		14,911		2,233,668
Quanta Services, Inc.		214		19,453
Quest Diagnostics, Inc.		163		23,113
Ralph Lauren Corp.		2,416		274,264
Raymond James Financial, Inc.		184		23,824
Raytheon Technologies Corp.		1,575		136,946
Realty Income Corp.		844		59,325
Regency Centers Corp.		275		17,988
Regeneron Pharmaceuticals, Inc.†		367		210,882
Regions Financial Corp.		1,550		29,838
Reinsurance Group of America, Inc.		96		10,577
Republic Services, Inc.		9,427		1,115,780
ResMed, Inc.		68		18,482
RingCentral, Inc., Class A†		23		6,147
Robert Half International, Inc.		497		48,810
Roku, Inc.†		1,040		445,442
Rollins, Inc.		1,551		59,450
Roper Technologies, Inc.		135		66,331
Ross Stores, Inc.		315		38,647
Ryder System, Inc.		3,514		267,591
S&P Global, Inc.		629		269,665
salesforce.com, Inc.†		5,955		1,440,693
SBA Communications Corp.		6,823		2,326,575
Scotts Miracle-Gro Co.		504		89,188

Security Description	Shares		Value (Note 2)
United States (continued)
Sealed Air Corp.		179	$	10,158
Sempra Energy		464		60,622
Service Corp. International		5,850		365,566
ServiceNow, Inc.†		2,997		1,761,906
Sherwin-Williams Co.		779		226,712
Signature Bank		1,071		243,085
Simon Property Group, Inc.		1,089		137,780
Sirius XM Holdings, Inc.		63,466		410,625
Skechers U.S.A., Inc., Class A†		6,422		344,733
Skyworks Solutions, Inc.		46		8,487
Snap, Inc., Class A†		5,559		413,701
Snap-on, Inc.		152		33,133
Snowflake, Inc., Class A†		99		26,306
Southern Co.		47,944		3,062,183
Southwest Airlines Co.†		16,787		848,079
Square, Inc., Class A†		63		15,577
Stanley Black & Decker, Inc.		316		62,268
Starbucks Corp.		3,660		444,434
State Street Corp.		580		50,541
Stifel Financial Corp.		390		25,951
Stryker Corp.		2,856		773,805
Sun Communities, Inc.		40		7,844
SVB Financial Group†		123		67,645
Synchrony Financial		788		37,052
Synopsys, Inc.†		216		62,206
Sysco Corp.		3,140		232,988
T. Rowe Price Group, Inc.		387		79,010
Take-Two Interactive Software, Inc.†		188		32,603
Tandem Diabetes Care, Inc.†		2,339		254,179
Tapestry, Inc.†		17,721		749,598
Target Corp.		1,462		381,655
Tenable Holdings, Inc.†		368		15,750
Teradyne, Inc.		135		17,145
Tesla, Inc.†		4,912		3,375,526
Texas Instruments, Inc.		1,047		199,579
Thermo Fisher Scientific, Inc.		758		409,328
TJX Cos., Inc.		25,519		1,755,962
Tractor Supply Co.		351		63,506
Trade Desk, Inc., Class A†		158		12,942
TransDigm Group, Inc.†		13		8,334
TransUnion		299		35,898
Travelers Cos., Inc.		18,684		2,782,421
Trimble, Inc.†		121		10,346
Truist Financial Corp.		2,944		160,242
Trupanion, Inc.†		328		37,727
Twilio, Inc., Class A†		56		20,921
Twitter, Inc.†		2,284		159,309
Tyler Technologies, Inc.†		15		7,390
Uber Technologies, Inc.†		263		11,430
UDR, Inc.		569		31,289
UGI Corp.		10,049		462,154
Ulta Beauty, Inc.†		188		63,130
Under Armour, Inc., Class A†		811		16,585
Under Armour, Inc., Class C†		381		6,675
Union Pacific Corp.		1,103		241,292
United Airlines Holdings, Inc.†		507		23,687
United Parcel Service, Inc., Class B		2,488		476,104
United Rentals, Inc.†		117		38,557
UnitedHealth Group, Inc.		11,662		4,807,310
Unity Software, Inc.†		66		7,070
Universal Display Corp.		365		85,589
Universal Health Services, Inc., Class B		71		11,389
Unum Group		228		6,247

27

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
US Bancorp		2,744	$	152,402
Vail Resorts, Inc.†		114		34,793
Valero Energy Corp.		821		54,982
Ventas, Inc.		810		48,422
VeriSign, Inc.†		277		59,934
Verisk Analytics, Inc.		792		150,432
Verizon Communications, Inc.		3,730		208,059
Vertex Pharmaceuticals, Inc.†		1,227		247,339
VF Corp.		11,154		894,551
ViacomCBS, Inc., Class B		1,202		49,198
Viatris, Inc.		652		9,174
VICI Properties, Inc.		3,783		117,992
Visa, Inc., Class A		8,182		2,015,963
Vistra Corp.		2,829		54,175
VMware, Inc., Class A†		1,142		175,571
Vornado Realty Trust		131		5,699
Voya Financial, Inc.		15,807		1,017,971
Walgreens Boots Alliance, Inc.		4,106		193,598
Walmart, Inc.		10,461		1,491,216
Walt Disney Co.†		3,784		666,060
Waste Management, Inc.		1,137		168,572
Waters Corp.†		40		15,592
Wayfair, Inc., Class A†		83		20,033
WEC Energy Group, Inc.		711		66,934
Wells Fargo & Co.		8,402		385,988
Welltower, Inc.		884		76,784
Wendy’s Co.		706		16,386
West Pharmaceutical Services, Inc.		19		7,823
Western Union Co.		1,439		33,399
WestRock Co.		2,060		101,373
Weyerhaeuser Co.		1,482		49,988
Whirlpool Corp.		668		147,989
Williams Cos., Inc.		4,808		120,440
Wintrust Financial Corp.		1,416		101,102
Workday, Inc., Class A†		8,762		2,053,813
WR Berkley Corp.		534		39,073
WW Grainger, Inc.		50		22,229
Wynn Resorts, Ltd.†		546		53,688
Xcel Energy, Inc.		1,888		128,856
Xilinx, Inc.		894		133,957
XPO Logistics, Inc.†		548		76,002
Xylem, Inc.		256		32,218
Yum! Brands, Inc.		1,363		179,085
Zebra Technologies Corp., Class A†		274		151,380
Zendesk, Inc.†		5,241		684,108
Zillow Group, Inc., Class A†		358		38,353
Zillow Group, Inc., Class C†		3,408		362,134
Zions Bancorp NA		234		12,203
Zoetis, Inc.		624		126,485
Zoom Video Communications, Inc., Class A†		41		15,502
Zscaler, Inc.†		50		11,796
Zynga, Inc., Class A†		39,696		400,930
				222,206,263
Total Common Stocks (cost $374,388,167)				401,904,099

Security Description	Shares/ Principal Amount			Value (Note 2)
U.S. GOVERNMENT TREASURIES — 45.0%
United States Treasury Notes 0.63% due 05/15/2030	$	32,500,000		$	31,001,953
0.63% due 08/15/2030		49,500,000			47,079,141
0.88% due 11/15/2030		50,750,000			49,251,289
1.13% due 02/15/2031		36,000,000			35,662,500
1.50% due 02/15/2030		33,122,700			34,059,451
1.63% due 05/15/2031		33,000,000			34,170,469
1.63% due 08/15/2029		18,967,800			19,735,403
1.75% due 11/15/2029		22,783,000			23,930,160
2.38% due 05/15/2029		22,308,800			24,455,151
2.63% due 02/15/2029		27,503,400			30,617,945
2.88% due 08/15/2028		27,930,000			31,488,893
3.13% due 11/15/2028		27,902,900			32,006,588
Total U.S. Government Treasuries (cost $379,505,286)					393,458,943
OPTIONS - PURCHASED — 0.4%
Exchanged-Traded Put Option - Purchased(2) (cost $4,143,473)		969			3,459,330
WARRANTS — 0.0%
Occidental Petroleum Corp.† Expire 08/03/2027		234			2,511
Cie Financiere Richemont SA† Expires 11/22/2023		1,210			881
Total Warrants (cost $1,155)					3,392
Total Long-Term Investment Securities (cost $758,038,081)					798,825,764
SHORT-TERM INVESTMENT SECURITIES — 5.7%
Registered Investment Companies — 0.8%
State Street Institutional Treasury Money Market Fund, Premier Class  0.01%(3)		6,926,191			6,926,191
U.S. Government Treasuries — 4.9%
United States Treasury Bills 0.02% due 10/07/2021		7,000,000			6,999,390
0.03% due 09/23/2021		7,000,000			6,999,570
0.04% due 08/12/2021		7,000,000			6,999,930
0.04% due 11/04/2021		7,000,000			6,999,018
0.05% due 12/02/2021		7,000,000			6,998,873
0.05% due 01/13/2022		8,000,000			7,998,178
					42,994,959
Total Short-Term Investment Securities (cost $49,922,145)					49,921,150
TOTAL INVESTMENTS — (cost $807,960,226)(4)		97.0	%		848,746,914
Other assets less liabilities		3.0			25,863,028
NET ASSETS		100.0	%	$	874,609,942

† 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 July 31, 2021, the aggregate value of these securities was $3,899,631 representing 0.4% of net assets.

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

28

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

(2) Options — Purchased:

Exchange-Traded Put Options — Purchased
Issue	Expiration Month	Strike Price	Number of Contracts		Notional Amount*		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
S&P 500 Index	December 2021	4,395		96,900		425,900,694	$	4,143,473	$	3,459,330	$	(684,143	)

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

(3) The rate shown is the 7-day yield as of July 31, 2021

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

ADR — American Depositary Receipt

CDI — Chess Depositary Interest

CVA — Certification Van Aandelen (Dutch Cert.)

LSE — London Stock Exchange

NYSE — New York Stock Exchange

SIX — Swiss Stock Exchange

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	349	Long	S&P 500 E-Mini Index	September 2021	$	74,119,296	$	76,596,775	$	2,477,479
									Unrealized (Depreciation)
	30	Long	FTSE 100 Index	September 2021	$	2,940,478	$	2,903,899	$	(36,579	)
	113	Long	FTSE/MIB Index	September 2021		17,090,803		17,010,699		(80,104	)
	163	Long	IBEX 35 Index	August 2021		16,870,300		16,778,970		(91,330	)
	530	Long	MSCI EAFE Index	September 2021		62,510,827		61,464,100		(1,046,727	)
	66	Short	S&P 500 E-Mini Index	September 2021		13,955,518		14,485,350		(529,832	)
	18	Long	TOPIX Index	September 2021		3,213,465		3,125,815		(87,650	)
	80	Short	U.S. Treasury Ultra Bonds	September 2021		15,324,421		15,962,500		(638,079	)
									$	(2,510,301	)
			Net Unrealized Appreciation (Depreciation)						$	(32,822	)

* 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		USD	410,517		SEK	3,564,000		09/15/2021	$	3,638	$	—
Citibank N.A.		USD	8,645,516		CAD	10,440,901		09/15/2021		—		(276,892	)
		USD	82,318		SGD	109,000		09/15/2021		—		(1,876	)
										—		(278,768	)
Deutsche Bank AG		EUR	7,308,000		USD	8,719,175		09/15/2021		42,754		—
		JPY	1,135,102,619		USD	10,322,004		09/15/2021		—		(28,266	)
		USD	37,315,002		EUR	30,626,436		09/15/2021		—		(953,775	)
		USD	55,474		NZD	77,000		09/15/2021		—		(1,837	)
										42,754		(983,878	)
JPMorgan Chase Bank		AUD	13,930,287		USD	10,543,237		09/15/2021		318,424		—
		CAD	10,441,001		USD	8,433,090		09/15/2021		64,386		—
		CHF	335,000		USD	373,280		09/15/2021		3,056		—
		EUR	9,775,735		USD	11,909,404		09/15/2021		303,166		—
		SEK	2,306,000		USD	268,216		09/15/2021		247		—
		USD	8,832,001		AUD	11,393,181		09/15/2021		—		(469,420	)
		USD	770,715		EUR	652,000		09/15/2021		3,372		—
		USD	8,744,794		JPY	956,294,961		09/15/2021		—		(24,956	)
										692,651		(494,376	)

29

SunAmerica Series Trust SA BlackRock VCP Global Multi Asset Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Forward Foreign Currency Contracts — (continued)
Counterparty	Contract to Deliver			In Exchange For			Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
Morgan Stanley and Co.		NOK	98,000		USD	11,848		09/15/2021	$	754	$	—
		USD	359,688		AUD	464,000		09/15/2021		—		(19,113	)
		USD	374,829		GBP	265,000		09/15/2021		—		(6,440	)
										754		(25,553	)
UBS AG		CAD	38,000		USD	31,467		09/15/2021		1,008		—
		USD	669,522		EUR	551,000		09/15/2021		—		(15,347	)
		USD	295,164		SEK	2,439,000		09/15/2021		—		(11,740	)
										1,008		(27,087	)
Unrealized Appreciation (Depreciation)									$	740,805	$	(1,809,662	)

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

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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:
United Kingdom	$	1,384,931	$	22,635,071	**	$	0	$	24,020,002
Other Countries		233,253,214		144,630,883	**		—		377,884,097
U.S. Government Treasuries		—		393,458,943			—		393,458,943
Options-Purchased		3,459,330		—			—		3,459,330
Warrants		3,392		—			—		3,392
Short-Term Investment Securities:
Registered Investment Companies		6,926,191		—			—		6,926,191
U.S. Government Treasuries		—		42,994,959			—		42,994,959
Total Investments at Value	$	245,027,058	$	603,719,856		$	0	$	848,746,914
Other Financial Instruments:+
Futures Contracts	$	2,477,479	$	—		$	—	$	2,477,479
Forward Foreign Currency Contracts		—		740,805			—		740,805
Total Other Financial Instruments	$	2,477,479	$	740,805		$	—	$	3,218,284
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	2,214,638	$	295,663	**	$	—	$	2,510,301
Forward Foreign Currency Contracts		—		1,809,662			—		1,809,662
Total Other Financial Instruments	$	2,214,638	$	2,105,325		$	—	$	4,319,963

* 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).

† Amounts represent unrealized appreciation/depreciation as of the end of 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. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

30

SunAmerica Series Trust SA Columbia Technology Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Semiconductor Equipment	15.4	%
Electronic Components-Semiconductors	15.1
Computers	8.0
Web Portals/ISP	6.8
Applications Software	4.9
Semiconductor Components-Integrated Circuits	4.8
Computer Software	4.6
Computers-Memory Devices	4.4
Finance-Credit Card	3.4
Computer Aided Design	3.3
Internet Security	3.3
Computer Data Security	3.2
Enterprise Software/Service	3.0
E-Commerce/Products	2.6
Networking Products	2.0
Data Processing/Management	1.8
Machinery-Electrical	1.7
Internet Infrastructure Software	1.5
Electronic Components-Misc.	1.4
Web Hosting/Design	1.4
Repurchase Agreements	1.4
Telecommunication Equipment	1.2
Cable/Satellite TV	1.2
Entertainment Software	1.0
Computers-Other	1.0
Computer Services	0.4
Medical-Biomedical/Gene	0.4
Educational Software	0.3
Internet Content-Entertainment	0.2
Internet Application Software	0.2
E-Commerce/Services	0.2
Human Resources	0.1
	100.2	%

* Calculated as a percentage of net assets

31

SunAmerica Series Trust SA Columbia Technology Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.8%
Applications Software — 4.9%
Cerence, Inc.†		27,354	$	2,940,829
Confluent, Inc., Class A†		1,213		47,537
Microsoft Corp.		25,100		7,151,241
				10,139,607
Cable/Satellite TV — 1.2%
Comcast Corp., Class A		17,800		1,047,174
Shaw Communications, Inc., Class B		47,300		1,381,542
				2,428,716
Cellular Telecom — 0.0%
T-Mobile US, Inc.†		500		72,010
Commercial Services — 0.0%
Legalzoom.com, Inc.†		2,082		76,576
Computer Aided Design — 3.3%
Synopsys, Inc.†		24,012		6,915,216
Computer Data Security — 3.2%
Clear Sale SA†		72,522		396,847
CyberArk Software, Ltd.†		4,200		596,526
Fortinet, Inc.†		14,108		3,840,762
McAfee Corp., Class A		53,143		1,438,581
Tenable Holdings, Inc.†		8,991		384,815
				6,657,531
Computer Services — 0.4%
DXC Technology Co.†		20,800		831,584
Computer Software — 4.6%
Cornerstone OnDemand, Inc.†		18,135		869,392
CS Disco, Inc.†		4,512		186,481
Dropbox, Inc., Class A†		159,182		5,012,641
SentinelOne, Inc., Class A†		10,045		495,319
Splunk, Inc.†		1,400		198,772
Xperi Holding Corp.		130,489		2,710,257
				9,472,862
Computers — 8.0%
Apple, Inc.		74,912		10,926,664
Dell Technologies, Inc., Class C†		28,893		2,791,642
HP, Inc.		97,641		2,818,896
				16,537,202
Computers-Memory Devices — 4.4%
NetApp, Inc.		56,900		4,528,671
Western Digital Corp.†		70,318		4,565,748
				9,094,419
Computers-Other — 1.0%
Lumentum Holdings, Inc.†		23,425		1,967,466
Data Processing/Management — 1.8%
Fidelity National Information Services, Inc.		12,400		1,848,220
Fiserv, Inc.†		16,301		1,876,408
				3,724,628
E-Commerce/Products — 2.6%
eBay, Inc.		78,116		5,328,292
E-Commerce/Services — 0.2%
Marqeta, Inc., Class A†		15,642		419,675
Educational Software — 0.3%
PowerSchool Holdings, Inc., Class A†		35,725		659,126

Security Description	Shares		Value (Note 2)
Electronic Components-Misc. — 1.4%
Advanced Energy Industries, Inc.		28,768	$	2,984,680
Electronic Components-Semiconductors — 15.1%
Broadcom, Inc.		16,313		7,918,330
Intel Corp.		27,829		1,494,974
Marvell Technology, Inc.		104,208		6,305,626
Micron Technology, Inc.†		53,644		4,161,701
Qorvo, Inc.†		7,225		1,369,788
Rambus, Inc.†		39,000		922,740
SMART Global Holdings, Inc.†		29,050		1,360,702
Synaptics, Inc.†		50,017		7,598,583
				31,132,444
Enterprise Software/Service — 3.0%
Cognyte Software, Ltd.†		12,095		314,107
Intapp, Inc.†		12,261		415,648
Oracle Corp.		26,600		2,317,924
SailPoint Technologies Holding, Inc.†		12,350		617,376
salesforce.com, Inc.†		7,783		1,882,941
Verint Systems, Inc.†		12,695		541,696
				6,089,692
Entertainment Software — 1.0%
Activision Blizzard, Inc.		24,937		2,085,232
Finance-Credit Card — 3.4%
Pagseguro Digital, Ltd., Class A†		34,030		1,886,623
Visa, Inc., Class A		20,875		5,143,391
				7,030,014
Human Resources — 0.1%
First Advantage Corp.†		14,830		290,816
Internet Application Software — 0.2%
Zendesk, Inc.†		3,600		469,908
Internet Content-Entertainment — 0.2%
Twitter, Inc.†		7,200		502,200
Internet Infrastructure Software — 1.5%
F5 Networks, Inc.†		14,900		3,076,999
Internet Security — 3.3%
NortonLifeLock, Inc.		130,378		3,235,982
Palo Alto Networks, Inc.†		8,923		3,560,723
				6,796,705
Machinery-Electrical — 1.7%
Bloom Energy Corp., Class A†		165,540		3,608,772
Medical-Biomedical/Gene — 0.4%
Eiger BioPharmaceuticals, Inc.†		93,825		746,847
Networking Products — 2.0%
Arista Networks, Inc.†		3,749		1,426,082
Cisco Systems, Inc.		21,000		1,162,770
Telefonaktiebolaget LM Ericsson ADR		139,600		1,609,588
				4,198,440
Semiconductor Components-Integrated Circuits — 4.8%
Analog Devices, Inc.		13,946		2,334,839
Maxim Integrated Products, Inc.		24,400		2,437,804
NXP Semiconductors NV		15,000		3,095,850
Renesas Electronics Corp.†		184,900		2,002,451
				9,870,944
Semiconductor Equipment — 15.4%
Applied Materials, Inc.		55,921		7,825,025
Lam Research Corp.		23,507		14,983,597

32

SunAmerica Series Trust SA Columbia Technology Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
Semiconductor Equipment (continued)
Teradyne, Inc.		70,178		$	8,912,606
					31,721,228
Telecommunication Equipment — 1.2%
Plantronics, Inc.†		79,217			2,470,778
Web Hosting/Design — 1.4%
GoDaddy, Inc., Class A†		34,839			2,921,250
Web Portals/ISP — 6.8%
Alphabet, Inc., Class A†		3,375			9,094,039
Alphabet, Inc., Class C†		1,821			4,924,749
					14,018,788
Total Long-Term Investment Securities (cost $127,835,077)					204,340,647
REPURCHASE AGREEMENTS — 1.4%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 07/30/2021, to be repurchased 08/02/2021 in the amount of $2,830,000 and collateralized by $2,960,800 of United States Treasury Notes, bearing interest at 0.50% due 10/31/2027 and having an approximate value of $2,886,624 (cost $2,830,000)	$	2,830,000			2,830,000
TOTAL INVESTMENTS (cost $130,665,077)(1)		100.2	%		207,170,647
Liabilities in excess of other assets		(0.2	)		(466,330	)
NET ASSETS		100.0	%	$	206,704,317

† 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 July 31, 2021 (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	$	202,338,196	$	2,002,451	**	$	—	$	204,340,647
Repurchase Agreements		—		2,830,000			—		2,830,000
Total Investments at Value	$	202,338,196	$	4,832,451		$	—	$	207,170,647

* 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).

See Notes to Financial Statements

33

SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Commercial Paper	61.9	%
SupraNational Banks	16.0
Banks-Commercial	6.6
United States Treasury Notes	6.5
Banks-Special Purpose	3.9
Sovereign Agency	1.2
Certificates of Deposit	1.2
Banks-Export/Import	1.2
Auto-Cars/Light Trucks	0.7
Short-Term Investment Securities	0.6
Computers	0.3
Registered Investment Companies	0.2
	100.3	%

Credit Quality†#

Aaa	56.4	%
Aa	23.3
A	8.7
Not Rated@	11.6
	100.0	%

* Calculated as a percentage of net assets.

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

† Source: Moody’s

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

34

SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 1.0%
Auto-Cars/Light Trucks — 0.7%
Toyota Motor Credit Corp. FRS Senior Notes 0.29% (3 ML+0.13%) due 08/13/2021	$	2,830,000	$	2,830,174
Computers — 0.3%
Apple, Inc. FRS Senior Notes 0.66% (3 ML+0.50%) due 02/09/2022		1,005,000		1,007,508
Total U.S. Corporate Bonds & Notes (cost $3,835,081)				3,837,682
FOREIGN CORPORATE BONDS & NOTES — 27.7%
Banks-Commercial — 6.6%
Australia & New Zealand Banking Group, Ltd. FRS Senior Notes 1.02% (3 ML+0.87%) due 11/23/2021		2,000,000		2,005,204
Bank of Montreal FRS Senior Notes 0.25% (SOFR+0.20%) due 02/11/2022		1,500,000		1,500,587
Bank of Nova Scotia FRS Senior Notes 0.20% (SOFR+0.15%) due 08/19/2022		7,000,000		6,999,075
Dexia Credit Local SA Government Guar. Notes 1.88% due 09/15/2021		3,250,000		3,256,630
Toronto-Dominion Bank FRS Senior Notes 0.26% (SOFR+0.22%) due 06/02/2023		6,000,000		6,005,900
Toronto-Dominion Bank FRS Senior Notes 0.29% (SOFR+0.24%) due 01/06/2023		3,879,000		3,882,252
Westpac Banking Corp. FRS Senior Notes 0.22% (SOFR+0.17%) due 04/19/2022		1,000,000		1,000,282
Westpac Banking Corp. FRS Senior Notes 1.00% (3 ML+0.85%) due 08/19/2021		2,000,000		2,000,812
				26,650,742
Banks-Export/Import — 1.2%
Swedish Export Credit Corp. FRS Senior Notes 0.24% (3 ML+0.12%) due 12/13/2021		700,000		700,265
Swedish Export Credit Corp. FRS Senior Notes 1.04% (SOFR+1.00%) due 05/25/2023		1,000,000		1,015,382
Swedish Export Credit Corp. FRS Senior Notes 1.05% (SOFR+1.00%) due 12/19/2022		3,000,000		3,036,150
				4,751,797

Security Description	Principal Amount		Value (Note 2)
Banks-Special Purpose — 3.9%
Landeskreditbank Baden-Wuerttemberg Foerderbank FRS Government Guar. Notes 0.40% (SOFR+0.35%) due 03/15/2022	$	11,800,000	$	11,816,284
Nederlandse Waterschapsbank NV FRS Senior Notes 0.19% (3 ML+0.07%) due 12/15/2021*		4,000,000		4,000,799
				15,817,083
SupraNational Banks — 16.0%
African Development Bank FRS Senior Notes 0.13% (3 ML+0.01%) due 12/15/2021		4,100,000		4,100,362
Asian Development Bank FRS Senior Notes 0.13% (3 ML+0.01%) due 12/15/2021		11,500,000		11,502,076
EUROFIMA FRS Senior Notes 0.22% (3ML+0.10%) due 03/11/2022		2,000,000		2,000,940
EUROFIMA FRS Senior Notes 0.25% (3 ML+0.09%) due 11/15/2021		7,700,000		7,701,771
European Bank for Reconstruction & Development FRS Senior Notes 0.29% (SOFR+0.26%) due 08/19/2022		6,625,000		6,636,925
European Bank for Reconstruction & Development FRS Senior Notes 0.31% (SOFR+0.26%) due 03/13/2023		840,000		842,058
Inter-American Development Bank FRS Senior Notes 0.11% (3 ML - 0.02%) due 10/25/2021		2,000,000		2,000,004
Inter-American Development Bank FRS Senior Notes 0.13% (3 ML+0.00%) due 01/15/2022		20,000		20,000
Inter-American Development Bank FRS Senior Notes 0.31% (SOFR+0.26%) due 09/16/2022		6,445,000		6,457,439
Inter-American Investment Corp. FRS Senior Notes 0.21% (3 ML+0.09%) due 10/12/2021		11,250,000		11,251,215
International Bank for Reconstruction & Development FRS Senior Notes 0.18% (SOFR+0.13%) due 01/13/2023		5,500,000		5,502,420
International Finance Corp. FRS Senior Notes 0.14% (SOFR+.09%) due 06/30/2023		3,000,000		3,000,000

35

SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
SupraNational Banks (continued)
International Finance Corp. FRS Senior Notes 0.22% (1 ML+0.13%) due 08/23/2021	$	3,000,000	$	3,000,181
				64,015,391
Total Foreign Corporate Bonds & Notes (cost $111,217,404)				111,235,013
FOREIGN GOVERNMENT OBLIGATIONS — 1.2%
Sovereign Agency — 1.2%
Kommunalbanken AS FRS Senior Notes 0.23% (3 ML+0.08%) due 02/24/2022 (cost $5,001,101)		5,000,000		5,001,776
U.S. GOVERNMENT TREASURIES — 6.5%
United States Treasury Notes — 6.5%
United States Treasury Notes FRS 0.08% (3 M USBMMY+0.03%) due 04/30/2023 (cost $26,002,714)		26,000,000		26,003,025
Total Long-Term Investment Securities (cost $146,056,300)				146,077,496
SHORT-TERM INVESTMENT SECURITIES — 63.9%
Certificates of Deposit — 1.2%
Royal Bank of Canada FRS 0.17% (3 ML+0.05%) due 03/11/2022		5,000,000		5,000,954
Commercial Paper — 62.5%
Apple, Inc. 0.05% due 09/21/2021*		2,000,000		1,999,838
Apple, Inc. 0.05% due 09/24/2021*		3,000,000		2,999,734
Bank of Montreal FRS 0.17% (3 ML+0.04%) due 03/10/2022		2,000,000		2,000,136
Banque Et Caisse 0.07% due 10/19/2021		8,500,000		8,498,470
Banque Et Caisse 0.12% due 09/01/2021		3,250,000		3,249,762
BNG Bank NV 0.06% due 08/09/2021*		5,500,000		5,499,893
BNG Bank NV 0.06% due 08/10/2021*		6,000,000		5,999,872
Caisse des Depots et Consignations 0.06% due 08/05/2021*		3,500,000		3,499,954
Caisse des Depots et Consignations 0.06% due 08/06/2021*		1,250,000		1,249,981
Caisse des Depots et Consignations 0.09% due 10/20/2021*		4,750,000		4,748,950
Caisse des Depots et Consignations 0.09% due 10/27/2021*		750,000		749,815
Caisse des Depots et Consignations 0.14% due 01/04/2022*		750,000		749,605
Canadian Imperial Bank 0.14% due 12/01/2021*		7,500,000		7,497,391
Canadian Imperial Bank 0.17% due 09/14/2021*		4,000,000		3,999,617
CDP Financial, Inc. 0.09% due 10/29/2021*		8,000,000		7,997,998
CDP Financial, Inc. 0.10% due 11/09/2021*		1,750,000		1,749,544

Security Description	Principal Amount		Value (Note 2)
Commercial Paper (continued)
CDP Financial, Inc. 0.13% due 11/08/2021*	$	1,250,000	$	1,249,674
CDP Financial, Inc. 0.14% due 11/01/2021*		500,000		499,873
Chevron Corp. 0.04% due 09/16/2021*		3,000,000		2,999,680
Corpoerative Centrale 0.11% due 12/08/2021		5,000,000		4,998,290
Corpoerative Centrale 0.15% due 10/04/2021		1,000,000		999,868
Corpoerative Centrale 0.15% due 12/08/2021		4,500,000		4,498,461
Erste Abwicklungsanstalt 0.09% due 09/14/2021*		1,250,000		1,249,855
Erste Abwicklungsanstalt 0.10% due 10/01/2021*		1,750,000		1,749,691
Erste Abwicklungsanstalt 0.12% due 08/04/2021*		5,000,000		4,999,937
Erste Abwicklungsanstalt 0.15% due 08/20/2021*		1,500,000		1,499,918
European Investment Bank 0.06% due 09/16/2021		2,000,000		1,999,781
European Investment Bank 0.12% due 10/18/2021		9,500,000		9,497,952
Export Development Corp. 0.10% due 09/01/2021		500,000		499,972
FMS Wertmanagement 0.09% due 08/12/2021*		2,750,000		2,749,921
FMS Wertmanagement 0.11% due 11/02/2021*		1,500,000		1,499,592
FMS Wertmanagement 0.13% due 08/10/2021*		2,500,000		2,499,939
FMS Wertmanagement 0.17% due 08/04/2021*		5,000,000		4,999,944
KFW International Finance, Inc. 0.08% due 10/13/2021*		500,000		499,906
KFW International Finance, Inc. 0.09% due 11/02/2021*		5,500,000		5,498,665
Kingdom of Denmark 0.04% due 08/02/2021		500,000		499,998
Kingdom of Denmark 0.07% due 08/27/2021		6,000,000		5,999,720
Massachusetts Mutual Life Insurance Co. 0.05% due 08/05/2021*		7,260,000		7,259,915
National Australia Bank, Ltd. 0.07% due 08/03/2021*		1,250,000		1,249,989
National Securities Clearing Corp. 0.06% due 09/03/2021*		2,750,000		2,749,786
Nederlandse Waterschapsbank NV 0.10% due 10/04/2021*		400,000		399,925
Nederlandse Waterschapsbank NV 0.11% due 10/27/2021*		7,000,000		6,998,096
Nordea Bank Abp 0.07% due 09/15/2021*		3,000,000		2,999,687
Nordea Bank Abp 0.15% due 09/23/2021*		5,500,000		5,499,328
Novartis Finance Corp. 0.05% due 08/09/2021*		3,000,000		2,999,949
NRW.Bank 0.11% due 10/26/2021*		7,250,000		7,248,068
NRW.Bank 0.13% due 08/03/2021*		2,000,000		1,999,983

36

SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Commercial Paper (continued)
Ontario Teachers Finance Trust 0.10% due 10/13/2021*	$	2,250,000	$	2,249,695
Province of Alberta, Canada 0.07% due 08/24/2021*		4,000,000		3,999,767
Province of Alberta, Canada 0.11% due 11/19/2021*		1,000,000		999,689
Province of Alberta, Canada 0.14% due 12/07/2021*		1,500,000		1,499,420
Province of British Columbia, Canada 0.08% due 10/26/2021		600,000		599,869
PSP Capital, Inc. 0.11% due 10/14/2021*		2,000,000		1,999,641
PSP Capital, Inc. 0.12% due 08/05/2021*		2,250,000		2,249,974
PSP Capital, Inc. 0.13% due 08/03/2021*		1,500,000		1,499,988
PSP Capital, Inc. 0.13% due 08/05/2021*		750,000		749,991
PSP Capital, Inc. 0.15% due 11/10/2021*		3,500,000		3,499,009
PSP Capital, Inc. 0.16% due 10/14/2021*		1,500,000		1,499,731
Queensland Treasury Corp. 0.11% due 08/16/2021		2,750,000		2,749,922
Queensland Treasury Corp. 0.12% due 09/13/2021		5,000,000		4,999,625
Queensland Treasury Corp. 0.15% due 10/06/2021		2,500,000		2,499,702
Sanofi 0.06% due 09/21/2021*		750,000		749,934
Sanofi 0.06% due 09/23/2021*		4,750,000		4,749,565
Sanofi 0.07% due 09/21/2021*		1,000,000		999,912
Sanofi 0.07% due 09/28/2021*		5,000,000		4,999,500
Shell International Finance BV 0.23% due 08/23/2021*		3,000,000		2,999,846
Skandinaviska Enskilda Banken AG 0.17% due 12/01/2021		2,000,000		1,999,235
Skandinaviska Enskilda Banken AG 0.19% due 10/29/2021*		750,000		749,810
Skandinaviska Enskilda Banken AG 0.19% due 12/16/2021*		8,000,000		7,996,417
Svenska Handelsbanken AB 0.14% due 11/16/2021		2,250,000		2,249,319
Svenska Handelsbanken AB 0.17% due 12/03/2021		5,500,000		5,497,998
Svenska Handelsbanken AB 0.18% due 10/05/2021		500,000		499,921
Svenska Handelsbanken AB 0.18% due 11/09/2021		3,500,000		3,499,008
Swedbank AB 0.08% due 08/05/2021		2,000,000		1,999,980
Swedbank AB 0.12% due 10/28/2021		1,000,000		999,800
Swedbank AB 0.12% due 12/22/2021		6,000,000		5,997,390
Total Capital Canada, Ltd. 0.15% due 08/18/2021*		750,000		749,967
Total Capital Canada, Ltd. 0.18% due 08/03/2021*		5,000,000		4,999,952

Security Description	Principal Amount			Value (Note 2)
Commercial Paper (continued)
Westpac Banking Corp. FRS 0.18% (3 ML+0.01%) due 02/07/2022*	$	5,000,000		$	4,999,964
					250,719,464
Registered Investment Companies — 0.2%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.03%(1)		786,822			786,822
Total Short-Term Investment Securities (cost $256,496,072)					256,507,240
TOTAL INVESTMENTS (cost $402,552,372)(2)		100.3	%		402,584,736
Liabilities in excess of other assets		(0.3	)		(1,232,256	)
NET ASSETS		100.0	%	$	401,352,480

* 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 July 31, 2021, the aggregate value of these securities was $180,385,319 representing 44.9% of net assets.

(1) The rate shown is the 7-day yield as of July 31, 2021.

(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 as of July 31, 2021 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

3 M USBMMY — 3 Month U.S. Treasury Bill Money Market Yield

SOFR — Secured Overnight Financing Rate

37

SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	—	$	3,837,682	$	—	$	3,837,682
Foreign Corporate Bonds & Notes		—		111,235,013		—		111,235,013
Foreign Government Obligations		—		5,001,776		—		5,001,776
U.S. Government Treasuries		—		26,003,025		—		26,003,025
Short-Term Investment Securities:
Registered Investment Companies		786,822		—		—		786,822
Other Short-Term Securities		—		255,720,418		—		255,720,418
Total Investments at Value	$	786,822	$	401,797,914	$	—	$	402,584,736

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

See Notes to Financial Statements

38

SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Banks-Commercial	9.1	%
Exchange-Traded Funds	8.3
Semiconductor Components-Integrated Circuits	6.4
Internet Content-Information/News	6.3
Electronic Components-Semiconductors	5.9
E-Commerce/Products	5.6
Oil Companies-Integrated	2.7
Auto-Cars/Light Trucks	2.2
Diversified Financial Services	1.7
Oil Refining & Marketing	1.7
Computer Services	1.7
U.S. Government Treasuries	1.4
Electronic Components-Misc.	1.3
Web Portals/ISP	1.2
Steel-Producers	1.2
Cellular Telecom	1.1
Real Estate Operations & Development	1.0
Insurance-Life/Health	1.0
Medical-Drugs	0.9
Metal-Iron	0.9
Chemicals-Diversified	0.9
Petrochemicals	0.9
Medical Labs & Testing Services	0.8
Telecom Services	0.7
Entertainment Software	0.7
Building Products-Cement	0.7
Retail-Apparel/Shoe	0.7
Medical-Biomedical/Gene	0.6
Internet Content-Entertainment	0.6
Insurance-Multi-line	0.6
Finance-Mortgage Loan/Banker	0.6
Food-Retail	0.6
Computers	0.5
Cosmetics & Toiletries	0.5
Electric-Integrated	0.5
Gold Mining	0.4
Gas-Distribution	0.4
Wireless Equipment	0.4
Electric-Generation	0.4
Retail-Restaurants	0.4
Metal-Diversified	0.4
Medical-Generic Drugs	0.4
Oil Companies-Exploration & Production	0.4
Brewery	0.4
Photo Equipment & Supplies	0.4
Building-Heavy Construction	0.4
Food-Dairy Products	0.4
Platinum	0.4
Agricultural Chemicals	0.4
Food-Misc./Diversified	0.3
Soap & Cleaning Preparation	0.3
Beverages-Non-alcoholic	0.3
Textile-Apparel	0.3
Audio/Video Products	0.3
E-Commerce/Services	0.3
Circuit Boards	0.3
Insurance-Property/Casualty	0.3
Finance-Other Services	0.3
Retail-Automobile	0.3
Retail-Drug Store	0.3
Airport Development/Maintenance	0.3

Auto/Truck Parts & Equipment-Original	0.2	%
Transport-Marine	0.2
Real Estate Management/Services	0.2
Finance-Investment Banker/Broker	0.2
Power Converter/Supply Equipment	0.2
Retail-Hypermarkets	0.2
Tobacco	0.2
Non-Ferrous Metals	0.2
Coatings/Paint	0.2
Medical-Hospitals	0.2
Retail-Convenience Store	0.2
Hotels/Motels	0.2
Applications Software	0.2
Retail-Misc./Diversified	0.2
Auto-Heavy Duty Trucks	0.2
Metal-Aluminum	0.2
Rubber/Plastic Products	0.2
Food-Baking	0.2
Investment Companies	0.1
Coal	0.1
Retail-Discount	0.1
Diversified Operations	0.1
Chemicals-Plastics	0.1
Investment Management/Advisor Services	0.1
Building & Construction-Misc.	0.1
Machinery-General Industrial	0.1
Paper & Related Products	0.1
Energy-Alternate Sources	0.1
Enterprise Software/Service	0.1
Transport-Services	0.1
Finance-Consumer Loans	0.1
Banks-Regional	0.1
Computer Software	0.1
Finance-Leasing Companies	0.1
Diversified Minerals	0.1
Miscellaneous Manufacturing	0.1
Medical-HMO	0.1
Telephone-Integrated	0.1
Warehousing & Harbor Transportation Services	0.1
Appliances	0.1
Communications Software	0.1
Shipbuilding	0.1
Capacitors	0.1
Transport-Rail	0.1
Electric-Transmission	0.1
Food-Wholesale/Distribution	0.1
Food-Meat Products	0.1
Retail-Jewelry	0.1
Metal-Copper	0.1
Water	0.1
Rental Auto/Equipment	0.1
Motorcycle/Motor Scooter	0.1
Networking Products	0.1
Metal Processors & Fabrication	0.1
Semiconductor Equipment	0.1
Building & Construction Products-Misc.	0.1
Banks-Money Center	0.1
Independent Power Producers	0.1
Machinery-Construction & Mining	0.1
Cable/Satellite TV	0.1
Non-Hazardous Waste Disposal	0.1

39

SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Industry Allocation* (continued)

Food-Flour & Grain	0.1	%
Medical Instruments	0.1
Computers-Periphery Equipment	0.1
Diversified Banking Institutions	0.1
Disposable Medical Products	0.1
Chemicals-Other	0.1
Auto/Truck Parts & Equipment-Replacement	0.1
Female Health Care Products	0.1
Advanced Materials	0.1
Medical-Wholesale Drug Distribution	0.1
Pastoral & Agricultural	0.1
	89.7	%

Country Allocation*

Cayman Islands	17.8	%
Taiwan	12.4
South Korea	11.8
United States	10.1
India	8.9
China	5.8
Brazil	4.3
South Africa	3.2
Saudi Arabia	2.6
Russia	2.0
Mexico	1.7
Thailand	1.4
Malaysia	1.0
Hong Kong	1.0
Indonesia	0.9
United Arab Emirates	0.6
Poland	0.6
Qatar	0.6
Kuwait	0.5
Philippines	0.5
Bermuda	0.4
Chile	0.4
Netherlands	0.3
Turkey	0.2
Hungary	0.2
Luxembourg	0.2
Colombia	0.1
Czech Republic	0.1
Greece	0.1
	89.7	%

* Calculated as a percentage of net assets

40

SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 80.0%
Bermuda — 0.4%
Beijing Enterprises Water Group, Ltd.		46,000	$	16,906
Brilliance China Automotive Holdings, Ltd.(1)		36,000		24,232
China Gas Holdings, Ltd.		36,000		111,663
China Resources Gas Group, Ltd.		12,000		73,963
COSCO SHIPPING Ports, Ltd.		26,000		18,559
Credicorp, Ltd.†		907		91,571
GOME Retail Holdings, Ltd.†		110,000		12,045
Hopson Development Holdings, Ltd.		12,000		39,809
Kunlun Energy Co., Ltd.		54,000		46,771
Nine Dragons Paper Holdings, Ltd.		25,000		31,544
Shenzhen International Holdings, Ltd.		12,000		15,850
				482,913
Brazil — 4.3%
Alpargatas SA (Preference Shares)†		1,700		16,797
AMBEV SA		64,100		204,795
Americanas SA†		4,870		45,911
Atacadao SA		2,500		9,115
B3 SA - Brasil Bolsa Balcao		85,200		249,470
Banco Bradesco SA		17,974		71,264
Banco Bradesco SA (Preference Shares)		67,469		314,141
Banco BTG Pactual SA		12,000		67,416
Banco do Brasil SA		11,000		66,804
Banco Santander Brasil SA		5,500		42,811
BB Seguridade Participacoes SA		8,600		35,287
Bradespar SA (Preference Shares)		2,900		41,182
BRF SA†		6,300		30,990
CCR SA		13,400		33,447
Centrais Eletricas Brasileiras SA		5,600		43,277
Cia Brasileira de Distribuicao†		1,741		10,373
Cia de Saneamento Basico do Estado de Sao Paulo		3,300		22,468
Cia Energetica de Minas Gerais (Preference Shares)		11,913		27,311
Cia Paranaense de Energia, Class B (Preference Shares)		8,050		9,459
Cia Siderurgica Nacional SA		9,400		84,376
Cosan SA		9,200		45,132
CPFL Energia SA		1,459		7,093
Energisa SA		1,500		12,312
Engie Brasil Energia SA		1,900		13,837
Equatorial Energia SA		10,000		46,465
Gerdau SA (Preference Shares)		13,900		82,200
Hapvida Participacoes e Investimentos SA*		14,000		38,251
Hypera SA		4,200		28,749
Itau Unibanco Holding SA (Preference Shares)		66,550		387,167
Itausa SA (Preference Shares)		58,880		126,278
JBS SA		13,700		84,306
Klabin SA†		8,700		40,859
Localiza Rent a Car SA		8,280		98,805
Lojas Americanas SA (Preference Shares)		11,500		15,655
Lojas Renner SA		10,100		80,090
Magazine Luiza SA		41,000		162,166
Multiplan Empreendimentos Imobiliarios SA		2,400		10,760
Natura & Co. Holding SA†		11,900		122,810
Notre Dame Intermedica Participacoes SA		7,000		107,522

Security Description	Shares		Value (Note 2)
Brazil (continued)
Petrobras Distribuidora SA		8,200	$	44,603
Petroleo Brasileiro SA		51,800		273,508
Petroleo Brasileiro SA (Preference Shares)		66,600		344,109
Raia Drogasil SA		13,200		63,969
Rumo SA†		17,000		67,435
Sendas Distribuidora SA		1,741		28,975
Sul America SA		3,566		20,493
Suzano SA†		10,191		105,799
Telefonica Brasil SA		4,900		38,771
TIM SA		8,900		19,344
TOTVS SA		5,600		38,020
Ultrapar Participacoes SA		9,500		32,249
Vale SA		51,400		1,073,348
Via Varejo S/A†		15,900		38,435
WEG SA		23,600		161,812
				5,288,021
Cayman Islands — 17.8%
51job, Inc. ADR†		294		21,174
AAC Technologies Holdings, Inc.		9,500		56,954
Agile Group Holdings, Ltd.		18,000		19,707
Airtac International Group		2,000		64,530
Alibaba Group Holding, Ltd. ADR†		26,391		5,151,259
ANTA Sports Products, Ltd.		15,000		327,346
Autohome, Inc. ADR		772		34,972
Baidu, Inc. ADR†		3,841		629,962
BeiGene, Ltd. ADR†		600		189,954
Bosideng International Holdings, Ltd.		42,000		26,268
Chailease Holding Co., Ltd.†		16,423		136,144
China Aoyuan Group, Ltd.		16,000		10,227
China Conch Venture Holdings, Ltd.		22,500		82,378
China East Education Holdings, Ltd.*		6,500		7,582
China Feihe, Ltd.*		17,000		32,766
China Hongqiao Group, Ltd.		23,000		30,745
China Lesso Group Holdings, Ltd.		15,000		31,268
China Literature, Ltd.†*		4,200		38,948
China Medical System Holdings, Ltd.		16,000		32,521
China Mengniu Dairy Co., Ltd.		40,000		217,077
China Resources Cement Holdings, Ltd.		36,000		29,711
China Resources Land, Ltd.		46,000		154,092
China Yuhua Education Corp., Ltd.*		14,000		8,654
CIFI Holdings Group Co., Ltd.		50,000		30,166
Country Garden Holdings Co., Ltd.		113,000		110,583
Country Garden Services Holdings Co., Ltd.		20,689		168,017
Dali Foods Group Co., Ltd.*		27,500		14,901
ENN Energy Holdings, Ltd.		11,100		232,557
Gaotu Techedu, Inc. ADR†		1,011		3,225
GDS Holdings, Ltd. ADR†		1,222		72,049
Geely Automobile Holdings, Ltd.		82,000		274,328
Haidilao International Holding, Ltd.*		11,000		41,413
Haitian International Holdings, Ltd.		9,000		32,949
Hansoh Pharmaceutical Group Co., Ltd.*		16,000		57,435
Hello Group, Inc. ADR		1,846		22,872
Hengan International Group Co., Ltd.		9,000		53,577
Huazhu Group, Ltd. ADR†		2,224		100,036
Huya, Inc. ADR†		772		9,874
Innovent Biologics, Inc.†*		14,000		142,966
iQIYI, Inc. ADR†		3,642		40,645
JD Health International, Inc.†*		2,900		31,185
JD.com, Inc. ADR†		12,077		856,018

41

SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cayman Islands (continued)
JOYY, Inc. ADR		750	$	40,087
Kaisa Group Holdings, Ltd.		37,000		10,047
KE Holdings, Inc. ADR†		1,300		28,587
Kingboard Holdings, Ltd.		10,500		55,066
Kingboard Laminates Holdings, Ltd.		16,000		32,075
Kingdee International Software Group Co., Ltd.†		34,000		106,624
Kingsoft Corp., Ltd.		12,000		55,967
Koolearn Technology Holding, Ltd.†*		2,000		1,245
KWG Group Holdings, Ltd.		18,500		20,298
Lee & Man Paper Manufacturing, Ltd.		18,000		13,453
Li Ning Co., Ltd.		30,000		317,093
Longfor Group Holdings, Ltd.*		26,000		121,562
Meituan, Class B†*		50,200		1,391,197
Microport Scientific Corp.		10,000		75,566
Minth Group, Ltd.		10,000		42,316
NetEase, Inc. ADR		5,770		589,752
New Oriental Education & Technology Group, Inc. ADR†		21,360		46,351
NIO, Inc. ADR†		17,829		796,600
Noah Holdings, Ltd. ADR†		401		15,479
Pinduoduo, Inc. ADR†		5,305		485,991
Ping An Healthcare and Technology Co., Ltd.†*		7,000		65,458
Seazen Group, Ltd.		28,000		20,888
Shenzhou International Group Holdings, Ltd.		11,700		259,174
Shimao Property Holdings, Ltd.		17,500		34,518
Silergy Corp.		1,000		135,473
Sino Biopharmaceutical, Ltd.		141,750		120,637
Sunny Optical Technology Group Co., Ltd.		10,000		303,101
TAL Education Group ADR†		5,319		32,286
Tencent Holdings, Ltd.		80,100		4,943,078
Tencent Music Entertainment Group ADR†		5,201		54,975
Tingyi Cayman Islands Holding Corp.		26,000		46,999
Tongcheng-Elong Holdings, Ltd.†		11,200		25,281
Topsports International Holdings, Ltd.*		17,000		23,762
Trip.com Group, Ltd. ADR†		6,529		169,297
Uni-President China Holdings, Ltd.		18,000		18,094
Vinda International Holdings, Ltd.		5,000		14,098
Vipshop Holdings, Ltd. ADR†		6,113		101,659
Want Want China Holdings, Ltd.		68,000		45,879
Weibo Corp. ADR†		688		38,803
Wuxi Biologics Cayman, Inc.†*		43,000		656,436
Xinyi Solar Holdings, Ltd.		58,000		116,610
Xpeng, Inc. ADR†		2,300		93,219
Yadea Group Holdings, Ltd.*		14,000		24,075
Yihai International Holding, Ltd.		7,000		42,144
Zai Lab, Ltd. ADR†		953		137,813
Zhen Ding Technology Holding, Ltd.		7,000		26,215
Zhenro Properties Group, Ltd.		23,000		12,850
Zhongsheng Group Holdings, Ltd.		8,000		73,668
ZTO Express Cayman, Inc. ADR		5,548		150,129
				21,661,010
Chile — 0.4%
Banco de Chile		582,395		53,337
Banco de Credito e Inversiones SA		608		25,077
Banco Santander Chile		824,433		40,685
Cencosud SA		17,694		32,092

Security Description	Shares		Value (Note 2)
Chile (continued)
Cencosud Shopping SA		4,118	$	6,343
Cia Cervecerias Unidas SA		1,085		11,722
Colbun SA		108,744		15,905
Empresas CMPC SA		15,604		33,721
Empresas COPEC SA		5,516		47,609
Enel Americas SA		427,218		59,375
Enel Chile SA		259,527		13,471
Falabella SA		8,881		34,523
Sociedad Quimica y Minera de Chile SA, Class B (Preference Shares)		1,545		73,801
				447,661
China — 5.8%
3SBio, Inc.†*		13,000		10,847
A-Living Smart City Services Co., Ltd.*		6,000		23,028
Agricultural Bank of China, Ltd.		394,000		131,459
Air China, Ltd.†		20,000		12,841
AK Medical Holdings, Ltd.*		4,000		4,969
Aluminum Corp. of China, Ltd.†		34,000		20,649
Anhui Conch Cement Co., Ltd.		17,500		83,701
Bank of China, Ltd.		1,110,000		385,820
Bank of Communications Co., Ltd.		127,000		73,580
Baozun, Inc. ADR†		720		17,798
Beijing Capital International Airport Co., Ltd.†		24,000		13,777
Bilibili, Inc. ADR†		1,635		139,923
BYD Co., Ltd.		9,000		277,233
CanSino Biologics, Inc.†*		1,000		42,481
China Bohai Bank Co., Ltd.*		30,000		11,710
China Cinda Asset Management Co., Ltd.		87,000		14,793
China CITIC Bank Corp., Ltd.		125,000		55,959
China Communications Services Corp., Ltd.		24,000		10,291
China Construction Bank Corp.		1,343,000		937,601
China Everbright Bank Co., Ltd.		45,000		15,349
China Evergrande Group		25,000		16,934
China Galaxy Securities Co., Ltd.		39,500		20,649
China Huarong Asset Management Co., Ltd.(1)*		88,000		11,550
China International Capital Corp., Ltd.*		18,400		42,371
China Life Insurance Co., Ltd.		102,000		170,557
China Longyuan Power Group Corp. Ltd.		45,000		84,196
China Meidong Auto Holdings, Ltd.		8,000		43,172
China Merchants Bank Co., Ltd.		56,500		431,242
China Minsheng Banking Corp., Ltd.		80,000		32,543
China Molybdenum Co, Ltd.		42,000		30,841
China National Building Material Co., Ltd.		54,000		58,763
China Pacific Insurance Group Co., Ltd.		39,000		109,930
China Petroleum & Chemical Corp.		342,000		155,886
China Railway Group, Ltd.		43,000		19,932
China Shenhua Energy Co., Ltd.		49,000		92,876
China Southern Airlines Co., Ltd.†		20,000		10,534
China Tower Corp., Ltd.*		580,000		76,885
China Vanke Co., Ltd.		24,300		63,354
Chongqing Rural Commercial Bank Co., Ltd.		34,000		12,750
CITIC Securities Co., Ltd.		29,000		64,596
COSCO SHIPPING Holdings Co., Ltd.†		50,050		75,894
Dongfeng Motor Group Co., Ltd.		36,000		32,056
DouYu International Holdings, Ltd. ADR†		1,200		4,836

42

SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
China (continued)
Fuyao Glass Industry Group Co., Ltd.*		6,800	$	43,291
Genscript Biotech Corp.†		10,000		43,981
GF Securities Co., Ltd.		14,600		20,747
Great Wall Motor Co., Ltd.		44,500		214,297
Guangzhou Automobile Group Co., Ltd.		37,200		32,235
Guangzhou R&F Properties Co., Ltd.		26,000		22,790
Haier Smart Home Co., Ltd.		28,600		98,027
Haitong Securities Co., Ltd.		29,200		24,058
Hangzhou Tigermed Consulting Co., Ltd.*		1,700		32,972
Huaneng Power International, Inc.		48,000		16,321
Huatai Securities Co., Ltd.*		15,800		20,947
Industrial & Commercial Bank of China, Ltd.		851,000		473,376
Jiangsu Expressway Co., Ltd.		14,000		14,961
Jiangxi Copper Co., Ltd.		12,000		25,273
Jinxin Fertility Group, Ltd.*		18,000		34,021
Kingsoft Cloud Holdings, Ltd. ADR†		700		20,300
Legend Holdings Corp.*		4,455		6,360
Logan Property Holdings Co., Ltd.		22,000		23,472
Lufax Holding, Ltd. ADR†		2,200		16,500
Luye Pharma Group, Ltd.†*		12,500		6,731
New China Life Insurance Co., Ltd.		10,800		29,559
People’s Insurance Co. Group of China, Ltd.		104,000		32,281
PetroChina Co., Ltd.		304,000		126,520
Pharmaron Beijing Co., Ltd.*		1,800		39,463
PICC Property & Casualty Co., Ltd.		96,000		77,843
Ping An Insurance Group Co. of China, Ltd.		84,500		741,714
Poly Property Services Co., Ltd.		1,400		7,906
Postal Savings Bank of China Co., Ltd.*		133,000		85,936
Shandong Gold Mining Co., Ltd.*		6,500		11,536
Shandong Weigao Group Medical Polymer Co., Ltd.		36,000		64,579
Shanghai Fosun Pharmaceutical Group Co., Ltd.		6,500		59,763
Shanghai Pharmaceuticals Holding Co., Ltd.		5,800		12,412
Sinopharm Group Co., Ltd.		16,800		44,187
Smoore International Holdings, Ltd.*		7,000		30,179
Sunac China Holdings, Ltd.†		35,000		90,911
TravelSky Technology, Ltd.		12,000		20,485
Tsingtao Brewery Co., Ltd.		6,000		47,345
Weichai Power Co., Ltd.		25,000		54,736
WuXi AppTec Co., Ltd.*		4,896		108,967
Xinjiang Goldwind Science & Technology Co., Ltd.		9,400		17,620
Yanzhou Coal Mining Co., Ltd.		26,000		38,642
Zhaojin Mining Industry Co., Ltd.		9,500		9,312
Zhejiang Expressway Co., Ltd.		18,000		15,212
ZhongAn Online P&C Insurance Co., Ltd.†*		4,900		26,551
Zijin Mining Group Co., Ltd.		82,000		116,992
Zoomlion Heavy Industry Science and Technology Co., Ltd.		17,200		14,814
				7,062,281
Colombia — 0.1%
Bancolombia SA		3,585		25,052
Bancolombia SA (Preference Shares)		5,647		40,481
Ecopetrol SA		82,950		56,320

Security Description	Shares		Value (Note 2)
Colombia (continued)
Grupo de Inversiones Suramericana SA		2,632	$	11,742
Interconexion Electrica SA ESP		6,010		33,816
				167,411
Czech Republic — 0.1%
CEZ AS		3,035		84,218
Komercni banka AS†		1,302		48,382
Moneta Money Bank AS†*		7,476		30,391
				162,991
Greece — 0.1%
Hellenic Telecommunications Organization SA		2,692		49,088
JUMBO SA		1,014		16,096
OPAP SA		2,396		34,584
				99,768
Hong Kong — 1.0%
Alibaba Health Information Technology, Ltd.†		56,000		87,152
Alibaba Pictures Group, Ltd.†		160,000		19,382
Beijing Enterprises Holdings, Ltd.		6,000		18,647
BYD Electronic International Co., Ltd.		9,500		48,112
China Education Group Holdings, Ltd.		9,000		16,341
China Everbright Environment Group, Ltd.		45,000		24,391
China Everbright, Ltd.		8,000		8,810
China Merchants Port Holdings Co., Ltd.		16,430		22,909
China Resources Beer Holdings Co., Ltd.		22,000		165,020
China Resources Power Holdings Co., Ltd.		28,000		48,229
China Taiping Insurance Holdings Co., Ltd.		21,600		30,384
China Traditional Chinese Medicine Holdings Co., Ltd.†		32,000		19,993
CITIC, Ltd.		78,000		84,442
CSPC Pharmaceutical Group, Ltd.		122,320		165,288
Fosun International, Ltd.		37,000		49,012
Guangdong Investment, Ltd.		38,000		53,268
Hua Hong Semiconductor, Ltd.†*		6,000		37,934
Hutchmed China, Ltd. ADR†		907		38,139
Lenovo Group, Ltd.		106,000		99,126
Shenzhen Investment, Ltd.		52,000		14,603
Sinotruk Hong Kong, Ltd.		9,000		15,558
SSY Group, Ltd.		12,000		7,725
Sun Art Retail Group, Ltd.†		21,000		13,062
Wharf Holdings, Ltd.		20,000		67,857
Yuexiu Property Co., Ltd.		28,000		26,131
				1,181,515
Hungary — 0.2%
MOL Hungarian Oil & Gas PLC†		6,654		53,026
OTP Bank Nyrt†		3,169		170,895
Richter Gedeon Nyrt		1,902		52,223
				276,144
India — 8.9%
ACC, Ltd.		753		24,288
Adani Green Energy, Ltd.†		5,415		64,297
Adani Ports & Special Economic Zone, Ltd.		6,474		59,027
Ambuja Cements, Ltd.		9,795		54,273
Apollo Hospitals Enterprise, Ltd.		1,102		59,714
Asian Paints, Ltd.		5,198		206,831

43

SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
India (continued)
Aurobindo Pharma, Ltd.		3,893	$	48,074
Avenue Supermarts, Ltd.†*		2,121		99,898
Axis Bank, Ltd.†		30,995		295,892
Bajaj Auto, Ltd.		798		41,306
Bajaj Finance, Ltd.		3,701		311,377
Bajaj Finserv, Ltd.		487		93,210
Balkrishna Industries, Ltd.		1,036		33,181
Bandhan Bank, Ltd.*		9,067		35,661
Berger Paints India, Ltd.		2,613		29,676
Bharat Forge, Ltd.		2,445		25,480
Bharat Petroleum Corp., Ltd.		8,336		49,934
Bharti Airtel, Ltd.		16,795		127,823
Biocon, Ltd.†		5,155		26,786
Britannia Industries, Ltd.		1,420		65,413
Cipla, Ltd.†		6,084		75,240
Coal India, Ltd.		16,454		31,882
Colgate-Palmolive India, Ltd.		1,376		31,533
Container Corp. Of India, Ltd.		2,762		23,949
Dabur India, Ltd.		6,181		49,995
Divi’s Laboratories, Ltd.†		1,768		116,275
DLF, Ltd.		7,657		34,796
Dr Reddy’s Laboratories, Ltd.		1,567		99,071
Eicher Motors, Ltd.†		1,700		57,890
GAIL India, Ltd.		19,406		36,525
Godrej Consumer Products, Ltd.†		5,234		69,940
Grasim Industries, Ltd.		3,820		80,045
Havells India, Ltd.		2,980		47,044
HCL Technologies, Ltd.		14,941		205,425
HDFC Asset Management Co., Ltd.*		489		18,790
HDFC Life Insurance Co., Ltd.*		9,372		83,821
Hero MotoCorp, Ltd.		1,510		56,279
Hindalco Industries, Ltd.		19,529		117,672
Hindustan Petroleum Corp., Ltd.		8,320		29,245
Hindustan Unilever, Ltd.		11,318		356,121
Housing Development Finance Corp., Ltd.		23,500		774,787
ICICI Bank, Ltd.		58,060		533,744
ICICI Lombard General Insurance Co., Ltd.*		2,658		52,758
ICICI Prudential Life Insurance Co., Ltd.*		4,024		34,233
Indian Oil Corp., Ltd.		24,051		33,514
Indraprastha Gas, Ltd.		3,557		26,769
Indus Towers, Ltd.		2,878		8,628
Info Edge India, Ltd.		950		66,421
Infosys, Ltd.		47,367		1,032,708
InterGlobe Aviation, Ltd.†*		1,191		26,448
Ipca Laboratories, Ltd.		835		23,435
ITC, Ltd.		39,837		110,002
JSW Steel, Ltd.		10,169		100,994
Jubilant Foodworks, Ltd.†		1,017		51,618
Kotak Mahindra Bank, Ltd.†		7,612		170,043
Larsen & Toubro Infotech, Ltd.*		701		44,324
Larsen & Toubro, Ltd.		9,173		198,144
Lupin, Ltd.		2,736		40,919
Mahindra & Mahindra, Ltd.		10,685		107,064
Marico, Ltd.		6,506		47,853
Maruti Suzuki India, Ltd.		1,810		170,556
Motherson Sumi Systems, Ltd.†		15,497		49,002
MRF, Ltd.		17		18,318
Muthoot Finance, Ltd.		1,484		31,053
Nestle India, Ltd.		455		108,587

Security Description	Shares		Value (Note 2)
India (continued)
NTPC, Ltd.		58,804	$	94,298
Oil & Natural Gas Corp., Ltd.		35,442		54,875
Page Industries, Ltd.		62		26,208
Petronet LNG, Ltd.		9,779		28,892
PI Industries, Ltd.		1,010		40,184
Pidilite Industries, Ltd.		1,642		50,485
Piramal Enterprises, Ltd.		997		31,196
Power Grid Corp. of India, Ltd. (Bonus Shares)†		8,844		20,338
Power Grid Corp. of India, Ltd.		26,532		61,015
REC, Ltd.		9,154		18,761
Reliance Industries, Ltd.		39,766		1,091,034
SBI Life Insurance Co., Ltd.*		4,961		74,204
Shree Cement, Ltd.		127		48,253
Shriram Transport Finance Co., Ltd.		2,349		44,115
Siemens, Ltd.		567		14,892
State Bank of India		23,858		138,758
Sun Pharmaceutical Industries, Ltd.		11,173		116,233
Tata Consultancy Services, Ltd.		12,958		552,006
Tata Consumer Products, Ltd.		8,350		84,864
Tata Motors, Ltd.†		22,179		88,048
Tata Steel, Ltd.		8,575		165,807
Tech Mahindra, Ltd.		8,265		134,150
Titan Co., Ltd.		4,707		108,999
Torrent Pharmaceuticals, Ltd.		542		22,404
Trent, Ltd.		1,848		23,099
UltraTech Cement, Ltd.		1,535		157,529
United Spirits, Ltd.†		2,861		24,711
UPL, Ltd.		6,028		65,517
Vedanta, Ltd.		23,402		94,477
Wipro, Ltd.		15,391		121,417
Yes Bank, Ltd.†		111,453		19,252
Zee Entertainment Enterprises, Ltd.		10,513		28,722
				10,880,344
Indonesia — 0.9%
Adaro Energy Tbk PT		183,600		16,985
Astra International Tbk PT		260,900		85,185
Bank Central Asia Tbk PT		135,900		280,543
Bank Mandiri Persero Tbk PT		251,000		99,169
Bank Negara Indonesia Persero Tbk PT		90,600		29,920
Bank Rakyat Indonesia Persero Tbk PT		761,000		195,409
Barito Pacific Tbk PT		305,700		20,544
Charoen Pokphand Indonesia Tbk PT		92,900		39,432
Gudang Garam Tbk PT		4,500		10,218
Indah Kiat Pulp & Paper Corp. PT		36,200		17,050
Indocement Tunggal Prakarsa Tbk PT		14,800		9,021
Indofood CBP Sukses Makmur Tbk PT		20,800		11,693
Indofood Sukses Makmur Tbk PT		47,000		19,768
Kalbe Farma Tbk PT		224,100		19,545
Merdeka Copper Gold Tbk PT†		115,100		23,634
Perusahaan Gas Negara Tbk PT†		109,100		7,370
Sarana Menara Nusantara Tbk PT		189,300		19,195
Semen Indonesia Persero Tbk PT		34,700		18,505
Telekomunikasi Indonesia Persero Tbk PT		646,400		144,988
Unilever Indonesia Tbk PT		91,400		26,782
United Tractors Tbk PT		23,600		31,948
				1,126,904
Kuwait — 0.5%
Agility Public Warehousing Co. KSCP		10,907		35,798
Boubyan Bank KSCP†		13,960		37,166
Gulf Bank KSCP		11,464		9,141

44

SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Kuwait (continued)
Kuwait Finance House KSCP		64,659	$	168,925
Mabanee Co KPSC		4,635		11,134
Mobile Telecommunications Co. KSCP		29,805		58,626
National Bank of Kuwait SAKP		94,005		279,692
				600,482
Luxembourg — 0.2%
Allegro.eu SA†*		3,226		55,344
Globant SA†		490		117,188
Reinet Investments SCA		1,465		28,551
				201,083
Malaysia — 1.0%
AMMB Holdings Bhd		15,800		10,670
Axiata Group Bhd		30,600		27,046
CIMB Group Holdings Bhd		84,200		88,743
Dialog Group Bhd		47,800		31,153
DiGi.Com Bhd		32,000		31,475
Gamuda Bhd†		17,900		11,888
Genting Bhd		23,000		25,669
Genting Malaysia Bhd		28,800		18,836
HAP Seng Consolidated Bhd		4,900		8,945
Hartalega Holdings Bhd		23,300		38,854
Hong Leong Bank Bhd		8,500		36,255
Hong Leong Financial Group Bhd		2,500		10,198
IHH Healthcare Bhd		22,700		30,371
IOI Corp. Bhd		27,900		24,135
Kossan Rubber Industries		15,600		12,779
Kuala Lumpur Kepong Bhd		4,800		21,070
Malayan Banking Bhd		53,700		101,927
Malaysia Airports Holdings Bhd†		10,000		13,698
Maxis Bhd		24,800		25,039
MISC Bhd		15,100		23,991
Nestle Malaysia Bhd		600		18,915
Petronas Chemicals Group Bhd		30,400		57,917
Petronas Dagangan Bhd		3,700		16,134
Petronas Gas Bhd		9,400		33,946
PPB Group Bhd		8,200		35,180
Press Metal Aluminium Holdings Bhd		32,400		37,006
Public Bank Bhd		199,600		188,268
QL Resources Bhd		11,600		15,531
RHB Bank Bhd		19,700		23,854
Sime Darby Bhd		26,300		13,399
Sime Darby Plantation Bhd		23,000		18,578
Supermax Corp. Bhd		19,600		15,188
Telekom Malaysia Bhd		11,600		16,337
Tenaga Nasional Bhd		27,300		62,381
Top Glove Corp. Bhd		68,500		64,604
Westports Holdings Bhd		6,200		5,965
				1,215,945
Mexico — 1.7%
Alfa SAB de CV, Class A		36,300		27,463
America Movil SAB de CV, Series L		463,800		387,932
Arca Continental SAB de CV		4,600		28,074
Becle SAB de CV		7,079		17,631
Cemex SAB de CV CPO†		206,400		167,971
Coca-Cola Femsa SAB de CV		4,975		28,116
Fibra Uno Administracion SA de CV		37,300		40,586
Fomento Economico Mexicano SAB de CV		26,100		227,497
Gruma SAB de CV, Class B		2,775		29,919

Security Description	Shares		Value (Note 2)
Mexico (continued)
Grupo Aeroportuario del Pacifico SAB de CV, Class B		4,800	$	54,908
Grupo Aeroportuario del Sureste SAB de CV, Class B†		2,495		45,144
Grupo Bimbo SAB de CV, Class A		21,400		49,151
Grupo Carso SAB de CV, Class A1		4,600		14,914
Grupo Financiero Banorte SAB de CV, Class O		35,400		229,014
Grupo Financiero Inbursa SAB de CV, Class O†		27,200		26,194
Grupo Mexico SAB de CV, Class B		42,700		195,586
Grupo Televisa SAB CPO		30,800		83,443
Industrias Penoles SAB de CV†		1,630		22,851
Infraestructura Energetica Nova SAB de CV†		5,400		21,184
Kimberly-Clark de Mexico SAB de CV, Class A		17,300		28,054
Megacable Holdings SAB de CV		2,700		9,508
Orbia Advance Corp SAB de CV		12,000		32,703
Promotora y Operadora de Infraestructura SAB de CV		2,130		16,087
Telesites SAB de CV†		14,700		12,229
Wal-Mart de Mexico SAB de CV		70,300		231,599
				2,027,758
Netherlands — 0.3%
X5 Retail Group NV GDR		1,555		50,375
Yandex NV, Class A†		4,192		284,762
				335,137
Peru — 0.0%
Cia de Minas Buenaventura SAA ADR†		2,325		19,204
Philippines — 0.5%
Aboitiz Equity Ventures, Inc.		21,390		16,100
Aboitiz Power Corp.		10,600		4,924
Ayala Corp.		3,755		54,842
Ayala Land, Inc.		108,400		70,868
Bank of the Philippine Islands		23,440		37,742
BDO Unibank, Inc.		24,700		50,409
Globe Telecom, Inc.		345		12,849
GT Capital Holdings, Inc.		837		9,105
International Container Terminal Services, Inc.		11,660		36,289
JG Summit Holdings, Inc.		39,165		43,874
Jollibee Foods Corp.		4,780		18,167
Manila Electric Co.		1,950		10,343
Megaworld Corp.		126,200		7,000
Metro Pacific Investments Corp.		157,000		11,007
Metropolitan Bank & Trust Co.		18,723		16,118
PLDT, Inc.		1,155		28,326
SM Investments Corp.		3,160		57,578
SM Prime Holdings, Inc.		135,200		85,092
Universal Robina Corp.		10,620		26,919
				597,552
Poland — 0.6%
Bank Polska Kasa Opieki SA†		2,138		52,156
CD Projekt SA		878		42,115
Cyfrowy Polsat SA		3,958		35,097
Dino Polska SA†*		661		52,900
KGHM Polska Miedz SA		1,972		99,620
LPP SA		16		57,421
Orange Polska SA†		4,100		8,153

45

SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Poland (continued)
PGE Polska Grupa Energetyczna SA†		10,070	$	22,690
Polski Koncern Naftowy Orlen SA		4,160		78,797
Polskie Gornictwo Naftowe I Gazownictwo SA		27,552		44,957
Powszechna Kasa Oszczednosci Bank Polski SA†		11,583		113,707
Powszechny Zaklad Ubezpieczen SA†		7,578		73,964
Santander Bank Polska SA†		376		25,016
				706,593
Qatar — 0.6%
Barwa Real Estate Co.		17,839		14,989
Commercial Bank PQSC		21,100		31,886
Industries Qatar QSC		24,538		89,922
Masraf Al Rayan QSC		39,477		46,791
Mesaieed Petrochemical Holding Co.		45,719		24,027
Ooredoo Q.P.S.C.		6,504		12,647
Qatar Electricity & Water Co. QSC		4,301		19,486
Qatar Fuel QSC		6,324		31,142
Qatar Gas Transport Co., Ltd.		36,420		30,397
Qatar International Islamic Bank QSC		6,733		17,011
Qatar Islamic Bank SAQ		13,064		61,861
Qatar National Bank Q.P.S.C.		59,947		299,613
				679,772
Romania — 0.0%
NEPI Rockcastle PLC		5,148		34,802
Russia — 2.0%
Gazprom PJSC ADR		84,529		658,012
Lukoil PJSC ADR		6,093		522,204
Magnit PJSC GDR		5,910		86,413
MMC Norilsk Nickel PJSC ADR		9,367		323,871
Mobile TeleSystems PJSC ADR		5,342		45,888
Novatek PJSC GDR		1,352		300,816
PhosAgro PJSC GDR		3,183		60,588
Rosneft PJSC GDR		19,711		145,040
Severstal PAO GDR		4,671		115,004
Surgutneftegas PJSC ADR		17,377		76,196
Tatneft PJSC ADR		2,926		116,625
				2,450,657
Saudi Arabia — 2.6%
Abdullah Al Othaim Markets Co.		489		15,363
Advanced Petrochemical Co.		1,314		26,069
Al Rajhi Bank		17,257		510,674
Alinma Bank		10,548		61,016
Almarai Co. JSC		3,390		53,049
Arab National Bank		7,328		43,960
Bank Al-Jazira†		3,232		16,695
Bank AlBilad†		4,809		47,044
Banque Saudi Fransi		7,816		76,987
Bupa Arabia for Cooperative Insurance Co.		769		28,298
Co. for Cooperative Insurance		592		13,304
Dar Al Arkan Real Estate Development Co.†		5,111		14,361
Dr. Sulaiman Al Habib Medical Services Group Co.		739		33,782
Emaar Economic City†		3,631		13,160
Etihad Etisalat Co.		5,135		44,013
Jarir Marketing Co.		640		34,331

Security Description	Shares		Value (Note 2)
Saudi Arabia (continued)
Mobile Telecommunications Co. Saudi Arabia†		5,130	$	19,416
National Industrialization Co.†		2,777		16,018
Rabigh Refining & Petrochemical Co.†		2,559		17,701
Riyad Bank		18,467		128,963
SABIC Agri-Nutrients Co.		2,583		88,560
Sahara International Petrochemical Co.		3,810		34,063
Saudi Arabian Mining Co.†		4,714		87,960
Saudi Arabian Oil Co.*		31,949		296,742
Saudi Basic Industries Corp.		12,362		398,781
Saudi British Bank†		10,662		87,522
Saudi Cement Co.		623		10,779
Saudi Electricity Co.		11,038		76,221
Saudi Industrial Investment Group		2,407		23,716
Saudi Kayan Petrochemical Co.†		10,442		53,883
Saudi National Bank		30,178		442,401
Saudi Telecom Co.		8,097		289,201
Savola Group		3,609		41,281
Yanbu National Petrochemical Co.		3,335		60,911
				3,206,225
Singapore — 0.0%
BOC Aviation, Ltd.*		2,500		18,442
South Africa — 3.2%
Absa Group, Ltd.†		9,656		89,833
African Rainbow Minerals, Ltd.		1,413		28,833
Anglo American Platinum, Ltd.		710		92,848
AngloGold Ashanti, Ltd.		5,570		111,809
Aspen Pharmacare Holdings, Ltd.†		4,858		59,804
Bid Corp., Ltd.†		4,316		94,701
Bidvest Group, Ltd.		3,426		46,697
Capitec Bank Holdings, Ltd.		933		103,618
Clicks Group, Ltd.		3,106		56,163
Discovery, Ltd.†		5,518		44,239
Exxaro Resources, Ltd.		3,710		45,913
FirstRand, Ltd.		64,906		240,596
Gold Fields, Ltd.		11,884		117,215
Growthpoint Properties, Ltd.		38,120		38,362
Harmony Gold Mining Co., Ltd.		6,594		27,021
Impala Platinum Holdings, Ltd.		10,887		196,201
Kumba Iron Ore, Ltd.		844		44,823
Mr. Price Group, Ltd.		3,088		45,856
MTN Group, Ltd.†		22,749		163,473
MultiChoice Group, Ltd.		5,919		49,056
Naspers, Ltd., Class N		6,048		1,164,017
Nedbank Group, Ltd.†		4,759		54,944
Northam Platinum, Ltd.†		4,767		75,184
Old Mutual, Ltd.		61,491		54,124
Rand Merchant Investment Holdings, Ltd.		10,340		21,943
Remgro, Ltd.		5,915		44,925
Sanlam, Ltd.		23,915		94,409
Sasol, Ltd.†		7,454		111,555
Shoprite Holdings, Ltd.		6,487		70,964
Sibanye Stillwater, Ltd.		30,876		134,342
SPAR Group, Ltd.		2,090		26,194
Standard Bank Group, Ltd.		17,725		149,368
Tiger Brands, Ltd.		2,003		26,376
Vodacom Group, Ltd.		8,572		76,435
Woolworths Holdings, Ltd.†		11,889		45,219
				3,847,060

46

SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
South Korea — 11.8%
Alteogen, Inc.†		361	$	25,164
Amorepacific Corp.		423		81,519
AMOREPACIFIC Group		279		13,981
BGF retail Co., Ltd.		54		7,587
Celltrion Healthcare Co., Ltd.†		963		90,069
Celltrion Pharm, Inc.†		221		26,751
Celltrion, Inc.†		1,337		295,188
Cheil Worldwide, Inc.		715		15,071
CJ CheilJedang Corp.		113		46,045
CJ Corp.		166		14,193
CJ ENM Co., Ltd.		106		15,063
CJ Logistics Corp.†		110		16,839
Coway Co, Ltd.		543		40,534
Daewoo Shipbuilding & Marine Engineering Co., Ltd.†		324		9,187
DB Insurance Co., Ltd.		563		27,977
DL E&C Co., Ltd.†		191		24,380
Doosan Bobcat, Inc.†		500		20,095
Doosan Heavy Industries & Construction Co., Ltd.†		2,575		48,777
Douzone Bizon Co., Ltd.		218		15,892
E-MART Inc.		247		36,270
Fila Holdings Corp.		578		26,308
GS Engineering & Construction Corp.		789		30,301
GS Holdings Corp.		649		24,107
Hana Financial Group, Inc.		4,136		156,224
Hankook Tire & Technology Co., Ltd.		947		39,873
Hanmi Pharm Co., Ltd.		76		21,146
Hanon Systems		2,390		32,459
Hanwha Corp.		509		13,254
Hanwha Solutions Corp.†		1,683		57,324
HLB, Inc.†		1,138		35,683
Hotel Shilla Co., Ltd.		288		23,442
Hyundai Engineering & Construction Co., Ltd.		947		45,165
Hyundai Glovis Co., Ltd.		239		40,529
Hyundai Heavy Industries Holdings Co., Ltd.		510		30,458
Hyundai Marine & Fire Insurance Co., Ltd.		612		13,809
Hyundai Mobis Co., Ltd.		913		211,980
Hyundai Motor Co.		2,155		409,612
Hyundai Motor Co. (2nd Preference Shares)		341		30,911
Hyundai Motor Co. (Preference Shares)		195		18,014
Hyundai Steel Co.		1,079		50,844
Industrial Bank of Korea		2,725		24,373
Kakao Corp.		4,010		513,637
Kangwon Land, Inc.†		1,186		26,737
KB Financial Group, Inc.		5,445		241,884
Kia Corp.		3,625		264,266
KMW Co., Ltd.†		308		14,256
Korea Aerospace Industries, Ltd.		721		20,328
Korea Electric Power Corp.		3,329		72,185
Korea Gas Corp.†		224		7,021
Korea Investment Holdings Co., Ltd.		528		44,166
Korea Shipbuilding & Offshore Engineering Co., Ltd.†		463		52,698
Korea Zinc Co., Ltd.		84		39,979
Korean Air Lines Co., Ltd.†		1,483		38,667
KT&G Corp.		1,562		111,834
Kumho Petrochemical Co., Ltd.		246		43,641

Security Description	Shares		Value (Note 2)
South Korea (continued)
LG Chem, Ltd.		645	$	473,032
LG Chem, Ltd. (Preference Shares)		87		28,986
LG Corp.		1,184		97,156
LG Display Co., Ltd.†		3,126		60,119
LG Electronics, Inc.		1,484		203,932
LG Household & Health Care, Ltd.		134		170,134
LG Innotek Co., Ltd.		178		35,234
LG Uplus Corp.		1,876		23,763
Lotte Chemical Corp.		224		50,640
Lotte Corp.		287		9,450
Lotte Shopping Co., Ltd.		119		11,145
LX Holdings Corp.†		574		5,226
Mirae Asset Daewoo Co., Ltd.		3,672		28,596
NAVER Corp.		1,706		644,172
NCSoft Corp.		226		161,946
Netmarble Corp.*		264		31,869
NH Investment & Securities Co., Ltd.		787		8,712
Orion Corp.		289		29,556
Pan Ocean Co., Ltd.		3,044		20,050
PearlAbyss Corp.†		340		21,972
POSCO		993		315,240
POSCO Chemical Co., Ltd.		366		49,143
S-1 Corp.		86		6,028
S-Oil Corp.		578		49,217
Samsung Biologics Co, Ltd.†*		224		173,481
Samsung C&T Corp.		1,149		141,745
Samsung Electro-Mechanics Co., Ltd.		768		128,619
Samsung Electronics Co., Ltd.		66,559		4,551,577
Samsung Electronics Co., Ltd. (Preference Shares)		11,556		725,402
Samsung Engineering Co., Ltd.†		1,634		33,277
Samsung Fire & Marine Insurance Co., Ltd.		403		75,210
Samsung Heavy Industries Co., Ltd.†		5,665		32,210
Samsung Life Insurance Co., Ltd.		978		64,161
Samsung SDI Co., Ltd.		769		496,961
Samsung SDS Co., Ltd.		443		70,409
Samsung Securities Co. Ltd.		706		27,126
Seegene, Inc.		480		29,189
Shin Poong Pharmaceutical Co Ltd		366		20,182
Shinhan Financial Group Co., Ltd.		5,949		202,306
Shinsegae, Inc.		63		14,584
SK Biopharmaceuticals Co., Ltd.†		193		20,004
SK Chemicals Co., Ltd.		102		21,054
SK Hynix, Inc.		7,589		746,573
SK Inc.		477		111,474
SK Innovation Co., Ltd.†		772		170,493
SK Telecom Co., Ltd.		534		139,762
Woori Financial Group, Inc.		7,094		66,838
Yuhan Corp.		655		35,128
				14,330,780
Taiwan — 12.4%
Accton Technology Corp.		7,000		81,557
Acer, Inc.		56,000		54,443
Advantech Co., Ltd.		6,499		84,731
ASE Technology Holding Co., Ltd.		44,000		193,639
Asia Cement Corp.		22,000		40,848
Asustek Computer, Inc.		11,000		138,025
AU Optronics Corp.		114,000		84,098
Catcher Technology Co., Ltd.		10,000		66,132
Cathay Financial Holding Co., Ltd.		102,000		197,990
Chang Hwa Commercial Bank, Ltd.		45,708		27,099

47

SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Taiwan (continued)
Cheng Shin Rubber Industry Co., Ltd.		16,000	$	24,707
Chicony Electronics Co., Ltd.		12,065		34,861
China Development Financial Holding Corp.		151,000		76,350
China Life Insurance Co., Ltd.		29,389		27,710
China Steel Corp.		131,000		170,177
Chunghwa Telecom Co., Ltd.		45,000		185,748
Compal Electronics, Inc.		89,000		68,940
CTBC Financial Holding Co., Ltd.		225,000		184,079
Delta Electronics, Inc.		27,000		277,889
E.Sun Financial Holding Co., Ltd.		145,153		137,740
Eclat Textile Co., Ltd.		2,000		43,612
Evergreen Marine Corp Taiwan, Ltd.†		35,000		167,066
Far Eastern New Century Corp.		27,000		28,657
Far EasTone Telecommunications Co., Ltd.		11,000		23,829
Feng TAY Enterprise Co., Ltd.		5,280		43,589
First Financial Holding Co., Ltd.		122,125		99,330
Formosa Chemicals & Fibre Corp.		43,000		126,859
Formosa Petrochemical Corp.		16,000		55,633
Formosa Plastics Corp.		48,000		172,320
Foxconn Technology Co., Ltd.		9,000		19,899
Fubon Financial Holding Co., Ltd.		88,000		236,382
Giant Manufacturing Co., Ltd.		4,000		46,151
Globalwafers Co., Ltd.		3,000		90,820
Hiwin Technologies Corp.		3,278		37,608
Hon Hai Precision Industry Co., Ltd.		172,200		680,003
Hotai Motor Co., Ltd.		4,000		84,570
Hua Nan Financial Holdings Co., Ltd.		80,011		55,298
Innolux Corp.		111,000		73,758
Inventec Corp.		55,000		46,258
Largan Precision Co., Ltd.		1,000		105,098
Lite-On Technology Corp.		37,000		84,948
MediaTek, Inc.		21,000		682,841
Mega Financial Holding Co., Ltd.		135,000		159,915
Micro-Star International Co., Ltd.		12,000		63,674
Nan Ya Plastics Corp.		65,000		202,801
Nanya Technology Corp.		16,000		41,514
Nien Made Enterprise Co., Ltd.		2,000		33,558
Novatek Microelectronics Corp.		8,000		147,052
Oneness Biotech Co., Ltd.†		2,000		13,821
Pegatron Corp.		30,000		72,271
Phison Electronics Corp.		2,000		34,196
Pou Chen Corp.		21,000		26,495
Powertech Technology, Inc.		8,000		31,690
President Chain Store Corp.		6,000		60,234
Quanta Computer, Inc.		45,000		124,591
Realtek Semiconductor Corp.		7,000		147,504
Ruentex Development Co., Ltd.		9,500		21,243
Shanghai Commercial & Savings Bank, Ltd.		40,000		59,801
Shin Kong Financial Holding Co., Ltd.		120,598		39,516
SinoPac Financial Holdings Co., Ltd.†		100,860		50,706
Synnex Technology International Corp.		15,000		28,423
Taishin Financial Holding Co., Ltd.		105,003		63,715
Taiwan Cement Corp.		59,561		111,997
Taiwan Cooperative Financial Holding Co., Ltd.		109,758		85,794
Taiwan High Speed Rail Corp.		7,000		7,603
Taiwan Mobile Co., Ltd.		16,000		59,498
Taiwan Semiconductor Manufacturing Co., Ltd.		343,000		7,142,134

Security Description	Shares		Value (Note 2)
Taiwan (continued)
Uni-President Enterprises Corp.		62,000	$	162,457
Unimicron Technology Corp.		17,000		89,326
United Microelectronics Corp.		163,000		339,051
Vanguard International Semiconductor Corp.		13,000		53,806
Walsin Technology Corp.†		4,000		28,728
Win Semiconductors Corp.		5,000		61,838
Winbond Electronics Corp.		40,000		49,264
Wistron Corp.		50,027		49,627
Wiwynn Corp.		1,000		33,704
WPG Holdings, Ltd.		15,000		29,278
Yageo Corp.		5,000		100,753
Yuanta Financial Holding Co., Ltd.		114,640		104,103
				15,092,973
Thailand — 1.4%
Advanced Info Service PCL NVDR		15,700		85,800
Airports of Thailand PCL NVDR		62,200		106,967
Asset World Corp. PCL NVDR†		70,000		7,799
B Grimm Power PCL		8,400		10,095
Bangkok Bank PCL		6,300		19,441
Bangkok Commercial Asset Management PCL NVDR		16,700		8,386
Bangkok Dusit Medical Services PCL NVDR		126,400		86,556
Bangkok Expressway & Metro PCL NVDR		104,700		24,379
Berli Jucker PCL NVDR		12,300		12,731
BTS Group Holdings PCL NVDR		107,600		27,864
Bumrungrad Hospital PCL		4,600		16,795
Central Pattana PCL NVDR		31,200		44,649
Central Retail Corp. PCL NVDR		20,508		19,363
Charoen Pokphand Foods PCL NVDR		51,700		40,926
CP ALL PCL NVDR		77,500		139,166
Delta Electronics Thai PCL NVDR		4,200		74,899
Electricity Generating PCL NVDR		4,000		20,816
Energy Absolute PCL NVDR		22,100		40,025
Global Power Synergy PCL		8,100		18,915
Gulf Energy Development PCL NVDR		26,500		27,041
Home Product Center PCL NVDR		84,300		34,128
Indorama Ventures PCL NVDR		24,900		27,514
Intouch Holdings PCL NVDR		26,100		51,225
Kasikornbank PCL NVDR		22,800		71,496
Krung Thai Bank PCL NVDR		47,200		14,509
Krungthai Card PCL		6,300		11,836
Land & Houses PCL NVDR		102,700		24,379
Minor International PCL NVDR†		35,300		31,968
Muangthai Capital PCL NVDR		8,600		15,670
PTT Exploration & Production PCL NVDR		18,100		56,462
PTT Global Chemical PCL NVDR		28,700		49,702
PTT PCL NVDR		158,200		166,821
Ratch Group PCL NVDR		8,600		11,079
Siam Cement PCL NVDR		10,600		133,615
Siam Commercial Bank PCL NVDR		11,600		33,015
Srisawad Corp. PCL		8,000		15,578
Thai Oil PCL NVDR		15,100		20,235
Thai Union Group PCL NVDR		37,600		25,416
True Corp. PCL NVDR		147,500		14,454
				1,641,715
Turkey — 0.2%
Akbank Turk AS		36,733		22,932

48

SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Turkey (continued)
Aselsan Elektronik Sanayi Ve Ticaret AS		8,771	$	16,143
BIM Birlesik Magazalar AS		5,965		44,873
Eregli Demir ve Celik Fabrikalari TAS		17,018		40,396
Ford Otomotiv Sanayi AS		887		18,185
Haci Omer Sabanci Holding AS		10,207		11,484
KOC Holding AS		9,241		22,534
Tupras Turkiye Petrol Rafinerileri AS†		1,600		17,803
Turk Hava Yollari AO†		5,719		8,636
Turkcell Iletisim Hizmetleri AS		15,252		27,840
Turkiye Garanti Bankasi AS		27,888		28,181
Turkiye Is Bankasi, Class C		17,315		10,828
Turkiye Sise ve Cam Fabrikalari AS		17,135		15,429
Yapi Ve Kredi Bankasi AS		32,311		9,161
				294,425
United Arab Emirates — 0.6%
Abu Dhabi Commercial Bank PJSC		38,822		74,159
Abu Dhabi Islamic Bank PJSC		21,048		31,683
Aldar Properties PJSC		55,751		60,196
Dubai Islamic Bank PJSC		28,132		36,968
Emaar Malls PJSC†		37,246		19,191
Emaar Properties PJSC		49,744		53,845
Emirates NBD Bank PJSC		36,259		132,147
Emirates Telecommunications Group Co. PJSC		23,607		146,539
First Abu Dhabi Bank PJSC		39,530		178,411
				733,139
United States — 0.4%
China Youzan, Ltd.†		192,000		27,494
Southern Copper Corp.		1,232		80,868
Yum China Holdings, Inc.		5,535		344,222
				452,584
Total Common Stocks (cost $81,702,767)				97,323,291
EXCHANGE-TRADED FUNDS — 8.3%
United States — 8.3%
iShares MSCI China A ETF		114,006		4,772,291
iShares MSCI Emerging Markets ETF		102,177		5,272,334
Total Exchange-Traded Funds (cost $9,315,541)				10,044,625
WARRANTS — 0.0%
Thailand — 0.0%
BTS Group Holdings No. 6 PCL Expires 07/22/2022†		5,380		0
BTS Group Holdings No. 7 PCL Expires 07/22/2022†		10,760		0
BTS Group Holdings No. 8 PCL Expires 07/22/2022†		21,520		0

Security Description		Shares/ Principal Amount			Value (Note 2)
Thailand (continued)
Minor International PCL NVDR Expires 12/31/2021†			1,765		$	22
Minor International PCL NVDR Expires 12/31/2023†			1,605			437
Minor International PCL NVDR Expires 05/05/2023†			1,217			175
Minor International PCL NVDR Expires 02/05/2024†			1,103			129
Srisawad Corp. PLC Expires 08/29/2025†			320			126
Total Warrants (cost $0)						889
FOREIGN CORPORATE BONDS & NOTES — 0.0%
India — 0.0%
Britannia Industries, Ltd. Notes 5.50% due 06/03/2024 (cost $566)	INR		41,180			555
Total Long-Term Investment Securities (cost $91,018,874)						107,369,360
SHORT-TERM INVESTMENT SECURITIES — 1.4%
U.S. Government Treasuries — 1.4%
United States Treasury Bills 0.09% due 12/02/2021(2) (cost $1,699,501)		$	1,700,000			1,699,726
TOTAL INVESTMENTS (cost $92,718,375)(3)			89.7	%		109,069,086
Other assets less liabilities			10.3			12,505,068
NET ASSETS			100.0	%	$	121,574,154

† 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 July 31, 2021, the aggregate value of these securities was $4,535,871 representing 3.7% of net assets.

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

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

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

ADR — American Depositary Receipt

CPO — Certification de Participations Ordinario

ETF — Exchange-Traded Fund

GDR — Global Depositary Receipt

INR — Indian Rupee

NVDR — Non-Voting Depositary Receipt

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	220	Long	MSCI Emerging Markets Index	September 2021	$	14,968,070	$	14,054,700	$	(913,370	)

* 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.

49

SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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:
Bermuda	$	91,571	$	367,110	**	$	24,232	$	482,913
China		199,357		6,851,374	**		11,550		7,062,281
South Korea		—		14,330,780	##		—		14,330,780
Other Countries		18,847,409		56,599,908	**		—		75,447,317
Exchange-Traded Funds		10,044,625		—			—		10,044,625
Warrants:
Thailand		889		0			—		889
Foreign Corporate Bonds & Notes		—		555			—		555
Short-Term Investment Securities		—		1,699,726			—		1,699,726
Total Investments at Value	$	29,183,851	$	79,849,453		$	35,782	$	109,069,086
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	913,370	$	—		$	—	$	913,370

* 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).

## Amount includes $14,298,570 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

† Amounts represent unrealized/depreciation as of the end of 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. There were no material level 3 transfers during the reporting period.

See Notes to Financial Statements

50

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Diversified Banking Institutions	9.4	%
Pipelines	5.0
Cable/Satellite TV	4.8
Telephone-Integrated	3.9
Real Estate Investment Trusts	3.6
Oil Companies-Exploration & Production	3.3
Medical-Drugs	2.9
Electric-Integrated	2.4
Auto-Cars/Light Trucks	2.0
Brewery	1.5
Food-Misc./Diversified	1.3
Insurance-Life/Health	1.3
Pharmacy Services	1.2
Commercial Services-Finance	1.2
Containers-Paper/Plastic	1.1
Medical-Hospitals	1.1
Medical-Biomedical/Gene	1.1
Banks-Super Regional	1.0
Diagnostic Equipment	1.0
Computers	1.0
Electronic Measurement Instruments	1.0
Insurance Brokers	1.0
Oil Companies-Integrated	0.9
Aerospace/Defense	0.9
Transport-Services	0.9
Electronic Components-Semiconductors	0.9
Transport-Rail	0.9
Medical-HMO	0.9
Banks-Commercial	0.9
Applications Software	0.8
Containers-Metal/Glass	0.8
Steel-Producers	0.8
Building Products-Air & Heating	0.8
Gas-Distribution	0.8
Electric-Generation	0.8
E-Commerce/Services	0.7
Broadcast Services/Program	0.7
Finance-Credit Card	0.7
Cellular Telecom	0.7
Auto/Truck Parts & Equipment-Original	0.7
Enterprise Software/Service	0.7
Diversified Financial Services	0.7
Tobacco	0.7
Investment Management/Advisor Services	0.7
Beverages-Non-alcoholic	0.6
Insurance-Multi-line	0.6
Diversified Manufacturing Operations	0.6
Electronic Security Devices	0.6
Oil Refining & Marketing	0.6
Data Processing/Management	0.6
Computer Services	0.6
Food-Retail	0.6
Chemicals-Specialty	0.6
Drug Delivery Systems	0.6
Rental Auto/Equipment	0.6
Machinery-Farming	0.6
Security Services	0.6
Retail-Auto Parts	0.6
Trucking/Leasing	0.6
Finance-Leasing Companies	0.5
Television	0.5

Food-Wholesale/Distribution	0.5	%
Gambling (Non-Hotel)	0.5
Software Tools	0.5
Multimedia	0.5
Consulting Services	0.5
Distribution/Wholesale	0.4
Steel Pipe & Tube	0.4
Building Products-Wood	0.4
Coatings/Paint	0.4
Oil-Field Services	0.4
Aerospace/Defense-Equipment	0.4
Retail-Restaurants	0.4
Food-Meat Products	0.4
Medical Products	0.4
Finance-Mortgage Loan/Banker	0.4
Finance-Investment Banker/Broker	0.4
Food-Baking	0.3
Commercial Services	0.3
Metal Products-Distribution	0.3
Independent Power Producers	0.3
Building & Construction Products-Misc.	0.3
Casino Hotels	0.3
Electric-Distribution	0.3
Radio	0.3
Electronic Components-Misc.	0.3
Advertising Agencies	0.3
Diversified Minerals	0.3
Electric Products-Misc.	0.3
Retail-Building Products	0.2
Machinery-Construction & Mining	0.2
Energy-Alternate Sources	0.2
Telecom Services	0.2
Medical Labs & Testing Services	0.2
Computers-Integrated Systems	0.2
Finance-Other Services	0.2
Chemicals-Diversified	0.2
Medical Instruments	0.2
Airlines	0.2
Insurance-Mutual	0.2
Machinery-General Industrial	0.2
Metal-Copper	0.2
Internet Brokers	0.2
Finance-Consumer Loans	0.2
Metal-Diversified	0.2
Retail-Gardening Products	0.2
Shipbuilding	0.2
Direct Marketing	0.2
Rubber/Plastic Products	0.2
Casino Services	0.2
Semiconductor Equipment	0.1
Food-Catering	0.1
Oil & Gas Drilling	0.1
Publishing-Newspapers	0.1
Semiconductor Components-Integrated Circuits	0.1
Medical-Outpatient/Home Medical	0.1
Retail-Propane Distribution	0.1
Hotels/Motels	0.1
Advertising Sales	0.1
Computer Software	0.1
Retail-Discount	0.1
Quarrying	0.1

51

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Industry Allocation* (continued)

Paper & Related Products	0.1	%
Machinery-Pumps	0.1
Batteries/Battery Systems	0.1
Pollution Control	0.1
Beverages-Wine/Spirits	0.1
Telecom Equipment-Fiber Optics	0.1
Computers-Memory Devices	0.1
Resorts/Theme Parks	0.1
Web Hosting/Design	0.1
Auto-Heavy Duty Trucks	0.1
Retail-Automobile	0.1
Computer Data Security	0.1
Networking Products	0.1
Human Resources	0.1
Dialysis Centers	0.1
Interior Design/Architecture	0.1
Medical-Wholesale Drug Distribution	0.1
Cosmetics & Toiletries	0.1
Retail-Regional Department Stores	0.1
Transactional Software	0.1
Research & Development	0.1
Diversified Operations	0.1
Precious Metals	0.1
	97.7%

Credit Quality†#

A	15.9	%
Baa	52.8
Ba	12.6
B	10.4
Caa	6.9
Not Rated@	1.4
	100.0%

* Calculated as a percentage of net assets.

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

† Source: Moody’s

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

52

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 84.5%
Advertising Agencies — 0.3%
Interpublic Group of Cos., Inc. Senior Notes 3.38% due 03/01/2041	$	2,440,000	$	2,584,930
Omnicom Group, Inc./Omnicom Capital, Inc. Senior Notes 3.65% due 11/01/2024		1,770,000		1,930,089
				4,515,019
Advertising Sales — 0.1%
Lamar Media Corp. Company Guar. Notes 3.63% due 01/15/2031*		275,000		271,562
Lamar Media Corp. Company Guar. Notes 4.88% due 01/15/2029		400,000		423,000
Outfront Media Capital LLC/Outfront Media Capital Corp. Senior Notes 4.25% due 01/15/2029*		350,000		351,750
Outfront Media Capital LLC/Outfront Media Capital Corp. Company Guar. Notes 4.63% due 03/15/2030*		650,000		653,250
Outfront Media Capital LLC/Outfront Media Capital Corp. Company Guar. Notes 6.25% due 06/15/2025*		150,000		159,144
				1,858,706
Aerospace/Defense — 0.9%
BAE Systems Holdings, Inc. Company Guar. Notes 3.85% due 12/15/2025*		2,000,000		2,213,429
Boeing Co. Senior Notes 2.95% due 02/01/2030		1,950,000		2,018,064
Boeing Co. Senior Notes 3.95% due 08/01/2059		1,670,000		1,727,419
Boeing Co. Senior Bonds 5.81% due 05/01/2050		2,570,000		3,485,430
Teledyne Technologies, Inc. Senior Notes 1.60% due 04/01/2026		5,250,000		5,317,018
				14,761,360
Aerospace/Defense-Equipment — 0.3%
TransDigm, Inc. Company Guar. Notes 4.63% due 01/15/2029*		300,000		299,250
TransDigm, Inc. Company Guar. Notes 4.88% due 05/01/2029*		1,525,000		1,527,409
TransDigm, Inc. Company Guar. Notes 5.50% due 11/15/2027		1,125,000		1,161,562
TransDigm, Inc. Senior Sec. Notes 6.25% due 03/15/2026*		1,750,000		1,837,745

Security Description	Principal Amount		Value (Note 2)
Aerospace/Defense-Equipment (continued)
TransDigm, Inc. Company Guar. Notes 6.38% due 06/15/2026	$	475,000	$	490,438
TransDigm, Inc. Company Guar. Notes 7.50% due 03/15/2027		275,000		291,308
				5,607,712
Airlines — 0.1%
Southwest Airlines Co. Senior Notes 5.25% due 05/04/2025		705,000		804,687
Apparel Manufacturers — 0.0%
William Carter Co. Company Guar. Notes 5.50% due 05/15/2025*		225,000		236,840
William Carter Co. Company Guar. Notes 5.63% due 03/15/2027*		125,000		130,781
				367,621
Applications Software — 0.8%
Nuance Communications, Inc. Company Guar. Notes 5.63% due 12/15/2026		750,000		780,938
PTC, Inc. Company Guar. Notes 3.63% due 02/15/2025*		400,000		411,000
Roper Technologies, Inc. Senior Notes 1.75% due 02/15/2031		2,725,000		2,663,863
Roper Technologies, Inc. Senior Notes 2.95% due 09/15/2029		1,230,000		1,331,547
Roper Technologies, Inc. Senior Notes 3.80% due 12/15/2026		1,225,000		1,377,203
Roper Technologies, Inc. Senior Notes 3.85% due 12/15/2025		3,510,000		3,892,044
Roper Technologies, Inc. Senior Notes 4.20% due 09/15/2028		955,000		1,109,126
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		1,750,000		1,852,112
				13,417,833
Auto-Cars/Light Trucks — 2.0%
Ford Motor Credit Co. LLC Senior Notes 3.10% due 05/04/2023		625,000		637,500
Ford Motor Credit Co. LLC Senior Notes 3.38% due 11/13/2025		1,225,000		1,278,892
Ford Motor Credit Co. LLC Senior Notes 3.81% due 10/12/2021		650,000		653,029
Ford Motor Credit Co. LLC Senior Notes 4.00% due 11/13/2030		1,475,000		1,557,969
Ford Motor Credit Co. LLC Senior Notes 4.06% due 11/01/2024		725,000		768,388

53

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Auto-Cars/Light Trucks (continued)
Ford Motor Credit Co. LLC Senior Notes 4.13% due 08/17/2027	$	575,000	$	615,250
Ford Motor Credit Co. LLC Senior Notes 4.14% due 02/15/2023		200,000		207,260
Ford Motor Credit Co. LLC Senior Notes 4.25% due 09/20/2022		200,000		205,468
Ford Motor Credit Co. LLC Senior Notes 4.27% due 01/09/2027		1,600,000		1,723,520
Ford Motor Credit Co. LLC Senior Notes 4.39% due 01/08/2026		750,000		813,750
Ford Motor Credit Co. LLC Senior Notes 5.11% due 05/03/2029		1,050,000		1,188,852
Ford Motor Credit Co. LLC Senior Notes 5.13% due 06/16/2025		775,000		853,469
General Motors Co. Senior Notes 4.00% due 04/01/2025		1,055,000		1,157,851
General Motors Co. Senior Notes 5.20% due 04/01/2045		3,250,000		4,060,704
General Motors Financial Co., Inc. Senior Notes 2.70% due 06/10/2031		3,050,000		3,120,277
General Motors Financial Co., Inc. Company Guar. Notes 3.45% due 04/10/2022		2,750,000		2,792,987
Hyundai Capital America Senior Notes 1.30% due 01/08/2026*		3,610,000		3,588,511
Hyundai Capital America Senior Notes 2.38% due 02/10/2023*		1,510,000		1,548,425
Volkswagen Group of America Finance LLC Company Guar. Notes 1.63% due 11/24/2027*		5,000,000		5,019,850
				31,791,952
Auto-Heavy Duty Trucks — 0.1%
JB Poindexter & Co., Inc. Senior Notes 7.13% due 04/15/2026*		1,175,000		1,238,156
Auto/Truck Parts & Equipment-Original — 0.2%
American Axle & Manufacturing, Inc. Company Guar. Notes 6.25% due 03/15/2026		250,000		258,346
American Axle & Manufacturing, Inc. Company Guar. Notes 6.50% due 04/01/2027		325,000		341,250
Dana, Inc. Senior Notes 4.25% due 09/01/2030		150,000		155,865
Dana, Inc. Senior Notes 5.63% due 06/15/2028		75,000		80,699

Security Description	Principal Amount		Value (Note 2)
Auto/Truck Parts & Equipment-Original (continued)
Real Hero Merger Sub 2, Inc. Senior Notes 6.25% due 02/01/2029*	$	2,150,000	$	2,222,885
				3,059,045
Auto/Truck Parts & Equipment-Replacement — 0.0%
Adient US LLC Senior Sec. Notes 9.00% due 04/15/2025*		100,000		109,320
Banks-Commercial — 0.9%
Associated Banc-Corp Sub. Notes 4.25% due 01/15/2025		2,710,000		2,951,632
Branch Banking & Trust Co. Sub. Notes 3.80% due 10/30/2026		3,000,000		3,377,983
Citizens Financial Group, Inc. Sub. Notes 4.15% due 09/28/2022*		3,510,000		3,641,216
Compass Bank Sub. Notes 3.88% due 04/10/2025		3,110,000		3,445,473
MUFG Americas Holdings Corp. Senior Notes 3.00% due 02/10/2025		296,000		316,462
				13,732,766
Banks-Super Regional — 1.0%
Comerica, Inc. Sub. Notes 3.80% due 07/22/2026		2,330,000		2,598,505
Fifth Third Bancorp Senior Notes 2.38% due 01/28/2025		1,765,000		1,853,908
Fifth Third Bancorp Sub. Notes 4.30% due 01/16/2024		3,485,000		3,778,695
Wells Fargo & Co. Sub. Notes 4.30% due 07/22/2027		4,800,000		5,511,165
Wells Fargo & Co. Sub. Notes 4.90% due 11/17/2045		2,330,000		3,029,609
				16,771,882
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc. Company Guar. Notes 4.38% due 03/31/2029*		825,000		830,651
Energizer Holdings, Inc. Company Guar. Notes 4.75% due 06/15/2028*		675,000		693,563
				1,524,214
Beverages-Non-alcoholic — 0.2%
Keurig Dr Pepper, Inc. Company Guar. Notes 4.42% due 05/25/2025		2,000,000		2,250,630
Keurig Dr Pepper, Inc. Company Guar. Notes 4.99% due 05/25/2038		1,340,000		1,726,018
				3,976,648

54

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Brewery — 1.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.65% due 02/01/2026	$	6,050,000	$	6,708,987
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		3,270,000		4,188,100
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		2,920,000		3,627,417
Constellation Brands, Inc. Senior Bonds 3.75% due 05/01/2050		385,000		437,233
Constellation Brands, Inc. Company Guar. Notes 4.65% due 11/15/2028		5,335,000		6,333,399
Constellation Brands, Inc. Company Guar. Notes 5.25% due 11/15/2048		2,250,000		3,092,269
				24,387,405
Broadcast Services/Program — 0.7%
Diamond Sports Group LLC/Diamond Sports Finance Co. Senior Sec. Notes 5.38% due 08/15/2026*		775,000		449,500
Diamond Sports Group LLC/Diamond Sports Finance Co. Company Guar. Notes 6.63% due 08/15/2027*		1,075,000		425,969
Discovery Communications LLC Company Guar. Notes 4.65% due 05/15/2050		1,110,000		1,316,302
Fox Corp. Senior Notes 4.71% due 01/25/2029		1,720,000		2,032,238
iHeartCommunications, Inc. Senior Sec. Notes 4.75% due 01/15/2028*		175,000		181,316
iHeartCommunications, Inc. Senior Sec. Notes 5.25% due 08/15/2027*		700,000		729,750
iHeartCommunications, Inc. Senior Sec. Notes 6.38% due 05/01/2026		100,000		105,500
iHeartCommunications, Inc. Company Guar. Notes 8.38% due 05/01/2027		2,773,710		2,950,506
Nexstar Broadcasting, Inc. Company Guar. Notes 4.75% due 11/01/2028*		875,000		902,335
Nexstar Broadcasting, Inc. Company Guar. Notes 5.63% due 07/15/2027*		1,900,000		2,008,680
Univision Communications, Inc. Senior Sec. Notes 4.50% due 05/01/2029*		725,000		726,769
				11,828,865

Security Description	Principal Amount		Value (Note 2)
Building & Construction Products-Misc. — 0.3%
CP Atlas Buyer, Inc. Senior Notes 7.00% due 12/01/2028*	$	1,725,000	$	1,780,252
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		850,000		824,202
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		175,000		180,250
Standard Industries, Inc. Senior Notes 4.75% due 01/15/2028*		800,000		832,728
Standard Industries, Inc. Senior Notes 5.00% due 02/15/2027*		1,500,000		1,546,875
				5,164,307
Building Products-Air & Heating — 0.8%
Carrier Global Corp. Senior Notes 2.70% due 02/15/2031		2,610,000		2,741,714
Carrier Global Corp. Senior Notes 2.72% due 02/15/2030		1,265,000		1,338,588
Carrier Global Corp. Senior Notes 3.58% due 04/05/2050		2,820,000		3,133,429
Lennox International, Inc. Company Guar. Notes 1.70% due 08/01/2027		1,370,000		1,380,595
Lennox International, Inc. Company Guar. Notes 3.00% due 11/15/2023		3,365,000		3,526,102
				12,120,428
Building Products-Doors & Windows — 0.0%
Cornerstone Building Brands, Inc. Company Guar. Notes 6.13% due 01/15/2029*		450,000		479,250
Building Products-Wood — 0.4%
Koppers, Inc. Company Guar. Notes 6.00% due 02/15/2025*		2,025,000		2,075,625
Masco Corp. Senior Notes 4.50% due 05/15/2047		3,800,000		4,657,358
				6,732,983
Cable/Satellite TV — 3.7%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.25% due 02/01/2031*		1,725,000		1,776,750
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		1,025,000		1,076,250
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 05/01/2032		1,200,000		1,255,500

55

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 06/01/2033*	$	750,000	$	780,750
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.75% due 03/01/2030*		900,000		953,957
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		1,025,000		1,074,989
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.13% due 05/01/2027*		1,200,000		1,255,500
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*		850,000		928,276
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.75% due 02/15/2026*		349,000		360,866
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.80% due 04/01/2031		3,000,000		3,102,804
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.90% due 06/01/2052		3,000,000		3,104,596
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.91% due 07/23/2025		2,350,000		2,667,057
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		2,365,000		3,324,394
Comcast Corp. Company Guar. Notes 2.65% due 02/01/2030		2,520,000		2,676,566
Comcast Corp. Company Guar. Notes 3.30% due 02/01/2027		4,690,000		5,177,824
Comcast Corp. Company Guar. Notes 4.00% due 11/01/2049		1,554,000		1,864,398
Cox Communications, Inc. Senior Notes 3.35% due 09/15/2026*		2,625,000		2,870,427
CSC Holdings LLC Company Guar. Notes 3.38% due 02/15/2031*		200,000		190,000
CSC Holdings LLC Company Guar. Notes 4.13% due 12/01/2030*		1,150,000		1,152,875

Security Description	Principal Amount		Value (Note 2)
Cable/Satellite TV (continued)
CSC Holdings LLC Company Guar. Notes 4.50% due 11/15/2031*	$	200,000	$	201,960
CSC Holdings LLC Senior Notes 4.63% due 12/01/2030*		525,000		517,125
CSC Holdings LLC Senior Notes 5.00% due 11/15/2031*		850,000		855,652
CSC Holdings LLC Senior Notes 5.25% due 06/01/2024		225,000		243,113
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		1,175,000		1,229,485
CSC Holdings LLC Senior Notes 5.75% due 01/15/2030*		2,500,000		2,605,475
CSC Holdings LLC Senior Notes 5.88% due 09/15/2022		1,100,000		1,149,698
CSC Holdings LLC Company Guar. Notes 6.50% due 02/01/2029*		1,050,000		1,158,066
CSC Holdings LLC Senior Notes 7.50% due 04/01/2028*		450,000		490,790
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. Senior Sec. Notes 5.88% due 08/15/2027*		700,000		722,750
DISH DBS Corp. Company Guar. Notes 5.13% due 06/01/2029*		1,000,000		989,900
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		675,000		727,232
DISH DBS Corp. Company Guar. Notes 7.38% due 07/01/2028		800,000		865,538
DISH DBS Corp. Company Guar. Notes 7.75% due 07/01/2026		700,000		798,875
Sirius XM Radio, Inc. Company Guar. Notes 3.88% due 08/01/2022*		125,000		125,000
Sirius XM Radio, Inc. Company Guar. Notes 4.00% due 07/15/2028*		450,000		464,063
Sirius XM Radio, Inc. Company Guar. Notes 4.13% due 07/01/2030*		925,000		954,304
Sirius XM Radio, Inc. Company Guar. Notes 4.63% due 07/15/2024*		850,000		870,187
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 07/15/2026*		925,000		955,081
Sirius XM Radio, Inc. Company Guar. Notes 5.50% due 07/01/2029*		450,000		492,818

56

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042	$	1,000,000	$	1,134,676
Time Warner Cable LLC Senior Sec. Notes 5.50% due 09/01/2041		3,410,000		4,307,671
Time Warner Cable LLC Senior Sec. Notes 6.75% due 06/15/2039		690,000		979,529
				58,432,767
Casino Hotels — 0.3%
Boyd Gaming Corp. Company Guar. Notes 4.75% due 12/01/2027		950,000		984,437
Boyd Gaming Corp. Senior Notes 4.75% due 06/15/2031*		250,000		258,651
Boyd Gaming Corp. Company Guar. Notes 8.63% due 06/01/2025*		75,000		81,749
MGM Resorts International Company Guar. Notes 4.63% due 09/01/2026		536,000		558,780
MGM Resorts International Company Guar. Notes 4.75% due 10/15/2028		325,000		342,063
MGM Resorts International Company Guar. Notes 5.50% due 04/15/2027		115,000		124,971
MGM Resorts International Company Guar. Notes 5.75% due 06/15/2025		225,000		244,829
MGM Resorts International Company Guar. Notes 6.00% due 03/15/2023		475,000		501,719
MGM Resorts International Company Guar. Notes 6.75% due 05/01/2025		150,000		159,188
Station Casinos LLC Company Guar. Notes 4.50% due 02/15/2028*		975,000		979,875
Station Casinos LLC Company Guar. Notes 5.00% due 10/01/2025*		890,000		900,012
				5,136,274
Casino Services — 0.2%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		600,000		633,000
Caesars Entertainment, Inc. Senior Notes 8.13% due 07/01/2027*		1,125,000		1,237,140
CCM Merger, Inc. Senior Notes 6.38% due 05/01/2026*		100,000		104,673
Midwest Gaming Borrower LLC Senior Sec. Notes 4.88% due 05/01/2029*		475,000		479,213
				2,454,026

Security Description	Principal Amount		Value (Note 2)
Cellular Telecom — 0.5%
Sprint Corp. Company Guar. Notes 7.13% due 06/15/2024	$	725,000	$	833,569
Sprint Corp. Company Guar. Notes 7.63% due 03/01/2026		225,000		274,835
Sprint Nextel Corp. Company Guar. Notes 6.00% due 11/15/2022		225,000		238,169
T-Mobile USA, Inc. Company Guar. Notes 2.25% due 02/15/2026		375,000		379,219
T-Mobile USA, Inc. Company Guar. Notes 2.25% due 02/15/2026*		875,000		884,844
T-Mobile USA, Inc. Senior Sec. Notes 2.25% due 11/15/2031		2,010,000		2,014,663
T-Mobile USA, Inc. Company Guar. Notes 2.88% due 02/15/2031		500,000		502,785
T-Mobile USA, Inc. Company Guar. Notes 3.38% due 04/15/2029*		750,000		780,893
T-Mobile USA, Inc. Company Guar. Notes 4.50% due 02/01/2026		1,150,000		1,176,737
T-Mobile USA, Inc. Company Guar. Notes 4.75% due 02/01/2028		275,000		292,339
				7,378,053
Chemicals-Diversified — 0.2%
Hexion, Inc. Company Guar. Notes 7.88% due 07/15/2027*		1,425,000		1,531,875
Illuminate Buyer LLC/Illuminate Holdings IV, Inc. Senior Notes 9.00% due 07/01/2028*		475,000		528,437
Polar US Borrower LLC/Schenectady International Group, Inc. Senior Notes 6.75% due 05/15/2026*		925,000		939,800
				3,000,112
Chemicals-Specialty — 0.5%
Element Solutions, Inc. Company Guar. Notes 3.88% due 09/01/2028*		1,125,000		1,147,814
H.B. Fuller Co. Senior Notes 4.25% due 10/15/2028		975,000		996,938
International Flavors & Fragrances, Inc. Senior Notes 1.23% due 10/01/2025*		4,050,000		4,054,333
International Flavors & Fragrances, Inc. Senior Notes 1.83% due 10/15/2027*		635,000		642,305
PQ Corp. Company Guar. Notes 5.75% due 12/15/2025*		500,000		514,375

57

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Chemicals-Specialty (continued)
W.R. Grace & Co. Company Guar. Notes 4.88% due 06/15/2027*	$	425,000	$	448,906
				7,804,671
Circuit Boards — 0.0%
TTM Technologies, Inc. Company Guar. Notes 4.00% due 03/01/2029*		350,000		352,188
Coatings/Paint — 0.4%
Axalta Coating Systems LLC Company Guar. Notes 3.38% due 02/15/2029*		275,000		270,531
RPM International, Inc. Senior Notes 4.55% due 03/01/2029		3,395,000		3,957,996
RPM International, Inc. Senior Notes 5.25% due 06/01/2045		1,740,000		2,220,229
				6,448,756
Commercial Services — 0.3%
Cintas Corp. No. 2 Company Guar. Notes 3.70% due 04/01/2027		3,140,000		3,530,006
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 4.50% due 07/15/2029*		325,000		327,436
Nielsen Finance LLC/Nielsen Finance Co. Senior Notes 4.75% due 07/15/2031*		575,000		579,931
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.63% due 10/01/2028*		375,000		396,094
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.88% due 10/01/2030*		575,000		629,568
				5,463,035
Commercial Services-Finance — 1.0%
Equifax, Inc. Senior Notes 2.60% due 12/01/2024		1,750,000		1,846,532
Equifax, Inc. Senior Notes 3.25% due 06/01/2026		3,425,000		3,690,509
Equifax, Inc. Senior Notes 3.95% due 06/15/2023		1,315,000		1,394,572
Global Payments, Inc. Senior Notes 4.15% due 08/15/2049		2,675,000		3,148,022
MPH Acquisition Holdings LLC Company Guar. Notes 5.75% due 11/01/2028*		2,250,000		2,182,500
Total System Services, Inc. Senior Notes 4.45% due 06/01/2028		1,850,000		2,148,681

Security Description	Principal Amount		Value (Note 2)
Commercial Services-Finance (continued)
Total System Services, Inc. Senior Notes 4.80% due 04/01/2026	$	695,000	$	800,601
				15,211,417
Computer Data Security — 0.1%
Fortinet, Inc. Senior Notes 1.00% due 03/15/2026		1,200,000		1,196,369
Computer Services — 0.6%
Banff Merger Sub, Inc. Senior Notes 9.75% due 09/01/2026*		1,075,000		1,130,094
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*		350,000		357,000
Booz Allen Hamilton, Inc. Company Guar. Notes 4.00% due 07/01/2029*		100,000		103,000
Leidos, Inc. Company Guar. Notes 2.30% due 02/15/2031		5,095,000		5,051,489
Leidos, Inc. Company Guar. Notes 3.63% due 05/15/2025		1,475,000		1,605,980
SAIC, Inc. Senior Sec. Notes 5.95% due 12/01/2040		850,000		1,086,443
Science Applications International Corp. Company Guar. Notes 4.88% due 04/01/2028*		125,000		131,094
				9,465,100
Computer Software — 0.1%
Rackspace Technology Global, Inc. Senior Sec. Notes 3.50% due 02/15/2028*		800,000		770,000
Rackspace Technology Global, Inc. Company Guar. Notes 5.38% due 12/01/2028*		1,025,000		1,043,481
				1,813,481
Computers — 1.0%
Dell International LLC/EMC Corp. Senior Sec. Notes 5.30% due 10/01/2029		3,420,000		4,183,367
Dell International LLC/EMC Corp. Senior Sec. Notes 5.85% due 07/15/2025		2,285,000		2,688,279
Dell International LLC/EMC Corp. Senior Sec. Notes 6.20% due 07/15/2030		2,820,000		3,650,815
Dell International LLC/EMC Corp. Company Guar. Notes 7.13% due 06/15/2024*		2,600,000		2,660,034
Dell International LLC/EMC Corp. Senior Sec. Notes 8.35% due 07/15/2046		2,000,000		3,311,869
				16,494,364

58

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computers-Integrated Systems — 0.2%
Diebold Nixdorf, Inc. Senior Sec. Notes 9.38% due 07/15/2025*	$	100,000	$	109,875
NCR Corp. Company Guar. Notes 5.00% due 10/01/2028*		500,000		515,000
NCR Corp. Company Guar. Notes 5.13% due 04/15/2029*		1,125,000		1,170,945
NCR Corp. Company Guar. Notes 5.25% due 10/01/2030*		775,000		815,687
NCR Corp. Company Guar. Notes 5.75% due 09/01/2027*		150,000		158,250
NCR Corp. Company Guar. Notes 6.13% due 09/01/2029*		525,000		569,368
NCR Corp. Company Guar. Notes 8.13% due 04/15/2025*		25,000		27,156
				3,366,281
Consulting Services — 0.5%
Gartner, Inc. Company Guar. Notes 3.75% due 10/01/2030*		175,000		179,813
Gartner, Inc. Company Guar. Notes 4.50% due 07/01/2028*		200,000		211,500
Verisk Analytics, Inc. Senior Notes 4.00% due 06/15/2025		250,000		276,910
Verisk Analytics, Inc. Senior Notes 4.13% due 09/12/2022		2,068,000		2,149,210
Verisk Analytics, Inc. Senior Notes 4.13% due 03/15/2029		160,000		184,850
Verisk Analytics, Inc. Senior Notes 5.50% due 06/15/2045		3,060,000		4,216,875
				7,219,158
Containers-Metal/Glass — 0.3%
Ball Corp. Company Guar. Notes 2.88% due 08/15/2030		850,000		841,177
BWAY Holding Co. Senior Sec. Notes 5.50% due 04/15/2024*		400,000		402,500
BWAY Holding Co. Senior Notes 7.25% due 04/15/2025*		1,750,000		1,704,063
Owens-Brockway Glass Container, Inc. Company Guar. Notes 5.38% due 01/15/2025*		925,000		983,395
Owens-Brockway Glass Container, Inc. Company Guar. Notes 6.38% due 08/15/2025*		700,000		782,250
Owens-Brockway Glass Container, Inc. Company Guar. Notes 6.63% due 05/13/2027*		725,000		783,000
				5,496,385

Security Description	Principal Amount		Value (Note 2)
Containers-Paper/Plastic — 1.1%
Berry Global Escrow Corp. Sec. Notes 5.63% due 07/15/2027*	$	500,000	$	526,250
Berry Global, Inc. Senior Sec. Notes 4.88% due 07/15/2026*		900,000		949,500
Crown Americas LLC/Crown Americas Capital Corp. Company Guar. Notes 4.75% due 02/01/2026		875,000		905,625
Flex Acquisition Co., Inc. Senior Notes 6.88% due 01/15/2025*		2,575,000		2,607,754
Flex Acquisition Co., Inc. Senior Notes 7.88% due 07/15/2026*		1,475,000		1,536,596
Graphic Packaging International LLC Company Guar. Notes 3.50% due 03/01/2029*		525,000		521,626
Graphic Packaging International LLC Company Guar. Notes 4.75% due 07/15/2027*		300,000		324,000
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu Senior Sec. Notes 4.00% due 10/15/2027*		900,000		898,875
Sealed Air Corp. Company Guar. Notes 4.00% due 12/01/2027*		350,000		372,750
Sealed Air Corp. Company Guar. Notes 5.13% due 12/01/2024*		400,000		434,000
Sealed Air Corp. Company Guar. Notes 5.25% due 04/01/2023*		150,000		157,888
Trident TPI Holdings, Inc. Company Guar. Notes 6.63% due 11/01/2025*		1,025,000		1,050,235
Trident TPI Holdings, Inc. Company Guar. Notes 9.25% due 08/01/2024*		700,000		737,625
WestRock RKT Co. Company Guar. Notes 4.00% due 03/01/2023		700,000		731,604
WRKCo, Inc. Company Guar. Notes 4.00% due 03/15/2028		3,260,000		3,700,715
WRKCo, Inc. Company Guar. Notes 4.90% due 03/15/2029		2,100,000		2,539,519
				17,994,562
Cosmetics & Toiletries — 0.1%
Edgewell Personal Care Co. Company Guar. Notes 4.13% due 04/01/2029*		550,000		553,438
Edgewell Personal Care Co. Company Guar. Notes 5.50% due 06/01/2028*		375,000		397,076
				950,514

59

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Data Processing/Management — 0.6%
Dun & Bradstreet Corp. Senior Sec. Notes 6.88% due 08/15/2026*	$	270,000	$	285,862
Dun & Bradstreet Corp. Company Guar. Notes 10.25% due 02/15/2027*		1,005,000		1,096,676
Fidelity National Information Services, Inc. Senior Notes 3.10% due 03/01/2041		1,260,000		1,322,804
Fiserv, Inc. Senior Notes 3.85% due 06/01/2025		3,250,000		3,580,982
Fiserv, Inc. Senior Notes 4.20% due 10/01/2028		2,870,000		3,326,758
				9,613,082
Decision Support Software — 0.0%
MSCI, Inc. Company Guar. Notes 3.63% due 09/01/2030*		675,000		709,594
Diagnostic Equipment — 0.6%
Avantor Funding, Inc. Company Guar. Notes 4.63% due 07/15/2028*		1,325,000		1,394,563
Danaher Corp. Senior Notes 2.60% due 10/01/2050		2,160,000		2,125,135
PerkinElmer, Inc. Senior Notes 2.55% due 03/15/2031		1,740,000		1,816,652
PerkinElmer, Inc. Senior Notes 3.30% due 09/15/2029		2,525,000		2,757,335
Thermo Fisher Scientific, Inc. Senior Notes 2.95% due 09/19/2026		2,040,000		2,218,576
				10,312,261
Dialysis Centers — 0.1%
DaVita, Inc. Company Guar. Notes 4.63% due 06/01/2030*		1,075,000		1,111,281
Direct Marketing — 0.2%
Terrier Media Buyer, Inc. Company Guar. Notes 8.88% due 12/15/2027*		2,475,000		2,646,517
Disposable Medical Products — 0.0%
Teleflex, Inc. Company Guar. Notes 4.25% due 06/01/2028*		100,000		104,250
Teleflex, Inc. Company Guar. Notes 4.63% due 11/15/2027		125,000		131,839
				236,089
Distribution/Wholesale — 0.4%
ABC Supply Co., Inc. Senior Sec. Notes 4.00% due 01/15/2028*		150,000		153,750

Security Description	Principal Amount		Value (Note 2)
Distribution/Wholesale (continued)
BCPE Empire Holdings, Inc. Senior Notes 7.63% due 05/01/2027*	$	1,800,000	$	1,809,000
CD&R Waterworks Merger Sub LLC Senior Notes 6.13% due 08/15/2025*		2,125,000		2,155,175
H&E Equipment Services, Inc. Company Guar. Notes 3.88% due 12/15/2028*		1,475,000		1,462,093
KAR Auction Services, Inc. Company Guar. Notes 5.13% due 06/01/2025*		1,425,000		1,458,844
				7,038,862
Diversified Banking Institutions — 9.2%
Bank of America Corp. Senior Notes 2.59% due 04/29/2031		2,325,000		2,407,225
Bank of America Corp. Senior Notes 2.69% due 04/22/2032		5,600,000		5,846,074
Bank of America Corp. Senior Notes 2.82% due 07/21/2023		6,540,000		6,688,459
Bank of America Corp. Senior Notes 2.88% due 10/22/2030		4,000,000		4,244,246
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		2,975,000		3,309,727
Bank of America Corp. Senior Notes 3.82% due 01/20/2028		3,170,000		3,542,563
Bank of America Corp. Sub. Notes 3.95% due 04/21/2025		1,000,000		1,097,732
Bank of America Corp. Senior Notes 4.00% due 04/01/2024		3,350,000		3,650,998
Bank of America Corp. Sub. Notes 4.00% due 01/22/2025		3,500,000		3,839,231
Bank of America Corp. Sub. Notes 4.18% due 11/25/2027		2,760,000		3,108,079
Citigroup, Inc. Senior Notes 2.56% due 05/01/2032		5,625,000		5,810,333
Citigroup, Inc. Senior Notes 2.88% due 07/24/2023		2,250,000		2,303,392
Citigroup, Inc. Senior Notes 2.98% due 11/05/2030		1,390,000		1,485,207
Citigroup, Inc. Senior Notes 3.35% due 04/24/2025		2,085,000		2,226,254
Citigroup, Inc. Senior Notes 3.40% due 05/01/2026		3,340,000		3,675,364
Citigroup, Inc. Senior Notes 3.52% due 10/27/2028		6,250,000		6,882,748

60

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Citigroup, Inc. Sub. Notes 4.13% due 07/25/2028	$	1,340,000	$	1,520,323
Citigroup, Inc. Sub. Notes 4.30% due 11/20/2026		3,100,000		3,527,086
Citigroup, Inc. Sub. Notes 5.50% due 09/13/2025		2,500,000		2,922,234
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		5,000,000		5,073,855
Goldman Sachs Group, Inc. Senior Notes 2.62% due 04/22/2032		5,700,000		5,894,021
Goldman Sachs Group, Inc. Senior Notes 3.81% due 04/23/2029		3,800,000		4,278,202
Goldman Sachs Group, Inc. Senior Notes 4.22% due 05/01/2029		3,125,000		3,591,468
Goldman Sachs Group, Inc. Sub. Notes 5.15% due 05/22/2045		3,000,000		4,035,192
Goldman Sachs Group, Inc. Senior Notes 5.75% due 01/24/2022		4,000,000		4,104,453
JPMorgan Chase & Co. Senior Notes 2.58% due 04/22/2032		5,700,000		5,922,655
JPMorgan Chase & Co. Senior Notes 2.78% due 04/25/2023		2,020,000		2,055,987
JPMorgan Chase & Co. Sub. Notes 3.38% due 05/01/2023		1,510,000		1,584,862
JPMorgan Chase & Co. Sub. Notes 3.88% due 09/10/2024		10,500,000		11,429,608
JPMorgan Chase & Co. Sub. Notes 8.00% due 04/29/2027		460,000		619,900
Morgan Stanley Senior Notes 1.59% due 05/04/2027		4,115,000		4,175,840
Morgan Stanley Senior Notes 1.93% due 04/28/2032		5,000,000		4,907,940
Morgan Stanley Senior Notes 3.77% due 01/24/2029		2,000,000		2,247,283
Morgan Stanley Sub. Notes 3.95% due 04/23/2027		8,250,000		9,286,586
Morgan Stanley Sub. Notes 4.10% due 05/22/2023		4,000,000		4,256,744
Morgan Stanley Senior Notes 4.46% due 04/22/2039		3,125,000		3,879,169

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Morgan Stanley Sub. Notes 5.00% due 11/24/2025	$	2,000,000	$	2,309,963
				147,741,003
Diversified Manufacturing Operations — 0.5%
Parker-Hannifin Corp. Senior Notes 3.25% due 03/01/2027		3,140,000		3,450,794
Textron, Inc. Senior Notes 3.88% due 03/01/2025		905,000		992,208
Textron, Inc. Senior Notes 3.90% due 09/17/2029		1,215,000		1,382,059
Textron, Inc. Senior Notes 4.30% due 03/01/2024		1,945,000		2,102,303
				7,927,364
Drug Delivery Systems — 0.6%
Becton Dickinson and Co. Senior Notes 3.70% due 06/06/2027		3,025,000		3,377,047
Becton Dickinson and Co. Senior Notes 3.73% due 12/15/2024		1,625,000		1,768,594
Becton Dickinson and Co. Senior Notes 4.69% due 12/15/2044		3,088,000		3,929,584
				9,075,225
E-Commerce/Services — 0.7%
Booking Holdings, Inc. Senior Notes 4.63% due 04/13/2030		1,820,000		2,193,328
Cars.com, Inc. Company Guar. Notes 6.38% due 11/01/2028*		1,175,000		1,251,633
Expedia Group, Inc. Company Guar. Notes 2.95% due 03/15/2031		4,850,000		4,973,250
Go Daddy Operating Co. LLC/GD Finance Co., Inc. Company Guar. Notes 5.25% due 12/01/2027*		825,000		865,367
Match Group Holdings II LLC Senior Notes 4.13% due 08/01/2030*		775,000		810,844
Match Group Holdings II LLC Senior Notes 4.63% due 06/01/2028*		625,000		655,469
Match Group Holdings II LLC Senior Notes 5.00% due 12/15/2027*		450,000		473,063
Millennium Escrow Corp. Senior Sec. Notes 6.63% due 08/01/2026*		600,000		612,978
				11,835,932
Electric Products-Misc. — 0.3%
Molex Electronic Technologies LLC Senior Notes 3.90% due 04/15/2025*		2,500,000		2,644,100

61

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric Products-Misc. (continued)
WESCO Distribution, Inc. Company Guar. Notes 7.13% due 06/15/2025*	$	250,000	$	268,747
WESCO Distribution, Inc. Company Guar. Notes 7.25% due 06/15/2028*		1,050,000		1,169,805
				4,082,652
Electric-Distribution — 0.3%
Sempra Energy Senior Notes 3.55% due 06/15/2024		3,000,000		3,223,110
Sempra Energy Senior Notes 6.00% due 10/15/2039		1,170,000		1,665,461
				4,888,571
Electric-Generation — 0.4%
Emera US Finance LP Company Guar. Notes 3.55% due 06/15/2026		1,240,000		1,362,574
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		1,880,000		2,277,974
Pattern Energy Operations LP/Pattern Energy Operations, Inc. Company Guar. Notes 4.50% due 08/15/2028*		225,000		232,247
Vistra Operations Co. LLC Senior Notes 4.38% due 05/01/2029*		825,000		845,625
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*		350,000		361,375
Vistra Operations Co. LLC Company Guar. Notes 5.50% due 09/01/2026*		425,000		437,750
Vistra Operations Co. LLC Company Guar. Notes 5.63% due 02/15/2027*		925,000		959,688
				6,477,233
Electric-Integrated — 1.6%
Ameren Corp. Senior Notes 3.65% due 02/15/2026		1,480,000		1,629,142
American Electric Power Co., Inc. Senior Notes 3.20% due 11/13/2027		3,125,000		3,420,862
Black Hills Corp. Senior Notes 2.50% due 06/15/2030		1,210,000		1,253,184
Cleveland Electric Illuminating Co. Senior Notes 5.95% due 12/15/2036		1,145,000		1,553,504
Consolidated Edison Co. of New York, Inc. Senior Notes 4.63% due 12/01/2054		1,367,000		1,759,676
Entergy Gulf States Louisiana LLC 1st Mtg. Notes 5.59% due 10/01/2024		125,000		143,776

Security Description	Principal Amount		Value (Note 2)
Electric-Integrated (continued)
Eversource Energy Senior Notes 3.35% due 03/15/2026	$	3,300,000	$	3,582,173
Exelon Corp. Senior Notes 3.95% due 06/15/2025		1,500,000		1,655,071
Exelon Generation Co. LLC Senior Notes 4.25% due 06/15/2022		4,900,000		5,018,817
Exelon Generation Co. LLC Senior Notes 5.75% due 10/01/2041		500,000		602,275
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 3.55% due 05/01/2027		1,125,000		1,259,486
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 3.63% due 06/15/2023		3,000,000		3,143,660
Puget Energy, Inc. Senior Sec. Notes 2.38% due 06/15/2028*		925,000		944,603
				25,966,229
Electronic Components-Misc. — 0.1%
Hubbell, Inc. Senior Notes 2.30% due 03/15/2031		2,100,000		2,146,533
Electronic Components-Semiconductors — 0.6%
Broadcom, Inc. Senior Notes 3.42% due 04/15/2033*		3,000,000		3,196,225
Broadcom, Inc. Company Guar. Notes 3.75% due 02/15/2051*		960,000		1,013,025
Microchip Technology, Inc. Company Guar. Notes 4.25% due 09/01/2025		475,000		500,371
Micron Technology, Inc. Senior Notes 2.50% due 04/24/2023		540,000		556,189
Micron Technology, Inc. Senior Notes 4.64% due 02/06/2024		2,750,000		2,995,685
ON Semiconductor Corp. Company Guar. Notes 3.88% due 09/01/2028*		275,000		286,468
Qorvo, Inc. Company Guar. Notes 3.38% due 04/01/2031*		450,000		467,113
Qorvo, Inc. Company Guar. Notes 4.38% due 10/15/2029		425,000		462,595
Synaptics, Inc. Company Guar. Notes 4.00% due 06/15/2029*		275,000		278,812
				9,756,483
Electronic Measurement Instruments — 1.0%
Agilent Technologies, Inc. Senior Notes 3.05% due 09/22/2026		3,330,000		3,608,666
Keysight Technologies, Inc. Senior Notes 3.00% due 10/30/2029		1,425,000		1,531,913

62

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electronic Measurement Instruments (continued)
Keysight Technologies, Inc. Senior Notes 4.55% due 10/30/2024	$	4,175,000	$	4,633,391
Vontier Corp. Company Guar. Notes 2.95% due 04/01/2031*		6,085,000		6,177,492
				15,951,462
Electronic Security Devices — 0.4%
Allegion US Holding Co., Inc. Company Guar. Notes 3.55% due 10/01/2027		5,570,000		6,084,242
Energy-Alternate Sources — 0.2%
Enviva Partners LP/Enviva Partners Finance Corp. Company Guar. Notes 6.50% due 01/15/2026*		1,625,000		1,682,850
TerraForm Power Operating LLC Company Guar. Notes 4.25% due 01/31/2023*		100,000		102,625
TerraForm Power Operating LLC Company Guar. Notes 4.75% due 01/15/2030*		525,000		552,562
TerraForm Power Operating LLC Company Guar. Notes 5.00% due 01/31/2028*		1,250,000		1,350,000
				3,688,037
Enterprise Software/Service — 0.7%
Boxer Parent Co., Inc. Sec. Notes 9.13% due 03/01/2026*		375,000		392,344
BY Crown Parent LLC/BY Bond Finance, Inc. Senior Sec. Notes 4.25% due 01/31/2026*		200,000		210,000
Clarivate Science Holdings Corp. Senior Sec. Notes 3.88% due 06/30/2028*		200,000		201,651
Clarivate Science Holdings Corp. Senior Notes 4.88% due 06/30/2029*		875,000		881,247
Helios Software Holdings, Inc./ION Corporate Solutions Finance SARL Senior Sec. Notes 4.63% due 05/01/2028*		875,000		861,875
Open Text Holdings, Inc. Company Guar. Notes 4.13% due 02/15/2030*		300,000		309,750
Oracle Corp. Senior Notes 3.60% due 04/01/2050		4,300,000		4,485,790
Rocket Software, Inc. Senior Notes 6.50% due 02/15/2029*		1,475,000		1,467,625
Veritas US, Inc./Veritas Bermuda, Ltd. Senior Sec. Notes 7.50% due 09/01/2025*		1,575,000		1,630,125
				10,440,407

Security Description	Principal Amount		Value (Note 2)
Finance-Consumer Loans — 0.2%
Navient Corp. Senior Notes 4.88% due 03/15/2028	$	475,000	$	479,156
Navient Corp. Senior Notes 5.00% due 03/15/2027		150,000		156,000
Navient Corp. Senior Notes 5.88% due 10/25/2024		1,425,000		1,551,469
Navient Corp. Senior Notes 6.75% due 06/25/2025		475,000		529,002
Navient Corp. Senior Notes 6.75% due 06/15/2026		150,000		168,188
				2,883,815
Finance-Credit Card — 0.7%
Capital One Bank USA NA Sub. Notes 3.38% due 02/15/2023		6,100,000		6,368,754
Capital One Financial Corp. Sub. Notes 4.20% due 10/29/2025		1,690,000		1,894,707
Discover Financial Services Senior Notes 3.85% due 11/21/2022		3,212,000		3,355,807
				11,619,268
Finance-Investment Banker/Broker — 0.4%
Jefferies Group LLC Senior Notes 6.50% due 01/20/2043		1,170,000		1,642,524
Jefferies Group LLC/Jefferies Group Capital Finance, Inc. Senior Notes 4.85% due 01/15/2027		3,475,000		4,069,119
				5,711,643
Finance-Leasing Companies — 0.2%
Air Lease Corp. Senior Notes 3.63% due 12/01/2027		2,650,000		2,882,077
Finance-Mortgage Loan/Banker — 0.4%
LD Holdings Group LLC Company Guar. Notes 6.13% due 04/01/2028*		875,000		868,674
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. Company Guar. Notes 3.63% due 03/01/2029*		475,000		476,188
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. Company Guar. Notes 3.88% due 03/01/2031*		1,250,000		1,274,762
Quicken Loans, Inc. Company Guar. Notes 5.25% due 01/15/2028*		750,000		789,375
United Shore Financial Services LLC Senior Notes 5.50% due 11/15/2025*		1,550,000		1,591,540

63

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Mortgage Loan/Banker (continued)
United Wholesale Mtg. LLC Senior Notes 5.50% due 04/15/2029*	$	800,000	$	794,000
				5,794,539
Finance-Other Services — 0.2%
Cboe Holdings, Inc. Senior Notes 3.65% due 01/12/2027		3,000,000		3,359,230
Financial Guarantee Insurance — 0.0%
MBIA, Inc. Senior Notes 6.63% due 10/01/2028		250,000		251,250
Food-Baking — 0.1%
Flowers Foods, Inc. Senior Notes 3.50% due 10/01/2026		2,180,000		2,389,712
Food-Catering — 0.1%
Aramark Services, Inc. Company Guar. Notes 5.00% due 04/01/2025*		150,000		153,938
Aramark Services, Inc. Company Guar. Notes 5.00% due 02/01/2028*		1,400,000		1,454,432
Aramark Services, Inc. Company Guar. Notes 6.38% due 05/01/2025*		575,000		606,711
				2,215,081
Food-Meat Products — 0.4%
Smithfield Foods, Inc. Senior Notes 3.00% due 10/15/2030*		4,220,000		4,309,537
Tyson Foods, Inc. Senior Notes 3.95% due 08/15/2024		1,475,000		1,605,022
				5,914,559
Food-Misc./Diversified — 1.3%
General Mills, Inc. Senior Notes 3.00% due 02/01/2051*		1,077,000		1,109,266
Kraft Heinz Foods Co. Company Guar. Notes 3.00% due 06/01/2026		1,254,000		1,331,822
Kraft Heinz Foods Co. Company Guar. Notes 4.25% due 03/01/2031		650,000		747,687
Kraft Heinz Foods Co. Company Guar. Notes 4.38% due 06/01/2046		6,535,000		7,523,389
Kraft Heinz Foods Co. Company Guar. Notes 5.20% due 07/15/2045		650,000		822,584
Lamb Weston Holdings, Inc. Company Guar. Notes 4.63% due 11/01/2024*		525,000		539,443
McCormick & Co., Inc. Senior Notes 2.50% due 04/15/2030		870,000		902,860

Security Description	Principal Amount		Value (Note 2)
Food-Misc./Diversified (continued)
McCormick & Co., Inc. Senior Notes 3.40% due 08/15/2027	$	2,915,000	$	3,240,549
Post Holdings, Inc. Senior Notes 4.50% due 09/15/2031*		550,000		556,600
Post Holdings, Inc. Company Guar. Notes 4.63% due 04/15/2030*		375,000		382,031
Post Holdings, Inc. Company Guar. Notes 5.63% due 01/15/2028*		575,000		605,188
Post Holdings, Inc. Company Guar. Notes 5.75% due 03/01/2027*		2,525,000		2,628,146
				20,389,565
Food-Retail — 0.6%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 3.25% due 03/15/2026*		175,000		179,226
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 3.50% due 02/15/2023*		125,000		127,969
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 3.50% due 03/15/2029*		2,150,000		2,171,500
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 4.88% due 02/15/2030*		175,000		189,438
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.75% due 03/15/2025		284,000		289,836
Kroger Co. Senior Notes 3.50% due 02/01/2026		3,150,000		3,479,795
Kroger Co. Senior Notes 4.45% due 02/01/2047		1,325,000		1,613,241
Kroger Co. Senior Notes 6.90% due 04/15/2038		940,000		1,407,524
				9,458,529
Food-Wholesale/Distribution — 0.5%
Performance Food Group, Inc. Company Guar. Notes 4.25% due 08/01/2029*		625,000		634,183
Sysco Corp. Company Guar. Notes 4.45% due 03/15/2048		5,175,000		6,256,847
US Foods, Inc. Company Guar. Notes 4.75% due 02/15/2029*		1,100,000		1,122,000
				8,013,030

64

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Gambling (Non-Hotel) — 0.5%
Affinity Gaming Senior Sec. Notes 6.88% due 12/15/2027*	$	1,100,000	$	1,166,330
Caesars Resort Collection LLC/CRC Finco, Inc. Company Guar. Notes 5.25% due 10/15/2025*		1,350,000		1,361,010
Caesars Resort Collection LLC/CRC Finco, Inc. Senior Sec. Notes 5.75% due 07/01/2025*		225,000		236,531
Mohegan Gaming & Entertainment Company Guar. Notes 7.88% due 10/15/2024*		275,000		287,719
Mohegan Gaming & Entertainment Sec. Notes 8.00% due 02/01/2026*		2,050,000		2,134,378
Raptor Acquisition Corp./Raptor Co-Issuer LLC Senior Sec. Notes 4.88% due 11/01/2026*		100,000		101,500
Scientific Games International, Inc. Company Guar. Notes 7.25% due 11/15/2029*		800,000		897,104
Scientific Games International, Inc. Company Guar. Notes 8.25% due 03/15/2026*		525,000		557,161
Scientific Games International, Inc. Company Guar. Notes 8.63% due 07/01/2025*		700,000		756,000
Twin River Worldwide Holdings, Inc. Company Guar. Notes 6.75% due 06/01/2027*		450,000		486,563
				7,984,296
Gas-Distribution — 0.8%
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.50% due 05/20/2025		100,000		110,310
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.63% due 05/20/2024		325,000		354,656
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.75% due 05/20/2027		175,000		197,313
AmeriGas Partners LP/AmeriGas Finance Corp. Senior Notes 5.88% due 08/20/2026		950,000		1,064,000
National Fuel Gas Co. Senior Notes 2.95% due 03/01/2031		1,580,000		1,624,236
National Fuel Gas Co. Senior Notes 3.75% due 03/01/2023		3,800,000		3,954,864
National Fuel Gas Co. Senior Notes 5.50% due 01/15/2026		2,025,000		2,359,606

Security Description	Principal Amount		Value (Note 2)
Gas-Distribution (continued)
NiSource, Inc. Senior Notes 4.38% due 05/15/2047	$	935,000	$	1,142,600
Southern Co. Gas Capital Corp. Company Guar. Notes 3.95% due 10/01/2046		1,120,000		1,279,533
				12,087,118
Hotels/Motels — 0.1%
Hilton Domestic Operating Co., Inc. Company Guar. Notes 3.63% due 02/15/2032*		725,000		723,188
Hilton Domestic Operating Co., Inc. Company Guar. Notes 3.75% due 05/01/2029*		475,000		480,111
Hilton Domestic Operating Co., Inc. Company Guar. Notes 5.38% due 05/01/2025*		75,000		78,383
Hilton Domestic Operating Co., Inc. Company Guar. Notes 5.75% due 05/01/2028*		275,000		295,625
Wyndham Hotels & Resorts, Inc. Company Guar. Notes 4.38% due 08/15/2028*		300,000		310,107
				1,887,414
Human Resources — 0.1%
Team Health Holdings, Inc. Company Guar. Notes 6.38% due 02/01/2025*		1,200,000		1,113,000
Independent Power Producers — 0.3%
Calpine Corp. Senior Sec. Notes 3.75% due 03/01/2031*		950,000		914,375
Calpine Corp. Senior Sec. Notes 4.50% due 02/15/2028*		625,000		643,750
Calpine Corp. Senior Notes 4.63% due 02/01/2029*		250,000		246,563
Calpine Corp. Senior Notes 5.00% due 02/01/2031*		525,000		530,250
Calpine Corp. Senior Notes 5.13% due 03/15/2028*		425,000		430,313
Calpine Corp. Senior Sec. Notes 5.25% due 06/01/2026*		68,000		69,962
NRG Energy, Inc. Company Guar. Notes 3.38% due 02/15/2029*		125,000		124,375
NRG Energy, Inc. Company Guar. Notes 3.63% due 02/15/2031*		125,000		125,938
NRG Energy, Inc. Company Guar. Notes 5.25% due 06/15/2029*		775,000		831,187
NRG Energy, Inc. Company Guar. Notes 5.75% due 01/15/2028		475,000		504,687
NRG Energy, Inc. Company Guar. Notes 6.63% due 01/15/2027		575,000		595,240

65

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Independent Power Producers (continued)
NRG Energy, Inc. Company Guar. Notes 7.25% due 05/15/2026	$	225,000	$	234,045
				5,250,685
Instruments-Controls — 0.0%
Sensata Technologies, Inc. Company Guar. Notes 3.75% due 02/15/2031*		150,000		151,125
Sensata Technologies, Inc. Company Guar. Notes 4.38% due 02/15/2030*		225,000		240,750
				391,875
Insurance Brokers — 0.9%
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer Senior Notes 6.75% due 10/15/2027*		2,000,000		2,087,500
AmWINS Group, Inc. Senior Notes 4.88% due 06/30/2029*		1,100,000		1,122,000
AssuredPartners, Inc. Senior Notes 5.63% due 01/15/2029*		1,000,000		992,500
AssuredPartners, Inc. Senior Notes 7.00% due 08/15/2025*		1,375,000		1,399,062
BroadStreet Partners, Inc. Senior Notes 5.88% due 04/15/2029*		1,100,000		1,113,750
HUB International, Ltd. Company Guar. Notes 7.00% due 05/01/2026*		4,925,000		5,098,360
USI, Inc. Senior Notes 6.88% due 05/01/2025*		2,500,000		2,546,875
				14,360,047
Insurance-Life/Health — 0.9%
Lincoln National Corp. Senior Notes 4.20% due 03/15/2022		1,900,000		1,944,632
Lincoln National Corp. Senior Notes 7.00% due 06/15/2040		1,425,000		2,223,805
Pacific LifeCorp Senior Notes 6.60% due 09/15/2033*		2,700,000		3,886,882
Penn Mutual Life Insurance Co. Sub. Bonds 7.63% due 06/15/2040*		875,000		1,330,474
Prudential Financial, Inc. Senior Notes 6.20% due 11/15/2040		850,000		1,201,221
Prudential Financial, Inc. Senior Notes 6.63% due 12/01/2037		2,130,000		3,185,981
				13,772,995
Insurance-Multi-line — 0.5%
Hartford Financial Services Group, Inc. Senior Notes 6.63% due 04/15/2042		2,255,000		3,282,471

Security Description	Principal Amount		Value (Note 2)
Insurance-Multi-line (continued)
Nationwide Mutual Insurance Co. Sub. Notes 9.38% due 08/15/2039*	$	2,870,000	$	5,077,276
				8,359,747
Insurance-Mutual — 0.2%
Liberty Mutual Group, Inc. Company Guar. Notes 4.95% due 05/01/2022*		680,000		702,579
Massachusetts Mutual Life Insurance Co. Sub. Notes 8.88% due 06/01/2039*		1,008,000		1,632,613
New York Life Insurance Co. Sub. Notes 6.75% due 11/15/2039*		420,000		641,874
				2,977,066
Insurance-Property/Casualty — 0.0%
GTCR AP Finance, Inc. Senior Notes 8.00% due 05/15/2027*		450,000		477,000
Interior Design/Architecture — 0.1%
Signal Parent, Inc. Senior Notes 6.13% due 04/01/2029*		1,050,000		1,013,250
Internet Brokers — 0.2%
TD Ameritrade Holding Corp. Senior Notes 3.63% due 04/01/2025		2,650,000		2,905,537
Investment Management/Advisor Services — 0.6%
FMR LLC Senior Notes 5.35% due 11/15/2021*		1,260,000		1,277,768
FMR LLC Bonds 7.57% due 06/15/2029*		2,200,000		3,138,399
NFP Corp Senior Notes 6.88% due 08/15/2028*		3,025,000		3,133,416
Stifel Financial Corp. Senior Notes 4.25% due 07/18/2024		865,000		949,473
TIAA Asset Management Finance Co. LLC Senior Notes 4.13% due 11/01/2024*		1,080,000		1,195,306
				9,694,362
Machinery-Construction & Mining — 0.0%
Terex Corp. Company Guar. Notes 5.00% due 05/15/2029*		400,000		414,500
Machinery-Farming — 0.2%
CNH Industrial Capital LLC Company Guar. Notes 1.95% due 07/02/2023		770,000		789,926
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		2,155,000		2,330,652
				3,120,578

66

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Machinery-General Industrial — 0.1%
Stevens Holding Co., Inc. Company Guar. Notes 6.13% due 10/01/2026*	$	200,000	$	214,500
Vertical US Newco, Inc. Senior Sec. Notes 5.25% due 07/15/2027*		600,000		633,630
Westinghouse Air Brake Technologies Corp. Company Guar. Notes 3.20% due 06/15/2025		970,000		1,034,567
				1,882,697
Machinery-Pumps — 0.1%
Xylem, Inc. Senior Notes 2.25% due 01/30/2031		1,580,000		1,617,551
Medical Instruments — 0.2%
Alcon Finance Corp. Company Guar. Notes 2.60% due 05/27/2030*		585,000		606,940
Alcon Finance Corp. Company Guar. Notes 3.00% due 09/23/2029*		2,245,000		2,396,425
				3,003,365
Medical Labs & Testing Services — 0.2%
Charles River Laboratories International, Inc. Company Guar. Notes 3.75% due 03/15/2029*		225,000		230,906
Charles River Laboratories International, Inc. Company Guar. Notes 4.00% due 03/15/2031*		225,000		236,723
Charles River Laboratories International, Inc. Company Guar. Notes 4.25% due 05/01/2028*		225,000		234,844
IQVIA, Inc. Company Guar. Notes 5.00% due 10/15/2026*		1,175,000		1,207,312
IQVIA, Inc. Company Guar. Notes 5.00% due 05/15/2027*		200,000		208,500
MEDNAX, Inc. Company Guar. Notes 6.25% due 01/15/2027*		525,000		553,067
Syneos Health, Inc. Company Guar. Notes 3.63% due 01/15/2029*		725,000		719,562
				3,390,914
Medical Products — 0.4%
Abbott Laboratories Senior Notes 3.75% due 11/30/2026		3,655,000		4,160,636
Zimmer Biomet Holdings, Inc. Senior Notes 3.55% due 04/01/2025		1,605,000		1,744,934
				5,905,570

Security Description	Principal Amount		Value (Note 2)
Medical-Biomedical/Gene — 1.1%
Amgen, Inc. Senior Notes 2.20% due 02/21/2027	$	5,060,000	$	5,321,168
Biogen, Inc. Senior Notes 2.25% due 05/01/2030		1,045,000		1,063,705
Biogen, Inc. Senior Bonds 3.15% due 05/01/2050		3,150,000		3,137,286
Biogen, Inc. Senior Notes 3.25% due 02/15/2051*		2,631,000		2,649,319
HCRX Investments Holdco LP Senior Notes 4.50% due 08/01/2029*		325,000		331,500
Regeneron Pharmaceuticals, Inc. Senior Notes 1.75% due 09/15/2030		1,185,000		1,144,556
Regeneron Pharmaceuticals, Inc. Senior Bonds 2.80% due 09/15/2050		3,920,000		3,688,523
				17,336,057
Medical-Drugs — 1.5%
AbbVie, Inc. Senior Notes 2.95% due 11/21/2026		3,950,000		4,280,063
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		3,575,000		3,921,065
AbbVie, Inc. Senior Notes 3.45% due 03/15/2022		955,000		968,527
AbbVie, Inc. Senior Notes 3.80% due 03/15/2025		890,000		974,867
Bausch Health Americas, Inc. Company Guar. Notes 8.50% due 01/31/2027*		625,000		675,722
Bausch Health Americas, Inc. Company Guar. Notes 9.25% due 04/01/2026*		600,000		649,500
Bayer US Finance II LLC Company Guar. Notes 4.25% due 12/15/2025*		910,000		1,016,646
Bayer US Finance II LLC Company Guar. Notes 4.88% due 06/25/2048*		1,000,000		1,284,517
Bayer US Finance LLC Company Guar. Notes 3.38% due 10/08/2024*		720,000		773,509
Bristol-Myers Squibb Co. Senior Notes 3.88% due 08/15/2025		1,225,000		1,363,942
Bristol-Myers Squibb Co. Senior Notes 5.00% due 08/15/2045		4,195,000		5,848,442
Organon Finance 1 LLC Senior Sec. Notes 4.13% due 04/30/2028*		225,000		230,717
Organon Finance 1 LLC Senior Notes 5.13% due 04/30/2031*		975,000		1,004,250

67

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Drugs (continued)
Prestige Brands, Inc. Company Guar. Notes 3.75% due 04/01/2031*	$	300,000	$	296,625
Prestige Brands, Inc. Company Guar. Notes 5.13% due 01/15/2028*		275,000		290,469
				23,578,861
Medical-Generic Drugs — 0.0%
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*		125,000		127,500
Medical-HMO — 0.9%
Anthem, Inc. Senior Notes 1.50% due 03/15/2026		5,250,000		5,346,869
Anthem, Inc. Senior Notes 5.85% due 01/15/2036		760,000		1,041,151
Centene Corp. Senior Notes 2.45% due 07/15/2028		350,000		354,813
Centene Corp. Senior Notes 2.63% due 08/01/2031		850,000		856,375
Centene Corp. Senior Notes 3.00% due 10/15/2030		125,000		129,893
Centene Corp. Senior Notes 3.38% due 02/15/2030		275,000		286,902
Centene Corp. Senior Notes 4.25% due 12/15/2027		1,075,000		1,134,125
Centene Corp. Senior Notes 4.63% due 12/15/2029		1,075,000		1,178,146
Centene Corp. Senior Notes 5.38% due 06/01/2026*		1,950,000		2,031,315
Centene Corp. Senior Notes 5.38% due 08/15/2026*		575,000		598,747
Molina Healthcare, Inc. Senior Notes 3.88% due 11/15/2030*		150,000		158,813
Molina Healthcare, Inc. Senior Notes 4.38% due 06/15/2028*		750,000		784,687
				13,901,836
Medical-Hospitals — 1.1%
Acadia Healthcare Co., Inc. Company Guar. Notes 5.00% due 04/15/2029*		125,000		130,938
Acadia Healthcare Co., Inc. Company Guar. Notes 5.50% due 07/01/2028*		75,000		79,969
AHP Health Partners, Inc. Senior Notes 5.75% due 07/15/2029*		425,000		429,781

Security Description	Principal Amount		Value (Note 2)
Medical-Hospitals (continued)
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.63% due 03/15/2027*	$	250,000	$	264,688
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.00% due 01/15/2029*		100,000		106,375
CHS/Community Health Systems, Inc. Sec. Notes 6.13% due 04/01/2030*		575,000		582,492
CHS/Community Health Systems, Inc. Senior Sec. Notes 6.63% due 02/15/2025*		275,000		288,406
CHS/Community Health Systems, Inc. Sec. Notes 6.88% due 04/15/2029*		1,375,000		1,447,187
CHS/Community Health Systems, Inc. Senior Sec. Notes 8.00% due 03/15/2026*		600,000		643,272
CHS/Community Health Systems, Inc. Senior Sec. Notes 8.00% due 12/15/2027*		200,000		221,202
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		1,400,000		1,520,330
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		1,700,000		1,926,780
HCA, Inc. Company Guar. Notes 5.38% due 09/01/2026		125,000		145,313
HCA, Inc. Company Guar. Notes 5.63% due 09/01/2028		850,000		1,022,295
HCA, Inc. Company Guar. Notes 5.88% due 02/15/2026		500,000		581,250
HCA, Inc. Company Guar. Notes 5.88% due 02/01/2029		225,000		275,063
Legacy LifePoint Health LLC Senior Sec. Notes 6.75% due 04/15/2025*		375,000		396,262
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*		225,000		225,563
LifePoint Health, Inc. Company Guar. Notes 5.38% due 01/15/2029*		800,000		796,000
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc. Company Guar. Notes 9.75% due 12/01/2026*		1,625,000		1,726,806
Tenet Healthcare Corp. Senior Sec. Notes 4.25% due 06/01/2029*		750,000		765,000
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		375,000		379,688
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 06/15/2028*		50,000		51,750
Tenet Healthcare Corp. Senior Sec. Notes 4.88% due 01/01/2026*		625,000		645,312

68

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Hospitals (continued)
Tenet Healthcare Corp. Senior Sec. Notes 5.13% due 11/01/2027*	$	525,000	$	549,937
Tenet Healthcare Corp. Company Guar. Notes 6.13% due 10/01/2028*		1,325,000		1,411,125
Tenet Healthcare Corp. Sec. Notes 6.25% due 02/01/2027*		200,000		208,250
Tenet Healthcare Corp. Senior Notes 6.75% due 06/15/2023		700,000		759,500
Tenet Healthcare Corp. Senior Sec. Notes 7.50% due 04/01/2025*		75,000		80,625
				17,661,159
Medical-Outpatient/Home Medical — 0.1%
Global Medical Response, Inc. Senior Sec. Notes 6.50% due 10/01/2025*		1,925,000		1,997,187
Medical-Wholesale Drug Distribution — 0.1%
AdaptHealth LLC Company Guar. Notes 4.63% due 08/01/2029*		700,000		697,354
Vizient, Inc. Senior Notes 6.25% due 05/15/2027*		275,000		287,719
				985,073
Metal Products-Distribution — 0.3%
Worthington Industries, Inc. Senior Notes 4.30% due 08/01/2032		1,805,000		2,069,809
Worthington Industries, Inc. Senior Notes 4.55% due 04/15/2026		3,083,000		3,472,200
				5,542,009
Metal-Copper — 0.2%
Freeport-McMoRan, Inc. Company Guar. Notes 4.13% due 03/01/2028		125,000		130,938
Freeport-McMoRan, Inc. Company Guar. Notes 4.38% due 08/01/2028		575,000		608,781
Freeport-McMoRan, Inc. Company Guar. Notes 4.63% due 08/01/2030		825,000		906,469
Freeport-McMoRan, Inc. Company Guar. Notes 5.00% due 09/01/2027		250,000		263,822
Freeport-McMoRan, Inc. Company Guar. Notes 5.25% due 09/01/2029		375,000		413,835
Freeport-McMoRan, Inc. Company Guar. Notes 5.40% due 11/14/2034		475,000		603,844
				2,927,689

Security Description	Principal Amount		Value (Note 2)
Metal-Diversified — 0.2%
Glencore Funding LLC Company Guar. Notes 2.85% due 04/27/2031*	$	2,790,000	$	2,883,681
Multimedia — 0.5%
CBS Corp. Senior Notes 4.90% due 08/15/2044		2,550,000		3,173,229
NBCUniversal Media LLC Company Guar. Notes 5.95% due 04/01/2041		2,000,000		2,934,629
ViacomCBS, Inc. Senior Notes 4.95% due 05/19/2050		940,000		1,208,454
				7,316,312
Music — 0.0%
WMG Acquisition Corp. Senior Sec. Notes 3.00% due 02/15/2031*		750,000		726,443
Networking Products — 0.1%
Logan Merger Sub, Inc. Senior Sec. Notes 5.50% due 09/01/2027*		1,125,000		1,166,231
Office Automation & Equipment — 0.0%
CDW LLC/CDW Finance Corp. Company Guar. Notes 3.25% due 02/15/2029		150,000		150,499
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.25% due 04/01/2028		325,000		337,506
CDW LLC/CDW Finance Corp. Company Guar. Notes 5.50% due 12/01/2024		200,000		220,250
				708,255
Office Furnishings-Original — 0.0%
Interface, Inc. Company Guar. Notes 5.50% due 12/01/2028*		550,000		573,375
Oil Companies-Exploration & Production — 2.6%
Antero Resources Corp. Company Guar. Notes 5.00% due 03/01/2025		400,000		406,828
Antero Resources Corp. Company Guar. Notes 5.38% due 03/01/2030*		350,000		356,510
Antero Resources Corp. Company Guar. Notes 7.63% due 02/01/2029*		100,000		109,595
Antero Resources Corp. Company Guar. Notes 8.38% due 07/15/2026*		81,000		91,639
Apache Corp. Senior Notes 4.63% due 11/15/2025		125,000		134,375
Apache Corp. Senior Notes 4.88% due 11/15/2027		450,000		483,664
Ascent Resources Utica Holdings LLC/ARU Finance Corp. Senior Notes 5.88% due 06/30/2029*		225,000		221,625

69

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Ascent Resources Utica Holdings LLC/ARU Finance Corp. Company Guar. Notes 7.00% due 11/01/2026*	$	1,225,000	$	1,264,812
Ascent Resources Utica Holdings LLC/ARU Finance Corp. Senior Notes 8.25% due 12/31/2028*		175,000		189,061
Berry Petroleum Co. LLC Company Guar. Notes 7.00% due 02/15/2026*		575,000		566,375
Callon Petroleum Co. Company Guar. Notes 6.13% due 10/01/2024		150,000		140,280
Callon Petroleum Co. Company Guar. Notes 6.38% due 07/01/2026		275,000		246,125
Callon Petroleum Co. Company Guar. Notes 8.25% due 07/15/2025		550,000		517,000
Centennial Resource Production LLC Company Guar. Notes 6.88% due 04/01/2027*		800,000		786,000
Chesapeake Energy Corp. Company Guar. Notes 5.50% due 02/01/2026*		100,000		104,250
Chesapeake Energy Corp. Company Guar. Notes 5.88% due 02/01/2029*		125,000		132,813
Chesapeake Energy Corp. Company Guar. Notes 7.00% due 10/01/2024		650,000		16,250
Cimarex Energy Co. Senior Notes 3.90% due 05/15/2027		1,330,000		1,479,588
Comstock Resources, Inc. Company Guar. Notes 5.88% due 01/15/2030*		175,000		175,930
Comstock Resources, Inc. Company Guar. Notes 6.75% due 03/01/2029*		1,325,000		1,378,000
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		400,000		443,000
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*		900,000		1,084,770
CrownRock LP/CrownRock Finance, Inc. Senior Notes 5.00% due 05/01/2029*		150,000		156,571
CrownRock LP/CrownRock Finance, Inc. Senior Notes 5.63% due 10/15/2025*		1,175,000		1,204,375
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.50% due 01/30/2026*		250,000		257,813
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.75% due 01/30/2028*		275,000		287,656

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 6.63% due 07/15/2025*	$	475,000	$	502,312
EQT Corp. Senior Notes 3.13% due 05/15/2026*		425,000		437,197
EQT Corp. Senior Notes 3.63% due 05/15/2031*		275,000		291,280
EQT Corp. Senior Notes 3.90% due 10/01/2027		250,000		270,938
EQT Corp. Senior Notes 5.00% due 01/15/2029		150,000		169,605
EQT Corp. Senior Notes 7.63% due 02/01/2025		175,000		202,160
Hess Corp. Senior Notes 5.60% due 02/15/2041		4,221,000		5,302,614
Marathon Oil Corp. Senior Notes 3.85% due 06/01/2025		4,250,000		4,632,139
Marathon Oil Corp. Senior Notes 4.40% due 07/15/2027		1,980,000		2,258,241
Oasis Petroleum, Inc. Company Guar. Notes 6.38% due 06/01/2026*		175,000		181,125
Occidental Petroleum Corp. Senior Notes 3.20% due 08/15/2026		250,000		248,125
Occidental Petroleum Corp. Senior Notes 3.40% due 04/15/2026		300,000		302,985
Occidental Petroleum Corp. Senior Notes 3.50% due 06/15/2025		450,000		458,437
Occidental Petroleum Corp. Senior Notes 4.20% due 03/15/2048		835,000		799,512
Occidental Petroleum Corp. Senior Notes 4.30% due 08/15/2039		675,000		669,239
Occidental Petroleum Corp. Senior Notes 4.40% due 04/15/2046		850,000		833,909
Occidental Petroleum Corp. Senior Notes 4.40% due 08/15/2049		225,000		218,041
Occidental Petroleum Corp. Senior Notes 5.88% due 09/01/2025		425,000		471,172
Occidental Petroleum Corp. Senior Notes 6.13% due 01/01/2031		725,000		856,479
Occidental Petroleum Corp. Senior Notes 6.63% due 09/01/2030		550,000		671,000

70

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Occidental Petroleum Corp. Senior Notes 8.00% due 07/15/2025	$	350,000	$	415,429
Occidental Petroleum Corp. Senior Notes 8.88% due 07/15/2030		650,000		877,006
PDC Energy, Inc. Company Guar. Notes 5.75% due 05/15/2026		650,000		671,502
PDC Energy, Inc. Company Guar. Notes 6.13% due 09/15/2024		200,000		203,500
Pioneer Natural Resources Co. Senior Notes 2.15% due 01/15/2031		4,015,000		3,960,794
Range Resources Corp. Company Guar. Notes 4.88% due 05/15/2025		325,000		337,022
Range Resources Corp. Company Guar. Notes 5.00% due 03/15/2023		299,000		309,465
Range Resources Corp. Company Guar. Notes 8.25% due 01/15/2029*		125,000		138,378
Range Resources Corp. Company Guar. Notes 9.25% due 02/01/2026		400,000		434,068
SM Energy Co. Senior Notes 5.63% due 06/01/2025		375,000		367,485
SM Energy Co. Senior Notes 6.50% due 07/15/2028		75,000		74,688
SM Energy Co. Senior Notes 6.63% due 01/15/2027		125,000		124,688
SM Energy Co. Senior Notes 6.75% due 09/15/2026		775,000		769,071
Southwestern Energy Co. Company Guar. Notes 8.38% due 09/15/2028		525,000		585,480
				41,279,991
Oil Companies-Integrated — 0.6%
BP Capital Markets America, Inc. Company Guar. Notes 1.75% due 08/10/2030		1,485,000		1,469,046
BP Capital Markets America, Inc. Company Guar. Notes 2.94% due 06/04/2051		5,325,000		5,209,768
BP Capital Markets America, Inc. Company Guar. Notes 3.12% due 05/04/2026		2,810,000		3,062,520
				9,741,334
Oil Refining & Marketing — 0.6%
Marathon Petroleum Corp. Senior Notes 3.63% due 09/15/2024		1,850,000		1,990,334
Marathon Petroleum Corp. Senior Notes 4.50% due 04/01/2048		1,225,000		1,404,400

Security Description	Principal Amount		Value (Note 2)
Oil Refining & Marketing (continued)
Marathon Petroleum Corp. Senior Notes 6.50% due 03/01/2041	$	730,000	$	1,023,417
Sunoco LP/Sunoco Finance Corp. Company Guar. Notes 5.50% due 02/15/2026		225,000		231,469
Valero Energy Corp. Senior Notes 4.00% due 04/01/2029		1,535,000		1,719,023
Valero Energy Corp. Senior Notes 4.90% due 03/15/2045		1,000,000		1,244,542
Valero Energy Corp. Senior Notes 7.50% due 04/15/2032		1,540,000		2,172,834
				9,786,019
Oil-Field Services — 0.3%
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.25% due 04/01/2028*		550,000		560,312
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.88% due 04/01/2027*		2,025,000		2,126,250
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		1,450,000		1,518,672
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 09/01/2027		1,275,000		1,348,134
				5,553,368
Paper & Related Products — 0.1%
Clearwater Paper Corp. Company Guar. Notes 4.75% due 08/15/2028*		400,000		404,480
Clearwater Paper Corp. Company Guar. Notes 5.38% due 02/01/2025*		1,150,000		1,224,750
				1,629,230
Pharmacy Services — 1.2%
Cigna Corp. Company Guar. Notes 3.75% due 07/15/2023		1,202,000		1,276,534
Cigna Corp. Company Guar. Notes 4.38% due 10/15/2028		2,215,000		2,603,803
Cigna Corp. Company Guar. Notes 4.90% due 12/15/2048		2,215,000		2,936,187
CVS Health Corp. Senior Notes 3.88% due 07/20/2025		2,025,000		2,240,760
CVS Health Corp. Senior Notes 4.78% due 03/25/2038		3,130,000		3,921,266
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		2,740,000		3,647,328

71

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pharmacy Services (continued)
CVS Health Corp. Senior Notes 5.13% due 07/20/2045	$	1,265,000	$	1,670,514
CVS Pass-Through Trust Pass-Through Certs. 5.30% due 01/11/2027*		260,774		286,216
				18,582,608
Pipelines — 5.0%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.38% due 06/15/2029*		975,000		1,001,266
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 03/01/2027*		1,200,000		1,236,000
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 01/15/2028*		1,125,000		1,175,625
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 7.88% due 05/15/2026*		725,000		802,916
Boardwalk Pipelines LP Company Guar. Notes 3.40% due 02/15/2031		1,915,000		2,061,582
Boardwalk Pipelines LP Company Guar. Notes 4.80% due 05/03/2029		980,000		1,143,930
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		450,000		456,750
Cheniere Energy Partners LP Company Guar. Notes 4.00% due 03/01/2031*		1,200,000		1,269,360
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029		450,000		485,438
Cheniere Energy Partners LP Company Guar. Notes 5.63% due 10/01/2026		350,000		361,414
Cheniere Energy, Inc. Senior Sec. Notes 4.63% due 10/15/2028		350,000		369,019
CNX Midstream Partners LP/CNX Midstream Finance Corp. Company Guar. Notes 6.50% due 03/15/2026*		1,650,000		1,705,687
Columbia Pipeline Group, Inc. Company Guar. Notes 4.50% due 06/01/2025		2,065,000		2,329,327
Columbia Pipeline Group, Inc. Company Guar. Notes 5.80% due 06/01/2045		1,260,000		1,759,815
DT Midstream, Inc. Company Guar. Notes 4.38% due 06/15/2031*		500,000		518,750
Eastern Gas Transmission & Storage, Inc. Senior Notes 3.00% due 11/15/2029*		1,200,000		1,290,480

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Energy Transfer LP Senior Notes 4.90% due 02/01/2024	$	4,250,000	$	4,620,845
Energy Transfer LP Senior Notes 5.15% due 03/15/2045		3,013,000		3,504,832
Enterprise Products Operating LLC Company Guar. Notes 3.75% due 02/15/2025		3,300,000		3,608,862
EQM Midstream Partners LP Senior Notes 4.50% due 01/15/2029*		475,000		480,714
EQM Midstream Partners LP Senior Notes 4.75% due 07/15/2023		127,000		132,398
EQM Midstream Partners LP Senior Notes 4.75% due 01/15/2031*		1,150,000		1,170,125
EQM Midstream Partners LP Senior Notes 5.50% due 07/15/2028		950,000		1,028,375
EQM Midstream Partners LP Senior Notes 6.00% due 07/01/2025*		325,000		353,951
EQM Midstream Partners LP Senior Notes 6.50% due 07/01/2027*		725,000		813,812
EQM Midstream Partners LP Senior Notes 6.50% due 07/15/2048		525,000		576,795
Hess Midstream Partners LP Company Guar. Notes 5.13% due 06/15/2028*		725,000		759,437
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*		475,000		481,531
Kinder Morgan Energy Partners LP Company Guar. Notes 5.80% due 03/15/2035		2,540,000		3,334,241
Kinder Morgan Energy Partners LP Company Guar. Notes 6.38% due 03/01/2041		570,000		797,609
Kinder Morgan Energy Partners LP Company Guar. Notes 6.55% due 09/15/2040		2,960,000		4,206,483
MPLX LP Senior Notes 4.25% due 12/01/2027		850,000		972,671
MPLX LP Senior Notes 4.50% due 04/15/2038		3,150,000		3,633,674
MPLX LP Senior Notes 5.20% due 03/01/2047		2,250,000		2,789,463
MPLX LP Senior Notes 5.20% due 12/01/2047		2,740,000		3,343,286
NuStar Logistics LP Company Guar. Notes 5.63% due 04/28/2027		1,325,000		1,421,473
NuStar Logistics LP Company Guar. Notes 6.00% due 06/01/2026		150,000		162,000

72

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
NuStar Logistics LP Company Guar. Notes 6.38% due 10/01/2030	$	100,000	$	110,990
Oasis Midstream Partners LP/OMP Finance Corp. Company Guar. Notes 8.00% due 04/01/2029*		600,000		624,000
ONEOK Partners LP Company Guar. Notes 3.38% due 10/01/2022		2,650,000		2,718,704
ONEOK, Inc. Company Guar. Notes 5.20% due 07/15/2048		2,825,000		3,512,975
Rattler Midstream LP Company Guar. Notes 5.63% due 07/15/2025*		350,000		364,798
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. Company Guar. Notes 5.50% due 08/15/2022		725,000		721,375
Summit Midstream Holdings LLC/Summit Midstream Finance Corp. Company Guar. Notes 5.75% due 04/15/2025		800,000		736,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.00% due 01/15/2032*		325,000		335,956
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031*		175,000		189,219
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.00% due 01/15/2028		825,000		867,504
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.38% due 02/01/2027		625,000		647,656
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.50% due 03/01/2030		1,400,000		1,541,610
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.88% due 04/15/2026		1,100,000		1,150,875
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.50% due 07/15/2027		75,000		81,469
TC PipeLines LP Senior Notes 3.90% due 05/25/2027		1,270,000		1,418,094
Texas Eastern Transmission LP Senior Notes 2.80% due 10/15/2022*		1,510,000		1,540,930
TransMontaigne Partners LP/TLP Finance Corp. Company Guar. Notes 6.13% due 02/15/2026		400,000		407,000

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Western Gas Partners LP Senior Notes 4.00% due 07/01/2022	$	250,000	$	252,500
Western Gas Partners LP Senior Notes 4.65% due 07/01/2026		325,000		348,384
Western Gas Partners LP Senior Notes 5.45% due 04/01/2044		300,000		336,750
Western Midstream Operating LP Senior Notes 4.50% due 03/01/2028		350,000		376,250
Western Midstream Operating LP Senior Notes 4.75% due 08/15/2028		125,000		135,615
Western Midstream Operating LP Senior Notes 5.30% due 02/01/2030		100,000		112,254
Western Midstream Operating LP Senior Notes 5.30% due 03/01/2048		1,475,000		1,625,199
Western Midstream Operating LP Senior Notes 5.50% due 08/15/2048		200,000		223,000
Williams Cos., Inc. Senior Notes 4.90% due 01/15/2045		2,960,000		3,587,890
				80,126,933
Pollution Control — 0.1%
Madison IAQ LLC Senior Sec. Notes 4.13% due 06/30/2028*		125,000		125,184
Madison IAQ LLC Senior Notes 5.88% due 06/30/2029*		1,375,000		1,389,712
				1,514,896
Precious Metals — 0.1%
Coeur Mining, Inc. Company Guar. Notes 5.13% due 02/15/2029*		875,000		849,319
Publishing-Newspapers — 0.1%
TEGNA, Inc. Company Guar. Notes 4.63% due 03/15/2028		400,000		412,000
TEGNA, Inc. Company Guar. Notes 4.75% due 03/15/2026*		175,000		185,719
TEGNA, Inc. Company Guar. Notes 5.00% due 09/15/2029		1,375,000		1,436,875
TEGNA, Inc. Company Guar. Notes 5.50% due 09/15/2024*		147,000		149,058
				2,183,652
Quarrying — 0.1%
Compass Minerals International, Inc. Company Guar. Notes 4.88% due 07/15/2024*		1,125,000		1,165,781

73

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Quarrying (continued)
Compass Minerals International, Inc. Company Guar. Notes 6.75% due 12/01/2027*	$	450,000	$	481,356
				1,647,137
Racetracks — 0.0%
Penn National Gaming, Inc. Senior Notes 4.13% due 07/01/2029*		300,000		295,785
Penn National Gaming, Inc. Senior Notes 5.63% due 01/15/2027*		125,000		129,375
				425,160
Radio — 0.3%
Cumulus Media New Holdings, Inc. Senior Sec. Notes 6.75% due 07/01/2026*		1,036,000		1,092,980
Entercom Media Corp. Sec. Notes 6.50% due 05/01/2027*		1,200,000		1,236,000
Entercom Media Corp. Sec. Notes 6.75% due 03/31/2029*		875,000		892,404
Townsquare Media, Inc. Senior Sec. Notes 6.88% due 02/01/2026*		350,000		373,187
Urban One, Inc. Senior Sec. Notes 7.38% due 02/01/2028*		1,100,000		1,177,000
				4,771,571
Real Estate Investment Trusts — 3.6%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 1.88% due 02/01/2033		1,745,000		1,686,707
Alexandria Real Estate Equities, Inc. Company Guar. Notes 3.95% due 01/15/2028		2,110,000		2,408,997
American Tower Corp. Senior Notes 2.70% due 04/15/2031		3,000,000		3,142,217
American Tower Corp. Senior Notes 5.00% due 02/15/2024		2,400,000		2,655,085
AvalonBay Communities, Inc. Senior Notes 3.35% due 05/15/2027		2,745,000		3,038,028
Boston Properties LP Senior Notes 3.80% due 02/01/2024		1,400,000		1,494,525
Crown Castle International Corp. Senior Notes 2.50% due 07/15/2031		1,775,000		1,817,168
Crown Castle International Corp. Senior Notes 3.25% due 01/15/2051		2,435,000		2,490,205
Crown Castle International Corp. Senior Bonds 3.80% due 02/15/2028		3,560,000		3,997,814
Health Care REIT, Inc. Senior Notes 4.00% due 06/01/2025		2,600,000		2,879,266

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
Healthcare Trust of America Holdings LP Company Guar. Notes 2.00% due 03/15/2031	$	1,905,000	$	1,884,626
Host Hotels & Resorts LP Senior Notes 4.00% due 06/15/2025		2,815,000		3,068,228
Kimco Realty Corp. Senior Notes 3.40% due 11/01/2022		490,000		506,028
Kimco Realty Corp. Senior Notes 3.80% due 04/01/2027		1,730,000		1,934,116
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 3.88% due 02/15/2029*		100,000		102,389
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 4.50% due 09/01/2026		375,000		399,375
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 4.63% due 06/15/2025*		150,000		159,375
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 5.63% due 05/01/2024		150,000		162,349
Mid-America Apartments LP Senior Notes 3.75% due 06/15/2024		3,200,000		3,449,955
Physicians Realty LP Company Guar. Notes 4.30% due 03/15/2027		1,590,000		1,825,241
Tanger Properties LP Senior Notes 3.13% due 09/01/2026		2,600,000		2,741,879
Tanger Properties LP Senior Notes 3.75% due 12/01/2024		1,000,000		1,066,567
Tanger Properties LP Senior Notes 3.88% due 12/01/2023		840,000		888,590
UDR, Inc. Company Guar. Notes 2.95% due 09/01/2026		2,180,000		2,348,985
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 3.50% due 02/15/2025*		50,000		50,873
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.13% due 08/15/2030*		175,000		184,054
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.25% due 12/01/2026*		375,000		390,105
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.63% due 12/01/2029*		475,000		508,250

74

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Welltower, Inc. Senior Notes 2.80% due 06/01/2031	$	5,300,000	$	5,596,130
WP Carey, Inc. Senior Notes 2.40% due 02/01/2031		1,975,000		2,014,994
WP Carey, Inc. Senior Notes 4.60% due 04/01/2024		1,890,000		2,061,374
				56,953,495
Real Estate Management/Services — 0.0%
Cushman & Wakefield US Borrower LLC Senior Sec. Notes 6.75% due 05/15/2028*		325,000		349,294
Rental Auto/Equipment — 0.6%
ERAC USA Finance LLC Company Guar. Notes 4.50% due 02/15/2045*		750,000		933,722
ERAC USA Finance LLC Company Guar. Notes 5.63% due 03/15/2042*		4,090,000		5,714,536
United Rentals North America, Inc. Company Guar. Notes 3.75% due 01/15/2032		250,000		250,000
United Rentals North America, Inc. Sec. Notes 3.88% due 11/15/2027		200,000		209,000
United Rentals North America, Inc. Company Guar. Notes 3.88% due 02/15/2031		200,000		205,728
United Rentals North America, Inc. Company Guar. Notes 4.00% due 07/15/2030		150,000		155,813
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		875,000		924,000
United Rentals North America, Inc. Company Guar. Notes 5.50% due 05/15/2027		250,000		262,812
United Rentals North America, Inc. Company Guar. Notes 5.88% due 09/15/2026		400,000		413,192
				9,068,803
Research & Development — 0.1%
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 4.63% due 06/15/2025*		475,000		496,969
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 5.00% due 06/15/2028*		375,000		404,062
				901,031
Resorts/Theme Parks — 0.1%
Six Flags Entertainment Corp. Company Guar. Notes 4.88% due 07/31/2024*		200,000		201,000

Security Description	Principal Amount		Value (Note 2)
Resorts/Theme Parks (continued)
Six Flags Entertainment Corp. Company Guar. Notes 5.50% due 04/15/2027*	$	775,000	$	798,637
Six Flags Theme Parks, Inc. Senior Sec. Notes 7.00% due 07/01/2025*		250,000		267,188
				1,266,825
Retail-Auto Parts — 0.6%
Advance Auto Parts, Inc. Company Guar. Notes 1.75% due 10/01/2027		1,845,000		1,854,857
Advance Auto Parts, Inc. Company Guar. Notes 3.90% due 04/15/2030		2,450,000		2,742,592
AutoZone, Inc. Senior Notes 3.13% due 04/21/2026		975,000		1,064,911
AutoZone, Inc. Senior Notes 3.75% due 06/01/2027		2,870,000		3,225,133
				8,887,493
Retail-Automobile — 0.1%
AutoNation, Inc. Senior Notes 4.75% due 06/01/2030		1,025,000		1,224,559
Retail-Building Products — 0.2%
Foundation Building Materials, Inc. Company Guar. Notes 6.00% due 03/01/2029*		1,275,000		1,252,687
GYP Holdings III Corp. Company Guar. Notes 4.63% due 05/01/2029*		425,000		429,250
SRS Distribution, Inc. Company Guar. Notes 6.13% due 07/01/2029*		425,000		434,414
White Cap Buyer LLC Senior Notes 6.88% due 10/15/2028*		1,000,000		1,067,740
White Cap Parent LLC Senior Notes 8.25% due 03/15/2026(1)*		650,000		669,500
				3,853,591
Retail-Discount — 0.1%
Dollar Tree, Inc. Senior Notes 3.70% due 05/15/2023		1,630,000		1,718,588
Retail-Gardening Products — 0.2%
Tractor Supply Co. Senior Notes 1.75% due 11/01/2030		2,800,000		2,719,120
Retail-Leisure Products — 0.0%
Party City Holdings, Inc. FRS Senior Sec. Notes 5.75% (6 ML+5.00%) due 07/15/2025*		351,623		332,284
Retail-Propane Distribution — 0.1%
Suburban Propane Partners LP/Suburban Energy Finance Corp. Senior Notes 5.00% due 06/01/2031*		850,000		882,937

75

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Propane Distribution (continued)
Suburban Propane Partners LP/Suburban Energy Finance Corp. Senior Notes 5.88% due 03/01/2027	$	1,050,000	$	1,099,875
				1,982,812
Retail-Regional Department Stores — 0.1%
NMG Holding Co., Inc./Neiman Marcus Group LLC Senior Sec. Notes 7.13% due 04/01/2026*		850,000		907,358
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*		700,000		731,500
Yum! Brands, Inc. Senior Notes 4.63% due 01/31/2032		675,000		724,781
Yum! Brands, Inc. Senior Notes 4.75% due 01/15/2030*		250,000		273,750
Yum! Brands, Inc. Senior Notes 7.75% due 04/01/2025*		100,000		108,125
				1,838,156
Retail-Sporting Goods — 0.0%
Academy, Ltd. Senior Sec. Notes 6.00% due 11/15/2027*		475,000		510,031
Rubber/Plastic Products — 0.2%
Gates Global LLC/Gates Global Co. Company Guar. Notes 6.25% due 01/15/2026*		2,425,000		2,518,314
Security Services — 0.3%
Allied Universal Holdco LLC/Allied Universal Finance Corp. Senior Notes 6.00% due 06/01/2029*		550,000		550,688
Allied Universal Holdco LLC/Allied Universal Finance Corp. Senior Sec. Notes 6.63% due 07/15/2026*		675,000		714,656
Allied Universal Holdco LLC/Allied Universal Finance Corp. Senior Notes 9.75% due 07/15/2027*		2,775,000		3,041,677
Brink’s Co. Company Guar. Notes 5.50% due 07/15/2025*		150,000		157,688
				4,464,709
Semiconductor Components-Integrated Circuits — 0.1%
QUALCOMM, Inc. Senior Notes 2.60% due 01/30/2023		1,940,000		2,004,068
Semiconductor Equipment — 0.1%
Entegris, Inc. Company Guar. Notes 3.63% due 05/01/2029*		475,000		486,875

Security Description	Principal Amount		Value (Note 2)
Semiconductor Equipment (continued)
Lam Research Corp. Senior Notes 4.00% due 03/15/2029	$	1,585,000	$	1,853,365
				2,340,240
Shipbuilding — 0.2%
Huntington Ingalls Industries, Inc. Company Guar. Notes 3.48% due 12/01/2027		2,470,000		2,700,683
Software Tools — 0.5%
BY Crown Parent LLC Company Guar. Notes 7.38% due 10/15/2024*		1,625,000		1,653,438
VMware, Inc. Senior Notes 2.20% due 08/15/2031		5,885,000		5,878,476
				7,531,914
Steel Pipe & Tube — 0.4%
Valmont Industries, Inc. Company Guar. Notes 5.00% due 10/01/2044		500,000		617,725
Valmont Industries, Inc. Company Guar. Notes 5.25% due 10/01/2054		4,815,000		6,137,958
				6,755,683
Steel-Producers — 0.8%
Carpenter Technology Corp. Senior Notes 4.45% due 03/01/2023		3,347,000		3,495,729
Cleveland-Cliffs, Inc. Company Guar. Notes 4.63% due 03/01/2029*		900,000		955,125
Cleveland-Cliffs, Inc. Company Guar. Notes 4.88% due 03/01/2031*		1,325,000		1,431,000
Reliance Steel & Aluminum Co. Senior Notes 4.50% due 04/15/2023		6,770,000		7,154,695
				13,036,549
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc. Senior Notes 4.75% due 03/15/2042		1,100,000		1,399,981
Telephone-Integrated — 3.4%
AT&T, Inc. Senior Notes 1.70% due 03/25/2026		4,500,000		4,569,526
AT&T, Inc. Senior Notes 2.25% due 02/01/2032		2,300,000		2,290,267
AT&T, Inc. Senior Notes 2.55% due 12/01/2033*		6,999,000		7,051,088
AT&T, Inc. Senior Notes 3.40% due 05/15/2025		2,600,000		2,835,960
AT&T, Inc. Senior Notes 3.80% due 12/01/2057*		4,261,000		4,521,797

76

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Telephone-Integrated (continued)
AT&T, Inc. Senior Notes 3.85% due 06/01/2060	$	875,000	$	937,176
AT&T, Inc. Senior Notes 5.15% due 03/15/2042		1,500,000		1,917,690
AT&T, Inc. Senior Notes 5.30% due 08/15/2058		1,875,000		2,406,460
AT&T, Inc. Senior Notes 6.38% due 03/01/2041		3,500,000		5,123,354
Sprint Capital Corp. Company Guar. Notes 6.88% due 11/15/2028		375,000		483,750
Verizon Communications, Inc. Senior Notes 2.55% due 03/21/2031		3,570,000		3,706,390
Verizon Communications, Inc. Senior Notes 3.40% due 03/22/2041		8,165,000		8,812,226
Verizon Communications, Inc. Senior Notes 4.13% due 08/15/2046		5,545,000		6,562,292
Verizon Communications, Inc. Senior Notes 4.50% due 08/10/2033		3,000,000		3,651,818
				54,869,794
Television — 0.5%
AMC Networks, Inc. Company Guar. Notes 4.25% due 02/15/2029		925,000		925,000
AMC Networks, Inc. Company Guar. Notes 4.75% due 08/01/2025		175,000		179,372
AMC Networks, Inc. Company Guar. Notes 5.00% due 04/01/2024		660,000		669,900
Gray Television, Inc. Company Guar. Notes 4.75% due 10/15/2030*		375,000		371,760
Gray Television, Inc. Company Guar. Notes 5.88% due 07/15/2026*		1,250,000		1,289,062
Gray Television, Inc. Company Guar. Notes 7.00% due 05/15/2027*		325,000		347,870
Scripps Escrow II, Inc. Senior Sec. Notes 3.88% due 01/15/2029*		225,000		225,086
Scripps Escrow II, Inc. Senior Notes 5.38% due 01/15/2031*		850,000		847,875
Scripps Escrow, Inc. Company Guar. Notes 5.88% due 07/15/2027*		800,000		828,000
Sinclair Television Group, Inc. Company Guar. Notes 5.13% due 02/15/2027*		375,000		373,125
Sinclair Television Group, Inc. Company Guar. Notes 5.50% due 03/01/2030*		300,000		299,625

Security Description	Principal Amount		Value (Note 2)
Television (continued)
Sinclair Television Group, Inc. Company Guar. Notes 5.88% due 03/15/2026*	$	1,950,000	$	1,998,535
				8,355,210
Tobacco — 0.7%
BAT Capital Corp. Company Guar. Notes 3.56% due 08/15/2027		4,270,000		4,620,279
BAT Capital Corp. Company Guar. Notes 4.54% due 08/15/2047		5,625,000		6,068,527
				10,688,806
Transactional Software — 0.1%
Black Knight InfoServ LLC Company Guar. Notes 3.63% due 09/01/2028*		900,000		901,849
Transport-Rail — 0.6%
Burlington Northern Santa Fe LLC Senior Notes 5.75% due 05/01/2040		2,200,000		3,170,324
Kansas City Southern Company Guar. Notes 3.00% due 05/15/2023		1,935,000		2,003,003
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		2,710,000		3,449,521
Watco Cos. LLC/Finance Co. Senior Notes 6.50% due 06/15/2027*		1,275,000		1,363,179
				9,986,027
Transport-Services — 0.9%
FedEx Corp. Company Guar. Notes 3.10% due 08/05/2029		1,220,000		1,334,497
FedEx Corp. Company Guar. Notes 4.05% due 02/15/2048		1,320,000		1,535,990
GXO Logistics, Inc. Senior Notes 1.65% due 07/15/2026*		2,395,000		2,387,647
GXO Logistics, Inc. Senior Notes 2.65% due 07/15/2031*		2,325,000		2,335,904
Ryder System, Inc. Senior Notes 2.90% due 12/01/2026		3,000,000		3,229,355
Ryder System, Inc. Senior Notes 3.88% due 12/01/2023		3,300,000		3,544,909
				14,368,302
Trucking/Leasing — 0.6%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 1.20% due 11/15/2025*		2,275,000		2,268,200
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.40% due 11/15/2026*		3,300,000		3,618,895

77

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Trucking/Leasing (continued)
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.45% due 07/01/2024*	$	2,750,000	$	2,947,341
				8,834,436
Water — 0.0%
Solaris Midstream Holdings LLC Senior Notes 7.63% due 04/01/2026*		225,000		235,679
Web Hosting/Design — 0.1%
VeriSign, Inc. Senior Notes 2.70% due 06/15/2031		1,220,000		1,262,493
Total U.S. Corporate Bonds & Notes (cost $1,242,678,030)				1,350,439,659
FOREIGN CORPORATE BONDS & NOTES — 11.9%
Aerospace/Defense-Equipment — 0.1%
TransDigm UK Holdings PLC Company Guar. Notes 6.88% due 05/15/2026		775,000		817,237
Airlines — 0.1%
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. Senior Sec. Notes 5.50% due 04/20/2026*		1,250,000		1,307,812
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. Senior Sec. Notes 5.75% due 04/20/2029*		825,000		890,126
				2,197,938
Applications Software — 0.0%
Elastic NV Senior Notes 4.13% due 07/15/2029*		550,000		552,084
Auto/Truck Parts & Equipment-Original — 0.5%
Adient Global Holdings, Ltd. Company Guar. Notes 4.88% due 08/15/2026*		1,875,000		1,917,187
Clarios Global LP Senior Sec. Notes 6.75% due 05/15/2025*		45,000		47,700
Clarios Global LP/Clarios US Finance Co. Company Guar. Notes 8.50% due 05/15/2027*		3,175,000		3,429,000
Dana Financing Luxembourg SARL Company Guar. Notes 5.75% due 04/15/2025*		425,000		438,281
IHO Verwaltungs GmbH Senior Sec. Notes 4.75% due 09/15/2026(1)*		875,000		899,019
IHO Verwaltungs GmbH Senior Sec. Notes 6.00% due 05/15/2027(1)*		550,000		573,025
IHO Verwaltungs GmbH Senior Sec. Notes 6.38% due 05/15/2029(1)*		375,000		406,294

Security Description	Principal Amount		Value (Note 2)
Auto/Truck Parts & Equipment-Original (continued)
Panther BF Aggregator 2 LP/Panther Finance Co., Inc. Senior Sec. Notes 6.25% due 05/15/2026*	$	135,000	$	142,763
				7,853,269
Beverages-Non-alcoholic — 0.4%
Coca-Cola European Partners PLC Senior Notes 1.50% due 01/15/2027*		2,250,000		2,252,170
Coca-Cola Femsa SAB de CV Company Guar. Notes 2.75% due 01/22/2030		4,805,000		5,055,581
				7,307,751
Beverages-Wine/Spirits — 0.1%
Bacardi, Ltd. Company Guar. Notes 2.75% due 07/15/2026*		1,340,000		1,409,808
Cable/Satellite TV — 1.1%
Grupo Televisa SAB Senior Notes 5.00% due 05/13/2045		835,000		1,033,095
Grupo Televisa SAB Senior Notes 6.63% due 03/18/2025		7,015,000		8,281,278
Telenet Finance Luxembourg Notes SARL Senior Sec. Notes 5.50% due 03/01/2028*		1,950,000		2,053,350
UPC Broadband Finco BV Senior Sec. Notes 4.88% due 07/15/2031*		1,800,000		1,836,000
Virgin Media Finance PLC Company Guar. Notes 5.00% due 07/15/2030*		1,000,000		1,017,500
Virgin Media Secured Finance PLC Senior Sec. Notes 4.50% due 08/15/2030*		200,000		201,706
Virgin Media Secured Finance PLC Senior Sec. Notes 5.50% due 05/15/2029*		200,000		213,651
Virgin Media Vendor Financing Notes IV DAC Senior Notes 5.00% due 07/15/2028*		1,050,000		1,068,900
Ziggo Bond Co. BV Company Guar. Notes 5.13% due 02/28/2030*		225,000		231,187
Ziggo Bond Co. BV Senior Notes 6.00% due 01/15/2027*		1,350,000		1,400,733
Ziggo BV Senior Sec. Notes 5.50% due 01/15/2027*		917,000		951,587
				18,288,987
Cellular Telecom — 0.2%
Altice France SA Senior Sec. Notes 7.38% due 05/01/2026*		945,000		982,800
Vmed O2 UK Financing I PLC Senior Sec. Notes 4.25% due 01/31/2031*		325,000		321,750

78

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Cellular Telecom (continued)
Vmed O2 UK Financing I PLC Senior Sec. Notes 4.75% due 07/15/2031*	$	950,000	$	970,302
Vodafone Group PLC Senior Notes 4.13% due 05/30/2025		1,475,000		1,649,066
				3,923,918
Chemicals-Diversified — 0.0%
INEOS Quattro Finance 2 PLC Senior Sec. Notes 3.38% due 01/15/2026*		200,000		200,750
Chemicals-Specialty — 0.1%
Herens Holdco SARL Senior Sec. Notes 4.75% due 05/15/2028*		1,075,000		1,066,937
Coatings/Paint — 0.0%
Axalta Coating Systems LLC/Axalta Coating Systems Dutch Holding B BV Company Guar. Notes 4.75% due 06/15/2027*		150,000		158,063
Commercial Services — 0.0%
Nielsen Co. Luxembourg SARL Company Guar. Notes 5.00% due 02/01/2025*		425,000		436,432
Commercial Services-Finance — 0.2%
IHS Markit, Ltd. Senior Notes 4.25% due 05/01/2029		2,340,000		2,730,780
Computers-Memory Devices — 0.1%
Seagate Technology PLC Company Guar. Notes 3.13% due 07/15/2029*		875,000		857,500
Seagate Technology PLC Company Guar. Notes 3.38% due 07/15/2031*		525,000		516,469
				1,373,969
Containers-Metal/Glass — 0.5%
ARD Finance SA Senior Sec. Notes 6.50% due 06/30/2027(1)*		1,825,000		1,925,192
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC Senior Notes 4.00% due 09/01/2029*		700,000		700,875
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 5.25% due 08/15/2027*		1,100,000		1,123,207
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Notes 5.25% due 08/15/2027*		1,350,000		1,378,482
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Company Guar. Notes 6.00% due 02/15/2025*		975,000		1,005,225

Security Description	Principal Amount		Value (Note 2)
Containers-Metal/Glass (continued)
Trivium Packaging Finance BV Senior Sec. Notes 5.50% due 08/15/2026*	$	1,000,000	$	1,045,000
Trivium Packaging Finance BV Company Guar. Notes 8.50% due 08/15/2027*		800,000		860,000
				8,037,981
Diagnostic Equipment — 0.4%
DH Europe Finance II SARL Company Guar. Notes 2.60% due 11/15/2029		1,665,000		1,766,277
DH Europe Finance II SARL Company Guar. Notes 3.40% due 11/15/2049		4,180,000		4,685,730
				6,452,007
Diversified Financial Services — 0.7%
GE Capital International Funding Co. ULC Company Guar. Notes 3.37% due 11/15/2025		3,653,000		4,008,153
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		5,500,000		6,739,895
				10,748,048
Diversified Minerals — 0.3%
Anglo American Capital PLC Company Guar. Notes 2.88% due 03/17/2031*		4,155,000		4,314,465
Diversified Operations — 0.1%
Stena International SA Senior Sec. Notes 6.13% due 02/01/2025*		825,000		855,937
Electric-Integrated — 0.8%
EDP Finance BV Senior Notes 3.63% due 07/15/2024*		2,550,000		2,746,522
Enel Finance International NV Company Guar. Notes 2.25% due 07/12/2031*		5,000,000		5,065,334
Enel Finance International NV Company Guar. Notes 4.88% due 06/14/2029*		980,000		1,187,395
Fortis, Inc. Senior Notes 3.06% due 10/04/2026		3,220,000		3,490,022
				12,489,273
Electronic Components-Misc. — 0.2%
Flex, Ltd. Senior Notes 4.75% due 06/15/2025		1,935,000		2,165,611
Sensata Technologies BV Company Guar. Notes 4.00% due 04/15/2029*		350,000		359,188
				2,524,799
Electronic Components-Semiconductors — 0.3%
ams AG Senior Notes 7.00% due 07/31/2025*		650,000		696,719

79

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Electronic Components-Semiconductors (continued)
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.88% due 01/15/2027	$	3,440,000	$	3,813,695
				4,510,414
Electronic Security Devices — 0.2%
Allegion PLC Company Guar. Notes 3.50% due 10/01/2029		3,400,000		3,758,198
Enterprise Software/Service — 0.0%
Open Text Corp. Company Guar. Notes 3.88% due 02/15/2028*		300,000		309,750
Finance-Leasing Companies — 0.3%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 1.75% due 01/30/2026		1,830,000		1,818,591
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 4.63% due 10/15/2027		2,650,000		2,973,683
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 4.88% due 01/16/2024		715,000		777,706
				5,569,980
Food-Baking — 0.2%
Grupo Bimbo SAB de CV Company Guar. Notes 4.50% due 01/25/2022*		301,000		306,299
Grupo Bimbo SAB de CV Company Guar. Notes 4.88% due 06/27/2044*		2,736,000		3,331,764
				3,638,063
Insurance Brokers — 0.1%
Ardonagh Midco 2 PLC Senior Notes 11.50% due 01/15/2027*(8)		1,011,927		1,097,941
Investment Management/Advisor Services — 0.1%
Invesco Finance PLC Company Guar. Notes 3.75% due 01/15/2026		800,000		888,909
Machinery-Construction & Mining — 0.2%
Weir Group PLC Senior Notes 2.20% due 05/13/2026*		3,365,000		3,401,124
Machinery-Farming — 0.4%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027		5,245,000		5,878,894
Machinery-General Industrial — 0.1%
Vertical Holdco GmbH Company Guar. Notes 7.63% due 07/15/2028*		975,000		1,055,145

Security Description	Principal Amount		Value (Note 2)
Medical-Drugs — 1.4%
AstraZeneca PLC Senior Notes 2.13% due 08/06/2050	$	1,660,000	$	1,506,293
AstraZeneca PLC Senior Notes 3.13% due 06/12/2027		3,085,000		3,385,951
AstraZeneca PLC Senior Notes 3.38% due 11/16/2025		2,900,000		3,194,857
Bausch Health Cos., Inc. Senior Sec. Notes 4.88% due 06/01/2028*		225,000		231,469
Bausch Health Cos., Inc. Company Guar. Notes 5.00% due 01/30/2028*		625,000		596,094
Bausch Health Cos., Inc. Company Guar. Notes 5.00% due 02/15/2029*		175,000		164,281
Bausch Health Cos., Inc. Company Guar. Notes 5.25% due 01/30/2030*		475,000		447,051
Bausch Health Cos., Inc. Company Guar. Notes 5.25% due 02/15/2031*		1,300,000		1,218,750
Bausch Health Cos., Inc. Senior Sec. Notes 5.50% due 11/01/2025*		375,000		382,969
Bausch Health Cos., Inc. Senior Sec. Notes 5.75% due 08/15/2027*		325,000		342,063
Bausch Health Cos., Inc. Company Guar. Notes 6.13% due 04/15/2025*		1,866,000		1,904,486
Bausch Health Cos., Inc. Company Guar. Notes 6.25% due 02/15/2029*		1,150,000		1,144,181
Bausch Health Cos., Inc. Company Guar. Notes 7.25% due 05/30/2029*		650,000		672,750
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Company Guar. Notes 6.00% due 06/30/2028*		1,077,000		726,975
Endo Dac/Endo Finance LLC/Endo Finco, Inc. Sec. Notes 9.50% due 07/31/2027*		625,000		627,000
Endo Luxembourg Finance Co. I SARL/Endo US, Inc. Senior Sec. Notes 6.13% due 04/01/2029*		350,000		347,813
Jazz Securities DAC Senior Sec. Notes 4.38% due 01/15/2029*		1,075,000		1,119,344
Mallinckrodt International Finance SA/Mallinckrodt CB LLC Company Guar. Notes 5.50% due 04/15/2025†*(4)(5)		1,675,000		1,109,687
Mallinckrodt International Finance SA/Mallinckrodt CB LLC Company Guar. Notes 5.63% due 10/15/2023†*(4)(5)		1,350,000		894,375

80

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Medical-Drugs (continued)
Takeda Pharmaceutical Co., Ltd. Senior Notes 2.05% due 03/31/2030	$	1,660,000	$	1,673,150
Valeant Pharmaceuticals International, Inc. Company Guar. Notes 9.00% due 12/15/2025*		750,000		800,625
				22,490,164
Oil & Gas Drilling — 0.1%
Nabors Industries, Ltd. Company Guar. Notes 7.25% due 01/15/2026*		625,000		584,375
Nabors Industries, Ltd. Company Guar. Notes 7.50% due 01/15/2028*		525,000		476,364
Precision Drilling Corp. Company Guar. Notes 6.88% due 01/15/2029*		450,000		462,375
Precision Drilling Corp. Company Guar. Notes 7.13% due 01/15/2026*		225,000		231,750
Shelf Drilling Holdings, Ltd. Company Guar. Notes 8.25% due 02/15/2025*		600,000		451,398
				2,206,262
Oil Companies-Exploration & Production — 0.7%
Canadian Natural Resources, Ltd. Senior Notes 3.80% due 04/15/2024		2,125,000		2,280,386
Canadian Natural Resources, Ltd. Senior Notes 5.85% due 02/01/2035		4,960,000		6,501,991
CNPC HK Overseas Capital, Ltd. Company Guar. Notes 5.95% due 04/28/2041*		1,550,000		2,206,882
				10,989,259
Oil Companies-Integrated — 0.3%
Cenovus Energy, Inc. Senior Notes 3.95% due 04/15/2022		2,800,000		2,841,849
Cenovus Energy, Inc. Senior Notes 4.40% due 04/15/2029		2,460,000		2,792,111
				5,633,960
Retail-Restaurants — 0.3%
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.50% due 02/15/2029*		75,000		74,588
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.88% due 01/15/2028*		700,000		705,103
1011778 BC ULC/New Red Finance, Inc. Sec. Notes 4.00% due 10/15/2030*		3,450,000		3,441,375
1011778 BC ULC/New Red Finance, Inc. Sec. Notes 4.38% due 01/15/2028*		250,000		253,450
				4,474,516

Security Description	Principal Amount/ Shares		Value (Note 2)
Satellite Telecom — 0.0%
Intelsat Jackson Holdings SA Company Guar. Notes 5.50% due 08/01/2023†(4)(5)	$	550,000	$	301,125
Intelsat Jackson Holdings SA Company Guar. Notes 8.50% due 10/15/2024†*(4)(5)		550,000		305,250
Intelsat Jackson Holdings SA Company Guar. Notes 9.75% due 07/15/2025†*(4)(5)		200,000		112,000
				718,375
Security Services — 0.3%
Atlas Luxco 4 SARL Senior Sec. Notes 4.63% due 06/01/2028*		275,000		275,000
Garda World Security Corp. Senior Sec. Notes 4.63% due 02/15/2027*		575,000		577,139
Garda World Security Corp. Senior Notes 6.00% due 06/01/2029*		1,025,000		1,003,219
GW B-CR Security Corp. Senior Notes 9.50% due 11/01/2027*		2,372,000		2,585,480
				4,440,838
Telecom Services — 0.2%
TELUS Corp. Senior Notes 2.80% due 02/16/2027		3,170,000		3,417,156
Telephone-Integrated — 0.5%
Telefonica Emisiones SAU Company Guar. Notes 4.57% due 04/27/2023		1,500,000		1,600,810
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		1,530,000		1,921,211
Telefonica Emisiones SAU Company Guar. Notes 5.52% due 03/01/2049		1,930,000		2,542,251
Telefonica Emisiones SAU Company Guar. Notes 7.05% due 06/20/2036		1,575,000		2,292,037
				8,356,309
Transport-Rail — 0.3%
Canadian Pacific Railway Co. Company Guar. Notes 7.13% due 10/15/2031		2,950,000		4,228,527
Total Foreign Corporate Bonds & Notes (cost $176,193,479)				190,804,217
COMMON STOCKS — 0.1%
Chemicals-Specialty — 0.0%
Hexion Holdings Corp., Class B†		13,208		258,216
Oil Companies-Exploration & Production — 0.0%
Oasis Petroleum, Inc.		7,022		643,988
Oil-Field Services — 0.1%
SESI LLC†(2)(6)		24,834		987,152

81

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Retail-Misc./Diversified — 0.0%
Party City Holdco, Inc.†		1		$	11
Total Common Stocks (cost $1,740,650)					1,889,367
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.2%
Diversified Banking Institutions — 0.2%
Goldman Sachs Capital I 6.35% due 02/15/2034	$	2,500,000			3,547,991
Diversified Manufacturing Operations — 0.1%
Textron Financial Corp. FRS 3.45% (3 ML+1.74%) due 02/15/2067*		2,400,000			2,033,720
Electric-Generation — 0.4%
Electricite de France SA 5.63% due 01/22/2024*(3)		5,000,000			5,372,500
Insurance-Life/Health — 0.4%
AXA SA 8.60% due 12/15/2030		4,000,000			6,056,542
Insurance-Multi-line — 0.1%
MetLife, Inc. 10.75% due 08/01/2069		900,000			1,549,220
USF&G Capital III 8.31% due 07/01/2046*		250,000			391,078
					1,940,298
Total Preferred Securities/Capital Securities (cost $15,771,383)					18,951,051
ESCROWS AND LITIGATION TRUSTS† — 0.0%
Lehman Brothers Holdings, Inc. Class D, 5.67%(2)		30,000			300
Ultra Resources, Inc. Escrow Notes 7.13% due 04/15/2025(2)		350,000			0
Total Escrows and Litigation Trusts (cost $1,211,640)					300
WARRANTS† — 0.0%
Oil Companies-Exploration & Production — 0.0%
Chesapeake Energy Corp. Expires 02/09/2026		3,504			99,514
Chesapeake Energy Corp. Expires 02/09/2026		3,894			97,350
(cost $705,375)					196,864
TOTAL INVESTMENTS (cost $1,438,300,557)(7)	97.7%			1,562,281,458
Other assets less liabilities		2.3			36,972,339
NET ASSETS		100.0	%	$	1,599,253,797

* 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 July 31, 2021, the aggregate value of these securities was $477,551,278 representing 29.9% of net assets.

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

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

(4) Company has filed for bankruptcy protection.

(5) Security in default.

(6) 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 July 31, 2021, the Portfolio held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Common Stocks
SESI LLC		02/10/2021		5,030	$	145,870
		02/16/2021		19,804		574,316
				24,834	$	720,186	$	987,152	$	39.75		0.06	%

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

(8) 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 the form of additional securities at the coupon rate listed.

ULC — Unlimited Liability Corp.

FRS — Floating Rate Security

The rates shown on FRS are the current rates as of July 31, 2021 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

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)
	310	Long	U.S. Treasury Long Bonds	September 2021	$	48,258,877	$	51,062,813	$	2,803,936

* 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.

82

SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	—	$	1,350,439,659	$	—	$	1,350,439,659
Foreign Corporate Bonds & Notes		—		190,804,217		—		190,804,217
Common Stocks:
Oil-Field Services		—		—		987,152		987,152
Other Industries		902,215		—		—		902,215
Preferred Securities/Capital Securities		—		18,951,051		—		18,951,051
Escrows and Litigation Trusts		—		—		300		300
Warrants		196,864		—		—		196,864
Total Investments at Value	$	1,099,079	$	1,560,194,927	$	987,452	$	1,562,281,458
Other Financial Instruments:†
Futures Contracts	$	2,803,936	$	—	$	—	$	2,803,936

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

† Amounts represent unrealized appreciation/depreciation as of the end of 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. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

83

SunAmerica Series Trust SA Fidelity Institutional AM^® International Growth Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Semiconductor Equipment	4.7	%
Computer Services	4.3
Medical-Drugs	3.9
Semiconductor Components-Integrated Circuits	3.8
Building & Construction Products-Misc.	3.6
Electric-Integrated	3.6
Textile-Apparel	2.9
Beverages-Wine/Spirits	2.6
Machinery-General Industrial	2.5
Apparel Manufacturers	2.5
Private Equity	2.5
Transport-Rail	2.5
Internet Content-Information/News	2.4
Industrial Gases	2.4
Oil Refining & Marketing	2.4
Computer Aided Design	2.3
Food-Misc./Diversified	2.3
Diagnostic Equipment	2.2
Electronic Components-Semiconductors	2.2
Commercial Services	2.1
Commercial Services-Finance	2.1
Finance-Credit Card	2.0
Banks-Commercial	2.0
Insurance-Life/Health	1.6
Industrial Automated/Robotic	1.4
Power Converter/Supply Equipment	1.3
Medical Labs & Testing Services	1.3
Electronic Components-Misc.	1.3
Human Resources	1.3
Retail-Jewelry	1.3
Chemicals-Specialty	1.2
Publishing-Periodicals	1.2
Athletic Footwear	1.2
Transport-Services	1.2
Auto-Cars/Light Trucks	1.2
Telecommunication Equipment	1.2
Enterprise Software/Service	1.2
Aerospace/Defense-Equipment	1.2
Building-Maintenance & Services	1.2
Machine Tools & Related Products	1.1
Rental Auto/Equipment	1.1
Coatings/Paint	1.1
Multimedia	1.1
Finance-Other Services	1.1
Gambling (Non-Hotel)	1.1
Tobacco	1.1
Electronic Forms	1.1
Aerospace/Defense	1.1
Electronic Connectors	1.0
Non-Hazardous Waste Disposal	1.0
E-Commerce/Services	1.0
Casino Services	1.0
E-Commerce/Products	1.0
Cosmetics & Toiletries	0.8
Computers-Integrated Systems	0.3
	100.1%

Country Allocation*

France	13.9	%
United States	10.5
Switzerland	8.3
Canada	8.2
Netherlands	8.0
Japan	6.7
Sweden	4.7
Germany	4.6
India	4.4
Cayman Islands	4.4
Hong Kong	3.8
United Kingdom	3.7
Ireland	3.3
Denmark	2.9
Taiwan	2.8
Spain	2.4
Italy	1.3
Israel	1.2
Finland	1.1
Bermuda	1.1
Australia	1.0
Portugal	1.0
South Korea	0.8
	100.1%

* Calculated as a percentage of net assets

84

SunAmerica Series Trust SA Fidelity Institutional AM^® International Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 100.1%
Australia — 1.0%
Aristocrat Leisure, Ltd.		126,643	$	3,885,341
Bermuda — 1.1%
IHS Markit, Ltd.		34,400		4,019,296
Canada — 8.2%
Brookfield Asset Management, Inc., Class A		93,988		5,074,412
Canadian National Railway Co.		44,916		4,880,421
Canadian Pacific Railway, Ltd.		61,550		4,570,368
CGI, Inc.†		44,900		4,084,403
Constellation Software, Inc.		2,753		4,409,809
Thomson Reuters Corp.		40,300		4,270,327
Waste Connections, Inc.		31,506		3,991,282
				31,281,022
Cayman Islands — 4.4%
Sea, Ltd. ADR†		13,360		3,689,498
Shenzhou International Group Holdings, Ltd.		180,886		4,006,919
Tencent Holdings, Ltd.		146,778		9,057,867
				16,754,284
Denmark — 2.9%
DSV PANALPINA A/S		18,623		4,536,497
Novo Nordisk A/S, Class B		69,560		6,443,208
				10,979,705
Finland — 1.1%
Neste Oyj		66,795		4,109,898
France — 13.9%
Air Liquide SA		28,200		4,902,232
Cie de Saint-Gobain		63,860		4,568,458
Dassault Systemes SE		86,245		4,758,144
Edenred		67,606		3,927,162
Hermes International		3,118		4,771,109
Kering SA		5,540		4,974,408
LVMH Moet Hennessy Louis Vuitton SE		8,891		7,115,098
Pernod Ricard SA		20,154		4,448,230
Safran SA		33,650		4,408,038
Schneider Electric SE		30,850		5,169,352
Teleperformance		10,045		4,238,646
				53,280,877
Germany — 4.6%
adidas AG		12,850		4,667,987
Infineon Technologies AG		121,200		4,621,250
Merck KGaA		21,370		4,378,284
MTU Aero Engines AG		16,241		4,066,286
				17,733,807
Hong Kong — 3.8%
AIA Group, Ltd.		500,956		6,009,149
Hong Kong Exchanges & Clearing, Ltd.		66,400		4,242,628
Techtronic Industries Co., Ltd.		249,900		4,472,439
				14,724,216
India — 4.4%
HDFC Bank, Ltd.†		207,000		3,979,156
Kotak Mahindra Bank, Ltd.†		167,020		3,731,032
Reliance Industries, Ltd. GDR*		72,200		3,992,660
Reliance Industries, Ltd. GDR (LSE)*†		13,200		729,813

Security Description	Shares		Value (Note 2)
India (continued)
Tata Consultancy Services, Ltd.		102,230	$	4,354,963
				16,787,624
Ireland — 3.3%
Accenture PLC, Class A		12,800		4,066,304
Kingspan Group PLC		41,758		4,540,947
Linde PLC		13,338		4,099,968
				12,707,219
Israel — 1.2%
NICE, Ltd. ADR†		15,869		4,421,897
Italy — 1.3%
Enel SpA		531,900		4,911,449
Japan — 6.7%
Hoya Corp.		34,679		4,896,367
Keyence Corp.		10,076		5,610,561
OBIC Co., Ltd.		5,850		1,030,789
Recruit Holdings Co., Ltd.		93,960		4,859,037
Shin-Etsu Chemical Co., Ltd.		28,660		4,676,468
Tokyo Electron, Ltd.		11,380		4,688,733
				25,761,955
Netherlands — 8.0%
Akzo Nobel NV		34,700		4,291,044
ASM International NV		12,660		4,503,346
ASML Holding NV (Euronext Amsterdam)		11,314		8,603,153
Ferrari NV		20,544		4,482,636
NXP Semiconductors NV		18,984		3,918,108
Wolters Kluwer NV		40,969		4,673,171
				30,471,458
Portugal — 1.0%
EDP—Energias de Portugal SA		745,000		3,872,086
South Korea — 0.8%
LG Household & Health Care, Ltd.		2,373		3,012,898
Spain — 2.4%
Amadeus IT Group SA†		65,630		4,296,592
Iberdrola SA		399,206		4,812,344
				9,108,936
Sweden — 4.7%
Atlas Copco AB, Class A		74,820		5,064,888
Evolution Gaming Group AB*		24,000		4,190,605
Hexagon AB, Class B		283,568		4,700,779
Swedish Match AB		456,400		4,086,156
				18,042,428
Switzerland — 8.3%
Cie Financiere Richemont SA		37,320		4,779,887
Lonza Group AG		6,352		4,943,652
Nestle SA		70,480		8,930,771
Partners Group Holding AG		2,675		4,573,294
Sika AG		13,341		4,698,436
TE Connectivity, Ltd.		27,097		3,995,995
				31,922,035
Taiwan — 2.8%
Taiwan Semiconductor Manufacturing Co., Ltd.		523,500		10,900,605

85

SunAmerica Series Trust SA Fidelity Institutional AM^® International Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
United Kingdom — 3.7%
Ashtead Group PLC		58,100		$	4,352,414
Diageo PLC		110,400			5,477,030
Rentokil Initial PLC		559,400			4,406,347
					14,235,791
United States — 10.5%
Adobe, Inc.†		6,560			4,077,893
Autodesk, Inc.†		13,240			4,251,761
Danaher Corp.		14,460			4,301,705
Mastercard, Inc., Class A		10,221			3,944,693
MercadoLibre, Inc.†		2,482			3,893,513
Moody’s Corp.		10,400			3,910,400
NVIDIA Corp.		19,036			3,711,830
Thermo Fisher Scientific, Inc.		7,500			4,050,075
Visa, Inc., Class A		15,730			3,875,715
Zoetis, Inc.		20,650			4,185,755
					40,203,340
TOTAL INVESTMENTS (cost $312,243,973)(1)		100.1	%		383,128,167
Liabilities in excess of other assets		(0.1	)		(562,201	)
NET ASSETS		100.0	%	$	382,565,966

† 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 July 31, 2021, the aggregate value of these securities was $8,913,078 representing 2.3% of net assets.

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

ADR — American Depositary Receipt

LSE — London Stock Exchange

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	103,688,087	$	279,440,080	**	$	—	$	383,128,167

* 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).

See Notes to Financial Statements

86

SunAmerica Series Trust SA Fidelity Institutional AM^® Real Estate Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Real Estate Investment Trusts	96.1	%
Real Estate Management/Services	2.5
Casino Services	0.7
Private Corrections	0.4
Telecom Services	0.3
	100.0	%

* Calculated as a percentage of net assets

87

SunAmerica Series Trust SA Fidelity Institutional AM^® Real Estate Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 100.0%
Casino Services — 0.7%
Caesars Entertainment, Inc.†		24,900	$	2,175,264
Private Corrections — 0.4%
CoreCivic, Inc.†		133,200		1,369,296
Real Estate Investment Trusts — 96.1%
Alexandria Real Estate Equities, Inc.		63,300		12,744,822
American Tower Corp.		12,700		3,591,560
Americold Realty Trust		200,800		7,801,080
CareTrust REIT, Inc.		206,000		4,968,720
CubeSmart		426,700		21,189,922
Digital Realty Trust, Inc.		126,400		19,485,824
Douglas Emmett, Inc.		186,600		6,232,440
Equinix, Inc.		24,100		19,771,881
Equity LifeStyle Properties, Inc.		140,492		11,773,230
Essex Property Trust, Inc.		47,313		15,523,395
Extra Space Storage, Inc.		38,700		6,739,218
Four Corners Property Trust, Inc.		270,800		7,774,668
Healthcare Realty Trust, Inc.		201,700		6,430,196
Invitation Homes, Inc.		287,200		11,683,296
Lamar Advertising Co., Class A		85,100		9,071,660
Lexington Realty Trust		241,800		3,179,670
Mid-America Apartment Communities, Inc.		80,600		15,563,860
National Retail Properties, Inc.		146,900		7,179,003
Phillips Edison & Co., Inc. †		48,400		1,355,200
Prologis, Inc.		301,758		38,637,094
RLJ Lodging Trust		830,781		11,921,707

Security Description	Shares			Value (Note 2)
Real Estate Investment Trusts (continued)
SITE Centers Corp.		515,700		$	8,179,002
Spirit Realty Capital, Inc.		79,200			3,977,424
Sunstone Hotel Investors, Inc.†		120,900			1,395,186
Terreno Realty Corp.		89,180			6,096,345
UDR, Inc.		196,100			10,783,539
Ventas, Inc.		239,745			14,331,956
VICI Properties, Inc.		387,500			12,086,125
Washington Real Estate Investment Trust		110,200			2,676,758
Welltower, Inc.		81,864			7,110,707
					309,255,488
Real Estate Management/Services — 2.5%
CBRE Group, Inc., Class A†		77,300			7,456,358
Realogy Holdings Corp.†		33,040			585,469
					8,041,827
Telecom Services — 0.3%
Cyxtera Technologies, Inc. PIPE Shares		125,181			1,069,171
TOTAL INVESTMENTS (cost $231,016,708)(1)		100.0	%		321,911,046
Liabilities in excess of other assets		(0.0	)		(70,769	)
NET ASSETS		100.0	%	$	321,840,277

† 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 July 31, 2021 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	321,911,046	$	—	$	—	$	321,911,046

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

See Notes to Financial Statements

88

SunAmerica Series Trust SA Fixed Income Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

United States Treasury Notes	41.9	%
United States Treasury Bonds	11.1
Diversified Banking Institutions	5.0
Exchange-Traded Funds	3.8
Pipelines	2.6
Federal Home Loan Bank	2.3
Cable/Satellite TV	1.7
Oil Companies-Integrated	1.6
Medical-Drugs	1.5
Electric-Integrated	1.4
E-Commerce/Products	1.4
Medical-HMO	1.3
Oil-Field Services	1.2
Retail-Discount	1.1
Telephone-Integrated	1.1
Multimedia	1.0
Finance-Credit Card	1.0
Banks-Commercial	0.9
Real Estate Investment Trusts	0.9
Banks-Super Regional	0.8
Brewery	0.8
Pharmacy Services	0.8
Computers	0.8
Transport-Rail	0.8
Enterprise Software/Service	0.7
Banks-Fiduciary	0.7
Retail-Building Products	0.7
Chemicals-Diversified	0.6
Medical-Biomedical/Gene	0.6
Insurance-Multi-line	0.5
Auto-Cars/Light Trucks	0.4
Gas-Distribution	0.4
Aerospace/Defense	0.4
Toys	0.4
Auto/Truck Parts & Equipment-Original	0.4
Finance-Other Services	0.4
Federal Home Loan Mtg. Corp.	0.3
Food-Meat Products	0.3
Metal-Iron	0.3
Transport-Services	0.3
Oil Companies-Exploration & Production	0.3
Retail-Drug Store	0.3
Tennessee Valley Authority	0.3
Medical-Generic Drugs	0.2
Tobacco	0.2
Investment Management/Advisor Services	0.2
Cellular Telecom	0.2
Oil Refining & Marketing	0.2
Applications Software	0.2
Computer Services	0.2
Diversified Financial Services	0.2
Banks-Money Center	0.2
Commercial Services-Finance	0.2
Data Processing/Management	0.2
Medical Labs & Testing Services	0.2
Medical Products	0.2
Diversified Manufacturing Operations	0.2
Hotels/Motels	0.2
Electronic Components-Semiconductors	0.2
Metal-Copper	0.2
Medical Instruments	0.2

Beverages-Non-alcoholic	0.2	%
Drug Delivery Systems	0.1
Auto-Heavy Duty Trucks	0.1
Food-Misc./Diversified	0.1
Repurchase Agreements	0.1
Networking Products	0.1
	99.4	%

Credit Quality#†

Aaa	59.0	%
Aa	2.9
A	16.2
Baa	18.8
Ba	1.5
Not Rated@	1.6
	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.

89

SunAmerica Series Trust SA Fixed Income Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 34.3%
Aerospace/Defense — 0.2%
United Technologies Corp. Senior Notes 5.40% due 05/01/2035	$	1,000,000	$	1,342,974
Applications Software — 0.2%
Microsoft Corp. Senior Notes 3.70% due 08/08/2046		1,036,000		1,269,711
Auto-Cars/Light Trucks — 0.4%
General Motors Co. Senior Notes 6.25% due 10/02/2043		1,000,000		1,391,656
General Motors Financial Co., Inc. Company Guar. Notes 4.35% due 01/17/2027		1,000,000		1,132,436
				2,524,092
Auto-Heavy Duty Trucks — 0.1%
Cummins, Inc. Senior Notes 4.88% due 10/01/2043		605,000		811,171
Auto/Truck Parts & Equipment-Original — 0.4%
Aptiv Corp. Company Guar. Notes 4.15% due 03/15/2024		1,903,000		2,062,116
Banks-Commercial — 0.7%
PNC Bank NA Sub. Notes 4.05% due 07/26/2028		1,000,000		1,165,785
Regions Financial Corp. Senior Notes 3.80% due 08/14/2023		2,500,000		2,664,513
				3,830,298
Banks-Fiduciary — 0.7%
Bank of New York Mellon Corp. Senior Notes 2.95% due 01/29/2023		2,000,000		2,076,970
Bank of New York Mellon Corp. Senior Notes 3.00% due 02/24/2025		928,000		1,001,691
State Street Corp. Senior Notes 3.55% due 08/18/2025		844,000		935,334
				4,013,995
Banks-Super Regional — 0.8%
US Bancorp Senior Notes 3.15% due 04/27/2027		1,000,000		1,106,724
Wells Fargo & Co. Senior Notes 3.55% due 09/29/2025		2,000,000		2,204,119
Wells Fargo & Co. Senior Notes 3.90% due 05/01/2045		1,311,000		1,559,459
				4,870,302
Beverages-Non-alcoholic — 0.2%
Pepsi-Cola Metropolitan Bottling Co., Inc. Senior Notes 7.00% due 03/01/2029		644,000		874,815

Security Description	Principal Amount		Value (Note 2)
Brewery — 0.8%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.70% due 02/01/2036	$	1,000,000	$	1,242,341
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		1,000,000		1,280,765
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.55% due 01/23/2049		1,500,000		2,105,065
				4,628,171
Cable/Satellite TV — 1.7%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.48% due 10/23/2045		1,000,000		1,405,664
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.83% due 10/23/2055		1,000,000		1,501,745
Comcast Corp. Company Guar. Notes 3.70% due 04/15/2024		3,000,000		3,250,530
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		2,000,000		2,326,818
Time Warner Cable LLC Senior Sec. Notes 6.75% due 06/15/2039		1,000,000		1,419,607
				9,904,364
Chemicals-Diversified — 0.6%
DowDuPont, Inc. Senior Notes 5.32% due 11/15/2038		1,000,000		1,334,437
PPG Industries, Inc. Senior Notes 3.75% due 03/15/2028		2,000,000		2,289,170
				3,623,607
Commercial Services-Finance — 0.2%
Moody’s Corp. Senior Notes 4.88% due 02/15/2024		1,031,000		1,132,730
Computer Services — 0.2%
International Business Machines Corp. Senior Notes 4.25% due 05/15/2049		1,000,000		1,256,055
Computers — 0.8%
Apple, Inc. Senior Notes 2.30% due 05/11/2022		2,000,000		2,027,231
Dell International LLC/EMC Corp. Senior Sec. Notes 5.30% due 10/01/2029		2,000,000		2,446,414
				4,473,645

90

SunAmerica Series Trust SA Fixed Income Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Data Processing/Management — 0.2%
Fiserv, Inc. Senior Notes 3.50% due 07/01/2029	$	1,000,000	$	1,115,911
Diversified Banking Institutions — 4.4%
Bank of America Corp. Senior Notes 3.30% due 01/11/2023		1,000,000		1,043,712
Bank of America Corp. Senior Notes 3.82% due 01/20/2028		2,000,000		2,235,056
Bank of America Corp. Senior Notes 4.44% due 01/20/2048		963,000		1,209,472
Citigroup, Inc. Senior Notes 2.88% due 07/24/2023		2,000,000		2,047,460
Citigroup, Inc. Sub. Notes 4.13% due 07/25/2028		2,000,000		2,269,139
Citigroup, Inc. Senior Notes 4.65% due 07/30/2045		750,000		976,532
Goldman Sachs Group, Inc. Senior Notes 2.91% due 06/05/2023		3,000,000		3,062,936
Goldman Sachs Group, Inc. Senior Notes 3.50% due 04/01/2025		3,000,000		3,256,576
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		1,000,000		1,185,682
Goldman Sachs Group, Inc. Sub. Notes 6.75% due 10/01/2037		1,200,000		1,772,703
JPMorgan Chase & Co. Senior Notes 4.01% due 04/23/2029		2,000,000		2,279,793
JPMorgan Chase & Co. Senior Notes 6.40% due 05/15/2038		999,000		1,481,080
Morgan Stanley Senior Notes 3.13% due 01/23/2023		2,500,000		2,600,454
				25,420,595
Diversified Manufacturing Operations — 0.2%
General Electric Capital Corp. Senior Notes 5.88% due 01/14/2038		778,000		1,069,636
Drug Delivery Systems — 0.1%
Becton Dickinson and Co. Senior Notes 3.73% due 12/15/2024		771,000		839,130
E-Commerce/Products — 1.0%
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024		3,000,000		3,196,944
Amazon.com, Inc. Senior Notes 4.25% due 08/22/2057		1,000,000		1,304,679

Security Description	Principal Amount		Value (Note 2)
E-Commerce/Products (continued)
eBay, Inc. Senior Notes 3.45% due 08/01/2024	$	1,073,000	$	1,154,351
				5,655,974
Electric-Integrated — 1.4%
Berkshire Hathaway Energy Co. Senior Notes 3.80% due 07/15/2048		1,000,000		1,165,875
Consolidated Edison Co. of New York, Inc. Senior Notes 4.50% due 05/15/2058		859,000		1,081,324
DTE Electric Co. General Refunding Mtg. 3.70% due 03/15/2045		1,244,000		1,446,721
Duke Energy Florida LLC 1st Mtg. Notes 3.40% due 10/01/2046		1,179,000		1,312,467
Exelon Generation Co. LLC Senior Notes 6.25% due 10/01/2039		200,000		251,063
Northern States Power Co. 1st Mtg. Bonds 2.90% due 03/01/2050		1,000,000		1,048,517
Puget Energy, Inc. Senior Sec. Notes 5.63% due 07/15/2022		1,912,000		1,980,684
				8,286,651
Electronic Components-Semiconductors — 0.2%
Intel Corp. Senior Notes 3.10% due 07/29/2022		1,000,000		1,028,673
Enterprise Software/Service — 0.7%
Oracle Corp. Senior Notes 2.40% due 09/15/2023		1,000,000		1,037,735
Oracle Corp. Senior Notes 2.65% due 07/15/2026		3,000,000		3,181,362
				4,219,097
Finance-Credit Card — 1.0%
American Express Co. Senior Notes 2.50% due 08/01/2022		2,000,000		2,041,343
Capital One Financial Corp. Senior Notes 3.20% due 02/05/2025		500,000		538,716
Mastercard, Inc. Senior Notes 2.95% due 06/01/2029		2,000,000		2,215,280
Visa, Inc. Senior Notes 4.30% due 12/14/2045		539,000		697,700
				5,493,039
Finance-Other Services — 0.4%
CME Group, Inc. Senior Notes 3.00% due 03/15/2025		680,000		732,067

91

SunAmerica Series Trust SA Fixed Income Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Other Services (continued)
Intercontinental Exchange, Inc. Company Guar. Notes 3.75% due 12/01/2025	$	1,143,000	$	1,267,667
				1,999,734
Food-Meat Products — 0.3%
Tyson Foods, Inc. Senior Notes 4.88% due 08/15/2034		1,523,000		1,919,640
Food-Misc./Diversified — 0.1%
Campbell Soup Co. Senior Notes 4.80% due 03/15/2048		600,000		759,096
Gas-Distribution — 0.4%
Piedmont Natural Gas Co., Inc. Senior Notes 3.50% due 06/01/2029		1,000,000		1,110,062
Southern Co. Gas Capital Corp. Company Guar. Notes 5.88% due 03/15/2041		915,000		1,294,793
				2,404,855
Hotels/Motels — 0.2%
Marriott International, Inc. Senior Notes 3.13% due 06/15/2026		1,000,000		1,069,191
Insurance-Multi-line — 0.3%
MetLife, Inc. Senior Notes 3.60% due 04/10/2024		1,345,000		1,454,660
Investment Management/Advisor Services — 0.2%
Ameriprise Financial, Inc. Senior Notes 3.70% due 10/15/2024		1,176,000		1,286,439
Medical Instruments — 0.2%
Medtronic, Inc. Company Guar. Notes 4.63% due 03/15/2045		701,000		940,356
Medical Labs & Testing Services — 0.2%
Laboratory Corp. of America Holdings Senior Notes 3.60% due 02/01/2025		1,030,000		1,114,303
Medical Products — 0.2%
Abbott Laboratories Senior Notes 2.95% due 03/15/2025		1,000,000		1,075,799
Medical-Biomedical/Gene — 0.6%
Amgen, Inc. Senior Notes 3.63% due 05/15/2022		2,000,000		2,034,955
Gilead Sciences, Inc. Senior Notes 5.65% due 12/01/2041		1,000,000		1,417,876
				3,452,831
Medical-Drugs — 1.1%
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		3,000,000		3,290,404

Security Description	Principal Amount		Value (Note 2)
Medical-Drugs (continued)
Johnson & Johnson Senior Notes 3.50% due 01/15/2048	$	1,134,000	$	1,351,407
Novartis Capital Corp. Company Guar. Notes 3.40% due 05/06/2024		800,000		863,571
Pfizer, Inc. Senior Notes 4.20% due 09/15/2048		844,000		1,084,752
				6,590,134
Medical-HMO — 1.3%
Anthem, Inc. Senior Notes 2.25% due 05/15/2030		2,000,000		2,053,119
UnitedHealth Group, Inc. Senior Notes 3.85% due 06/15/2028		2,000,000		2,311,381
UnitedHealth Group, Inc. Senior Notes 3.88% due 12/15/2028		2,500,000		2,905,974
				7,270,474
Metal-Copper — 0.2%
Southern Copper Corp. Senior Notes 5.25% due 11/08/2042		810,000		1,024,650
Multimedia — 1.0%
Historic TW, Inc. Company Guar. Notes 9.15% due 02/01/2023		2,500,000		2,804,106
NBCUniversal Media LLC Company Guar. Notes 4.45% due 01/15/2043		1,000,000		1,249,545
ViacomCBS, Inc. Senior Notes 4.20% due 06/01/2029		1,500,000		1,746,672
				5,800,323
Networking Products — 0.1%
Cisco Systems, Inc. Senior Notes 2.20% due 09/20/2023		500,000		519,150
Oil Companies-Exploration & Production — 0.3%
Devon Energy Corp. Senior Notes 7.95% due 04/15/2032		200,000		286,226
Kerr-McGee Corp. Company Guar. Notes 7.88% due 09/15/2031		200,000		230,000
Ovintiv Exploration, Inc. Company Guar. Notes 5.63% due 07/01/2024		1,000,000		1,107,157
				1,623,383
Oil Companies-Integrated — 0.8%
Chevron Corp. Senior Notes 2.95% due 05/16/2026		3,193,000		3,474,615
Exxon Mobil Corp. Senior Notes 2.73% due 03/01/2023		1,000,000		1,034,643
				4,509,258

92

SunAmerica Series Trust SA Fixed Income Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Refining & Marketing — 0.2%
HollyFrontier Corp. Senior Notes 5.88% due 04/01/2026	$	250,000	$	289,479
Marathon Petroleum Corp. Senior Notes 6.50% due 03/01/2041		500,000		700,970
Valero Energy Corp. Senior Notes 7.50% due 04/15/2032		200,000		282,186
				1,272,635
Oil-Field Services — 0.7%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. Senior Notes 2.77% due 12/15/2022		1,000,000		1,031,666
Halliburton Co. Senior Notes 3.80% due 11/15/2025		2,085,000		2,310,555
Halliburton Co. Senior Notes 7.45% due 09/15/2039		500,000		735,704
				4,077,925
Pharmacy Services — 0.8%
Cigna Corp. Company Guar. Notes 4.38% due 10/15/2028		1,000,000		1,175,532
Cigna Corp. Company Guar. Notes 4.80% due 07/15/2046		800,000		1,031,632
CVS Health Corp. Senior Notes 5.13% due 07/20/2045		872,000		1,151,532
Express Scripts Holding Co. Company Guar. Notes 4.50% due 02/25/2026		1,122,000		1,265,707
				4,624,403
Pipelines — 1.9%
EnLink Midstream Partners LP Senior Notes 4.85% due 07/15/2026		2,000,000		2,090,560
Enterprise Products Operating LLC Company Guar. Notes 5.10% due 02/15/2045		1,000,000		1,278,256
Enterprise Products Operating LLC Company Guar. Notes 5.70% due 02/15/2042		1,000,000		1,372,138
Kinder Morgan Energy Partners LP Company Guar. Notes 7.30% due 08/15/2033		300,000		430,635
MPLX LP Senior Notes 4.00% due 03/15/2028		1,125,000		1,263,563
Phillips 66 Partners LP Senior Notes 3.61% due 02/15/2025		2,101,000		2,267,078
Valero Energy Partners LP Company Guar. Notes 4.50% due 03/15/2028		1,000,000		1,144,156

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Williams Cos., Inc. Senior Notes 4.30% due 03/04/2024	$	1,000,000	$	1,083,354
				10,929,740
Real Estate Investment Trusts — 0.9%
American Tower Corp. Senior Notes 5.00% due 02/15/2024		1,261,000		1,395,026
Crown Castle International Corp. Senior Notes 4.45% due 02/15/2026		1,180,000		1,337,468
Weyerhaeuser Co. Senior Notes 4.00% due 04/15/2030		2,000,000		2,294,737
				5,027,231
Retail-Building Products — 0.7%
Home Depot, Inc. Senior Notes 2.63% due 06/01/2022		2,000,000		2,036,609
Home Depot, Inc. Senior Notes 3.50% due 09/15/2056		786,000		906,165
Lowe’s Cos., Inc. Senior Notes 4.05% due 05/03/2047		700,000		825,397
				3,768,171
Retail-Discount — 1.1%
Dollar General Corp. Senior Notes 4.15% due 11/01/2025		1,154,000		1,296,707
Dollar Tree, Inc. Senior Notes 4.20% due 05/15/2028		2,000,000		2,290,682
Target Corp. Senior Notes 6.50% due 10/15/2037		840,000		1,307,287
Walmart, Inc. Senior Notes 5.63% due 04/15/2041		939,000		1,385,439
				6,280,115
Retail-Drug Store — 0.3%
Walgreens Boots Alliance, Inc. Senior Notes 3.45% due 06/01/2026		1,391,000		1,523,006
Telephone-Integrated — 1.1%
AT&T, Inc. Senior Notes 4.75% due 05/15/2046		1,000,000		1,227,101
AT&T, Inc. Senior Notes 6.00% due 08/15/2040		864,000		1,198,690
AT&T, Inc. Senior Notes 6.38% due 03/01/2041		710,000		1,039,309
Verizon Communications, Inc. Senior Notes 3.38% due 02/15/2025		2,500,000		2,718,885
				6,183,985

93

SunAmerica Series Trust SA Fixed Income Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Tobacco — 0.2%
Altria Group, Inc. Company Guar. Notes 5.95% due 02/14/2049	$	1,000,000	$	1,300,852
Toys — 0.4%
Hasbro, Inc. Senior Notes 3.90% due 11/19/2029		2,000,000		2,250,782
Transport-Rail — 0.6%
CSX Corp. Senior Notes 3.80% due 03/01/2028		3,000,000		3,411,499
Transport-Services — 0.3%
FedEx Corp. Company Guar. Notes 3.10% due 08/05/2029		1,500,000		1,640,774
Total U.S. Corporate Bonds & Notes (cost $181,476,298)				196,852,146
FOREIGN CORPORATE BONDS & NOTES — 5.1%
Aerospace/Defense — 0.2%
Embraer Netherlands Finance BV Company Guar. Notes 5.40% due 02/01/2027		1,000,000		1,059,000
Banks-Commercial — 0.2%
Cooperatieve Rabobank UA Senior Notes 3.38% due 05/21/2025		1,264,000		1,387,077
Banks-Money Center — 0.2%
Lloyds Bank PLC Company Guar. Notes 3.50% due 05/14/2025		1,101,000		1,200,136
Cellular Telecom — 0.2%
Vodafone Group PLC Senior Notes 5.00% due 05/30/2038		1,000,000		1,277,686
Diversified Banking Institutions — 0.6%
Barclays PLC Sub. Notes 5.20% due 05/12/2026		1,000,000		1,150,830
HSBC Holdings PLC Sub. Notes 6.50% due 09/15/2037		793,000		1,116,344
Natwest Group PLC Senior Notes 5.08% due 01/27/2030		1,000,000		1,197,954
				3,465,128
Diversified Financial Services — 0.2%
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		1,000,000		1,225,436
E-Commerce/Products — 0.4%
Alibaba Group Holding, Ltd. Senior Notes 4.20% due 12/06/2047		1,000,000		1,170,403
Alibaba Group Holding, Ltd. Senior Notes 4.50% due 11/28/2034		1,000,000		1,177,056
				2,347,459

Security Description	Principal Amount		Value (Note 2)
Medical-Drugs — 0.4%
AstraZeneca PLC Senior Notes 2.38% due 06/12/2022	$	2,000,000	$	2,033,810
Medical-Generic Drugs — 0.2%
Allergan Funding SCS Company Guar. Notes 3.85% due 06/15/2024		250,000		264,552
Allergan Funding SCS Company Guar. Notes 4.55% due 03/15/2035		1,000,000		1,110,264
				1,374,816
Metal-Iron — 0.3%
Vale Overseas, Ltd. Company Guar. Notes 6.25% due 08/10/2026		1,500,000		1,800,600
Oil Companies-Integrated — 0.8%
Shell International Finance BV Company Guar. Notes 4.38% due 05/11/2045		1,000,000		1,251,213
Shell International Finance BV Company Guar. Notes 6.38% due 12/15/2038		1,000,000		1,488,922
Total Capital International SA Company Guar. Notes 2.88% due 02/17/2022		2,000,000		2,029,220
				4,769,355
Oil-Field Services — 0.5%
Schlumberger Investment SA Company Guar. Notes 3.65% due 12/01/2023		2,500,000		2,669,211
Pipelines — 0.7%
Enbridge, Inc. Company Guar. Notes 3.13% due 11/15/2029		1,500,000		1,616,725
TransCanada PipeLines, Ltd. Senior Notes 6.20% due 10/15/2037		1,500,000		2,078,644
				3,695,369
Transport-Rail — 0.2%
Canadian National Railway Co. Senior Notes 2.45% due 05/01/2050		1,000,000		927,099
Total Foreign Corporate Bonds & Notes (cost $27,860,045)				29,232,182
U.S. GOVERNMENT AGENCIES — 2.9%
Federal Home Loan Bank — 2.3%
1.50% due 08/15/2024		1,500,000		1,552,092
1.88% due 11/29/2021		1,500,000		1,509,039
2.00% due 09/09/2022		1,000,000		1,021,118
2.50% due 12/09/2022		1,000,000		1,031,759
2.63% due 12/10/2021		2,000,000		2,018,140
2.88% due 09/13/2024		1,000,000		1,076,914
3.00% due 10/12/2021		2,000,000		2,011,470
5.50% due 07/15/2036		2,000,000		3,004,257
				13,224,789
Federal Home Loan Mtg. Corp. — 0.3%
zero coupon due 12/14/2029		2,200,000		1,968,169

94

SunAmerica Series Trust SA Fixed Income Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Tennessee Valley Authority — 0.3%
4.88% due 01/15/2048	$	1,000,000	$	1,479,762
Total U.S. Government Agencies (cost $15,452,379)				16,672,720
U.S. GOVERNMENT TREASURIES — 53.0%
United States Treasury Bonds — 11.1%
1.13% due 05/15/2040		2,000,000		1,785,625
1.13% due 08/15/2040		2,000,000		1,780,156
1.25% due 05/15/2050		2,000,000		1,701,797
1.38% due 08/15/2050		2,000,000		1,756,016
1.88% due 02/15/2041		2,000,000		2,021,562
2.25% due 08/15/2046		1,000,000		1,071,484
2.25% due 08/15/2049		1,500,000		1,612,324
2.50% due 02/15/2046		1,000,000		1,121,016
2.50% due 05/15/2046		652,000		731,463
2.75% due 08/15/2042		2,000,000		2,323,594
2.75% due 11/15/2042		1,800,000		2,090,953
2.75% due 08/15/2047		2,000,000		2,354,844
2.75% due 11/15/2047		1,500,000		1,767,539
2.88% due 05/15/2043		1,089,000		1,291,061
2.88% due 08/15/2045		1,027,000		1,226,663
2.88% due 11/15/2046		744,000		893,294
3.00% due 11/15/2044		1,275,000		1,548,229
3.00% due 05/15/2045		1,150,000		1,400,529
3.00% due 11/15/2045		1,037,000		1,266,720
3.00% due 05/15/2047		1,500,000		1,844,766
3.00% due 02/15/2048		2,000,000		2,466,484
3.00% due 08/15/2048		2,000,000		2,470,859
3.00% due 02/15/2049		1,500,000		1,858,594
3.13% due 02/15/2043		1,428,000		1,758,002
3.13% due 08/15/2044		1,351,000		1,672,443
3.13% due 05/15/2048		2,000,000		2,522,969
3.38% due 05/15/2044		1,498,000		1,925,398
3.63% due 08/15/2043		535,000		709,126
3.63% due 02/15/2044		1,567,000		2,085,885
3.75% due 11/15/2043		1,685,000		2,278,107
4.38% due 11/15/2039		1,000,000		1,428,086
4.63% due 02/15/2040		2,015,000		2,967,638
4.75% due 02/15/2041		1,751,000		2,637,033
5.38% due 02/15/2031		2,000,000		2,760,391
5.50% due 08/15/2028		2,000,000		2,617,187
				63,747,837
United States Treasury Notes — 41.9%
0.13% due 06/30/2022		2,000,000		2,000,937
0.13% due 12/31/2022		2,000,000		2,000,078
0.13% due 01/31/2023		2,000,000		1,999,844
0.13% due 02/28/2023		2,000,000		1,999,688
0.13% due 03/31/2023		2,000,000		1,999,063
0.13% due 04/30/2023		2,000,000		1,998,750
0.13% due 05/15/2023		2,000,000		1,998,750
0.13% due 05/31/2023		2,000,000		1,998,672
0.13% due 09/15/2023		1,000,000		998,281
0.13% due 01/15/2024		2,000,000		1,993,438
0.13% due 02/15/2024		2,000,000		1,993,047
0.25% due 04/15/2023		2,000,000		2,003,203
0.25% due 06/15/2023		2,000,000		2,002,812
0.25% due 11/15/2023		2,000,000		2,001,016
0.25% due 03/15/2024		2,000,000		1,998,359
0.25% due 05/15/2024		2,000,000		1,996,250
0.25% due 06/15/2024		2,000,000		1,995,469
0.25% due 05/31/2025		2,000,000		1,979,297

Security Description	Principal Amount		Value (Note 2)
United States Treasury Notes (continued)
0.25% due 06/30/2025	$	2,000,000	$	1,977,656
0.25% due 07/31/2025		2,000,000		1,976,094
0.25% due 08/31/2025		1,000,000		987,031
0.25% due 09/30/2025		2,000,000		1,972,734
0.25% due 10/31/2025		2,000,000		1,970,781
0.38% due 04/15/2024		2,000,000		2,003,984
0.38% due 04/30/2025		1,000,000		995,195
0.38% due 07/31/2027		2,000,000		1,943,594
0.38% due 09/30/2027		2,000,000		1,938,203
0.50% due 03/15/2023		1,000,000		1,005,781
0.50% due 02/28/2026		2,000,000		1,986,875
0.50% due 04/30/2027		3,000,000		2,945,625
0.50% due 05/31/2027		2,000,000		1,961,172
0.50% due 06/30/2027		2,000,000		1,960,078
0.50% due 08/31/2027		1,500,000		1,466,367
0.50% due 10/31/2027		2,000,000		1,951,094
0.63% due 05/15/2030		2,000,000		1,907,813
0.63% due 08/15/2030		2,000,000		1,902,188
0.75% due 01/31/2028		1,000,000		987,734
0.88% due 11/15/2030		2,000,000		1,940,938
1.13% due 02/29/2028		2,000,000		2,022,656
1.13% due 02/15/2031		2,000,000		1,981,250
1.25% due 07/31/2023		1,500,000		1,531,816
1.25% due 08/31/2024		2,000,000		2,053,672
1.25% due 03/31/2028		2,000,000		2,036,562
1.25% due 04/30/2028		2,000,000		2,036,250
1.38% due 06/30/2023		1,500,000		1,534,277
1.38% due 08/31/2023		1,500,000		1,536,563
1.38% due 08/31/2026		1,500,000		1,549,160
1.50% due 08/15/2022		2,000,000		2,029,219
1.50% due 03/31/2023		1,000,000		1,022,305
1.50% due 09/30/2024		2,000,000		2,069,922
1.50% due 10/31/2024		2,000,000		2,071,094
1.50% due 11/30/2024		2,000,000		2,071,406
1.50% due 08/15/2026		2,181,000		2,265,769
1.50% due 02/15/2030		2,000,000		2,056,562
1.63% due 08/15/2022		3,000,000		3,047,344
1.63% due 08/31/2022		1,300,000		1,321,480
1.63% due 11/15/2022		1,500,000		1,529,297
1.63% due 04/30/2023		1,500,000		1,538,145
1.63% due 05/31/2023		1,500,000		1,539,668
1.63% due 02/15/2026		2,186,000		2,282,150
1.63% due 05/15/2026		2,233,000		2,332,874
1.63% due 09/30/2026		1,000,000		1,045,469
1.63% due 08/15/2029		2,300,000		2,393,078
1.75% due 05/31/2022		2,000,000		2,027,656
1.75% due 06/15/2022		1,000,000		1,014,570
1.75% due 06/30/2022		2,000,000		2,030,234
1.75% due 09/30/2022		2,000,000		2,038,281
1.75% due 01/31/2023		2,000,000		2,048,594
1.75% due 05/15/2023		1,500,000		1,542,246
1.75% due 07/31/2024		2,000,000		2,083,672
1.75% due 12/31/2026		1,070,000		1,126,050
1.88% due 07/31/2022		2,000,000		2,035,547
1.88% due 08/31/2022		2,000,000		2,038,516
1.88% due 09/30/2022		2,000,000		2,041,172
1.88% due 10/31/2022		2,000,000		2,043,672
1.88% due 08/31/2024		2,000,000		2,091,953
1.88% due 06/30/2026		1,000,000		1,057,188
1.88% due 07/31/2026		2,000,000		2,115,469
2.00% due 07/31/2022		1,000,000		1,019,063
2.00% due 10/31/2022		3,500,000		3,582,168
2.00% due 11/30/2022		2,000,000		2,050,156

95

SunAmerica Series Trust SA Fixed Income Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
2.00% due 02/15/2023	$	2,000,000	$	2,056,875
2.00% due 05/31/2024		2,000,000		2,094,375
2.00% due 06/30/2024		3,000,000		3,144,141
2.00% due 02/15/2025		1,332,000		1,403,699
2.00% due 08/15/2025		3,217,000		3,402,354
2.00% due 11/15/2026		2,455,000		2,613,616
2.13% due 12/31/2022		2,000,000		2,056,328
2.13% due 03/31/2024		3,500,000		3,669,805
2.13% due 09/30/2024		2,000,000		2,109,375
2.13% due 11/30/2024		2,000,000		2,112,578
2.13% due 05/15/2025		2,820,000		2,990,302
2.25% due 10/31/2024		3,000,000		3,179,062
2.25% due 11/15/2024		1,352,000		1,432,962
2.25% due 12/31/2024		1,000,000		1,061,406
2.25% due 11/15/2025		2,742,000		2,934,476
2.25% due 03/31/2026		3,000,000		3,220,195
2.25% due 02/15/2027		2,000,000		2,158,281
2.25% due 08/15/2027		2,000,000		2,163,594
2.25% due 11/15/2027		3,000,000		3,247,969
2.38% due 08/15/2024		1,221,000		1,295,309
2.38% due 04/30/2026		1,000,000		1,079,922
2.38% due 05/15/2027		1,000,000		1,087,852
2.38% due 05/15/2029		2,500,000		2,740,527
2.50% due 03/31/2023		2,000,000		2,077,734
2.50% due 08/15/2023		1,000,000		1,046,758
2.50% due 01/31/2024		1,400,000		1,477,766
2.50% due 05/15/2024		1,220,000		1,294,391
2.50% due 01/31/2025		3,000,000		3,213,516
2.63% due 12/31/2023		2,000,000		2,113,906
2.63% due 02/15/2029		2,700,000		3,005,754
2.75% due 04/30/2023		1,900,000		1,985,574
2.75% due 07/31/2023		2,000,000		2,102,109
2.75% due 08/31/2023		1,000,000		1,052,852
2.75% due 02/28/2025		2,000,000		2,161,719
2.75% due 08/31/2025		1,000,000		1,088,359
2.75% due 02/15/2028		2,000,000		2,230,156
2.88% due 04/30/2025		2,000,000		2,176,250
2.88% due 05/15/2028		2,000,000		2,250,937
2.88% due 08/15/2028		2,500,000		2,818,555
3.13% due 11/15/2028		3,000,000		3,441,211
				240,414,636
Total U.S. Government Treasuries (cost $288,639,924)				304,162,473

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE-TRADED FUNDS — 3.8%
iShares 1-3 Year Treasury Bond ETF	$	44,300		$	3,822,425
iShares 10-20 Year Treasury Bond ETF		1,400			212,310
iShares 20+ Year Treasury Bond ETF		14,200			2,123,184
iShares 3-7 Year Treasury Bond ETF		33,000			4,347,420
iShares 7-10 Year Treasury Bond ETF		9,900			1,165,329
iShares iBoxx$ Investment Grade Corporate Bond ETF		73,800			10,037,538
Total Exchange-Traded Funds (cost $21,078,686)					21,708,206
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.2%
Insurance-Multi-line — 0.2%
Aegon NV 5.50% due 04/11/2048		500,000			577,884
Allstate Corp. 5.75% due 08/15/2053		500,000			542,100
Total Preferred Securities/Capital Securities (cost $994,314)					1,119,984
Total Long-Term Investment Securities (cost $535,501,646)					569,747,711
REPURCHASE AGREEMENTS — 0.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 07/30/2021, to be repurchased 08/02/2021 in the amount of $748,000 and collateralized by $509,000 of United States Treasury Bonds, bearing interest at 1.00% due 02/15/2049 and having an approximate value of $763,069 (cost $748,000)	$	748,000			748,000
TOTAL INVESTMENTS (cost $536,249,646)(1)		99.4	%		570,495,711
Other assets less liabilities		0.6			3,689,197
NET ASSETS		100.0	%	$	574,184,908

(1) 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 July 31, 2021 (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	$	—	$	196,852,146	$	—	$	196,852,146
Foreign Corporate Bonds & Notes		—		29,232,182		—		29,232,182
U.S. Government Agencies		—		16,672,720		—		16,672,720
U.S. Government Treasuries		—		304,162,473		—		304,162,473
Exchange-Traded Funds		21,708,206		—		—		21,708,206
Preferred Securities/Capital Securities		—		1,119,984		—		1,119,984
Repurchase Agreements		—		748,000		—		748,000
Total Investments at Value	$	21,708,206	$	548,787,505	$	—	$	570,495,711

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

See Notes to Financial Statements

96

SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

United States Treasury Notes	53.3	%
Diversified Banking Institutions	5.3
Exchange-Traded Funds	3.6
Federal National Mtg. Assoc.	3.4
Federal Home Loan Bank	3.3
Banks-Commercial	1.7
Federal Home Loan Mtg. Corp.	1.6
Electric-Integrated	1.5
Medical-Drugs	1.5
Finance-Credit Card	1.4
Food-Misc./Diversified	1.0
Banks-Super Regional	1.0
Banks-Fiduciary	1.0
Gas-Distribution	0.8
Computers	0.8
Pharmacy Services	0.8
Oil Companies-Exploration & Production	0.8
Auto-Cars/Light Trucks	0.7
Airlines	0.7
Cellular Telecom	0.6
Applications Software	0.6
Medical-HMO	0.6
Aerospace/Defense	0.6
Electric-Distribution	0.6
Medical-Biomedical/Gene	0.6
Electronic Components-Semiconductors	0.6
Auto/Truck Parts & Equipment-Original	0.5
Machinery-Farming	0.5
E-Commerce/Products	0.5
Medical-Generic Drugs	0.5
Machinery-General Industrial	0.5
United States Treasury Bonds	0.5
Food-Retail	0.4
Finance-Commercial	0.4
Retail-Building Products	0.4
Pipelines	0.4
E-Commerce/Services	0.4
Finance-Consumer Loans	0.4
Cosmetics & Toiletries	0.4
Diversified Manufacturing Operations	0.4
Commercial Services	0.4
Industrial Gases	0.4
Insurance Brokers	0.4
Enterprise Software/Service	0.4
Tobacco	0.3
Transport-Services	0.3
Oil Companies-Integrated	0.3
Federal Farm Credit Bank	0.3
Web Portals/ISP	0.3
Cable/Satellite TV	0.2
Chemicals-Diversified	0.2
Retail-Discount	0.2
Beverages-Non-alcoholic	0.2
Non-Hazardous Waste Disposal	0.2
Computer Services	0.2
Hotels/Motels	0.2
Brewery	0.2
Semiconductor Components-Integrated Circuits	0.1
Medical Products	0.1
	99.5	%

* Calculated as a percentage of net assets

Credit Quality†#

Aaa	65.5	%
Aa	2.0
A	14.5
Baa	16.0
Ba	0.7
Not Rated@	1.3
	100.0	%

† Source: Moody’s

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

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

97

SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 28.9%
Aerospace/Defense — 0.6%
Raytheon Technologies Corp. Senior Notes 3.50% due 03/15/2027	$	3,000,000	$	3,335,258
Airlines — 0.7%
Southwest Airlines Co. Senior Notes 5.13% due 06/15/2027		3,000,000		3,547,140
Applications Software — 0.6%
Microsoft Corp. Senior Notes 3.13% due 11/03/2025		1,300,000		1,423,452
Roper Technologies, Inc. Senior Notes 1.75% due 02/15/2031		2,000,000		1,955,129
				3,378,581
Auto-Cars/Light Trucks — 0.2%
Ford Motor Credit Co. LLC Senior Notes 4.25% due 09/20/2022		900,000		924,606
Auto/Truck Parts & Equipment-Original — 0.5%
Lear Corp. Senior Notes 3.50% due 05/30/2030		1,500,000		1,646,678
Lear Corp. Senior Notes 3.80% due 09/15/2027		1,000,000		1,116,618
				2,763,296
Banks-Commercial — 1.1%
Discover Bank Senior Notes 2.70% due 02/06/2030		2,000,000		2,120,987
PNC Bank NA Senior Notes 2.95% due 02/23/2025		2,500,000		2,688,893
Synchrony Bank Senior Notes 3.00% due 06/15/2022		1,000,000		1,020,533
				5,830,413
Banks-Fiduciary — 1.0%
Northern Trust Corp. Senior Notes 1.95% due 05/01/2030		2,000,000		2,049,062
State Street Corp. Sub. Notes 3.10% due 05/15/2023		3,000,000		3,148,132
				5,197,194
Banks-Super Regional — 1.0%
Wells Fargo & Co. Senior Notes 1.65% due 06/02/2024		2,000,000		2,042,652
Wells Fargo & Co. Senior Notes 3.00% due 02/19/2025		1,000,000		1,071,728
Wells Fargo & Co. Senior Notes 3.00% due 04/22/2026		1,000,000		1,084,527

Security Description	Principal Amount		Value (Note 2)
Banks-Super Regional (continued)
Wells Fargo & Co. Senior Notes 3.55% due 09/29/2025	$	1,000,000	$	1,102,060
				5,300,967
Beverages-Non-alcoholic — 0.2%
Dr. Pepper Snapple Group, Inc. Company Guar. Notes 3.13% due 12/15/2023		1,000,000		1,059,602
Brewery — 0.2%
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 3.65% due 02/01/2026		800,000		885,273
Cable/Satellite TV — 0.2%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.46% due 07/23/2022		600,000		619,303
Comcast Cable Communications Holdings, Inc. Company Guar. Notes 9.46% due 11/15/2022		600,000		670,816
				1,290,119
Cellular Telecom — 0.2%
T-Mobile USA, Inc. Senior Sec. Notes 3.75% due 04/15/2027		1,000,000		1,114,880
Chemicals-Diversified — 0.2%
Dow Chemical Co. Senior Notes 4.80% due 11/30/2028		1,000,000		1,210,498
Commercial Services — 0.4%
Quanta Services, Inc. Senior Notes 2.90% due 10/01/2030		2,000,000		2,099,369
Computer Services — 0.2%
International Business Machines Corp. Senior Notes 2.88% due 11/09/2022		1,000,000		1,033,017
Computers — 0.8%
Apple, Inc. Senior Notes 2.05% due 09/11/2026		2,000,000		2,100,036
Apple, Inc. Senior Notes 3.35% due 02/09/2027		1,000,000		1,114,380
Apple, Inc. Senior Notes 3.45% due 05/06/2024		1,000,000		1,080,147
				4,294,563
Cosmetics & Toiletries — 0.4%
Estee Lauder Cos., Inc. Senior Notes 2.60% due 04/15/2030		2,000,000		2,140,248
Diversified Banking Institutions — 3.6%
Bank of America Corp. Senior Notes 3.00% due 12/20/2023		2,000,000		2,070,346

98

SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Bank of America Corp. Senior Notes 3.88% due 08/01/2025	$	1,200,000	$	1,338,115
Citigroup, Inc. Senior Notes 2.88% due 07/24/2023		1,300,000		1,330,849
Citigroup, Inc. Sub. Notes 4.05% due 07/30/2022		2,000,000		2,073,378
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		1,300,000		1,330,408
Goldman Sachs Group, Inc. Senior Notes 3.50% due 11/16/2026		2,000,000		2,183,627
JPMorgan Chase & Co. Senior Notes 3.21% due 04/01/2023		1,000,000		1,019,143
JPMorgan Chase & Co. Sub. Notes 3.38% due 05/01/2023		1,300,000		1,364,451
JPMorgan Chase & Co. Sub. Notes 3.88% due 09/10/2024		1,000,000		1,088,534
Morgan Stanley Senior Notes 2.63% due 11/17/2021		1,000,000		1,007,167
Morgan Stanley Senior Notes 3.63% due 01/20/2027		1,000,000		1,116,750
Morgan Stanley Senior Notes 3.75% due 02/25/2023		1,300,000		1,367,841
Morgan Stanley Senior Notes 4.00% due 07/23/2025		2,000,000		2,225,979
				19,516,588
Diversified Manufacturing Operations — 0.4%
3M Co. Senior Notes 2.38% due 08/26/2029		2,000,000		2,122,802
E-Commerce/Products — 0.5%
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024		1,200,000		1,278,778
eBay, Inc. Senior Notes 3.45% due 08/01/2024		1,300,000		1,398,562
				2,677,340
E-Commerce/Services — 0.4%
Expedia, Inc. Company Guar. Notes 3.80% due 02/15/2028		2,000,000		2,190,589
Electric-Distribution — 0.6%
Connecticut Light & Power Co. 1st Mtg. Notes 3.20% due 03/15/2027		2,000,000		2,217,671

Security Description	Principal Amount		Value (Note 2)
Electric-Distribution (continued)
Sempra Energy Senior Notes 3.25% due 06/15/2027	$	1,000,000	$	1,087,818
				3,305,489
Electric-Integrated — 1.5%
Dominion Resources, Inc. Senior Notes 3.90% due 10/01/2025		1,000,000		1,108,772
DTE Energy Co. Senior Notes 2.53% due 10/01/2024		2,000,000		2,098,000
Evergy, Inc. Senior Notes 2.45% due 09/15/2024		2,000,000		2,103,804
Pacific Gas & Electric Co. 1st Mtg. Notes 2.10% due 08/01/2027		3,000,000		2,917,636
				8,228,212
Electronic Components-Semiconductors — 0.4%
NVIDIA Corp. Senior Notes 0.58% due 06/14/2024		2,000,000		2,007,914
Enterprise Software/Service — 0.4%
Oracle Corp. Senior Notes 2.65% due 07/15/2026		900,000		954,409
Oracle Corp. Senior Notes 3.40% due 07/08/2024		1,000,000		1,071,360
				2,025,769
Finance-Commercial — 0.4%
GE Capital Funding LLC Company Guar. Notes 4.40% due 05/15/2030		2,000,000		2,350,675
Finance-Consumer Loans — 0.4%
Synchrony Financial Senior Notes 4.38% due 03/19/2024		2,000,000		2,177,593
Finance-Credit Card — 1.4%
American Express Co. Senior Notes 3.00% due 10/30/2024		2,000,000		2,142,499
Capital One Financial Corp. Senior Notes 3.30% due 10/30/2024		2,000,000		2,156,053
Discover Financial Services Senior Notes 3.85% due 11/21/2022		2,000,000		2,089,544
Visa, Inc. Senior Notes 3.15% due 12/14/2025		1,000,000		1,096,556
				7,484,652
Food-Misc./Diversified — 1.0%
Conagra Brands, Inc. Senior Notes 4.30% due 05/01/2024		1,000,000		1,095,796

99

SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Food-Misc./Diversified (continued)
General Mills, Inc. Senior Notes 3.20% due 02/10/2027	$	3,000,000	$	3,283,837
Kraft Foods Group, Inc. Company Guar. Notes 3.50% due 06/06/2022		1,000,000		1,024,659
				5,404,292
Food-Retail — 0.4%
Kroger Co. Senior Notes 4.50% due 01/15/2029		2,000,000		2,389,629
Gas-Distribution — 0.8%
NiSource, Inc. Senior Notes 3.60% due 05/01/2030		2,000,000		2,236,322
Piedmont Natural Gas Co., Inc. Senior Notes 3.50% due 06/01/2029		1,000,000		1,110,062
Southern California Gas Co. 1st Mtg. Notes 2.55% due 02/01/2030		1,000,000		1,050,488
				4,396,872
Hotels/Motels — 0.2%
Marriott International, Inc. Senior Notes 3.13% due 06/15/2026		900,000		962,272
Industrial Gases — 0.4%
Air Products and Chemicals, Inc. Senior Notes 1.85% due 05/15/2027		2,000,000		2,073,826
Insurance Brokers — 0.4%
Marsh & McLennan Cos., Inc. Senior Notes 2.25% due 11/15/2030		2,000,000		2,060,595
Machinery-Farming — 0.5%
John Deere Capital Corp. Senior Notes 2.80% due 09/08/2027		1,500,000		1,635,760
John Deere Capital Corp. Senior Notes 2.80% due 07/18/2029		1,000,000		1,096,068
				2,731,828
Machinery-General Industrial — 0.5%
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030		2,500,000		2,638,707
Medical Products — 0.1%
Abbott Laboratories Senior Notes 3.75% due 11/30/2026		283,000		322,150
Medical-Biomedical/Gene — 0.6%
Gilead Sciences, Inc. Senior Notes 3.50% due 02/01/2025		900,000		975,108

Security Description	Principal Amount		Value (Note 2)
Medical-Biomedical/Gene (continued)
Gilead Sciences, Inc. Senior Notes 3.65% due 03/01/2026	$	2,000,000	$	2,216,123
				3,191,231
Medical-Drugs — 1.1%
AbbVie, Inc. Senior Notes 2.90% due 11/06/2022		1,500,000		1,546,896
AbbVie, Inc. Senior Notes 3.60% due 05/14/2025		800,000		873,135
Bristol-Myers Squibb Co. Senior Notes 3.45% due 11/15/2027		1,000,000		1,127,339
Johnson & Johnson Senior Notes 2.45% due 03/01/2026		1,000,000		1,070,872
Novartis Capital Corp. Company Guar. Notes 3.40% due 05/06/2024		1,200,000		1,295,357
				5,913,599
Medical-HMO — 0.6%
UnitedHealth Group, Inc. Senior Bonds 2.88% due 03/15/2023		1,000,000		1,041,129
UnitedHealth Group, Inc. Senior Notes 3.85% due 06/15/2028		2,000,000		2,311,381
				3,352,510
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc. Senior Notes 2.50% due 08/15/2024		1,000,000		1,051,086
Oil Companies-Exploration & Production — 0.8%
Diamondback Energy, Inc. Company Guar. Notes 3.13% due 03/24/2031		2,000,000		2,097,266
Pioneer Natural Resources Co. Senior Notes 1.90% due 08/15/2030		2,000,000		1,939,287
				4,036,553
Pharmacy Services — 0.8%
CVS Health Corp. Senior Notes 4.00% due 12/05/2023		700,000		750,591
CVS Health Corp. Senior Notes 4.30% due 03/25/2028		2,000,000		2,313,987
Express Scripts Holding Co. Company Guar. Notes 3.00% due 07/15/2023		1,000,000		1,037,937
				4,102,515
Pipelines — 0.4%
Kinder Morgan, Inc. Company Guar. Notes 3.15% due 01/15/2023		600,000		621,931
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.63% due 03/01/2025		500,000		572,465

100

SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
Williams Cos., Inc. Senior Notes 3.60% due 03/15/2022	$	1,000,000	$	1,014,352
				2,208,748
Retail-Building Products — 0.4%
Home Depot, Inc. Senior Notes 3.90% due 12/06/2028		2,000,000		2,329,503
Retail-Discount — 0.2%
Walmart, Inc. Senior Notes 2.65% due 12/15/2024		1,000,000		1,068,450
Semiconductor Components-Integrated Circuits — 0.1%
QUALCOMM, Inc. Senior Notes 3.45% due 05/20/2025		700,000		765,961
Tobacco — 0.3%
Altria Group, Inc. Company Guar. Notes 4.00% due 01/31/2024		700,000		758,285
Philip Morris International, Inc. Senior Notes 3.60% due 11/15/2023		1,000,000		1,073,914
				1,832,199
Transport-Services — 0.3%
FedEx Corp. Company Guar. Bonds 3.40% due 02/15/2028		1,500,000		1,670,307
Web Portals/ISP — 0.3%
Alphabet, Inc. Senior Notes 2.00% due 08/15/2026		1,300,000		1,368,419
Total U.S. Corporate Bonds & Notes (cost $149,311,972)			155,363,899
FOREIGN CORPORATE BONDS & NOTES — 4.6%
Auto-Cars/Light Trucks — 0.5%
Stellantis NV Senior Notes 5.25% due 04/15/2023		2,573,000		2,762,373
Banks-Commercial — 0.6%
Bank of Montreal Senior Notes 3.30% due 02/05/2024		1,000,000		1,070,068
Cooperatieve Rabobank UA Company Guar. Notes 3.88% due 02/08/2022		1,300,000		1,324,680
Credit Suisse AG Senior Notes 3.63% due 09/09/2024		1,000,000		1,086,682
				3,481,430
Cellular Telecom — 0.4%
Vodafone Group PLC Senior Notes 4.38% due 05/30/2028		2,000,000		2,340,447

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions — 1.7%
Barclays PLC Senior Notes 3.65% due 03/16/2025	$	1,000,000	$	1,086,536
Barclays PLC Senior Notes 4.34% due 01/10/2028		2,000,000		2,258,510
HSBC Holdings PLC Senior Notes 3.26% due 03/13/2023		1,300,000		1,323,158
Lloyds Banking Group PLC Senior Notes 3.00% due 01/11/2022		1,300,000		1,315,751
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.85% due 03/01/2026		800,000		898,234
Natwest Group PLC Sub. Notes 5.13% due 05/28/2024		1,000,000		1,109,855
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.63% due 07/14/2026		1,000,000		1,064,261
				9,056,305
Electronic Components-Semiconductors — 0.2%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.88% due 01/15/2027		1,000,000		1,108,632
Medical-Drugs — 0.4%
AstraZeneca PLC Senior Notes 1.38% due 08/06/2030		2,000,000		1,931,923
Medical-Generic Drugs — 0.5%
Allergan Funding SCS Company Guar. Notes 3.45% due 03/15/2022		2,000,000		2,022,810
Allergan Funding SCS Company Guar. Notes 3.80% due 03/15/2025		600,000		645,223
				2,668,033
Oil Companies-Integrated — 0.3%
Total Capital International SA Company Guar. Notes 2.88% due 02/17/2022		883,000		895,901
Total Capital International SA Company Guar. Notes 3.75% due 04/10/2024		600,000		651,206
				1,547,107
Total Foreign Corporate Bonds & Notes (cost $23,627,887)			24,896,250
U.S. GOVERNMENT AGENCIES — 8.6%
Federal Farm Credit Bank — 0.3%
0.90% due 06/15/2026		1,500,000		1,501,880
Federal Home Loan Bank — 3.3%
1.38% due 02/17/2023		2,000,000		2,039,184
1.50% due 08/15/2024		3,000,000		3,104,183
1.88% due 11/29/2021		1,000,000		1,006,026
1.88% due 12/09/2022		2,000,000		2,047,236
2.13% due 06/10/2022		2,000,000		2,034,735
2.50% due 12/09/2022		1,000,000		1,031,759

101

SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Bank (continued)
2.50% due 02/13/2024	$	3,000,000	$	3,175,475
2.88% due 09/13/2024		1,000,000		1,076,914
3.25% due 11/16/2028		2,000,000		2,310,730
				17,826,242
Federal Home Loan Mtg. Corp. — 1.6%
0.25% due 06/26/2023		2,000,000		2,002,664
1.13% due 08/12/2021		2,000,000		2,000,595
2.38% due 01/13/2022		1,500,000		1,515,492
2.75% due 06/19/2023		3,000,000		3,144,315
				8,663,066
Federal National Mtg. Assoc. — 3.4%
0.25% due 07/10/2023		2,000,000		2,002,282
0.38% due 08/25/2025		2,000,000		1,982,255
0.75% due 10/08/2027		2,000,000		1,977,466
1.63% due 10/15/2024		3,000,000		3,118,223
1.88% due 09/24/2026		2,000,000		2,114,529
2.00% due 01/05/2022		1,000,000		1,008,239
2.13% due 04/24/2026		2,000,000		2,133,888
2.63% due 09/06/2024		3,500,000		3,748,500
				18,085,382
Total U.S. Government Agencies (cost $44,936,576)			46,076,570
U.S. GOVERNMENT TREASURIES — 53.8%
United States Treasury Bonds — 0.5%
5.25% due 02/15/2029		1,000,000		1,305,469
6.00% due 02/15/2026		1,000,000		1,241,133
				2,546,602
United States Treasury Notes — 53.3%
0.13% due 04/30/2022		2,000,000		2,000,781
0.13% due 05/31/2022		2,000,000		2,000,781
0.13% due 06/30/2022		2,000,000		2,000,937
0.13% due 07/31/2022		2,000,000		2,000,859
0.13% due 08/31/2022		2,000,000		2,000,625
0.13% due 09/30/2022		2,000,000		2,000,469
0.13% due 10/31/2022		2,000,000		2,000,391
0.13% due 11/30/2022		2,000,000		2,000,156
0.13% due 12/31/2022		2,000,000		2,000,078
0.13% due 01/31/2023		2,000,000		1,999,844
0.13% due 02/28/2023		1,000,000		999,844
0.13% due 03/31/2023		2,000,000		1,999,062
0.13% due 04/30/2023		2,000,000		1,998,750
0.13% due 05/15/2023		800,000		799,500
0.13% due 05/31/2023		2,000,000		1,998,672
0.13% due 07/15/2023		2,000,000		1,998,047
0.13% due 08/15/2023		1,500,000		1,498,008
0.13% due 09/15/2023		2,000,000		1,996,562
0.13% due 10/15/2023		1,000,000		997,852
0.13% due 12/15/2023		2,000,000		1,994,453
0.13% due 01/15/2024		2,000,000		1,993,437
0.13% due 02/15/2024		2,000,000		1,993,047
0.25% due 04/15/2023		2,000,000		2,003,203
0.25% due 06/15/2023		2,000,000		2,002,812
0.25% due 11/15/2023		1,000,000		1,000,508
0.25% due 03/15/2024		2,000,000		1,998,359
0.25% due 05/15/2024		2,000,000		1,996,250
0.25% due 05/31/2025		2,000,000		1,979,297
0.25% due 06/30/2025		2,000,000		1,977,656
0.25% due 07/31/2025		2,000,000		1,976,094

Security Description	Principal Amount		Value (Note 2)
United States Treasury Notes (continued)
0.25% due 08/31/2025	$	2,000,000	$	1,974,062
0.25% due 09/30/2025		2,000,000		1,972,734
0.25% due 10/31/2025		1,000,000		985,391
0.38% due 03/31/2022		1,500,000		1,502,930
0.38% due 04/15/2024		2,000,000		2,003,984
0.38% due 04/30/2025		1,500,000		1,492,793
0.38% due 11/30/2025		2,000,000		1,980,469
0.38% due 12/31/2025		2,000,000		1,978,281
0.38% due 01/31/2026		2,000,000		1,976,953
0.38% due 07/31/2027		1,000,000		971,797
0.38% due 09/30/2027		2,000,000		1,938,203
0.50% due 03/15/2023		1,500,000		1,508,672
0.50% due 03/31/2025		2,000,000		2,000,781
0.50% due 02/28/2026		2,000,000		1,986,875
0.50% due 04/30/2027		1,000,000		981,875
0.50% due 05/31/2027		2,000,000		1,961,172
0.50% due 06/30/2027		2,000,000		1,960,078
0.50% due 08/31/2027		1,000,000		977,578
0.50% due 10/31/2027		1,000,000		975,547
0.63% due 03/31/2027		1,000,000		990,313
0.63% due 11/30/2027		2,000,000		1,963,750
0.63% due 05/15/2030		2,000,000		1,907,812
0.63% due 08/15/2030		2,000,000		1,902,188
0.75% due 03/31/2026		2,000,000		2,008,594
0.75% due 04/30/2026		1,000,000		1,003,984
0.75% due 05/31/2026		1,000,000		1,003,281
0.75% due 01/31/2028		2,000,000		1,975,469
0.88% due 06/30/2026		1,500,000		1,513,242
0.88% due 11/15/2030		2,000,000		1,940,937
1.25% due 10/31/2021		1,500,000		1,504,394
1.25% due 07/31/2023		1,500,000		1,531,816
1.25% due 08/31/2024		1,500,000		1,540,254
1.25% due 03/31/2028		2,000,000		2,036,562
1.25% due 04/30/2028		2,000,000		2,036,250
1.38% due 06/30/2023		2,300,000		2,352,559
1.38% due 08/31/2023		1,300,000		1,331,688
1.38% due 09/30/2023		1,300,000		1,332,500
1.38% due 08/31/2026		2,500,000		2,581,934
1.50% due 11/30/2021		1,960,000		1,969,303
1.50% due 01/31/2022		1,500,000		1,510,547
1.50% due 08/15/2022		1,000,000		1,014,609
1.50% due 09/15/2022		1,000,000		1,015,742
1.50% due 01/15/2023		1,000,000		1,019,961
1.50% due 02/28/2023		1,200,000		1,225,875
1.50% due 03/31/2023		1,200,000		1,226,766
1.50% due 09/30/2024		1,500,000		1,552,441
1.50% due 10/31/2024		1,000,000		1,035,547
1.50% due 11/30/2024		1,000,000		1,035,703
1.50% due 08/15/2026		1,500,000		1,558,301
1.50% due 01/31/2027		2,000,000		2,077,812
1.50% due 02/15/2030		2,000,000		2,056,562
1.63% due 08/31/2022		1,300,000		1,321,480
1.63% due 11/15/2022		2,000,000		2,039,062
1.63% due 04/30/2023		2,000,000		2,050,859
1.63% due 05/31/2023		1,000,000		1,026,445
1.63% due 10/31/2023		1,000,000		1,031,328
1.63% due 02/15/2026		1,300,000		1,357,180
1.63% due 05/15/2026		2,400,000		2,507,344
1.63% due 09/30/2026		1,000,000		1,045,469
1.63% due 10/31/2026		1,000,000		1,045,391
1.63% due 11/30/2026		1,000,000		1,045,430
1.63% due 08/15/2029		4,300,000		4,474,016
1.75% due 11/30/2021		1,300,000		1,307,235

102

SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes (continued)
1.75% due 02/28/2022	$	2,000,000	$	2,019,375
1.75% due 04/30/2022		1,000,000		1,012,422
1.75% due 05/31/2022		2,000,000		2,027,656
1.75% due 06/15/2022		1,000,000		1,014,570
1.75% due 07/15/2022		2,000,000		2,031,719
1.75% due 09/30/2022		1,000,000		1,019,141
1.75% due 01/31/2023		800,000		819,438
1.75% due 05/15/2023		3,300,000		3,392,941
1.75% due 06/30/2024		1,000,000		1,040,898
1.75% due 07/31/2024		1,000,000		1,041,836
1.75% due 12/31/2026		900,000		947,145
1.75% due 11/15/2029		1,000,000		1,050,352
1.88% due 11/30/2021		1,300,000		1,307,768
1.88% due 02/28/2022		1,300,000		1,313,559
1.88% due 07/31/2022		1,300,000		1,323,105
1.88% due 08/31/2022		1,200,000		1,223,109
1.88% due 09/30/2022		2,000,000		2,041,172
1.88% due 10/31/2022		2,000,000		2,043,672
1.88% due 08/31/2024		1,500,000		1,568,965
1.88% due 06/30/2026		1,000,000		1,057,188
1.88% due 07/31/2026		1,000,000		1,057,734
2.00% due 11/15/2021		1,300,000		1,307,224
2.00% due 12/31/2021		1,300,000		1,310,359
2.00% due 02/15/2022		1,300,000		1,313,406
2.00% due 07/31/2022		1,500,000		1,528,594
2.00% due 10/31/2022		2,000,000		2,046,953
2.00% due 11/30/2022		1,200,000		1,230,094
2.00% due 02/15/2023		1,300,000		1,336,969
2.00% due 04/30/2024		1,300,000		1,360,176
2.00% due 05/31/2024		1,300,000		1,361,344
2.00% due 06/30/2024		1,500,000		1,572,070
2.00% due 02/15/2025		1,300,000		1,369,977
2.00% due 08/15/2025		1,300,000		1,374,902
2.00% due 11/15/2026		1,300,000		1,383,992
2.13% due 08/15/2021		1,350,000		1,351,010
2.13% due 09/30/2021		1,300,000		1,304,343
2.13% due 12/31/2021		1,300,000		1,311,070
2.13% due 06/30/2022		1,200,000		1,222,313
2.13% due 12/31/2022		1,200,000		1,233,797
2.13% due 11/30/2023		1,300,000		1,356,977
2.13% due 02/29/2024		1,200,000		1,257,000
2.13% due 03/31/2024		1,300,000		1,363,070
2.13% due 07/31/2024		1,300,000		1,368,656
2.13% due 09/30/2024		2,000,000		2,109,375
2.13% due 11/30/2024		1,000,000		1,056,289
2.13% due 05/15/2025		1,300,000		1,378,508
2.13% due 05/31/2026		1,000,000		1,068,711
2.25% due 12/31/2023		3,000,000		3,144,141
2.25% due 04/30/2024		1,100,000		1,158,266
2.25% due 10/31/2024		1,000,000		1,059,688
2.25% due 11/15/2024		1,300,000		1,377,848
2.25% due 12/31/2024		2,000,000		2,122,812
2.25% due 11/15/2025		1,300,000		1,391,254
2.25% due 03/31/2026		1,200,000		1,288,078
2.25% due 02/15/2027		1,300,000		1,402,883
2.25% due 08/15/2027		1,300,000		1,406,336
2.25% due 11/15/2027		2,000,000		2,165,312
2.38% due 03/15/2022		1,500,000		1,521,445
2.38% due 02/29/2024		2,000,000		2,107,422
2.38% due 08/15/2024		1,300,000		1,379,117
2.38% due 04/30/2026		1,000,000		1,079,922

Security Description	Shares/ Principal Amount			Value (Note 2)
United States Treasury Notes (continued)
2.38% due 05/15/2027	$	1,300,000		$	1,414,207
2.38% due 05/15/2029		1,000,000			1,096,211
2.50% due 01/15/2022		2,000,000			2,022,187
2.50% due 03/31/2023		1,000,000			1,038,867
2.50% due 08/15/2023		1,500,000			1,570,137
2.50% due 01/31/2024		1,100,000			1,161,102
2.50% due 05/15/2024		1,500,000			1,591,465
2.50% due 02/28/2026		600,000			650,297
2.63% due 12/15/2021		1,500,000			1,514,297
2.63% due 12/31/2023		2,000,000			2,113,906
2.63% due 03/31/2025		2,000,000			2,155,781
2.63% due 12/31/2025		2,000,000			2,175,312
2.63% due 01/31/2026		2,000,000			2,176,797
2.63% due 02/15/2029		1,800,000			2,003,836
2.75% due 11/15/2023		1,300,000			1,374,598
2.75% due 02/15/2024		1,500,000			1,594,219
2.75% due 02/28/2025		2,000,000			2,161,719
2.75% due 02/15/2028		2,000,000			2,230,156
2.88% due 04/30/2025		1,500,000			1,632,188
2.88% due 05/31/2025		2,000,000			2,179,375
2.88% due 05/15/2028		2,000,000			2,250,937
2.88% due 08/15/2028		2,000,000			2,254,844
3.13% due 11/15/2028		2,000,000			2,294,141
					286,836,491
Total U.S. Government Treasuries (cost $281,346,859)				289,383,093
EXCHANGE-TRADED FUNDS — 3.6%
iShares 1-3 Year Treasury Bond ETF		58,000			5,004,530
iShares 3-7 Year Treasury Bond ETF		42,200			5,559,428
iShares 7-10 Year Treasury Bond ETF		12,200			1,436,062
iShares iBoxx$ Investment Grade Corporate Bond ETF		53,000			7,208,530
Total Exchange-Traded Funds (cost $18,601,008)				19,208,550
Total Long-Term Investment Securities (cost $517,824,302)				534,928,362
REPURCHASE AGREEMENTS — 0.0%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 07/30/2021, to be repurchased 08/02/2021 in the amount of $266,000 collateralized by $181,000 of United States Treasury Inflation Index Bonds, bearing interest at 1.00% due 02/15/2049 and having an approximate value of $271,347 (cost $266,000)	$	266,000			266,000
TOTAL INVESTMENTS (cost $518,090,302)(1)		99.5	%		535,194,362
Other assets less liabilities		0.5			2,668,063
NET ASSETS		100.0	%	$	537,862,425

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

ETF — Exchange-Traded Funds

103

SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	—	$	155,363,899	$	—	$	155,363,899
Foreign Corporate Bonds & Notes		—		24,896,250		—		24,896,250
U.S. Government Agencies		—		46,076,570		—		46,076,570
U.S. Government Treasuries		—		289,383,093		—		289,383,093
Exchange-Traded Funds		19,208,550		—		—		19,208,550
Repurchase Agreements		—		266,000		—		266,000
Total Investments at Value	$	19,208,550	$	515,985,812	$	—	$	535,194,362

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

See Notes to Financial Statements

104

SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio#

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Diversified Banking Institutions	9.7	%
Medical-HMO	6.2
Electronic Components-Semiconductors	4.7
Banks-Super Regional	4.4
Enterprise Software/Service	3.6
Medical-Drugs	3.4
Retail-Building Products	3.3
Cable/Satellite TV	2.9
Oil Companies-Integrated	2.7
Insurance-Multi-line	2.6
Electric-Integrated	2.5
Networking Products	2.3
Diversified Manufacturing Operations	2.2
Tobacco	2.2
Insurance-Property/Casualty	2.2
Retail-Discount	2.2
Pharmacy Services	2.0
Exchange-Traded Funds	2.0
Banks-Commercial	1.8
Chemicals-Diversified	1.7
Finance-Credit Card	1.7
Auto-Cars/Light Trucks	1.7
Insurance-Life/Health	1.5
Retail-Auto Parts	1.5
Computer Services	1.4
Transport-Services	1.4
Building-Residential/Commercial	1.4
Medical-Hospitals	1.4
Pipelines	1.2
Banks-Fiduciary	1.1
Aerospace/Defense	1.0
Medical-Wholesale Drug Distribution	0.9
Investment Management/Advisor Services	0.9
Oil Companies-Exploration & Production	0.9
Computers	0.8
Steel-Producers	0.8
Containers-Paper/Plastic	0.7
Medical Labs & Testing Services	0.7
E-Commerce/Products	0.7
Oil Refining & Marketing	0.6
Agricultural Operations	0.6
Electric Products-Misc.	0.6
Food-Misc./Diversified	0.5
Auto-Heavy Duty Trucks	0.5
Aerospace/Defense-Equipment	0.5
Retail-Drug Store	0.4
Medical-Biomedical/Gene	0.4
Rental Auto/Equipment	0.4
Finance-Consumer Loans	0.4
Electronic Components-Misc.	0.4
Registered Investment Companies	0.3
Machinery-Pumps	0.3
Building & Construction Products-Misc.	0.3
Advertising Agencies	0.3
Paper & Related Products	0.3
Retail-Automobile	0.3
Computers-Memory Devices	0.2
Finance-Auto Loans	0.2
Food-Meat Products	0.2
Machinery-General Industrial	0.2
Broadcast Services/Program	0.2

Building Products-Wood	0.2	%
Distribution/Wholesale	0.2
Auto/Truck Parts & Equipment-Original	0.2
Recreational Vehicles	0.2
Diagnostic Equipment	0.2
Retail-Gardening Products	0.2
Appliances	0.2
Textile-Home Furnishings	0.2
Containers-Metal/Glass	0.2
Dialysis Centers	0.2
Water Treatment Systems	0.2
Agricultural Chemicals	0.2
Tools-Hand Held	0.2
Real Estate Management/Services	0.2
Food-Confectionery	0.2
Funeral Services & Related Items	0.2
Home Decoration Products	0.1
Internet Security	0.1
Machinery-Farming	0.1
Commercial Services	0.1
Gas-Distribution	0.1
Telephone-Integrated	0.1
Retail-Home Furnishings	0.1
Electronic Parts Distribution	0.1
Insurance-Reinsurance	0.1
Medical Products	0.1
Food-Retail	0.1
Brewery	0.1
Garden Products	0.1
Retail-Convenience Store	0.1
Finance-Investment Banker/Broker	0.1
Finance-Other Services	0.1
Telecommunication Equipment	0.1
Semiconductor Equipment	0.1
Shipbuilding	0.1
Machinery-Construction & Mining	0.1
Footwear & Related Apparel	0.1
Retail-Sporting Goods	0.1
Home Furnishings	0.1
	99.9	%

# See Note 1

* Calculated as a percentage of net assets

105

SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio#

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.6%
Advertising Agencies — 0.3%
Interpublic Group of Cos., Inc.		51,600	$	1,824,576
Omnicom Group, Inc.		48,800		3,553,616
				5,378,192
Aerospace/Defense — 1.0%
General Dynamics Corp.		65,200		12,781,156
Northrop Grumman Corp.		9,600		3,484,992
				16,266,148
Aerospace/Defense-Equipment — 0.5%
L3Harris Technologies, Inc.		32,300		7,323,702
Agricultural Chemicals — 0.2%
Mosaic Co.		86,200		2,692,026
Agricultural Operations — 0.6%
Archer-Daniels-Midland Co.		126,300		7,542,636
Bunge, Ltd.		31,800		2,468,634
				10,011,270
Apparel Manufacturers — 0.0%
Hanesbrands, Inc.		36,300		662,838
Appliances — 0.2%
Whirlpool Corp.		14,200		3,145,868
Auto-Cars/Light Trucks — 1.7%
Ford Motor Co.†		887,100		12,375,045
General Motors Co.†		252,900		14,374,836
				26,749,881
Auto-Heavy Duty Trucks — 0.5%
Cummins, Inc.		33,600		7,798,560
Auto/Truck Parts & Equipment-Original — 0.2%
Gentex Corp.		42,900		1,459,887
Lear Corp.		10,600		1,854,788
				3,314,675
Banks-Commercial — 1.8%
Citizens Financial Group, Inc.		75,600		3,187,296
Commerce Bancshares, Inc.		20,655		1,460,928
Cullen/Frost Bankers, Inc.		9,100		976,612
East West Bancorp, Inc.		25,100		1,785,865
M&T Bank Corp.		21,900		2,931,315
Regions Financial Corp.		169,800		3,268,650
Truist Financial Corp.		237,700		12,938,011
Western Alliance Bancorp		17,100		1,587,222
Zions Bancorp NA		29,000		1,512,350
				29,648,249
Banks-Fiduciary — 1.1%
Bank of New York Mellon Corp.		156,600		8,038,278
Northern Trust Corp.		36,800		4,152,880
State Street Corp.		62,300		5,428,822
				17,619,980
Banks-Super Regional — 4.4%
Comerica, Inc.		24,800		1,702,768
Fifth Third Bancorp		125,800		4,565,282
KeyCorp		172,500		3,391,350
PNC Financial Services Group, Inc.		75,100		13,698,991
US Bancorp		265,556		14,748,980
Wells Fargo & Co.		704,100		32,346,354
				70,453,725

Security Description	Shares		Value (Note 2)
Brewery — 0.1%
Molson Coors Beverage Co., Class B†		35,500	$	1,735,595
Broadcast Services/Program — 0.2%
Discovery, Inc., Class A†		28,700		832,587
Fox Corp., Class A		76,700		2,735,122
				3,567,709
Building & Construction Products-Misc. — 0.3%
Fortune Brands Home & Security, Inc.		31,600		3,080,052
Owens Corning		24,600		2,365,536
				5,445,588
Building Products-Wood — 0.2%
Masco Corp.		59,300		3,540,803
Building-Residential/Commercial — 1.4%
D.R. Horton, Inc.		82,900		7,911,147
Lennar Corp., Class A		62,400		6,561,360
NVR, Inc.†		600		3,133,560
PulteGroup, Inc.		60,700		3,330,609
Toll Brothers, Inc.		19,000		1,126,130
				22,062,806
Cable/Satellite TV — 2.9%
Comcast Corp., Class A		810,400		47,675,832
Chemicals-Diversified — 1.7%
Celanese Corp.		26,500		4,127,905
Dow, Inc.		44,700		2,778,552
DuPont de Nemours, Inc.		83,900		6,296,695
Eastman Chemical Co.		30,800		3,471,776
FMC Corp.		29,400		3,144,330
LyondellBasell Industries NV, Class A		75,900		7,539,147
				27,358,405
Commercial Services — 0.1%
Quanta Services, Inc.		24,600		2,236,140
Computer Services — 1.4%
Genpact, Ltd.		42,900		2,136,849
International Business Machines Corp.		141,000		19,875,360
Leidos Holdings, Inc.		8,400		893,928
				22,906,137
Computers — 0.8%
Hewlett Packard Enterprise Co.		293,400		4,254,300
HP, Inc.		292,700		8,450,249
				12,704,549
Computers-Memory Devices — 0.2%
NetApp, Inc.		50,700		4,035,213
Consulting Services — 0.0%
Booz Allen Hamilton Holding Corp.		7,800		669,318
Containers-Metal/Glass — 0.2%
Crown Holdings, Inc.		30,700		3,062,632
Containers-Paper/Plastic — 0.7%
Amcor PLC		355,700		4,111,892
Berry Global Group, Inc.†		20,100		1,292,229
Packaging Corp. of America		21,600		3,056,400
Sealed Air Corp.		35,200		1,997,600
Sonoco Products Co.		15,200		969,608
				11,427,729
Diagnostic Equipment — 0.2%
PerkinElmer, Inc.		17,700		3,225,471

106

SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio#

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Dialysis Centers — 0.2%
DaVita, Inc.†		25,400	$	3,054,350
Distribution/Wholesale — 0.2%
LKQ Corp.†		69,000		3,501,750
Diversified Banking Institutions — 9.7%
Bank of America Corp.		1,537,300		58,970,828
Goldman Sachs Group, Inc.		60,100		22,530,288
JPMorgan Chase & Co.		500,400		75,950,712
				157,451,828
Diversified Manufacturing Operations — 2.2%
3M Co.		130,975		25,925,192
Parker-Hannifin Corp.		20,300		6,334,209
Textron, Inc.		51,900		3,581,619
				35,841,020
E-Commerce/Products — 0.7%
eBay, Inc.		156,500		10,674,865
Electric Products-Misc. — 0.6%
Emerson Electric Co.		90,300		9,110,367
Electric-Integrated — 2.5%
AES Corp.		150,900		3,576,330
Evergy, Inc.		36,100		2,354,442
Exelon Corp.		221,500		10,366,200
FirstEnergy Corp.		96,100		3,682,552
Pinnacle West Capital Corp.		13,200		1,102,860
Public Service Enterprise Group, Inc.		118,900		7,399,147
Southern Co.		187,300		11,962,851
				40,444,382
Electronic Components-Misc. — 0.4%
Hubbell, Inc.		12,300		2,465,658
Jabil, Inc.		33,900		2,018,406
Sensata Technologies Holding PLC†		24,500		1,436,190
				5,920,254
Electronic Components-Semiconductors — 4.7%
Broadcom, Inc.		62,600		30,386,040
Intel Corp.		473,000		25,409,560
Micron Technology, Inc.†		171,300		13,289,454
Qorvo, Inc.†		17,900		3,393,661
Skyworks Solutions, Inc.		19,300		3,561,043
				76,039,758
Electronic Parts Distribution — 0.1%
Arrow Electronics, Inc.†		17,100		2,027,547
Enterprise Software/Service — 3.6%
Oracle Corp.		670,400		58,418,656
Finance-Auto Loans — 0.2%
Ally Financial, Inc.		66,100		3,394,896
Credit Acceptance Corp.†		1,000		484,770
				3,879,666
Finance-Consumer Loans — 0.4%
OneMain Holdings, Inc.		21,300		1,299,300
Synchrony Financial		103,100		4,847,762
				6,147,062
Finance-Credit Card — 1.7%
American Express Co.		47,600		8,117,228
Capital One Financial Corp.		80,700		13,049,190

Security Description	Shares		Value (Note 2)
Finance-Credit Card (continued)
Discover Financial Services		48,100	$	5,979,792
				27,146,210
Finance-Investment Banker/Broker — 0.1%
Jefferies Financial Group, Inc.		48,000		1,593,120
Finance-Other Services — 0.1%
SEI Investments Co.		25,600		1,556,480
Food-Confectionery — 0.2%
J.M. Smucker Co.		19,400		2,543,534
Food-Meat Products — 0.2%
Tyson Foods, Inc., Class A		52,100		3,723,066
Food-Misc./Diversified — 0.5%
Kraft Heinz Co.		215,900		8,305,673
Food-Retail — 0.1%
Kroger Co.		44,800		1,823,360
Footwear & Related Apparel — 0.1%
Skechers U.S.A., Inc., Class A†		20,800		1,116,544
Funeral Services & Related Items — 0.2%
Service Corp. International		39,700		2,480,853
Garden Products — 0.1%
Scotts Miracle-Gro Co.		9,800		1,734,208
Gas-Distribution — 0.1%
UGI Corp.		47,400		2,179,926
Home Decoration Products — 0.1%
Newell Brands, Inc.		96,300		2,383,425
Home Furnishings — 0.1%
Tempur Sealy International, Inc.		18,800		813,476
Hotels/Motels — 0.0%
Hyatt Hotels Corp., Class A†		8,900		710,843
Independent Power Producers — 0.0%
NRG Energy, Inc.		14,700		606,228
Insurance-Life/Health — 1.5%
Aflac, Inc.		124,200		6,831,000
Equitable Holdings, Inc.		78,500		2,423,295
Globe Life, Inc.		16,300		1,517,693
Lincoln National Corp.		34,100		2,101,242
Principal Financial Group, Inc.		48,600		3,019,518
Prudential Financial, Inc.		69,800		6,999,544
Voya Financial, Inc.		23,500		1,513,400
				24,405,692
Insurance-Multi-line — 2.6%
Allstate Corp.		53,700		6,983,685
American Financial Group, Inc.		15,300		1,935,297
Chubb, Ltd.		79,600		13,431,704
Cincinnati Financial Corp.		28,400		3,347,792
Hartford Financial Services Group, Inc.		63,300		4,027,146
Loews Corp.		47,300		2,536,699
MetLife, Inc.		159,000		9,174,300
				41,436,623
Insurance-Property/Casualty — 2.2%
Alleghany Corp.†		2,400		1,591,440
Arch Capital Group, Ltd.†		71,300		2,780,700
Assurant, Inc.		10,400		1,641,224
First American Financial Corp.		16,300		1,097,153
Markel Corp.†		2,320		2,798,314

107

SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio#

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Property/Casualty (continued)
Old Republic International Corp.		35,600	$	877,896
Progressive Corp.		103,500		9,849,060
Travelers Cos., Inc.		81,800		12,181,656
WR Berkley Corp.		31,550		2,308,514
				35,125,957
Insurance-Reinsurance — 0.1%
Everest Re Group, Ltd.		7,900		1,997,357
Internet Security — 0.1%
NortonLifeLock, Inc.		91,600		2,273,512
Investment Management/Advisor Services — 0.9%
Invesco, Ltd.		27,600		672,888
LPL Financial Holdings, Inc.		14,000		1,974,560
Raymond James Financial, Inc.		24,200		3,133,416
T. Rowe Price Group, Inc.		40,300		8,227,648
				14,008,512
Machinery-Construction & Mining — 0.1%
Oshkosh Corp.		10,200		1,219,410
Machinery-Farming — 0.1%
AGCO Corp.		17,000		2,245,870
Machinery-General Industrial — 0.2%
Westinghouse Air Brake Technologies Corp.		43,100		3,657,897
Machinery-Pumps — 0.3%
Dover Corp.		32,700		5,464,824
Medical Labs & Testing Services — 0.7%
Laboratory Corp. of America Holdings†		22,200		6,574,530
Quest Diagnostics, Inc.		30,700		4,353,260
				10,927,790
Medical Products — 0.1%
Henry Schein, Inc.†		23,200		1,859,480
Medical-Biomedical/Gene — 0.4%
Bio-Rad Laboratories, Inc., Class A†		5,600		4,141,256
Biogen, Inc.†		8,900		2,907,897
				7,049,153
Medical-Drugs — 3.4%
Johnson & Johnson		320,419		55,176,152
Medical-HMO — 6.2%
Anthem, Inc.		56,500		21,696,565
Centene Corp.†		92,000		6,312,120
Molina Healthcare, Inc.†		13,600		3,712,936
UnitedHealth Group, Inc.		167,200		68,923,184
				100,644,805
Medical-Hospitals — 1.4%
HCA Healthcare, Inc.		76,900		19,086,580
Universal Health Services, Inc., Class B		17,600		2,823,216
				21,909,796
Medical-Wholesale Drug Distribution — 0.9%
AmerisourceBergen Corp.		46,500		5,680,905
Cardinal Health, Inc.		17,300		1,027,274
McKesson Corp.		36,500		7,439,795
				14,147,974

Security Description	Shares		Value (Note 2)
Networking Products — 2.3%
Cisco Systems, Inc.		665,100	$	36,826,587
Oil Companies-Exploration & Production — 0.9%
Continental Resources, Inc.		82,900		2,831,035
EOG Resources, Inc.		132,600		9,661,236
Marathon Oil Corp.		128,170		1,485,490
				13,977,761
Oil Companies-Integrated — 2.7%
Exxon Mobil Corp.		748,300		43,079,631
Oil Refining & Marketing — 0.6%
Phillips 66		77,300		5,676,139
Valero Energy Corp.		72,200		4,835,234
				10,511,373
Paper & Related Products — 0.3%
International Paper Co.		89,200		5,152,192
Pharmacy Services — 2.0%
Cigna Corp.		61,400		14,090,686
CVS Health Corp.		221,845		18,271,154
				32,361,840
Pipelines — 1.2%
Cheniere Energy, Inc.†		57,400		4,874,982
Kinder Morgan, Inc.		400,300		6,957,214
Williams Cos., Inc.		275,500		6,901,275
				18,733,471
Real Estate Management/Services — 0.2%
Jones Lang LaSalle, Inc.†		11,700		2,604,069
Recreational Vehicles — 0.2%
Brunswick Corp.		17,700		1,847,880
Polaris, Inc.		10,800		1,415,556
				3,263,436
Rental Auto/Equipment — 0.4%
AMERCO		4,700		2,763,412
United Rentals, Inc.†		12,700		4,185,285
				6,948,697
Retail-Auto Parts — 1.5%
Advance Auto Parts, Inc.		15,400		3,265,724
AutoZone, Inc.†		4,100		6,656,637
Genuine Parts Co.		32,700		4,150,284
O’Reilly Automotive, Inc.†		16,400		9,902,976
				23,975,621
Retail-Automobile — 0.3%
AutoNation, Inc.†		20,000		2,426,600
CarMax, Inc.†		17,200		2,303,940
				4,730,540
Retail-Building Products — 3.3%
Home Depot, Inc.		65,200		21,397,988
Lowe’s Cos., Inc.		166,300		32,044,347
				53,442,335
Retail-Convenience Store — 0.1%
Casey’s General Stores, Inc.		8,300		1,640,993
Retail-Discount — 2.2%
Dollar Tree, Inc.†		53,400		5,328,786
Target Corp.		113,700		29,681,385
				35,010,171

108

SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio#

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Drug Store — 0.4%
Walgreens Boots Alliance, Inc.		152,800	$	7,204,520
Retail-Gardening Products — 0.2%
Tractor Supply Co.		17,600		3,184,368
Retail-Home Furnishings — 0.1%
Williams-Sonoma, Inc.		13,500		2,047,950
Retail-Sporting Goods — 0.1%
Dick’s Sporting Goods, Inc.		10,400		1,083,056
Semiconductor Equipment — 0.1%
MKS Instruments, Inc.		8,700		1,361,028
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		6,400		1,312,832
Steel-Producers — 0.8%
Nucor Corp.		68,600		7,135,772
Reliance Steel & Aluminum Co.		14,400		2,262,960
Steel Dynamics, Inc.		47,900		3,087,155
				12,485,887
Telecommunication Equipment — 0.1%
Juniper Networks, Inc.		51,500		1,449,210
Telephone-Integrated — 0.1%
Lumen Technologies, Inc.		174,400		2,174,768
Textile-Home Furnishings — 0.2%
Mohawk Industries, Inc.†		16,100		3,137,890
Tobacco — 2.2%
Altria Group, Inc.		169,000		8,118,760
Philip Morris International, Inc.		275,500		27,574,795
				35,693,555
Tools-Hand Held — 0.2%
Snap-on, Inc.		12,300		2,681,154
Transport-Services — 1.4%
Expeditors International of Washington, Inc.		10,200		1,308,150

Security Description	Shares			Value (Note 2)
Transport-Services (continued)
United Parcel Service, Inc., Class B		109,900		$	21,030,464
					22,338,614
Transport-Truck — 0.0%
Knight-Swift Transportation Holdings, Inc.		9,900			491,931
Water Treatment Systems — 0.2%
Pentair PLC		37,700			2,777,359
Total Common Stocks (cost $1,170,248,592)				1,579,181,135
EXCHANGE-TRADED FUNDS — 2.0%
iShares Russell 1000 Value ETF (cost $31,619,803)		198,500			31,754,045
Total Long-Term Investment Securities (cost $1,201,868,395)				1,610,935,180
SHORT-TERM INVESTMENT SECURITIES — 0.3%
Registered Investment Companies — 0.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(1) (cost $5,776,182)		5,776,182			5,776,182
TOTAL INVESTMENTS (cost $1,207,644,577)(2)		99.9	%		1,616,711,362
Other assets less liabilities		0.1			921,316
NET ASSETS		100.0	%	$	1,617,632,678

# See Note 1

† Non-income producing security

(1) The rate shown is the 7-day yield as of July 31, 2021.

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

ETF — Exchanged-Traded Funds

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	1,579,181,135	$	—	$	—	$	1,579,181,135
Exchange-Traded Funds		31,754,045		—		—		31,754,045
Short-Term Investment Securities		5,776,182		—		—		5,776,182
Total Investments at Value	$	1,616,711,362	$	—	$	—	$	1,616,711,362

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

See Notes to Financial Statements

109

SunAmerica Series Trust SA Franklin Small Company Value Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Banks-Commercial	9.9	%
Insurance-Property/Casualty	9.1
Chemicals-Specialty	5.8
Metal Processors & Fabrication	4.8
Retail-Restaurants	3.7
Electronic Components-Misc.	3.3
Hotels/Motels	2.9
Machinery-Construction & Mining	2.8
Building & Construction Products-Misc.	2.8
Medical Products	2.6
Electric-Integrated	2.6
Distribution/Wholesale	2.4
Oil Companies-Exploration & Production	2.2
Transport-Equipment & Leasing	2.2
Enterprise Software/Service	2.2
Computers-Integrated Systems	2.1
Aerospace/Defense-Equipment	2.1
Building Products-Wood	2.1
Food-Misc./Diversified	2.0
Machinery-Pumps	2.0
Building Products-Doors & Windows	1.8
Building & Construction-Misc.	1.8
Real Estate Operations & Development	1.8
Recreational Vehicles	1.7
U.S. Government Agencies	1.7
Retail-Automobile	1.6
Energy-Alternate Sources	1.6
Retail-Misc./Diversified	1.6
Insurance-Life/Health	1.6
Machinery-Electrical	1.6
Computer Software	1.4
Building-Heavy Construction	1.3
Oil-Field Services	1.3
Building-Mobile Home/Manufactured Housing	1.2
Real Estate Investment Trusts	1.1
Miscellaneous Manufacturing	0.9
Retail-Bedding	0.8
Wire & Cable Products	0.7
Machinery-Material Handling	0.6
Rental Auto/Equipment	0.5
Engineering/R&D Services	0.5
Retail-Apparel/Shoe	0.5
Apparel Manufacturers	0.5
Metal-Aluminum	0.4
Human Resources	0.4
Auto-Heavy Duty Trucks	0.4
Repurchase Agreements	0.3
Gas-Distribution	0.3
Retail-Discount	0.2
Consulting Services	0.2
Finance-Other Services	0.1
Oil Field Machinery & Equipment	0.1
	100.1	%

* Calculated as a percentage of net assets

110

SunAmerica Series Trust SA Franklin Small Company Value Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.1%
Aerospace/Defense-Equipment — 2.1%
Meggitt PLC†		1,218,424	$	7,939,585
Apparel Manufacturers — 0.5%
Carter’s, Inc.		18,181		1,777,011
Auto-Heavy Duty Trucks — 0.4%
REV Group, Inc.		101,664		1,536,143
Banks-Commercial — 9.9%
Atlantic Union Bankshares Corp.		88,418		3,136,187
Bryn Mawr Bank Corp.		89,852		3,515,909
Camden National Corp.		20,829		932,514
Columbia Banking System, Inc.		127,222		4,445,137
First Horizon Corp.		307,311		4,747,955
First Interstate BancSystem, Inc., Class A		6,387		267,743
First of Long Island Corp.		125,291		2,700,021
German American Bancorp, Inc.		57,258		2,158,627
Lakeland Financial Corp.		23,936		1,600,600
Peoples Bancorp, Inc.		38,421		1,133,035
South State Corp.		75,658		5,208,297
TriCo Bancshares		69,328		2,733,603
TrustCo Bank Corp.		38,327		1,288,937
Washington Trust Bancorp, Inc.		59,839		2,917,151
				36,785,716
Building & Construction Products-Misc. — 2.8%
Summit Materials, Inc., Class A†		308,558		10,367,549
Building & Construction-Misc. — 1.8%
WillScot Mobile Mini Holdings Corp.†		238,349		6,843,000
Building Products-Doors & Windows — 1.8%
Apogee Enterprises, Inc.		130,092		5,160,749
Masonite International Corp.†		14,942		1,690,837
				6,851,586
Building Products-Wood — 2.1%
UFP Industries, Inc.		103,403		7,678,707
Building-Heavy Construction — 1.3%
Great Lakes Dredge & Dock Corp.†		308,550		4,751,670
Building-Mobile Home/Manufactured Housing — 1.2%
LCI Industries		22,269		3,247,266
Thor Industries, Inc.		8,671		1,026,299
				4,273,565
Chemicals-Specialty — 5.8%
Ashland Global Holdings, Inc.		97,594		8,302,322
Cabot Corp.		48,692		2,680,981
Elementis PLC†		1,626,643		3,230,603
Minerals Technologies, Inc.		92,212		7,397,247
				21,611,153
Computer Software — 1.4%
Software AG		108,138		5,231,257
Computers-Integrated Systems — 2.1%
NetScout Systems, Inc.†		277,587		7,983,402
Consulting Services — 0.2%
ICF International, Inc.		8,499		778,253
Distribution/Wholesale — 2.4%
Avient Corp.		181,860		8,823,847
Electric-Integrated — 2.6%
Black Hills Corp.		92,440		6,253,566

Security Description	Shares		Value (Note 2)
Electric-Integrated (continued)
IDACORP, Inc.		32,992	$	3,479,006
				9,732,572
Electronic Components-Misc. — 3.3%
Benchmark Electronics, Inc.		166,071		4,384,274
Knowles Corp.†		390,691		7,829,448
				12,213,722
Energy-Alternate Sources — 1.6%
Green Plains, Inc.†		169,062		5,978,032
Engineering/R&D Services — 0.5%
Stantec, Inc.		39,979		1,861,158
Enterprise Software/Service — 2.2%
ACI Worldwide, Inc.†		233,180		7,998,074
Finance-Other Services — 0.1%
Intertrust NV†*		28,981		478,830
Food-Misc./Diversified — 2.0%
Glanbia PLC		424,714		7,299,013
Gas-Distribution — 0.3%
Spire, Inc.		14,694		1,042,539
Hotels/Motels — 2.9%
Dalata Hotel Group PLC†		780,076		3,569,518
Hilton Grand Vacations, Inc.†		176,223		7,166,989
				10,736,507
Human Resources — 0.4%
Kforce, Inc.		24,850		1,551,386
Insurance-Life/Health — 1.6%
CNO Financial Group, Inc.		260,741		5,955,325
Insurance-Property/Casualty — 9.1%
Hanover Insurance Group, Inc.		83,322		11,323,460
Horace Mann Educators Corp.		175,548		6,988,566
Old Republic International Corp.		346,529		8,545,405
Selective Insurance Group, Inc.		86,436		7,031,568
				33,888,999
Machinery-Construction & Mining — 2.8%
Astec Industries, Inc.		57,203		3,507,116
Oshkosh Corp.		41,474		4,958,217
Terex Corp.		41,018		1,965,582
				10,430,915
Machinery-Electrical — 1.6%
Argan, Inc.		59,405		2,670,255
Regal Beloit Corp.		21,837		3,215,061
				5,885,316
Machinery-Material Handling — 0.6%
Columbus McKinnon Corp.		51,067		2,369,509
Machinery-Pumps — 2.0%
Flowserve Corp.		38,245		1,609,732
Mueller Water Products, Inc., Class A		382,069		5,662,263
				7,271,995
Medical Products — 2.6%
Envista Holdings Corp.†		104,892		4,518,747
Integer Holdings Corp.†		53,847		5,271,083
				9,789,830

111

SunAmerica Series Trust SA Franklin Small Company Value Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Metal Processors & Fabrication — 4.8%
Mueller Industries, Inc.		39,294	$	1,705,360
Rexnord Corp.		114,637		6,457,502
Timken Co.		119,969		9,537,535
				17,700,397
Metal-Aluminum — 0.4%
Kaiser Aluminum Corp.		12,937		1,574,174
Miscellaneous Manufacturing — 0.9%
Hillenbrand, Inc.		74,107		3,357,047
Oil Companies-Exploration & Production — 2.2%
Crescent Point Energy Corp.		2,235,001		8,168,968
Oil Field Machinery & Equipment — 0.1%
Natural Gas Services Group, Inc.†		36,814		368,140
Oil-Field Services — 1.3%
Hunting PLC		413,343		1,206,627
NexTier Oilfield Solutions, Inc.†		246,214		940,538
TechnipFMC PLC†		352,818		2,547,346
				4,694,511
Real Estate Investment Trusts — 1.1%
Alexander & Baldwin, Inc.		43,404		868,948
Healthcare Realty Trust, Inc.		60,246		1,920,642
Highwoods Properties, Inc.		26,736		1,275,040
				4,064,630
Real Estate Operations & Development — 1.8%
McGrath RentCorp		87,195		6,837,832
Recreational Vehicles — 1.7%
Brunswick Corp.		59,667		6,229,235
Rental Auto/Equipment — 0.5%
Herc Holdings, Inc.†		15,132		1,876,973
Retail-Apparel/Shoe — 0.5%
Children’s Place, Inc.†		21,557		1,817,902
Retail-Automobile — 1.6%
Group 1 Automotive, Inc.		34,664		6,022,523
Retail-Bedding — 0.8%
Bed Bath & Beyond, Inc.†		100,780		2,876,261
Retail-Discount — 0.2%
BJ’s Wholesale Club Holdings, Inc.†		17,849		903,873
Retail-Misc./Diversified — 1.6%
Dufry AG†		112,643		5,970,045

Security Description	Shares/ Principal Amount			Value (Note 2)
Retail-Restaurants — 3.7%
Denny’s Corp.†		407,917		$	5,739,392
Jack in the Box, Inc.		72,657			7,909,441
					13,648,833
Transport-Equipment & Leasing — 2.2%
Greenbrier Cos., Inc.		190,262			8,143,214
Wire & Cable Products — 0.7%
Insteel Industries, Inc.		64,379			2,499,837
Total Long-Term Investment Securities (cost $300,035,360)					364,470,561
SHORT-TERM INVESTMENT SECURITIES — 1.7%
U.S. Government Agencies — 1.7%
Federal Home Loan Mtg. Corp. Disc. Notes 0.01% due 08/02/2021 (cost $6,154,998)	$	6,155,000			6,155,000
REPURCHASE AGREEMENTS — 0.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 07/30/2021, to be repurchased 08/02/2021 in the amount $1,136,000 and collateralized by $1,188,500 of United States Treasury Notes, bearing interest at 0.50% due 10/31/2027 and having an approximate value of $1,158,725 (cost $1,136,000)		1,136,000			1,136,000
TOTAL INVESTMENTS (cost $307,326,358)(1)		100.1	%		371,761,561
Liabilities in excess of other assets		(0.1	)		(387,477	)
NET ASSETS		100.0	%	$	371,374,084

† 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 July 31, 2021, the aggregate value of these securities was $478,830 representing 0.1% of net assets.

(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 July 31, 2021 (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	$	329,545,083	$	34,925,478	**	$	—	$	364,470,561
U.S Corporate Bonds & Notes		—		6,155,000			—		6,155,000
Repurchase Agreements		—		1,136,000			—		1,136,000
Total Investments at Value	$	329,545,083	$	42,216,478		$	—	$	371,761,561

* 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).

See Notes to Financial Statements

112

SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio#

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Real Estate Investment Trusts	6.9	%
Electronic Components-Semiconductors	5.3
Web Portals/ISP	5.2
Medical-Drugs	5.1
Diversified Banking Institutions	4.1
Computer Services	4.0
Retail-Restaurants	3.9
Diversified Manufacturing Operations	3.5
Cable/Satellite TV	3.2
Transport-Rail	3.1
Insurance Brokers	2.9
Retail-Discount	2.4
Electric Products-Misc.	2.3
Medical Labs & Testing Services	2.3
Banks-Commercial	2.3
Medical-Biomedical/Gene	2.2
Insurance-Life/Health	2.1
Entertainment Software	2.0
Insurance-Multi-line	1.9
Electric-Integrated	1.8
Machinery-General Industrial	1.8
Diagnostic Equipment	1.8
Investment Management/Advisor Services	1.8
Wireless Equipment	1.8
Cosmetics & Toiletries	1.5
Commercial Services-Finance	1.5
Banks-Super Regional	1.5
Apparel Manufacturers	1.4
Airlines	1.2
Machinery-Pumps	1.2
Electronic Measurement Instruments	1.1
Medical Products	1.0
Finance-Other Services	1.0
Finance-Credit Card	0.9
Retail-Drug Store	0.9
Oil-Field Services	0.8
Broadcast Services/Program	0.8
U.S. Government Agencies	0.8
Water	0.8
Chemicals-Diversified	0.7
Building Products-Wood	0.7
Industrial Automated/Robotic	0.7
Computers	0.7
Water Treatment Systems	0.6
Insurance-Property/Casualty	0.6
Electronic Components-Misc.	0.5
Recreational Vehicles	0.5
Food-Misc./Diversified	0.4
Private Equity	0.4
Retail-Misc./Diversified	0.4
Publishing-Newspapers	0.4
Retail-Sporting Goods	0.3
Lighting Products & Systems	0.3
Transport-Services	0.3
Chemicals-Specialty	0.3
Enterprise Software/Service	0.3
Data Processing/Management	0.2
Consumer Products-Misc.	0.2
Schools	0.2
Food-Confectionery	0.2
Distribution/Wholesale	0.2

Containers-Paper/Plastic	0.2	%
Repurchase Agreements	0.1
Electronic Security Devices	0.1
Retail-Home Furnishings	0.1
Computer Aided Design	0.1
Software Tools	0.1
	99.9	%

# See Note 1

* Calculated as a percentage of net assets

113

SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio#

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.0%
Airlines — 1.2%
Alaska Air Group, Inc.†		30,245	$	1,755,117
Southwest Airlines Co.†		86,599		4,374,982
				6,130,099
Apparel Manufacturers — 1.4%
Carter’s, Inc.		10,443		1,020,699
Columbia Sportswear Co.		9,261		922,581
Deckers Outdoor Corp.†		5,911		2,428,534
Tapestry, Inc.†		62,166		2,629,622
				7,001,436
Banks-Commercial — 2.3%
Bank OZK		29,457		1,199,195
East West Bancorp, Inc.		33,693		2,397,257
Popular, Inc.		20,196		1,469,461
Regions Financial Corp.		235,660		4,536,455
Zions Bancorp NA		39,703		2,070,511
				11,672,879
Banks-Super Regional — 1.5%
Comerica, Inc.		34,580		2,374,263
Huntington Bancshares, Inc.		356,940		5,025,715
				7,399,978
Broadcast Services/Program — 0.8%
Fox Corp., Class A		80,786		2,880,829
Fox Corp., Class B		38,028		1,264,050
				4,144,879
Building Products-Wood — 0.7%
Masco Corp.		62,363		3,723,695
Cable/Satellite TV — 3.2%
Comcast Corp., Class A		274,183		16,130,186
Chemicals-Diversified — 0.7%
Eastman Chemical Co.		33,202		3,742,529
Chemicals-Specialty — 0.3%
Valvoline, Inc.		45,023		1,381,306
Commercial Services-Finance — 1.5%
S&P Global, Inc.		17,537		7,518,463
Computer Aided Design — 0.1%
Synopsys, Inc.†		1,773		510,606
Computer Services — 4.0%
Accenture PLC, Class A		30,344		9,639,682
International Business Machines Corp.		74,975		10,568,476
				20,208,158
Computers — 0.7%
Dell Technologies, Inc., Class C†		34,384		3,322,182
Consumer Products-Misc. — 0.2%
Clorox Co.		5,911		1,069,241
Containers-Paper/Plastic — 0.2%
Packaging Corp. of America		5,517		780,656
Cosmetics & Toiletries — 1.5%
Colgate-Palmolive Co.		97,141		7,722,709
Data Processing/Management — 0.2%
Paychex, Inc.		9,951		1,132,623
Diagnostic Equipment — 1.8%
PerkinElmer, Inc.		8,965		1,633,692

# See Note 1

Security Description	Shares		Value (Note 2)
Diagnostic Equipment (continued)
Thermo Fisher Scientific, Inc.		14,286	$	7,714,583
				9,348,275
Distribution/Wholesale — 0.2%
WW Grainger, Inc.		1,970		875,823
Diversified Banking Institutions — 4.1%
JPMorgan Chase & Co.		138,028		20,949,890
Diversified Manufacturing Operations — 3.5%
3M Co.		61,871		12,246,746
Illinois Tool Works, Inc.		7,882		1,786,613
Textron, Inc.		55,762		3,848,135
				17,881,494
Electric Products-Misc. — 2.3%
Emerson Electric Co.		117,043		11,808,468
Electric-Integrated — 1.8%
AES Corp.		166,007		3,934,366
DTE Energy Co.		46,600		5,467,112
				9,401,478
Electronic Components-Misc. — 0.5%
Hubbell, Inc.		13,005		2,606,982
Electronic Components-Semiconductors — 5.3%
Intel Corp.		279,503		15,014,901
Texas Instruments, Inc.		61,379		11,700,065
				26,714,966
Electronic Measurement Instruments — 1.1%
Agilent Technologies, Inc.		7,783		1,192,589
Keysight Technologies, Inc.†		25,615		4,214,948
				5,407,537
Electronic Security Devices — 0.1%
Allegion PLC		5,320		726,712
Enterprise Software/Service — 0.3%
salesforce.com, Inc.†		5,419		1,311,019
Entertainment Software — 2.0%
Electronic Arts, Inc.		72,314		10,410,323
Finance-Credit Card — 0.9%
Discover Financial Services		32,808		4,078,691
Western Union Co.		21,477		498,481
				4,577,172
Finance-Other Services — 1.0%
Nasdaq, Inc.		28,177		5,261,491
Food-Confectionery — 0.2%
Hershey Co.		5,123		916,402
Food-Misc./Diversified — 0.4%
Kellogg Co.		34,481		2,184,716
Industrial Automated/Robotic — 0.7%
Rockwell Automation, Inc.		11,034		3,392,072
Insurance Brokers — 2.9%
Aon PLC, Class A		10,542		2,741,236
Marsh & McLennan Cos., Inc.		81,280		11,966,042
				14,707,278
Insurance-Life/Health — 2.1%
Aflac, Inc.		166,894		9,179,170
Unum Group		50,245		1,376,713
				10,555,883

114

SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio#

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Multi-line — 1.9%
Allstate Corp.		73,300	$	9,532,665
Insurance-Property/Casualty — 0.6%
Arch Capital Group, Ltd.†		74,185		2,893,215
Investment Management/Advisor Services — 1.8%
Janus Henderson Group PLC		41,476		1,735,356
T. Rowe Price Group, Inc.		37,241		7,603,122
				9,338,478
Lighting Products & Systems — 0.3%
Acuity Brands, Inc.		8,571		1,503,182
Machinery-General Industrial — 1.8%
Otis Worldwide Corp.		104,925		9,396,034
Machinery-Pumps — 1.2%
Dover Corp.		35,073		5,861,400
Medical Labs & Testing Services — 2.3%
Laboratory Corp. of America Holdings†		24,138		7,148,469
Quest Diagnostics, Inc.		32,019		4,540,294
				11,688,763
Medical Products — 1.0%
Hill-Rom Holdings, Inc.		4,236		586,517
Hologic, Inc.†		62,855		4,716,639
				5,303,156
Medical-Biomedical/Gene — 2.2%
Amgen, Inc.		6,896		1,665,660
Biogen, Inc.†		19,310		6,309,156
Gilead Sciences, Inc.		7,290		497,834
Incyte Corp.†		6,698		518,090
Regeneron Pharmaceuticals, Inc.†		4,039		2,320,850
				11,311,590
Medical-Drugs — 5.1%
AstraZeneca PLC ADR		116,991		6,696,565
Johnson & Johnson		110,541		19,035,160
				25,731,725
Oil-Field Services — 0.8%
Halliburton Co.		207,386		4,288,742
Private Equity — 0.4%
Carlyle Group, Inc.		40,097		2,023,696
Publishing-Newspapers — 0.4%
New York Times Co., Class A		40,984		1,794,280
Real Estate Investment Trusts — 6.9%
AvalonBay Communities, Inc.		33,497		7,631,621
Equity Residential		88,569		7,451,310
Essex Property Trust, Inc.		15,074		4,945,779
First Industrial Realty Trust, Inc.		31,329		1,716,203
Kilroy Realty Corp.		28,176		1,951,752
Simon Property Group, Inc.		10,443		1,321,248
Welltower, Inc.		5,813		504,917
Weyerhaeuser Co.		176,746		5,961,643
WP Carey, Inc.		43,053		3,473,947
				34,958,420

# See Note 1

Security Description	Shares/ Principal Amount		Value (Note 2)
Recreational Vehicles — 0.5%
Brunswick Corp.		16,749	$	1,748,596
Polaris, Inc.		4,335		568,188
				2,316,784
Retail-Discount — 2.4%
Target Corp.		46,995		12,268,045
Retail-Drug Store — 0.9%
Walgreens Boots Alliance, Inc.		95,170		4,487,265
Retail-Home Furnishings — 0.1%
Williams-Sonoma, Inc.		4,335		657,620
Retail-Misc./Diversified — 0.4%
L Brands, Inc.		24,826		1,987,818
Retail-Restaurants — 3.9%
McDonald’s Corp.		46,305		11,238,687
Yum! Brands, Inc.		66,600		8,750,574
				19,989,261
Retail-Sporting Goods — 0.3%
Dick’s Sporting Goods, Inc.		15,074		1,569,806
Schools — 0.2%
Grand Canyon Education, Inc.†		11,330		1,046,552
Software Tools — 0.1%
VMware, Inc., Class A†		3,153		484,742
Transport-Rail — 3.1%
CSX Corp.		371,719		12,013,958
Union Pacific Corp.		17,734		3,879,490
				15,893,448
Transport-Services — 0.3%
Expeditors International of Washington, Inc.		11,231		1,440,376
Water — 0.8%
American Water Works Co., Inc.		22,463		3,821,181
Water Treatment Systems — 0.6%
Pentair PLC		39,999		2,946,726
Web Portals/ISP — 5.2%
Alphabet, Inc., Class A†		5,025		13,540,013
Alphabet, Inc., Class C†		4,828		13,056,940
				26,596,953
Wireless Equipment — 1.8%
Motorola Solutions, Inc.		41,083		9,199,305
Total Long-Term Investment Securities (cost $488,157,892)				502,960,834
SHORT-TERM INVESTMENT SECURITIES — 0.8%
U.S. Government Agencies — 0.8%
Federal Home Loan Mtg. Corp. Disc. Notes 0.01% due 02/01/2021 (cost $3,934,999)	$	3,935,000		3,935,000

115

SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio#

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 0.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 07/30/2021, to be repurchased 08/01/2021 in the amount of $748,000 and collateralized by $509,000 of United States Treasury Inflation Index Bonds, bearing interest at 1.00% due 02/15/2049 and having an approximate value of $763,069 (cost $748,000)	$	748,000		$	748,000
TOTAL INVESTMENTS (cost $492,840,891)(1)		99.9	%		507,643,834
Other assets less liabilities		0.1			419,980
NET ASSETS		100.0	%	$	508,063,814

# 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 July 31, 2021 (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	$	502,960,834	$	—	$	—	$	502,960,834
Short-Term Investment Securities		—		3,935,000		—		3,935,000
Repurchase Agreements		—		748,000		—		748,000
Total Investments at Value	$	502,960,834	$	4,683,000	$	—	$	507,643,834

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

See Notes to Financial Statements

116

SunAmerica Series Trust SA Franklin Tactical Opportunities Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

United States Treasury Notes	8.4	%
Exchange-Traded Funds	5.7
Diversified Banking Institutions	4.1
Registered Investment Companies	3.8
United States Treasury Bonds	3.5
Medical-Drugs	3.5
Medical-HMO	2.2
Computers	2.1
Oil Companies-Integrated	2.1
Finance-Credit Card	2.0
Enterprise Software/Service	2.0
E-Commerce/Products	2.0
Electronic Components-Semiconductors	2.0
Applications Software	1.9
Banks-Commercial	1.9
Retail-Building Products	1.6
Federal National Mtg. Assoc.	1.5
Insurance-Property/Casualty	1.5
Banks-Super Regional	1.4
Aerospace/Defense	1.2
Medical-Biomedical/Gene	1.2
Internet Content-Entertainment	1.1
Transport-Rail	1.1
Pipelines	1.1
Transport-Services	1.1
Beverages-Non-alcoholic	1.0
Cable/Satellite TV	1.0
Multimedia	1.0
Insurance-Life/Health	1.0
Telephone-Integrated	1.0
Diversified Manufacturing Operations	0.9
Chemicals-Diversified	0.9
Auto-Cars/Light Trucks	0.8
Retail-Discount	0.8
Insurance-Multi-line	0.8
Semiconductor Equipment	0.8
Electric-Integrated	0.8
Commercial Services-Finance	0.7
Building-Residential/Commercial	0.7
Electronic Forms	0.7
Real Estate Investment Trusts	0.7
Web Portals/ISP	0.7
Retail-Restaurants	0.6
Food-Retail	0.6
Networking Products	0.6
Diagnostic Equipment	0.6
Metal-Diversified	0.6
Medical Instruments	0.6
Pharmacy Services	0.6
Steel-Producers	0.5
Tobacco	0.5
Cosmetics & Toiletries	0.5
Semiconductor Components-Integrated Circuits	0.5
Cellular Telecom	0.5
Instruments-Controls	0.5
Machinery-Farming	0.5
Chemicals-Specialty	0.4
Oil Companies-Exploration & Production	0.4
Investment Management/Advisor Services	0.4
Import/Export	0.4
Food-Misc./Diversified	0.4

Computer Software	0.4	%
Drug Delivery Systems	0.4
Computer Services	0.4
Non-Hazardous Waste Disposal	0.4
Distribution/Wholesale	0.4
E-Commerce/Services	0.4
Auto/Truck Parts & Equipment-Original	0.3
Building & Construction Products-Misc.	0.3
Building Products-Cement	0.3
Finance-Other Services	0.3
Transport-Marine	0.3
Food-Confectionery	0.3
Retail-Major Department Stores	0.3
Retail-Auto Parts	0.3
Industrial Gases	0.3
Data Processing/Management	0.3
Retail-Jewelry	0.3
Machinery-General Industrial	0.3
Human Resources	0.3
Insurance-Reinsurance	0.3
Medical-Wholesale Drug Distribution	0.2
Real Estate Management/Services	0.2
Retail-Apparel/Shoe	0.2
Machinery-Material Handling	0.2
Gold Mining	0.2
Electronic Components-Misc.	0.2
Brewery	0.2
Internet Security	0.2
Rubber-Tires	0.2
Real Estate Operations & Development	0.2
Medical Products	0.2
Agricultural Chemicals	0.2
Rental Auto/Equipment	0.2
Machinery-Construction & Mining	0.2
Machinery-Electrical	0.2
Audio/Video Products	0.2
Coatings/Paint	0.2
Aerospace/Defense-Equipment	0.1
Medical-Hospitals	0.1
Retail-Perfume & Cosmetics	0.1
Electric Products-Misc.	0.1
Oil Refining & Marketing	0.1
Telecom Services	0.1
Food-Catering	0.1
Computers-Periphery Equipment	0.1
Containers-Paper/Plastic	0.1
Advertising Agencies	0.1
Paper & Related Products	0.1
Retail-Drug Store	0.1
Medical Labs & Testing Services	0.1
Toys	0.1
Retail-Gardening Products	0.1
Power Converter/Supply Equipment	0.1
Gas-Distribution	0.1
Athletic Footwear	0.1
Retail-Convenience Store	0.1
Building-Heavy Construction	0.1
Retail-Sporting Goods	0.1
Telecommunication Equipment	0.1
Computer Data Security	0.1
Containers-Metal/Glass	0.1

117

SunAmerica Series Trust SA Franklin Tactical Opportunities Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Industry Allocation* (continued)

Dialysis Centers	0.1	%
Banks-Fiduciary	0.1
Appliances	0.1
Finance-Consumer Loans	0.1
Commercial Services	0.1
Auto-Heavy Duty Trucks	0.1
Airlines	0.1
Machinery-Pumps	0.1
Apparel Manufacturers	0.1
Consumer Products-Misc.	0.1
Beverages-Wine/Spirits	0.1
Hotels/Motels	0.1
Electric-Generation	0.1
Casino Hotels	0.1
Software Tools	0.1
Electric-Transmission	0.1
Textile-Apparel	0.1
Office Automation & Equipment	0.1
Wireless Equipment	0.1
Consulting Services	0.1
Agricultural Operations	0.1
Diagnostic Kits	0.1
Savings & Loans/Thrifts	0.1
Medical-Outpatient/Home Medical	0.1
Electric-Distribution	0.1
Lighting Products & Systems	0.1
Metal-Aluminum	0.1
Finance-Investment Banker/Broker	0.1
Transport-Truck	0.1
Diversified Operations	0.1
Retail-Automobile	0.1
Food-Baking	0.1
Metal-Iron	0.1
Energy-Alternate Sources	0.1
E-Marketing/Info	0.1
Internet Content-Information/News	0.1
	100.0	%

* Calculated as a percentage of net assets

118

SunAmerica Series Trust SA Franklin Tactical Opportunities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 62.3%
Advanced Materials — 0.0%
Haynes International, Inc.		150	$	5,660
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		253		8,946
Omnicom Group, Inc.		978		71,218
WPP PLC		2,000		25,892
				106,056
Aerospace/Defense — 0.8%
AeroVironment, Inc.†		100		10,110
General Dynamics Corp.		319		62,534
Lockheed Martin Corp.		170		63,184
MTU Aero Engines AG		250		62,593
Northrop Grumman Corp.		390		141,578
Raytheon Technologies Corp.		4,083		355,017
Teledyne Technologies, Inc.†		63		28,524
				723,540
Aerospace/Defense-Equipment — 0.1%
Airbus SE†		580		79,568
Astronics Corp.†		350		5,978
L3Harris Technologies, Inc.		159		36,051
				121,597
Agricultural Chemicals — 0.2%
Mosaic Co.		421		13,148
Nutrien, Ltd.		2,470		146,861
				160,009
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		618		36,907
Bunge, Ltd.		156		12,110
				49,017
Airlines — 0.1%
Japan Airlines Co., Ltd.†		3,467		72,578
Apparel Manufacturers — 0.1%
Fossil Group, Inc.†		600		7,572
Hanesbrands, Inc.		178		3,250
Hermes International		32		48,966
Lakeland Industries, Inc.†		400		10,784
				70,572
Appliances — 0.1%
SEB SA		392		65,161
Whirlpool Corp.		69		15,286
				80,447
Applications Software — 1.9%
Microsoft Corp.		5,788		1,649,059
Athletic Equipment — 0.0%
Nautilus, Inc.†		300		4,335
Vista Outdoor, Inc.†		250		10,098
				14,433
Athletic Footwear — 0.1%
adidas AG		150		54,490
Puma SE		291		35,735
				90,225
Audio/Video Products — 0.2%
GN Store Nord A/S		300		26,294
Lite-On Technology Corp.		37,000		84,948

Security Description	Shares		Value (Note 2)
Audio/Video Products (continued)
Sony Group Corp.		300	$	31,314
				142,556
Auto-Cars/Light Trucks — 0.8%
Bayerische Motoren Werke AG		1,430		142,253
Daimler AG		622		55,566
Ford Motor Co.†		4,337		60,501
General Motors Co.†		2,558		145,397
Honda Motor Co., Ltd.		2,186		69,929
Toyota Motor Corp.		400		35,923
Volkswagen AG (Preference Shares)		850		207,420
				716,989
Auto-Heavy Duty Trucks — 0.1%
Cummins, Inc.		165		38,297
Volvo AB, Class B		1,500		35,376
				73,673
Auto-Truck Trailers — 0.0%
Wabash National Corp.		900		13,176
Auto/Truck Parts & Equipment-Original — 0.3%
Aptiv PLC†		764		127,474
Autoliv, Inc. SDR		207		20,717
Dana, Inc.		300		7,248
Dorman Products, Inc.†		65		6,575
Gentex Corp.		210		7,146
Gentherm, Inc.†		100		8,293
Lear Corp.		52		9,099
Magna International, Inc.		400		33,536
Meritor, Inc.†		200		4,866
NGK Insulators, Ltd.		2,000		31,965
NGK Spark Plug Co., Ltd.		1,100		16,203
Titan International, Inc.†		2,400		20,688
				293,810
Auto/Truck Parts & Equipment-Replacement — 0.0%
Standard Motor Products, Inc.		200		8,352
Banks-Commercial — 1.7%
ABN AMRO Bank NV CVA†*		2,071		24,058
Amalgamated Financial Corp.		300		4,608
Associated Banc-Corp		400		7,920
Banco Bilbao Vizcaya Argentaria SA		39,194		251,396
Bank Leumi Le-Israel BM†		12,925		98,828
Bank of N.T. Butterfield & Son, Ltd.		150		4,971
BAWAG Group AG*		2,110		120,005
BOC Hong Kong Holdings, Ltd.		4,000		12,867
Cadence BanCorp		700		13,300
Carter Bankshares, Inc.†		900		10,323
Central Pacific Financial Corp.		200		5,120
Citizens Financial Group, Inc.		370		15,599
Commerce Bancshares, Inc.		101		7,144
Commerzbank AG†		3,000		19,371
Commonwealth Bank of Australia		46		3,365
Cullen/Frost Bankers, Inc.		45		4,829
Danske Bank A/S		1,800		31,509
East West Bancorp, Inc.		123		8,751
Equity Bancshares, Inc., Class A†		300		8,838
Financial Institutions, Inc.		471		13,866
First BanCorp/Puerto Rico		1,500		18,195
First Financial Corp.		176		7,049
First Internet Bancorp		200		6,056
Flagstar Bancorp, Inc.		250		11,440
Great Western Bancorp, Inc.		200		6,160

119

SunAmerica Series Trust SA Franklin Tactical Opportunities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Commercial (continued)
Hancock Whitney Corp.		150	$	6,557
Hang Seng Bank, Ltd.		1,200		22,991
Hanmi Financial Corp.		1,100		20,053
Heartland Financial USA, Inc.		100		4,562
HomeStreet, Inc.		400		15,084
Hope Bancorp, Inc.		800		10,600
Independent Bank Corp.		100		2,103
ING Groep NV		3,452		44,205
KBC Group NV		1,620		130,155
M&T Bank Corp.		107		14,322
Mercantile Bank Corp.		100		3,125
Meta Financial Group, Inc.		400		19,880
Midland States Bancorp, Inc.		350		8,614
National Bank of Canada		400		30,616
Nordea Bank Abp		3,453		40,405
Peoples Bancorp, Inc.		200		5,898
Regions Financial Corp.		830		15,978
Republic Bancorp, Inc., Class A		198		9,654
Royal Bank of Canada		300		30,341
Seven Bank, Ltd.		5,500		12,014
Skandinaviska Enskilda Banken AB, Class A		2,186		29,535
Standard Chartered PLC		18,546		111,100
Swedbank AB, Class A		1,511		29,440
Toronto-Dominion Bank		300		19,946
Truist Financial Corp.		1,161		63,193
Umpqua Holdings Corp.		300		5,661
Western Alliance Bancorp		83		7,704
Zions Bancorp NA		141		7,353
				1,436,657
Banks-Fiduciary — 0.1%
Bank of New York Mellon Corp.		766		39,319
Northern Trust Corp.		180		20,313
State Street Corp.		304		26,490
				86,122
Banks-Super Regional — 0.6%
Comerica, Inc.		122		8,377
Fifth Third Bancorp		616		22,355
KeyCorp		844		16,593
PNC Financial Services Group, Inc.		367		66,944
US Bancorp		3,598		199,833
Wells Fargo & Co.		3,442		158,125
				472,227
Beverages-Non-alcoholic — 0.6%
Coca-Cola Co.		2,638		150,445
Coca-Cola Consolidated, Inc.		26		10,378
Coca-Cola Femsa SAB de CV, ADR		1,370		77,501
Monster Beverage Corp.†		1,179		111,203
PepsiCo, Inc.		1,088		170,762
				520,289
Beverages-Wine/Spirits — 0.1%
Diageo PLC		126		6,251
Treasury Wine Estates, Ltd.		6,960		60,972
				67,223
Brewery — 0.2%
Anheuser-Busch InBev SA NV ADR		912		57,438
Boston Beer Co., Inc., Class A†		10		7,100
Marston’s PLC†		69,680		81,099

Security Description	Shares		Value (Note 2)
Brewery (continued)
Molson Coors Beverage Co., Class B†		173	$	8,458
Royal Unibrew A/S		173		23,462
				177,557
Broadcast Services/Program — 0.0%
Discovery, Inc., Class A†		141		4,090
Fox Corp., Class A		375		13,373
				17,463
Building & Construction Products-Misc. — 0.3%
Armstrong Flooring, Inc.†		1,600		6,912
Caesarstone, Ltd.		200		2,654
Cie de Saint-Gobain		829		59,305
Fortune Brands Home & Security, Inc.		155		15,108
Geberit AG		41		33,669
James Hardie Industries PLC CDI		1,381		46,542
Owens Corning		120		11,539
Patrick Industries, Inc.		100		8,263
Wienerberger AG		2,660		108,707
				292,699
Building & Construction-Misc. — 0.0%
Ferrovial SA		691		20,498
Building Products-Air & Heating — 0.0%
Rinnai Corp.		300		27,804
Building Products-Cement — 0.3%
Anhui Conch Cement Co., Ltd.		2,800		13,392
HeidelbergCement AG		276		24,490
Holcim, Ltd.		2,405		140,993
Taiheiyo Cement Corp.		700		16,293
Vulcan Materials Co.		444		79,916
				275,084
Building Products-Doors & Windows — 0.0%
Masonite International Corp.†		200		22,632
Building Products-Wood — 0.0%
Masco Corp.		290		17,316
Building-Heavy Construction — 0.1%
China Railway Group, Ltd.		11,000		5,099
Dycom Industries, Inc.†		300		20,820
Orion Group Holdings, Inc.†		3,000		16,110
Primoris Services Corp.		500		14,950
Skanska AB, Class B		1,000		28,220
Tutor Perini Corp.†		300		4,221
				89,420
Building-Mobile Home/Manufactured Housing — 0.0%
LCI Industries		40		5,833
Winnebago Industries, Inc.		100		7,187
				13,020
Building-Residential/Commercial — 0.7%
Beazer Homes USA, Inc.†		1,000		18,260
Bellway PLC		2,019		92,052
D.R. Horton, Inc.		406		38,745
Daiwa House Industry Co., Ltd.		800		24,545
Forestar Group, Inc.†		500		10,235
Lennar Corp., Class A		305		32,071
M/I Homes, Inc.†		100		6,471
MDC Holdings, Inc.		108		5,759
Meritage Homes Corp.†		150		16,287
NVR, Inc.†		3		15,668

120

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building-Residential/Commercial (continued)
Persimmon PLC		700	$	28,237
PulteGroup, Inc.		296		16,242
Sekisui House, Ltd.		2,800		55,473
Toll Brothers, Inc.		1,809		107,219
Tri Pointe Homes, Inc.†		700		16,884
Vistry Group PLC		7,870		129,951
				614,099
Cable/Satellite TV — 0.7%
Comcast Corp., Class A		10,204		600,301
Telenet Group Holding NV		414		15,526
				615,827
Casino Hotels — 0.1%
Galaxy Entertainment Group, Ltd.†		9,295		63,240
Casino Services — 0.0%
Sankyo Co., Ltd.		1,000		25,035
Cellular Telecom — 0.5%
Orange SA		7,300		81,348
SoftBank Corp.		4,500		58,797
T-Mobile US, Inc.†		1,128		162,455
Turkcell Iletisim Hizmetleri AS ADR		2,762		12,567
United States Cellular Corp.†		80		2,909
Vodafone Group PLC		42,180		67,648
				385,724
Chemicals-Diversified — 0.9%
AdvanSix, Inc.†		300		10,035
BASF SE		1,900		149,293
Celanese Corp.		130		20,250
Covestro AG*		400		25,740
Dow, Inc.		222		13,799
DuPont de Nemours, Inc.		413		30,996
Eastman Chemical Co.		151		17,021
FMC Corp.		144		15,401
LANXESS AG		276		19,998
LyondellBasell Industries NV, Class A		371		36,851
Mitsubishi Gas Chemical Co., Inc.		1,400		29,222
Nitto Denko Corp.		400		29,759
PPG Industries, Inc.		1,977		323,279
Sumitomo Chemical Co., Ltd.		5,500		28,654
Westlake Chemical Corp.		50		4,146
				754,444
Chemicals-Fibers — 0.0%
Rayonier Advanced Materials, Inc.†		2,100		14,637
Chemicals-Specialty — 0.4%
Brenntag SE		1,246		124,443
Daicel Corp.		3,000		25,001
Ecolab, Inc.		1,043		230,325
				379,769
Circuit Boards — 0.0%
TTM Technologies, Inc.†		400		5,596
Coal — 0.0%
SunCoke Energy, Inc.		2,260		17,470
Coatings/Paint — 0.2%
Sherwin-Williams Co.		433		126,016
Commercial Services — 0.1%
LiveRamp Holdings, Inc.†		200		8,002

Security Description	Shares		Value (Note 2)
Commercial Services (continued)
Medifast, Inc.		70	$	19,986
Quanta Services, Inc.		120		10,908
TravelSky Technology, Ltd.		22,080		37,692
				76,588
Commercial Services-Finance — 0.5%
Adyen NV†*		21		57,179
Automatic Data Processing, Inc.		1,049		219,902
IHS Markit, Ltd.		1,234		144,181
				421,262
Computer Data Security — 0.1%
Check Point Software Technologies, Ltd.†		375		47,663
Qualys, Inc.†		150		15,234
Tenable Holdings, Inc.†		290		12,412
Varonis Systems, Inc.†		200		12,240
				87,549
Computer Services — 0.4%
Amdocs, Ltd.		669		51,586
ExlService Holdings, Inc.†		200		22,644
Fujitsu, Ltd.		200		33,975
Genpact, Ltd.		210		10,460
Grid Dynamics Holdings, Inc.†		500		10,525
International Business Machines Corp.		1,332		187,759
Leidos Holdings, Inc.		42		4,470
				321,419
Computer Software — 0.4%
Akamai Technologies, Inc.†		864		103,611
Box, Inc., Class A†		1,000		23,920
Citrix Systems, Inc.		381		38,386
Nutanix, Inc., Class A†		1,168		42,071
Splunk, Inc.†		733		104,071
Zuora, Inc., Class A†		600		10,374
				322,433
Computers — 1.7%
Apple, Inc.		9,323		1,359,853
Hewlett Packard Enterprise Co.		1,435		20,808
HP, Inc.		3,650		105,375
				1,486,036
Computers-Integrated Systems — 0.0%
NetScout Systems, Inc.†		250		7,190
Computers-Memory Devices — 0.0%
Everspin Technologies, Inc.†		1,200		6,912
NetApp, Inc.		247		19,659
				26,571
Computers-Other — 0.0%
Stratasys, Ltd.†		300		5,922
Computers-Periphery Equipment — 0.1%
Logitech International SA		972		106,256
Consulting Services — 0.1%
Booz Allen Hamilton Holding Corp.		40		3,432
Bureau Veritas SA		552		18,221
CRA International, Inc.		100		8,573
FTI Consulting, Inc.†		60		8,742
GP Strategies Corp.†		500		10,175
				49,143

121

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consumer Products-Misc. — 0.1%
Clorox Co.		250	$	45,222
Kimberly-Clark Corp.		168		22,801
				68,023
Containers-Metal/Glass — 0.1%
Ball Corp.		891		72,064
Crown Holdings, Inc.		150		14,964
				87,028
Containers-Paper/Plastic — 0.1%
Amcor PLC		1,739		20,103
Berry Global Group, Inc.†		99		6,365
Greatview Aseptic Packaging Co., Ltd.		119,005		50,469
Packaging Corp. of America		105		14,858
Sealed Air Corp.		171		9,704
Sonoco Products Co.		74		4,720
				106,219
Cosmetics & Toiletries — 0.5%
Amorepacific Corp.		311		59,935
L’Oreal SA		33		15,116
Pola Orbis Holdings, Inc.		800		19,134
Procter & Gamble Co.		1,662		236,386
Unilever PLC		1,000		57,584
				388,155
Data Processing/Management — 0.3%
CommVault Systems, Inc.†		200		15,118
Fidelity National Information Services, Inc.		1,516		225,960
				241,078
Diagnostic Equipment — 0.6%
PerkinElmer, Inc.		87		15,854
Thermo Fisher Scientific, Inc.		957		516,790
				532,644
Diagnostic Kits — 0.1%
Co-Diagnostics, Inc.†		800		8,088
DiaSorin SpA		111		22,549
Meridian Bioscience, Inc.†		375		7,688
Quidel Corp.†		70		9,903
				48,228
Dialysis Centers — 0.1%
DaVita, Inc.†		124		14,911
Fresenius Medical Care AG & Co. KGaA		910		71,845
				86,756
Distribution/Wholesale — 0.4%
Bunzl PLC		829		30,713
Ferguson PLC		276		38,690
Inchcape PLC		2,912		34,413
Jardine Cycle & Carriage, Ltd.		1,400		21,181
LKQ Corp.†		338		17,154
ScanSource, Inc.†		300		8,277
Titan Machinery, Inc.†		250		7,133
Veritiv Corp.†		300		18,384
WW Grainger, Inc.		286		127,150
				303,095
Diversified Banking Institutions — 2.7%
Banco Santander SA		13,000		47,559
Bank of America Corp.		13,720		526,299

Security Description	Shares		Value (Note 2)
Diversified Banking Institutions (continued)
Bank of Nova Scotia		1,400	$	87,382
Barclays PLC		100,330		243,158
BNP Paribas SA		3,862		234,959
Goldman Sachs Group, Inc.		294		110,215
HSBC Holdings PLC		3,453		19,058
JPMorgan Chase & Co.		6,163		935,420
Lloyds Banking Group PLC		63,000		39,920
Natwest Group PLC		9,000		25,302
Sumitomo Mitsui Financial Group, Inc.		600		20,225
UBS Group AG		4,000		65,955
				2,355,452
Diversified Financial Services — 0.0%
Hana Financial Group, Inc.		600		22,663
Diversified Manufacturing Operations — 0.5%
3M Co.		1,339		265,042
Eaton Corp. PLC		491		77,602
Parker-Hannifin Corp.		99		30,891
Siemens AG		138		21,546
Textron, Inc.		253		17,459
Trelleborg AB, Class B		1,967		48,589
				461,129
Diversified Minerals — 0.0%
BHP Group, Ltd.		829		32,488
Diversified Operations — 0.1%
CK Hutchison Holdings, Ltd.		2,000		14,627
Swire Pacific, Ltd., Class A		4,000		24,871
				39,498
Drug Delivery Systems — 0.1%
Antares Pharma, Inc.†		2,700		11,880
Becton Dickinson & Co.		317		81,073
				92,953
E-Commerce/Products — 1.7%
Alibaba Group Holding, Ltd. ADR†		577		112,625
Amazon.com, Inc.†		355		1,181,295
eBay, Inc.		766		52,249
Overstock.com, Inc.†		55		3,830
Sea, Ltd. ADR†		309		85,333
Vipshop Holdings, Ltd. ADR†		1,257		20,904
ZOZO, Inc.		700		23,836
				1,480,072
E-Commerce/Services — 0.4%
ANGI, Inc.†		500		5,755
Auto Trader Group PLC†*		3,039		27,534
Booking Holdings, Inc.†		40		87,130
Cargurus, Inc.†		300		8,580
Cars.com, Inc.†		800		9,664
ChannelAdvisor Corp.†		300		6,987
EverQuote, Inc., Class A†		100		3,018
Rightmove PLC		2,223		21,690
TrueCar, Inc.†		1,800		9,468
Uber Technologies, Inc.†		2,784		120,993
				300,819
E-Marketing/Info — 0.1%
CyberAgent, Inc.		2,100		37,806
Electric Products-Misc. — 0.1%
Brother Industries, Ltd.		800		16,261
Casio Computer Co., Ltd.		1,200		19,535

122

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric Products-Misc. (continued)
Emerson Electric Co.		442	$	44,593
Legrand SA		345		38,868
				119,257
Electric-Distribution — 0.1%
Sempra Energy		346		45,205
Electric-Generation — 0.1%
Electric Power Development Co., Ltd.		700		10,233
Engie SA		2,072		27,650
SSE PLC		1,300		26,109
				63,992
Electric-Integrated — 0.8%
AES Corp.		740		17,538
AGL Energy, Ltd.		1,657		8,769
Atco, Ltd., Class I		1,100		39,747
Avista Corp.		250		10,708
Canadian Utilities, Ltd., Class A		1,000		29,296
Chubu Electric Power Co., Inc.		7,000		84,409
CLP Holdings, Ltd.		5,000		51,587
Duke Energy Corp.		269		28,275
Endesa SA		840		20,442
Evergy, Inc.		178		11,609
Exelon Corp.		1,083		50,684
FirstEnergy Corp.		470		18,010
IDACORP, Inc.		75		7,909
NextEra Energy, Inc.		468		36,457
NorthWestern Corp.		180		11,158
Origin Energy, Ltd.		8,000		24,228
Otter Tail Corp.		100		5,079
Pinnacle West Capital Corp.		487		40,689
Portland General Electric Co.		400		19,560
Public Service Enterprise Group, Inc.		581		36,156
Southern Co.		1,449		92,548
Tohoku Electric Power Co., Inc.		2,500		18,985
				663,843
Electric-Transmission — 0.1%
Red Electrica Corp. SA		3,000		59,363
Electronic Components-Misc. — 0.2%
Applied Optoelectronics, Inc.†		800		6,184
Hubbell, Inc.		61		12,228
Jabil, Inc.		166		9,884
Nippon Electric Glass Co., Ltd.		700		15,898
Sanmina Corp.†		200		7,684
Sensata Technologies Holding PLC†		2,099		123,043
Vishay Intertechnology, Inc.		200		4,426
				179,347
Electronic Components-Semiconductors — 1.3%
Amkor Technology, Inc.		880		21,683
Broadcom, Inc.		412		199,985
EMCORE Corp.†		1,100		9,614
Infineon Technologies AG		3,260		124,301
Intel Corp.		3,669		197,099
Micron Technology, Inc.†		837		64,934
NVIDIA Corp.		1,295		252,512
Photronics, Inc.†		1,000		13,370
Qorvo, Inc.†		87		16,494
Samsung Electronics Co., Ltd.		950		64,965
Skyworks Solutions, Inc.		94		17,344

Security Description	Shares		Value (Note 2)
Electronic Components-Semiconductors (continued)
Texas Instruments, Inc.		629	$	119,900
				1,102,201
Electronic Forms — 0.7%
Adobe, Inc.†		969		602,359
Electronic Parts Distribution — 0.0%
Arrow Electronics, Inc.†		84		9,960
Avnet, Inc.		100		4,132
				14,092
Energy-Alternate Sources — 0.1%
Enphase Energy, Inc.†		134		25,406
Plug Power, Inc.†		100		2,728
SunPower Corp.†		400		9,908
				38,042
Engineering/R&D Services — 0.0%
COMSYS Holdings Corp.		600		16,666
Exponent, Inc.		100		10,709
				27,375
Enterprise Software/Service — 1.6%
Atlassian Corp. PLC, Class A†		542		176,215
Domo, Inc., Class B†		100		8,833
eGain Corp.†		800		9,336
HubSpot, Inc.†		40		23,841
Manhattan Associates, Inc.†		50		7,981
Open Text Corp. (NASDAQ)		704		36,545
Open Text Corp. (TSX)		400		20,776
Oracle Corp.		5,517		480,751
salesforce.com, Inc.†		1,359		328,783
SAP SE		736		105,561
SPS Commerce, Inc.†		100		10,895
UiPath, Inc., Class A†		709		44,355
Workday, Inc., Class A†		357		83,681
Workiva, Inc.†		200		25,954
				1,363,507
Entertainment Software — 0.0%
NetEase, Inc. ADR		207		21,157
Finance-Auto Loans — 0.0%
Ally Financial, Inc.		324		16,640
Credit Acceptance Corp.†		5		2,424
				19,064
Finance-Consumer Loans — 0.1%
Encore Capital Group, Inc.†		350		16,569
Enova International, Inc.†		600		19,854
EZCORP, Inc., Class A†		1,300		7,436
Navient Corp.		300		6,129
OneMain Holdings, Inc.		104		6,344
Synchrony Financial		504		23,698
				80,030
Finance-Credit Card — 1.1%
Alliance Data Systems Corp.		100		9,325
American Express Co.		237		40,416
Capital One Financial Corp.		395		63,871
Discover Financial Services		237		29,464
Visa, Inc., Class A		3,321		818,261
				961,337

123

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance-Investment Banker/Broker — 0.1%
Amerant Bancorp, Inc.†		322	$	7,132
Jefferies Financial Group, Inc.		235		7,800
Nomura Holdings, Inc.		5,500		27,487
				42,419
Finance-Leasing Companies — 0.0%
AerCap Holdings NV†		276		14,628
Finance-Other Services — 0.3%
BGC Partners, Inc., Class A		2,400		12,840
CME Group, Inc.		338		71,700
Deutsche Boerse AG		166		27,722
IG Group Holdings PLC		6,034		74,803
Intercontinental Exchange, Inc.		611		73,216
SEI Investments Co.		124		7,539
				267,820
Financial Guarantee Insurance — 0.0%
MGIC Investment Corp.		400		5,536
NMI Holdings, Inc., Class A†		200		4,404
Radian Group, Inc.		700		15,806
				25,746
Firearms & Ammunition — 0.0%
Smith & Wesson Brands, Inc.		500		11,725
Fisheries — 0.0%
Toyo Suisan Kaisha, Ltd.		900		34,398
Food-Baking — 0.1%
Flowers Foods, Inc.		1,655		38,992
Food-Catering — 0.1%
Compass Group PLC†		4,753		100,414
Healthcare Services Group, Inc.		365		9,526
				109,940
Food-Confectionery — 0.3%
Hershey Co.		282		50,444
J.M. Smucker Co.		555		72,766
Mondelez International, Inc., Class A		1,838		116,272
Want Want China Holdings, Ltd.		28,000		18,892
				258,374
Food-Dairy Products — 0.0%
Yakult Honsha Co., Ltd.		400		23,642
Food-Meat Products — 0.0%
Tyson Foods, Inc., Class A		254		18,151
WH Group, Ltd.*		17,000		14,103
				32,254
Food-Misc./Diversified — 0.4%
General Mills, Inc.		458		26,958
George Weston, Ltd.		300		31,111
John B. Sanfilippo & Son, Inc.		100		9,236
Kellogg Co.		405		25,661
Kraft Heinz Co.		1,056		40,624
Nestle SA		1,243		157,505
Nissin Foods Holdings Co., Ltd.		300		21,358
Nomad Foods, Ltd.†		700		18,284
				330,737
Food-Retail — 0.6%
Carrefour SA		1,300		24,163
Colruyt SA		450		25,579

Security Description	Shares		Value (Note 2)
Food-Retail (continued)
Empire Co., Ltd., Class A		2,400	$	78,814
HelloFresh SE†		414		38,829
ICA Gruppen AB		830		41,035
J Sainsbury PLC		6,500		25,589
Jeronimo Martins SGPS SA		1,500		30,546
Kesko Oyj, Class B		986		42,276
Koninklijke Ahold Delhaize NV		1,551		48,225
Kroger Co.		1,807		73,545
Loblaw Cos., Ltd.		1,400		94,710
Shoprite Holdings, Ltd.		1,850		20,238
				543,549
Food-Wholesale/Distribution — 0.0%
SpartanNash Co.		700		13,615
United Natural Foods, Inc.†		700		23,184
				36,799
Footwear & Related Apparel — 0.0%
Skechers U.S.A., Inc., Class A†		101		5,422
Wolverine World Wide, Inc.		200		6,708
				12,130
Funeral Services & Related Items — 0.0%
Service Corp. International		193		12,061
Gambling (Non-Hotel) — 0.0%
International Game Technology PLC†		600		11,250
Garden Products — 0.0%
Scotts Miracle-Gro Co.		47		8,317
Gas-Distribution — 0.1%
Enagas SA		2,428		55,771
Northwest Natural Holding Co.		200		10,458
Southwest Gas Holdings, Inc.		200		13,986
UGI Corp.		231		10,624
				90,839
Gas-Transportation — 0.0%
Snam SpA		3,091		18,722
Gold Mining — 0.2%
B2Gold Corp.		2,200		9,222
Kinross Gold Corp.		3,000		19,646
McEwen Mining, Inc.†		8,600		10,320
Newcrest Mining, Ltd.		4,600		89,673
Newmont Corp.		900		56,538
				185,399
Healthcare Safety Devices — 0.0%
Alpha Pro Tech, Ltd.†		400		4,804
Home Decoration Products — 0.0%
Newell Brands, Inc.		470		11,633
Home Furnishings — 0.0%
Tempur Sealy International, Inc.		91		3,938
Hotels/Motels — 0.1%
Hyatt Hotels Corp., Class A†		44		3,514
Marcus Corp.†		400		6,428
Sol Melia SA†		7,850		54,167
				64,109
Human Resources — 0.3%
Adecco Group AG		1,784		106,870
AMN Healthcare Services, Inc.†		135		13,576
Heidrick & Struggles International, Inc.		220		9,396

124

SunAmerica Series Trust SA Franklin Tactical Opportunities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Human Resources (continued)
Insperity, Inc.		180	$	17,829
Kforce, Inc.		310		19,353
Paylocity Holding Corp.†		30		6,224
Randstad NV		483		35,068
TrueBlue, Inc.†		400		10,876
				219,192
Import/Export — 0.4%
ITOCHU Corp.		2,800		83,420
Marubeni Corp.		10,310		88,335
Mitsubishi Corp.		3,000		84,581
Mitsui & Co., Ltd.		1,800		41,540
Sumitomo Corp.		2,500		33,997
				331,873
Independent Power Producers — 0.0%
NRG Energy, Inc.		73		3,011
Industrial Audio & Video Products — 0.0%
GoPro, Inc., Class A†		650		6,656
Industrial Automated/Robotic — 0.0%
Ichor Holdings, Ltd.†		200		10,314
Industrial Gases — 0.3%
Air Products & Chemicals, Inc.		834		242,719
Instruments-Controls — 0.5%
Honeywell International, Inc.		1,635		382,247
Insurance Brokers — 0.0%
Selectquote, Inc.†		200		3,560
Insurance-Life/Health — 0.7%
Aflac, Inc.		608		33,440
AIA Group, Ltd.		2,400		28,789
AXA SA		3,140		81,277
Dai-ichi Life Holdings, Inc.		2,000		36,952
Equitable Holdings, Inc.		384		11,854
Globe Life, Inc.		80		7,449
Great-West Lifeco, Inc.		800		24,072
iA Financial Corp., Inc.		400		22,129
Japan Post Holdings Co., Ltd.		2,800		23,793
Japan Post Insurance Co., Ltd.		1,700		30,207
Legal & General Group PLC		8,288		30,091
Lincoln National Corp.		167		10,291
Manulife Financial Corp.		1,100		21,266
NN Group NV		1,736		86,173
Principal Financial Group, Inc.		237		14,725
Prudential Financial, Inc.		341		34,195
Swiss Life Holding AG		57		29,441
T&D Holdings, Inc.		3,000		38,451
Voya Financial, Inc.		114		7,342
				571,937
Insurance-Multi-line — 0.5%
Allianz SE		207		51,552
Allstate Corp.		263		34,203
American Financial Group, Inc.		75		9,487
ASR Nederland NV		507		20,834
Chubb, Ltd.		390		65,809
Cincinnati Financial Corp.		139		16,385
Direct Line Insurance Group PLC		21,034		86,851
Genworth Financial, Inc., Class A†		2,400		8,016
Hartford Financial Services Group, Inc.		1,186		75,453
Loews Corp.		232		12,442

Security Description	Shares		Value (Note 2)
Insurance-Multi-line (continued)
Medibank Private, Ltd.		10,000	$	24,327
MetLife, Inc.		777		44,833
				450,192
Insurance-Property/Casualty — 1.3%
Admiral Group PLC		800		37,743
Alleghany Corp.†		12		7,957
Arch Capital Group, Ltd.†		349		13,611
Assurant, Inc.		199		31,404
Berkshire Hathaway, Inc., Class B†		1,529		425,505
Enstar Group, Ltd.†		30		7,711
First American Financial Corp.		365		24,568
Markel Corp.†		11		13,268
MS&AD Insurance Group Holdings, Inc.		1,000		30,914
Old Republic International Corp.		174		4,291
Progressive Corp.		506		48,151
Safety Insurance Group, Inc.		130		9,961
Samsung Fire & Marine Insurance Co., Ltd.		185		34,525
Stewart Information Services Corp.		200		11,802
Travelers Cos., Inc.		2,509		373,640
WR Berkley Corp.		154		11,268
				1,086,319
Insurance-Reinsurance — 0.3%
Axis Capital Holdings, Ltd.		388		19,738
Essent Group, Ltd.		150		6,775
Everest Re Group, Ltd.		250		63,207
Greenlight Capital Re, Ltd., Class A†		700		6,160
Muenchener Rueckversicherungs-Gesellschaft AG		111		30,019
SCOR SE		997		27,890
Swiss Re AG		650		58,837
				212,626
Internet Application Software — 0.0%
Perion Network, Ltd.†		600		11,412
Internet Connectivity Services — 0.0%
Cogent Communications Holdings, Inc.		100		7,761
Internet Content-Entertainment — 1.1%
Facebook, Inc., Class A†		2,505		892,531
Pinterest, Inc., Class A†		1,464		86,230
				978,761
Internet Content-Information/News — 0.1%
Kakaku.com, Inc.		700		19,101
Yelp, Inc.†		500		18,700
				37,801
Internet Security — 0.2%
NortonLifeLock, Inc.		450		11,169
Palo Alto Networks, Inc.†		413		164,808
				175,977
Investment Management/Advisor Services — 0.4%
Affiliated Managers Group, Inc.		50		7,922
Artisan Partners Asset Management, Inc., Class A		100		4,809
BrightSphere Investment Group, Inc.		769		19,217
CI Financial Corp.		800		14,588
Federated Hermes, Inc.		400		12,976
Invesco, Ltd.		138		3,364
Julius Baer Group, Ltd.		2,936		194,229

125

SunAmerica Series Trust SA Franklin Tactical Opportunities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Investment Management/Advisor Services (continued)
LPL Financial Holdings, Inc.		69	$	9,732
Quilter PLC*		7,500		16,713
Raymond James Financial, Inc.		118		15,279
T. Rowe Price Group, Inc.		197		40,220
				339,049
Lighting Products & Systems — 0.1%
Signify NV*		800		44,813
Lottery Services — 0.0%
La Francaise des Jeux SAEM*		483		25,848
Machine Tools & Related Products — 0.0%
Amada Co., Ltd.		2,800		28,937
Machinery-Construction & Mining — 0.2%
Manitowoc Co, Inc.†		800		18,520
Metso Outotec Oyj		8,390		95,348
Oshkosh Corp.		49		5,858
Sandvik AB		447		11,644
Terex Corp.		300		14,376
				145,746
Machinery-Electrical — 0.2%
Argan, Inc.		200		8,990
Hitachi, Ltd.		1,818		104,409
Schindler Holding AG (Participation Certificate)		97		31,398
				144,797
Machinery-Farming — 0.2%
AGCO Corp.		84		11,097
CNH Industrial NV		7,340		123,606
CNH Industrial NV		1,800		30,071
				164,774
Machinery-General Industrial — 0.3%
ANDRITZ AG		552		30,429
Atlas Copco AB, Class A		552		37,367
GEA Group AG		1,593		70,652
Otis Worldwide Corp.		581		52,029
Valmet Oyj		622		25,932
Westinghouse Air Brake Technologies Corp.		210		17,823
				234,232
Machinery-Material Handling — 0.2%
KION Group AG		1,750		185,835
Machinery-Pumps — 0.1%
Dover Corp.		160		26,739
IMI PLC		1,105		26,964
Rotork PLC		3,453		17,300
				71,003
Medical Instruments — 0.6%
Alcon, Inc.		1,334		97,115
Apyx Medical Corp.†		400		3,600
Demant A/S†		500		30,562
Intuitive Surgical, Inc.†		78		77,334
Medtronic PLC		2,044		268,398
Natus Medical, Inc.†		300		8,010
				485,019

Security Description	Shares		Value (Note 2)
Medical Labs & Testing Services — 0.1%
BioMerieux		120	$	14,306
Fulgent Genetics, Inc.†		100		9,225
ICON PLC†		83		20,192
Laboratory Corp. of America Holdings†		109		32,280
Medpace Holdings, Inc.†		40		7,038
Quest Diagnostics, Inc.		149		21,128
				104,169
Medical Products — 0.2%
Electromed, Inc.†		400		4,696
Globus Medical, Inc., Class A†		200		16,634
Haemonetics Corp.†		120		7,295
Hanger, Inc.†		400		9,816
Henry Schein, Inc.†		114		9,137
InfuSystem Holdings, Inc.†		300		5,475
Masimo Corp.†		20		5,448
Sartorius Stedim Biotech		90		51,360
Sonova Holding AG		84		33,006
Surmodics, Inc.†		200		11,022
T2 Biosystems, Inc.†		2,550		2,626
Zynex, Inc.†		400		5,556
				162,071
Medical-Biomedical/Gene — 0.8%
Abeona Therapeutics, Inc.†		5,000		6,100
Achieve Life Sciences, Inc.†		550		4,021
Achillion Pharmaceuticals, Inc. CVR†(1)		1,296		0
Amgen, Inc.		742		179,223
AnaptysBio, Inc.†		500		11,490
Aptevo Therapeutics, Inc.†		250		4,692
Aravive, Inc.†		600		2,490
Atara Biotherapeutics, Inc.†		500		6,375
Bio-Rad Laboratories, Inc., Class A†		28		20,706
Biogen, Inc.†		44		14,376
BioMarin Pharmaceutical, Inc.†		672		51,563
Bluebird Bio, Inc.†		50		1,271
Blueprint Medicines Corp.†		100		8,787
Calithera Biosciences, Inc.†		3,200		6,240
Cellectar Biosciences, Inc.†		2,400		2,616
Clearside Biomedical, Inc.†		1,900		9,348
Cogent Biosciences, Inc†		900		5,400
CSL, Ltd.		36		7,642
Cymabay Therapeutics, Inc.†		1,400		5,516
CytomX Therapeutics, Inc.†		800		4,328
Dicerna Pharmaceuticals, Inc.†		200		7,502
Emergent BioSolutions, Inc.†		141		9,292
FibroGen, Inc.†		100		1,300
Genmab A/S†		100		45,108
Gilead Sciences, Inc.		908		62,007
GlycoMimetics, Inc.†		2,600		5,252
Homology Medicines, Inc.†		400		2,544
ImmunoGen, Inc.†		1,100		6,171
Infinity Pharmaceuticals, Inc.†		2,100		4,452
Iterum Therapeutics PLC†		6,300		4,907
Kindred Biosciences, Inc.†		1,200		10,944
MacroGenics, Inc.†		100		2,496
Mustang Bio, Inc.†		1,500		4,335
Novavax, Inc.†		50		8,966
Pacific Biosciences of California, Inc.†		200		6,430
PDL BioPharma, Inc.†(1)		3,800		9,386
Precision BioSciences, Inc.†		500		4,930
Prothena Corp. PLC†		250		12,525
Qualigen Therapeutics, Inc.†		2,000		3,540

126

SunAmerica Series Trust SA Franklin Tactical Opportunities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Biomedical/Gene (continued)
RAPT Therapeutics, Inc.†		200	$	6,134
Sangamo Therapeutics, Inc.†		900		8,622
Savara, Inc.†		4,000		5,120
Sio Gene Therapies, Inc.†		1,300		2,652
Solid Biosciences, Inc.†		1,200		3,348
Synlogic, Inc.†		1,700		5,372
Tempest Therapeutics, Inc.†		240		3,605
Ultragenyx Pharmaceutical, Inc.†		50		3,992
Vaxart, Inc.†		1,200		8,628
Verastem, Inc.†		2,600		8,398
Viracta Therapeutics, Inc.†		740		7,785
VistaGen Therapeutics, Inc.†		2,900		7,714
VYNE Therapeutics, Inc.†		1,200		3,240
WaVe Life Sciences, Ltd.†		1,100		6,061
Xencor, Inc.†		50		1,539
				646,481
Medical-Drugs — 3.5%
AbbVie, Inc.		563		65,477
Aclaris Therapeutics, Inc.†		600		8,958
Aduro Biotech Holding, Inc. CVR†(1)		460		0
Alkermes PLC†		300		7,761
Astellas Pharma, Inc.		2,000		31,855
AstraZeneca PLC		231		26,530
Bristol-Myers Squibb Co.		1,020		69,227
Chiasma, Inc.†		700		2,800
Chimerix, Inc.†		1,000		6,630
Chugai Pharmaceutical Co., Ltd.		800		29,580
Cyclerion Therapeutics, Inc.†		2,600		7,566
Eli Lilly & Co.		871		212,088
GlaxoSmithKline PLC		1,657		32,743
Gritstone Oncology, Inc.†		700		4,676
Harrow Health, Inc.†		800		7,136
Hikma Pharmaceuticals PLC		1,949		71,663
Ideaya Biosciences, Inc.†		153		3,749
Johnson & Johnson		4,081		702,748
Jounce Therapeutics, Inc.†		700		3,528
Kyowa Kirin Co., Ltd.		700		22,753
Merck & Co., Inc.		4,199		322,777
Nippon Shinyaku Co., Ltd.		300		22,549
Novartis AG		1,220		112,845
Novo Nordisk A/S, Class B		1,697		157,190
Ono Pharmaceutical Co., Ltd.		1,700		38,881
Orion Oyj, Class B		414		17,624
Pfizer, Inc.		5,834		249,754
Roche Holding AG		815		315,162
Sanofi		1,726		177,861
Shionogi & Co., Ltd.		600		31,556
Spectrum Pharmaceuticals, Inc.†		2,000		6,440
Sumitomo Dainippon Pharma Co., Ltd.		1,100		19,017
Syros Pharmaceuticals, Inc.†		1,000		4,620
Vanda Pharmaceuticals, Inc.†		500		8,155
Vaxcyte, Inc.†		50		1,084
Zoetis, Inc.		941		190,741
				2,993,724
Medical-Generic Drugs — 0.0%
Tracon Pharmaceuticals, Inc.†		800		3,000
Medical-HMO — 1.4%
Anthem, Inc.		277		106,371
Centene Corp.†		452		31,012
Humana, Inc.		100		42,586

Security Description	Shares		Value (Note 2)
Medical-HMO (continued)
Molina Healthcare, Inc.†		66	$	18,019
Tivity Health, Inc.†		500		12,540
Triple-S Management Corp., Class B†		259		6,301
UnitedHealth Group, Inc.		2,443		1,007,053
				1,223,882
Medical-Hospitals — 0.1%
HCA Healthcare, Inc.		376		93,323
Tenet Healthcare Corp.†		200		14,368
Universal Health Services, Inc., Class B		86		13,795
				121,486
Medical-Nursing Homes — 0.0%
Ensign Group, Inc.		300		25,521
Medical-Outpatient/Home Medical — 0.1%
Joint Corp.†		300		23,697
ModivCare, Inc.†		100		17,000
Pennant Group, Inc.†		170		5,817
				46,514
Medical-Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp.		696		85,030
Cardinal Health, Inc.		1,007		59,796
McKesson Corp.		178		36,282
Medipal Holdings Corp.		800		15,074
Owens & Minor, Inc.		200		9,250
				205,432
Metal Products-Distribution — 0.0%
Ryerson Holding Corp.†		600		9,438
Metal-Aluminum — 0.1%
Alcoa Corp.†		200		8,030
Norsk Hydro ASA		5,500		36,589
				44,619
Metal-Diversified — 0.6%
Glencore PLC		77,017		346,204
Rio Tinto PLC		1,105		94,171
Rio Tinto, Ltd.		628		61,809
				502,184
Metal-Iron — 0.1%
Fortescue Metals Group, Ltd.		2,072		38,050
Multimedia — 0.4%
Walt Disney Co.†		2,042		359,433
Networking Products — 0.6%
A10 Networks, Inc.†		1,300		16,601
Arista Networks, Inc.†		256		97,380
Cisco Systems, Inc.		5,444		301,434
Extreme Networks, Inc.†		800		8,808
NeoPhotonics Corp.†		1,200		11,640
NETGEAR, Inc.†		200		6,850
Nokia Oyj†		10,414		63,856
Telefonaktiebolaget LM Ericsson, Class B		2,446		28,202
				534,771
Non-Hazardous Waste Disposal — 0.4%
Republic Services, Inc.		252		29,826
Waste Management, Inc.		1,899		281,546
				311,372
Office Automation & Equipment — 0.1%
FUJIFILM Holdings Corp.		600		43,091

127

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Office Automation & Equipment (continued)
Pitney Bowes, Inc.		1,000	$	8,000
				51,091
Oil & Gas Drilling — 0.0%
Drilling Co. of 1972 A/S†		66		2,547
Oil Companies-Exploration & Production — 0.4%
Berry Corp.		1,200		6,660
Continental Resources, Inc.		406		13,865
Diamondback Energy, Inc.		140		10,798
EOG Resources, Inc.		649		47,286
Extraction Oil & Gas, Inc.†		200		8,898
Inpex Corp.		16,110		113,584
Laredo Petroleum, Inc.†		200		11,012
Lundin Energy AB		829		25,839
Marathon Oil Corp.		626		7,256
Penn Virginia Corp.†		500		9,245
Pioneer Natural Resources Co.		717		104,230
SandRidge Energy, Inc.†		1,300		7,774
SM Energy Co.		500		9,350
				375,797
Oil Companies-Integrated — 1.2%
BP PLC		2,412		9,671
Chevron Corp.		1,415		144,061
Eni SpA		2,143		25,313
Exxon Mobil Corp.		5,637		324,522
Murphy Oil Corp.		500		10,855
OMV AG		483		26,065
Repsol SA		1,585		17,338
Royal Dutch Shell PLC, Class A (Euronext Amsterdam)		1,312		26,653
Royal Dutch Shell PLC, Class A		8,109		162,684
Royal Dutch Shell PLC, Class B		2,486		49,066
TotalEnergies SE		4,415		192,518
				988,746
Oil Refining & Marketing — 0.1%
ENEOS Holdings, Inc.		6,900		28,774
Phillips 66		377		27,683
Rubis SCA		414		16,605
Sunoco LP		512		19,461
Valero Energy Corp.		352		23,574
				116,097
Oil-Field Services — 0.0%
MRC Global, Inc.†		1,400		12,838
NOW, Inc.†		1,700		16,779
				29,617
Optical Supplies — 0.0%
STAAR Surgical Co.†		100		12,792
Paper & Related Products — 0.1%
International Paper Co.		1,423		82,192
Resolute Forest Products, Inc.		1,100		13,134
Verso Corp., Class A		525		9,986
				105,312
Pastoral & Agricultural — 0.0%
Darling Ingredients, Inc.†		330		22,793
Pharmacy Services — 0.3%
Cigna Corp.		301		69,076

Security Description	Shares		Value (Note 2)
Pharmacy Services (continued)
CVS Health Corp.		1,894	$	155,990
				225,066
Pipelines — 0.2%
Cheniere Energy, Inc.†		281		23,866
Kinder Morgan, Inc.		5,648		98,162
Williams Cos., Inc.		1,346		33,717
				155,745
Power Converter/Supply Equipment — 0.1%
Schneider Electric SE		570		95,512
Private Corrections — 0.0%
CoreCivic, Inc.†		900		9,252
Private Equity — 0.0%
3i Group PLC		1,554		27,619
Protection/Safety — 0.0%
Alarm.com Holdings, Inc.†		50		4,161
Publishing-Books — 0.0%
Gannett Co, Inc.†		1,300		7,501
Publishing-Periodicals — 0.0%
Wolters Kluwer NV		311		35,475
Racetracks — 0.0%
Penn National Gaming, Inc.†		100		6,838
Real Estate Investment Trusts — 0.7%
American Tower Corp.		819		231,613
Braemar Hotels & Resorts, Inc.†		1,500		7,650
Chatham Lodging Trust†		570		7,000
CorePoint Lodging, Inc.†		700		9,408
DiamondRock Hospitality Co.†		1,500		12,915
Equinix, Inc.		140		114,857
GEO Group, Inc.		1,300		8,996
Hersha Hospitality Trust†		1,700		15,997
MFA Financial, Inc.		2,200		10,274
Outfront Media, Inc.†		250		5,973
Park Hotels & Resorts, Inc.†		417		7,714
Pebblebrook Hotel Trust		400		8,996
Piedmont Office Realty Trust, Inc., Class A		400		7,608
Preferred Apartment Communities, Inc., Class A		800		8,432
Public Storage		176		54,996
RLJ Lodging Trust		800		11,480
RPT Realty		500		6,370
Scentre Group		2,500		4,792
Stockland		5,000		16,184
Summit Hotel Properties, Inc.†		900		8,109
Sunstone Hotel Investors, Inc.†		1,300		15,002
Washington Prime Group, Inc.†		1,000		1,780
Xenia Hotels & Resorts, Inc.†		207		3,660
				579,806
Real Estate Management/Services — 0.2%
Cushman & Wakefield PLC†		400		7,468
Daito Trust Construction Co., Ltd.		1,231		144,921
Jones Lang LaSalle, Inc.†		57		12,686
Marcus & Millichap, Inc.†		250		9,948
Newmark Group, Inc., Class A		600		7,728
RE/MAX Holdings, Inc., Class A		100		3,430
Realogy Holdings Corp.†		900		15,948
				202,129

128

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Operations & Development — 0.2%
CK Asset Holdings, Ltd.		6,000	$	40,913
LEG Immobilien SE		138		21,835
McGrath RentCorp		100		7,842
Mitsui Fudosan Co., Ltd.		1,000		23,416
Sun Hung Kai Properties, Ltd.		5,500		78,822
				172,828
Recreational Vehicles — 0.0%
Brunswick Corp.		87		9,083
Camping World Holdings, Inc., Class A		300		11,808
Polaris, Inc.		52		6,815
				27,706
Rental Auto/Equipment — 0.2%
AMERCO		22		12,935
Ashtead Group PLC		595		44,573
CAI International, Inc.		400		22,324
Herc Holdings, Inc.†		150		18,606
Textainer Group Holdings, Ltd.†		800		25,824
Triton International, Ltd.		100		5,279
United Rentals, Inc.†		62		20,432
				149,973
Retail-Apparel/Shoe — 0.2%
Genesco, Inc.†		100		5,745
Hennes & Mauritz AB, Class B†		1,381		28,931
Industria de Diseno Textil SA		3,520		119,427
JD Sports Fashion PLC		1,200		14,950
Next PLC†		256		28,026
				197,079
Retail-Auto Parts — 0.3%
Advance Auto Parts, Inc.		632		134,022
AutoZone, Inc.†		20		32,472
Canadian Tire Corp., Ltd., Class A		100		15,385
Genuine Parts Co.		160		20,307
O’Reilly Automotive, Inc.†		79		47,703
				249,889
Retail-Automobile — 0.1%
AutoNation, Inc.†		98		11,890
CarMax, Inc.†		85		11,386
Rush Enterprises, Inc., Class A		337		15,836
				39,112
Retail-Building Products — 1.0%
BlueLinx Holdings, Inc.†		300		12,888
Home Depot, Inc.		2,099		688,871
Kingfisher PLC		5,524		28,277
Lowe’s Cos., Inc.		813		156,657
				886,693
Retail-Consumer Electronics — 0.0%
Yamada Holdings Co., Ltd.		6,000		28,327
Retail-Convenience Store — 0.1%
Alimentation Couche-Tard, Inc., Class B		400		16,124
Casey’s General Stores, Inc.		41		8,106
Lawson, Inc.		1,300		65,275
				89,505
Retail-Discount — 0.8%
B&M European Value Retail SA		7,394		56,815
Big Lots, Inc.		200		11,522

Security Description	Shares		Value (Note 2)
Retail-Discount (continued)
Dollar General Corp.		236	$	54,903
Dollar Tree, Inc.†		261		26,045
Target Corp.		880		229,724
Walmart, Inc.		2,274		324,159
				703,168
Retail-Drug Store — 0.1%
Sundrug Co., Ltd.		400		12,985
Walgreens Boots Alliance, Inc.		1,942		91,565
				104,550
Retail-Gardening Products — 0.1%
Tractor Supply Co.		569		102,949
Retail-Home Furnishings — 0.0%
Kirkland’s, Inc.†		200		3,892
Williams-Sonoma, Inc.		66		10,012
				13,904
Retail-Jewelry — 0.3%
Cie Financiere Richemont SA		900		115,271
Movado Group, Inc.		300		9,021
Pandora A/S		304		39,412
Signet Jewelers, Ltd.		200		12,868
Swatch Group AG (TRQX)		414		26,890
Swatch Group AG (XEGT)		100		33,406
				236,868
Retail-Leisure Products — 0.0%
MarineMax, Inc.†		360		19,364
Retail-Major Department Stores — 0.3%
TJX Cos., Inc.		3,693		254,115
Retail-Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		358		120,216
Retail-Restaurants — 0.1%
Bloomin’ Brands, Inc.†		600		15,078
Brinker International, Inc.†		200		10,868
Cracker Barrel Old Country Store, Inc.		25		3,405
Dine Brands Global, Inc.†		100		7,747
Fiesta Restaurant Group, Inc.†		300		4,017
Jack in the Box, Inc.		90		9,797
McDonald’s Corp.		87		21,116
Papa John’s International, Inc.		65		7,418
Red Robin Gourmet Burgers, Inc.†		100		2,623
Ruth’s Hospitality Group, Inc.†		250		4,992
				87,061
Retail-Sporting Goods — 0.1%
Academy Sports & Outdoors, Inc.†		500		18,525
Big 5 Sporting Goods Corp.		700		15,344
Dick’s Sporting Goods, Inc.		201		20,932
Hibbett Sports, Inc.		300		26,598
Sportsman’s Warehouse Holdings, Inc.†		400		7,068
				88,467
Rubber-Tires — 0.2%
Bridgestone Corp.		900		39,613
Continental AG†		175		23,784
Goodyear Tire & Rubber Co.†		800		12,568
Nokian Renkaat Oyj		700		29,522
Sumitomo Rubber Industries, Ltd.		3,000		40,350
Yokohama Rubber Co., Ltd.		1,400		27,941
				173,778

129

SunAmerica Series Trust SA Franklin Tactical Opportunities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Rubber/Plastic Products — 0.0%
Trinseo SA		350	$	19,026
Satellite Telecom — 0.0%
EchoStar Corp., Class A†		300		6,690
Eutelsat Communications SA		2,801		30,483
				37,173
Savings & Loans/Thrifts — 0.1%
Berkshire Hills Bancorp, Inc.		500		13,520
First Financial Northwest, Inc.		779		12,542
Flushing Financial Corp.		500		11,025
HomeTrust Bancshares, Inc.		200		5,266
Investors Bancorp, Inc.		400		5,528
				47,881
Schools — 0.0%
American Public Education, Inc.†		300		8,886
Laureate Education, Inc., Class A†		200		2,962
Lincoln Educational Services Corp.†		600		4,164
Perdoceo Education Corp.†		300		3,558
				19,570
Semiconductor Components-Integrated Circuits — 0.5%
Cirrus Logic, Inc.†		50		4,129
NXP Semiconductors NV		483		99,686
QUALCOMM, Inc.		1,219		182,606
United Microelectronics Corp.		5,103		53,735
United Microelectronics Corp.		23,000		47,842
				387,998
Semiconductor Equipment — 0.8%
ASM International NV		168		59,760
ASML Holding NV		460		352,700
ASML Holding NV (Euronext Amsterdam)		235		178,694
Axcelis Technologies, Inc.†		275		10,601
BE Semiconductor Industries NV		300		26,378
MKS Instruments, Inc.		43		6,727
Tokyo Electron, Ltd.		100		41,202
				676,062
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		31		6,359
Software Tools — 0.1%
VMware, Inc., Class A†		403		61,957
Steel Pipe & Tube — 0.0%
Tenaris SA		1,323		13,530
Steel-Producers — 0.5%
ArcelorMittal		4,343		153,047
ArcelorMittal SA		3,320		115,958
BlueScope Steel, Ltd.		588		10,570
Evraz PLC		4,143		35,344
Nucor Corp.		335		34,847
POSCO ADR		300		23,697
Reliance Steel & Aluminum Co.		70		11,000
Steel Dynamics, Inc.		234		15,081
thyssenkrupp AG†		1,800		17,951
voestalpine AG		600		26,457
				443,952
Telecom Services — 0.1%
ATN International, Inc.		100		4,305

Security Description	Shares		Value (Note 2)
Telecom Services (continued)
BCE, Inc.		800	$	39,929
HKT Trust & HKT, Ltd.		27,000		36,697
Ooma, Inc.†		400		7,420
TELUS Corp.		1,000		22,211
				110,562
Telecommunication Equipment — 0.1%
ADTRAN, Inc.		831		18,623
Juniper Networks, Inc.		2,452		68,999
				87,622
Telephone-Integrated — 0.6%
AT&T, Inc.		2,671		74,922
KDDI Corp.		3,000		91,554
Lumen Technologies, Inc.		858		10,699
Nippon Telegraph & Telephone Corp.		2,300		58,929
Shenandoah Telecommunications Co.		200		10,558
Telecom Italia SpA		40,000		18,681
Telephone & Data Systems, Inc.		500		11,175
Verizon Communications, Inc.		3,435		191,604
				468,122
Television — 0.0%
ITV PLC†		12,000		18,699
Textile-Apparel — 0.1%
LVMH Moet Hennessy Louis Vuitton SE		69		55,218
Textile-Home Furnishings — 0.0%
Mohawk Industries, Inc.†		78		15,202
Therapeutics — 0.0%
Akebia Therapeutics, Inc.†		2,000		4,940
G1 Therapeutics, Inc.†		400		6,924
				11,864
Tobacco — 0.5%
Altria Group, Inc.		1,848		88,778
Imperial Brands PLC		959		20,545
Japan Tobacco, Inc.		2,300		44,978
KT&G Corp.		700		50,118
Philip Morris International, Inc.		1,346		134,721
Swedish Match AB		4,210		37,692
Vector Group, Ltd.		1,100		14,696
				391,528
Tools-Hand Held — 0.0%
Snap-on, Inc.		60		13,079
Toys — 0.1%
Nintendo Co., Ltd.		200		103,047
Traffic Management Sys — 0.0%
Arlo Technologies, Inc.†		1,200		7,332
Transactional Software — 0.0%
SimCorp A/S		180		25,019
Transport-Equipment & Leasing — 0.0%
Greenbrier Cos., Inc.		100		4,280
Transport-Marine — 0.3%
AP Moller - Maersk A/S, Series B		87		241,471
DHT Holdings, Inc.		1,300		7,540
International Seaways, Inc.		150		2,467
Nordic American Tankers, Ltd.		1,100		2,871
Teekay LNG Partners LP		500		7,245
				261,594

130

SunAmerica Series Trust SA Franklin Tactical Opportunities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
COMMON STOCKS (continued)
Transport-Rail — 0.2%
Aurizon Holdings, Ltd.		13,934	$	39,588
Canadian Pacific Railway, Ltd.		1,262		93,792
Union Pacific Corp.		193		42,220
				175,600
Transport-Services — 0.8%
Deutsche Post AG		900		60,952
Expeditors International of Washington, Inc.		50		6,413
Kamigumi Co., Ltd.		700		14,853
Kuehne & Nagel International AG		111		37,451
Royal Mail PLC		4,144		29,034
United Parcel Service, Inc., Class B		2,673		511,505
Yamato Holdings Co., Ltd.		1,100		31,668
				691,876
Transport-Truck — 0.1%
ArcBest Corp.		150		8,867
Covenant Logistics Group, Inc.†		400		8,404
Knight-Swift Transportation Holdings, Inc.		49		2,435
Werner Enterprises, Inc.		450		20,569
				40,275
Vitamins & Nutrition Products — 0.0%
China Feihe, Ltd.*		7,000		13,492
USANA Health Sciences, Inc.†		100		9,527
				23,019
Water — 0.0%
Consolidated Water Co., Ltd.		600		7,608
Water Treatment Systems — 0.0%
Pentair PLC		184		13,555
Web Portals/ISP — 0.7%
Alphabet, Inc., Class A†		105		282,926
Alphabet, Inc., Class C†		106		286,668
				569,594
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		227		50,830
Total Common Stocks (cost $41,411,034)				53,671,527
U.S. CORPORATE BONDS & NOTES — 14.4%
Aerospace/Defense — 0.4%
Northrop Grumman Corp. Senior Notes 2.93% due 01/15/2025	$	330,000		352,026
Banks-Commercial — 0.2%
Truist Financial Corp. Senior Notes 3.20% due 09/03/2021		155,000		155,000
Banks-Super Regional — 0.8%
PNC Funding Corp. Senior Notes 3.30% due 03/08/2022		200,000		203,129
US Bancorp Senior Notes 1.38% due 07/22/2030		245,000		238,471

Security Description	Principal Amount		Value (Note 2)
Banks-Super Regional (continued)
Wells Fargo & Co. Senior Notes 3.00% due 10/23/2026	$	215,000	$	232,942
				674,542
Beverages-Non-alcoholic — 0.4%
PepsiCo, Inc. Senior Notes 2.25% due 03/19/2025		340,000		358,610
Cable/Satellite TV — 0.3%
Comcast Corp. Company Guar. Notes 3.70% due 04/15/2024		205,000		222,120
Commercial Services-Finance — 0.2%
PayPal Holdings, Inc. Senior Notes 1.65% due 06/01/2025		210,000		215,848
Computers — 0.4%
Apple, Inc. Senior Notes 3.75% due 11/13/2047		305,000		359,558
Diversified Banking Institutions — 1.4%
Bank of America Corp. Senior Notes 3.50% due 04/19/2026		310,000		342,266
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026		210,000		228,704
Goldman Sachs Group, Inc. Senior Notes 4.80% due 07/08/2044		190,000		250,427
JPMorgan Chase & Co. Senior Notes 5.40% due 01/06/2042		165,000		230,794
Morgan Stanley Senior Notes 3.77% due 01/24/2029		155,000		174,164
				1,226,355
Diversified Manufacturing Operations — 0.4%
General Electric Capital Corp. Senior Notes 6.75% due 03/15/2032		250,000		347,997
Drug Delivery Systems — 0.3%
Becton Dickinson and Co. Senior Notes 3.70% due 06/06/2027		205,000		228,858
E-Commerce/Products — 0.3%
Amazon.com, Inc. Senior Notes 1.50% due 06/03/2030		230,000		227,510
Electronic Components-Semiconductors — 0.7%
Intel Corp. Senior Notes 3.90% due 03/25/2030		200,000		232,841
NVIDIA Corp. Senior Notes 3.20% due 09/16/2026		315,000		347,619
				580,460

131

SunAmerica Series Trust SA Franklin Tactical Opportunities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Enterprise Software/Service — 0.4%
Oracle Corp. Senior Notes 2.50% due 04/01/2025	$	345,000	$	363,097
Finance-Credit Card — 0.9%
American Express Credit Corp. Senior Notes 3.30% due 05/03/2027		205,000		227,638
Capital One Financial Corp. Senior Notes 3.20% due 02/05/2025		310,000		334,004
Visa, Inc. Senior Notes 4.30% due 12/14/2045		180,000		232,998
				794,640
Insurance-Life/Health — 0.3%
Prudential Financial, Inc. Senior Bonds 4.60% due 05/15/2044		195,000		252,906
Insurance-Multi-line — 0.3%
MetLife, Inc. Senior Notes 3.60% due 04/10/2024		220,000		237,937
Insurance-Property/Casualty — 0.2%
ACE INA Holdings, Inc. Company Guar. Notes 2.88% due 11/03/2022		210,000		216,130
Machinery-Farming — 0.3%
John Deere Capital Corp. Senior Notes 2.65% due 01/06/2022		215,000		217,206
Medical-Biomedical/Gene — 0.4%
Gilead Sciences, Inc. Senior Notes 2.95% due 03/01/2027		335,000		363,490
Medical-HMO — 0.8%
Humana, Inc. Senior Notes 3.95% due 08/15/2049		205,000		239,969
UnitedHealth Group, Inc. Senior Notes 3.70% due 08/15/2049		205,000		240,989
WellPoint, Inc. Senior Notes 3.13% due 05/15/2022		210,000		214,799
				695,757
Multimedia — 0.6%
Walt Disney Co. Company Guar. Notes 3.00% due 02/13/2026		440,000		478,276
Oil Companies-Integrated — 0.5%
Chevron USA, Inc. Company Guar. Notes 3.90% due 11/15/2024		195,000		214,689
Exxon Mobil Corp. Senior Notes 3.57% due 03/06/2045		220,000		245,554
				460,243

Security Description	Principal Amount		Value (Note 2)
Pharmacy Services — 0.3%
CVS Health Corp. Senior Notes 4.78% due 03/25/2038	$	200,000	$	250,560
Pipelines — 0.9%
Enterprise Products Operating LLC Company Guar. Notes 3.75% due 02/15/2025		325,000		355,418
MPLX LP Senior Notes 2.65% due 08/15/2030		235,000		241,006
Williams Cos., Inc. Senior Notes 3.70% due 01/15/2023		205,000		213,076
				809,500
Retail-Building Products — 0.6%
Home Depot, Inc. Senior Notes 3.00% due 04/01/2026		210,000		230,280
Lowe’s Cos., Inc. Senior Notes 4.55% due 04/05/2049		200,000		255,230
				485,510
Retail-Restaurants — 0.5%
McDonald’s Corp. Senior Notes 3.38% due 05/26/2025		210,000		228,330
Starbucks Corp. Senior Notes 3.80% due 08/15/2025		210,000		233,267
				461,597
Telephone-Integrated — 0.4%
AT&T, Inc. Senior Notes 3.50% due 09/15/2053*		167,000		172,441
Verizon Communications, Inc. Senior Notes 1.68% due 10/30/2030		11,000		10,626
Verizon Communications, Inc. Senior Notes 4.33% due 09/21/2028		134,000		157,035
				340,102
Transport-Rail — 0.9%
Burlington Northern Santa Fe LLC Senior Notes 3.55% due 02/15/2050		220,000		255,310
CSX Corp. Senior Notes 3.80% due 03/01/2028		205,000		233,119
Norfolk Southern Corp. Senior Notes 3.85% due 01/15/2024		285,000		304,664
				793,093
Transport-Services — 0.3%
FedEx Corp. Company Guar. Notes 4.75% due 11/15/2045		190,000		241,343
Total U.S. Corporate Bonds & Notes (cost $11,884,840)				12,410,271

132

SunAmerica Series Trust SA Franklin Tactical Opportunities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 0.4%
Oil Companies-Integrated — 0.4%
Shell International Finance BV Company Guar. Notes 3.88% due 11/13/2028 (cost $335,864)	$	310,000	$	358,263
U.S. GOVERNMENT AGENCIES — 1.5%
Federal National Mtg. Assoc. — 1.5%
2.13% due 04/24/2026		820,000		874,894
2.63% due 09/06/2024		440,000		471,240
Total U.S. Government Agencies (cost $1,307,219)				1,346,134
U.S. GOVERNMENT TREASURIES — 11.9%
United States Treasury Bonds — 3.5%
1.13% due 05/15/2040		582,000		519,617
1.25% due 05/15/2050		305,000		259,524
2.75% due 11/15/2047		445,000		524,370
3.00% due 08/15/2048		740,000		914,218
3.38% due 05/15/2044		615,000		790,467
				3,008,196
United States Treasury Notes — 8.4%
1.63% due 08/15/2029		973,000		1,012,376
1.75% due 05/15/2023		350,000		359,857
2.00% due 02/15/2025		1,299,000		1,368,923
2.00% due 11/15/2026		1,180,000		1,256,239
2.13% due 06/30/2022		425,000		432,902
2.25% due 01/31/2024		325,000		341,060
2.25% due 11/15/2024		707,000		749,337
2.25% due 02/15/2027		700,000		755,399
2.63% due 02/15/2029		905,000		1,007,484
				7,283,577
Total U.S. Government Treasuries (cost $10,193,940)				10,291,773
EXCHANGE-TRADED FUNDS — 5.7%
FlexShares Quality Dividend Index Fund ETF		13,803		789,532
Invesco S&P 500® Top 50 ETF		3,655		1,223,767
iShares MSCI ACWI ETF		575		58,713
iShares MSCI EAFE ETF		3,169		251,904
iShares Russell 1000 Value ETF		1,835		293,545
iShares S&P 500 Growth ETF		29,813		2,250,285
Total Exchange-Traded Funds (cost $4,648,496)				4,867,746

Security Description	Shares/ Principal Amount			Value (Note 2)
WARRANTS — 0.0%
Retail-Jewelry — 0.0%
Cie Financiere Richemont SA Expires 11/29/2023† (cost $0)		1,200		$	875
Total Long-Term Investment Securities (cost $69,781,393)					82,946,589
SHORT-TERM INVESTMENT SECURITIES — 3.8%
Registered Investment Companies — 3.8%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(2) (cost $3,243,019)	$	3,243,019			3,243,019
TOTAL INVESTMENTS (cost $73,024,412)(3)		100.0	%		86,189,608
Liabilities in excess of other assets		(0.00	)		(12,815	)
NET ASSETS		100.0	%	$	86,176,793

† 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 July 31, 2021, the aggregate value of these securities was $541,926 representing 0.6% of net assets.

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

(2) The rate shown is the 7-day yield as of July 31, 2021

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

ADR — American Depositary Receipt

CDI — Chess Depositary Interest

CVA — Certification Van Aandelen (Dutch Cert.)

CVR — Contingent Value Rights

ETF — Exchange-Traded Fund

Euronext Amsterdam — Euronext Stock Exchange, Amsterdam

NASDAQ — National Association of Securities Dealers Automated Quotations

SDR — Swedish Depositary Receipt

TRQX — Turquoise Stock Exchange

TSX — Toronto Stock Exchange

XEGT — Equiduct Stock Exchange

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	16	Long	S&P 500 E-Mini Index	September 2021	$	3,383,760	$	3,511,600	$	127,840
									Unrealized (Depreciation)
	25	Short	U.S. Treasury 10 Year Notes	September 2021	$	3,291,699	$	3,361,328	$	(69,629	)
			Net Unrealized Appreciation (Depreciation)						$	58,211

* 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.

133

SunAmerica Series Trust SA Franklin Tactical Opportunities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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:
Medical-Biomedical/Gene	$	584,345	$	52,750	**	$	9,386	$	646,481
Medical-Drugs		1,885,915		1,107,809	**		0		2,993,724
Other Industries		35,941,201		14,090,121	**		—		50,031,322
U.S. Corporate Bonds & Notes		—		12,410,271			—		12,410,271
Foreign Corporate Bonds & Notes		—		358,263			—		358,263
U.S. Government Agencies		—		1,346,134			—		1,346,134
U.S. Government Treasuries		—		10,291,773			—		10,291,773
Exchange-Traded Funds		4,867,746		—			—		4,867,746
Warrants		875		—			—		875
Short-Term Investment Securities		3,243,019		—			—		3,243,019
Total Investments at Value	$	46,523,101	$	39,657,121		$	9,386	$	86,189,608
Other Financial Instruments:†
Futures Contracts	$	127,840	$	—		$	—	$	127,840
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	69,629	$	—		$	—	$	69,629

* 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).

† Amounts represent unrealized appreciation/depreciation as of the end of 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. There were no level 3 transfers during the reporting period.

See Notes to Financial Statements

134

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PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Medical-Drugs	7.0	%
Medical-Biomedical/Gene	4.5
Electronic Components-Semiconductors	4.3
Retail-Discount	4.0
Electric-Integrated	3.8
Commercial Services-Finance	2.9
Semiconductor Equipment	2.9
Computer Services	2.8
Diversified Manufacturing Operations	2.7
Beverages-Non-alcoholic	2.5
Applications Software	2.2
Real Estate Investment Trusts	2.2
Cosmetics & Toiletries	2.0
Telephone-Integrated	1.9
Tobacco	1.9
Computers	1.9
Distribution/Wholesale	1.9
Aerospace/Defense	1.7
Instruments-Controls	1.5
Semiconductor Components-Integrated Circuits	1.5
Enterprise Software/Service	1.4
Medical-HMO	1.4
Transport-Services	1.4
Retail-Auto Parts	1.3
Networking Products	1.2
Electronic Forms	1.2
Chemicals-Diversified	1.2
Diagnostic Equipment	1.1
Web Portals/ISP	1.1
Food-Misc./Diversified	1.1
Internet Content-Entertainment	1.0
Finance-Credit Card	1.0
Retail-Restaurants	1.0
Data Processing/Management	1.0
Cable/Satellite TV	1.0
Electric Products-Misc.	0.9
Transport-Rail	0.9
Entertainment Software	0.9
Auto-Heavy Duty Trucks	0.9
Building-Residential/Commercial	0.9
Industrial Gases	0.8
U.S. Government Agencies	0.7
Food-Confectionery	0.7
Steel-Producers	0.7
Transport-Truck	0.6
Investment Management/Advisor Services	0.6
Consumer Products-Misc.	0.6
Industrial Automated/Robotic	0.6
Respiratory Products	0.6
Wireless Equipment	0.6
Commercial Services	0.6
Insurance-Property/Casualty	0.5
Food-Meat Products	0.5
Retail-Drug Store	0.5
Diagnostic Kits	0.5
Retail-Consumer Electronics	0.5
Electronic Components-Misc.	0.5
Advertising Agencies	0.5
Pharmacy Services	0.4
Gold Mining	0.4
Food-Retail	0.4

Containers-Paper/Plastic	0.4	%
Electric-Distribution	0.4
Retail-Gardening Products	0.4
Medical Information Systems	0.4
Soap & Cleaning Preparation	0.3
Computer Data Security	0.3
E-Commerce/Products	0.3
Communications Software	0.3
E-Commerce/Services	0.3
Computers-Memory Devices	0.3
Medical Products	0.3
Medical Labs & Testing Services	0.3
Human Resources	0.2
Gas-Distribution	0.2
Power Converter/Supply Equipment	0.2
Instruments-Scientific	0.2
Multimedia	0.2
Retail-Home Furnishings	0.2
Machinery-Pumps	0.2
Auto/Truck Parts & Equipment-Original	0.2
Machinery-Farming	0.2
Internet Infrastructure Software	0.2
Finance-Investment Banker/Broker	0.2
Consulting Services	0.2
Agricultural Operations	0.2
Computer Software	0.2
Tools-Hand Held	0.2
Office Supplies & Forms	0.2
Paper & Related Products	0.2
Building-Maintenance & Services	0.2
Building Products-Air & Heating	0.1
Computer Aided Design	0.1
Shipbuilding	0.1
Electronic Security Devices	0.1
Building & Construction Products-Misc.	0.1
Medical-Outpatient/Home Medical	0.1
Finance-Consumer Loans	0.1
Retail-Apparel/Shoe	0.1
Medical-Wholesale Drug Distribution	0.1
Retail-Convenience Store	0.1
Chemicals-Specialty	0.1
Finance-Other Services	0.1
Software Tools	0.1
Retail-Catalog Shopping	0.1
Oil Companies-Exploration & Production	0.1
Food-Baking	0.1
Machine Tools & Related Products	0.1
Savings & Loans/Thrifts	0.1
Apparel Manufacturers	0.1
Recreational Vehicles	0.1
Brewery	0.1
Appliances	0.1
Beverages-Wine/Spirits	0.1
Machinery-Electrical	0.1
Broadcast Services/Program	0.1
	99.9	%

* Calculated as a percentage of net assets

135

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.2%
Advertising Agencies — 0.5%
Interpublic Group of Cos., Inc.		9,743	$	344,513
Omnicom Group, Inc.		6,143		447,333
				791,846
Aerospace/Defense — 1.7%
General Dynamics Corp.		1,813		355,402
Lockheed Martin Corp.		4,388		1,630,888
Northrop Grumman Corp.		2,935		1,065,464
				3,051,754
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co.		3,896		232,669
Bunge, Ltd.		959		74,447
				307,116
Apparel Manufacturers — 0.1%
Carter’s, Inc.		1,176		114,942
Appliances — 0.1%
Whirlpool Corp.		435		96,370
Applications Software — 2.2%
Intuit, Inc.		3,819		2,023,955
Microsoft Corp.		6,716		1,913,456
				3,937,411
Auto-Heavy Duty Trucks — 0.9%
Cummins, Inc.		4,354		1,010,563
PACCAR, Inc.		6,897		572,382
				1,582,945
Auto/Truck Parts & Equipment-Original — 0.2%
Allison Transmission Holdings, Inc.		2,614		104,325
Gentex Corp.		7,686		261,554
				365,879
Beverages-Non-alcoholic — 2.5%
Coca-Cola Co.		30,328		1,729,606
Monster Beverage Corp.†		9,951		938,578
PepsiCo, Inc.		11,335		1,779,028
				4,447,212
Beverages-Wine/Spirits — 0.1%
Brown-Forman Corp., Class A		1,343		89,833
Brewery — 0.1%
Boston Beer Co., Inc., Class A†		146		103,660
Broadcast Services/Program — 0.1%
Fox Corp., Class A		2,228		79,450
Building & Construction Products-Misc. — 0.1%
Louisiana-Pacific Corp.		826		45,794
Trex Co., Inc.†		1,831		177,790
				223,584
Building Products-Air & Heating — 0.1%
Lennox International, Inc.		757		249,379
Building Products-Cement — 0.0%
Eagle Materials, Inc.		288		40,700
Building-Maintenance & Services — 0.2%
Rollins, Inc.		6,624		253,898
Building-Residential/Commercial — 0.9%
D.R. Horton, Inc.		6,066		578,878
Lennar Corp., Class A		1,907		200,521

Security Description	Shares		Value (Note 2)
Building-Residential/Commercial (continued)
NVR, Inc.†		91	$	475,257
PulteGroup, Inc.		5,783		317,313
				1,571,969
Cable/Satellite TV — 1.0%
Comcast Corp., Class A		29,244		1,720,425
Chemicals-Diversified — 1.2%
Celanese Corp.		2,527		393,631
Dow, Inc.		5,260		326,962
Eastman Chemical Co.		3,134		353,264
Huntsman Corp.		3,147		83,112
LyondellBasell Industries NV, Class A		8,764		870,528
				2,027,497
Chemicals-Specialty — 0.1%
NewMarket Corp.		210		66,341
Valvoline, Inc.		3,720		114,130
				180,471
Commercial Services — 0.6%
Cintas Corp.		2,250		886,905
Quanta Services, Inc.		972		88,355
				975,260
Commercial Services-Finance — 2.9%
Automatic Data Processing, Inc.		8,555		1,793,384
H&R Block, Inc.		6,140		150,737
Moody’s Corp.		3,561		1,338,936
S&P Global, Inc.		4,419		1,894,514
				5,177,571
Communications Software — 0.3%
Zoom Video Communications, Inc., Class A†		1,515		572,822
Computer Aided Design — 0.1%
Aspen Technology, Inc.†		1,625		237,673
Computer Data Security — 0.3%
Fortinet, Inc.†		2,132		580,416
Computer Services — 2.8%
Accenture PLC, Class A		5,943		1,887,972
Amdocs, Ltd.		3,831		295,409
Cognizant Technology Solutions Corp., Class A		13,145		966,552
EPAM Systems, Inc.†		389		217,762
International Business Machines Corp.		11,666		1,644,439
				5,012,134
Computer Software — 0.2%
Akamai Technologies, Inc.†		2,421		290,326
Computers — 1.9%
Apple, Inc.		13,457		1,962,838
Hewlett Packard Enterprise Co.		9,129		132,370
HP, Inc.		44,310		1,279,230
				3,374,438
Computers-Memory Devices — 0.3%
NetApp, Inc.		6,631		527,761
Consulting Services — 0.2%
Booz Allen Hamilton Holding Corp.		2,935		251,853
FTI Consulting, Inc.†		516		75,181
				327,034

136

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Consumer Products-Misc. — 0.6%
Clorox Co.		4,103	$	742,192
Kimberly-Clark Corp.		2,537		344,321
				1,086,513
Containers-Paper/Plastic — 0.4%
Amcor PLC		11,049		127,727
Packaging Corp. of America		2,491		352,477
Sonoco Products Co.		2,754		175,678
				655,882
Cosmetics & Toiletries — 2.0%
Estee Lauder Cos., Inc., Class A		5,470		1,826,050
Procter & Gamble Co.		12,435		1,768,630
				3,594,680
Data Processing/Management — 1.0%
Fair Isaac Corp.†		414		216,899
Jack Henry & Associates, Inc.		2,179		379,342
Paychex, Inc.		9,920		1,129,094
				1,725,335
Diagnostic Equipment — 1.1%
Thermo Fisher Scientific, Inc.		3,572		1,928,916
Diagnostic Kits — 0.5%
IDEXX Laboratories, Inc.†		1,220		827,806
Quidel Corp.†		546		77,243
				905,049
Distribution/Wholesale — 1.9%
Copart, Inc.†		5,836		857,892
Fastenal Co.		18,105		991,611
Pool Corp.		1,182		564,783
Watsco, Inc.		925		261,257
WW Grainger, Inc.		1,350		600,183
				3,275,726
Diversified Manufacturing Operations — 2.7%
3M Co.		8,259		1,634,787
A.O. Smith Corp.		2,182		153,460
Eaton Corp. PLC		4,597		726,556
Illinois Tool Works, Inc.		7,235		1,639,957
Trane Technologies PLC		2,756		561,149
				4,715,909
E-Commerce/Products — 0.3%
eBay, Inc.		8,465		577,398
E-Commerce/Services — 0.3%
Match Group, Inc.†		3,502		557,764
Electric Products-Misc. — 0.9%
Emerson Electric Co.		16,473		1,661,961
Electric-Distribution — 0.4%
Consolidated Edison, Inc.		8,787		648,217
Electric-Integrated — 3.8%
Alliant Energy Corp.		6,200		362,886
Ameren Corp.		5,486		460,385
American Electric Power Co., Inc.		8,589		756,863
Dominion Energy, Inc.		16,397		1,227,643
Evergy, Inc.		5,074		330,926
Hawaiian Electric Industries, Inc.		2,867		124,256
OGE Energy Corp.		1,401		47,284
Public Service Enterprise Group, Inc.		13,934		867,113
Southern Co.		23,535		1,503,181

Security Description	Shares		Value (Note 2)
Electric-Integrated (continued)
WEC Energy Group, Inc.		4,686	$	441,140
Xcel Energy, Inc.		9,193		627,422
				6,749,099
Electronic Components-Misc. — 0.5%
Garmin, Ltd.		4,237		666,057
Hubbell, Inc.		635		127,292
				793,349
Electronic Components-Semiconductors — 4.3%
Intel Corp.		29,356		1,577,004
Monolithic Power Systems, Inc.		683		306,844
NVIDIA Corp.		10,324		2,013,077
Skyworks Solutions, Inc.		5,270		972,368
Texas Instruments, Inc.		8,834		1,683,937
Xilinx, Inc.		7,075		1,060,118
				7,613,348
Electronic Forms — 1.2%
Adobe, Inc.†		3,323		2,065,677
Electronic Security Devices — 0.1%
Allegion PLC		1,662		227,029
Enterprise Software/Service — 1.4%
Oracle Corp.		21,296		1,855,733
Veeva Systems, Inc., Class A†		2,057		684,385
				2,540,118
Entertainment Software — 0.9%
Activision Blizzard, Inc.		11,583		968,571
Electronic Arts, Inc.		4,415		635,583
				1,604,154
Finance-Consumer Loans — 0.1%
Synchrony Financial		4,183		196,685
Finance-Credit Card — 1.0%
Mastercard, Inc., Class A		4,650		1,794,621
Finance-Investment Banker/Broker — 0.2%
Evercore, Inc., Class A		632		83,551
Jefferies Financial Group, Inc.		3,400		112,846
Lazard, Ltd., Class A		2,981		140,703
				337,100
Finance-Other Services — 0.1%
SEI Investments Co.		2,887		175,530
Food-Baking — 0.1%
Flowers Foods, Inc.		5,454		128,496
Food-Confectionery — 0.7%
Hershey Co.		4,753		850,217
J.M. Smucker Co.		2,756		361,339
				1,211,556
Food-Meat Products — 0.5%
Hormel Foods Corp.		8,238		382,079
Tyson Foods, Inc., Class A		7,905		564,891
				946,970
Food-Misc./Diversified — 1.1%
Campbell Soup Co.		3,076		134,483
Conagra Brands, Inc.		3,239		108,474
General Mills, Inc.		18,129		1,067,073
Ingredion, Inc.		1,804		158,409

137

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food-Misc./Diversified (continued)
Kellogg Co.		5,969	$	378,196
				1,846,635
Food-Retail — 0.4%
Kroger Co.		17,830		725,681
Gas-Distribution — 0.2%
Atmos Energy Corp.		3,101		305,727
National Fuel Gas Co.		648		33,327
UGI Corp.		1,482		68,157
				407,211
Gold Mining — 0.4%
Newmont Corp.		11,976		752,332
Human Resources — 0.2%
ManpowerGroup, Inc.		379		44,942
Robert Half International, Inc.		3,703		363,671
				408,613
Industrial Automated/Robotic — 0.6%
Rockwell Automation, Inc.		3,471		1,067,055
Industrial Gases — 0.8%
Air Products & Chemicals, Inc.		4,711		1,371,042
Instruments-Controls — 1.5%
Honeywell International, Inc.		7,262		1,697,783
Mettler-Toledo International, Inc.†		695		1,024,228
				2,722,011
Instruments-Scientific — 0.2%
Waters Corp.†		1,005		391,759
Insurance-Property/Casualty — 0.5%
Old Republic International Corp.		2,021		49,838
Progressive Corp.		9,515		905,447
				955,285
Internet Content-Entertainment — 1.0%
Facebook, Inc., Class A†		5,101		1,817,486
Internet Infrastructure Software — 0.2%
F5 Networks, Inc.†		1,710		353,132
Investment Management/Advisor Services — 0.6%
Invesco, Ltd.		8,630		210,399
T. Rowe Price Group, Inc.		4,312		880,338
				1,090,737
Lighting Products & Systems — 0.0%
Acuity Brands, Inc.		245		42,968
Machine Tools & Related Products — 0.1%
Lincoln Electric Holdings, Inc.		889		123,953
Machinery-Electrical — 0.1%
BWX Technologies, Inc.		1,425		81,838
Machinery-Farming — 0.2%
Toro Co.		3,202		364,196
Machinery-Pumps — 0.2%
Graco, Inc.		4,692		366,351
Medical Information Systems — 0.4%
Cerner Corp.		7,872		632,830
Medical Labs & Testing Services — 0.3%
Laboratory Corp. of America Holdings†		675		199,901

Security Description	Shares		Value (Note 2)
Medical Labs & Testing Services (continued)
Quest Diagnostics, Inc.		1,608	$	228,015
				427,916
Medical Products — 0.3%
West Pharmaceutical Services, Inc.		1,206		496,546
Medical-Biomedical/Gene — 4.5%
Amgen, Inc.		7,047		1,702,132
Bio-Rad Laboratories, Inc., Class A†		248		183,399
Biogen, Inc.†		4,420		1,444,147
Gilead Sciences, Inc.		25,365		1,732,176
Moderna, Inc.†		2,578		911,581
Regeneron Pharmaceuticals, Inc.†		1,943		1,116,467
United Therapeutics Corp.†		312		56,762
Vertex Pharmaceuticals, Inc.†		4,278		862,359
				8,009,023
Medical-Drugs — 7.0%
AbbVie, Inc.		14,813		1,722,752
Bristol-Myers Squibb Co.		25,515		1,731,703
Eli Lilly & Co.		8,395		2,044,182
Jazz Pharmaceuticals PLC†		428		72,555
Johnson & Johnson		9,908		1,706,158
Merck & Co., Inc.		23,173		1,781,308
Organon & Co.†		2,090		60,631
Pfizer, Inc.		43,296		1,853,502
Zoetis, Inc.		7,003		1,419,508
				12,392,299
Medical-HMO — 1.4%
Humana, Inc.		1,950		830,427
UnitedHealth Group, Inc.		4,070		1,677,735
				2,508,162
Medical-Outpatient/Home Medical — 0.1%
Chemed Corp.		416		198,024
Medical-Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc.		2,100		124,698
Premier, Inc., Class A		1,928		68,714
				193,412
Metal-Copper — 0.0%
Southern Copper Corp.		1,011		66,362
Multimedia — 0.2%
FactSet Research Systems, Inc.		1,066		380,861
Networking Products — 1.2%
Arista Networks, Inc.†		885		336,645
Cisco Systems, Inc.		31,698		1,755,118
				2,091,763
Office Automation & Equipment — 0.0%
Xerox Holdings Corp.		2,404		58,009
Office Supplies & Forms — 0.2%
Avery Dennison Corp.		1,362		286,946
Oil Companies-Exploration & Production — 0.1%
Cabot Oil & Gas Corp.		9,377		150,032
Paper & Related Products — 0.2%
International Paper Co.		4,960		286,490
Pharmacy Services — 0.4%
CVS Health Corp.		9,193		757,136

138

SunAmerica Series Trust SA Franklin U.S. Equity Smart Beta Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Power Converter/Supply Equipment — 0.2%
Generac Holdings, Inc.†		948	$	397,553
Real Estate Investment Trusts — 2.2%
CoreSite Realty Corp.		607		83,893
CubeSmart		1,390		69,027
Extra Space Storage, Inc.		1,521		264,867
Life Storage, Inc.		531		62,318
National Retail Properties, Inc.		4,979		243,324
Public Storage		5,056		1,579,899
Realty Income Corp.		9,310		654,400
SL Green Realty Corp.		535		39,836
Spirit Realty Capital, Inc.		3,042		152,769
STORE Capital Corp.		6,024		218,009
VICI Properties, Inc.		6,296		196,372
WP Carey, Inc.		4,388		354,068
				3,918,782
Recreational Vehicles — 0.1%
Brunswick Corp.		556		58,047
Polaris, Inc.		416		54,525
				112,572
Rental Auto/Equipment — 0.0%
AMERCO		64		37,629
Respiratory Products — 0.6%
ResMed, Inc.		3,919		1,065,184
Retail-Apparel/Shoe — 0.1%
Foot Locker, Inc.		3,391		193,490
Retail-Auto Parts — 1.3%
AutoZone, Inc.†		584		948,165
Genuine Parts Co.		998		126,666
O’Reilly Automotive, Inc.†		2,094		1,264,441
				2,339,272
Retail-Automobile — 0.0%
AutoNation, Inc.†		368		44,649
Retail-Catalog Shopping — 0.1%
MSC Industrial Direct Co., Inc., Class A		1,269		113,157
Qurate Retail, Inc., Series A		4,872		57,782
				170,939
Retail-Consumer Electronics — 0.5%
Best Buy Co., Inc.		7,152		803,527
Retail-Convenience Store — 0.1%
Casey’s General Stores, Inc.		965		190,790
Retail-Discount — 4.0%
Costco Wholesale Corp.		4,433		1,904,949
Dollar General Corp.		6,768		1,574,508
Target Corp.		7,390		1,929,159
Walmart, Inc.		11,806		1,682,945
				7,091,561
Retail-Drug Store — 0.5%
Walgreens Boots Alliance, Inc.		19,374		913,484
Retail-Gardening Products — 0.4%
Tractor Supply Co.		3,574		646,644
Retail-Home Furnishings — 0.2%
Williams-Sonoma, Inc.		2,448		371,362
Retail-Restaurants — 1.0%
McDonald’s Corp.		7,170		1,740,231

Security Description	Shares		Value (Note 2)
Retail-Sporting Goods — 0.0%
Dick’s Sporting Goods, Inc.		508	$	52,903
Savings & Loans/Thrifts — 0.1%
New York Community Bancorp, Inc.		3,139		36,977
People’s United Financial, Inc.		5,257		82,535
				119,512
Schools — 0.0%
Grand Canyon Education, Inc.†		698		64,474
Semiconductor Components-Integrated Circuits — 1.5%
Maxim Integrated Products, Inc.		7,865		785,792
QUALCOMM, Inc.		12,464		1,867,107
				2,652,899
Semiconductor Equipment — 2.9%
Applied Materials, Inc.		12,140		1,698,750
KLA Corp.		4,454		1,550,705
Lam Research Corp.		2,580		1,644,518
Teradyne, Inc.		1,888		239,776
				5,133,749
Shipbuilding — 0.1%
Huntington Ingalls Industries, Inc.		1,119		229,540
Soap & Cleaning Preparation — 0.3%
Church & Dwight Co., Inc.		6,970		603,463
Software Tools — 0.1%
VMware, Inc., Class A†		1,129		173,572
Steel-Producers — 0.7%
Nucor Corp.		6,522		678,418
Reliance Steel & Aluminum Co.		1,251		196,595
Steel Dynamics, Inc.		4,898		315,676
				1,190,689
Telephone-Integrated — 1.9%
AT&T, Inc.		56,978		1,598,233
Lumen Technologies, Inc.		12,313		153,543
Verizon Communications, Inc.		29,684		1,655,774
				3,407,550
Tobacco — 1.9%
Altria Group, Inc.		34,068		1,636,627
Philip Morris International, Inc.		17,389		1,740,465
				3,377,092
Tools-Hand Held — 0.2%
Snap-on, Inc.		1,328		289,477
Transport-Rail — 0.9%
Union Pacific Corp.		7,461		1,632,168
Transport-Services — 1.4%
C.H. Robinson Worldwide, Inc.		4,059		361,941
Expeditors International of Washington, Inc.		5,048		647,406
United Parcel Service, Inc., Class B		7,813		1,495,096
				2,504,443
Transport-Truck — 0.6%
JB Hunt Transport Services, Inc.		2,464		415,061
Landstar System, Inc.		1,110		174,270
Old Dominion Freight Line, Inc.		1,981		533,186
				1,122,517

139

SunAmerica Series Trust SA Franklin U.S. Equity Smart Beta Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
COMMON STOCKS (continued)
Web Portals/ISP — 1.1%
Alphabet, Inc., Class A†		360		$	970,031
Alphabet, Inc., Class C†		343			927,616
					1,897,647
Wireless Equipment — 0.6%
Motorola Solutions, Inc.		4,504			1,008,536
Total Long-Term Investment Securities (cost $138,106,592)					175,350,854
SHORT-TERM INVESTMENT SECURITIES — 0.7%
U.S. Government Agencies — 0.7%
Federal Home Loan Mtg. Corp. Disc. Notes 0.01% due 08/02/2021 (cost $1,220,000)	$	1,220,000			1,220,000
TOTAL INVESTMENTS (cost $139,326,592)(1)		99.9	%		176,570,854
Other assets less liabilities		0.1			220,334
NET ASSETS		100.0	%	$	176,791,188

† 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 July 31, 2021 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	175,350,854	$	—	$	—	$	175,350,854
Short-Term Investment Securities . . .		—		1,220,000		—		1,220,000
Total Investments at Value	$	175,350,854	$	1,220,000	$	—	$	176,570,854

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

See Notes to Financial Statements

140

SunAmerica Series Trust SA Global Index Allocation 60/40 Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Domestic Fixed Income Investment Companies	37.6	%
Domestic Equity Investment Companies	32.8
International Equity Investment Companies	29.7
	100.1	%

* Calculated as a percentage of net assets

141

SunAmerica Series Trust SA Global Index Allocation 60/40 Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares			Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# — 100.1%
Domestic Equity Investment Companies — 32.8%
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		573,785		$	20,243,120
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		306,397			4,758,347
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		136,853			2,102,061
Total Domestic Equity Investment Companies (cost $19,841,900)					27,103,528
Domestic Fixed Income Investment Companies — 37.6%
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		1,289,192			14,567,869
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		1,535,347			16,551,042
Total Domestic Fixed Income Investment Companies (cost $30,644,954)					31,118,911
International Equity Investment Companies — 29.7%
SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1		168,681			2,928,303
SunAmerica Series Trust SA International Index Portfolio, Class 1		1,599,213			21,653,344
Total International Equity Investment Companies (cost $19,892,830)					24,581,647
TOTAL INVESTMENTS (cost $70,379,684)(1)		100.1	%		82,804,086
Liabilities in excess of other assets		(0.1	)		(85,672	)
NET ASSETS		100.0	%	$	82,718,414

@ The SunAmerica Series Trust SA Global 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

(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 July 31, 2021 (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	$	82,804,086	$	—	$	—	$	82,804,086

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

See Notes to Financial Statements

142

SunAmerica Series Trust SA Global Index Allocation 75/25 Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	40.8	%
International Equity Investment Companies	36.5
Domestic Fixed Income Investment Companies	22.8
	100.1	%

* Calculated as a percentage of net assets

143

SunAmerica Series Trust SA Global Index Allocation 75/25 Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares			Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# — 100.1%
Domestic Equity Investment Companies — 40.8%
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		652,497		$	23,020,086
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		335,730			5,213,894
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		220,341			3,384,445
Total Domestic Equity Investment Companies (cost $23,353,102)					31,618,425
Domestic Fixed Income Investment Companies — 22.8%
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		729,466			8,242,961
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		869,427			9,372,424
Total Domestic Fixed Income Investment Companies (cost $17,290,215)					17,615,385
International Equity Investment Companies — 36.5%
SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1		237,353			4,120,446
SunAmerica Series Trust SA International Index Portfolio, Class 1		1,784,597			24,163,449
Total International Equity Investment Companies (cost $23,304,214)					28,283,895
TOTAL INVESTMENTS (cost $63,947,531)(1)		100.1	%		77,517,705
Liabilities in excess of other assets		(0.1	)		(84,239	)
NET ASSETS		100.0	%	$	77,433,466

@ The SunAmerica Series Trust SA Global Index Allocation 75/25 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/getprospectuses.

# See Note 2

(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 July 31, 2021 (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	$	77,517,705	$	—	$	—	$	77,517,705

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

See Notes to Financial Statements

144

SunAmerica Series Trust SA Global Index Allocation 90/10 Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	47.7	%
International Equity Investment Companies	44.5
Domestic Fixed Income Investment Companies	7.9
	100.1	%

* Calculated as a percentage of net assets

145

SunAmerica Series Trust SA Global Index Allocation 90/10 Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares			Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# — 100.1%
Domestic Equity Investment Companies — 47.7%
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		2,683,415		$	94,670,877
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		1,562,894			24,271,745
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		959,732			14,741,476
Total Domestic Equity Investment Companies (cost $98,045,748)					133,684,098
Domestic Fixed Income Investment Companies — 7.9%
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		914,011			10,328,321
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		1,091,657			11,768,059
Total Domestic Fixed Income Investment Companies (cost $21,922,218)					22,096,380
International Equity Investment Companies — 44.5%
SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1		844,912			14,667,676
SunAmerica Series Trust SA International Index Portfolio, Class 1		8,109,980			109,809,123
Total International Equity Investment Companies (cost $103,400,038)					124,476,799
TOTAL INVESTMENTS (cost $223,368,004)(1)		100.1	%		280,257,277
Liabilities in excess of other assets		(0.1	)		(142,078	)
NET ASSETS		100.0	%	$	280,115,199

@ The SunAmerica Series Trust SA Global 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

(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 July 31, 2021 (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	$	280,257,277	$	—	$	—	$	280,257,277

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

See Notes to Financial Statements

146

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Sovereign	46.7	%
United States Treasury Bonds	7.8
Registered Investment Companies	7.5
Diversified Financial Services	6.5
Banks-Commercial	4.8
United States Treasury Notes	3.8
Diversified Banking Institutions	3.0
Foreign Government Obligations	2.0
Federal Home Loan Mtg. Corp.	1.5
Government National Mtg. Assoc.	1.3
Regional Authority	1.0
Uniform Mtg. Backed Securities	1.0
Real Estate Investment Trusts	0.9
Medical-Drugs	0.6
Federal Home Loan Bank	0.6
Pipelines	0.5
SupraNational Banks	0.5
Computers	0.5
Federal National Mtg. Assoc.	0.4
Private Equity	0.4
Water	0.4
Tobacco	0.3
Telephone-Integrated	0.3
Airport Development/Maintenance	0.3
Real Estate Operations & Development	0.3
Electric-Integrated	0.3
Oil Companies-Exploration & Production	0.3
Building-Heavy Construction	0.3
Oil Companies-Integrated	0.3
Drug Delivery Systems	0.2
Aerospace/Defense	0.2
Cellular Telecom	0.2
Semiconductor Components-Integrated Circuits	0.2
Chemicals-Specialty	0.2
Engineering/R&D Services	0.2
Real Estate Management/Services	0.2
Insurance-Life/Health	0.2
Finance-Leasing Companies	0.2
Brewery	0.2
Medical Labs & Testing Services	0.2
Electric-Generation	0.1
Winding-Up Agency	0.1
Computers-Memory Devices	0.1
Independent Power Producers	0.1
Medical-HMO	0.1
Food-Retail	0.1
Retail-Discount	0.1
Aerospace/Defense-Equipment	0.1
Auto-Cars/Light Trucks	0.1
Food-Misc./Diversified	0.1
Gas-Distribution	0.1
Electronic Components-Semiconductors	0.1
Medical-Hospitals	0.1
Metal-Copper	0.1
Food-Meat Products	0.1
Metal-Diversified	0.1
Veterinary Diagnostics	0.1
Internet Content-Information/News	0.1
Containers-Metal/Glass	0.1
Cable/Satellite TV	0.1
Commercial Services-Finance	0.1

Options Purchased	0.1	%
Chemicals-Other	0.1
Coatings/Paint	0.1
Retail-Restaurants	0.1
Motion Pictures & Services	0.1
Insurance-Multi-line	0.1
Building Societies	0.1
Building Products-Cement	0.1
Non-Hazardous Waste Disposal	0.1
E-Commerce/Services	0.1
Auto-Heavy Duty Trucks	0.1
Finance-Consumer Loans	0.1
Miscellaneous Manufacturing	0.1
Data Processing/Management	0.1
	99.8%

Country Allocation*

United States	33.1	%
Japan	19.4
France	9.2
Italy	8.3
United Kingdom	7.0
Spain	5.4
Cayman Islands	3.8
Germany	2.8
Belgium	1.7
Canada	1.6
Netherlands	1.4
Luxembourg	0.9
Australia	0.8
SupraNational	0.7
Ireland	0.6
Austria	0.6
Sweden	0.3
Denmark	0.3
Mexico	0.3
Finland	0.2
Romania	0.2
Jersey	0.1
Egypt	0.1
Switzerland	0.1
Brazil	0.2
Guernsey	0.1
Ukraine	0.1
Israel	0.1
Dominican Republic	0.1
Bermuda	0.1
Turkey	0.1
Colombia	0.1
	99.8%

147

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Credit Quality#†

Aaa	25.5	%
Aa	11.0
A	10.0
Baa	22.4
Ba	5.3
B	1.3
Caa	0.3
Not Rated@	24.2
	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.

148

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description		Principal Amount**		Value (Note 2)
ASSET BACKED SECURITIES — 6.5%
Cayman Islands — 3.4%
Diameter Capital CLO 1, Ltd. FRS Series 2021-1A, Class A1A 1.39% (3 ML+1.24%) due 07/15/2036*(1)		$	1,100,000	$	1,099,725
Elmwood CLO IV, Ltd. FRS Series 2020-1A, Class A 1.37% (3 ML+1.24%) due 04/15/2033*(1)			2,600,000		2,612,093
HalseyPoint CLO 3, Ltd. FRS Series 2020-3A, Class A1A 1.58% (3 ML+1.45%) due 11/30/2032*(1)			1,225,000		1,230,157
ICG US CLO, Ltd. FRS Series 2017-1A, Class ARR 1.27% (3 ML+1.17%) due 07/28/2034*(1)			2,100,000		2,099,473
Marble Point CLO XIX, Ltd. FRS Series 2020-3A, Class D 4.03% (3 ML+3.90%) due 01/19/2034*(1)			400,000		396,518
Recette, Ltd. FRS Series 2015-1A, Class ARR 1.27% (3 ML+1.08%) due 04/20/2034*(1)			3,050,000		3,048,322
Trysail CLO, Ltd. FRS Series 2021-1A, Class A1 1.46% (3 ML+1.32%) due 07/20/2032*(1)			2,100,000		2,099,464
Venture 39 CLO, Ltd. FRS Series 2020-39A, Class A1 1.41% (3 ML+1.28%) due 04/15/2033*(1)			1,200,000		1,201,642
Wellfleet CLO X, Ltd. FRS Series 2019-XA, Class A1R 1.34% (3 ML+1.17%) due 07/20/2032*(1)			750,000		749,807
					14,537,201
United Kingdom — 0.6%
Harben Finance PLC FRS Series 2017-1X, Class A 0.88% (3 ML GBP+0.80%) due 08/20/2056(2)	GBP		518,690		721,747
London Wall Mtg. Capital PLC FRS Series 2017-FL1, Class A 0.94% (3 ML GBP+0.85%) due 11/15/2049(2)	GBP		386,198		537,951
Stratton Mtg. Funding PLC FRS Series 2019-1, Class A 1.25% (3M SONIA+1.20%) due 05/25/2051(2)	GBP		1,139,981		1,591,752
					2,851,450
United States — 2.5%
Banc of America Commercial Mtg. Trust Series 2016-UB10, Class D 3.00% due 07/15/2049*(3)			350,000		331,008

Security Description	Principal Amount**		Value (Note 2)
United States (continued)
BANK Series 2018-BN10, Class D 2.60% due 02/15/2061*(3)	$	200,000	$	182,031
BANK Series 2018-BN14, Class D 3.00% due 09/15/2060*(3)		175,000		159,036
BANK Series 2018-BN13, Class D 3.00% due 08/15/2061*(3)		300,000		274,590
BANK Series 2019-BN19, Class D 3.00% due 08/15/2061*(3)		100,000		95,595
BBCMS Mtg. Trust VRS Series 2017-C1, Class D 3.49% due 02/15/2050*(3)(4)		150,000		140,398
Bellemeade Re, Ltd. FRS Series 2021-2A, Class M1B 1.51% (SOFR30A+1.50%) due 06/25/2031*(2)		225,000		225,000
Benchmark Mtg. Trust Series 2019-B13, Class D 2.50% due 08/15/2057*(3)		250,000		226,736
Benchmark Mtg. Trust VRS Series 2018-B6, Class D 3.12% due 10/10/2051*(3)(4)		250,000		243,593
Citigroup Commercial Mtg. Trust Series 2017-P7, Class D 3.25% due 04/14/2050*(3)		125,000		107,374
Citigroup Commercial Mtg. Trust VRS Series 2016-GC36, Class C 4.75% due 02/10/2049(3)(4)		200,000		211,921
Citigroup Mtg. Loan Trust, Inc. FRS Series 2005-HE4, Class M2 0.77% (1 ML+0.68%) due 10/25/2035		110,000		110,118
COMM Mtg. Trust Series 2017-COR2, Class D 3.00% due 09/10/2050*(3)		250,000		239,142
Countrywide Alternative Loan Trust FRS Series 2006-OA1, Class 2A1 0.50% (1 ML+0.42%) due 03/20/2046(2)		161,711		137,126
Countrywide Alternative Loan Trust FRS Series 2005-82, Class A1 0.63% (1 ML+0.54%) due 02/25/2036(2)		291,068		249,639
Higher Education Funding I FRS Series 2014-1, Class A 1.20% (3 ML+1.05%) due 05/25/2034*		1,103,238		1,107,799
Home Equity Loan Trust FRS Series 2007-FRE1, Class 2AV3 0.32% (1 ML+0.23%) due 04/25/2037		511,740		493,206
JPMorgan Mtg. Trust VRS Series 2021-6, Class A3 2.50% due 10/25/2051*(2)(4)		589,268		602,158
Lehman XS Trust FRS Series 2007-7N, Class 1A2 0.33% (1 ML+0.24%) due 06/25/2047(2)		246,396		225,552

149

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount**		Value (Note 2)
ASSET BACKED SECURITIES (continued)
United States (continued)
Mill City Mtg. Loan Trust VRS Series 2017-2, Class A3 2.97% due 07/25/2059*(4)	$	201,691	$	209,573
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C26, Class D 3.06% due 10/15/2048*(3)		200,000		196,674
Sequoia Mtg. Trust FRS Series 2004-10, Class A3A 0.88% (6 ML+0.66%) due 11/20/2034(2)		18,743		18,612
SLM Student Loan Trust FRS Series 2007-2, Class A4 0.19% (3 ML+0.06%) due 07/25/2022		1,433,760		1,393,828
SLM Student Loan Trust FRS Series 2003-1, Class A5A 0.23% (3 ML+0.11%) due 12/15/2032*		1,162,205		1,115,365
SLM Student Loan Trust FRS Series 2008-2, Class A3 0.88% (3 ML+0.75%) due 04/25/2023		230,340		227,628
SLM Student Loan Trust FRS Series 2008-4, Class A4 1.78% (3 ML+1.65%) due 07/25/2022		481,684		486,131
SLM Student Loan Trust FRS Series 2008-5, Class A4 1.83% (3 ML+1.70%) due 07/25/2023		569,842		575,505
Washington Mutual Mtg. Pass-Through Certs. FRS Series 2006-AR5 Class 4A 1.10% (12 MTA+0.99%) due 06/25/2046(2)		235,373		205,720
Wells Fargo Alternative Loan Trust VRS Series 2007-PA6, Class A1 2.76% due 12/28/2037(2)(4)		158,836		156,328
Wells Fargo Commercial Mtg. Trust Series 2017-C38, Class D 3.00% due 07/15/2050*(3)		200,000		186,331
Wells Fargo Commercial Mtg. Trust Series 2017-RC1, Class D 3.25% due 01/15/2060*(3)		150,000		141,711
Wells Fargo Commercial Mtg. Trust Series 2017-RB1, Class D 3.40% due 03/15/2050*(3)		200,000		192,071
Wells Fargo Mtg. Backed Securities Trust VRS Series 2019-3, Class A1 3.50% due 07/25/2049*(2)(4)		65,401		66,068
				10,533,567
Total Asset Backed Securities (cost $27,056,403)				27,922,218

Security Description		Principal Amount**		Value (Note 2)
CORPORATE BONDS & NOTES — 17.6%
Australia — 0.4%
Australia & New Zealand Banking Group, Ltd. Sub. Notes 2.95% due 07/22/2030*		$	400,000	$	418,220
Macquarie Bank, Ltd. Sub. Notes 3.05% due 03/03/2036*			475,000		479,037
Macquarie Group, Ltd. Senior Notes 1.34% due 01/12/2027*			225,000		224,543
Westpac Banking Corp. Sub. Notes 2.67% due 11/15/2035			525,000		523,518
					1,645,318
Bermuda — 0.1%
IHS Markit, Ltd. Company Guar. Notes 4.75% due 02/15/2025*			250,000		279,375
Brazil — 0.1%
BRF SA Senior Notes 4.88% due 01/24/2030			200,000		207,163
British Virgin Islands — 0.0%
Huarong Finance II Co., Ltd. Company Guar. Notes 3.75% due 05/29/2024			260,000		187,343
Canada — 0.2%
1011778 BC ULC/New Red Finance, Inc. Senior Sec. Notes 3.50% due 02/15/2029*			260,000		258,573
GFL Environmental, Inc. Senior Sec. Notes 5.13% due 12/15/2026*			200,000		210,345
Masonite International Corp. Company Guar. Notes 3.50% due 02/15/2030*			175,000		176,344
Ovintiv, Inc. Company Guar. Notes 6.50% due 08/15/2034			135,000		179,852
					825,114
Cayman Islands — 0.4%
Avolon Holdings Funding, Ltd. Company Guar. Notes 3.95% due 07/01/2024*			250,000		267,098
Seagate Technology PLC Company Guar. Notes 3.38% due 07/15/2031*			455,000		447,606
Thames Water Utilities Finance PLC Sec. Notes 5.75% due 09/13/2030	GBP		550,000		800,032
					1,514,736
France — 3.2%
BNP Paribas SA Senior Notes 3.38% due 01/09/2025*			2,050,000		2,207,375

150

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
France (continued)
BPCE SA Senior Notes 4.00% due 09/12/2023*		$	1,300,000	$	1,391,285
CNP Assurances Sub. Notes 0.38% due 03/08/2028	EUR		200,000		235,556
Credit Agricole SA Senior Notes 1.25% due 01/26/2027*			650,000		644,718
Dexia Credit Local SA Government Guar. Notes 1.13% due 06/15/2022	GBP		5,600,000		7,845,499
La Mondiale SAM Sub. Notes 0.75% due 04/20/2026	EUR		300,000		363,328
Societe Generale SA Senior Notes 1.49% due 12/14/2026*			550,000		547,989
SPCM SA Senior Notes 2.63% due 02/01/2029*	EUR		275,000		335,167
					13,570,917
Germany — 0.5%
Commerzbank AG Sub. Notes 4.00% due 03/23/2026	EUR		300,000		404,044
Deutsche Bank AG Senior Notes 1.75% due 11/19/2030	EUR		200,000		254,818
Deutsche Bank AG Senior Notes 2.13% due 11/24/2026			150,000		153,242
Deutsche Bank AG Senior Notes 2.22% due 09/18/2024			300,000		307,878
Deutsche Bank AG Sub. Notes 3.73% due 01/14/2032			325,000		334,795
FMS Wertmanagement Government Guar. Notes 1.38% due 03/07/2025	GBP		600,000		862,270
					2,317,047
Guernsey — 0.1%
Credit Suisse Group Funding Guernsey, Ltd. Company Guar. Notes 1.25% due 04/14/2022	EUR		350,000		419,273
Ireland — 0.4%
AIB Group PLC Sub. Notes 2.88% due 05/30/2031	EUR		375,000		478,318
Bank of Ireland Group PLC Senior Notes 0.38% due 05/10/2027	EUR		375,000		446,192
Bank of Ireland Group PLC Sub. Notes 1.38% due 08/11/2031	EUR		600,000		713,634
					1,638,144

Security Description		Principal Amount**		Value (Note 2)
Isle of Man — 0.1%
Sasol Financing International, Ltd. Company Guar. Notes 4.50% due 11/14/2022		$	200,000	$	204,600
Italy — 0.3%
Aeroporti di Roma SpA Senior Notes 1.63% due 02/02/2029	EUR		250,000		316,114
Intesa Sanpaolo SpA Senior Notes 1.35% due 02/24/2031	EUR		350,000		422,707
Telecom Italia SpA Senior Notes 4.00% due 04/11/2024	EUR		350,000		447,331
					1,186,152
Jersey — 0.1%
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes 2.63% due 03/31/2036*			200,000		198,080
Heathrow Funding, Ltd. Senior Sec. Notes 1.13% due 10/08/2032	EUR		350,000		419,575
					617,655
Luxembourg — 0.8%
ADLER Group SA Senior Notes 2.25% due 01/14/2029	EUR		400,000		449,249
ArcelorMittal SA Senior Notes 4.25% due 07/16/2029			155,000		174,918
Blackstone Property Partners Europe Holdings SARL Senior Notes 1.00% due 05/04/2028	EUR		350,000		418,384
Blackstone Property Partners Europe Holdings SARL Senior Notes 1.25% due 04/26/2027	EUR		237,000		290,444
Blackstone Property Partners Europe Holdings SARL Company Guar. Notes 1.75% due 03/12/2029	EUR		350,000		437,856
Blackstone Property Partners Europe Holdings SARL Senior Notes 2.00% due 02/15/2024	EUR		300,000		371,518
Gazprom PJSC Via Gaz Capital SA Senior Notes 5.15% due 02/11/2026*			340,000		381,786
Logicor Financing SARL Company Guar. Notes 2.25% due 05/13/2025	EUR		350,000		446,878
Logicor Financing SARL Company Guar. Notes 3.25% due 11/13/2028	EUR		300,000		419,213
					3,390,246

151

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Mexico — 0.2%
Cemex SAB de CV Senior Sec. Notes 5.20% due 09/17/2030*		$	200,000	$	219,000
Mexico City Airport Trust Senior Sec. Notes 3.88% due 04/30/2028*			210,000		220,817
Mexico City Airport Trust Senior Sec. Notes 5.50% due 07/31/2047			200,000		202,000
Mexico City Airport Trust Senior Sec. Notes 5.50% due 07/31/2047*			200,000		202,000
					843,817
Morocco — 0.0%
OCP SA Senior Notes 5.13% due 06/23/2051*			200,000		203,800
Netherlands — 1.2%
ABN AMRO Bank NV Senior Notes 1.54% due 06/16/2027*			500,000		500,795
Airbus SE Senior Notes 2.38% due 06/09/2040	EUR		300,000		429,740
Cooperatieve Rabobank UA Sub. Notes 3.88% due 07/25/2023	EUR		450,000		576,511
Enel Finance International NV Company Guar. Notes 2.88% due 07/12/2041*			425,000		425,908
Lukoil Securities BV Company Guar. Notes 3.88% due 05/06/2030*			200,000		212,750
NXP BV/NXP Funding LLC Company Guar. Notes 3.88% due 09/01/2022*			900,000		931,298
Prosus NV Senior Notes 3.68% due 01/21/2030			200,000		210,451
Technip Energies NV Senior Notes 1.13% due 05/28/2028	EUR		525,000		637,592
WPC Eurobond BV Company Guar. Notes 0.95% due 06/01/2030	EUR		175,000		208,696
WPC Eurobond BV Company Guar. Notes 1.35% due 04/15/2028	EUR		700,000		871,086
					5,004,827
Norway — 0.0%
Adevinta ASA Senior Sec. Notes 3.00% due 11/15/2027	EUR		125,000		152,839
Spain — 0.9%
Banco Santander SA Senior Notes 2.71% due 06/27/2024			600,000		632,610

Security Description		Principal Amount**		Value (Note 2)
Spain (continued)
Banco Santander SA Senior Notes 3.49% due 05/28/2030		$	400,000	$	437,016
CaixaBank SA Senior Notes 0.38% due 11/18/2026	EUR		500,000		598,469
CaixaBank SA Senior Notes 0.75% due 05/26/2028	EUR		400,000		483,778
CaixaBank SA Senior Notes 1.13% due 05/17/2024	EUR		400,000		492,070
Cellnex Finance Co. SA Company Guar. Notes 1.25% due 01/15/2029	EUR		200,000		235,158
Cellnex Finance Co. SA Company Guar. Notes 2.00% due 02/15/2033	EUR		200,000		239,321
Cellnex Finance Co. SA Company Guar. Notes 3.88% due 07/07/2041*			200,000		203,344
FCC Aqualia SA Senior Sec. Notes 2.63% due 06/08/2027	EUR		500,000		661,631
					3,983,397
SupraNational — 0.6%
African Export-Import Bank Senior Notes 2.63% due 05/17/2026*			200,000		203,815
African Export-Import Bank Senior Notes 3.80% due 05/17/2031*			200,000		206,832
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC Senior Notes 3.00% due 09/01/2029*	EUR		100,000		118,869
Asian Development Bank Senior Notes 2.35% due 06/21/2027	JPY		40,000,000		419,445
CANPACK SA /Eastern PA Land Investment Holding LLC Company Guar. Notes 2.38% due 11/01/2027*	EUR		200,000		243,838
Inter-American Development Bank Senior Notes 7.00% due 06/15/2025			850,000		1,061,358
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. Company Guar. Notes 3.75% due 12/01/2031*			170,000		174,675
					2,428,832
Sweden — 0.0%
Verisure Holding AB Senior Sec. Notes 3.25% due 02/15/2027*	EUR		150,000		178,572

152

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
Switzerland — 0.1%
Credit Suisse AG Senior Notes 2.95% due 04/09/2025		$	250,000	$	267,985
Credit Suisse Group AG Senior Notes 3.09% due 05/14/2032*			300,000		313,017
					581,002
Turkey — 0.1%
Turkiye Vakiflar Bankasi TAO Senior Notes 8.13% due 03/28/2024			200,000		217,900
United Kingdom — 1.1%
BAT International Finance PLC Company Guar. Notes 3.95% due 06/15/2025*			1,000,000		1,101,308
Bellis Acquisition Co. PLC Senior Sec. Notes 3.25% due 02/16/2026*	GBP		100,000		138,653
Gazprom PJSC via Gaz Finance PLC Senior Notes 3.25% due 02/25/2030*			230,000		229,160
HSBC Holdings PLC Senior Notes 2.18% due 06/27/2023	GBP		600,000		845,580
Nationwide Building Society Senior Notes 3.96% due 07/18/2030*			200,000		227,305
Natwest Group PLC Senior Notes 1.64% due 06/14/2027			275,000		276,469
Pinewood Finance Co., Ltd. Senior Sec. Notes 3.25% due 09/30/2025*	GBP		175,000		247,276
Santander UK Group Holdings PLC Senior Notes 1.09% due 03/15/2025			400,000		401,972
Standard Chartered PLC Senior Notes 1.21% due 03/23/2025*			200,000		201,065
Standard Chartered PLC Senior Notes 1.46% due 01/14/2027*			700,000		696,492
TechnipFMC PLC Company Guar. Notes 6.50% due 02/01/2026*			165,000		176,815
					4,542,095
United States — 6.6%
AbbVie, Inc. Senior Notes 2.60% due 11/21/2024			750,000		793,461
AECOM Company Guar. Notes 5.13% due 03/15/2027			155,000		172,438
Air Lease Corp. Senior Notes 2.88% due 01/15/2026			350,000		369,990

Security Description		Principal Amount**		Value (Note 2)
United States (continued)
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 7.50% due 03/15/2026*		$	24,000	$	26,160
Albertsons Cos,. Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 3.50% due 03/15/2029*			329,000		332,290
Allison Transmission, Inc. Company Guar. Notes 3.75% due 01/30/2031*			200,000		199,000
American Axle & Manufacturing, Inc. Company Guar. Notes 6.25% due 04/01/2025			24,000		24,810
American Homes 4 Rent LP Senior Notes 2.38% due 07/15/2031			75,000		75,890
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.65% due 02/01/2026			550,000		609,908
AT&T, Inc. Senior Notes 1.80% due 09/14/2039	EUR		200,000		253,373
Atkore, Inc. Senior Notes 4.25% due 06/01/2031*			170,000		173,825
AutoNation, Inc. Senior Notes 1.95% due 08/01/2028			125,000		125,314
Aviation Capital Group LLC Senior Notes 1.95% due 01/30/2026*			75,000		75,681
Axalta Coating Systems LLC Company Guar. Notes 3.38% due 02/15/2029*			280,000		275,450
Bank of America Corp. Senior Notes 3.37% due 01/23/2026			1,000,000		1,076,702
BAT Capital Corp. Company Guar. Notes 2.26% due 03/25/2028			550,000		553,254
Bausch Health Americas, Inc. Company Guar. Notes 9.25% due 04/01/2026*			24,000		25,980
Bayer US Finance II LLC Company Guar. Notes 4.25% due 12/15/2025*			650,000		726,176
Becton Dickinson & Co. Senior Notes 3.36% due 06/06/2024			950,000		1,017,564
Boeing Co. Senior Notes 3.25% due 02/01/2035			50,000		51,617
Boeing Co. Senior Notes 3.38% due 06/15/2046			25,000		24,452

153

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
United States (continued)
Boeing Co. Senior Notes 5.15% due 05/01/2030		$	425,000	$	506,838
Boeing Co. Senior Bonds 5.81% due 05/01/2050			25,000		33,905
Booking Holdings, Inc. Senior Notes 0.10% due 03/08/2025	EUR		175,000		209,537
Broadcom, Inc. Company Guar. Notes 3.46% due 09/15/2026			364,000		397,455
Calpine Corp. Senior Sec. Notes 3.75% due 03/01/2031*			95,000		91,438
Calpine Corp. Senior Notes 5.00% due 02/01/2031*			275,000		277,750
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.25% due 02/01/2031*			350,000		360,500
Centene Corp. Senior Notes 2.63% due 08/01/2031			162,000		163,215
Centene Corp. Senior Notes 3.00% due 10/15/2030			350,000		363,699
CenturyLink, Inc. Senior Notes 7.50% due 04/01/2024			143,000		160,835
CF Industries, Inc. Company Guar. Notes 5.38% due 03/15/2044			135,000		173,610
Chemours Co. Company Guar. Notes 5.75% due 11/15/2028*			290,000		307,762
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029			160,000		172,600
CIT Group, Inc. Senior Notes 5.25% due 03/07/2025			400,000		451,000
Citigroup, Inc. Senior Notes 3.11% due 04/08/2026			800,000		856,463
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027			155,000		176,312
Dell International LLC/EMC Corp. Senior Sec. Notes 6.02% due 06/15/2026			475,000		571,710
Dell International LLC/EMC Corp. Senior Sec. Notes 4.90% due 10/01/2026			125,000		145,667
Dell International LLC/EMC Corp. Senior Sec. Notes 5.30% due 10/01/2029			150,000		183,481

Security Description		Principal Amount**		Value (Note 2)
United States (continued)
Dell International LLC/EMC Corp. Senior Sec. Notes 6.20% due 07/15/2030		$	75,000	$	97,096
Dollar Tree, Inc. Senior Notes 4.00% due 05/15/2025			400,000		441,843
Elanco Animal Health, Inc. Senior Notes 5.27% due 08/28/2023			350,000		374,500
EMC Corp. Senior Notes 3.38% due 06/01/2023			170,000		175,839
EMD Finance LLC Company Guar. Notes 3.25% due 03/19/2025*			900,000		971,962
EQT Corp. Senior Notes 3.63% due 05/15/2031*			245,000		259,504
Fair Isaac Corp. Senior Notes 5.25% due 05/15/2026*			155,000		176,312
Ford Motor Credit Co. LLC Senior Notes 3.25% due 09/15/2025	EUR		325,000		418,143
Freeport-McMoRan, Inc. Company Guar. Notes 4.63% due 08/01/2030			350,000		384,562
Glencore Funding LLC Company Guar. Notes 1.63% due 04/27/2026*			375,000		377,791
Global Payments, Inc. Senior Notes 1.20% due 03/01/2026			75,000		74,922
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025			350,000		396,690
Hewlett Packard Enterprise Co. Senior Notes 4.45% due 10/02/2023			350,000		377,859
Hewlett Packard Enterprise Co. Senior Notes 4.65% due 10/01/2024			200,000		221,840
Hewlett Packard Enterprise Co. Senior Notes 6.35% due 10/15/2045			150,000		207,623
Hillenbrand, Inc. Company Guar. Notes 3.75% due 03/01/2031			175,000		178,061
Indigo Merger Sub, Inc. Senior Sec. Notes 2.88% due 07/15/2026*			200,000		203,980
International Flavors & Fragrances, Inc. Senior Notes 1.23% due 10/01/2025*			300,000		300,321
IQVIA, Inc. Company Guar. Notes 2.25% due 03/15/2029*	EUR		225,000		268,975
Jeld-Wen, Inc. Company Guar. Notes 4.88% due 12/15/2027*			28,000		29,050

154

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
United States (continued)
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		$	350,000	$	372,037
Kraft Heinz Foods Co. Company Guar. Notes 4.88% due 10/01/2049			200,000		249,219
Kraft Heinz Foods Co. Company Guar. Notes 5.50% due 06/01/2050			121,000		161,917
Lithia Motors, Inc. Company Guar. Notes 4.38% due 01/15/2031*			160,000		174,496
LPL Holdings, Inc. Company Guar. Notes 4.00% due 03/15/2029*			170,000		172,550
Manitowoc Co., Inc. Sec. Notes 9.00% due 04/01/2026*			28,000		30,246
MasTec, Inc. Company Guar. Notes 4.50% due 08/15/2028*			525,000		553,623
Mattel, Inc. Company Guar. Notes 5.88% due 12/15/2027*			160,000		175,400
MPLX LP Senior Notes 4.50% due 04/15/2038			250,000		288,387
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 3.69% due 06/05/2028	GBP		450,000		669,798
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 4.63% due 08/01/2029			300,000		322,950
MSCI, Inc. Company Guar. Notes 3.63% due 09/01/2030*			165,000		173,456
Mueller Water Products, Inc. Company Guar. Notes 4.00% due 06/15/2029*			170,000		175,738
Nabors Industries, Inc. Company Guar. Notes 4.63% due 09/15/2021			4,000		3,980
Netflix, Inc. Senior Notes 4.88% due 04/15/2028			150,000		175,500
Newell Brands, Inc. Senior Notes 4.88% due 06/01/2025			155,000		171,663
NRG Energy, Inc. Company Guar. Notes 5.25% due 06/15/2029*			160,000		171,600
Occidental Petroleum Corp. Senior Notes 5.55% due 03/15/2026			150,000		164,189
ONE Gas, Inc. Senior Notes 1.10% due 03/11/2024			400,000		400,115
OneMain Finance Corp. Company Guar. Notes 3.50% due 01/15/2027			188,000		191,290

Security Description	Principal Amount**		Value (Note 2)
United States (continued)
Pilgrim’s Pride Corp. Company Guar. Notes 4.25% due 04/15/2031*	$	165,000	$	175,440
Pioneer Natural Resources Co. Senior Notes 1.13% due 01/15/2026		25,000		24,854
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. Company Guar. Notes 3.63% due 03/01/2029*		175,000		175,438
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.63% due 03/01/2025		650,000		744,204
Scripps Escrow, Inc. Company Guar. Notes 5.88% due 07/15/2027*		26,000		26,910
Spirit Realty LP Company Guar. Notes 2.10% due 03/15/2028		175,000		176,912
Sprint Communications, Inc. Company Guar. Notes 6.00% due 11/15/2022		26,000		27,522
T-Mobile USA, Inc. Company Guar. Notes 3.38% due 04/15/2029		90,000		93,707
T-Mobile USA, Inc. Senior Sec. Notes 3.50% due 04/15/2025		250,000		271,495
T-Mobile USA, Inc. Senior Sec. Notes 3.75% due 04/15/2027		450,000		501,696
T-Mobile USA, Inc. Company Guar. Notes 4.75% due 02/01/2028		100,000		106,305
Targa Resources Partners Co. Company Guar. Notes 6.88% due 01/15/2029		155,000		174,080
Teledyne Technologies, Inc. Senior Notes 0.95% due 04/01/2024		400,000		400,384
Valero Energy Partners LP Company Guar. Notes 4.38% due 12/15/2026		300,000		341,649
VEREIT Operating Partnership LP Company Guar. Notes 2.85% due 12/15/2032		175,000		187,469
VEREIT Operating Partnership LP Company Guar. Notes 4.63% due 11/01/2025		650,000		739,556
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 3.50% due 02/15/2025*		170,000		172,968
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*		170,000		175,525
VMware, Inc. Senior Notes 4.70% due 05/15/2030		145,000		174,203

155

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
CORPORATE BONDS & NOTES (continued)
United States (continued)
Western Digital Corp. Company Guar. Notes 4.75% due 02/15/2026		$	155,000	$	172,050
					28,184,506
Venezuela — 0.0%
Petroleos de Venezuela SA Company Guar. Bonds 5.38% due 04/12/2027†(5)(6)			390,000		16,575
Total Corporate Bonds & Notes (cost $70,971,702)					74,341,245
FOREIGN GOVERNMENT OBLIGATIONS — 47.5%
Australia — 0.4%
Commonwealth of Australia Senior Notes 3.25% due 06/21/2039	AUD		740,000		668,049
Commonwealth of Australia Senior Bonds 4.50% due 04/21/2033	AUD		1,100,000		1,093,446
					1,761,495
Austria — 0.5%
Republic of Austria Senior Notes 1.50% due 11/02/2086*	EUR		1,100,000		1,891,656
Belgium — 1.7%
Kingdom of Belgium Senior Notes 0.20% due 10/22/2023*	EUR		2,170,000		2,628,435
Kingdom of Belgium Senior Notes 0.80% due 06/22/2027*	EUR		650,000		833,934
Kingdom of Belgium Senior Notes 0.90% due 06/22/2029*	EUR		1,140,000		1,488,463
Kingdom of Belgium Senior Bonds 2.15% due 06/22/2066*	EUR		620,000		1,100,322
Kingdom of Belgium Bonds 4.25% due 03/28/2041*	EUR		600,000		1,232,237
					7,283,391
Canada — 1.4%
Government of Canada Bonds 2.75% due 12/01/2048	CAD		1,500,000		1,466,352
Province of British Columbia, Canada Senior Notes 2.85% due 06/18/2025	CAD		3,600,000		3,097,359
Province of British Columbia, Canada Senior Notes 4.95% due 06/18/2040	CAD		400,000		450,470
Province of Ontario, Canada Notes 2.85% due 06/02/2023	CAD		1,200,000		1,002,909
					6,017,090

Security Description		Principal Amount**		Value (Note 2)
Colombia — 0.0%
Republic of Colombia Senior Notes 4.13% due 05/15/2051		$	200,000	$	186,524
Denmark — 0.3%
Kingdom of Denmark Bonds 4.50% due 11/15/2039	DKK		4,700,000		1,358,668
Dominican Republic — 0.1%
Dominican Republic Senior Notes 4.50% due 01/30/2030*			150,000		153,676
Dominican Republic Senior Notes 5.88% due 01/30/2060*			150,000		151,352
					305,028
Egypt — 0.1%
Arab Republic of Egypt Senior Notes 8.88% due 05/29/2050*			570,000		606,543
France — 5.9%
Government of France Bonds 0.01% due 03/25/2025	EUR		6,800,000		8,267,965
Government of France Bonds 0.01% due 02/25/2026	EUR		760,000		927,504
Government of France Bonds 0.01% due 11/25/2030	EUR		5,980,000		7,224,524
Government of France Bonds 1.75% due 05/25/2066*	EUR		1,100,000		1,767,228
Government of France Bonds 2.75% due 10/25/2027	EUR		1,220,000		1,747,477
Government of France Bonds 4.50% due 04/25/2041	EUR		2,450,000		5,201,646
					25,136,344
Germany — 1.9%
Federal Republic of Germany Bonds 1.25% due 08/15/2048	EUR		160,000		254,807
Federal Republic of Germany Bonds 1.50% due 05/15/2023	EUR		6,370,000		7,866,267
					8,121,074
Ireland — 0.1%
Republic of Ireland Senior Notes 0.20% due 10/18/2030	EUR		320,000		392,214
Israel — 0.1%
Israel Government USAID Government Guar. Bonds 5.50% due 09/18/2023			300,000		333,109
Italy — 7.7%
Republic of Italy Senior Notes 0.01% due 01/15/2024	EUR		2,280,000		2,726,227

156

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Italy (continued)
Republic of Italy Senior Notes 0.95% due 03/01/2023	EUR		2,550,000	$	3,092,078
Republic of Italy Senior Notes 2.80% due 12/01/2028	EUR		6,570,000		9,220,678
Republic of Italy Bonds 2.80% due 03/01/2067*	EUR		560,000		818,190
Republic of Italy Bonds 2.95% due 09/01/2038*	EUR		3,550,000		5,357,470
Republic of Italy Senior Notes 3.75% due 08/01/2021*	EUR		1,300,000		1,542,124
Republic of Italy Bonds 5.50% due 11/01/2022	EUR		6,380,000		8,131,134
Republic of Italy Bonds 6.00% due 05/01/2031	EUR		1,040,000		1,871,747
					32,759,648
Japan — 17.4%
Government of Japan Bonds 2.00% due 06/20/2022	JPY		1,105,400,000		10,263,730
Government of Japan Bonds 0.01% due 07/01/2023	JPY		3,184,650,000		29,100,627
Government of Japan Bonds 0.10% due 07/01/2022	JPY		5,450,000		49,784
Government of Japan Bonds 0.10% due 10/01/2022	JPY		48,500,000		443,315
Government of Japan Bonds 0.10% due 09/20/2024	JPY		283,000,000		2,598,167
Government of Japan Bonds 0.30% due 12/20/2039	JPY		83,700,000		756,508
Government of Japan Bonds 0.40% due 06/20/2040	JPY		1,700,000		15,589
Government of Japan Bonds 0.40% due 06/20/2041	JPY		704,800,000		6,431,698
Government of Japan Bonds 0.40% due 12/20/2049	JPY		13,650,000		117,736
Government of Japan Bonds 0.50% due 03/20/2049	JPY		32,850,000		292,906
Government of Japan Bonds 0.70% due 03/20/2051	JPY		2,000,000		18,531
Government of Japan Bonds 0.70% due 06/20/2051	JPY		7,750,000		71,637
Government of Japan Bonds 0.70% due 03/20/2061	JPY		788,000,000		7,123,425

Security Description		Principal Amount**		Value (Note 2)
Japan (continued)
Government of Japan Bonds 1.40% due 09/20/2034	JPY		483,550,000	$	5,125,220
Government of Japan Bonds 2.00% due 09/20/2041	JPY		407,750,000		4,862,002
Government of Japan CPI Linked Bonds 0.10% due 03/10/2029(7)	JPY		742,418,424		6,960,278
					74,231,153
Mexico — 0.1%
United Mexican States Senior Notes 2.66% due 05/24/2031			210,000		206,390
United Mexican States Senior Notes 3.77% due 05/24/2061			220,000		205,077
					411,467
Romania — 0.2%
Government of Romania Senior Notes 2.00% due 01/28/2032*	EUR		70,000		83,457
Government of Romania Senior Notes 3.00% due 02/14/2031*			130,000		134,926
Government of Romania Senior Notes 3.38% due 01/28/2050*	EUR		10,000		12,426
Government of Romania Bonds 3.62% due 05/26/2030*	EUR		300,000		410,288
Government of Romania Senior Notes 4.00% due 02/14/2051*			150,000		158,629
					799,726
Spain — 4.2%
Kingdom of Spain Senior Notes 0.10% due 04/30/2031*	EUR		880,000		1,033,611
Kingdom of Spain Senior Notes 1.25% due 10/31/2030*	EUR		990,000		1,295,410
Kingdom of Spain Bonds 1.50% due 04/30/2027*	EUR		4,820,000		6,314,276
Kingdom of Spain Senior Notes 3.45% due 07/30/2066*	EUR		390,000		752,489
Kingdom of Spain Senior Bonds 4.90% due 07/30/2040*	EUR		1,570,000		3,227,857
Kingdom of Spain Bonds 5.15% due 10/31/2044*	EUR		550,000		1,224,494
Kingdom of Spain Senior Notes 5.85% due 01/31/2022*	EUR		1,250,000		1,530,410
Kingdom of Spain Senior Bonds 5.90% due 07/30/2026*	EUR		1,640,000		2,562,300
					17,940,847

157

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sweden — 0.3%
Kingdom of Sweden Bonds 1.00% due 11/12/2026	SEK		4,610,000	$	569,583
Kingdom of Sweden Bonds 3.50% due 06/01/2022	SEK		7,130,000		854,654
					1,424,237
SupraNational — 0.1%
European Union Senior Notes 0.01% due 07/06/2026	EUR		190,000		231,797
European Union Senior Notes 0.01% due 04/22/2031	EUR		310,000		375,688
					607,485
Ukraine — 0.1%
Government of Ukraine Senior Notes 4.38% due 01/27/2030*	EUR		350,000		386,124
United Kingdom — 5.0%
United Kingdom Gilt Treasury Bonds 1.75% due 07/22/2057	GBP		170,000		295,094
United Kingdom Gilt Treasury Bonds 3.25% due 01/22/2044	GBP		3,130,000		6,329,510
United Kingdom Gilt Treasury Bonds 3.50% due 01/22/2045	GBP		3,030,000		6,421,094
United Kingdom Gilt Treasury Bonds 3.50% due 07/22/2068	GBP		1,020,000		2,861,505
United Kingdom Gilt Treasury Bonds 4.25% due 12/07/2046	GBP		800,000		1,921,204
United Kingdom Gilt Treasury Bonds 4.50% due 09/07/2034	GBP		1,690,000		3,437,616
					21,266,023
Venezuela — 0.0%
Republic of Venezuela Senior Bonds 9.25% due 05/07/2028†(5)(6)			230,000		23,690
Total Foreign Government Obligations (cost $188,520,969)					203,243,536
U.S. GOVERNMENT AGENCIES — 4.8%
United States — 4.8%
Federal Home Loan Bank 2.63% due 09/12/2025			2,200,000		2,382,867
Federal Home Loan Mtg. Corp. 5.00% due 10/01/2029			2,615		2,886
5.00% due 07/01/2035			278,907		317,574
5.00% due 11/01/2038			57,124		65,152
5.00% due 01/01/2039			17,832		20,375
5.00% due 09/01/2039			41,003		46,817
5.00% due 05/01/2041			255,310		291,175
Federal Home Loan Mtg. Corp.
Structured Agency Credit Risk FRS
Series 2020-HQA5, Class M2 2.65% (SOFR30A+2.60%) due 11/25/2050*(2)			180,000		182,573

Security Description	Principal Amount**		Value (Note 2)
United States (continued)
Series 2020-HQA5, Class B1 4.05% (SOFR30A+4.00%) due 11/25/2050*(2)	$	119,000	$	125,025
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust FRS
Series 2020-DNA1, Class M2 1.79% (1 ML+1.70%) due 01/25/2050*(2)		667,126		669,206
Series 2021-HQA2, Class M2 2.07% (SOFR30A+2.05%) due 12/25/2033*(2)		410,000		411,027
Series 2020-DNA2, Class B1 2.59% (1 ML+2.50%) due 02/25/2050*(2)		195,000		195,313
Series 2021-HQA1, Class B1 3.02% (SOFR30A+3.00%) due 08/25/2033*(2)		620,000		622,713
Series 2020-DNA6, Class B1 3.02% (SOFR30A+3.00%) due 12/25/2050*(2)		435,000		438,483
Series 2020-DNA3, Class M2 3.09% (1 ML+3.00%) due 06/25/2050*(2)		64,567		64,893
Series 2021-DNA5, Class B1 3.10% (SOFR30A+3.05%) due 01/25/2034*(2)		130,000		132,280
Series 2020-HQA4, Class M2 3.24% (1 ML+3.15%) due 09/25/2050*(2)		304,661		306,839
Series 2020-DNA4, Class M2 3.84% (1 ML+3.75%) due 08/25/2050*(2)		83,015		83,468
Series 2020-DNA5, Class B1 4.85% (SOFR30A+ 4.80%) due 10/25/2050*(2)		534,000		569,376
Series 2020-DNA3, Class B1 5.19% (1 ML+5.10%) due 06/25/2050*(2)		625,000		653,563
Series 2020-DNA4, Class B1 6.09% (1 ML+6.00%) due 08/25/2050*(2)		563,000		600,294
Federal National Mtg. Assoc.
4.50% due 02/01/2040		7,752		8,357
4.50% due 08/01/2041		57,813		64,381
6.00% due 10/01/2034		225,630		263,375
6.00% due 11/01/2034		18,165		20,407
6.00% due 02/01/2037		155,962		179,646
6.00% due 03/01/2037		18,068		21,450
6.00% due 10/01/2037		64,628		75,405
6.00% due 08/01/2038		44,635		52,773
6.00% due 06/01/2039		1,044		1,182
6.00% due 10/01/2040		73,143		86,618
6.00% due 04/01/2041		8,831		10,472
6.00% due 05/01/2041		65,856		77,900
6.00% due 10/01/2041		77,381		87,069
Federal National Mtg. Assoc. Connecticut Avenue Securities FRS
Series 2019-R02, Class 1M2 2.39% (1 ML+2.30%) due 08/25/2031*(2)		98,582		99,311
Series 2014-C02, Class 1M2 2.69% (1 ML+2.60%) due 05/25/2024(2)		256,451		258,124

158

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
United States (continued)
Series 2014-C01, Class M2 4.49% (1 ML+4.40%) due 01/25/2024(2)		$	275,140	$	284,248
Series 2013-C01, Class M2 5.34% (1 ML+5.25%) due 10/25/2023(2)			50,042		52,281
Federal National Mtg. Assoc. REMIC
Series 2012-153, Class B 7.00% due 07/25/2042(2)			224,191		274,415
Series 2012-111, Class B 7.00% due 10/25/2042(2)			61,362		74,575
Government National Mtg. Assoc. 4.50% due 02/20/2049			2,868,600		3,054,843
5.00% due 09/20/2049			2,502,467		2,695,502
Uniform Mtg. Backed Securities 5.00% due August 30 TBA			4,000,000		4,376,875
Total U.S. Government Agencies (cost $19,957,321)					20,301,108
U.S. GOVERNMENT TREASURIES — 11.6%
United States — 11.6%
United States Treasury Bonds
zero coupon due 02/15/2038 STRIPS(9)			350,000		259,494
zero coupon due 08/15/2038 STRIPS(9)			670,000		490,506
2.00% due 02/15/2050			1,100,000		1,121,871
2.75% due 11/15/2047(9)			2,390,000		2,816,279
3.63% due 02/15/2044			21,620,000		28,779,091
United States Treasury Notes 0.38% due 12/31/2025			290,000		286,851
0.75% due 03/31/2026			5,800,000		5,824,922
0.75% due 01/31/2028			440,000		434,603
0.88% due 11/15/2030(9)			1,650,000		1,601,274
2.38% due 01/31/2023			5,000		5,167
2.63% due 03/31/2025			2,730,000		2,942,641
2.75% due 05/31/2023			1,470,000		1,539,136
2.88% due 08/15/2028			2,980,000		3,359,717
Total U.S. Government Treasuries (cost $46,067,486)					49,461,552
PREFERRED SECURITIES/CAPITAL SECURITIES — 2.2%
Austria — 0.1%
Erste Group Bank AG 6.50% due 04/15/2024(8)	EUR		200,000		265,321
Brazil — 0.1%
Banco do Brasil SA (Cayman) 6.25% due 04/15/2024(8)			240,000		242,102
Finland — 0.2%
Citycon Oyj 3.63% due 06/10/2026(8)	EUR		675,000		800,558
France — 0.1%
Electricite de France SA 2.88% due 12/15/2026(8)	EUR		600,000		741,999
Germany — 0.4%
Commerzbank AG 6.13% due 10/09/2025(8)	EUR		400,000		521,859

Security Description		Shares/ Principal Amount**		Value (Note 2)
Germany (continued)
Deutsche Bank AG 4.63% due 10/30/2027(8)	EUR		600,000	$	741,465
Deutsche Bank AG 6.00% due 10/30/2025(8)			400,000		419,000
					1,682,324
Ireland — 0.1%
AIB Group PLC 6.25% due 06/23/2025(8)	EUR		200,000		269,279
Italy — 0.3%
Enel SpA 1.38% due 06/08/2027(8)	EUR		700,000		831,540
Intesa Sanpaolo SpA 7.75% due 01/11/2027(8)	EUR		275,000		403,278
					1,234,818
Luxembourg — 0.1%
Helvetia Europe SA 2.75% due 06/30/2031	EUR		300,000		393,147
Netherlands — 0.2%
ABN AMRO Bank NV 4.38% due 09/22/2025(8)	EUR		400,000		512,460
Telefonica Europe BV 2.38% due 02/12/2029(8)	EUR		500,000		584,584
					1,097,044
Spain — 0.3%
Banco Bilbao Vizcaya Argentaria SA 6.00% due 01/15/2026(8)	EUR		200,000		271,038
Banco Santander SA 4.38% due 01/14/2026(8)	EUR		600,000		741,999
CaixaBank SA 5.88% due 10/09/2027(8)	EUR		200,000		273,411
					1,286,448
United Kingdom — 0.3%
BP Capital Markets PLC 3.25% due 03/22/2026(8)	EUR		200,000		255,597
BP Capital Markets PLC 3.63% due 03/22/2029(8)	EUR		200,000		260,628
Natwest Group PLC 5.13% due 05/12/2027(8)	GBP		550,000		827,572
					1,343,797
Total Preferred Securities/Capital Securities (cost $8,920,621)					9,356,837
OPTIONS — PURCHASED — 0.1%
United States — 0.1%
Over the Counter Purchased Call Options on Currency Contracts(12)			14,593,000		978
Over the Counter Purchased Call Options on Interest Rate Swap Contracts(12)			22,300,000		167,758
Over the Counter Purchased Put Options on Currency Contracts(12)			18,834,000		39,686
Over the Counter Purchased Put Options on Interest Rate Swap Contracts(12)			24,680,000		92,069
					300,491

159

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Shares/ Principal Amount**			Value (Note 2)
OPTIONS — PURCHASED (continued)
Germany — 0.0%
Over the Counter Purchased Put Options on Interest Rate Swap Contracts(12)			11,720,000		$	1,088
United Kingdom — 0.0%
Over the Counter Call Options on Interest Rate Swap Contracts(12)			26,530,000			45,006
Total Options — Purchased (cost $567,113)						346,585
Total Long-Term Investment Securities (cost $362,061,615)						384,973,081
SHORT-TERM INVESTMENT SECURITIES — 9.5%
Foreign Government Obligations — 2.0%
Government of Japan zero coupon due 09/06/2021	JPY		918,000,000			8,368,706
Registered Investment Companies — 7.5%
State Street Institutional U.S. Government Money Market Fund, Administration Class  0.01%(10)			32,014,427			32,014,427
Total Short-Term Investment Securities (cost $40,297,063)						40,383,133
TOTAL INVESTMENTS (cost $402,358,678)(11)			99.8	%		425,356,214
Other assets less liabilities			0.2			821,800
NET ASSETS			100.0	%	$	426,178,014

* 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 July 31, 2021, the aggregate value of these securities was $88,290,388 representing 20.7% of net assets.

** Denominated in United States dollars unless otherwise indicated.

† Non-income producing security

(1) Collateralized Loan Obligation

(2) Collateralized Mortgage Obligation

(3) Commercial Mortgage Backed Security

(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) 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 July 31, 2021, the Portfolio held the following restricted securities:

Description	Acquisition Date		Principal Amount		Acquisition Cost		Value		Value Per Par		% of Net Assets
Corporate Bonds & Notes
Petroleos de Venezuela SA 5.38% due 04/12/2027		10/23/2017	$	390,000	$	115,546	$	16,575	$	4.25		0.00	%
Foreign Government Obligations
Republic of Venezuela 9.25% due 05/07/2028		8/1/2017		230,000		93,621		23,690		10.30		0.01	%
							$	40,265				0.01	%

(6) Security in default of interest.

(7) Principal amount of security is adjusted for inflation.

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

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

(10) The rate shown is the 7-day yield as of July 31, 2021.

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

(12) Options — Purchased:

Over the Counter Purchased Call Options on Currency Contracts
Issue	Counterparty		Expiration Month		Strike Rate		Notional Amount (000’s)		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
Call option to buy Yuan Renminbi Offshore in exchange for U.S. Dollar at the strike price of 6.53 CNH per $1.000 USD		Bank of America, N.A.		August 2021		CNH 6.53	$	5,834	$	9,130	$	6	$	(9,124	)
Call option to buy Yuan Renminbi Offshore in exchange for U.S. Dollar at the strike price of 6.57 CNH per $1.000 USD		Morgan Stanley Co., Inc.		August 2021		CNH 6.57		8,759		17,176		972		(16,204	)
									$	26,306	$	978	$	(25,328	)

160

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

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 July 31, 2021		Unrealized Appreciation (Depreciation)
Call option to enter into an interest rate swap for the right to receive a fixed rate of 0.28% versus GBP-LIBOR maturing on 09/08/2023		JPMorgan Chase Bank, N.A.		September 2022		0.28	%	$	11,500	$	21,970	$	18,632	$	(3,338	)
Call option to enter into an interest rate swap for the right to receive a fixed rate of 0.30% versus GBP-LIBOR maturing on 09/08/2023		JPMorgan Chase Bank, N.A.		September 2022		0.30			15,030		29,253		26,374		(2,879	)
Call option to enter into an interest rate swap for the right to receive a fixed rate of 0.70% versus USD-LIBOR-BBA maturing on 11/16/2027		JPMorgan Chase Bank, N.A.		November 2022		0.70			7,300		73,887		36,633		(37,254	)
Call option to enter into an interest rate swap for the right to receive a fixed rate of 0.83% versus USD-LIBOR-BBA maturing on 04/22/2025		Deutsche Bank AG		April 2022		0.83			22,300		161,023		167,758		6,735
										$	286,133	$	249,397	$	(36,736	)

Over the Counter Purchased Put Options on Currency Contracts
Issue	Counterparty		Expiration Month		Strike Rate		Notional Amount (000’s)		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
Put option to sell U.S. Dollar in exchange for New Russian Ruble at the strike price 72.35 RUB per $1 USD		Barclays Capital		September 2021		RUB  72.35	$	1,327	$	14,563	$	9,329	$	(5,234	)
Put option to sell U.S. Dollar in exchange for South Korean Won at the strike price 1142 KRW per $1 USD		Barclays Capital		August 2021		KRW  1142		2,921		6,426		1,177		(5,249	)
Put option to sell U.S. Dollar in exchange for Canadian Dollar at the strike price 1.24 CAD per $1 USD		HSBC Bank PLC		August 2021		CAD  1.24		2,910		8,814		2,526		(6,288	)
Put option to sell U.S. Dollar in exchange for South Korean Won at the strike price 1134 KRW per $1 USD		JPMorgan Chase Bank, N.A.		August 2021		KRW  1134		4,396		10,594		1,969		(8,625	)
Put option to sell U.S. Dollar in exchange for South African Rand at the strike price 14.05 ZAR per $1 USD		Morgan Stanley Co., Inc.		August 2021		ZAR  14.05		1,453		10,104		49		(10,055	)
Put option to sell U.S. Dollar in exchange for Brazilian Real at the strike price 5.11 BRL per $1 USD		Morgan Stanley Co., Inc.		August 2021		BRL   5.11		1,458		13,747		7,124		(6,623	)
Put option to sell U.S. Dollar in exchange for New Russian Ruble at the strike price 73.79 RUB per $1 USD		Morgan Stanley Co., Inc.		August 2021		RUB  73.79		1,458		8,709		15,102		6,393
Put option to sell U.S. Dollar in exchange for Brazilian Real at the strike price 4.98 BRL per $1 USD		Morgan Stanley Co., Inc.		August 2021		BRL   4.98		2,911		24,744		2,410		(22,334	)
									$	97,701	$	39,686	$	(58,015	)

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 July 31, 2021		Unrealized Appreciation (Depreciation)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 0.17% versus EUR-EURIBOR-Telerate maturing on 08/24/2026	Citibank N.A.	August 2021		0.17	%	$	7,550	$	34,157	$	723	$	(33,434	)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 0.17% versus EUR-EURIBOR maturing on 08/04/2026	UBS AG	August 2021		0.17			4,170		19,798		365		(19,433	)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 0.75% versus USD-LIBOR-BBA maturing on 08/12/2026	JPMorgan Chase Bank, N.A.	August 2021		0.75			13,340		68,034		45,460		(22,574	)

161

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Over the Counter Purchased Put Options on Interest Rate Swap Contracts — (continued)
Issue	Counterparty		Expiration Month		Strike Rate			Notional Amount (000’s)		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 1.11% versus USD-LIBOR-BBA maturing on 11/17/2026		Citibank N.A.		November 2021		1.11	%	$	2,410	$	23,329	$	6,536	$	(16,793	)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 1.20% versus USD-LIBOR-BBA maturing on 11/23/2026		UBS AG		November 2021		1.20			1,630		11,655		3,440		(8,215	)
										$	156,973	$	56,524	$	(100,449	)

CLO — Collateralized Loan Obligation

USAID — United States Agency for International Development

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.

AUD — Australian Dollar

CAD — Canadian Dollar

DKK — Danish Krone

EUR — Euro Currency

GBP — British Pound

JPY — Japanese Yen

SEK — Swedish Krona

USD — U.S. Dollar

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at July 31, 2021 and unless noted otherwise, the dates shown are the original maturity dates.

Over the Counter Written Call Options on Currency Contracts
Issue	Counterparty	Expiration Month		Strike Rate		Notional Amount (000’s)		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
Call option to buy South African Rand in exchange for U.S. Dollar at the strike price of 15.50 ZAR per $1.00 USD	Deutsche Bank AG		August 2021	ZAR	15.50	$	1,445	$	8,864	$	4,624	$	4,240
Call option to buy Canadian Dollar in exchange for U.S. Dollar at the strike price of 1.27 CAD per $1.00 USD	HSBC Bank PLC		August 2021	CAD	1.27		1,455		4,938		1,240		3,698
Call option to buy Canadian Dollar in exchange for U.S. Dollar at the strike price of 1.27 CAD per $1.00 USD	HSBC Bank PLC		August 2021	CAD	1.27		1,455		4,631		1,544		3,087
Call option to buy Australian Dollar in exchange for Euro Currency at the strike price of 1.584 AUD per 0.843 EUR	Morgan Stanley Co., Inc.		August 2021	AUD	1.58		613,000		1,904		14,857		(12,953	)
Call option to buy South African Rand in exchange for U.S. Dollar at the strike price of 14.90 ZAR per $1.00 USD	Morgan Stanley Co., Inc.		August 2021	ZAR	14.90		1,453		6,974		2,474		4,500
Call option to buy Brazilian Real in exchange for U.S. Dollar at the strike price of 5.47 BRL per $1.00 USD	Morgan Stanley Co., Inc.		August 2021	BRL	5.47		1,458		12,755		1,769		10,986
Call option to buy New Russian Ruble in exchange for U.S. Dollar at the strike price of 77.20 RUB per $1.00 USD	Morgan Stanley Co., Inc.		August 2021	RUB	77.20		1,458		9,088		115		8,973
Call option to buy Turkish Lira in exchange for U.S. Dollar at the strike price of 9.25 TRY per $1.00 USD	Morgan Stanley Co., Inc.		August 2021	TRY	9.25		731		4,152		99		4,053
Call option to buy Yuan Renminbi Offshore in exchange for U.S. Dollar at the strike price of 6.53 CNH per $1.00 USD	Morgan Stanley Co., Inc.		August 2021	CNH	6.53		5,834		13,955		6		13,949
								$	67,261	$	26,728	$	40,533

162

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Over the Counter Written Call Options on Interest Rate Swap Contracts
Issue	Counterparty	Expiration Month	Strike Rate			Notional Amount (000’s)		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
Call option to enter into an interest rate swap for the right to receive a fixed rate of 0.63% versus USD-LIBOR maturing 04/22/2025	Deutsche Bank AG	April 2022		0.63	%	$	33,450	$	134,258	$	135,438	$	(1,180	)
Call option to enter into an interest rate swap for the right to receive a fixed rate of 0.36% versus EUR-EURIBOR maturing 09/08/2032	JPMorgan Chase Bank, N.A.	September 2022		0.36			1,180		21,844		22,241		(397	)
Call option to enter into an interest rate swap for the right to receive a fixed rate of 0.40% versus EUR-EURIBOR maturing 09/08/2032	JPMorgan Chase Bank, N.A.	September 2022		0.40			1,560		29,423		32,191		(2,768	)
Call option to enter into an interest rate swap for the right to receive a fixed rate of 1.06% versus USD-LIBOR maturing 11/18/2052	JPMorgan Chase Bank, N.A.	November 2022		1.06			1,400		72,719		34,292		38,427
								$	258,244	$	224,162	$	34,082

Over the Counter Written Put Options on Currency Contracts
Issue	Counterparty		Expiration Month		Strike Rate		Notional Amount (000’s)		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
Put option to sell U.S. Dollar in exchange for South Korean Won at the strike price of 1142 KRW per $1.00 USD		JPMorgan Chase Bank, N.A.		August 2021		KRW 1142	$	2,921	$	9,151	$	584	$	8,567
Put option to sell U.S. Dollar in exchange for New Russian Ruble at the strike price of 72.35 RUB per $1.00 USD		JPMorgan Chase Bank, N.A.		September 2021		RUB 72.35		1,327		18,386		9,329		9,057
Put option to sell Euro Currency in exchange for Australian Dollar at the strike price of 1.55 AUD per 0.843 EUR		Morgan Stanley Co., Inc.		August 2021		AUD 1.55		613		1,904		1		1,903
Put option to sell U.S. Dollar in exchange for Brazilian Real at the strike price of 5.11 BRL per $1.00 USD		Morgan Stanley Co., Inc.		August 2021		BRL 5.11		1,458		30,838		7,264		23,574
									$	60,279	$	17,178	$	43,101

Over the Counter Written Put Options on Interest Rate Swap Contracts
Issue	Counterparty	Expiration Month	Strike Rate			Notional Amount (000’s)		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 0.02% versus EUR-EURIBOR maturing 08/24/2026	Citibank, N.A.	August 2021		0.02	%	$	7,550	$	13,848	$	353	$	13,495
Put option to enter into an interest rate swap for the right to pay a fixed rate of 0.09% versus EUR-EURIBOR maturing 08/24/2026	Citibank, N.A.	August 2021		0.09			7,550		20,310		457		19,853
Put option to enter into an interest rate swap for the right to pay a fixed rate of 0.88% versus USD-LIBOR maturing 08/12/2026	JPMorgan Chase Bank, N.A., London	August 2021		0.88			13,340		41,353		9,464		31,889
Put option to enter into an interest rate swap for the right to pay a fixed rate of 1.01% versus USD-LIBOR maturing 08/12/2026	JPMorgan Chase Bank, N.A., London	August 2021		1.01			13,340		26,680		1,427		25,253
Put option to enter into an interest rate swap for the right to pay a fixed rate of 0.75% versus EUR-EURIBOR maturing 11/23/2026	Morgan Stanley Co., Inc.	November 2021		0.75			2,350		12,069		1,818		10,251
Put option to enter into an interest rate swap for the right to pay a fixed rate of 0.02% versus EUR-EURIBOR maturing 08/24/2026	UBS AG	August 2021		0.02			4,170		7,615		183		7,432
Put option to enter into an interest rate swap for the right to pay a fixed rate of 0.09% versus EUR-EURIBOR maturing 08/24/2026	UBS AG	August 2021		0.09			4,170		12,183		234		11,949

163

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Over the Counter Written Put Options on Interest Rate Swap Contracts — (continued)
Issue	Counterparty		Expiration Month		Strike Rate			Notional Amount (000’s)		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
Put option to enter into an interest rate swap for the right to pay a fixed rate of 0.15% versus EUR-EURIBOR maturing 11/17/2026		UBS AG		November 2021		0.15	%	$	3,450	$	23,765	$	3,655	$	20,110
										$	157,823	$	17,591	$	140,232

AUD	— Australian Dollar	NZD	— New Zealand Dollar
BRL	— Brazilian Real	RUB	— New Russian Ruble
CAD	— Canadian Dollar	TRY	— Turkish Lira
CNH	— Yuan Renminbi Offshore	USD	— U.S. Dollar
EUR	— Euro Currency	ZAR	— South African Rand
KRW	— South Korean Won

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	33	Short	90 Day Euro Dollar	December 2023	$	8,179,475	$	8,175,337	$	4,138
	32	Long	Australian 10 Year Bonds	September 2021		3,389,812		3,414,402		24,590
	43	Long	Australian 3 Year Bonds	September 2021		3,687,783		3,694,405		6,622
	13	Long	Canada 10 Year Bonds	September 2021		1,498,524		1,542,265		43,741
	25	Long	Euro-BOBL	September 2021		3,986,783		4,014,268		27,485
	4	Long	Euro-BTP	September 2021		713,505		732,058		18,553
	51	Long	Euro-Bund	September 2021		10,468,237		10,682,260		214,023
	10	Long	Euro-OAT	September 2021		1,879,375		1,922,673		43,298
	146	Long	U.S. Treasury 10 Year Notes	September 2021		19,428,389		19,630,156		201,767
	32	Long	U.S. Treasury 10 Year Ultra Bonds	September 2021		4,637,108		4,808,000		170,892
	262	Long	U.S. Treasury 2 Year Notes	September 2021		57,787,801		57,811,938		24,137
	14	Long	U.S. Treasury 5 Year Notes	September 2021		1,741,687		1,742,234		547
	51	Long	U.S. Treasury Ultra Bonds	September 2021		9,858,610		10,176,094		317,484
									$	1,097,277
									Unrealized (Depreciation)
	3	Short	Euro-BUXL 30 Year Bonds	September 2021	$	758,322	$	765,273	$	(6,951	)
	243	Short	Euro-Schatz	September 2021		32,366,413		32,387,297		(20,884	)
	33	Short	U.S. Treasury Long Bonds	September 2021		5,233,700		5,435,719		(202,019	)
									$	(229,854	)
			Net Unrealized Appreciation (Depreciation)						$	867,423

* 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.

164

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
JPMorgan Chase Bank, N.A.	AUD	1,321,476	USD	1,018,462		08/20/2021	$	48,617	$	—
	AUD	713,361	EUR	448,700		09/15/2021		9,113		—
	AUD	12,213,620	USD	9,088,846		09/15/2021		124,065		—
	BRL	7,672,534	USD	1,455,983		08/03/2021		—		(17,167	)
	BRL	5,271,163	USD	1,011,097		08/12/2021		164		—
	CAD	2,124,826	USD	1,694,063		08/16/2021		—		(9,044	)
	CAD	883,126	JPY	78,665,750		09/15/2021		9,457		—
	CAD	7,064,455	USD	5,700,898		09/15/2021		38,574		—
	CHF	2,435,049	USD	2,681,108		09/15/2021		—		(9,978	)
	CLP	2,306,684,235	USD	3,131,128		08/12/2021		92,499		—
	CNH	25,362,678	USD	3,888,885		08/04/2021		—		(33,985	)
	CNH	15,870,334	USD	2,453,120		08/12/2021		—		(63	)
	CNH	35,426,810	USD	5,447,454		09/15/2021		—		(13,345	)
	CZK	63,817,300	EUR	2,484,748		09/15/2021		—		(16,686	)
	EUR	10,630,579	USD	12,668,758		09/10/2021		48,891		—
	EUR	905,198	AUD	1,429,058		09/15/2021		—		(25,770	)
	EUR	931,520	CAD	1,386,953		09/15/2021		5,728		—
	EUR	2,180,018	CHF	2,359,793		09/15/2021		19,692		—
	EUR	597,084	CZK	15,212,937		09/15/2021		—		(1,677	)
	EUR	607,600	GBP	520,210		09/15/2021		1,795		—
	EUR	1,953,157	HUF	691,420,558		09/15/2021		—		(34,388	)
	EUR	2,499,172	JPY	325,157,810		09/15/2021		—		(2,236	)
	EUR	1,686,010	NOK	17,313,442		09/15/2021		—		(41,795	)
	EUR	893,526	NZD	1,516,231		09/15/2021		—		(4,663	)
	EUR	586,019	PLN	2,626,090		09/15/2021		—		(13,995	)
	EUR	2,500,358	SEK	25,393,914		09/15/2021		—		(17,648	)
	EUR	18,427,654	USD	22,037,626		09/15/2021		159,399		—
	GBP	3,696,952	USD	5,237,425		08/05/2021		98,637		—
	GBP	1,859,705	EUR	2,164,412		09/15/2021		—		(15,566	)
	GBP	4,486,521	USD	6,215,382		09/15/2021		—		(21,543	)
	HUF	977,256,629	EUR	2,738,773		09/15/2021		22,691		—
	IDR	5,326,839,564	USD	365,152		08/16/2021		—		(3,445	)
	IDR	5,267,099,155	USD	360,538		09/17/2021		—		(2,482	)
	ILS	3,167,399	USD	970,990		09/17/2021		—		(9,187	)
	JPY	335,995,843	USD	3,015,387		08/26/2021		—		(47,847	)
	JPY	918,173,502	USD	8,289,525		09/07/2021		—		(82,142	)
	JPY	34,763,514	CAD	385,614		09/15/2021		—		(7,907	)
	JPY	119,184,660	EUR	906,456		09/15/2021		—		(10,578	)
	JPY	36,668,360	NZD	475,205		09/15/2021		—		(3,337	)
	JPY	919,546,613	USD	8,377,955		09/15/2021		—		(6,798	)
	KRW	1,253,923,229	USD	1,095,375		08/06/2021		6,421		—
	KRW	1,457,267,441	USD	1,275,843		08/17/2021		12,262		—
	KRW	3,397,366,829	USD	3,012,416		09/15/2021		67,942		—
	MXN	101,598,267	USD	5,018,342		09/15/2021		—		(56,148	)
	NOK	2,644,571	USD	298,275		08/09/2021		—		(1,069	)
	NOK	15,849,507	EUR	1,526,653		09/15/2021		18,320		—
	NOK	22,876,722	USD	2,640,149		09/15/2021		50,454		—
	NZD	1,341,109	USD	938,104		08/03/2021		3,753		—
	NZD	5,363,667	USD	3,743,720		09/15/2021		7,498		—
	PLN	1,117,927	EUR	247,318		09/15/2021		3,404		—
	PLN	2,727,271	USD	714,673		09/15/2021		6,649		—
	RUB	78,021,495	USD	1,039,178		08/09/2021		—		(26,884	)
	RUB	120,357,258	USD	1,611,122		08/18/2021		—		(31,963	)
	RUB	24,066,577	USD	310,536		10/01/2021		—		(15,288	)
	SEK	4,018,710	USD	481,828		08/04/2021		14,989		—
	SEK	14,817,665	EUR	1,460,650		09/15/2021		12,268		—
	SEK	32,136,409	USD	3,836,325		09/15/2021		101,912		—
	SGD	3,371,729	USD	2,500,391		09/15/2021		12,080		—
	THB	69,732,738	USD	2,162,306		09/15/2021		41,161		—
	TRY	782,262	USD	88,893		08/13/2021		—		(3,429	)
	TRY	13,173,345	USD	1,483,585		08/16/2021		—		(68,770	)
	TRY	28,633,418	USD	3,177,136		09/15/2021		—		(146,433	)
	TWD	8,190,960	USD	292,054		09/10/2021		—		(1,389	)
	USD	1,482,169	BRL	7,392,747		08/03/2021		—		(62,739	)

165

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Forward Foreign Currency Contracts — (continued)
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
	USD	937,502	NZD	1,341,109		08/03/2021	$	—	$	(3,152	)
	USD	3,909,641	CNH	25,362,678		08/04/2021		13,230		—
	USD	2,539,109	KRW	2,909,537,442		08/06/2021		—		(12,356	)
	USD	581,200	ZAR	8,397,567		08/10/2021		—		(8,504	)
	USD	950,589	BRL	4,938,336		08/12/2021		—		(3,487	)
	USD	2,184,916	CLP	1,564,153,037		08/12/2021		—		(124,434	)
	USD	2,081,989	CNH	13,605,795		08/12/2021		21,149		—
	USD	731,034	IDR	10,593,764,131		08/16/2021		2,015		—
	USD	2,953,807	RUB	218,541,544		08/18/2021		29,662		—
	USD	7,507,198	AUD	9,755,597		08/20/2021		—		(347,467	)
	USD	2,517,183	CAD	3,071,173		08/20/2021		—		(55,563	)
	USD	7,746,993	JPY	854,422,680		08/26/2021		42,677		—
	USD	3,548,994	EUR	2,989,299		09/10/2021		—		(312	)
	USD	206,511	TWD	5,782,111		09/10/2021		634		—
	USD	7,165,203	AUD	9,434,768		09/15/2021		—		(240,095	)
	USD	6,601,999	CAD	8,175,167		09/15/2021		—		(49,413	)
	USD	985,755	CHF	903,092		09/15/2021		12,294		—
	USD	4,292,199	CNH	27,799,311		09/15/2021		—		(7,126	)
	USD	2,185,482	CZK	45,917,640		09/15/2021		—		(50,889	)
	USD	23,250,701	EUR	19,421,243		09/15/2021		—		(192,836	)
	USD	4,042,446	GBP	2,898,051		09/15/2021		—		(13,728	)
	USD	1,517,722	HUF	441,051,802		09/15/2021		—		(60,459	)
	USD	5,947,287	JPY	654,729,595		09/15/2021		22,771		—
	USD	3,223,654	KRW	3,661,646,543		09/15/2021		—		(50,131	)
	USD	3,881,010	MXN	77,791,714		09/15/2021		4,423		—
	USD	2,738,710	NOK	23,195,708		09/15/2021		—		(112,905	)
	USD	9,842,308	NZD	14,021,704		09/15/2021		—		(75,074	)
	USD	355,961	PLN	1,343,744		09/15/2021		—		(7,113	)
	USD	4,635,969	SEK	39,342,726		09/15/2021		—		(64,146	)
	USD	4,291,734	SGD	5,787,232		09/15/2021		—		(20,800	)
	USD	1,091,461	THB	35,322,193		09/15/2021		—		(17,023	)
	USD	4,040,937	TRY	36,150,842		09/15/2021		155,203		—
	USD	3,644,745	ZAR	51,174,298		09/15/2021		—		(170,789	)
	USD	353,511	IDR	5,151,362,623		09/17/2021		1,533		—
	USD	441,799	ILS	1,431,084		09/17/2021		1,061		—
	USD	373,690	RUB	28,848,845		10/01/2021		16,880		—
	ZAR	16,565,018	USD	1,139,521		08/10/2021		9,822		—
	ZAR	3,899,002	USD	273,186		08/31/2021		7,996		—
	ZAR	50,794,811	USD	3,498,740		09/15/2021		50,544		—
Unrealized Appreciation/(Depreciation)							$	1,430,329	$	(2,555,186	)

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

166

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (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			Unrealized Appreciation
PLN		22,390		12/16/2021	3 month WIBOR/Quarterly	0.250%/Maturity	$	(332	)	$	67
BRL		6,350		1/3/2022	4.120%/Maturity	Less than 1 month BRCDI/Maturity		12,147			1,178
NZD		105,610		9/15/2022	0.500%/Semi-annually	3 month NZDBB/Quarterly		(307,962	)		12,699
BRL		11,540		1/2/2023	Less than 1 month BRCDI/ Maturity	5.800%/Maturity		9,583			23,065
AUD		61,340		2/22/2023	0.190%/Quarterly	3 month BBSW/Quarterly		(21,177	)		34,143
CAD		39,980		6/15/2023	1.100%/Semi-annually	3 month CDOR/Semi-annually		1,162			36,169
EUR		26,830		6/16/2023	0.000%/Annually	12 month EURIBOR/Annually		4,496			5,216
MXN		98,610		9/13/2023	1 month TIIE/Monthly	5.600%/Monthly		(1,226	)		39,234
CNY		69,877		9/15/2023	2.500%/Quarterly	3 month CNY-LIBOR/Quarterly		12,599			21,284
KRW		10,870,370		9/15/2023	3 month KRW-LIBOR/Quarterly	1.250%/Quarterly		13,064			10,178
CAD		84,770		9/21/2023	1.200%/Semi-annually	3 month CDOR/Semi-annually		35,263			10,789
CAD		7,680		9/15/2024	0.750%/Semi-annually	3 month CDOR/Semi-annually		(55,431	)		553
BRL		8,768		1/2/2025	Less than 1 month BRCDI/ Maturity	6.320%/Maturity		13,299			58,982
CAD		6,040		9/15/2026	1.000%/Semi-annually	3 month CDOR/Semi-annually		(91,289	)		20,074
CHF		150		9/15/2026	0.000%/Annually	6 month CHF-LIBOR/Semi-annually		(382	)		76
CNY		13,310		9/15/2026	2.750%/Quarterly	3 month CNY-LIBOR/Quarterly		13,547			8,114
NOK		14,470		9/15/2026	1.500%/Annually	6 month NIBOR/Semi-annually		7,751			5,253
GBP		21,000		9/15/2026	0.000%/Annually	Less than 1 month SONIA/Annually		(704,492	)		79,307
SEK		107,630		9/15/2026	0.500%/Annually	3 month STIBOR/Quarterly		127,814			32,781
BRL		2,800		1/4/2027	Less than 1 month BRCDI/ Maturity	8.495%/Maturity		(4,599	)		6,169
AUD		5,290		10/28/2030	1.240%/Semi-annually	6 month BBSW/Semi-annually		(144,188	)		39,281
EUR		8,820		2/12/2031	0.500%/Annually	6 month EURIBOR/Semi-annually		100,521			82,239
USD		2,770		2/25/2031	2.209%/Semi-annually	3 month USD-LIBOR/Quarterly		(14,571	)		77,421
SEK		37,870		5/11/2031	1.273%/Annually	3 month STIBOR/Quarterly		(6,260	)		91,623
NOK		17,640		6/29/2031	6 month NIBOR/Semi-annually	1.926%/Annually		(23,386	)		1,144
EUR		12,450		7/22/2031	0.220%/Annually	6 month EURIBOR/Semi-annually		(16,778	)		19,630
MXN		1,025		9/3/2031	6.860%/Monthly	1 month TIIE/Monthly		(494	)		283
CAD		11,510		9/15/2031	1.250%/Semi-annually	3 month CDOR/Semi-annually		(487,350	)		105,234
SEK		29,770		9/15/2031	1.000%/Annually	3 month STIBOR/Quarterly		63,305			82,426
EUR		6,490		9/16/2031	0.500%/Annually	6 month EURIBOR/Semi-annually		13,694			92,231
CAD		6,250		9/15/2051	1.750%/Semi-annually	3 month CDOR/Semi-annually		(623,625	)		130,739
EUR		260		9/15/2051	0.000%/Annually	6 month EURIBOR/Semi-annually		(42,711	)		18,438
							$	(2,118,008	)	$	1,146,020

					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)
BRL		15,280		1/3/2022	3.390%/Maturity	Less than 1 month BRCDI/ Maturity	$	—		$	(30,254	)
BRL		13,940		1/2/2023	7.200%/Maturity	Less than 1 month BRL-LIBOR/Maturity		1,209			(17,219	)
BRL		595		1/2/2023	4.230%/Monthly	Less than 1 month BRCDI/ Monthly		311			(3,878	)
CAD		80,520		2/28/2023	0.804%/Semi-annually	3 month CDOR/Semi-annually		9,191			(4,156	)
CAD		34,000		3/1/2023	0.750%/Semi-annually	3 month CDOR/Semi-annually		2,116			(14,964	)
USD		31,660		3/3/2023	3 month USD-LIBOR/Quarterly	0.275%/Semi-annually		9,637			(19,749	)
USD		35,720		6/15/2023	3 month USD-LIBOR/Quarterly	0.450%/Semi-annually		(497	)		(42,966	)
AUD		12,330		9/15/2023	3 month BBSW/Quarterly	0.300%/Quarterly		1,707			(14,040	)
GBP		18,740		9/15/2023	Less than 1 month SONIA/Annually	0.000%/Annually		125,571			(650	)
EUR		15,420		9/15/2023	12 month EURIBOR/Annually	0.000%/Annually		75,064			(10,599	)
EUR		960		9/15/2023	6 month EURIBOR/Semi-annually	0.000%/Annually		1,064			(747	)
USD		72,210		9/21/2023	3 month USD-LIBOR/Quarterly	0.500%/Semi-annually		(29,047	)		(19,308	)

167

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (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)
CAD		21,420		11/18/2023	0.700%/Semi-annually	3 month CDOR/Semi-annually	$	16,402		$	(91,999	)
BRL		6,055		1/2/2024	4.930%/Maturity	Less than 1 month BRCDI/ Maturity		1,179			(50,579	)
BRL		4,550		1/2/2024	7.370%/Maturity	Less than 1 month BRCDI/ Maturity		3,776			(12,098	)
BRL		2,500		1/2/2024	7.960%/Maturity	Less than 1 month BRCDI/Maturity		—			(2,999	)
AUD		17,420		2/24/2024	0.500%/Quarterly	3 month BBSW/Quarterly		37,183			(3,281	)
USD		20		6/21/2024	3 month USD-LIBOR/Quarterly	1.500%/Semi-annually		561			(1,169	)
AUD		6,290		6/29/2024	3 month BBSW/Quarterly	0.486%/Quarterly		227			(19,197	)
USD		8,360		7/25/2024	3 month USD-LIBOR/Quarterly	1 month USD-LIBOR + 0.09%/Quarterly		2,208			(2,619	)
USD		6,220		9/15/2024	3 month USD-LIBOR/Quarterly	0.250%/Semi-annually		63,837			(15,703	)
EUR		3,800		9/15/2024	6 month EURIBOR/Semi-annually	0.000%/Annually		14,397			(6,997	)
PLN		4,460		12/16/2025	0.750%/Annually	6 month WIBOR/Semi-annually		(779	)		(25,568	)
MXN		20,740		9/9/2026	6.300%/Monthly	1 month TIIE/Monthly		355			(8,503	)
AUD		480		9/15/2026	6 month BBSW/Semi-annually	1.000%/Semi-annually		(4,295	)		(143	)
EUR		28,640		9/15/2026	6 month EURIBOR/Semi-annually	0.000%/Semi-annually		375,991			(122,430	)
EUR		9,200		9/15/2026	12 month EURIBOR/Annually	0.000%/Annually		66,011			(59,786	)
JPY		6,730		9/15/2026	0.000%/Annually	12 month JPY-LIBOR/Annually		94			(8	)
NZD		9,080		9/15/2026	1.250%/Semi-annually	3 month NZDBB/Quarterly		(40,081	)		(28,450	)
PLN		4,650		9/15/2026	3 month WIBOR/Semi-annually	1.750%/Annually		(3,071	)		(16,307	)
USD		2,280		9/15/2026	3 month USD-LIBOR/Quarterly	0.500%/Semi-annually		39,675			(3,063	)
ZAR		1,555		9/15/2026	5.800%/Quarterly	3 month JIBAR/Quarterly		1			(172	)
EUR		3,530		9/15/2028	6 month EURIBOR/Semi-annually	0.000%/Annually		46,391			(43,226	)
NOK		98,930		10/29/2030	6 month NIBOR/Semi-annually	1.240%/Annually		267,706			(58,796	)
GBP		6,490		2/10/2031	Less than 1 month SONIA/Annually	1.000%/Annually		(19,635	)		(108,226	)
NOK		35,300		5/11/2031	6 month NIBOR/Semi-annually	2.130%/Annually		6,681			(88,573	)
JPY		695,060		7/30/2031	12 month JPY-LIBOR/Annually	0.000%/Annually		18,870			(2,019	)
USD		4,220		7/30/2031	2.000%/Semi-annually	3 month USD-LIBOR/Quarterly		49,826			(4,483	)
EUR		4,140		9/15/2031	6 month EURIBOR/Semi-annually	0.000%/Annually		191,814			(95,230	)
GBP		12,040		9/15/2031	Less than 1 month SONIA/Annually	0.250%/Annually		820,208			(283,847	)
JPY		2,442,150		9/15/2031	12 month JPY-LIBOR/Annually	0.000%/Annually		(12,579	)		(7,687	)
NOK		53,950		9/15/2031	6 month NIBOR/Semi-annually	2.000%/Annually		(200,960	)		(80,867	)
AUD		6,680		9/17/2031	6 month BBSW/Semi-annually	2.000%/Semi-annually		4,476			(15,775	)
USD		3,290		2/25/2036	3 month USD-LIBOR/Quarterly	2.431%/Semi-annually		8,111			(72,677	)
GBP		450		9/15/2036	Less than 1 month SONIA/Annually	0.250%/Annually		55,363			(19,062	)
EUR		6,300		7/22/2041	6 month EURIBOR/Semi-annually	0.610%/Annually		26,237			(9,233	)
EUR		290		9/15/2041	6 month EURIBOR/Semi-annually	0.000%/Annually		33,286			(13,686	)
GBP		780		9/15/2041	Less than 1 month SONIA/Annually	0.500%/Annually		82,365			(48,536	)
GBP		300		9/15/2051	Less than 1 month SONIA/Annually	1.000%/Annually		(12,232	)		(30,308	)
USD		4,330		9/15/2051	3 month USD-LIBOR/Quarterly	1.250%/Semi-annually		611,038			(168,315	)
							$	2,746,963		$	(1,800,147	)
Total							$	628,955		$	(654,127	)

BBSW	— Bank Bill Swap Reference Rate	NZDBB	— New Zealand Bank Dollar Bill
BRCDI	— Brazilian Interbank Certificate of Deposit	SONIA	— Sterling Overnight Index Average
CDOR	— Canadian Dollar Offered Rate	STIBOR	— Stockholm Interbank Offered Rate
EURIBOR	— Euro Interbank Offered Rate	TIIE	— Interbank Equilibrium Interest Rate
JIBAR	— Johannesburg Interbank Average Rate	WIBOR	— Warsaw Interbank Offered Rate
LIBOR	— London Interbank Offered Rate
NIBOR	— Norwegian Interbank Offered Rate

168

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Over the Counter Credit Default Swaps on Sovereign Issues — Sell Protection(2)

Value(5)

Reference Obligation

Fixed Deal Receive Rate

Frequency

Maturity Date

Counterparty

Implied Credit Spread at July 31, 2021(3)

Notional Amount (000’s)(4)

Upfront Premiums Paid/ (Received)

Unrealized Appreciation (Depreciation)

People’s Republic of China 7.50% due 10/28/2027

1.000%

Quarterly

12/20/2023

Morgan Stanley & Co. International PLC

0.1831

%

$

1,120

$

13,129

$

8,962

Centrally Cleared Credit Default Swaps on Credit Indices — Buy Protection(1)
								Value(5)
Reference Obligation	Fixed Deal (Pay) Rate		Frequency	Maturity Date	Implied Credit Spread at July 31, 2021 (3)	Notional Amount (000’s)(4)		Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
iTraxx Europe Index		(1.000)%	Quarterly	6/20/2026	0.4662%	$	6,100	$	(160,198	)	$	(30,454	)

Centrally Cleared Credit Default Swaps on Credit Indices — Sell Protection(2)
												Value(5)
Reference Obligation	Fixed Deal Receive Rate		Frequency		Maturity Date		Implied Credit Spread at July 31, 2021 (3)			Notional Amount (000’s)(4)		Upfront Premiums Paid/ (Received)			Unrealized Appreciation (Depreciation)
CDX North American Investment Grade Index		1.000%		Quarterly		6/20/2022		0.2484	%	$	18,850	$	115,149		$	12,371
CDX North American Investment Grade Index		1.000%		Quarterly		6/20/2023		0.2786	%		9,800		74,215			60,339
CDX Emerging Market Index		1.000%		Quarterly		6/20/2026		1.6396	%		3,150		(115,546	)		21,666
iTraxx Europe Index		5.000%		Quarterly		6/20/2026		2.3600	%		1,850		221,732			43,008
Total												$	295,550		$	137,384

Centrally Cleared Credit Default Swaps on Sovereign Issues — Sell Protection(2)
												Value(5)
Reference Obligation	Fixed Deal Receive Rate		Frequency		Maturity Date		Implied Credit Spread at July 31, 2021 (3)			Notional Amount (000’s)(4)		Upfront Premiums Paid/ (Received)		Unrealized Appreciation (Depreciation)
Republic of Indonesia 3.70% due 01/08/2022		1.000%		Quarterly		6/20/2024		0.4451	%	$	1,220		4,595		15,041
State of Qatar 9.75% due 06/15/2030		1.000%		Quarterly		6/20/2024		0.2323	%		150		1,878		1,480
State of Qatar 9.75% due 06/15/2030		1.000%		Quarterly		12/20/2024		0.2846	%		70		997		712
Total												$	7,470	$	17,233

(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) 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.

(3) 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.

169

SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

(4) 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.

(5) 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.

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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:	$	—	$	27,922,218	$	—	$	27,922,218
Corporate Bonds & Notes		—		74,341,245		—		74,341,245
Foreign Government Obligations		—		203,243,536		—		203,243,536
U.S. Government Agencies		—		20,301,108		—		20,301,108
U.S. Government Treasuries		—		49,461,552		—		49,461,552
Preferred Securities/Capital Securities		—		9,356,837		—		9,356,837
Options-Purchased		—		346,585		—		346,585
Short-Term Investment Securities:
Foreign Government Obligations		—		8,368,706		—		8,368,706
Registered Invesment Companies		32,014,427		—		—		32,014,427
Total Investments at Value	$	32,014,427	$	393,341,787	$	—	$	425,356,214
Other Financial Instruments:+
Over the Counter Written Call Options on Currency Contracts	$	—	$	53,486	$	—	$	53,486
Over the Counter Written Call Options on Interest Rate Swap Contracts		—		38,427		—		38,427
Over the Counter Written Put Options on Currency Contracts		—		43,101		—		43,101
Over the Counter Written Put Options on Interest Rate Swap Contracts		—		140,232		—		140,232
Futures Contracts		1,097,277		—		—		1,097,277
Forward Foreign Currency Contracts		—		1,430,329		—		1,430,329
Centrally Cleared Interest Rate Swap Contracts		—		1,146,020		—		1,146,020
Over the Counter Credit Default Swaps on Sovereign Issues — Sell Protection		—		8,962		—		8,962
Centrally Cleared Credit Default Swaps on Credit Indices — Sell Protection		—		137,384		—		137,384
Centrally Cleared Credit Default Swaps on Sovereign Issues — Sell Protection		—		17,233		—		17,233
Total Other Financial Instruments	$	1,097,277	$	3,015,174	$	—	$	4,112,451
LIABILITIES:
Other Financial Instruments:+
Over the Counter Written Call Options on Currency Contracts	$	—	$	12,953	$	—	$	12,953
Over the Counter Written Call Options on Interest Rate Swap Contracts		—		4,345		—		4,345
Futures Contracts		229,854		—		—		229,854
Forward Foreign Currency Contracts		—		2,555,186		—		2,555,186
Centrally Cleared Interest Rate Swap Contracts		—		1,800,147		—		1,800,147
Centrally Cleared Credit Default Swaps on Credit Indices — Buy Protection		—		30,454		—		30,454
Total Other Financial Instruments	$	229,854	$	4,403,085	$	—	$	4,632,939

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

+ Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

170

SunAmerica Series Trust SA Goldman Sachs Multi-Asset Insights Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Registered Investment Companies	28.7	%
Exchange-Traded Funds	3.5
Medical-Drugs	3.1
Real Estate Investment Trusts	2.8
Computers	2.7
Semiconductor Equipment	2.4
Applications Software	2.4
Web Portals/ISP	2.0
Transport-Services	1.8
Auto-Cars/Light Trucks	1.8
Transport-Marine	1.7
Internet Content-Entertainment	1.7
E-Commerce/Products	1.5
Insurance-Property/Casualty	1.4
Finance-Credit Card	1.4
Medical-Biomedical/Gene	1.3
Medical Labs & Testing Services	1.3
Commercial Services-Finance	1.3
Medical-Hospitals	1.3
Computer Services	1.2
Medical Products	1.2
Retail-Discount	1.1
Cosmetics & Toiletries	1.0
Metal-Diversified	1.0
Enterprise Software/Service	1.0
Import/Export	0.9
Diversified Banking Institutions	0.8
Data Processing/Management	0.8
Banks-Commercial	0.7
Finance-Investment Banker/Broker	0.7
Electric-Integrated	0.7
Retail-Apparel/Shoe	0.6
Tobacco	0.6
Apparel Manufacturers	0.6
Diagnostic Equipment	0.6
Retail-Misc./Diversified	0.5
Power Converter/Supply Equipment	0.5
Insurance-Multi-line	0.5
Diversified Minerals	0.5
Metal-Iron	0.5
Instruments-Controls	0.5
Finance-Consumer Loans	0.5
Retail-Major Department Stores	0.5
Retail-Restaurants	0.5
Finance-Auto Loans	0.5
Machinery-General Industrial	0.5
Diversified Manufacturing Operations	0.5
Aerospace/Defense	0.5
Transport-Truck	0.5
Finance-Leasing Companies	0.4
Telephone-Integrated	0.4
Distribution/Wholesale	0.4
Oil-Field Services	0.4
Food-Retail	0.4
Insurance Brokers	0.4
Hotels/Motels	0.4
Insurance-Life/Health	0.4
Athletic Footwear	0.4
Metal-Aluminum	0.4
Resorts/Theme Parks	0.4
Advertising Agencies	0.4

Computers-Memory Devices	0.4	%
Coatings/Paint	0.4
Retail-Building Products	0.4
Multimedia	0.3
Web Hosting/Design	0.3
Electronic Components-Misc.	0.3
Rental Auto/Equipment	0.3
Pharmacy Services	0.3
Retail-Consumer Electronics	0.3
Electronic Measurement Instruments	0.2
Electronic Components-Semiconductors	0.2
Agricultural Operations	0.2
Food-Wholesale/Distribution	0.2
Software Tools	0.2
Retail-Jewelry	0.2
Machinery-Farming	0.2
Oil Companies-Integrated	0.2
Investment Companies	0.2
Finance-Other Services	0.2
Publishing-Newspapers	0.2
Human Resources	0.2
Retail-Sporting Goods	0.2
Electric Products-Misc.	0.2
Machine Tools & Related Products	0.2
Building & Construction Products-Misc.	0.2
Theaters	0.2
Television	0.2
Building Products-Cement	0.2
Banks-Super Regional	0.2
Oil Companies-Exploration & Production	0.1
Beverages-Wine/Spirits	0.1
Electronic Connectors	0.1
E-Commerce/Services	0.1
Medical-HMO	0.1
Home Furnishings	0.1
Cable/Satellite TV	0.1
Retail-Drug Store	0.1
Chemicals-Diversified	0.1
Retail-Automobile	0.1
Audio/Video Products	0.1
Internet Content-Information/News	0.1
Retail-Regional Department Stores	0.1
Veterinary Diagnostics	0.1
Banks-Fiduciary	0.1
Transport-Rail	0.1
Steel-Specialty	0.1
Medical Instruments	0.1
Steel-Producers	0.1
Gambling (Non-Hotel)	0.1
Footwear & Related Apparel	0.1
	98.5	%

* Calculated as a percentage of net assets

171

SunAmerica Series Trust SA Goldman Sachs Multi-Asset Insights Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 66.3%
Advertising Agencies — 0.4%
Omnicom Group, Inc.		2,591	$	188,677
Aerospace/Defense — 0.5%
Northrop Grumman Corp.		615		223,257
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co.		1,960		117,051
Apparel Manufacturers — 0.6%
Gunze, Ltd.		2,800		121,423
Kering SA		164		147,257
Urban Outfitters, Inc.†		441		16,396
				285,076
Applications Software — 2.4%
Microsoft Corp.		4,093		1,166,137
ServiceNow, Inc.†		17		9,994
				1,176,131
Athletic Footwear — 0.4%
adidas AG		551		200,160
Audio/Video Products — 0.1%
Dolby Laboratories, Inc., Class A		468		45,443
Auto-Cars/Light Trucks — 1.8%
Bayerische Motoren Werke AG (Preference Shares)		546		46,904
Ford Motor Co.†		15,727		219,392
General Motors Co.†		2,857		162,392
Mazda Motor Corp.†		22,300		219,733
Stellantis NV		260		5,001
Volkswagen AG (Preference Shares)		933		227,674
				881,096
Banks-Commercial — 0.7%
Banco Bilbao Vizcaya Argentaria SA		32,688		209,665
Bancorp, Inc.†		1,064		24,866
Commonwealth Bank of Australia		1,779		130,141
				364,672
Banks-Fiduciary — 0.1%
Bank of New York Mellon Corp.		741		38,035
Banks-Super Regional — 0.2%
KeyCorp		3,898		76,635
Beverages-Non-alcoholic — 0.0%
Monster Beverage Corp.†		201		18,958
Beverages-Wine/Spirits — 0.1%
Treasury Wine Estates, Ltd.		7,640		66,929
Building & Construction Products-Misc. — 0.2%
Cie de Saint-Gobain		66		4,722
Sika AG		218		76,775
				81,497
Building Products-Cement — 0.2%
MDU Resources Group, Inc.		2,431		77,111
Building-Residential/Commercial — 0.0%
Barratt Developments PLC		594		5,806
Cable/Satellite TV — 0.1%
Liberty Global PLC, Class C†		2,129		57,185
Chemicals-Diversified — 0.1%
Tosoh Corp.		700		12,310
Westlake Chemical Corp.		503		41,709
				54,019

Security Description	Shares		Value (Note 2)
Coatings/Paint — 0.4%
Axalta Coating Systems, Ltd.†		5,846	$	175,965
Commercial Services-Finance — 1.3%
Moody’s Corp.		99		37,224
PayPal Holdings, Inc.†		1,312		361,495
S&P Global, Inc.		593		254,231
				652,950
Computer Aided Design — 0.0%
Dassault Systemes SE		306		16,882
Computer Services — 1.2%
Cognizant Technology Solutions Corp., Class A		1,772		130,295
Fujitsu, Ltd.		500		84,937
International Business Machines Corp.		1,866		263,031
NEC Corp.		1,400		71,185
NTT Data Corp.		2,700		41,843
				591,291
Computers — 2.7%
Apple, Inc.		9,300		1,356,498
Computers-Memory Devices — 0.4%
Western Digital Corp.†		2,750		178,557
Cosmetics & Toiletries — 1.0%
Estee Lauder Cos., Inc., Class A		772		257,717
L’Oreal SA		564		258,349
				516,066
Data Processing/Management — 0.8%
DocuSign, Inc.†		917		273,303
Fidelity National Information Services, Inc.		726		108,210
				381,513
Diagnostic Equipment — 0.6%
Danaher Corp.		280		83,297
Techno Medica Co., Ltd.		1,400		20,438
Thermo Fisher Scientific, Inc.		312		168,483
				272,218
Distribution/Wholesale — 0.4%
D’Ieteren SA		1,268		203,174
Meiji Electric Industries Co., Ltd.		1,200		15,316
				218,490
Diversified Banking Institutions — 0.8%
BNP Paribas SA		2,429		147,777
Citigroup, Inc.		3,954		267,370
				415,147
Diversified Manufacturing Operations — 0.5%
Parker-Hannifin Corp.		718		224,038
Diversified Minerals — 0.5%
BHP Group PLC		7,564		245,650
BHP Group, Ltd.		439		17,204
				262,854
Diversified Operations — 0.0%
CK Hutchison Holdings, Ltd.		500		3,657
E-Commerce/Products — 1.5%
Amazon.com, Inc.†		198		658,863
eBay, Inc.		758		51,703
Lands’ End, Inc.†		95		3,642

172

SunAmerica Series Trust SA Goldman Sachs Multi-Asset Insights Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
E-Commerce/Products (continued)
Wayfair, Inc., Class A†		23	$	5,551
				719,759
E-Commerce/Services — 0.1%
Groupon, Inc.†		1,761		64,048
Electric Products-Misc. — 0.2%
AMETEK, Inc.		197		27,393
Legrand SA		62		6,985
Solar A/S, Class B		588		57,061
				91,439
Electric-Generation — 0.0%
SSE PLC		197		3,957
Electric-Integrated — 0.7%
CMS Energy Corp.		3,377		208,665
Dominion Energy, Inc.		291		21,787
DTE Energy Co.		622		72,973
Enel SpA		1,084		10,009
Iberdrola SA		2,424		29,221
				342,655
Electronic Components-Misc. — 0.3%
Atkore, Inc.†		2,006		150,671
Electronic Components-Semiconductors — 0.2%
Intel Corp.		2,206		118,506
Electronic Connectors — 0.1%
I-PEX, Inc.		2,900		65,427
Electronic Measurement Instruments — 0.2%
Tokyo Seimitsu Co., Ltd.		2,800		119,632
Electronic Parts Distribution — 0.0%
Kaga Electronics Co., Ltd.		400		10,435
Enterprise Software/Service — 1.0%
HubSpot, Inc.†		198		118,012
MicroStrategy, Inc., Class A†		116		72,617
salesforce.com, Inc.†		1,241		300,235
				490,864
Finance-Auto Loans — 0.5%
Ally Financial, Inc.		4,561		234,253
Finance-Consumer Loans — 0.5%
Synchrony Financial		5,145		241,918
Finance-Credit Card — 1.4%
Capital One Financial Corp.		939		151,836
Visa, Inc., Class A		1,372		338,047
Western Union Co.		7,692		178,532
				668,415
Finance-Investment Banker/Broker — 0.7%
Jefferies Financial Group, Inc.		4,844		160,772
Nomura Holdings, Inc.		5,400		26,987
Oppenheimer Holdings, Inc., Class A		3,611		162,315
				350,074
Finance-Leasing Companies — 0.4%
Mitsubishi UFJ Lease & Finance Co., Ltd.		2,200		12,007
ORIX Corp.		12,000		209,777
				221,784

Security Description	Shares		Value (Note 2)
Finance-Other Services — 0.2%
Intercontinental Exchange, Inc.		823	$	98,620
Food-Misc./Diversified — 0.0%
Tate & Lyle PLC		337		3,460
Food-Retail — 0.4%
Koninklijke Ahold Delhaize NV		5,550		172,565
Woolworths Group, Ltd.		1,492		42,636
				215,201
Food-Wholesale/Distribution — 0.2%
Performance Food Group Co.†		2,446		112,076
Footwear & Related Apparel — 0.1%
Weyco Group, Inc.		1,213		27,062
Gambling (Non-Hotel) — 0.1%
Red Rock Resorts, Inc., Class A†		714		28,132
Gas-Distribution — 0.0%
Hokkaido Gas Co., Ltd.		1,200		17,079
Home Furnishings — 0.1%
Tempur Sealy International, Inc.		1,351		58,458
Hotels/Motels — 0.4%
Marriott International, Inc., Class A†		1,405		205,102
Human Resources — 0.2%
Adecco Group AG		1,603		96,027
Import/Export — 0.9%
Mitsui & Co., Ltd.		10,000		230,778
Sumitomo Corp.		15,400		209,418
				440,196
Instruments-Controls — 0.5%
Mettler-Toledo International, Inc.†		171		252,004
Insurance Brokers — 0.4%
Aon PLC, Class A		809		210,364
Insurance-Life/Health — 0.4%
American Equity Investment Life Holding Co.		6,250		200,562
Insurance-Multi-line — 0.5%
American Financial Group, Inc.		214		27,069
Chubb, Ltd.		1,406		237,248
				264,317
Insurance-Property/Casualty — 1.4%
Arch Capital Group, Ltd.†		5,503		214,617
Berkshire Hathaway, Inc., Class B†		1,625		452,221
WR Berkley Corp.		80		5,854
				672,692
Internet Content-Entertainment — 1.7%
Facebook, Inc., Class A†		1,866		664,856
Pinterest, Inc., Class A†		1,887		111,144
Roku, Inc.†		151		64,675
				840,675
Internet Content-Information/News — 0.1%
Yelp, Inc.†		1,210		45,254
Internet Security — 0.0%
NortonLifeLock, Inc.		140		3,475
Investment Companies — 0.2%
Investment AB Oresund		2,510		51,019
Investor AB, Class A		1,948		48,419
				99,438

173

SunAmerica Series Trust SA Goldman Sachs Multi-Asset Insights Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machine Tools & Related Products — 0.2%
Amada Co., Ltd.		8,700	$	89,913
Machinery-Farming — 0.2%
CNH Industrial NV		6,306		105,349
Machinery-General Industrial — 0.5%
Otis Worldwide Corp.		2,603		233,099
Medical Instruments — 0.1%
Edwards Lifesciences Corp.†		69		7,746
Tecan Group AG		42		24,229
				31,975
Medical Labs & Testing Services — 1.3%
Eurofins Scientific SE		1,235		147,729
IQVIA Holdings, Inc.†		907		224,664
Lonza Group AG		368		286,408
				658,801
Medical Products — 1.2%
Align Technology, Inc.†		109		75,842
Hologic, Inc.†		1,442		108,208
Sartorius Stedim Biotech		336		191,744
SmileDirectClub, Inc.†		1,607		11,346
West Pharmaceutical Services, Inc.		463		190,631
				577,771
Medical-Biomedical/Gene — 1.3%
Avid Bioservices, Inc.†		2,274		58,328
Biogen, Inc.†		629		205,513
Essa Pharma, Inc.†		1,866		41,743
Gilead Sciences, Inc.		3,524		240,654
Vertex Pharmaceuticals, Inc.†		597		120,343
				666,581
Medical-Drugs — 3.1%
AbbVie, Inc.		1,447		168,286
Astellas Pharma, Inc.		12,300		195,908
Daiichi Sankyo Co., Ltd.		2,000		39,604
Johnson & Johnson		2,514		432,911
Merck KGaA		268		54,908
Sumitomo Dainippon Pharma Co., Ltd.		9,300		160,783
Takeda Pharmaceutical Co., Ltd.		5,600		186,154
Zoetis, Inc.		1,432		290,266
				1,528,820
Medical-HMO — 0.1%
Anthem, Inc.		153		58,753
Medical-Hospitals — 1.3%
Community Health Systems, Inc.†		869		11,575
HCA Healthcare, Inc.		1,058		262,596
Select Medical Holdings Corp.		5,097		201,077
Universal Health Services, Inc., Class B		1,064		170,676
				645,924
Metal-Aluminum — 0.4%
Norsk Hydro ASA		29,891		198,851
Metal-Copper — 0.0%
Aurubis AG		132		13,363
Metal-Diversified — 1.0%
Anglo American PLC		4,733		209,677
Rio Tinto PLC ADR		1,692		146,037
Rio Tinto, Ltd.		1,411		138,873
				494,587

Security Description	Shares		Value (Note 2)
Metal-Iron — 0.5%
Ferrexpo PLC		1,932	$	12,956
Fortescue Metals Group, Ltd.		13,119		240,918
				253,874
Miscellaneous Manufacturing — 0.0%
Rion Co., Ltd.		900		21,804
MRI/Medical Diagnostic Imaging — 0.0%
Sonic Healthcare, Ltd.		367		10,801
Multimedia — 0.3%
Walt Disney Co.†		967		170,211
Oil Companies-Exploration & Production — 0.1%
Hess Corp.		368		28,130
Inpex Corp.		5,700		40,188
				68,318
Oil Companies-Integrated — 0.2%
BP PLC ADR		4,218		101,991
Oil-Field Services — 0.4%
Baker Hughes Co.		9,988		212,145
Schlumberger NV		128		3,690
				215,835
Pharmacy Services — 0.3%
Cigna Corp.		630		144,579
Power Converter/Supply Equipment — 0.5%
Schneider Electric SE		1,580		264,751
Publishing-Newspapers — 0.2%
News Corp., Class A		3,975		97,904
Racetracks — 0.0%
Tokyotokeiba Co., Ltd.		300		11,951
Real Estate Investment Trusts — 2.8%
American Homes 4 Rent, Class A		2,691		113,022
Arbor Realty Trust, Inc.		2,525		46,157
Camden Property Trust		1,127		168,362
Equity LifeStyle Properties, Inc.		2,916		244,361
First Industrial Realty Trust, Inc.		1,640		89,839
Invitation Homes, Inc.		5,484		223,089
National Storage Affiliates Trust		3,798		205,738
Prologis, Inc.		2,151		275,414
				1,365,982
Real Estate Operations & Development — 0.0%
CK Asset Holdings, Ltd.		1,000		6,819
Sun Hung Kai Properties, Ltd.		500		7,165
				13,984
Rental Auto/Equipment — 0.3%
AMERCO		248		145,814
Resort/Theme Parks — 0.4%
Vail Resorts, Inc.†		624		190,445
Respiratory Products — 0.0%
Fisher & Paykel Healthcare Corp., Ltd.		272		5,984
Retail-Apparel/Shoe — 0.6%
American Eagle Outfitters, Inc.		4,579		157,838
Boot Barn Holdings, Inc.†		184		15,901
Cato Corp., Class A		2,771		45,722
Next PLC†		139		15,217
Tilly’s, Inc., Class A		4,046		60,002
				294,680

174

SunAmerica Series Trust SA Goldman Sachs Multi-Asset Insights Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Automobile — 0.1%
IDOM, Inc.		5,500	$	50,292
Retail-Building Products — 0.4%
Wesfarmers, Ltd.		3,916		175,959
Retail-Consumer Electronics — 0.3%
JB Hi-Fi, Ltd.		1,268		44,786
Yamada Holdings Co., Ltd.		19,000		89,701
				134,487
Retail-Discount — 1.1%
Aeon Co., Ltd.		500		13,688
Costco Wholesale Corp.		327		140,518
Tokmanni Group Corp.		3,211		92,768
Walmart, Inc.		2,119		302,064
				549,038
Retail-Drug Store — 0.1%
Walgreens Boots Alliance, Inc.		1,185		55,873
Retail-Jewelry — 0.2%
Cie Financiere Richemont SA		825		105,665
Retail-Major Department Stores — 0.5%
TJX Cos., Inc.		3,498		240,697
Retail-Misc./Diversified — 0.5%
Kid ASA*		4,833		63,235
L Brands, Inc.		2,562		205,140
				268,375
Retail-Regional Department Stores — 0.1%
Kohl’s Corp.		851		43,231
Retail-Restaurants — 0.5%
Darden Restaurants, Inc.		888		129,541
McDonald’s Corp.		295		71,600
Texas Roadhouse, Inc.		399		36,776
				237,917
Retail-Sporting Goods — 0.2%
Dick’s Sporting Goods, Inc.		897		93,414
Semiconductor Equipment — 2.4%
Applied Materials, Inc.		2,068		289,375
ASM International NV		750		266,786
ASML Holding NV		498		378,679
KLA Corp.		142		49,439
Tokyo Electron, Ltd.		500		206,007
				1,190,286
Software Tools — 0.2%
VMware, Inc., Class A†		688		105,773
Steel-Producers — 0.1%
Nakayama Steel Works, Ltd.		8,500		30,906
Steel-Specialty — 0.1%
Hitachi Metals, Ltd.†		1,800		35,134
Telephone-Integrated — 0.4%
Nippon Telegraph & Telephone Corp.		3,900		99,923
SoftBank Group Corp.		1,900		119,406
				219,329
Television — 0.2%
ITV PLC†		11,464		17,864
Nexstar Media Group, Inc., Class A		415		61,034
				78,898

Security Description	Shares			Value (Note 2)
Theaters — 0.2%
Cinemark Holdings, Inc.†		5,145		$	79,902
Tobacco — 0.6%
Philip Morris International, Inc.		2,876			287,859
Transport-Marine — 1.7%
AP Moller - Maersk A/S, Series A		62			165,716
AP Moller - Maersk A/S, Series B		21			58,286
Clarkson PLC		709			31,776
Kawasaki Kisen Kaisha, Ltd.†		400			13,694
Mitsui OSK Lines, Ltd.		4,400			228,642
Nippon Yusen KK		4,900			265,029
Safe Bulkers, Inc.†		6,172			20,614
Stolt-Nielsen, Ltd.		4,665			63,678
					847,435
Transport-Rail — 0.1%
CSX Corp.		1,094			35,358
Transport-Services — 1.8%
Deutsche Post AG		4,084			276,586
FedEx Corp.		558			156,212
Kuehne & Nagel International AG		604			203,790
United Parcel Service, Inc., Class B		1,292			247,237
					883,825
Transport-Truck — 0.5%
Old Dominion Freight Line, Inc.		825			222,049
Veterinary Diagnostics — 0.1%
Elanco Animal Health, Inc.†		1,086			39,606
Web Hosting/Design — 0.3%
VeriSign, Inc.†		740			160,114
Web Portals/ISP — 2.0%
Alphabet, Inc., Class A†		245			660,160
Alphabet, Inc., Class C†		130			351,574
					1,011,734
Total Common Stocks (cost $27,057,508)					32,873,746
EXCHANGE-TRADED FUNDS — 3.5%
Vanguard Value ETF		13			1,805
iShares Global Infrastructure ETF		32,257			1,479,951
Invesco Senior Loan ETF		4,600			101,338
Health Care Select Sector SPDR Fund ETF		907			119,860
Total Exchange-Traded Funds (cost $1,603,848)					1,702,954
Total Long-Term Investment Securities (cost $28,661,356)					34,576,700
SHORT-TERM INVESTMENT SECURITIES — 28.7%
Registered Investment Companies — 28.7%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(1) (cost $14,239,305)		14,239,305			14,239,305
TOTAL INVESTMENTS (cost $42,900,661)(2)		98.5	%		48,816,005
Other assets less liabilities		1.5			748,401
NET ASSETS		100.0	%	$	49,564,406

† Non-income producing security

175

SunAmerica Series Trust SA Goldman Sachs Multi-Asset Insights Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

* 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 July 31, 2021, the aggregate value of these securities was $63,235 representing 0.1% of net assets.

(1) The rate shown is the 7-day yield as of July 31, 2021.

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

ADR — American Depositary Receipt

ETF — Exchange-Traded Funds

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	98	Long	U.S. Treasury 10 Year Notes	September 2021	$	12,923,165	$	13,176,406	$	253,241
									Unrealized (Depreciation)
	4	Long	E-Mini Russell 2000 Index	September 2021	$	463,545	$	444,320	$	(19,225	)
	11	Long	MSCI Emerging Markets Index	September 2021		754,458		702,735		(51,723	)
									$	(70,948	)
			Net Unrealized Appreciation (Depreciation)						$	182,293

* 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 July 31, 2021(2)			Notional Amount(3) (000’s)		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CDX North America Investment Grade Index		1.000%/Quarterly	6/20/2026		0.4959	%	$	10,080	$	209,636	$	35,480

(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.

176

SunAmerica Series Trust SA Goldman Sachs Multi-Asset Insights Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	23,069,891	$	9,803,855	**	$	—	$	32,873,746
Exchange-Traded Funds		1,702,954		—			—		1,702,954
Short-Term Investment Securities		14,239,305		—			—		14,239,305
Total Investments at Value	$	39,012,150	$	9,803,855		$	—	$	48,816,005
Other Financial Instruments:†
Futures Contracts	$	253,241	$	—		$	—	$	253,241
Centrally Cleared Credit Default Swaps on Credit Indicies - Sell		—		35,480			—		35,480
Total Other Financial Instruments	$	253,241	$	35,480		$	—	$	288,721
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	70,948	$	—		$	—	$	70,948

* 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).

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

177

SunAmerica Series Trust SA Index Allocation 60/40 Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	53.2	%
Domestic Fixed Income Investment Companies	37.3
International Equity Investment Companies	9.6
	100.1	%

* Calculated as a percentage of net assets

178

SunAmerica Series Trust SA Index Allocation 60/40 Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares			Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# — 100.1%
Domestic Equity Investment Companies — 53.2%
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		2,698,017		$	95,186,054
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		829,684			12,884,990
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		862,457			13,247,343
Total Domestic Equity Investment Companies (cost $85,531,530)					121,318,387
Domestic Fixed Income Investment Companies — 37.3%
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		3,521,200			39,789,554
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		4,195,071			45,222,870
Total Domestic Fixed Income Investment Companies (cost $82,715,216)					85,012,424
International Equity Investment Companies — 9.6%
SunAmerica Series Trust SA International Index Portfolio, Class 1 (cost $17,949,243)		1,623,098			21,976,741
TOTAL INVESTMENTS (cost $186,195,989)(1)		100.1	%		228,307,552
Liabilities in excess of other assets		(0.1	)		(118,166	)
NET ASSETS		100.0	%	$	228,189,386

@ 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

(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 July 31, 2021 (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	$	228,307,552	$	—	$	—	$	228,307,552

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

See Notes to Financial Statements

179

SunAmerica Series Trust SA Index Allocation 80/20 Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	67.9	%
Domestic Fixed Income Investment Companies	17.5
International Equity Investment Companies	14.6
	100.0	%

* Calculated as a percentage of net assets

180

SunAmerica Series Trust SA Index Allocation 80/20 Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares			Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# — 100.0%
Domestic Equity Investment Companies — 67.9%
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		6,257,820		$	220,775,873
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		2,940,696			45,669,006
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		1,590,579			24,431,290
Total Domestic Equity Investment Companies (cost $202,526,843)					290,876,169
Domestic Fixed Income Investment Companies — 17.5%
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		3,120,538			35,262,078
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		3,704,666			39,936,296
Total Domestic Fixed Income Investment Companies (cost $73,237,582)					75,198,374
International Equity Investment Companies — 14.6%
SunAmerica Series Trust SA International Index Portfolio, Class 1 (cost $51,485,267)		4,621,372			62,573,371
TOTAL INVESTMENTS (cost $327,249,692)(1)		100.0	%		428,647,914
Liabilities in excess of other assets		(0.0	)		(180,865	)
NET ASSETS		100.0	%	$	428,467,049

@ 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

(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 July 31, 2021 (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	$	428,647,914	$	—	$	—	$	428,647,914

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

See Notes to Financial Statements

181

SunAmerica Series Trust SA Index Allocation 90/10 Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	72.7	%
International Equity Investment Companies	19.5
Domestic Fixed Income Investment Companies	7.8
	100.0	%

* Calculated as a percentage of net assets

182

SunAmerica Series Trust SA Index Allocation 90/10 Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# — 100.0%
Domestic Equity Investment Companies — 72.7%
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		18,648,217	$	657,909,108
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		7,843,026		121,802,189
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		4,054,977		62,284,451
Total Domestic Equity Investment Companies (cost $593,718,965)				841,995,748
Domestic Fixed Income Investment Companies — 7.8%
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		3,730,497		42,154,617
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		4,445,905		47,926,861
Total Domestic Fix Income Investment Companies (cost $88,785,701)				90,081,478

Security Description	Shares			Value (Note 2)
International Equity Investment Companies — 19.5%
SunAmerica Series Trust SA International Index Portfolio, Class 1 (cost $186,718,605)		16,723,362		$	226,434,315
TOTAL INVESTMENTS (cost $869,223,271)(1)		100.0	%		1,158,511,541
Liabilities in excess of other assets		(0.0	)		(425,723	)
NET ASSETS		100.0	%	$	1,158,085,818

@ The SunAmerica Series Trust SA Index Allocation 90/10 Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of 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

(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 July 31, 2021 (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:	$	1,158,511,541	$	—	$	—	$	1,158,511,541

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

See Notes to Financial Statements

183

SunAmerica Series Trust SA International Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Repurchase Agreements	8.2	%
Medical-Drugs	7.1
Banks-Commercial	4.4
Exchange-Traded Funds	4.3
Diversified Banking Institutions	3.5
Auto-Cars/Light Trucks	2.9
Oil Companies-Integrated	2.3
Food-Misc./Diversified	2.2
Semiconductor Equipment	2.2
Insurance-Life/Health	2.0
Cosmetics & Toiletries	1.9
Telephone-Integrated	1.8
Metal-Diversified	1.3
Electric-Integrated	1.2
Food-Retail	1.2
Industrial Automated/Robotic	1.2
Electronic Components-Misc.	1.2
Textile-Apparel	1.1
Chemicals-Diversified	1.1
Chemicals-Specialty	1.1
Insurance-Multi-line	1.0
Diversified Minerals	1.0
Medical Products	1.0
Enterprise Software/Service	1.0
Finance-Other Services	1.0
Real Estate Investment Trusts	0.9
Audio/Video Products	0.9
Transport-Services	0.9
Building & Construction Products-Misc.	0.9
Beverages-Wine/Spirits	0.8
Power Converter/Supply Equipment	0.8
Real Estate Operations & Development	0.8
Retail-Apparel/Shoe	0.8
Computer Services	0.8
Brewery	0.8
Commercial Services-Finance	0.8
Medical-Biomedical/Gene	0.8
Import/Export	0.8
Machinery-Electrical	0.8
Commercial Services	0.8
Apparel Manufacturers	0.8
Machinery-General Industrial	0.7
Diversified Manufacturing Operations	0.7
Tobacco	0.7
U.S. Government Treasuries	0.7
Cellular Telecom	0.6
Aerospace/Defense-Equipment	0.6
Building-Heavy Construction	0.6
Electronic Components-Semiconductors	0.6
Insurance-Property/Casualty	0.6
Investment Companies	0.5
Internet Content-Information/News	0.5
Retail-Jewelry	0.5
Human Resources	0.5
Building Products-Cement	0.5
Athletic Footwear	0.5
Retail-Building Products	0.5
Paper & Related Products	0.5
Electric-Generation	0.4
Transport-Rail	0.4
Real Estate Management/Services	0.4

Industrial Gases	0.4	%
Auto/Truck Parts & Equipment-Original	0.4
Medical Labs & Testing Services	0.4
Soap & Cleaning Preparation	0.4
Insurance-Reinsurance	0.4
Building-Residential/Commercial	0.4
Building Products-Air & Heating	0.4
Private Equity	0.4
Toys	0.4
Networking Products	0.4
Distribution/Wholesale	0.4
Water	0.4
Medical Instruments	0.3
Machinery-Construction & Mining	0.3
Electric-Distribution	0.3
Gambling (Non-Hotel)	0.3
Rubber-Tires	0.3
Steel-Producers	0.3
Food-Dairy Products	0.3
Optical Supplies	0.3
Aerospace/Defense	0.3
Electronic Measurement Instruments	0.3
Office Automation & Equipment	0.2
Investment Management/Advisor Services	0.2
Oil Refining & Marketing	0.2
Building & Construction-Misc.	0.2
Auto-Heavy Duty Trucks	0.2
Multimedia	0.2
Food-Catering	0.2
Machinery-Farming	0.2
Energy-Alternate Sources	0.2
Oil Companies-Exploration & Production	0.2
Dialysis Centers	0.2
Electric Products-Misc.	0.2
Public Thoroughfares	0.2
Coatings/Paint	0.2
Computer Aided Design	0.2
Diversified Operations	0.2
Transport-Marine	0.2
Rental Auto/Equipment	0.2
Food-Confectionery	0.2
Casino Hotels	0.2
Electronic Security Devices	0.2
Telecom Services	0.2
Metal-Iron	0.2
Publishing-Periodicals	0.2
Airport Development/Maintenance	0.2
Retail-Discount	0.2
Electric-Transmission	0.2
Consulting Services	0.2
Gas-Distribution	0.1
Entertainment Software	0.1
Finance-Investment Banker/Broker	0.1
E-Commerce/Services	0.1
Gold Mining	0.1
Hotels/Motels	0.1
E-Commerce/Products	0.1
Beverages-Non-alcoholic	0.1
Resorts/Theme Parks	0.1
Finance-Leasing Companies	0.1
Advertising Services	0.1
Security Services	0.1

184

SunAmerica Series Trust SA International Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Industry Allocation* (continued)

Machine Tools & Related Products	0.1	%
Applications Software	0.1
Diagnostic Equipment	0.1
Miscellaneous Manufacturing	0.1
Computer Data Security	0.1
Metal-Aluminum	0.1
Bicycle Manufacturing	0.1
Computers-Periphery Equipment	0.1
Computers-Integrated Systems	0.1
Casino Services	0.1
Telecommunication Equipment	0.1
Diagnostic Kits	0.1
Internet Application Software	0.1
Machinery-Material Handling	0.1
Web Portals/ISP	0.1
Advertising Agencies	0.1
Building Products-Doors & Windows	0.1
Internet Gambling	0.1
Building-Maintenance & Services	0.1
Fisheries	0.1
Semiconductor Components-Integrated Circuits	0.1
MRI/Medical Diagnostic Imaging	0.1
Metal Processors & Fabrication	0.1
Filtration/Separation Products	0.1
Respiratory Products	0.1
Diversified Operations/Commercial Services	0.1
Gas-Transportation	0.1
Tools-Hand Held	0.1
Electronics-Military	0.1
Medical-Generic Drugs	0.1
Communications Software	0.1
Metal Products-Distribution	0.1
Agricultural Chemicals	0.1
Wire & Cable Products	0.1
Medical-Hospitals	0.1
Food-Meat Products	0.1
	99.6%

Country Allocation*

Japan	19.7	%
United States	13.2
United Kingdom	11.8
France	9.2
Switzerland	8.7
Germany	8.0
Australia	5.9
Netherlands	5.0
Sweden	3.2
Denmark	2.3
Spain	2.1
Hong Kong	2.1
Italy	1.6
Finland	1.1
Singapore	0.9
Ireland	0.7
Belgium	0.7
Jersey	0.7
Israel	0.5
Norway	0.5
Cayman Islands	0.5
Luxembourg	0.3
New Zealand	0.3
Austria	0.2
Portugal	0.1
Bermuda	0.1
SupraNational	0.1
Isle of Man	0.1
	99.6%

* Calculated as a percentage of net assets

185

SunAmerica Series Trust SA International Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 86.4%
Australia — 5.9%
Afterpay, Ltd.†		8,371	$	598,414
AGL Energy, Ltd.		24,034		127,190
Ampol, Ltd.		9,193		190,868
APA Group		45,515		318,282
Aristocrat Leisure, Ltd.		22,169		680,133
ASX, Ltd.		7,468		422,510
Aurizon Holdings, Ltd.		71,543		203,261
AusNet Services		73,318		98,042
Australia & New Zealand Banking Group, Ltd.		109,769		2,235,524
BHP Group, Ltd.		113,638		4,453,372
BlueScope Steel, Ltd.		19,434		349,345
Brambles, Ltd.		56,714		484,587
Cochlear, Ltd.		2,536		457,511
Coles Group, Ltd.		51,457		661,620
Commonwealth Bank of Australia		68,437		5,006,444
Computershare, Ltd.		23,039		264,611
Crown Resorts, Ltd.†		14,367		90,879
CSL, Ltd.		17,552		3,726,109
Dexus†		41,896		316,063
Domino’s Pizza Enterprises, Ltd.		2,336		200,982
Endeavour Group, Ltd.†		48,812		237,491
Evolution Mining, Ltd.		65,913		203,099
Fortescue Metals Group, Ltd.		65,325		1,199,630
Goodman Group		64,139		1,067,578
GPT Group		75,143		257,958
Insurance Australia Group, Ltd.		95,093		339,514
Lendlease Corp., Ltd.		26,553		238,376
Macquarie Group, Ltd.		13,260		1,530,095
Magellan Financial Group, Ltd.		5,317		191,338
Medibank Private, Ltd.		106,238		258,443
Mirvac Group		151,894		319,284
National Australia Bank, Ltd.		127,189		2,421,867
Newcrest Mining, Ltd.		31,499		614,047
Northern Star Resources, Ltd.		42,637		321,047
Orica, Ltd.		15,697		143,324
Origin Energy, Ltd.		67,940		205,754
Qantas Airways, Ltd.†		35,650		120,234
QBE Insurance Group, Ltd.		56,906		457,380
Ramsay Health Care, Ltd.		7,063		332,540
REA Group, Ltd.		2,039		242,710
Reece, Ltd.		11,214		193,823
Rio Tinto, Ltd.		14,320		1,409,403
Santos, Ltd.		72,320		340,463
Scentre Group		200,223		383,772
SEEK, Ltd.		12,937		278,308
Sonic Healthcare, Ltd.		17,511		515,366
South32, Ltd.		184,421		403,799
Stockland		92,083		298,049
Suncorp Group, Ltd.		49,400		418,956
Sydney Airport†		51,011		292,977
Tabcorp Holdings, Ltd.		85,528		311,824
Telstra Corp., Ltd.		160,577		446,051
Transurban Group		105,620		1,111,292
Treasury Wine Estates, Ltd.		27,830		243,802
Vicinity Centres		149,266		170,930
Washington H. Soul Pattinson & Co., Ltd.		4,156		99,947
Wesfarmers, Ltd.		43,739		1,965,345
Westpac Banking Corp.		141,519		2,536,486
WiseTech Global, Ltd.		5,640		127,886
Woodside Petroleum, Ltd.		37,119		597,431

Security Description	Shares		Value (Note 2)
Australia (continued)
Woolworths Group, Ltd.		48,812	$	1,394,872
				45,128,238
Austria — 0.2%
Erste Group Bank AG		10,777		417,890
OMV AG		5,681		306,576
Raiffeisen Bank International AG		5,710		134,790
Verbund AG		2,627		241,957
voestalpine AG		4,477		197,415
				1,298,628
Belgium — 0.7%
Ageas SA/NV		6,755		356,449
Anheuser-Busch InBev SA NV		29,393		1,852,330
Colruyt SA		2,101		119,426
Elia Group SA		1,192		141,032
Groupe Bruxelles Lambert SA		4,357		506,890
KBC Group NV		9,645		774,906
Proximus SADP		5,868		120,558
Sofina SA		595		278,883
Solvay SA		2,859		381,429
UCB SA		4,877		527,499
Umicore SA		7,604		472,218
				5,531,620
Bermuda — 0.1%
CK Infrastructure Holdings, Ltd.		25,500		154,206
Hongkong Land Holdings, Ltd.		45,000		204,303
Jardine Matheson Holdings, Ltd.		8,300		493,209
				851,718
Cayman Islands — 0.5%
Budweiser Brewing Co. APAC, Ltd.*		66,400		185,611
Chow Tai Fook Jewellery Group, Ltd.		77,200		161,750
CK Asset Holdings, Ltd.		77,500		528,463
CK Hutchison Holdings, Ltd.		104,000		760,589
ESR Cayman, Ltd.†*		76,800		270,091
Futu Holdings, Ltd. ADR†		1,931		197,850
Melco Resorts & Entertainment, Ltd. ADR†		8,280		115,258
Sands China, Ltd.†		93,600		320,301
Sea, Ltd. ADR†		531		146,641
WH Group, Ltd.*		369,500		306,526
Wharf Real Estate Investment Co., Ltd.		64,000		361,621
Wynn Macau, Ltd.†		60,400		77,741
Xinyi Glass Holdings, Ltd.		70,000		261,474
				3,693,916
Denmark — 2.3%
Ambu A/S, Class B		6,461		239,040
AP Moller - Maersk A/S, Series A		123		328,759
AP Moller - Maersk A/S, Series B		237		657,800
Carlsberg A/S, Class B		3,974		735,429
Chr. Hansen Holding A/S		4,069		365,970
Coloplast A/S, Class B		4,583		837,985
Danske Bank A/S		26,608		465,772
Demant A/S†		4,178		255,379
DSV PANALPINA A/S		7,985		1,945,118
Genmab A/S†		2,528		1,140,341
GN Store Nord A/S		4,939		432,880
Novo Nordisk A/S, Class B		66,425		6,152,819
Novozymes A/S, Class B		8,029		631,107
Orsted A/S*		7,297		1,085,251
Pandora A/S		3,858		500,168

186

SunAmerica Series Trust SA International Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Denmark (continued)
ROCKWOOL International A/S, Class B		332	$	176,379
Tryg A/S		13,890		343,444
Vestas Wind Systems A/S		38,956		1,436,404
				17,730,045
Finland — 1.1%
Elisa Oyj		5,487		352,697
Fortum Oyj		17,133		472,931
Kesko Oyj, Class B		10,536		451,745
Kone Oyj, Class B		13,112		1,085,812
Neste Oyj		16,320		1,004,170
Nokia Oyj†		207,988		1,275,324
Nordea Bank Abp		124,984		1,462,475
Orion Oyj, Class B		4,093		174,243
Sampo Oyj, Class A		19,239		927,694
Stora Enso Oyj, Class R		22,441		443,889
UPM-Kymmene Oyj		20,589		841,850
Wartsila Oyj Abp		18,261		275,170
				8,768,000
France — 9.2%
Accor SA†		6,554		232,075
Aeroports de Paris†		1,145		138,917
Air Liquide SA		18,273		3,176,542
Alstom SA		10,740		445,694
Amundi SA*		2,344		216,766
Arkema SA		2,368		301,386
Atos SE		3,819		182,739
AXA SA		74,633		1,931,837
BioMerieux		1,598		190,509
BNP Paribas SA		43,391		2,639,852
Bollore SA		34,096		190,531
Bouygues SA		8,813		339,907
Bureau Veritas SA		11,339		374,282
Capgemini SE		6,185		1,338,043
Carrefour SA		23,655		439,674
Cie de Saint-Gobain		19,521		1,396,506
Cie Generale des Etablissements Michelin SCA		6,536		1,067,348
CNP Assurances		6,622		112,446
Covivio		2,007		188,614
Credit Agricole SA		45,005		625,992
Danone SA		25,163		1,852,256
Dassault Aviation SA		97		115,615
Dassault Systemes SE		25,485		1,406,010
Edenred		9,512		552,542
Eiffage SA		3,213		327,357
Electricite de France SA		17,937		217,120
Engie SA		70,457		940,218
EssilorLuxottica SA		11,008		2,077,823
Eurazeo SE		1,524		147,404
Faurecia SE		4,526		202,237
Gecina SA		1,771		281,144
Getlink SE		16,973		271,757
Hermes International		1,222		1,869,883
Iliad SA		572		123,059
Ipsen SA		1,455		155,584
Kering SA		2,894		2,598,544
Klepierre SA		7,962		193,045
L’Oreal SA		9,719		4,451,941
La Francaise des Jeux SAEM*		3,684		197,151
Legrand SA		10,317		1,162,321

Security Description	Shares		Value (Note 2)
France (continued)
LVMH Moet Hennessy Louis Vuitton SE		10,709	$	8,569,968
Orange SA		76,960		857,608
Orpea SA		1,995		253,283
Pernod Ricard SA		8,082		1,783,794
Publicis Groupe SA		8,601		542,842
Remy Cointreau SA		877		192,747
Renault SA†		7,415		282,093
Safran SA		13,185		1,727,191
Sanofi		43,709		4,504,128
Sartorius Stedim Biotech		1,067		608,903
Schneider Electric SE		20,781		3,482,149
SCOR SE		6,117		171,115
SEB SA		1,067		177,362
Societe Generale SA		31,273		916,209
Sodexo SA†		3,413		290,886
Suez SA		13,332		311,238
Teleperformance		2,266		956,174
Thales SA		4,115		431,895
TotalEnergies SE		96,376		4,202,519
Ubisoft Entertainment SA†		3,573		226,997
Valeo SA		8,858		256,066
Veolia Environnement SA		20,789		683,047
Vinci SA		20,536		2,171,336
Vivendi SE		27,450		927,222
Wendel SE		1,035		145,469
Worldline SA†*		9,165		857,676
				70,202,588
Germany — 8.0%
adidas AG		7,345		2,668,200
Allianz SE		15,905		3,961,039
BASF SE		35,431		2,784,006
Bayer AG		37,898		2,260,242
Bayerische Motoren Werke AG		12,772		1,270,530
Bayerische Motoren Werke AG (Preference Shares)		2,194		188,475
Bechtle AG		1,053		217,642
Beiersdorf AG		3,888		461,998
Brenntag SE		5,960		595,248
Carl Zeiss Meditec AG		1,553		345,916
Commerzbank AG†		38,648		249,544
Continental AG†		4,243		576,666
Covestro AG*		7,453		479,597
Daimler AG		33,016		2,949,445
Delivery Hero SE†*		6,058		907,202
Deutsche Bank AG†		79,727		1,007,764
Deutsche Boerse AG		7,329		1,223,957
Deutsche Lufthansa AG†		11,529		130,630
Deutsche Post AG		38,238		2,589,646
Deutsche Telekom AG		128,574		2,671,327
Deutsche Wohnen SE		13,187		823,665
E.ON SE		86,607		1,065,484
Evonik Industries AG		8,089		281,131
Fresenius Medical Care AG & Co. KGaA		7,909		624,424
Fresenius SE & Co. KGaA		16,131		848,516
Fuchs Petrolub SE (Preference Shares)		2,681		133,704
GEA Group AG		5,918		262,471
Hannover Rueck SE		2,326		391,496
HeidelbergCement AG		5,741		509,416
HelloFresh SE†		6,372		597,638
Henkel AG & Co. KGaA		4,009		364,464

187

SunAmerica Series Trust SA International Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Germany (continued)
Henkel AG & Co. KGaA (Preference Shares)		6,873	$	696,888
Infineon Technologies AG		50,377		1,920,831
KION Group AG		2,784		295,637
Knorr-Bremse AG		2,798		317,396
LANXESS AG		3,205		232,224
LEG Immobilien SE		2,781		440,032
Merck KGaA		4,986		1,021,531
MTU Aero Engines AG		2,058		515,265
Muenchener Rueckversicherungs-Gesellschaft AG		5,404		1,461,458
Nemetschek SE		2,228		196,844
Porsche Automobil Holding SE (Preference Shares)		5,907		639,554
Puma SE		4,073		500,167
Rational AG		197		214,198
RWE AG		24,781		882,402
SAP SE		40,282		5,777,484
Sartorius AG (Preference Shares)		1,011		611,545
Scout24 AG*		3,456		296,029
Siemens AG		29,510		4,607,339
Siemens Energy AG†		15,417		419,674
Siemens Healthineers AG*		10,367		684,991
Symrise AG		4,963		731,957
TeamViewer AG†*		6,205		208,874
Telefonica Deutschland Holding AG		40,161		108,374
Uniper SE		3,529		137,994
United Internet AG		3,742		154,814
Volkswagen AG		1,252		416,402
Volkswagen AG (Preference Shares)		7,159		1,746,969
Vonovia SE		20,738		1,382,563
Zalando SE†*		8,221		914,453
				60,975,372
Hong Kong — 2.1%
AIA Group, Ltd.		466,600		5,597,037
Bank of East Asia, Ltd.		50,600		83,383
BOC Hong Kong Holdings, Ltd.		142,500		458,396
CLP Holdings, Ltd.		63,500		655,160
Galaxy Entertainment Group, Ltd.†		84,000		571,505
Hang Lung Properties, Ltd.		78,000		201,827
Hang Seng Bank, Ltd.		29,500		565,206
Henderson Land Development Co., Ltd.		56,349		252,144
Hong Kong & China Gas Co., Ltd.		431,967		704,054
Hong Kong Exchanges & Clearing, Ltd.		46,500		2,971,118
Link REIT		80,300		768,300
MTR Corp., Ltd.		59,500		352,742
New World Development Co., Ltd.		58,500		277,738
Power Assets Holdings, Ltd.		53,500		345,817
Sino Land Co., Ltd.		128,000		196,079
SJM Holdings, Ltd.†		77,000		69,400
Sun Hung Kai Properties, Ltd.		50,500		723,726
Swire Pacific, Ltd., Class A		19,000		118,137
Swire Properties, Ltd.		45,200		128,633
Techtronic Industries Co., Ltd.		53,000		948,536
				15,988,938
Ireland — 0.7%
CRH PLC		30,285		1,509,310
DCC PLC		3,802		318,314
Flutter Entertainment PLC†		6,420		1,094,476
James Hardie Industries PLC CDI		17,134		577,449

Security Description	Shares		Value (Note 2)
Ireland (continued)
Kerry Group PLC, Class A		6,135	$	909,596
Kingspan Group PLC		5,955		647,573
Smurfit Kappa Group PLC		9,454		533,269
				5,589,987
Isle of Man — 0.1%
Entain PLC†		22,576		569,487
Israel — 0.5%
Azrieli Group, Ltd.		1,637		130,707
Bank Hapoalim BM†		43,803		348,533
Bank Leumi Le-Israel BM†		56,047		428,551
Check Point Software Technologies, Ltd.†		4,314		548,309
CyberArk Software, Ltd.†		1,495		212,335
Elbit Systems, Ltd.		1,023		135,076
ICL Group, Ltd.		27,173		197,308
Israel Discount Bank, Ltd., Class A†		44,903		210,731
Mizrahi Tefahot Bank, Ltd.†		5,412		164,091
NICE, Ltd.†		2,420		674,569
Teva Pharmaceutical Industries, Ltd. ADR†		42,274		407,944
Wix.com, Ltd.†		2,188		653,424
				4,111,578
Italy — 1.6%
Amplifon SpA		4,803		237,603
Assicurazioni Generali SpA		42,558		850,291
Atlantia SpA†		19,113		347,282
DiaSorin SpA		971		197,257
Enel SpA		313,750		2,897,099
Eni SpA		97,362		1,150,047
FinecoBank Banca Fineco SpA†		23,514		421,053
Infrastrutture Wireless Italiane SpA*		12,964		146,744
Intesa Sanpaolo SpA		637,113		1,759,444
Mediobanca Banca di Credito Finanziario SpA†		23,958		280,541
Moncler SpA		7,475		514,750
Nexi SpA†*		16,952		363,789
Poste Italiane SpA*		20,154		267,168
Prysmian SpA		9,827		352,599
Recordati Industria Chimica e Farmaceutica SpA		4,034		249,602
Snam SpA		77,789		471,171
Telecom Italia SpA		384,375		169,210
Telecom Italia SpA (RSP)		232,527		108,597
Terna Rete Elettrica Nazionale SpA		54,276		431,524
UniCredit SpA		81,989		980,590
				12,196,361
Japan — 19.7%
ABC-Mart, Inc.		1,300		71,976
Acom Co., Ltd.		15,400		63,329
Advantest Corp.		7,700		683,238
Aeon Co., Ltd.		25,200		689,886
AGC, Inc.		7,500		322,302
Aisin Corp.		5,700		230,583
Ajinomoto Co., Inc.		18,000		458,701
ANA Holdings, Inc.†		6,200		145,699
Asahi Group Holdings, Ltd.		17,600		792,604
Asahi Intecc Co., Ltd.		8,000		216,766
Asahi Kasei Corp.		48,400		527,745
Astellas Pharma, Inc.		71,800		1,143,593
Azbil Corp.		4,800		187,208

188

SunAmerica Series Trust SA International Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Bandai Namco Holdings, Inc.		7,700	$	498,292
Bridgestone Corp.		22,000		968,307
Brother Industries, Ltd.		9,100		184,970
Canon, Inc.		38,600		886,476
Capcom Co., Ltd.		6,800		187,421
Casio Computer Co., Ltd.		7,500		122,091
Central Japan Railway Co.		5,600		818,037
Chiba Bank, Ltd.		20,400		116,601
Chubu Electric Power Co., Inc.		24,900		300,256
Chugai Pharmaceutical Co., Ltd.		25,900		957,648
Concordia Financial Group, Ltd.		42,000		150,756
Cosmos Pharmaceutical Corp.		754		127,956
CyberAgent, Inc.		15,600		280,841
Dai Nippon Printing Co., Ltd.		8,800		207,229
Dai-ichi Life Holdings, Inc.		39,300		726,111
Daifuku Co., Ltd.		3,950		353,983
Daiichi Sankyo Co., Ltd.		65,600		1,299,013
Daikin Industries, Ltd.		9,600		1,995,591
Daito Trust Construction Co., Ltd.		2,500		294,316
Daiwa House Industry Co., Ltd.		21,800		668,863
Daiwa House REIT Investment Corp.		76		226,112
Daiwa Securities Group, Inc.		55,700		292,242
Denso Corp.		16,700		1,146,694
Dentsu Group, Inc.		8,300		289,101
Disco Corp.		1,100		314,798
East Japan Railway Co.		11,700		780,424
Eisai Co., Ltd.		9,200		755,157
ENEOS Holdings, Inc.		118,350		493,531
FANUC Corp.		7,400		1,657,319
Fast Retailing Co., Ltd.		2,200		1,492,642
Fuji Electric Co., Ltd.		4,900		214,132
FUJIFILM Holdings Corp.		13,900		998,271
Fujitsu, Ltd.		7,600		1,291,041
GLP J-REIT		159		284,796
GMO Payment Gateway, Inc.		1,600		206,665
Hakuhodo DY Holdings, Inc.		9,000		137,365
Hamamatsu Photonics KK		5,400		300,520
Hankyu Hanshin Holdings, Inc.		8,800		259,949
Harmonic Drive Systems, Inc.		1,700		94,627
Hikari Tsushin, Inc.		800		138,604
Hino Motors, Ltd.		11,100		97,094
Hirose Electric Co., Ltd.		1,235		185,155
Hisamitsu Pharmaceutical Co., Inc.		2,000		87,605
Hitachi Construction Machinery Co., Ltd.		4,100		115,774
Hitachi Metals, Ltd.†		8,300		162,006
Hitachi, Ltd.		37,300		2,142,163
Honda Motor Co., Ltd.		62,900		2,012,129
Hoshizaki Corp.		2,100		176,442
Hoya Corp.		14,400		2,033,152
Hulic Co., Ltd.		10,400		118,560
Ibiden Co., Ltd.		4,100		217,200
Idemitsu Kosan Co., Ltd.		7,996		187,977
Iida Group Holdings Co., Ltd.		5,700		137,566
Inpex Corp.		39,500		278,496
Isuzu Motors, Ltd.		21,300		283,614
Ito En, Ltd.		2,049		121,406
ITOCHU Corp.		45,900		1,367,492
Itochu Techno-Solutions Corp.		3,700		113,665
Japan Airlines Co., Ltd.†		5,600		117,230
Japan Exchange Group, Inc.		19,700		448,304
Japan Metropolitan Fund Investment Corp.		270		282,589

Security Description	Shares		Value (Note 2)
Japan (continued)
Japan Post Bank Co., Ltd.		15,600	$	132,882
Japan Post Holdings Co., Ltd.		60,800		516,657
Japan Post Insurance Co., Ltd.		8,700		154,587
Japan Real Estate Investment Corp.		48		301,275
Japan Tobacco, Inc.		46,300		905,436
JFE Holdings, Inc.		19,000		232,779
JSR Corp.		7,900		264,499
Kajima Corp.		17,300		223,723
Kakaku.com, Inc.		5,200		141,894
Kansai Electric Power Co., Inc.		27,200		257,384
Kansai Paint Co., Ltd.		6,800		167,079
Kao Corp.		18,600		1,118,255
KDDI Corp.		62,200		1,898,227
Keio Corp.		4,000		223,996
Keisei Electric Railway Co., Ltd.		5,000		148,812
Keyence Corp.		7,500		4,176,182
Kikkoman Corp.		5,600		343,380
Kintetsu Group Holdings Co., Ltd.†		6,600		222,849
Kirin Holdings Co., Ltd.		31,700		580,107
Kobayashi Pharmaceutical Co., Ltd.		2,100		167,364
Kobe Bussan Co., Ltd.		5,324		179,890
Koei Tecmo Holdings Co, Ltd.		2,310		108,609
Koito Manufacturing Co., Ltd.		4,000		244,671
Komatsu, Ltd.		33,800		881,255
Konami Holdings Corp.		3,600		199,635
Kose Corp.		1,300		205,117
Kubota Corp.		39,600		827,513
Kurita Water Industries, Ltd.		3,800		184,428
Kyocera Corp.		12,400		766,421
Kyowa Kirin Co., Ltd.		10,400		338,045
Lasertec Corp.†		2,865		539,068
Lawson, Inc.		1,900		95,402
Lion Corp.		8,700		151,027
LIXIL Corp.		10,300		280,969
M3, Inc.		17,000		1,113,590
Makita Corp.		8,600		446,241
Marubeni Corp.		60,300		516,645
Mazda Motor Corp.†		21,900		215,792
McDonald’s Holdings Co. Japan, Ltd.		3,100		139,741
Medipal Holdings Corp.		7,100		133,783
MEIJI Holdings Co., Ltd.		4,700		291,091
Mercari, Inc.†		3,900		203,356
Minebea Mitsumi, Inc.		14,000		377,775
MISUMI Group, Inc.		11,000		383,659
Mitsubishi Chemical Holdings Corp.		49,400		414,899
Mitsubishi Corp.		48,700		1,373,028
Mitsubishi Electric Corp.		70,400		952,986
Mitsubishi Estate Co., Ltd.		45,600		715,518
Mitsubishi Gas Chemical Co., Inc.		6,100		127,324
Mitsubishi HC Capital, inc		25,500		139,171
Mitsubishi Heavy Industries, Ltd.		12,400		360,111
Mitsubishi UFJ Financial Group, Inc.		471,500		2,498,129
Mitsui & Co., Ltd.		59,600		1,375,440
Mitsui Chemicals, Inc.		7,100		226,755
Mitsui Fudosan Co., Ltd.		35,400		828,920
Miura Co., Ltd.		3,366		148,556
Mizuho Financial Group, Inc.		93,080		1,328,960
MonotaRO Co., Ltd.		9,700		223,646
MS&AD Insurance Group Holdings, Inc.		17,200		531,716
Murata Manufacturing Co., Ltd.		22,200		1,840,860
Nabtesco Corp.		4,300		164,157

189

SunAmerica Series Trust SA International Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
NEC Corp.		9,500	$	483,039
Nexon Co., Ltd.		18,800		391,430
NGK Insulators, Ltd.		9,900		158,228
NH Foods, Ltd.		3,200		129,345
Nidec Corp.		17,300		1,943,858
Nihon M&A Center, Inc.		11,668		325,064
Nintendo Co., Ltd.		4,300		2,215,513
Nippon Building Fund, Inc.		57		368,331
Nippon Express Co., Ltd.		3,000		218,807
Nippon Paint Holdings Co., Ltd.		27,400		350,222
Nippon Prologis REIT, Inc.		80		266,898
Nippon Sanso Holdings Corp.		5,800		128,439
Nippon Shinyaku Co., Ltd.		1,900		142,810
Nippon Steel Corp.		33,000		576,812
Nippon Telegraph & Telephone Corp.		49,700		1,273,373
Nippon Yusen KK		6,200		335,342
Nissan Chemical Corp.		4,800		235,355
Nissan Motor Co., Ltd.†		89,500		518,074
Nisshin Seifun Group, Inc.		7,600		122,746
Nissin Foods Holdings Co., Ltd.		2,400		170,862
Nitori Holdings Co., Ltd.		3,100		589,677
Nitto Denko Corp.		5,800		431,503
Nomura Holdings, Inc.		118,500		592,217
Nomura Real Estate Holdings, Inc.		4,500		111,527
Nomura Real Estate Master Fund, Inc.		164		260,731
Nomura Research Institute, Ltd.		13,600		437,801
NSK, Ltd.		14,900		123,125
NTT Data Corp.		24,300		376,583
Obayashi Corp.		25,000		205,569
OBIC Co., Ltd.		2,700		475,749
Odakyu Electric Railway Co., Ltd.		11,400		271,995
Oji Holdings Corp.		31,300		180,672
Olympus Corp.		45,000		926,638
Omron Corp.		7,200		615,971
Ono Pharmaceutical Co., Ltd.		14,300		327,055
Oracle Corp. Japan		1,500		111,996
Oriental Land Co., Ltd.		7,700		1,054,181
ORIX Corp.		47,100		823,373
Orix JREIT, Inc.		101		192,887
Osaka Gas Co., Ltd.		14,500		271,754
Otsuka Corp.		4,400		229,883
Otsuka Holdings Co., Ltd.		15,100		600,265
Pan Pacific International Holdings Corp.		15,900		331,924
Panasonic Corp.		85,200		1,020,507
PeptiDream, Inc.†		3,700		152,665
Persol Holdings Co., Ltd.		6,881		138,749
Pigeon Corp.		4,500		130,256
Pola Orbis Holdings, Inc.		3,500		83,710
Rakuten Group, Inc.		33,400		368,298
Recruit Holdings Co., Ltd.		52,300		2,704,636
Renesas Electronics Corp.†		48,379		523,940
Resona Holdings, Inc.		82,400		310,530
Ricoh Co., Ltd.		25,900		282,637
Rinnai Corp.		1,400		129,753
Rohm Co., Ltd.		3,400		331,166
Ryohin Keikaku Co., Ltd.		9,700		198,224
Santen Pharmaceutical Co., Ltd.		13,900		188,342
SBI Holdings, Inc.		9,400		225,373
SCSK Corp.		2,002		120,638
Secom Co., Ltd.		8,100		611,848
Seiko Epson Corp.		10,800		185,804
Sekisui Chemical Co., Ltd.		14,700		253,645

Security Description	Shares		Value (Note 2)
Japan (continued)
Sekisui House, Ltd.		23,800	$	471,524
Seven & i Holdings Co., Ltd.		29,100		1,296,939
SG Holdings Co., Ltd.		12,400		334,839
Sharp Corp.		8,300		127,382
Shimadzu Corp.		9,100		367,034
Shimano, Inc.		2,900		741,750
Shimizu Corp.		21,300		156,671
Shin-Etsu Chemical Co., Ltd.		13,700		2,235,437
Shionogi & Co., Ltd.		10,200		536,448
Shiseido Co., Ltd.		15,400		1,026,988
Shizuoka Bank, Ltd.		17,200		124,520
SMC Corp.		2,200		1,307,317
SoftBank Corp.		110,800		1,447,713
SoftBank Group Corp.		48,400		3,041,710
Sohgo Security Services Co., Ltd.		2,800		131,031
Sompo Holdings, Inc.		12,200		504,842
Sony Group Corp.		48,600		5,072,928
Square Enix Holdings Co., Ltd.		3,300		171,209
Stanley Electric Co., Ltd.		5,000		130,541
Subaru Corp.		23,700		465,070
SUMCO Corp.		10,639		247,110
Sumitomo Chemical Co., Ltd.		57,500		299,562
Sumitomo Corp.		43,400		590,177
Sumitomo Dainippon Pharma Co., Ltd.		6,900		119,290
Sumitomo Electric Industries, Ltd.		29,100		413,609
Sumitomo Metal Mining Co., Ltd.		9,500		386,863
Sumitomo Mitsui Financial Group, Inc.		50,400		1,698,880
Sumitomo Mitsui Trust Holdings, Inc.		13,000		427,148
Sumitomo Realty & Development Co., Ltd.		11,900		387,660
Suntory Beverage & Food, Ltd.		5,400		189,856
Suzuki Motor Corp.		14,200		577,918
Sysmex Corp.		6,500		773,604
T&D Holdings, Inc.		20,800		266,592
Taisei Corp.		7,400		250,370
Taisho Pharmaceutical Holdings Co., Ltd.		1,300		72,778
Takeda Pharmaceutical Co., Ltd.		60,800		2,021,102
TDK Corp.		5,000		571,167
Terumo Corp.		24,900		966,738
THK Co., Ltd.		4,600		131,675
TIS, Inc.		8,615		223,286
Tobu Railway Co., Ltd.		7,300		189,698
Toho Co., Ltd.		4,300		187,262
Toho Gas Co., Ltd.		2,900		141,494
Tohoku Electric Power Co., Inc.		16,500		125,303
Tokio Marine Holdings, Inc.		24,400		1,164,077
Tokyo Century Corp.		1,384		76,260
Tokyo Electric Power Co. Holdings, Inc.†		58,900		157,473
Tokyo Electron, Ltd.		5,800		2,389,688
Tokyo Gas Co., Ltd.		14,500		275,058
Tokyu Corp.		19,300		258,550
Toppan, Inc.		10,100		171,513
Toray Industries, Inc.		53,500		352,605
Toshiba Corp.		15,800		680,462
Tosoh Corp.		10,000		175,867
TOTO, Ltd.		5,500		284,832
Toyo Suisan Kaisha, Ltd.		3,400		129,949
Toyota Industries Corp.		5,700		477,777
Toyota Motor Corp.		81,800		7,346,251
Toyota Tsusho Corp.		8,200		387,513
Trend Micro, Inc.		5,200		270,619

190

SunAmerica Series Trust SA International Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Tsuruha Holdings, Inc.		1,500	$	178,067
Unicharm Corp.		15,600		625,659
United Urban Investment Corp.		114		167,789
USS Co., Ltd.		8,500		147,904
Welcia Holdings Co., Ltd.		3,600		122,610
West Japan Railway Co.		6,300		341,827
Yakult Honsha Co., Ltd.		4,900		289,619
Yamada Holdings Co., Ltd.		26,100		123,221
Yamaha Corp.		5,200		288,043
Yamaha Motor Co., Ltd.		10,800		270,231
Yamato Holdings Co., Ltd.		11,200		322,439
Yaskawa Electric Corp.		9,300		460,331
Yokogawa Electric Corp.		8,800		135,185
Z Holdings Corp.		102,300		512,348
ZOZO, Inc.		4,800		163,447
				150,545,857
Jersey — 0.7%
Experian PLC		35,386		1,557,693
Ferguson PLC		8,681		1,216,928
Glencore PLC		385,496		1,732,866
WPP PLC		47,268		611,939
				5,119,426
Luxembourg — 0.3%
ArcelorMittal SA		27,652		965,805
Aroundtown SA		38,540		302,192
Eurofins Scientific SE		5,151		616,154
InPost SA†		7,715		151,129
Tenaris SA		18,216		186,292
				2,221,572
Netherlands — 5.0%
ABN AMRO Bank NV CVA†*		16,318		189,561
Adyen NV†*		761		2,072,066
Aegon NV		69,026		293,462
Airbus SE†		22,687		3,112,334
Akzo Nobel NV		7,352		909,157
Argenx SE†		1,768		538,590
ASM International NV		1,825		649,179
ASML Holding NV		16,182		12,304,775
CNH Industrial NV		39,475		659,478
Davide Campari-Milano NV		20,164		283,833
EXOR NV		4,184		344,614
Ferrari NV		4,862		1,060,873
Heineken Holding NV		4,444		437,720
Heineken NV		9,999		1,164,506
ING Groep NV		150,471		1,926,860
JDE Peet’s NV		2,891		97,319
Just Eat Takeaway.com NV†*		6,920		613,556
Koninklijke Ahold Delhaize NV		40,338		1,254,221
Koninklijke DSM NV		6,649		1,340,249
Koninklijke KPN NV		129,702		426,217
Koninklijke Philips NV		35,145		1,620,936
Koninklijke Vopak NV		2,668		112,998
NN Group NV		10,830		537,588
Prosus NV		18,802		1,668,367
QIAGEN NV†		8,904		477,230
Randstad NV		4,613		334,923
Stellantis NV		78,230		1,504,611
STMicroelectronics NV		26,344		1,078,947
Wolters Kluwer NV		10,320		1,177,161
				38,191,331

Security Description	Shares		Value (Note 2)
New Zealand — 0.3%
a2 Milk Co., Ltd.†		28,647	$	124,241
Auckland International Airport, Ltd.†		48,287		244,011
Fisher & Paykel Healthcare Corp., Ltd.		22,233		489,163
Mercury NZ, Ltd.		26,276		121,155
Meridian Energy, Ltd.		49,427		179,870
Ryman Healthcare, Ltd.		16,395		150,738
Spark New Zealand, Ltd.		71,437		235,840
Xero, Ltd.†		5,094		527,951
				2,072,969
Norway — 0.5%
Adevinta ASA†		10,569		203,179
DNB Bank ASA		35,884		735,369
Equinor ASA		37,700		737,521
Gjensidige Forsikring ASA		7,715		176,411
Mowi ASA		16,956		431,881
Norsk Hydro ASA		51,879		345,128
Orkla ASA		28,973		263,330
Schibsted ASA, Class A		2,821		149,551
Schibsted ASA, Class B		3,755		173,314
Telenor ASA		26,993		468,670
Yara International ASA		6,723		354,065
				4,038,419
Papua New Guinea — 0.0%
Oil Search, Ltd.		76,147		212,494
Portugal — 0.1%
EDP—Energias de Portugal SA		107,085		556,567
Galp Energia SGPS SA		19,337		188,815
Jeronimo Martins SGPS SA		9,710		197,736
				943,118
Singapore — 0.9%
Ascendas Real Estate Investment Trust		124,079		285,699
CapitaLand Integrated Commercial Trust		174,796		277,347
CapitaLand, Ltd.		101,800		302,923
City Developments, Ltd.		15,800		79,802
DBS Group Holdings, Ltd.		69,600		1,561,939
Genting Singapore, Ltd.		233,300		139,598
Keppel Corp., Ltd.		56,200		227,693
Mapletree Commercial Trust		83,200		132,626
Mapletree Logistics Trust		115,677		180,026
Oversea-Chinese Banking Corp., Ltd.		129,500		1,171,713
Singapore Airlines, Ltd.†		51,650		194,395
Singapore Exchange, Ltd.		31,000		271,990
Singapore Technologies Engineering, Ltd.		60,200		178,050
Singapore Telecommunications, Ltd.		318,500		533,559
United Overseas Bank, Ltd.		45,500		880,802
UOL Group, Ltd.		17,900		96,355
Venture Corp., Ltd.		10,700		150,188
Wilmar International, Ltd.		74,100		238,098
				6,902,803
South Africa — 0.0%
Thungela Resources, Ltd.†		4,994		15,473
Spain — 2.1%
ACS Actividades de Construccion y Servicios SA		9,461		248,626
Aena SME SA†*		2,893		460,724
Amadeus IT Group SA†		17,378		1,137,684
Banco Bilbao Vizcaya Argentaria SA		257,219		1,649,837

191

SunAmerica Series Trust SA International Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Spain (continued)
Banco Santander SA		668,928	$	2,447,205
CaixaBank SA		171,484		509,807
Cellnex Telecom SA*		19,655		1,280,797
EDP Renovaveis SA		11,116		261,397
Enagas SA		9,601		220,535
Endesa SA		12,253		298,179
Ferrovial SA		18,530		549,684
Grifols SA		11,507		292,688
Iberdrola SA		228,398		2,753,286
Industria de Diseno Textil SA		42,079		1,427,656
Naturgy Energy Group SA		11,221		289,935
Red Electrica Corp. SA		16,698		330,417
Repsol SA		57,458		628,535
Siemens Gamesa Renewable Energy SA†		9,196		256,469
Telefonica SA		211,194		968,803
				16,012,264
SupraNational — 0.1%
HK Electric Investments & HK Electric Investments, Ltd.		102,500		103,962
HKT Trust & HKT, Ltd.		146,000		198,433
Unibail-Rodamco-Westfield†		4,808		399,825
				702,220
Sweden — 3.2%
Alfa Laval AB		12,136		507,274
Assa Abloy AB, Class B		38,664		1,239,717
Atlas Copco AB, Class A		25,904		1,753,554
Atlas Copco AB, Class B		15,053		856,024
Boliden AB		10,551		411,710
Electrolux AB, Series B		8,701		228,136
Embracer Group AB†		9,893		255,811
Epiroc AB, Class A		25,422		594,221
Epiroc AB, Class B		15,044		302,637
EQT AB		9,191		443,850
Essity AB, Class B		23,476		767,531
Evolution Gaming Group AB*		6,553		1,144,210
Fastighets AB Balder, Class B†		4,057		280,527
Hennes & Mauritz AB, Class B†		28,173		590,212
Hexagon AB, Class B		75,997		1,259,822
Husqvarna AB, Class B		16,132		225,578
ICA Gruppen AB		3,880		191,825
Industrivarden AB, Class A		4,122		164,719
Industrivarden AB, Class C		6,160		236,207
Investment AB Latour, Class B		5,711		223,421
Investor AB, Class B		70,283		1,741,131
Kinnevik AB, Class B		9,332		406,990
L E Lundbergforetagen AB, Class B		2,932		209,455
Lundin Energy AB		7,721		240,652
Nibe Industrier AB, Class B		54,992		657,520
Sandvik AB		43,550		1,134,390
Securitas AB, Class B		12,079		212,958
Sinch AB†*		19,510		394,580
Skandinaviska Enskilda Banken AB, Class A		62,783		848,260
Skanska AB, Class B		13,123		370,333
SKF AB, Class B		14,722		391,896
Svenska Cellulosa AB SCA, Class B		23,372		434,813
Svenska Handelsbanken AB, Class A		56,266		635,224
Swedbank AB, Class A		34,934		680,650
Swedish Match AB		62,570		560,190
Tele2 AB, Class B		19,320		283,951
Telefonaktiebolaget LM Ericsson, Class B		112,594		1,298,181

Security Description	Shares		Value (Note 2)
Sweden (continued)
Telia Co., AB		102,544	$	450,105
Volvo AB, Class A		7,725		187,999
Volvo AB, Class B		55,148		1,300,622
				24,116,886
Switzerland — 8.7%
ABB, Ltd.		66,910		2,446,163
Adecco Group AG		5,978		358,110
Alcon, Inc.		19,276		1,403,387
Baloise Holding AG		1,788		282,408
Banque Cantonale Vaudoise		1,162		103,780
Barry Callebaut AG		138		349,493
Chocoladefabriken Lindt & Spruengli AG		4		463,646
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		40		448,625
Cie Financiere Richemont SA		20,137		2,579,115
Clariant AG		8,323		173,061
Coca-Cola HBC AG		7,730		292,009
Credit Suisse Group AG		94,424		948,890
EMS-Chemie Holding AG		271		300,299
Geberit AG		1,429		1,173,475
Givaudan SA		356		1,776,838
Holcim, Ltd.		20,196		1,183,990
Julius Baer Group, Ltd.		8,634		571,176
Kuehne & Nagel International AG		2,083		702,804
Logitech International SA		6,678		730,021
Lonza Group AG		2,873		2,236,006
Nestle SA		111,137		14,082,564
Novartis AG		85,652		7,922,449
Partners Group Holding AG		875		1,495,937
Roche Holding AG (BR)		1,234		529,915
Roche Holding AG (NES)		27,102		10,480,406
Schindler Holding AG (Participation Certificate)		1,571		508,521
Schindler Holding AG		776		241,763
SGS SA		233		754,804
Sika AG		5,469		1,926,074
Sonova Holding AG		2,126		835,362
Straumann Holding AG		399		740,061
Swatch Group AG (TRQX)		2,030		131,852
Swatch Group AG (XEGT)		1,116		372,816
Swiss Life Holding AG		1,235		637,893
Swiss Prime Site AG		2,931		312,364
Swiss Re AG		11,635		1,053,187
Swisscom AG		999		601,067
Temenos AG		2,576		409,456
UBS Group AG		141,423		2,331,885
Vifor Pharma AG		1,881		263,152
Zurich Insurance Group AG		5,804		2,339,639
				66,494,463
United Kingdom — 11.8%
3i Group PLC		37,540		667,197
Admiral Group PLC		7,439		350,959
Anglo American PLC		49,954		2,213,015
Antofagasta PLC		15,212		315,844
Ashtead Group PLC		17,332		1,298,383
Associated British Foods PLC		13,743		383,085
AstraZeneca PLC		59,690		6,855,293
Auto Trader Group PLC†*		37,270		337,675
AVEVA Group PLC		4,435		242,067
Aviva PLC		151,552		815,383
BAE Systems PLC		124,209		994,132

192

SunAmerica Series Trust SA International Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Barclays PLC		669,706	$	1,623,085
Barratt Developments PLC		39,282		383,939
Berkeley Group Holdings PLC		4,736		318,785
BHP Group PLC		81,475		2,646,000
BP PLC		784,909		3,146,944
British American Tobacco PLC		84,077		3,133,945
British Land Co. PLC		33,961		240,862
BT Group PLC†		344,310		830,589
Bunzl PLC		13,000		481,627
Burberry Group PLC		15,616		447,608
Coca-Cola European Partners PLC		7,886		489,405
Compass Group PLC†		68,815		1,453,810
Croda International PLC		5,382		629,728
Diageo PLC		90,256		4,477,670
Direct Line Insurance Group PLC		52,639		217,351
Evraz PLC		19,670		167,803
GlaxoSmithKline PLC		194,075		3,835,031
Halma PLC		14,645		587,928
Hargreaves Lansdown PLC		13,723		311,305
Hikma Pharmaceuticals PLC		6,669		245,214
HSBC Holdings PLC		785,741		4,336,786
Imperial Brands PLC		36,508		782,114
Informa PLC†		57,946		398,442
InterContinental Hotels Group PLC†		7,046		465,487
Intertek Group PLC		6,226		446,088
J Sainsbury PLC		64,358		253,362
JD Sports Fashion PLC		19,898		247,895
Johnson Matthey PLC		7,466		308,284
Kingfisher PLC		81,424		416,811
Land Securities Group PLC		27,173		267,848
Legal & General Group PLC		230,195		835,772
Lloyds Banking Group PLC		2,733,446		1,732,037
London Stock Exchange Group PLC		12,525		1,303,648
M&G PLC		100,293		314,027
Melrose Industries PLC		187,411		416,601
Mondi PLC		18,731		519,325
National Grid PLC		136,912		1,751,568
Natwest Group PLC		187,851		528,119
Next PLC†		5,129		561,501
Ocado Group PLC†		18,776		483,954
Pearson PLC		29,074		350,839
Persimmon PLC		12,309		496,533
Phoenix Group Holdings PLC		25,055		236,475
Prudential PLC		100,664		1,892,132
Reckitt Benckiser Group PLC		27,496		2,110,321
RELX PLC		74,544		2,189,645
Rentokil Initial PLC		71,532		563,452
Rio Tinto PLC		43,293		3,689,558
Rolls-Royce Holdings PLC†		322,786		447,150
Royal Dutch Shell PLC, Class A		158,208		3,174,000
Royal Dutch Shell PLC, Class B		142,969		2,821,761
Sage Group PLC		42,287		412,264
Schroders PLC		4,795		243,609
Segro PLC		45,966		777,706
Severn Trent PLC		9,215		358,607
Smith & Nephew PLC		33,836		689,712
Smiths Group PLC		15,290		330,360
Spirax-Sarco Engineering PLC		2,844		593,177
SSE PLC		40,202		807,416
St James’s Place PLC		20,761		457,682
Standard Chartered PLC		103,489		619,952
Standard Life Aberdeen PLC		84,185		332,106

Security Description	Shares/ Principal Amount			Value (Note 2)
United Kingdom (continued)
Taylor Wimpey PLC		140,631		$	321,512
Tesco PLC		298,256			965,515
Unilever PLC (LSE)		45,059			2,594,701
Unilever PLC (XAMS)		56,366			3,245,793
United Utilities Group PLC		26,304			392,218
Vodafone Group PLC		1,035,154			1,660,178
Whitbread PLC†		7,786			329,385
WM Morrison Supermarkets PLC		92,956			345,714
					89,960,804
Total Common Stocks (cost $516,659,559)					660,186,575
EXCHANGE-TRADED FUNDS — 4.3%
United States — 4.3%
iShares MSCI EAFE ETF (cost $31,978,321)		408,900			32,503,461
WARRANTS — 0.0%
Switzerland — 0.0%
Cie Financiere Richemont SA Expires 11/22/2023† (cost $0)		40,286			29,352
Total Long-Term Investment Securities (cost $548,637,880)					692,719,388
SHORT-TERM INVESTMENT SECURITIES — 0.7%
U.S. Government Treasuries — 0.7%
United States Treasury Bills 0.07% due 06/16/2022(1)		2,000,000			1,998,896
0.10% due 12/30/2021(1)	$	2,900,000			2,899,365
Total Short-Term Investment Securities (cost $4,897,575)					4,898,261
REPURCHASE AGREEMENTS — 8.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 07/30/2021, to be repurchased 08/02/2021 in the amount of $62,918,000 and collateralized by $65,825,500 of United States Treasury Notes, bearing interest at 0.50% due 10/31/2027 and having an approximate value of $64,176,401 (cost $62,918,000)		62,918,000			62,918,000
TOTAL INVESTMENTS (cost $616,453,455)(2)		99.6	%		760,535,649
Other assets less liabilities		0.4			3,339,889
NET ASSETS		100.0	%	$	763,875,538

† 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 July 31, 2021, the aggregate value of these securities was $13,881,088 representing 1.8% of net assets.

(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

BR — Bearer Shares

CDI — Chess Depositary Interest

CVA — Certification Van Aandelen (Dutch Cert.)

193

SunAmerica Series Trust SA International Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

ETF — Exchange-Traded Fund

LSE — London Stock Exchange

NES — Non-Voting Equity Securities

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

TRQX — Turquoise Stock Exchange

XAMS — Euronext Amsterdam Stock Exchange

XEGT — Equiduct Stock Exchange

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	601	Long	MSCI EAFE Index	September 2021	$	70,705,303	$	69,697,970	$	(1,007,333	)

* 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 July 31, 2021 (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	$	4,075,562	$	656,111,013	**	$	—	$	660,186,575
Exchange-Traded Funds		32,503,461		—			—		32,503,461
Warrants		29,352		—			—		29,352
Short-Term Investment Securities		—		4,898,261			—		4,898,261
Repurchase Agreements		—		62,918,000			—		62,918,000
Total Investments at Value	$	36,608,375	$	723,927,274		$	—	$	760,535,649
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	1,007,333	$	—		$	—	$	1,007,333

* 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).

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

194

SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Medical-Biomedical/Gene	7.6	%
Enterprise Software/Service	7.1
Electronic Components-Semiconductors	6.0
Medical Products	4.2
Distribution/Wholesale	3.0
Applications Software	2.9
Building & Construction Products-Misc.	2.6
Diagnostic Equipment	2.5
Patient Monitoring Equipment	2.4
Medical Labs & Testing Services	2.0
Machinery-General Industrial	1.8
E-Commerce/Services	1.7
Retail-Restaurants	1.7
Auto/Truck Parts & Equipment-Original	1.7
Commercial Services-Finance	1.6
Medical-Outpatient/Home Medical	1.6
Chemicals-Specialty	1.6
Diagnostic Kits	1.5
Energy-Alternate Sources	1.4
Internet Application Software	1.3
Semiconductor Equipment	1.3
Computer Data Security	1.3
Transport-Truck	1.3
Machinery-Print Trade	1.2
Web Hosting/Design	1.1
Investment Management/Advisor Services	1.1
Casino Services	1.1
Steel-Producers	1.0
Retail-Floor Coverings	1.0
Semiconductor Components-Integrated Circuits	1.0
Electronic Connectors	0.9
Medical-Drugs	0.9
Transport-Services	0.9
E-Commerce/Products	0.9
Steel Pipe & Tube	0.9
Satellite Telecom	0.9
Hazardous Waste Disposal	0.9
Electric-Integrated	0.9
Retail-Misc./Diversified	0.8
Electric Products-Misc.	0.8
Racetracks	0.8
Engineering/R&D Services	0.8
Medical Instruments	0.8
Computer Aided Design	0.8
Disposable Medical Products	0.8
Building-Residential/Commercial	0.8
Machinery-Construction & Mining	0.8
Resorts/Theme Parks	0.8
Healthcare Safety Devices	0.8
Human Resources	0.8
Building-Heavy Construction	0.7
Lasers-System/Components	0.7
Retail-Home Furnishings	0.7
Metal Processors & Fabrication	0.7
Recreational Centers	0.7
Diversified Manufacturing Operations	0.7
Building Products-Cement	0.7
Real Estate Investment Trusts	0.7
Medical Information Systems	0.7
Machine Tools & Related Products	0.6
Food-Wholesale/Distribution	0.6

Data Processing/Management	0.6	%
Motorcycle/Motor Scooter	0.6
Electronic Measurement Instruments	0.6
Coatings/Paint	0.6
Brewery	0.6
Retail-Discount	0.6
Medical-Generic Drugs	0.5
Specified Purpose Acquisitions	0.4
Finance-Consumer Loans	0.4
Electronics-Military	0.3
Insurance Brokers	0.3
Retail-Vision Service Center	0.1
Drug Delivery Systems	0.1
	97.6	%

* Calculated as a percentage of net assets

195

SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.6%
Applications Software — 2.9%
Cerence, Inc.†		13,981	$	1,503,097
Duck Creek Technologies, Inc.†		64,057		2,814,024
Five9, Inc.†		19,806		3,986,750
Smartsheet, Inc., Class A†		40,489		2,937,477
				11,241,348
Auto/Truck Parts & Equipment-Original — 1.7%
Fox Factory Holding Corp.†		24,813		4,008,292
Visteon Corp.†		21,174		2,414,895
				6,423,187
Brewery — 0.6%
Boston Beer Co., Inc., Class A†		3,032		2,152,720
Building & Construction Products-Misc. — 2.6%
Builders FirstSource, Inc.†		107,996		4,805,822
Simpson Manufacturing Co., Inc.		19,732		2,219,455
Trex Co., Inc.†		31,377		3,046,707
				10,071,984
Building Products-Cement — 0.7%
Eagle Materials, Inc.		18,388		2,598,592
Building-Heavy Construction — 0.7%
Construction Partners, Inc., Class A†		83,226		2,794,729
Building-Residential/Commercial — 0.8%
Installed Building Products, Inc.		24,820		2,978,400
Casino Services — 1.1%
Caesars Entertainment, Inc.†		47,926		4,186,815
Chemicals-Specialty — 1.6%
Danimer Scientific, Inc.†		118,915		1,983,502
Element Solutions, Inc.		171,493		4,011,221
				5,994,723
Coatings/Paint — 0.6%
Axalta Coating Systems, Ltd.†		74,968		2,256,537
Commercial Services-Finance — 1.6%
Avalara, Inc.†		17,846		2,983,316
Morningstar, Inc.		12,662		3,198,801
				6,182,117
Computer Aided Design — 0.8%
Altair Engineering, Inc., Class A†		43,418		3,028,840
Computer Data Security — 1.3%
Qualys, Inc.†		20,131		2,044,505
Rapid7, Inc.†		26,371		2,999,701
				5,044,206
Data Processing/Management — 0.6%
Fair Isaac Corp.†		4,650		2,436,181
Diagnostic Equipment — 2.5%
Adaptive Biotechnologies Corp.†		41,082		1,506,066
Repligen Corp.†		33,598		8,255,029
				9,761,095
Diagnostic Kits — 1.5%
Natera, Inc.†		50,257		5,755,432
Disposable Medical Products — 0.8%
CONMED Corp.		21,681		2,990,677
Distribution/Wholesale — 3.0%
IAA, Inc.†		39,074		2,363,195

Security Description	Shares		Value (Note 2)
Distribution/Wholesale (continued)
Pool Corp.		6,163	$	2,944,805
SiteOne Landscape Supply, Inc.†		20,028		3,500,494
WESCO International, Inc.†		24,779		2,637,725
				11,446,219
Diversified Manufacturing Operations — 0.7%
Fabrinet†		27,547		2,603,742
Drug Delivery Systems — 0.1%
Heron Therapeutics, Inc.†		23,932		295,800
E-Commerce/Products — 0.9%
Overstock.com, Inc.†		50,635		3,526,221
E-Commerce/Services — 1.7%
Lyft, Inc., Class A†		62,906		3,479,960
Shutterstock, Inc.		28,291		3,069,291
				6,549,251
Electric Products-Misc. — 0.8%
Littelfuse, Inc.		11,789		3,135,756
Electric-Integrated — 0.9%
Evoqua Water Technologies Corp.†		99,533		3,285,584
Electronic Components-Semiconductors — 6.0%
Ambarella, Inc.†		24,702		2,432,900
Cree, Inc.†		26,844		2,490,050
IPG Photonics Corp.†		11,140		2,430,302
Lattice Semiconductor Corp.†		103,055		5,848,371
MACOM Technology Solutions Holdings, Inc.†		46,232		2,853,439
Semtech Corp.†		49,122		3,041,143
Silicon Laboratories, Inc.†		27,113		4,039,566
				23,135,771
Electronic Connectors — 0.9%
Vicor Corp.†		31,667		3,661,022
Electronic Measurement Instruments — 0.6%
Mesa Laboratories, Inc.		7,688		2,264,193
Electronics-Military — 0.3%
Mercury Systems, Inc.†		20,422		1,347,852
Energy-Alternate Sources — 1.4%
Array Technologies, Inc.†		66,738		903,632
Shoals Technologies Group, Inc., Class A†		84,495		2,457,960
Stem, Inc.†		78,555		2,129,626
				5,491,218
Engineering/R&D Services — 0.8%
AECOM†		48,491		3,052,993
Enterprise Software/Service — 7.1%
BigCommerce Holdings, Inc., Series 1†		25,272		1,636,615
Bill.com Holdings, Inc.†		26,745		5,531,401
Black Knight, Inc.†		21,265		1,760,954
Blackline, Inc.†		37,566		4,297,175
Clarivate PLC†		73,570		1,677,396
Everbridge, Inc.†		21,077		2,976,494
Guidewire Software, Inc.†		26,011		2,996,467
LivePerson, Inc.†		49,610		3,159,661
Pegasystems, Inc.		24,756		3,159,856
				27,196,019
Finance-Consumer Loans — 0.4%
LendingTree, Inc.†		6,995		1,365,564

196

SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food-Wholesale/Distribution — 0.6%
Performance Food Group Co.†		53,512	$	2,451,920
Hazardous Waste Disposal — 0.9%
Clean Harbors, Inc.†		34,754		3,301,630
Healthcare Safety Devices — 0.8%
Tandem Diabetes Care, Inc.†		26,700		2,901,489
Human Resources — 0.8%
ASGN, Inc.†		28,651		2,897,476
Insurance Brokers — 0.3%
Goosehead Insurance, Inc., Class A		8,319		999,861
Internet Application Software — 1.3%
Anaplan, Inc.†		35,513		2,031,343
Zendesk, Inc.†		23,807		3,107,528
				5,138,871
Investment Management/Advisor Services — 1.1%
LPL Financial Holdings, Inc.		29,972		4,227,251
Lasers-System/Components — 0.7%
II-VI, Inc.†		39,637		2,767,059
Machine Tools & Related Products — 0.6%
Kennametal, Inc.		68,951		2,499,474
Machinery-Construction & Mining — 0.8%
Terex Corp.		61,202		2,932,800
Machinery-General Industrial — 1.8%
Nordson Corp.		10,612		2,399,691
Welbilt, Inc.†		199,691		4,690,742
				7,090,433
Machinery-Print Trade — 1.2%
Kornit Digital, Ltd.†		35,423		4,681,504
Medical Information Systems — 0.7%
Schrodinger, Inc.†		37,447		2,534,038
Medical Instruments — 0.8%
Bruker Corp.		37,004		3,043,579
Medical Labs & Testing Services — 2.0%
Catalent, Inc.†		26,837		3,215,341
Syneos Health, Inc.†		51,675		4,633,697
				7,849,038
Medical Products — 4.2%
AtriCure, Inc.†		50,015		4,224,267
Inari Medical, Inc.†		35,871		3,220,857
iRhythm Technologies, Inc.†		17,402		889,590
Masimo Corp.†		10,641		2,898,502
NanoString Technologies, Inc.†		42,831		2,652,952
Nevro Corp.†		14,242		2,207,510
				16,093,678
Medical-Biomedical/Gene — 7.6%
Abcam PLC†		112,476		2,125,681
Ascendis Pharma A/S ADR†		14,551		1,719,783
Berkeley Lights, Inc.†		57,446		2,618,389
ChemoCentryx, Inc.†		26,590		393,000
Halozyme Therapeutics, Inc.†		77,394		3,198,694
Immunovant, Inc.†		33,964		355,263
Iovance Biotherapeutics, Inc.†		39,423		877,950
Kodiak Sciences, Inc.†		14,787		1,239,742
Maravai LifeSciences Holdings, Inc., Class A†		94,370		4,149,449

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene (continued)
Mirati Therapeutics, Inc.†		8,935	$	1,430,136
NeoGenomics, Inc.†		68,711		3,167,577
Translate Bio, Inc.†		79,664		2,201,913
Twist Bioscience Corp.†		45,050		5,543,403
				29,020,980
Medical-Drugs — 0.9%
Intellia Therapeutics, Inc.†		25,336		3,593,912
Medical-Generic Drugs — 0.5%
Arvinas, Inc.†		18,193		1,839,312
Medical-Outpatient/Home Medical — 1.6%
Amedisys, Inc.†		11,130		2,900,701
LHC Group, Inc.†		14,561		3,133,236
				6,033,937
Metal Processors & Fabrication — 0.7%
Timken Co.		33,619		2,672,710
Motorcycle/Motor Scooter — 0.6%
Harley-Davidson, Inc.		60,605		2,401,170
Patient Monitoring Equipment — 2.4%
CareDx, Inc.†		82,196		6,907,752
Insulet Corp.†		8,071		2,257,378
				9,165,130
Racetracks — 0.8%
Penn National Gaming, Inc.†		44,954		3,073,955
Real Estate Investment Trusts — 0.7%
EastGroup Properties, Inc.		14,584		2,569,992
Recreational Centers — 0.7%
Planet Fitness, Inc., Class A†		34,622		2,604,613
Resort/Theme Parks — 0.8%
Marriott Vacations Worldwide Corp.†		19,763		2,912,473
Retail-Discount — 0.6%
Ollie’s Bargain Outlet Holdings, Inc.†		23,046		2,145,583
Retail-Floor Coverings — 1.0%
Floor & Decor Holdings, Inc., Class A†		31,199		3,806,590
Retail-Home Furnishings — 0.7%
RH†		4,098		2,721,400
Retail-Misc./Diversified — 0.8%
Five Below, Inc.†		16,823		3,270,728
Retail-Restaurants — 1.7%
Texas Roadhouse, Inc.		32,817		3,024,743
Wingstop, Inc.		20,275		3,473,310
				6,498,053
Retail-Vision Service Center — 0.1%
National Vision Holdings, Inc.†		7,346		396,537
Satellite Telecom — 0.9%
Iridium Communications, Inc.†		80,032		3,379,751
Semiconductor Components-Integrated Circuits — 1.0%
Power Integrations, Inc.		38,120		3,697,259
Semiconductor Equipment — 1.3%
Allegro MicroSystems, Inc.†		103,319		2,831,974
MKS Instruments, Inc.		14,181		2,218,475
				5,050,449

197

SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares			Value (Note 2)
COMMON STOCKS (continued)
Specified Purpose Acquisitions — 0.4%
VPC Impact Acquisition Holdings, Class A†		157,049		$	1,545,362
Steel Pipe & Tube — 0.9%
Valmont Industries, Inc.		14,770			3,499,752
Steel-Producers — 1.0%
Cleveland-Cliffs, Inc.†		156,650			3,916,250
Transport-Services — 0.9%
CryoPort, Inc.†		58,054			3,583,093
Transport-Truck — 1.3%
Knight-Swift Transportation Holdings, Inc.		27,278			1,355,444
Saia, Inc.†		15,319			3,462,094
					4,817,538
Web Hosting/Design — 1.1%
Q2 Holdings, Inc.†		41,885			4,327,139
TOTAL INVESTMENTS (cost $250,110,170)(1)		97.6	%		374,208,557
Other assets less liabilities		2.4			9,127,290
NET ASSETS		100.0	%	$	383,335,847

† 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 July 31, 2021 (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	$	372,082,876	$	2,125,681	**	$	—	$	374,208,557

* 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).

See Notes to Financial Statements

198

SunAmerica Series Trust SA Invesco Main Street Large Cap Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Applications Software	7.9	%
Internet Content-Entertainment	5.6
E-Commerce/Products	5.6
Medical-Drugs	4.3
Finance-Credit Card	3.6
Diversified Banking Institutions	3.3
Medical-HMO	3.0
Medical-Hospitals	2.9
Real Estate Investment Trusts	2.6
Semiconductor Components-Integrated Circuits	2.6
Transport-Services	2.5
Enterprise Software/Service	2.3
Computer Services	2.2
Semiconductor Equipment	2.2
Cosmetics & Toiletries	2.0
Retail-Building Products	2.0
Pharmacy Services	2.0
Insurance-Life/Health	1.9
Machinery-General Industrial	1.8
Aerospace/Defense	1.8
Computers	1.8
Cable/Satellite TV	1.7
Telephone-Integrated	1.7
Finance-Other Services	1.7
Wireless Equipment	1.5
Electric-Integrated	1.5
Brewery	1.4
Retail-Discount	1.4
Data Processing/Management	1.4
Building Products-Cement	1.2
Auto-Cars/Light Trucks	1.1
Food-Confectionery	1.1
Transport-Rail	1.1
Repurchase Agreements	1.1
Retail-Automobile	1.0
E-Commerce/Services	1.0
Machinery-Construction & Mining	1.0
Software Tools	1.0
Insurance-Multi-line	0.9
Food-Wholesale/Distribution	0.9
Entertainment Software	0.9
Retail-Auto Parts	0.9
Medical Products	0.8
Insurance-Property/Casualty	0.8
Non-Hazardous Waste Disposal	0.7
Building-Residential/Commercial	0.7
Diagnostic Equipment	0.7
Industrial Automated/Robotic	0.7
Electronic Components-Semiconductors	0.6
Pipelines	0.6
Oil Refining & Marketing	0.6
Finance-Mortgage Loan/Banker	0.6
Banks-Commercial	0.5
Medical-Biomedical/Gene	0.5
Electronic Components-Misc.	0.5
Chemicals-Specialty	0.5
Water	0.5
Oil Companies-Exploration & Production	0.5
Computer Software	0.4
Music	0.3

Medical Instruments	0.2	%
Building Products-Air & Heating	0.1
	100.2	%

* Calculated as a percentage of net assets

199

SunAmerica Series Trust SA Invesco Main Street Large Cap Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.1%
Aerospace/Defense — 1.8%
Raytheon Technologies Corp.		113,208	$	9,843,436
Applications Software — 7.9%
Microsoft Corp.		140,625		40,065,469
ServiceNow, Inc.†		5,207		3,061,143
				43,126,612
Auto-Cars/Light Trucks — 1.1%
General Motors Co.†		110,101		6,258,141
Banks-Commercial — 0.5%
CIT Group, Inc.		61,113		2,948,091
Brewery — 1.4%
Constellation Brands, Inc., Class A		35,123		7,879,494
Building Products-Air & Heating — 0.1%
Carrier Global Corp.		10,889		601,617
Building Products-Cement — 1.2%
Vulcan Materials Co.		35,832		6,449,402
Building-Residential/Commercial — 0.7%
D.R. Horton, Inc.		40,840		3,897,361
Cable/Satellite TV — 1.7%
Comcast Corp., Class A		160,378		9,435,038
Chemicals-Specialty — 0.5%
Valvoline, Inc.		85,120		2,611,482
Computer Services — 2.2%
Accenture PLC, Class A		27,683		8,794,335
Amdocs, Ltd.		41,706		3,215,950
				12,010,285
Computer Software — 0.4%
Snowflake, Inc., Class A†		7,641		2,030,367
Computers — 1.8%
Apple, Inc.		66,778		9,740,239
Cosmetics & Toiletries — 2.0%
Procter & Gamble Co.		77,669		11,046,862
Data Processing/Management — 1.4%
Fiserv, Inc.†		67,762		7,800,084
Diagnostic Equipment — 0.7%
Avantor, Inc.†		102,994		3,870,515
Diversified Banking Institutions — 3.3%
JPMorgan Chase & Co.		117,553		17,842,194
E-Commerce/Products — 5.6%
Amazon.com, Inc.†		9,217		30,670,397
E-Commerce/Services — 1.0%
Airbnb, Inc., Class A†		22,484		3,237,921
Booking Holdings, Inc.†		1,047		2,280,638
				5,518,559
Electric-Integrated — 1.5%
FirstEnergy Corp.		208,298		7,981,979
Electronic Components-Misc. — 0.5%
Hubbell, Inc.		14,506		2,907,873
Electronic Components-Semiconductors — 0.6%
Advanced Micro Devices, Inc.†		33,305		3,536,658
Enterprise Software/Service — 2.3%
Manhattan Associates, Inc.†		8,559		1,366,273
salesforce.com, Inc.†		25,186		6,093,249

Security Description	Shares		Value (Note 2)
Enterprise Software/Service (continued)
Workday, Inc., Class A†		22,589	$	5,294,862
				12,754,384
Entertainment Software — 0.9%
Zynga, Inc., Class A†		475,587		4,803,429
Finance-Credit Card — 3.6%
Capital One Financial Corp.		68,207		11,029,072
Mastercard, Inc., Class A		22,475		8,674,001
				19,703,073
Finance-Mortgage Loan/Banker — 0.6%
Rocket Cos., Inc., Class A		176,430		3,041,653
Finance-Other Services — 1.7%
Intercontinental Exchange, Inc.		77,147		9,244,525
Food-Confectionery — 1.1%
Mondelez International, Inc., Class A		98,736		6,246,039
Food-Dairy Products — 0.0%
a2 Milk Co., Ltd.†		53,291		229,884
Food-Wholesale/Distribution — 0.9%
Sysco Corp.		65,454		4,856,687
Industrial Automated/Robotic — 0.7%
Rockwell Automation, Inc.		12,125		3,727,468
Insurance-Life/Health — 1.9%
Equitable Holdings, Inc.		340,318		10,505,617
Insurance-Multi-line — 0.9%
Allstate Corp.		38,333		4,985,207
Insurance-Property/Casualty — 0.8%
Progressive Corp.		45,608		4,340,057
Internet Content-Entertainment — 5.6%
Facebook, Inc., Class A†		59,747		21,287,856
Netflix, Inc.†		13,445		6,958,729
Snap, Inc., Class A†		35,874		2,669,743
				30,916,328
Machinery-Construction & Mining — 1.0%
Caterpillar, Inc.		25,949		5,364,956
Machinery-General Industrial — 1.8%
Otis Worldwide Corp.		111,899		10,020,555
Medical Instruments — 0.2%
Alcon, Inc.		14,958		1,088,942
Medical Products — 0.8%
Cooper Cos., Inc.		10,756		4,536,558
Medical-Biomedical/Gene — 0.5%
Seagen, Inc.†		19,165		2,939,719
Medical-Drugs — 4.3%
AstraZeneca PLC ADR		194,491		11,132,665
Bayer AG		20,585		1,227,692
Eli Lilly & Co.		46,556		11,336,386
				23,696,743
Medical-HMO — 3.0%
UnitedHealth Group, Inc.		39,823		16,415,837
Medical-Hospitals — 2.9%
HCA Healthcare, Inc.		58,845		14,605,329
Tenet Healthcare Corp.†		19,302		1,386,656
				15,991,985

200

SunAmerica Series Trust SA Invesco Main Street Large Cap Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Music — 0.3%
Warner Music Group Corp., Class A		40,973	$	1,548,370
Non-Hazardous Waste Disposal — 0.7%
Waste Connections, Inc.		32,166		4,075,111
Oil Companies-Exploration & Production — 0.5%
Cabot Oil & Gas Corp.		152,695		2,443,120
Oil Refining & Marketing — 0.6%
Valero Energy Corp.		47,434		3,176,655
Pharmacy Services — 2.0%
CVS Health Corp.		132,653		10,925,301
Pipelines — 0.6%
Magellan Midstream Partners LP		72,384		3,373,094
Real Estate Investment Trusts — 2.6%
Prologis, Inc.		113,004		14,469,032
Retail-Auto Parts — 0.9%
O’Reilly Automotive, Inc.†		7,866		4,749,805
Retail-Automobile — 1.0%
CarMax, Inc.†		42,178		5,649,743
Retail-Building Products — 2.0%
Home Depot, Inc.		33,489		10,990,755
Retail-Discount — 1.4%
Target Corp.		30,170		7,875,878
Semiconductor Components-Integrated Circuits — 2.6%
QUALCOMM, Inc.		94,803		14,201,489
Semiconductor Equipment — 2.2%
Applied Materials, Inc.		85,656		11,985,844
Software Tools — 1.0%
VMware, Inc., Class A†		33,891		5,210,402
Telephone-Integrated — 1.7%
Verizon Communications, Inc.		167,841		9,362,171

Security Description	Shares			Value (Note 2)
Telephone-Integrated (continued)
Therapeutics — 0.0%
Neurocrine Biosciences, Inc.†		1,422		$	132,545
Transport-Rail — 1.1%
Union Pacific Corp.		28,036			6,133,155
Transport-Services — 2.5%
United Parcel Service, Inc., Class B		70,509			13,492,602
Water — 0.5%
American Water Works Co., Inc.		15,202			2,586,012
Wireless Equipment — 1.5%
Motorola Solutions, Inc.		36,151			8,094,932
Total Long-Term Investment Securities (cost $392,411,715)					543,892,348
REPURCHASE AGREEMENTS — 1.1%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 07/30/2021, to be repurchased 08/01/2021 in the amount of $5,766,000 and collateralized by $3,923,100 of United States Treasury Inflation Index Bonds, bearing interest at 1.00% due 02/15/2049 and having an approximate value of $5,881,328 (cost $5,766,000)	$	5,766,000		$	5,766,000
TOTAL INVESTMENTS (cost $398,177,715)(1)		100.2	%		549,658,348
Liabilities in excess of other assets		(0.2	)		(824,928	)
NET ASSETS		100.0	%	$	548,833,420

† 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 July 31, 2021 (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	$	542,434,772	$	1,457,576	**	$	—	$	543,892,348
Repurchase Agreements		—		5,766,000			—		5,766,000
Total Investments at Value	$	542,434,772	$	7,223,576		$	—	$	549,658,348

* 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).

See Notes to Financial Statements

201

SunAmerica Series Trust SA Janus Focused Growth Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Internet Content-Entertainment	11.6	%
Applications Software	8.4
E-Commerce/Products	6.3
Finance-Credit Card	5.8
Electronic Components-Semiconductors	5.6
Computers	4.9
Medical Instruments	4.1
Web Portals/ISP	3.6
Electronic Forms	3.6
Private Equity	3.5
E-Commerce/Services	3.4
Diagnostic Equipment	3.3
Medical Products	3.1
Semiconductor Equipment	3.1
Drug Delivery Systems	2.7
Textile-Apparel	2.2
Coatings/Paint	2.2
Real Estate Investment Trusts	2.2
Aerospace/Defense-Equipment	2.2
Cosmetics & Toiletries	2.0
Cellular Telecom	1.9
Commercial Services	1.8
Computer Software	1.7
Semiconductor Components-Integrated Circuits	1.5
Athletic Footwear	1.1
Enterprise Software/Service	1.1
Medical-Biomedical/Gene	1.0
Multimedia	0.9
Internet Application Software	0.9
Casino Services	0.6
Metal-Copper	0.5
Specified Purpose Acquisitions	0.2
	97.0%

* Calculated as a percentage of net assets

202

SunAmerica Series Trust SA Janus Focused Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.0%
Aerospace/Defense-Equipment — 2.2%
L3Harris Technologies, Inc.		59,542	$	13,500,553
Applications Software — 8.4%
Microsoft Corp.		181,445		51,695,495
Athletic Footwear — 1.1%
NIKE, Inc., Class B		41,153		6,893,539
Casino Services — 0.6%
Caesars Entertainment, Inc.†		43,980		3,842,093
Cellular Telecom — 1.9%
T-Mobile US, Inc.†		81,871		11,791,061
Coatings/Paint — 2.2%
Sherwin-Williams Co.		47,327		13,773,577
Commercial Services — 1.8%
CoStar Group, Inc.†		124,380		11,051,163
Computer Software — 1.7%
Twilio, Inc., Class A†		28,776		10,750,426
Computers — 4.9%
Apple, Inc.		207,491		30,264,637
Cosmetics & Toiletries — 2.0%
Procter & Gamble Co.		85,014		12,091,541
Diagnostic Equipment — 3.3%
Danaher Corp.		67,969		20,220,098
Drug Delivery Systems — 2.7%
DexCom, Inc.†		33,033		17,028,842
E-Commerce/Products — 6.3%
Amazon.com, Inc.†		10,668		35,498,730
Farfetch, Ltd., Class A†		71,134		3,565,236
				39,063,966
E-Commerce/Services — 3.4%
Booking Holdings, Inc.†		5,934		12,925,795
Match Group, Inc.†		52,088		8,296,056
				21,221,851
Electronic Components-Semiconductors — 5.6%
NVIDIA Corp.		98,652		19,236,154
Texas Instruments, Inc.		82,202		15,669,345
				34,905,499
Electronic Forms — 3.6%
Adobe, Inc.†		35,746		22,220,786
Enterprise Software/Service — 1.1%
Workday, Inc., Class A†		28,560		6,694,464
Finance-Credit Card — 5.8%
Mastercard, Inc., Class A		92,245		35,601,035
Internet Application Software — 0.9%
Shopify, Inc., Class A†		3,528		5,291,753
Internet Content-Entertainment — 11.6%
Facebook, Inc., Class A†		107,757		38,393,819
Netflix, Inc.†		23,268		12,042,819
Snap, Inc., Class A†		283,366		21,088,098
				71,524,736
Medical Instruments — 4.1%
Boston Scientific Corp.†		406,872		18,553,363
Edwards Lifesciences Corp.†		60,682		6,812,768
				25,366,131

Security Description	Shares			Value (Note 2)
Medical Products — 3.1%
Align Technology, Inc.†		27,591		$	19,197,818
Medical-Biomedical/Gene — 1.0%
Vertex Pharmaceuticals, Inc.†		31,620			6,373,960
Metal-Copper — 0.5%
Freeport-McMoRan, Inc.		78,765			3,000,946
Multimedia — 0.9%
Walt Disney Co.†		32,473			5,715,897
Private Equity — 3.5%
Blackstone Group, Inc., Class A		187,112			21,568,400
Real Estate Investment Trusts — 2.2%
American Tower Corp.		48,230			13,639,444
Semiconductor Components-Integrated Circuits — 1.5%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		78,195			9,120,665
Semiconductor Equipment — 3.1%
ASML Holding NV		24,640			18,892,474
Specified Purpose Acquisitions — 0.2%
Altimeter Growth Corp., Class A†		133,160			1,422,149
Textile-Apparel — 2.2%
LVMH Moet Hennessy Louis Vuitton SE		17,298			13,842,871
Web Portals/ISP — 3.6%
Alphabet, Inc., Class C†		8,265			22,352,031
Total Common Stocks (cost $309,472,799)					599,919,901
WARRANTS — 0.0%
Specified Purpose Acquisitions — 0.0%
Altimeter Growth Corp., Class A† Expires 09/30/2025 (Strike price $11.50) (cost $75,556 )		26,632			64,716
TOTAL INVESTMENTS
(cost $309,548,355)(1)		97.0	%		599,984,617
Other assets less liabilities		3.0			18,347,938
NET ASSETS		100.0	%	$	618,332,555

† Non-income producing security

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

ADR — American Depositary Receipt

203

SunAmerica Series Trust SA Janus Focused Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	586,077,030	$	13,842,871	**	$	—	$	599,919,901
Warrants		64,716		—			—		64,716
Total Investments at Value	$	586,141,746	$	13,842,871		$	—	$	599,984,617

* 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).

See Notes to Financial Statements

204

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Registered Investment Companies	8.4	%
Diversified Financial Services	7.1
Diversified Banking Institutions	5.8
Banks-Commercial	3.8
Medical-Drugs	3.8
United States Treasury Notes	2.2
Government National Mtg. Assoc.	2.1
Electric-Integrated	1.9
Federal National Mtg. Assoc.	1.9
Uniform Mtg. Backed Securities	1.8
Real Estate Investment Trusts	1.8
Applications Software	1.6
Auto-Cars/Light Trucks	1.6
United States Treasury Bonds	1.5
Banks-Super Regional	1.4
E-Commerce/Products	1.4
Web Portals/ISP	1.4
Federal Home Loan Mtg. Corp.	1.2
U.S. Government Treasuries	1.2
Computers	1.2
Finance-Credit Card	1.1
Electronic Components-Semiconductors	1.1
Cable/Satellite TV	1.1
Semiconductor Components-Integrated Circuits	1.1
Insurance-Multi-line	1.0
Oil Companies-Integrated	1.0
Pipelines	0.9
Medical-Biomedical/Gene	0.9
Diversified Manufacturing Operations	0.9
Semiconductor Equipment	0.9
Aerospace/Defense	0.9
Telephone-Integrated	0.9
Insurance-Property/Casualty	0.8
Commercial Paper	0.8
Sovereign	0.8
Food-Misc./Diversified	0.7
Commercial Services-Finance	0.7
Beverages-Non-alcoholic	0.7
Transport-Rail	0.6
E-Commerce/Services	0.6
Insurance-Life/Health	0.6
Oil Companies-Exploration & Production	0.6
Medical-HMO	0.6
Computer Services	0.6
Medical Instruments	0.6
Internet Content-Entertainment	0.6
Brewery	0.6
Cosmetics & Toiletries	0.5
Chemicals-Diversified	0.5
Cellular Telecom	0.5
Pharmacy Services	0.5
Retail-Auto Parts	0.5
Enterprise Software/Service	0.5
Electric-Generation	0.5
Aerospace/Defense-Equipment	0.5
Retail-Restaurants	0.4
Building-Heavy Construction	0.4
Retail-Building Products	0.4
Investment Management/Advisor Services	0.4
Tobacco	0.4
Athletic Footwear	0.4

Metal-Diversified	0.4	%
Power Converter/Supply Equipment	0.4
Commercial Services	0.4
Beverages-Wine/Spirits	0.4
Banks-Fiduciary	0.4
Medical Products	0.4
Medical-Hospitals	0.4
Containers-Paper/Plastic	0.3
Industrial Automated/Robotic	0.3
Finance-Other Services	0.3
Textile-Apparel	0.3
Municipal Bonds & Notes	0.3
Machinery-General Industrial	0.3
Machinery-Pumps	0.3
Certificates of Deposit	0.3
Transport-Services	0.3
Diversified Minerals	0.3
Building-Residential/Commercial	0.3
Building Products-Cement	0.3
Building & Construction Products-Misc.	0.3
Finance-Investment Banker/Broker	0.3
Instruments-Controls	0.3
Hotels/Motels	0.3
Electronic Components-Misc.	0.2
Medical Labs & Testing Services	0.2
Distribution/Wholesale	0.2
Audio/Video Products	0.2
Internet Content-Information/News	0.2
Metal-Aluminum	0.2
Gas-Distribution	0.2
Retail-Apparel/Shoe	0.2
Food-Retail	0.2
Tools-Hand Held	0.2
Airlines	0.2
Auto-Heavy Duty Trucks	0.2
Machinery-Farming	0.2
Diagnostic Equipment	0.2
Broadcast Services/Program	0.2
Apparel Manufacturers	0.2
Finance-Leasing Companies	0.2
Industrial Gases	0.2
Diversified Operations	0.2
Oil Refining & Marketing	0.2
Retail-Discount	0.2
Real Estate Management/Services	0.2
Private Equity	0.2
Finance-Commercial	0.2
Metal-Copper	0.2
Drug Delivery Systems	0.2
Machinery-Electrical	0.2
Batteries/Battery Systems	0.2
Medical-Wholesale Drug Distribution	0.1
Electric-Distribution	0.1
Chemicals-Specialty	0.1
Telecom Services	0.1
Building Societies	0.1
Insurance-Reinsurance	0.1
Containers-Metal/Glass	0.1
Multimedia	0.1
Office Automation & Equipment	0.1
Investment Companies	0.1

205

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Industry Allocation* (continued)

Home Decoration Products	0.1	%
Telecommunication Equipment	0.1
Computers-Memory Devices	0.1
Petrochemicals	0.1
Retail-Petroleum Products	0.1
Data Processing/Management	0.1
Casino Hotels	0.1
Food-Wholesale/Distribution	0.1
Networking Products	0.1
Consulting Services	0.1
Electric Products-Misc.	0.1
Textile-Home Furnishings	0.1
Television	0.1
Insurance-Mutual	0.1
Schools	0.1
Entertainment Software	0.1
Consumer Products-Misc.	0.1
Electronic Measurement Instruments	0.1
Computer Data Security	0.1
Radio	0.1
Retail-Consumer Electronics	0.1
Software Tools	0.1
Real Estate Operations & Development	0.1
Insurance Brokers	0.1
Import/Export	0.1
Auto/Truck Parts & Equipment-Original	0.1
Retail-Hypermarkets	0.1
Rental Auto/Equipment	0.1
Energy-Alternate Sources	0.1
Independent Power Producers	0.1
Computer Aided Design	0.1
Human Resources	0.1
Retail-Convenience Store	0.1
Computer Software	0.1
Physical Therapy/Rehabilitation Centers	0.1
Retail-Regional Department Stores	0.1
Satellite Telecom	0.1
Medical-Generic Drugs	0.1
Retail-Jewelry	0.1
Machinery-Construction & Mining	0.1
Music	0.1
	99.5%

* Calculated as a percentage of net assets

206

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 49.3%
Advanced Materials — 0.0%
JSR Corp.		300	$	10,044
Advertising Agencies — 0.0%
WPP PLC		2,132		27,601
Advertising Services — 0.0%
Dentsu Group, Inc.		400		13,933
Hakuhodo DY Holdings, Inc.		500		7,631
Publicis Groupe SA		395		24,930
				46,494
Aerospace/Defense — 0.4%
BAE Systems PLC		5,525		44,220
Dassault Aviation SA		5		5,960
General Dynamics Corp.		1,451		284,440
Kawasaki Heavy Industries, Ltd.†		300		6,282
Leonardo SpA†		694		5,469
MTU Aero Engines AG		91		22,784
Northrop Grumman Corp.		1,397		507,139
Raytheon Technologies Corp.		5,343		464,574
Rolls-Royce Holdings PLC†		14,338		19,862
Saab AB, Series B		140		4,252
				1,364,982
Aerospace/Defense-Equipment — 0.4%
Airbus SE†		4,748		651,358
Elbit Systems, Ltd.		43		5,678
Meggitt PLC†		1,339		8,725
Safran SA		4,090		535,776
				1,201,537
Agricultural Chemicals — 0.0%
Incitec Pivot, Ltd.		3,328		6,552
Yara International ASA		294		15,484
				22,036
Airlines — 0.2%
ANA Holdings, Inc.†		300		7,050
Cathay Pacific Airways, Ltd.†		3,636		2,918
Delta Air Lines, Inc.†		2,778		110,842
Deutsche Lufthansa AG†		513		5,813
easyJet PLC†		548		6,436
Japan Airlines Co., Ltd.†		200		4,187
Qantas Airways, Ltd.†		1,584		5,342
Ryanair Holdings PLC ADR†		2,282		248,829
Singapore Airlines, Ltd.†		2,100		7,904
Southwest Airlines Co.†		3,285		165,958
				565,279
Airport Development/Maintenance — 0.0%
Aena SME SA†*		126		20,066
Aeroports de Paris†		45		5,460
Auckland International Airport, Ltd.†		2,070		10,460
Japan Airport Terminal Co., Ltd.†		100		4,321
SATS, Ltd.†		1,100		3,255
Sydney Airport†		2,265		13,009
				56,571
Apparel Manufacturers — 0.2%
Burberry Group PLC		693		19,864
Columbia Sportswear Co.		1,740		173,339
Hermes International		61		93,341
Kering SA		128		114,932
Ralph Lauren Corp.		1,903		216,028
				617,504

Security Description	Shares		Value (Note 2)
Appliances — 0.0%
Electrolux AB, Series B		433	$	11,353
Hoshizaki Corp.		100		8,402
JS Global Lifestyle Co., Ltd.*		2,000		5,077
SEB SA		50		8,311
				33,143
Applications Software — 1.5%
Confluent, Inc., Class A†		1,292		50,634
Five9, Inc.†		629		126,611
Intuit, Inc.		473		250,676
Microsoft Corp.		16,018		4,563,688
Sage Group PLC		1,921		18,728
ServiceNow, Inc.†		272		159,906
				5,170,243
Athletic Footwear — 0.4%
adidas AG		3,293		1,196,240
Asics Corp.		300		6,651
NIKE, Inc., Class B		1,606		269,021
Puma SE		177		21,735
				1,493,647
Audio/Video Products — 0.2%
GN Store Nord A/S		244		21,385
Panasonic Corp.		4,000		47,911
Sharp Corp.		400		6,139
Sony Group Corp.		7,100		741,107
				816,542
Auto-Cars/Light Trucks — 0.9%
Bayerische Motoren Werke AG		549		54,613
Bayerische Motoren Werke AG (Preference Shares)		98		8,419
Daimler AG		1,436		128,283
Ferrari NV		220		48,003
Honda Motor Co., Ltd.		2,900		92,769
Mazda Motor Corp.†		1,000		9,854
Mitsubishi Motors Corp.†		1,100		3,086
Nissan Motor Co., Ltd.†		4,100		23,733
Porsche Automobil Holding SE (Preference Shares)		263		28,475
Stellantis NV		3,796		73,009
Subaru Corp.		1,100		21,586
Suzuki Motor Corp.		800		32,559
Tesla, Inc.†		1,399		961,393
Toyota Motor Corp.		8,000		718,460
Volkswagen AG (Preference Shares)		3,039		741,589
				2,945,831
Auto-Heavy Duty Trucks — 0.2%
Hino Motors, Ltd.		400		3,499
Isuzu Motors, Ltd.		1,100		14,647
Volvo AB, Class A		367		8,931
Volvo AB, Class B		20,727		488,830
				515,907
Auto/Truck Parts & Equipment-Original — 0.1%
Aisin Corp.		300		12,136
Brembo SpA		263		3,681
Denso Corp.		900		61,798
Faurecia SE		209		9,339
JTEKT Corp.		300		2,846
Koito Manufacturing Co., Ltd.		200		12,234
NGK Insulators, Ltd.		400		6,393

207

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Auto/Truck Parts & Equipment-Original (continued)
NGK Spark Plug Co., Ltd.		400	$	5,892
Stanley Electric Co., Ltd.		300		7,832
Sumitomo Electric Industries, Ltd.		1,300		18,477
Toyoda Gosei Co., Ltd.		100		2,349
Toyota Boshoku Corp.		100		2,016
Toyota Industries Corp.		400		33,528
Valeo SA		415		11,997
				190,518
Banks-Commercial — 2.2%
AEON Financial Service Co., Ltd.		100		1,231
Aozora Bank, Ltd.		200		4,511
Australia & New Zealand Banking Group, Ltd.		4,877		99,324
Banca Mediolanum SpA		420		4,139
Banco Bilbao Vizcaya Argentaria SA		11,426		73,288
Banco BPM SpA		2,597		7,793
Bank Central Asia Tbk PT		159,700		329,674
Bank Hapoalim BM†		1,915		15,237
Bank Leumi Le-Israel BM†		2,513		19,215
Bank of East Asia, Ltd.		2,800		4,614
Bank of Kyoto, Ltd.		100		4,310
Bank Polska Kasa Opieki SA†		303		7,392
BAWAG Group AG*		120		6,825
Bendigo & Adelaide Bank, Ltd.		939		7,144
CaixaBank SA		7,478		22,231
Chiba Bank, Ltd.		1,300		7,430
Citizens Financial Group, Inc.		10,660		449,426
Commerzbank AG†		1,696		10,951
Commonwealth Bank of Australia		3,051		223,193
Concordia Financial Group, Ltd.		2,100		7,538
Credicorp, Ltd.†		704		71,076
Danske Bank A/S		1,196		20,936
DBS Group Holdings, Ltd.		16,100		361,311
DNB Bank ASA		1,528		31,313
Erste Group Bank AG		4,026		156,112
FinecoBank Banca Fineco SpA†		1,045		18,712
First Republic Bank		807		157,381
Fukuoka Financial Group, Inc.		400		6,749
Hang Seng Bank, Ltd.		1,300		24,907
HDFC Bank, Ltd. ADR		11,751		829,268
ING Bank Slaski SA†		56		2,774
ING Groep NV		6,684		85,592
Intesa Sanpaolo SpA		29,966		82,754
Israel Discount Bank, Ltd., Class A†		1,995		9,363
KBC Group NV		6,734		541,028
M&T Bank Corp.		3,770		504,615
mBank SA†		22		1,831
Mebuki Financial Group, Inc.		2,100		4,498
Mediobanca Banca di Credito Finanziario SpA†		1,262		14,778
Mizrahi Tefahot Bank, Ltd.†		237		7,186
National Australia Bank, Ltd.		5,673		108,022
Nordea Bank Abp		36,261		424,301
Oversea-Chinese Banking Corp., Ltd.		6,900		62,431
Powszechna Kasa Oszczednosci Bank Polski SA†		1,483		14,558
Raiffeisen Bank International AG		233		5,500
Resona Holdings, Inc.		4,000		15,074
Santander Bank Polska SA†		58		3,859
Seven Bank, Ltd.		1,000		2,184
Shinsei Bank, Ltd.		300		3,974
Shizuoka Bank, Ltd.		800		5,792

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
Signature Bank		408	$	92,604
Skandinaviska Enskilda Banken AB, Class A		2,751		37,169
Standard Chartered PLC		4,544		27,221
Sumitomo Mitsui Trust Holdings, Inc.		700		23,000
SVB Financial Group†		141		77,544
Svenska Handelsbanken AB, Class A		36,738		414,760
Svenska Handelsbanken AB, Class B		45		541
Swedbank AB, Class A		1,591		30,999
Toronto-Dominion Bank		7,443		494,868
Truist Financial Corp.		23,650		1,287,269
United Overseas Bank, Ltd.		2,700		52,267
Westpac Banking Corp.		6,311		113,114
				7,534,701
Banks-Fiduciary — 0.3%
Northern Trust Corp.		2,734		308,532
State Street Corp.		6,910		602,137
				910,669
Banks-Super Regional — 0.9%
PNC Financial Services Group, Inc.		2,705		493,419
US Bancorp		13,856		769,562
Wells Fargo & Co.		42,078		1,933,064
				3,196,045
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc.		4,784		204,994
Beverages-Non-alcoholic — 0.5%
Coca-Cola Bottlers Japan Holdings, Inc.		300		4,924
Coca-Cola Co.		25,995		1,482,495
Coca-Cola European Partners PLC		343		21,287
Coca-Cola HBC AG		342		12,919
Keurig Dr Pepper, Inc.		5,820		204,922
Oatly Group AB ADR†		2,685		47,659
Suntory Beverage & Food, Ltd.		200		7,032
				1,781,238
Beverages-Wine/Spirits — 0.4%
Davide Campari-Milano NV		720		10,135
Diageo PLC		24,380		1,209,511
Pernod Ricard SA		347		76,587
Treasury Wine Estates, Ltd.		1,236		10,828
				1,307,061
Bicycle Manufacturing — 0.0%
Shimano, Inc.		100		25,578
Brewery — 0.4%
Anheuser-Busch InBev SA NV		1,457		91,819
Asahi Group Holdings, Ltd.		800		36,027
Budweiser Brewing Co. APAC, Ltd.*		3,000		8,386
Carlsberg A/S, Class B		2,233		413,239
Constellation Brands, Inc., Class A		1,940		435,220
Heineken Holding NV		173		17,040
Heineken NV		1,635		190,416
Kirin Holdings Co., Ltd.		1,500		27,450
				1,219,597
Broadcast Services/Program — 0.1%
Discovery, Inc., Class C†		5,750		155,883
Building & Construction Products-Misc. — 0.2%
Boral, Ltd.†		1,765		9,319
Cie de Saint-Gobain		913		65,315

208

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building & Construction Products-Misc. (continued)
Fletcher Building, Ltd.		1,329	$	7,077
Fortune Brands Home & Security, Inc.		3,317		323,308
Geberit AG		65		53,377
James Hardie Industries PLC CDI		900		30,332
Kingspan Group PLC		264		28,708
LIXIL Corp.		400		10,911
ROCKWOOL International A/S, Class A		10		4,617
ROCKWOOL International A/S, Class B		12		6,375
Sika AG		242		85,228
TOTO, Ltd.		300		15,536
				640,103
Building & Construction-Misc. — 0.0%
Eiffage SA		163		16,607
Ferrovial SA		853		25,304
HOCHTIEF AG		39		3,096
Kajima Corp.		900		11,639
Lendlease Corp., Ltd.		1,180		10,593
Obayashi Corp.		1,200		9,867
Shimizu Corp.		1,200		8,827
Taisei Corp.		400		13,533
				99,466
Building Products-Air & Heating — 0.0%
Daikin Industries, Ltd.		500		103,937
Investment AB Latour, Class B		213		8,333
Nibe Industrier AB, Class B		2,440		29,174
Rinnai Corp.		100		9,268
				150,712
Building Products-Cement — 0.3%
Buzzi Unicem SpA		169		4,473
CRH PLC		1,351		67,330
HeidelbergCement AG		252		22,361
Holcim, Ltd.		8,501		498,371
Martin Marietta Materials, Inc.		953		346,225
Taiheiyo Cement Corp.		100		2,327
				941,087
Building Products-Doors & Windows — 0.0%
AGC, Inc.		400		17,189
Building-Heavy Construction — 0.4%
Acciona SA		37		5,671
Ackermans & van Haaren NV		38		6,539
ACS Actividades de Construccion y Servicios SA		464		12,193
Bouygues SA		385		14,849
Cellnex Telecom SA*		6,426		418,743
CIMIC Group, Ltd.		123		1,865
CK Infrastructure Holdings, Ltd.		500		3,024
Infrastrutture Wireless Italiane SpA*		560		6,339
Keppel Corp., Ltd.		2,500		10,129
Kinden Corp.		200		3,243
Skanska AB, Class B		686		19,359
Strabag SE		24		1,089
Vinci SA		9,545		1,009,223
				1,512,266
Building-Maintenance & Services — 0.0%
Rentokil Initial PLC		3,177		25,025

Security Description	Shares		Value (Note 2)
Building-Residential/Commercial — 0.2%
Barratt Developments PLC		1,744	$	17,046
Berkeley Group Holdings PLC		212		14,270
Daiwa House Industry Co., Ltd.		1,200		36,818
Haseko Corp.		500		6,770
Iida Group Holdings Co., Ltd.		300		7,240
Persimmon PLC		10,402		419,606
Sekisui Chemical Co., Ltd.		700		12,078
Sekisui House, Ltd.		1,200		23,774
Taylor Wimpey PLC		109,664		250,715
				788,317
Cable/Satellite TV — 0.5%
Charter Communications, Inc., Class A†		751		558,782
Comcast Corp., Class A		8,048		473,464
DISH Network Corp., Class A†		5,117		214,351
Liberty Broadband Corp., Class C†		2,254		400,062
Telenet Group Holding NV		81		3,038
				1,649,697
Casino Hotels — 0.1%
Crown Resorts, Ltd.†		615		3,890
Galaxy Entertainment Group, Ltd.†		4,000		27,214
Las Vegas Sands Corp.†		4,628		195,996
MGM China Holdings, Ltd.†		1,200		1,461
Sands China, Ltd.†		4,400		15,057
SJM Holdings, Ltd.†		2,000		1,803
Wynn Macau, Ltd.†		2,400		3,089
				248,510
Casino Services — 0.0%
Aristocrat Leisure, Ltd.		1,094		33,563
Sega Sammy Holdings, Inc.		300		3,786
				37,349
Cellular Telecom — 0.2%
Millicom International Cellular SA SDR†		173		6,910
Orange SA		3,510		39,114
SoftBank Corp.		2,800		36,585
Spark New Zealand, Ltd.		3,516		11,608
T-Mobile US, Inc.†		3,767		542,523
Tele2 AB, Class B		859		12,625
Telstra Corp., Ltd.		7,134		19,817
TPG Telecom, Ltd.		638		2,899
Vodafone Group PLC		46,096		73,929
				746,010
Chemicals-Diversified — 0.4%
Air Water, Inc.		400		5,991
Arkema SA		114		14,509
Asahi Kasei Corp.		2,400		26,169
BASF SE		1,580		124,149
Covestro AG*		305		19,627
Croda International PLC		245		28,667
DIC Corp.		100		2,715
Eastman Chemical Co.		6,408		722,310
Evonik Industries AG		327		11,365
ICL Group, Ltd.		1,179		8,561
Johnson Matthey PLC		340		14,039
Kaneka Corp.		100		3,965
Kuraray Co., Ltd.		500		4,642
LANXESS AG		149		10,796
Mitsubishi Chemical Holdings Corp.		2,400		20,157
Mitsubishi Gas Chemical Co., Inc.		300		6,262

209

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals-Diversified (continued)
Nissan Chemical Corp.		300	$	14,710
Nitto Denko Corp.		300		22,319
PPG Industries, Inc.		2,270		371,190
Showa Denko KK		300		8,678
Solvay SA		126		16,810
Sumitomo Chemical Co., Ltd.		2,900		15,108
Symrise AG		220		32,446
Tosoh Corp.		500		8,793
				1,513,978
Chemicals-Plastics — 0.0%
EMS-Chemie Holding AG		11		12,189
Chemicals-Specialty — 0.1%
Brenntag SE		264		26,367
Chr. Hansen Holding A/S		176		15,830
Daicel Corp.		400		3,333
Givaudan SA		15		74,867
Koninklijke DSM NV		305		61,479
Novozymes A/S, Class B		361		28,376
Shin-Etsu Chemical Co., Ltd.		700		114,219
Toray Industries, Inc.		2,700		17,795
Umicore SA		343		21,301
				363,567
Circuit Boards — 0.0%
Ibiden Co., Ltd.		200		10,595
Coatings/Paint — 0.0%
Akzo Nobel NV		327		40,437
Kansai Paint Co., Ltd.		400		9,828
Nippon Paint Holdings Co., Ltd.		2,400		30,677
				80,942
Coffee — 0.0%
JDE Peet’s NV		120		4,040
Commercial Services — 0.4%
Amadeus IT Group SA†		771		50,475
Edenred		422		24,513
Intertek Group PLC		276		19,775
Park24 Co., Ltd.†		200		3,783
Quanta Services, Inc.		1,674		152,167
RELX PLC (LSE)		3,410		100,165
RELX PLC (XAMS)		15,922		472,606
Sembcorp Industries, Ltd.		1,600		2,470
SGS SA		135		437,333
				1,263,287
Commercial Services-Finance — 0.6%
Adyen NV†*		53		144,309
Affirm Holdings, Inc.†		1,047		58,967
Afterpay, Ltd.†		404		28,881
Allfunds Group Plc†		185		3,254
Experian PLC		1,578		69,464
FleetCor Technologies, Inc.†		1,940		500,947
Global Payments, Inc.		1,090		210,817
GMO Payment Gateway, Inc.		100		12,916
IHS Markit, Ltd.		1,161		135,651
Nexi SpA†*		614		13,176
PayPal Holdings, Inc.†		1,264		348,270
S&P Global, Inc.		1,282		549,619
Worldline SA†*		388		36,310
				2,112,581

Security Description	Shares		Value (Note 2)
Communications Software — 0.0%
Sinch AB†*		920	$	18,607
Computer Aided Design — 0.1%
Dassault Systemes SE		1,180		65,101
Synopsys, Inc.†		521		150,043
				215,144
Computer Data Security — 0.1%
Crowdstrike Holdings, Inc., Class A†		584		148,108
Zscaler, Inc.†		517		121,966
				270,074
Computer Services — 0.6%
Atos SE		168		8,039
Capgemini SE		4,349		940,849
Computershare, Ltd.		970		11,141
Fujitsu, Ltd.		300		50,962
International Business Machines Corp.		1,188		167,460
Itochu Techno-Solutions Corp.		200		6,144
Leidos Holdings, Inc.		5,696		606,168
NEC Corp.		500		25,423
Nomura Research Institute, Ltd.		600		19,315
NTT Data Corp.		1,000		15,497
Otsuka Corp.		200		10,449
SCSK Corp.		100		6,026
Teleperformance		102		43,041
				1,910,514
Computer Software — 0.1%
MongoDB, Inc.†		325		116,649
Snowflake, Inc., Class A†		235		62,444
				179,093
Computers — 1.1%
Apple, Inc.		25,284		3,687,924
Computers-Integrated Systems — 0.0%
OBIC Co., Ltd.		100		17,620
Computers-Memory Devices — 0.1%
Seagate Technology Holdings PLC		3,390		297,981
Consulting Services — 0.1%
Booz Allen Hamilton Holding Corp.		1,667		143,045
Bureau Veritas SA		495		16,339
Nihon M&A Center, Inc.		500		13,930
Worley, Ltd.		545		4,477
				177,791
Containers-Metal/Glass — 0.0%
Ball Corp.		1,067		86,299
Toyo Seikan Group Holdings, Ltd.		300		4,087
				90,386
Containers-Paper/Plastic — 0.2%
D.S. Smith PLC†		2,352		13,821
Graphic Packaging Holding Co.		7,903		151,501
Huhtamaki Oyj		165		8,797
Packaging Corp. of America		2,572		363,938
WestRock Co.		5,337		262,634
				800,691
Cosmetics & Toiletries — 0.5%
Beiersdorf AG		169		20,082
Coty, Inc., Class A†		11,161		97,436
Essity AB, Class A		38		1,238
Essity AB, Class B		1,043		34,100

210

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cosmetics & Toiletries (continued)
Estee Lauder Cos., Inc., Class A		451	$	150,557
Kao Corp.		800		48,097
Kose Corp.		100		15,778
L’Oreal SA		1,467		671,982
Lion Corp.		400		6,944
Pigeon Corp.		200		5,789
Pola Orbis Holdings, Inc.		100		2,392
Procter & Gamble Co.		2,705		384,732
Shiseido Co., Ltd.		700		46,681
Unicharm Corp.		700		28,075
Unilever PLC		4,523		260,455
				1,774,338
Cruise Lines — 0.0%
Carnival PLC†		309		6,125
Royal Caribbean Cruises, Ltd.†		1,604		123,300
				129,425
Dental Supplies & Equipment — 0.0%
Lifco AB		365		10,721
Diagnostic Equipment — 0.1%
Sysmex Corp.		300		35,705
Thermo Fisher Scientific, Inc.		789		426,068
				461,773
Diagnostic Kits — 0.0%
DiaSorin SpA		33		6,704
Natera, Inc.†		1,002		114,749
QIAGEN NV†		395		21,171
				142,624
Dialysis Centers — 0.0%
Fresenius Medical Care AG & Co. KGaA		347		27,396
Fresenius SE & Co. KGaA		707		37,189
				64,585
Distribution/Wholesale — 0.2%
Bunzl PLC		577		21,377
Copart, Inc.†		1,143		168,021
Ferguson PLC		4,194		587,927
Jardine Cycle & Carriage, Ltd.		200		3,026
Seven Group Holdings, Ltd.		266		4,544
Sojitz Corp.		1,800		5,510
Toyota Tsusho Corp.		400		18,903
Travis Perkins PLC†		399		9,439
				818,747
Diversified Banking Institutions — 1.4%
Banco Santander SA		29,827		109,119
Bank of America Corp.		35,703		1,369,567
Barclays PLC		27,964		67,773
BNP Paribas SA		1,978		120,339
Citigroup, Inc.		5,116		345,944
Credit Agricole SA		2,199		30,587
Credit Suisse Group AG		4,168		41,885
Deutsche Bank AG†		3,542		44,772
HSBC Holdings PLC		35,691		196,991
Lloyds Banking Group PLC		122,044		77,333
Macquarie Group, Ltd.		582		67,158
Mitsubishi UFJ Financial Group, Inc.		22,100		117,091
Mizuho Financial Group, Inc.		4,340		61,965
Morgan Stanley		11,305		1,085,054
Natwest Group PLC		9,337		26,250

Security Description	Shares		Value (Note 2)
Diversified Banking Institutions (continued)
Societe Generale SA		13,838	$	405,414
Sumitomo Mitsui Financial Group, Inc.		2,300		77,528
UBS Group AG		6,613		109,040
UniCredit SpA		34,868		417,022
				4,770,832
Diversified Manufacturing Operations — 0.9%
Carlisle Cos., Inc.		1,292		261,294
Eaton Corp. PLC		7,740		1,223,307
Indutrade AB		456		14,871
ITT, Inc.		2,917		285,603
Siemens AG		1,389		216,862
Smiths Group PLC		679		14,671
Toshiba Corp.		700		30,147
Trane Technologies PLC		4,668		950,451
Trelleborg AB, Class B		416		10,276
				3,007,482
Diversified Minerals — 0.3%
BHP Group PLC		23,753		771,408
BHP Group, Ltd.		5,062		198,375
Sumitomo Metal Mining Co., Ltd.		500		20,361
				990,144
Diversified Operations — 0.0%
CK Hutchison Holdings, Ltd.		5,000		36,567
Jardine Matheson Holdings, Ltd.		400		23,769
Swire Pacific, Ltd., Class A		1,500		9,326
Swire Pacific, Ltd., Class B		2,500		2,554
				72,216
Diversified Operations/Commercial Services — 0.0%
Brambles, Ltd.		2,485		21,233
Drug Delivery Systems — 0.1%
DexCom, Inc.†		497		256,208
E-Commerce/Products — 1.4%
Alibaba Group Holding, Ltd.†		22,736		555,587
Allegro.eu SA†*		370		6,348
Amazon.com, Inc.†		1,087		3,617,090
ASOS PLC†		119		6,290
Mercari, Inc.†		200		10,428
MonotaRO Co., Ltd.		400		9,223
Rakuten Group, Inc.		1,500		16,540
Sea, Ltd. ADR†		1,645		454,283
THG PLC†		1,319		10,777
ZOZO, Inc.		200		6,810
				4,693,376
E-Commerce/Services — 0.6%
Airbnb, Inc., Class A†		320		46,083
Auto Trader Group PLC†*		1,667		15,103
Booking Holdings, Inc.†		333		725,361
Delivery Hero SE†*		3,274		490,291
Lyft, Inc., Class A†		8,092		447,650
Match Group, Inc.†		1,160		184,753
Rightmove PLC		1,518		14,811
Uber Technologies, Inc.†		2,335		101,479
Zillow Group, Inc., Class C†		809		85,964
				2,111,495
E-Marketing/Info — 0.0%
CyberAgent, Inc.		700		12,602

211

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electric Products-Misc. — 0.1%
AMETEK, Inc.		997	$	138,633
Brother Industries, Ltd.		500		10,163
Casio Computer Co., Ltd.		400		6,511
Legrand SA		457		51,486
Mabuchi Motor Co., Ltd.		100		3,757
				210,550
Electric-Distribution — 0.0%
AusNet Services		3,191		4,267
E.ON SE		3,848		47,340
HK Electric Investments & HK Electric Investments, Ltd.		3,500		3,550
National Grid PLC		6,678		85,434
				140,591
Electric-Generation — 0.2%
EDP Renovaveis SA		462		10,864
Electric Power Development Co., Ltd.		400		5,848
Electricite de France SA		690		8,352
Engie SA		3,046		40,648
Mercury NZ, Ltd.		1,030		4,749
Meridian Energy, Ltd.		2,152		7,831
Orsted A/S*		2,769		411,821
RWE AG		5,047		179,714
SSE PLC		1,796		36,071
Uniper SE		170		6,647
				712,545
Electric-Integrated — 1.2%
A2A SpA		2,684		5,704
AGL Energy, Ltd.		1,067		5,647
American Electric Power Co., Inc.		3,247		286,126
Chubu Electric Power Co., Inc.		1,300		15,676
Chugoku Electric Power Co., Inc.		700		6,345
CLP Holdings, Ltd.		3,000		30,952
Contact Energy, Ltd.		1,311		7,458
Edison International		2,800		152,600
EDP - Energias de Portugal SA		4,757		24,724
Endesa SA		4,337		105,542
Enel SpA		13,290		122,717
Entergy Corp.		1,620		166,730
EVN AG		65		1,573
Fortum Oyj		746		20,592
Hera SpA		1,352		5,757
Iberdrola SA		57,719		695,786
Kansai Electric Power Co., Inc.		1,200		11,355
Kyushu Electric Power Co., Inc.		800		6,068
NextEra Energy, Inc.		16,673		1,298,827
Origin Energy, Ltd.		3,018		9,140
PG&E Corp.†		14,189		124,721
PGE Polska Grupa Energetyczna SA†		1,383		3,116
Power Assets Holdings, Ltd.		2,500		16,160
Tohoku Electric Power Co., Inc.		800		6,075
Tokyo Electric Power Co. Holdings, Inc.†		1,300		3,476
Verbund AG		117		10,776
Xcel Energy, Inc.		14,556		993,447
				4,137,090
Electric-Transmission — 0.0%
Elia Group SA		57		6,744
Red Electrica Corp. SA		742		14,683
Terna Rete Elettrica Nazionale SpA		2,583		20,536
				41,963

Security Description	Shares		Value (Note 2)
Electronic Components-Misc. — 0.2%
Alps Alpine Co., Ltd.		400	$	4,155
Garmin, Ltd.		1,056		166,003
Hoya Corp.		600		84,714
Kyocera Corp.		600		37,085
Minebea Mitsumi, Inc.		800		21,587
Murata Manufacturing Co., Ltd.		1,100		91,214
Nidec Corp.		1,000		112,362
SYNNEX Corp.		1,962		234,537
TDK Corp.		200		22,847
Venture Corp., Ltd.		500		7,018
				781,522
Electronic Components-Semiconductors — 0.9%
Advanced Micro Devices, Inc.†		8,087		858,758
Cree, Inc.†		1,018		94,430
Hamamatsu Photonics KK		300		16,696
Infineon Technologies AG		2,247		85,676
Microchip Technology, Inc.		693		99,182
NVIDIA Corp.		2,224		433,658
Rohm Co., Ltd.		200		19,480
Samsung Electronics Co., Ltd. GDR		719		1,234,163
STMicroelectronics NV		1,124		46,035
SUMCO Corp.		400		9,291
Texas Instruments, Inc.		1,881		358,556
				3,255,925
Electronic Connectors — 0.0%
Hirose Electric Co., Ltd.		100		14,992
Electronic Measurement Instruments — 0.1%
Halma PLC		651		26,135
Keysight Technologies, Inc.†		1,118		183,967
Sartorius AG (Preference Shares)		59		35,688
Shimadzu Corp.		500		20,167
Yokogawa Electric Corp.		400		6,145
				272,102
Electronic Parts Distribution — 0.0%
Arrow Electronics, Inc.†		990		117,384
Electronic Security Devices — 0.0%
Assa Abloy AB, Class B		1,700		54,509
Electronics-Military — 0.0%
Thales SA		183		19,207
Energy-Alternate Sources — 0.1%
Siemens Gamesa Renewable Energy SA†		385		10,737
SolarEdge Technologies, Inc.†		576		149,461
Vestas Wind Systems A/S		1,731		63,826
				224,024
Engineering/R&D Services — 0.0%
JGC Holdings Corp.		500		4,532
Singapore Technologies Engineering, Ltd.		2,600		7,690
				12,222
Enterprise Software/Service — 0.3%
AVEVA Group PLC		207		11,298
Ceridian HCM Holding, Inc.†		2,666		262,335
HubSpot, Inc.†		286		170,462
Oracle Corp. Japan		100		7,466
SAP SE		1,881		269,784
Temenos AG		113		17,962
TIS, Inc.		400		10,367

212

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service (continued)
UiPath, Inc., Class A†		679	$	42,478
WiseTech Global, Ltd.		268		6,077
Workday, Inc., Class A†		822		192,677
				990,906
Entertainment Software — 0.1%
Bilibili, Inc. ADR†		2,643		226,188
CD Projekt SA		121		5,804
DeNA Co., Ltd.		100		1,886
Embracer Group AB†		523		13,524
Konami Holdings Corp.		200		11,091
Nexon Co., Ltd.		800		16,657
Square Enix Holdings Co., Ltd.		200		10,376
Ubisoft Entertainment SA†		138		8,767
				294,293
Explosives — 0.0%
Orica, Ltd.		698		6,373
Filtration/Separation Products — 0.0%
Alfa Laval AB		510		21,318
Finance-Consumer Loans — 0.0%
Acom Co., Ltd.		600		2,467
Finance-Credit Card — 1.1%
American Express Co.		2,133		363,740
Capital One Financial Corp.		5,528		893,878
Discover Financial Services		734		91,251
Mastercard, Inc., Class A		6,359		2,454,192
Orient Corp.†		700		878
				3,803,939
Finance-Investment Banker/Broker — 0.2%
Charles Schwab Corp.		8,309		564,597
Daiwa Securities Group, Inc.		2,600		13,641
Nomura Holdings, Inc.		4,800		23,989
SBI Holdings, Inc.		500		11,988
				614,215
Finance-Leasing Companies — 0.0%
Mitsubishi UFJ Lease & Finance Co., Ltd.		1,200		6,549
ORIX Corp.		2,200		38,459
Tokyo Century Corp.		100		5,510
				50,518
Finance-Other Services — 0.3%
ASX, Ltd.		331		18,727
Deutsche Boerse AG		325		54,275
Hong Kong Exchanges & Clearing, Ltd.		11,200		715,624
Intrum AB		110		3,405
Japan Exchange Group, Inc.		900		20,481
London Stock Exchange Group PLC		3,152		328,072
Singapore Exchange, Ltd.		1,500		13,161
				1,153,745
Fisheries — 0.0%
Leroy Seafood Group ASA		479		4,367
Mowi ASA		770		19,613
Salmar ASA		93		6,170
Toyo Suisan Kaisha, Ltd.		200		7,644
				37,794

Security Description	Shares		Value (Note 2)
Food-Baking — 0.0%
Yamazaki Baking Co., Ltd.		300	$	4,120
Food-Catering — 0.0%
Compass Group PLC†		3,060		64,647
Sodexo SA†		145		12,358
				77,005
Food-Confectionery — 0.0%
Barry Callebaut AG		8		20,261
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		2		22,431
Ezaki Glico Co., Ltd.		200		7,499
				50,191
Food-Dairy Products — 0.0%
a2 Milk Co., Ltd.†		1,273		5,521
Danone SA		1,177		86,639
Yakult Honsha Co., Ltd.		300		17,732
				109,892
Food-Flour & Grain — 0.0%
Nisshin Seifun Group, Inc.		500		8,075
Wilmar International, Ltd.		4,900		15,745
				23,820
Food-Meat Products — 0.0%
WH Group, Ltd.*		16,500		13,688
Food-Misc./Diversified — 0.6%
Ajinomoto Co., Inc.		1,000		25,483
Associated British Foods PLC		611		17,032
Axfood AB		169		4,575
Calbee, Inc.		300		6,899
Kerry Group PLC, Class A		264		39,142
Kewpie Corp.		200		4,507
Kikkoman Corp.		300		18,395
Kraft Heinz Co.		5,626		216,432
MEIJI Holdings Co., Ltd.		200		12,387
Nestle SA		11,075		1,403,353
NH Foods, Ltd.		200		8,084
Nissin Foods Holdings Co., Ltd.		200		14,238
Orkla ASA		1,389		12,624
Post Holdings, Inc.†		3,234		330,968
Tate & Lyle PLC		802		8,235
				2,122,354
Food-Retail — 0.1%
Carrefour SA		995		18,494
Coles Group, Ltd.		2,286		29,393
Colruyt SA		108		6,139
Dino Polska SA†*		83		6,642
ICA Gruppen AB		158		7,811
J Sainsbury PLC		2,974		11,708
Jeronimo Martins SGPS SA		421		8,573
Kesko Oyj, Class A†		160		6,215
Kesko Oyj, Class B		469		20,109
Kobe Bussan Co., Ltd.		200		6,758
Koninklijke Ahold Delhaize NV		1,839		57,180
Marks & Spencer Group PLC†		3,352		6,308
Ocado Group PLC†		1,039		26,780
Seven & i Holdings Co., Ltd.		1,400		62,396
Tesco PLC		13,249		42,890
WM Morrison Supermarkets PLC		4,129		15,356
Woolworths Group, Ltd.		2,168		61,954
				394,706

213

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food-Wholesale/Distribution — 0.1%
Olam International, Ltd.		800	$	779
Sysco Corp.		2,827		209,763
				210,542
Footwear & Related Apparel — 0.0%
Dr. Martens PLC†		792		4,769
Forestry — 0.0%
Holmen AB		158		8,319
Gambling (Non-Hotel) — 0.0%
Evolution Gaming Group AB*		277		48,367
Flutter Entertainment PLC†		262		44,666
Genting Singapore, Ltd.		7,200		4,308
Tabcorp Holdings, Ltd.		3,800		13,854
				111,195
Gas-Distribution — 0.0%
Centrica PLC†		10,056		6,353
Enagas SA		426		9,785
Hong Kong & China Gas Co., Ltd.		19,530		31,832
Naturgy Energy Group SA		582		15,038
Osaka Gas Co., Ltd.		600		11,245
Toho Gas Co., Ltd.		200		9,758
Tokyo Gas Co., Ltd.		600		11,382
				95,393
Gas-Transportation — 0.0%
Snam SpA		3,628		21,975
Gold Mining — 0.0%
Evolution Mining, Ltd.		3,106		9,570
Newcrest Mining, Ltd.		1,400		27,292
Northern Star Resources, Ltd.		1,993		15,007
				51,869
Home Decoration Products — 0.1%
Newell Brands, Inc.		10,379		256,880
Hotels/Motels — 0.2%
City Developments, Ltd.		800		4,041
InterContinental Hotels Group PLC†		326		21,537
Marriott International, Inc., Class A†		3,213		469,034
Whitbread PLC†		346		14,637
				509,249
Human Resources — 0.1%
Adecco Group AG		279		16,714
Persol Holdings Co., Ltd.		300		6,049
Randstad NV		215		15,610
Recruit Holdings Co., Ltd.		2,900		149,970
				188,343
Import/Export — 0.1%
ITOCHU Corp.		2,500		74,482
Marubeni Corp.		2,800		23,990
Mitsubishi Corp.		2,400		67,665
Mitsui & Co., Ltd.		2,800		64,618
Sumitomo Corp.		2,000		27,197
				257,952
Industrial Automated/Robotic — 0.3%
FANUC Corp.		300		67,189
Harmonic Drive Systems, Inc.		100		5,566
Keyence Corp.		1,100		612,507
Nabtesco Corp.		200		7,635

Security Description	Shares		Value (Note 2)
Industrial Automated/Robotic (continued)
Omron Corp.		400	$	34,221
SMC Corp.		700		415,964
THK Co., Ltd.		300		8,588
Yaskawa Electric Corp.		400		19,799
				1,171,469
Industrial Gases — 0.2%
Air Liquide SA		812		141,156
Linde PLC		1,513		463,554
Nippon Sanso Holdings Corp.		400		8,858
				613,568
Instruments-Controls — 0.2%
Honeywell International, Inc.		1,634		382,013
Mettler-Toledo International, Inc.†		106		156,213
				538,226
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc.		1,769		260,432
Insurance-Life/Health — 0.4%
AIA Group, Ltd.		81,600		978,822
Aviva PLC		6,732		36,220
AXA SA		3,579		92,641
Baloise Holding AG		83		13,109
Challenger, Ltd.		984		4,109
Dai-ichi Life Holdings, Inc.		1,800		33,257
Great Eastern Holdings, Ltd.		200		3,191
Japan Post Holdings Co., Ltd.		2,600		22,094
Japan Post Insurance Co., Ltd.		400		7,107
Legal & General Group PLC		10,226		37,128
M&G PLC		4,456		13,952
NN Group NV		566		28,095
Phoenix Group Holdings PLC		1,405		13,261
Powszechny Zaklad Ubezpieczen SA†		980		9,565
Prudential PLC		4,472		84,058
Suncorp Group, Ltd.		2,194		18,607
Swiss Life Holding AG		55		28,408
T&D Holdings, Inc.		1,000		12,817
				1,436,441
Insurance-Multi-line — 0.9%
Aegon NV		2,417		10,276
Ageas SA/NV		316		16,675
Allianz SE		4,590		1,143,110
Assicurazioni Generali SpA		2,148		42,916
Chubb, Ltd.		1,729		291,752
CNA Financial Corp.		2,285		100,563
Direct Line Insurance Group PLC		2,338		9,654
Hartford Financial Services Group, Inc.		6,048		384,774
Loews Corp.		11,491		616,262
Mapfre SA		1,689		3,481
Medibank Private, Ltd.		4,720		11,482
Sampo Oyj, Class A		865		41,710
Storebrand ASA		802		6,899
Talanx AG		90		3,828
UnipolSai Assicurazioni SpA		749		2,084
Vienna Insurance Group AG Wiener Versicherung Gruppe		62		1,710
Zurich Insurance Group AG		1,141		459,946
				3,147,122
Insurance-Property/Casualty — 0.8%
Admiral Group PLC		442		20,853
Alleghany Corp.†		332		220,149

214

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Property/Casualty (continued)
Berkshire Hathaway, Inc., Class B†		3,492	$	971,789
Gjensidige Forsikring ASA		325		7,431
Hiscox, Ltd.†		606		7,379
Insurance Australia Group, Ltd.		4,224		15,081
MS&AD Insurance Group Holdings, Inc.		800		24,731
Progressive Corp.		8,604		818,757
QBE Insurance Group, Ltd.		2,521		20,262
Sompo Holdings, Inc.		600		24,828
Tokio Marine Holdings, Inc.		1,300		62,021
Travelers Cos., Inc.		4,160		619,507
Tryg A/S		527		13,031
				2,825,819
Insurance-Reinsurance — 0.1%
Fairfax Financial Holdings, Ltd.		565		238,396
Hannover Rueck SE		104		17,505
Muenchener Rueckversicherungs-Gesellschaft AG		241		65,176
Swiss Re AG		484		43,811
				364,888
Internet Application Software — 0.0%
Shopify, Inc., Class A†		65		97,495
Internet Connectivity Services — 0.0%
United Internet AG		196		8,109
Internet Content-Entertainment — 0.5%
Facebook, Inc., Class A†		2,650		944,195
Netflix, Inc.†		604		312,612
Roku, Inc.†		546		233,857
Snap, Inc., Class A†		1,864		138,719
				1,629,383
Internet Content-Information/News — 0.2%
Adevinta ASA†		400		7,690
Deliveroo PLC†*		675		3,096
Kakaku.com, Inc.		300		8,186
M3, Inc.		800		52,404
Prosus NV		724		64,243
SEEK, Ltd.		604		12,994
Tencent Holdings, Ltd.		10,700		660,311
				808,924
Internet Gambling — 0.0%
DraftKings, Inc., Class A†		2,553		123,820
Entain PLC†		1,002		25,276
				149,096
Internet Security — 0.0%
Trend Micro, Inc.		200		10,408
Investment Companies — 0.1%
Aker ASA, Class A		40		3,072
EXOR NV		195		16,061
Groupe Bruxelles Lambert SA		201		23,384
HAL Trust		144		25,347
Industrivarden AB, Class A		274		10,949
Industrivarden AB, Class C		288		11,044
Investor AB, Class A		1,092		27,142
Investor AB, Class B		3,120		77,292
Kinnevik AB, Class B		414		18,056
L E Lundbergforetagen AB, Class B		110		7,858
Melrose Industries PLC		8,325		18,506

Security Description	Shares		Value (Note 2)
Investment Companies (continued)
Sofina SA		28	$	13,124
Washington H. Soul Pattinson & Co., Ltd.		213		5,122
				256,957
Investment Management/Advisor Services — 0.3%
Ameriprise Financial, Inc.		1,126		290,012
AMP, Ltd.		5,888		4,503
Amundi SA*		104		9,618
BlackRock, Inc.		182		157,825
Hargreaves Lansdown PLC		471		10,684
Invesco, Ltd.		5,964		145,402
Julius Baer Group, Ltd.		383		25,337
Magellan Financial Group, Ltd.		245		8,817
Nordnet AB		259		4,183
Schroders PLC		214		10,872
Schroders PLC (Non-Voting)†		79		2,805
St James’s Place PLC		923		20,348
Standard Life Aberdeen PLC		3,741		14,758
T. Rowe Price Group, Inc.		1,399		285,620
				990,784
Leisure Products — 0.0%
Yamaha Corp.		200		11,079
Machine Tools & Related Products — 0.0%
Amada Co., Ltd.		700		7,234
Techtronic Industries Co., Ltd.		3,000		53,691
				60,925
Machinery-Construction & Mining — 0.1%
Epiroc AB, Class A		1,073		25,081
Epiroc AB, Class B		669		13,458
Hitachi Construction Machinery Co., Ltd.		200		5,648
Komatsu, Ltd.		1,700		44,323
Metso Outotec Oyj		1,211		13,762
Sandvik AB		1,871		48,736
Weir Group PLC†		445		10,684
				161,692
Machinery-Electrical — 0.1%
Fuji Electric Co., Ltd.		300		13,110
Hitachi, Ltd.		1,700		97,632
Konecranes OYJ		110		4,731
Mitsubishi Electric Corp.		3,700		50,086
Mitsubishi Heavy Industries, Ltd.		600		17,425
Schindler Holding AG (Participation Certificate)		69		22,335
Schindler Holding AG		33		10,281
Siemens Energy AG†		685		18,647
				234,247
Machinery-Farming — 0.2%
CNH Industrial NV		1,707		28,517
Deere & Co.		1,419		513,096
Husqvarna AB, Class A		32		449
Husqvarna AB, Class B		708		9,900
Kubota Corp.		1,900		39,704
				591,666
Machinery-General Industrial — 0.3%
ANDRITZ AG		122		6,725
Atlas Copco AB, Class A		7,853		531,603
Atlas Copco AB, Class B		669		38,044

215

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Machinery-General Industrial (continued)
GEA Group AG		282	$	12,507
Hexagon AB, Class B		3,374		55,932
Kone Oyj, Class B		5,253		435,004
Spirax-Sarco Engineering PLC		127		26,489
Sumitomo Heavy Industries, Ltd.		200		5,571
				1,111,875
Machinery-Material Handling — 0.0%
Daifuku Co., Ltd.		200		17,923
KION Group AG		124		13,168
				31,091
Machinery-Pumps — 0.3%
Dover Corp.		3,076		514,061
Ingersoll Rand, Inc.†		11,982		585,560
				1,099,621
Medical Instruments — 0.6%
Alcon, Inc.		857		62,394
Ambu A/S, Class B		294		10,877
Asahi Intecc Co., Ltd.		500		13,548
Boston Scientific Corp.†		21,143		964,121
Demant A/S†		177		10,819
Elekta AB, Series B		631		9,204
Getinge AB, Class B		374		16,264
Intuitive Surgical, Inc.†		472		467,969
Medtronic PLC		2,435		319,740
Olympus Corp.		2,200		45,302
				1,920,238
Medical Labs & Testing Services — 0.2%
BioMerieux		70		8,345
Catalent, Inc.†		1,286		154,076
Eurofins Scientific SE		210		25,120
Lonza Group AG		649		505,105
PeptiDream, Inc.†		200		8,252
				700,898
Medical Products — 0.3%
Cochlear, Ltd.		112		20,206
Coloplast A/S, Class B		205		37,483
ConvaTec Group PLC*		2,748		9,048
Cooper Cos., Inc.		363		153,103
Koninklijke Philips NV		1,565		72,180
Sartorius Stedim Biotech		42		23,968
Siemens Healthineers AG*		486		32,112
Smith & Nephew PLC		1,517		30,922
Sonova Holding AG		92		36,149
Straumann Holding AG		20		37,096
Terumo Corp.		1,200		46,590
Zimmer Biomet Holdings, Inc.		2,348		383,710
				882,567
Medical-Biomedical/Gene — 0.7%
Alnylam Pharmaceuticals, Inc.†		504		90,186
Amgen, Inc.		408		98,548
Argenx SE (BSE)†		60		18,278
Argenx SE (XAMS)†		28		8,546
Biogen, Inc.†		1,712		559,362
CSL, Ltd.		781		165,798
Exact Sciences Corp.†		954		102,879
Exelixis, Inc.†		3,984		67,131
Genmab A/S†		112		50,522

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene (continued)
H. Lundbeck A/S		106	$	3,200
Horizon Therapeutics PLC†		1,612		161,232
Regeneron Pharmaceuticals, Inc.†		1,396		802,156
Royalty Pharma PLC, Class A		2,449		93,552
Swedish Orphan Biovitrum AB†		313		6,114
Vertex Pharmaceuticals, Inc.†		921		185,655
				2,413,159
Medical-Drugs — 2.6%
AbbVie, Inc.		17,101		1,988,846
Astellas Pharma, Inc.		3,100		49,375
AstraZeneca PLC		2,662		305,726
Bayer AG		1,690		100,792
Bristol-Myers Squibb Co.		24,854		1,686,841
Chugai Pharmaceutical Co., Ltd.		1,100		40,672
Daiichi Sankyo Co., Ltd.		3,200		63,367
Eisai Co., Ltd.		500		41,041
Eli Lilly & Co.		1,345		327,508
GlaxoSmithKline PLC		8,617		170,277
Grifols SA		503		12,794
Grifols SA, Class B (Preference Shares)		447		6,867
Hikma Pharmaceuticals PLC		275		10,112
Hisamitsu Pharmaceutical Co., Inc.		100		4,380
Ipsen SA		68		7,271
Jazz Pharmaceuticals PLC†		635		107,645
Johnson & Johnson		2,918		502,480
Kobayashi Pharmaceutical Co., Ltd.		100		7,970
Kyowa Kirin Co., Ltd.		7,700		250,283
Merck & Co., Inc.		2,685		206,396
Merck KGaA		222		45,483
Nippon Shinyaku Co., Ltd.		100		7,516
Novartis AG		4,243		392,460
Novo Nordisk A/S, Class B		18,018		1,668,972
Ono Pharmaceutical Co., Ltd.		900		20,584
Organon & Co.†		3,569		103,537
Orion Oyj, Class A†		52		2,214
Orion Oyj, Class B		181		7,705
Otsuka Holdings Co., Ltd.		1,000		39,753
Recordati Industria Chimica e Farmaceutica SpA		172		10,642
Roche Holding AG (BR)		46		19,754
Roche Holding AG (NES)		1,208		467,136
Sanofi		1,974		203,417
Santen Pharmaceutical Co., Ltd.		600		8,130
Shionogi & Co., Ltd.		500		26,297
Sumitomo Dainippon Pharma Co., Ltd.		400		6,915
Taisho Pharmaceutical Holdings Co., Ltd.		100		5,598
Takeda Pharmaceutical Co., Ltd.		2,700		89,753
Tsumura & Co.		200		6,312
UCB SA		217		23,471
Vifor Pharma AG		74		10,353
				9,056,645
Medical-Generic Drugs — 0.1%
Teva Pharmaceutical Industries, Ltd.†		1,866		18,138
Viatris, Inc.		10,559		148,565
				166,703
Medical-HMO — 0.4%
Centene Corp.†		1,786		122,537
UnitedHealth Group, Inc.		2,648		1,091,559
				1,214,096

216

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Hospitals — 0.1%
HCA Healthcare, Inc.		620	$	153,884
Mediclinic International PLC†		821		3,178
NMC Health PLC†(1)		210		0
Ramsay Health Care, Ltd.		317		14,925
				171,987
Medical-Wholesale Drug Distribution — 0.1%
Alfresa Holdings Corp.		400		6,118
AmerisourceBergen Corp.		2,649		323,628
Amplifon SpA		143		7,074
McKesson Corp.		688		140,235
Medipal Holdings Corp.		300		5,653
Suzuken Co., Ltd.		100		2,902
				485,610
Metal Processors & Fabrication — 0.0%
NSK, Ltd.		800		6,611
SKF AB, Class A†		26		693
SKF AB, Class B		647		17,223
				24,527
Metal Products-Distribution — 0.0%
MISUMI Group, Inc.		500		17,439
Metal-Aluminum — 0.0%
Alumina, Ltd.		4,027		4,956
Norsk Hydro ASA		2,340		15,567
South32, Ltd.		8,193		17,939
				38,462
Metal-Copper — 0.1%
Antofagasta PLC		591		12,271
Freeport-McMoRan, Inc.		3,834		146,075
				158,346
Metal-Diversified — 0.3%
Anglo American PLC		13,908		616,139
Boliden AB		468		18,262
Glencore PLC		18,816		84,581
KGHM Polska Miedz SA		233		11,770
Mitsubishi Materials Corp.		200		4,172
Rio Tinto PLC		4,246		361,857
Rio Tinto, Ltd.		637		62,695
				1,159,476
Metal-Iron — 0.0%
Fortescue Metals Group, Ltd.		2,849		52,319
Miscellaneous Manufacturing — 0.0%
Alstom SA		483		20,044
Motion Pictures & Services — 0.0%
Toho Co., Ltd.		300		13,065
MRI/Medical Diagnostic Imaging — 0.0%
Sonic Healthcare, Ltd.		818		24,075
Multimedia — 0.1%
Bollore SA		1,566		8,751
Informa PLC†		2,574		17,699
Pearson PLC		1,292		15,591
Vivendi SE		1,490		50,330
Walt Disney Co.†		1,566		275,647
				368,018

Security Description	Shares		Value (Note 2)
Networking Products — 0.1%
Cisco Systems, Inc.		3,920	$	217,050
Nokia Oyj†		9,726		59,637
Telefonaktiebolaget LM Ericsson, Class A†		103		1,200
Telefonaktiebolaget LM Ericsson, Class B		4,598		53,014
				330,901
Office Automation & Equipment — 0.1%
Canon Marketing Japan, Inc.		100		2,240
Canon, Inc.		1,900		43,635
FUJIFILM Holdings Corp.		700		50,273
Ricoh Co., Ltd.		1,100		12,004
Seiko Epson Corp.		600		10,322
Zebra Technologies Corp., Class A†		346		191,158
				309,632
Oil Companies-Exploration & Production — 0.5%
Aker BP ASA		185		4,998
Cabot Oil & Gas Corp.		11,827		189,232
ConocoPhillips		20,262		1,135,888
Diamondback Energy, Inc.		1,305		100,655
EOG Resources, Inc.		1,410		102,732
Inpex Corp.		1,900		13,396
Lundin Energy AB		328		10,223
Pioneer Natural Resources Co.		457		66,434
Santos, Ltd.		3,212		15,121
Woodside Petroleum, Ltd.		1,683		27,088
				1,665,767
Oil Companies-Integrated — 0.4%
BP PLC		85,832		344,127
Chevron Corp.		3,322		338,213
Eni SpA		4,324		51,075
Equinor ASA		1,842		36,035
Galp Energia SGPS SA		779		7,607
OMV AG		256		13,815
Polskie Gornictwo Naftowe I Gazownictwo SA		2,782		4,540
Repsol SA		2,472		27,041
Royal Dutch Shell PLC, Class A		7,027		140,977
Royal Dutch Shell PLC, Class B		6,374		125,803
TotalEnergies SE		4,298		187,416
				1,276,649
Oil Refining & Marketing — 0.2%
Ampol, Ltd.		409		8,492
DCC PLC		174		14,568
ENEOS Holdings, Inc.		5,500		22,935
Grupa Lotos SA		149		2,052
Idemitsu Kosan Co., Ltd.		400		9,404
Marathon Petroleum Corp.		4,102		226,512
Neste Oyj		738		45,409
Phillips 66		3,001		220,363
Polski Koncern Naftowy Orlen SA		501		9,490
				559,225
Oil-Field Services — 0.0%
Subsea 7 SA		390		3,130
Optical Supplies — 0.0%
EssilorLuxottica SA		512		96,643
Paper & Related Products — 0.0%
Mondi PLC		832		23,067

217

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Paper & Related Products (continued)
Oji Holdings Corp.		1,800	$	10,390
Smurfit Kappa Group PLC		442		24,932
Stora Enso Oyj, Class R		1,050		20,769
Svenska Cellulosa AB SCA, Class A†		38		716
Svenska Cellulosa AB SCA, Class B		1,028		19,125
UPM-Kymmene Oyj		915		37,413
				136,412
Patient Monitoring Equipment — 0.0%
Insulet Corp.†		253		70,762
Petrochemicals — 0.1%
LG Chem, Ltd.		462		338,823
Mitsui Chemicals, Inc.		300		9,581
				348,404
Pharmacy Services — 0.3%
Cigna Corp.		3,529		809,870
CVS Health Corp.		4,127		339,900
				1,149,770
Photo Equipment & Supplies — 0.0%
Nikon Corp.		600		5,588
Pipelines — 0.2%
APA Group		2,021		14,133
Equitrans Midstream Corp.		7,309		60,080
Kinder Morgan, Inc.		16,464		286,144
Koninklijke Vopak NV		113		4,786
TC Energy Corp.		3,886		189,441
Williams Cos., Inc.		10,398		260,470
				815,054
Power Converter/Supply Equipment — 0.4%
ABB, Ltd.		3,269		119,511
Generac Holdings, Inc.†		633		265,455
Schneider Electric SE		5,924		992,650
				1,377,616
Precious Metals — 0.0%
Polymetal International PLC		477		10,369
Printing-Commercial — 0.0%
Dai Nippon Printing Co., Ltd.		500		11,774
Toppan Printing Co., Ltd.		500		8,491
				20,265
Private Equity — 0.2%
3i Group PLC		1,668		29,645
Blackstone Group, Inc., Class A		2,392		275,726
Brookfield Asset Management, Inc., Class A		2,433		131,358
EQT AB		360		17,385
Partners Group Holding AG		33		56,418
				510,532
Public Thoroughfares — 0.0%
Atlantia SpA†		863		15,680
Transurban Group		4,691		49,357
				65,037
Publishing-Books — 0.0%
Fuji Media Holdings, Inc.		100		1,087
Publishing-Newspapers — 0.0%
Schibsted ASA, Class A		137		7,263
Schibsted ASA, Class B		173		7,985
				15,248

Security Description	Shares		Value (Note 2)
Publishing-Periodicals — 0.0%
Wolters Kluwer NV		460	$	52,470
Radio — 0.1%
Liberty Media Corp. - Liberty SiriusXM, Series C†		5,816		268,699
Real Estate Investment Trusts — 1.4%
Advance Residence Investment Corp.		3		10,224
American Homes 4 Rent, Class A		6,356		266,952
Ascendas Real Estate Investment Trust		5,372		12,369
British Land Co. PLC		1,607		11,397
Brixmor Property Group, Inc.		12,677		291,825
CapitaLand Integrated Commercial Trust		7,720		12,249
Covivio		82		7,706
Daiwa House REIT Investment Corp.		3		8,925
Derwent London PLC		192		9,700
Dexus†		1,861		14,039
EastGroup Properties, Inc.		1,339		235,959
Federal Realty Investment Trust		1,491		175,237
Gecina SA		93		14,764
GLP J-REIT		7		12,538
Goodman Group		2,880		47,937
GPT Group		3,338		11,459
Japan Metropolitan Fund Investment Corp.		11		11,513
Japan Prime Realty Investment Corp.		2		7,821
Japan Real Estate Investment Corp.		3		18,830
Keppel REIT		3,300		2,922
Kimco Realty Corp.		14,486		308,986
Lamar Advertising Co., Class A		652		69,503
Land Securities Group PLC		1,287		12,686
Link REIT		3,500		33,488
Mapletree Commercial Trust		3,700		5,898
Mapletree North Asia Commercial Trust		2,600		1,938
Mid-America Apartment Communities, Inc.		1,981		382,531
Mirvac Group		6,748		14,184
Nippon Building Fund, Inc.		3		19,386
Nippon Prologis REIT, Inc.		4		13,345
Nomura Real Estate Master Fund, Inc.		9		14,308
Orix JREIT, Inc.		4		7,639
Prologis, Inc.		8,662		1,109,083
Public Storage		1,259		393,412
Rayonier, Inc.		8,694		327,851
Scentre Group		8,895		17,049
Segro PLC		2,042		34,549
Stockland		4,090		13,238
Sun Communities, Inc.		1,137		222,977
Suntec Real Estate Investment Trust		3,600		3,879
Unibail-Rodamco-Westfield†		238		19,792
United Urban Investment Corp.		5		7,359
Vicinity Centres		6,630		7,592
Welltower, Inc.		1,517		131,767
Weyerhaeuser Co.		11,961		403,445
				4,760,251
Real Estate Management/Services — 0.2%
Aeon Mall Co., Ltd.		200		3,046
CBRE Group, Inc., Class A†		3,391		327,096
Daito Trust Construction Co., Ltd.		100		11,773
Deutsche Wohnen SE		616		38,475
ESR Cayman, Ltd.†*		1,800		6,330
Fabege AB		464		8,051

218

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Management/Services (continued)
Fastighets AB Balder, Class B†		174	$	12,031
Mitsubishi Estate Co., Ltd.		2,400		37,659
REA Group, Ltd.		86		10,237
Vonovia SE		973		64,868
				519,566
Real Estate Operations & Development — 0.1%
Aroundtown SA		2,055		16,113
Azrieli Group, Ltd.		62		4,951
CapitaLand, Ltd.		4,300		12,795
Castellum AB		419		11,742
CK Asset Holdings, Ltd.		4,000		27,276
Frasers Property, Ltd.		1,400		1,168
Hang Lung Properties, Ltd.		3,000		7,763
Henderson Land Development Co., Ltd.		2,000		8,949
Hulic Co., Ltd.		800		9,120
Mitsui Fudosan Co., Ltd.		1,800		42,149
New World Development Co., Ltd.		2,750		13,056
Nomura Real Estate Holdings, Inc.		100		2,478
Sino Land Co., Ltd.		4,000		6,128
Sumitomo Realty & Development Co., Ltd.		800		26,061
Sun Hung Kai Properties, Ltd.		2,500		35,828
Swire Properties, Ltd.		1,800		5,123
Tokyo Tatemono Co., Ltd.		300		4,512
Tokyu Fudosan Holdings Corp.		1,000		5,640
UOL Group, Ltd.		800		4,306
Wharf Real Estate Investment Co., Ltd.		3,000		16,951
				262,109
Recreational Vehicles — 0.0%
Yamaha Motor Co., Ltd.		500		12,511
Rental Auto/Equipment — 0.0%
Ashtead Group PLC		773		57,907
Resort/Theme Parks — 0.0%
Oriental Land Co., Ltd.		400		54,763
Respiratory Products — 0.0%
Fisher & Paykel Healthcare Corp., Ltd.		988		21,738
Retail-Apparel/Shoe — 0.2%
ABC-Mart, Inc.		100		5,537
Fast Retailing Co., Ltd.		100		67,847
Gap, Inc.		9,880		288,200
Hennes & Mauritz AB, Class B†		1,302		27,276
Industria de Diseno Textil SA		1,922		65,210
JD Sports Fashion PLC		849		10,577
Moncler SpA		363		24,997
Next PLC†		227		24,851
Ross Stores, Inc.		1,404		172,257
Salvatore Ferragamo SpA†		115		2,300
Shimamura Co., Ltd.		100		9,663
Zalando SE†*		292		32,480
				731,195
Retail-Auto Parts — 0.4%
AutoZone, Inc.†		366		594,227
O’Reilly Automotive, Inc.†		1,430		863,491
				1,457,718
Retail-Automobile — 0.0%
CarMax, Inc.†		1,041		139,442
USS Co., Ltd.		300		5,220
				144,662

Security Description	Shares		Value (Note 2)
Retail-Building Products — 0.4%
Home Depot, Inc.		1,062	$	348,538
Kingfisher PLC		3,616		18,510
Lowe’s Cos., Inc.		4,606		887,530
Nitori Holdings Co., Ltd.		200		38,044
Reece, Ltd.		487		8,417
Wesfarmers, Ltd.		1,942		87,261
				1,388,300
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		2,287		256,944
K’s Holdings Corp.†		300		3,545
Yamada Holdings Co., Ltd.		1,300		6,138
				266,627
Retail-Convenience Store — 0.0%
Lawson, Inc.		200		10,042
Retail-Discount — 0.1%
Aeon Co., Ltd.		1,500		41,065
Dollar General Corp.		965		224,498
Harvey Norman Holdings, Ltd.		1,175		4,903
Pan Pacific International Holdings Corp.		1,100		22,963
Seria Co., Ltd.		100		3,596
				297,025
Retail-Drug Store — 0.0%
Matsumotokiyoshi Holdings Co., Ltd.		100		4,440
Sundrug Co., Ltd.		100		3,246
Tsuruha Holdings, Inc.		100		11,871
Welcia Holdings Co., Ltd.		200		6,812
				26,369
Retail-Gardening Products — 0.0%
Tractor Supply Co.		845		152,886
Retail-Hypermarkets — 0.1%
Wal-Mart de Mexico SAB de CV		76,593		252,331
Retail-Jewelry — 0.1%
Chow Tai Fook Jewellery Group, Ltd.		3,600		7,543
Cie Financiere Richemont SA		894		114,502
Pandora A/S		171		22,169
Swatch Group AG (TRQX)		94		6,106
Swatch Group AG (XEGT)		49		16,369
				166,689
Retail-Major Department Stores — 0.0%
Marui Group Co., Ltd.		400		6,986
Retail-Misc./Diversified — 0.0%
Izumi Co., Ltd.		100		3,419
J. Front Retailing Co., Ltd.		300		2,524
Ryohin Keikaku Co., Ltd.		500		10,218
				16,161
Retail-Petroleum Products — 0.1%
Murphy USA, Inc.		2,341		345,321
Retail-Regional Department Stores — 0.1%
Isetan Mitsukoshi Holdings, Ltd.		600		4,058
Kohl’s Corp.		3,377		171,552
				175,610
Retail-Restaurants — 0.4%
Domino’s Pizza Enterprises, Ltd.		108		9,292
McDonald’s Corp.		2,343		568,670
McDonald’s Holdings Co. Japan, Ltd.		100		4,508

219

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Restaurants (continued)
Yum! Brands, Inc.		6,009	$	789,522
				1,371,992
Retail-Vision Service Center — 0.0%
GrandVision NV†*		101		3,396
National Vision Holdings, Inc.†		1,549		83,615
				87,011
Retirement/Aged Care — 0.0%
China Evergrande New Energy Vehicle Group, Ltd.†		4,500		7,251
Ryman Healthcare, Ltd.		711		6,537
				13,788
Rubber-Tires — 0.0%
Bridgestone Corp.		1,100		48,415
Cie Generale des Etablissements Michelin SCA		306		49,971
Continental AG†		186		25,279
Nokian Renkaat Oyj		221		9,321
Pirelli & C SpA*		754		4,565
Sumitomo Rubber Industries, Ltd.		200		2,690
Yokohama Rubber Co., Ltd.		300		5,987
				146,228
Rubber/Plastic Products — 0.0%
Hexpol AB		446		6,070
Schools — 0.0%
Benesse Holdings, Inc.		100		2,301
Bright Horizons Family Solutions, Inc.†		779		116,461
				118,762
Security Services — 0.0%
Secom Co., Ltd.		400		30,215
Securitas AB, Class B		549		9,679
Sohgo Security Services Co., Ltd.		100		4,680
				44,574
Semiconductor Components-Integrated Circuits — 1.1%
Analog Devices, Inc.		9,892		1,656,119
NXP Semiconductors NV		4,536		936,185
QUALCOMM, Inc.		1,627		243,725
Renesas Electronics Corp.†		2,400		25,992
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		8,043		938,135
				3,800,156
Semiconductor Equipment — 0.9%
Advantest Corp.		400		35,493
ASM Pacific Technology, Ltd.		600		7,741
ASML Holding NV (NASDAQ)		492		377,236
ASML Holding NV (XAMS)		2,260		1,718,501
Entegris, Inc.		1,539		185,665
Lam Research Corp.		632		402,843
Lasertec Corp.†		100		18,816
Teradyne, Inc.		875		111,125
Tokyo Electron, Ltd.		300		123,604
				2,981,024
Shipbuilding — 0.0%
Kongsberg Gruppen ASA		154		4,408
Wartsila Oyj Abp		832		12,537
				16,945

Security Description	Shares		Value (Note 2)
Silver Mining — 0.0%
Fresnillo PLC		315	$	3,582
Soap & Cleaning Preparation — 0.0%
Henkel AG & Co. KGaA		169		15,364
Henkel AG & Co. KGaA (Preference Shares)		306		31,027
Reckitt Benckiser Group PLC		1,267		97,242
				143,633
Steel Pipe & Tube — 0.0%
Maruichi Steel Tube, Ltd.		200		4,845
Tenaris SA		809		8,274
				13,119
Steel-Producers — 0.0%
ArcelorMittal SA		1,191		41,598
BlueScope Steel, Ltd.		863		15,513
Evraz PLC		923		7,874
JFE Holdings, Inc.		1,000		12,252
Nippon Steel Corp.		1,600		27,967
SSAB AB, Class A†		395		2,259
SSAB AB, Class B†		1,070		5,476
voestalpine AG		190		8,378
				121,317
Steel-Specialty — 0.0%
Hitachi Metals, Ltd.†		300		5,856
Telecom Services — 0.0%
HKT Trust & HKT, Ltd.		5,000		6,796
Orange Polska SA†		1,107		2,201
Singapore Telecommunications, Ltd. (NYSE)		3,400		5,696
Singapore Telecommunications, Ltd. (SGX)		8,500		14,262
Telenor ASA		1,142		19,828
				48,783
Telecommunication Equipment — 0.1%
CommScope Holding Co., Inc.†		12,723		269,218
NICE, Ltd.†		108		30,105
				299,323
Telephone-Integrated — 0.4%
Bezeq The Israeli Telecommunication Corp., Ltd.†		3,500		3,733
BT Group PLC†		15,031		36,260
Deutsche Telekom AG		5,570		115,725
Elisa Oyj		258		16,584
KDDI Corp.		2,800		85,451
Koninklijke KPN NV		6,050		19,881
Nippon Telegraph & Telephone Corp.		2,200		56,367
Proximus SADP		266		5,465
SoftBank Group Corp.		2,200		138,259
Swisscom AG		45		27,075
Telecom Italia SpA		19,964		8,788
Telecom Italia SpA (RSP)		10,330		4,824
Telefonica Deutschland Holding AG		1,580		4,264
Telefonica SA		8,997		41,272
Telekom Austria AG†		240		2,047
Telia Co., AB		4,204		18,453
Verizon Communications, Inc.		11,983		668,412
				1,252,860
Television — 0.1%
Cyfrowy Polsat SA		473		4,194

220

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Television (continued)
ITV PLC†		6,208	$	9,674
Nexstar Media Group, Inc., Class A		1,493		219,576
RTL Group SA		63		3,564
				237,008
Textile-Apparel — 0.3%
LPP SA		2		7,178
LVMH Moet Hennessy Louis Vuitton SE		1,410		1,128,364
				1,135,542
Textile-Home Furnishings — 0.1%
Mohawk Industries, Inc.†		1,593		310,476
Textile-Products — 0.0%
Teijin, Ltd.		300		4,542
Therapeutics — 0.0%
Agios Pharmaceuticals, Inc.†		1,067		51,312
Tobacco — 0.1%
British American Tobacco PLC		3,929		146,452
Imperial Brands PLC		1,627		34,855
Japan Tobacco, Inc.		1,900		37,156
Philip Morris International, Inc.		2,513		251,526
Swedish Match AB		2,780		24,890
				494,879
Tools-Hand Held — 0.2%
Makita Corp.		500		25,945
Stanley Black & Decker, Inc.		3,265		643,368
				669,313
Toys — 0.0%
Bandai Namco Holdings, Inc.		400		25,885
Nintendo Co., Ltd.		200		103,047
				128,932
Transport-Marine — 0.0%
AP Moller - Maersk A/S, Series A		5		13,364
AP Moller - Maersk A/S, Series B		11		30,531
Mitsui OSK Lines, Ltd.		100		5,197
Nippon Yusen KK		300		16,226
				65,318
Transport-Rail — 0.5%
Aurizon Holdings, Ltd.		3,178		9,029
Canadian National Railway Co.		3,908		424,630
Central Japan Railway Co.		400		58,431
East Japan Railway Co.		700		46,692
Getlink SE		744		11,912
Hankyu Hanshin Holdings, Inc.		500		14,770
Keihan Holdings Co., Ltd.		200		5,495
Keikyu Corp.		500		5,938
Keio Corp.		200		11,200
Keisei Electric Railway Co., Ltd.		300		8,929
Kintetsu Group Holdings Co., Ltd.†		300		10,130
MTR Corp., Ltd.		2,500		14,821
Nagoya Railroad Co., Ltd.†		300		5,056
Nankai Electric Railway Co., Ltd.†		100		2,123
Norfolk Southern Corp.		4,021		1,036,734
Odakyu Electric Railway Co., Ltd.		600		14,316
Seibu Holdings, Inc.†		500		5,647
Tobu Railway Co., Ltd.		300		7,796

Security Description	Shares/ Principal Amount		Value (Note 2)
Transport-Rail (continued)
Tokyu Corp.		900	$	12,057
West Japan Railway Co.		300		16,277
				1,721,983
Transport-Services — 0.3%
ComfortDelGro Corp., Ltd.		3,400		3,941
Deutsche Post AG		4,228		286,339
DSV PANALPINA A/S		350		85,259
FedEx Corp.		1,630		456,318
Kamigumi Co., Ltd.		200		4,244
Kuehne & Nagel International AG		86		29,016
Kyushu Railway Co.		200		4,517
Nippon Express Co., Ltd.		200		14,587
Oesterreichische Post AG		54		2,849
Poste Italiane SpA*		784		10,393
Royal Mail PLC		1,713		12,002
SG Holdings Co., Ltd.		900		24,303
Yamato Holdings Co., Ltd.		600		17,274
				951,042
Transport-Truck — 0.0%
Old Dominion Freight Line, Inc.		571		153,685
Travel Services — 0.0%
TUI AG†		1,413		6,656
Water — 0.0%
Severn Trent PLC		416		16,189
Suez SA		714		16,669
United Utilities Group PLC		1,168		17,416
Veolia Environnement SA		937		30,786
				81,060
Water Treatment Systems — 0.0%
Kurita Water Industries, Ltd.		200		9,707
Web Portals/ISP — 1.4%
Alphabet, Inc., Class A†		690		1,859,226
Alphabet, Inc., Class C†		1,056		2,855,867
Iliad SA		26		5,594
Z Holdings Corp.		4,200		21,035
				4,741,722
Wire & Cable Products — 0.0%
Prysmian SpA		459		16,469
Total Common Stocks (cost $136,980,903)				170,086,324
REGISTERED INVESTMENT COMPANIES — 6.1%
JPMorgan Emerging Markets Strategic Debt Fund, Class R6		827,283	$	6,601,719
JPMorgan Emerging Markets Equity Fund, Class R6		106,662		4,484,069
JPMorgan High Yield Fund, Class R6		1,376,614		10,076,815
Total Registered Investment Companies (cost $19,066,622)			21,162,603
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.2%
Banks-Super Regional — 0.0%
Wells Fargo & Co. 3.90% due 03/15/2026(2)	$	100,000		103,814
Diversified Banking Institutions — 0.1%
Citigroup, Inc. 4.00% due 12/10/2025(2)		50,000		51,665
Credit Suisse Group AG 7.50% due 12/11/2023*(2)		200,000		220,750
				272,415

221

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Oil Companies-Integrated — 0.1%
BP Capital Markets PLC 4.38% due 06/22/2025(2)	$	65,000	$	69,387
BP Capital Markets PLC 4.88% due 03/22/2030(2)		100,000		110,405
				179,792
Total Preferred Securities/Capital Securities (cost $525,237)				556,021
ASSET BACKED SECURITIES — 7.0%
Diversified Financial Services — 7.0%
ACC Trust Series 2021-1, Class A 0.74% due 11/20/2023*		94,069		94,071
American Credit Acceptance Receivables Trust Series 2021-1, Class B 0.61% due 03/13/2025*		750,000		750,326
American Credit Acceptance Receivables Trust Series 2021-1, Class C 0.83% due 03/15/2027*		593,000		594,321
American Credit Acceptance Receivables Trust Series 2021-2, Class C 0.97% due 07/13/2027*		329,000		330,550
American Credit Acceptance Receivables Trust Series 2020-4, Class C 1.31% due 12/14/2026*		300,000		303,042
American Credit Acceptance Receivables Trust Series 2020-3, Class C 1.85% due 06/15/2026*		270,000		274,718
American Credit Acceptance Receivables Trust Series 2019-3, Class C 2.76% due 09/12/2025*		161,343		162,830
American Credit Acceptance Receivables Trust Series 2019-3, Class D 2.89% due 09/12/2025*		135,000		138,261
American Credit Acceptance Receivables Trust Series 2018-2, Class D 4.07% due 07/10/2024*		136,103		138,324
American Credit Acceptance Receivables Trust Series 2018-3, Class D 4.14% due 10/15/2024*		35,928		36,306
Angel Oak Mtg. Trust I LLC VRS Series 2018-3, Class A1 3.65% due 09/25/2048*(3)(4)		38,682		38,912
Arroyo Mtg. Trust VRS Series 2019-3, Class A1 2.96% due 10/25/2048*(3)(4)		83,565		84,873
Arroyo Mtg. Trust VRS Series 2019-1, Class A1 3.81% due 01/25/2049*(3)(4)		45,346		46,233
BAMLL Commercial Mtg. Securities Trust VRS Series 2018-PARK, Class A 4.09% due 08/10/2038*(4)(5)		100,000		115,511

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
BANK Series 2020-BN28, Class AS 2.14% due 03/15/2063(5)	$	100,000	$	99,850
BANK Series 2019-BN20, Class A2 2.76% due 09/15/2062(5)		185,000		196,756
BANK Series 2019-BN23, Class A3 2.92% due 12/15/2052(5)		100,000		108,519
BANK Series 2019-BN19, Class A2 2.93% due 08/15/2061(5)		205,000		220,821
BANK Series 2019-BN24, Class A3 2.96% due 11/15/2062(5)		45,000		49,017
BANK Series 2019-BN22, Class A4 2.98% due 11/15/2062(5)		180,000		196,218
BANK VRS Series 2019-BN16, Class C 4.79% due 02/15/2052(4)(5)		200,000		226,722
BBCMS Mtg. Trust FRS Series 2018-CBM, Class A 1.09% (1 ML+1.00%) due 07/15/2037*(5)		70,000		70,121
Braemar Hotels & Resorts Trust FRS Series 2018-PRME, Class A 0.91% (1 ML+0.82%) due 06/15/2035*(5)		130,000		130,018
BX Commercial Mtg. Trust FRS Series 2018-BIOA, Class A 0.76% (1 ML+0.67%) due 03/15/2037*(5)		270,000		270,418
BX Commercial Mtg. Trust Series 2020-VIV4, Class A 2.84% due 03/09/2044*(5)		265,000		282,036
BX Trust FRS Series 2018-EXCL, Class A 1.18% (1 ML+1.09%) due 09/15/2037*(5)		165,675		163,824
BXP Trust Series 2017-GM, Class A 3.38% due 06/13/2039*(5)		120,000		132,391
BXP Trust VRS Series 2017-GM, Class B 3.42% due 06/13/2039*(4)(5)		260,000		283,967
Capital Automotive REIT Series 2017-1A, Class A1 3.87% due 04/15/2047*		100,522		100,768
CCUBS Commercial Mtg. Trust VRS Series 2017-C1, Class C 4.39% due 11/15/2050(4)(5)		60,000		66,045
CD Mtg. Trust VRS Series 2016-CD1, Class C 3.63% due 08/10/2049(4)(5)		300,000		313,822
CD Mtg. Trust VRS Series 2016-CD2, Class C 4.00% due 11/10/2049(4)(5)		130,000		135,711
CIM Trust FRS Series 2019-INV1, Class A2 1.09% (1 ML+1.00%) due 02/25/2049*(3)		21,988		21,988

222

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Citigroup Commercial Mtg. Trust VRS Series 2015-GC29, Class C 4.15% due 04/10/2048(4)(5)	$	435,000	$	469,040
Citigroup Mtg. Loan Trust, Inc. VRS Series 2007-12, Class 2A1 6.50% due 10/25/2036*(3)(4)		86,271		65,028
COMM Mtg. Trust Series 2020-CBM, Class A2 2.90% due 02/10/2037*(5)		360,000		367,809
COMM Mtg. Trust Series 2016-667M, Class A 3.14% due 10/10/2036*(5)		100,000		106,759
COMM Mtg. Trust VRS Series 2014-CR19, Class C 4.70% due 08/10/2047(4)(5)		285,000		301,700
COMM Mtg. Trust VRS Series 2014-CR 15, Class C 4.72% due 02/10/2047(4)(5)		100,000		107,563
COMM Mtg. Trust VRS Series 2013-CR10, Class C 4.90% due 08/10/2046*(4)(5)		350,000		370,427
Commonbond Student Loan Trust FRS Series 2018-AGS, Class A2 0.59% (1 ML+0.50%) due 02/25/2044*		54,684		54,324
Countrywide Alternative Loan Trust FRS Series 2006-OA9, Class 1A1 0.28% (1 ML+0.20%) due 07/20/2046(3)		125,689		95,978
Countrywide Alternative Loan Trust Series 2006-J5, Class 1A1 6.50% due 09/25/2036(3)		153,078		120,379
Countrywide Home Loan Mtg. Pass-Through Trust Series 2005-21, Class A2 5.50% due 10/25/2035(3)		15,675		12,917
Credit Acceptance Auto Loan Trust Series 2021-2A, Class A 0.96% due 02/15/2030*		273,000		273,765
Credit Acceptance Auto Loan Trust Series 2021-3A, Class A 1.00% due 05/15/2030*		302,000		303,264
CSAIL Commercial Mtg. Trust VRS Series 2021-C20, Class AS 3.08% due 03/15/2054(4)(5)		350,000		377,706
CSAIL Commercial Mtg. Trust VRS Series 2021-C20, Class C 3.73% due 03/15/2054(4)(5)		245,000		265,373
CSAIL Commercial Mtg. Trust VRS Series 2019-C18, Class C 3.95% due 12/15/2052(4)(5)		175,000		189,280
DBGS Mtg. Trust FRS Series 2018-BIOD, Class A 0.90% (1 ML+0.80%) due 05/15/2035*(5)		153,143		153,340
DBGS Mtg. Trust FRS Series 2018-BIOD, Class B 0.98% (1 ML+0.89%) due 05/15/2035*(5)		92,814		92,954
DBGS Mtg. Trust Series 2019-1735, Class A 3.84% due 04/10/2037*(5)		205,000		233,354

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
DOLP Trust Series 2021-NYC, Class A 2.96% due 05/10/2041*(5)	$	380,000	$	410,481
Drive Auto Receivables Trust Series 2020-2, Class C 2.28% due 08/17/2026		80,000		82,027
DT Auto Owner Trust Series 2021-1A, Class C 0.84% due 10/15/2026*		118,000		118,162
DT Auto Owner Trust Series 2021-2A, Class C 1.10% due 02/16/2027*		108,000		108,572
DT Auto Owner Trust Series 2020-3A, Class C 1.47% due 06/15/2026*		495,000		500,088
DT Auto Owner Trust Series 2020-2A, Class B 2.08% due 03/16/2026*		73,000		74,109
DT Auto Owner Trust Series 2019-3A, ClassC 2.74% due 04/15/2025*		310,000		313,479
DT Auto Owner Trust Series 2020-2A, Class C 3.28% due 03/16/2026*		113,000		117,583
Exeter Automobile Receivables Trust Series 2021-1A, Class C 0.74% due 01/15/2026		780,000		779,920
Exeter Automobile Receivables Trust Series 2021-2A, Class C 0.98% due 06/15/2026		229,000		229,724
Exeter Automobile Receivables Trust Series 2020-3A, Class C 1.32% due 07/15/2025		580,000		586,486
Exeter Automobile Receivables Trust Series 2020-2A, Class B 2.08% due 07/15/2024*		119,000		119,711
Exeter Automobile Receivables Trust Series 2020-2A, Class C 3.28% due 05/15/2025*		104,000		107,160
Exeter Automobile Receivables Trust Series 2019-2A, Class C 3.30% due 03/15/2024*		87,226		88,041
First Franklin Mtg. Loan Trust FRS Series 2004-FF4, Class M1 0.95% (1 ML+0.86%) due 06/25/2034		35,006		35,010
Flagship Credit Auto Trust Series 2019-4, Class C 2.77% due 12/15/2025*		360,000		372,527
Flagship Credit Auto Trust Series 2019-2, Class C 3.09% due 05/15/2025*		195,000		201,209
GCAT Trust VRS Series 2021-NQM2, Class A1 1.04% due 05/25/2066*(3)(4)		160,952		160,620
GLS Auto Receivables Issuer Trust Series 2019-2A, Class B 3.32% due 03/15/2024*		282,493		286,002
GLS Auto Receivables Trust Series 2021-2A, Class B 0.77% due 09/15/2025*		236,000		236,533
GS Mtg. Securities Trust Series 2017-GPTX, Class A 2.86% due 05/10/2034*(5)		175,000		174,532

223

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
GS Mtg. Securities Trust Series 2019-GC38, Class A2 3.87% due 02/10/2052(5)	$	80,000	$	85,029
GS Mtg. Securities Trust VRS Series 2015-GC34, Class C 4.65% due 10/10/2048(4)(5)		260,000		277,592
GSAMP Trust FRS Series 2006-FM1, Class A2C 0.41% (1 ML+0.32%) due 04/25/2036		174,349		136,870
Homeward Opportunities Fund I Trust VRS Series 2019-2, Class A1 2.70% due 09/25/2059*(3)(4)		24,004		24,089
Independence Plaza Trust Series 2018-INDP, Class A 3.76% due 07/10/2035*(5)		125,000		132,597
JPMCC Commercial Mtg. Securities Trust VRS Series 2017-JP5, Class C 3.87% due 03/15/2050(4)(5)		70,000		74,748
JPMDB Commercial Mtg. Securities Trust VRS Series 2017-C7, Class C 4.16% due 10/15/2050(4)(5)		260,000		287,231
JPMorgan Chase Commercial Mtg. Securities Trust VRS Series 2016-JP4, Class C 3.42% due 12/15/2049(4)(5)		60,000		60,808
KREF, Ltd. FRS Series 2018-FL1, Class A 1.19% (1 ML+1.10%) due 06/15/2036*		81,139		81,164
LB-UBS Commercial Mtg. Trust VRS Series 2006-C6, Class AJ 5.45% due 09/15/2039(4)(5)		193,699		103,712
Lehman Mtg. Trust Series 2007-4, Class 4A1 6.00% due 05/25/2037(3)		6,961		7,030
MAD Mtg. Trust VRS Series 2017-330M, Class A 3.19% due 08/15/2034*(4)(5)		137,000		140,925
MetLife Securitization Trust VRS Series 2017-1A, Class A 3.00% due 04/25/2055*(4)		150,936		154,185
Morgan Stanley Bank of America Merrill Lynch Trust Series 2013-C7, Class A4 2.92% due 02/15/2046(5)		55,000		56,501
Morgan Stanley Bank of America Merrill Lynch Trust VRS Series 2015-C21, Class B 3.85% due 03/15/2048(4)(5)		195,000		202,816
Morgan Stanley Capital I Trust Series 2020-HR8, Class AS 2.30% due 07/15/2053(5)		125,000		127,757
Morgan Stanley Capital I Trust VRS Series 2018-MP, Class A 4.28% due 07/11/2040*(4)(5)		230,000		262,270
Morgan Stanley Capital I Trust VRS Series 2019-L2, Class C 4.97% due 03/15/2052(4)(5)		200,000		225,510

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
MRCD Mtg. Trust Series 2019-PARK, Class B 2.72% due 12/15/2036*(5)	$	145,000	$	150,493
MRCD Mtg. Trust Series 2019-PARK, Class C 2.72% due 12/15/2036*(5)		150,000		153,698
OBX Trust FRS Series 2019-EXP1, Class 2A1B 1.04% (1 ML+0.95%) due 01/25/2059*(3)		300,000		300,805
One Market Plaza Trust Series 2017-1MKT, Class A 3.61% due 02/10/2032*(5)		330,000		335,789
OneMain Direct Auto Receivables Trust Series 2018-1A, Class B 3.71% due 04/14/2025*		132,000		133,110
Option One Mtg. Loan Trust FRS Series 2004-3, Class M2 0.94% (1 ML+0.86%) due 11/25/2034		18,315		18,142
Renaissance Home Equity Loan Trust FRS Series 2005-2, Class AV3 0.46% (1 ML+0.37%) due 08/25/2035		135,551		130,938
Santander Drive Auto Receivables Trust Series 2021-3, Class B 0.60% due 12/15/2025		349,000		349,516
Santander Drive Auto Receivables Trust Series 2020-3, Class B 0.69% due 03/17/2025		410,000		411,303
Santander Drive Auto Receivables Trust Series 2021-3, Class C 0.95% due 09/15/2027		305,000		305,644
SBALR Commercial Mtg. Trust Series 2020-RR1, Class A3 2.83% due 02/13/2053*(5)		310,000		325,943
SG Commercial Mtg. Securities Trust Series 2016-C5, Class B 3.93% due 10/10/2048(5)		325,000		344,303
Starwood Mtg. Residential Trust VRS Series 2019-INV1, Class A1 2.61% due 09/27/2049*(3)(4)		69,344		70,196
Tesla Auto Lease Trust Series 2021-A, Class B 1.02% due 03/20/2025*		128,000		128,765
Tesla Auto Lease Trust Series 2021-A, Class C 1.18% due 03/20/2025*		295,000		295,925
Washington Mutual Mtg. Pass-Through Certs. Series 2006-5, Class 2CB1 6.00% due 07/25/2036(3)		45,610		40,008
Wells Fargo Commercial Mtg. Trust Series 2017-C41, Class A3 3.21% due 11/15/2050(5)		60,000		64,680
Wells Fargo Commercial Mtg. Trust Series 2016-NXS6, Class B 3.81% due 11/15/2049(5)		135,000		145,338
Wells Fargo Commercial Mtg. Trust Series 2018-C46, Class A4 4.15% due 08/15/2051(5)		415,000		480,250
Wells Fargo Commercial Mtg. Trust VRS Series 2016-C35, Class C 4.18% due 07/15/2048(4)(5)		175,000		182,570

224

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Wells Fargo Commercial Mtg. Trust VRS Series 2019-C49, Class C 4.87% due 03/15/2052(4)(5)	$	65,000	$	74,170
Wells Fargo Mtg. Backed Securities Trust Series 2007-7, Class A1 6.00% due 06/25/2037(3)		14,095		14,286
Westlake Automobile Receivables Trust Series 2021-2A, Class C 0.89% due 07/15/2026*		493,000		494,117
Westlake Automobile Receivables Trust Series 2021-1A, Class C 0.95% due 03/16/2026*		430,000		430,596
Westlake Automobile Receivables Trust Series 2020-2A, Class C 2.01% due 07/15/2025*		755,000		769,354
WF-RBS Commercial Mtg. Trust Series 2013-C11, Class AS 3.31% due 03/15/2045(5)		130,000		134,047
Total Asset Backed Securities (cost $23,941,826)				23,965,046
U.S. CORPORATE BONDS & NOTES — 14.4%
Advertising Sales — 0.0%
Lamar Media Corp. Company Guar. Notes 4.88% due 01/15/2029		115,000		121,613
Aerospace/Defense — 0.5%
Boeing Co. Senior Notes 2.20% due 02/04/2026		290,000		292,552
Boeing Co. Senior Notes 3.95% due 08/01/2059		100,000		103,438
Boeing Co. Senior Notes 5.04% due 05/01/2027		120,000		138,889
Northrop Grumman Corp. Senior Notes 4.40% due 05/01/2030		105,000		125,420
Raytheon Technologies Corp. Senior Notes 2.50% due 12/15/2022		83,000		85,046
Raytheon Technologies Corp. Senior Notes 3.20% due 03/15/2024		324,000		345,125
Raytheon Technologies Corp. Senior Notes 3.95% due 08/16/2025		25,000		27,851
United Technologies Corp. Senior Notes 4.13% due 11/16/2028		380,000		440,478
				1,558,799
Aerospace/Defense-Equipment — 0.1%
Harris Corp. Senior Notes 4.40% due 06/15/2028		80,000		93,413
Howmet Aerospace, Inc. Senior Notes 6.75% due 01/15/2028		90,000		110,610
				204,023

Security Description	Principal Amount		Value (Note 2)
Airlines — 0.0%
United Airlines Pass-Through Trust Pass-Through Certs. Series 2018-1, Class AA 3.50% due 09/01/2031	$	88,346	$	92,439
Applications Software — 0.1%
Microsoft Corp. Senior Notes 2.92% due 03/17/2052		68,000		73,213
Microsoft Corp. Senior Notes 3.45% due 08/08/2036		62,000		73,214
Roper Technologies, Inc. Senior Notes 3.13% due 11/15/2022		24,000		24,689
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		110,000		116,419
				287,535
Auto-Cars/Light Trucks — 0.6%
BMW US Capital LLC Company Guar. Notes 3.80% due 04/06/2023*		100,000		105,534
Daimler Finance North America LLC Senior Notes 1.45% due 03/02/2026*		240,000		242,811
Daimler Finance North America LLC Company Guar. Notes 3.35% due 02/22/2023*		150,000		156,666
Ford Motor Co. Senior Notes 8.50% due 04/21/2023		200,000		222,046
Ford Motor Co. Senior Notes 9.00% due 04/22/2025		55,000		67,702
General Motors Co. Senior Notes 6.13% due 10/01/2025		13,000		15,385
General Motors Financial Co., Inc. Senior Notes 2.75% due 06/20/2025		60,000		63,417
General Motors Financial Co., Inc. Company Guar. Notes 3.95% due 04/13/2024		30,000		32,294
Hyundai Capital America Senior Notes 1.15% due 11/10/2022*		249,000		250,706
Hyundai Capital America Senior Notes 1.30% due 01/08/2026*		70,000		69,583
Hyundai Capital America Senior Notes 1.50% due 06/15/2026*		180,000		179,689
Hyundai Capital America Senior Notes 2.38% due 02/10/2023*		105,000		107,672
Volkswagen Group of America Finance LLC Company Guar. Notes 0.88% due 11/22/2023*		200,000		201,075
Volkswagen Group of America Finance LLC Company Guar. Notes 4.25% due 11/13/2023*		200,000		215,680
				1,930,260

225

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Auto-Heavy Duty Trucks — 0.0%
Allison Transmission, Inc. Senior Notes 4.75% due 10/01/2027*	$	20,000	$	20,850
Allison Transmission, Inc. Senior Notes 5.88% due 06/01/2029*		110,000		120,146
				140,996
Auto/Truck Parts & Equipment-Original — 0.0%
American Axle & Manufacturing, Inc. Company Guar. Notes 6.25% due 04/01/2025		60,000		62,025
Auto/Truck Parts & Equipment-Replacement — 0.0%
Adient US LLC Senior Sec. Notes 9.00% due 04/15/2025*		20,000		21,864
Banks-Commercial — 0.1%
CIT Group, Inc. Sub. Notes 6.13% due 03/09/2028		85,000		104,734
KeyBank NA Senior Notes 0.43% due 06/14/2024		250,000		250,294
SunTrust Banks, Inc. Senior Notes 4.00% due 05/01/2025		55,000		61,251
				416,279
Banks-Fiduciary — 0.1%
Bank of New York Mellon Corp. Senior Notes 1.95% due 08/23/2022		247,000		251,435
Banks-Super Regional — 0.5%
Fifth Third Bancorp. Senior Notes 2.60% due 06/15/2022		140,000		142,584
US Bank NA FRS Senior Notes 0.26% (3ML BSBY+0.17%) due 06/02/2023		250,000		250,113
Wells Fargo & Co. FRS Senior Notes 1.24% (3 ML+1.11%) due 01/24/2023		232,000		233,149
Wells Fargo & Co. Senior Notes 2.16% due 02/11/2026		285,000		296,737
Wells Fargo & Co. Senior Notes 2.19% due 04/30/2026		300,000		312,167
Wells Fargo & Co. Senior Notes 2.41% due 10/30/2025		375,000		392,104
Wells Fargo & Co. Senior Notes 2.57% due 02/11/2031		130,000		135,541
				1,762,395
Batteries/Battery Systems — 0.1%
Energizer Holdings, Inc. Company Guar. Notes 4.75% due 06/15/2028*		175,000		179,812

Security Description	Principal Amount		Value (Note 2)
Beverages-Non-alcoholic — 0.1%
Keurig Dr Pepper, Inc. Company Guar. Notes 4.60% due 05/25/2028	$	155,000	$	183,553
Brewery — 0.2%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.70% due 02/01/2036		250,000		310,585
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.00% due 04/13/2028		55,000		63,103
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.44% due 10/06/2048		125,000		152,581
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.60% due 04/15/2048		25,000		31,057
Constellation Brands, Inc. Company Guar. Notes 3.15% due 08/01/2029		60,000		64,867
				622,193
Broadcast Services/Program — 0.1%
Clear Channel Worldwide Holdings, Inc. Senior Sec. Notes 5.13% due 08/15/2027*		150,000		154,005
iHeartCommunications, Inc. Senior Sec. Notes 5.25% due 08/15/2027*		135,000		140,737
Nexstar Broadcasting, Inc. Company Guar. Notes 5.63% due 07/15/2027*		55,000		58,146
Univision Communications, Inc. Senior Sec. Notes 4.50% due 05/01/2029*		120,000		120,293
				473,181
Building & Construction Products-Misc. — 0.1%
Standard Industries, Inc. Senior Notes 4.75% due 01/15/2028*		170,000		176,955
Building Products-Cement — 0.0%
Martin Marietta Materials, Inc. Senior Notes 0.65% due 07/15/2023		16,000		16,031
Building-Heavy Construction — 0.0%
MasTec, Inc. Company Guar. Notes 4.50% due 08/15/2028*		110,000		115,997
Building-Residential/Commercial — 0.1%
Lennar Corp. Company Guar. Notes 4.75% due 11/29/2027		170,000		198,086
Cable/Satellite TV — 0.6%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.13% due 05/01/2027*		150,000		156,937
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 2.30% due 02/01/2032		210,000		206,106

226

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (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 2.80% due 04/01/2031	$	140,000	$	144,798
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.50% due 06/01/2041		40,000		40,788
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.91% due 07/23/2025		105,000		119,166
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 05/01/2047		40,000		49,441
Comcast Corp. Company Guar. Notes 1.95% due 01/15/2031		215,000		215,444
Comcast Corp. Company Guar. Notes 2.35% due 01/15/2027		240,000		254,148
Comcast Corp. Company Guar. Notes 2.45% due 08/15/2052		70,000		65,294
CSC Holdings LLC Company Guar. Notes 6.50% due 02/01/2029*		200,000		220,584
DISH DBS Corp. Company Guar. Notes 5.88% due 11/15/2024		125,000		134,673
DISH DBS Corp. Company Guar. Notes 7.75% due 07/01/2026		40,000		45,650
Sirius XM Radio, Inc. Company Guar. Notes 5.38% due 07/15/2026*		80,000		82,602
Sirius XM Radio, Inc. Company Guar. Notes 5.50% due 07/01/2029*		140,000		153,321
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		65,000		73,754
Time Warner Cable LLC Senior Sec. Notes 5.50% due 09/01/2041		80,000		101,060
				2,063,766
Casino Hotels — 0.0%
MGM Resorts International Company Guar. Notes 4.63% due 09/01/2026		15,000		15,638
MGM Resorts International Company Guar. Notes 6.00% due 03/15/2023		40,000		42,250
Wynn Las Vegas LLC Company Guar. Notes 5.50% due 03/01/2025*		30,000		31,725
				89,613

Security Description	Principal Amount		Value (Note 2)
Cellular Telecom — 0.2%
Sprint Corp. Company Guar. Notes 7.63% due 02/15/2025	$	50,000	$	58,941
Sprint Corp. Company Guar. Notes 7.63% due 03/01/2026		70,000		85,504
T-Mobile USA, Inc. Senior Sec. Notes 2.55% due 02/15/2031		65,000		66,837
T-Mobile USA, Inc. Senior Sec. Notes 3.75% due 04/15/2027		250,000		278,720
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030		200,000		225,818
T-Mobile USA, Inc. Company Guar. Notes 4.75% due 02/01/2028		45,000		47,837
				763,657
Chemicals-Diversified — 0.0%
LYB International Finance III LLC Company Guar. Notes 3.38% due 05/01/2030		40,000		44,159
Chemicals-Specialty — 0.0%
Chemours Co. Company Guar. Notes 5.75% due 11/15/2028*		80,000		84,900
Chemours Co. Company Guar. Notes 7.00% due 05/15/2025		35,000		36,138
				121,038
Coatings/Paint — 0.0%
Sherwin-Williams Co. Senior Notes 2.75% due 06/01/2022		4,000		4,070
Commercial Services — 0.0%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.63% due 10/01/2028*		50,000		52,813
Commercial Services-Finance — 0.1%
Global Payments, Inc. Senior Notes 2.90% due 05/15/2030		80,000		84,913
Global Payments, Inc. Senior Notes 3.20% due 08/15/2029		70,000		75,737
				160,650
Computer Services — 0.0%
Leidos, Inc. Company Guar. Notes 2.30% due 02/15/2031		40,000		39,658
Computers — 0.1%
Apple, Inc. Senior Notes 2.95% due 09/11/2049		95,000		99,920
Dell International LLC/EMC Corp. Senior Sec. Notes 6.02% due 06/15/2026		45,000		54,162
				154,082

227

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computers-Integrated Systems — 0.0%
NCR Corp. Company Guar. Notes 6.13% due 09/01/2029*	$	120,000	$	130,141
Computers-Memory Devices — 0.0%
Western Digital Corp. Company Guar. Notes 4.75% due 02/15/2026		55,000		61,050
Consulting Services — 0.0%
Gartner, Inc. Company Guar. Notes 4.50% due 07/01/2028*		135,000		142,763
Consumer Products-Misc. — 0.1%
Central Garden & Pet Co. Company Guar. Notes 5.13% due 02/01/2028		145,000		153,777
Clorox Co. Senior Notes 3.05% due 09/15/2022		19,000		19,453
Spectrum Brands, Inc. Company Guar. Notes 5.00% due 10/01/2029*		110,000		116,462
Spectrum Brands, Inc. Company Guar. Notes 5.75% due 07/15/2025		3,000		3,081
				292,773
Containers-Metal/Glass — 0.0%
Owens-Brockway Glass Container, Inc. Company Guar. Notes 6.63% due 05/13/2027*		110,000		118,800
Containers-Paper/Plastic — 0.1%
Berry Global Escrow Corp. Sec. Notes 5.63% due 07/15/2027*		112,000		117,880
Berry Global, Inc. Senior Sec. Notes 4.88% due 07/15/2026*		52,000		54,860
LABL Escrow Issuer LLC Senior Sec. Notes 6.75% due 07/15/2026*		110,000		116,729
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu Senior Sec. Notes 4.00% due 10/15/2027*		120,000		119,850
				409,319
Data Processing/Management — 0.1%
Fidelity National Information Services, Inc. Senior Notes 0.38% due 03/01/2023		170,000		170,057
Fidelity National Information Services, Inc. Senior Notes 1.15% due 03/01/2026		170,000		170,206
				340,263
Diagnostic Equipment — 0.1%
Avantor Funding, Inc. Company Guar. Notes 4.63% due 07/15/2028*		165,000		173,662

Security Description	Principal Amount		Value (Note 2)
Dialysis Centers — 0.0%
DaVita, Inc. Company Guar. Notes 3.75% due 02/15/2031*	$	140,000	$	135,768
Diversified Banking Institutions — 2.2%
Bank of America Corp. FRS Senior Notes 0.54% (3 ML BSBY+0.43%) due 05/28/2024		150,000		150,150
Bank of America Corp. Senior Notes 1.73% due 07/22/2027		445,000		452,737
Bank of America Corp. Senior Notes 1.90% due 07/23/2031		87,000		85,127
Bank of America Corp. Senior Notes 2.30% due 07/21/2032		43,000		43,379
Bank of America Corp. Senior Notes 2.46% due 10/22/2025		110,000		115,257
Bank of America Corp. Senior Notes 2.59% due 04/29/2031		160,000		165,659
Bank of America Corp. Senior Notes 2.65% due 03/11/2032		260,000		269,567
Bank of America Corp. Senior Notes 2.69% due 04/22/2032		55,000		57,417
Bank of America Corp. Senior Notes 3.12% due 01/20/2023		33,000		33,417
Bank of America Corp. Senior Notes 3.46% due 03/15/2025		550,000		587,081
Bank of America Corp. Senior Notes 3.55% due 03/05/2024		5,000		5,238
Bank of America Corp. Senior Notes 3.82% due 01/20/2028		140,000		156,454
Bank of America Corp. Senior Notes 3.86% due 07/23/2024		260,000		276,614
Citigroup, Inc. Senior Notes 0.98% due 05/01/2025		150,000		150,807
Citigroup, Inc. Senior Notes 1.46% due 06/09/2027		155,000		155,136
Citigroup, Inc. Senior Notes 2.31% due 11/04/2022		110,000		110,555
Citigroup, Inc. Senior Notes 2.88% due 07/24/2023		495,000		506,746
Citigroup, Inc. Senior Notes 3.11% due 04/08/2026		765,000		818,992
Citigroup, Inc. Senior Notes 3.14% due 01/24/2023		257,000		260,436

228

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026	$	45,000	$	49,008
Citigroup, Inc. Senior Notes 3.89% due 01/10/2028		95,000		106,280
Citigroup, Inc. Senior Notes 3.98% due 03/20/2030		115,000		130,890
Goldman Sachs Group, Inc. Senior Notes 0.63% due 11/17/2023		112,000		112,037
Goldman Sachs Group, Inc. Senior Notes 1.54% due 09/10/2027		505,000		507,708
Goldman Sachs Group, Inc. Senior Notes 1.99% due 01/27/2032		115,000		113,153
Goldman Sachs Group, Inc. Senior Notes 2.62% due 04/22/2032		35,000		36,191
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/24/2023		330,000		337,719
Goldman Sachs Group, Inc. Senior Notes 3.50% due 04/01/2025		315,000		341,940
Goldman Sachs Group, Inc. Senior Notes 4.02% due 10/31/2038		110,000		130,425
Morgan Stanley Senior Notes 0.56% due 11/10/2023		44,000		44,076
Morgan Stanley Senior Notes 0.73% due 04/05/2024		46,000		46,156
Morgan Stanley Senior Notes 1.59% due 05/04/2027		140,000		142,070
Morgan Stanley Senior Notes 1.93% due 04/28/2032		75,000		73,619
Morgan Stanley Senior Notes 2.24% due 07/21/2032		70,000		70,493
Morgan Stanley Senior Notes 2.70% due 01/22/2031		85,000		89,510
Morgan Stanley Senior Notes 2.72% due 07/22/2025		570,000		600,318
Morgan Stanley Senior Notes 3.59% due 07/22/2028		160,000		178,149

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Morgan Stanley Senior Notes 3.74% due 04/24/2024	$	5,000	$	5,275
Morgan Stanley Senior Notes 3.75% due 02/25/2023		80,000		84,175
Morgan Stanley Senior Notes 3.97% due 07/22/2038		90,000		106,217
				7,706,178
Drug Delivery Systems — 0.1%
Becton Dickinson and Co. Senior Notes 1.96% due 02/11/2031		165,000		163,475
E-Commerce/Products — 0.0%
Amazon.com, Inc. Senior Notes 3.10% due 05/12/2051		60,000		64,546
Electric Products-Misc. — 0.0%
WESCO Distribution, Inc. Company Guar. Notes 7.13% due 06/15/2025*		95,000		102,124
Electric-Distribution — 0.1%
Commonwealth Edison Co. 1st Mtg. Notes 3.70% due 03/01/2045		45,000		52,586
Entergy Louisiana LLC Collateral Trust Bonds 4.00% due 03/15/2033		30,000		35,620
Entergy Louisiana LLC 1st Mtg. Notes 4.95% due 01/15/2045		120,000		132,228
National Rural Utilities Cooperative Finance Corp. FRS Senior Notes 0.22% (3 ML+0.07%) due 02/16/2023		83,000		82,947
Oklahoma Gas and Electric Co. Senior Notes 0.55% due 05/26/2023		44,000		44,024
				347,405
Electric-Generation — 0.2%
Emera US Finance LP Senior Notes 2.64% due 06/15/2031*		210,000		214,881
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		85,000		102,994
Vista Operations Co. LLC Senior Sec. Notes 3.70% due 01/30/2027*		110,000		117,831
Vistra Operations Co. LLC Company Guar. Notes 5.63% due 02/15/2027*		70,000		72,625
				508,331
Electric-Integrated — 0.7%
AES Corp. Senior Notes 1.38% due 01/15/2026*		150,000		149,708

229

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Ameren Corp. Senior Notes 3.50% due 01/15/2031	$	140,000	$	156,279
Baltimore Gas & Electric Co. Senior Notes 3.20% due 09/15/2049		80,000		86,039
Berkshire Hathaway Energy Co. Senior Notes 4.45% due 01/15/2049		35,000		44,833
Cleveland Electric Illuminating Co. Senior Notes 3.50% due 04/01/2028*		10,000		10,817
DTE Energy Co. Senior Notes 2.25% due 11/01/2022		66,000		67,492
Duke Energy Corp. FRS Senior Notes 0.29% (SOFR+0.25%) due 06/10/2023		132,000		132,021
Duke Energy Corp. Senior Notes 3.50% due 06/15/2051		105,000		112,483
Entergy Corp. Senior Notes 4.00% due 07/15/2022		65,000		66,843
Entergy Mississippi LLC 1st Mtg. Notes 3.50% due 06/01/2051		30,000		34,322
Entergy Texas, Inc. 1st Mtg. Notes 3.55% due 09/30/2049		75,000		83,735
Jersey Central Power & Light Co. Senior Notes 4.30% due 01/15/2026*		35,000		39,124
MidAmerican Energy Co. 1st Mtg. Bonds 4.25% due 05/01/2046		45,000		56,986
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 1.95% due 09/01/2022		100,000		101,743
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 2.75% due 11/01/2029		175,000		186,489
NextEra Energy Capital Holdings, Inc. Company Guar. Notes 3.15% due 04/01/2024		60,000		63,912
OGE Energy Corp. Senior Notes 0.70% due 05/26/2023		44,000		44,019
Pacific Gas & Electric Co. 1st Mtg. Notes 4.00% due 12/01/2046		60,000		56,057
Pacific Gas & Electric Co. 1st Mtg. Notes 4.60% due 06/15/2043		110,000		110,815
PacifiCorp 1st Mtg. Notes 4.13% due 01/15/2049		105,000		128,044
Potomac Electric Power Co. 1st Mtg. Bonds 3.60% due 03/15/2024		90,000		96,507

Security Description	Principal Amount		Value (Note 2)
Electric-Integrated (continued)
PPL Electric Utilities Corp. FRS 1st Mtg. Notes 0.40% (3 ML+0.25%) due 09/28/2023	$	132,000	$	132,025
Southern California Edison Co. 1st Mtg. Bonds Class C 3.60% due 02/01/2045		36,000		36,327
Southern California Edison Co. 1st Mtg. Notes Class C 4.13% due 03/01/2048		70,000		76,626
Southwestern Electric Power Co. Senior Notes Class J 3.90% due 04/01/2045		60,000		67,202
Trans-Allegheny Interstate Line Co. Senior Notes 3.85% due 06/01/2025*		125,000		136,189
Virginia Electric & Power Co. Senior Notes 2.95% due 01/15/2022		52,000		52,279
				2,328,916
Electric-Transmission — 0.0%
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*		140,000		149,536
Electronic Components-Semiconductors — 0.2%
Broadcom, Inc. Company Guar. Notes 1.95% due 02/15/2028*		30,000		30,233
Broadcom, Inc. Company Guar. Notes 2.45% due 02/15/2031*		163,000		162,129
Microchip Technology, Inc. Senior Sec. Notes 0.97% due 02/15/2024*		220,000		220,399
ON Semiconductor Corp. Company Guar. Notes 3.88% due 09/01/2028*		105,000		109,378
				522,139
Electronic Parts Distribution — 0.0%
Imola Merger Corp. Senior Sec. Notes 4.75% due 05/15/2029*		115,000		118,702
Enterprise Software/Service — 0.2%
Oracle Corp. Senior Notes 1.65% due 03/25/2026		160,000		162,952
Oracle Corp. Senior Notes 3.25% due 11/15/2027		120,000		131,106
Oracle Corp. Senior Notes 3.60% due 04/01/2050		60,000		62,592
Oracle Corp. Senior Notes 3.65% due 03/25/2041		165,000		178,425
				535,075

230

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Auto Loans — 0.0%
Ally Financial, Inc. Senior Notes 4.13% due 02/13/2022	$	50,000	$	50,976
Ally Financial, Inc. Senior Notes 4.63% due 05/19/2022		10,000		10,333
				61,309
Finance-Commercial — 0.2%
GE Capital Funding LLC Company Guar. Notes 4.40% due 05/15/2030		430,000		505,395
Finance-Consumer Loans — 0.0%
Springleaf Finance Corp. Company Guar. Notes 6.63% due 01/15/2028		45,000		51,975
Finance-Credit Card — 0.0%
Capital One Financial Corp. FRS Senior Notes 1.07% (3 ML+0.95%) due 03/09/2022		150,000		150,683
Finance-Investment Banker/Broker — 0.1%
Citigroup Global Markets Holdings, Inc. Company Guar. Notes 0.75% due 06/07/2024		164,000		163,259
Finance-Leasing Companies — 0.1%
Air Lease Corp. FRS Senior Notes 0.48% (3 ML+0.35%) due 12/15/2022		93,000		93,082
Air Lease Corp. Senior Notes 2.30% due 02/01/2025		235,000		244,216
Air Lease Corp. Senior Notes 3.25% due 10/01/2029		25,000		26,388
				363,686
Finance-Mortgage Loan/Banker — 0.0%
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. Company Guar. Notes 3.63% due 03/01/2029*		135,000		135,338
Food-Catering — 0.0%
Aramark Services, Inc. Company Guar. Notes 5.00% due 02/01/2028*		70,000		72,722
Food-Confectionery — 0.0%
Mondelez International, Inc. Senior Notes 0.63% due 07/01/2022		55,000		55,219
Food-Misc./Diversified — 0.1%
Lamb Weston Holdings, Inc. Company Guar. Notes 4.88% due 11/01/2026*		40,000		41,272
Lamb Weston Holdings, Inc. Company Guar. Notes 4.88% due 05/15/2028*		110,000		121,825
McCormick & Co., Inc. Senior Notes 3.15% due 08/15/2024		35,000		37,409

Security Description	Principal Amount		Value (Note 2)
Food-Misc./Diversified (continued)
Post Holdings, Inc. Company Guar. Notes 5.63% due 01/15/2028*	$	75,000	$	78,938
Post Holdings, Inc. Company Guar. Notes 5.75% due 03/01/2027*		45,000		46,838
				326,282
Food-Retail — 0.1%
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 4.63% due 01/15/2027*		167,000		176,686
Kroger Co. Senior Notes 3.88% due 10/15/2046		120,000		134,607
				311,293
Food-Wholesale/Distribution — 0.0%
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*		35,000		36,459
Sysco Corp. Company Guar. Notes 3.30% due 02/15/2050		85,000		87,610
				124,069
Garden Products — 0.0%
Scotts Miracle-Gro Co. Company Guar. Notes 4.50% due 10/15/2029		135,000		140,755
Gas-Distribution — 0.2%
Atmos Energy Corp. FRS Senior Notes 0.50% (3 ML+0.38%) due 03/09/2023		145,000		145,038
Brooklyn Union Gas Co. Senior Notes 4.27% due 03/15/2048*		65,000		76,197
CenterPoint Energy Resources Corp. FRS Senior Notes 0.63% (3 ML+0.50%) due 03/02/2023		70,000		70,016
NiSource, Inc. Senior Notes 2.95% due 09/01/2029		90,000		96,549
ONE Gas, Inc. FRS Senior Notes 0.73% (3 ML+0.01%) due 03/11/2023		61,000		61,022
ONE Gas, Inc. Senior Notes 0.85% due 03/11/2023		230,000		230,069
				678,891
Home Decoration Products — 0.0%
Newell Brands, Inc. Senior Notes 4.70% due 04/01/2026		55,000		61,256
Newell Rubbermaid, Inc. Senior Notes 6.00% due 04/01/2046		50,000		64,792
				126,048

231

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Home Furnishings — 0.0%
Tempur Sealy International, Inc. Company Guar. Notes 4.00% due 04/15/2029*	$	140,000	$	143,500
Hotels/Motels — 0.1%
Hilton Worldwide Finance LLC/Hilton Worldwide Finance Corp. Company Guar. Notes 4.88% due 04/01/2027		170,000		176,423
Independent Power Producers — 0.1%
Calpine Corp. Senior Sec. Notes 5.25% due 06/01/2026*		117,000		120,377
NRG Energy, Inc. Company Guar. Notes 3.63% due 02/15/2031*		65,000		65,487
NRG Energy, Inc. Company Guar. Notes 5.75% due 01/15/2028		35,000		37,188
				223,052
Instruments-Controls — 0.1%
Honeywell International, Inc. Senior Notes 0.48% due 08/19/2022		131,000		131,018
Sensata Technologies, Inc. Company Guar. Notes 4.38% due 02/15/2030*		80,000		85,600
				216,618
Insurance-Life/Health — 0.2%
Athene Global Funding Sec. Notes 0.95% due 01/08/2024*		106,000		106,808
Brighthouse Financial Global Funding Senior Sec. Notes 0.60% due 06/28/2023*		18,000		18,027
Equitable Financial Life Global Funding FRS Sec. Notes 0.44% (SOFR+0.39%) due 04/06/2023*		112,000		112,362
Jackson National Life Global Funding FRS Senior Sec. Notes 0.65% (SOFR+0.60%) due 01/06/2023*		150,000		150,786
Protective Life Global Funding Sec. Notes 0.63% due 10/13/2023*		150,000		150,649
Reliance Standard Life Global Funding II Sec. Notes 2.15% due 01/21/2023*		14,000		14,338
Reliance Standard Life Global Funding II Sec. Notes 2.63% due 07/22/2022*		47,000		48,041
				601,011
Insurance-Multi-line — 0.1%
Metropolitan Life Global Funding I Sec. Notes 2.40% due 06/17/2022*		239,000		243,601

Security Description	Principal Amount		Value (Note 2)
Insurance-Mutual — 0.1%
MassMutual Global Funding II Senior Sec. Notes 2.50% due 10/17/2022	$	100,000	$	102,700
New York Life Global Funding FRS Sec. Notes 0.27% (SOFR+0.22%) due 02/02/2023*		200,000		200,257
				302,957
Insurance-Reinsurance — 0.0%
Berkshire Hathaway Finance Corp. Company Guar. Notes 2.85% due 10/15/2050		70,000		71,665
Internet Content-Entertainment — 0.1%
Netflix, Inc. Senior Notes 4.88% due 04/15/2028		185,000		216,450
Machinery-Electrical — 0.1%
BWX Technologies, Inc. Company Guar. Notes 4.13% due 04/15/2029*		150,000		153,559
Machinery-Farming — 0.0%
John Deere Capital Corp. Senior Notes 0.55% due 07/05/2022		52,000		52,194
Medical Labs & Testing Services — 0.0%
Charles River Laboratories International, Inc. Company Guar. Notes 3.75% due 03/15/2029*		115,000		118,019
Medical Products — 0.1%
Hill-Rom Holdings, Inc. Company Guar. Notes 4.38% due 09/15/2027*		115,000		119,967
Hologic, Inc. Company Guar. Notes 3.25% due 02/15/2029*		145,000		146,453
				266,420
Medical-Biomedical/Gene — 0.2%
Biogen, Inc. Senior Notes 2.25% due 05/01/2030		38,000		38,680
Biogen, Inc. Senior Bonds 3.15% due 05/01/2050		5,000		4,980
Biogen, Inc. Senior Notes 3.63% due 09/15/2022		100,000		103,625
Gilead Sciences, Inc. FRS Senior Notes 0.27% (3 ML+0.15%) due 09/17/2021		46,000		46,007
Gilead Sciences, Inc. Senior Notes 1.65% due 10/01/2030		120,000		118,077
Gilead Sciences, Inc. Senior Notes 2.80% due 10/01/2050		145,000		143,455
Gilead Sciences, Inc. Senior Notes 3.25% due 09/01/2022		91,000		93,466

232

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Biomedical/Gene (continued)
Regeneron Pharmaceuticals, Inc. Senior Bonds 2.80% due 09/15/2050	$	70,000	$	65,867
				614,157
Medical-Drugs — 0.8%
AbbVie, Inc. Senior Notes 2.15% due 11/19/2021		100,000		100,588
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		671,000		735,954
AbbVie, Inc. Senior Notes 3.45% due 03/15/2022		75,000		76,062
AbbVie, Inc. Senior Notes 3.60% due 05/14/2025		230,000		251,026
Bristol-Myers Squibb Co. Senior Notes 2.90% due 07/26/2024		386,000		411,770
Bristol-Myers Squibb Co. Senior Notes 3.40% due 07/26/2029		350,000		396,335
Eli Lilly and Co. Senior Notes 2.25% due 05/15/2050		80,000		74,424
EMD Finance LLC Company Guar. Notes 2.95% due 03/19/2022*		53,000		53,669
Merck & Co., Inc. Senior Bonds 2.35% due 06/24/2040		35,000		34,733
Novartis Capital Corp. Company Guar. Notes 2.40% due 09/21/2022		92,000		94,254
Pfizer, Inc. Senior Notes 2.80% due 03/11/2022		238,000		241,788
Zoetis, Inc. Senior Notes 2.00% due 05/15/2030		105,000		106,282
				2,576,885
Medical-HMO — 0.2%
Aetna, Inc. Senior Notes 3.88% due 08/15/2047		120,000		136,509
Anthem, Inc. Senior Notes 1.50% due 03/15/2026		135,000		137,491
Anthem, Inc. Senior Notes 2.55% due 03/15/2031		100,000		104,744
Centene Corp. Senior Notes 4.63% due 12/15/2029		220,000		241,109
UnitedHealth Group, Inc. Senior Notes 2.75% due 05/15/2040		44,000		45,503
UnitedHealth Group, Inc. Senior Notes 3.05% due 05/15/2041		70,000		74,930

Security Description	Principal Amount		Value (Note 2)
Medical-HMO (continued)
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039	$	50,000	$	56,823
				797,109
Medical-Hospitals — 0.3%
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		10,000		10,860
HCA, Inc. Company Guar. Notes 5.38% due 02/01/2025		110,000		124,674
HCA, Inc. Senior Sec. Notes 5.50% due 06/15/2047		85,000		113,374
HCA, Inc. Company Guar. Notes 5.63% due 09/01/2028		90,000		108,243
Memorial Health Services Senior Notes 3.45% due 11/01/2049		60,000		66,850
MultiCare Health System Notes 2.80% due 08/15/2050		75,000		76,263
Spectrum Health System Obligated Group Senior Notes Class 19A 3.49% due 07/15/2049		100,000		114,082
Tenet Healthcare Corp. Senior Sec. Notes 4.88% due 01/01/2026*		160,000		165,200
Texas Health Resources Sec. Notes 3.37% due 11/15/2051		45,000		50,452
Trinity Health Corp. Senior Notes 3.43% due 12/01/2048		25,000		27,770
				857,768
Medical-Outpatient/Home Medical — 0.0%
BayCare Health System, Inc. Senior Bonds 3.83% due 11/15/2050		55,000		68,225
Medical-Wholesale Drug Distribution — 0.0%
AmerisourceBergen Corp. Senior Notes 0.74% due 03/15/2023		32,000		32,060
Metal-Aluminum — 0.1%
Arconic Corp. Senior Sec. Notes 6.00% due 05/15/2025*		90,000		95,175
Arconic Corp. Sec. Notes 6.13% due 02/15/2028*		75,000		79,875
Kaiser Aluminum Corp. Company Guar. Notes 4.63% due 03/01/2028*		125,000		130,497
				305,547
Metal-Copper — 0.1%
Freeport-McMoRan, Inc. Company Guar. Notes 4.63% due 08/01/2030		55,000		60,431

233

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Metal-Copper (continued)
Freeport-McMoRan, Inc. Company Guar. Notes 5.40% due 11/14/2034	$	170,000	$	216,113
				276,544
Multimedia — 0.0%
Viacom, Inc. Senior Notes 4.38% due 03/15/2043		35,000		41,313
Music — 0.1%
WMG Acquisition Corp. Senior Sec. Notes 3.00% due 02/15/2031*		160,000		154,974
Non-Profit Charity — 0.0%
Ford Foundation Notes 2.82% due 06/01/2070		65,000		67,452
Office Automation & Equipment — 0.0%
CDW LLC/CDW Finance Corp. Company Guar. Notes 4.25% due 04/01/2028		45,000		46,732
CDW LLC/CDW Finance Corp. Company Guar. Notes 5.50% due 12/01/2024		40,000		44,050
				90,782
Office Supplies & Forms — 0.0%
ACCO Brands Corp. Company Guar. Notes 4.25% due 03/15/2029*		120,000		119,850
Oil Companies-Exploration & Production — 0.1%
Diamondback Energy, Inc. Company Guar. Notes 3.50% due 12/01/2029		180,000		194,956
Occidental Petroleum Corp. Senior Notes 3.50% due 06/15/2025		150,000		152,813
				347,769
Oil Companies-Integrated — 0.2%
BP Capital Markets America, Inc. Company Guar. Notes 3.59% due 04/14/2027		170,000		189,442
Chevron Corp. Senior Notes 2.24% due 05/11/2030		80,000		83,722
Chevron USA, Inc. Company Guar. Notes 3.85% due 01/15/2028		155,000		177,440
Exxon Mobil Corp. Senior Notes 2.61% due 10/15/2030		310,000		331,873
				782,477
Oil Refining & Marketing — 0.0%
Marathon Petroleum Corp. Senior Notes 4.75% due 09/15/2044		22,000		26,424
Phillips 66 Company Guar. Notes 4.88% due 11/15/2044		3,000		3,788
				30,212

Security Description	Principal Amount		Value (Note 2)
Oil-Field Services — 0.0%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. Senior Notes 3.34% due 12/15/2027	$	70,000	$	77,012
Pharmacy Services — 0.2%
Cigna Corp. Company Guar. Notes 4.38% due 10/15/2028		245,000		288,005
CVS Health Corp. Senior Notes 1.75% due 08/21/2030		25,000		24,455
CVS Health Corp. Senior Notes 3.00% due 08/15/2026		30,000		32,559
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		105,000		139,770
CVS Pass-Through Trust Pass-Through Certs. 7.51% due 01/10/2032*		52,635		66,930
				551,719
Physical Therapy/Rehabilitation Centers — 0.1%
Encompass Health Corp. Company Guar. Notes 4.50% due 02/01/2028		135,000		140,062
HealthSouth Corp. Company Guar. Notes 5.75% due 09/15/2025		35,000		35,919
				175,981
Pipelines — 0.6%
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.13% due 06/30/2027		230,000		269,351
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029		30,000		32,363
Columbia Pipeline Group, Inc. Company Guar. Notes 4.50% due 06/01/2025		29,000		32,712
DCP Midstream Operating LP Company Guar. Notes 5.13% due 05/15/2029		60,000		66,846
DT Midstream, Inc. Company Guar. Notes 4.13% due 06/15/2029*		140,000		143,584
Enable Midstream Partners LP Senior Notes 4.40% due 03/15/2027		170,000		189,365
Energy Transfer LP Senior Notes 4.20% due 04/15/2027		81,000		90,432
Energy Transfer LP Senior Notes 5.15% due 02/01/2043		55,000		63,633
Energy Transfer Operating LP Senior Notes 5.80% due 06/15/2038		65,000		80,661
MPLX LP Senior Notes 4.13% due 03/01/2027		65,000		73,250

234

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
MPLX LP Senior Notes 4.50% due 04/15/2038	$	50,000	$	57,677
Northern Natural Gas Co. Senior Notes 3.40% due 10/16/2051*		70,000		73,805
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.00% due 03/15/2027		95,000		110,714
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.88% due 06/30/2026		215,000		255,723
Southern Natural Gas Co. LLC Senior Notes 0.63% due 04/28/2023*		6,000		5,993
Spectra Energy Partners LP Company Guar. Notes 4.50% due 03/15/2045		65,000		78,021
Sunoco Logistics Partners Operations LP Senior Notes 5.30% due 04/01/2044		35,000		41,394
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.00% due 01/15/2028		165,000		173,501
Williams Cos., Inc. Senior Notes 5.40% due 03/04/2044		55,000		70,620
				1,909,645
Protection/Safety — 0.0%
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.75% due 04/15/2026*		105,000		114,975
Publishing-Newspapers — 0.0%
News Corp. Senior Notes 3.88% due 05/15/2029*		120,000		122,156
Real Estate Investment Trusts — 0.4%
American Tower Corp. Senior Notes 2.10% due 06/15/2030		35,000		34,997
American Tower Corp. Senior Notes 3.10% due 06/15/2050		40,000		40,316
American Tower Corp. Senior Notes 3.13% due 01/15/2027		120,000		129,265
American Tower Corp. Senior Notes 3.60% due 01/15/2028		95,000		105,383
American Tower Corp. Senior Notes 3.95% due 03/15/2029		120,000		136,167
Crown Castle International Corp. Senior Notes 2.25% due 01/15/2031		80,000		80,132
Crown Castle International Corp. Senior Notes 2.90% due 04/01/2041		45,000		44,364

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
Crown Castle International Corp. Senior Notes 3.30% due 07/01/2030	$	35,000	$	38,078
Crown Castle International Corp. Senior Notes 4.15% due 07/01/2050		15,000		17,545
Goodman US Finance Three LLC Company Guar. Notes 3.70% due 03/15/2028*		110,000		120,578
Healthpeak Properties, Inc. Senior Notes 3.00% due 01/15/2030		130,000		140,945
MGM Growth Properties Operating Partnership LP/MGP Finance Co-Issuer, Inc. Company Guar. Notes 5.75% due 02/01/2027		40,000		44,700
RHP Hotel Properties LP/RHP Finance Corp. Company Guar. Notes 4.75% due 10/15/2027		115,000		118,951
SBA Communications Corp. Senior Notes 3.13% due 02/01/2029*		110,000		108,031
UDR, Inc. Company Guar. Notes 2.10% due 06/15/2033		85,000		83,403
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.63% due 12/01/2029*		110,000		117,700
				1,360,555
Rental Auto/Equipment — 0.1%
Avis Budget Car Rental LLC/Avis Budget Finance, Inc. Company Guar. Notes 5.25% due 03/15/2025*		38,000		38,427
United Rentals North America, Inc. Sec. Notes 3.88% due 11/15/2027		30,000		31,350
United Rentals North America, Inc. Company Guar. Notes 4.88% due 01/15/2028		100,000		105,600
				175,377
Resort/Theme Parks — 0.0%
Six Flags Theme Parks, Inc. Senior Sec. Notes 7.00% due 07/01/2025*		75,000		80,156
Retail-Auto Parts — 0.1%
AutoZone, Inc. Senior Notes 2.88% due 01/15/2023		74,000		76,160
AutoZone, Inc. Senior Notes 3.70% due 04/15/2022		150,000		152,261
				228,421
Retail-Automobile — 0.0%
Group 1 Automotive, Inc. Company Guar. Notes 4.00% due 08/15/2028*		115,000		118,065

235

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Building Products — 0.0%
Home Depot, Inc. Senior Bonds 3.30% due 04/15/2040	$	40,000	$	44,652
Lowe’s Cos., Inc. Senior Notes 3.70% due 04/15/2046		35,000		39,159
Lowe’s Cos., Inc. Senior Notes 4.05% due 05/03/2047		38,000		44,807
				128,618
Retail-Convenience Store — 0.1%
7-Eleven, Inc. FRS Senior Notes 0.61% (3 ML+0.45%) due 08/10/2022*		88,000		88,022
7-Eleven, Inc. Senior Notes 0.63% due 02/10/2023*		81,000		81,046
				169,068
Retail-Discount — 0.1%
Dollar General Corp. Senior Notes 3.25% due 04/15/2023		145,000		150,992
Wal-Mart Stores, Inc. Senior Notes 4.00% due 04/11/2043		85,000		104,904
				255,896
Retail-Misc./Diversified — 0.0%
L Brands, Inc. Company Guar. Notes 6.88% due 11/01/2035		95,000		122,194
Retail-Office Supplies — 0.0%
Staples, Inc. Senior Sec. Notes 7.50% due 04/15/2026*		35,000		35,525
Retail-Restaurants — 0.0%
Starbucks Corp. Senior Notes 1.30% due 05/07/2022		80,000		80,650
Starbucks Corp. Senior Notes 2.55% due 11/15/2030		65,000		68,424
				149,074
Rubber-Tires — 0.0%
Goodyear Tire & Rubber Co. Company Guar. Notes 5.25% due 04/30/2031		115,000		121,778
Satellite Telecom — 0.1%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		155,000		174,181
Schools — 0.1%
University of Southern California Senior Notes 2.81% due 10/01/2050		125,000		130,405

Security Description	Principal Amount		Value (Note 2)
Schools (continued)
University of Southern California Senior Notes 3.23% due 10/01/2120	$	50,000	$	53,414
				183,819
Software Tools — 0.1%
VMware, Inc. Senior Notes 2.20% due 08/15/2031		120,000		119,867
VMware, Inc. Senior Notes 4.65% due 05/15/2027		125,000		145,067
				264,934
Telecommunication Equipment — 0.0%
CommScope Technologies LLC Company Guar. Notes 6.00% due 06/15/2025*		39,000		39,585
CommScope, Inc. Senior Sec. Notes 6.00% due 03/01/2026*		40,000		41,700
				81,285
Telephone-Integrated — 0.4%
AT&T, Inc. Senior Notes 2.55% due 12/01/2033*		178,000		179,325
AT&T, Inc. Senior Notes 2.75% due 06/01/2031		180,000		189,676
AT&T, Inc. Senior Notes 3.50% due 06/01/2041		110,000		116,725
AT&T, Inc. Senior Notes 3.55% due 09/15/2055*		70,000		72,227
CenturyLink, Inc. Senior Sec. Notes 4.00% due 02/15/2027*		125,000		128,437
CenturyLink, Inc. Senior Notes 5.13% due 12/15/2026*		25,000		25,983
Level 3 Financing, Inc. Company Guar. Notes 5.25% due 03/15/2026		50,000		51,630
Sprint Capital Corp. Company Guar. Notes 8.75% due 03/15/2032		75,000		115,603
Verizon Communications, Inc. Senior Notes 2.88% due 11/20/2050		80,000		77,774
Verizon Communications, Inc. Senior Notes 2.99% due 10/30/2056		125,000		121,410
Verizon Communications, Inc. Senior Notes 3.40% due 03/22/2041		115,000		124,116
Verizon Communications, Inc. Senior Notes 3.55% due 03/22/2051		65,000		70,648
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		156,000		187,220
				1,460,774

236

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
Television — 0.0%
Sinclair Television Group, Inc. Senior Sec. Notes 4.13% due 12/01/2030*	$	75,000	$	72,656
Theaters — 0.0%
Live Nation Entertainment, Inc. Company Guar. Notes 4.75% due 10/15/2027*		140,000		142,975
Tobacco — 0.2%
Altria Group, Inc. Company Guar. Notes 2.45% due 02/04/2032		95,000		93,385
Altria Group, Inc. Company Guar. Notes 3.40% due 02/04/2041		65,000		62,795
Altria Group, Inc. Company Guar. Notes 3.88% due 09/16/2046		40,000		40,475
Altria Group, Inc. Company Guar. Notes 4.80% due 02/14/2029		40,000		46,767
BAT Capital Corp. Company Guar. Notes 3.22% due 09/06/2026		100,000		107,119
BAT Capital Corp. Company Guar. Notes 4.39% due 08/15/2037		80,000		87,857
BAT Capital Corp. Company Guar. Notes 4.91% due 04/02/2030		165,000		191,718
Philip Morris International, Inc. Senior Notes 1.50% due 05/01/2025		20,000		20,457
Philip Morris International, Inc. Senior Notes 2.10% due 05/01/2030		30,000		30,438
Philip Morris International, Inc. Senior Notes 3.88% due 08/21/2042		100,000		113,049
				794,060
Toys — 0.0%
Mattel, Inc. Company Guar. Notes 3.75% due 04/01/2029*		100,000		105,679
Mattel, Inc. Company Guar. Notes 5.88% due 12/15/2027*		35,000		38,369
				144,048
Transport-Rail — 0.1%
Burlington Northern Santa Fe LLC Senior Notes 3.05% due 03/15/2022		27,000		27,280
Burlington Northern Santa Fe LLC Senior Notes 3.90% due 08/01/2046		70,000		83,461
CSX Corp. Senior Notes 2.50% due 05/15/2051		150,000		140,120
Norfolk Southern Corp. Senior Notes 3.05% due 05/15/2050		70,000		71,985

Security Description	Principal Amount		Value (Note 2)
Transport-Rail (continued)
Norfolk Southern Corp. Senior Notes 3.40% due 11/01/2049	$	55,000	$	59,218
Union Pacific Corp. Senior Notes 3.55% due 08/15/2039		85,000		96,621
				478,685
Transport-Services — 0.0%
Ryder System, Inc. Senior Notes 3.40% due 03/01/2023		71,000		74,136
Trucking/Leasing — 0.0%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 3.38% due 02/01/2022*		92,000		92,909
Total U.S. Corporate Bonds & Notes (cost $48,221,350)				49,736,137
FOREIGN CORPORATE BONDS & NOTES — 6.1%
Aerospace/Defense — 0.0%
BAE Systems PLC Senior Notes 3.40% due 04/15/2030*		45,000		49,674
Auto-Cars/Light Trucks — 0.1%
Nissan Motor Co., Ltd. Senior Notes 4.81% due 09/17/2030*		200,000		228,108
Banks-Commercial — 1.5%
ABN AMRO Bank NV Senior Notes 1.54% due 06/16/2027*		400,000		400,636
Banco Nacional de Panama Senior Notes 2.50% due 08/11/2030*		200,000		193,500
Bank of Montreal FRS Senior Notes 0.32% (SOFR+0.27%) due 04/14/2023		150,000		150,309
Bank of Montreal FRS Senior Notes 0.53% (3 ML+0.40%) due 09/10/2021		150,000		150,066
Bank of Montreal Sub. Notes 3.80% due 12/15/2032		125,000		139,048
Barclays Bank PLC Senior Notes 1.70% due 05/12/2022		250,000		252,585
BPCE SA FRS Senior Notes 1.36% (3 ML+1.24%) due 09/12/2023*		250,000		255,063
BPCE SA Senior Notes 1.65% due 10/06/2026*		250,000		252,276
BPCE SA Senior Notes 2.75% due 01/11/2023*		250,000		258,823
Canadian Imperial Bank of Commerce FRS Senior Notes 0.85% (SOFR+0.80%) due 03/17/2023		251,000		253,505

237

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
Commonwealth Bank of Australia Senior Notes 2.50% due 09/18/2022*	$	209,000	$	214,373
Cooperatieve Rabobank UA Company Guar. Notes 3.88% due 02/08/2022		234,000		238,442
Credit Suisse AG FRS Senior Notes 0.44% (SOFR+0.39%) due 02/02/2024		250,000		250,107
Macquarie Bank, Ltd. Senior Notes 0.44% due 12/16/2022*		98,000		98,193
National Bank of Canada FRS Company Guar. Notes 0.33% (SOFR+0.30%) due 05/16/2023		250,000		250,238
Santander UK Group Holdings PLC Senior Notes 1.09% due 03/15/2025		350,000		351,725
Skandinaviska Enskilda Banken AB Senior Notes 2.20% due 12/12/2022*		250,000		256,476
Standard Chartered PLC Senior Notes 0.99% due 01/12/2025*		250,000		249,733
Standard Chartered PLC FRS Senior Notes 1.28% (3 ML+1.15%) due 01/20/2023*		200,000		200,899
Standard Chartered PLC Senior Notes 1.46% due 01/14/2027*		200,000		198,998
Standard Chartered PLC Senior Notes 2.82% due 01/30/2026*		210,000		220,345
Toronto-Dominion Bank FRS Senior Notes 0.53% (SOFR+0.48%) due 01/27/2023		85,000		85,408
Westpac Banking Corp. Senior Notes 3.65% due 05/15/2023		100,000		105,946
Westpac Banking Corp. Sub. Notes 4.32% due 11/23/2031		46,000		51,385
				5,078,079
Beverages-Non-alcoholic — 0.1%
Coca-Cola European Partners PLC Senior Notes 0.50% due 05/05/2023*		200,000		199,980
Building Societies — 0.1%
Nationwide Building Society Senior Notes 3.77% due 03/08/2024*		200,000		209,622
Nationwide Building Society Senior Notes 4.30% due 03/08/2029*		200,000		228,068
				437,690

Security Description	Principal Amount		Value (Note 2)
Cable/Satellite TV — 0.0%
Sky PLC Company Guar. Notes 3.13% due 11/26/2022*	$	46,000	$	47,677
Videotron, Ltd. Company Guar. Notes 5.13% due 04/15/2027*		95,000		99,037
				146,714
Cellular Telecom — 0.1%
Telstra Corp., Ltd. Company Guar. Notes 4.80% due 10/12/2021*		188,000		189,595
Vodafone Group PLC Senior Notes 4.25% due 09/17/2050		40,000		47,235
				236,830
Chemicals-Diversified — 0.1%
NOVA Chemicals Corp. Senior Notes 5.25% due 06/01/2027*		85,000		91,588
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Company Guar. Notes 5.38% due 09/01/2025*		115,000		117,380
				208,968
Containers-Metal/Glass — 0.1%
Ardagh Packaging Finance PLC/Ardagh Holdings USA, Inc. Senior Sec. Notes 4.13% due 08/15/2026*		200,000		206,500
Diversified Banking Institutions — 2.1%
Banco Santander SA Senior Notes 0.70% due 06/30/2024		200,000		200,656
Banco Santander SA Senior Notes 1.85% due 03/25/2026		200,000		203,253
Bank of Nova Scotia Senior Notes 2.00% due 11/15/2022		227,000		232,055
BNP Paribas SA Senior Notes 1.32% due 01/13/2027*		200,000		198,124
BNP Paribas SA Senior Notes 2.22% due 06/09/2026*		305,000		315,483
BNP Paribas SA Senior Notes 2.95% due 05/23/2022*		211,000		215,482
Credit Agricole SA Senior Notes 1.25% due 01/26/2027*		250,000		247,968
Credit Agricole SA Senior Notes 1.91% due 06/16/2026*		250,000		255,844
Credit Suisse Group AG Senior Notes 1.31% due 02/02/2027*		320,000		315,272
Credit Suisse Group AG Senior Notes 3.00% due 12/14/2023*		415,000		428,182

238

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Deutsche Bank AG Senior Notes 1.69% due 03/19/2026	$	245,000	$	248,663
Deutsche Bank AG Senior Notes 3.04% due 05/28/2032		150,000		154,969
HSBC Holdings PLC Senior Notes 1.65% due 04/18/2026		200,000		202,961
HSBC Holdings PLC Senior Notes 2.01% due 09/22/2028		200,000		202,333
HSBC Holdings PLC Senior Notes 3.80% due 03/11/2025		250,000		268,670
Lloyds Banking Group PLC Senior Notes 1.63% due 05/11/2027		200,000		201,292
Macquarie Group, Ltd. Senior Notes 2.69% due 06/23/2032*		210,000		213,915
Macquarie Group, Ltd. Senior Notes 3.19% due 11/28/2023*		330,000		341,256
Mitsubishi UFJ Financial Group, Inc. FRS Senior Notes 0.99% (3 ML+0.86%) due 07/26/2023		25,000		25,320
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.41% due 03/07/2024		100,000		107,134
Mizuho Financial Group, Inc. Senior Notes 1.23% due 05/22/2027		295,000		293,284
Natwest Group PLC Senior Notes 1.64% due 06/14/2027		450,000		452,403
Natwest Group PLC Senior Notes 4.27% due 03/22/2025		255,000		277,115
Societe Generale SA Senior Notes 1.49% due 12/14/2026*		200,000		199,269
Societe Generale SA Senior Notes 1.79% due 06/09/2027*		200,000		200,662
Societe Generale SA Senior Notes 2.63% due 01/22/2025*		205,000		214,825
Societe Generale SA Senior Notes 4.00% due 01/12/2027*		200,000		221,922
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.35% due 01/15/2025		450,000		471,727
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.78% due 07/12/2022		140,000		143,319
UBS Group Funding Switzerland AG Senior Notes 2.86% due 08/15/2023*		285,000		292,009
				7,345,367

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services — 0.1%
GE Capital International Funding Co. ULC Company Guar. Notes 3.37% due 11/15/2025	$	200,000	$	219,444
Diversified Operations — 0.2%
CK Hutchison International 16, Ltd. Company Guar. Notes 1.88% due 10/03/2021*		250,000		250,616
CK Hutchison International 17 II, Ltd. Company Guar. Notes 2.75% due 03/29/2023*		270,000		279,668
				530,284
Electric-Generation — 0.1%
AES Panama Generation Holdings SRL Senior Sec. Notes 4.38% due 05/31/2030*		230,000		237,983
Electric-Integrated — 0.0%
Fortis, Inc. Senior Notes 3.06% due 10/04/2026		150,000		162,579
Electronic Components-Misc. — 0.0%
Sensata Technologies BV Company Guar. Notes 5.63% due 11/01/2024*		55,000		61,252
Electronic Components-Semiconductors — 0.0%
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 3.25% due 05/11/2041*		95,000		100,201
Finance-Leasing Companies — 0.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 3.50% due 01/15/2025		190,000		202,125
Investment Companies — 0.0%
Huarong Finance 2019 Co., Ltd. Company Guar. Notes 3.88% due 11/13/2029		200,000		127,000
Investment Management/Advisor Services — 0.1%
CDP Financial, Inc. Company Guar. Notes 3.15% due 07/24/2024*		250,000		269,725
CPPIB Capital, Inc. Company Guar. Notes 2.25% due 01/25/2022*		250,000		252,503
				522,228
Medical-Drugs — 0.4%
AstraZeneca PLC Senior Notes 0.30% due 05/26/2023		125,000		125,048
AstraZeneca PLC Senior Notes 1.38% due 08/06/2030		155,000		149,724
AstraZeneca PLC Senior Notes 2.13% due 08/06/2050		60,000		54,444
Bausch Health Cos., Inc. Senior Sec. Notes 4.88% due 06/01/2028*		45,000		46,294

239

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Medical-Drugs (continued)
Bausch Health Cos., Inc. Senior Sec. Notes 5.50% due 11/01/2025*	$	19,000	$	19,404
Bausch Health Cos., Inc. Company Guar. Notes 7.00% due 01/15/2028*		120,000		126,000
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.88% due 09/23/2023		105,000		109,777
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		295,000		321,405
Takeda Pharmaceutical Co., Ltd. Senior Notes 2.05% due 03/31/2030		330,000		332,614
				1,284,710
Metal-Aluminum — 0.1%
Alcoa Nederland Holding BV Company Guar. Notes 5.50% due 12/15/2027*		200,000		216,000
Indonesia Asahan Aluminium Persero PT Senior Notes 4.75% due 05/15/2025*		200,000		218,750
				434,750
Metal-Diversified — 0.1%
Minera Mexico SA de CV Senior Notes 4.50% due 01/26/2050*		230,000		257,747
Metal-Iron — 0.0%
Vale Overseas, Ltd. Company Guar. Notes 3.75% due 07/08/2030		98,000		104,860
Non-Hazardous Waste Disposal — 0.0%
GFL Environmental, Inc. Senior Sec. Notes 3.75% due 08/01/2025*		150,000		154,313
Oil Companies-Integrated — 0.3%
BP Capital Markets PLC Company Guar. Notes 3.28% due 09/19/2027		85,000		93,936
Petroleos Mexicanos Company Guar. Notes 5.50% due 06/27/2044		10,000		8,224
Petroleos Mexicanos Company Guar. Notes 6.50% due 03/13/2027		129,000		136,611
Petroleos Mexicanos Company Guar. Notes 7.69% due 01/23/2050		160,000		155,520
Qatar Petroleum Senior Notes 3.30% due 07/12/2051*		345,000		357,506
Shell International Finance BV Company Guar. Notes 2.38% due 11/07/2029		120,000		126,209

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Integrated (continued)
Shell International Finance BV Company Guar. Notes 3.75% due 09/12/2046	$	63,000	$	72,914
Total Capital International SA Company Guar. Notes 2.83% due 01/10/2030		115,000		124,572
				1,075,492
Pipelines — 0.1%
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes 2.16% due 03/31/2034*		306,000		302,980
TransCanada PipeLines, Ltd. Senior Notes 4.63% due 03/01/2034		45,000		54,001
				356,981
Retail-Restaurants — 0.0%
1011778 BC ULC/New Red Finance, Inc. Sec. Notes 4.00% due 10/15/2030*		125,000		124,688
Telecom Services — 0.1%
NTT Finance Corp. Company Guar. Notes 0.37% due 03/03/2023*		200,000		200,098
NTT Finance Corp. Company Guar. Notes 1.16% due 04/03/2026*		230,000		230,690
				430,788
Telephone-Integrated — 0.1%
Telecom Italia Capital SA Company Guar. Notes 6.00% due 09/30/2034		40,000		45,976
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		150,000		178,850
				224,826
Tobacco — 0.1%
Imperial Brands Finance PLC Company Guar. Notes 3.13% due 07/26/2024*		200,000		210,774
Transport-Rail — 0.0%
Canadian National Railway Co. Senior Notes 2.45% due 05/01/2050		50,000		46,355
Total Foreign Corporate Bonds & Notes (cost $20,681,213)				21,007,290
U.S. GOVERNMENT AGENCIES — 7.0%
Federal Home Loan Mtg. Corp. — 1.2%
3.00% due 09/01/2030		67,155		71,291
3.00% due 01/01/2050		302,496		323,367
3.50% due 11/01/2047		251,951		269,338
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS
Series 2019-K100, Class C 3.49% due 11/25/2052*(4)(5)		175,000		185,503
Series 2019-K96, Class C 3.81% due 08/25/2056*(4)(5)		755,000		819,774
Series 2015-K51, Class C 3.95% due 10/25/2048*(4)(5)		115,000		123,277

240

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series 2018-K82, Class C 4.13% due 09/25/2028*(4)(5)	$	165,000	$	182,658
Series 2012-K18, Class B 4.17% due 01/25/2045*(4)(5)		220,000		223,347
Series 2018-K80, Class C 4.23% due 08/25/2050*(4)(5)		330,000		366,126
Series 2019-K91, Class C 4.25% due 04/25/2051*(4)(5)		445,000		496,269
Series 2019-K89, Class C 4.29% due 01/25/2051*(4)(5)		195,000		216,702
Series 2019-K90, Class C 4.31% due 02/25/2052*(4)(5)		195,000		218,192
Federal Home Loan Mtg. Corp. REMIC
Series 4056, Class BI 3.00% due 05/15/2027(3)(6)		15,394		874
Series 4097, Class HI 3.00% due 08/15/2027(3)(6)		98,495		5,665
Series 4207, Class JI 3.00% due 05/15/2028(3)(6)		132,229		9,039
Series 4661, Class HA 3.00% due 05/15/2043(3)		81,875		83,695
Series 4323, Class IW 3.50% due 04/15/2028(3)(6)		37,249		1,479
Series 4632, Class MA 4.00% due 08/15/2054(3)		592,881		630,378
Federal Home Loan Mtg. Corp. REMIC FRS
Series 4937, Class MS 5.96% (6.05%-1 ML) due 12/25/2049(3)(6)(7)		415,260		77,575
Series 4954, Class SY 5.96% (6.05%-1 ML) due 02/25/2050(3)(6)(7)		217,031		42,555
				4,347,104
Federal National Mtg. Assoc. — 1.9%
2.00% due 06/01/2036		670,351		696,002
3.00% due 01/01/2050		330,253		352,955
3.50% due 01/01/2030		174,251		186,106
3.50% due 08/01/2032		205,498		219,398
3.50% due 05/01/2046		137,140		147,036
3.50% due 04/01/2049		160,050		174,734
3.50% due 10/01/2056		842,111		921,663
3.50% due 09/01/2057		330,809		360,667
3.50% due 05/01/2058		360,244		396,710
4.00% due 03/01/2042		83,809		92,417
4.00% due 12/01/2042		55,914		61,383
4.00% due 02/01/2043		19,308		21,165
4.00% due 03/01/2044		27,753		30,365
4.00% due 07/01/2056		911,154		1,018,977
4.00% due 04/01/2059		297,249		332,276
4.08% due 01/01/2034		140,000		173,100
4.50% due 04/01/2041		328,757		365,030
4.50% due 09/01/2041		59,020		65,219
4.50% due 10/01/2042		68,140		76,342
4.50% due 06/01/2044		221,152		245,749
5.00% due 08/01/2035		31,797		36,163
5.00% due 09/01/2041		47,868		54,324
5.00% due 07/01/2047		86,825		99,162
Federal National Mtg. Assoc. REMIC
Series 2012-145, Class EI 3.00% due 01/25/2028(3)(6)		44,247		2,800
Series 2013-10, Class YI 3.00% due 02/25/2028(3)(6)		38,618		2,255

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2014-13, Class KI 3.50% due 03/25/2029(3)(6)	$	84,594	$	6,495
Series 2017-46, Class LB 3.50% due 12/25/2052(3)		175,002		181,343
Series 2017-49, Class JA 4.00% due 07/25/2053(3)		150,091		156,161
Federal National Mtg. Assoc. REMIC FRS
Series 2016-63, Class AS 5.91% (6.00%-1 ML) due 09/25/2046(3)(6)(7)		192,990		43,975
Federal National Mtg. Assoc., STRIPS
Series 421, Class C3 4.00% due 07/25/2030(3)(6)		86,391		7,756
				6,527,728
Government National Mtg. Assoc. — 2.1%
2.50% due 07/20/2051		4,580,000		4,762,521
3.00% due 07/20/2049		198,088		207,871
3.00% due 08/20/2049		199,217		208,532
3.00% due 09/20/2049		144,668		151,824
3.00% due 11/20/2049		832,793		871,733
3.00% due 06/20/2051		697,306		733,054
4.50% due 05/15/2039		13,106		14,899
4.50% due 07/20/2040		7,068		7,795
4.50% due 10/20/2040		46,488		51,400
5.50% due 01/15/2034		47,180		52,792
7.50% due 01/15/2032		15,616		18,891
Government National Mtg. Assoc. REMIC FRS
Series 2016-147, Class SE 6.02% (6.10%-1 ML) due 10/20/2046(3)(6)(7)		146,239		27,220
Series 2019-115, Class SW 6.02% (6.10%-1 ML) due 09/20/2049(3)(6)(7)		262,261		42,946
Series 2015-144, Class SA 6.12% (6.20%-1 ML) due 10/20/2045(3)(6)(7)		180,675		38,642
Series 2017-176, Class SC 6.12% (6.20%-1 ML) due 11/20/2047(3)(6)(7)		153,674		35,102
				7,225,222
Uniform Mtg. Backed Securities — 1.8%
1.50% due August 15 TBA		370,000		376,966
2.00% due August 15 TBA		200,000		207,524
2.00% due August 30 TBA		3,720,000		3,792,220
2.50% due August 30 TBA		1,710,000		1,780,337
				6,157,047
Total U.S. Government Agencies (cost $23,978,479)			24,257,101
U.S. GOVERNMENT TREASURIES — 3.7%
United States Treasury Bonds — 1.5%
1.38% due 08/15/2050		611,400		536,814
1.63% due 11/15/2050		225,000		210,234
2.00% due 02/15/2050		160,000		163,181
2.25% due 05/15/2041		405,000		434,489
2.25% due 08/15/2046		933,000		999,695
2.38% due 05/15/2051		490,000		543,364
3.00% due 08/15/2048		120,000		148,252
4.50% due 02/15/2036		1,585,000		2,224,325
				5,260,354

241

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT TREASURIES (continued)
United States Treasury Notes — 2.2%
0.88% due 06/30/2026	$	100,000	$	100,883
1.13% due 02/15/2031		2,464,000		2,440,900
1.38% due 01/31/2022(8)		4,317,000		4,344,993
2.38% due 05/15/2029(8)		528,000		578,799
				7,465,575
Total U.S. Government Treasuries (cost $12,247,312)			12,725,929
MUNICIPAL BONDS & NOTES — 0.3%
California State University Revenue Bonds Series B 2.98% due 11/01/2051		90,000		95,802
New York City Water & Sewer System Revenue Bonds 5.72% due 06/15/2042		225,000		341,485
New York State Thruway Authority Revenue Bonds Series M 2.90% due 01/01/2035		85,000		92,652
Port Authority of New York & New Jersey Revenue Bonds Series 174 4.46% due 10/01/2062		120,000		164,882
Port Authority of New York & New Jersey Revenue Bonds Series 21 3.29% due 08/01/2069		95,000		105,727
Regents of the University of California Medical Center Revenue Bonds Series N 3.26% due 05/15/2060		95,000		105,001
Rutgers The State University of New Jersey Revenue Bonds Series P 3.92% due 05/01/2119		63,000		71,868
State of Hawaii Airports System Revenue Revenue Bonds Series A 3.14% due 07/01/2047		85,000		86,085
University of Missouri Revenue Bonds 2.75% due 11/01/2050		50,000		51,120
Total Municipal Bonds & Notes (cost $951,945)			1,114,622
FOREIGN GOVERNMENT OBLIGATIONS — 0.8%
Sovereign — 0.8%
Dominican Republic Senior Notes 4.88% due 09/23/2032*		220,000		228,252
Dominican Republic Senior Notes 5.30% due 01/21/2041*		150,000		151,689
Dominican Republic Senior Notes 5.88% due 01/30/2060*		150,000		151,352

Security Description	Principal Amount		Value (Note 2)
Sovereign (continued)
Government of Bermuda Senior Notes 2.38% due 08/20/2030*	$	260,000	$	260,650
Government of Bermuda Senior Notes 4.75% due 02/15/2029*		200,000		233,360
Islamic Republic of Pakistan Senior Notes 8.88% due 04/08/2051*		290,000		298,700
Kingdom of Morocco Senior Notes 3.00% due 12/15/2032*		200,000		194,380
Kingdom of Saudi Arabia Senior Notes 2.25% due 02/02/2033*		200,000		196,282
Kingdom of Saudi Arabia Senior Notes 3.45% due 02/02/2061*		200,000		200,268
Oriental Republic of Uruguay Senior Notes 4.98% due 04/20/2055		180,000		232,214
Republic of Paraguay Senior Notes 5.40% due 03/30/2050*		200,000		235,252
United Mexican States Senior Notes 3.77% due 05/24/2061		214,000		199,484
Total Foreign Government Obligations (cost $2,562,055)			2,581,883
Total Long-Term Investment Securities (cost $289,156,942)			327,192,956
SHORT-TERM INVESTMENT SECURITIES — 4.6%
Certificates of Deposit — 0.3%
Kookmin Bank FRS 0.37% (1 ML+0.29%) due 12/20/2021		91,000		91,051
Norinchukin Bank 0.37% due 12/01/2021		146,000		146,125
Shinhan Bank Co., Ltd. 0.58% due 08/23/2021		48,000		48,015
Societe Generale NY 0.32% due 09/17/2021		250,000		250,081
Svenska Handelsbanken AB 0.25% due 03/16/2022		189,000		189,101
UBS AG 0.46% due 12/02/2022		237,000		237,890
Woori Bank FRS 0.47% (3 ML+0.25%) due 01/31/2022		135,000		135,034
				1,097,297
Commercial Paper — 0.8%
American Electric Power Co., Inc. 0.27% due 11/16/2021		244,000		243,848
AT&T, Inc. 0.40 due 12/14/2021		250,000		249,837
Banco Del Estado De Chile 0.41% due 12/02/2021		157,000		156,920
Banco Santander SA 0.49 due 08/31/2021		141,000		140,989

242

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES (continued)
Commercial Paper (continued)
Bank of Nova Scotia 0.23% due 05/06/2022	$	250,000		$	249,681
Credit Industriel et Commercial 0.23% due 05/11/2022		250,000			249,695
Enel Finance America 0.40% due 10/14/2021		250,000			249,902
Eni Finance USA, Inc. 0.58 due 10/18/2021		250,000			249,890
First Abu Dhabi Bank PJSC 0.40% due 08/27/2021		231,000			230,984
HSBC USA, Inc. 0.35% due 02/25/2022		224,000			223,569
Macquarie Bank, Ltd. 0.25% due 05/06/2022		250,000			249,625
NatWest Markets PLC 0.30% due 04/22/2022		250,000			249,614
					2,744,554
Registered Investment Companies — 2.3%
JPMorgan Prime Money Market Fund, Class IM 0.07%(9)		8,015,796			8,019,804
U.S. Government Treasuries — 1.2%
United States Treasury Bills 0.04% due 08/10/2021	$	4,000,000			3,999,971
Total Short-Term Investment Securities (cost $15,859,053)					15,861,626
TOTAL INVESTMENTS (cost $305,015,995)(10)		99.5	%		343,054,582
Other assets less liabilities		0.5			1,851,838
NET ASSETS		100.0	%	$	344,906,420

† 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 July 31, 2021, the aggregate value of these securities was $45,641,455 representing 13.2% of net assets.

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

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

(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) Commercial Mortgage Backed Security

(6) Interest Only

(7) 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 July 31, 2021.

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

(9) The rate shown is the 7-day yield as of July 31, 2021.

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

ADR — American Depositary Receipt

BR — Bearer Shares

BSE — Brussells Stock Exchange

CDI — Chess Depositary Interest

GDR — Global Depositary Receipt

LSE — London Stock Exchange

NYSE — New York Stock Exchange

NASDAQ — National Association of Securities Dealers Automated Quotations

NES — Non-Voting Equity Securities

REMIC — Real Estate Mortgage Investment Conduit

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

SDR — Swedish Depositary Receipt

SGX — Singapore Stock Exchange

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.

TRQX — Turquoise Stock Exchange

XAMS — Euronext Amsterdam Stock Exchange

XEGT — Equiduct Stock Exchange

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at July 31, 2021 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

BSBY — Bloomberg Short-Term Bank Yield Index

SOFR — Secured Overnight Financing Rate

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis#		Notional Value#		Unrealized Appreciation
	66	Long	Dow Jones Real Estate Index	September 2021	$	2,697,750	$	2,739,000	$	41,250
	43	Long	S&P 500 E-Mini Index	September 2021		9,092,436		9,437,425		344,989
	53	Long	U.S. Treasury Long Bonds	September 2021		8,343,410		8,730,094		386,684
									$	772,923

243

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Futures Contracts — (continued)
Number of Contracts		Type	Description	Expiration Month	Notional Basis#		Notional Value#		Unrealized (Depreciation)
	112	Long	E-Mini Russell 2000 Index	September 2021	$	12,913,267	$	12,440,960	$	(472,307	)
	54	Long	Euro Stoxx	September 2021		2,632,028		2,618,363		(13,665	)
	26	Long	FTSE 100 Index	September 2021		2,549,894		2,516,713		(33,181	)
	2	Long	MSCI EAFE Index	September 2021		236,234		231,940		(4,294	)
	142	Long	MSCI Emerging Markets Index	September 2021		9,714,220		9,071,670		(642,550	)
	9	Long	TOPIX Index	September 2021		1,604,376		1,562,907		(41,469	)
	17	Long	U.S. Treasury 2 Year Notes	September 2021		3,751,721		3,751,156		(565	)
	16	Short	U.S. Treasury 5 Year Notes	September 2021		1,983,253		1,991,125		(7,872	)
	236	Short	U.S. Treasury 10 Year Notes	September 2021		31,174,789		31,730,937		(556,148	)
	73	Short	U.S. Treasury Ultra 10 Year Futures	September 2021		10,607,724		10,968,250		(360,526	)
	15	Short	U.S. Ultra Bonds	September 2021		2,795,148		2,992,969		(197,821	)
									$	(2,330,398	)
			Net Unrealized Appreciation (Depreciation)						$	(1,557,475	)

# 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)
Merrill Lynch International		DKK	6,028,003		USD	959,089		10/29/2021	$	—	$	(3,669	)
		SEK	3,242,520		USD	375,161		10/29/2021		—		(1,756	)
		USD	682,028		AUD	926,346		10/29/2021		—		(1,966	)
		USD	41,265		NOK	366,065		10/29/2021		168		—
										168		(7,391	)
Standard Chartered Bank		USD	204,124		EUR	172,984		10/29/2021		1,431		—
State Street Bank & Trust		USD	959,414		CAD	1,204,809		10/29/2021		6,223		—
		USD	545,363		CHF	499,481		10/29/2021		7,266		—
		USD	566,924		GBP	410,953		10/29/2021		4,409		—
		USD	272,553		HKD	2,118,960		10/29/2021		169		—
		USD	2,054,033		JPY	226,371,726		10/29/2021		10,854		—
										28,921		—
Toronto Dominion Bank		EUR	2,225,514		USD	2,630,121		10/29/2021		—		(14,422	)
Unrealized Appreciation (Depreciation)									$	30,520	$	(21,813	)

AUD	— Australian Dollar	HKD	— Hong Kong Dollar
CAD	— Canadian Dollar	JPY	— Japanese Yen
CHF	— Swiss Franc	NOK	— Norwegian Krone
DKK	— Danish Krone	SEK	— Swedish Krona
EUR	— Euro Currency	USD	— United States Dollar
GBP	— British Pound Sterling

244

SunAmerica Series Trust SA JPMorgan Diversified Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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:
Medical-Hospitals	$	153,884	$	18,103	**	$	0	$	171,987
Other Industries		110,319,454		59,594,883	**		—		169,914,337
Registered Investment Companies		21,162,603		—			—		21,162,603
Preferred Securities/Capital Securities		—		556,021			—		556,021
Asset Backed Securities		—		23,965,046			—		23,965,046
U.S. Corporate Bonds & Notes		—		49,736,137			—		49,736,137
Foreign Corporate Bonds & Notes		—		21,007,290			—		21,007,290
U.S. Government Agencies		—		24,257,101			—		24,257,101
U.S. Government Treasuries		—		12,725,929			—		12,725,929
Municipal Bonds & Notes		—		1,114,622			—		1,114,622
Foreign Government Obligations		—		2,581,883			—		2,581,883
Short-Term Investment Securities:
Certificates of Deposit		—		1,097,297			—		1,097,297
Commercial Paper		—		2,744,554			—		2,744,554
Registered Investment Companies		8,019,804		—			—		8,019,804
U.S. Government Treasuries		—		3,999,971			—		3,999,971
Total Investments at Value	$	139,655,745	$	203,398,837		$	0	$	343,054,582
Other Financial Instruments:+
Futures Contracts	$	772,923	$	—		$	—	$	772,923
Forward Foreign Currency Contracts		—		30,520			—		30,520
Total Other Financial Instruments	$	772,923	$	30,520		$	—	$	803,443
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	2,242,083	$	88,315	**	$	—	$	2,330,398
Forward Foreign Currency Contracts		—		21,813			—		21,813
Total Other Financial Instruments	$	2,242,083	$	110,128		$	—	$	2,352,211

* 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).

+ Amounts represent unrealized appreciation/depreciation as of the end of 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. There were no Level 3 transfers during the reporting period.

See Notes to Finanical Statements

245

SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Banks-Commercial	12.1	%
Semiconductor Components-Integrated Circuits	9.6
Electronic Components-Semiconductors	7.7
Internet Content-Information/News	6.0
E-Commerce/Products	5.0
Oil Companies-Integrated	3.8
Diversified Financial Services	3.4
Computer Services	3.3
Auto-Cars/Light Trucks	2.3
Metal-Diversified	2.2
Steel-Producers	2.1
Metal-Iron	1.9
Building Products-Doors & Windows	1.6
E-Commerce/Services	1.5
Retail-Apparel/Shoe	1.4
Electronic Components-Misc.	1.4
Real Estate Operations & Development	1.3
Petrochemicals	1.2
Oil Companies-Exploration & Production	1.2
Insurance-Life/Health	1.2
Internet Content-Entertainment	1.1
Real Estate Management/Services	1.1
Energy-Alternate Sources	1.1
Food-Misc./Diversified	1.0
Finance-Investment Banker/Broker	1.0
Diversified Minerals	0.9
Investment Management/Advisor Services	0.9
Finance-Leasing Companies	0.9
Retail-Automobile	0.9
Transport-Marine	0.8
Cellular Telecom	0.8
Food-Retail	0.8
Machinery-Construction & Mining	0.7
Non-Ferrous Metals	0.7
Oil Refining & Marketing	0.7
Insurance-Property/Casualty	0.7
Diamonds/Precious Stones	0.7
Building Products-Cement	0.6
Banks-Money Center	0.6
Computers	0.6
Platinum	0.6
Diversified Operations	0.5
Capacitors	0.5
Power Converter/Supply Equipment	0.5
Banks-Special Purpose	0.5
Auto/Truck Parts & Equipment-Original	0.5
Brewery	0.5
Auto/Truck Parts & Equipment-Replacement	0.5
Computers-Periphery Equipment	0.5
Circuit Boards	0.5
Wire & Cable Products	0.4
Retail-Misc./Diversified	0.4
Rubber-Tires	0.4
Entertainment Software	0.4
Beverages-Non-alcoholic	0.4
Building & Construction Products-Misc.	0.3
Gas-Distribution	0.3
Bicycle Manufacturing	0.3
Coal	0.3
Building & Construction-Misc.	0.3
Textile-Products	0.3

Audio/Video Products	0.3	%
Machinery-General Industrial	0.3
Retail-Convenience Store	0.3
Beverages-Wine/Spirits	0.3
Appliances	0.3
Agricultural Operations	0.2
Food-Dairy Products	0.2
Transport-Services	0.2
Industrial Audio & Video Products	0.1
	97.9	%

Country Allocation*

South Korea	18.2	%
Cayman Islands	17.7
Taiwan	17.5
China	12.8
Russia	8.8
India	6.7
South Africa	3.6
Brazil	3.3
Thailand	2.1
Mexico	1.9
United States	1.1
Turkey	0.9
United Kingdom	0.9
Bermuda	0.6
Hong Kong	0.6
Malaysia	0.5
Vietnam	0.4
Poland	0.3
	97.9	%

* Calculated as a percentage of net assets

246

SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.9%
Bermuda — 0.6%
Brilliance China Automotive Holdings, Ltd.(2)		1,118,000	$	752,534
Kunlun Energy Co., Ltd.		876,000		758,722
				1,511,256
Brazil — 3.3%
Banco do Brasil SA		356,138		2,162,846
Sao Martinho SA		113,247		697,323
SLC Agricola SA		69,361		599,288
Vale SA ADR		232,385		4,884,733
				8,344,190
Cayman Islands — 17.7%
Alibaba Group Holding, Ltd.†		498,908		12,191,537
Alibaba Group Holding, Ltd. ADR†		1,476		288,100
Bosideng International Holdings, Ltd.		1,566,000		979,435
Chailease Holding Co., Ltd.†		267,000		2,213,384
China Hongqiao Group, Ltd.		1,088,000		1,454,385
China Lesso Group Holdings, Ltd.		413,000		860,900
China Yongda Automobiles Services Holdings, Ltd.		373,500		700,807
Country Garden Services Holdings Co., Ltd.		337,000		2,736,805
Haitian International Holdings, Ltd.		193,000		706,576
Kingsoft Corp., Ltd.		191,000		890,810
Longfor Group Holdings, Ltd.*		296,000		1,383,942
Meituan, Class B†*		63,900		1,770,866
Q Technology Group Co., Ltd.		85,000		146,635
SITC International Holdings Co., Ltd.		200,000		824,620
Tencent Holdings, Ltd.		216,900		13,385,190
Topsports International Holdings, Ltd.*		957,000		1,337,663
Xinyi Glass Holdings, Ltd.		240,000		896,481
Zhongsheng Group Holdings, Ltd.		160,500		1,477,968
				44,246,104
China — 12.8%
Anhui Conch Cement Co., Ltd.		308,000		1,473,140
BOE Technology Group Co., Ltd., Class A		1,291,800		1,150,272
China Construction Bank Corp.		5,315,000		3,710,610
China Vanke Co., Ltd.		572,900		1,493,652
Chongqing Brewery Co., Ltd., Class A†		50,300		1,203,802
ENN Natural Gas Co., Ltd., Class A†		301,200		817,662
Fuyao Glass Industry Group Co., Ltd.*		198,400		1,263,074
GF Securities Co., Ltd.		1,564,400		2,223,092
Industrial Bank Co., Ltd., Class A		786,800		2,155,740
Inner Mongolia Yili Industrial Group Co., Ltd., Class A		113,000		584,921
LONGi Green Energy Technology Co., Ltd., Class A		148,640		1,984,779
PICC Property & Casualty Co., Ltd.		2,050,000		1,662,269
Ping An Bank Co., Ltd., Class A		661,300		1,813,629
Postal Savings Bank of China Co., Ltd.*		2,220,000		1,434,427
Sany Heavy Industry Co., Ltd., Class A		296,800		1,142,132
Seazen Holdings Co., Ltd., Class A		114,000		559,840
TBEA Co., Ltd., Class A		466,100		1,097,127
Weichai Power Co., Ltd.		545,158		1,193,593
Wuliangye Yibin Co., Ltd., Class A		20,400		697,911
Xiamen C & D, Inc., Class A		432,984		474,261
Zhuzhou Kibing Group Co., Ltd., Class A		966,100		3,116,270
Zoomlion Heavy Industry Science and Technology Co., Ltd.		911,800		785,313
				32,037,516

Security Description	Shares		Value (Note 2)
Hong Kong — 0.6%
Lenovo Group, Ltd.		1,512,000	$	1,413,949
India — 6.7%
HDFC Bank, Ltd. ADR		79,758		5,628,522
Infosys, Ltd. ADR		376,924		8,337,559
Reliance Industries, Ltd. GDR*		32,531		1,798,964
Tata Motors, Ltd. ADR†		57,858		1,138,646
				16,903,691
Malaysia — 0.5%
Public Bank Bhd		1,310,400		1,236,003
Mexico — 1.9%
Arca Continental SAB de CV		143,025		872,897
Grupo Financiero Banorte SAB de CV, Class O		309,511		2,002,327
Grupo Mexico SAB de CV, Class B		402,707		1,844,588
				4,719,812
Poland — 0.3%
Powszechny Zaklad Ubezpieczen SA†		78,266		763,903
Russia — 8.8%
Alrosa PJSC†		904,141		1,608,928
Gazprom PJSC ADR		427,542		3,334,828
Lukoil PJSC ADR		44,905		3,856,890
Magnitogorsk Iron & Steel Works PJSC†		1,622,469		1,523,897
MMC Norilsk Nickel PJSC ADR		94,080		3,245,760
Rosneft OAO†		341,054		2,527,233
Sberbank of Russia PJSC ADR		249,810		4,154,340
Severstal PAO GDR		70,038		1,722,935
				21,974,811
South Africa — 3.6%
African Rainbow Minerals, Ltd.		39,884		813,862
Exxaro Resources, Ltd.		62,735		776,376
FirstRand, Ltd.		479,428		1,777,162
Foschini Group, Ltd.†		121,119		1,279,848
Impala Platinum Holdings, Ltd.		76,260		1,374,325
Mr. Price Group, Ltd.		68,719		1,020,452
MTN Group, Ltd.†		111,128		798,560
Woolworths Holdings, Ltd.†		288,563		1,097,534
				8,938,119
South Korea — 18.2%
AfreecaTV Co., Ltd.		8,169		941,508
BGF retail Co., Ltd.		4,993		701,559
CJ CheilJedang Corp.		3,112		1,268,080
GS Engineering & Construction Corp.		19,740		758,111
Hana Financial Group, Inc.		76,095		2,874,239
Hankook Tire & Technology Co., Ltd.		21,278		895,911
Industrial Bank of Korea		141,410		1,264,806
Kakao Corp.		22,421		2,871,882
Kia Corp.		40,181		2,929,233
KIWOOM Securities Co., Ltd.		11,893		1,224,050
LG Chem, Ltd.		2,574		1,887,730
Lotte Chemical Corp.		4,860		1,098,700
POSCO		6,593		2,093,030
Samsung Electro-Mechanics Co., Ltd.		12,117		2,029,271
Samsung Electronics Co., Ltd.		168,373		11,514,035
Samsung Securities Co. Ltd.		30,183		1,159,705
Shinhan Financial Group Co., Ltd.		83,021		2,823,276
SK Hynix, Inc.		61,289		6,029,343
SK Telecom Co., Ltd.		4,745		1,241,891
				45,606,360

247

SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Taiwan — 17.5%
ASE Technology Holding Co., Ltd.		398,000	$	1,751,550
AU Optronics Corp.		1,885,000		1,390,569
Cathay Financial Holding Co., Ltd.		1,071,000		2,078,896
Delta Electronics, Inc.		123,000		1,265,939
Evergreen Marine Corp Taiwan, Ltd.†		273,000		1,303,114
Far Eastern New Century Corp.		680,000		721,725
Fubon Financial Holding Co., Ltd.		1,129,000		3,032,676
Giant Manufacturing Co., Ltd.		68,000		784,563
Lite-On Technology Corp.		309,000		709,431
Makalot Industrial Co., Ltd.		8,000		68,113
Micro-Star International Co., Ltd.		215,000		1,140,826
Nanya Technology Corp.		395,000		1,024,876
Novatek Microelectronics Corp.		83,000		1,525,662
Realtek Semiconductor Corp.		74,000		1,559,326
Taiwan Semiconductor Manufacturing Co., Ltd.		628,000		13,076,561
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		42,668		4,976,795
Uni-President Enterprises Corp.		499,000		1,307,520
United Microelectronics Corp.		879,000		1,828,382
Yageo Corp.		65,000		1,309,786
Yuanta Financial Holding Co., Ltd.		3,107,520		2,821,900
				43,678,210
Thailand — 2.1%
Kasikornbank PCL		548,400		1,714,072
PTT Exploration & Production PCL		707,600		2,217,473
Siam Cement PCL		109,600		1,387,194
				5,318,739

Security Description	Shares			Value (Note 2)
Turkey — 0.9%
Arcelik AS		166,752		$	653,253
BIM Birlesik Magazalar AS		107,655			809,852
Ford Otomotiv Sanayi AS		39,766			815,266
					2,278,371
United Kingdom — 0.9%
Anglo American PLC		51,162			2,266,531
United States — 1.1%
MercadoLibre, Inc.†		1,758			2,757,775
Vietnam — 0.4%
Vietnam Joint Stock Commercial Bank for Industry and Trade		652,833			980,279
TOTAL INVESTMENTS (cost $201,976,909)(1)		97.9	%		244,975,619
Other assets less liabilities		2.1			5,199,164
NET ASSETS		100.0	%	$	250,174,783

† 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 July 31, 2021, the aggregate value of these securities was $8,988,936 representing 3.6% of net assets.

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

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

ADR — American Depositary Receipt

GDR — Global Depositary Receipt

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis#		Notional Value#		Unrealized Appreciation (Depreciation)
	30	Long	MSCI Emerging Markets Index	September 2021	$	1,917,067	$	1,916,550	($	517	)

# 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 July 31, 2021 (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:
Bermuda	$	—	$	758,722	**	$	752,534	$	1,511,256
Russia		16,314,753		5,660,058			—		21,974,811
Other Countries		41,595,029		179,894,523	**		—		221,489,552
Total Investments at Value	$	57,909,782	$	186,313,303		$	752,534	$	244,975,619
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	517	$	—		$	—	$	517

* 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).

+ Amounts represent unrealized appreciation/depreciation as of the end of 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. There were no material Level 3 transfers during the reporting period.

See Notes to Financial Statements

248

SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Medical-Drugs	7.0	%
Diversified Banking Institutions	5.5
Aerospace/Defense	4.6
Electric-Integrated	4.1
Investment Management/Advisor Services	3.5
Diversified Manufacturing Operations	3.5
Oil Companies-Exploration & Production	3.4
Banks-Super Regional	3.1
Finance-Credit Card	2.8
Cable/Satellite TV	2.7
Insurance-Multi-line	2.6
Medical-HMO	2.5
Real Estate Investment Trusts	2.4
Medical Instruments	2.1
Semiconductor Components-Integrated Circuits	2.1
Electronic Components-Semiconductors	2.1
Tobacco	2.1
Finance-Other Services	2.0
Machinery-Pumps	2.0
Retail-Restaurants	1.9
Beverages-Non-alcoholic	1.8
Chemicals-Diversified	1.6
Industrial Gases	1.5
Food-Wholesale/Distribution	1.5
Transport-Rail	1.5
Retail-Building Products	1.5
Applications Software	1.5
Oil Companies-Integrated	1.4
Data Processing/Management	1.4
Retail-Discount	1.3
Computer Services	1.3
Retail-Major Department Stores	1.3
Food-Confectionery	1.2
Machinery-Farming	1.2
Pharmacy Services	1.2
Cosmetics & Toiletries	1.1
Finance-Investment Banker/Broker	1.1
Insurance Brokers	1.1
Drug Delivery Systems	1.1
Transport-Services	1.0
Telephone-Integrated	0.9
Banks-Commercial	0.9
Retail-Consumer Electronics	0.9
Non-Hazardous Waste Disposal	0.8
Apparel Manufacturers	0.8
Medical-Wholesale Drug Distribution	0.7
Toys	0.7
Insurance-Property/Casualty	0.6
Medical-Biomedical/Gene	0.6
Retail-Auto Parts	0.6
Retail-Apparel/Shoe	0.5
Tools-Hand Held	0.5
Computers-Memory Devices	0.5
Banks-Fiduciary	0.5
Telecom Equipment-Fiber Optics	0.5
Computers	0.4
Oil Refining & Marketing	0.3
Medical Products	0.3
	99.6	%

* Calculated as a percentage of net assets

249

SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.6%
Aerospace/Defense — 4.6%
General Dynamics Corp.		98,236	$	19,257,203
Northrop Grumman Corp.		39,974		14,511,362
Raytheon Technologies Corp.		289,376		25,161,243
				58,929,808
Apparel Manufacturers — 0.8%
VF Corp.		131,164		10,519,353
Applications Software — 1.5%
Microsoft Corp.		67,218		19,151,080
Banks-Commercial — 0.9%
Truist Financial Corp.		221,263		12,043,345
Banks-Fiduciary — 0.5%
Northern Trust Corp.		53,199		6,003,507
Banks-Super Regional — 3.1%
PNC Financial Services Group, Inc.		147,231		26,856,407
US Bancorp		235,390		13,073,560
				39,929,967
Beverages-Non-alcoholic — 1.8%
Coca-Cola Co.		199,982		11,404,973
PepsiCo, Inc.		74,649		11,716,161
				23,121,134
Cable/Satellite TV — 2.7%
Comcast Corp., Class A		595,207		35,016,028
Chemicals-Diversified — 1.6%
PPG Industries, Inc.		126,925		20,754,776
Computer Services — 1.3%
Accenture PLC, Class A		20,401		6,480,990
International Business Machines Corp.		72,408		10,206,631
				16,687,621
Computers — 0.4%
Apple, Inc.		36,678		5,349,853
Computers-Memory Devices — 0.5%
Seagate Technology Holdings PLC		78,365		6,888,284
Cosmetics & Toiletries — 1.1%
Procter & Gamble Co.		102,426		14,568,050
Data Processing/Management — 1.4%
Fidelity National Information Services, Inc.		121,009		18,036,392
Diversified Banking Institutions — 5.5%
Bank of America Corp.		751,848		28,840,889
Citigroup, Inc.		245,253		16,584,008
Morgan Stanley		269,289		25,846,358
				71,271,255
Diversified Manufacturing Operations — 3.5%
Eaton Corp. PLC		134,757		21,298,344
Parker-Hannifin Corp.		58,585		18,280,277
Trane Technologies PLC		26,313		5,357,590
				44,936,211
Drug Delivery Systems — 1.1%
Becton Dickinson & Co.		55,232		14,125,584
Electric-Integrated — 4.1%
CMS Energy Corp.		148,139		9,153,509
Entergy Corp.		28,448		2,927,868

Security Description	Shares		Value (Note 2)
Electric-Integrated (continued)
NextEra Energy, Inc.		264,782	$	20,626,518
Public Service Enterprise Group, Inc.		109,733		6,828,684
Xcel Energy, Inc.		195,752		13,360,074
				52,896,653
Electronic Components-Semiconductors — 2.1%
Intel Corp.		39,237		2,107,812
Texas Instruments, Inc.		133,030		25,358,178
				27,465,990
Finance-Credit Card — 2.8%
American Express Co.		134,048		22,859,205
Capital One Financial Corp.		81,394		13,161,410
				36,020,615
Finance-Investment Banker/Broker — 1.1%
Charles Schwab Corp.		213,247		14,490,134
Finance-Other Services — 2.0%
CME Group, Inc.		122,185		25,919,104
Food-Confectionery — 1.2%
Mondelez International, Inc., Class A		249,328		15,772,489
Food-Wholesale/Distribution — 1.5%
Sysco Corp.		266,072		19,742,542
Industrial Gases — 1.5%
Air Products & Chemicals, Inc.		68,142		19,831,366
Insurance Brokers — 1.1%
Arthur J. Gallagher & Co.		68,855		9,592,190
Marsh & McLennan Cos., Inc.		31,375		4,619,028
				14,211,218
Insurance-Multi-line — 2.6%
Chubb, Ltd.		76,890		12,974,419
Hartford Financial Services Group, Inc.		159,642		10,156,424
MetLife, Inc.		176,852		10,204,360
				33,335,203
Insurance-Property/Casualty — 0.6%
Progressive Corp.		86,113		8,194,513
Investment Management/Advisor Services — 3.5%
BlackRock, Inc.		36,259		31,442,717
T. Rowe Price Group, Inc.		67,887		13,859,810
				45,302,527
Machinery-Farming — 1.2%
Deere & Co.		41,924		15,159,299
Machinery-Pumps — 2.0%
Dover Corp.		150,917		25,221,249
Medical Instruments — 2.1%
Medtronic PLC		210,995		27,705,754
Medical Products — 0.3%
Abbott Laboratories		31,796		3,846,680
Medical-Biomedical/Gene — 0.6%
Amgen, Inc.		31,033		7,495,711
Medical-Drugs — 7.0%
AbbVie, Inc.		75,343		8,762,391
Bristol-Myers Squibb Co.		426,168		28,924,022
Eli Lilly & Co.		61,131		14,885,398
Johnson & Johnson		150,761		25,961,044

250

SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Drugs (continued)
Merck & Co., Inc.		65,025	$	4,998,472
Pfizer, Inc.		173,971		7,447,699
				90,979,026
Medical-HMO — 2.5%
UnitedHealth Group, Inc.		78,792		32,479,638
Medical-Wholesale Drug Distribution — 0.7%
AmerisourceBergen Corp.		77,001		9,407,212
Non-Hazardous Waste Disposal — 0.8%
Republic Services, Inc.		90,456		10,706,372
Oil Companies-Exploration & Production — 3.4%
ConocoPhillips		502,517		28,171,103
EOG Resources, Inc.		220,964		16,099,437
				44,270,540
Oil Companies-Integrated — 1.4%
Chevron Corp.		181,113		18,439,115
Oil Refining & Marketing — 0.3%
Valero Energy Corp.		61,119		4,093,139
Pharmacy Services — 1.2%
CVS Health Corp.		181,342		14,935,327
Real Estate Investment Trusts — 2.4%
Alexandria Real Estate Equities, Inc.		21,875		4,404,312
AvalonBay Communities, Inc.		32,770		7,465,989
Boston Properties, Inc.		30,051		3,527,386
Prologis, Inc.		58,838		7,533,618
Realty Income Corp.		28,265		1,986,747
Ventas, Inc.		86,256		5,156,384
Vornado Realty Trust		30,059		1,307,567
				31,382,003
Retail-Apparel/Shoe — 0.5%
Gap, Inc.		239,215		6,977,902
Retail-Auto Parts — 0.6%
Advance Auto Parts, Inc.		34,367		7,287,866
Retail-Building Products — 1.5%
Home Depot, Inc.		59,018		19,369,117

Security Description	Shares			Value (Note 2)
Retail-Consumer Electronics — 0.9%
Best Buy Co., Inc.		105,831		$	11,890,113
Retail-Discount — 1.3%
Walmart, Inc.		117,349			16,728,100
Retail-Major Department Stores — 1.3%
TJX Cos., Inc.		235,067			16,174,960
Retail-Restaurants — 1.9%
McDonald’s Corp.		69,290			16,817,376
Starbucks Corp.		64,595			7,843,771
					24,661,147
Semiconductor Components-Integrated Circuits — 2.1%
Analog Devices, Inc.		164,427			27,528,368
Telecom Equipment-Fiber Optics — 0.5%
Corning, Inc.		141,926			5,941,022
Telephone-Integrated — 0.9%
Verizon Communications, Inc.		219,661			12,252,691
Tobacco — 2.1%
Philip Morris International, Inc.		265,216			26,545,470
Tools-Hand Held — 0.5%
Stanley Black & Decker, Inc.		35,399			6,975,373
Toys — 0.7%
Hasbro, Inc.		89,298			8,879,793
Transport-Rail — 1.5%
Norfolk Southern Corp.		75,143			19,374,120
Transport-Services — 1.0%
United Parcel Service, Inc., Class B		66,594			12,743,428
TOTAL INVESTMENTS (cost $887,255,531)(1)		99.6	%		1,289,965,137
Other assets less liabilities		0.4			4,874,648
NET ASSETS		100.0	%	$	1,294,839,785

(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 July 31, 2021 (see Note 2):

	Level 1 - Unadjusted Quoted Prices		Level 2 - Other Observable Inputs		Level 3 - Signifcant Unobservable Inputs		Total
ASSETS:
Investments at Value:*
Common Stocks	$	1,289,965,137	$	—	$	—	$	1,289,965,137

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

See Notes to Financial Statements

251

SunAmerica Series Trust SA JPMorgan Global Equities Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Diversified Banking Institutions	5.2	%
Medical-Drugs	4.5
Computers	4.5
Applications Software	4.3
Banks-Commercial	4.2
Web Portals/ISP	3.6
E-Commerce/Products	3.5
Finance-Credit Card	2.7
Medical-HMO	2.5
Semiconductor Equipment	2.3
Oil Companies-Integrated	2.2
Auto-Cars/Light Trucks	2.1
Food-Misc./Diversified	1.7
Internet Content-Entertainment	1.7
Cable/Satellite TV	1.6
Building-Residential/Commercial	1.6
Medical-Biomedical/Gene	1.6
Transport-Services	1.5
Cosmetics & Toiletries	1.5
Insurance-Multi-line	1.3
Electric-Integrated	1.3
Investment Management/Advisor Services	1.2
Commercial Services-Finance	1.2
Electronic Components-Semiconductors	1.0
Audio/Video Products	1.0
Diversified Manufacturing Operations	1.0
Cellular Telecom	0.9
Diversified Minerals	0.9
Building Products-Air & Heating	0.9
Electronic Forms	0.9
Oil Companies-Exploration & Production	0.9
Enterprise Software/Service	0.9
Computer Aided Design	0.9
Containers-Paper/Plastic	0.8
Real Estate Investment Trusts	0.8
Medical Information Systems	0.8
Insurance-Life/Health	0.8
Electronic Measurement Instruments	0.8
Medical-Wholesale Drug Distribution	0.8
Metal-Iron	0.8
Consulting Services	0.8
Internet Security	0.8
Medical Instruments	0.8
E-Commerce/Services	0.7
Telephone-Integrated	0.7
Textile-Apparel	0.7
Toys	0.7
Rental Auto/Equipment	0.7
Retail-Jewelry	0.7
Tobacco	0.7
Machinery-General Industrial	0.7
Retail-Discount	0.6
Finance-Consumer Loans	0.6
Repurchase Agreements	0.6
Power Converter/Supply Equipment	0.6
Medical Products	0.6
Brewery	0.5
Machinery-Farming	0.5
Import/Export	0.5
Building Products-Doors & Windows	0.5
Transport-Rail	0.5

Transport-Truck	0.5	%
Metal-Diversified	0.5
Engineering/R&D Services	0.5
Medical Labs & Testing Services	0.5
Pharmacy Services	0.5
Food-Retail	0.5
Banks-Fiduciary	0.5
Retail-Restaurants	0.5
Office Furnishings-Original	0.5
Hotels/Motels	0.5
Retail-Consumer Electronics	0.5
Real Estate Operations & Development	0.4
Computer Software	0.4
Auto/Truck Parts & Equipment-Original	0.4
Finance-Leasing Companies	0.4
Lighting Products & Systems	0.4
Agricultural Operations	0.4
Rubber-Tires	0.4
Electric-Generation	0.4
Retail-Propane Distribution	0.4
Metal-Copper	0.4
Retail-Auto Parts	0.4
Food-Wholesale/Distribution	0.3
Semiconductor Components-Integrated Circuits	0.3
Data Processing/Management	0.3
Pipelines	0.3
Wire & Cable Products	0.3
Dialysis Centers	0.3
Retail-Misc./Diversified	0.2
Computer Services	0.2
Appliances	0.2
Human Resources	0.2
Transport-Marine	0.2
Beverages-Non-alcoholic	0.2
Medical-Hospitals	0.1
Recreational Vehicles	0.1
Retail-Apparel/Shoe	0.1
Environmental Consulting & Engineering	0.1
Consumer Products-Misc.	0.1
Building & Construction Products-Misc.	0.1
Building & Construction-Misc.	0.1
Gambling (Non-Hotel)	0.1
	99.9	%

Country Allocation*

United States	63.4	%
Japan	6.9
Switzerland	4.8
United Kingdom	3.9
Netherlands	3.2
Canada	2.8
France	2.5
Ireland	2.4
Australia	2.1
Germany	1.7
Denmark	1.6
Cayman Islands	1.2
Bermuda	1.1
Spain	0.6

252

SunAmerica Series Trust SA JPMorgan Global Equities Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Country Allocation* (continued)

Finland	0.5	%
Italy	0.3
Singapore	0.3
Sweden	0.3
Belgium	0.3
	99.9	%

* Calculated as a percentage of net assets

253

SunAmerica Series Trust SA JPMorgan Global Equities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.3%
Australia — 2.1%
BHP Group, Ltd.		99,656	$	3,905,430
Fortescue Metals Group, Ltd.		141,192		2,592,853
JB Hi-Fi, Ltd.		36,155		1,276,997
Mineral Resources, Ltd.		16,446		764,751
Super Retail Group, Ltd.		44,253		430,486
				8,970,517
Belgium — 0.3%
Bekaert NV		22,661		1,075,557
Bermuda — 1.1%
Bunge, Ltd.		21,449		1,665,086
Kerry Properties, Ltd.		232,000		683,748
Luk Fook Holdings International, Ltd.		230,000		737,057
VTech Holdings, Ltd.		172,000		1,711,956
				4,797,847
Canada — 2.8%
Canadian Imperial Bank of Commerce		30,497		3,546,168
National Bank of Canada		41,639		3,187,006
Royal Bank of Canada		42,263		4,274,403
Transcontinental, Inc., Class A		37,132		734,842
				11,742,419
Cayman Islands — 1.2%
Chow Tai Fook Jewellery Group, Ltd.		1,068,000		2,237,685
SITC International Holdings Co., Ltd.		213,000		878,220
Xinyi Glass Holdings, Ltd.		560,000		2,091,789
				5,207,694
Denmark — 1.6%
Carlsberg A/S, Class B		12,958		2,398,009
Orsted A/S*		10,767		1,601,329
Scandinavian Tobacco Group A/S*		140,226		2,875,981
				6,875,319
Finland — 0.5%
Valmet Oyj		45,549		1,899,013
France — 2.5%
BNP Paribas SA		37,193		2,262,774
Cie de Saint-Gobain		6,067		434,025
LVMH Moet Hennessy Louis Vuitton SE		3,747		2,998,569
Schneider Electric SE		14,229		2,384,269
TOTAL SE		51,561		2,248,340
				10,327,977
Germany — 1.7%
Allianz SE		14,122		3,516,994
Daimler AG		28,857		2,577,906
Siemens AG		6,973		1,088,681
				7,183,581
Ireland — 2.4%
Eaton Corp. PLC		17,251		2,726,521
Jazz Pharmaceuticals PLC†		9,606		1,628,409
Johnson Controls International PLC		54,201		3,871,035
Medtronic PLC		12,731		1,671,708
				9,897,673
Italy — 0.3%
Azimut Holding SpA		21,496		554,176
Intesa Sanpaolo SpA		328,413		906,942
				1,461,118

Security Description	Shares		Value (Note 2)
Japan — 6.9%
Arcs Co., Ltd.		21,100	$	429,060
Fujitsu, Ltd.		5,800		985,268
Iida Group Holdings Co., Ltd.		68,400		1,650,797
Internet Initiative Japan, Inc.		63,600		2,014,659
ITOCHU Corp.		71,400		2,127,210
Iwatani Corp.		27,600		1,584,669
K’s Holdings Corp.†		50,300		594,450
KDDI Corp.		41,700		1,272,606
Kyudenko Corp.		10,400		370,347
Meitec Corp.		28,700		1,620,089
Nintendo Co., Ltd.		2,600		1,339,612
Nippon Telegraph & Telephone Corp.		69,300		1,775,549
Okamura Corp.		137,400		1,946,662
ORIX Corp.		99,200		1,734,153
Rengo Co., Ltd.		155,000		1,320,865
Sekisui House, Ltd.		69,900		1,384,855
Shimamura Co., Ltd.		5,500		531,471
Sony Group Corp.		25,000		2,609,531
Sumitomo Mitsui Financial Group, Inc.		21,300		717,979
Sumitomo Rubber Industries, Ltd.		123,000		1,654,345
Tokyo Tatemono Co., Ltd.		90,200		1,356,708
				29,020,885
Netherlands — 3.2%
ASML Holding NV		3,618		2,751,123
CNH Industrial NV		25,121		419,677
ING Groep NV		217,100		2,780,080
Koninklijke Ahold Delhaize NV		49,777		1,547,706
NXP Semiconductors NV		6,140		1,267,235
PostNL NV		105,238		570,001
Signify NV*		29,937		1,676,966
Stellantis NV		136,464		2,619,797
				13,632,585
Singapore — 0.3%
United Overseas Bank, Ltd.		60,900		1,178,920
Spain — 0.6%
Iberdrola SA		204,948		2,470,602
Sweden — 0.3%
Betsson AB, Class B		42,348		340,876
Oatly Group AB ADR†		46,743		829,688
				1,170,564
Switzerland — 4.8%
Adecco Group AG		14,694		880,239
Bucher Industries AG		741		412,321
Julius Baer Group, Ltd.		44,077		2,915,882
Kuehne & Nagel International AG		9,785		3,301,460
Nestle SA		34,011		4,309,654
Roche Holding AG		7,714		2,983,022
Straumann Holding AG		531		984,893
UBS Group AG		107,287		1,769,026
Zehnder Group AG		4,480		475,812
Zurich Insurance Group AG		4,762		1,919,601
				19,951,910
United Kingdom — 3.9%
Allfunds Group PLC†		37,230		654,854
AstraZeneca PLC		19,697		2,262,166
BP PLC		638,699		2,560,743
Halfords Group PLC†		219,756		1,086,511
Legal & General Group PLC		400,559		1,454,314
Morgan Sindall Group PLC		13,265		430,670

254

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United Kingdom (continued)
Natwest Group PLC		668,370	$	1,879,037
Rio Tinto PLC		23,564		2,008,194
Royal Dutch Shell PLC, Class B		121,867		2,405,273
Unilever PLC		26,857		1,546,547
				16,288,309
United States — 62.8%
AbbVie, Inc.		39,442		4,587,105
Adobe, Inc.†		6,178		3,840,430
Agilent Technologies, Inc.		22,251		3,409,521
Airbnb, Inc., Class A†		6,341		913,167
Allscripts Healthcare Solutions, Inc.†		90,919		1,552,896
Alphabet, Inc., Class C†		5,561		15,039,280
Altice USA, Inc., Class A†		43,593		1,339,613
Amazon.com, Inc.†		3,613		12,022,583
Amgen, Inc.		12,689		3,064,901
Anthem, Inc.		8,700		3,340,887
Apple, Inc.		118,100		17,226,066
Applied Materials, Inc.		29,972		4,193,982
Bank of America Corp.		135,385		5,193,369
Berry Global Group, Inc.†		21,612		1,389,435
Biogen, Inc.†		6,103		1,994,033
BlackRock, Inc.		1,859		1,612,069
Booking Holdings, Inc.†		999		2,176,082
Bristol-Myers Squibb Co.		61,464		4,171,562
Brunswick Corp.		5,509		575,140
Cadence Design Systems, Inc.†		24,241		3,579,184
Capital One Financial Corp.		16,543		2,675,003
Cerner Corp.		23,133		1,859,662
Charter Communications, Inc., Class A†		4,713		3,506,708
Cigna Corp.		8,640		1,982,794
Cimarex Energy Co.		27,174		1,771,745
Citigroup, Inc.		36,791		2,487,807
Citizens Financial Group, Inc.		39,296		1,656,719
CommVault Systems, Inc.†		15,337		1,159,324
Conagra Brands, Inc.		39,424		1,320,310
CSX Corp.		64,473		2,083,767
Darden Restaurants, Inc.		13,350		1,947,498
DaVita, Inc.†		8,635		1,038,359
Deere & Co.		5,184		1,874,483
Dell Technologies, Inc., Class C†		15,617		1,508,915
DigitalBridge Group, Inc.†		194,688		1,355,028
eBay, Inc.		39,630		2,703,162
Eli Lilly & Co.		10,670		2,598,145
EOG Resources, Inc.		26,800		1,952,648
Exxon Mobil Corp.		35,498		2,043,620
Facebook, Inc., Class A†		17,312		6,168,266
Freeport-McMoRan, Inc.		41,042		1,563,700
FTI Consulting, Inc.†		22,391		3,262,369
General Mills, Inc.		31,382		1,847,144
General Motors Co.†		21,753		1,236,441
Goldman Sachs Group, Inc.		8,941		3,351,802
Hilton Grand Vacations, Inc.†		47,337		1,925,196
Hologic, Inc.†		17,776		1,333,911
Humana, Inc.		6,084		2,590,932
J2 Global, Inc.†		12,549		1,772,797
Johnson & Johnson		4,336		746,659
L Brands, Inc.		12,456		997,352
Laboratory Corp. of America Holdings†		6,700		1,984,205
Lam Research Corp.		4,866		3,101,637
Lear Corp.		9,934		1,738,251

Security Description	Shares/ Principal Amount			Value (Note 2)
United States (continued)
Mastercard, Inc., Class A		10,859		$	4,190,922
Mattel, Inc.†		75,983			1,650,351
McKesson Corp.		16,530			3,369,310
Microsoft Corp.		62,639			17,846,477
Morgan Stanley		42,944			4,121,765
Netflix, Inc.†		1,572			813,620
NextEra Energy, Inc.		37,487			2,920,237
NortonLifeLock, Inc.		64,080			1,590,466
NuVasive, Inc.†		23,082			1,476,094
NVIDIA Corp.		18,164			3,541,798
Old Dominion Freight Line, Inc.		7,658			2,061,151
Oracle Corp.		31,764			2,767,915
Palo Alto Networks, Inc.†		4,022			1,604,979
PayPal Holdings, Inc.†		15,313			4,219,191
Procter & Gamble Co.		33,151			4,715,067
Progress Software Corp.		8,900			405,751
Prologis, Inc.		9,509			1,217,532
PulteGroup, Inc.		59,462			3,262,680
Qorvo, Inc.†		4,452			844,055
SBA Communications Corp.		2,512			856,567
Spectrum Brands Holdings, Inc.		5,631			491,868
SS&C Technologies Holdings, Inc.		5,331			417,897
State Street Corp.		22,438			1,955,247
Synchrony Financial		54,651			2,569,690
Sysco Corp.		18,611			1,380,936
T-Mobile US, Inc.†		27,121			3,905,966
Targa Resources Corp.		26,439			1,113,346
Target Corp.		9,894			2,582,829
Tenet Healthcare Corp.†		8,047			578,096
Tesla, Inc.†		3,910			2,686,952
Tetra Tech, Inc.		3,763			502,436
Tri Pointe Homes, Inc.†		18,642			449,645
United Parcel Service, Inc., Class B		12,881			2,464,908
United Rentals, Inc.†		9,044			2,980,450
United Therapeutics Corp.†		8,823			1,605,168
UnitedHealth Group, Inc.		10,792			4,448,678
Visa, Inc., Class A		18,618			4,587,289
Voya Financial, Inc.		30,400			1,957,760
Whirlpool Corp.		3,992			884,388
					263,407,141
Total Long-Term Investment Securities (cost $301,386,653)				416,559,631
REPURCHASE AGREEMENTS — 0.6%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 07/30/2021, to be repurchased 08/02/2021 in the amount of $2,564,000 and collateralized by $2,682,500 of United States Treasury Notes, bearing interest at 0.50% due 10/31/2027 and having an approximate value of $2,615,296 (cost $2,564,000)	$	2,564,000			2,564,000
TOTAL INVESTMENTS (cost $303,950,653)(1)		99.9	%		419,123,631
Other assets less liabilities		0.1			573,738
NET ASSETS		100.0	%	$	419,697,369

255

SunAmerica Series Trust SA JPMorgan Global Equities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

  * 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 July 31, 2021, the aggregate value of these securities was $6,154,276 representing 1.5% of net assets.

  † 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 July 31, 2021 (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	$	288,809,242	$	127,750,389	**	$	—	$	416,559,631
Repurchase Agreements		—		2,564,000			—		2,564,000
Total Investments at Value	$	288,809,242	$	130,314,389		$	—	$	419,123,631

* 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).

See Notes to Financial Statements

256

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Diversified Financial Services	18.1	%
United States Treasury Notes	11.1
United States Treasury Bonds	9.0
Federal National Mtg. Assoc.	7.5
Diversified Banking Institutions	6.4
Repurchase Agreements	4.9
Uniform Mtg. Backed Securities	4.8
Government National Mtg. Assoc.	4.8
Federal Home Loan Mtg. Corp.	3.9
Real Estate Investment Trusts	2.2
Electric-Integrated	2.0
Pipelines	1.9
Registered Investment Companies	1.6
Banks-Commercial	1.6
Finance-Leasing Companies	1.4
Cable/Satellite TV	1.3
Municipal Bonds & Notes	1.2
Medical-Hospitals	0.9
Telephone-Integrated	0.8
Electronic Components-Semiconductors	0.8
Aerospace/Defense	0.7
Banks-Super Regional	0.6
Oil Companies-Integrated	0.6
Oil Companies-Exploration & Production	0.6
Brewery	0.6
Auto-Cars/Light Trucks	0.5
Cellular Telecom	0.5
Medical-Drugs	0.5
Finance-Investment Banker/Broker	0.5
Gas-Distribution	0.4
Insurance Brokers	0.4
Computers	0.4
Sovereign	0.4
Hotels/Motels	0.4
Medical Instruments	0.4
Independent Power Producers	0.3
Airlines	0.3
Oil Refining & Marketing	0.3
Internet Brokers	0.3
Machinery-General Industrial	0.3
Insurance-Life/Health	0.3
Transport-Rail	0.3
Building Products-Air & Heating	0.3
Physicians Practice Management	0.3
Soap & Cleaning Preparation	0.3
Small Business Administration	0.3
Metal-Diversified	0.3
Oil-Field Services	0.3
Investment Management/Advisor Services	0.2
E-Commerce/Services	0.2
Insurance-Multi-line	0.2
Diversified Minerals	0.2
Applications Software	0.2
Medical-Biomedical/Gene	0.2
Insurance-Property/Casualty	0.2
Containers-Paper/Plastic	0.2
Insurance-Reinsurance	0.2
Music	0.2
Rental Auto/Equipment	0.2
Aerospace/Defense-Equipment	0.2
Special Purpose Entities	0.2
Building & Construction Products-Misc.	0.2

Food-Meat Products	0.2	%
Chemicals-Specialty	0.2
Metal-Aluminum	0.2
Enterprise Software/Service	0.2
Data Processing/Management	0.2
Tobacco	0.1
Electronic Components-Misc.	0.1
Electric-Distribution	0.1
Building Products-Cement	0.1
Finance-Other Services	0.1
Retail-Automobile	0.1
Retail-Convenience Store	0.1
Internet Content-Information/News	0.1
Pharmacy Services	0.1
Distribution/Wholesale	0.1
Medical Labs & Testing Services	0.1
Resorts/Theme Parks	0.1
Electric-Transmission	0.1
Dialysis Centers	0.1
Machinery-Farming	0.1
Broadcast Services/Program	0.1
Food-Catering	0.1
Electric-Generation	0.1
Steel-Producers	0.1
Medical-HMO	0.1
Retail-Building Products	0.1
Commercial Services-Finance	0.1
Beverages-Non-alcoholic	0.1
Coatings/Paint	0.1
Software Tools	0.1
Retail-Major Department Stores	0.1
Multimedia	0.1
Food-Misc./Diversified	0.1
Medical-Generic Drugs	0.1
Machinery-Electrical	0.1
Food-Retail	0.1
Telecom Services	0.1
Insurance-Mutual	0.1
Cosmetics & Toiletries	0.1
Water	0.1
Diversified Operations	0.1
Finance-Credit Card	0.1
	105.1	%

Credit Quality†#

Aaa	45.2	%
Aa	2.0
A	10.0
Baa	20.6
Ba	4.7
B	1.4
Not Rated@	16.1
	100.0	%

* Calculated as a percentage of net assets.

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

† Source: Moody’s

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

257

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES — 17.9%
Diversified Financial Services — 17.9%
Academic Loan Funding Trust FRS Series 2013-1A, Class A 0.89% (1 ML+0.80%) due 12/26/2044*	$	189,808	$	189,326
ACRE TL 2017 LLC FRS Series 2017-A 4.33% (1 ML+4.60%) due 12/15/2021*(1)(9)		804,545		796,500
Allegro CLO II-S, Ltd. FRS Series 2014-1RA, Class A2 1.73% (3 ML+1.60%) due 10/21/2028*(2)		2,477,180		2,484,971
American Homes 4 Rent Trust Series 2015-SFR1, Class A 3.47% due 04/17/2052*		884,610		935,261
American Homes 4 Rent Trust Series 2014-SFR3, Class A 3.68% due 12/17/2036*		1,318,531		1,398,629
American Homes 4 Rent Trust Series 2014-SFR2, Class A 3.79% due 10/17/2036*		882,391		935,765
American Homes 4 Rent Trust Series 2014-SFR3, Class C 4.60% due 12/17/2036*		150,000		161,500
American Homes 4 Rent Trust Series 2015-SFR1, Class E 5.64% due 04/17/2052*		370,000		406,327
American Homes 4 Rent Trust Series 2015-SFR2, Class E 6.07% due 10/17/2052*		500,000		565,373
American Homes 4 Rent Trust Series 2014-SFR2, Class E 6.23% due 10/17/2036*		150,000		164,941
American Homes 4 Rent Trust Series 2014-SFR3, Class E 6.42% due 12/17/2036*		275,000		301,645
American Tower Trust I Series 13, Class 2A 3.07% due 03/15/2048*		750,000		753,270
AmeriCredit Automobile Receivables Trust Series 2017-1, Class D 3.13% due 01/18/2023		346,331		348,808
AMSR Trust Series 2020-SFR4, Class C 1.86% due 11/17/2037*		2,000,000		2,016,530
AMSR Trust Series 2020-SFR3, Class E1 2.56% due 09/17/2037*		1,535,000		1,548,281
Anchor Mtg. Trust Series 2021-1, Class A1 2.60% due 10/25/2026*(1)		2,750,000		2,784,884
Arbor Realty Collateralized Loan Obligation, Ltd. FRS Series 2021-FL2, Class B 1.69% (1 ML+1.60%) due 05/15/2036*		625,500		626,278
Arbor Realty Collateralized Loan Obligation, Ltd. FRS Series 2020-FL1, Class C 2.21% (SOFR30A+2.16%) due 02/15/2035*		1,794,500		1,794,863

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Arbor Realty Commercial Real Estate Notes, Ltd. FRS Series 2018-FL1, Class A 1.24% (1 ML+1.15%) due 06/15/2028*	$	3,380,000	$	3,382,116
Arbor Realty Commercial Real Estate Notes, Ltd. FRS Series 2021-FL1, Class C 2.09% (1 ML+2.00%) due 12/15/2035*		461,000		461,865
Arbor Realty Commercial Real Estate Notes, Ltd. FRS Series 2019-FL1, Class C 2.19% (1 ML+2.10%) due 05/15/2037*		413,500		413,629
Arbor Realty Commercial Real Estate Notes, Ltd. FRS Series 2019-FL1, Class D 2.59% (1 ML+2.50%) due 05/15/2037*		3,147,500		3,148,482
Arbor Realty Commercial Real Estate Notes, Ltd. FRS Series 2021-FL1, Class D 3.04% (1 ML+2.95%) due 12/15/2035*		424,000		425,060
AREIT Trust FRS Series 2019-CRE3, Class A 1.18% (SOFR30A+1.13%) due 09/14/2036*(3)		523,612		523,290
AREIT Trust FRS Series 2019-CRE3, Class B 1.71% (SOFR30A+1.66%) due 09/14/2036*(3)		2,234,000		2,222,982
AREIT Trust FRS Series 2019-CRE3, Class C 2.06% (SOFR30A+2.01%) due 09/14/2036*(3)		1,015,000		1,008,739
AREIT Trust FRS Series 2019-CRE3, Class D 2.81% (SOFR30A+2.76%) due 09/14/2036*(3)		884,500		869,217
Atrium XII FRS Series 12A, Class BR 1.49% (3 ML+1.35%) due 04/22/2027*(2)		2,950,000		2,948,519
Babson CLO, Ltd. FRS Series 2013-IA, Class BR 1.38% (3 ML+1.25%) due 01/20/2028*(2)		4,300,018		4,303,032
Bancorp Commercial Mtg. Trust FRS Series 2019-CRE5, Class A 1.09% (1 ML+1.00%) due 03/15/2036*(3)		139,926		139,926
Bancorp Commercial Mtg. Trust FRS Series 2019-CRE5, Class AS 1.44% (1 ML+1.35%) due 03/15/2036*(3)		621,929		621,548
Bancorp Commercial Mtg. Trust FRS Series 2019-CRE6, Class B 1.71% (SOFR30A+1.66%) due 09/15/2036*(3)		3,941,902		3,935,898

258

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Bancorp Commercial Mtg. Trust FRS Series 2018-CRE4, Class D 2.19% (1 ML+2.10%) due 09/15/2035*(3)	$	655,000	$	650,249
Bancorp Commercial Mtg. Trust FRS Series 2019-CRE6, Class D 2.46% (SOFR30A+2.41%) due 09/15/2036*(3)		270,000		268,669
Bancorp Commercial Mtg. Trust FRS Series 2018-CR3, Class D 2.79% (1 ML+2.70%) due 01/15/2033*(3)		716,847		713,223
Barclays Commercial Mtg. Trust Series 2019-C5, Class A4 3.06% due 11/15/2052(3)		1,315,000		1,440,747
BDS, Ltd. FRS Series 2019-FL4, Class A 1.19% (1 ML+1.10%) due 08/15/2036*		2,333,000		2,331,619
BDS, Ltd. FRS Series 2021-FL7, Class B 1.59% (1 ML+1.50%) due 06/16/2036*		684,000		683,577
Bear Stearns ARM Trust VRS Series 2003-5, Class 2A1 2.53% due 08/25/2033(1)(4)		115,157		115,240
Benchmark Mtg. Trust Series 2020-B18, Class A5 1.93% due 07/15/2053(3)		1,082,524		1,091,907
Blackstone Mtg. Trust, Inc. FRS Series 2020-FL2, Class B 1.56% (SOFR30A+1.51%) due 02/15/2038*(3)		875,000		874,452
BSPRT Issuer, Ltd. FRS Series 2019-FL5, Class C 2.09% (1 ML+2.00%) due 05/15/2029*		1,485,000		1,475,878
Business Jet Securities LLC Series 2021-1A, Class A 2.16% due 04/15/2036*		1,031,451		1,038,083
Business Jet Securities LLC Series 2021-1A, Class B 2.92% due 04/15/2036*		2,005,253		2,035,578
Business Jet Securities LLC Series 2020-1A, Class A 2.98% due 11/15/2035*		1,458,670		1,490,442
Business Jet Securities LLC Series 2019-1, Class A 4.21% due 07/15/2034*		1,286,759		1,327,634
BVRT Financing Trust FRS Series 2021-CRT2 1.85% due 11/10/2032*(9)		896,241		896,241
BVRT Financing Trust Series 2020-3F, Class A 3.15% due 11/10/2022*(9)		1,868,126		1,868,126
BXMT, Ltd. FRS Series 2021-FL4, Class AS 1.39% (1 ML+1.3%) due 05/15/2038*(3)		2,281,000		2,280,998

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
BXMT, Ltd. FRS Series 2021-FL4, Class B 1.64% (1 ML+1.55%) due 05/15/2038*(3)	$	4,995,500	$	4,995,495
Camillo Issuer LLC Series 2016-SFR, Class 1A1 5.00% due 12/05/2023*(9)		1,364,779		1,400,604
Cantor Commercial Real Estate Lending Series 2019-CF2, Class A5 2.87% due 11/15/2052(3)		3,173,122		3,408,194
Capital Automotive LP Series 2020-1A, Class A3 3.10% due 12/15/2050*		373,906		389,594
CarNow Auto Receivables Trust Series 2021-1A, Class A 0.97% due 10/15/2024*		1,805,848		1,807,025
Carvana Auto Receivables Trust Series 2019-2A, Class C 3.00% due 06/17/2024*		2,000,000		2,037,181
Carvana Auto Receivables Trust Series 2019-3A, Class D 3.04% due 04/15/2025*		2,240,000		2,315,135
CAUTO Series 2020-1A, Class A4 3.19% due 02/15/2050*		1,184,987		1,219,920
CHCP, Ltd. FRS Series 2021-FL1, Class B 1.81% (SOFR30A+1.76%) due 02/15/2038*		566,500		567,209
CHCP, Ltd. FRS Series 2021-FL1, Class C 2.26% (SOFR30A+2.21%) due 02/15/2038*		642,000		642,803
Citigroup Commercial Mtg. Trust Series 2020-GC46, Class A5 2.72% due 02/15/2053(3)		2,780,000		2,972,057
Citigroup Commercial Mtg. Trust Series 2019-C7, Class A4 3.10% due 12/15/2072(3)		380,000		418,074
Citigroup Commercial Mtg. Trust VRS Series 2016-P6, Class A5 3.72% due 12/10/2049(3)(4)		843,000		943,720
CLNC, Ltd. FRS Series 2019-FL1, Class B 2.06% (SOFR30A+2.01%) due 08/20/2035*		910,000		905,186
CLNC, Ltd. FRS Series 2019-FL1, Class C 2.56% (SOFR30A+2.51%) due 08/20/2035*		1,480,000		1,473,891
Columbia Cent CLO, Ltd. FRS Series 2018-28A, Class A2R 1.87% (3 ML+1.70%) due 11/07/2030*(2)		3,656,527		3,654,695
Columbia Cent CLO, Ltd. FRS Series 2018-28A, Class BR 2.32% (3 ML+2.15%) due 11/07/2030*(2)		2,328,072		2,326,903
COMM Mtg. Trust Series 2020-CBM, Class A2 2.90% due 02/10/2037*(3)		1,950,000		1,992,297

259

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
COMM Mtg. Trust Series 2015-LC19, Class A4 3.18% due 02/10/2048(3)	$	5,000,000	$	5,374,057
COMM Mtg. Trust Series 2015-DC1, Class A5 3.35% due 02/10/2048(3)		5,000,000		5,396,600
COMM Mtg. Trust Series 2017-COR2, Class A3 3.51% due 09/10/2050(3)		5,110,000		5,694,904
COMM Mtg. Trust Series 2015-CR24, Class A6 3.70% due 08/10/2048(3)		770,833		846,482
COMM Mtg. Trust Series 2015-LC21, Class A4 3.71% due 07/10/2048(3)		2,496,639		2,737,341
COMM Mtg. Trust Series 2015-CR25, Class A4 3.76% due 08/10/2048(3)		625,000		689,521
COMM Mtg. Trust VRS Series 2018-HOME, Class A 3.82% due 04/10/2033*(3)(4)		1,790,000		2,004,409
COMM Mtg. Trust Series 2015-PC1, Class A5 3.90% due 07/10/2050(3)		1,137,175		1,250,022
Continental Finance Credit Card LLC Series 2020-1A, Class A 2.24% due 12/15/2028*		990,000		1,000,401
Corevest American Finance Trust Series 2019-3, Class A 2.71% due 10/15/2052*		898,241		944,259
Corevest American Finance Trust Series 2019-3, Class B 3.16% due 10/15/2052*		1,900,000		2,045,076
Corevest American Finance Trust Series 2019-1, Class B 3.88% due 03/15/2052*		1,025,000		1,152,107
CPS Auto Receivables Trust Series 2017-C, Class D 3.79% due 06/15/2023*		153,822		154,905
Credit Acceptance Auto Loan Trust Series 2021-3A, Class c 1.63% due 09/16/2030*		282,000		283,051
Credit Acceptance Auto Loan Trust Series 2020-1A, Class B 2.39% due 04/16/2029*		1,565,000		1,607,949
Credit Suisse First Boston Mtg. Securities Corp. VRS Series 2004-AR2, Class 2A1 2.48% due 03/25/2034(1)(4)		108,297		109,628
Cutwater, Ltd. FRS Series 2015-1A, Class BR 1.93% (3 ML+1.80%) due 01/15/2029*(2)		4,810,000		4,755,027
Cutwater, Ltd. FRS Series 2014-1A, Class BR 2.53% (3 ML+2.40%) due 07/15/2026*(2)		1,155,000		1,150,312
DataBank Issuer LLC Series 2021-1A, Class A2 2.06% due 02/27/2051*		1,250,000		1,275,306

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
DBWF Mtg. Trust Series 2015-LCM, Class A1 3.00% due 06/10/2034*(3)	$	741,090	$	755,567
DBWF Mtg. Trust VRS Series 2015-LCM, Class A2 3.42% due 06/10/2034*(3)(4)		1,000,000		1,038,409
Diamond Resorts Owner Trust Series 2017-1A, Class A 3.27% due 10/22/2029*		194,349		197,295
Diamond Resorts Owner Trust Series 2018-1, Class A 3.70% due 01/21/2031*		377,508		392,909
Drive Auto Receivables Trust Series 2017-3, Class D 3.53% due 12/15/2023*		570,181		574,575
Drive Auto Receivables Trust Series 2017-1, Class D 3.84% due 03/15/2023		77,784		78,048
Drive Auto Receivables Trust Series 2019-1, Class D 4.09% due 06/15/2026		510,000		527,790
Dryden 55 CLO, Ltd. FRS Series 2018-55A, Class B 1.68% (3 ML+1.55%) due 04/15/2031*(2)		5,500,000		5,511,022
DSLA Mtg. Loan Trust FRS Series 2004-AR3, Class 2A2A 0.83% (1 ML+0.74%) due 07/19/2044(1)		636,752		614,385
DT Auto Owner Trust Series 2021-2A, Class C 1.10% due 02/16/2027*		940,000		944,980
DT Auto Owner Trust Series 2019-4A, Class C 2.73% due 07/15/2025*		1,571,000		1,598,934
DT Auto Owner Trust Series 2019-2A, Class C 3.18% due 02/18/2025*		1,515,000		1,532,256
DT Auto Owner Trust Series 2018-1A, Class D 3.81% due 12/15/2023*		168,249		169,122
Exeter Automobile Receivables Trust Series 2020-1A, Class C 2.49% due 01/15/2025*		935,000		950,623
Exeter Automobile Receivables Trust Series 2019-3A, Class D 3.11% due 08/15/2025*		1,650,000		1,701,052
Exeter Automobile Receivables Trust Series 2017-3A, Class C 3.68% due 07/17/2023*		627,209		636,507
First Investors Auto Owner Trust Series 2017-2A, Class C 3.00% due 08/15/2023*		229,772		230,348
FirstKey Homes Trust Series 2020-SFR1, Class D 2.24% due 08/17/2037*		1,500,000		1,525,914
FirstKey Homes Trust Series 2020-SFR2, Class E 2.67% due 10/19/2037*		1,500,000		1,534,241
Flagship Credit Auto Trust Series 2019-4, Class D 3.12% due 01/15/2026*		1,900,000		1,992,224

260

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
FMC GMSR Issuer Trust VRS Series 2021-GT1, Class A 3.62% due 07/25/2026*(1)(4)(9)	$	2,200,000	$	2,199,746
FMC GMSR Issuer Trust 3.69% due 02/25/2024(9)		3,330,000		3,326,563
FMC GMSR Issuer Trust VRS Series 2020-GT1, Class A 4.45% due 01/25/2026*(1)(4)		2,000,000		2,022,623
Foundation Finance Trust Series 2019-1A, Class A 3.86% due 11/15/2034*		340,281		351,264
FREED ABS Trust Series 2019-2, Class A 2.62% due 11/18/2026*		12,464		12,474
FTF Funding II LLC 8.00% due 08/15/2024*(9)		403,558		221,957
G2.com, Inc. Series D 2.50% due 01/20/2051		6,185,000		6,414,521
Galaxy CLO, Ltd. FRS Series 2018-29A, Class B 1.56% (3 ML+1.40%) due 11/15/2026*(2)		1,287,655		1,288,916
Galaxy XXIX CLO, Ltd. FRS Series 2018-29A, Class A 0.95% (3 ML+0.79%) due 11/15/2026*(2)		1,457,248		1,456,604
GLS Auto Receivables Issuer Trust Series 2020-1A, Class A 2.17% due 02/15/2024*		302,694		304,214
GoodGreen Trust Series 2019-2A, Class A 2.76% due 04/15/2055*		852,536		878,717
GoodGreen Trust Series 2017-2A, Class A 3.26% due 10/15/2053*		631,843		662,156
GoodGreen Trust Series 2017-1A, Class A 3.74% due 10/15/2052*		132,162		140,554
GoodGreen Trust Series 2017-R1, Class  5.00% due 10/20/2051*(9)		934,399		929,727
Grand Avenue CRE FRS Series 2019-FL1, Class A 1.21% (1 ML+1.12%) due 06/15/2037*		578,965		579,149
GS Mtg. Securities Trust Series 2019-GSA1, Class A4 3.05% due 11/10/2052(3)		4,864,294		5,321,502
GS Mtg. Securities Trust Series 2015-GC30, Class A4 3.38% due 05/10/2050(3)		2,766,411		2,997,250
GSR Mtg. Loan Trust FRS Series 2005-7F, Class 3A1 0.59% (1 ML+0.50%) due 09/25/2035(1)		3,640		3,508
Harbourview CLO VII, Ltd. FRS Series 7RA, Class B 1.83% (3 ML+1.70%) due 07/18/2031*(2)		2,865,000		2,795,085

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Headlands Residential LLC Series 2018-RPL1, Class A 3.88% due 08/25/2024*(1)(5)	$	1,790,000	$	1,802,407
Headlands Residential LLC Series 2017-RPL1, Class A 3.88% due 11/25/2024*(1)(5)		1,400,000		1,411,175
Headlands Residential LLC Series 2019-RPL1, Class NOTE 3.97% due 06/25/2024*(1)(5)		1,196,402		1,202,718
HERO Funding Trust Series 2016-3A, Class A1 3.08% due 09/20/2042*		143,149		148,430
HERO Funding Trust Series 2017-3A, Class A2 3.95% due 09/20/2048*		485,009		507,761
HERO Funding Trust Series 2017-1A, Class A2 4.46% due 09/20/2047*		388,925		409,684
Hilton Grand Vacations Trust Series 2017-AA, Class A 2.66% due 12/26/2028*		88,640		90,739
Independence Plaza Trust Series 2018-INDP, Class A 3.76% due 07/10/2035*(3)		1,180,000		1,251,717
IndyMac INDX Mtg. Loan Trust VRS Series 2005-AR1, Class 1A1 2.68% due 03/25/2035(1)(4)		103,517		105,397
Invitation Homes Trust FRS Series 2017-SFR2, Class A 0.94% (1 ML+0.85%) due 12/17/2036*		481,538		482,292
JPMBB Commercial Mtg. Securities Trust Series 2015-C28, Class A4 3.23% due 10/15/2048(3)		4,694,676		5,016,954
JPMBB Commercial Mtg. Securities Trust Series 2014-C26, Class A4 3.49% due 01/15/2048(3)		5,000,000		5,409,344
JPMCC Commercial Mtg. Securities Trust Series 2017-JP7, Class A5 3.45% due 09/15/2050(3)		2,847,257		3,165,435
JPMorgan Mtg. Trust VRS Series 2003-A1, Class 1A1 1.92% due 10/25/2033(1)(4)		308,894		312,278
KREF, Ltd. FRS Series 2018-FL1, Class C 2.09% (1 ML+2.00%) due 06/15/2036*		2,332,500		2,334,690
Ladder Capital Commercial Mtg. Trust FRS Series 2021-FL2, Class C 2.25% (1 ML+2.15%) due 12/13/2038*		1,072,500		1,073,166
LHOME Mtg. Trust VRS Serie 2021-RTL1, Class A1 2.09% due 09/25/2026*(1)(4)		970,000		968,562
LHOME Mtg. Trust Series 2019-RTL2, Class A1 3.84% due 03/25/2024*(1)		1,030,000		1,033,285

261

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
LHOME Mtg. Trust Series 2019-RTL3, Class A1 3.87% due 07/25/2024*(1)	$	1,900,000	$	1,914,127
LoanCore Issuer, Ltd. FRS Series 2019-CRE3, Class AS 1.46% (1 ML+1.37%) due 04/15/2034*(3)		656,550		655,934
LoanCore Issuer, Ltd. FRS Series 2018-CRE1, Class AS 1.59% (1 ML+1.50%) due 05/15/2028*		3,895,000		3,895,000
LoanCore Issuer, Ltd. FRS Series 2019-CRE3, Class B 1.69% (1 ML+1.60%) due 04/15/2034*(3)		844,650		840,422
LoanCore Issuer, Ltd. FRS Series 2021-CRE5, Class AS 1.84% (1 ML+1.75%) due 07/15/2036*		3,077,500		3,078,460
LoanCore Issuer, Ltd. FRS Series 2019-CRE3, Class C 2.04% (1 ML+1.95%) due 04/15/2034*(3)		795,150		787,190
LoanCore Issuer, Ltd. FRS Series 2021-CRE5, Class B 2.09% (1 ML+2.00%) due 07/15/2036*		1,115,000		1,115,348
LoanCore Issuer, Ltd. FRS Series 2019-CRE2, Class D 2.54% (1 ML+2.45%) due 05/15/2036*		501,000		486,541
LoanCore Issuer, Ltd. FRS Series 2018-CRE1, Class C 2.64% (1 ML+2.55%) due 05/15/2028*		1,025,000		1,019,875
LP LMS Asset Securization Trust Series 2021-1 3.23% due 10/15/2028(9)		2,101,053		2,101,463
Lument Finance Trust, Inc. FRS Series 2021-FL1, Class C 2.04% (1 ML+1.95%) due 06/15/2039*		2,150,000		2,150,671
Madison Park Funding XXIII, Ltd. FRS Series 2017-23A, Class CR 2.13% (3 ML+2.00%) due 07/27/2031*(2)		3,200,273		3,198,666
Mariner Finance Issuance Trust Series 2019-AA, Class B 3.51% due 07/20/2032*		1,075,000		1,109,521
Mercury Financial Credit Card Master Trust Series 2021-1A, Class A 1.54% due 03/20/2026*		1,095,000		1,099,439
Merrill Lynch Mtg. Investors Trust FRS Series 2003-F, Class A1 0.73% (1 ML+0.64%) due 10/25/2028(1)		200,473		201,497

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Merrill Lynch Mtg. Investors Trust FRS Series 2003-G, Class A2 0.86% (6 ML+0.68%) due 01/25/2029(1)	$	564,479	$	564,510
MF1 Multifamily Housing Mtg. Loan Trust FRS Series 2021-FL5, Class C 1.86% (SOFR30A+1.81%) due 07/15/2036*(3)		1,348,500		1,349,343
MF1, Ltd. FRS Series 2019-FL2, Class AS 1.56% (1 ML+1.43%) due 12/25/2034*(3)		5,380,000		5,355,876
MF1, Ltd. FRS Series 2020-FL4, Class AS 2.26% (SOFR30A+2.21%) due 11/15/2035*		1,334,500		1,353,249
MidOcean Credit CLO II FRS Series 2013-2A, Class BR 1.85% (3 ML+1.65%) due 01/29/2030*(2)		4,114,474		4,112,413
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C21, Class A4 3.34% due 03/15/2048(3)		1,207,415		1,294,071
MRA Issuance Trust FRS Series 2021-EBO5, Class A1X 1.84% (1 ML + 1.75%) due 02/16/2022*(1)		3,400,000		3,402,149
MRA Issuance Trust FRS Series 2021-EBO7, Class A1X 2.85% (1 ML+2.75%) due 02/16/2022*(1)		3,400,000		3,400,643
MRCD Mtg. Trust Series 2019-PARK, Class A 2.72% due 12/15/2036*(3)		1,920,000		2,006,232
MRCD Mtg. Trust Series 2019-PARK, Class D 2.72% due 12/15/2036*(3)		1,242,000		1,256,440
MVW LLC Series 2021-1WA, Class A 1.14% due 01/22/2041*		1,148,521		1,150,307
Nationstar HECM Loan Trust VRS Series 2020-1A, Class A1 1.27% due 09/25/2030*(4)		1,607,398		1,611,651
Neuberger Berman CLO XXI, Ltd. FRS Series 2016-21A, Class CR2 2.18% (3 ML+2.05%) due 04/20/2034*(2)		1,276,441		1,277,747
NextGear Floorplan Master Owner Trust Series 2019-2A, Class A2 2.07% due 10/15/2024*		1,175,000		1,200,165
NRZ Excess Spread-Collateralized Notes Series 2021-FHT1, Class A 3.10% due 07/25/2026*		3,815,000		3,804,928
NRZ Excess Spread-Collateralized Notes Series 2021-FNT2, Class A 3.23% due 05/25/2026*		1,692,589		1,693,832

262

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
NRZ Excess Spread-Collateralized Notes Series 2020-PLS1, Class A 3.84% due 12/25/2025*	$	1,627,900	$	1,646,686
OCP CLO, Ltd. FRS Series 2015-9A, Class A2R 1.48% (3 ML+1.35%) due 07/15/2027*(2)		2,490,000		2,490,939
Octane Receivables Trust Series 2021-1A, Class B 1.53% due 04/20/2027*		700,000		704,443
Octane Receivables Trust Series 2021-1A, Class C 2.23% due 11/20/2028*		600,000		605,413
OL SP LLC Series 2018, Class A 4.16% due 02/09/2030		706,563		734,689
Oportun Funding XIV LLC Series 2021-A, Class A 1.21% due 03/08/2028*		600,000		602,322
Oportun Issuance Trust Series 2021-B, Class A 1.47% due 05/08/2031*		1,100,000		1,100,784
P4 SFR Holdco LLC Series 2019-STL, Class A 7.25% due 10/11/2026*(9)		1,100,000		1,100,000
Pagaya AI Debt Selection Trust Series 2021-1, Class A 1.18% due 11/15/2027*		3,341,083		3,348,978
Palmer Square Loan Funding, Ltd. FRS Series 2020-1A, Class A2 1.51% (3 ML+1.35%) due 02/20/2028*(2)		1,890,000		1,880,542
Palmer Square Loan Funding, Ltd. FRS Series 2020-1A, Class B 2.06% (3 ML+1.90%) due 02/20/2028*(2)		1,671,732		1,638,745
Parallel, Ltd. FRS Series 2015-1A, Class 1R 1.88% (3 ML+1.75%) due 07/20/2027*(2)		680,000		680,214
Parallel, Ltd. FRS Series 2015-1A, Class 2R 1.88% (3 ML+1.75%) due 07/20/2027*(2)		730,000		725,765
PFP, Ltd. FRS Series 2021-7, Class B 1.49% (1 ML+1.40%) due 04/14/2038*(3)		486,976		486,125
PFP, Ltd. FRS Series 2021-7, Class C 1.74% (1 ML+1.65%) due 04/14/2038*(3)		852,957		851,847
Pretium Mtg. Credit Partners I LLC Series 2021-NPL1, Class A1 2.24% due 09/27/2060*(5)		2,341,618		2,344,856
Pretium Mtg. Credit Partners I LLC Series 2020-NPL3, Class A1 3.10% due 06/27/2060*(5)		1,174,212		1,185,948

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Progress Residential Trust Series 2021-SFR6, Class E1 2.54% due 07/17/2038*	$	1,800,000	$	1,814,851
PRPM LLC VRS Series 2021-1, Class A1 2.12% due 01/25/2026*(1)(4)		1,800,062		1,805,097
PRPM LLC VRS Series 2021-2, Class A1 2.12% due 03/25/2026*(1)(4)		1,446,419		1,450,353
Race Point VIII CLO, Ltd. FRS Series 2013-8A, Class AR2 1.20% (3 ML+1.04%) due 02/20/2030*(2)		1,874,927		1,875,768
RCO V Mtg. LLC Series 2020-1, Class A1 3.10% due 09/25/2025*(1)(5)		1,318,619		1,328,918
Regional Management Issuance Trust Series 2019-1, Class B 3.43% due 11/15/2028*		2,000,000		2,034,079
Renew Financial Series 2017-1A, Class A 3.67% due 09/20/2052*		170,236		179,865
Santander Retail Auto Lease Trust Series 2020-A, Class C 2.08% due 03/20/2024*		1,154,000		1,179,039
Santander Retail Auto Lease Trust Series 2019-A, Class B 3.01% due 05/22/2023*		1,442,000		1,456,724
Securitized Term Auto Loan Receivables Trust Series 2019-CRTA, Class B 2.45% due 03/25/2026*		452,587		458,986
Securitized Term Auto Loan Receivables Trust Series 2019-CRTA, Class C 2.85% due 03/25/2026*		539,211		547,893
Sequoia Mtg. Trust FRS Series 2004-9, Class A1 0.76% (1 ML+0.68%) due 10/20/2034(1)		552,940		540,450
Sequoia Mtg. Trust FRS Series 2003-1, Class 1A 0.84% (1 ML+0.76%) due 04/20/2033(1)		483,919		490,284
SLG Office Trust Series 2021-OVA, Class A 2.59% due 07/15/2041*(3)		2,010,000		2,126,351
Sonoran Auto Receivables Trust Series 2017-1 4.75% due 07/15/2024*(1)(9)		807,650		809,266
Sonoran Auto Receivables Trust Series 2018-1 4.75% due 06/15/2025*(1)(9)		581,788		582,079
Structured Asset Mtg. Investments II Trust FRS Series 2005-AR5, Class A3 0.59% (1 ML+0.50%) due 07/19/2035(1)		294,494		298,483
STWD, Ltd. FRS Series 2021-FL2, Class C 2.19% (1 ML+2.10%) due 04/18/2038*		1,072,500		1,074,512

263

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Synchrony Card Funding LLC Series 2019-A2, Class A 2.34% due 06/15/2025	$	2,300,000	$	2,343,336
Synchrony Card Funding LLC Series 2019-A1, Class A 2.95% due 03/15/2025		2,373,000		2,413,707
Synchrony Card Issuance Trust Series 2018-A1, Class A1 3.38% due 09/15/2024		1,200,000		1,204,940
Thornburg Mtg. Securities Trust VRS Series 2004-4, Class 3A 1.92% due 12/25/2044(1)(4)		69,761		69,713
TICP CLO I-2, Ltd. FRS Series 2018-IA, Class A2 1.63% (3 ML+1.50%) due 04/26/2028*(2)		2,991,269		2,994,239
Toorak Mtg. Corp., Ltd. Series 2019-2, Class A1 3.72% due 09/25/2022(1)(5)		1,333,000		1,345,928
Towd Point Mtg. Trust VRS Series 2021-R1, Class A1 2.92% due 11/30/2060*(1)(4)		2,977,954		3,044,190
Tricolor Auto Securitization Trust Series 2020-1A, Class A 4.88% due 11/15/2026*(9)		1,044,107		1,059,769
Tricon American Homes Trust Series 2019-SFR1, Class D 3.20% due 03/17/2038*		1,657,000		1,721,474
TVC Mtg. Trust Series 2020-RTL1, Class A1 3.47% due 09/25/2024*(1)		2,300,000		2,315,756
UBS Commercial Mtg. Trust Series 2019-C17, Class A4 2.92% due 10/15/2052(3)		5,905,370		6,349,433
UBS Commercial Mtg. Trust Series 2018-C8, Class A4 3.98% due 02/15/2051(3)		2,736,930		3,124,470
Upstart Securitization Trust Series 2021-1, Class A 0.87% due 03/20/2031*		1,187,544		1,190,066
US Auto Funding LLC Series 2019-1A, Class B 3.99% due 12/15/2022*		749,353		753,863
Veros Auto Receivables Trust Series 2021-1, Class A 0.92% due 10/15/2026*		1,069,836		1,070,085
Veros Automobile Receivables Trust Series 2020-1, Class A 1.67% due 09/15/2023*		479,990		481,022
VM DEBT LLC Series 2019-1 7.50% due 06/15/2024*(9)		1,252,975		1,252,975
VOLT C LLC Series 2021-NPL9, Class A1 1.99% due 05/25/2051*(5)		1,256,790		1,258,409
VOLT CI LLC Series 2021-NP10, Class A1 1.99% due 05/25/2051*(5)		1,244,971		1,246,794
VOLT XCII LLC Series 2021-NPL1, Class A1 1.89% due 02/27/2051*(5)		785,448		786,044

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
VOLT XCIII LLC Series 2021-NPL2, Class A1 1.89% due 02/27/2051*(5)	$	2,637,369	$	2,636,194
VOLT XCIV LLC Series 2021-NPL3, Class A1 2.24% due 02/27/2051*(5)		1,866,573		1,869,650
VOLT XCIX LLC Series 2021-NPL8, Class A1 2.12% due 04/25/2051*(5)		1,082,199		1,085,550
VOLT XCV LLC Series 2021-NPL4, Class A1 2.24% due 03/27/2051*(5)		1,454,174		1,454,360
VOLT XCVI LLC Series 2021-NPL5, Class A1 2.12% due 03/27/2051*(5)		1,629,133		1,630,952
VOLT XCVII LLC Series 2021-NPL6, Class A1 2.24% due 04/25/2051*(5)		1,684,383		1,686,242
Voya CLO, Ltd. FRS Series 2016-4A, Class CR 2.28% (3 ML+2.15%) due 07/20/2029*(2)		2,660,256		2,658,915
Voya, Ltd. FRS Series 2012-4A, Class A2AR 2.03% (3 ML+1.90%) due 10/15/2030*(2)		930,000		934,790
VSE VOI Mtg. LLC Series 2018-A, Class A 3.56% due 02/20/2036*		276,832		291,260
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2005-AR6, Class 2A1A 0.55% (1 ML+0.46%) due 04/25/2045(1)		29,233		28,830
Wells Fargo Commercial Mtg. Trust Series 2019-C53, Class A4 3.04% due 10/15/2052(3)		4,885,325		5,336,051
Wells Fargo Commercial Mtg. Trust Series 2016-C34, Class A4 3.10% due 06/15/2049(3)		1,100,000		1,171,013
Wells Fargo Commercial Mtg. Trust Series 2019-C54, Class A4 3.15% due 12/15/2052(3)		2,412,000		2,654,881
Wells Fargo Commercial Mtg. Trust Series 2017-C42, Class A4 3.59% due 12/15/2050(3)		1,910,000		2,140,594
Wells Fargo Commercial Mtg. Trust Series 2016-LC25, Class A4 3.64% due 12/15/2059(3)		5,195,581		5,796,082
Wells Fargo Commercial Mtg. Trust Series 2015-C30, Class A4 3.66% due 09/15/2058(3)		729,000		801,481
Wells Fargo Commercial Mtg. Trust Series 2014-LC16, Class A5 3.82% due 08/15/2050(3)		5,000,000		5,377,226
Wells Fargo Commercial Mtg. Trust Series 2018-C46, Class A4 4.15% due 08/15/2051(3)		690,000		798,489
Westgate Resorts LLC Series 2017-1A, Class A 3.05% due 12/20/2030*		64,373		64,326

264

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Wind River CLO, Ltd. FRS Series 2015-2A, Class CR 1.83% (3 ML+1.70%) due 10/15/2027*(2)	$	435,000	$	435,764
World Financial Network Credit Card Master Trust Series 2019-A, Class A 3.14% due 12/15/2025		1,090,000		1,107,378
Total Asset Backed Securities (cost $386,360,298)				392,935,468
U.S. CORPORATE BONDS & NOTES — 26.6%
Aerospace/Defense — 0.6%
Boeing Co. Senior Notes 1.17% due 02/04/2023		350,000		351,163
Boeing Co. Senior Notes 1.43% due 02/04/2024		715,000		716,818
Boeing Co. Senior Notes 1.95% due 02/01/2024		405,000		415,266
Boeing Co. Senior Notes 2.20% due 02/04/2026		3,651,000		3,683,131
Boeing Co. Senior Notes 2.75% due 02/01/2026		395,000		413,001
Boeing Co. Senior Notes 2.85% due 10/30/2024		1,243,000		1,300,223
Boeing Co. Senior Notes 3.25% due 03/01/2028		429,000		453,686
Boeing Co. Senior Notes 4.88% due 05/01/2025		265,000		297,113
Boeing Co. Senior Notes 5.04% due 05/01/2027		170,000		196,759
Boeing Co. Senior Notes 5.15% due 05/01/2030		1,317,000		1,570,601
Boeing Co. Senior Notes 5.71% due 05/01/2040		1,195,000		1,551,182
Boeing Co. Senior Bonds 5.81% due 05/01/2050		821,000		1,113,439
Lockheed Martin Corp. Senior Notes 3.10% due 01/15/2023		104,000		107,671
Lockheed Martin Corp. Senior Notes 4.50% due 05/15/2036		300,000		383,681
Northrop Grumman Corp. Senior Notes 3.20% due 02/01/2027		223,000		243,730
Northrop Grumman Corp. Senior Notes 3.25% due 01/15/2028		100,000		109,887

Security Description	Principal Amount		Value (Note 2)
Aerospace/Defense (continued)
Northrop Grumman Corp. Senior Notes 3.85% due 04/15/2045	$	51,000	$	59,316
Raytheon Technologies Corp. Senior Notes 3.20% due 03/15/2024		105,000		111,846
Raytheon Technologies Corp. Senior Notes 4.35% due 04/15/2047		50,000		62,786
United Technologies Corp. Senior Notes 3.75% due 11/01/2046		225,000		260,261
United Technologies Corp. Senior Notes 4.15% due 05/15/2045		296,000		358,372
United Technologies Corp. Senior Notes 4.50% due 06/01/2042		225,000		287,592
				14,047,524
Aerospace/Defense-Equipment — 0.2%
Harris Corp. Senior Notes 4.85% due 04/27/2035		200,000		255,649
L3Harris Technologies, Inc. Senior Notes 1.80% due 01/15/2031		410,000		403,699
TransDigm, Inc. Company Guar. Notes 4.63% due 01/15/2029*		3,070,000		3,062,325
				3,721,673
Agricultural Operations — 0.0%
Bunge Ltd. Finance Corp. Company Guar. Notes 2.75% due 05/14/2031		805,000		825,049
Cargill, Inc. Senior Notes 3.25% due 03/01/2023*		45,000		47,092
				872,141
Airlines — 0.2%
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-3, Class A 3.00% due 04/15/2030		227,836		232,638
American Airlines Pass-Through Trust Pass-Through Certs. Series 2017-1, Class AA 3.65% due 08/15/2030		162,610		169,729
American Airlines Pass-Through Trust Pass-Through Certs. Series 2014-1, Class A 3.70% due 04/01/2028		227,833		231,726
Continental Airlines Pass-Through Trust Pass-Through Certs. Series 2012-2, Class A 4.00% due 04/29/2026		78,802		83,456

265

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines (continued)
Continental Airlines Pass-Through Trust Pass-Through Certs. Series 2012-1, Class A 4.15% due 10/11/2025	$	363,750	$	386,496
Spirit Airlines Pass-Through Trust Pass-Through Certs. Series 2017-1, Class AA 3.38% due 08/15/2031		179,564		185,187
United Airlines Pass-Through Trust Pass-Through Certs. Series 2019-2, Class AA 2.70% due 11/01/2033		572,819		577,755
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-2, Class A 3.10% due 04/07/2030		497,140		506,426
United Airlines Pass-Through Trust Pass-Through Certs. Series 2018-1, Class AA 3.50% due 09/01/2031		483,253		505,639
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-1, Class B 3.65% due 07/07/2027		161,053		160,305
United Airlines Pass-Through Trust Pass-Through Certs. Series 2018-1, Class A 3.70% due 09/01/2031		689,100		718,387
United Airlines Pass-Through Trust Pass-Through Certs. Series 2014-1, Class A 4.00% due 10/11/2027		250,410		264,735
United Airlines Pass-Through Trust Pass-Through Certs. Series 2019-1, Class AA 4.15% due 02/25/2033		471,846		512,003
United Airlines Pass-Through Trust Pass-Through Certs. Series 2019-1, Class A 4.55% due 02/25/2033		421,660		455,835
United Airlines Pass-Through Trust Pass-Through Certs. Series 2018-1, Class B 4.60% due 09/01/2027		110,163		114,068
				5,104,385
Applications Software — 0.2%
Microsoft Corp. Senior Notes 2.40% due 08/08/2026		200,000		214,018
Microsoft Corp. Senior Notes 2.92% due 03/17/2052		325,000		349,917
Microsoft Corp. Senior Notes 3.04% due 03/17/2062		91,000		99,525
Microsoft Corp. Senior Notes 3.50% due 02/12/2035		137,000		162,385

Security Description	Principal Amount		Value (Note 2)
Applications Software (continued)
Roper Technologies, Inc. Senior Notes 1.40% due 09/15/2027	$	680,000	$	676,767
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		3,065,000		3,243,843
				4,746,455
Auto-Cars/Light Trucks — 0.4%
General Motors Co. Senior Notes 6.13% due 10/01/2025		245,000		289,953
General Motors Financial Co., Inc. Senior Notes 1.25% due 01/08/2026		901,000		900,300
General Motors Financial Co., Inc. Senior Notes 2.35% due 01/08/2031		602,000		601,828
General Motors Financial Co., Inc. Senior Notes 2.70% due 06/10/2031		475,000		485,945
General Motors Financial Co., Inc. Company Guar. Notes 4.35% due 01/17/2027		218,000		246,871
Hyundai Capital America Senior Notes 1.15% due 11/10/2022*		754,000		759,167
Hyundai Capital America Senior Notes 1.30% due 01/08/2026*		215,000		213,720
Hyundai Capital America Senior Notes 1.50% due 06/15/2026*		380,000		379,344
Hyundai Capital America Senior Notes 1.80% due 10/15/2025*		270,000		274,749
Hyundai Capital America Senior Notes 1.80% due 01/10/2028*		415,000		413,794
Hyundai Capital America Senior Notes 2.38% due 10/15/2027*		1,279,000		1,319,180
Hyundai Capital America Senior Notes 3.00% due 02/10/2027*		200,000		213,760
Volkswagen Group of America Finance LLC Company Guar. Notes 1.63% due 11/24/2027*		355,000		356,409
Volkswagen Group of America Finance LLC Company Guar. Notes 3.20% due 09/26/2026*		1,851,000		2,009,697
Volkswagen Group of America Finance LLC Company Guar. Notes 3.75% due 05/13/2030*		736,000		836,620
				9,301,337
Banks-Commercial — 0.1%
BBVA USA Senior Notes 2.50% due 08/27/2024		375,000		396,316

266

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
Citizens Bank NA Senior Notes 3.70% due 03/29/2023	$	340,000	$	357,282
Citizens Financial Group, Inc. Sub. Notes 2.64% due 09/30/2032		94,000		95,053
Regions Financial Corp. Senior Notes 3.80% due 08/14/2023		106,000		112,975
SunTrust Banks, Inc. Senior Notes 2.70% due 01/27/2022		102,000		103,027
SunTrust Banks, Inc. Senior Notes 4.00% due 05/01/2025		53,000		59,024
				1,123,677
Banks-Fiduciary — 0.0%
Bank of New York Mellon Corp. Senior Notes 2.60% due 02/07/2022		100,000		101,040
Bank of New York Mellon Corp. Sub. Notes 3.30% due 08/23/2029		267,000		298,937
Northern Trust Corp. Sub. Notes 3.38% due 05/08/2032		105,000		115,100
				515,077
Banks-Super Regional — 0.6%
KeyCorp. Senior Notes 4.15% due 10/29/2025		75,000		84,797
PNC Financial Services Group, Inc. Senior Notes 2.55% due 01/22/2030		2,422,000		2,564,899
Wells Fargo & Co. Senior Notes 2.57% due 02/11/2031		3,285,000		3,425,028
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		3,822,000		3,999,086
Wells Fargo & Co. Senior Notes 3.20% due 06/17/2027		2,332,000		2,533,532
Wells Fargo & Co. Sub. Notes 4.10% due 06/03/2026		544,000		612,513
Wells Fargo & Co. Sub. Notes 4.40% due 06/14/2046		131,000		159,716
Wells Fargo & Co. Sub. Notes 4.75% due 12/07/2046		144,000		184,797
Wells Fargo & Co. Sub. Notes 4.90% due 11/17/2045		112,000		145,629
				13,709,997
Beverages-Non-alcoholic — 0.0%
Dr. Pepper Snapple Group, Inc. Company Guar. Notes 3.43% due 06/15/2027		75,000		83,402

Security Description	Principal Amount		Value (Note 2)
Beverages-Non-alcoholic (continued)
Keurig Dr Pepper, Inc. Company Guar. Notes 4.42% due 05/25/2025	$	112,000	$	126,035
Keurig Dr Pepper, Inc. Company Guar. Notes 4.99% due 05/25/2038		161,000		207,380
				416,817
Brewery — 0.6%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.70% due 02/01/2036		1,440,000		1,788,971
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.90% due 02/01/2046		3,153,000		4,038,251
Anheuser-Busch InBev Finance, Inc. Company Guar. Notes 4.63% due 02/01/2044		65,000		80,364
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.35% due 06/01/2040		450,000		544,421
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.38% due 04/15/2038		540,000		651,360
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.44% due 10/06/2048		405,000		494,361
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Bonds 4.60% due 06/01/2060		210,000		263,323
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.75% due 04/15/2058		325,000		415,109
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.45% due 01/23/2039		2,597,000		3,456,786
Constellation Brands, Inc. Company Guar. Notes 4.40% due 11/15/2025		145,000		164,314
Constellation Brands, Inc. Company Guar. Notes 5.25% due 11/15/2048		85,000		116,819
				12,014,079
Broadcast Services/Program — 0.1%
Discovery Communications LLC Company Guar. Notes 4.00% due 09/15/2055		482,000		517,150
Discovery Communications LLC Company Guar. Notes 4.65% due 05/15/2050		1,355,000		1,606,837
Discovery Communications LLC Company Guar. Notes 5.20% due 09/20/2047		10,000		12,655
				2,136,642

267

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Building & Construction Products-Misc. — 0.2%
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*	$	1,700,000	$	1,648,405
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*		2,275,000		2,343,250
				3,991,655
Building Products-Air & Heating — 0.3%
Carrier Global Corp. Senior Notes 3.58% due 04/05/2050		4,334,000		4,815,702
Lennox International, Inc. Company Guar. Notes 1.70% due 08/01/2027		1,290,000		1,299,977
				6,115,679
Building Products-Cement — 0.1%
CRH America, Inc. Company Guar. Notes 5.13% due 05/18/2045*		200,000		265,773
Martin Marietta Materials, Inc. Senior Notes 2.50% due 03/15/2030		786,000		811,909
Martin Marietta Materials, Inc. Senior Notes 3.45% due 06/01/2027		646,000		710,915
Vulcan Materials Co. Senior Notes 3.50% due 06/01/2030		1,177,000		1,310,789
				3,099,386
Building Products-Wood — 0.0%
Masco Corp. Senior Notes 2.00% due 10/01/2030		170,000		169,099
Masco Corp. Senior Notes 6.50% due 08/15/2032		250,000		337,238
				506,337
Building-Residential/Commercial — 0.0%
Lennar Corp. Company Guar. Notes 4.50% due 04/30/2024		185,000		201,187
Cable/Satellite TV — 1.3%
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		2,080,000		2,184,000
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		2,110,000		2,212,905
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.50% due 06/01/2041		260,000		265,119

Security Description	Principal Amount		Value (Note 2)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.70% due 04/01/2051	$	525,000	$	530,440
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.75% due 02/15/2028		410,000		455,701
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050		510,000		597,666
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.91% due 07/23/2025		2,451,000		2,781,683
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 04/01/2038		138,000		171,622
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		602,000		808,460
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.83% due 10/23/2055		175,000		262,805
Comcast Corp. Company Guar. Notes 1.95% due 01/15/2031		305,000		305,630
Comcast Corp. Company Guar. Notes 3.20% due 07/15/2036		300,000		326,717
Comcast Corp. Company Guar. Notes 3.25% due 11/01/2039		1,090,000		1,188,538
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		273,000		317,611
Comcast Corp. Company Guar. Notes 3.95% due 10/15/2025		318,000		356,569
Comcast Corp. Company Guar. Notes 4.20% due 08/15/2034		630,000		753,581
Comcast Corp. Company Guar. Notes 4.60% due 10/15/2038		385,000		484,022
Cox Communications, Inc. Company Guar. Notes 1.80% due 10/01/2030*		355,000		344,131
Cox Communications, Inc. Company Guar. Notes 2.95% due 10/01/2050*		255,000		242,415

268

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Cable/Satellite TV (continued)
Cox Communications, Inc. Senior Notes 3.35% due 09/15/2026*	$	134,000	$	146,529
CSC Holdings LLC Company Guar. Notes 4.13% due 12/01/2030*		2,575,000		2,581,438
CSC Holdings LLC Company Guar. Notes 4.50% due 11/15/2031*		2,150,000		2,171,070
Sirius XM Radio, Inc. Company Guar. Notes 4.13% due 07/01/2030*		2,165,000		2,233,587
Sirius XM Radio, Inc. Company Guar. Notes 5.50% due 07/01/2029*		2,290,000		2,507,894
Time Warner Cable LLC Senior Sec. Notes 4.50% due 09/15/2042		2,789,000		3,164,611
Time Warner Cable LLC Senior Sec. Notes 5.50% due 09/01/2041		700,000		884,273
				28,279,017
Casino Hotels — 0.0%
Las Vegas Sands Corp. Senior Notes 3.50% due 08/18/2026		540,000		568,614
Cellular Telecom — 0.4%
T-Mobile USA, Inc. Senior Sec. Notes 2.05% due 02/15/2028		1,230,000		1,257,638
T-Mobile USA, Inc. Senior Sec. Notes 2.55% due 02/15/2031		4,081,000		4,196,328
T-Mobile USA, Inc. Company Guar. Notes 2.88% due 02/15/2031		804,000		808,478
T-Mobile USA, Inc. Senior Sec. Notes 3.00% due 02/15/2041		935,000		943,630
T-Mobile USA, Inc. Senior Sec. Notes 3.75% due 04/15/2027		1,025,000		1,142,752
T-Mobile USA, Inc. Senior Sec. Notes 4.38% due 04/15/2040		677,000		801,954
				9,150,780
Chemicals-Diversified — 0.0%
Celanese US Holdings LLC Company Guar. Notes 3.50% due 05/08/2024		358,000		382,804
DowDuPont, Inc. Senior Notes 5.32% due 11/15/2038		165,000		220,182
				602,986
Chemicals-Specialty — 0.1%
Albemarle Corp. Senior Notes 5.45% due 12/01/2044		150,000		197,392

Security Description	Principal Amount		Value (Note 2)
Chemicals-Specialty (continued)
Ecolab, Inc. Senior Notes 3.25% due 01/14/2023	$	154,000	$	158,855
International Flavors & Fragrances Co. Company Guar. Notes 3.47% due 12/01/2050*		130,000		141,325
International Flavors & Fragrances, Inc. Senior Notes 1.83% due 10/15/2027*		290,000		293,336
International Flavors & Fragrances, Inc. Senior Notes 5.00% due 09/26/2048		143,000		190,759
				981,667
Coatings/Paint — 0.1%
Axalta Coating Systems LLC Company Guar. Notes 3.38% due 02/15/2029*		1,625,000		1,598,594
Commercial Services — 0.0%
Quanta Services, Inc. Senior Notes 2.90% due 10/01/2030		710,000		745,276
Commercial Services-Finance — 0.1%
Global Payments, Inc. Senior Notes 4.15% due 08/15/2049		365,000		429,543
S&P Global, Inc. Company Guar. Notes 3.25% due 12/01/2049		500,000		552,025
				981,568
Computer Services — 0.0%
DXC Technology Co. Senior Notes 4.25% due 04/15/2024		129,000		139,755
Leidos, Inc. Company Guar. Notes 2.30% due 02/15/2031		235,000		232,993
				372,748
Computer Software — 0.0%
Citrix Systems, Inc. Senior Notes 1.25% due 03/01/2026		175,000		174,024
Computers — 0.4%
Apple, Inc. Senior Notes 2.70% due 08/05/2051		890,000		890,222
Apple, Inc. Senior Notes 3.45% due 02/09/2045		519,000		587,738
Apple, Inc. Senior Notes 3.85% due 08/04/2046		362,000		435,439
Dell International LLC/EMC Corp. Senior Sec. Notes 6.02% due 06/15/2026		963,000		1,159,067

269

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Computers (continued)
Dell International LLC/EMC Corp. Senior Sec. Notes 5.30% due 10/01/2029	$	4,423,000	$	5,410,244
Dell International LLC/EMC Corp. Senior Sec. Notes 5.45% due 06/15/2023		235,000		254,147
HP, Inc. Senior Notes 3.00% due 06/17/2027		310,000		334,557
				9,071,414
Containers-Paper/Plastic — 0.2%
Crown Americas LLC/Crown Americas Capital Corp. Company Guar. Notes 4.75% due 02/01/2026		2,850,000		2,949,750
Graphic Packaging International LLC Senior Sec. Notes 1.51% due 04/15/2026*		545,000		546,709
Packaging Corp. of America Senior Notes 4.05% due 12/15/2049		385,000		460,821
WRKCo., Inc. Company Guar. Notes 3.75% due 03/15/2025		300,000		328,848
WRKCo., Inc. Company Guar. Notes 3.90% due 06/01/2028		45,000		51,218
				4,337,346
Cosmetics & Toiletries — 0.1%
Estee Lauder Cos., Inc. Senior Notes 2.60% due 04/15/2030		885,000		947,060
Unilever Capital Corp. Company Guar. Notes 3.38% due 03/22/2025		120,000		130,604
				1,077,664
Data Processing/Management — 0.2%
Fiserv, Inc. Senior Notes 2.65% due 06/01/2030		1,317,000		1,383,510
Fiserv, Inc. Senior Notes 3.20% due 07/01/2026		180,000		195,868
Fiserv, Inc. Senior Notes 3.50% due 07/01/2029		1,675,000		1,869,151
Fiserv, Inc. Senior Notes 4.40% due 07/01/2049		175,000		215,424
				3,663,953
Dialysis Centers — 0.1%
DaVita, Inc. Company Guar. Notes 4.63% due 06/01/2030*		2,100,000		2,170,875
Distribution/Wholesale — 0.1%
ABC Supply Co., Inc. Senior Sec. Notes 4.00% due 01/15/2028*		1,525,000		1,563,125

Security Description	Principal Amount		Value (Note 2)
Distribution/Wholesale (continued)
Univar Solutions USA, Inc. Company Guar. Notes 5.13% due 12/01/2027*	$	585,000	$	612,226
WW Grainger, Inc. Senior Notes 4.60% due 06/15/2045		104,000		137,552
				2,312,903
Diversified Banking Institutions — 3.2%
Bank of America Corp. Senior Notes 1.66% due 03/11/2027		145,000		147,279
Bank of America Corp. Senior Notes 1.90% due 07/23/2031		290,000		283,756
Bank of America Corp. Senior Notes 2.50% due 02/13/2031		1,885,000		1,940,425
Bank of America Corp. Senior Notes 2.68% due 06/19/2041		7,339,000		7,235,126
Bank of America Corp. Senior Notes 3.09% due 10/01/2025		390,000		416,194
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		200,000		215,340
Bank of America Corp. Senior Notes 3.42% due 12/20/2028		4,092,000		4,495,016
Bank of America Corp. Senior Notes 3.55% due 03/05/2024		400,000		419,009
Bank of America Corp. Senior Notes 3.71% due 04/24/2028		1,000,000		1,112,513
Bank of America Corp. Sub. Notes 3.95% due 04/21/2025		295,000		323,831
Bank of America Corp. Senior Notes 3.97% due 03/05/2029		1,557,000		1,763,877
Bank of America Corp. Sub. Notes 4.00% due 01/22/2025		292,000		320,302
Bank of America Corp. Sub. Notes 4.25% due 10/22/2026		270,000		305,878
Bank of America Corp. Senior Notes 4.44% due 01/20/2048		1,939,000		2,435,271
Citigroup, Inc. Senior Notes 1.12% due 01/28/2027		678,000		672,155
Citigroup, Inc. Senior Notes 2.56% due 05/01/2032		910,000		939,983
Citigroup, Inc. Senior Notes 2.67% due 01/29/2031		4,965,000		5,182,873
Citigroup, Inc. Senior Notes 3.11% due 04/08/2026		900,000		963,520

270

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 3.20% due 10/21/2026	$	194,000	$	211,279
Citigroup, Inc. Senior Notes 3.52% due 10/27/2028		200,000		220,248
Citigroup, Inc. Senior Notes 3.67% due 07/24/2028		700,000		776,187
Citigroup, Inc. Sub. Notes 3.88% due 03/26/2025		600,000		658,809
Citigroup, Inc. Senior Notes 3.89% due 01/10/2028		800,000		894,986
Citigroup, Inc. Senior Notes 3.98% due 03/20/2030		600,000		682,906
Citigroup, Inc. Sub. Notes 4.30% due 11/20/2026		540,000		614,396
Citigroup, Inc. Sub. Notes 4.40% due 06/10/2025		190,000		212,681
Citigroup, Inc. Sub. Notes 4.45% due 09/29/2027		53,000		61,124
Goldman Sachs Group, Inc. Senior Notes 1.99% due 01/27/2032		1,250,000		1,229,923
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		365,000		370,391
Goldman Sachs Group, Inc. Senior Notes 2.60% due 02/07/2030		3,000,000		3,130,719
Goldman Sachs Group, Inc. Senior Notes 3.27% due 09/29/2025		484,000		518,918
Goldman Sachs Group, Inc. Senior Notes 3.69% due 06/05/2028		1,308,000		1,459,575
Goldman Sachs Group, Inc. Senior Notes 4.22% due 05/01/2029		1,800,000		2,068,686
Goldman Sachs Group, Inc. Senior Notes 4.41% due 04/23/2039		530,000		653,426
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		1,708,000		1,815,541
JPMorgan Chase & Co. Senior Notes 3.13% due 01/23/2025		4,162,000		4,472,351
JPMorgan Chase & Co. Senior Notes 3.51% due 01/23/2029		3,928,000		4,357,831
JPMorgan Chase & Co. Senior Notes 4.01% due 04/23/2029		5,046,000		5,751,918

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 4.20% due 07/23/2029	$	2,175,000	$	2,507,907
Morgan Stanley Senior Notes 2.19% due 04/28/2026		285,000		295,782
Morgan Stanley Senior Notes 2.63% due 11/17/2021		330,000		332,365
Morgan Stanley Senior Notes 2.70% due 01/22/2031		272,000		286,432
Morgan Stanley Senior Notes 3.13% due 07/27/2026		76,000		82,615
Morgan Stanley Senior Notes 3.22% due 04/22/2042		705,000		757,267
Morgan Stanley Senior Notes 3.59% due 07/22/2028		533,000		593,459
Morgan Stanley Senior Notes 3.77% due 01/24/2029		278,000		312,372
Morgan Stanley Sub. Notes 4.10% due 05/22/2023		300,000		319,256
Morgan Stanley Senior Notes 4.30% due 01/27/2045		1,115,000		1,391,674
Morgan Stanley Sub. Notes 4.35% due 09/08/2026		75,000		85,386
Morgan Stanley Senior Notes 4.43% due 01/23/2030		457,000		536,560
Morgan Stanley Senior Notes 4.46% due 04/22/2039		300,000		372,400
Morgan Stanley Sub. Notes 5.00% due 11/24/2025		228,000		263,336
Morgan Stanley Senior Notes 5.60% due 03/24/2051		1,676,000		2,539,289
				70,010,343
Diversified Manufacturing Operations — 0.0%
Eaton Corp. Company Guar. Notes 5.80% due 03/15/2037		300,000		388,238
Parker-Hannifin Corp. Senior Notes 4.10% due 03/01/2047		63,000		76,255
Parker-Hannifin Corp. Senior Notes 4.45% due 11/21/2044		180,000		229,076
				693,569
Drug Delivery Systems — 0.0%
Becton Dickinson and Co. Senior Notes 3.73% due 12/15/2024		84,000		91,423

271

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
E-Commerce/Products — 0.0%
Amazon.com, Inc. Senior Notes 3.88% due 08/22/2037	$	400,000	$	484,308
E-Commerce/Services — 0.2%
MercadoLibre, Inc. Company Guar. Notes 3.13% due 01/14/2031		2,583,000		2,524,133
Priceline Group, Inc. Senior Notes 2.75% due 03/15/2023		214,000		222,089
Priceline Group, Inc. Senior Notes 3.65% due 03/15/2025		2,222,000		2,425,511
				5,171,733
Electric-Distribution — 0.1%
Commonwealth Edison Co. 1st Mtg. Notes 3.65% due 06/15/2046		121,000		140,090
Entergy Louisiana LLC 1st Mtg. Notes 2.90% due 03/15/2051		240,000		243,741
Entergy Louisiana LLC Collateral Trust Bonds 3.05% due 06/01/2031		145,000		157,952
Mid-Atlantic Interstate Transmission LLC Senior Notes 4.10% due 05/15/2028*		140,000		158,912
New England Power Co. Senior Notes 3.80% due 12/05/2047*		140,000		157,113
New York State Electric & Gas Corp. Senior Notes 3.25% due 12/01/2026*		113,000		123,903
NextEra Energy Operating Partners LP Company Guar. Notes 4.50% due 09/15/2027*		890,000		958,975
Oklahoma Gas and Electric Co. Senior Notes 0.55% due 05/26/2023		345,000		345,188
				2,285,874
Electric-Generation — 0.0%
Emera US Finance LP Company Guar. Notes 4.75% due 06/15/2046		320,000		387,740
Tri-State Generation & Transmission Association, Inc. 1st Mtg. Notes 4.25% due 06/01/2046		103,000		117,603
				505,343
Electric-Integrated — 1.5%
Alabama Power Co. Senior Notes 3.75% due 03/01/2045		50,000		57,715
Alabama Power Co. Senior Notes 4.10% due 01/15/2042		63,000		73,915

Security Description	Principal Amount		Value (Note 2)
Electric-Integrated (continued)
Alabama Power Co. Senior Notes 5.70% due 02/15/2033	$	100,000	$	133,235
Ameren Illinois Co. 1st Mtg. Bonds 3.25% due 03/15/2050		400,000		438,421
Baltimore Gas & Electric Co. Senior Notes 2.80% due 08/15/2022		450,000		458,872
Baltimore Gas & Electric Co. Senior Notes 3.20% due 09/15/2049		230,000		247,363
Berkshire Hathaway Energy Co. Senior Notes 3.50% due 02/01/2025		180,000		195,264
CenterPoint Energy, Inc. Senior Notes 1.45% due 06/01/2026		460,000		465,217
Cleveland Electric Illuminating Co. Senior Notes 3.50% due 04/01/2028*		286,000		309,365
Cleveland Electric Illuminating Co. Senior Notes 5.95% due 12/15/2036		100,000		135,677
CMS Energy Corp. Senior Notes 2.95% due 02/15/2027		116,000		123,987
Delmarva Power & Light Co. 1st Mtg. Bonds 4.15% due 05/15/2045		190,000		233,913
DTE Electric Co. General Refunding Mtg. 3.70% due 03/15/2045		111,000		129,088
Duke Energy Carolinas LLC Company Guar. Notes 6.00% due 12/01/2028		200,000		257,343
Duke Energy Corp. Senior Notes 3.40% due 06/15/2029		168,000		184,798
Duke Energy Corp. Senior Notes 3.75% due 04/15/2024		180,000		193,807
Duke Energy Corp. Senior Notes 3.75% due 09/01/2046		200,000		219,426
Duke Energy Indiana LLC Senior Notes 6.12% due 10/15/2035		100,000		139,714
Duke Energy Progress LLC 1st Mtg. Notes 4.15% due 12/01/2044		180,000		221,316
Duquesne Light Holdings, Inc. Senior Notes 2.53% due 10/01/2030*		350,000		352,035
Duquesne Light Holdings, Inc. Senior Notes 3.62% due 08/01/2027*		400,000		437,661
Edison International Senior Notes 3.55% due 11/15/2024		734,000		782,662
Edison International Senior Notes 5.75% due 06/15/2027		200,000		230,448

272

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Entergy Arkansas LLC 1st Mtg. Notes 2.65% due 06/15/2051	$	590,000	$	578,534
Entergy Arkansas LLC 1st Mtg. Bonds 3.50% due 04/01/2026		88,000		97,379
Evergy Metro, Inc. Senior Notes 4.20% due 03/15/2048		100,000		124,439
Evergy, Inc. Senior Notes 2.90% due 09/15/2029		450,000		483,400
Exelon Corp. Junior Sub. Notes 3.50% due 06/01/2022		200,000		204,696
Exelon Generation Co. LLC Senior Notes 3.40% due 03/15/2022		266,000		270,291
Exelon Generation Co. LLC Senior Notes 4.25% due 06/15/2022		216,000		221,238
FirstEnergy Corp. Senior Notes 2.65% due 03/01/2030		2,230,000		2,271,924
FirstEnergy Corp. Senior Notes 3.40% due 03/01/2050		1,244,000		1,249,056
FirstEnergy Corp. Senior Notes 5.35% due 07/15/2047		2,954,000		3,711,197
Florida Power & Light Co. 1st Mtg. Notes 3.25% due 06/01/2024		450,000		480,197
Jersey Central Power & Light Co. Senior Notes 2.75% due 03/01/2032*		2,876,000		3,006,294
Jersey Central Power & Light Co. Senior Notes 4.30% due 01/15/2026*		245,000		273,865
Jersey Central Power & Light Co. Senior Notes 6.15% due 06/01/2037		100,000		135,743
Massachusetts Electric Co. Notes 4.00% due 08/15/2046*		241,000		276,244
MidAmerican Energy Co. 1st Mtg. Notes 3.50% due 10/15/2024		686,000		742,415
Midamerican Energy Holdings Co. Senior Notes 6.13% due 04/01/2036		176,000		251,606
Nevada Power Co. General Refunding Mtg. 5.38% due 09/15/2040		96,000		128,507
Niagara Mohawk Power Corp. Senior Notes 1.96% due 06/27/2030*		450,000		451,064
Niagara Mohawk Power Corp. Senior Notes 3.51% due 10/01/2024*		360,000		386,111

Security Description	Principal Amount		Value (Note 2)
Electric-Integrated (continued)
OGE Energy Corp. Senior Notes 0.70% due 05/26/2023	$	285,000	$	285,124
Pacific Gas & Electric Co 1st Mtg. Notes 3.75% due 08/15/2042		75,000		68,617
Pacific Gas & Electric Co. Senior Sec. Notes 1.37% due 03/10/2023		610,000		609,565
Pacific Gas & Electric Co. FRS 1st Mtg. Bonds 1.53% (3 ML+1.38%) due 11/15/2021		745,000		745,796
Pacific Gas & Electric Co. 1st Mtg. Notes 1.75% due 06/16/2022		810,000		808,891
Pacific Gas & Electric Co. 1st Mtg. Notes 2.95% due 03/01/2026		185,000		189,194
Pacific Gas & Electric Co. 1st Mtg. Bonds 3.30% due 08/01/2040		3,970,000		3,599,199
Pacific Gas & Electric Co. 1st Mtg. Notes 3.45% due 07/01/2025		290,000		302,515
Pacific Gas & Electric Co. 1st Mtg. Notes 4.30% due 03/15/2045		130,000		122,989
Pacific Gas & Electric Co. 1st Mtg. Notes 4.45% due 04/15/2042		420,000		418,603
Pacific Gas and Electric Co. 1st Mtg. Bonds 3.00% due 06/15/2028		1,428,000		1,428,596
Pepco Holdings LLC Senior Notes 7.45% due 08/15/2032		119,000		169,662
PPL Electric Utilities Corp. 1st Mtg. Bonds 4.13% due 06/15/2044		270,000		332,824
Progress Energy, Inc. Senior Notes 7.00% due 10/30/2031		150,000		210,421
Public Service Co. of Colorado 1st Mtg. Bonds 3.55% due 06/15/2046		53,000		59,749
Public Service Co. of Oklahoma Senior Notes Series G 6.63% due 11/15/2037		450,000		657,035
Public Service Electric & Gas Co. 1st Mtg. Notes 2.25% due 09/15/2026		70,000		74,134
Public Service Electric & Gas Co. 1st Mtg. Notes 3.00% due 05/15/2025		208,000		222,879
Public Service Electric & Gas Co. 1st Mtg. Notes 5.70% due 12/01/2036		100,000		139,113
Southern California Edison Co. 1st Mtg. Notes 3.65% due 03/01/2028		200,000		221,227

273

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Southern California Edison Co. 1st Mtg. Notes 4.05% due 03/15/2042	$	350,000	$	380,757
Southern California Edison Co. 1st Mtg. Notes 5.55% due 01/15/2036		100,000		125,823
Southern Co. Senior Notes 3.25% due 07/01/2026		91,000		99,413
Southwestern Electric Power Co. Senior Notes Class J 3.90% due 04/01/2045		110,000		123,203
Southwestern Public Service Co. 1st Mtg. Notes 4.50% due 08/15/2041		100,000		125,872
Virginia Electric & Power Co. Senior Notes 4.45% due 02/15/2044		180,000		228,480
Wisconsin Electric Power Co. Senior Notes 3.10% due 06/01/2025		110,000		118,653
Wisconsin Energy Corp. Senior Notes 3.55% due 06/15/2025		194,000		212,529
Xcel Energy, Inc. Senior Notes 3.35% due 12/01/2026		220,000		241,488
				33,687,793
Electric-Transmission — 0.1%
AEP Transmission Co. LLC Senior Notes 3.10% due 12/01/2026		885,000		968,379
AEP Transmission Co. LLC Senior Notes 3.15% due 09/15/2049		95,000		102,539
ITC Holdings Corp. Senior Notes 2.70% due 11/15/2022		350,000		359,543
ITC Holdings Corp. Senior Notes 2.95% due 05/14/2030*		210,000		224,304
Oncor Electric Delivery Co. LLC Senior Sec. Notes 3.10% due 09/15/2049		425,000		456,360
Pennsylvania Electric Co. Senior Notes 3.25% due 03/15/2028*		75,000		79,996
				2,191,121
Electronic Components-Semiconductors — 0.6%
Broadcom, Inc. Company Guar. Notes 1.95% due 02/15/2028*		1,200,000		1,209,301
Broadcom, Inc. Senior Notes 3.47% due 04/15/2034*		2,079,000		2,210,991
Broadcom, Inc. Company Guar. Notes 4.11% due 09/15/2028		507,000		571,701

Security Description	Principal Amount		Value (Note 2)
Electronic Components-Semiconductors (continued)
Broadcom, Inc. Company Guar. Notes 4.15% due 11/15/2030	$	2,847,000	$	3,223,755
Broadcom, Inc. Company Guar. Notes 4.25% due 04/15/2026		500,000		561,273
Broadcom, Inc. Company Guar. Notes 4.75% due 04/15/2029		2,435,000		2,856,934
Microchip Technology, Inc. Senior Sec. Notes 0.97% due 02/15/2024*		615,000		616,115
Microchip Technology, Inc. Senior Sec. Notes 0.98% due 09/01/2024*		750,000		748,912
Xilinx, Inc. Senior Notes 2.38% due 06/01/2030		455,000		468,393
				12,467,375
Electronic Parts Distribution — 0.0%
Arrow Electronics, Inc. Senior Notes 3.25% due 09/08/2024		44,000		46,818
Arrow Electronics, Inc. Senior Notes 3.50% due 04/01/2022		200,000		203,035
Arrow Electronics, Inc. Senior Notes 3.88% due 01/12/2028		133,000		149,195
				399,048
Enterprise Software/Service — 0.2%
Oracle Corp. Senior Notes 2.30% due 03/25/2028		1,415,000		1,468,130
Oracle Corp. Senior Notes 2.40% due 09/15/2023		122,000		126,604
Oracle Corp. Senior Notes 2.50% due 05/15/2022		361,000		365,885
Oracle Corp. Senior Notes 2.50% due 10/15/2022		450,000		461,556
Oracle Corp. Senior Notes 2.95% due 05/15/2025		600,000		640,308
Oracle Corp. Senior Notes 3.80% due 11/15/2037		200,000		221,781
Oracle Corp. Senior Notes 3.85% due 07/15/2036		54,000		60,819
Oracle Corp. Senior Notes 3.90% due 05/15/2035		46,000		52,288
Oracle Corp. Senior Notes 4.30% due 07/08/2034		81,000		95,734

274

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Enterprise Software/Service (continued)
Oracle Corp. Senior Notes 4.38% due 05/15/2055	$	200,000	$	233,497
				3,726,602
Finance-Credit Card — 0.0%
Capital One Financial Corp. Senior Notes 3.20% due 02/05/2025		105,000		113,130
Capital One Financial Corp. Sub. Notes 4.20% due 10/29/2025		100,000		112,113
				225,243
Finance-Investment Banker/Broker — 0.3%
Charles Schwab Corp. Senior Notes 3.20% due 03/02/2027		3,448,000		3,801,434
LPL Holdings, Inc. Company Guar. Notes 4.00% due 03/15/2029*		3,383,000		3,433,745
				7,235,179
Finance-Leasing Companies — 0.2%
Air Lease Corp. Senior Notes 2.88% due 01/15/2026		500,000		528,556
Air Lease Corp. Senior Notes 3.25% due 03/01/2025		194,000		207,360
Air Lease Corp. Senior Notes 3.25% due 10/01/2029		775,000		818,038
Air Lease Corp. Senior Notes 3.38% due 07/01/2025		344,000		370,615
Air Lease Corp. Senior Notes 3.75% due 06/01/2026		244,000		268,013
Aviation Capital Group Corp. Senior Notes 2.88% due 01/20/2022*		250,000		252,081
Aviation Capital Group LLC Senior Notes 3.88% due 05/01/2023*		100,000		104,676
Aviation Capital Group LLC Senior Notes 5.50% due 12/15/2024*		524,000		593,677
International Lease Finance Corp. Senior Notes 5.88% due 08/15/2022		150,000		158,041
International Lease Finance Corp. Senior Notes 8.63% due 01/15/2022		500,000		518,128
				3,819,185
Finance-Other Services — 0.1%
GTP Acquisition Partners I LLC Senior Sec. Notes 3.48% due 06/15/2050*		171,000		181,951
Intercontinental Exchange, Inc. Senior Notes 2.10% due 06/15/2030		594,000		599,198

Security Description	Principal Amount		Value (Note 2)
Finance-Other Services (continued)
Intercontinental Exchange, Inc. Senior Notes 3.75% due 09/21/2028	$	986,000	$	1,117,328
				1,898,477
Food-Baking — 0.0%
Bimbo Bakeries USA, Inc. Company Guar. Notes 4.00% due 05/17/2051*		445,000		493,851
Food-Catering — 0.1%
Aramark Services, Inc. Company Guar. Notes 5.00% due 02/01/2028*		2,005,000		2,082,954
Food-Meat Products — 0.1%
Smithfield Foods, Inc. Senior Notes 3.00% due 10/15/2030*		730,000		745,489
Tyson Foods, Inc. Senior Notes 5.15% due 08/15/2044		195,000		256,757
				1,002,246
Food-Misc./Diversified — 0.1%
Campbell Soup Co. Senior Bonds 3.13% due 04/24/2050		145,000		143,780
Conagra Brands, Inc. Senior Notes 5.30% due 11/01/2038		105,000		135,393
Conagra Brands, Inc. Senior Notes 5.40% due 11/01/2048		210,000		288,023
McCormick & Co., Inc. Senior Notes 2.50% due 04/15/2030		751,000		779,365
				1,346,561
Food-Retail — 0.1%
Kroger Co. Senior Notes 4.00% due 02/01/2024		540,000		581,645
Kroger Co. Senior Bonds 5.00% due 04/15/2042		400,000		514,387
				1,096,032
Gas-Distribution — 0.4%
AGL Capital Corp. Company Guar. Notes 3.25% due 06/15/2026		85,000		92,529
Atmos Energy Corp. Senior Notes 0.63% due 03/09/2023		195,000		195,050
Atmos Energy Corp. Senior Notes 4.13% due 10/15/2044		270,000		326,104
Boston Gas Co. Senior Notes 3.15% due 08/01/2027*		3,510,000		3,794,180
Brooklyn Union Gas Co. Senior Notes 4.27% due 03/15/2048*		250,000		293,066

275

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Gas-Distribution (continued)
East Ohio Gas Co. Senior Notes 3.00% due 06/15/2050*	$	723,000	$	747,162
NiSource, Inc. Senior Notes 1.70% due 02/15/2031		360,000		346,275
NiSource, Inc. Senior Notes 2.95% due 09/01/2029		245,000		262,828
NiSource, Inc. Senior Notes 3.60% due 05/01/2030		2,196,000		2,455,481
Southern California Gas Co. 1st Mtg. Notes 2.55% due 02/01/2030		666,000		699,625
Southern Co. Gas Capital Corp. Company Guar. Notes 2.45% due 10/01/2023		58,000		60,342
Southern Co. Gas Capital Corp. Company Guar. Notes 3.95% due 10/01/2046		71,000		81,113
				9,353,755
Hotels/Motels — 0.4%
Hilton Domestic Operating Co., Inc. Company Guar. Notes 3.63% due 02/15/2032*		3,760,000		3,750,600
Marriott International, Inc. Senior Notes 2.85% due 04/15/2031		1,145,000		1,171,366
Marriott International, Inc. Senior Notes 3.50% due 10/15/2032		1,699,000		1,831,107
Marriott International, Inc. Senior Notes 4.63% due 06/15/2030		758,000		877,923
				7,630,996
Independent Power Producers — 0.3%
Alexander Funding Trust Senior Sec. Notes 1.84% due 11/15/2023*		500,000		508,378
Calpine Corp. Senior Sec. Notes 3.75% due 03/01/2031*		2,655,000		2,555,437
Clearway Energy Operating LLC Company Guar. Notes 4.75% due 03/15/2028*		2,970,000		3,148,200
NRG Energy, Inc. Senior Sec. Notes 2.00% due 12/02/2025*		355,000		365,054
NRG Energy, Inc. Senior Sec. Notes 2.45% due 12/02/2027*		395,000		403,501
NRG Energy, Inc. Senior Sec. Notes 4.45% due 06/15/2029*		300,000		337,952
				7,318,522
Insurance Brokers — 0.4%
Aon Corp. Company Guar. Notes 3.75% due 05/02/2029		3,568,000		4,047,345

Security Description	Principal Amount		Value (Note 2)
Insurance Brokers (continued)
Brown & Brown, Inc. Senior Notes 2.38% due 03/15/2031	$	910,000	$	922,457
Marsh & McLennan Cos., Inc. Senior Notes 4.20% due 03/01/2048		3,008,000		3,775,721
				8,745,523
Insurance-Life/Health — 0.2%
Athene Global Funding Sec. Notes 0.95% due 01/08/2024*		615,000		619,686
Athene Global Funding Sec. Notes 1.45% due 01/08/2026*		470,000		474,177
Athene Global Funding Sec. Notes 2.75% due 06/25/2024*		180,000		189,916
Athene Global Funding Sec. Notes 2.95% due 11/12/2026*		1,125,000		1,211,221
F&G Global Funding Sec. Notes 1.75% due 06/30/2026*		380,000		387,888
Jackson National Life Global Funding Senior Sec. Notes 3.25% due 01/30/2024*		172,000		183,103
Lincoln National Corp. Senior Notes 4.20% due 03/15/2022		450,000		460,571
Northwestern Mutual Global Funding Senior Sec. Notes 1.70% due 06/01/2028*		405,000		414,048
Pacific Life Insurance Co. Sub. Notes 4.30% due 10/24/2067*		249,000		292,463
Principal Financial Group, Inc. Company Guar. Notes 3.13% due 05/15/2023		100,000		104,683
Prudential Insurance Co. of America Sub. Notes 8.30% due 07/01/2025*		200,000		251,482
Teachers Insurance & Annuity Association of America Sub. Notes 4.27% due 05/15/2047*		200,000		245,666
				4,834,904
Insurance-Multi-line — 0.2%
American Financial Group, Inc. Senior Notes 3.50% due 08/15/2026		300,000		328,456
Guardian Life Insurance Co. of America Sub. Notes 4.85% due 01/24/2077*		63,000		82,798
Hartford Financial Services Group, Inc. Senior Notes 2.80% due 08/19/2029		2,662,000		2,836,161
Hartford Financial Services Group, Inc. Senior Notes 3.60% due 08/19/2049		984,000		1,095,146

276

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Multi-line (continued)
Hartford Financial Services Group, Inc. Senior Notes 4.30% due 04/15/2043	$	260,000	$	314,917
Metropolitan Life Global Funding I Senior Sec. Notes 3.00% due 01/10/2023*		326,000		338,834
				4,996,312
Insurance-Mutual — 0.1%
Liberty Mutual Group, Inc. Company Guar. Notes 4.25% due 06/15/2023*		100,000		106,647
Liberty Mutual Group, Inc. Company Guar. Notes 4.57% due 02/01/2029*		350,000		412,562
New York Life Global Funding Sec. Notes 3.00% due 01/10/2028*		162,000		178,493
New York Life Insurance Co. Sub. Notes 4.45% due 05/15/2069*		305,000		390,470
				1,088,172
Insurance-Property/Casualty — 0.1%
ACE INA Holdings, Inc. Company Guar. Notes 3.35% due 05/15/2024		630,000		679,253
Assurant, Inc. Senior Notes 4.20% due 09/27/2023		305,000		327,172
Hanover Insurance Group, Inc. Senior Notes 2.50% due 09/01/2030		250,000		255,170
OneBeacon US Holdings, Inc. Company Guar. Notes 4.60% due 11/09/2022		300,000		313,858
				1,575,453
Insurance-Reinsurance — 0.0%
Berkshire Hathaway Finance Corp. Company Guar. Notes 2.85% due 10/15/2050		738,000		755,559
Internet Brokers — 0.3%
E*TRADE Financial Corp. Senior Notes 3.80% due 08/24/2027		4,105,000		4,626,012
E*TRADE Financial Corp. Senior Notes 4.50% due 06/20/2028		1,523,000		1,773,713
				6,399,725
Investment Companies — 0.0%
Blackstone Secured Lending Fund Senior Notes 3.65% due 07/14/2023		390,000		406,628
Investment Management/Advisor Services — 0.2%
Blackstone Holdings Finance Co. LLC Company Guar. Notes 4.45% due 07/15/2045*		110,000		140,559
Castlelake, L.P. FRS 3.34% due 03/15/2023(9)		3,200,000		3,200,000

Security Description	Principal Amount		Value (Note 2)
Investment Management/Advisor Services (continued)
Raymond James Financial, Inc. Senior Notes 4.95% due 07/15/2046	$	1,428,000	$	1,863,793
				5,204,352
Machinery-Construction & Mining — 0.0%
Caterpillar Financial Services Corp. Senior Notes 2.75% due 08/20/2021		720,000		720,865
Caterpillar, Inc. Senior Notes 6.05% due 08/15/2036		100,000		147,567
				868,432
Machinery-Electrical — 0.1%
BWX Technologies, Inc. Company Guar. Notes 4.13% due 06/30/2028*		1,173,000		1,202,325
Machinery-Farming — 0.0%
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024		539,000		582,933
Machinery-General Industrial — 0.3%
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030		1,941,000		2,048,692
Wabtec Corp. Company Guar. Notes 4.95% due 09/15/2028		3,564,000		4,178,265
				6,226,957
Machinery-Pumps — 0.0%
Xylem, Inc. Senior Notes 3.25% due 11/01/2026		49,000		53,914
Medical Instruments — 0.4%
Alcon Finance Corp. Company Guar. Notes 2.60% due 05/27/2030*		556,000		576,853
Alcon Finance Corp. Company Guar. Notes 2.75% due 09/23/2026*		964,000		1,026,689
Alcon Finance Corp. Company Guar. Notes 3.00% due 09/23/2029*		1,740,000		1,857,363
Boston Scientific Corp. Senior Notes 4.00% due 03/01/2029		3,293,000		3,792,107
Boston Scientific Corp. Senior Notes 4.55% due 03/01/2039		200,000		247,853
				7,500,865
Medical Labs & Testing Services — 0.1%
Charles River Laboratories International, Inc. Company Guar. Notes 4.00% due 03/15/2031*		2,075,000		2,183,107
Quest Diagnostics, Inc. Senior Notes 3.45% due 06/01/2026		56,000		61,789
				2,244,896

277

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical Products — 0.0%
Zimmer Biomet Holdings, Inc. Senior Notes 3.70% due 03/19/2023	$	97,000	$	101,844
Medical-Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 2.20% due 02/21/2027		265,000		278,678
Baxalta, Inc. Company Guar. Notes 3.60% due 06/23/2022		29,000		29,678
Baxalta, Inc. Company Guar. Notes 5.25% due 06/23/2045		14,000		19,119
Biogen, Inc. Senior Notes 2.25% due 05/01/2030		545,000		554,755
Biogen, Inc. Senior Bonds 3.15% due 05/01/2050		145,000		144,415
Gilead Sciences, Inc. Senior Notes 2.60% due 10/01/2040		605,000		600,580
Regeneron Pharmaceuticals, Inc. Senior Notes 1.75% due 09/15/2030		900,000		869,283
				2,496,508
Medical-Drugs — 0.4%
AbbVie, Inc. Senior Notes 2.80% due 03/15/2023		300,000		308,683
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		794,000		870,860
AbbVie, Inc. Senior Notes 3.45% due 03/15/2022		450,000		456,374
AbbVie, Inc. Senior Notes 3.80% due 03/15/2025		2,659,000		2,912,552
AbbVie, Inc. Senior Notes 3.85% due 06/15/2024		230,000		249,140
AbbVie, Inc. Senior Notes 4.05% due 11/21/2039		784,000		923,062
AbbVie, Inc. Senior Notes 4.40% due 11/06/2042		275,000		338,154
AbbVie, Inc. Senior Notes 4.50% due 05/14/2035		420,000		515,413
Bristol-Myers Squibb Co. Senior Notes 3.90% due 02/20/2028		325,000		376,788
Bristol-Myers Squibb Co. Senior Notes 4.13% due 06/15/2039		241,000		296,780
Bristol-Myers Squibb Co. Senior Notes 4.55% due 02/20/2048		155,000		207,299

Security Description	Principal Amount		Value (Note 2)
Medical-Drugs (continued)
Bristol-Myers Squibb Co. Senior Notes 5.00% due 08/15/2045	$	262,000	$	365,266
Zoetis, Inc. Senior Notes 2.00% due 05/15/2030		370,000		374,519
				8,194,890
Medical-Generic Drugs — 0.1%
Mylan NV Company Guar. Notes 3.95% due 06/15/2026		139,000		154,168
Viatris, Inc. Company Guar. Notes 2.30% due 06/22/2027*		1,157,000		1,189,869
				1,344,037
Medical-HMO — 0.1%
Anthem, Inc. Senior Notes 4.10% due 03/01/2028		105,000		120,914
Anthem, Inc. Senior Notes 4.65% due 08/15/2044		180,000		229,363
UnitedHealth Group, Inc. Senior Notes 3.10% due 03/15/2026		201,000		220,364
UnitedHealth Group, Inc. Senior Notes 3.25% due 05/15/2051		345,000		380,196
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		420,000		477,308
UnitedHealth Group, Inc. Senior Notes 4.63% due 07/15/2035		260,000		333,833
				1,761,978
Medical-Hospitals — 0.9%
Bon Secours Mercy Health, Inc. Sec. Bonds 3.21% due 06/01/2050		400,000		426,619
Children’s Hospital Corp. Company Guar. Notes 2.59% due 02/01/2050		270,000		265,914
Children’s National Medical Center Notes 2.93% due 07/15/2050		340,000		350,979
CommonSpirit Health Senior Sec. Notes 1.55% due 10/01/2025		275,000		278,866
CommonSpirit Health Senior Sec. Notes 2.78% due 10/01/2030		275,000		290,491
CommonSpirit Health Senior Sec. Bonds 3.91% due 10/01/2050		275,000		310,625
Cottage Health Obligated Group Sec. Notes 3.30% due 11/01/2049		320,000		352,830
Hackensack Meridian Health, Inc. Sec. Notes 2.68% due 09/01/2041		760,000		769,525

278

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Hospitals (continued)
Hackensack Meridian Health, Inc. Sec. Bonds 2.88% due 09/01/2050	$	400,000	$	410,696
Hartford HealthCare Corp. Senior Notes 3.45% due 07/01/2054		700,000		731,468
HCA, Inc. Senior Sec. Notes 3.50% due 07/15/2051		290,000		299,121
HCA, Inc. Senior Sec. Notes 4.13% due 06/15/2029		2,177,000		2,482,586
HCA, Inc. Senior Sec. Notes 5.13% due 06/15/2039		335,000		426,630
HCA, Inc. Senior Sec. Notes 5.25% due 06/15/2026		1,962,000		2,287,939
HCA, Inc. Senior Sec. Notes 5.50% due 06/15/2047		235,000		313,447
HCA, Inc. Company Guar. Notes 5.63% due 09/01/2028		2,810,000		3,379,587
Memorial Health Services Senior Notes 3.45% due 11/01/2049		620,000		690,784
MultiCare Health System Notes 2.80% due 08/15/2050		235,000		238,957
Northwell Healthcare, Inc. Sec. Notes 3.98% due 11/01/2046		594,000		689,399
NYU Langone Hospitals Sec. Notes 3.38% due 07/01/2055		270,000		296,009
Providence St Joseph Health Obligated Group Notes 2.75% due 10/01/2026		84,000		90,178
Texas Health Resources Senior Bonds 2.33% due 11/15/2050		220,000		198,806
Texas Health Resources Sec. Notes 4.33% due 11/15/2055		400,000		542,999
Tower Health Sec. Notes 4.45% due 02/01/2050		3,152,000		2,828,920
Universal Health Services, Inc. Senior Sec. Notes 2.65% due 10/15/2030*		330,000		335,379
Yale-New Haven Health Services Corp. Notes 2.50% due 07/01/2050		390,000		372,472
				19,661,226
Medical-Outpatient/Home Medical — 0.0%
MidMichigan Health Sec. Notes 3.41% due 06/01/2050		155,000		173,435

Security Description	Principal Amount		Value (Note 2)
Metal Processors & Fabrication — 0.0%
Precision Castparts Corp. Senior Notes 3.25% due 06/15/2025	$	160,000	$	174,565
Precision Castparts Corp. Senior Notes 4.20% due 06/15/2035		150,000		181,499
Precision Castparts Corp. Senior Notes 4.38% due 06/15/2045		100,000		123,707
				479,771
Metal-Aluminum — 0.2%
Novelis Corp. Senior Notes 3.25% due 11/15/2026*		411,000		417,165
Novelis Corp. Senior Notes 3.88% due 08/15/2031*		1,439,000		1,453,735
Novelis Corp. Company Guar. Notes 5.88% due 09/30/2026*		1,800,000		1,865,160
				3,736,060
Metal-Diversified — 0.3%
Glencore Funding LLC Company Guar. Notes 1.63% due 09/01/2025*		524,000		532,086
Glencore Funding LLC Company Guar. Notes 2.50% due 09/01/2030*		1,260,000		1,269,566
Glencore Funding LLC Company Guar. Notes 2.85% due 04/27/2031*		2,121,000		2,192,218
Glencore Funding LLC Company Guar. Notes 4.13% due 05/30/2023*		1,333,000		1,413,632
				5,407,502
Multimedia — 0.1%
CBS Corp. Senior Notes 3.70% due 08/15/2024		254,000		274,267
Viacom, Inc. Senior Notes 5.85% due 09/01/2043		195,000		271,989
ViacomCBS, Inc. Senior Notes 2.90% due 01/15/2027		285,000		306,220
Walt Disney Co. Company Guar. Notes 3.70% due 10/15/2025		540,000		597,961
				1,450,437
Music — 0.2%
WMG Acquisition Corp. Senior Sec. Notes 3.00% due 02/15/2031*		4,445,000		4,305,383
Non-Hazardous Waste Disposal — 0.0%
Republic Services, Inc. Senior Notes 1.45% due 02/15/2031		460,000		442,864

279

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Non-Profit Charity — 0.0%
Ford Foundation Notes 2.82% due 06/01/2070	$	175,000	$	181,601
Oil Companies-Exploration & Production — 0.2%
ConocoPhillips Company Guar. Notes 2.40% due 02/15/2031*		260,000		271,077
ConocoPhillips Co. Company Guar. Notes 4.95% due 03/15/2026		225,000		262,185
Diamondback Energy, Inc. Company Guar. Notes 3.25% due 12/01/2026		280,000		302,272
Diamondback Energy, Inc. Company Guar. Notes 4.40% due 03/24/2051		1,057,000		1,206,657
Diamondback Energy, Inc. Company Guar. Notes 4.75% due 05/31/2025		625,000		701,592
EOG Resources, Inc. Senior Notes 4.15% due 01/15/2026		100,000		112,815
EQT Corp. Senior Notes 3.90% due 10/01/2027		201,000		217,834
Hess Corp. Senior Notes 6.00% due 01/15/2040		191,000		246,332
Pioneer Natural Resources Co. Senior Notes 1.90% due 08/15/2030		520,000		504,215
				3,824,979
Oil Companies-Integrated — 0.2%
BP Capital Markets America, Inc. Company Guar. Notes 2.77% due 11/10/2050		450,000		427,900
BP Capital Markets America, Inc. Company Guar. Notes 2.94% due 06/04/2051		500,000		489,180
BP Capital Markets America, Inc. Company Guar. Notes 3.02% due 01/16/2027		300,000		325,634
Chevron USA, Inc. Company Guar. Notes 3.25% due 10/15/2029		280,000		312,316
Chevron USA, Inc. Company Guar. Notes 5.05% due 11/15/2044		130,000		178,690
Chevron USA, Inc. Company Guar. Notes 6.00% due 03/01/2041		180,000		269,624
Eni USA, Inc. Company Guar. Notes 7.30% due 11/15/2027		200,000		263,335
Exxon Mobil Corp. Senior Notes 3.00% due 08/16/2039		410,000		431,150
Exxon Mobil Corp. Senior Notes 3.10% due 08/16/2049		510,000		536,092

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Integrated (continued)
Exxon Mobil Corp. Senior Notes 4.11% due 03/01/2046	$	183,000	$	222,614
Exxon Mobil Corp. Senior Notes 4.23% due 03/19/2040		853,000		1,040,218
				4,496,753
Oil Refining & Marketing — 0.3%
HollyFrontier Corp. Senior Notes 2.63% due 10/01/2023		490,000		506,884
HollyFrontier Corp. Senior Notes 5.88% due 04/01/2026		265,000		306,847
Marathon Petroleum Corp. Senior Notes 4.50% due 05/01/2023		417,000		443,599
Marathon Petroleum Corp. Senior Notes 4.70% due 05/01/2025		251,000		282,706
Marathon Petroleum Corp. Senior Notes 4.75% due 09/15/2044		2,160,000		2,594,376
Marathon Petroleum Corp. Senior Notes 5.85% due 12/15/2045		974,000		1,279,175
Valero Energy Corp. Senior Notes 1.20% due 03/15/2024		590,000		595,131
Valero Energy Corp. Senior Notes 2.15% due 09/15/2027		410,000		417,541
				6,426,259
Oil-Field Services — 0.3%
Baker Hughes Holdings LLC Senior Notes 5.13% due 09/15/2040		150,000		194,629
Halliburton Co. Senior Notes 2.92% due 03/01/2030		3,414,000		3,580,601
Halliburton Co. Senior Notes 3.80% due 11/15/2025		22,000		24,380
Halliburton Co. Senior Notes 4.85% due 11/15/2035		85,000		101,449
Halliburton Co. Senior Notes 5.00% due 11/15/2045		996,000		1,216,923
Schlumberger Holdings Corp. Senior Notes 3.90% due 05/17/2028*		227,000		254,930
				5,372,912
Paper & Related Products — 0.0%
International Paper Co. Senior Notes 8.70% due 06/15/2038		100,000		169,799

280

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Petrochemicals — 0.0%
Chevron Phillips Chemical Co. LLC/Chevron Phillips Chemical Co. LP Senior Notes 5.13% due 04/01/2025*	$	700,000	$	804,568
Pharmacy Services — 0.1%
CVS Health Corp. Senior Notes 4.30% due 03/25/2028		192,000		222,143
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		1,244,000		1,655,940
CVS Pass-Through Trust Pass-Through Certs. 7.51% due 01/10/2032*		197,380		250,985
CVS Pass-Through Trust Pass-Through Certs. Series 2009 8.35% due 07/10/2031*		265,672		349,243
				2,478,311
Physicians Practice Management — 0.3%
Toledo Hospital Sec. Notes 5.33% due 11/15/2028		3,425,000		4,029,742
Toledo Hospital Senior Sec. Notes 5.75% due 11/15/2038		1,296,000		1,592,310
				5,622,052
Pipelines — 1.5%
Boardwalk Pipelines LP Company Guar. Notes 3.40% due 02/15/2031		300,000		322,963
Boardwalk Pipelines LP Company Guar. Notes 4.80% due 05/03/2029		200,000		233,455
Buckeye Partners LP Senior Notes 5.85% due 11/15/2043		260,000		261,300
Cameron LNG LLC Senior Sec. Notes 3.70% due 01/15/2039*		479,000		541,769
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 5.13% due 06/30/2027		496,000		580,861
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029		1,495,000		1,612,731
Eastern Gas Transmission & Storage, Inc. Senior Notes 3.90% due 11/15/2049*		423,000		472,320
Enable Midstream Partners LP Senior Notes 4.15% due 09/15/2029		272,000		301,991
Enable Midstream Partners LP Senior Notes 4.40% due 03/15/2027		1,555,000		1,732,136
Enable Midstream Partners LP Senior Notes 4.95% due 05/15/2028		150,000		173,184

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Energy Transfer LP Senior Notes 4.75% due 01/15/2026	$	128,000	$	144,308
Energy Transfer LP Senior Notes 5.00% due 05/15/2050		295,000		346,358
Energy Transfer LP Senior Notes 6.05% due 06/01/2041		677,000		854,567
Energy Transfer Operating LP Senior Notes 5.50% due 06/01/2027		69,000		81,876
Enterprise Products Operating LLC Company Guar. Notes 3.20% due 02/15/2052		690,000		697,017
Enterprise Products Operating LLC Company Guar. Notes 3.90% due 02/15/2024		720,000		773,925
Enterprise Products Operating LLC Company Guar. Notes 4.95% due 10/15/2054		180,000		232,624
EQM Midstream Partners LP Senior Notes 5.50% due 07/15/2028		350,000		378,875
Flex Intermediate Holdco LLC Senior Sec. Notes 3.36% due 06/30/2031*		395,000		405,875
Flex Intermediate Holdco LLC Senior Sec. Notes 4.32% due 12/30/2039*		280,000		294,056
Gray Oak Pipeline LLC Senior Notes 2.00% due 09/15/2023*		265,000		270,485
Gray Oak Pipeline LLC Senior Notes 2.60% due 10/15/2025*		1,345,000		1,394,457
Kinder Morgan Energy Partners LP Company Guar. Notes 5.40% due 09/01/2044		1,611,000		2,056,439
Kinder Morgan, Inc. Company Guar. Notes 2.00% due 02/15/2031		260,000		255,538
Kinder Morgan, Inc. Company Guar. Notes 3.25% due 08/01/2050		320,000		314,468
Magellan Midstream Partners LP Senior Notes 3.20% due 03/15/2025		103,000		109,457
Magellan Midstream Partners LP Senior Notes 6.40% due 05/01/2037		210,000		286,564
MPLX LP Senior Notes 5.20% due 03/01/2047		81,000		100,421
MPLX LP Senior Notes 5.20% due 12/01/2047		175,000		213,531
NGPL PipeCo LLC Senior Notes 3.25% due 07/15/2031*		410,000		427,010
ONEOK Partners LP Company Guar. Notes 3.38% due 10/01/2022		40,000		41,037

281

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pipelines (continued)
ONEOK Partners LP Company Guar. Notes 5.00% due 09/15/2023	$	90,000	$	97,154
ONEOK Partners LP Company Guar. Notes 6.65% due 10/01/2036		240,000		327,855
ONEOK, Inc. Company Guar. Notes 3.40% due 09/01/2029		245,000		264,256
ONEOK, Inc. Company Guar. Notes 5.20% due 07/15/2048		2,261,000		2,811,624
ONEOK, Inc. Company Guar. Notes 7.50% due 09/01/2023		559,000		627,493
Phillips 66 Partners LP Senior Notes 3.15% due 12/15/2029		250,000		265,361
Phillips 66 Partners LP Senior Notes 3.55% due 10/01/2026		49,000		53,889
Phillips 66 Partners LP Senior Notes 4.90% due 10/01/2046		106,000		125,717
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 3.55% due 12/15/2029		4,937,000		5,291,418
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.70% due 06/15/2044		820,000		878,806
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.20% due 03/15/2028		1,021,000		1,157,172
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030		1,042,000		1,217,475
Southern Natural Gas Co. LLC Senior Notes 4.80% due 03/15/2047*		102,000		127,776
Southern Natural Gas Co. LLC Senior Notes 8.00% due 03/01/2032		140,000		202,837
Sunoco Logistics Partners Operations LP Senior Notes 4.95% due 01/15/2043		567,000		621,478
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 5.88% due 04/15/2026		1,510,000		1,579,838
TC PipeLines LP Senior Notes 3.90% due 05/25/2027		106,000		118,361
Tennessee Gas Pipeline Co. LLC Company Guar. Notes 2.90% due 03/01/2030*		425,000		446,677
Texas Eastern Transmission LP Senior Notes 3.50% due 01/15/2028*		60,000		65,994

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Williams Cos., Inc. Senior Notes 4.85% due 03/01/2048	$	178,000	$	219,007
				32,411,786
Real Estate Investment Trusts — 2.2%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 1.88% due 02/01/2033		260,000		251,314
Alexandria Real Estate Equities, Inc. Company Guar. Notes 3.80% due 04/15/2026		70,000		78,527
Alexandria Real Estate Equities, Inc. Company Guar. Notes 4.00% due 02/01/2050		334,000		396,070
American Campus Communities Operating Partnership LP Company Guar. Notes 2.85% due 02/01/2030		486,000		507,751
American Campus Communities Operating Partnership LP Company Guar. Notes 3.63% due 11/15/2027		441,000		485,335
American Tower Corp. Senior Notes 1.50% due 01/31/2028		610,000		600,989
American Tower Corp. Senior Notes 1.88% due 10/15/2030		545,000		534,555
American Tower Corp. Senior Notes 2.10% due 06/15/2030		300,000		299,973
American Tower Corp. Senior Notes 2.75% due 01/15/2027		857,000		912,085
American Tower Corp. Senior Notes 2.95% due 01/15/2051		164,000		161,193
American Tower Corp. Senior Notes 3.10% due 06/15/2050		890,000		897,033
American Tower Corp. Senior Notes 3.38% due 10/15/2026		175,000		191,282
American Tower Corp. Senior Notes 3.55% due 07/15/2027		4,404,000		4,868,784
American Tower Corp. Senior Notes 3.70% due 10/15/2049		615,000		683,022
American Tower Corp. Senior Notes 3.80% due 08/15/2029		618,000		695,351
Boston Properties LP Senior Notes 2.55% due 04/01/2032		3,765,000		3,871,884
Boston Properties LP Senior Notes 3.20% due 01/15/2025		228,000		244,541
Boston Properties LP Senior Notes 3.65% due 02/01/2026		148,000		164,138

282

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Brixmor Operating Partnership LP Senior Notes 2.25% due 04/01/2028	$	380,000	$	390,535
Brixmor Operating Partnership LP Senior Notes 3.85% due 02/01/2025		200,000		218,202
Corporate Office Properties LP Company Guar. Notes 2.75% due 04/15/2031		624,000		638,154
Crown Castle International Corp. Senior Notes 2.25% due 01/15/2031		580,000		580,959
Crown Castle International Corp. Senior Notes 3.25% due 01/15/2051		1,254,000		1,282,430
Crown Castle International Corp. Senior Notes 3.70% due 06/15/2026		858,000		951,120
Crown Castle International Corp. Senior Bonds 3.80% due 02/15/2028		797,000		895,016
Crown Castle International Corp. Senior Notes 4.00% due 03/01/2027		377,000		425,259
DDR Corp. Senior Notes 4.70% due 06/01/2027		94,000		105,087
Digital Realty Trust LP Company Guar. Notes 3.70% due 08/15/2027		115,000		129,519
Duke Realty LP Company Guar. Notes 3.63% due 04/15/2023		270,000		281,927
Equinix, Inc. Senior Notes 2.00% due 05/15/2028		901,000		919,789
Equinix, Inc. Senior Notes 2.15% due 07/15/2030		2,406,000		2,417,774
Equinix, Inc. Senior Notes 2.90% due 11/18/2026		560,000		603,365
Essex Portfolio LP Company Guar. Notes 2.65% due 03/15/2032		365,000		378,838
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.25% due 06/01/2025		921,000		1,040,085
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.38% due 11/01/2023		1,616,000		1,763,137
Goodman US Finance Three LLC Company Guar. Notes 3.70% due 03/15/2028*		215,000		235,674
Government Properties Income Trust Senior Notes 4.00% due 07/15/2022		275,000		283,155
HCP, Inc. Senior Notes 3.50% due 07/15/2029		356,000		400,446

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
Health Care REIT, Inc. Senior Bonds 6.50% due 03/15/2041	$	250,000	$	364,368
Healthcare Trust of America Holdings LP Company Guar. Notes 2.00% due 03/15/2031		300,000		296,791
Healthcare Trust of America Holdings LP Company Guar. Notes 3.10% due 02/15/2030		795,000		857,544
Iron Mountain, Inc. Company Guar. Notes 4.50% due 02/15/2031*		2,745,000		2,806,763
Life Storage LP Company Guar. Notes 4.00% due 06/15/2029		415,000		474,783
Mid-America Apartments LP Senior Notes 1.70% due 02/15/2031		300,000		290,487
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		1,120,000		1,185,565
National Retail Properties, Inc. Senior Notes 4.00% due 11/15/2025		291,000		323,081
Realty Income Corp. Senior Notes 3.25% due 01/15/2031		340,000		376,619
Realty Income Corp. Senior Notes 3.88% due 07/15/2024		100,000		108,602
Realty Income Corp. Senior Notes 3.88% due 04/15/2025		210,000		232,655
Regency Centers LP Company Guar. Notes 2.95% due 09/15/2029		335,000		359,578
Regency Centers LP Company Guar. Notes 4.13% due 03/15/2028		400,000		456,449
Safehold Operating Partnership LP Company Guar. Notes 2.80% due 06/15/2031		1,200,000		1,218,389
SBA Communications Corp. Senior Notes 3.13% due 02/01/2029*		2,080,000		2,042,763
SBA Communications Corp. Senior Notes 3.88% due 02/15/2027		2,615,000		2,696,719
UDR, Inc. Company Guar. Notes 2.10% due 08/01/2032		310,000		304,374
UDR, Inc. Company Guar. Notes 3.00% due 08/15/2031		55,000		58,984
UDR, Inc. Company Guar. Notes 3.20% due 01/15/2030		370,000		404,448
Ventas Realty LP Company Guar. Notes 3.75% due 05/01/2024		380,000		407,519

283

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
VICI Properties LP/VICI Note Co., Inc. Company Guar. Notes 4.13% due 08/15/2030*	$	2,070,000	$	2,177,102
Welltower, Inc. Senior Notes 2.70% due 02/15/2027		71,000		75,870
Welltower, Inc. Senior Notes 3.10% due 01/15/2030		260,000		280,138
WP Carey, Inc. Senior Notes 2.40% due 02/01/2031		395,000		402,999
WP Carey, Inc. Senior Notes 4.25% due 10/01/2026		790,000		894,325
				48,881,213
Rental Auto/Equipment — 0.1%
ERAC USA Finance LLC Company Guar. Notes 2.60% due 12/01/2021*		200,000		201,060
ERAC USA Finance LLC Company Guar. Notes 4.50% due 02/15/2045*		200,000		248,993
ERAC USA Finance LLC Company Guar. Notes 7.00% due 10/15/2037*		1,038,000		1,574,962
				2,025,015
Resort/Theme Parks — 0.1%
Six Flags Entertainment Corp. Company Guar. Notes 4.88% due 07/31/2024*		2,230,000		2,241,150
Retail-Auto Parts — 0.0%
AutoZone, Inc. Senior Notes 1.65% due 01/15/2031		340,000		328,280
O’Reilly Automotive, Inc. Senior Notes 3.60% due 09/01/2027		185,000		209,248
				537,528
Retail-Automobile — 0.1%
Penske Automotive Group, Inc. Company Guar. Notes 3.75% due 06/15/2029		2,795,000		2,833,431
Retail-Building Products — 0.1%
Home Depot, Inc. Senior Notes 4.40% due 03/15/2045		180,000		232,253
Lowe’s Cos., Inc. Senior Notes 1.70% due 10/15/2030		560,000		547,629
Lowe’s Cos., Inc. Senior Notes 2.63% due 04/01/2031		365,000		383,431
Lowe’s Cos., Inc. Senior Notes 3.13% due 09/15/2024		180,000		192,833

Security Description	Principal Amount		Value (Note 2)
Retail-Building Products (continued)
Lowe’s Cos., Inc. Senior Notes 3.65% due 04/05/2029	$	314,000	$	355,090
				1,711,236
Retail-Convenience Store — 0.0%
7-Eleven, Inc. Senior Notes 0.95% due 02/10/2026*		325,000		321,730
7-Eleven, Inc. Senior Notes 1.30% due 02/10/2028*		261,000		254,916
7-Eleven, Inc. Senior Notes 2.50% due 02/10/2041*		266,000		251,778
				828,424
Retail-Discount — 0.0%
Dollar General Corp. Senior Notes 4.13% due 05/01/2028		200,000		231,678
Retail-Major Department Stores — 0.1%
Nordstrom, Inc. Senior Notes 4.00% due 03/15/2027		520,000		547,126
Nordstrom, Inc. Senior Notes 4.25% due 08/01/2031		581,000		610,541
TJX Cos, Inc. Senior Notes 3.88% due 04/15/2030		357,000		413,540
				1,571,207
Retail-Regional Department Stores — 0.0%
Kohl’s Corp. Senior Notes 3.38% due 05/01/2031		500,000		523,665
Retail-Restaurants — 0.0%
McDonald’s Corp. Senior Notes 4.70% due 12/09/2035		155,000		196,046
McDonald’s Corp. Senior Notes 6.30% due 10/15/2037		102,000		148,038
				344,084
Schools — 0.0%
Pepperdine University Notes 3.30% due 12/01/2059		290,000		300,764
University of Southern California Senior Notes 3.23% due 10/01/2120		280,000		299,119
				599,883
Semiconductor Components-Integrated Circuits — 0.0%
Analog Devices, Inc. Senior Notes 3.13% due 12/05/2023		122,000		129,059
Analog Devices, Inc. Senior Notes 4.50% due 12/05/2036		57,000		68,610
				197,669

284

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Software Tools — 0.1%
VMware, Inc. Senior Notes 1.40% due 08/15/2026	$	859,000	$	861,744
VMware, Inc. Senior Notes 2.95% due 08/21/2022		389,000		398,377
VMware, Inc. Senior Notes 4.65% due 05/15/2027		280,000		324,949
				1,585,070
Special Purpose Entities — 0.2%
Toll Road Investors Partnership II LP Notes zero coupon due 02/15/2026*		939,000		795,134
Toll Road Investors Partnership II LP Notes zero coupon due 02/15/2029*		2,723,000		1,880,957
Toll Road Investors Partnership II LP Notes zero coupon due 02/15/2031*		939,000		579,283
Toll Road Investors Partnership II LP Notes zero coupon due 02/15/2043*		2,700,000		860,254
				4,115,628
Specified Purpose Acquisitions — 0.0%
CVS Pass-Through Trust Pass-Through Certs. Series 2013 4.70% due 01/10/2036*		230,009		263,460
Steel-Producers — 0.1%
Nucor Corp. Senior Notes 2.98% due 12/15/2055*		100,000		100,479
Reliance Steel & Aluminum Co. Senior Notes 1.30% due 08/15/2025		1,160,000		1,165,698
Steel Dynamics, Inc. Senior Notes 1.65% due 10/15/2027		169,000		169,837
Steel Dynamics, Inc. Senior Notes 3.45% due 04/15/2030		450,000		496,670
				1,932,684
Telecom Equipment-Fiber Optics — 0.0%
Corning, Inc. Senior Notes 3.90% due 11/15/2049		580,000		666,969
Telephone-Integrated — 0.8%
AT&T, Inc. Senior Notes 1.65% due 02/01/2028		110,000		110,076
AT&T, Inc. Senior Notes 2.25% due 02/01/2032		765,000		761,763
AT&T, Inc. Senior Notes 2.30% due 06/01/2027		1,110,000		1,161,869

Security Description	Principal Amount		Value (Note 2)
Telephone-Integrated (continued)
AT&T, Inc. Senior Notes 3.10% due 02/01/2043	$	1,150,000	$	1,147,770
AT&T, Inc. Senior Notes 3.50% due 06/01/2041		304,000		322,586
AT&T, Inc. Senior Notes 3.50% due 09/15/2053*		866,000		894,218
AT&T, Inc. Senior Notes 3.55% due 09/15/2055*		3,909,000		4,033,345
Switch, Ltd. Company Guar. Notes 4.13% due 06/15/2029*		1,725,000		1,777,181
Verizon Communications, Inc. Senior Notes 2.10% due 03/22/2028		1,025,000		1,053,556
Verizon Communications, Inc. Senior Notes 2.55% due 03/21/2031		1,501,000		1,558,345
Verizon Communications, Inc. Senior Notes 2.65% due 11/20/2040		495,000		484,031
Verizon Communications, Inc. Senior Notes 2.99% due 10/30/2056		327,000		317,609
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		1,404,000		1,684,977
Verizon Communications, Inc. Senior Notes 4.40% due 11/01/2034		1,268,000		1,535,872
Verizon Communications, Inc. Senior Notes 4.67% due 03/15/2055		835,000		1,090,363
Verizon Communications, Inc. Senior Notes 4.86% due 08/21/2046		372,000		489,083
				18,422,644
Tobacco — 0.1%
Altria Group, Inc. Company Guar. Notes 2.45% due 02/04/2032		785,000		771,658
BAT Capital Corp. Company Guar. Notes 2.26% due 03/25/2028		355,000		357,100
BAT Capital Corp. Company Guar. Notes 3.22% due 08/15/2024		1,007,000		1,068,984
BAT Capital Corp. Company Guar. Notes 3.73% due 09/25/2040		240,000		240,748
BAT Capital Corp. Company Guar. Notes 3.98% due 09/25/2050		370,000		367,415
BAT Capital Corp. Company Guar. Notes 4.54% due 08/15/2047		240,000		258,924
				3,064,829

285

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Toys — 0.0%
Hasbro, Inc. Senior Notes 3.90% due 11/19/2029	$	623,000	$	701,119
Transport-Rail — 0.1%
Burlington Northern Santa Fe LLC Senior Notes 3.05% due 09/01/2022		720,000		737,178
Burlington Northern Santa Fe LLC Senior Notes 3.55% due 02/15/2050		193,000		223,976
Burlington Northern Santa Fe LLC Senior Notes 3.65% due 09/01/2025		400,000		442,779
CSX Corp. Senior Notes 3.35% due 09/15/2049		85,000		92,145
CSX Corp. Senior Notes 4.75% due 11/15/2048		345,000		454,399
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		382,000		486,242
Norfolk Southern Corp. Senior Notes 3.85% due 01/15/2024		221,000		236,248
Union Pacific Corp. Senior Notes 4.10% due 09/15/2067		100,000		121,086
				2,794,053
Transport-Truck — 0.0%
JB Hunt Transport Services, Inc. Company Guar. Notes 3.88% due 03/01/2026		245,000		273,314
Trucking/Leasing — 0.0%
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 2.70% due 03/14/2023*		360,000		371,726
Penske Truck Leasing Co. LP/PTL Finance Corp. Senior Notes 4.13% due 08/01/2023*		250,000		265,584
				637,310
Vitamins & Nutrition Products — 0.0%
Mead Johnson Nutrition Co. Company Guar. Notes 4.13% due 11/15/2025		251,000		283,410
Water — 0.1%
American Water Capital Corp. Senior Notes 2.80% due 05/01/2030		500,000		541,641
American Water Capital Corp. Senior Notes 3.45% due 06/01/2029		450,000		507,296
				1,048,937
Total U.S. Corporate Bonds & Notes (cost $548,104,773)				585,278,525

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 9.9%
Aerospace/Defense — 0.1%
BAE Systems PLC Senior Notes 1.90% due 02/15/2031*	$	479,000	$	471,875
BAE Systems PLC Senior Notes 3.00% due 09/15/2050*		231,000		232,242
BAE Systems PLC Senior Notes 4.75% due 10/11/2021*		300,000		302,429
				1,006,546
Aerospace/Defense-Equipment — 0.0%
Airbus SE Senior Notes 3.15% due 04/10/2027*		245,000		267,075
Airbus SE Senior Notes 3.95% due 04/10/2047*		150,000		173,879
				440,954
Agricultural Chemicals — 0.0%
Nutrien, Ltd. Senior Notes 4.13% due 03/15/2035		300,000		349,677
Nutrien, Ltd. Senior Notes 4.20% due 04/01/2029		75,000		87,097
Nutrien, Ltd. Senior Notes 5.00% due 04/01/2049		110,000		148,413
				585,187
Airlines — 0.1%
Air Canada Pass-Through Trust Pass-Through Certs. Series 2017-1, Class AA 3.30% due 07/15/2031*		181,130		185,019
Air Canada Pass-Through Trust Pass-Through Certs. Series 2017-1, Class A 3.55% due 07/15/2031*		255,613		250,905
Air Canada Pass-Through Trust Pass-Through Certs. Series 2013-1A, Class A 4.13% due 11/15/2026*		266,551		274,696
British Airways Pass-Through Trust Pass-Through Certs. Series 2019-1, Class AA 3.30% due 06/15/2034*		381,141		392,082
British Airways Pass-Through Trust Pass-Through Certs. Series 2018-1, Class AA 3.80% due 03/20/2033*		274,565		289,050
British Airways Pass-Through Trust Pass-Through Certs. Series 2018-1, Class A 4.13% due 03/20/2033*		368,104		377,168
				1,768,920
Auto-Cars/Light Trucks — 0.1%
Nissan Motor Co., Ltd. Senior Notes 3.52% due 09/17/2025*		922,000		988,489

286

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Auto-Cars/Light Trucks (continued)
Nissan Motor Co., Ltd. Senior Notes 4.35% due 09/17/2027*	$	1,497,000	$	1,662,321
				2,650,810
Banks-Commercial — 1.3%
ABN AMRO Bank NV Sub. Notes 4.75% due 07/28/2025*		400,000		449,758
AIB Group PLC Senior Notes 4.26% due 04/10/2025*		270,000		291,280
AIB Group PLC Senior Notes 4.75% due 10/12/2023*		585,000		633,761
ANZ New Zealand International, Ltd. Company Guar. Notes 2.55% due 02/13/2030*		462,000		489,321
Australia & New Zealand Banking Group, Ltd. Sub. Notes 4.40% due 05/19/2026*		200,000		227,102
Banco Nacional de Panama Senior Notes 2.50% due 08/11/2030*		600,000		580,500
Bangkok Bank PCL Sub. Notes 3.73% due 09/25/2034*		2,926,000		3,039,295
Bank of Montreal Sub. Notes 3.80% due 12/15/2032		167,000		185,768
Banque Federative du Credit Mutuel SA Senior Notes 3.75% due 07/20/2023*		435,000		462,748
BNZ International Funding, Ltd. Company Guar. Notes 2.90% due 02/21/2022*		250,000		253,714
BPCE SA Senior Notes 1.00% due 01/20/2026*		570,000		566,649
BPCE SA Senior Notes 1.65% due 10/06/2026*		342,000		345,114
BPCE SA Senior Notes 2.28% due 01/20/2032*		410,000		407,196
BPCE SA Sub. Notes 4.50% due 03/15/2025*		2,200,000		2,440,415
BPCE SA Sub. Notes 4.63% due 07/11/2024*		600,000		656,650
Commonwealth Bank of Australia Senior Notes 2.50% due 09/18/2022*		400,000		410,283
Cooperatieve Rabobank UA Company Guar. Notes 3.75% due 07/21/2026		485,000		536,281
Cooperatieve Rabobank UA Senior Notes 3.88% due 09/26/2023*		250,000		268,140

Security Description	Principal Amount		Value (Note 2)
Banks-Commercial (continued)
Cooperatieve Rabobank UA Company Guar. Notes 4.63% due 12/01/2023	$	400,000	$	436,186
Danske Bank A/S Senior Notes 1.17% due 12/08/2023*		932,000		936,307
Danske Bank A/S Senior Notes 2.00% due 09/08/2021*		200,000		200,380
Danske Bank A/S Senior Notes 2.70% due 03/02/2022*		200,000		202,552
Industrial & Commercial Bank of China, Ltd. Senior Notes 2.45% due 10/20/2021		300,000		301,020
ING Groep NV Senior Notes 1.73% due 04/01/2027		225,000		229,048
Macquarie Bank, Ltd. Sub. Notes 3.05% due 03/03/2036*		340,000		342,890
Macquarie Bank, Ltd. Senior Notes 4.00% due 07/29/2025*		250,000		278,936
National Australia Bank, Ltd. Sub. Notes 2.33% due 08/21/2030*		300,000		295,102
National Australia Bank, Ltd. Sub. Notes 2.65% due 01/14/2041*		250,000		239,750
National Australia Bank, Ltd. Sub. Notes 3.93% due 08/02/2034*		470,000		515,074
Nordea Bank Abp Sub. Notes 4.25% due 09/21/2022*		450,000		468,500
Royal Bank of Canada Senior Notes 2.75% due 02/01/2022		198,000		200,524
Royal Bank of Canada Senior Notes 3.70% due 10/05/2023		900,000		962,934
Santander UK Group Holdings PLC Senior Notes 1.67% due 06/14/2027		465,000		467,113
Santander UK Group Holdings PLC Senior Notes 3.57% due 01/10/2023		400,000		405,529
Santander UK Group Holdings PLC Sub. Notes 4.75% due 09/15/2025*		200,000		225,872
Standard Chartered PLC Senior Notes 1.46% due 01/14/2027*		230,000		228,847
Standard Chartered PLC Senior Notes 2.74% due 09/10/2022*		250,000		250,584
Standard Chartered PLC Senior Notes 2.82% due 01/30/2026*		460,000		482,660

287

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Banks-Commercial (continued)
Standard Chartered PLC Senior Notes 4.25% due 01/20/2023*	$	400,000	$	407,033
Standard Chartered PLC Sub. Notes 4.87% due 03/15/2033*		250,000		278,452
Sumitomo Mitsui Trust Bank, Ltd. Senior Notes 0.85% due 03/25/2024*		4,162,000		4,181,855
Westpac Banking Corp. Sub. Notes 2.89% due 02/04/2030		2,618,000		2,733,471
Westpac Banking Corp. Sub. Notes 4.32% due 11/23/2031		300,000		335,119
Westpac Banking Corp. Sub. Notes 4.42% due 07/24/2039		265,000		319,321
				28,169,034
Beverages-Non-alcoholic — 0.1%
Coca-Cola Femsa SAB de CV Company Guar. Notes 1.85% due 09/01/2032		335,000		325,178
Coca-Cola Femsa SAB de CV Company Guar. Notes 2.75% due 01/22/2030		385,000		405,078
Fomento Economico Mexicano SAB de CV Senior Notes 3.50% due 01/16/2050		500,000		535,835
				1,266,091
Building Societies — 0.0%
Nationwide Building Society Senior Notes 1.00% due 08/28/2025*		240,000		240,134
Cellular Telecom — 0.1%
America Movil SAB de CV Senior Notes 3.13% due 07/16/2022		810,000		830,020
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049		450,000		573,459
Vodafone Group PLC Senior Notes 5.25% due 05/30/2048		226,000		300,653
Vodafone Group PLC Senior Notes 6.25% due 11/30/2032		300,000		408,060
				2,112,192
Chemicals-Diversified — 0.0%
LYB International Finance BV Company Guar. Notes 4.88% due 03/15/2044		300,000		381,751
Chemicals-Specialty — 0.1%
OCP SA Senior Notes 3.75% due 06/23/2031*		2,743,000		2,778,857

Security Description	Principal Amount		Value (Note 2)
Commercial Services-Finance — 0.0%
IHS Markit, Ltd. Senior Notes 4.25% due 05/01/2029	$	606,000	$	707,202
Diagnostic Equipment — 0.0%
DH Europe Finance II SARL Company Guar. Notes 3.25% due 11/15/2039		202,000		220,787
Diversified Banking Institutions — 2.4%
Banco Santander SA Senior Notes 1.85% due 03/25/2026		400,000		406,506
Banco Santander SA Senior Notes 2.75% due 05/28/2025		400,000		421,916
Banco Santander SA Sub. Notes 2.75% due 12/03/2030		400,000		403,024
Banco Santander SA Senior Notes 3.13% due 02/23/2023		200,000		207,936
Barclays PLC Senior Notes 1.01% due 12/10/2024		705,000		707,775
Barclays PLC Senior Notes 3.68% due 01/10/2023		652,000		661,258
Barclays PLC Senior Notes 4.38% due 01/12/2026		2,344,000		2,643,158
Barclays PLC Senior Notes 4.61% due 02/15/2023		450,000		459,997
Barclays PLC Senior Notes 4.97% due 05/16/2029		1,576,000		1,858,239
BNP Paribas SA Senior Notes 1.32% due 01/13/2027*		210,000		208,030
BNP Paribas SA Sub. Notes 2.59% due 08/12/2035*		620,000		611,500
BNP Paribas SA Senior Notes 3.05% due 01/13/2031*		515,000		549,242
Credit Agricole SA Senior Notes 1.25% due 01/26/2027*		769,000		762,751
Credit Agricole SA Sub. Notes 2.81% due 01/11/2041*		345,000		333,123
Credit Agricole SA Sub. Notes 4.38% due 03/17/2025*		200,000		220,514
Credit Suisse Group AG Senior Notes 1.31% due 02/02/2027*		1,235,000		1,216,752
Credit Suisse Group AG Senior Notes 2.19% due 06/05/2026*		250,000		257,299
Credit Suisse Group AG Senior Notes 2.59% due 09/11/2025*		260,000		271,062

288

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Credit Suisse Group AG Senior Notes 3.09% due 05/14/2032*	$	1,218,000	$	1,270,847
Credit Suisse Group AG Senior Notes 3.57% due 01/09/2023*		500,000		506,866
Credit Suisse Group AG Senior Notes 3.75% due 03/26/2025		2,310,000		2,512,636
Credit Suisse Group AG Senior Bonds 3.87% due 01/12/2029*		250,000		277,458
Credit Suisse Group AG Senior Notes 4.28% due 01/09/2028*		250,000		280,278
Deutsche Bank AG Senior Notes 2.13% due 11/24/2026		390,000		398,429
Deutsche Bank AG Senior Notes 2.22% due 09/18/2024		555,000		569,576
Deutsche Bank AG Senior Notes 3.70% due 05/30/2024		450,000		481,868
Deutsche Bank AG Senior Notes 4.25% due 10/14/2021		300,000		302,271
HSBC Holdings PLC Senior Notes 2.01% due 09/22/2028		600,000		607,000
HSBC Holdings PLC Senior Notes 2.36% due 08/18/2031		580,000		586,126
HSBC Holdings PLC Sub. Notes 4.25% due 08/18/2025		200,000		221,782
HSBC Holdings PLC Sub. Notes 4.38% due 11/23/2026		200,000		226,244
HSBC Holdings PLC Senior Notes 6.10% due 01/14/2042		230,000		336,896
HSBC Holdings PLC Sub. Notes 6.50% due 05/02/2036		600,000		833,264
Lloyds Banking Group PLC Senior Notes 1.63% due 05/11/2027		460,000		462,972
Lloyds Banking Group PLC Senior Notes 2.91% due 11/07/2023		200,000		205,989
Lloyds Banking Group PLC Senior Notes 3.75% due 01/11/2027		2,132,000		2,370,186
Lloyds Banking Group PLC Senior Notes 4.38% due 03/22/2028		221,000		255,583
Lloyds Banking Group PLC Sub. Notes 4.50% due 11/04/2024		440,000		488,124

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
Lloyds Banking Group PLC Sub. Notes 4.58% due 12/10/2025	$	200,000	$	225,392
Macquarie Group, Ltd. Senior Notes 1.34% due 01/12/2027*		380,000		379,228
Macquarie Group, Ltd. Senior Notes 5.03% due 01/15/2030*		300,000		359,953
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.05% due 07/17/2030		5,686,000		5,746,006
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.00% due 02/22/2022		88,000		89,357
Mitsubishi UFJ Financial Group, Inc. Senior Notes 3.75% due 07/18/2039		355,000		409,386
Mizuho Financial Group, Inc. Senior Notes 1.23% due 05/22/2027		481,000		478,203
Mizuho Financial Group, Inc. Senior Notes 2.23% due 05/25/2026		680,000		705,961
Mizuho Financial Group, Inc. Senior Notes 2.87% due 09/13/2030		337,000		357,320
Natwest Group PLC Senior Notes 1.64% due 06/14/2027		584,000		587,119
Natwest Group PLC Sub. Notes 3.75% due 11/01/2029		477,000		507,244
Natwest Group PLC Senior Notes 3.88% due 09/12/2023		525,000		559,925
Natwest Group PLC Senior Notes 4.27% due 03/22/2025		200,000		217,345
Natwest Group PLC Senior Notes 4.45% due 05/08/2030		450,000		523,159
Natwest Group PLC Senior Notes 4.80% due 04/05/2026		200,000		229,627
Natwest Group PLC Senior Notes 4.89% due 05/18/2029		200,000		235,986
Societe Generale SA Senior Notes 1.49% due 12/14/2026*		997,000		993,355
Societe Generale SA Senior Notes 1.79% due 06/09/2027*		420,000		421,391
Societe Generale SA Senior Notes 2.89% due 06/09/2032*		980,000		1,000,407
Societe Generale SA Senior Notes 3.00% due 01/22/2030*		352,000		371,559
Societe Generale SA Sub. Notes 4.25% due 04/14/2025*		676,000		738,639

289

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Sumitomo Mitsui Financial Group, Inc. Senior Notes 1.47% due 07/08/2025	$	847,000	$	860,342
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.13% due 07/08/2030		4,943,000		5,008,778
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.44% due 10/19/2021		186,000		186,898
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.63% due 07/14/2026		188,000		200,081
Sumitomo Mitsui Financial Group, Inc. Senior Notes 3.04% due 07/16/2029		1,142,000		1,232,510
Sumitomo Mitsui Financial Group, Inc. Senior Notes 3.10% due 01/17/2023		207,000		215,502
UBS Group AG Senior Notes 1.36% due 01/30/2027*		400,000		398,645
UBS Group AG Senior Notes 3.13% due 08/13/2030*		280,000		303,864
UBS Group Funding Switzerland AG Senior Notes 2.86% due 08/15/2023*		200,000		204,918
UBS Group Funding Switzerland AG Senior Notes 4.13% due 09/24/2025*		1,827,000		2,045,050
UniCredit SpA Senior Notes 1.98% due 06/03/2027*		330,000		330,707
UniCredit SpA Senior Notes 2.57% due 09/22/2026*		420,000		428,583
UniCredit SpA Sub. Notes 5.86% due 06/19/2032*		300,000		333,849
UniCredit SpA Senior Notes 6.57% due 01/14/2022*		440,000		451,247
				52,732,013
Diversified Financial Services — 0.2%
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		2,967,000		3,635,867
Power Finance Corp., Ltd. Senior Notes 3.95% due 04/23/2030		1,461,000		1,503,734
				5,139,601
Diversified Manufacturing Operations — 0.0%
Siemens Financieringsmaatschappij NV Company Guar. Notes 2.35% due 10/15/2026*		300,000		318,450
Siemens Financieringsmaatschappij NV Company Guar. Notes 3.13% due 03/16/2024*		250,000		266,620

Security Description	Principal Amount		Value (Note 2)
Diversified Manufacturing Operations (continued)
Trane Technologies Luxembourg Finance SA Company Guar. Notes 3.55% due 11/01/2024	$	150,000	$	162,095
				747,165
Diversified Minerals — 0.2%
Anglo American Capital PLC Company Guar. Notes 2.25% due 03/17/2028*		1,326,000		1,349,616
Anglo American Capital PLC Company Guar. Notes 2.88% due 03/17/2031*		1,551,000		1,610,526
Anglo American Capital PLC Company Guar. Notes 3.63% due 09/11/2024*		200,000		216,280
Anglo American Capital PLC Company Guar. Notes 3.95% due 09/10/2050*		200,000		218,998
Anglo American Capital PLC Company Guar. Notes 4.00% due 09/11/2027*		200,000		224,003
Glencore Finance Canada, Ltd. Company Guar. Notes 4.95% due 11/15/2021*		450,000		455,814
Teck Resources, Ltd. Senior Notes 3.90% due 07/15/2030		250,000		274,976
Teck Resources, Ltd. Senior Notes 6.25% due 07/15/2041		415,000		558,224
				4,908,437
Diversified Operations — 0.1%
CK Hutchison International 17, Ltd. Company Guar. Notes 2.88% due 04/05/2022*		300,000		304,719
CK Hutchison International 19, Ltd. Company Guar. Notes 3.63% due 04/11/2029*		610,000		680,833
				985,552
Electric-Distribution — 0.0%
China Southern Power Grid International Finance BVI Co., Ltd. Company Guar. Notes 3.50% due 05/08/2027*		360,000		399,361
Hydro-Quebec Government Guar. Notes 8.05% due 07/07/2024		360,000		436,409
				835,770
Electric-Generation — 0.1%
Electricite de France SA Senior Notes 4.88% due 09/21/2038*		1,201,000		1,499,952
Electric-Integrated — 0.5%
Enel Finance International NV Company Guar. Notes 3.50% due 04/06/2028*		3,200,000		3,557,404
Enel Finance International NV Company Guar. Notes 3.63% due 05/25/2027*		5,631,000		6,287,800

290

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Fortis, Inc. Senior Notes 3.06% due 10/04/2026	$	186,000	$	201,597
				10,046,801
Electronic Components-Misc. — 0.1%
Sensata Technologies BV Company Guar. Notes 4.00% due 04/15/2029*		1,400,000		1,436,750
Sensata Technologies BV Company Guar. Notes 5.00% due 10/01/2025*		1,530,000		1,707,863
				3,144,613
Electronic Components-Semiconductors — 0.2%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.88% due 01/15/2027		1,924,000		2,133,009
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 2.50% due 05/11/2031*		725,000		750,770
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 2.70% due 05/01/2025*		256,000		270,726
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 3.25% due 05/11/2041*		745,000		785,790
				3,940,295
Finance-Investment Banker/Broker — 0.1%
Brookfield Finance, Inc. Company Guar. Notes 3.90% due 01/25/2028		148,000		167,498
Brookfield Finance, Inc. Company Guar. Notes 4.70% due 09/20/2047		171,000		214,075
Brookfield Finance, Inc. Company Guar. Notes 4.85% due 03/29/2029		197,000		235,981
Daiwa Securities Group, Inc. Senior Notes 3.13% due 04/19/2022*		183,000		186,705
Nomura Holdings, Inc. Senior Notes 2.65% due 01/16/2025		545,000		574,166
Nomura Holdings, Inc. Senior Notes 2.68% due 07/16/2030		350,000		358,160
				1,736,585
Finance-Leasing Companies — 1.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 1.75% due 01/30/2026		230,000		228,566
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 2.88% due 08/14/2024		550,000		575,392

Security Description	Principal Amount		Value (Note 2)
Finance-Leasing Companies (continued)
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 4.45% due 12/16/2021	$	280,000	$	283,166
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 4.50% due 09/15/2023		3,643,000		3,898,332
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 6.50% due 07/15/2025		1,719,000		2,011,973
Avolon Holdings Funding, Ltd. Senior Notes 2.13% due 02/21/2026*		1,762,000		1,769,952
Avolon Holdings Funding, Ltd. Senior Notes 2.75% due 02/21/2028*		1,350,000		1,361,928
Avolon Holdings Funding, Ltd. Company Guar. Notes 2.88% due 02/15/2025*		219,000		226,952
Avolon Holdings Funding, Ltd. Company Guar. Notes 3.95% due 07/01/2024*		2,041,000		2,180,586
Avolon Holdings Funding, Ltd. Company Guar. Notes 4.25% due 04/15/2026*		1,194,000		1,305,034
Avolon Holdings Funding, Ltd. Company Guar. Notes 4.38% due 05/01/2026*		395,000		434,590
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.13% due 10/01/2023*		400,000		432,327
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.25% due 05/15/2024*		3,033,000		3,341,343
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.50% due 01/15/2023*		955,000		1,013,239
Avolon Holdings Funding, Ltd. Senior Notes 5.50% due 01/15/2026*		1,270,000		1,449,273
BOC Aviation, Ltd. Senior Notes 2.75% due 09/18/2022*		200,000		203,308
BOC Aviation, Ltd. Senior Notes 3.50% due 10/10/2024*		200,000		213,035
Global Aircraft Leasing Co., Ltd. Senior Notes 6.50% due 09/15/2024*		1,959,710		1,969,508
Mitsubishi UFJ Lease & Finance Co., Ltd. Senior Notes 2.65% due 09/19/2022*		200,000		204,372
ORIX Corp. Senior Notes 2.90% due 07/18/2022		151,000		154,764
Park Aerospace Holdings, Ltd. Company Guar. Notes 4.50% due 03/15/2023*		350,000		368,046

291

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Finance-Leasing Companies (continued)
Park Aerospace Holdings, Ltd. Company Guar. Notes 5.25% due 08/15/2022*	$	2,040,000	$	2,128,205
Park Aerospace Holdings, Ltd. Company Guar. Notes 5.50% due 02/15/2024*		221,000		243,528
				25,997,419
Finance-Other Services — 0.0%
LSEGA Financing PLC Company Guar. Notes 2.00% due 04/06/2028*		925,000		947,600
Food-Meat Products — 0.1%
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc. Senior Notes 5.50% due 01/15/2030*		2,525,000		2,818,531
Gas-Transportation — 0.0%
APT Pipelines, Ltd. Company Guar. Notes 4.25% due 07/15/2027*		285,000		326,359
Insurance Brokers — 0.0%
Aon PLC Company Guar. Notes 3.50% due 06/14/2024		360,000		386,639
Insurance-Life/Health — 0.1%
AIA Group, Ltd. Sub. Notes 3.20% due 09/16/2040*		250,000		260,336
AIA Group, Ltd. Senior Notes 3.90% due 04/06/2028*		250,000		283,495
Manulife Financial Corp. Sub. Notes 4.06% due 02/24/2032		400,000		439,272
				983,103
Insurance-Property/Casualty — 0.1%
Allied World Assurance Co. Holdings, Ltd. Senior Notes 4.35% due 10/29/2025		2,500,000		2,753,926
Insurance-Reinsurance — 0.2%
Fairfax Financial Holdings, Ltd. Senior Notes 3.38% due 03/03/2031*		551,000		587,306
Fairfax Financial Holdings, Ltd. Senior Notes 4.85% due 04/17/2028		2,552,000		2,973,516
				3,560,822
Internet Content-Information/News — 0.1%
Prosus NV Senior Notes 3.68% due 01/21/2030*		2,510,000		2,641,156
Machinery-Farming — 0.1%
CNH Industrial NV Senior Notes 3.85% due 11/15/2027		1,403,000		1,572,562

Security Description	Principal Amount		Value (Note 2)
Machinery-Pumps — 0.0%
nVent Finance SARL Company Guar. Notes 4.55% due 04/15/2028	$	225,000	$	249,966
Medical-Biomedical/Gene — 0.1%
Royalty Pharma PLC Company Guar. Notes 0.75% due 09/02/2023*		465,000		466,666
Royalty Pharma PLC Company Guar. Notes 1.20% due 09/02/2025*		460,000		459,953
Royalty Pharma PLC Company Guar. Notes 1.75% due 09/02/2027*		460,000		462,536
Royalty Pharma PLC Company Guar. Notes 3.30% due 09/02/2040*		380,000		386,425
Royalty Pharma PLC Company Guar. Notes 3.55% due 09/02/2050*		390,000		395,351
				2,170,931
Medical-Drugs — 0.1%
AstraZeneca PLC Senior Notes 2.13% due 08/06/2050		240,000		217,777
AstraZeneca PLC Senior Notes 4.00% due 09/18/2042		110,000		135,303
AstraZeneca PLC Senior Notes 6.45% due 09/15/2037		140,000		212,599
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.88% due 09/23/2023		167,000		174,597
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 3.20% due 09/23/2026		707,000		770,284
Takeda Pharmaceutical Co., Ltd. Senior Notes 3.03% due 07/09/2040		400,000		416,945
Takeda Pharmaceutical Co., Ltd. Senior Bonds 3.18% due 07/09/2050		385,000		400,584
Takeda Pharmaceutical Co., Ltd. Senior Notes 3.38% due 07/09/2060		270,000		291,292
				2,619,381
Metal-Iron — 0.0%
Vale Overseas, Ltd. Company Guar. Notes 3.75% due 07/08/2030		555,000		593,850
Oil Companies-Exploration & Production — 0.4%
Energean Israel Finance, Ltd. Senior Sec. Notes 4.88% due 03/30/2026*		2,091,000		2,137,420
Energean Israel Finance, Ltd. Senior Sec. Notes 5.38% due 03/30/2028*		478,000		488,302

292

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production (continued)
Leviathan Bond, Ltd. Senior Sec. Notes 6.50% due 06/30/2027*	$	1,369,000	$	1,507,592
Leviathan Bond, Ltd. Senior Sec. Notes 6.75% due 06/30/2030*		1,367,000		1,532,117
Lundin Energy Finance BV Company Guar. Notes 2.00% due 07/15/2026*		254,000		256,845
Lundin Energy Finance BV Company Guar. Notes 3.10% due 07/15/2031*		220,000		224,761
Tengizchevroil Finance Co. International, Ltd. Senior Sec. Notes 3.25% due 08/15/2030		2,554,000		2,605,244
				8,752,281
Oil Companies-Integrated — 0.4%
BP Capital Markets PLC Company Guar. Notes 3.28% due 09/19/2027		214,000		236,497
BP Capital Markets PLC Company Guar. Notes 3.54% due 11/04/2024		180,000		196,019
Cenovus Energy, Inc. Senior Notes 3.95% due 04/15/2022		350,000		355,231
Ecopetrol SA Senior Notes 4.13% due 01/16/2025		180,000		188,507
Ecopetrol SA Senior Notes 5.38% due 06/26/2026		193,000		211,045
Ecopetrol SA Senior Notes 5.88% due 09/18/2023		185,000		199,153
Eni SpA Senior Notes 4.00% due 09/12/2023*		2,645,000		2,823,417
Eni SpA Senior Notes 4.25% due 05/09/2029*		1,407,000		1,622,881
Petro-Canada Senior Notes 5.95% due 05/15/2035		200,000		266,739
Petro-Canada Senior Notes 7.88% due 06/15/2026		144,000		182,980
Saudi Arabian Oil Co. Senior Notes 1.63% due 11/24/2025*		200,000		202,020
Shell International Finance BV Company Guar. Notes 3.25% due 05/11/2025		200,000		217,935
Statoil ASA Company Guar. Notes 3.25% due 11/10/2024		90,000		97,295
Total Capital International SA Company Guar. Bonds 2.99% due 06/29/2041		760,000		796,582

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Integrated (continued)
Total Capital International SA Company Guar. Notes 3.13% due 05/29/2050	$	555,000	$	578,883
Total Capital International SA Company Guar. Notes 3.46% due 07/12/2049		385,000		424,168
				8,599,352
Paper & Related Products — 0.0%
Pabrik Kertas Tjiwi Kimia Tbk PT 2.00% due 04/30/2029*(9)(11)		874,867		218,717
Pindo Deli Pulp & Paper Mills FRS Sec. Notes 3.13% (3 ML+3.00%) due 04/28/2027*(9)		1,698,508		0
				218,717
Pipelines — 0.4%
Enbridge, Inc. Company Guar. Notes 4.25% due 12/01/2026		2,340,000		2,657,848
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes 2.16% due 03/31/2034*		3,612,000		3,576,351
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes 2.94% due 09/30/2040*		500,000		503,596
TransCanada PipeLines, Ltd. Senior Notes 2.50% due 08/01/2022		270,000		275,928
TransCanada PipeLines, Ltd. Senior Notes 3.75% due 10/16/2023		360,000		383,099
TransCanada PipeLines, Ltd. Senior Notes 4.75% due 05/15/2038		300,000		370,392
				7,767,214
Property Trust — 0.0%
GAIF Bond Issuer Pty., Ltd. Company Guar. Notes 3.40% due 09/30/2026*		263,000		288,706
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		431,490
Real Estate Operations & Development — 0.0%
Ontario Teachers’ Cadillac Fairview Properties Trust Senior Notes 3.13% due 03/20/2022*		235,000		238,698
Ontario Teachers’ Cadillac Fairview Properties Trust Senior Notes 3.88% due 03/20/2027*		243,000		271,546
				510,244
Rental Auto/Equipment — 0.1%
Element Fleet Management Corp. Senior Notes 1.60% due 04/06/2024*		1,642,000		1,669,922

293

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Rental Auto/Equipment (continued)
Triton Container International, Ltd. Senior Sec. Notes 1.15% due 06/07/2024*	$	550,000	$	551,552
				2,221,474
Retail-Convenience Store — 0.1%
Alimentation Couche-Tard, Inc. Senior Notes 2.95% due 01/25/2030*		230,000		243,121
Alimentation Couche-Tard, Inc. Company Guar. Notes 3.44% due 05/13/2041*		545,000		576,513
Alimentation Couche-Tard, Inc. Company Guar. Notes 3.63% due 05/13/2051*		610,000		658,765
Alimentation Couche-Tard, Inc. Senior Notes 3.80% due 01/25/2050*		400,000		441,030
				1,919,429
Soap & Cleaning Preparation — 0.3%
Reckitt Benckiser Treasury Services PLC Company Guar. Notes 2.38% due 06/24/2022*		200,000		203,450
Reckitt Benckiser Treasury Services PLC Company Guar. Notes 2.75% due 06/26/2024*		4,958,000		5,229,028
				5,432,478
Telecom Services — 0.1%
NBN Co., Ltd. Senior Notes 2.63% due 05/05/2031*		1,050,000		1,089,180
Telephone-Integrated — 0.0%
Deutsche Telekom International Finance BV Company Guar. Notes 4.88% due 03/06/2042*		400,000		506,021
Telefonica Emisiones SAU Company Guar. Notes 4.67% due 03/06/2038		265,000		315,968
				821,989
Tobacco — 0.0%
BAT International Finance PLC Company Guar. Notes 1.67% due 03/25/2026		270,000		272,688
Transport-Rail — 0.2%
Canadian National Railway Co. Senior Notes 2.45% due 05/01/2050		370,000		343,026
Indian Railway Finance Corp., Ltd. Senior Notes 2.80% due 02/10/2031*		3,112,000		3,006,252
				3,349,278
Total Foreign Corporate Bonds & Notes (cost $205,359,803)				217,342,014

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 21.3%
Federal Home Loan Mtg. Corp. — 3.9%
3.00% due 01/01/2038	$	632,693	$	663,000
3.00% due 03/01/2043		677,220		726,116
3.00% due 04/01/2043		59,406		64,411
3.00% due 05/01/2043		106,933		116,631
3.00% due 10/01/2046		2,598,392		2,796,045
3.00% due 02/01/2047		1,347,904		1,458,062
3.00% due 11/01/2048		731,335		767,498
3.00% due 06/01/2050		366,536		392,320
3.50% due 11/01/2037		467,193		503,905
3.50% due 02/01/2042		87,770		95,997
3.50% due 05/01/2042		30,033		32,766
3.50% due 07/01/2042		127,946		139,590
3.50% due 03/01/2043		68,270		74,059
3.50% due 09/01/2045		1,805,908		1,944,228
3.50% due 12/01/2045		1,064,404		1,145,617
3.50% due 11/01/2046		1,204,532		1,286,676
3.50% due 12/01/2046		805,993		861,234
3.50% due 05/01/2049		176,712		189,384
3.50% due 10/01/2049		1,070,238		1,132,690
4.00% due 07/01/2025		39,617		42,100
4.00% due 08/01/2037		112,254		121,700
4.00% due 11/01/2040		40,387		44,275
4.00% due 01/01/2041		419,945		463,208
4.00% due 04/01/2044		565,811		623,845
4.00% due 01/01/2046		737,107		813,051
4.00% due 09/01/2049		1,241,150		1,340,455
4.50% due 07/01/2025		10,330		10,897
4.50% due 07/01/2040		318,253		351,886
4.50% due 03/01/2041		17,468		19,515
4.50% due 05/01/2041		48,183		53,618
4.50% due 05/01/2042		890,623		990,461
4.50% due 06/01/2048		955,356		1,056,150
5.00% due 11/01/2035		10,653		12,133
5.00% due 10/01/2036		21,511		24,480
5.00% due 12/01/2036		10,361		11,792
5.00% due 10/01/2037		4,072		4,628
5.00% due 08/01/2039		20,423		23,368
5.00% due 01/01/2040		19,369		22,162
5.00% due 04/01/2040		10,998		12,329
5.50% due 05/01/2036		4,412		5,120
5.50% due 12/01/2036		1,036		1,177
5.50% due 01/01/2038		15,665		18,173
Series 267, Class 30 3.00% due 08/15/2042(1)		696,073		725,079
Series 323, Class 300 3.00% due 01/15/2044(1)		327,908		346,488
Series 262, Class 35 3.50% due 07/15/2042(1)		1,443,711		1,572,211
Federal Home Loan Mtg. Corp. Multifamily Mtg. Trust VRS
Series 2016-K59, Class B 3.58% due 11/25/2049*(3)(4)		690,000		755,361
Series 2015-K44, Class B 3.68% due 01/25/2048*(3)(4)		3,390,000		3,667,635
Series 2016-K722, Class B 3.86% due 07/25/2049*(3)(4)		625,000		657,082
Series 2014-K40, Class C 4.07% due 11/25/2047*(3)(4)		639,000		689,008
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs.
Series KSMC, Class A2 2.62% due 01/25/2023(3)		10,325,000		10,671,682

294

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series K718, Class A2 2.79% due 01/25/2022(3)	$	1,522,984	$	1,534,282
Series K044, Class A2 2.81% due 01/25/2025(3)		1,464,000		1,566,277
Series KJ09, Class A2 2.84% due 09/25/2022(3)		176,516		179,890
Series K066, Class A2 3.12% due 06/25/2027(3)		964,000		1,072,344
Series K065, Class A2 3.24% due 04/25/2027(3)		776,000		866,554
Series K060, Class A2 3.30% due 10/25/2026(3)		1,141,000		1,270,749
Series K065, Class AM 3.33% due 05/25/2027(3)		416,000		465,930
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. FRS Series KF-12, Class A 0.80% (1 ML+0.70%) due 09/25/2022(3)		18,754		18,771
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS
Series K097, Class X1 1.09% due 07/25/2029(3)(4)(6)		1,926,197		151,597
Series K098, Class X1 1.14% due 08/25/2029(3)(4)(6)		3,334,838		275,165
Series K110, Class XAM 1.87% due 04/25/2030(3)(4)(6)		914,237		137,585
Series K033, Class A2 3.06% due 07/25/2023(3)(4)		1,172,000		1,226,897
Series W5FX, Class AFX 3.21% due 04/25/2028(3)(4)		719,000		808,768
Series K030, Class A2 3.25% due 04/25/2023(3)(4)		5,200,000		5,422,620
Series K070, Class A2 3.30% due 11/25/2027(3)(4)		681,000		768,083
Series K029, Class A2 3.32% due 02/25/2023(3)(4)		3,000,000		3,124,381
Series K047, Class A2 3.33% due 05/25/2025(3)(4)		2,283,000		2,499,999
Series K077, Class AM 3.85% due 05/25/2028(3)(4)		2,745,000		3,199,206
Series K081, Class A2 3.90% due 08/25/2028(3)(4)		1,255,000		1,472,865
Series K080, Class A2 3.93% due 07/25/2028(3)(4)		664,000		780,140
Series K085, Class A2 4.06% due 10/25/2028(3)(4)		835,000		989,455
Federal Home Loan Mtg. Corp. REMIC
Series 3582, Class MO zero coupon due 10/15/2039(1)		380,139		367,325
Series 3382, Class OA zero coupon due 11/15/2037(1)		416,346		378,311
Series 4371, Class GZ 2.00% due 05/15/2042(1)		1,371,342		1,379,609
Series 4533, Class GA 3.00% due 06/15/2028(1)		291,526		298,461
Series 4474, Class HJ 3.00% due 07/15/2039(1)		112,315		120,309

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series 4623, Class WI 4.00% due 08/15/2044(1)(6)	$	65,810	$	7,469
Series 4784, Class NZ 4.00% due 05/15/2048(1)		1,753,318		1,868,839
Series 4471, Class PI 4.50% due 12/15/2040(1)(6)		48,612		4,588
Series 2691, Class ZU 5.50% due 09/15/2033(1)		1,452,769		1,684,622
Series 3845, Class AI 5.50% due 02/15/2036(1)(6)		50,796		9,325
Federal Home Loan Mtg. Corp. REMIC FRS Series 4077, Class MF 0.59% (1 ML+0.50%) due 07/15/2042(1)		188,536		190,971
Federal Home Loan Mtg. Corp. SCRT
Series 2019-4, Class MA 3.00% due 02/25/2059(1)		398,369		418,324
Series 2019-4, Class MV 3.00% due 02/25/2059(1)		217,618		236,049
Series 2018-1, Class M60C 3.50% due 05/25/2057(1)		3,348,124		3,577,138
Series 2019-1, Class MT 3.50% due 07/25/2058(1)		1,576,802		1,742,464
Series 2019-2, Class MA 3.50% due 08/25/2058(1)		24,139		25,542
Series 2019-2, Class MV 3.50% due 08/25/2058(1)		165,274		184,503
Series 2019-3, Class MA 3.50% due 10/25/2058(1)		276,876		292,537
Series 2019-3, Class MB 3.50% due 10/25/2058(1)		762,555		890,116
Series 2019-3, Class MV 3.50% due 10/25/2058(1)		213,348		237,758
Series 2018-2, Class M55D 4.00% due 11/25/2057(1)		2,289,522		2,498,764
Series 2019-4, Class M55D 4.00% due 02/25/2059(1)		1,262,009		1,395,586
				85,181,466
Federal National Mtg. Assoc. — 7.5%
2.00% due 01/01/2051		143,524		146,912
2.00% due 02/01/2051		230,098		235,887
2.41% due 05/01/2023		97,559		100,105
2.42% due 10/01/2029		1,900,000		2,039,758
2.50% due 11/01/2031		58,240		61,288
2.50% due 11/01/2046		446,048		467,086
2.50% due 02/01/2050		1,076,129		1,128,434
2.50% due 06/01/2050		913,646		965,677
2.50% due 07/01/2050		1,028,642		1,086,864
2.55% due 05/01/2023		100,487		103,296
2.70% due 04/01/2025		9,378,765		10,030,128
2.77% due 03/01/2022		444,322		446,083
2.82% due 07/01/2022		2,896,122		2,931,812
2.83% due 05/01/2027		2,500,000		2,736,766
2.84% due 04/01/2025		3,715,505		3,990,550
2.89% due 05/01/2027		3,636,724		3,984,923
2.92% due 02/01/2030		1,568,596		1,729,599
2.92% due 05/01/2030		2,000,000		2,225,254
2.93% due 01/01/2025		2,798,431		2,809,480
2.94% due 05/01/2030		1,680,000		1,855,400
2.97% due 06/01/2030		1,891,007		2,095,191

295

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
3.00% due 11/01/2028	$	168,587	$	178,662
3.00% due 12/01/2031		718,838		762,757
3.00% due 08/01/2033		689,090		726,689
3.00% due 07/01/2037		199,356		210,484
3.00% due 11/01/2037		338,711		355,873
3.00% due 05/01/2043		317,706		340,597
3.00% due 06/01/2043		1,088,677		1,176,407
3.00% due 09/01/2046		824,233		887,623
3.00% due 11/01/2046		1,256,563		1,351,787
3.00% due 12/01/2046		327,834		346,703
3.00% due 01/01/2048		1,442,318		1,514,980
3.00% due 02/01/2048		198,627		209,007
3.00% due 08/01/2049		978,276		1,030,458
3.00% due 07/01/2060		2,923,430		3,117,186
3.03% due 04/01/2030		2,000,000		2,231,515
3.04% due 12/01/2024		2,445,824		2,627,447
3.07% due 09/01/2024		3,954,110		4,235,461
3.10% due 09/01/2025		3,156,948		3,443,589
3.12% due 06/01/2035		2,000,000		2,282,924
3.16% due 02/01/2032		2,718,568		3,068,739
3.50% due 04/01/2038		331,313		352,676
3.50% due 01/01/2041		429,550		465,429
3.50% due 11/01/2041		14,974		16,372
3.50% due 01/01/2042		173,791		190,234
3.50% due 04/01/2043		71,616		77,884
3.50% due 07/01/2043		580,309		628,881
3.50% due 08/01/2043		320,823		349,883
3.50% due 03/01/2045		344,395		369,812
3.50% due 11/01/2045		250,020		269,127
3.50% due 03/01/2046		110,106		117,708
3.50% due 07/01/2046		931,424		1,016,144
3.50% due 12/01/2046		251,033		268,219
3.50% due 03/01/2060		2,241,685		2,444,789
3.76% due 12/01/2035		1,831,035		2,196,680
3.77% due 12/01/2025		1,437,731		1,602,930
3.81% due 12/01/2028		920,000		1,076,807
3.95% due 01/01/2027		131,363		147,846
4.00% due 01/01/2035		2,712,461		2,971,905
4.00% due 09/01/2040		1,341,647		1,475,342
4.00% due 11/01/2040		885,976		972,490
4.00% due 06/01/2041		642,584		704,133
4.00% due 10/01/2041		621,095		680,438
4.00% due 11/01/2041		292,642		322,485
4.00% due 01/01/2042		1,982,756		2,173,617
4.00% due 04/01/2042		380,838		417,325
4.00% due 10/01/2042		402,885		442,182
4.00% due 12/01/2042		257,116		283,582
4.00% due 01/01/2043		886,092		969,879
4.00% due 06/01/2043		403,144		441,764
4.00% due 07/01/2043		185,385		202,471
4.00% due 04/01/2044		214,539		235,433
4.00% due 06/01/2045		769,214		839,722
4.00% due 02/01/2046		13,695		14,915
4.00% due 08/01/2048		533,240		570,434
4.00% due 10/01/2049		1,053,829		1,139,775
4.50% due 05/01/2025		5,518		5,813
4.50% due 03/01/2034		47,211		52,026
4.50% due 05/01/2040		13,520		14,940
4.50% due 10/01/2040		17,963		19,990
4.50% due 02/01/2041		468,276		519,179
4.50% due 04/01/2041		913,432		1,018,628

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
4.50% due 07/01/2042	$	412,682	$	459,033
4.50% due 11/01/2042		877,623		968,998
4.50% due 01/01/2043		692,410		772,328
4.50% due 04/01/2044		53,547		59,517
4.50% due 06/01/2044		1,859,195		2,061,893
4.50% due 07/01/2049		1,118,515		1,219,558
4.50% due 09/01/2049		649,613		727,484
5.00% due 03/01/2034		11,802		13,132
5.00% due 04/01/2034		14,698		16,718
5.00% due 05/01/2035		8,086		9,184
5.00% due 07/01/2035		22,592		25,039
5.00% due 08/01/2035		19,757		22,474
5.00% due 09/01/2035		6,685		7,556
5.00% due 10/01/2035		24,337		27,705
5.00% due 10/01/2039		12,415		14,076
5.00% due 11/01/2039		28,271		32,223
5.00% due 12/01/2039		30,496		34,877
5.00% due 02/01/2040		27,443		31,384
5.00% due 06/01/2040		19,166		21,912
5.00% due 03/01/2042		3,336,869		3,811,310
5.50% due 11/01/2034		2,172		2,518
5.50% due 01/01/2036		81,365		94,390
5.50% due 11/01/2036		25,977		30,139
5.50% due 06/01/2037		90,259		105,046
5.50% due 08/01/2037		74,048		85,910
5.50% due 01/01/2038		14,183		16,510
5.50% due 12/01/2038		1,801,031		2,086,408
5.50% due 05/01/2058		1,412,311		1,678,780
5.58% due 03/01/2038		1,136,762		1,302,354
6.00% due 02/01/2033		23,588		26,502
6.00% due 10/01/2035		9,185		10,852
6.00% due 01/01/2036		11,178		13,271
6.00% due 02/01/2037		7,102		8,429
6.00% due 03/01/2037		4,610		5,478
6.00% due 04/01/2037		8,032		9,534
6.00% due 06/01/2037		92,769		110,148
6.00% due 06/01/2038		35,849		42,503
6.00% due 10/01/2038		4,851		5,757
Federal National Mtg. Assoc. Grantor Trust Series 2017-T1, Class A 2.90% due 06/25/2027		1,521,012		1,670,170
Federal National Mtg. Assoc. REMIC
Series 2008-11, Class DO zero coupon due 03/25/2038(1)		705,546		650,435
Series 2020-M50, Class A1 0.67% due 10/25/2030(3)		1,108,168		1,094,304
Series 2021-M3, Class 1A1 1.00% due 11/25/2033(3)		1,048,639		1,049,325
Series 2020-M50, Class A2 1.20% due 10/25/2030(3)		390,000		389,870
Series 2020-M38, Class 2A1 1.59% due 11/25/2028(3)		530,000		539,065
Series 2013-53, Class CB 2.00% due 10/25/2040(1)		54,277		54,743
Series 2016-19, Class AD 2.00% due 04/25/2046(1)		175,960		182,103
Series 2015-M7, Class A2 2.59% due 12/25/2024(3)		2,577,790		2,721,992
Series 2015-M3, Class A2 2.72% due 10/25/2024(3)		13,615,877		14,347,911

296

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
Series 2013-1, Class YI 3.00% due 02/25/2033(1)(6)	$	200,309	$	19,579
Series 2013-64, Class KI 3.00% due 02/25/2033(1)(6)		50,550		4,661
Series 2016-38, Class NA 3.00% due 01/25/2046(1)		426,369		461,359
Series 2010-43, Class AH 3.25% due 05/25/2040(1)		95,577		103,974
Series 2014-7, Class VA 3.50% due 05/25/2025(1)		290,018		292,027
Series 2014-10, Class KM 3.50% due 09/25/2043(1)		222,930		237,994
Series 2014-35, Class CA 3.50% due 06/25/2044(1)		156,285		168,528
Series 2019-7, Class CA 3.50% due 11/25/2057(1)		1,307,885		1,398,842
Series 2011-104, Class NY 4.00% due 03/25/2039(1)		637,020		663,821
Series 2010-113, Class GB 4.00% due 10/25/2040(1)		119,265		131,354
Series 2016-40, Class IQ 4.00% due 07/25/2046(1)(6)		241,204		44,926
Series 2010-47, Class MB 5.00% due 09/25/2039(1)		1,078,337		1,238,234
Series 2005-93, Class PZ 5.50% due 10/25/2035(1)		1,673,675		1,980,320
Series 2002-56, Class ZQ 6.00% due 09/25/2032(1)		319,044		375,375
Series 2005-109, Class GE 6.00% due 12/25/2035(1)		1,397,000		1,573,780
Series 2009-39, Class Z 6.00% due 06/25/2039(1)		2,229,847		2,402,271
Federal National Mtg. Assoc. REMIC FRS
Series 2015-M17, Class FA 1.01% (1 ML+0.93%) due 11/25/2022(3)		204,472		204,700
Federal National Mtg. Assoc. REMIC VRS
Series 2020-M50, Class X1 1.92% due 10/25/2030(3)(4)(6)		6,522,991		720,475
Series 2020-M38, Class X2 1.99% due 11/25/2028(3)(4)(6)		2,250,000		278,361
Series 2021-M3, Class X1 2.01% due 11/25/2033(3)(4)(6)		5,378,965		737,020
Series 2017-M3, Class A2 2.48% due 12/25/2026(3)(4)		349,655		376,162
Series 2017-M4, Class A2 2.56% due 12/25/2026(3)(4)		2,232,374		2,411,748
Series 2015-N8, Class A2 2.90% due 01/25/2025(3)(4)		2,000,000		2,133,455
Series 2015-M2, Class A3 3.01% due 12/25/2024(3)(4)		693,657		741,524
Series 2018-M4, Class A2 3.05% due 03/25/2028(3)(4)		845,000		941,892
Series 2017-M8, Class A2 3.06% due 05/25/2027(3)(4)		1,200,000		1,323,844
Series 2017-M12, Class A2 3.08% due 06/25/2027(3)(4)		1,203,590		1,339,221
Series 2018-M3, Class A2 3.09% due 02/25/2030(3)(4)		606,000		689,770

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
Series 2015-M10, Class A2 3.09% due 04/25/2027(3)(4)	$	1,541,454	$	1,702,325
Series 2017-M5, Class A2 3.16% due 04/25/2029(3)(4)		1,015,710		1,146,593
Series 2018-M10, Class A2 3.37% due 07/25/2028(3)(4)		1,514,000		1,721,324
				165,585,577
Government National Mtg. Assoc. — 4.8%
2.00% due September 30 TBA		1,550,000		1,584,633
2.50% due 12/20/2050		9,180,672		9,547,060
2.50% due 06/20/2051		1,918,856		1,994,761
2.50% due 07/20/2051		2,700,000		2,807,600
2.50% due August 30 TBA		1,425,000		1,481,165
2.50% due October 30 TBA		2,825,000		2,924,868
3.00% due 11/20/2044		249,915		266,178
3.00% due 04/20/2045		284,517		300,145
3.00% due 04/20/2046		74,843		79,052
3.00% due 08/20/2046		140,266		148,131
3.00% due 09/20/2046		363,587		384,563
3.00% due 09/20/2047		586,117		619,370
3.00% due 11/20/2047		1,676,184		1,767,473
3.00% due 01/20/2048		2,781,109		2,931,162
3.00% due 06/20/2051		1,095,767		1,151,942
3.00% due September 30 TBA		1,675,000		1,749,917
3.50% due 10/20/2033		728,877		776,382
3.50% due 11/15/2040		36,523		39,007
3.50% due 12/15/2041		97,557		108,378
3.50% due 02/15/2042		105,368		113,241
3.50% due 04/15/2042		16,135		17,398
3.50% due 05/20/2046		410,030		437,130
3.50% due 11/20/2047		4,068,968		4,315,619
3.50% due 08/20/2050		2,111,790		2,315,395
3.50% due 01/20/2051		2,182,039		2,397,617
3.50% due August 30 TBA		5,012,500		5,263,712
4.00% due 12/20/2042		1,069,683		1,200,000
4.00% due 09/20/2044		378,340		415,719
4.00% due 03/20/2048		59,401		63,299
4.00% due 05/20/2048		148,362		157,930
4.00% due 07/20/2049		253,979		269,252
4.00% due September 30 TBA		2,975,000		3,148,735
4.25% due 01/20/2045		1,131,391		1,267,323
4.25% due 02/20/2045		1,265,232		1,416,870
4.25% due 04/20/2045		1,032,452		1,156,033
4.25% due 06/20/2045		852,546		954,835
4.50% due 04/15/2039		56,962		65,995
4.50% due 05/15/2039		22,139		25,198
4.50% due 09/15/2039		31,045		35,742
4.50% due 01/15/2040		112,952		127,570
4.50% due 02/15/2040		147,432		166,700
4.50% due 03/15/2040		36,154		40,815
4.50% due 04/15/2040		57,318		64,624
4.50% due 06/15/2040		79,955		90,373
4.50% due 07/15/2040		31,623		35,778
4.50% due 01/20/2041		54,464		60,836
4.50% due 06/20/2041		52,319		58,232
4.50% due 09/20/2041		862,443		960,714
4.50% due 07/20/2045		586,488		633,250
4.50% due 05/20/2048		727,210		775,371
4.50% due 04/20/2049		76,323		81,355
4.50% due 07/20/2049		323,030		343,349
4.50% due 09/20/2049		2,783,912		3,074,740
4.50% due 11/20/2049		1,761,258		1,917,159

297

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
5.50% due 12/15/2036	$	29,024	$	33,013
5.50% due 04/15/2038		8,082		9,519
5.50% due 01/20/2042		30,953		36,411
6.00% due 12/15/2032		9,441		10,575
Government National Mtg. Assoc. REMIC
Series 2010-157, Class OP zero coupon due 12/20/2040(1)		120,439		114,710
Series 2011-123, Class MA 4.00% due 07/20/2041(1)		134,314		149,305
Series 2012-12, Class KN 4.50% due 09/20/2041(1)		88,908		97,491
Series 2005-55, Class Z 4.75% due 07/20/2035(1)		2,096,971		2,300,394
Series 2009-92, Class ZC 5.00% due 10/20/2039(1)		886,641		1,006,482
Series 2010-105, Class B 5.00% due 08/20/2040(1)		851,021		976,328
Government National Mtg. Assoc. REMIC FRS
Series 2015-H15, Class FJ 0.53% (1 ML+0.44%) due 06/20/2065(1)		679,657		682,286
Series 2015-H16, Class FG 0.53% (1 ML+0.44%) due 07/20/2065(1)		1,096,175		1,100,509
Series 2015-H16, Class FL 0.53% (1 ML+0.44%) due 07/20/2065(1)		2,431,602		2,441,416
Series 2011-H06, Class FA 0.54% (1 ML+0.45%) due 02/20/2061(1)		922,666		925,428
Series 2015-H05, Class FC 0.57% (1 ML+0.48%) due 02/20/2065(1)		3,016,367		3,027,272
Series 2015-H06, Class FA 0.57% (1 ML+0.48%) due 02/20/2065(1)		2,079,898		2,089,085
Series 2015-H08, Class FC 0.57% (1 ML+0.48%) due 03/20/2065(1)		5,284,488		5,310,675
Series 2015-H10, Class FC 0.57% (1 ML+0.48%) due 04/20/2065(1)		3,289,292		3,306,751
Series 2015-H12, Class FA 0.57% (1 ML+0.48%) due 05/20/2065(1)		1,913,226		1,922,662
Series 2015-H07, Class ES 0.58% (1 ML+0.47%) due 02/20/2065(1)		1,505,157		1,510,002
Series 2013-H18, Class EA 0.59% (1 ML+0.50%) due 07/20/2063(1)		1,233,161		1,236,864
Series 2015-H23, Class FB 0.61% (1 ML+0.52%) due 09/20/2065(1)		957,993		964,272
Series 2015-H26, Class FG 0.61% (1 ML+0.52%) due 10/20/2065(1)		660,154		663,523
Series 2012-H08, Class FB 0.69% (1 ML+0.60%) due 03/20/2062(1)		906,386		910,956

Security Description	Principal Amount		Value (Note 2)
Government National Mtg. Assoc. (continued)
Series 2014-H09, Class TA 0.69% (1 ML+0.60%) due 04/20/2064(1)	$	770,832	$	775,022
Series 2015-H29, Class FL 0.69% (1 ML+0.60%) due 11/20/2065(1)		2,409,013		2,427,624
Series 2015-H30, Class FE 0.69% (1 ML+0.60%) due 11/20/2065(1)		2,682,259		2,708,195
Series 2015-H32, Class FH 0.75% (1 ML+0.66%) due 12/20/2065(1)		780,796		789,733
Series 2016-H26, Class FC 1.09% (1 ML+1.00%) due 12/20/2066(1)		474,036		484,120
Government National Mtg. Assoc. REMIC VRS
Series 2014-168, Class VB 3.43% due 06/16/2047(3)(4)		738,952		759,020
Series 2015-137, Class WA 5.52% due 01/20/2038(1)(4)		30,791		36,195
Series 2015-137, Class W 5.54% due 10/20/2040(1)(4)		1,454,860		1,681,414
				104,616,948
Resolution Funding Corp. — 0.0%
zero coupon due 01/15/2030 STRIPS		1,000,000		886,851
Small Business Administration — 0.3%
Series 2013-20D, Class 1 2.08% due 04/01/2033		698,026		727,835
Series 2012-20H, Class 1 2.37% due 08/01/2032		352,413		367,796
Series 2013-20F, Class 1 2.45% due 06/01/2033		910,251		954,507
Series 2013-20G, Class 1 3.15% due 07/01/2033		1,141,077		1,230,837
Series 2013-20H, Class 1 3.16% due 08/01/2033		1,333,340		1,435,261
Series 2013-20I, Class 1 3.62% due 09/01/2033		650,408		709,905
				5,426,141
Tennessee Valley Authority — 0.0%
4.25% due 09/15/2065		405,000		591,842
4.63% due 09/15/2060		240,000		367,020
				958,862
Uniform Mtg. Backed Securities — 4.8%
1.50% due September 15 TBA		625,000		635,959
1.50% due October 15 TBA		2,775,000		2,820,621
2.00% due August 15 TBA		3,075,000		3,190,673
2.00% due September 15 TBA		3,360,000		3,481,520
2.00% due September 30 TBA		10,225,000		10,401,142
2.00% due October 30 TBA		25,275,000		25,659,193
2.50% due August 15 TBA		1,800,000		1,885,722
2.50% due August 30 TBA		3,800,000		3,956,305
2.50% due September 15 TBA		3,600,000		3,767,469
2.50% due September 30 TBA		30,270,000		31,448,874
2.50% due October 30 TBA		4,600,000		4,769,110
3.00% due August 15 TBA		1,475,000		1,551,804
3.00% due September 30 TBA		7,200,000		7,530,187
3.50% due September 30 TBA		4,025,000		4,256,752

298

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Uniform Mtg. Backed Securities (continued)
4.00% due August 30 TBA	$	325,000	$	347,242
				105,702,573
Total U.S. Government Agencies (cost $455,083,216)				468,358,418
U.S. GOVERNMENT TREASURIES — 20.1%
United States Treasury Bonds — 9.0%
zero coupon due 08/15/2021 STRIPS		2,430,000		2,429,963
zero coupon due 11/15/2021 STRIPS		1,335,000		1,334,802
zero coupon due 02/15/2022 STRIPS		1,545,000		1,544,592
zero coupon due 05/15/2022 STRIPS		3,980,000		3,978,634
zero coupon due 08/15/2022 STRIPS		1,785,000		1,783,774
zero coupon due 11/15/2022 STRIPS		7,785,000		7,772,349
zero coupon due 02/15/2023 STRIPS		7,735,000		7,717,127
zero coupon due 05/15/2023 STRIPS		8,880,000		8,856,141
zero coupon due 08/15/2023 STRIPS		3,185,000		3,172,195
zero coupon due 05/15/2024 STRIPS		90,000		89,162
zero coupon due 11/15/2024 STRIPS		710,000		700,062
zero coupon due 02/15/2025 STRIPS		800,000		785,377
zero coupon due 08/15/2026 STRIPS		90,000		86,394
zero coupon due 08/15/2027 STRIPS		1,170,000		1,102,820
zero coupon due 11/15/2027 STRIPS		1,620,000		1,521,905
zero coupon due 02/15/2028 STRIPS		1,800,000		1,679,689
zero coupon due 08/15/2028 STRIPS		1,440,000		1,332,529
zero coupon due 11/15/2028 STRIPS		1,260,000		1,159,740
zero coupon due 11/15/2029 STRIPS		710,000		639,327
zero coupon due 11/15/2030 STRIPS		1,270,000		1,118,441
zero coupon due 02/15/2032 STRIPS		5,850,000		5,007,014
zero coupon due 05/15/2033 STRIPS		10,400,000		8,647,765
zero coupon due 08/15/2033 STRIPS		630,000		520,653
zero coupon due 02/15/2034 STRIPS		1,765,000		1,441,585
zero coupon due 08/15/2034 STRIPS		540,000		435,907
zero coupon due 11/15/2034 STRIPS		630,000		505,695
zero coupon due 02/15/2035 STRIPS		540,000		430,692
zero coupon due 05/15/2035 STRIPS		990,000		785,975
zero coupon due 08/15/2035 STRIPS		10,000,000		7,890,100
1.13% due 05/15/2040		515,000		459,798
1.25% due 05/15/2050		3,859,000		3,283,617
1.38% due 11/15/2040		29,100,000		27,022,078
1.38% due 08/15/2050		340,000		298,523
1.63% due 11/15/2050		2,825,000		2,639,609
1.75% due 01/15/2028 TIPS(7)		1,503,017		1,855,639
1.88% due 02/15/2051		7,515,000		7,452,766
2.00% due 02/15/2050		4,350,000		4,436,490
2.25% due 05/15/2041		3,085,000		3,309,627
2.25% due 08/15/2046		3,052,000		3,270,170
2.25% due 08/15/2049		4,800,000		5,159,437
2.38% due 11/15/2049		17,500,000		19,325,195
2.50% due 01/15/2029 TIPS(7)		4,775,835		6,293,344
2.50% due 02/15/2045		3,900,000		4,362,516
2.88% due 05/15/2043		4,565,000		5,412,022
2.88% due 05/15/2049		59,000		71,551
3.00% due 11/15/2044		317,000		384,932
3.00% due 02/15/2048		330,000		406,970
3.13% due 02/15/2043		3,050,000		3,754,836
3.63% due 08/15/2043		2,975,000		3,943,270
3.63% due 02/15/2044		1,250,000		1,663,916
3.75% due 11/15/2043		10,239,000		13,843,048
3.88% due 08/15/2040		1,640,000		2,215,794
4.25% due 11/15/2040		543,000		769,427
4.38% due 02/15/2038		360,000		507,938
4.38% due 05/15/2041		1,400,000		2,020,539

Security Description	Principal Amount		Value (Note 2)
United States Treasury Bonds (continued)
5.25% due 11/15/2028	$	90,000	$	116,926
				198,750,387
United States Treasury Notes — 11.1%
0.13% due 01/15/2022 TIPS(7)		4,613,553		4,706,004
0.13% due 12/31/2022		96,500,000		96,503,769
0.38% due 12/31/2025		17,000,000		16,815,391
0.38% due 01/31/2026		2,340,000		2,313,035
0.38% due 09/30/2027		820,000		794,663
0.50% due 02/28/2026		8,315,000		8,260,433
0.63% due 08/15/2030		620,000		589,678
0.75% due 04/30/2026		420,000		421,673
0.88% due 06/30/2026		22,206,000		22,402,037
0.88% due 11/15/2030		3,900,000		3,784,828
1.13% due 02/28/2025		10,000,000		10,230,859
1.25% due 03/31/2028		4,790,000		4,877,567
1.25% due 06/30/2028		5,306,000		5,394,710
1.38% due 01/31/2022		10,000,000		10,064,844
1.38% due 08/31/2023		3,500,000		3,585,312
1.50% due 02/28/2023		2,000,000		2,043,125
1.63% due 02/15/2026		11,400		11,901
1.63% due 08/15/2029		400,000		416,187
1.63% due 05/15/2031		465,000		481,493
1.75% due 02/28/2022		5,700,000		5,755,219
1.75% due 07/15/2022		3,450,000		3,504,715
1.75% due 09/30/2022		1,500,000		1,528,711
1.75% due 01/31/2023		4,000,000		4,097,188
1.75% due 05/15/2023		2,808,000		2,887,085
1.75% due 12/31/2024		12,848,800		13,421,977
1.75% due 12/31/2026		1,887,300		1,986,162
1.88% due 11/30/2021		2,400,000		2,414,341
2.13% due 06/30/2022		1,000,000		1,018,594
2.13% due 02/29/2024		263,000		275,492
2.13% due 05/15/2025		155,000		164,361
2.25% due 10/31/2024		1,000,000		1,059,687
2.25% due 11/15/2024		58,000		61,473
2.25% due 11/15/2025		430,000		460,184
2.25% due 02/15/2027		3,739,000		4,034,907
2.50% due 08/15/2023		2,000,000		2,093,516
2.50% due 02/28/2026		340,000		368,502
2.75% due 05/31/2023		377,000		394,731
2.75% due 11/15/2023		600,000		634,430
2.88% due 05/31/2025		3,041,000		3,313,740
2.88% due 05/15/2028		245,000		275,740
				243,448,264
Total U.S. Government Treasuries (cost $428,999,736)				442,198,651
MUNICIPAL BONDS & NOTES — 1.2%
Escambia County Health Facilities Authority Revenue Bonds 3.61% due 08/15/2040		655,000		689,487
Florida State Board of Administration Finance Corp. Revenue Bonds Series A 2.15% due 07/01/2030		3,724,000		3,859,313
New Jersey Economic Development Authority Revenue Bonds Series B zero coupon due 02/15/2023		5,231,000		5,192,815

299

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
New Jersey Economic Development Authority Revenue Bonds Series A 7.43% due 02/15/2029	$	3,828,000	$	5,003,461
Ohio State University Revenue Bonds Series A 4.05% due 12/01/2056		244,000		316,888
Oklahoma Development Finance Authority Revenue Bonds Series C 5.45% due 8/15/2028		1,578,000		1,806,240
Regents of the University of California Medical Center Revenue Bonds Series N 3.71% due 05/15/2120		740,000		828,431
School District of Philadelphia General Obligation Bonds 6.62% due 06/01/2030		1,250,000		1,635,145
School District of Philadelphia General Obligation Bonds 6.77% due 06/01/2040		840,000		1,245,526
State of California General Obligation Bonds 7.30% due 10/01/2039		360,000		584,608
Village of Bridgeview, Illinois General Obligation Bonds 5.06% due 12/01/2025		400,000		412,678
Village of Bridgeview, Illinois General Obligation Bonds 5.14% due 12/01/2036		3,955,000		4,250,853
Total Municipal Bonds & Notes (cost $23,812,571)				25,825,445
FOREIGN GOVERNMENT OBLIGATIONS — 0.4%
Regional Authority — 0.0%
Province of Quebec, Canada Debentures 7.13% due 02/09/2024		540,000		628,898
Sovereign — 0.4%
Dominican Republic Senior Notes 4.50% due 01/30/2030*		2,415,000		2,474,192
Israel Government USAID Series 1 Government Guar. Notes zero coupon due 11/01/2024		380,000		370,401
Kingdom of Saudi Arabia Senior Notes 2.25% due 02/02/2033*		319,000		313,070
Republic of Chile Senior Notes 2.55% due 01/27/2032		256,000		262,298
Republic of Colombia Senior Notes 4.00% due 02/26/2024		200,000		209,720
Republic of Colombia Senior Notes 4.50% due 01/28/2026		314,000		341,290
Republic of Colombia Senior Notes 7.38% due 09/18/2037		100,000		129,865

Security Description	Principal Amount		Value (Note 2)
Sovereign (continued)
Republic of Panama Senior Notes 4.50% due 04/16/2050	$	200,000	$	227,580
Republic of Peru Senior Notes 5.63% due 11/18/2050		54,000		73,046
United Mexican States Senior Notes 2.66% due 05/24/2031		541,000		531,700
United Mexican States Senior Notes 3.75% due 01/11/2028		547,000		600,327
United Mexican States Senior Notes 3.77% due 05/24/2061		398,000		371,004
United Mexican States Senior Bonds 4.13% due 01/21/2026		200,000		225,248
United Mexican States Senior Notes 4.50% due 01/31/2050		380,000		406,980
United Mexican States Senior Bonds 4.60% due 02/10/2048		400,000		432,620
United Mexican States Senior Bonds 4.75% due 03/08/2044		1,080,000		1,195,808
				8,165,149
Total Foreign Government Obligations (cost $8,598,107)				8,794,047
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.2%
Banks-Commercial — 0.2%
Macquarie Bank, Ltd. 6.13% due 03/08/2027*(10)		3,380,000		3,701,100
SVB Financial Group Series C 4.00% due 05/15/2026(10)		865,000		898,519
				4,599,619
Banks-Super Regional — 0.0%
Wells Fargo & Co. Jr. Sub. Notes 3.90% due 03/15/2026(10)		465,000		482,735
Diversified Banking Institutions — 0.8%
Bank of America Corp. Series Z 6.50% due 10/23/2024(10)		2,114,000		2,383,535
Bank of America Corp. Series AA 6.10% due 03/17/2025(10)		3,305,000		3,711,284
Bank of America Corp. Series FF 5.88% due 03/15/2028(10)		2,572,000		2,954,585
Citigroup, Inc. 3.88% due 02/18/2026(10)		160,000		163,760
Goldman Sachs Group, Inc. Series T 3.80% due 05/10/2026(10)		380,000		387,600
HSBC Holdings PLC 4.00% due 03/09/2026(10)		1,271,000		1,282,121
HSBC Holdings PLC 4.70% due 03/09/2031(10)		3,212,000		3,318,382

300

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES (continued)
Diversified Banking Institutions (continued)
UBS Group AG 4.38% due 02/10/2031*(10)	$	3,708,000		$	3,819,240
					18,020,507
Finance-Credit Card — 0.1%
Capital One Financial Corp. Series M 3.95% due 09/01/2026(10)		495,000			512,078
Finance-Investment Banker/Broker — 0.1%
Charles Schwab Corp. Series H 4.00% due 12/01/2030(10)		495,000			515,394
Charles Schwab Corp. Series I 4.00% due 06/01/2026(10)		655,000			683,656
					1,199,050
Insurance-Life/Health — 0.0%
Dai-ichi Life Insurance Co., Ltd. 4.00% due 07/24/2026*(10)		316,000			343,255
Insurance-Property/Casualty — 0.0%
Progressive Corp. Series B 5.38% due 03/15/2023(10)		180,000			188,100
Real Estate Investment Trusts — 0.0%
Scentre Group Trust 2 Company Guar. Notes 4.75% due 09/24/2080*		405,000			432,457
Total Preferred Securities/Capital Securities (cost $24,088,526)					25,777,801
Total Long-Term Investment Securities (cost $2,080,407,030)					2,166,510,369
SHORT-TERM INVESTMENT SECURITIES — 1.6%
Registered Investment Companies — 1.6%
State Street Institutional Liquid Reserves Fund, Trust Class  0.00%(8) (cost $36,108,312)		36,101,092			36,108,312
REPURCHASE AGREEMENTS — 4.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 07/30/2021, to be repurchased 08/02/2021 in the amount of $107,717,000 and collateralized by $98,720,300 of United States Treasury Notes, bearing interest at 0.50% due 10/31/2027 and $9,088,000 of United States Treasury Bonds, bearing interest at 1.00% due 02/15/2049 having an approximate value of $109,871,406 (cost $107,717,000)	$	107,717,000			107,717,000
TOTAL INVESTMENTS (cost $2,224,232,342)(12)		105.1	%		2,310,335,681
Liabilities in excess of other assets		(5.1	)		(112,904,971	)
NET ASSETS		100.0	%	$	2,197,430,710

* 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 July 31, 2021, the aggregate value of these securities was $555,754,542 representing 25.3% of net assets.

(1) Collateralized Mortgage Obligation

(2) Collateralized Loan Obligation

(3) Commercial Mortgage Backed Security

(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) “Step-up” security where the rate increases (“steps-up”) at a predetermined rate. The rate reflected is as of July 31, 2021.

(6) Interest Only

(7) Principal amount of security is adjusted for inflation.

(8) The rate shown is the 7-day yield as of July 31, 2021.

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

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

(11) 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 July 31, 2021, the Portfolio held the following restricted securities:

Description	Acquisition Date		Principal Amount		Acquisition Cost		Value		Value per Par		% of Net Assets
Foreign Corporate Bonds & Notes
Pabrik Kertas Tjiwi Kimia Tbk PT 2.00% due 04/30/2029		12/2/2004	$	874,867	$	123,726	$	218,717	$	25.00		0.01	%

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

CLO — Collateralized Loan Obligation

REMIC — Real Estate Mortgage Investment Conduit

SCRT — Seasoned Credit Risk Transfer Trust

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

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 July 31, 2021 and unless noted otherwise, the dates shown are the original maturity dates.

301

SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Index Legend

1 ML — 1 Month USD LIBOR

3 ML — 3 Month USD LIBOR

6 ML — 6 Month USD LIBOR

SOFR30A — Secured Overnight Financing Rate 30 day average

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	321	Long	U.S. Treasury Ultra Bonds	September 2021	$	59,452,697	$	64,049,531	$	4,596,834
									Unrealized (Depreciation)
	222	Long	U.S. Treasury 2 Year Notes	September 2021		48,997,993		48,985,688	$	(12,305	)
	311	Short	U.S. Treasury 10 Year Ultra Notes	September 2021		45,162,788		46,727,750	$	(1,564,962	)
									$	(1,577,267	)
			Unrealized Appreciation (Depreciation)						$	3,019,567

* 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 July 31, 2021 (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	$	—	$	374,390,452	$	18,545,016	$	392,935,468
U.S. Corporate Bonds & Notes:
Investment Management/Advisor Services		—		—		3,200,000		3,200,000
Other Industries		—		582,078,525		—		582,078,525
Foreign Corporate Bonds & Notes:
Paper & Related Products		—		—		218,717		218,717
Other Industries		—		217,123,297		—		217,123,297
U.S. Government Agencies		—		468,358,418		—		468,358,418
U.S. Government Treasuries		—		442,198,651		—		442,198,651
Municipal Bonds & Notes		—		25,825,445		—		25,825,445
Foreign Government Obligations		—		8,794,047		—		8,794,047
Preferred Securities/Capital Securities		—		25,777,801		—		25,777,801
Short-Term Investment Securities		36,108,312		—		—		36,108,312
Repurchase Agreements		—		107,717,000		—		107,717,000
Total Investments at Value	$	36,108,312	$	2,252,263,636	$	21,963,733	$	2,310,335,681
Other Financial Instruments:+
Futures Contracts	$	4,596,834	$	—	$	—	$	4,596,834
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	1,577,267	$	—	$	—	$	1,577,267

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

+ Amounts represent unrealized appreciation/depreciation as of the end of 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. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

302

SunAmerica Series Trust SA JPMorgan Mid-Cap Growth Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Medical-Biomedical/Gene	5.5	%
Commercial Services-Finance	4.5
E-Commerce/Services	4.4
Electronic Measurement Instruments	3.9
Internet Content-Entertainment	3.7
Electronic Components-Semiconductors	3.7
Semiconductor Equipment	3.6
Enterprise Software/Service	3.0
Diversified Manufacturing Operations	2.7
Computer Data Security	2.3
Drug Delivery Systems	2.3
Repurchase Agreements	2.3
Computer Aided Design	2.1
Banks-Commercial	2.0
Power Converter/Supply Equipment	1.9
Building & Construction Products-Misc.	1.7
Retail-Apparel/Shoe	1.6
Electric Products-Misc.	1.6
Office Automation & Equipment	1.5
Medical Products	1.5
Distribution/Wholesale	1.4
Applications Software	1.4
Finance-Investment Banker/Broker	1.3
Airlines	1.3
Transport-Truck	1.3
Instruments-Controls	1.2
Advertising Services	1.2
Data Processing/Management	1.2
Medical-Outpatient/Home Medical	1.2
Computer Software	1.2
Commercial Services	1.1
Retail-Gardening Products	1.1
Therapeutics	1.1
Consulting Services	1.0
Retail-Perfume & Cosmetics	1.0
Internet Application Software	0.9
Retail-Restaurants	0.9
Machinery-Pumps	0.9
Patient Monitoring Equipment	0.9
Medical-Wholesale Drug Distribution	0.9
Energy-Alternate Sources	0.9
Internet Gambling	0.8
Private Equity	0.8
Communications Software	0.8
Medical-HMO	0.8
Retail-Automobile	0.8
Consumer Products-Misc.	0.8
Retail-Auto Parts	0.8
Finance-Credit Card	0.8
Diagnostic Kits	0.8
Medical Labs & Testing Services	0.8
Pharmacy Services	0.8
Metal-Copper	0.8
Electronic Components-Misc.	0.7
Decision Support Software	0.7
Schools	0.7
Respiratory Products	0.7
Brewery	0.7
Cruise Lines	0.6
Medical-Drugs	0.6
Entertainment Software	0.6

Tools-Hand Held	0.6	%
Recreational Vehicles	0.6
Retail-Vision Service Center	0.6
Food-Catering	0.5
Medical-Hospitals	0.5
E-Commerce/Products	0.5
Oil Companies-Exploration & Production	0.5
Insurance-Property/Casualty	0.5
Investment Management/Advisor Services	0.5
Broadcast Services/Program	0.5
Aerospace/Defense-Equipment	0.4
Beverages-Non-alcoholic	0.2
	100.0	%

* Calculated as a percentage of net assets

303

SunAmerica Series Trust SA JPMorgan Mid-Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.7%
Advertising Services — 1.2%
Trade Desk, Inc., Class A†		83,600	$	6,847,676
Aerospace/Defense-Equipment — 0.4%
HEICO Corp., Class A		19,720		2,391,839
Airlines — 1.3%
Delta Air Lines, Inc.†		132,700		5,294,730
Frontier Group Holdings, Inc.†		131,423		1,937,175
				7,231,905
Applications Software — 1.4%
Confluent, Inc., Class A†		36,419		1,427,261
Five9, Inc.†		31,608		6,362,374
				7,789,635
Banks-Commercial — 2.0%
First Republic Bank		23,900		4,660,978
Signature Bank		11,796		2,677,338
SVB Financial Group†		6,976		3,836,521
				11,174,837
Beverages-Non-alcoholic — 0.2%
Oatly Group AB ADR†		76,798		1,363,164
Brewery — 0.7%
Constellation Brands, Inc., Class A		17,000		3,813,780
Broadcast Services/Program — 0.5%
Discovery, Inc., Class C†		95,194		2,580,709
Building & Construction Products-Misc. — 1.7%
Fortune Brands Home & Security, Inc.		56,100		5,468,067
Trex Co., Inc.†		44,800		4,350,080
				9,818,147
Casino Hotels — 0.0%
Las Vegas Sands Corp.†		4,071		172,407
Commercial Services — 1.1%
CoStar Group, Inc.†		23,700		2,105,745
Quanta Services, Inc.		47,900		4,354,110
				6,459,855
Commercial Services-Finance — 4.5%
Affirm Holdings, Inc.†		23,126		1,302,456
Avalara, Inc.†		19,100		3,192,947
Equifax, Inc.		25,800		6,723,480
Global Payments, Inc.		29,200		5,647,572
IHS Markit, Ltd.		42,000		4,907,280
MarketAxess Holdings, Inc.		7,500		3,563,775
				25,337,510
Communications Software — 0.8%
RingCentral, Inc., Class A†		17,300		4,623,771
Computer Aided Design — 2.1%
Cadence Design Systems, Inc.†		39,000		5,758,350
Synopsys, Inc.†		21,900		6,306,981
				12,065,331
Computer Data Security — 2.3%
Crowdstrike Holdings, Inc., Class A†		31,000		7,861,910
Zscaler, Inc.†		22,300		5,260,793
				13,122,703
Computer Software — 1.2%
MongoDB, Inc.†		13,400		4,809,528
Snowflake, Inc., Class A†		6,715		1,784,310
				6,593,838

Security Description	Shares		Value (Note 2)
Consulting Services — 1.0%
Booz Allen Hamilton Holding Corp.		63,200	$	5,423,192
Consumer Products-Misc. — 0.8%
Helen of Troy, Ltd.†		19,800		4,423,122
Cruise Lines — 0.6%
Royal Caribbean Cruises, Ltd.†		47,300		3,635,951
Data Processing/Management — 1.2%
DocuSign, Inc.†		22,900		6,825,116
Decision Support Software — 0.7%
MSCI, Inc.		6,800		4,052,528
Diagnostic Kits — 0.8%
Natera, Inc.†		37,716		4,319,236
Distribution/Wholesale — 1.4%
Copart, Inc.†		55,200		8,114,400
Diversified Manufacturing Operations — 2.7%
ITT, Inc.		46,800		4,582,188
Trane Technologies PLC		50,700		10,323,027
				14,905,215
Drug Delivery Systems — 2.3%
DexCom, Inc.†		25,000		12,887,750
E-Commerce/Products — 0.5%
Chewy, Inc., Class A†		35,100		2,937,870
E-Commerce/Services — 4.4%
Airbnb, Inc., Class A†		9,384		1,351,390
Booking Holdings, Inc.†		1,180		2,570,347
Bumble, Inc., Class A†		44,429		2,260,547
Lyft, Inc., Class A†		84,500		4,674,540
Match Group, Inc.†		58,891		9,379,570
Zillow Group, Inc., Class C†		41,900		4,452,294
				24,688,688
Electric Products-Misc. — 1.6%
AMETEK, Inc.		34,400		4,783,320
Littelfuse, Inc.		15,900		4,229,241
				9,012,561
Electronic Components-Misc. — 0.7%
Garmin, Ltd.		25,814		4,057,961
Electronic Components-Semiconductors — 3.7%
Advanced Micro Devices, Inc.†		42,800		4,544,932
Cree, Inc.†		29,500		2,736,420
Marvell Technology, Inc.		66,800		4,042,068
Microchip Technology, Inc.		40,700		5,824,984
Xilinx, Inc.		23,300		3,491,272
				20,639,676
Electronic Measurement Instruments — 3.9%
Agilent Technologies, Inc.		59,600		9,132,508
Itron, Inc.†		33,600		3,313,632
Keysight Technologies, Inc.†		39,400		6,483,270
Trimble, Inc.†		34,900		2,983,950
				21,913,360
Energy-Alternate Sources — 0.9%
SolarEdge Technologies, Inc.†		18,700		4,852,276
Enterprise Software/Service — 3.0%
Bill.com Holdings, Inc.†		14,700		3,040,254
Coupa Software, Inc.†		14,000		3,038,000
HubSpot, Inc.†		15,500		9,238,310
UiPath, Inc., Class A†		20,051		1,254,391
				16,570,955

304

SunAmerica Series Trust SA JPMorgan Mid-Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Entertainment Software — 0.6%
Take-Two Interactive Software, Inc.†		19,992	$	3,467,013
Finance-Credit Card — 0.8%
Discover Financial Services		34,800		4,326,336
Finance-Investment Banker/Broker — 1.3%
Charles Schwab Corp.		61,880		4,204,746
Evercore, Inc., Class A		24,900		3,291,780
				7,496,526
Food-Catering — 0.5%
Aramark		84,600		2,971,998
Instruments-Controls — 1.2%
Mettler-Toledo International, Inc.†		4,670		6,882,226
Insurance-Property/Casualty — 0.5%
Progressive Corp.		28,200		2,683,512
Internet Application Software — 0.9%
Okta, Inc.†		21,200		5,253,148
Internet Content-Entertainment — 3.7%
Pinterest, Inc., Class A†		70,400		4,146,560
Roku, Inc.†		28,400		12,164,004
Spotify Technology SA†		19,800		4,527,666
				20,838,230
Internet Gambling — 0.8%
DraftKings, Inc., Class A†		97,300		4,719,050
Investment Management/Advisor Services — 0.5%
Affiliated Managers Group, Inc.		16,500		2,614,260
Machinery-Pumps — 0.9%
Ingersoll Rand, Inc.†		103,773		5,071,386
Medical Labs & Testing Services — 0.8%
Catalent, Inc.†		35,900		4,301,179
Medical Products — 1.5%
Align Technology, Inc.†		4,700		3,270,260
Cooper Cos., Inc.		11,700		4,934,709
				8,204,969
Medical-Biomedical/Gene — 5.5%
Alnylam Pharmaceuticals, Inc.†		29,900		5,350,306
Exact Sciences Corp.†		44,050		4,750,352
Exelixis, Inc.†		142,500		2,401,125
Horizon Therapeutics PLC†		67,700		6,771,354
Ionis Pharmaceuticals, Inc.†		28,700		1,065,918
Maravai LifeSciences Holdings, Inc., Class A†		95,197		4,185,812
Royalty Pharma PLC, Class A		87,600		3,346,320
Seagen, Inc.†		17,800		2,730,342
				30,601,529
Medical-Drugs — 0.6%
Jazz Pharmaceuticals PLC†		20,946		3,550,766
Medical-HMO — 0.8%
Centene Corp.†		66,626		4,571,210
Medical-Hospitals — 0.5%
Acadia Healthcare Co., Inc.†		47,900		2,956,388
Medical-Outpatient/Home Medical — 1.2%
Amedisys, Inc.†		10,900		2,840,758
Teladoc Health, Inc.†		25,900		3,844,855
				6,685,613

Security Description	Shares		Value (Note 2)
Medical-Wholesale Drug Distribution — 0.9%
McKesson Corp.		24,000	$	4,891,920
Metal-Copper — 0.8%
Freeport-McMoRan, Inc.		111,400		4,244,340
Office Automation & Equipment — 1.5%
Zebra Technologies Corp., Class A†		14,888		8,225,322
Oil Companies-Exploration & Production — 0.5%
EOG Resources, Inc.		38,200		2,783,252
Patient Monitoring Equipment — 0.9%
Insulet Corp.†		18,000		5,034,420
Pharmacy Services — 0.8%
Cigna Corp.		18,600		4,268,514
Power Converter/Supply Equipment — 1.9%
Generac Holdings, Inc.†		24,788		10,395,096
Private Equity — 0.8%
Blackstone Group, Inc., Class A		40,500		4,668,435
Recreational Vehicles — 0.6%
Brunswick Corp.		30,100		3,142,440
Respiratory Products — 0.7%
ResMed, Inc.		14,400		3,913,920
Retail-Apparel/Shoe — 1.6%
Burlington Stores, Inc.†		17,700		5,925,960
Lululemon Athletica, Inc.†		8,292		3,318,210
				9,244,170
Retail-Auto Parts — 0.8%
O’Reilly Automotive, Inc.†		7,300		4,408,032
Retail-Automobile — 0.8%
CarMax, Inc.†		34,100		4,567,695
Retail-Gardening Products — 1.1%
Tractor Supply Co.		35,200		6,368,736
Retail-Perfume & Cosmetics — 1.0%
Ulta Beauty, Inc.†		15,900		5,339,220
Retail-Restaurants — 0.9%
Chipotle Mexican Grill, Inc.†		2,800		5,217,632
Retail-Vision Service Center — 0.6%
National Vision Holdings, Inc.†		57,700		3,114,646
Schools — 0.7%
Bright Horizons Family Solutions, Inc.†		26,200		3,916,900
Semiconductor Equipment — 3.6%
Entegris, Inc.		62,800		7,576,192
Lam Research Corp.		9,600		6,119,136
Teradyne, Inc.		51,300		6,515,100
				20,210,428
Therapeutics — 1.1%
Agios Pharmaceuticals, Inc.†		66,500		3,197,985
Neurocrine Biosciences, Inc.†		29,700		2,768,337
				5,966,322
Tools-Hand Held — 0.6%
Stanley Black & Decker, Inc.		17,300		3,408,965
Transport-Truck — 1.3%
Old Dominion Freight Line, Inc.		26,850		7,226,677
Total Long-Term Investment Securities (cost $385,152,268)				548,399,385

305

SunAmerica Series Trust SA JPMorgan Mid-Cap Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 2.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 07/30/2021, to be repurchased 08/02/2021 in the amount of $12,741,000 and collateralized by $13,329,800 of United States Treasury Notes, bearing interest at 0.50% due 10/31/2027 and having an approximate value of $12,995,854 (cost $12,741,000)	$	12,741,000			12,741,000
TOTAL INVESTMENTS (cost $397,893,268)(1)		100.0	%		561,140,385
Liabilities in excess of other assets		(0.0	)		(31,285	)
NET ASSETS		100.0	%	$	561,109,100

† 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 July 31, 2021 (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	$	548,399,385	$	—	$	—	$	548,399,385
Repurchase Agreements		—		12,741,000		—		12,741,000
Total Investments at Value	$	548,399,385	$	12,741,000	$	—	$	561,140,385

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

See Notes to Financial Statements

306

SunAmerica Series Trust SA Large Cap Growth Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 —(unaudited)

Industry Allocation*

Applications Software	11.6	%
Computers	10.9
Web Portals/ISP	7.5
E-Commerce/Products	7.1
Internet Content-Entertainment	5.4
Exchange-Traded Funds	5.0
Electronic Components-Semiconductors	4.6
Medical-Drugs	3.3
Commercial Services-Finance	2.8
Auto-Cars/Light Trucks	2.5
Finance-Credit Card	2.3
Diagnostic Equipment	1.7
Enterprise Software/Service	1.7
Retail-Building Products	1.7
Medical-Biomedical/Gene	1.6
Medical Products	1.4
Electronic Forms	1.4
Semiconductor Equipment	1.4
Cosmetics & Toiletries	1.2
Retail-Restaurants	1.2
Retail-Discount	1.1
Medical-HMO	1.1
Real Estate Investment Trusts	1.1
Cable/Satellite TV	1.1
Semiconductor Components-Integrated Circuits	1.0
Beverages-Non-alcoholic	1.0
Computer Aided Design	0.9
Transport-Services	0.7
Transport-Rail	0.7
Athletic Footwear	0.7
Computer Services	0.6
Industrial Gases	0.6
Medical Instruments	0.6
Investment Management/Advisor Services	0.5
Distribution/Wholesale	0.4
Machinery-Farming	0.4
Data Processing/Management	0.4
Entertainment Software	0.4
Insurance Brokers	0.4
Aerospace/Defense	0.4
Electronic Measurement Instruments	0.3
Diversified Manufacturing Operations	0.3
Electric-Integrated	0.3
Medical Labs & Testing Services	0.3
Cellular Telecom	0.3
Diagnostic Kits	0.3
Finance-Other Services	0.3
Machinery-Construction & Mining	0.3
Drug Delivery Systems	0.2
Chemicals-Specialty	0.2
Decision Support Software	0.2
Banks-Commercial	0.2
Retail-Auto Parts	0.2
Coatings/Paint	0.2
Electronic Connectors	0.2
Consulting Services	0.2
E-Commerce/Services	0.2
Electric Products-Misc.	0.2
Respiratory Products	0.2
Computer Data Security	0.2
Chemicals-Diversified	0.2

Insurance-Property/Casualty	0.2	%
Metal-Copper	0.2
Instruments-Controls	0.2
Transport-Truck	0.2
Consumer Products-Misc.	0.2
Commercial Services	0.1
Auto/Truck Parts & Equipment-Original	0.1
Building Products-Air & Heating	0.1
Gold Mining	0.1
Machinery-General Industrial	0.1
Aerospace/Defense-Equipment	0.1
Power Converter/Supply Equipment	0.1
Building-Residential/Commercial	0.1
Energy-Alternate Sources	0.1
Rental Auto/Equipment	0.1
Non-Hazardous Waste Disposal	0.1
Office Automation & Equipment	0.1
Networking Products	0.1
Retail-Gardening Products	0.1
Computer Software	0.1
Industrial Automated/Robotic	0.1
U.S. Government Treasuries	0.1
Wireless Equipment	0.1
Containers-Metal/Glass	0.1
Water	0.1
Telecom Equipment-Fiber Optics	0.1
Auto-Heavy Duty Trucks	0.1
Soap & Cleaning Preparation	0.1
Hotels/Motels	0.1
Instruments-Scientific	0.1
Electronic Components-Misc.	0.1
Food-Misc./Diversified	0.1
Retail-Consumer Electronics	0.1
Retail-Misc./Diversified	0.1
E-Services/Consulting	0.1
Oil Companies-Exploration & Production	0.1
Engineering/R&D Services	0.1
Food-Confectionery	0.1
Casino Services	0.1
Machinery-Pumps	0.1
Medical Information Systems	0.1
	100.0	%

* Calculated as a percentage of net assets

307

SunAmerica Series Trust SA Large Cap Growth Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.9%
Aerospace/Defense — 0.4%
Lockheed Martin Corp.		1,911	$	710,262
Teledyne Technologies, Inc.†		387		175,222
TransDigm Group, Inc.†		559		358,369
				1,243,853
Aerospace/Defense-Equipment — 0.1%
L3Harris Technologies, Inc.		1,985		450,079
Applications Software — 11.6%
Intuit, Inc.		4,641		2,459,591
Microsoft Corp.		127,922		36,446,257
PTC, Inc.†		1,786		241,914
Roper Technologies, Inc.		965		474,143
ServiceNow, Inc.†		3,354		1,971,783
				41,593,688
Athletic Footwear — 0.7%
NIKE, Inc., Class B		13,859		2,321,521
Auto-Cars/Light Trucks — 2.5%
Tesla, Inc.†		13,090		8,995,448
Auto-Heavy Duty Trucks — 0.1%
Cummins, Inc.		1,068		247,883
Auto/Truck Parts & Equipment-Original — 0.1%
Aptiv PLC†		3,078		513,564
Banks-Commercial — 0.2%
First Republic Bank		1,584		308,911
SVB Financial Group†		955		525,212
				834,123
Beverages-Non-alcoholic — 1.0%
Coca-Cola Co.		23,068		1,315,568
Monster Beverage Corp.†		6,284		592,707
PepsiCo, Inc.		9,856		1,546,899
				3,455,174
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		1,551		109,997
Building & Construction Products-Misc. — 0.0%
Fortune Brands Home & Security, Inc.		1,340		130,610
Building Products-Air & Heating — 0.1%
Carrier Global Corp.		8,879		490,565
Building Products-Cement — 0.0%
Vulcan Materials Co.		946		170,271
Building Products-Wood — 0.0%
Masco Corp.		1,897		113,270
Building-Maintenance & Services — 0.0%
Rollins, Inc.		3,761		144,159
Building-Residential/Commercial — 0.1%
D.R. Horton, Inc.		3,343		319,023
PulteGroup, Inc.		2,291		125,707
				444,730
Cable/Satellite TV — 1.1%
Charter Communications, Inc., Class A†		2,339		1,740,333
Comcast Corp., Class A		34,264		2,015,751
				3,756,084
Casino Services — 0.1%
Caesars Entertainment, Inc.†		2,056		179,612

Security Description	Shares		Value (Note 2)
Cellular Telecom — 0.3%
T-Mobile US, Inc.†		6,868	$	989,129
Chemicals-Diversified — 0.2%
Dow, Inc.		6,217		386,449
FMC Corp.		2,189		234,113
				620,562
Chemicals-Specialty — 0.2%
Albemarle Corp.		1,982		408,371
Ecolab, Inc.		1,944		429,294
				837,665
Coatings/Paint — 0.2%
Sherwin-Williams Co.		2,805		816,339
Commercial Services — 0.1%
Cintas Corp.		989		389,844
Quanta Services, Inc.		1,373		124,806
				514,650
Commercial Services-Finance — 2.8%
Automatic Data Processing, Inc.		3,469		727,207
Equifax, Inc.		1,034		269,460
FleetCor Technologies, Inc.†		609		157,256
IHS Markit, Ltd.		4,136		483,250
MarketAxess Holdings, Inc.		645		306,485
Moody’s Corp.		1,969		740,344
PayPal Holdings, Inc.†		19,952		5,497,375
S&P Global, Inc.		4,092		1,754,322
				9,935,699
Computer Aided Design — 0.9%
ANSYS, Inc.†		1,480		545,321
Autodesk, Inc.†		3,737		1,200,063
Cadence Design Systems, Inc.†		4,726		697,794
Synopsys, Inc.†		2,591		746,182
				3,189,360
Computer Data Security — 0.2%
Fortinet, Inc.†		2,302		626,696
Computer Services — 0.6%
Accenture PLC, Class A		6,046		1,920,693
Cognizant Technology Solutions Corp., Class A		4,569		335,959
				2,256,652
Computer Software — 0.1%
Akamai Technologies, Inc.†		1,772		212,498
Citrix Systems, Inc.		1,371		138,128
				350,626
Computers — 10.9%
Apple, Inc.		266,429		38,861,334
Consulting Services — 0.2%
Gartner, Inc.†		775		205,166
Verisk Analytics, Inc.		2,753		522,905
				728,071
Consumer Products-Misc. — 0.2%
Clorox Co.		1,415		255,959
Kimberly-Clark Corp.		2,178		295,598
				551,557
Containers-Metal/Glass — 0.1%
Ball Corp.		3,568		288,580

308

SunAmerica Series Trust SA Large Cap Growth Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Containers-Paper/Plastic — 0.0%
Sealed Air Corp.		1,704	$	96,702
Cosmetics & Toiletries — 1.2%
Colgate-Palmolive Co.		7,472		594,024
Estee Lauder Cos., Inc., Class A		2,206		736,429
Procter & Gamble Co.		19,960		2,838,911
				4,169,364
Data Processing/Management — 0.4%
Broadridge Financial Solutions, Inc.		986		171,061
Fiserv, Inc.†		6,879		791,842
Jack Henry & Associates, Inc.		606		105,499
Paychex, Inc.		2,887		328,598
				1,397,000
Decision Support Software — 0.2%
MSCI, Inc.		1,400		834,344
Diagnostic Equipment — 1.7%
Danaher Corp.		7,332		2,181,196
PerkinElmer, Inc.		1,904		346,966
Thermo Fisher Scientific, Inc.		6,675		3,604,567
				6,132,729
Diagnostic Kits — 0.3%
IDEXX Laboratories, Inc.†		1,448		982,511
Dialysis Centers — 0.0%
DaVita, Inc.†		1,190		143,097
Disposable Medical Products — 0.0%
Teleflex, Inc.		373		148,241
Distribution/Wholesale — 0.4%
Copart, Inc.†		3,536		519,792
Fastenal Co.		7,316		400,698
Pool Corp.		682		325,873
WW Grainger, Inc.		454		201,839
				1,448,202
Diversified Manufacturing Operations — 0.3%
Illinois Tool Works, Inc.		2,148		486,887
Parker-Hannifin Corp.		1,140		355,714
Trane Technologies PLC		1,868		380,344
				1,222,945
Drug Delivery Systems — 0.2%
DexCom, Inc.†		1,643		846,983
E-Commerce/Products — 7.1%
Amazon.com, Inc.†		7,281		24,228,183
eBay, Inc.		10,992		749,764
Etsy, Inc.†		2,159		396,198
				25,374,145
E-Commerce/Services — 0.2%
Booking Holdings, Inc.†		265		577,239
Expedia Group, Inc.†		865		139,152
				716,391
E-Services/Consulting — 0.1%
CDW Corp.		1,048		192,151
Electric Products-Misc. — 0.2%
AMETEK, Inc.		1,922		267,254
Emerson Electric Co.		4,074		411,026
				678,280

Security Description	Shares		Value (Note 2)
Electric-Integrated — 0.3%
AES Corp.		4,300	$	101,910
NextEra Energy, Inc.		14,325		1,115,917
				1,217,827
Electronic Components-Misc. — 0.1%
Garmin, Ltd.		1,426		224,167
Electronic Components-Semiconductors — 4.6%
Advanced Micro Devices, Inc.†		20,637		2,191,443
Broadcom, Inc.		4,716		2,289,146
IPG Photonics Corp.†		274		59,776
Microchip Technology, Inc.		3,345		478,736
Monolithic Power Systems, Inc.		730		327,960
NVIDIA Corp.		42,324		8,252,757
Qorvo, Inc.†		1,912		362,496
Skyworks Solutions, Inc.		1,458		269,016
Texas Instruments, Inc.		8,313		1,584,624
Xilinx, Inc.		4,176		625,732
				16,441,686
Electronic Connectors — 0.2%
Amphenol Corp., Class A		6,293		456,179
TE Connectivity, Ltd.		2,131		314,259
				770,438
Electronic Forms — 1.4%
Adobe, Inc.†		8,119		5,047,014
Electronic Measurement Instruments — 0.3%
Agilent Technologies, Inc.		3,711		568,637
Keysight Technologies, Inc.†		1,784		293,557
Trimble, Inc.†		4,263		364,486
				1,226,680
Electronic Security Devices — 0.0%
Allegion PLC		642		87,697
Energy-Alternate Sources — 0.1%
Enphase Energy, Inc.†		2,305		437,028
Engineering/R&D Services — 0.1%
Jacobs Engineering Group, Inc.		1,371		185,428
Enterprise Software/Service — 1.7%
Oracle Corp.		16,970		1,478,766
Paycom Software, Inc.†		834		333,600
salesforce.com, Inc.†		16,402		3,968,136
Tyler Technologies, Inc.†		692		340,907
				6,121,409
Entertainment Software — 0.4%
Activision Blizzard, Inc.		7,786		651,065
Electronic Arts, Inc.		2,625		377,895
Take-Two Interactive Software, Inc.†		1,964		340,597
				1,369,557
Finance-Credit Card — 2.3%
Mastercard, Inc., Class A		10,103		3,899,152
Visa, Inc., Class A		17,241		4,248,010
				8,147,162
Finance-Other Services — 0.3%
Cboe Global Markets, Inc.		924		109,466
Intercontinental Exchange, Inc.		5,162		618,562
Nasdaq, Inc.		1,268		236,774
				964,802

309

SunAmerica Series Trust SA Large Cap Growth Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food-Confectionery — 0.1%
Hershey Co.		1,019	$	182,279
Food-Misc./Diversified — 0.1%
Lamb Weston Holdings, Inc.		919		61,362
McCormick & Co., Inc.		1,861		156,640
				218,002
Gold Mining — 0.1%
Newmont Corp.		7,484		470,145
Hotels/Motels — 0.1%
Hilton Worldwide Holdings, Inc.†		1,750		230,037
Independent Power Producers — 0.0%
NRG Energy, Inc.		2,453		101,162
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		1,104		339,392
Industrial Gases — 0.6%
Air Products & Chemicals, Inc.		1,729		503,191
Linde PLC		5,125		1,575,374
				2,078,565
Instruments-Controls — 0.2%
Mettler-Toledo International, Inc.†		395		582,115
Instruments-Scientific — 0.1%
Waters Corp.†		576		224,531
Insurance Brokers — 0.4%
Aon PLC, Class A		1,993		518,240
Arthur J. Gallagher & Co.		1,496		208,408
Marsh & McLennan Cos., Inc.		4,232		623,035
				1,349,683
Insurance-Property/Casualty — 0.2%
Progressive Corp.		6,361		605,313
Internet Content-Entertainment — 5.4%
Facebook, Inc., Class A†		40,696		14,499,985
Netflix, Inc.†		7,531		3,897,819
Twitter, Inc.†		13,556		945,531
				19,343,335
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		446		92,103
Investment Management/Advisor Services — 0.5%
BlackRock, Inc.		1,686		1,462,049
T. Rowe Price Group, Inc.		2,312		472,018
				1,934,067
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		4,373		904,118
Machinery-Farming — 0.4%
Deere & Co.		3,974		1,436,959
Machinery-General Industrial — 0.1%
IDEX Corp.		580		131,480
Otis Worldwide Corp.		3,563		319,067
				450,547
Machinery-Pumps — 0.1%
Xylem, Inc.		1,407		177,071
Medical Information Systems — 0.1%
Cerner Corp.		2,201		176,938

Security Description	Shares		Value (Note 2)
Medical Instruments — 0.6%
Edwards Lifesciences Corp.†		6,018	$	675,641
Intuitive Surgical, Inc.†		1,408		1,395,976
				2,071,617
Medical Labs & Testing Services — 0.3%
Catalent, Inc.†		2,893		346,610
Charles River Laboratories International, Inc.†		854		347,510
IQVIA Holdings, Inc.†		2,083		515,959
				1,210,079
Medical Products — 1.4%
Abbott Laboratories		17,805		2,154,049
ABIOMED, Inc.†		769		251,571
Align Technology, Inc.†		1,223		850,963
Cooper Cos., Inc.		343		144,667
Hologic, Inc.†		3,133		235,100
STERIS PLC		945		205,963
Stryker Corp.		2,728		739,124
West Pharmaceutical Services, Inc.		1,254		516,310
				5,097,747
Medical-Biomedical/Gene — 1.6%
Amgen, Inc.		4,879		1,178,474
Bio-Rad Laboratories, Inc., Class A†		366		270,661
Biogen, Inc.†		1,355		442,719
Illumina, Inc.†		1,240		614,730
Incyte Corp.†		2,000		154,700
Moderna, Inc.†		3,006		1,062,922
Regeneron Pharmaceuticals, Inc.†		1,778		1,021,656
Vertex Pharmaceuticals, Inc.†		4,397		886,347
				5,632,209
Medical-Drugs — 3.3%
AbbVie, Inc.		22,199		2,581,744
Bristol-Myers Squibb Co.		19,730		1,339,075
Eli Lilly & Co.		8,247		2,008,144
Johnson & Johnson		17,891		3,080,830
Merck & Co., Inc.		20,643		1,586,827
Organon & Co.†		2,063		59,848
Zoetis, Inc.		5,887		1,193,295
				11,849,763
Medical-HMO — 1.1%
Humana, Inc.		1,139		485,054
UnitedHealth Group, Inc.		8,335		3,435,854
				3,920,908
Metal-Copper — 0.2%
Freeport-McMoRan, Inc.		15,433		587,997
Networking Products — 0.1%
Arista Networks, Inc.†		933		354,904
Non-Hazardous Waste Disposal — 0.1%
Waste Management, Inc.		2,572		381,325
Office Automation & Equipment — 0.1%
Zebra Technologies Corp., Class A†		663		366,294
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		592		124,723
Oil Companies-Exploration & Production — 0.1%
Hess Corp.		2,471		188,883
Power Converter/Supply Equipment — 0.1%
Generac Holdings, Inc.†		1,069		448,296

310

SunAmerica Series Trust SA Large Cap Growth Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Racetracks — 0.0%
Penn National Gaming, Inc.†		1,514	$	103,527
Real Estate Investment Trusts — 1.1%
American Tower Corp.		3,939		1,113,949
Crown Castle International Corp.		4,404		850,368
Duke Realty Corp.		2,611		132,848
Equinix, Inc.		882		723,602
Extra Space Storage, Inc.		1,090		189,812
Public Storage		1,112		347,478
SBA Communications Corp.		1,207		411,575
				3,769,632
Rental Auto/Equipment — 0.1%
United Rentals, Inc.†		1,229		405,017
Respiratory Products — 0.2%
ResMed, Inc.		2,472		671,890
Retail-Auto Parts — 0.2%
AutoZone, Inc.†		206		334,455
O’Reilly Automotive, Inc.†		806		486,695
				821,150
Retail-Building Products — 1.7%
Home Depot, Inc.		13,003		4,267,455
Lowe’s Cos., Inc.		8,524		1,642,489
				5,909,944
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		1,893		212,679
Retail-Discount — 1.1%
Costco Wholesale Corp.		3,979		1,709,856
Dollar General Corp.		4,012		933,352
Target Corp.		5,546		1,447,783
				4,090,991
Retail-Gardening Products — 0.1%
Tractor Supply Co.		1,958		354,261
Retail-Misc./Diversified — 0.1%
L Brands, Inc.		2,518		201,616
Retail-Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		474		159,169
Retail-Restaurants — 1.2%
Chipotle Mexican Grill, Inc.†		478		890,724
Domino’s Pizza, Inc.		659		346,298
McDonald’s Corp.		5,069		1,230,297
Starbucks Corp.		11,608		1,409,559
Yum! Brands, Inc.		2,176		285,905
				4,162,783
Semiconductor Components-Integrated Circuits — 1.0%
Analog Devices, Inc.		2,694		451,030
Maxim Integrated Products, Inc.		2,735		273,254
NXP Semiconductors NV		244		50,359
QUALCOMM, Inc.		19,159		2,870,018
				3,644,661
Semiconductor Equipment — 1.4%
Applied Materials, Inc.		15,586		2,180,949
KLA Corp.		2,603		906,260
Lam Research Corp.		2,422		1,543,807
Teradyne, Inc.		2,824		358,648
				4,989,664

Security Description	Shares/ Principal Amount			Value (Note 2)
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		2,791		$	241,645
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc.		6,185			258,904
Transport-Rail — 0.7%
CSX Corp.		20,067			648,566
Kansas City Southern		788			211,026
Norfolk Southern Corp.		1,913			493,229
Union Pacific Corp.		5,416			1,184,804
					2,537,625
Transport-Services — 0.7%
Expeditors International of Washington, Inc.		1,865			239,186
FedEx Corp.		2,654			742,988
United Parcel Service, Inc., Class B		8,600			1,645,696
					2,627,870
Transport-Truck — 0.2%
JB Hunt Transport Services, Inc.		837			140,993
Old Dominion Freight Line, Inc.		1,615			434,677
					575,670
Water — 0.1%
American Water Works Co., Inc.		1,541			262,139
Web Hosting/Design — 0.0%
VeriSign, Inc.†		707			152,974
Web Portals/ISP — 7.5%
Alphabet, Inc., Class A†		5,108			13,763,659
Alphabet, Inc., Class C†		4,836			13,078,575
					26,842,234
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		1,297			290,424
Total Common Stocks (cost $189,575,449)					338,803,107
EXCHANGE-TRADED FUNDS — 5.0%
iShares S&P 500 Growth ETF		60,000			4,528,800
SPDR Portfolio S&P 500 Growth ETF		208,040			13,599,575
Total Exchange-Traded Funds (cost $16,486,438)					18,128,375
Total Long-Term Investment Securities (cost $206,061,887)					356,931,482
SHORT-TERM INVESTMENT SECURITIES — 0.1%
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.11% due 09/09/2021(1) (cost $299,963)	$	300,000			299,986
TOTAL INVESTMENTS (cost $206,361,850) (2)		100.0	%		357,231,468
Liabilities in excess of other assets		(0.0	)		(136,592	)
NET ASSETS		100.0	%	$	357,094,876

† Non-income producing security

(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.

311

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	2	Long	S&P 500 E-Mini Index	September 2021		424,473		438,950	$	14,477

* 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 July 31, 2021 (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	$	338,803,107	$	—	$	—	$	338,803,107
Exchange-Traded Funds		18,128,375		—		—		18,128,375
Short-Term Investment Securities		—		299,986		—		299,986
Total Investments at Value	$	356,931,482	$	299,986	$	—	$	357,231,468
Other Financial Instruments:†
Futures Contracts	$	14,477	$	—	$	—	$	14,477

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

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

312

SunAmerica Series Trust SA Large Cap Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Applications Software	6.3	%
Computers	6.0
Exchange-Traded Funds	4.8
Web Portals/ISP	4.0
Medical-Drugs	3.9
E-Commerce/Products	3.8
Electronic Components-Semiconductors	3.7
Diversified Banking Institutions	3.0
Internet Content-Entertainment	2.9
Finance-Credit Card	2.5
Real Estate Investment Trusts	2.4
Electric-Integrated	2.0
Commercial Services-Finance	1.9
Auto-Cars/Light Trucks	1.7
Insurance-Property/Casualty	1.6
Medical-Biomedical/Gene	1.5
Retail-Discount	1.5
Medical-HMO	1.5
Medical Products	1.4
Aerospace/Defense	1.3
Cosmetics & Toiletries	1.3
Retail-Building Products	1.2
Beverages-Non-alcoholic	1.2
Diversified Manufacturing Operations	1.2
Retail-Restaurants	1.2
Telephone-Integrated	1.1
Oil Companies-Integrated	1.1
Enterprise Software/Service	1.1
Medical Instruments	1.1
Diagnostic Equipment	1.1
Banks-Super Regional	1.1
Computer Services	1.0
Cable/Satellite TV	1.0
Multimedia	0.9
Semiconductor Components-Integrated Circuits	0.8
Transport-Rail	0.8
Electronic Forms	0.8
Semiconductor Equipment	0.8
Networking Products	0.7
Insurance-Multi-line	0.6
Oil Companies-Exploration & Production	0.6
Tobacco	0.6
Transport-Services	0.6
Investment Management/Advisor Services	0.6
Data Processing/Management	0.6
Industrial Gases	0.6
Athletic Footwear	0.5
Banks-Commercial	0.5
Chemicals-Diversified	0.5
Instruments-Controls	0.5
Insurance Brokers	0.5
Computer Aided Design	0.5
Pharmacy Services	0.5
Finance-Other Services	0.5
Medical Labs & Testing Services	0.3
Food-Misc./Diversified	0.3
Food-Confectionery	0.3
Entertainment Software	0.3
Drug Delivery Systems	0.3
Electronic Measurement Instruments	0.3
Repurchase Agreements	0.3

Chemicals-Specialty	0.3	%
Insurance-Life/Health	0.3
Distribution/Wholesale	0.3
Machinery-Construction & Mining	0.3
Machinery-Farming	0.3
E-Commerce/Services	0.3
Retail-Auto Parts	0.3
Finance-Investment Banker/Broker	0.3
Building Products-Air & Heating	0.2
Banks-Fiduciary	0.2
Oil Refining & Marketing	0.2
Building-Residential/Commercial	0.2
Electric Products-Misc.	0.2
Electronic Connectors	0.2
Airlines	0.2
Pipelines	0.2
Cellular Telecom	0.2
Retail-Major Department Stores	0.2
Non-Hazardous Waste Disposal	0.2
Medical-Hospitals	0.2
Hotels/Motels	0.2
Oil-Field Services	0.2
Coatings/Paint	0.2
Machinery-General Industrial	0.2
Consumer Products-Misc.	0.2
Medical-Wholesale Drug Distribution	0.2
Electric-Distribution	0.2
Machinery-Pumps	0.2
Apparel Manufacturers	0.2
Auto-Heavy Duty Trucks	0.2
Aerospace/Defense-Equipment	0.2
Diagnostic Kits	0.2
Auto/Truck Parts & Equipment-Original	0.1
Commercial Services	0.1
Metal-Copper	0.1
Computers-Memory Devices	0.1
Consulting Services	0.1
Containers-Paper/Plastic	0.1
Gold Mining	0.1
Retail-Apparel/Shoe	0.1
Decision Support Software	0.1
Brewery	0.1
Building Products-Cement	0.1
Tools-Hand Held	0.1
Cruise Lines	0.1
Transport-Truck	0.1
Respiratory Products	0.1
Casino Hotels	0.1
Wireless Equipment	0.1
Food-Wholesale/Distribution	0.1
Computer Data Security	0.1
Industrial Automated/Robotic	0.1
Food-Meat Products	0.1
Retail-Drug Store	0.1
Agricultural Operations	0.1
Telecom Equipment-Fiber Optics	0.1
Real Estate Management/Services	0.1
Computer Software	0.1
U.S. Government Treasuries	0.1
Agricultural Biotech	0.1
Steel-Producers	0.1
Water	0.1

313

SunAmerica Series Trust SA Large Cap Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Industry Allocation* (continued)

Food-Retail	0.1	%
Broadcast Services/Program	0.1
Advertising Agencies	0.1
Office Automation & Equipment	0.1
Containers-Metal/Glass	0.1
Power Converter/Supply Equipment	0.1
Energy-Alternate Sources	0.1
E-Services/Consulting	0.1
Finance-Consumer Loans	0.1
Retail-Consumer Electronics	0.1
Medical Information Systems	0.1
Instruments-Scientific	0.1
Rental Auto/Equipment	0.1
Electronic Components-Misc.	0.1
Medical-Generic Drugs	0.1
Paper & Related Products	0.1
Gas-Distribution	0.1
Retail-Automobile	0.1
Web Hosting/Design	0.1
Soap & Cleaning Preparation	0.1
Retail-Misc./Diversified	0.1
Agricultural Chemicals	0.1
Retail-Gardening Products	0.1
	100.0	%

* Calculated as a percentage of net assets

314

SunAmerica Series Trust SA Large Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 94.8%
Advertising Agencies — 0.1%
Interpublic Group of Cos., Inc.		34,776	$	1,229,679
Omnicom Group, Inc.		19,014		1,384,600
				2,614,279
Aerospace/Defense — 1.3%
Boeing Co.†		48,598		11,006,475
General Dynamics Corp.		20,236		3,966,863
Lockheed Martin Corp.		21,622		8,036,249
Northrop Grumman Corp.		13,234		4,804,207
Raytheon Technologies Corp.		133,941		11,646,170
Teledyne Technologies, Inc.†		4,106		1,859,073
TransDigm Group, Inc.†		4,853		3,111,210
				44,430,247
Aerospace/Defense-Equipment — 0.2%
Howmet Aerospace, Inc.†		34,557		1,134,161
L3Harris Technologies, Inc.		18,122		4,108,982
				5,243,143
Agricultural Biotech — 0.1%
Corteva, Inc.		65,163		2,787,673
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		18,964		896,049
Mosaic Co.		30,553		954,170
				1,850,219
Agricultural Operations — 0.1%
Archer-Daniels-Midland Co.		49,392		2,949,690
Airlines — 0.2%
Alaska Air Group, Inc.†		11,005		638,620
American Airlines Group, Inc.†		56,701		1,155,567
Delta Air Lines, Inc.†		56,548		2,256,265
Southwest Airlines Co.†		52,280		2,641,186
United Airlines Holdings, Inc.†		28,606		1,336,472
				8,028,110
Apparel Manufacturers — 0.2%
Hanesbrands, Inc.		30,863		563,558
PVH Corp.†		6,300		659,106
Ralph Lauren Corp.		4,266		484,276
Tapestry, Inc.†		24,652		1,042,780
Under Armour, Inc., Class A†		16,675		341,004
Under Armour, Inc., Class C†		17,371		304,340
VF Corp.		28,428		2,279,926
				5,674,990
Appliances — 0.0%
Whirlpool Corp.		5,536		1,226,445
Applications Software — 6.3%
Intuit, Inc.		24,157		12,802,485
Microsoft Corp.		665,825		189,700,201
PTC, Inc.†		9,297		1,259,279
Roper Technologies, Inc.		9,304		4,571,427
ServiceNow, Inc.†		17,455		10,261,620
				218,595,012
Athletic Footwear — 0.5%
NIKE, Inc., Class B		112,712		18,880,387
Auto-Cars/Light Trucks — 1.7%
Ford Motor Co.†		346,616		4,835,293
General Motors Co.†		112,856		6,414,735
Tesla, Inc.†		68,130		46,818,936
				58,068,964

Security Description	Shares		Value (Note 2)
Auto-Heavy Duty Trucks — 0.2%
Cummins, Inc.		12,925	$	2,999,893
PACCAR, Inc.		30,690		2,546,963
				5,546,856
Auto/Truck Parts & Equipment-Original — 0.1%
Aptiv PLC†		23,910		3,989,383
BorgWarner, Inc.		21,204		1,038,572
				5,027,955
Banks-Commercial — 0.5%
Citizens Financial Group, Inc.		37,654		1,587,493
First Republic Bank		15,558		3,034,121
M&T Bank Corp.		11,374		1,522,410
Regions Financial Corp.		84,982		1,635,904
SVB Financial Group†		4,968		2,732,201
Truist Financial Corp.		118,890		6,471,183
Zions Bancorp NA		14,482		755,236
				17,738,548
Banks-Fiduciary — 0.2%
Bank of New York Mellon Corp.		71,324		3,661,061
Northern Trust Corp.		18,401		2,076,553
State Street Corp.		30,744		2,679,032
				8,416,646
Banks-Super Regional — 1.1%
Comerica, Inc.		12,342		847,402
Fifth Third Bancorp		62,234		2,258,472
Huntington Bancshares, Inc.		130,440		1,836,595
KeyCorp		85,798		1,686,789
PNC Financial Services Group, Inc.		37,559		6,851,137
US Bancorp		119,842		6,656,025
Wells Fargo & Co.		365,426		16,787,670
				36,924,090
Beverages-Non-alcoholic — 1.2%
Coca-Cola Co.		343,055		19,564,426
Monster Beverage Corp.†		32,709		3,085,113
PepsiCo, Inc.		122,142		19,170,187
				41,819,726
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		16,148		1,145,216
Brewery — 0.1%
Constellation Brands, Inc., Class A		14,940		3,351,640
Molson Coors Beverage Co., Class B†		16,652		814,116
				4,165,756
Broadcast Services/Program — 0.1%
Discovery, Inc., Class A†		14,910		432,539
Discovery, Inc., Class C†		26,560		720,042
Fox Corp., Class A		28,903		1,030,681
Fox Corp., Class B		13,434		446,546
				2,629,808
Building & Construction Products-Misc. — 0.0%
Fortune Brands Home & Security, Inc.		12,238		1,192,838
Building Products-Air & Heating — 0.2%
Carrier Global Corp.		72,214		3,989,823
Johnson Controls International PLC		63,361		4,525,243
				8,515,066
Building Products-Cement — 0.1%
Martin Marietta Materials, Inc.		5,514		2,003,236
Vulcan Materials Co.		11,728		2,110,923
				4,114,159

315

SunAmerica Series Trust SA Large Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building Products-Wood — 0.0%
Masco Corp.		22,436	$	1,339,654
Building-Maintenance & Services — 0.0%
Rollins, Inc.		19,578		750,425
Building-Residential/Commercial — 0.2%
D.R. Horton, Inc.		29,000		2,767,470
Lennar Corp., Class A		24,378		2,563,347
NVR, Inc.†		302		1,577,225
PulteGroup, Inc.		23,381		1,282,915
				8,190,957
Cable/Satellite TV — 1.0%
Charter Communications, Inc., Class A†		12,176		9,059,553
Comcast Corp., Class A		405,321		23,845,034
DISH Network Corp., Class A†		21,965		920,114
				33,824,701
Casino Hotels — 0.1%
Las Vegas Sands Corp.†		29,041		1,229,887
MGM Resorts International		35,993		1,350,817
Wynn Resorts, Ltd.†		9,304		914,862
				3,495,566
Casino Services — 0.0%
Caesars Entertainment, Inc.†		18,450		1,611,792
Cellular Telecom — 0.2%
T-Mobile US, Inc.†		51,807		7,461,244
Chemicals-Diversified — 0.5%
Celanese Corp.		9,957		1,551,002
Dow, Inc.		66,037		4,104,860
DuPont de Nemours, Inc.		47,044		3,530,652
Eastman Chemical Co.		12,069		1,360,418
FMC Corp.		11,393		1,218,481
LyondellBasell Industries NV, Class A		22,760		2,260,751
PPG Industries, Inc.		20,960		3,427,379
				17,453,543
Chemicals-Specialty — 0.3%
Albemarle Corp.		10,319		2,126,127
Ecolab, Inc.		21,992		4,856,493
International Flavors & Fragrances, Inc.		22,006		3,314,984
				10,297,604
Coatings/Paint — 0.2%
Sherwin-Williams Co.		21,160		6,158,195
Commercial Services — 0.1%
Cintas Corp.		7,801		3,074,998
Nielsen Holdings PLC		31,693		750,807
Quanta Services, Inc.		12,319		1,119,797
				4,945,602
Commercial Services-Finance — 1.9%
Automatic Data Processing, Inc.		37,618		7,885,861
Equifax, Inc.		10,759		2,803,796
FleetCor Technologies, Inc.†		7,369		1,902,823
Global Payments, Inc.		26,098		5,047,614
IHS Markit, Ltd.		33,118		3,869,507
MarketAxess Holdings, Inc.		3,358		1,595,621
Moody’s Corp.		14,232		5,351,232
PayPal Holdings, Inc.†		103,851		28,614,066
S&P Global, Inc.		21,297		9,130,450
				66,200,970

Security Description	Shares		Value (Note 2)
Computer Aided Design — 0.5%
ANSYS, Inc.†		7,705	$	2,838,984
Autodesk, Inc.†		19,450		6,245,979
Cadence Design Systems, Inc.†		24,600		3,632,190
Synopsys, Inc.†		13,486		3,883,833
				16,600,986
Computer Data Security — 0.1%
Fortinet, Inc.†		11,984		3,262,524
Computer Services — 1.0%
Accenture PLC, Class A		56,194		17,851,710
Cognizant Technology Solutions Corp., Class A		46,626		3,428,410
DXC Technology Co.†		22,526		900,589
International Business Machines Corp.		78,991		11,134,571
Leidos Holdings, Inc.		11,752		1,250,648
				34,565,928
Computer Software — 0.1%
Akamai Technologies, Inc.†		14,409		1,727,927
Citrix Systems, Inc.		10,977		1,105,933
				2,833,860
Computers — 6.0%
Apple, Inc.		1,386,747		202,270,917
Hewlett Packard Enterprise Co.		115,450		1,674,025
HP, Inc.		106,196		3,065,879
				207,010,821
Computers-Memory Devices — 0.1%
NetApp, Inc.		19,679		1,566,252
Seagate Technology Holdings PLC		17,603		1,547,304
Western Digital Corp.†		27,092		1,759,083
				4,872,639
Consulting Services — 0.1%
Gartner, Inc.†		7,610		2,014,596
Verisk Analytics, Inc.		14,330		2,721,840
				4,736,436
Consumer Products-Misc. — 0.2%
Clorox Co.		10,995		1,988,886
Kimberly-Clark Corp.		29,831		4,048,663
				6,037,549
Containers-Metal/Glass — 0.1%
Ball Corp.		29,019		2,347,057
Containers-Paper/Plastic — 0.1%
Amcor PLC		136,301		1,575,640
Packaging Corp. of America		8,398		1,188,317
Sealed Air Corp.		13,437		762,550
WestRock Co.		23,526		1,157,714
				4,684,221
Cosmetics & Toiletries — 1.3%
Colgate-Palmolive Co.		74,787		5,945,566
Estee Lauder Cos., Inc., Class A		20,501		6,843,849
Procter & Gamble Co.		216,435		30,783,550
				43,572,965
Cruise Lines — 0.1%
Carnival Corp.†		70,574		1,527,927
Norwegian Cruise Line Holdings, Ltd.†		32,704		785,877
Royal Caribbean Cruises, Ltd.†		19,354		1,487,742
				3,801,546

316

SunAmerica Series Trust SA Large Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Data Processing/Management — 0.6%
Broadridge Financial Solutions, Inc.		10,266	$	1,781,048
Fidelity National Information Services, Inc.		54,822		8,171,219
Fiserv, Inc.†		52,653		6,060,887
Jack Henry & Associates, Inc.		6,567		1,143,249
Paychex, Inc.		28,353		3,227,139
				20,383,542
Decision Support Software — 0.1%
MSCI, Inc.		7,287		4,342,761
Dental Supplies & Equipment — 0.0%
DENTSPLY SIRONA, Inc.		19,300		1,274,572
Diagnostic Equipment — 1.1%
Danaher Corp.		56,121		16,695,436
PerkinElmer, Inc.		9,909		1,805,717
Thermo Fisher Scientific, Inc.		34,745		18,762,648
				37,263,801
Diagnostic Kits — 0.2%
IDEXX Laboratories, Inc.†		7,539		5,115,438
Dialysis Centers — 0.0%
DaVita, Inc.†		6,196		745,069
Disposable Medical Products — 0.0%
Teleflex, Inc.		4,131		1,641,783
Distribution/Wholesale — 0.3%
Copart, Inc.†		18,405		2,705,535
Fastenal Co.		50,774		2,780,892
LKQ Corp.†		24,575		1,247,181
Pool Corp.		3,548		1,695,305
WW Grainger, Inc.		3,870		1,720,525
				10,149,438
Diversified Banking Institutions — 3.0%
Bank of America Corp.		666,659		25,573,039
Citigroup, Inc.		182,736		12,356,608
Goldman Sachs Group, Inc.		30,077		11,275,266
JPMorgan Chase & Co.		267,612		40,618,150
Morgan Stanley		131,588		12,629,816
				102,452,879
Diversified Manufacturing Operations — 1.2%
3M Co.		51,246		10,143,633
A.O. Smith Corp.		11,887		836,013
Eaton Corp. PLC		35,229		5,567,943
General Electric Co.		776,072		10,050,132
Illinois Tool Works, Inc.		25,412		5,760,138
Parker-Hannifin Corp.		11,409		3,559,950
Textron, Inc.		19,954		1,377,026
Trane Technologies PLC		21,142		4,304,723
				41,599,558
Drug Delivery Systems — 0.3%
Becton Dickinson & Co.		25,710		6,575,333
DexCom, Inc.†		8,549		4,407,095
				10,982,428
E-Commerce/Products — 3.8%
Amazon.com, Inc.†		37,897		126,105,678
eBay, Inc.		57,215		3,902,635
Etsy, Inc.†		11,236		2,061,919
				132,070,232

Security Description	Shares		Value (Note 2)
E-Commerce/Services — 0.3%
Booking Holdings, Inc.†		3,629	$	7,904,906
Cars.com, Inc.†		1		12
Expedia Group, Inc.†		12,505		2,011,679
				9,916,597
E-Services/Consulting — 0.1%
CDW Corp.		12,395		2,272,623
Electric Products-Misc. — 0.2%
AMETEK, Inc.		20,414		2,838,567
Emerson Electric Co.		53,016		5,348,784
				8,187,351
Electric-Distribution — 0.2%
Consolidated Edison, Inc.		30,306		2,235,674
Sempra Energy		27,854		3,639,125
				5,874,799
Electric-Integrated — 2.0%
AES Corp.		58,900		1,395,930
Alliant Energy Corp.		22,113		1,294,274
Ameren Corp.		22,592		1,895,921
American Electric Power Co., Inc.		44,180		3,893,142
CenterPoint Energy, Inc.		51,318		1,306,556
CMS Energy Corp.		25,590		1,581,206
Dominion Energy, Inc.		71,300		5,338,231
DTE Energy Co.		17,126		2,009,222
Duke Energy Corp.		68,002		7,147,690
Edison International		33,544		1,828,148
Entergy Corp.		17,739		1,825,698
Evergy, Inc.		20,268		1,321,879
Eversource Energy		30,364		2,619,502
Exelon Corp.		86,387		4,042,912
FirstEnergy Corp.		48,083		1,842,541
NextEra Energy, Inc.		173,401		13,507,938
Pinnacle West Capital Corp.		9,968		832,826
PPL Corp.		68,021		1,929,756
Public Service Enterprise Group, Inc.		44,653		2,778,756
Southern Co.		93,588		5,977,465
WEC Energy Group, Inc.		27,886		2,625,188
Xcel Energy, Inc.		47,580		3,247,335
				70,242,116
Electronic Components-Misc. — 0.1%
Garmin, Ltd.		13,249		2,082,743
Electronic Components-Semiconductors — 3.7%
Advanced Micro Devices, Inc.†		107,413		11,406,187
Broadcom, Inc.		36,096		17,520,998
Intel Corp.		356,978		19,176,858
IPG Photonics Corp.†		3,174		692,440
Microchip Technology, Inc.		24,181		3,460,785
Micron Technology, Inc.†		99,138		7,691,126
Monolithic Power Systems, Inc.		3,802		1,708,087
NVIDIA Corp.		220,304		42,957,077
Qorvo, Inc.†		9,953		1,886,989
Skyworks Solutions, Inc.		14,595		2,692,923
Texas Instruments, Inc.		81,644		15,562,979
Xilinx, Inc.		21,733		3,256,473
				128,012,922
Electronic Connectors — 0.2%
Amphenol Corp., Class A		52,832		3,829,791
TE Connectivity, Ltd.		29,193		4,305,092
				8,134,883

317

SunAmerica Series Trust SA Large Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Forms — 0.8%
Adobe, Inc.†		42,257	$	26,268,219
Electronic Measurement Instruments — 0.3%
Agilent Technologies, Inc.		26,826		4,110,548
Fortive Corp.		29,927		2,174,496
Keysight Technologies, Inc.†		16,286		2,679,861
Trimble, Inc.†		22,186		1,896,903
				10,861,808
Electronic Security Devices — 0.0%
Allegion PLC		7,954		1,086,516
Energy-Alternate Sources — 0.1%
Enphase Energy, Inc.†		11,996		2,274,442
Engineering/R&D Services — 0.0%
Jacobs Engineering Group, Inc.		11,512		1,556,998
Enterprise Software/Service — 1.1%
Oracle Corp.		160,598		13,994,510
Paycom Software, Inc.†		4,343		1,737,200
salesforce.com, Inc.†		85,373		20,654,290
Tyler Technologies, Inc.†		3,602		1,774,489
				38,160,489
Entertainment Software — 0.3%
Activision Blizzard, Inc.		68,692		5,744,025
Electronic Arts, Inc.		25,301		3,642,332
Take-Two Interactive Software, Inc.†		10,225		1,773,220
				11,159,577
Finance-Consumer Loans — 0.1%
Synchrony Financial		47,817		2,248,355
Finance-Credit Card — 2.5%
American Express Co.		57,523		9,809,397
Capital One Financial Corp.		39,914		6,454,094
Discover Financial Services		26,953		3,350,797
Mastercard, Inc., Class A		77,335		29,846,670
Visa, Inc., Class A		149,563		36,850,827
Western Union Co.		36,180		839,738
				87,151,523
Finance-Investment Banker/Broker — 0.3%
Charles Schwab Corp.		132,594		9,009,762
Finance-Other Services — 0.5%
Cboe Global Markets, Inc.		9,432		1,117,409
CME Group, Inc.		31,746		6,734,279
Intercontinental Exchange, Inc.		49,751		5,961,663
Nasdaq, Inc.		10,155		1,896,243
				15,709,594
Food-Confectionery — 0.3%
Hershey Co.		12,941		2,314,886
J.M. Smucker Co.		9,688		1,270,194
Mondelez International, Inc., Class A		124,183		7,855,816
				11,440,896
Food-Meat Products — 0.1%
Hormel Foods Corp.		24,919		1,155,743
Tyson Foods, Inc., Class A		26,059		1,862,176
				3,017,919
Food-Misc./Diversified — 0.3%
Campbell Soup Co.		17,948		784,686
Conagra Brands, Inc.		42,429		1,420,947

Security Description	Shares		Value (Note 2)
Food-Misc./Diversified (continued)
General Mills, Inc.		53,924	$	3,173,967
Kellogg Co.		22,275		1,411,344
Kraft Heinz Co.		57,310		2,204,716
Lamb Weston Holdings, Inc.		12,932		863,470
McCormick & Co., Inc.		22,013		1,852,834
				11,711,964
Food-Retail — 0.1%
Kroger Co.		66,931		2,724,092
Food-Wholesale/Distribution — 0.1%
Sysco Corp.		45,226		3,355,769
Gas-Distribution — 0.1%
Atmos Energy Corp.		11,552		1,138,912
NiSource, Inc.		34,674		858,875
				1,997,787
Gold Mining — 0.1%
Newmont Corp.		70,826		4,449,289
Home Decoration Products — 0.0%
Newell Brands, Inc.		33,463		828,209
Home Furnishings — 0.0%
Leggett & Platt, Inc.		11,778		565,697
Hotels/Motels — 0.2%
Hilton Worldwide Holdings, Inc.†		24,624		3,236,825
Marriott International, Inc., Class A†		23,606		3,446,004
				6,682,829
Human Resources — 0.0%
Robert Half International, Inc.		9,970		979,154
Independent Power Producers — 0.0%
NRG Energy, Inc.		21,637		892,310
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		10,262		3,154,744
Industrial Gases — 0.6%
Air Products & Chemicals, Inc.		19,565		5,694,002
Linde PLC		45,989		14,136,559
				19,830,561
Instruments-Controls — 0.5%
Honeywell International, Inc.		61,402		14,355,174
Mettler-Toledo International, Inc.†		2,057		3,031,421
				17,386,595
Instruments-Scientific — 0.1%
Waters Corp.†		5,455		2,126,414
Insurance Brokers — 0.5%
Aon PLC, Class A		19,948		5,187,078
Arthur J. Gallagher & Co.		18,113		2,523,322
Marsh & McLennan Cos., Inc.		44,957		6,618,570
Willis Towers Watson PLC		11,402		2,349,724
				16,678,694
Insurance-Life/Health — 0.3%
Aflac, Inc.		55,880		3,073,400
Globe Life, Inc.		8,382		780,448
Lincoln National Corp.		15,820		974,829
Principal Financial Group, Inc.		22,364		1,389,475
Prudential Financial, Inc.		34,831		3,492,853
Unum Group		18,056		494,734
				10,205,739

318

SunAmerica Series Trust SA Large Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Insurance-Multi-line — 0.6%
Allstate Corp.		26,463	$	3,441,513
American International Group, Inc.(1)		75,864		3,592,160
Chubb, Ltd.		39,755		6,708,259
Cincinnati Financial Corp.		13,245		1,561,321
Hartford Financial Services Group, Inc.		31,577		2,008,929
Loews Corp.		19,776		1,060,587
MetLife, Inc.		65,782		3,795,621
				22,168,390
Insurance-Property/Casualty — 1.6%
Assurant, Inc.		5,354		844,915
Berkshire Hathaway, Inc., Class B†		167,558		46,629,716
Progressive Corp.		51,730		4,922,627
Travelers Cos., Inc.		22,234		3,311,087
WR Berkley Corp.		12,388		906,430
				56,614,775
Insurance-Reinsurance — 0.0%
Everest Re Group, Ltd.		3,544		896,030
Internet Content-Entertainment — 2.9%
Facebook, Inc., Class A†		211,821		75,471,822
Netflix, Inc.†		39,199		20,288,226
Twitter, Inc.†		70,558		4,921,421
				100,681,469
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		5,270		1,088,308
Internet Security — 0.0%
NortonLifeLock, Inc.		51,270		1,272,521
Investment Management/Advisor Services — 0.6%
Ameriprise Financial, Inc.		10,247		2,639,217
BlackRock, Inc.		12,540		10,874,312
Franklin Resources, Inc.		24,076		711,446
Invesco, Ltd.		33,451		815,535
Raymond James Financial, Inc.		10,812		1,399,938
T. Rowe Price Group, Inc.		20,055		4,094,429
				20,534,877
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		48,427		10,012,282
Machinery-Farming — 0.3%
Deere & Co.		27,577		9,971,567
Machinery-General Industrial — 0.2%
IDEX Corp.		6,713		1,521,770
Otis Worldwide Corp.		35,662		3,193,532
Westinghouse Air Brake Technologies Corp.		15,706		1,332,968
				6,048,270
Machinery-Pumps — 0.2%
Dover Corp.		12,724		2,126,435
Ingersoll Rand, Inc.†		33,003		1,612,857
Xylem, Inc.		15,917		2,003,154
				5,742,446
Medical Information Systems — 0.1%
Cerner Corp.		26,638		2,141,429
Medical Instruments — 1.1%
Boston Scientific Corp.†		125,615		5,728,044
Edwards Lifesciences Corp.†		54,956		6,169,910

Security Description	Shares		Value (Note 2)
Medical Instruments (continued)
Intuitive Surgical, Inc.†		10,468	$	10,378,603
Medtronic PLC		118,940		15,618,012
				37,894,569
Medical Labs & Testing Services — 0.3%
Catalent, Inc.†		15,059		1,804,219
Charles River Laboratories International, Inc.†		4,443		1,807,945
IQVIA Holdings, Inc.†		16,944		4,197,029
Laboratory Corp. of America Holdings†		8,632		2,556,367
Quest Diagnostics, Inc.		11,549		1,637,648
				12,003,208
Medical Products — 1.4%
Abbott Laboratories		157,079		19,003,417
ABIOMED, Inc.†		4,004		1,309,869
Align Technology, Inc.†		6,366		4,429,463
Baxter International, Inc.		44,454		3,438,517
Cooper Cos., Inc.		4,354		1,836,387
Henry Schein, Inc.†		12,438		996,906
Hologic, Inc.†		22,652		1,699,806
STERIS PLC		8,632		1,881,344
Stryker Corp.		28,976		7,850,757
West Pharmaceutical Services, Inc.		6,526		2,686,950
Zimmer Biomet Holdings, Inc.		18,431		3,011,994
				48,145,410
Medical-Biomedical/Gene — 1.5%
Amgen, Inc.		50,793		12,268,541
Bio-Rad Laboratories, Inc., Class A†		1,905		1,408,767
Biogen, Inc.†		13,310		4,348,776
Gilead Sciences, Inc.		110,875		7,571,654
Illumina, Inc.†		12,907		6,398,645
Incyte Corp.†		16,526		1,278,286
Moderna, Inc.†		26,978		9,539,421
Regeneron Pharmaceuticals, Inc.†		9,256		5,318,590
Vertex Pharmaceuticals, Inc.†		22,885		4,613,158
				52,745,838
Medical-Drugs — 3.9%
AbbVie, Inc.		156,142		18,159,315
Bristol-Myers Squibb Co.		197,489		13,403,578
Eli Lilly & Co.		70,369		17,134,852
Johnson & Johnson		232,804		40,088,849
Merck & Co., Inc.		223,845		17,206,965
Organon & Co.†		22,369		648,925
Pfizer, Inc.		494,862		21,185,042
Zoetis, Inc.		41,972		8,507,724
				136,335,250
Medical-Generic Drugs — 0.1%
Perrigo Co. PLC		11,806		567,042
Viatris, Inc.		106,851		1,503,394
				2,070,436
Medical-HMO — 1.5%
Anthem, Inc.		21,645		8,311,897
Centene Corp.†		51,516		3,534,513
Humana, Inc.		11,405		4,856,933
UnitedHealth Group, Inc.		83,428		34,390,690
				51,094,033

319

SunAmerica Series Trust SA Large Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Hospitals — 0.2%
HCA Healthcare, Inc.		23,234	$	5,766,679
Universal Health Services, Inc., Class B		6,893		1,105,706
				6,872,385
Medical-Wholesale Drug Distribution — 0.2%
AmerisourceBergen Corp.		13,075		1,597,373
Cardinal Health, Inc.		25,650		1,523,097
McKesson Corp.		13,984		2,850,358
				5,970,828
Metal-Copper — 0.1%
Freeport-McMoRan, Inc.		129,559		4,936,198
Multimedia — 0.9%
ViacomCBS, Inc., Class B		53,537		2,191,269
Walt Disney Co.†		160,625		28,273,213
				30,464,482
Networking Products — 0.7%
Arista Networks, Inc.†		4,858		1,847,935
Cisco Systems, Inc.		372,555		20,628,370
				22,476,305
Non-Hazardous Waste Disposal — 0.2%
Republic Services, Inc.		18,615		2,203,271
Waste Management, Inc.		34,333		5,090,211
				7,293,482
Office Automation & Equipment — 0.1%
Zebra Technologies Corp., Class A†		4,731		2,613,783
Office Supplies & Forms — 0.0%
Avery Dennison Corp.		7,338		1,545,970
Oil Companies-Exploration & Production — 0.6%
APA Corp.		33,415		626,531
Cabot Oil & Gas Corp.		35,332		565,312
ConocoPhillips		119,295		6,687,678
Devon Energy Corp.		52,660		1,360,734
Diamondback Energy, Inc.		16,001		1,234,157
EOG Resources, Inc.		51,593		3,759,066
Hess Corp.		24,267		1,854,969
Marathon Oil Corp.		69,676		807,545
Occidental Petroleum Corp.		74,267		1,938,369
Pioneer Natural Resources Co.		20,488		2,978,341
				21,812,702
Oil Companies-Integrated — 1.1%
Chevron Corp.		170,865		17,395,766
Exxon Mobil Corp.		374,264		21,546,378
				38,942,144
Oil Field Machinery & Equipment — 0.0%
NOV, Inc.†		34,535		476,928
Oil Refining & Marketing — 0.2%
Marathon Petroleum Corp.		56,319		3,109,935
Phillips 66		38,709		2,842,402
Valero Energy Corp.		36,136		2,420,028
				8,372,365
Oil-Field Services — 0.2%
Baker Hughes Co.		64,307		1,365,881
Halliburton Co.		78,655		1,626,585
Schlumberger NV		123,619		3,563,936
				6,556,402

Security Description	Shares		Value (Note 2)
Paper & Related Products — 0.1%
International Paper Co.		34,632	$	2,000,344
Pharmacy Services — 0.5%
Cigna Corp.		30,336		6,961,808
CVS Health Corp.		116,391		9,585,963
				16,547,771
Pipelines — 0.2%
Kinder Morgan, Inc.		172,171		2,992,332
ONEOK, Inc.		39,387		2,046,942
Williams Cos., Inc.		107,390		2,690,120
				7,729,394
Power Converter/Supply Equipment — 0.1%
Generac Holdings, Inc.†		5,566		2,334,158
Publishing-Newspapers — 0.0%
News Corp., Class A		34,582		851,755
News Corp., Class B		10,765		253,085
				1,104,840
Racetracks — 0.0%
Penn National Gaming, Inc.†		13,132		897,966
Real Estate Investment Trusts — 2.4%
Alexandria Real Estate Equities, Inc.		12,127		2,441,650
American Tower Corp.		40,197		11,367,712
AvalonBay Communities, Inc.		12,342		2,811,878
Boston Properties, Inc.		12,556		1,473,823
Crown Castle International Corp.		38,208		7,377,583
Digital Realty Trust, Inc.		24,894		3,837,659
Duke Realty Corp.		33,150		1,686,672
Equinix, Inc.		7,919		6,496,827
Equity Residential		30,419		2,559,150
Essex Property Trust, Inc.		5,746		1,885,263
Extra Space Storage, Inc.		11,822		2,058,683
Federal Realty Investment Trust		6,255		735,150
Healthpeak Properties, Inc.		47,644		1,761,399
Host Hotels & Resorts, Inc.†		62,421		994,366
Iron Mountain, Inc.		25,525		1,116,974
Kimco Realty Corp.		38,320		817,366
Mid-America Apartment Communities, Inc.		10,121		1,954,365
Prologis, Inc.		65,399		8,373,688
Public Storage		13,458		4,205,356
Realty Income Corp.		33,025		2,321,327
Regency Centers Corp.		13,965		913,451
SBA Communications Corp.		9,667		3,296,350
Simon Property Group, Inc.		29,044		3,674,647
UDR, Inc.		26,242		1,443,047
Ventas, Inc.		33,164		1,982,544
Vornado Realty Trust		13,880		603,780
Welltower, Inc.		36,911		3,206,089
Weyerhaeuser Co.		66,234		2,234,073
				83,630,872
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		29,674		2,862,354
Rental Auto/Equipment — 0.1%
United Rentals, Inc.†		6,399		2,108,790
Respiratory Products — 0.1%
ResMed, Inc.		12,864		3,496,435

320

SunAmerica Series Trust SA Large Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Apparel/Shoe — 0.1%
Gap, Inc.		18,360	$	535,561
Ross Stores, Inc.		31,526		3,867,925
				4,403,486
Retail-Auto Parts — 0.3%
Advance Auto Parts, Inc.		5,785		1,226,767
AutoZone, Inc.†		1,911		3,102,642
Genuine Parts Co.		12,772		1,621,022
O’Reilly Automotive, Inc.†		6,167		3,723,882
				9,674,313
Retail-Automobile — 0.1%
CarMax, Inc.†		14,423		1,931,961
Retail-Building Products — 1.2%
Home Depot, Inc.		93,997		30,848,875
Lowe’s Cos., Inc.		62,492		12,041,584
				42,890,459
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		19,707		2,214,081
Retail-Discount — 1.5%
Costco Wholesale Corp.		39,081		16,793,887
Dollar General Corp.		20,882		4,857,989
Dollar Tree, Inc.†		20,506		2,046,294
Target Corp.		43,736		11,417,283
Walmart, Inc.		121,384		17,303,289
				52,418,742
Retail-Drug Store — 0.1%
Walgreens Boots Alliance, Inc.		63,426		2,990,536
Retail-Gardening Products — 0.1%
Tractor Supply Co.		10,189		1,843,496
Retail-Major Department Stores — 0.2%
TJX Cos., Inc.		106,615		7,336,178
Retail-Misc./Diversified — 0.1%
Bath & Body Works, Inc.		23,405		1,874,038
Retail-Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		4,841		1,625,608
Retail-Restaurants — 1.2%
Chipotle Mexican Grill, Inc.†		2,489		4,638,102
Darden Restaurants, Inc.		11,567		1,687,394
Domino’s Pizza, Inc.		3,433		1,804,007
McDonald’s Corp.		65,965		16,010,365
Starbucks Corp.		104,167		12,648,999
Yum! Brands, Inc.		26,336		3,460,287
				40,249,154
Savings & Loans/Thrifts — 0.0%
People’s United Financial, Inc.		37,804		593,523
Semiconductor Components-Integrated Circuits — 0.8%
Analog Devices, Inc.		32,606		5,458,897
Maxim Integrated Products, Inc.		23,725		2,370,365
NXP Semiconductors NV		24,378		5,031,375
QUALCOMM, Inc.		99,720		14,938,056
				27,798,693
Semiconductor Equipment — 0.8%
Applied Materials, Inc.		81,125		11,351,821
KLA Corp.		13,551		4,717,916

Security Description	Shares		Value (Note 2)
Semiconductor Equipment (continued)
Lam Research Corp.		12,608	$	8,036,466
Teradyne, Inc.		14,699		1,866,773
				25,972,976
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		3,557		729,647
Soap & Cleaning Preparation — 0.1%
Church & Dwight Co., Inc.		21,681		1,877,141
Steel-Producers — 0.1%
Nucor Corp.		26,454		2,751,745
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc.		68,490		2,866,991
Telecommunication Equipment — 0.0%
Juniper Networks, Inc.		28,974		815,328
Telephone-Integrated — 1.1%
AT&T, Inc.		631,208		17,705,384
Lumen Technologies, Inc.		87,943		1,096,649
Verizon Communications, Inc.		366,001		20,415,536
				39,217,569
Textile-Home Furnishings — 0.0%
Mohawk Industries, Inc.†		5,177		1,008,997
Theaters — 0.0%
Live Nation Entertainment, Inc.†		12,772		1,007,583
Tobacco — 0.6%
Altria Group, Inc.		163,605		7,859,584
Philip Morris International, Inc.		137,782		13,790,601
				21,650,185
Tools-Hand Held — 0.1%
Snap-on, Inc.		4,781		1,042,162
Stanley Black & Decker, Inc.		14,277		2,813,283
				3,855,445
Toys — 0.0%
Hasbro, Inc.		11,310		1,124,666
Transport-Rail — 0.8%
CSX Corp.		200,874		6,492,248
Kansas City Southern		8,039		2,152,844
Norfolk Southern Corp.		22,122		5,703,715
Union Pacific Corp.		58,727		12,847,119
				27,195,926
Transport-Services — 0.6%
C.H. Robinson Worldwide, Inc.		11,757		1,048,372
Expeditors International of Washington, Inc.		14,930		1,914,772
FedEx Corp.		21,581		6,041,601
United Parcel Service, Inc., Class B		63,945		12,236,515
				21,241,260
Transport-Truck — 0.1%
JB Hunt Transport Services, Inc.		7,380		1,243,161
Old Dominion Freight Line, Inc.		8,407		2,262,744
				3,505,905
Water — 0.1%
American Water Works Co., Inc.		16,043		2,729,075

321

SunAmerica Series Trust SA Large Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Water Treatment Systems — 0.0%
Pentair PLC		14,693	$	1,082,433
Web Hosting/Design — 0.1%
VeriSign, Inc.†		8,761		1,895,618
Web Portals/ISP — 4.0%
Alphabet, Inc., Class A†		26,587		71,639,469
Alphabet, Inc., Class C†		25,173		68,078,365
				139,717,834
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		14,999		3,358,576
Total Common Stocks (cost $1,559,804,921)				3,289,861,262
EXCHANGE-TRADED FUNDS — 4.8%
SPDR S&P 500 Trust ETF		61,500		26,968,365
iShares Core S&P 500 ETF		313,300		137,977,320
Total Exchange-Traded Funds (cost $156,531,007)				164,945,685
Total Long-Term Investment Securities (cost $1,716,335,928)				3,454,806,947

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.1%
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.10% due 12/30/2021(2) (cost $2,818,788)	$	2,820,000		$	2,819,383
REPURCHASE AGREEMENTS — 0.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 07/30/2021, to be repurchased 08/02/2021 in the amount of $10,802,000 and collateralized by $11,301,200 of United States Treasury Notes, bearing interest at 0.50% due 10/31/2027 and having an approximate value of $11,018,076  (cost $10,802,000)		10,802,000			10,802,000
TOTAL INVESTMENTS (cost $1,729,956,716)(3)		100.0	%		3,468,428,330
Other assets less liabilities		0.0			1,336,433
NET ASSETS		100.0	%	$	3,469,764,763

† Non-income producing security

(1) Security represents an investment in an affiliated company (see Note 8).

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

(3) 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)
	59	Long	S&P 500 E-Mini Index	September 2021	$	12,521,964	$	12,949,025	$	427,061

* 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 July 31, 2021 (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	$	3,289,861,262	$	—	$	—	$	3,289,861,262
Exchange-Traded Funds		164,945,685		—		—		164,945,685
Short-Term Investment Securities		—		2,819,383		—		2,819,383
Repurchase Agreements		—		10,802,000		—		10,802,000
Total Investments at Value	$	3,454,806,947	$	13,621,383	$	—	$	3,468,428,330
Other Financial Instruments:†
Futures Contracts	$	427,061	$	—	$	—	$	427,061

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

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

322

SunAmerica Series Trust SA Large Cap Value Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Diversified Banking Institutions	6.6	%
Medical-Drugs	4.8
Real Estate Investment Trusts	4.1
Electric-Integrated	4.1
Insurance-Property/Casualty	3.5
Finance-Credit Card	2.9
Electronic Components-Semiconductors	2.7
Telephone-Integrated	2.5
Oil Companies-Integrated	2.5
Aerospace/Defense	2.5
Banks-Super Regional	2.4
Diversified Manufacturing Operations	2.3
Retail-Discount	2.0
Medical-HMO	2.0
Multimedia	2.0
Medical Instruments	1.8
Beverages-Non-alcoholic	1.5
Medical-Biomedical/Gene	1.5
Computer Services	1.5
Insurance-Multi-line	1.4
Cosmetics & Toiletries	1.4
Tobacco	1.4
Medical Products	1.4
Oil Companies-Exploration & Production	1.3
Networking Products	1.3
Exchange-Traded Funds	1.3
Retail-Restaurants	1.2
Pharmacy Services	1.1
Commercial Services-Finance	0.9
Instruments-Controls	0.9
Cable/Satellite TV	0.9
Chemicals-Diversified	0.9
Transport-Rail	0.9
Banks-Commercial	0.9
Data Processing/Management	0.8
Retail-Building Products	0.8
Auto-Cars/Light Trucks	0.7
Finance-Other Services	0.7
Food-Misc./Diversified	0.7
Food-Confectionery	0.7
Investment Management/Advisor Services	0.7
Insurance-Life/Health	0.7
Insurance Brokers	0.6
Industrial Gases	0.6
Finance-Investment Banker/Broker	0.6
Semiconductor Components-Integrated Circuits	0.6
Banks-Fiduciary	0.5
Oil Refining & Marketing	0.5
Airlines	0.5
Pipelines	0.5
Transport-Services	0.5
Retail-Major Department Stores	0.5
Medical-Hospitals	0.4
Athletic Footwear	0.4
Drug Delivery Systems	0.4
Oil-Field Services	0.4
Enterprise Software/Service	0.4
E-Commerce/Services	0.4
Medical-Wholesale Drug Distribution	0.4
Building Products-Air & Heating	0.4
Chemicals-Specialty	0.4

Building-Residential/Commercial	0.4	%
Electric-Distribution	0.4
Medical Labs & Testing Services	0.4
Apparel Manufacturers	0.4
Hotels/Motels	0.4
Retail-Auto Parts	0.3
Diagnostic Equipment	0.3
Non-Hazardous Waste Disposal	0.3
Machinery-Construction & Mining	0.3
Computers-Memory Devices	0.3
Machinery-Pumps	0.3
Computers	0.3
Electric Products-Misc.	0.3
Electronic Measurement Instruments	0.3
Retail-Apparel/Shoe	0.3
Auto-Heavy Duty Trucks	0.3
Containers-Paper/Plastic	0.3
Brewery	0.3
Electronic Connectors	0.3
Entertainment Software	0.3
Tools-Hand Held	0.2
Cruise Lines	0.2
Machinery-General Industrial	0.2
Casino Hotels	0.2
Food-Wholesale/Distribution	0.2
Building Products-Cement	0.2
Consumer Products-Misc.	0.2
Food-Meat Products	0.2
Retail-Drug Store	0.2
Agricultural Operations	0.2
Aerospace/Defense-Equipment	0.2
Real Estate Management/Services	0.2
Agricultural Biotech	0.2
Steel-Producers	0.2
Food-Retail	0.2
Broadcast Services/Program	0.2
Advertising Agencies	0.2
Distribution/Wholesale	0.2
Machinery-Farming	0.2
Auto/Truck Parts & Equipment-Original	0.2
Cellular Telecom	0.1
Commercial Services	0.1
Finance-Consumer Loans	0.1
Applications Software	0.1
Medical-Generic Drugs	0.1
Gold Mining	0.1
Paper & Related Products	0.1
Gas-Distribution	0.1
Retail-Automobile	0.1
Coatings/Paint	0.1
Metal-Copper	0.1
Agricultural Chemicals	0.1
Wireless Equipment	0.1
Telecom Equipment-Fiber Optics	0.1
Industrial Automated/Robotic	0.1
Water	0.1
Dental Supplies & Equipment	0.1
E-Services/Consulting	0.1
Internet Security	0.1
Appliances	0.1
Medical Information Systems	0.1

323

SunAmerica Series Trust SA Large Cap Value Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Industry Allocation* (continued)

Toys	0.1	%
Retail-Consumer Electronics	0.1
Publishing-Newspapers	0.1
Web Hosting/Design	0.1
Water Treatment Systems	0.1
Textile-Home Furnishings	0.1
Computer Software	0.1
Theaters	0.1
Human Resources	0.1
Instruments-Scientific	0.1
Consulting Services	0.1
Electronic Components-Misc.	0.1
Office Supplies & Forms	0.1
Insurance-Reinsurance	0.1
Disposable Medical Products	0.1
Containers-Metal/Glass	0.1
Home Decoration Products	0.1
Retail-Misc./Diversified	0.1
Telecommunication Equipment	0.1
Retail-Perfume & Cosmetics	0.1
U.S. Government Treasuries	0.1
	99.9	%

* Calculated as a percentage of net assets

324

SunAmerica Series Trust SA Large Cap Value Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 98.5%
Advertising Agencies — 0.2%
Interpublic Group of Cos., Inc.		8,127	$	287,371
Omnicom Group, Inc.		4,443		323,539
				610,910
Aerospace/Defense — 2.5%
Boeing Co.†		11,357		2,572,133
General Dynamics Corp.		4,729		927,026
Lockheed Martin Corp.		2,729		1,014,287
Northrop Grumman Corp.		3,093		1,122,821
Raytheon Technologies Corp.		31,301		2,721,622
Teledyne Technologies, Inc.†		489		221,405
TransDigm Group, Inc.†		454		291,055
				8,870,349
Aerospace/Defense-Equipment — 0.2%
Howmet Aerospace, Inc.†		8,076		265,054
L3Harris Technologies, Inc.		1,821		412,894
				677,948
Agricultural Biotech — 0.2%
Corteva, Inc.		15,228		651,454
Agricultural Chemicals — 0.1%
CF Industries Holdings, Inc.		4,432		209,412
Mosaic Co.		7,140		222,982
				432,394
Agricultural Operations — 0.2%
Archer-Daniels-Midland Co.		11,542		689,288
Airlines — 0.5%
Alaska Air Group, Inc.†		2,572		149,253
American Airlines Group, Inc.†		13,251		270,056
Delta Air Lines, Inc.†		13,215		527,279
Southwest Airlines Co.†		12,218		617,253
United Airlines Holdings, Inc.†		6,685		312,323
				1,876,164
Apparel Manufacturers — 0.4%
Hanesbrands, Inc.		7,213		131,709
PVH Corp.†		1,472		154,001
Ralph Lauren Corp.		997		113,179
Tapestry, Inc.†		5,761		243,690
Under Armour, Inc., Class A†		3,897		79,694
Under Armour, Inc., Class C†		4,059		71,114
VF Corp.		6,643		532,769
				1,326,156
Appliances — 0.1%
Whirlpool Corp.		1,294		286,673
Applications Software — 0.1%
Roper Technologies, Inc.		1,000		491,340
Athletic Footwear — 0.4%
NIKE, Inc., Class B		9,482		1,588,330
Auto-Cars/Light Trucks — 0.7%
Ford Motor Co.†		81,002		1,129,978
General Motors Co.†		26,374		1,499,098
				2,629,076
Auto-Heavy Duty Trucks — 0.3%
Cummins, Inc.		1,722		399,676
PACCAR, Inc.		7,172		595,204
				994,880

Security Description	Shares		Value (Note 2)
Auto/Truck Parts & Equipment-Original — 0.2%
Aptiv PLC†		1,844	$	307,671
BorgWarner, Inc.		4,955		242,696
				550,367
Banks-Commercial — 0.9%
Citizens Financial Group, Inc.		8,799		370,966
First Republic Bank		1,709		333,289
M&T Bank Corp.		2,658		355,773
Regions Financial Corp.		19,860		382,305
Truist Financial Corp.		27,784		1,512,283
Zions Bancorp NA		3,384		176,476
				3,131,092
Banks-Fiduciary — 0.5%
Bank of New York Mellon Corp.		16,668		855,568
Northern Trust Corp.		4,300		485,255
State Street Corp.		7,185		626,101
				1,966,924
Banks-Super Regional — 2.4%
Comerica, Inc.		2,884		198,015
Fifth Third Bancorp		14,544		527,802
Huntington Bancshares, Inc.		30,483		429,201
KeyCorp		20,050		394,183
PNC Financial Services Group, Inc.		8,777		1,601,013
US Bancorp		28,006		1,555,453
Wells Fargo & Co.		85,397		3,923,138
				8,628,805
Beverages-Non-alcoholic — 1.5%
Coca-Cola Co.		52,110		2,971,834
PepsiCo, Inc.		16,555		2,598,307
				5,570,141
Beverages-Wine/Spirits — 0.0%
Brown-Forman Corp., Class B		1,887		133,826
Brewery — 0.3%
Constellation Brands, Inc., Class A		3,491		783,171
Molson Coors Beverage Co., Class B†		3,891		190,231
				973,402
Broadcast Services/Program — 0.2%
Discovery, Inc., Class A†		3,484		101,071
Discovery, Inc., Class C†		6,207		168,272
Fox Corp., Class A		6,754		240,848
Fox Corp., Class B		3,139		104,340
				614,531
Building & Construction Products-Misc. — 0.0%
Fortune Brands Home & Security, Inc.		1,230		119,888
Building Products-Air & Heating — 0.4%
Carrier Global Corp.		6,075		335,644
Johnson Controls International PLC		14,807		1,057,516
				1,393,160
Building Products-Cement — 0.2%
Martin Marietta Materials, Inc.		1,289		468,294
Vulcan Materials Co.		1,590		286,184
				754,478
Building Products-Wood — 0.0%
Masco Corp.		2,936		175,309

325

SunAmerica Series Trust SA Large Cap Value Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building-Residential/Commercial — 0.4%
D.R. Horton, Inc.		2,711	$	258,711
Lennar Corp., Class A		5,697		599,039
NVR, Inc.†		71		370,805
PulteGroup, Inc.		2,677		146,887
				1,375,442
Cable/Satellite TV — 0.9%
Comcast Corp., Class A		53,043		3,120,520
DISH Network Corp., Class A†		5,133		215,021
				3,335,541
Casino Hotels — 0.2%
Las Vegas Sands Corp.†		6,787		287,430
MGM Resorts International		8,411		315,665
Wynn Resorts, Ltd.†		2,174		213,769
				816,864
Casino Services — 0.0%
Caesars Entertainment, Inc.†		1,811		158,209
Cellular Telecom — 0.1%
T-Mobile US, Inc.†		3,753		540,507
Chemicals-Diversified — 0.9%
Celanese Corp.		2,327		362,477
Dow, Inc.		7,871		489,261
DuPont de Nemours, Inc.		10,994		825,100
Eastman Chemical Co.		2,820		317,870
LyondellBasell Industries NV, Class A		5,319		528,336
PPG Industries, Inc.		4,898		800,921
				3,323,965
Chemicals-Specialty — 0.4%
Ecolab, Inc.		2,775		612,803
International Flavors & Fragrances, Inc.		5,143		774,742
				1,387,545
Coatings/Paint — 0.1%
Sherwin-Williams Co.		1,533		446,149
Commercial Services — 0.1%
Cintas Corp.		620		244,392
Nielsen Holdings PLC		7,406		175,448
Quanta Services, Inc.		1,209		109,898
				529,738
Commercial Services-Finance — 0.9%
Automatic Data Processing, Inc.		4,571		958,219
Equifax, Inc.		1,257		327,574
FleetCor Technologies, Inc.†		982		253,572
Global Payments, Inc.		6,099		1,179,608
IHS Markit, Ltd.		2,709		316,519
Moody’s Corp.		931		350,056
				3,385,548
Computer Services — 1.5%
Accenture PLC, Class A		5,778		1,835,555
Cognizant Technology Solutions Corp., Class A		5,339		392,577
DXC Technology Co.†		5,264		210,455
International Business Machines Corp.		18,460		2,602,121
Leidos Holdings, Inc.		2,746		292,229
				5,332,937

Security Description	Shares		Value (Note 2)
Computer Software — 0.1%
Akamai Technologies, Inc.†		1,212	$	145,343
Citrix Systems, Inc.		898		90,474
				235,817
Computers — 0.3%
Hewlett Packard Enterprise Co.		26,980		391,210
HP, Inc.		24,817		716,467
				1,107,677
Computers-Memory Devices — 0.3%
NetApp, Inc.		4,599		366,034
Seagate Technology Holdings PLC		4,114		361,621
Western Digital Corp.†		6,331		411,072
				1,138,727
Consulting Services — 0.1%
Gartner, Inc.†		836		221,314
Consumer Products-Misc. — 0.2%
Clorox Co.		848		153,395
Kimberly-Clark Corp.		4,322		586,582
				739,977
Containers-Metal/Glass — 0.1%
Ball Corp.		2,441		197,428
Containers-Paper/Plastic — 0.3%
Amcor PLC		31,853		368,221
Packaging Corp. of America		1,963		277,764
Sealed Air Corp.		1,068		60,609
WestRock Co.		5,498		270,557
				977,151
Cosmetics & Toiletries — 1.4%
Colgate-Palmolive Co.		8,389		666,925
Estee Lauder Cos., Inc., Class A		2,108		703,714
Procter & Gamble Co.		26,301		3,740,791
				5,111,430
Cruise Lines — 0.2%
Carnival Corp.†		16,493		357,074
Norwegian Cruise Line Holdings, Ltd.†		7,643		183,661
Royal Caribbean Cruises, Ltd.†		4,523		347,683
				888,418
Data Processing/Management — 0.8%
Broadridge Financial Solutions, Inc.		1,200		208,188
Fidelity National Information Services, Inc.		12,811		1,909,480
Fiserv, Inc.†		3,937		453,188
Jack Henry & Associates, Inc.		798		138,924
Paychex, Inc.		3,114		354,435
				3,064,215
Dental Supplies & Equipment — 0.1%
DENTSPLY SIRONA, Inc.		4,510		297,840
Diagnostic Equipment — 0.3%
Danaher Corp.		4,197		1,248,566
Disposable Medical Products — 0.1%
Teleflex, Inc.		512		203,484
Distribution/Wholesale — 0.2%
Fastenal Co.		2,966		162,448
LKQ Corp.†		5,743		291,457
WW Grainger, Inc.		353		156,937
				610,842

326

SunAmerica Series Trust SA Large Cap Value Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Diversified Banking Institutions — 6.6%
Bank of America Corp.		155,793	$	5,976,220
Citigroup, Inc.		42,704		2,887,644
Goldman Sachs Group, Inc.		7,029		2,635,032
JPMorgan Chase & Co.		62,539		9,492,169
Morgan Stanley		30,751		2,951,481
				23,942,546
Diversified Manufacturing Operations — 2.3%
3M Co.		11,976		2,370,529
A.O. Smith Corp.		2,778		195,377
Eaton Corp. PLC		8,233		1,301,226
General Electric Co.		181,362		2,348,638
Illinois Tool Works, Inc.		3,326		753,904
Parker-Hannifin Corp.		1,280		399,398
Textron, Inc.		4,663		321,794
Trane Technologies PLC		2,668		543,232
				8,234,098
Drug Delivery Systems — 0.4%
Becton Dickinson & Co.		6,008		1,536,546
E-Commerce/Services — 0.4%
Booking Holdings, Inc.†		526		1,145,765
Expedia Group, Inc.†		1,870		300,827
				1,446,592
E-Services/Consulting — 0.1%
CDW Corp.		1,622		297,394
Electric Products-Misc. — 0.3%
AMETEK, Inc.		2,433		338,309
Emerson Electric Co.		7,434		750,016
				1,088,325
Electric-Distribution — 0.4%
Consolidated Edison, Inc.		7,082		522,439
Sempra Energy		6,509		850,401
				1,372,840
Electric-Integrated — 4.1%
AES Corp.		8,534		202,256
Alliant Energy Corp.		5,168		302,483
Ameren Corp.		5,280		443,098
American Electric Power Co., Inc.		10,325		909,839
CenterPoint Energy, Inc.		11,993		305,342
CMS Energy Corp.		5,980		369,504
Dominion Energy, Inc.		16,662		1,247,484
DTE Energy Co.		4,002		469,515
Duke Energy Corp.		15,892		1,670,408
Edison International		7,839		427,225
Entergy Corp.		4,146		426,706
Evergy, Inc.		4,737		308,947
Eversource Energy		7,096		612,172
Exelon Corp.		20,188		944,798
FirstEnergy Corp.		11,237		430,602
NextEra Energy, Inc.		23,098		1,799,334
Pinnacle West Capital Corp.		2,329		194,588
PPL Corp.		15,896		450,970
Public Service Enterprise Group, Inc.		10,435		649,370
Southern Co.		21,871		1,396,901
WEC Energy Group, Inc.		6,517		613,510
Xcel Energy, Inc.		11,119		758,872
				14,933,924

Security Description	Shares		Value (Note 2)
Electronic Components-Misc. — 0.1%
Garmin, Ltd.		1,362	$	214,106
Electronic Components-Semiconductors — 2.7%
Broadcom, Inc.		2,699		1,310,095
Intel Corp.		83,423		4,481,484
IPG Photonics Corp.†		408		89,009
Microchip Technology, Inc.		1,582		226,416
Micron Technology, Inc.†		23,168		1,797,373
Skyworks Solutions, Inc.		1,637		302,043
Texas Instruments, Inc.		8,967		1,709,289
				9,915,709
Electronic Connectors — 0.3%
Amphenol Corp., Class A		4,692		340,123
TE Connectivity, Ltd.		4,230		623,798
				963,921
Electronic Measurement Instruments — 0.3%
Agilent Technologies, Inc.		1,755		268,919
Fortive Corp.		6,994		508,184
Keysight Technologies, Inc.†		1,637		269,368
				1,046,471
Electronic Security Devices — 0.0%
Allegion PLC		1,078		147,255
Engineering/R&D Services — 0.0%
Jacobs Engineering Group, Inc.		1,022		138,225
Enterprise Software/Service — 0.4%
Oracle Corp.		16,889		1,471,707
Entertainment Software — 0.3%
Activision Blizzard, Inc.		6,582		550,387
Electronic Arts, Inc.		2,720		391,571
				941,958
Finance-Consumer Loans — 0.1%
Synchrony Financial		11,174		525,401
Finance-Credit Card — 2.9%
American Express Co.		13,443		2,292,435
Capital One Financial Corp.		9,328		1,508,338
Discover Financial Services		6,299		783,092
Mastercard, Inc., Class A		5,783		2,231,891
Visa, Inc., Class A		13,981		3,444,778
Western Union Co.		8,455		196,240
				10,456,774
Finance-Investment Banker/Broker — 0.6%
Charles Schwab Corp.		30,986		2,105,499
Finance-Other Services — 0.7%
Cboe Global Markets, Inc.		1,080		127,948
CME Group, Inc.		7,419		1,573,792
Intercontinental Exchange, Inc.		5,348		640,851
Nasdaq, Inc.		831		155,173
				2,497,764
Food-Confectionery — 0.7%
Hershey Co.		1,784		319,122
J.M. Smucker Co.		2,264		296,833
Mondelez International, Inc., Class A		29,021		1,835,868
				2,451,823
Food-Meat Products — 0.2%
Hormel Foods Corp.		5,823		270,071
Tyson Foods, Inc., Class A		6,090		435,191
				705,262

327

SunAmerica Series Trust SA Large Cap Value Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Food-Misc./Diversified — 0.7%
Campbell Soup Co.		4,194	$	183,361
Conagra Brands, Inc.		9,915		332,053
General Mills, Inc.		12,602		741,754
Kellogg Co.		5,206		329,852
Kraft Heinz Co.		13,393		515,229
Lamb Weston Holdings, Inc.		1,904		127,130
McCormick & Co., Inc.		2,881		242,494
				2,471,873
Food-Retail — 0.2%
Kroger Co.		15,641		636,589
Food-Wholesale/Distribution — 0.2%
Sysco Corp.		10,569		784,220
Gas-Distribution — 0.1%
Atmos Energy Corp.		2,700		266,193
NiSource, Inc.		8,103		200,711
				466,904
Gold Mining — 0.1%
Newmont Corp.		7,448		467,883
Home Decoration Products — 0.1%
Newell Brands, Inc.		7,820		193,545
Home Furnishings — 0.0%
Leggett & Platt, Inc.		2,753		132,227
Hotels/Motels — 0.4%
Hilton Worldwide Holdings, Inc.†		3,625		476,506
Marriott International, Inc., Class A†		5,517		805,372
				1,281,878
Human Resources — 0.1%
Robert Half International, Inc.		2,330		228,829
Independent Power Producers — 0.0%
NRG Energy, Inc.		2,073		85,491
Industrial Automated/Robotic — 0.1%
Rockwell Automation, Inc.		1,055		324,328
Industrial Gases — 0.6%
Air Products & Chemicals, Inc.		2,469		718,553
Linde PLC		4,514		1,387,559
				2,106,112
Instruments-Controls — 0.9%
Honeywell International, Inc.		14,349		3,354,653
Instruments-Scientific — 0.1%
Waters Corp.†		574		223,751
Insurance Brokers — 0.6%
Aon PLC, Class A		2,238		581,947
Arthur J. Gallagher & Co.		2,413		336,155
Marsh & McLennan Cos., Inc.		5,358		788,805
Willis Towers Watson PLC		2,665		549,203
				2,256,110
Insurance-Life/Health — 0.7%
Aflac, Inc.		13,059		718,245
Globe Life, Inc.		1,959		182,403
Lincoln National Corp.		3,697		227,809
Principal Financial Group, Inc.		5,226		324,691
Prudential Financial, Inc.		8,140		816,279
Unum Group		4,220		115,628
				2,385,055

Security Description	Shares		Value (Note 2)
Insurance-Multi-line — 1.4%
Allstate Corp.		6,184	$	804,229
American International Group, Inc.(3)		17,729		839,468
Chubb, Ltd.		9,290		1,567,594
Cincinnati Financial Corp.		3,095		364,839
Hartford Financial Services Group, Inc.		7,379		469,452
Loews Corp.		4,622		247,878
MetLife, Inc.		15,373		887,022
				5,180,482
Insurance-Property/Casualty — 3.5%
Assurant, Inc.		1,251		197,420
Berkshire Hathaway, Inc., Class B†		39,157		10,897,002
Progressive Corp.		4,352		414,136
Travelers Cos., Inc.		5,196		773,789
WR Berkley Corp.		2,895		211,827
				12,494,174
Insurance-Reinsurance — 0.1%
Everest Re Group, Ltd.		828		209,343
Internet Infrastructure Software — 0.0%
F5 Networks, Inc.†		690		142,492
Internet Security — 0.1%
NortonLifeLock, Inc.		11,981		297,368
Investment Management/Advisor Services — 0.7%
Ameriprise Financial, Inc.		2,395		616,856
BlackRock, Inc.		879		762,242
Franklin Resources, Inc.		5,626		166,248
Invesco, Ltd.		7,817		190,579
Raymond James Financial, Inc.		2,527		327,196
T. Rowe Price Group, Inc.		1,875		382,800
				2,445,921
Machinery-Construction & Mining — 0.3%
Caterpillar, Inc.		5,998		1,240,086
Machinery-Farming — 0.2%
Deere & Co.		1,611		582,521
Machinery-General Industrial — 0.2%
IDEX Corp.		863		195,633
Otis Worldwide Corp.		4,000		358,200
Westinghouse Air Brake Technologies Corp.		3,670		311,473
				865,306
Machinery-Pumps — 0.3%
Dover Corp.		2,973		496,848
Ingersoll Rand, Inc.†		7,712		376,885
Xylem, Inc.		2,009		252,833
				1,126,566
Medical Information Systems — 0.1%
Cerner Corp.		3,548		285,224
Medical Instruments — 1.8%
Boston Scientific Corp.†		29,355		1,338,588
Edwards Lifesciences Corp.†		5,522		619,955
Intuitive Surgical, Inc.†		734		727,732
Medtronic PLC		27,795		3,649,761
				6,336,036
Medical Labs & Testing Services — 0.4%
IQVIA Holdings, Inc.†		1,425		352,972
Laboratory Corp. of America Holdings†		2,017		597,335
Quest Diagnostics, Inc.		2,699		382,718
				1,333,025

328

SunAmerica Series Trust SA Large Cap Value Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Products — 1.4%
Abbott Laboratories		15,050	$	1,820,749
Baxter International, Inc.		10,389		803,589
Cooper Cos., Inc.		600		253,062
Henry Schein, Inc.†		2,907		232,996
Hologic, Inc.†		1,482		111,209
STERIS PLC		867		188,963
Stryker Corp.		3,454		935,827
Zimmer Biomet Holdings, Inc.		4,307		703,850
				5,050,245
Medical-Biomedical/Gene — 1.5%
Amgen, Inc.		5,935		1,433,540
Biogen, Inc.†		1,462		477,679
Gilead Sciences, Inc.		25,911		1,769,462
Illumina, Inc.†		1,508		747,591
Incyte Corp.†		1,429		110,533
Moderna, Inc.†		2,648		936,333
				5,475,138
Medical-Drugs — 4.8%
AbbVie, Inc.		9,487		1,103,338
Bristol-Myers Squibb Co.		22,153		1,503,524
Eli Lilly & Co.		6,413		1,561,565
Johnson & Johnson		32,643		5,621,125
Merck & Co., Inc.		27,202		2,091,018
Organon & Co.†		2,718		78,849
Pfizer, Inc.		115,645		4,950,762
Zoetis, Inc.		2,648		536,750
				17,446,931
Medical-Generic Drugs — 0.1%
Perrigo Co. PLC		2,759		132,515
Viatris, Inc.		24,970		351,328
				483,843
Medical-HMO — 2.0%
Anthem, Inc.		5,058		1,942,322
Centene Corp.†		12,039		825,996
Humana, Inc.		1,279		544,675
UnitedHealth Group, Inc.		9,358		3,857,555
				7,170,548
Medical-Hospitals — 0.4%
HCA Healthcare, Inc.		5,430		1,347,726
Universal Health Services, Inc., Class B		1,611		258,420
				1,606,146
Medical-Wholesale Drug Distribution — 0.4%
AmerisourceBergen Corp.		3,055		373,229
Cardinal Health, Inc.		5,994		355,924
McKesson Corp.		3,268		666,117
				1,395,270
Metal-Copper — 0.1%
Freeport-McMoRan, Inc.		11,505		438,340
Multimedia — 2.0%
ViacomCBS, Inc., Class B		12,511		512,075
Walt Disney Co.†		37,537		6,607,263
				7,119,338
Networking Products — 1.3%
Cisco Systems, Inc.		87,063		4,820,678

Security Description	Shares		Value (Note 2)
Non-Hazardous Waste Disposal — 0.3%
Republic Services, Inc.		4,350	$	514,866
Waste Management, Inc.		4,894		725,584
				1,240,450
Office Automation & Equipment — 0.0%
Zebra Technologies Corp., Class A†		298		164,639
Office Supplies & Forms — 0.1%
Avery Dennison Corp.		995		209,627
Oil Companies-Exploration & Production — 1.3%
APA Corp.		7,809		146,419
Cabot Oil & Gas Corp.		8,257		132,112
ConocoPhillips		27,878		1,562,841
Devon Energy Corp.		12,306		317,987
Diamondback Energy, Inc.		3,739		288,389
EOG Resources, Inc.		12,057		878,473
Hess Corp.		2,665		203,713
Marathon Oil Corp.		16,283		188,720
Occidental Petroleum Corp.		17,356		452,991
Pioneer Natural Resources Co.		4,788		696,031
				4,867,676
Oil Companies-Integrated — 2.5%
Chevron Corp.		39,930		4,065,273
Exxon Mobil Corp.		87,463		5,035,245
				9,100,518
Oil Field Machinery & Equipment — 0.0%
NOV, Inc.†		8,070		111,447
Oil Refining & Marketing — 0.5%
Marathon Petroleum Corp.		13,162		726,805
Phillips 66		9,046		664,248
Valero Energy Corp.		8,445		565,562
				1,956,615
Oil-Field Services — 0.4%
Baker Hughes Co.		15,028		319,195
Halliburton Co.		18,381		380,119
Schlumberger NV		28,889		832,870
				1,532,184
Paper & Related Products — 0.1%
International Paper Co.		8,093		467,452
Pharmacy Services — 1.1%
Cigna Corp.		7,089		1,626,855
CVS Health Corp.		27,200		2,240,192
				3,867,047
Pipelines — 0.5%
Kinder Morgan, Inc.		40,235		699,284
ONEOK, Inc.		9,205		478,384
Williams Cos., Inc.		25,096		628,655
				1,806,323
Publishing-Newspapers — 0.1%
News Corp., Class A		8,082		199,060
News Corp., Class B		2,516		59,151
				258,211
Racetracks — 0.0%
Penn National Gaming, Inc.†		1,228		83,971
Real Estate Investment Trusts — 4.1%
Alexandria Real Estate Equities, Inc.		2,834		570,598

329

SunAmerica Series Trust SA Large Cap Value Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
American Tower Corp.		4,603	$	1,301,728
AvalonBay Communities, Inc.		2,884		657,062
Boston Properties, Inc.		2,934		344,393
Crown Castle International Corp.		3,572		689,718
Digital Realty Trust, Inc.		5,817		896,749
Duke Realty Corp.		4,571		232,572
Equinix, Inc.		777		637,459
Equity Residential		7,109		598,080
Essex Property Trust, Inc.		1,343		440,638
Extra Space Storage, Inc.		1,437		250,239
Federal Realty Investment Trust		1,462		171,829
Healthpeak Properties, Inc.		11,134		411,624
Host Hotels & Resorts, Inc.†		14,587		232,371
Iron Mountain, Inc.		5,965		261,028
Kimco Realty Corp.		8,955		191,010
Mid-America Apartment Communities, Inc.		2,365		456,682
Prologis, Inc.		15,283		1,956,835
Public Storage		1,793		560,277
Realty Income Corp.		7,718		542,498
Regency Centers Corp.		3,264		213,498
SBA Communications Corp.		791		269,723
Simon Property Group, Inc.		6,787		858,691
UDR, Inc.		6,132		337,199
Ventas, Inc.		7,750		463,295
Vornado Realty Trust		3,244		141,114
Welltower, Inc.		8,626		749,254
Weyerhaeuser Co.		15,478		522,073
				14,958,237
Real Estate Management/Services — 0.2%
CBRE Group, Inc., Class A†		6,934		668,854
Retail-Apparel/Shoe — 0.3%
Gap, Inc.		4,291		125,169
Ross Stores, Inc.		7,367		903,857
				1,029,026
Retail-Auto Parts — 0.3%
Advance Auto Parts, Inc.		1,352		286,705
AutoZone, Inc.†		197		319,844
Genuine Parts Co.		2,985		378,856
O’Reilly Automotive, Inc.†		461		278,370
				1,263,775
Retail-Automobile — 0.1%
CarMax, Inc.†		3,371		451,545
Retail-Building Products — 0.8%
Home Depot, Inc.		6,151		2,018,697
Lowe’s Cos., Inc.		4,235		816,042
				2,834,739
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc.		2,303		258,742
Retail-Discount — 2.0%
Costco Wholesale Corp.		4,292		1,844,358
Dollar Tree, Inc.†		4,792		478,194
Target Corp.		3,475		907,149
Walmart, Inc.		28,367		4,043,716
				7,273,417
Retail-Drug Store — 0.2%
Walgreens Boots Alliance, Inc.		14,822		698,857

Security Description	Shares		Value (Note 2)
Retail-Major Department Stores — 0.5%
TJX Cos., Inc.		24,915	$	1,714,401
Retail-Misc./Diversified — 0.1%
Bath & Body Works, Inc.		2,407		192,728
Retail-Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		554		186,033
Retail-Restaurants — 1.2%
Darden Restaurants, Inc.		2,703		394,314
McDonald’s Corp.		9,249		2,244,825
Starbucks Corp.		10,224		1,241,500
Yum! Brands, Inc.		3,508		460,916
				4,341,555
Savings & Loans/Thrifts — 0.0%
People’s United Financial, Inc.		8,835		138,709
Semiconductor Components-Integrated Circuits — 0.6%
Analog Devices, Inc.		4,343		727,105
Maxim Integrated Products, Inc.		2,218		221,600
NXP Semiconductors NV		5,401		1,114,713
				2,063,418
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc.		831		170,463
Soap & Cleaning Preparation — 0.0%
Church & Dwight Co., Inc.		1,672		144,762
Steel-Producers — 0.2%
Nucor Corp.		6,182		643,052
Telecom Equipment-Fiber Optics — 0.1%
Corning, Inc.		8,483		355,098
Telecommunication Equipment — 0.1%
Juniper Networks, Inc.		6,771		190,536
Telephone-Integrated — 2.5%
AT&T, Inc.		147,509		4,137,628
Lumen Technologies, Inc.		20,552		256,283
Verizon Communications, Inc.		85,532		4,770,975
				9,164,886
Textile-Home Furnishings — 0.1%
Mohawk Industries, Inc.†		1,210		235,829
Theaters — 0.1%
Live Nation Entertainment, Inc.†		2,985		235,487
Tobacco — 1.4%
Altria Group, Inc.		38,233		1,836,713
Philip Morris International, Inc.		32,199		3,222,798
				5,059,511
Tools-Hand Held — 0.2%
Snap-on, Inc.		1,117		243,483
Stanley Black & Decker, Inc.		3,336		657,359
				900,842
Toys — 0.1%
Hasbro, Inc.		2,643		262,820
Transport-Rail — 0.9%
CSX Corp.		22,533		728,266
Kansas City Southern		921		246,644
Norfolk Southern Corp.		2,843		733,011
Union Pacific Corp.		7,137		1,561,290
				3,269,211

330

SunAmerica Series Trust SA Large Cap Value Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Transport-Services — 0.5%
C.H. Robinson Worldwide, Inc.		2,747	$	244,950
Expeditors International of Washington, Inc.		1,221		156,593
FedEx Corp.		1,816		508,389
United Parcel Service, Inc., Class B		4,483		857,867
				1,767,799
Transport-Truck — 0.0%
JB Hunt Transport Services, Inc.		707		119,094
Water — 0.1%
American Water Works Co., Inc.		1,875		318,956
Water Treatment Systems — 0.1%
Pentair PLC		3,434		252,983
Web Hosting/Design — 0.1%
VeriSign, Inc.†		1,188		257,048
Wireless Equipment — 0.1%
Motorola Solutions, Inc.		1,928		431,718
Total Common Stocks (cost $295,625,686)				356,711,116
EXCHANGE-TRADED FUNDS — 1.3%
iShares S&P 500 Value ETF (cost $4,264,749)		31,060		4,622,038
Total Long-Term Investment Securities (cost $299,890,435)				361,333,154

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.1%
U.S. Government Treasuries — 0.1%
United States Treasury Bills 0.10% due 12/30/2021(2) (cost $149,936)	$	150,000		$	149,967
TOTAL INVESTMENTS (cost $300,040,371)(1)		99.9	%		361,483,121
Other assets less liabilities		0.1			519,843
NET ASSETS		100.0	%	$	362,002,964

† Non-income producing security

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

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

(3) Security represents an investment in an affiliated company (see Note 8).

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	September 2021	$	636,710	$	658,425	$	21,715

* 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 July 31, 2021 (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	$	356,711,116	$	—	$	—	$	356,711,116
Exchange-Traded Funds		4,622,038		—		—		4,622,038
Short-Term Investment Securities		—		149,967		—		149,967
Total Investments at Value	$	361,333,154	$	149,967	$	—	$	361,483,121
Other Financial Instruments:+
Futures Contracts	$	21,715	$	—	$	—	$	21,715

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

+ Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

331

SunAmerica Series Trust SA MFS Blue Chip Growth Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Applications Software	10.9	%
Computers	10.3
Web Portals/ISP	5.8
E-Commerce/Products	5.6
Internet Content-Entertainment	5.1
Electronic Components-Semiconductors	3.5
Commercial Services-Finance	3.2
Retail-Restaurants	3.1
Semiconductor Equipment	2.9
Computer Services	2.8
Electronic Forms	2.6
Real Estate Investment Trusts	2.5
Medical-Drugs	2.5
Medical-Biomedical/Gene	2.2
Enterprise Software/Service	2.0
Retail-Building Products	1.7
Transport-Services	1.5
Finance-Credit Card	1.5
Diagnostic Kits	1.4
Auto-Cars/Light Trucks	1.4
Diagnostic Equipment	1.4
Data Processing/Management	1.3
Computer Data Security	1.3
Retail-Apparel/Shoe	1.3
Cable/Satellite TV	1.1
Diversified Manufacturing Operations	1.0
Entertainment Software	1.0
Recreational Vehicles	1.0
Medical-Hospitals	1.0
Building-Residential/Commercial	1.0
Semiconductor Components-Integrated Circuits	0.9
Consumer Products-Misc.	0.8
Transport-Truck	0.8
Transport-Rail	0.7
Retail-Auto Parts	0.7
Medical Products	0.6
Auto/Truck Parts & Equipment-Original	0.6
Computer Aided Design	0.6
Retail-Discount	0.6
Hotels/Motels	0.5
Communications Software	0.5
Beverages-Non-alcoholic	0.5
Machinery-Farming	0.5
Computer Software	0.5
Medical-Wholesale Drug Distribution	0.5
Finance-Consumer Loans	0.4
Cosmetics & Toiletries	0.4
Athletic Footwear	0.4
Tobacco	0.4
Office Automation & Equipment	0.4
Medical Labs & Testing Services	0.4
Pharmacy Services	0.3
Food-Misc./Diversified	0.3
Food-Retail	0.3
Containers-Paper/Plastic	0.3
Retail-Major Department Stores	0.2
Industrial Gases	0.2
Diversified Banking Institutions	0.2
Auto-Heavy Duty Trucks	0.2
Electronic Components-Misc.	0.2
Batteries/Battery Systems	0.2

Insurance-Multi-line	0.2	%
Real Estate Management/Services	0.1
Retail-Misc./Diversified	0.1
Aerospace/Defense	0.1
Retail-Perfume & Cosmetics	0.1
Web Hosting/Design	0.1
Internet Application Software	0.1
Coatings/Paint	0.1
Medical-HMO	0.1
	99.0%

* Calculated as a percentage of net assets

332

SunAmerica Series Trust SA MFS Blue Chip Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.0%
Aerospace/Defense — 0.1%
Northrop Grumman Corp.		2,624	$	952,564
Applications Software — 10.9%
Microsoft Corp.		270,911		77,185,253
ServiceNow, Inc.†		22,962		13,499,130
				90,684,383
Athletic Footwear — 0.4%
NIKE, Inc., Class B		21,186		3,548,867
Auto-Cars/Light Trucks — 1.4%
Tesla, Inc.†		17,061		11,724,319
Auto-Heavy Duty Trucks — 0.2%
PACCAR, Inc.		21,134		1,753,911
Auto/Truck Parts & Equipment-Original — 0.6%
Lear Corp.		29,143		5,099,442
Batteries/Battery Systems — 0.2%
Energizer Holdings, Inc.		33,930		1,453,901
Beverages-Non-alcoholic — 0.5%
PepsiCo, Inc.		26,471		4,154,623
Building-Residential/Commercial — 1.0%
D.R. Horton, Inc.		82,375		7,861,046
Cable/Satellite TV — 1.1%
Charter Communications, Inc., Class A†		11,522		8,572,944
Comcast Corp., Class A		13,402		788,440
				9,361,384
Coatings/Paint — 0.1%
Sherwin-Williams Co.		2,158		628,043
Commercial Services-Finance — 3.2%
Moody’s Corp.		9,801		3,685,176
PayPal Holdings, Inc.†		65,117		17,941,687
Square, Inc., Class A†		18,338		4,534,254
				26,161,117
Communications Software — 0.5%
Zoom Video Communications, Inc., Class A†		11,184		4,228,670
Computer Aided Design — 0.6%
Autodesk, Inc.†		12,784		4,105,326
Cadence Design Systems, Inc.†		5,883		868,625
				4,973,951
Computer Data Security — 1.3%
Crowdstrike Holdings, Inc., Class A†		41,237		10,458,116
Computer Services — 2.8%
Accenture PLC, Class A		45,014		14,300,047
EPAM Systems, Inc.†		15,351		8,593,490
				22,893,537
Computer Software — 0.5%
Dropbox, Inc., Class A†		123,847		3,899,942
Computers — 10.3%
Apple, Inc.		547,598		79,872,644
HP, Inc.		197,839		5,711,612
				85,584,256
Consumer Products-Misc. — 0.8%
Kimberly-Clark Corp.		50,058		6,793,872

Security Description	Shares		Value (Note 2)
Containers-Paper/Plastic — 0.3%
Graphic Packaging Holding Co.		107,477	$	2,060,334
Cosmetics & Toiletries — 0.4%
Colgate-Palmolive Co.		44,915		3,570,743
Data Processing/Management — 1.3%
DocuSign, Inc.†		23,676		7,056,395
Fiserv, Inc.†		31,859		3,667,290
				10,723,685
Diagnostic Equipment — 1.4%
Avantor, Inc.†		153,986		5,786,794
Danaher Corp.		19,561		5,819,202
				11,605,996
Diagnostic Kits — 1.4%
IDEXX Laboratories, Inc.†		17,502		11,875,632
Diversified Banking Institutions — 0.2%
Goldman Sachs Group, Inc.		4,693		1,759,312
Diversified Manufacturing Operations — 1.0%
Eaton Corp. PLC		54,100		8,550,505
E-Commerce/Products — 5.6%
Amazon.com, Inc.†		13,927		46,343,346
Etsy, Inc.†		2,314		424,642
				46,767,988
Electronic Components-Misc. — 0.2%
Sensata Technologies Holding PLC†		25,555		1,498,034
Electronic Components-Semiconductors — 3.5%
Advanced Micro Devices, Inc.†		63,146		6,705,474
Intel Corp.		44,421		2,386,296
NVIDIA Corp.		43,048		8,393,929
Texas Instruments, Inc.		62,371		11,889,160
				29,374,859
Electronic Forms — 2.6%
Adobe, Inc.†		34,090		21,191,367
Enterprise Software/Service — 2.0%
Atlassian Corp. PLC, Class A†		39,344		12,791,521
salesforce.com, Inc.†		4,208		1,018,041
SS&C Technologies Holdings, Inc.		36,453		2,857,551
				16,667,113
Entertainment Software — 1.0%
Electronic Arts, Inc.		19,937		2,870,130
Take-Two Interactive Software, Inc.†		31,714		5,499,842
				8,369,972
Finance-Consumer Loans — 0.4%
SLM Corp.		194,465		3,661,776
Finance-Credit Card — 1.5%
Mastercard, Inc., Class A		11,338		4,375,788
Visa, Inc., Class A		31,913		7,863,044
				12,238,832
Food-Misc./Diversified — 0.3%
General Mills, Inc.		44,199		2,601,553
Food-Retail — 0.3%
Albertsons Cos., Inc., Class A		105,374		2,276,078
Hotels/Motels — 0.5%
Marriott International, Inc., Class A†		30,203		4,409,034

333

SunAmerica Series Trust SA MFS Blue Chip Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Industrial Gases — 0.2%
Linde PLC		5,793	$	1,780,710
Insurance-Multi-line — 0.2%
MetLife, Inc.		22,258		1,284,287
Internet Application Software — 0.1%
Okta, Inc.†		2,822		699,263
Internet Content-Entertainment — 5.1%
Facebook, Inc., Class A†		117,025		41,696,007
Netflix, Inc.†		1,517		785,154
				42,481,161
Machinery-Farming — 0.5%
AGCO Corp.		30,819		4,071,498
Medical Labs & Testing Services — 0.4%
Charles River Laboratories International, Inc.†		3,914		1,592,685
Laboratory Corp. of America Holdings†		1,231		364,561
Syneos Health, Inc.†		11,187		1,003,138
				2,960,384
Medical Products — 0.6%
Align Technology, Inc.†		7,476		5,201,801
Medical-Biomedical/Gene — 2.2%
Illumina, Inc.†		5,317		2,635,903
Incyte Corp.†		41,401		3,202,367
Maravai LifeSciences Holdings, Inc., Class A†		64,114		2,819,092
Moderna, Inc.†		5,470		1,934,192
Vertex Pharmaceuticals, Inc.†		36,622		7,382,263
				17,973,817
Medical-Drugs — 2.5%
Eli Lilly & Co.		48,673		11,851,876
Johnson & Johnson		50,961		8,775,484
				20,627,360
Medical-HMO — 0.1%
Humana, Inc.		1,200		511,032
Medical-Hospitals — 1.0%
HCA Healthcare, Inc.		32,197		7,991,295
Medical-Wholesale Drug Distribution — 0.5%
McKesson Corp.		18,551		3,781,250
Office Automation & Equipment — 0.4%
Zebra Technologies Corp., Class A†		5,547		3,064,607
Pharmacy Services — 0.3%
Cigna Corp.		11,988		2,751,126
Real Estate Investment Trusts — 2.5%
Extra Space Storage, Inc.		57,293		9,977,003
Public Storage		30,015		9,379,087
Simon Property Group, Inc.		13,804		1,746,482
				21,102,572
Real Estate Management/Services — 0.1%
CBRE Group, Inc., Class A†		10,473		1,010,226
Recreational Vehicles — 1.0%
Brunswick Corp.		41,317		4,313,495
Polaris, Inc.		28,225		3,699,451
				8,012,946

Security Description	Shares			Value (Note 2)
Retail-Apparel/Shoe — 1.3%
Burlington Stores, Inc.†		8,379		$	2,805,289
Ross Stores, Inc.		61,797			7,581,874
					10,387,163
Retail-Auto Parts — 0.7%
AutoZone, Inc.†		3,592			5,831,863
Retail-Building Products — 1.7%
Home Depot, Inc.		42,680			14,007,149
Retail-Discount — 0.6%
Walmart, Inc.		33,209			4,733,943
Retail-Major Department Stores — 0.2%
TJX Cos., Inc.		28,530			1,963,149
Retail-Misc./Diversified — 0.1%
Five Below, Inc.†		5,067			985,126
Retail-Perfume & Cosmetics — 0.1%
Ulta Beauty, Inc.†		2,390			802,562
Retail-Restaurants — 3.1%
Starbucks Corp.		114,935			13,956,557
Texas Roadhouse, Inc.		41,754			3,848,466
Yum China Holdings, Inc.		121,834			7,576,857
					25,381,880
Semiconductor Components-Integrated Circuits — 0.9%
NXP Semiconductors NV		37,256			7,689,266
Semiconductor Equipment — 2.9%
Applied Materials, Inc.		113,800			15,924,034
Lam Research Corp.		13,190			8,407,438
					24,331,472
Tobacco — 0.4%
Altria Group, Inc.		72,477			3,481,795
Transport-Rail — 0.7%
Kansas City Southern		22,887			6,129,139
Transport-Services — 1.5%
United Parcel Service, Inc., Class B		64,914			12,421,943
Transport-Truck — 0.8%
JB Hunt Transport Services, Inc.		6,251			1,052,981
Old Dominion Freight Line, Inc.		20,154			5,424,449
					6,477,430
Web Hosting/Design — 0.1%
GoDaddy, Inc., Class A†		9,175			769,324
Web Portals/ISP — 5.8%
Alphabet, Inc., Class A†		9,431			25,412,113
Alphabet, Inc., Class C†		8,293			22,427,755
					47,839,868
TOTAL INVESTMENTS (cost $519,807,750)(1)		99.0	%		819,957,164
Other assets less liabilities		1.0			8,633,564
NET ASSETS		100.0	%	$	828,590,728

† Non-income producing security

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

334

SunAmerica Series Trust SA MFS Blue Chip Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	819,957,164	$	—	$	—	$	819,957,164

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

See Notes to Financial Statements

335

SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Web Portals/ISP	7.1	%
Diversified Banking Institutions	6.4
Medical-Drugs	5.9
Applications Software	5.4
Finance-Credit Card	4.2
Retail-Discount	4.1
Real Estate Investment Trusts	3.7
Diagnostic Equipment	3.5
Data Processing/Management	2.5
Beverages-Wine/Spirits	2.4
Cable/Satellite TV	2.4
Computers	2.4
Computer Services	2.3
Internet Content-Entertainment	2.2
Instruments-Controls	2.0
Medical Instruments	2.0
Medical-Biomedical/Gene	1.9
Electronic Forms	1.8
Electronic Components-Semiconductors	1.6
Finance-Other Services	1.6
Drug Delivery Systems	1.6
Cosmetics & Toiletries	1.5
Retail-Building Products	1.5
Medical Labs & Testing Services	1.5
Textile-Apparel	1.5
Entertainment Software	1.5
Chemicals-Diversified	1.4
Transport-Rail	1.2
Retail-Gardening Products	1.2
Enterprise Software/Service	1.2
Containers-Metal/Glass	1.1
Food-Dairy Products	1.1
Coatings/Paint	1.1
Banks-Commercial	1.1
Electronic Connectors	1.0
Semiconductor Components-Integrated Circuits	1.0
Athletic Footwear	1.0
Insurance-Multi-line	0.9
Electric Products-Misc.	0.9
Building Products-Air & Heating	0.9
Private Equity	0.9
Pharmacy Services	0.8
Aerospace/Defense	0.8
Electronic Measurement Instruments	0.8
Consumer Products-Misc.	0.8
Oil Companies-Exploration & Production	0.7
Retail-Restaurants	0.7
Finance-Investment Banker/Broker	0.7
Food-Confectionery	0.7
Semiconductor Equipment	0.6
Electric-Integrated	0.6
Building Products-Wood	0.5
Aerospace/Defense-Equipment	0.4
Pipelines	0.3
Transport-Truck	0.3
	99.2	%

* Calculated as a percentage of net assets

336

SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.2%
Aerospace/Defense — 0.8%
Raytheon Technologies Corp.		112,657	$	9,795,526
Aerospace/Defense-Equipment — 0.4%
Howmet Aerospace, Inc.†		139,171		4,567,592
Applications Software — 5.4%
Microsoft Corp.		237,940		67,791,485
Athletic Footwear — 1.0%
NIKE, Inc., Class B		75,556		12,656,386
Banks-Commercial — 1.1%
Truist Financial Corp.		241,863		13,164,603
Beverages-Wine/Spirits — 2.4%
Diageo PLC		327,314		16,238,301
Pernod Ricard SA		63,528		14,021,393
				30,259,694
Building Products-Air & Heating — 0.9%
Johnson Controls International PLC		159,825		11,414,702
Building Products-Wood — 0.5%
Masco Corp.		113,258		6,762,635
Cable/Satellite TV — 2.4%
Cable One, Inc.		3,678		6,944,027
Comcast Corp., Class A		395,587		23,272,383
				30,216,410
Chemicals-Diversified — 1.4%
DuPont de Nemours, Inc.		124,348		9,332,318
PPG Industries, Inc.		47,389		7,749,049
				17,081,367
Coatings/Paint — 1.1%
Sherwin-Williams Co.		45,822		13,335,577
Computer Services — 2.3%
Accenture PLC, Class A		49,681		15,782,660
Amdocs, Ltd.		173,295		13,362,778
				29,145,438
Computers — 2.4%
Apple, Inc.		201,777		29,431,193
Consumer Products-Misc. — 0.8%
Kimberly-Clark Corp.		71,293		9,675,886
Containers-Metal/Glass — 1.1%
Crown Holdings, Inc.		141,711		14,137,089
Cosmetics & Toiletries — 1.5%
Colgate-Palmolive Co.		144,704		11,503,968
Estee Lauder Cos., Inc., Class A		22,822		7,618,668
				19,122,636
Data Processing/Management — 2.5%
Fidelity National Information Services, Inc.		144,684		21,565,150
Fiserv, Inc.†		84,076		9,677,989
				31,243,139
Diagnostic Equipment — 3.5%
Danaher Corp.		65,581		19,509,692
Thermo Fisher Scientific, Inc.		43,729		23,614,097
				43,123,789

Security Description	Shares		Value (Note 2)
Diversified Banking Institutions — 6.4%
Bank of America Corp.		709,664	$	27,222,711
Goldman Sachs Group, Inc.		55,898		20,955,042
JPMorgan Chase & Co.		212,920		32,316,998
				80,494,751
Drug Delivery Systems — 1.6%
Becton Dickinson & Co.		79,422		20,312,177
Electric Products-Misc. — 0.9%
AMETEK, Inc.		82,487		11,469,817
Electric-Integrated — 0.6%
American Electric Power Co., Inc.		78,494		6,916,891
Electronic Components-Semiconductors — 1.6%
Texas Instruments, Inc.		107,207		20,435,798
Electronic Connectors — 1.0%
TE Connectivity, Ltd.		88,227		13,010,836
Electronic Forms — 1.8%
Adobe, Inc.†		36,855		22,910,174
Electronic Measurement Instruments — 0.8%
Fortive Corp.		133,498		9,699,965
Enterprise Software/Service — 1.2%
salesforce.com, Inc.†		60,389		14,609,911
Entertainment Software — 1.5%
Electronic Arts, Inc.		126,001		18,139,104
Finance-Credit Card — 4.2%
Mastercard, Inc., Class A		62,089		23,962,628
Visa, Inc., Class A		114,725		28,267,093
				52,229,721
Finance-Investment Banker/Broker — 0.7%
Charles Schwab Corp.		129,493		8,799,049
Finance-Other Services — 1.6%
Nasdaq, Inc.		109,364		20,421,540
Food-Confectionery — 0.7%
Mondelez International, Inc., Class A		139,028		8,794,911
Food-Dairy Products — 1.1%
Danone SA		185,934		13,686,662
Instruments-Controls — 2.0%
Honeywell International, Inc.		107,198		25,061,820
Insurance-Multi-line — 0.9%
Chubb, Ltd.		68,565		11,569,658
Internet Content-Entertainment — 2.2%
Facebook, Inc., Class A†		76,167		27,138,302
Medical Instruments — 2.0%
Medtronic PLC		187,447		24,613,666
Medical Labs & Testing Services — 1.5%
ICON PLC†		75,669		18,407,998
Medical-Biomedical/Gene — 1.9%
Illumina, Inc.†		21,254		10,536,670
Vertex Pharmaceuticals, Inc.†		65,517		13,206,917
				23,743,587
Medical-Drugs — 5.9%
Eli Lilly & Co.		72,189		17,578,022
Johnson & Johnson		155,855		26,838,231
Merck & Co., Inc.		220,705		16,965,593
Zoetis, Inc.		61,872		12,541,454
				73,923,300

337

SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Exploration & Production — 0.7%
ConocoPhillips		165,461	$	9,275,744
Pharmacy Services — 0.8%
Cigna Corp.		43,601		10,005,994
Pipelines — 0.3%
Enterprise Products Partners LP		146,813		3,313,569
Private Equity — 0.9%
Blackstone Group, Inc., Class A		93,607		10,790,079
Real Estate Investment Trusts — 3.7%
American Tower Corp.		93,557		26,457,920
Equinix, Inc.		19,847		16,282,677
Rayonier, Inc.		94,630		3,568,497
				46,309,094
Retail-Building Products — 1.5%
Home Depot, Inc.		56,148		18,427,212
Retail-Discount — 4.1%
Costco Wholesale Corp.		32,566		13,994,262
Dollar General Corp.		62,168		14,462,763
Target Corp.		88,332		23,059,069
				51,516,094
Retail-Gardening Products — 1.2%
Tractor Supply Co.		80,966		14,649,178
Retail-Restaurants — 0.7%
Starbucks Corp.		74,264		9,017,878

Security Description	Shares			Value (Note 2)
Semiconductor Components-Integrated Circuits — 1.0%
Analog Devices, Inc.		76,819		$	12,861,037
Semiconductor Equipment — 0.6%
Applied Materials, Inc.		54,736			7,659,208
Textile-Apparel — 1.5%
LVMH Moet Hennessy Louis Vuitton SE		22,755			18,209,882
Transport-Rail — 1.2%
Canadian National Railway Co.		143,273			15,563,746
Transport-Truck — 0.3%
Old Dominion Freight Line, Inc.		11,803			3,176,777
Web Portals/ISP — 7.1%
Alphabet, Inc., Class A†		24,293			65,458,217
Alphabet, Inc., Class C†		8,471			22,909,142
					88,367,359
TOTAL INVESTMENTS (cost $678,639,709)(1)		99.2	%		1,238,457,636
Other assets less liabilities		0.8			9,456,133
NET ASSETS		100.0	%	$	1,247,913,769

† 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 July 31, 2021 (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	$	1,176,301,398	$	62,156,238**	$	—	$	1,238,457,636

* 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).

See Notes to Financial Statements

338

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

United States Treasury Notes	7.7	%
Diversified Banking Institutions	7.7
Diversified Financial Services	5.4
Uniform Mtg. Backed Securities	4.0
Medical-Drugs	3.8
Electric-Integrated	3.3
United States Treasury Bonds	2.9
Cable/Satellite TV	2.4
Applications Software	2.4
Federal Home Loan Mtg. Corp.	2.3
Electronic Components-Semiconductors	2.2
Federal National Mtg. Assoc.	2.2
Government National Mtg. Assoc.	2.0
Insurance Brokers	2.0
Diversified Manufacturing Operations	2.0
Diagnostic Equipment	1.9
Medical Instruments	1.7
Finance-Investment Banker/Broker	1.4
Pharmacy Services	1.4
Banks-Commercial	1.4
Building Products-Air & Heating	1.4
Computer Services	1.3
Auto/Truck Parts & Equipment-Original	1.2
Food-Misc./Diversified	1.2
Banks-Super Regional	1.2
Data Processing/Management	1.1
Instruments-Controls	1.1
Chemicals-Diversified	1.1
Real Estate Investment Trusts	1.1
Tobacco	1.0
Cellular Telecom	1.0
Transport-Rail	1.0
Semiconductor Components-Integrated Circuits	1.0
Building Products-Wood	1.0
Medical Labs & Testing Services	1.0
Oil Companies-Exploration & Production	0.9
Insurance-Multi-line	0.9
Aerospace/Defense	0.8
Finance-Other Services	0.8
Aerospace/Defense-Equipment	0.8
Pipelines	0.6
Retail-Discount	0.6
Investment Management/Advisor Services	0.6
Commercial Services-Finance	0.6
Retail-Building Products	0.6
Medical-Wholesale Drug Distribution	0.6
Semiconductor Equipment	0.6
Brewery	0.6
Coatings/Paint	0.5
Insurance-Property/Casualty	0.5
Web Portals/ISP	0.5
Distribution/Wholesale	0.5
Oil Refining & Marketing	0.5
Machinery-Pumps	0.5
Building Products-Cement	0.4
Telephone-Integrated	0.4
Food-Confectionery	0.4
Beverages-Wine/Spirits	0.4
Enterprise Software/Service	0.4
Banks-Fiduciary	0.4
Drug Delivery Systems	0.4

Municipal Bonds & Notes	0.4	%
Beverages-Non-alcoholic	0.4
Cosmetics & Toiletries	0.4
Agricultural Operations	0.4
Metal-Diversified	0.3
Auto-Cars/Light Trucks	0.3
Medical-Biomedical/Gene	0.3
Entertainment Software	0.3
Tools-Hand Held	0.3
Consumer Products-Misc.	0.3
Machinery-General Industrial	0.3
Medical-Hospitals	0.3
Diversified Minerals	0.2
Transport-Services	0.2
Finance-Leasing Companies	0.2
Broadcast Services/Program	0.2
E-Commerce/Services	0.2
Investment Companies	0.2
Oil Companies-Integrated	0.2
Auto-Heavy Duty Trucks	0.2
Retail-Restaurants	0.2
Hotels/Motels	0.2
Gas-Transportation	0.2
Gas-Distribution	0.1
Computers	0.1
Rental Auto/Equipment	0.1
Medical Products	0.1
Electric-Transmission	0.1
Multimedia	0.1
Banks-Money Center	0.1
Finance-Credit Card	0.1
Consulting Services	0.1
Advertising Agencies	0.1
Retail-Consumer Electronics	0.1
Non-Hazardous Waste Disposal	0.1
Retail-Convenience Store	0.1
Machinery-Farming	0.1
Internet Content-Information/News	0.1
E-Commerce/Products	0.1
	99.4%

* Calculated as a percentage of net assets

339

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 58.5%
Advertising Agencies — 0.1%
Omnicom Group, Inc.		7,081	$	515,638
Aerospace/Defense — 0.7%
Lockheed Martin Corp.		4,774		1,774,353
Northrop Grumman Corp.		6,561		2,381,774
				4,156,127
Aerospace/Defense-Equipment — 0.7%
L3Harris Technologies, Inc.		16,242		3,682,711
Agricultural Operations — 0.4%
Archer-Daniels-Midland Co.		33,434		1,996,678
Applications Software — 2.2%
Microsoft Corp.		43,294		12,334,894
Auto-Heavy Duty Trucks — 0.2%
PACCAR, Inc.		13,048		1,082,854
Auto/Truck Parts & Equipment-Original — 0.7%
Aptiv PLC†		6,141		1,024,626
Lear Corp.		17,947		3,140,366
				4,164,992
Banks-Commercial — 1.2%
Truist Financial Corp.		124,577		6,780,726
Banks-Fiduciary — 0.3%
Northern Trust Corp.		16,578		1,870,827
Banks-Super Regional — 1.2%
PNC Financial Services Group, Inc.		20,330		3,708,395
US Bancorp		52,911		2,938,677
				6,647,072
Beverages-Non-alcoholic — 0.3%
PepsiCo, Inc.		10,625		1,667,594
Beverages-Wine/Spirits — 0.3%
Diageo PLC		37,725		1,871,566
Brewery — 0.3%
Constellation Brands, Inc., Class A		6,796		1,524,615
Broadcast Services/Program — 0.2%
Discovery, Inc., Class C†		45,700		1,238,927
Building Products-Air & Heating — 1.3%
Johnson Controls International PLC		99,413		7,100,076
Building Products-Cement — 0.3%
Vulcan Materials Co.		10,461		1,882,875
Building Products-Wood — 0.8%
Masco Corp.		79,564		4,750,766
Cable/Satellite TV — 2.0%
Comcast Corp., Class A		196,225		11,543,917
Cellular Telecom — 0.6%
T-Mobile US, Inc.†		24,167		3,480,531
Chemicals-Diversified — 1.1%
DuPont de Nemours, Inc.		29,318		2,200,316
PPG Industries, Inc.		24,111		3,942,631
				6,142,947
Coatings/Paint — 0.4%
Axalta Coating Systems, Ltd.†		79,549		2,394,425
Commercial Services-Finance — 0.3%
Equifax, Inc.		7,201		1,876,581

Security Description	Shares		Value (Note 2)
Computer Services — 1.3%
Accenture PLC, Class A		12,954	$	4,115,227
Amdocs, Ltd.		28,379		2,188,305
Cognizant Technology Solutions Corp., Class A		16,889		1,241,848
				7,545,380
Consumer Products-Misc. — 0.3%
Kimberly-Clark Corp.		12,430		1,687,000
Cosmetics & Toiletries — 0.4%
Colgate-Palmolive Co.		25,432		2,021,844
Data Processing/Management — 1.0%
Fidelity National Information Services, Inc.		19,351		2,884,267
Fiserv, Inc.†		24,883		2,864,282
				5,748,549
Diagnostic Equipment — 1.6%
Danaher Corp.		20,783		6,182,735
Thermo Fisher Scientific, Inc.		4,896		2,643,889
				8,826,624
Distribution/Wholesale — 0.5%
LKQ Corp.†		55,110		2,796,832
Diversified Banking Institutions — 5.9%
Bank of America Corp.		201,143		7,715,845
Goldman Sachs Group, Inc.		33,708		12,636,455
JPMorgan Chase & Co.		61,159		9,282,713
Morgan Stanley		41,317		3,965,606
				33,600,619
Diversified Manufacturing Operations — 2.0%
3M Co.		6,768		1,339,658
Eaton Corp. PLC		51,168		8,087,102
Trane Technologies PLC		8,231		1,675,914
				11,102,674
Drug Delivery Systems — 0.3%
Becton Dickinson & Co.		6,817		1,743,448
E-Commerce/Services — 0.1%
Booking Holdings, Inc.†		370		805,956
Electric-Integrated — 2.3%
Duke Energy Corp.		42,504		4,467,596
Exelon Corp.		47,461		2,221,175
PG&E Corp.†		187,132		1,644,890
Pinnacle West Capital Corp.		13,517		1,129,345
Southern Co.		54,367		3,472,420
				12,935,426
Electronic Components-Semiconductors — 1.7%
Intel Corp.		77,039		4,138,535
Samsung Electronics Co., Ltd. (Preference Shares)		23,173		1,454,634
Texas Instruments, Inc.		22,779		4,342,133
				9,935,302
Enterprise Software/Service — 0.4%
Oracle Corp.		26,651		2,322,368
Entertainment Software — 0.3%
Electronic Arts, Inc.		12,897		1,856,652
Finance-Investment Banker/Broker — 1.4%
Charles Schwab Corp.		121,032		8,224,124

340

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Finance-Other Services — 0.7%
Cboe Global Markets, Inc.		16,518	$	1,956,887
Nasdaq, Inc.		11,586		2,163,454
				4,120,341
Food-Confectionery — 0.4%
J.M. Smucker Co.		7,761		1,017,545
Mondelez International, Inc., Class A		22,460		1,420,819
				2,438,364
Food-Misc./Diversified — 1.1%
Danone SA		25,061		1,844,749
General Mills, Inc.		27,228		1,602,640
Nestle SA		22,635		2,868,161
				6,315,550
Instruments-Controls — 1.1%
Honeywell International, Inc.		26,773		6,259,260
Insurance Brokers — 1.8%
Aon PLC, Class A		19,382		5,039,901
Marsh & McLennan Cos., Inc.		12,751		1,877,202
Willis Towers Watson PLC		15,135		3,119,021
				10,036,124
Insurance-Multi-line — 0.9%
Chubb, Ltd.		29,499		4,977,661
Insurance-Property/Casualty — 0.5%
Travelers Cos., Inc.		20,095		2,992,547
Investment Management/Advisor Services — 0.5%
BlackRock, Inc.		1,634		1,416,956
Invesco, Ltd.		65,550		1,598,109
				3,015,065
Machinery-General Industrial — 0.2%
Otis Worldwide Corp.		11,053		989,796
Machinery-Pumps — 0.5%
Ingersoll Rand, Inc.†		52,197		2,550,867
Medical Instruments — 1.1%
Medtronic PLC		47,137		6,189,559
Medical Labs & Testing Services — 0.9%
ICON PLC†		6,309		1,534,791
Quest Diagnostics, Inc.		24,349		3,452,688
				4,987,479
Medical-Biomedical/Gene — 0.3%
Vertex Pharmaceuticals, Inc.†		9,384		1,891,627
Medical-Drugs — 3.8%
Bayer AG		14,690		876,114
Johnson & Johnson		57,456		9,893,923
Merck & Co., Inc.		92,438		7,105,709
Organon & Co.†		30,324		879,699
Roche Holding AG		7,293		2,820,220
				21,575,665
Medical-Wholesale Drug Distribution — 0.6%
McKesson Corp.		16,502		3,363,603
Metal-Diversified — 0.2%
Rio Tinto PLC		14,426		1,229,427
Oil Companies-Exploration & Production — 0.9%
ConocoPhillips		29,133		1,633,196

Security Description	Shares		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Hess Corp.		35,159	$	2,687,554
Pioneer Natural Resources Co.		5,802		843,437
				5,164,187
Oil Refining & Marketing — 0.2%
Valero Energy Corp.		13,799		924,119
Pharmacy Services — 1.4%
Cigna Corp.		34,296		7,870,589
Real Estate Investment Trusts — 0.4%
STORE Capital Corp.		54,746		1,981,258
Retail-Building Products — 0.5%
Home Depot, Inc.		9,408		3,087,612
Retail-Discount — 0.6%
Walmart, Inc.		25,412		3,622,481
Retail-Restaurants — 0.2%
Wendy’s Co.		44,839		1,040,713
Semiconductor Components-Integrated Circuits — 1.0%
NXP Semiconductors NV		13,038		2,690,913
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		25,290		2,949,825
				5,640,738
Semiconductor Equipment — 0.6%
Applied Materials, Inc.		22,335		3,125,337
Tobacco — 1.0%
Philip Morris International, Inc.		59,466		5,951,952
Tools-Hand Held — 0.3%
Stanley Black & Decker, Inc.		9,328		1,838,082
Transport-Rail — 1.0%
Union Pacific Corp.		26,467		5,789,921
Transport-Services — 0.2%
United Parcel Service, Inc., Class B		6,788		1,298,952
Web Portals/ISP — 0.5%
Alphabet, Inc., Class A†		1,084		2,920,871
Total Common Stocks (cost $216,215,498)				333,049,884
CONVERTIBLE PREFERRED SECURITIES — 1.2%
Auto/Truck Parts & Equipment-Original — 0.3%
Aptiv PLC Series A 5.50%		8,000		1,502,080
Cellular Telecom — 0.2%
2020 Cash Mandatory Exchangeable Trust 5.25%*		1,110		1,391,318
Diagnostic Equipment — 0.1%
Danaher Corp. 4.75%		263		524,093
Electric-Integrated — 0.3%
CenterPoint Energy, Inc.		32,905		1,549,497
Medical Instruments — 0.3%
Boston Scientific Corp 5.50%		14,114		1,734,046
Total Convertible Preferred Securities (cost $5,280,066)				6,701,034

341

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.2%
Banks-Money Center — 0.1%
BBVA Bancomer SA 6.75% due 09/30/2022*	$	510,000	$	540,090
Diversified Banking Institutions — 0.1%
HSBC Holdings PLC 4.00% due 03/09/2026(1)		200,000		201,750
HSBC Holdings PLC 4.70% due 03/09/2031(1)		237,000		244,850
				446,600
Total Preferred Securities/Capital Securities (cost $960,635)				986,690
ASSET BACKED SECURITIES — 5.4%
Diversified Financial Services — 5.4%
Allegro CLO IV, Ltd. FRS Series 2016-1A, Class BR2 1.73% (3 ML+1.55%) due 01/15/2030*(2)		553,817		553,898
ALM VII, Ltd. FRS Series 2013-7R2A, Class A1B2 1.53% (3 ML+1.40%) due 10/15/2027*(2)		890,000		876,525
American Tower Trust I Series 13, Class 2A 3.07% due 03/15/2048*		548,000		550,389
Arbor Realty Collateralized Loan Obligation, Ltd. FRS Series 2020-FL1, Class AS 1.56% (SOFR30A+1.51%) due 02/15/2035*		240,000		240,056
Arbor Realty Commercial Real Estate Notes, Ltd. FRS Series 2021-FL1, Class AS 1.29% (1 ML+1.20%) due 12/15/2035*		488,500		488,805
AREIT Trust FRS Series 2019-CRE3, Class AS 1.46% (SOFR30A+1.41%) due 09/14/2036*(3)		687,500		686,652
Avis Budget Rental Car Funding AESOP LLC Series 2019-1A, Class A 3.45% due 03/20/2023*		770,000		780,355
Bancorp Commercial Mtg. Trust FRS Series 2019-CRE6, Class AS 1.46% (SOFR30A+1.41%) due 09/15/2036*(3)		706,171		705,750
BANK Series 2019-BN17, Class A4 3.71% due 04/15/2052(3)		557,000		634,191
Bayview Financial Revolving Mtg. Loan Trust FRS Series 2005-E, Class M1 1.69% (1 ML+1.60%) due 12/28/2040*		146,873		159,202
BDS, Ltd. FRS Series 2019-FL4, Class A 1.19% (1 ML+1.10%) due 08/15/2036*		494,000		493,708
BPCRE Holder LLC FRS Series 2021-FL1, Class A 0.94% (1 ML+0.85%) due 02/15/2037*(3)		268,172		268,256

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
BSPRT Issuer, Ltd. FRS Series 2021-FL6, Class AS 1.39% (1 ML+1.30%) due 03/15/2036*	$	1,118,500	$	1,117,105
Business Jet Securities LLC Series 2021-1A, Class A 2.16% due 04/15/2036*		336,878		339,044
BXMT, Ltd. FRS Series 2021-FL4, Class AS 1.39% (1 ML+1.30%) due 05/15/2038*(3)		1,187,000		1,186,999
CHCP, Ltd. FRS Series 2021-FL1, Class AS 1.46% (SOFR30A+1.41%) due 02/15/2038*		509,000		509,478
Columbia Cent CLO, Ltd. FRS Series 2018-28A, Class A2R 1.87% (3 ML+1.70%) due 11/07/2030*(2)		795,089		794,691
COMM Mtg. Trust Series 2015-LC21, Class A4 3.71% due 07/10/2048(3)		821,121		900,286
Credit Acceptance Auto Loan Trust Series 2021-3A, Class B 1.38% due 07/15/2030*		258,000		258,559
CSAIL Commercial Mtg. Trust Series 2015-C2, Class A4 3.50% due 06/15/2057(3)		467,518		506,581
Cutwater, Ltd. FRS Series 2015-1A, Class AR 1.35% (3 ML+1.22%) due 01/15/2029*(2)		629,750		629,771
Dryden 55 CLO, Ltd. FRS Series 2018-55A, Class A1 1.15% (3 ML+1.02%) due 04/15/2031*(2)		882,000		882,322
Dryden Senior Loan Fund FRS Series 2013-26A, Class AR 1.03% (3 ML+0.90%) due 04/15/2029*(2)		405,354		405,322
Exeter Automobile Receivables Trust Series 2020-1A, Class B 2.26% due 04/15/2024*		119,079		119,596
GLS Auto Receivables Issuer Trust Series 2020-1A, Class A 2.17% due 02/15/2024*		61,985		62,296
GMAC Mtg. Corp. Loan Trust VRS Series 2006-HE3, Class A3 5.81% due 10/25/2036(4)		30,798		32,650
GS Mtg. Securities Trust Series 2019-GSA1, Class A4 3.05% due 11/10/2052(3)		448,828		491,015
GS Mtg. Securities Trust Series 2015-GC30, Class A4 3.38% due 05/10/2050(3)		879,375		952,753
JPMBB Commercial Mtg. Securities Trust Series 2015-C28, Class A4 3.23% due 10/15/2048(3)		635,131		678,731
JPMBB Commercial Mtg. Securities Trust Series 2014-C26, Class A4 3.49% due 01/15/2048(3)		1,010,000		1,092,687

342

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
KREF, Ltd. FRS Series 2018-FL1, Class A 1.19% (1 ML+1.10%) due 06/15/2036*	$	351,737	$	351,848
Ladder Capital Commercial Mtg. Trust FRS Series 2021-FL2, Class B 2.00% (1 ML+1.90%) due 12/13/2038*		494,000		494,307
LoanCore Issuer, Ltd. FRS Series 2021-CRE5, Class AS 1.84% (1 ML+1.75%) due 07/15/2036*		1,249,000		1,249,390
MF1 Multifamily Housing Mtg. Loan Trust FRS Series 2021-FL5, Class AS 1.36% (1 ML+1.20%) due 07/15/2036*(3)		1,229,000		1,229,000
MF1, Ltd. FRS Series 2019-FL2, Class A 1.26% (1 ML+1.13%) due 12/25/2034*(3)		167,880		167,985
MF1, Ltd. FRS Series 2020-FL4, Class A 1.86% (1 ML+1.70%) due 11/15/2035*		351,500		355,794
MidOcean Credit CLO II FRS Series 2013-2A, Class BR 1.85% (3 ML+1.65%) due 01/29/2030*(2)		895,236		894,787
Morgan Stanley Bank of America Merrill Lynch Trust Series 2017-C34, Class A4 3.54% due 11/15/2052(3)		324,355		362,264
Morgan Stanley Capital I Trust Series 2017-H1, Class A5 3.53% due 06/15/2050(3)		294,880		327,146
Neuberger Berman CLO XX, Ltd. FRS Series 2015-20A, Class ARR 1.30% (3 ML+1.16%) due 07/15/2034*(2)		385,000		385,134
PFP, Ltd. FRS Series 2021-7, Class AS 1.24% (1 ML+1.15%) due 04/14/2038*(3)		890,956		888,227
Ready Capital Mtg. Financing LLC FRS Series 2021-FL5, Class A 1.09% (1 ML+1.00%) due 04/25/2038*(3)		715,000		715,447
Residential Funding Mtg. Securities II, Inc. VRS Series 2005-HS2, Class AI3 4.93% due 12/25/2035(4)		14,784		14,688
Santander Retail Auto Lease Trust Series 2020-A, Class B 1.88% due 03/20/2024*		339,000		345,605
TPG Real Estate Finance Issuer, Ltd. FRS Series 2021-FL4, Class A 1.29% (1 ML+1.20%) due 03/15/2038*		1,184,000		1,185,111

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
UBS Commercial Mtg. Trust Series 2019-C17, Class A4 2.92% due 10/15/2052(3)	$	502,983	$	540,806
Verizon Owner Trust Series 2020-A, Class B 1.98% due 07/22/2024		540,000		554,801
Veros Automobile Receivables Trust Series 2020-1, Class A 1.67% due 09/15/2023*		94,601		94,804
Wells Fargo Commercial Mtg. Trust Series 2019-C54, Class A4 3.15% due 12/15/2052(3)		1,871,902		2,060,397
Wells Fargo Commercial Mtg. Trust Series 2015-C28, Class A4 3.54% due 05/15/2048(3)		893,749		974,945
Total Asset Backed Securities (cost $29,982,450)				30,590,159
U.S. CORPORATE BONDS & NOTES — 10.2%
Aerospace/Defense — 0.1%
United Technologies Corp. Senior Notes 4.13% due 11/16/2028		322,000		373,247
Aerospace/Defense-Equipment — 0.1%
L3Harris Technologies, Inc. Senior Notes 3.85% due 06/15/2023		455,000		482,767
Applications Software — 0.2%
Microsoft Corp. Senior Bonds 2.53% due 06/01/2050		421,000		420,309
Roper Technologies, Inc. Senior Notes 2.00% due 06/30/2030		320,000		320,771
Roper Technologies, Inc. Senior Notes 2.95% due 09/15/2029		100,000		108,256
Roper Technologies, Inc. Senior Notes 4.20% due 09/15/2028		160,000		185,822
				1,035,158
Athletic Footwear — 0.0%
NIKE, Inc. Senior Notes 3.25% due 03/27/2040		165,000		184,949
Auto-Cars/Light Trucks — 0.3%
General Motors Co. Senior Notes 6.75% due 04/01/2046		216,000		314,493
Hyundai Capital America Senior Notes 2.65% due 02/10/2025*		200,000		209,501
Hyundai Capital America Senior Notes 3.00% due 02/10/2027*		408,000		436,070
Volkswagen Group of America Finance LLC Company Guar. Notes 3.35% due 05/13/2025*		914,000		989,204
				1,949,268

343

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Auto/Truck Parts & Equipment-Original — 0.1%
Lear Corp. Senior Notes 3.80% due 09/15/2027	$	461,000	$	514,761
Lear Corp. Senior Notes 4.25% due 05/15/2029		222,000		255,539
				770,300
Banks-Commercial — 0.1%
PNC Bank NA Sub. Notes 2.70% due 10/22/2029		250,000		267,970
Truist Bank Sub. Notes 2.25% due 03/11/2030		326,000		337,514
				605,484
Banks-Fiduciary — 0.1%
National Securities Clearing Corp. Senior Notes 1.50% due 04/23/2025*		295,000		302,265
State Street Corp. Senior Notes 2.90% due 03/30/2026		86,000		92,184
				394,449
Beverages-Non-alcoholic — 0.1%
Keurig Dr Pepper, Inc. Company Guar. Notes 3.20% due 05/01/2030		76,000		83,614
Keurig Dr Pepper, Inc. Company Guar. Notes 3.80% due 05/01/2050		155,000		176,982
PepsiCo, Inc. Senior Notes 3.50% due 03/19/2040		120,000		138,731
				399,327
Brewery — 0.3%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 8.00% due 11/15/2039		626,000		1,044,229
Constellation Brands, Inc. Company Guar. Notes 3.50% due 05/09/2027		491,000		544,193
				1,588,422
Building Products-Air & Heating — 0.1%
Carrier Global Corp. Senior Notes 3.38% due 04/05/2040		684,000		737,046
Building Products-Cement — 0.1%
CRH America Finance, Inc. Company Guar. Notes 4.50% due 04/04/2048*		223,000		278,411
Martin Marietta Materials, Inc. Senior Notes 2.50% due 03/15/2030		47,000		48,549
Martin Marietta Materials, Inc. Senior Notes 3.50% due 12/15/2027		166,000		185,130

Security Description	Principal Amount		Value (Note 2)
Building Products-Cement (continued)
Vulcan Materials Co. Senior Notes 3.50% due 06/01/2030	$	81,000	$	90,207
				602,297
Building Products-Wood — 0.2%
Masco Corp. Senior Notes 2.00% due 02/15/2031		894,000		884,614
Cable/Satellite TV — 0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.50% due 06/01/2041		447,000		455,801
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.91% due 07/23/2025		414,000		469,856
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 5.38% due 05/01/2047		90,000		111,243
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 6.38% due 10/23/2035		224,000		300,822
Comcast Corp. Company Guar. Notes 2.80% due 01/15/2051		203,000		201,054
Cox Communications, Inc. Company Guar. Notes 1.80% due 10/01/2030*		283,000		274,335
Time Warner Entertainment Co. LP Senior Sec. Notes 8.38% due 07/15/2033		428,000		655,413
				2,468,524
Casino Hotels — 0.0%
Las Vegas Sands Corp. Senior Notes 3.90% due 08/08/2029		191,000		203,150
Cellular Telecom — 0.2%
T-Mobile USA, Inc. Senior Sec. Notes 2.05% due 02/15/2028		401,000		410,010
T-Mobile USA, Inc. Senior Sec. Notes 4.50% due 04/15/2050		477,000		583,519
				993,529
Coatings/Paint — 0.1%
Sherwin-Williams Co. Senior Notes 2.30% due 05/15/2030		336,000		347,203
Sherwin-Williams Co. Senior Notes 4.50% due 06/01/2047		232,000		293,983
				641,186

344

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Commercial Services — 0.0%
RELX Capital, Inc. Company Guar. Notes 3.00% due 05/22/2030	$	131,000	$	141,253
Commercial Services-Finance — 0.1%
Global Payments, Inc. Senior Notes 1.20% due 03/01/2026		498,000		497,483
Computers — 0.1%
Apple, Inc. Senior Notes 3.85% due 05/04/2043		210,000		252,080
Dell International LLC/EMC Corp. Senior Sec. Notes 4.90% due 10/01/2026		340,000		396,214
				648,294
Consulting Services — 0.1%
Verisk Analytics, Inc. Senior Notes 4.13% due 03/15/2029		453,000		523,358
Data Processing/Management — 0.1%
Fiserv, Inc. Senior Notes 2.65% due 06/01/2030		147,000		154,424
Fiserv, Inc. Senior Notes 4.40% due 07/01/2049		307,000		377,916
				532,340
Diagnostic Equipment — 0.2%
Thermo Fisher Scientific, Inc. Senior Notes 2.95% due 09/19/2026		255,000		277,322
Thermo Fisher Scientific, Inc. Senior Notes 3.20% due 08/15/2027		510,000		562,746
				840,068
Diversified Banking Institutions — 1.5%
Bank of America Corp. Senior Notes 2.68% due 06/19/2041		419,000		413,070
Bank of America Corp. Senior Notes 3.00% due 12/20/2023		307,000		317,798
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		334,000		359,618
Bank of America Corp. Senior Notes 3.50% due 04/19/2026		280,000		309,143
Citigroup, Inc. Senior Notes 2.67% due 01/29/2031		607,000		633,636
Goldman Sachs Group, Inc. Senior Notes 2.38% due 07/21/2032		705,000		715,413
Goldman Sachs Group, Inc. Senior Notes 2.60% due 02/07/2030		1,262,000		1,316,989

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 2.74% due 10/15/2030	$	224,000	$	236,139
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		117,000		124,367
JPMorgan Chase & Co. Senior Notes 3.11% due 04/22/2041		607,000		645,109
JPMorgan Chase & Co. Senior Notes 3.78% due 02/01/2028		1,051,000		1,172,480
JPMorgan Chase & Co. Senior Notes 3.90% due 01/23/2049		227,000		266,947
Morgan Stanley Senior Notes 0.86% due 10/21/2025		108,000		108,064
Morgan Stanley Senior Notes 2.70% due 01/22/2031		1,283,000		1,351,074
Morgan Stanley Senior Notes 3.88% due 04/29/2024		311,000		338,040
Morgan Stanley Senior Notes 4.00% due 07/23/2025		228,000		253,762
				8,561,649
Drug Delivery Systems — 0.1%
Becton Dickinson & Co. Senior Notes 4.67% due 06/06/2047		374,000		474,886
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 2.50% due 06/03/2050		337,000		324,004
E-Commerce/Services — 0.1%
Booking Holdings, Inc. Senior Notes 4.63% due 04/13/2030		303,000		365,153
Electric-Integrated — 0.6%
Berkshire Hathaway Energy Co. Senior Notes 4.25% due 10/15/2050		55,000		68,675
Duke Energy Corp. Senior Notes 2.65% due 09/01/2026		75,000		79,874
Evergy, Inc. Senior Notes 2.90% due 09/15/2029		344,000		369,532
Exelon Corp. Senior Notes 4.05% due 04/15/2030		406,000		468,763
FirstEnergy Corp. Senior Notes 3.40% due 03/01/2050		227,000		227,923
Georgia Power Co. Senior Notes 3.70% due 01/30/2050		30,000		33,564
Jersey Central Power & Light Co. Senior Notes 2.75% due 03/01/2032*		195,000		203,834

345

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Jersey Central Power & Light Co. Senior Notes 4.30% due 01/15/2026*	$	276,000	$	308,517
Northern States Power Co. 1st Mtg. Bonds 2.60% due 06/01/2051		401,000		399,156
Pacific Gas & Electric Co. 1st Mtg. Notes 2.10% due 08/01/2027		101,000		98,227
Pacific Gas & Electric Co. 1st Mtg. Bonds 3.30% due 08/01/2040		195,000		176,787
Pacific Gas and Electric Co. 1st Mtg. Bonds 3.00% due 06/15/2028		298,000		298,124
Xcel Energy, Inc. Senior Notes 3.40% due 06/01/2030		206,000		229,202
Xcel Energy, Inc. Senior Notes 3.50% due 12/01/2049		243,000		269,920
				3,232,098
Electric-Transmission — 0.1%
Oncor Electric Delivery Co. LLC Senior Sec. Notes 5.75% due 03/15/2029		458,000		581,341
Electronic Components-Semiconductors — 0.2%
Broadcom, Inc. Senior Notes 3.47% due 04/15/2034*		251,000		266,935
Broadcom, Inc. Company Guar. Notes 4.15% due 11/15/2030		125,000		141,542
Broadcom, Inc. Company Guar. Notes 4.30% due 11/15/2032		328,000		378,324
Intel Corp. Senior Notes 4.75% due 03/25/2050		453,000		605,217
				1,392,018
Finance-Credit Card — 0.1%
Capital One Financial Corp. Senior Notes 3.75% due 03/09/2027		359,000		402,349
The Western Union Co. Senior Notes 2.85% due 01/10/2025		121,000		128,336
				530,685
Finance-Other Services — 0.1%
Intercontinental Exchange, Inc. Senior Notes 1.85% due 09/15/2032		133,000		128,497
Intercontinental Exchange, Inc. Senior Notes 2.10% due 06/15/2030		454,000		457,973
				586,470

Security Description	Principal Amount		Value (Note 2)
Food-Misc./Diversified — 0.1%
General Mills, Inc. Senior Notes 2.88% due 04/15/2030	$	93,000	$	99,986
General Mills, Inc. Senior Notes 4.00% due 04/17/2025		450,000		498,735
				598,721
Gas-Distribution — 0.1%
East Ohio Gas Co. Senior Notes 2.00% due 06/15/2030*		281,000		282,213
NiSource, Inc. Senior Notes 2.95% due 09/01/2029		309,000		331,485
NiSource, Inc. Senior Notes 5.65% due 02/01/2045		101,000		141,434
				755,132
Hotels/Motels — 0.2%
Marriott International, Inc. Senior Notes 2.85% due 04/15/2031		2,000		2,046
Marriott International, Inc. Senior Notes 4.00% due 04/15/2028		393,000		434,414
Marriott International, Inc. Senior Notes 4.63% due 06/15/2030		420,000		486,448
				922,908
Insurance Brokers — 0.2%
Aon Corp. Company Guar. Notes 3.75% due 05/02/2029		840,000		952,850
Marsh & McLennan Cos., Inc. Senior Notes 4.75% due 03/15/2039		174,000		227,029
				1,179,879
Insurance-Multi-line — 0.0%
Hartford Financial Services Group, Inc. Senior Notes 3.60% due 08/19/2049		191,000		212,574
Insurance-Mutual — 0.0%
Liberty Mutual Group, Inc. Company Guar. Notes 3.95% due 10/15/2050*		230,000		260,306
Internet Brokers — 0.0%
E*TRADE Financial Corp. Senior Notes 4.50% due 06/20/2028		202,000		235,253
Investment Management/Advisor Services — 0.1%
Raymond James Financial, Inc. Senior Notes 4.95% due 07/15/2046		451,000		588,635
Machinery-Farming — 0.1%
CNH Industrial Capital LLC Company Guar. Notes 1.88% due 01/15/2026		94,000		96,436

346

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Machinery-Farming (continued)
CNH Industrial Capital LLC Company Guar. Notes 4.20% due 01/15/2024	$	349,000	$	377,447
				473,883
Machinery-General Industrial — 0.1%
Wabtec Corp. Company Guar. Notes 4.95% due 09/15/2028		434,000		508,801
Westinghouse Air Brake Technologies Corp. Company Guar. Notes 3.20% due 06/15/2025		169,000		180,249
				689,050
Medical Instruments — 0.3%
Alcon Finance Corp. Company Guar. Notes 2.60% due 05/27/2030*		200,000		207,501
Alcon Finance Corp. Company Guar. Notes 3.80% due 09/23/2049*		312,000		355,364
Boston Scientific Corp. Senior Notes 2.65% due 06/01/2030		336,000		353,254
Boston Scientific Corp. Senior Notes 3.75% due 03/01/2026		497,000		554,656
				1,470,775
Medical Labs & Testing Services — 0.1%
Laboratory Corp. of America Holdings Senior Notes 4.70% due 02/01/2045		351,000		438,747
Medical Products — 0.1%
Zimmer Biomet Holdings, Inc. Senior Notes 3.55% due 04/01/2025		556,000		604,476
Medical-HMO — 0.0%
UnitedHealth Group, Inc. Senior Notes 3.50% due 08/15/2039		152,000		172,740
Medical-Hospitals — 0.3%
HCA, Inc. Senior Sec. Notes 4.13% due 06/15/2029		448,000		510,886
HCA, Inc. Senior Sec. Notes 5.13% due 06/15/2039		511,000		650,771
Northwell Healthcare, Inc. Sec. Notes 3.98% due 11/01/2046		33,000		38,300
Northwell Healthcare, Inc. Sec. Notes 4.26% due 11/01/2047		257,000		313,189
				1,513,146
Metal-Diversified — 0.1%
Glencore Funding LLC Company Guar. Notes 2.50% due 09/01/2030*		359,000		361,726

Security Description	Principal Amount		Value (Note 2)
Metal-Diversified (continued)
Glencore Funding LLC Company Guar. Notes 2.85% due 04/27/2031*	$	150,000	$	155,036
Glencore Funding LLC Company Guar. Notes 4.13% due 05/30/2023*		268,000		284,211
				800,973
Multimedia — 0.1%
Walt Disney Co. Company Guar. Notes 3.50% due 05/13/2040		308,000		347,477
Walt Disney Co. Company Guar. Notes 3.60% due 01/13/2051		189,000		218,383
				565,860
Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc. Senior Notes 1.45% due 02/15/2031		210,000		202,177
Republic Services, Inc. Senior Notes 3.95% due 05/15/2028		255,000		292,668
				494,845
Oil Companies-Exploration & Production — 0.0%
Diamondback Energy, Inc. Company Guar. Notes 4.40% due 03/24/2051		76,000		86,761
Oil Refining & Marketing — 0.3%
Marathon Petroleum Corp. Senior Notes 4.75% due 09/15/2044		229,000		275,052
Phillips 66 Company Guar. Notes 2.15% due 12/15/2030		722,000		713,594
Valero Energy Corp. Senior Notes 4.90% due 03/15/2045		109,000		135,655
Valero Energy Corp. Senior Notes 6.63% due 06/15/2037		450,000		623,799
				1,748,100
Pharmacy Services — 0.0%
Cigna Corp. Senior Notes 3.20% due 03/15/2040		116,000		123,567
Pipelines — 0.5%
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029		389,000		429,093
Enterprise Products Operating LLC Company Guar. Notes 4.20% due 01/31/2050		162,000		190,501
Kinder Morgan Energy Partners LP Company Guar. Notes 4.15% due 02/01/2024		479,000		515,954
ONEOK, Inc. Company Guar. Notes 4.95% due 07/13/2047		499,000		597,441

347

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (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 3.80% due 09/15/2030	$	399,000	$	432,370
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030		108,000		126,187
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.00% due 03/15/2027		326,000		379,924
Spectra Energy Partners LP Company Guar. Notes 3.38% due 10/15/2026		174,000		189,945
				2,861,415
Real Estate Investment Trusts — 0.7%
American Tower Corp. Senior Notes 3.00% due 06/15/2023		191,000		199,890
American Tower Corp. Senior Notes 3.10% due 06/15/2050		331,000		333,616
American Tower Corp. Senior Notes 3.60% due 01/15/2028		233,000		258,466
Boston Properties LP Senior Notes 2.55% due 04/01/2032		279,000		286,920
Brixmor Operating Partnership LP Senior Notes 4.05% due 07/01/2030		356,000		405,109
Brixmor Operating Partnership LP Senior Notes 4.13% due 05/15/2029		36,000		41,058
Crown Castle International Corp. Senior Notes 1.35% due 07/15/2025		147,000		148,657
Crown Castle International Corp. Senior Notes 3.65% due 09/01/2027		544,000		606,343
Equinix, Inc. Senior Notes 1.80% due 07/15/2027		382,000		389,514
Equinix, Inc. Senior Notes 2.63% due 11/18/2024		603,000		635,538
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 5.30% due 01/15/2029		331,000		390,044
Realty Income Corp. Senior Notes 3.25% due 01/15/2031		120,000		132,924
				3,828,079
Rental Auto/Equipment — 0.1%
ERAC USA Finance LLC Company Guar. Notes 7.00% due 10/15/2037*		399,000		605,404
Retail-Building Products — 0.1%
Home Depot, Inc. Senior Notes 3.90% due 06/15/2047		233,000		282,757

Security Description	Principal Amount		Value (Note 2)
Retail-Consumer Electronics — 0.1%
Best Buy Co., Inc. Senior Notes 4.45% due 10/01/2028	$	424,000	$	496,391
Retail-Major Department Stores — 0.0%
TJX Cos, Inc. Senior Notes 3.88% due 04/15/2030		96,000		111,204
Shipbuilding — 0.0%
Huntington Ingalls Industries, Inc. Company Guar. Notes 3.84% due 05/01/2025		120,000		131,287
Telephone-Integrated — 0.4%
AT&T, Inc. Senior Notes 2.75% due 06/01/2031		448,000		472,083
AT&T, Inc. Senior Notes 3.65% due 09/15/2059*		400,000		412,396
Verizon Communications, Inc. Senior Notes 2.10% due 03/22/2028		58,000		59,616
Verizon Communications, Inc. Senior Notes 2.55% due 03/21/2031		108,000		112,126
Verizon Communications, Inc. Senior Notes 3.15% due 03/22/2030		224,000		243,935
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		316,000		379,240
Verizon Communications, Inc. Senior Notes 4.81% due 03/15/2039		400,000		513,308
				2,192,704
Total U.S. Corporate Bonds & Notes (cost $52,514,686)				57,990,389
FOREIGN CORPORATE BONDS & NOTES — 2.4%
Aerospace/Defense — 0.0%
BAE Systems PLC Senior Notes 3.40% due 04/15/2030*		224,000		247,266
Auto/Truck Parts & Equipment-Original — 0.1%
Magna International, Inc. Senior Notes 2.45% due 06/15/2030		467,000		483,972
Banks-Commercial — 0.1%
Royal Bank of Canada Senior Notes 1.15% due 06/10/2025		582,000		587,279
Beverages-Wine/Spirits — 0.1%
Diageo Capital PLC Company Guar. Notes 2.38% due 10/24/2029		499,000		523,841
Commercial Services-Finance — 0.2%
Experian Finance PLC Company Guar. Notes 4.25% due 02/01/2029*		336,000		386,870
IHS Markit, Ltd. Senior Notes 3.63% due 05/01/2024		70,000		74,607

348

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Commercial Services-Finance (continued)
IHS Markit, Ltd. Company Guar. Notes 4.00% due 03/01/2026*	$	363,000	$	403,837
IHS Markit, Ltd. Senior Notes 4.25% due 05/01/2029		168,000		196,056
IHS Markit, Ltd. Company Guar. Notes 4.75% due 02/15/2025*		117,000		130,748
				1,192,118
Diversified Banking Institutions — 0.2%
Credit Suisse Group AG Senior Notes 3.09% due 05/14/2032*		250,000		260,847
UBS Group AG Senior Notes 2.10% due 02/11/2032*		807,000		801,182
				1,062,029
Diversified Minerals — 0.2%
Anglo American Capital PLC Company Guar. Notes 2.63% due 09/10/2030*		834,000		854,521
Anglo American Capital PLC Company Guar. Notes 5.63% due 04/01/2030*		422,000		521,696
				1,376,217
Electric-Integrated — 0.1%
Enel Finance International NV Company Guar. Notes 4.88% due 06/14/2029*		237,000		287,156
Electronic Components-Semiconductors — 0.3%
Broadcom Corp./Broadcom Cayman Finance, Ltd. Company Guar. Notes 3.50% due 01/15/2028		570,000		625,275
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 2.50% due 05/11/2031*		470,000		486,706
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 3.25% due 05/11/2041*		403,000		425,065
				1,537,046
Finance-Leasing Companies — 0.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 3.65% due 07/21/2027		150,000		161,032
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 4.88% due 01/16/2024		150,000		163,155
Avolon Holdings Funding, Ltd. Company Guar. Notes 3.25% due 02/15/2027*		217,000		228,152
Avolon Holdings Funding, Ltd. Company Guar. Notes 4.38% due 05/01/2026*		141,000		155,132

Security Description	Principal Amount		Value (Note 2)
Finance-Leasing Companies (continued)
Park Aerospace Holdings, Ltd. Company Guar. Notes 5.50% due 02/15/2024*	$	487,000	$	536,642
				1,244,113
Gas-Transportation — 0.2%
APT Pipelines, Ltd. Company Guar. Notes 4.20% due 03/23/2025*		714,000		786,856
APT Pipelines, Ltd. Company Guar. Notes 4.25% due 07/15/2027*		55,000		62,982
				849,838
Insurance-Life/Health — 0.0%
AIA Group, Ltd. Senior Notes 3.38% due 04/07/2030*		200,000		222,207
Internet Content-Information/News — 0.1%
Tencent Holdings, Ltd. Senior Notes 2.39% due 06/03/2030*		367,000		368,733
Investment Companies — 0.2%
Temasek Financial I, Ltd. Company Guar. Notes 2.38% due 01/23/2023*		1,110,000		1,141,524
Oil Companies-Integrated — 0.2%
Cenovus Energy, Inc. Senior Notes 5.38% due 07/15/2025		194,000		221,298
Eni SpA Senior Notes 4.75% due 09/12/2028*		418,000		496,500
Total Capital International SA Company Guar. Notes 3.13% due 05/29/2050		365,000		380,707
				1,098,505
Pipelines — 0.1%
Enbridge, Inc. Company Guar. Notes 2.50% due 01/15/2025		204,000		214,786
Galaxy Pipeline Assets Bidco, Ltd. Senior Sec. Notes 2.16% due 03/31/2034*		575,000		569,325
				784,111
Retail-Convenience Store — 0.1%
Alimentation Couche-Tard, Inc. Company Guar. Notes 3.44% due 05/13/2041*		448,000		473,904
Soap & Cleaning Preparation — 0.0%
Reckitt Benckiser Treasury Services PLC Company Guar. Notes 2.75% due 06/26/2024*		219,000		230,972
Telephone-Integrated — 0.0%
Deutsche Telekom AG Senior Notes 3.63% due 01/21/2050*		259,000		280,202
Total Foreign Corporate Bonds & Notes (cost $13,124,248)				13,991,033

349

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES — 10.5%
Federal Home Loan Mtg. Corp. — 2.3%
2.50% due 08/01/2040	$	66,282	$	69,836
3.00% due 01/01/2038		188,098		197,108
3.00% due 03/01/2043		170,866		183,202
3.00% due 04/01/2043		478,308		519,021
3.00% due 05/01/2043		417,051		453,465
3.00% due 05/01/2046		190,220		205,019
3.00% due 10/01/2046		382,817		411,937
3.00% due 11/01/2046		256,644		276,511
3.00% due 12/01/2046		45,167		47,871
3.00% due 03/01/2048		141,166		148,120
3.00% due 07/01/2050		21,264		22,860
3.50% due 11/01/2037		137,410		148,207
3.50% due 02/01/2042		162,072		177,264
3.50% due 04/01/2042		121,531		134,774
3.50% due 12/01/2042		284,987		313,161
3.50% due 04/01/2043		83,937		92,206
3.50% due 07/01/2043		13,250		14,414
3.50% due 08/01/2043		172,687		188,040
3.50% due 12/01/2045		136,996		147,448
3.50% due 12/01/2046		457,741		489,153
4.00% due 08/01/2037		33,260		36,059
4.00% due 11/01/2040		160,901		176,673
4.00% due 01/01/2041		347,933		382,008
4.00% due 04/01/2044		122,564		135,135
4.00% due 08/01/2047		206,670		222,162
4.50% due 08/01/2024		28,652		30,040
4.50% due 04/01/2035		11,248		12,397
4.50% due 07/01/2039		72,344		80,565
4.50% due 09/01/2039		32,476		36,167
4.50% due 10/01/2039		18,537		20,644
4.50% due 12/01/2039		27,658		30,802
4.50% due 05/01/2042		52,802		58,721
5.00% due 09/01/2033		46,262		52,688
5.00% due 03/01/2034		24,441		27,729
5.00% due 04/01/2034		8,488		9,668
5.00% due 08/01/2035		11,111		12,655
5.00% due 10/01/2035		32,268		36,739
5.00% due 11/01/2035		74,916		85,316
5.00% due 12/01/2036		13,783		15,688
5.00% due 07/01/2039		100,885		115,430
5.50% due 12/01/2033		47,831		55,701
5.50% due 01/01/2034		50,567		58,565
5.50% due 04/01/2034		5,370		5,996
5.50% due 11/01/2034		4,733		5,407
5.50% due 05/01/2035		8,423		9,409
5.50% due 09/01/2035		7,893		8,815
5.50% due 10/01/2035		6,669		7,461
6.00% due 10/01/2021		173		173
6.00% due 04/01/2034		22,797		25,734
6.00% due 07/01/2034		26,544		31,210
6.00% due 08/01/2034		67,951		80,466
6.00% due 09/01/2034		4,426		4,972
6.00% due 07/01/2035		15,484		18,404
6.00% due 08/01/2035		14,235		16,920
6.00% due 11/01/2035		15,638		18,588
6.00% due 03/01/2036		8,389		9,447
6.00% due 07/01/2036		6,489		7,299
6.00% due 10/01/2036		8,256		9,302
6.00% due 01/01/2037		18,395		21,789
6.00% due 05/01/2037		32,149		37,533
6.00% due 06/01/2037		11,262		13,084
6.50% due 05/01/2034		5,982		6,762

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
6.50% due 06/01/2034	$	27,475	$	31,321
6.50% due 08/01/2034		21,064		23,692
6.50% due 10/01/2034		14,468		16,573
6.50% due 11/01/2034		1,205		1,355
6.50% due 05/01/2037		9,306		10,466
6.50% due 07/01/2037		8,943		10,059
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs.
Series K026, Class A2 2.51% due 11/25/2022(3)		308,000		315,679
Series K042, Class A2 2.67% due 12/25/2024(3)		320,000		340,289
Series K718, Class A2 2.79% due 01/25/2022(3)		268,024		270,012
Series K049, Class A2 3.01% due 07/25/2025(3)		83,000		89,887
Series K028, Class A2 3.11% due 02/25/2023(3)		439,000		455,896
Series K066, Class A2 3.12% due 06/25/2027(3)		220,000		244,726
Series K052, Class A2 3.15% due 11/25/2025(3)		198,000		216,233
Series K041, Class A2 3.17% due 10/25/2024(3)		267,000		287,601
Series K071, Class A2 3.29% due 11/25/2027(3)		494,000		556,841
Series K076, Class A2 3.90% due 04/25/2028(3)		330,000		385,583
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS
Series K070, Class XAM 0.24% due 12/25/2027(3)(4)(5)		1,984,000		33,910
Series K721, Class XAM 0.27% due 11/25/2024(3)(4)(5)		3,013,000		28,149
Series K072, Class XAM 0.29% due 12/25/2027(3)(4)(5)		2,208,000		41,294
Series K071, Class XAM 0.20% due 11/25/2027(3)(4)(5)		3,192,000		44,050
Series K070, Class X1 0.33% due 11/25/2027(3)(4)(5)		2,043,001		40,738
Series K729, Class X1 0.35% due 10/25/2024(3)(4)(5)		3,698,788		35,375
Series K072, Class X1 0.37% due 12/25/2027(3)(4)(5)		3,495,803		77,195
Series K069, Class XAM 0.28% due 09/25/2027(3)(4)(5)		2,042,000		38,096
Series K071, Class X1 0.29% due 11/25/2027(3)(4)(5)		2,263,253		38,203
Series K728, Class XAM 0.31% due 08/25/2024(3)(4)(5)		2,996,000		32,948
Series K154, Class X1 0.30% due 11/25/2032(3)(4)(5)		1,690,358		47,377
Series K068, Class XAM 0.33% due 08/25/2027(3)(4)(5)		1,898,000		40,671
Series K728, Class X1 0.40% due 08/25/2024(3)(4)(5)		5,390,644		54,376
Series K128, Class X1 0.53% due 03/25/2031(3)(4)(5)		908,212		41,006
Series K068, Class X1 0.43% due 08/25/2027(3)(4)(5)		1,307,834		32,103

350

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series K067, Class X1 0.58% due 07/25/2027(3)(4)(5)	$	2,352,707	$	74,898
Series K727, Class XAM 0.63% due 07/25/2024(3)(4)(5)		2,786,000		41,658
Series K066, Class XAM 0.64% due 06/25/2027(3)(4)(5)		2,696,000		102,701
Series K727, Class X1 0.60% due 07/25/2024(3)(4)(5)		986,281		12,995
Series K128, Class XAM 0.74% due 03/25/2031(3)(4)(5)		386,416		25,938
Series K066, Class X1 0.75% due 06/25/2027(3)(4)(5)		904,622		35,895
Series K125, Class XAM 0.78% due 01/25/2031(3)(4)(5)		463,094		32,293
Series K726, Class X1 0.88% due 04/25/2024(3)(4)(5)		1,050,916		19,125
Series K124, Class XAM 0.94% due 01/25/2031(3)(4)(5)		313,326		25,730
Series K098, Class X1 1.14% due 08/25/2029(3)(4)(5)		1,035,293		85,424
Series K122, Class XAM 1.08% due 11/25/2030(3)(4)(5)		283,086		26,432
Series K097, Class X1 1.09% due 07/25/2029(3)(4)(5)		164,354		12,935
Series K129, Class XAM 1.22% due 05/25/2031(3)(4)(5)		173,114		19,093
Series K118, Class XAM 1.17% due 09/25/2030(3)(4)(5)		160,069		15,926
Series K114, Class XAM 1.34% due 06/25/2030(3)(4)(5)		272,251		30,039
Series -K116, Class XAM 1.60% due 08/25/2030(3)(4)(5)		246,234		32,826
Series K112, Class XAM 1.66% due 05/25/2030(3)(4)(5)		267,239		36,209
Series K111, Class XAM 1.80% due 05/25/2030(3)(4)(5)		678,770		98,985
Series K109, Class XAM 1.80% due 04/25/2030(3)(4)(5)		200,000		28,935
Series K110, Class XAM 1.87% due 04/25/2030(3)(4)(5)		547,569		82,405
Series K033, Class A2 3.06% due 07/25/2023(3)(4)		35,000		36,639
Series K728, Class A2 3.06% due 08/25/2024(3)(4)		156,000		166,013
Series K069, Class A2 3.19% due 09/25/2027(3)(4)		148,000		165,859
Series K030, Class A2 3.25% due 04/25/2023(3)(4)		507,000		528,705
Series K029, Class A2 3.32% due 02/25/2023(3)(4)		143,000		148,929
Series K035, Class A2 3.46% due 08/25/2023(3)(4)		339,000		358,242
Series K075, Class A2 3.65% due 02/25/2028(3)(4)		177,000		203,864
Federal Home Loan Mtg. Corp. Multifamily Structured Pass-Through Certs. VRS Series K127, Class X1 0.42% due 01/25/2031(3)(4)(5)		1,121,344		31,064
Federal Home Loan Mtg. Corp. REMIC
Series 4182, Class QI 3.00% due 02/15/2033(5)(6)		99,369		7,586

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Series 4474, Class HJ 3.00% due 07/15/2039(6)	$	34,382	$	36,829
Series 4471, Class PI 4.50% due 12/15/2040(5)(6)		15,453		1,459
Series 3629, Class CZ 5.00% due 01/15/2040(6)		47,005		53,808
Series 3845, Class AI 5.50% due 02/15/2036(5)(6)		16,147		2,964
Federal Home Loan Mtg. Corp. SCRT
Series 2019-4, Class MA 3.00% due 02/25/2059(6)		123,132		129,300
Series 2019-4, Class MV 3.00% due 02/25/2059(6)		66,232		71,841
Series 2019-2, Class MA 3.50% due 08/25/2058(6)		6,897		7,298
Series 2019-2, Class MV 3.50% due 08/25/2058(6)		45,910		51,251
Series 2019-3, Class MA 3.50% due 10/25/2058(6)		81,804		86,431
Series 2019-3, Class MV 3.50% due 10/25/2058(6)		64,932		72,361
				13,152,529
Federal National Mtg. Assoc. — 2.2%
2.00% due 01/01/2051		42,828		43,839
2.00% due 02/01/2051		68,662		70,390
2.41% due 05/01/2023		92,512		94,928
2.50% due 11/01/2031		16,640		17,511
2.50% due 07/01/2040		50,701		53,656
2.50% due 02/01/2050		218,524		229,147
2.50% due 06/01/2050		33,385		35,412
2.50% due 07/01/2050		309,849		327,890
2.55% due 05/01/2023		84,577		86,941
2.70% due 07/01/2025		75,000		80,583
3.00% due 11/01/2028		52,079		55,191
3.00% due 12/01/2031		430,289		457,894
3.00% due 09/01/2032		266,908		282,368
3.00% due 03/01/2033		44,033		46,492
3.00% due 08/01/2033		13,921		14,681
3.00% due 07/01/2037		55,820		58,936
3.00% due 11/01/2037		97,850		102,808
3.00% due 09/01/2046		75,861		81,695
3.50% due 04/01/2038		96,970		103,222
3.50% due 11/01/2041		20,885		22,834
3.50% due 01/01/2042		226,911		248,490
3.50% due 01/01/2043		79,098		86,268
3.50% due 04/01/2043		261,123		283,974
3.50% due 05/01/2043		223,669		243,243
3.50% due 07/01/2043		322,029		349,090
3.50% due 08/01/2043		118,824		129,586
3.50% due 09/01/2043		466,502		507,115
3.50% due 02/01/2045		355,278		390,200
3.50% due 09/01/2045		312,856		337,674
3.50% due 10/01/2045		259,413		283,483
3.50% due 01/01/2046		88,450		96,708
3.50% due 05/01/2046		96,201		104,936
3.50% due 07/01/2046		353,828		386,011
4.00% due 09/01/2040		237,958		261,610
4.00% due 11/01/2040		71,308		78,271
4.00% due 12/01/2040		162,781		178,513
4.00% due 02/01/2041		80,180		87,884
4.00% due 06/01/2041		175,207		191,989
4.00% due 11/01/2041		69,123		76,172

351

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
4.00% due 01/01/2042	$	424,932	$	465,774
4.00% due 04/01/2042		61,907		67,838
4.00% due 10/01/2042		51,880		56,940
4.00% due 12/01/2042		60,813		67,073
4.00% due 01/01/2043		70,828		77,525
4.00% due 04/01/2043		13,076		14,263
4.00% due 05/01/2043		123,817		135,924
4.00% due 06/01/2043		77,351		84,761
4.00% due 07/01/2043		50,050		54,663
4.00% due 04/01/2044		41,426		45,460
4.00% due 05/01/2044		136,564		149,601
4.00% due 11/01/2044		50,410		55,042
4.00% due 06/01/2047		176,595		189,593
4.50% due 08/01/2033		50,458		55,545
4.50% due 03/01/2034		149,877		165,163
4.50% due 01/01/2040		36,653		40,767
4.50% due 02/01/2041		78,033		86,671
4.50% due 04/01/2041		135,774		151,558
4.50% due 01/01/2043		87,523		97,523
4.50% due 04/01/2044		523,520		581,893
4.50% due 06/01/2044		54,377		60,432
5.00% due 03/01/2026		48,466		54,426
5.00% due 11/01/2033		26,245		29,858
5.00% due 03/01/2034		20,937		23,780
5.00% due 05/01/2034		7,149		8,099
5.00% due 08/01/2034		7,844		8,916
5.00% due 09/01/2034		23,430		26,605
5.00% due 06/01/2035		33,451		38,049
5.00% due 07/01/2035		79,778		90,730
5.00% due 08/01/2035		16,477		18,759
5.00% due 09/01/2035		13,068		14,878
5.00% due 10/01/2035		59,017		67,185
5.00% due 10/01/2039		16,707		18,847
5.00% due 11/01/2039		36,164		41,217
5.00% due 11/01/2040		30,761		34,820
5.00% due 03/01/2041		18,626		21,238
5.50% due 05/01/2022		997		1,008
5.50% due 02/01/2033		8,713		9,786
5.50% due 06/01/2033		32,978		38,016
5.50% due 07/01/2033		104,512		120,709
5.50% due 11/01/2033		35,202		40,317
5.50% due 12/01/2033		6,700		7,480
5.50% due 01/01/2034		31,624		35,729
5.50% due 02/01/2034		50,921		58,430
5.50% due 03/01/2034		11,546		13,069
5.50% due 04/01/2034		12,381		13,815
5.50% due 05/01/2034		72,818		82,898
5.50% due 06/01/2034		8,682		9,902
5.50% due 07/01/2034		80,480		92,162
5.50% due 09/01/2034		102,667		115,855
5.50% due 10/01/2034		137,471		157,278
5.50% due 11/01/2034		131,461		150,141
5.50% due 12/01/2034		64,376		74,410
5.50% due 01/01/2035		119,332		138,337
5.50% due 04/01/2035		19,413		22,505
5.50% due 09/01/2035		74,452		86,331
5.50% due 06/01/2036		37,384		41,729
5.50% due 03/01/2037		9,871		11,079
6.00% due 04/01/2034		33,565		39,201
6.00% due 05/01/2034		30,186		33,891
6.00% due 06/01/2034		121,790		141,637
6.00% due 07/01/2034		45,405		52,844

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
6.00% due 08/01/2034	$	21,251	$	23,920
6.00% due 10/01/2034		53,268		61,786
6.00% due 11/01/2034		12,610		14,372
6.00% due 12/01/2034		3,691		4,146
6.00% due 08/01/2035		3,145		3,531
6.00% due 09/01/2035		23,771		27,768
6.00% due 10/01/2035		19,930		22,971
6.00% due 11/01/2035		4,725		5,308
6.00% due 12/01/2035		48,493		56,379
6.00% due 02/01/2036		48,397		54,540
6.00% due 03/01/2036		4,262		4,807
6.00% due 04/01/2036		13,935		16,333
6.00% due 06/01/2036		3,339		3,963
6.00% due 12/01/2036		8,115		9,262
6.00% due 07/01/2037		13,862		16,105
6.50% due 06/01/2031		12,589		14,565
6.50% due 09/01/2031		12,404		14,070
6.50% due 07/01/2032		35,215		41,628
6.50% due 08/01/2032		20,073		22,696
6.50% due 01/01/2033		18,015		20,684
6.50% due 04/01/2034		4,941		5,862
6.50% due 06/01/2034		5,965		6,871
6.50% due 05/01/2036		13,931		15,661
6.50% due 01/01/2037		6,639		7,464
6.50% due 02/01/2037		31,006		35,841
6.50% due 05/01/2037		16,735		19,133
6.50% due 07/01/2037		18,992		22,229
Federal National Mtg. Assoc. REMIC
Series 2013-53, Class CB 2.00% due 10/25/2040(6)		15,964		16,101
Series 2015-61, Class PA 2.00% due 05/25/2044(6)		34,347		34,725
Series 2016-19, Class AD 2.00% due 04/25/2046(6)		51,322		53,113
Series 2013-1, Class YI 3.00% due 02/25/2033(5)(6)		66,105		6,461
Series 2010-43, Class AH 3.25% due 05/25/2040(6)		29,336		31,913
Series 2014-7, Class VA 3.50% due 05/25/2025(6)		93,554		94,202
Series 2010-113, Class GB 4.00% due 10/25/2040(6)		35,779		39,406
Series 2016-40, Class IQ 4.00% due 07/25/2046(5)(6)		76,836		14,311
Series 2005-18, Class EC 5.00% due 03/25/2025(6)		10,746		11,325
Federal National Mtg. Assoc. REMIC VRS Series 2017-M4, Class A2 2.56% due 12/25/2026(3)(4)		293,562		317,150
				12,548,212
Government National Mtg. Assoc. — 2.0%
2.00% Sseptember 30 TBA		525,000		536,731
2.50% due 06/20/2051		922,048		958,521
2.50% due 07/20/2051		850,000		883,874
2.50% due 08/19/2051		325,000		337,810
2.50% due October 30 TBA		650,000		672,979
3.00% due 04/20/2045		86,194		90,929
3.00% due 04/20/2046		40,200		42,460
3.00% due 08/20/2046		42,939		45,346
3.00% due 09/20/2046		106,046		112,164
3.00% due 11/20/2047		502,126		529,473

352

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
3.00% due 01/20/2048	$	775,252	$	817,080
3.00% due 06/20/2051		298,846		314,166
3.00% due September 30 TBA		900,000		940,254
3.50% due 12/15/2041		147,064		163,376
3.50% due 02/15/2042		28,069		30,004
3.50% due 06/20/2043		194,467		209,405
3.50% due 07/20/2043		248,566		267,683
3.50% due 11/20/2047		164,145		174,096
3.50% due 03/20/2048		524,233		555,578
3.50% due August 30 TBA		1,125,000		1,181,382
4.00% due 01/20/2041		218,464		238,808
4.00% due 02/20/2041		54,741		59,898
4.00% due 04/20/2041		44,440		48,637
4.00% due 02/20/2042		59,378		65,363
4.00% due September 30 TBA		675,000		714,419
4.50% due 07/20/2033		3,361		3,706
4.50% due 09/20/2033		29,732		32,783
4.50% due 12/20/2034		9,626		10,615
4.50% due 11/15/2039		54,568		61,618
4.50% due 03/15/2040		82,198		93,560
4.50% due 04/15/2040		79,815		90,102
4.50% due 06/15/2040		25,302		28,556
4.50% due 01/20/2041		55,454		61,942
4.50% due 07/20/2049		152,542		162,137
5.00% due 07/20/2033		6,734		7,538
5.00% due 06/15/2034		31,505		36,293
5.00% due 10/15/2034		13,599		15,664
5.50% due 11/15/2032		34,846		39,021
5.50% due 05/15/2033		128,045		148,319
5.50% due 12/15/2033		35,183		41,046
5.50% due 10/15/2035		962		1,090
6.00% due 09/15/2032		39,500		46,707
6.00% due 04/15/2033		49,744		59,154
6.00% due 02/15/2034		79,351		92,099
6.00% due 07/15/2034		20,936		24,807
6.00% due 09/15/2034		12,144		13,618
6.00% due 01/20/2035		9,965		11,678
6.00% due 02/20/2035		13,060		15,308
6.00% due 04/20/2035		8,380		9,817
6.00% due 01/15/2038		41,020		48,494
Government National Mtg. Assoc. REMIC
Series 2011-123, Class MA 4.00% due 07/20/2041(6)		41,455		46,082
Series 2012-12, Class KN 4.50% due 09/20/2041(6)		27,481		30,134
Government National Mtg. Assoc. REMIC VRS Series 2017-94, Class IO 0.56% due 02/16/2059(3)(4)(5)		672,600		29,072
				11,251,396
Small Business Administration — 0.0%
Series 2003-20G, Class 1 4.35% due 07/01/2023		2,531		2,614
Series 2004-20D, Class 1 4.77% due 04/01/2024		11,226		11,657
Series 2005-20C, Class 1 4.95% due 03/01/2025		37,699		39,361
Series 2004-20I, Class 1 4.99% due 09/01/2024		20,282		21,130
Series 2004-20E, Class 1 5.18% due 05/01/2024		14,597		15,349

Security Description	Principal Amount			Value (Note 2)
Small Business Administration (continued)
Series 2004-20F, Class 1 5.52% due 06/01/2024	$	19,732		$	20,685
					110,796
Uniform Mtg. Backed Securities — 4.0%
1.50% due September 15 TBA		375,000			381,575
1.50% due October 15 TBA		650,000			660,686
2.00% due August 15 TBA		850,000			881,975
2.00% due September 15 TBA		500,000			518,083
2.00% due September 30 TBA		4,750,000			4,831,826
2.00% due October 30 TBA		5,375,000			5,456,703
2.50% due August 15 TBA		600,000			628,574
2.50% due August 30 TBA		950,000			989,076
2.50% due September 15 TBA		1,175,000			1,229,660
2.50% due September 30 TBA		3,035,000			3,153,199
2.50% due October 30 TBA		1,150,000			1,192,278
3.00% due August 15 TBA		125,000			131,509
3.00% due September 30 TBA		2,750,000			2,876,113
4.00% due August 30 TBA		75,000			80,133
					23,011,390
Total U.S. Government Agencies (cost $58,275,988)					60,074,323
U.S. GOVERNMENT TREASURIES — 10.6%
United States Treasury Bonds — 2.9%
1.38% due 11/15/2040		2,000,000			1,857,187
2.38% due 11/15/2049		6,880,000			7,597,563
2.50% due 02/15/2045		4,616,000			5,163,429
2.88% due 05/15/2043		895,000			1,061,064
3.00% due 02/15/2048		798,500			984,744
					16,663,987
United States Treasury Notes — 7.7%
0.13% due 12/31/2022		6,000,000			6,000,234
0.38% due 11/30/2025		18,200,000			18,022,266
0.88% due 06/30/2026		900,000			907,945
1.38% due 01/31/2025		18,500,000			19,088,965
					44,019,410
Total U.S. Government Treasuries (cost $59,444,747)					60,683,397
MUNICIPAL BONDS & NOTES — 0.4%
Florida State Board of Administration Finance Corp Revenue Bonds Series A 2.15% due 07/01/2030		291,000			301,574
New Jersey Economic Development Authority Revenue Bonds Series A 7.43% due 02/15/2029		550,000			718,888
New Jersey Turnpike Authority Revenue Bonds Series F 7.41% due 01/01/2040		675,000			1,131,044
Total Municipal Bonds & Notes (cost $1,671,044)				2,151,506
TOTAL INVESTMENTS (cost $437,469,362)(7)	99.4%			566,218,415
Other assets less liabilities		0.6			3,375,964
NET ASSETS		100.0	%	$	569,594,379

353

SunAmerica Series Trust SA MFS Total Return Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

† 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 July 31, 2021, the aggregate value of these securities was $38,949,880 representing 6.8% of net assets.

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

(2) Collateralized Loan Obligation

(3) Commercial Mortgage Backed Security

(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) Collateralized Mortgage Obligation

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

ADR — American Depositary Receipt

CLO — Collateralized Loan Obligation

REMIC — Real Estate Mortgage Investment Conduit

SCRT — Seasoned Credit Risk Transfer Trust

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.

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current rates as of July 31, 2021 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

1ML — 1 Month USD LIBOR

3ML — 3 Month USD LIBOR

SOFR30A — Secured Overnight Financing Rate 30 day average

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	320,085,013	$	12,964,871	**	$	—	$	333,049,884
Convertible Preferred Securities		5,309,716		1,391,318			—		6,701,034
Preferred Securities/Capital Securities		—		986,690			—		986,690
Asset Backed Securities		—		30,590,159			—		30,590,159
U.S. Corporate Bonds & Notes		—		57,990,389			—		57,990,389
Foreign Corporate Bonds & Notes		—		13,991,033			—		13,991,033
U.S. Government Agencies		—		60,074,323			—		60,074,323
U.S. Government Treasuries		—		60,683,397			—		60,683,397
Municipal Bonds & Notes		—		2,151,506			—		2,151,506
Total Investments at Value	$	325,394,729	$	240,823,686		$	—	$	566,218,415

* 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).

See Notes to Financial Statements

354

SunAmerica Series Trust SA Mid Cap Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Real Estate Investment Trusts	8.5	%
Repurchase Agreements	7.2
Banks-Commercial	5.7
Exchange-Traded Funds	3.5
Medical Products	2.0
Steel-Producers	1.7
Insurance-Property/Casualty	1.6
Building & Construction Products-Misc.	1.6
Electronic Components-Semiconductors	1.4
Auto/Truck Parts & Equipment-Original	1.3
Enterprise Software/Service	1.3
Medical-Biomedical/Gene	1.3
Electric-Integrated	1.2
Computer Services	1.2
Chemicals-Specialty	1.2
Apparel Manufacturers	1.1
Gas-Distribution	1.1
Energy-Alternate Sources	1.1
Transport-Truck	1.1
Distribution/Wholesale	1.1
Machinery-General Industrial	1.0
Medical Instruments	1.0
Electronic Components-Misc.	1.0
Retail-Restaurants	0.9
Investment Management/Advisor Services	0.9
Machinery-Pumps	0.9
Human Resources	0.9
Medical-Outpatient/Home Medical	0.9
Retail-Home Furnishings	0.9
Food-Misc./Diversified	0.8
Industrial Automated/Robotic	0.8
Diversified Manufacturing Operations	0.8
Machinery-Farming	0.8
Insurance-Reinsurance	0.8
Pipelines	0.8
Semiconductor Equipment	0.7
Data Processing/Management	0.7
Retail-Automobile	0.7
Diagnostic Equipment	0.7
Finance-Investment Banker/Broker	0.6
Building-Residential/Commercial	0.6
Applications Software	0.6
Commercial Services-Finance	0.6
Lighting Products & Systems	0.6
Footwear & Related Apparel	0.6
Medical-HMO	0.6
Recreational Vehicles	0.6
Computer Software	0.6
Containers-Paper/Plastic	0.6
Hotels/Motels	0.6
Oil Companies-Exploration & Production	0.5
Medical Labs & Testing Services	0.5
Multimedia	0.5
Lasers-System/Components	0.5
Building & Construction-Misc.	0.5
Medical-Hospitals	0.5
Electronic Parts Distribution	0.5
Insurance Brokers	0.5
Insurance-Multi-line	0.5
Insurance-Life/Health	0.5
Building Products-Cement	0.5

Retail-Discount	0.5	%
Firearms & Ammunition	0.5
Savings & Loans/Thrifts	0.5
Finance-Consumer Loans	0.5
Machinery-Construction & Mining	0.4
Real Estate Management/Services	0.4
Machine Tools & Related Products	0.4
Building Products-Air & Heating	0.4
Engineering/R&D Services	0.4
Pastoral & Agricultural	0.4
Electronic Measurement Instruments	0.4
Hazardous Waste Disposal	0.4
Coatings/Paint	0.4
Home Furnishings	0.4
Retail-Apparel/Shoe	0.4
U.S. Government Treasuries	0.4
Water	0.4
Retail-Misc./Diversified	0.4
Funeral Services & Related Items	0.4
Publishing-Newspapers	0.4
Cable/Satellite TV	0.4
Medical-Drugs	0.4
Computer Aided Design	0.4
Resorts/Theme Parks	0.4
Telecom Equipment-Fiber Optics	0.3
Schools	0.3
Commercial Services	0.3
Therapeutics	0.3
Filtration/Separation Products	0.3
Physical Therapy/Rehabilitation Centers	0.3
Gold Mining	0.3
Consulting Services	0.3
Retail-Regional Department Stores	0.3
Computers-Integrated Systems	0.3
Building-Heavy Construction	0.3
Toys	0.3
Retail-Convenience Store	0.3
Environmental Consulting & Engineering	0.3
Athletic Equipment	0.3
Rental Auto/Equipment	0.3
Finance-Other Services	0.3
Garden Products	0.3
Instruments-Controls	0.3
Retail-Sporting Goods	0.3
Chemicals-Diversified	0.3
Batteries/Battery Systems	0.3
Brewery	0.3
Building-Mobile Home/Manufactured Housing	0.2
Electric Products-Misc.	0.2
Racetracks	0.2
Computers-Other	0.2
Health Care Cost Containment	0.2
Motorcycle/Motor Scooter	0.2
Optical Supplies	0.2
Tools-Hand Held	0.2
Machinery-Electrical	0.2
Retail-Petroleum Products	0.2
Food-Retail	0.2
Diagnostic Kits	0.2
Consumer Products-Misc.	0.2
Metal Processors & Fabrication	0.2

355

SunAmerica Series Trust SA Mid Cap Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Industry Allocation* (continued)

Steel Pipe & Tube	0.2	%
Satellite Telecom	0.2
Electric-Distribution	0.2
Poultry	0.2
Containers-Metal/Glass	0.2
Semiconductor Components-Integrated Circuits	0.2
Financial Guarantee Insurance	0.2
Airlines	0.2
Food-Baking	0.2
Finance-Credit Card	0.2
Casino Hotels	0.2
Aerospace/Defense-Equipment	0.2
Oil Refining & Marketing	0.2
Rubber-Tires	0.2
Oil-Field Services	0.2
Retail-Catalog Shopping	0.2
Transport-Services	0.2
Disposable Medical Products	0.2
Office Automation & Equipment	0.1
Security Services	0.1
E-Commerce/Services	0.1
Electronics-Military	0.1
Golf	0.1
Retail-Major Department Stores	0.1
Casino Services	0.1
Transport-Marine	0.1
Computer Data Security	0.1
Wireless Equipment	0.1
Transport-Equipment & Leasing	0.1
Retail-Pawn Shops	0.1
Oil Companies-Integrated	0.1
Dental Supplies & Equipment	0.1
Multilevel Direct Selling	0.1
Internet Content-Information/News	0.1
Cosmetics & Toiletries	0.1
Quarrying	0.1
Metal Products-Distribution	0.1
Television	0.1
Telephone-Integrated	0.1
Wire & Cable Products	0.1
Food-Catering	0.1
Theaters	0.1
	100.0	%

* Calculated as a percentage of net assets

356

SunAmerica Series Trust SA Mid Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 88.9%
Aerospace/Defense-Equipment — 0.2%
Hexcel Corp.†		13,962	$	759,812
Airlines — 0.2%
JetBlue Airways Corp.†		52,772		780,498
Apparel Manufacturers — 1.1%
Capri Holdings, Ltd.†		25,221		1,420,195
Carter’s, Inc.		7,326		716,043
Columbia Sportswear Co.		5,095		507,564
Deckers Outdoor Corp.†		4,635		1,904,290
Urban Outfitters, Inc.†		11,458		426,008
				4,974,100
Applications Software — 0.6%
CDK Global, Inc.		20,295		973,957
Cerence, Inc.†		6,303		677,636
Concentrix Corp.†		6,940		1,136,286
				2,787,879
Athletic Equipment — 0.3%
YETI Holdings, Inc.†		12,504		1,204,510
Auto/Truck Parts & Equipment-Original — 1.3%
Adient PLC†		15,701		661,483
Dana, Inc.		24,190		584,430
Fox Factory Holding Corp.†		6,994		1,129,811
Gentex Corp.		40,256		1,369,912
Lear Corp.		9,121		1,595,993
Visteon Corp.†		4,660		531,473
				5,873,102
Banks-Commercial — 5.7%
Associated Banc-Corp		25,468		504,266
BancorpSouth Bank		16,081		414,890
Bank of Hawaii Corp.		6,732		563,536
Bank OZK		20,147		820,184
Cathay General Bancorp		12,481		472,655
CIT Group, Inc.		16,511		796,491
Commerce Bancshares, Inc.		17,555		1,241,665
Cullen/Frost Bankers, Inc.		9,426		1,011,598
East West Bancorp, Inc.		23,644		1,682,271
First Financial Bankshares, Inc.		23,714		1,158,192
First Horizon Corp.		92,061		1,422,342
FNB Corp.		53,230		610,016
Fulton Financial Corp.		27,101		415,187
Glacier Bancorp, Inc.		15,917		820,681
Hancock Whitney Corp.		14,467		632,353
Home BancShares, Inc.		25,275		535,325
International Bancshares Corp.		9,293		363,170
PacWest Bancorp		19,486		775,933
Pinnacle Financial Partners, Inc.		12,682		1,136,434
Prosperity Bancshares, Inc.		15,490		1,056,263
Signature Bank		9,604		2,179,820
Synovus Financial Corp.		24,766		1,012,929
Texas Capital Bancshares, Inc.†		8,430		530,921
Trustmark Corp.		10,567		317,221
UMB Financial Corp.		7,246		678,226
Umpqua Holdings Corp.		36,770		693,850
United Bankshares, Inc.		22,361		772,349
Valley National Bancorp		67,647		871,970
Webster Financial Corp.		15,070		724,867
Wintrust Financial Corp.		9,507		678,800
				24,894,405

Security Description	Shares		Value (Note 2)
Batteries/Battery Systems — 0.3%
Energizer Holdings, Inc.		9,685	$	415,002
EnerSys		7,139		704,334
				1,119,336
Brewery — 0.3%
Boston Beer Co., Inc., Class A†		1,550		1,100,500
Building & Construction Products-Misc. — 1.6%
Builders FirstSource, Inc.†		34,522		1,536,229
Louisiana-Pacific Corp.		17,042		944,808
Owens Corning		17,410		1,674,146
Simpson Manufacturing Co., Inc.		7,238		814,130
Trex Co., Inc.†		19,227		1,866,942
				6,836,255
Building & Construction-Misc. — 0.5%
EMCOR Group, Inc.		9,093		1,107,618
TopBuild Corp.†		5,510		1,116,822
				2,224,440
Building Products-Air & Heating — 0.4%
Lennox International, Inc.		5,729		1,887,304
Building Products-Cement — 0.5%
Eagle Materials, Inc.		7,063		998,143
MDU Resources Group, Inc.		33,532		1,063,635
				2,061,778
Building-Heavy Construction — 0.3%
Arcosa, Inc.		1		55
Dycom Industries, Inc.†		5,130		356,022
MasTec, Inc.†		9,413		952,878
				1,308,955
Building-Mobile Home/Manufactured Housing — 0.2%
Thor Industries, Inc.		9,228		1,092,226
Building-Residential/Commercial — 0.6%
KB Home		14,811		628,579
Taylor Morrison Home Corp.†		21,492		576,416
Toll Brothers, Inc.		18,712		1,109,060
Tri Pointe Homes, Inc.†		19,737		476,056
				2,790,111
Cable/Satellite TV — 0.4%
Cable One, Inc.		905		1,708,631
Casino Hotels — 0.2%
Boyd Gaming Corp.†		13,450		766,650
Casino Services — 0.1%
Scientific Games Corp.†		9,448		583,036
Chemicals-Diversified — 0.3%
Olin Corp.		23,880		1,123,076
Chemicals-Specialty — 1.2%
Ashland Global Holdings, Inc.		9,106		774,647
Cabot Corp.		9,439		519,711
Chemours Co.		27,587		917,268
Ingevity Corp.†		6,671		566,635
Minerals Technologies, Inc.		5,622		450,997
NewMarket Corp.		1,220		385,410
Sensient Technologies Corp.		7,047		614,357
Valvoline, Inc.		30,179		925,892
				5,154,917

357

SunAmerica Series Trust SA Mid Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Coatings/Paint — 0.4%
RPM International, Inc.		21,585	$	1,869,045
Commercial Services — 0.3%
John Wiley & Sons, Inc., Class A		7,257		426,567
LiveRamp Holdings, Inc.†		11,402		456,194
Progyny, Inc.†		6,197		345,111
WW International, Inc.†		7,995		245,766
				1,473,638
Commercial Services-Finance — 0.6%
H&R Block, Inc.		30,238		742,343
Sabre Corp.†		53,243		627,735
WEX, Inc.†		7,457		1,414,816
				2,784,894
Computer Aided Design — 0.4%
Aspen Technology, Inc.†		11,336		1,658,003
Computer Data Security — 0.1%
Qualys, Inc.†		5,610		569,752
Computer Services — 1.2%
CACI International, Inc., Class A†		3,925		1,047,818
Genpact, Ltd.		29,034		1,446,184
KBR, Inc.		23,557		911,656
MAXIMUS, Inc.		10,245		911,805
Science Applications International Corp.		9,661		843,405
				5,160,868
Computer Software — 0.6%
Envestnet, Inc.†		9,070		682,336
J2 Global, Inc.†		7,072		999,061
Teradata Corp.†		18,266		907,090
				2,588,487
Computers-Integrated Systems — 0.3%
NCR Corp.†		21,816		968,630
NetScout Systems, Inc.†		12,292		353,518
				1,322,148
Computers-Other — 0.2%
Lumentum Holdings, Inc.†		12,650		1,062,474
Consulting Services — 0.3%
FTI Consulting, Inc.†		5,703		830,927
R1 RCM, Inc.†		23,036		493,201
				1,324,128
Consumer Products-Misc. — 0.2%
Helen of Troy, Ltd.†		4,075		910,314
Containers-Metal/Glass — 0.2%
Greif, Inc., Class A		4,421		268,001
Silgan Holdings, Inc.		13,064		529,353
				797,354
Containers-Paper/Plastic — 0.6%
AptarGroup, Inc.		10,952		1,411,932
Sonoco Products Co.		16,769		1,069,694
				2,481,626
Cosmetics & Toiletries — 0.1%
Coty, Inc., Class A†		47,243		412,431

Security Description	Shares		Value (Note 2)
Data Processing/Management — 0.7%
CommVault Systems, Inc.†		7,671	$	579,851
Fair Isaac Corp.†		4,796		2,512,672
				3,092,523
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		14,495		451,229
Diagnostic Equipment — 0.7%
Neogen Corp.†		17,900		779,724
Repligen Corp.†		8,510		2,090,907
				2,870,631
Diagnostic Kits — 0.2%
Quidel Corp.†		6,453		912,906
Disposable Medical Products — 0.2%
ICU Medical, Inc.†		3,289		668,621
Distribution/Wholesale — 1.1%
Avient Corp.		15,216		738,280
IAA, Inc.†		22,459		1,358,320
KAR Auction Services, Inc.†		20,793		342,669
Univar Solutions, Inc.†		28,264		693,599
Watsco, Inc.		5,485		1,549,183
				4,682,051
Diversified Manufacturing Operations — 0.8%
Carlisle Cos., Inc.		8,699		1,759,286
ITT, Inc.		14,350		1,405,009
Trinity Industries, Inc.		13,485		365,578
				3,529,873
E-Commerce/Services — 0.1%
TripAdvisor, Inc.†		16,341		620,141
Electric Products-Misc. — 0.2%
Littelfuse, Inc.		4,092		1,088,431
Electric-Integrated — 1.2%
ALLETE, Inc.		8,698		611,643
Black Hills Corp.		10,479		708,904
Hawaiian Electric Industries, Inc.		18,197		788,658
IDACORP, Inc.		8,419		887,784
NorthWestern Corp.		8,446		523,568
OGE Energy Corp.		33,362		1,125,967
PNM Resources, Inc.		14,306		691,409
				5,337,933
Electronic Components-Misc. — 1.2%
Hubbell, Inc.		9,053		1,814,765
Jabil, Inc.		22,319		1,328,873
nVent Electric PLC		27,946		883,373
SYNNEX Corp.		6,914		826,500
Vishay Intertechnology, Inc.		22,118		489,471
				5,342,982
Electronic Components-Semiconductors — 1.4%
Amkor Technology, Inc.		17,907		441,228
Cree, Inc.†		19,245		1,785,166
Lattice Semiconductor Corp.†		22,758		1,291,517
Semtech Corp.†		10,821		669,928
Silicon Laboratories, Inc.†		7,458		1,111,167
Synaptics, Inc.†		5,867		891,315
				6,190,321

358

SunAmerica Series Trust SA Mid Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Measurement Instruments — 0.4%
National Instruments Corp.		21,934	$	967,509
Vontier Corp.		28,133		910,102
				1,877,611
Electronic Parts Distribution — 0.5%
Arrow Electronics, Inc.†		12,361		1,465,644
Avnet, Inc.		16,583		685,209
				2,150,853
Electronics-Military — 0.1%
Mercury Systems, Inc.†		9,360		617,760
Energy-Alternate Sources — 1.1%
First Solar, Inc.†		14,175		1,219,617
SolarEdge Technologies, Inc.†		8,663		2,247,875
Sunrun, Inc.†		26,850		1,422,245
				4,889,737
Engineering/R&D Services — 0.4%
AECOM†		24,399		1,536,161
Fluor Corp.†		20,965		349,277
				1,885,438
Enterprise Software/Service — 1.3%
ACI Worldwide, Inc.†		19,689		675,333
Blackbaud, Inc.†		8,136		580,341
Ceridian HCM Holding, Inc.†		21,888		2,153,779
Manhattan Associates, Inc.†		10,603		1,692,557
SailPoint Technologies Holding, Inc.†		15,387		769,196
				5,871,206
Environmental Consulting & Engineering — 0.3%
Tetra Tech, Inc.		9,027		1,205,285
Filtration/Separation Products — 0.3%
Donaldson Co., Inc.		21,020		1,391,314
Finance-Consumer Loans — 0.5%
LendingTree, Inc.†		1,841		359,400
Navient Corp.		29,919		611,245
SLM Corp.		53,811		1,013,261
				1,983,906
Finance-Credit Card — 0.2%
Alliance Data Systems Corp.		8,287		772,763
Finance-Investment Banker/Broker — 0.6%
Evercore, Inc., Class A		6,825		902,265
Interactive Brokers Group, Inc., Class A		13,471		833,316
Jefferies Financial Group, Inc.		33,341		1,106,588
				2,842,169
Finance-Other Services — 0.3%
SEI Investments Co.		19,755		1,201,104
Financial Guarantee Insurance — 0.2%
MGIC Investment Corp.		56,552		782,680
Firearms & Ammunition — 0.5%
Axon Enterprise, Inc.†		10,781		2,005,482
Food-Baking — 0.2%
Flowers Foods, Inc.		32,816		773,145
Food-Catering — 0.1%
Healthcare Services Group, Inc.		12,453		325,023

Security Description	Shares		Value (Note 2)
Food-Confectionery — 0.0%
Tootsie Roll Industries, Inc.		2,933	$	100,866
Food-Misc./Diversified — 0.8%
Hain Celestial Group, Inc.†		13,628		543,894
Ingredion, Inc.		11,162		980,135
Lancaster Colony Corp.		3,259		644,858
Post Holdings, Inc.†		9,863		1,009,379
TreeHouse Foods, Inc.†		9,370		416,028
				3,594,294
Food-Retail — 0.2%
Grocery Outlet Holding Corp.†		14,515		480,737
Sprouts Farmers Market, Inc.†		19,688		483,931
				964,668
Footwear & Related Apparel — 0.6%
Crocs, Inc.†		10,872		1,476,526
Skechers U.S.A., Inc., Class A†		22,362		1,200,392
				2,676,918
Funeral Services & Related Items — 0.4%
Service Corp. International		28,023		1,751,157
Garden Products — 0.3%
Scotts Miracle-Gro Co.		6,777		1,199,258
Gas-Distribution — 1.1%
National Fuel Gas Co.		15,195		781,479
New Jersey Resources Corp.		16,056		618,477
ONE Gas, Inc.		8,874		654,724
Southwest Gas Holdings, Inc.		9,667		676,013
Spire, Inc.		8,613		611,093
UGI Corp.		34,783		1,599,670
				4,941,456
Gold Mining — 0.3%
Royal Gold, Inc.		10,934		1,328,700
Golf — 0.1%
Callaway Golf Co.†		19,390		614,275
Hazardous Waste Disposal — 0.4%
Clean Harbors, Inc.†		8,367		794,865
Stericycle, Inc.†		15,293		1,078,921
				1,873,786
Health Care Cost Containment — 0.2%
HealthEquity, Inc.†		13,896		1,028,026
Home Furnishings — 0.4%
Herman Miller, Inc.		12,293		530,443
Tempur Sealy International, Inc.		30,527		1,320,903
				1,851,346
Hotels/Motels — 0.6%
Choice Hotels International, Inc.		4,815		577,319
Travel & Leisure Co.		14,364		744,055
Wyndham Hotels & Resorts, Inc.		15,566		1,121,686
				2,443,060
Human Resources — 0.9%
ASGN, Inc.†		8,867		896,719
Insperity, Inc.		5,995		593,805
ManpowerGroup, Inc.		9,088		1,077,655
Paylocity Holding Corp.†		6,265		1,299,737
				3,867,916

359

SunAmerica Series Trust SA Mid Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Industrial Automated/Robotic — 0.8%
Cognex Corp.		29,434	$	2,661,128
Colfax Corp.†		19,661		902,047
				3,563,175
Instruments-Controls — 0.3%
Woodward, Inc.		9,772		1,187,884
Insurance Brokers — 0.5%
Brown & Brown, Inc.		38,989		2,121,002
Insurance-Life/Health — 0.5%
Brighthouse Financial, Inc.†		14,299		615,715
CNO Financial Group, Inc.		21,928		500,836
Primerica, Inc.		6,573		961,104
				2,077,655
Insurance-Multi-line — 0.5%
American Financial Group, Inc.		11,488		1,453,117
Kemper Corp.		10,115		667,691
				2,120,808
Insurance-Property/Casualty — 1.6%
Alleghany Corp.†		2,321		1,539,055
First American Financial Corp.		18,290		1,231,100
Hanover Insurance Group, Inc.		5,983		813,090
Kinsale Capital Group, Inc.		3,574		638,477
Mercury General Corp.		4,430		269,477
Old Republic International Corp.		47,236		1,164,840
RLI Corp.		6,630		718,559
Selective Insurance Group, Inc.		10,004		813,825
				7,188,423
Insurance-Reinsurance — 0.8%
Essent Group, Ltd.		18,808		849,557
Reinsurance Group of America, Inc.		11,331		1,248,450
RenaissanceRe Holdings, Ltd.		8,273		1,263,204
				3,361,211
Internet Content-Information/News — 0.1%
Yelp, Inc.†		11,671		436,495
Investment Management/Advisor Services — 0.9%
Affiliated Managers Group, Inc.		6,939		1,099,415
Federated Hermes, Inc.		15,592		505,805
Janus Henderson Group PLC		28,437		1,189,804
Stifel Financial Corp.		17,515		1,165,448
				3,960,472
Lasers-System/Components — 0.5%
Coherent, Inc.†		4,088		1,005,403
II-VI, Inc.†		17,480		1,220,279
				2,225,682
Lighting Products & Systems — 0.6%
Acuity Brands, Inc.		5,951		1,043,686
Universal Display Corp.		7,149		1,676,369
				2,720,055
Machine Tools & Related Products — 0.4%
Kennametal, Inc.		13,933		505,071
Lincoln Electric Holdings, Inc.		9,923		1,383,564
				1,888,635
Machinery-Construction & Mining — 0.4%
Oshkosh Corp.		11,436		1,367,174

Security Description	Shares		Value (Note 2)
Machinery-Construction & Mining (continued)
Terex Corp.		11,633	$	557,453
				1,924,627
Machinery-Electrical — 0.2%
Regal Beloit Corp.		6,772		997,042
Machinery-Farming — 0.8%
AGCO Corp.		10,298		1,360,469
Toro Co.		17,844		2,029,576
				3,390,045
Machinery-General Industrial — 1.0%
Crane Co.		8,275		804,578
Middleby Corp.†		9,272		1,775,495
Nordson Corp.		9,007		2,036,753
				4,616,826
Machinery-Pumps — 0.9%
Curtiss-Wright Corp.		6,823		807,161
Flowserve Corp.		21,719		914,153
Graco, Inc.		28,239		2,204,901
				3,926,215
Medical Instruments — 1.0%
Bio-Techne Corp.		6,482		3,125,880
Integra LifeSciences Holdings Corp.†		11,837		856,880
NuVasive, Inc.†		8,608		550,482
				4,533,242
Medical Labs & Testing Services — 0.5%
Medpace Holdings, Inc.†		4,616		812,139
Syneos Health, Inc.†		16,876		1,513,271
				2,325,410
Medical Products — 2.0%
Envista Holdings Corp.†		26,796		1,154,372
Globus Medical, Inc., Class A†		12,933		1,075,637
Haemonetics Corp.†		8,492		516,229
Hill-Rom Holdings, Inc.		11,078		1,533,860
LivaNova PLC†		8,143		702,741
Masimo Corp.†		8,433		2,297,065
Penumbra, Inc.†		5,655		1,505,530
				8,785,434
Medical-Biomedical/Gene — 1.3%
Arrowhead Pharmaceuticals, Inc.†		17,347		1,201,974
Emergent BioSolutions, Inc.†		7,591		500,247
Exelixis, Inc.†		52,231		880,092
Halozyme Therapeutics, Inc.†		22,307		921,948
Ligand Pharmaceuticals, Inc.†		2,775		314,990
Nektar Therapeutics†		30,385		479,779
United Therapeutics Corp.†		7,466		1,358,290
				5,657,320
Medical-Drugs — 0.4%
Jazz Pharmaceuticals PLC†		10,016		1,697,912
Medical-HMO — 0.6%
Molina Healthcare, Inc.†		9,733		2,657,206
Medical-Hospitals — 0.5%
Acadia Healthcare Co., Inc.†		14,956		923,084
Tenet Healthcare Corp.†		17,798		1,278,609
				2,201,693

360

SunAmerica Series Trust SA Mid Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Outpatient/Home Medical — 0.9%
Amedisys, Inc.†		5,429	$	1,414,906
Chemed Corp.		2,658		1,265,261
LHC Group, Inc.†		5,278		1,135,720
				3,815,887
Metal Processors & Fabrication — 0.2%
Timken Co.		11,397		906,062
Metal Products-Distribution — 0.1%
Worthington Industries, Inc.		5,829		372,881
Motorcycle/Motor Scooter — 0.2%
Harley-Davidson, Inc.		25,611		1,014,708
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A		8,340		447,775
Multimedia — 0.5%
FactSet Research Systems, Inc.		6,309		2,254,080
Office Automation & Equipment — 0.1%
Xerox Holdings Corp.		26,872		648,421
Oil Companies-Exploration & Production — 0.5%
Cimarex Energy Co.		17,137		1,117,332
CNX Resources Corp.†		36,711		444,203
EQT Corp.†		46,517		855,448
				2,416,983
Oil Companies-Integrated — 0.1%
Murphy Oil Corp.		24,189		525,143
Oil Refining & Marketing — 0.2%
HollyFrontier Corp.		24,908		732,295
Oil-Field Services — 0.2%
ChampionX Corp.†		31,207		725,251
Optical Supplies — 0.2%
STAAR Surgical Co.†		7,816		999,823
Pastoral & Agricultural — 0.4%
Darling Ingredients, Inc.†		27,195		1,878,359
Physical Therapy/Rehabilitation Centers — 0.3%
Encompass Health Corp.		16,590		1,381,118
Pipelines — 0.8%
Antero Midstream Corp.		47,735		453,482
DT Midstream, Inc.†		16,144		684,506
Equitrans Midstream Corp.		67,757		556,963
Targa Resources Corp.		38,109		1,604,770
				3,299,721
Poultry — 0.2%
Pilgrim’s Pride Corp.†		8,122		179,902
Sanderson Farms, Inc.		3,312		618,814
				798,716
Publishing-Newspapers — 0.4%
New York Times Co., Class A		24,206		1,059,739
TEGNA, Inc.		36,795		652,007
				1,711,746
Quarrying — 0.1%
Compass Minerals International, Inc.		5,667		388,530
Racetracks — 0.2%
Churchill Downs, Inc.		5,778		1,073,552

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts — 8.5%
American Campus Communities, Inc.		22,977	$	1,155,973
Apartment Income REIT Corp.		26,137		1,375,852
Brixmor Property Group, Inc.		49,492		1,139,306
Camden Property Trust		16,280		2,432,069
CoreSite Realty Corp.		7,164		990,136
Corporate Office Properties Trust		18,721		551,146
Cousins Properties, Inc.		24,775		984,063
CyrusOne, Inc.		20,422		1,455,476
Douglas Emmett, Inc.		27,490		918,166
EastGroup Properties, Inc.		6,670		1,175,387
EPR Properties		12,461		626,788
First Industrial Realty Trust, Inc.		21,521		1,178,920
Healthcare Realty Trust, Inc.		23,610		752,687
Highwoods Properties, Inc.		17,342		827,040
Hudson Pacific Properties, Inc.		25,158		685,807
JBG SMITH Properties		18,410		600,718
Kilroy Realty Corp.		17,661		1,223,378
Lamar Advertising Co., Class A		14,448		1,540,157
Life Storage, Inc.		12,809		1,503,264
Macerich Co.		27,880		454,444
Medical Properties Trust, Inc.		98,032		2,061,613
National Retail Properties, Inc.		29,263		1,430,083
National Storage Affiliates Trust		12,953		701,664
Omega Healthcare Investors, Inc.		39,226		1,423,119
Park Hotels & Resorts, Inc.†		39,415		729,178
Pebblebrook Hotel Trust		21,897		492,464
Physicians Realty Trust		35,911		680,514
PotlatchDeltic Corp.		11,174		580,378
PS Business Parks, Inc.		3,349		514,641
Rayonier, Inc.		23,171		873,778
Rexford Industrial Realty, Inc.		22,343		1,374,541
Sabra Health Care REIT, Inc.		35,988		669,017
SL Green Realty Corp.		11,559		860,683
Spirit Realty Capital, Inc.		19,160		962,215
STORE Capital Corp.		40,574		1,468,373
Urban Edge Properties		18,334		348,346
Weingarten Realty Investors		19,995		643,639
				37,385,023
Real Estate Management/Services — 0.4%
Jones Lang LaSalle, Inc.†		8,551		1,903,196
Recreational Vehicles — 0.6%
Brunswick Corp.		12,983		1,355,425
Polaris, Inc.		9,594		1,257,486
				2,612,911
Rental Auto/Equipment — 0.3%
Avis Budget Group, Inc.†		8,616		713,147
PROG Holdings, Inc.		11,225		491,318
				1,204,465
Resorts/Theme Parks — 0.4%
Marriott Vacations Worldwide Corp.†		7,116		1,048,685
Six Flags Entertainment Corp.†		12,666		526,272
				1,574,957
Retail-Apparel/Shoe — 0.4%
American Eagle Outfitters, Inc.		25,157		867,162
Foot Locker, Inc.		17,213		982,174
				1,849,336

361

SunAmerica Series Trust SA Mid Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Automobile — 0.7%
AutoNation, Inc.†		8,987	$	1,090,393
Lithia Motors, Inc.		4,959		1,870,634
				2,961,027
Retail-Catalog Shopping — 0.2%
MSC Industrial Direct Co., Inc., Class A		7,832		698,379
Retail-Convenience Store — 0.3%
Casey’s General Stores, Inc.		6,158		1,217,498
Retail-Discount — 0.5%
BJ’s Wholesale Club Holdings, Inc.†		22,855		1,157,377
Ollie’s Bargain Outlet Holdings, Inc.†		9,466		881,285
				2,038,662
Retail-Home Furnishings — 0.9%
RH†		2,804		1,862,081
Williams-Sonoma, Inc.		12,699		1,926,438
				3,788,519
Retail-Major Department Stores — 0.1%
Nordstrom, Inc.†		18,143		600,533
Retail-Misc./Diversified — 0.4%
Five Below, Inc.†		9,332		1,814,327
Retail-Pawn Shops — 0.1%
FirstCash, Inc.		6,838		541,570
Retail-Petroleum Products — 0.2%
Murphy USA, Inc.		4,173		615,559
World Fuel Services Corp.		10,539		363,174
				978,733
Retail-Regional Department Stores — 0.3%
Kohl’s Corp.		26,039		1,322,781
Retail-Restaurants — 0.9%
Cracker Barrel Old Country Store, Inc.		3,954		538,456
Jack in the Box, Inc.		3,705		403,326
Papa John’s International, Inc.		5,513		629,144
Texas Roadhouse, Inc.		10,926		1,007,049
Wendy’s Co.		29,514		685,020
Wingstop, Inc.		4,956		849,012
				4,112,007
Retail-Sporting Goods — 0.3%
Dick’s Sporting Goods, Inc.		10,922		1,137,417
Rubber-Tires — 0.2%
Goodyear Tire & Rubber Co.†		46,507		730,625
Satellite Telecom — 0.2%
Iridium Communications, Inc.†		19,577		826,737
Savings & Loans/Thrifts — 0.5%
New York Community Bancorp, Inc.		77,510		913,068
Sterling Bancorp		32,099		696,869
Washington Federal, Inc.		12,067		389,402
				1,999,339
Schools — 0.3%
Graham Holdings Co., Class B		673		447,316
Grand Canyon Education, Inc.†		7,724		713,466
Strategic Education, Inc.		4,108		325,723
				1,486,505

Security Description	Shares		Value (Note 2)
Security Services — 0.1%
Brink’s Co.		8,292	$	638,152
Semiconductor Components-Integrated Circuits — 0.2%
Cirrus Logic, Inc.†		9,587		791,790
Semiconductor Equipment — 0.7%
Brooks Automation, Inc.		12,383		1,102,211
CMC Materials, Inc.		4,876		705,265
MKS Instruments, Inc.		9,226		1,443,315
				3,250,791
Steel Pipe & Tube — 0.2%
Valmont Industries, Inc.		3,541		839,040
Steel-Producers — 1.7%
Cleveland-Cliffs, Inc.†		76,574		1,914,350
Commercial Metals Co.		20,085		658,788
Reliance Steel & Aluminum Co.		10,618		1,668,619
Steel Dynamics, Inc.		33,443		2,155,401
United States Steel Corp.		44,943		1,190,091
				7,587,249
Telecom Equipment-Fiber Optics — 0.3%
Ciena Corp.†		25,827		1,501,582
Telephone-Integrated — 0.1%
Telephone & Data Systems, Inc.		16,599		370,988
Television — 0.1%
World Wrestling Entertainment, Inc., Class A		7,544		372,523
Theaters — 0.1%
Cinemark Holdings, Inc.†		18,130		281,559
Therapeutics — 0.3%
Neurocrine Biosciences, Inc.†		15,757		1,468,710
Tools-Hand Held — 0.2%
MSA Safety, Inc.		6,071		998,558
Toys — 0.3%
Mattel, Inc.†		58,129		1,262,562
Transport-Equipment & Leasing — 0.1%
GATX Corp.		5,900		544,275
Transport-Marine — 0.1%
Kirby Corp.†		10,017		580,084
Transport-Services — 0.2%
Ryder System, Inc.		8,978		683,675
Transport-Truck — 1.1%
Knight-Swift Transportation Holdings, Inc.		20,413		1,014,322
Landstar System, Inc.		6,401		1,004,957
Werner Enterprises, Inc.		9,508		434,611
XPO Logistics, Inc.†		16,943		2,349,824
				4,803,714
Water — 0.4%
Essential Utilities, Inc.		37,255		1,829,966
Wire & Cable Products — 0.1%
Belden, Inc.		7,456		365,344
Wireless Equipment — 0.1%
ViaSat, Inc.†		11,343		563,067
Total Common Stocks (cost $293,487,352)				391,519,223

362

SunAmerica Series Trust SA Mid Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
EXCHANGE-TRADED FUNDS — 3.5%
SPDR S&P MidCap 400 Trust ETF Trust (cost $14,903,178)		31,500		$	15,510,600
Total Long-Term Investment Securities (cost $308,390,530)					407,029,823
SHORT-TERM INVESTMENT SECURITIES — 0.4%
U.S. Government Treasuries — 0.4%
United States Treasury Bills 0.04% due 04/21/2022(1)		160,000			159,945
0.04% due 05/19/2022(1)		765,000			764,630
0.07% due 06/16/2022(1)		920,000			919,492
Total Short-Term Investment Securities (cost $1,844,136)					1,844,067
REPURCHASE AGREEMENTS — 7.2%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 07/30/2021, to be repurchased 08/02/2021 in the amount of $31,441,000 and collateralized by $21,392,000 of United States Treasury Inflation Index Bonds, bearing interest at 1.00% due 02/15/2049 and having an approximate value of $32,069,887 (cost $31,441,000)		31,441,000			31,441,000
TOTAL INVESTMENTS (cost $341,675,666)(2)		100.0	%		440,314,890
Other assets less liabilities		0.0			89,198
NET ASSETS		100.0	%	$	440,404,088

† Non-income producing security

(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.

ETF — Exchange-Traded Fund

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	120	Long	S&P 400 E-Mini Index	September 2021	$	32,640,299	$	32,384,400	$	(255,899	)

* 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 July 31, 2021 (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	$	391,519,223	$	—	$	—	$	391,519,223
Exchanged-Traded Funds		15,510,600		—		—		15,510,600
Short-Term Investment Securities		—		1,844,067		—		1,844,067
Repurchase Agreements		—		31,441,000		—		31,441,000
Total Investments at Value	$	407,029,823	$	33,285,067	$	—	$	440,314,890
LIABILITIES:
Other Financial Instruments:†
Futures Contracts .	$	255,899	$	—	$	—	$	255,899

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

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

363

SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Medical-Drugs	12.6	%
Insurance-Life/Health	8.4
Enterprise Software/Service	6.6
Soap & Cleaning Preparation	6.3
Tobacco	4.0
Brewery	3.7
Commercial Services	3.1
Cosmetics & Toiletries	3.0
Banks-Commercial	3.0
Transport-Services	2.9
Dialysis Centers	2.8
Industrial Automated/Robotic	2.6
Beverages-Wine/Spirits	2.6
Retail-Apparel/Shoe	2.4
Textile-Apparel	2.4
Gold Mining	2.4
Electronic Components-Semiconductors	2.3
Semiconductor Components-Integrated Circuits	2.1
Internet Content-Information/News	2.0
Aerospace/Defense-Equipment	1.9
Food-Misc./Diversified	1.7
Machinery-General Industrial	1.7
Electronics-Military	1.7
Finance-Other Services	1.5
Athletic Footwear	1.5
Electronic Components-Misc.	1.4
Oil Refining & Marketing	1.1
Fisheries	1.1
Diversified Minerals	1.1
Commercial Services-Finance	1.1
Metal-Diversified	1.0
Machinery-Construction & Mining	0.9
Diversified Banking Institutions	0.8
Auto/Truck Parts & Equipment-Original	0.7
Casino Services	0.7
Diagnostic Kits	0.6
Electric Products-Misc.	0.6
Investment Management/Advisor Services	0.5
Medical Instruments	0.5
Non-Ferrous Metals	0.4
	97.7	%

* Calculated as a percentage of net assets

Country Allocation*

United Kingdom	20.5	%
Germany	17.6
France	13.9
Japan	7.6
Canada	6.0
Switzerland	5.3
Singapore	3.0
Netherlands	2.8
South Korea	2.8
Cayman Islands	2.7
Sweden	2.6
Hong Kong	2.5
Italy	2.4
Taiwan	2.1
Jersey	1.6
Spain	1.4
Finland	1.1
Norway	1.1
Australia	0.7
	97.7	%

* Calculated as a percentage of net assets

364

SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.7%
Australia — 0.7%
Aristocrat Leisure, Ltd.		113,651	$	3,486,753
Canada — 6.0%
Barrick Gold Corp.		551,507		12,006,196
Cameco Corp.		119,114		2,118,579
Constellation Software, Inc.		9,858		15,790,737
				29,915,512
Cayman Islands — 2.7%
Minth Group, Ltd.		826,000		3,495,311
Tencent Holdings, Ltd.		159,300		9,830,617
				13,325,928
Finland — 1.1%
Neste Oyj		90,325		5,557,700
France — 13.9%
AXA SA		275,080		7,120,305
L’Oreal SA		5,564		2,548,678
Legrand SA		24,555		2,766,384
LVMH Moet Hennessy Louis Vuitton SE		15,104		12,087,104
Pernod Ricard SA		58,536		12,919,599
Safran SA		73,720		9,657,074
Sanofi		133,362		13,742,695
Thales SA		77,879		8,173,892
				69,015,731
Germany — 17.6%
adidas AG		20,454		7,430,273
Bayer AG		122,253		7,291,186
Deutsche Boerse AG		45,467		7,593,073
Deutsche Post AG		216,337		14,651,297
Fresenius SE & Co. KGaA		263,287		13,849,304
Henkel AG & Co. KGaA (Preference Shares)		159,493		16,171,797
Infineon Technologies AG		86,363		3,292,945
SAP SE		117,832		16,900,166
				87,180,041
Hong Kong — 2.5%
AIA Group, Ltd.		1,034,600		12,410,403
Italy — 2.4%
Moncler SpA		176,685		12,167,025
Japan — 7.6%
FANUC Corp.		24,900		5,576,654
Hoya Corp.		47,300		6,678,341
Keyence Corp.		13,200		7,350,080
Kirin Holdings Co., Ltd.		408,800		7,480,997
Lion Corp.		61,300		1,064,131
Shiseido Co., Ltd.		80,500		5,368,344
Sumitomo Mitsui Financial Group, Inc.		124,000		4,179,785
				37,698,332
Jersey — 1.6%
Experian PLC		118,904		5,234,158
Man Group PLC		927,580		2,551,543
				7,785,701
Netherlands — 2.8%
Heineken NV		95,894		11,168,027
QIAGEN NV†		54,266		2,908,510
				14,076,537

Security Description	Shares			Value (Note 2)
Norway — 1.1%
Mowi ASA		214,339		$	5,459,365
Singapore — 3.0%
DBS Group Holdings, Ltd.		349,500			7,843,359
United Overseas Bank, Ltd.		365,500			7,075,455
					14,918,814
South Korea — 2.8%
LG Household & Health Care, Ltd.		4,764			6,048,650
Samsung Electronics Co., Ltd.		113,840			7,784,846
					13,833,496
Spain — 1.4%
Grifols SA		268,736			6,835,483
Sweden — 2.6%
Epiroc AB, Class A		199,765			4,669,361
Hexagon AB, Class B		497,502			8,247,217
					12,916,578
Switzerland — 5.3%
Alcon, Inc.		29,874			2,174,973
Novartis AG		139,719			12,923,419
Roche Holding AG		28,420			10,990,080
					26,088,472
Taiwan — 2.1%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		90,664			10,575,049
United Kingdom — 20.5%
Anglo American PLC		110,483			4,894,514
Associated British Foods PLC		300,777			8,384,142
AstraZeneca PLC		51,761			5,944,661
BHP Group PLC		166,598			5,410,473
British American Tobacco PLC		319,021			11,891,411
GlaxoSmithKline PLC		234,684			4,637,488
Imperial Brands PLC		374,750			8,028,297
Legal & General Group PLC		1,864,773			6,770,453
M&G PLC		974,902			3,052,509
Prudential PLC		659,141			12,389,553
Reckitt Benckiser Group PLC		196,011			15,043,863
RELX PLC (LSE)		234,716			6,894,516
RELX PLC (XAMS)		282,047			8,371,877
					101,713,757
TOTAL INVESTMENTS — (cost $386,764,716)(1)		97.7	%		484,960,677
Other assets less liabilities		2.3			11,588,136
NET ASSETS		100.0	%	$	496,548,813

† Non-income producing security

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

ADR — American Depositary Receipt

LSE — London Stock Exchange

XAMS — Euronext Amsterdam Stock Exchange

365

SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	40,490,561	$	444,470,116	**	$	—	$	484,960,677

* 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).

See Notes to Financial Statements

366

SunAmerica Series Trust SA PIMCO RAE International Value Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Steel-Producers	6.0	%
Metal-Diversified	4.9
Auto-Cars/Light Trucks	4.8
Chemicals-Diversified	4.2
Auto/Truck Parts & Equipment-Original	4.1
Banks-Commercial	4.0
Airlines	3.4
Telephone-Integrated	3.2
Medical-Drugs	3.1
Diversified Banking Institutions	2.8
Food-Retail	2.8
Machinery-Electrical	2.8
Insurance-Life/Health	2.5
Oil Companies-Integrated	2.5
Electric-Integrated	2.4
Audio/Video Products	2.1
Insurance-Multi-line	1.5
Food-Misc./Diversified	1.4
Human Resources	1.3
Metal-Aluminum	1.3
Gas-Distribution	1.3
Computer Services	1.2
Transport-Services	1.1
Office Automation & Equipment	1.1
Rubber-Tires	1.1
Lighting Products & Systems	1.0
Power Converter/Supply Equipment	0.9
Cellular Telecom	0.9
Distribution/Wholesale	0.9
Real Estate Operations & Development	0.8
Retail-Jewelry	0.8
Electric-Generation	0.8
Metal-Copper	0.8
Auto-Heavy Duty Trucks	0.8
Real Estate Investment Trusts	0.8
Medical-Generic Drugs	0.8
Building-Residential/Commercial	0.8
Diversified Minerals	0.7
Building & Construction Products-Misc.	0.7
Tobacco	0.7
Insurance-Property/Casualty	0.7
Diversified Manufacturing Operations	0.6
Insurance-Reinsurance	0.6
Retail-Building Products	0.6
Telecom Services	0.6
Real Estate Management/Services	0.5
Building-Maintenance & Services	0.5
Electronic Components-Misc.	0.5
Energy-Alternate Sources	0.5
Medical Instruments	0.5
Multimedia	0.5
Metal-Iron	0.5
Semiconductor Equipment	0.4
Building-Heavy Construction	0.4
Industrial Automated/Robotic	0.4
Oil Companies-Exploration & Production	0.4
Electronic Components-Semiconductors	0.4
Transport-Rail	0.4
Semiconductor Components-Integrated Circuits	0.4
Brewery	0.4
Diversified Operations	0.4

Water	0.4	%
Advertising Agencies	0.4
Chemicals-Specialty	0.4
Metal Processors & Fabrication	0.4
Cosmetics & Toiletries	0.4
Machinery-General Industrial	0.3
Retail-Apparel/Shoe	0.3
Investment Management/Advisor Services	0.3
Finance-Leasing Companies	0.3
Electric-Distribution	0.3
Repurchase Agreements	0.3
Food-Wholesale/Distribution	0.3
Paper & Related Products	0.3
Entertainment Software	0.3
Athletic Footwear	0.3
Retail-Consumer Electronics	0.3
Machinery-Farming	0.2
Wire & Cable Products	0.2
Medical Products	0.2
Import/Export	0.2
Printing-Commercial	0.2
Retail-Propane Distribution	0.2
Transport-Marine	0.2
Petrochemicals	0.2
Retail-Auto Parts	0.2
Chemicals-Other	0.2
Television	0.2
Oil Refining & Marketing	0.1
Building & Construction-Misc.	0.1
Steel Pipe & Tube	0.1
Building Products-Cement	0.1
Casino Hotels	0.1
Electric Products-Misc.	0.1
Building Products-Doors & Windows	0.1
Dialysis Centers	0.1
Aerospace/Defense	0.1
Retail-Regional Department Stores	0.1
Coatings/Paint	0.1
Electronic Connectors	0.1
Batteries/Battery Systems	0.1
Web Portals/ISP	0.1
Medical-Wholesale Drug Distribution	0.1
Recreational Vehicles	0.1
Advanced Materials	0.1
Soap & Cleaning Preparation	0.1
Networking Products	0.1
Finance-Investment Banker/Broker	0.1
Advertising Services	0.1
Appliances	0.1
Oil-Field Services	0.1
Aerospace/Defense-Equipment	0.1
Apparel Manufacturers	0.1
Photo Equipment & Supplies	0.1
Enterprise Software/Service	0.1
Food-Baking	0.1
Commercial Services	0.1
	99.7	%

367

SunAmerica Series Trust SA PIMCO RAE International Value Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Country Allocation*

Japan	26.5	%
United Kingdom	11.4
Germany	9.9
Switzerland	6.5
Australia	5.7
France	5.6
Netherlands	5.2
Canada	5.2
Luxembourg	4.7
Spain	3.5
Italy	2.5
Norway	1.8
Israel	1.4
Denmark	1.0
Cayman Islands	0.9
Finland	0.9
Belgium	0.9
Jersey	0.9
Sweden	0.8
Hong Kong	0.8
Ireland	0.7
Austria	0.6
Bermuda	0.5
SupraNational	0.5
New Zealand	0.4
United States	0.3
Portugal	0.3
Singapore	0.3
	99.7	%

* Calculated as a percentage of net assets

368

SunAmerica Series Trust SA PIMCO RAE International Value Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 99.4%
Australia — 5.7%
AGL Energy, Ltd.		160,713	$	850,507
AMP, Ltd.		1,040,262		795,545
Aurizon Holdings, Ltd.		242,615		689,293
Australia & New Zealand Banking Group, Ltd.		88,444		1,801,225
Bendigo & Adelaide Bank, Ltd.		56,587		430,537
BHP Group, Ltd.		84,685		3,318,730
BlueScope Steel, Ltd.		21,303		382,942
Brambles, Ltd.		33,481		286,075
CIMIC Group, Ltd.		9,448		143,266
Coles Group, Ltd.		76,482		983,385
Commonwealth Bank of Australia		33,807		2,473,119
Crown Resorts, Ltd.†		91,510		578,847
Downer EDI, Ltd.		73,781		288,073
Endeavour Group, Ltd.†		67,262		327,258
Fortescue Metals Group, Ltd.		186,483		3,424,578
Insurance Australia Group, Ltd.		20,677		73,824
Lendlease Corp., Ltd.		20,021		179,736
Macquarie Group, Ltd.		7,693		887,709
Metcash, Ltd.		750,821		2,215,159
Orica, Ltd.		35,070		320,212
Qantas Airways, Ltd.†		92,146		310,775
QBE Insurance Group, Ltd.		48,333		388,475
Rio Tinto, Ltd.		103,571		10,193,661
Sims Metal Management, Ltd.		40,337		488,676
Stockland		191,046		618,367
Suncorp Group, Ltd.		156,587		1,327,998
Telstra Corp., Ltd.		1,220,517		3,390,350
Wesfarmers, Ltd.		44,658		2,006,639
Westpac Banking Corp.		145,854		2,614,183
Woodside Petroleum, Ltd.		23,956		385,572
Woolworths Group, Ltd.		67,262		1,922,107
				44,096,823
Austria — 0.6%
Lenzing AG†		2,098		270,691
Raiffeisen Bank International AG		3,573		84,344
voestalpine AG		103,491		4,563,478
				4,918,513
Belgium — 0.9%
Ageas SA/NV		15,256		805,031
Anheuser-Busch InBev SA NV		17,955		1,131,514
bpost SA†		24,012		269,707
Colruyt SA		24,147		1,372,571
KBC Group NV		19,067		1,531,896
Proximus SADP		19,936		409,586
UCB SA		11,704		1,265,912
				6,786,217
Bermuda — 0.5%
Hongkong Land Holdings, Ltd.		104,600		474,891
Hopson Development Holdings, Ltd.		212,089		703,589
Jardine Matheson Holdings, Ltd.		1,200		71,307
Kerry Properties, Ltd.		403,500		1,189,192
Skyworth Group, Ltd.†		1,826,000		500,528
VTech Holdings, Ltd.		35,800		356,326
Yue Yuen Industrial Holdings, Ltd.†		409,500		864,796
				4,160,629
Canada — 5.2%
Air Canada†		44,719		895,384
ARC Resources, Ltd.		133,665		1,011,380

Security Description	Shares		Value (Note 2)
Canada (continued)
Atco, Ltd., Class I		20,922	$	755,982
Canadian Pacific Railway, Ltd.		976		72,472
Canadian Tire Corp., Ltd., Class A		7,760		1,193,856
Canadian Utilities, Ltd., Class A		13,881		406,661
Celestica, Inc.†		12,420		109,805
CI Financial Corp.		48,164		878,271
Cominar Real Estate Investment Trust		43,740		401,079
Crescent Point Energy Corp.		428,849		1,567,451
George Weston, Ltd.		7,800		808,884
Gildan Activewear, Inc.		12,833		442,407
Great-West Lifeco, Inc.		6,678		200,940
H&R Real Estate Investment Trust		52,980		714,695
IGM Financial, Inc.		4,978		175,682
Magna International, Inc.		236,399		19,819,923
Methanex Corp.		2,146		72,313
Onex Corp.		4,681		356,816
Power Corp. of Canada		67,026		2,139,288
RioCan Real Estate Investment Trust		19,340		350,185
Sun Life Financial, Inc.		11,319		589,539
Suncor Energy, Inc.		68,642		1,351,272
Teck Resources, Ltd., Class B		49,677		1,134,018
TFI International, Inc.		2,160		241,797
Thomson Reuters Corp.		18,509		1,961,277
TransAlta Corp.		78,490		818,495
Turquoise Hill Resources, Ltd.†		83,652		1,395,988
				39,865,860
Cayman Islands — 0.9%
Chow Tai Fook Jewellery Group, Ltd.		65,800		137,865
CK Asset Holdings, Ltd.		34,000		231,842
CK Hutchison Holdings, Ltd.		99,500		727,679
GCL-Poly Energy Holdings, Ltd.†(1)		26,807,000		3,415,058
Kingboard Holdings, Ltd.		218,500		1,145,900
Kingboard Laminates Holdings, Ltd.		237,500		476,119
Lee & Man Paper Manufacturing, Ltd.		339,000		253,374
Sands China, Ltd.†		99,200		339,464
Shimao Group Holdings, Ltd.		212,500		419,153
Wharf Real Estate Investment Co., Ltd.		24,000		135,608
				7,282,062
Denmark — 1.0%
AP Moller - Maersk A/S, Series B		509		1,412,742
Carlsberg A/S, Class B		2,963		548,333
Danske Bank A/S		63,853		1,117,743
ISS A/S†		168,209		3,970,129
Novo Nordisk A/S, Class B		3,198		296,225
Vestas Wind Systems A/S		10,437		384,838
				7,730,010
Finland — 0.9%
Kone Oyj, Class B		4,374		362,213
Nokia Oyj†		81,152		497,602
Nordea Bank Abp		500,299		5,854,149
UPM-Kymmene Oyj		11,410		466,536
				7,180,500
France — 5.6%
Air France-KLM†		874,107		4,066,864
Alstom SA		7,079		293,768
AXA SA		34,564		894,672
Bollore SA		32,727		182,881
Capgemini SE		1,690		365,609
Carrefour SA		155,496		2,890,192
Casino Guichard Perrachon SA†		39,097		1,104,640

369

SunAmerica Series Trust SA PIMCO RAE International Value Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
France (continued)
Cie de Saint-Gobain		55,889	$	3,998,223
Cie Generale des Etablissements Michelin SCA		7,105		1,160,267
CNP Assurances		5,967		101,323
Eiffage SA		7,175		731,026
Engie SA		276,297		3,687,064
Faurecia SE		1,448		64,701
Orange SA		204,071		2,274,076
Renault SA†		41,277		1,570,324
Rexel SA		127,779		2,694,236
Sanofi		29,500		3,039,918
Schneider Electric SE		17,843		2,989,846
SCOR SE		3,873		108,342
Sodexo SA†		1,246		106,195
Suez SA		61,594		1,437,924
TotalEnergies SE		38,213		1,666,295
Valeo SA		205,725		5,947,082
Veolia Environnement SA		40,159		1,319,471
Vivendi SE		23,932		808,389
				43,503,328
Germany — 9.9%
adidas AG		1,044		379,251
Aurubis AG		46,652		4,722,647
BASF SE		35,309		2,774,420
Bayerische Motoren Werke AG		41,853		4,163,441
Continental AG†		8,116		1,103,045
Covestro AG*		201,708		12,979,818
Daimler AG		96,876		8,654,302
Deutsche Bank AG†		125,838		1,590,616
Deutsche Lufthansa AG†		1,470,143		16,657,589
Deutsche Telekom AG		167,739		3,485,042
E.ON SE		204,057		2,510,414
Evonik Industries AG		56,197		1,953,112
Fresenius SE & Co. KGaA		16,813		884,390
GEA Group AG		24,460		1,084,835
Hella GmbH & Co. KGaA†		4,354		304,980
Henkel AG & Co. KGaA (Preference Shares)		3,606		365,631
METRO AG		262,839		3,406,506
Muenchener Rueckversicherungs-Gesellschaft AG		8,441		2,282,785
Salzgitter AG†		31,337		1,218,751
Schaeffler AG (Preference Shares)		101,630		885,419
Siemens AG		26,008		4,060,579
Talanx AG		2,708		115,187
thyssenkrupp AG†		27,952		278,752
Uniper SE		6,209		242,789
				76,104,301
Hong Kong — 0.8%
Hang Lung Group, Ltd.		115,000		281,781
Hang Lung Properties, Ltd.		219,000		566,668
Hang Seng Bank, Ltd.		19,900		381,275
Henderson Land Development Co., Ltd.		31,000		138,715
Hysan Development Co., Ltd.		84,000		330,884
Link REIT		21,800		208,580
MTR Corp., Ltd.		73,000		432,776
New World Development Co., Ltd.		54,000		256,374
Sun Hung Kai Properties, Ltd.		21,000		300,955
Swire Pacific, Ltd., Class A		332,000		2,064,282

Security Description	Shares		Value (Note 2)
Hong Kong (continued)
Wharf Holdings, Ltd.		434,000	$	1,472,510
				6,434,800
Ireland — 0.7%
Bank of Ireland Group PLC†		26,840		142,450
Medtronic PLC		28,840		3,786,980
Ryanair Holdings PLC†		45,972		903,613
Smurfit Kappa Group PLC		5,909		333,308
				5,166,351
Israel — 1.4%
Bank Hapoalim BM†		62,298		495,694
Bank Leumi Le-Israel BM†		50,048		382,681
Bezeq The Israeli Telecommunication Corp., Ltd.†		1,558,611		1,662,535
Delek Group, Ltd.†		3,120		187,337
Gazit-Globe, Ltd.		21,369		158,933
ICL Group, Ltd.		56,210		408,150
Israel Corp., Ltd.†		3,364		1,068,353
Oil Refineries, Ltd.†		1,488,628		351,278
Paz Oil Co., Ltd.†		2,306		277,669
Teva Pharmaceutical Industries, Ltd. ADR†		618,509		5,968,612
				10,961,242
Italy — 2.5%
A2A SpA		38,626		82,085
Assicurazioni Generali SpA		128,203		2,561,443
Banca Monte dei Paschi di Siena SpA†		358,236		497,919
Enel SpA		740,083		6,833,765
Eni SpA		129,623		1,531,116
Intesa Sanpaolo SpA		1,583,862		4,373,976
Leonardo SpA†		41,613		327,919
Snam SpA		13,891		84,138
Telecom Italia SpA		4,363,992		1,921,125
Unipol Gruppo SpA		130,059		693,248
UnipolSai Assicurazioni SpA		109,451		304,530
				19,211,264
Japan — 26.5%
AGC, Inc.		21,100		906,743
Aisin Corp.		19,400		784,792
Ajinomoto Co., Inc.		40,600		1,034,626
Alps Alpine Co., Ltd.		82,600		857,942
Amada Co., Ltd.		33,100		342,082
ANA Holdings, Inc.†		28,400		667,395
Asics Corp.		30,000		665,079
Astellas Pharma, Inc.		235,200		3,746,144
Bridgestone Corp.		101,100		4,449,810
Brother Industries, Ltd.		29,500		599,628
Canon Marketing Japan, Inc.		8,300		185,933
Canon, Inc.		114,700		2,634,167
Casio Computer Co., Ltd.		19,200		312,553
Chiba Bank, Ltd.		62,000		354,377
Chubu Electric Power Co., Inc.		116,300		1,402,401
Citizen Watch Co., Ltd.		93,300		365,052
Concordia Financial Group, Ltd.		107,400		385,504
Cosmo Energy Holdings Co., Ltd.		11,100		257,331
Credit Saison Co., Ltd.		17,100		203,690
Dai Nippon Printing Co., Ltd.		31,800		748,852
Dai-ichi Life Holdings, Inc.		115,400		2,132,142
Daicel Corp.		86,600		721,689
Daito Trust Construction Co., Ltd.		34,300		4,038,013
Daiwa House Industry Co., Ltd.		17,700		543,068

370

SunAmerica Series Trust SA PIMCO RAE International Value Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Daiwa Securities Group, Inc.		94,200	$	494,241
Denso Corp.		5,800		398,253
Dentsu Group, Inc.		13,900		484,157
DIC Corp.		14,200		385,572
East Japan Railway Co.		12,700		847,127
Ebara Corp.		6,200		306,936
Edion Corp.		37,800		390,754
Eisai Co., Ltd.		11,200		919,322
ENEOS Holdings, Inc.		31,500		131,358
FANUC Corp.		1,400		313,547
Fuji Electric Co., Ltd.		12,800		559,366
FUJIFILM Holdings Corp.		26,700		1,917,542
Fujikura, Ltd.†		149,900		770,006
Fujitsu, Ltd.		48,500		8,238,882
Furukawa Electric Co., Ltd.		39,400		1,014,217
GS Yuasa Corp.		27,300		699,949
GungHo Online Entertainment, Inc.		34,200		633,259
H2O Retailing Corp.		46,600		352,326
Hanwa Co., Ltd.		2,700		79,828
Hino Motors, Ltd.		59,600		521,335
Hitachi, Ltd.		300,400		17,252,167
Hokkaido Electric Power Co., Inc.		80,900		364,880
Hokuriku Electric Power Co.		56,700		296,432
IHI Corp.†		19,000		442,637
Isetan Mitsukoshi Holdings, Ltd.		72,600		491,020
Isuzu Motors, Ltd.		415,900		5,537,793
Itoham Yonekyu Holdings, Inc.		14,600		97,050
Iwatani Corp.		25,900		1,487,063
Izumi Co., Ltd.		4,300		147,024
Japan Airlines Co., Ltd.†		125,800		2,633,498
Japan Post Holdings Co., Ltd.		492,500		4,185,093
Japan Post Insurance Co., Ltd.		20,500		364,256
Japan Tobacco, Inc.		69,700		1,363,043
JFE Holdings, Inc.		93,200		1,141,844
JSR Corp.		17,200		575,872
JTEKT Corp.		30,500		289,356
K’s Holdings Corp.†		27,800		328,543
Kajima Corp.		24,700		319,420
Kaneka Corp.		11,300		448,007
Kawasaki Heavy Industries, Ltd.†		25,400		531,895
Kewpie Corp.		9,500		214,082
Kirin Holdings Co., Ltd.		43,200		790,555
Kobe Steel, Ltd.		206,900		1,391,342
Komatsu, Ltd.		2,700		70,396
Konica Minolta, Inc.		156,900		805,507
Kubota Corp.		46,400		969,611
Kyocera Corp.		11,200		692,251
Kyushu Electric Power Co., Inc.		108,100		819,916
Matsumotokiyoshi Holdings Co., Ltd.		8,200		364,109
Mazda Motor Corp.†		340,100		3,351,181
Medipal Holdings Corp.		9,900		186,543
Mitsubishi Chemical Holdings Corp.		250,100		2,100,533
Mitsubishi Corp.		23,800		671,008
Mitsubishi Electric Corp.		156,100		2,113,085
Mitsubishi Gas Chemical Co., Inc.		10,700		223,338
Mitsubishi Heavy Industries, Ltd.		53,700		1,559,513
Mitsubishi Materials Corp.		26,200		546,490
Mitsubishi UFJ Financial Group, Inc.		588,800		3,119,615
Mitsui Chemicals, Inc.		39,400		1,258,333
Mitsui Mining & Smelting Co., Ltd.		10,200		290,905
Mixi, Inc.		52,500		1,321,577

Security Description	Shares		Value (Note 2)
Japan (continued)
MS&AD Insurance Group Holdings, Inc.		58,600	$	1,811,544
NEC Corp.		9,300		472,870
NH Foods, Ltd.		12,300		497,169
NHK Spring Co., Ltd.		48,000		371,007
Nikon Corp.		42,600		396,719
Nippon Electric Glass Co., Ltd.		42,100		956,129
Nippon Express Co., Ltd.		19,700		1,436,836
Nippon Light Metal Holdings Co., Ltd.		17,900		314,923
Nippon Paper Industries Co., Ltd.		9,900		115,732
Nippon Steel Corp.		79,700		1,393,089
Nippon Telegraph & Telephone Corp.		180,400		4,622,063
Nissan Motor Co., Ltd.†		1,222,000		7,073,596
Nitto Denko Corp.		81,700		6,078,240
NOK Corp.		29,000		383,291
Nomura Real Estate Holdings, Inc.		44,000		1,090,490
NSK, Ltd.		71,300		589,184
NTN Corp.†		209,100		537,148
Obayashi Corp.		32,300		265,595
Oji Holdings Corp.		47,800		275,914
Omron Corp.		34,800		2,977,192
ORIX Corp.		101,600		1,776,109
Otsuka Holdings Co., Ltd.		12,700		504,858
Panasonic Corp.		1,305,600		15,638,189
Persol Holdings Co., Ltd.		30,000		604,920
Pola Orbis Holdings, Inc.		22,600		540,526
Renesas Electronics Corp.†		80,300		869,642
Ricoh Co., Ltd.		151,400		1,652,171
Rohm Co., Ltd.		5,200		506,490
Secom Co., Ltd.		1,500		113,305
Sega Sammy Holdings, Inc.		10,900		137,559
Seibu Holdings, Inc.†		23,600		266,557
Seiko Epson Corp.		111,100		1,911,370
Sekisui Chemical Co., Ltd.		28,500		491,760
Sekisui House, Ltd.		100,200		1,985,157
Seven & i Holdings Co., Ltd.		15,400		686,353
Shikoku Electric Power Co., Inc.		46,000		303,674
Shimamura Co., Ltd.		13,500		1,304,519
SoftBank Group Corp.		13,500		848,411
Sojitz Corp.		130,800		400,360
Sompo Holdings, Inc.		28,900		1,195,897
Subaru Corp.		60,800		1,193,090
Sumitomo Chemical Co., Ltd.		324,600		1,691,093
Sumitomo Corp.		65,200		886,626
Sumitomo Electric Industries, Ltd.		95,100		1,351,692
Sumitomo Forestry Co., Ltd.		15,600		295,211
Sumitomo Heavy Industries, Ltd.		15,400		428,992
Sumitomo Mitsui Financial Group, Inc.		110,300		3,717,986
Sumitomo Mitsui Trust Holdings, Inc.		7,200		236,574
Sumitomo Rubber Industries, Ltd.		29,500		396,774
Suzuken Co., Ltd.		16,100		467,242
Suzuki Motor Corp.		68,500		2,787,844
T&D Holdings, Inc.		48,800		625,466
Taiheiyo Cement Corp.		15,700		365,426
Taisei Corp.		4,700		159,019
TDK Corp.		7,300		833,904
Tohoku Electric Power Co., Inc.		92,300		700,936
Tokai Rika Co., Ltd.		13,300		207,156
Tokio Marine Holdings, Inc.		27,200		1,297,660
Tokyo Electric Power Co. Holdings, Inc.†		580,300		1,551,472
Tokyo Electron, Ltd.		8,300		3,419,726
Tokyu Fudosan Holdings Corp.		23,100		130,287

371

SunAmerica Series Trust SA PIMCO RAE International Value Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Toppan Printing Co., Ltd.		44,400	$	753,976
Toray Industries, Inc.		149,500		985,318
Toshiba Corp.		24,600		1,059,454
Tosoh Corp.		33,100		582,120
Toyo Seikan Group Holdings, Ltd.		11,200		152,586
Toyota Tsusho Corp.		19,700		930,977
TS Tech Co., Ltd.		23,500		349,324
Ube Industries, Ltd.		23,800		480,466
United Super Markets Holdings, Inc.		40,700		398,259
West Japan Railway Co.		13,000		705,357
Yamaha Motor Co., Ltd.		23,700		593,006
Yamato Holdings Co., Ltd.		35,400		1,019,137
Yamazaki Baking Co., Ltd.		27,600		379,053
Yokogawa Electric Corp.		4,300		66,056
Yokohama Rubber Co., Ltd.		18,100		361,241
Z Holdings Corp.		134,000		671,110
Zeon Corp.		20,000		273,411
				204,855,358
Jersey — 0.9%
Ferguson PLC		10,701		1,500,097
Glencore PLC		519,361		2,334,612
WPP PLC		211,006		2,731,716
				6,566,425
Luxembourg — 4.7%
ArcelorMittal SA		960,812		33,558,405
Millicom International Cellular SA SDR†		13,463		537,777
RTL Group SA		10,120		572,550
Subsea 7 SA		59,368		476,393
Tenaris SA		122,815		1,256,005
				36,401,130
Netherlands — 5.2%
Aegon NV		190,309		809,092
AerCap Holdings NV†		14,549		771,097
Akzo Nobel NV		6,590		814,927
CNH Industrial NV		59,674		996,927
Heineken Holding NV		4,258		419,400
ING Groep NV		81,611		1,045,072
Koninklijke Ahold Delhaize NV		206,169		6,410,370
Koninklijke DSM NV		2,300		463,614
Koninklijke KPN NV		269,160		884,494
Koninklijke Philips NV		29,372		1,354,677
NXP Semiconductors NV		10,254		2,116,323
Randstad NV		45,921		3,334,051
Signify NV*		139,178		7,796,265
Stellantis NV		431,973		8,308,209
STMicroelectronics NV		64,239		2,633,290
VEON, Ltd. ADR†		1,066,251		1,865,939
Wolters Kluwer NV		2,722		310,488
				40,334,235
New Zealand — 0.4%
Air New Zealand, Ltd.†		333,661		348,895
Contact Energy, Ltd.		84,189		478,941
Fletcher Building, Ltd.		276,100		1,470,208
Spark New Zealand, Ltd.		163,177		538,709
				2,836,753

Security Description	Shares		Value (Note 2)
Norway — 1.8%
DNB Bank ASA		12,610	$	258,416
Ementor ASA		4,096		78,093
Equinor ASA		100,929		1,974,464
Gjensidige Forsikring ASA		6,962		159,193
Norsk Hydro ASA		1,471,566		9,789,662
Telenor ASA		99,329		1,724,613
Yara International ASA		5,063		266,642
				14,251,083
Portugal — 0.3%
EDP - Energias de Portugal SA		402,234		2,090,583
Portucel Empresa Produtora de Pasta e Papel SA†		21,660		77,954
				2,168,537
Singapore — 0.3%
Hutchison Port Holdings Trust		1,191,000		280,287
Keppel Corp., Ltd.		175,300		710,225
Sembcorp Industries, Ltd.		235,000		362,824
Singapore Telecommunications, Ltd.		362,700		607,604
				1,960,940
South Africa — 0.0%
Thungela Resources, Ltd.†		2,234		6,922
Spain — 3.5%
Acciona SA		6,747		1,034,193
ACS Actividades de Construccion y Servicios SA		17,611		462,785
Banco Bilbao Vizcaya Argentaria SA		540,062		3,464,031
Banco de Sabadell SA†		2,520,803		1,745,274
Banco Santander SA		1,116,032		4,082,890
Endesa SA		53,301		1,297,088
International Consolidated Airlines Group SA†		158,974		371,112
Mapfre SA		591,258		1,218,647
Naturgy Energy Group SA		125,592		3,245,125
Red Electrica Corp. SA		17,220		340,746
Repsol SA		59,522		651,113
Telefonica SA		1,911,585		8,768,946
				26,681,950
SupraNational — 0.5%
Unibail-Rodamco-Westfield† (Euronext Amsterdam)		5,392		448,389
Unibail-Rodamco-Westfield† (Euronext Paris)		36,334		3,021,471
				3,469,860
Sweden — 0.8%
Atlas Copco AB, Class A		14,861		1,006,005
Electrolux AB, Series B		18,234		478,087
Hennes & Mauritz AB, Class B†		66,085		1,384,452
JM AB		4,181		147,779
Securitas AB, Class B		4,832		85,190
Skanska AB, Class B		23,676		668,140
SKF AB, Class B		31,118		828,354
Swedbank AB, Class A		74,631		1,454,101
Telia Co., AB		100,077		439,277
				6,491,385
Switzerland — 6.5%
ABB, Ltd.		107,231		3,920,259
Adecco Group AG		104,300		6,248,056
Garmin, Ltd.		3,210		504,612

372

SunAmerica Series Trust SA PIMCO RAE International Value Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Switzerland (continued)
Holcim, Ltd.		13,398	$	785,457
Nestle SA		65,896		8,349,916
Novartis AG		47,519		4,395,308
Roche Holding AG (NES)		17,544		6,784,306
Swatch Group AG		18,644		6,228,296
Swiss Life Holding AG		3,312		1,710,688
Swiss Re AG		24,900		2,253,921
Swisscom AG		1,361		818,871
TE Connectivity, Ltd.		5,349		788,817
UBS Group AG		193,192		3,185,489
Zurich Insurance Group AG		11,116		4,480,950
				50,454,946
United Kingdom — 11.4%
Anglo American PLC		22,339		989,641
Associated British Foods PLC		2,450		68,294
AstraZeneca PLC		25,229		2,897,507
Aviva PLC		507,558		2,730,774
Barratt Developments PLC		56,874		555,882
Berkeley Group Holdings PLC		7,588		510,756
BHP Group PLC		43,259		1,404,889
British American Tobacco PLC		61,227		2,282,218
British Land Co. PLC		40,027		283,884
Carnival PLC†		8,036		159,299
Centrica PLC†		10,682,225		6,748,984
Direct Line Insurance Group PLC		143,959		594,420
Dixons Carphone PLC†		651,656		1,167,972
easyJet PLC†		26,564		311,952
Evraz PLC		192,941		1,645,961
HSBC Holdings PLC		1,013,577		5,594,295
Imperial Brands PLC		80,026		1,714,403
Inchcape PLC		74,930		885,497
ITV PLC†		322,281		502,200
Kingfisher PLC		502,682		2,573,237
M&G PLC		680,124		2,129,532
Marks & Spencer Group PLC†		1,382,180		2,600,988
Micro Focus International PLC		68,498		382,106
Mondi PLC		31,203		865,116
Pearson PLC		58,642		707,640
Persimmon PLC		8,493		342,599
Reckitt Benckiser Group PLC		2,468		189,419
Rio Tinto PLC		282,676		24,090,488
Royal Dutch Shell PLC, Class		555,233		11,139,194

Security Description	Shares/ Principal Amount			Value (Note 2)
United Kingdom (continued)
Royal Mail PLC		910,909		$	6,382,181
Smith & Nephew PLC		14,037			286,130
SSE PLC		84,605			1,699,205
Standard Life Aberdeen PLC		186,233			734,681
Taylor Wimpey PLC		128,900			294,692
Unilever PLC		33,020			1,901,441
WM Morrison Supermarkets PLC		77,308			287,517
					87,654,994
United States — 0.0%
Autoliv, Inc.		3,458			348,843
Total Long-Term Investment Securities (cost $722,506,761)					767,885,261
REPURCHASE AGREEMENTS — 0.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 07/30/2021, to be repurchased 08/02/2021 in the amount of $2,425,000 and collateralized by $2,537,100 of United States Treasury Notes, bearing interest at 0.50% due 10/31/2027 and having an approximate value of $2,473,539 (cost $2,425,000)	$	2,425,000			2,425,000
TOTAL INVESTMENTS (cost $724,931,761)(2)		99.7	%		770,310,261
Other assets less liabilities		0.3			2,150,736
NET ASSETS		100.0	%	$	772,460,997

† 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 July 31, 2021, the aggregate value of these securities was $20,776,083 representing 2.7% of net assets.

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

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

ADR	— American Depositary Receipt
NES	—Non-Voting Equity Securities
SDR	— Swedish Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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:
Cayman Islands	$	—	$	3,867,004	**	$	3,415,058	$	7,282,062
Other Countries		56,609,679		703,993,520	**		—		760,603,199
Repurchase Agreements		—		2,425,000			—		2,425,000
Total Investments at Value	$	56,609,679	$	710,285,524		$	3,415,058	$	770,310,261

* 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).

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio. There were no material Level 3 transfers during the reporting period.

See Notes to Financial Statements

373

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

U.S. Government Treasuries	61.7	%
Uniform Mtg. Backed Securities	9.3
United States Treasury Notes	8.3
Diversified Financial Services	7.4
United States Treasury Bonds	5.6
Federal National Mtg. Assoc.	2.3
Diversified Banking Institutions	1.4
Electric-Integrated	1.2
Real Estate Investment Trusts	1.0
Options Purchased	0.8
Banks-Commercial	0.8
Pipelines	0.6
Federal Home Loan Mtg. Corp.	0.6
Airlines	0.6
Sovereign	0.5
Government National Mtg. Assoc.	0.4
Oil Companies-Exploration & Production	0.3
Finance-Leasing Companies	0.3
Insurance-Life/Health	0.3
Computers	0.2
Regional Agencies	0.2
Cellular Telecom	0.2
Medical-Hospitals	0.2
Telephone-Integrated	0.2
Municipal Bonds & Notes	0.2
Medical-Drugs	0.2
Oil Companies-Integrated	0.2
Transport-Equipment & Leasing	0.1
Electronic Components-Semiconductors	0.1
Gas-Distribution	0.1
Machinery-General Industrial	0.1
Cable/Satellite TV	0.1
Auto-Cars/Light Trucks	0.1
Finance-Commercial	0.1
Finance-Investment Banker/Broker	0.1
Casino Hotels	0.1
Medical Instruments	0.1
Medical-Biomedical/Gene	0.1
Electric-Generation	0.1
Insurance-Property/Casualty	0.1
Banks-Super Regional	0.1
Retail-Restaurants	0.1
Aerospace/Defense	0.1
Building & Construction Products-Misc.	0.1
Machinery-Construction & Mining	0.1
Agricultural Chemicals	0.1
Finance-Consumer Loans	0.1
Commercial Services-Finance	0.1
Aerospace/Defense-Equipment	0.1
E-Commerce/Services	0.1
Software Tools	0.1
Electric-Distribution	0.1
Tobacco	0.1
Enterprise Software/Service	0.1
Hotels/Motels	0.1
Applications Software	0.1
	107.9%

Credit Quality#†

Aaa	64.6	%
Aa	2.1
A	5.8
Baa	14.3
Ba	2.6
B	1.6
Caa	1.1
Ca	0.2
Not Rated@	7.7
	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.

374

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description			Principal Amount**		Value (Note 2)
ASSET BACKED SECURITIES — 7.4%
Diversified Financial Services — 7.4%
ALBA PLC FRS Series 2005-1, Class A3 0.27% (3 ML GBP+0.19%) due 11/25/2042(1)		GBP		423,286	$	575,394
American Home Mtg. Assets Trust FRS Series 2006-3, Class 3A11 0.21% (1 ML+0.12%) due 10/25/2046(1)	$			17,881		16,293
Anchorage Capital CLO, Ltd. FRS Series 2015-6A, Class ARR 1.18% (3 ML+1.05%) due 07/15/2030*(2)				500,000		499,874
Angel Oak Mtg. Trust VRS Series 2020-4, Class A1 1.47% due 06/25/2065*(1)(3)				524,231		527,024
Arbor Realty Commercial Real Estate Notes, Ltd. FRS Series 2019-FL1, Class A 1.24% (1 ML+1.15%) due 05/15/2037*				1,300,000		1,300,407
ARES L CLO, Ltd. FRS Series 2018-50A, Class AR 1.18% (3 ML+1.05%) due 01/15/2032*(2)				2,400,000		2,399,398
BAMLL Commercial Mtg. Securities Trust FRS Series 2019-RLJ, Class A 1.14% (1 ML+1.05%) due 04/15/2036*(4)				1,300,000		1,297,114
Banco La Hipotecaria SA Series 2016-1A, Class A 3.36% due 01/15/2046*(1)(5)				975,980		1,056,463
Bancorp Commercial Mtg. Trust FRS Series 2019-CRE6, Class A 1.21% (SOFR30A+1.16%) due 09/15/2036*(4)				88,051		88,060
Bear Stearns Asset Backed Securities I Trust FRS Series 2006-PC1, Class M2 0.72% (1 ML+0.63%) due 12/25/2035				194,166		194,071
Bear Stearns Asset Backed Securities I Trust FRS Series 2005-HE4, Class M2 1.05% (1 ML+0.96%) due 04/25/2035				71,424		71,452
Birch Grove CLO, Ltd. FRS Series 19A, Class AR 1.25% (3 ML+1.13%) due 06/15/2031*(2)				2,500,000		2,499,370
Bruegel DAC FRS Series 2021-1A, Class A 0.80% (3 ML EUR+0.80%) due 05/22/2031*(4)		EUR		1,900,000		2,255,560
Carlyle Global Market Strategies CLO, Ltd. FRS Series 2015-3A, Class A1R 1.18% (3 ML+1.00%) due 07/28/2028*(2)				1,848,224		1,848,985

Security Description		Principal Amount**		Value (Note 2)
Diversified Financial Services (continued)
ChaseFlex Trust FRS Series 2007-2, Class A1 0.37% (1 ML+0.28%) due 05/25/2037(1)	$		707,367	$	680,884
CIFC Funding, Ltd. FRS Series 2017-4A, Class A1R 1.04% (3 ML+0.95%) due 10/24/2030*(2)			1,250,000		1,249,686
CIT Mtg. Loan Trust FRS Series 2007-1, Class 1A 1.44% (1 ML+1.35%) due 10/25/2037*			1,548,156		1,562,424
Citigroup Commercial Mtg. Trust Series 2019-SMRT, Class A 4.15% due 01/10/2036*(4)			2,400,000		2,592,900
Citigroup Mtg. Loan Trust, Inc. FRS Series 2007-AMC1, Class A1 0.25% (1 ML+0.16%) due 12/25/2036*			1,195,926		797,243
Citigroup Mtg. Loan Trust, Inc. VRS Series 2019-B, Class A1 3.26% due 04/25/2066*(1)(3)			347,364		350,246
COMM Mtg. Trust VRS Series 2018-HOME, Class A 3.82% due 04/10/2033*(3)(4)			1,100,000		1,231,760
Countrywide Alternative Loan Trust FRS Series 2006-OA3, Class 2A1 0.51% (1 ML+0.42%) due 05/25/2036(1)			3,389,974		3,107,393
Countrywide Alternative Loan Trust Series 2005-J11, Class 1A15 5.50% due 11/25/2035(1)			130,264		102,531
Countrywide Alternative Loan Trust Series 2005-65CB, Class 2A6 6.00% due 12/25/2035(1)			185,851		176,489
Countrywide Alternative Loan Trust Series 2007-J1, Class 2A4 6.00% due 03/25/2037(1)			677,051		386,550
Countrywide Asset-Backed Certs. FRS Series 2006-26, Class 1A 0.23% (1 ML+0.14%) due 06/25/2037			192,811		181,903
Countrywide Asset-Backed Certs. FRS Series 2007-1, Class 2A3 0.23% (1 ML+0.14%) due 07/25/2037			127,131		124,685
Countrywide Asset-Backed Certs. FRS Series 2007-10, Class 2A4 0.34% (1 ML+0.25%) due 06/25/2047			800,000		774,550
Countrywide Asset-Backed Certs. FRS Series 2006-12, Class 1A 0.35% (1 ML+0.26%) due 12/25/2036			1,129,298		1,092,718

375

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description			Principal Amount**		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Credit Suisse Commercial Mtg. FRS Series 2021-SOP2, Class A 1.06% (1 ML+0.97%) due 06/15/2034*(4)	$			1,800,000	$	1,793,886
CSMC Trust VRS Series 2019-RPL9, Class A1 2.98% due 10/27/2059*(1)(3)				538,396		542,602
CSMC Trust VRS Series 2020-RPL5, Class A1 3.02% due 08/25/2060*(1)(3)				352,952		358,571
CWABS Asset-Backed Certs. Trust FRS Series 2005-3, Class MV7 2.04% (1 ML+1.95%) due 08/25/2035				1,100,000		1,105,332
DBUBS Mtg. Trust Series 2017-BRBK, Class A 3.45% due 10/10/2034*(4)				2,400,000		2,567,825
Dryden Senior Loan Fund FRS Series 2012-25A, Class ARR 1.03% (3 ML+0.90%) due 10/15/2027*(2)				1,073,878		1,074,077
Encore Credit Receivables Trust FRS Series 2005-1, Class M1 0.75% (1 ML+0.66%) due 07/25/2035				333,168		336,653
Eurosail PLC FRS Series 2006-4X, Class A3C 0.24% (3 ML GBP+0.16%) due 12/10/2044(1)		GBP		81,461		112,771
Eurosail PLC FRS Series 2007-3A, Class A3C 1.03% (3 ML GBP+0.95%) due 06/13/2045*(1)		GBP		411,362		572,956
Eurosail PLC FRS Series 2007-3X, Class A3A 1.03% (3 ML GBP+0.95%) due 06/13/2045(1)		GBP		364,663		507,515
Eurosail PLC FRS Series 2007-3X, Class A3C 1.03% (3 ML GBP+0.95%) due 06/13/2045(1)		GBP		486,155		677,130
Fremont Home Loan Trust FRS Series 2005-1, Class M5 0.80% (1 ML+1.07%) due 06/25/2035				800,000		801,161
Gallatin CLO IX, Ltd. FRS Series 2018-1A, Class A 1.18% (3 ML+1.05%) due 01/21/2028*(2)				663,165		663,494
GCAT LLC Series 2019-4, Class A1 3.23% due 11/26/2049*(1)				1,151,902		1,173,511
HarborView Mtg. Loan Trust FRS Series 2006-12, Class 2A2A 0.28% (1 ML+0.19%) due 01/19/2038(1)				16,866		16,174

Security Description			Principal Amount**		Value (Note 2)
Diversified Financial Services (continued)
HarborView Mtg. Loan Trust FRS Series 2006-1, Class 2A1A 0.57% (1 ML + 0.48%) due 03/19/2036(1)	$			1,556,677	$	1,548,261
HarborView Mtg. Loan Trust VRS Series 2005-4, Class 3A1 2.68% due 07/19/2035(1)(3)				130,010		110,173
HERA Commercial Mtg., Ltd. FRS Series 2021-FL1, Class A 1.14% (1 ML+1.05%) due 02/18/2038*				1,200,000		1,199,162
Home Equity Asset Trust FRS Series 2005-4, Class M6 1.17% (1 ML+1.08%) due 10/25/2035				800,000		796,632
Independence Plaza Trust Series 2018-INDP, Class A 3.76% due 07/10/2035*(4)				1,600,000		1,697,243
JP Morgan Mtg. Acquisition Trust FRS Series 2006-WMC2, Class A1 0.36% (1 ML+0.27%) due 07/25/2036				334,620		290,103
JPMorgan Mtg. Acquisition Trust FRS Series 2007-CH5, Class A5 0.35% (1 ML+0.26%) due 06/25/2037				970,745		964,228
KKR CLO 9, Ltd. FRS Series 9, Class AR2 1.08% (3 ML+0.95%) due 07/15/2030*(2)				600,000		599,849
LCM 30, Ltd. FRS Series 30A, Class AR 1.24% (3 ML+1.08%) due 04/20/2031*(2)				1,600,000		1,599,598
LCM XV LP FRS Series 15A, Class AR2 1.13% (3 ML+1.00%) due 07/20/2030*(2)				700,000		699,824
Legacy Mtg. Asset Trust Series 2019-GS3, Class A1 3.75% due 04/25/2059*				939,368		946,830
LFT CRE, Ltd. FRS Series 2021-FL1, Class A 1.26% (1 ML+1.17%) due 06/15/2039*				1,100,000		1,101,361
LoanCore Issuer, Ltd. FRS Series 2019-CRE2, Class A 1.22% (1 ML+1.13%) due 05/15/2036*				1,150,786		1,150,786
LoanCore Issuer, Ltd. FRS Series 2021-CRE5, Class A 1.39% (1 ML+1.30%) due 07/15/2036*				500,000		500,156
Ludgate Funding PLC FRS Series 2006-1X, Class A2A 0.27% (3 ML GBP+0.19%) due 12/01/2060(1)		GBP		598,270		809,094

376

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description			Principal Amount**		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Ludgate Funding PLC FRS Series 2008-W1X, Class A1 0.68% (3 ML GBP+0.60%) due 01/01/2061(1)		GBP		866,671	$	1,192,189
Marble Point CLO X, Ltd. FRS Series 2017-A1, Class AR 1.17% (3 ML+1.04%) due 10/15/2030*(2)	$			700,000		699,824
Mastr Asset Backed Securities Trust FRS Series 2004-WMC3, Class M1 0.64% (1 ML+0.83%) due 10/25/2034				567,276		562,374
MidOcean Credit CLO II FRS Series 2013-2A, Class ARR 1.22% (3 ML+1.03%) due 01/29/2030*(2)				500,000		499,875
MidOcean Credit CLO VIII FRS Series 2018-8A, Class A1R 1.21% (3 ML+1.05%) due 02/20/2031*(2)				500,000		499,874
Mill City Mtg. Loan Trust VRS Series 2019-GS2, Class A1 2.75% due 08/25/2059*(1)(3)				846,829		878,012
MKS CLO, Ltd. FRS Series 2017-1A, Class AR 1.13% (3 ML+1.00%) due 07/20/2030*(2)				1,800,000		1,799,548
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25, Class A4 3.37% due 10/15/2048(4)				1,800,000		1,940,170
MortgageIT Trust FRS Series 2005-2, Class 1A1 0.61% (1 ML+0.52%) due 05/25/2035(1)				36,182		36,399
Mountain View CLO, Ltd. FRS Series 2014-1A, Class ARR 0.93% (3 ML+0.80%) due 10/15/2026*(2)				22,949		22,942
Natixis Commercial Mtg. Securities Trust Series 2019-10K, Class A 3.62% due 05/15/2039*(4)				1,600,000		1,783,081
Natixis Commercial Mtg. Securities Trust Series 2019-LVL, Class A 3.89% due 08/15/2038*(4)				800,000		895,850
New Residential Mtg. Loan Trust VRS Series 2019-RPL3, Class A1 2.75% due 07/25/2059*(1)(3)				1,267,288		1,318,813
New Residential Mtg. Loan Trust VRS Series 2020-RPL1, Class A1 2.75% due 11/25/2059*(1)(3)				610,808		633,615

Security Description		Principal Amount**		Value (Note 2)
Diversified Financial Services (continued)
New Residential Mtg. Loan Trust VRS Series 2018-3A, Class A1 4.50% due 05/25/2058*(1)(3)	$		723,424	$	785,083
OZLM XVI, Ltd. FRS Series 2017-16A, Class A1R 1.19% (3 ML+1.03%) due 05/16/2030*(2)			800,000		799,799
Palmer Square Loan Funding, Ltd. FRS Series 2021-3A, Class A1 0.95% (3 ML+0.80%) due 07/20/2029*(2)			1,800,000		1,799,550
Palmer Square Loan Funding, Ltd. FRS Series 2018-4A, Class A1 1.06% (3 ML+0.90%) due 11/15/2026*(2)			372,258		372,005
Park Avenue Mtg. Trust FRS Series 2017-280P, Class A 0.97% (1 ML+0.88%) due 09/15/2034*(4)			1,400,000		1,400,423
PHEAA Student Loan Trust FRS Series 2016-2A, Class A 1.04% (1 ML+0.95%) due 11/25/2065*			378,005		382,149
RASC Trust FRS Series 2007-KS2, Class AI4 0.31% (1 ML+0.22%) due 02/25/2037			500,000		478,316
RASC Trust FRS Series 2005-KS6, Class M6 1.14% (1 ML+1.05%) due 07/25/2035			400,000		400,882
Romark CLO, Ltd. FRS Series 2017-1A, Class A1R 1.15% (3 ML+1.03%) due 10/23/2030*(2)			1,050,000		1,049,737
Saxon Asset Securities Trust FRS Series 2005-4, Class M2 0.54% (1 ML+0.68%) due 11/25/2037			2,600,000		2,592,778
Sculptor CLO XXV, Ltd. FRS Series 25A, Class A1 1.40% (3 ML+1.27%) due 01/15/2031*(2)			600,000		600,539
SMB Private Education Loan Trust FRS Series 2016-B, Class A2B 1.54% (1 ML+1.45%) due 02/17/2032*			734,703		744,716
Sound Point CLO XII, Ltd. FRS FRS Series 2016-2A, Class AR2 1.18% (3 ML+1.05%) due 10/20/2028*(2)			2,048,293		2,048,703
Sound Point CLO XV, Ltd. FRS Series 2017-1A, Class ARR 1.04% (3 ML+0.90%) due 01/23/2029*(2)			500,000		500,110
Soundview Home Loan Trust FRS Series 2006-WF2, Class M2 0.36% (1 ML + 0.41%) due 12/25/2036			500,000		489,957

377

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description			Principal Amount**		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Soundview Home Loan Trust FRS Series 2007-NS1, Class A4 0.39% (1 ML + 0.30%) due 01/25/2037	$			1,300,000	$	1,240,653
STARR II Series 2019-1, Class A 4.09% due 03/15/2044*				362,766		364,526
TBW Mtg.-Backed Trust Series Series 2006-3, Class 1A 6.00% due 07/25/2036(1)				707,176		453,354
TICP CLO II-2, Ltd. FRS Series 2018-IIA, Class A1 0.97% (3 ML+0.84%) due 04/20/2028*(2)				1,609,155		1,609,438
Towd Point Mtg. Trust FRS Series 2019-HY2, Class A1 1.09% (1 ML+1.00%) due 05/25/2058*				477,926		481,110
Towd Point Mtg. Trust VRS Series 2019-4, Class A1 2.90% due 10/25/2059*(3)				538,739		558,300
Towd Point Mtg. Trust VRS Series 2019-SJ3, Class A1 3.00% due 11/25/2059*(3)				278,174		279,084
Uropa Securities PLC FRS Series 2007-1, Class A3A 0.28% (3 ML GBP+0.20%) due 10/10/2040(1)		GBP		298,771		401,247
Uropa Securities PLC FRS Series 2008-1, Class A 0.28% (3 ML GBP+0.20%) due 06/10/2059(1)		GBP		542,471		737,294
Uropa Securities PLC FRS Series 2008-1, Class M1 0.43% (3 ML GBP+0.35%) due 06/10/2059(1)		GBP		140,055		188,314
Uropa Securities PLC FRS Series 2008-1, Class M2 0.63% (3 ML GBP+0.55%) due 06/10/2059(1)		GBP		109,399		147,684
Uropa Securities PLC FRS Series 2008-1, Class B 0.83% (3 ML GBP+0.75%) due 06/10/2059(1)		GBP		116,612		154,604
Venture XIV CLO, Ltd. FRS Series 2013-14A, Class ARR 1.17% (3 ML+1.03%) due 08/28/2029*(2)				2,400,000		2,399,167
Venture XXV CLO, Ltd. FRS Series 2016-25A, Class ARR 1.15% (3 ML+1.02%) due 04/20/2029*(2)				418,725		418,808
Vibrant CLO VI, Ltd. FRS Series 2017-6A, Class AR 1.08% (3 ML+0.95%) due 06/20/2029*(2)				1,000,000		999,748
Vibrant CLO VII, Ltd. FRS Series 2017-7A, Class A1R 1.17% (3 ML+1.04%) due 09/15/2030*(2)				500,000		499,875

Security Description		Principal Amount**		Value (Note 2)
Diversified Financial Services (continued)
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2005-AR19, Class A1A1 0.63% (1 ML+0.54%) due 12/25/2045(1)	$		269,935	$	274,472
WaMu Mtg. Pass-Through Certs. Trust FRS Series 2006-AR9, Class 2A 1.81% (COFI+1.50%) due 08/25/2046(1)			1,083,215		1,060,244
Worldwide Plaza Trust Series 2017-WWP, Class A 3.53% due 11/10/2036*(4)			2,100,000		2,311,403
Zais CLO, Ltd. FRS Series 2014-1A, Class A1AR 1.28% (3 ML+1.15%) due 04/15/2028*(2)			321,778		321,592
Total Asset Backed Securities (cost $95,272,215)					97,466,615
U.S. CORPORATE BONDS & NOTES — 6.9%
Aerospace/Defense — 0.1%
Boeing Co. Senior Notes 2.20% due 02/04/2026			700,000		706,161
Boeing Co. Senior Notes 3.60% due 05/01/2034			280,000		299,225
					1,005,386
Aerospace/Defense-Equipment — 0.1%
Spirit AeroSystems, Inc. Senior Sec. Notes 3.85% due 06/15/2026			800,000		848,000
Airlines — 0.5%
Alaska Airlines Pass-Through Trust Pass-Through Certs. Series 2020-1, Class A 4.80% due 02/15/2029*			192,161		213,334
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-3, Class A 3.00% due 04/15/2030			557,641		569,393
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-3, Class A 3.25% due 10/15/2028			159,464		155,580
American Airlines Pass-Through Trust Pass-Through Certs. Series 2013-1, Class A 4.00% due 01/15/2027			284,840		273,628
American Airlines Pass-Through Trust Pass-Through Certs. Series 2017-1, Class A 4.00% due 08/15/2030			80,500		81,388
JetBlue Pass-Through Trust Senior Sec. Notes 4.00% due 05/15/2034			483,641		535,153

378

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines (continued)
Southwest Airlines Co. Senior Notes 5.13% due 06/15/2027	$		1,000,000	$	1,182,380
Spirit Airlines Pass-Through Trust Pass-Through Certs. Series 2017-1, Class A 3.65% due 08/15/2031			419,542		415,392
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-2, Class AA 2.88% due 04/07/2030			814,983		839,586
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-2, Class A 3.10% due 04/07/2030			814,983		830,207
United Airlines Pass-Through Trust Pass-Through Certs. Series 2019-1, Class A 4.55% due 08/25/2031			843,320		911,670
United Airlines Pass-Through Trust Pass-Through Certs. Series 2020-1, Class A 5.88% due 04/15/2029			649,233		722,092
US Airways Pass Through Trust Pass-Through Certs. Series 2012-1, Class A 5.90% due 04/01/2026			48,655		51,204
					6,781,007
Applications Software — 0.1%
Microsoft Corp. Senior Notes 2.92% due 03/17/2052			628,000		676,148
Banks-Commercial — 0.1%
Santander Holdings USA, Inc. Senior Notes 3.45% due 06/02/2025			700,000		754,984
Banks-Super Regional — 0.1%
Wells Fargo & Co. Senior Notes 2.16% due 02/11/2026			1,000,000		1,041,181
Building & Construction Products-Misc. — 0.1%
Fortune Brands Home & Security, Inc. Senior Notes 4.00% due 06/15/2025			60,000		66,437
Standard Industries, Inc. Senior Notes 4.38% due 07/15/2030*			900,000		927,000
					993,437
Cable/Satellite TV — 0.1%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.85% due 04/01/2061			300,000		299,236

Security Description		Principal Amount**		Value (Note 2)
Cable/Satellite TV (continued)
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.80% due 03/01/2050	$		1,100,000	$	1,289,083
					1,588,319
Cellular Telecom — 0.2%
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC Senior Sec. Notes 4.74% due 03/20/2025*			843,750		902,450
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC/Sprint Spectrum Co. III LLC Senior Sec. Notes 5.15% due 03/20/2028*			1,000,000		1,157,500
T-Mobile USA, Inc. Company Guar. Notes 2.63% due 04/15/2026			500,000		512,650
					2,572,600
Chemicals-Specialty — 0.0%
International Flavors & Fragrances, Inc. Senior Notes 1.83% due 10/15/2027*			100,000		101,151
International Flavors & Fragrances, Inc. Senior Notes 3.27% due 11/15/2040*			400,000		425,727
					526,878
Commercial Services-Finance — 0.1%
Equifax, Inc. Senior Notes 3.25% due 06/01/2026			800,000		862,017
Computer Services — 0.0%
Booz Allen Hamilton, Inc. Company Guar. Notes 3.88% due 09/01/2028*			200,000		204,000
Computers — 0.2%
Dell International LLC/EMC Corp. Senior Sec. Notes 8.10% due 07/15/2036			1,100,000		1,707,862
Dell International LLC/EMC Corp. Senior Sec. Notes 5.30% due 10/01/2029			900,000		1,100,886
					2,808,748
Decision Support Software — 0.0%
MSCI, Inc. Senior Notes 3.63% due 11/01/2031*			500,000		528,550
Diversified Banking Institutions — 0.1%
Citigroup, Inc. Sub. Notes 4.40% due 06/10/2025			750,000		839,529

379

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Manufacturing Operations — 0.0%
General Electric Capital Corp. Senior Notes 5.55% due 01/05/2026	$		400,000	$	476,685
E-Commerce/Services — 0.1%
Expedia Group, Inc. Company Guar. Notes 6.25% due 05/01/2025*			703,000		819,786
Electric-Generation — 0.1%
Liberty Utilities Finance GP Company Guar. Notes 2.05% due 09/15/2030*			1,000,000		984,675
Electric-Integrated — 1.0%
Alabama Power Co. Senior Notes 3.70% due 12/01/2047			300,000		349,729
Appalachian Power Co. Senior Notes 2.70% due 04/01/2031			500,000		527,814
Arizona Public Service Co. Senior Notes 2.65% due 09/15/2050			400,000		391,416
Cleveland Electric Illuminating Co. Senior Notes 4.55% due 11/15/2030*			836,000		992,790
DTE Electric Co General Refunding Mtg. 3.70% due 06/01/2046			1,700,000		1,985,131
Entergy Mississippi LLC 1st Mtg. Notes 2.85% due 06/01/2028			1,900,000		2,050,011
FirstEnergy Corp. Senior Notes 2.25% due 09/01/2030			400,000		394,520
IPALCO Enterprises, Inc. Senior Sec. Notes 3.70% due 09/01/2024			700,000		755,194
Pacific Gas & Electric Co. 1st Mtg. Notes 3.30% due 12/01/2027			500,000		512,861
Pacific Gas & Electric Co. 1st Mtg. Notes 3.50% due 06/15/2025			30,000		31,432
Pacific Gas & Electric Co. 1st Mtg. Notes 4.25% due 08/01/2023			400,000		422,311
Pacific Gas & Electric Co. 1st Mtg. Notes 4.25% due 03/15/2046			1,300,000		1,253,320
Rochester Gas and Electric Corp. 1st Mtg. Bonds 1.85% due 12/01/2030*			960,000		947,754
Southern California Edison Co. 1st Mtg. Notes 3.90% due 03/15/2043			200,000		214,307
Southern California Edison Co. 1st Mtg. Notes 4.00% due 04/01/2047			1,500,000		1,586,341
Southern California Edison Co. 1st Mtg. Notes 4.05% due 03/15/2042			200,000		217,576

Security Description		Principal Amount**		Value (Note 2)
Electric-Integrated (continued)
Southern California Edison Co. 1st Mtg. Notes 4.65% due 10/01/2043	$		480,000	$	553,820
					13,186,327
Electronic Components-Semiconductors — 0.1%
Broadcom, Inc. Company Guar. Notes 4.30% due 11/15/2032			950,000		1,095,754
Marvell Technology, Inc. Company Guar. Notes 4.20% due 06/22/2023*			700,000		742,729
					1,838,483
Electronic Measurement Instruments — 0.0%
Agilent Technologies, Inc. Senior Notes 2.30% due 03/12/2031			300,000		305,739
Enterprise Software/Service — 0.1%
Oracle Corp. Senior Notes 2.95% due 05/15/2025			700,000		747,026
Finance-Commercial — 0.1%
GE Capital Funding LLC Company Guar. Notes 4.40% due 05/15/2030			1,300,000		1,527,939
Finance-Consumer Loans — 0.1%
Springleaf Finance Corp. Company Guar. Notes 8.88% due 06/01/2025			800,000		879,984
Finance-Investment Banker/Broker — 0.0%
Lazard Group LLC Senior Notes 4.38% due 03/11/2029			200,000		230,948
Finance-Leasing Companies — 0.0%
Aviation Capital Group LLC Senior Notes 5.50% due 12/15/2024*			400,000		453,188
Finance-Mortgage Loan/Banker — 0.0%
United Shore Financial Services LLC Senior Notes 5.50% due 11/15/2025*			500,000		513,400
Food-Misc./Diversified — 0.0%
Conagra Brands, Inc. Senior Notes 5.30% due 11/01/2038			200,000		257,892
Gas-Distribution — 0.1%
East Ohio Gas Co. Senior Notes 2.00% due 06/15/2030*			100,000		100,432
Southern California Gas Co. Senior Sec. Notes 4.13% due 06/01/2048			1,400,000		1,728,638
					1,829,070
Hotels/Motels — 0.1%
Marriott International, Inc. Senior Notes 2.85% due 04/15/2031			700,000		716,119

380

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Life/Health — 0.2%
Pacific Life Insurance Co. Sub. Notes 4.30% due 10/24/2067*	$		1,800,000	$	2,114,190
Insurance-Multi-line — 0.0%
Guardian Life Insurance Co. of America Sub. Notes 3.70% due 01/22/2070*			500,000		532,661
Insurance-Mutual — 0.0%
New York Life Insurance Co. Sub. Notes 4.45% due 05/15/2069*			400,000		512,092
Insurance-Property/Casualty — 0.1%
Fidelity National Financial, Inc. Senior Notes 3.40% due 06/15/2030			1,000,000		1,092,096
First American Financial Corp. Senior Notes 4.60% due 11/15/2024			20,000		22,179
					1,114,275
Investment Management/Advisor Services — 0.0%
Stifel Financial Corp. Senior Notes 4.00% due 05/15/2030			400,000		453,656
Machinery-General Industrial — 0.1%
Wabtec Corp. Company Guar. Notes 4.40% due 03/15/2024			1,600,000		1,733,175
Medical Instruments — 0.1%
Boston Scientific Corp. Senior Notes 2.65% due 06/01/2030			900,000		946,217
Boston Scientific Corp. Senior Notes 4.70% due 03/01/2049			300,000		393,066
					1,339,283
Medical-Biomedical/Gene — 0.1%
Amgen, Inc. Senior Notes 4.40% due 05/01/2045			700,000		871,903
Illumina, Inc. Senior Notes 2.55% due 03/23/2031			400,000		413,399
					1,285,302
Medical-Drugs — 0.2%
Bayer US Finance II LLC FRS Company Guar. Notes 1.13% (3 ML+1.01%) due 12/15/2023*			200,000		202,624
Prestige Brands, Inc. Company Guar. Notes 3.75% due 04/01/2031*			500,000		494,375
Zoetis, Inc. Senior Notes 3.90% due 08/20/2028			1,200,000		1,380,674
					2,077,673

Security Description		Principal Amount**		Value (Note 2)
Medical-Hospitals — 0.2%
Banner Health Notes 1.90% due 01/01/2031	$		500,000	$	503,434
HCA, Inc. Senior Sec. Notes 4.13% due 06/15/2029			300,000		342,111
Memorial Sloan-Kettering Cancer Center Bonds 2.96% due 01/01/2050			580,000		608,620
Northwell Healthcare, Inc. Sec. Notes 3.98% due 11/01/2046			700,000		812,423
					2,266,588
Oil Companies-Exploration & Production — 0.1%
Diamondback Energy, Inc. Company Guar. Notes 4.75% due 05/31/2025			1,100,000		1,234,803
Oil-Field Services — 0.0%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc. Senior Notes 3.14% due 11/07/2029			50,000		54,449
Pipelines — 0.6%
Cheniere Energy Partners LP Company Guar. Notes 4.00% due 03/01/2031*			300,000		317,340
Energy Transfer LP Senior Notes 4.75% due 01/15/2026			40,000		45,096
Energy Transfer LP Senior Notes 6.05% due 06/01/2041			1,200,000		1,514,741
Enterprise Products Operating LLC Company Guar. Notes 3.20% due 02/15/2052			1,500,000		1,515,254
ONEOK, Inc. Company Guar. Notes 4.35% due 03/15/2029			1,900,000		2,166,010
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.63% due 04/15/2023			600,000		642,540
Sabine Pass Liquefaction LLC Senior Sec. Notes 5.75% due 05/15/2024			1,600,000		1,791,760
Williams Cos., Inc. Senior Notes 2.60% due 03/15/2031			600,000		617,094
					8,609,835
Real Estate Investment Trusts — 1.0%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 4.50% due 07/30/2029			100,000		118,711
American Tower Corp. Senior Notes 2.10% due 06/15/2030			200,000		199,982
American Tower Corp. Senior Notes 3.38% due 10/15/2026			1,200,000		1,311,647

381

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
American Tower Corp. Senior Notes 4.00% due 06/01/2025	$		690,000	$	759,513
Boston Properties LP Senior Notes 2.55% due 04/01/2032			300,000		308,517
Brixmor Operating Partnership LP FRS Senior Notes 1.18% (3 ML+1.05%) due 02/01/2022			1,400,000		1,405,346
Corporate Office Properties LP Company Guar. Notes 2.75% due 04/15/2031			100,000		102,268
Crown Castle International Corp. Senior Notes 4.45% due 02/15/2026			290,000		328,700
Digital Realty Trust LP Company Guar. Notes 4.45% due 07/15/2028			108,000		126,726
GLP Capital LP/GLP Financing II, Inc. Company Guar. Notes 4.00% due 01/15/2030			800,000		871,280
Goodman US Finance Three LLC Company Guar. Notes 3.70% due 03/15/2028*			1,200,000		1,315,390
Highwoods Realty LP Senior Notes 2.60% due 02/01/2031			100,000		103,101
Hudson Pacific Properties LP Company Guar. Notes 3.95% due 11/01/2027			8,000		8,839
Omega Healthcare Investors, Inc. Company Guar. Notes 3.25% due 04/15/2033			600,000		612,555
Physicians Realty LP Company Guar. Notes 3.95% due 01/15/2028			315,000		349,916
SBA Tower Trust Notes 1.88% due 01/15/2026*			500,000		509,683
STORE Capital Corp. Senior Notes 4.50% due 03/15/2028			10,000		11,437
VEREIT Operating Partnership LP Company Guar. Notes 4.63% due 11/01/2025			1,300,000		1,479,111
Weyerhaeuser Co. Senior Notes 4.00% due 11/15/2029			2,700,000		3,114,355
WP Carey, Inc. Senior Notes 4.60% due 04/01/2024			500,000		545,337
					13,582,414
Retail-Restaurants — 0.1%
McDonald’s Corp. Senior Notes 3.80% due 04/01/2028			900,000		1,024,952

Security Description		Principal Amount**		Value (Note 2)
Schools — 0.0%
Yale University Notes 1.48% due 04/15/2030	$		500,000	$	499,989
Software Tools — 0.1%
VMware, Inc. Senior Notes 4.50% due 05/15/2025			700,000		783,500
Telephone-Integrated — 0.2%
AT&T, Inc. Senior Notes 3.65% due 06/01/2051			480,000		508,194
AT&T, Inc. Senior Notes 3.85% due 06/01/2060			1,300,000		1,392,376
AT&T, Inc. Senior Notes 4.50% due 05/15/2035			300,000		358,559
					2,259,129
Tobacco — 0.1%
BAT Capital Corp. Company Guar. Notes 4.39% due 08/15/2037			700,000		768,748
Toys — 0.0%
Hasbro, Inc. Senior Notes 3.55% due 11/19/2026			600,000		661,663
Transport-Equipment & Leasing — 0.1%
DAE Funding LLC Company Guar. Notes 1.55% due 08/01/2024*			1,800,000		1,798,200
Web Portals/ISP — 0.0%
Alphabet, Inc. Senior Notes 2.25% due 08/15/2060			500,000		452,505
Total U.S. Corporate Bonds & Notes (cost $84,603,792)					91,957,127
FOREIGN CORPORATE BONDS & NOTES — 3.5%
Agricultural Chemicals — 0.1%
Syngenta Finance NV Company Guar. Notes 4.44% due 04/24/2023*			300,000		316,348
Syngenta Finance NV Company Guar. Notes 5.18% due 04/24/2028*			500,000		576,789
					893,137
Airlines — 0.1%
British Airways Pass-Through Trust Pass-Through Certs. Series 2019-1, Class A 3.35% due 12/15/2030*			537,388		539,420
British Airways Pass-Through Trust Pass-Through Certs. Series 2018-1, Class AA 3.80% due 03/20/2033*			499,210		525,544
					1,064,964

382

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description			Principal Amount**		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Airport Development/Maintenance — 0.0%
Sydney Airport Finance Co. Pty, Ltd. Senior Sec. Notes 3.38% due 04/30/2025*	$			20,000	$	21,474
Sydney Airport Finance Co. Pty, Ltd. Senior Sec. Notes 3.63% due 04/28/2026*				300,000		326,394
						347,868
Auto-Cars/Light Trucks — 0.1%
Nissan Motor Co., Ltd. Senior Notes 3.52% due 09/17/2025*				900,000		964,903
Nissan Motor Co., Ltd. Senior Notes 4.81% due 09/17/2030*				500,000		570,270
						1,535,173
Banks-Commercial — 0.5%
AIB Group PLC Senior Notes 4.75% due 10/12/2023*				1,000,000		1,083,353
Bank of Ireland Group PLC Senior Notes 4.50% due 11/25/2023*				1,300,000		1,404,279
Dexia Credit Local SA Government Guar. Notes 1.88% due 09/15/2021*				2,700,000		2,705,508
DNB Bank ASA Senior Notes 1.13% due 09/16/2026*				600,000		599,499
Standard Chartered PLC Senior Notes 1.21% due 03/23/2025*				400,000		402,129
						6,194,768
Casino Hotels — 0.1%
Sands China, Ltd. Senior Notes 3.80% due 01/08/2026				400,000		429,880
Sands China, Ltd. Senior Notes 4.60% due 08/08/2023				300,000		317,766
Sands China, Ltd. Senior Notes 5.40% due 08/08/2028				200,000		233,336
Wynn Macau, Ltd. Senior Notes 5.13% due 12/15/2029*				400,000		404,000
						1,384,982
Diversified Banking Institutions — 1.2%
Barclays PLC Senior Notes 3.25% due 02/12/2027		GBP		700,000		1,060,608
Barclays PLC Senior Notes 3.38% due 04/02/2025		EUR		300,000		388,117
Barclays PLC Senior Notes 3.65% due 03/16/2025				950,000		1,032,209

Security Description		Principal Amount**		Value (Note 2)
Diversified Banking Institutions (continued)
Credit Suisse Group AG Senior Notes 3.75% due 03/26/2025	$		250,000	$	271,930
Deutsche Bank AG Senior Notes 3.04% due 05/28/2032			700,000		723,191
Deutsche Bank AG Senior Notes 3.55% due 09/18/2031			750,000		809,619
Deutsche Bank AG Senior Notes 3.96% due 11/26/2025			700,000		760,325
HSBC Holdings PLC FRS Senior Notes 1.50% (3 ML+1.38%) due 09/12/2026			1,000,000		1,031,911
Lloyds Banking Group PLC Senior Notes 4.38% due 03/22/2028			600,000		693,891
Mitsubishi UFJ Financial Group, Inc. FRS Senior Notes 0.99% (3 ML+0.86%) due 07/26/2023			2,200,000		2,228,115
Mizuho Financial Group, Inc. FRS Senior Notes 1.12% (3 ML+1.00%) due 09/11/2024			800,000		810,082
Natwest Group PLC FRS Senior Notes 1.63% (3 ML+1.47%) due 05/15/2023			400,000		403,902
Natwest Group PLC Senior Notes 3.88% due 09/12/2023			800,000		853,220
Natwest Group PLC Senior Notes 4.27% due 03/22/2025			200,000		217,345
Natwest Group PLC Senior Notes 4.89% due 05/18/2029			1,100,000		1,297,922
Sumitomo Mitsui Financial Group, Inc. Senior Notes 1.47% due 07/08/2025			1,000,000		1,015,752
Sumitomo Mitsui Financial Group, Inc. Senior Notes 2.13% due 07/08/2030			600,000		607,984
Sumitomo Mitsui Financial Group, Inc. Sub. Notes 2.14% due 09/23/2030			800,000		786,664
UBS Group Funding Switzerland AG Senior Notes 4.13% due 04/15/2026*			550,000		619,483
UniCredit SpA Senior Notes 6.57% due 01/14/2022*			900,000		923,004
					16,535,274

383

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Electric-Distribution — 0.1%
SP Group Treasury Pte, Ltd. Company Guar. Notes 3.38% due 02/27/2029*	$		700,000	$	779,599
Electric-Generation — 0.0%
Centrais Eletricas Brasileiras SA Senior Notes 4.63% due 02/04/2030*			200,000		204,752
Electric-Integrated — 0.1%
Enel Finance International NV Company Guar. Notes 2.65% due 09/10/2024*			1,000,000		1,057,832
Electronic Components-Misc. — 0.0%
Flex, Ltd. Senior Notes 4.88% due 06/15/2029			500,000		579,452
Finance-Investment Banker/Broker — 0.1%
Nomura Holdings, Inc. Senior Notes 2.65% due 01/16/2025			700,000		737,461
Finance-Leasing Companies — 0.3%
Avolon Holdings Funding, Ltd. Company Guar. Notes 2.88% due 02/15/2025*			400,000		414,524
BOC Aviation, Ltd. Senior Notes 3.50% due 01/31/2023			200,000		206,275
LeasePlan Corp NV Senior Notes 2.88% due 10/24/2024*			1,200,000		1,260,494
Mitsubishi UFJ Lease & Finance Co., Ltd. Senior Notes 2.65% due 09/19/2022*			1,200,000		1,226,229
Park Aerospace Holdings, Ltd. Company Guar. Notes 4.50% due 03/15/2023*			100,000		105,156
Park Aerospace Holdings, Ltd. Company Guar. Notes 5.50% due 02/15/2024*			400,000		440,774
					3,653,452
Insurance-Life/Health — 0.1%
AIA Group, Ltd. Sub. Notes 3.20% due 09/16/2040*			1,200,000		1,249,613
Insurance-Reinsurance — 0.0%
Fairfax Financial Holdings, Ltd. Senior Notes 3.38% due 03/03/2031*			400,000		426,356
Machinery-Construction & Mining — 0.1%
Weir Group PLC Senior Notes 2.20% due 05/13/2026*			900,000		909,662
Oil & Gas Drilling — 0.0%
Odebrecht Drilling Norbe, Ltd. Senior Sec. Notes 6.35% due 12/01/2021			30,020		29,720

Security Description		Principal Amount**		Value (Note 2)
Oil Companies-Exploration & Production — 0.2%
Aker BP ASA Senior Notes 4.00% due 01/15/2031*	$		200,000	$	222,160
Petronas Energy Canada, Ltd. Company Guar. Notes 2.11% due 03/23/2028*			700,000		711,920
Sinopec Group Overseas Development 2018, Ltd. Company Guar. Notes 4.13% due 09/12/2025*			1,600,000		1,781,632
Woodside Finance, Ltd. Company Guar. Notes 3.65% due 03/05/2025*			10,000		10,722
Woodside Finance, Ltd. Company Guar. Notes 3.70% due 03/15/2028*			200,000		216,846
Woodside Finance, Ltd. Company Guar. Notes 4.50% due 03/04/2029*			300,000		340,423
					3,283,703
Oil Companies-Integrated — 0.2%
Eni SpA Senior Notes 4.75% due 09/12/2028*			900,000		1,069,019
Saudi Arabian Oil Co. Senior Notes 1.63% due 11/24/2025*			900,000		909,090
					1,978,109
Regional Agencies — 0.2%
Japan Finance Organization for Municipalities Senior Notes 2.13% due 10/25/2023*			2,700,000		2,801,236
Transport-Equipment & Leasing — 0.0%
SMBC Aviation Capital Finance DAC Company Guar. Notes 3.55% due 04/15/2024*			300,000		319,261
Transport-Marine — 0.0%
AP Moller—Maersk A/S Senior Notes 3.75% due 09/22/2024*			600,000		648,972
Total Foreign Corporate Bonds & Notes (cost $44,249,772)					46,615,346
U.S. GOVERNMENT AGENCIES — 12.6%
Federal Home Loan Mtg. Corp. — 0.6%
4.00% due 04/01/2048			92,755		99,062
4.00% due 08/01/2048			14,735		15,854
4.00% due 01/01/2049			951,576		1,015,847
4.00% due 02/01/2049			79,444		84,680
4.00% due 01/01/2050			100,863		107,605
4.50% due 08/01/2048			1,306,386		1,428,033
Series 314, Class S2 5.80% (5.89% - 1 ML) due 09/15/2043(1)(6)(7)			1,064,255		208,980
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS Series W5FX, Class AFX 3.21% due 04/25/2028(3)(4)			2,700,000		3,037,100

384

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description		Principal Amount**		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. REMIC Series 4745, Class CZ 3.50% due 01/15/2048(1)	$		1,133,414	$	1,270,416
Federal Home Loan Mtg. Corp. REMIC FRS Series 4579, Class FD 0.44% (1 ML+0.35%) due 01/15/2038(1)			686,299		687,557
Federal Home Loan Mtg. Corp. REMIC VRS Series 4579, Class SD 1.97% due 01/15/2038(1)(3)(6)			686,299		43,930
					7,999,064
Federal National Mtg. Assoc. — 2.3%
3.79% due 01/01/2029			1,800,000		2,032,335
4.00% due 07/01/2045			706,454		768,854
4.00% due 07/01/2045			433,540		472,106
4.00% due 02/01/2046			1,103,584		1,198,580
4.00% due 09/01/2046			1,088,341		1,182,294
4.00% due 07/01/2048			266,511		284,971
4.00% due 07/01/2048			99,023		105,896
4.00% due 08/01/2048			5,299		5,663
4.00% due 11/01/2048			108,049		115,377
4.00% due 03/01/2049			2,284,411		2,434,801
4.00% due 07/01/2049			520,775		555,484
4.00% due 05/01/2050			5,949,389		6,341,056
4.00% due 06/01/2050			61,466		65,679
4.00% due 09/01/2050			11,882,696		12,664,972
Federal National Mtg. Assoc. REMIC Series 2013-17, Class TI 3.00% due 03/25/2028(1)(6)			587,645		39,046
Federal National Mtg. Assoc. REMIC FRS Series 2012-113, Class PF 0.44% (1 ML+0.35%) due 10/25/2040(1)			366,332		367,524
Series 2007-85, Class FL 0.63% (1 ML+0.54%) due 09/25/2037(1)			1,400,910		1,426,988
Series 2012-21, Class FQ 0.64% (1 ML+0.55%) due 02/25/2041(1)			224,575		225,510
					30,287,136
Government National Mtg. Assoc. — 0.4%
Government National Mtg. Assoc. REMIC FRS Series 2016-H10, Class FJ 0.69% (1 ML+0.60%) due 04/20/2066(1)			1,032		1,033
Series 2014-H02, Class FB 0.74% (1 ML+0.65%) due 12/20/2063(1)			687,385		691,662
Series 2016-H11, Class F 0.89% (1 ML+0.80%) due 05/20/2066(1)			1,881,148		1,907,180

Security Description		Principal Amount**		Value (Note 2)
Government National Mtg. Assoc. (continued)
Series 2016-H14, Class FA 0.89% (1 ML+0.80%) due 06/20/2066(1)	$		1,098,034	$	1,113,355
Series 2016-H17, Class FC 0.92% (1 ML+0.83%) due 08/20/2066(1)			2,454,866		2,492,669
					6,205,899
Uniform Mtg. Backed Securities — 9.3%
1.50% due September 15 TBA			10,300,000		10,480,599
1.50% due September 30 TBA			2,400,000		2,369,719
2.00% due September 30 TBA			30,800,000		31,330,578
3.00% due September 30 TBA			14,900,000		15,583,305
3.00% due October 30 TBA			14,000,000		14,628,633
3.50% due September 30 TBA			15,400,000		16,286,703
4.00% due September 30 TBA			30,500,000		32,606,406
					123,285,943
Total U.S. Government Agencies (cost $166,845,477)					167,778,042
U.S. GOVERNMENT TREASURIES — 13.9%
United States Treasury Bonds — 5.6%
zero coupon due 08/15/2044 STRIPS			100,000		64,025
zero coupon due 05/15/2050 STRIPS			2,000,000		1,138,098
1.13% due 05/15/2040			9,980,000		8,910,269
1.38% due 11/15/2040			23,190,000		21,534,089
1.88% due 02/15/2041			14,000,000		14,150,938
2.25% due 05/15/2041			3,100,000		3,325,719
2.75% due 11/15/2047			100,000		117,836
2.88% due 11/15/2046			290,000		348,193
3.00% due 02/15/2048			4,320,000		5,327,606
3.13% due 05/15/2048			620,000		782,120
4.25% due 05/15/2039			5,900,000		8,286,734
4.38% due 05/15/2041			5,500,000		7,937,832
4.50% due 08/15/2039			1,750,000		2,531,826
					74,455,285
United States Treasury Notes — 8.3%
0.13% due 01/15/2024			17,700,000		17,641,922
1.13% due 02/29/2028			380,000		384,305
1.75% due 02/28/2022(13)			2,500,000		2,524,219
1.75% due 12/31/2026			3,800,000		3,999,054
1.88% due 03/31/2022			50,300,000		50,897,312
1.88% due 04/30/2022			9,700,000		9,829,965
1.88% due 07/31/2022(14)			3,200,000		3,256,875
1.88% due 08/31/2022			14,200,000		14,473,461
1.88% due 07/31/2026			4,400,000		4,654,031
2.00% due 12/31/2021(14)			2,600,000		2,620,719
					110,281,863
Total U.S. Government Treasuries (cost $181,782,716)					184,737,148
FOREIGN GOVERNMENT OBLIGATIONS — 0.5%
Sovereign — 0.5%
Dominican Republic Senior Notes 4.88% due 09/23/2032*			1,200,000		1,245,012

385

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description			Principal Amount**		Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS (continued)
Sovereign (continued)
Government of Romania Bonds 2.63% due 12/02/2040*		EUR		400,000	$	464,243
Kingdom of Saudi Arabia Senior Notes 4.50% due 04/22/2060	$			300,000		365,175
Republic of Indonesia Senior Notes 4.45% due 02/11/2024				2,200,000		2,403,083
Republic of Peru Senior Notes 3.30% due 03/11/2041				200,000		195,004
Republic of Peru Senior Notes 5.94% due 02/12/2029*		PEN		2,900,000		728,678
Republic of Peru Bonds 5.94% due 02/12/2029		PEN		1,500,000		376,903
Republic of Peru Senior Notes 6.15% due 08/12/2032*		PEN		700,000		166,976
State of Qatar Senior Notes 4.40% due 04/16/2050*				700,000		863,108
Total Foreign Government Obligations (cost $6,847,551)						6,808,182
MUNICIPAL BONDS & NOTES — 0.2%
State of Wisconsin Revenue Bonds Series A 2.10% due 05/01/2026				500,000		527,012
Texas Transportation Commission State Highway Fund Revenue Bonds 4.00% due 10/01/2033				1,000,000		1,241,370
University of California Revenue Bonds Series BG 1.61% due 05/15/2030				380,000		380,903
Total Municipal Bonds & Notes (cost $2,102,449)						2,149,285
LOANS(8)(9)(10) — 0.0%
Computer Services — 0.0%
Virtusa Corp. FRS BTL-B 5.00% (1 ML+4.25%) due 02/11/2028 (cost $393,358)				399,000		400,621
OPTIONS—PURCHASED†(11) — 0.8%
Exchanged-Traded Put Option — Purchased (cost $14,296,914)				1,125		10,550,625
PREFERRED SECURITIES/CAPITAL SECURITIES — 0.4%
Banks-Commercial — 0.2%
Stichting AK Rabobank Certificaten 2.19% due 09/29/2021†(12)		EUR		945,450		1,549,743

Security Description		Shares/ Principal Amount**			Value (Note 2)
Banks-Commercial (continued)
Truist Financial Corp. Series Q 5.10% due 03/01/2030(12)	$		1,300,000		$	1,495,000
						3,044,743
Diversified Banking Institutions — 0.1%
BNP Paribas SA 4.63% due 02/25/2031*(12)			200,000			207,960
HSBC Holdings PLC 4.60% due 12/17/2030(12)			600,000			616,200
						824,160
Electric-Integrated — 0.1%
CenterPoint Energy, Inc. Series A 6.13% due 09/01/2023(12)			500,000			528,750
Finance-Investment Banker/Broker — 0.0%
Charles Schwab Corp. Series I 4.00% due 06/01/2026(12)			500,000			521,875
Investment Management/Advisor Services — 0.0%
Brighthouse Holdings LLC Series A 6.50% due 07/27/2037*(12)			500,000			457,212
Total Preferred Securities/Capital Securities (cost $4,401,570)						5,376,740
Total Long-Term Investment Securities (cost $600,795,814)						613,839,731
SHORT-TERM INVESTMENT SECURITIES — 61.7%
U.S. Government Treasuries — 61.7%
United States Cash Management Bills
0.04% due 10/19/2021			15,400,000			15,398,332
United States Treasury Bills
0.02% due 08/05/2021			11,600,000			11,599,973
0.02% due 08/10/2021(13)			7,000,000			6,999,949
0.03% due 08/03/2021			9,300,000			9,299,995
0.03% due 08/17/2021(13)			3,600,000			3,599,951
0.03% due 08/24/2021			3,300,000			3,299,914
0.03% due 10/28/2021(13)			2,800,000			2,799,645
0.03% due 11/18/2021(13)			16,800,000			16,797,354
0.03% due 11/26/2021(13)			6,700,000			6,698,948
0.04% due 08/26/2021			169,500,000			169,496,046
0.04% due 08/31/2021(13)			47,100,000			47,098,293
0.04% due 09/21/2021			22,700,000			22,698,502
0.04% due 09/28/2021			15,300,000			15,298,849
0.04% due 09/30/2021			146,900,000			146,889,166
0.05% due 09/07/2021(14)			3,300,000			3,299,868
0.05% due 09/09/2021(13)			2,200,000			2,199,901
0.05% due 10/07/2021			56,000,000			55,995,124
0.05% due 10/14/2021			1,600,000			1,599,838
0.05% due 01/06/2022(13)			20,600,000			20,595,283
0.05% due 01/27/2022			9,300,000			9,297,471
0.06% due 08/19/2021			238,500,000			238,495,495
0.06% due 09/02/2021(13)			10,000,000			9,999,634
						804,059,199
Total Short-Term Investment Securities (cost $819,458,125)					819,457,531
TOTAL INVESTMENTS (cost $1,420,253,939)(15)		107.9%			1,433,297,262
Liabilities in excess of other assets			(7.9	)		(104,552,737	)
NET ASSETS			100.0	%	$	1,328,744,525

386

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

* 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 July 31, 2021, the aggregate value of these securities was $120,588,423 representing 9.1% of net assets.

** Denominated in United States Dollars unless otherwise indicated.

† Non-income producing security

(1) Collateralized Mortgage Obligation

(2) Collateralized Loan Obligation

(3) 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.

(4) Commercial Mortgage Backed Security

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

(6) Interest Only

(7) 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 July 31, 2021.

(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 Offered 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) Options — Purchased

Exchange-Traded Put Options — Purchased
Issue	Expiration Month	Strike Price		Number of Contracts		Notional Amount*		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
S&P 500 Index	June 2022	$	2,925		375	$	164,822,250	$	2,457,013	$	1,861,875	$	(595,138	)
S&P 500 Index	June 2022		3,350		375		164,822,250		4,444,513		3,270,000		(1,174,513	)
S&P 500 Index	June 2022		3,750		375		164,822,250		7,395,388		5,418,750		(1,976,638	)
								$	14,296,914	$	10,550,625	$	(3,746,289	)

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

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

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

(14) The security or portion thereof was pledged as collateral to cover margin requirements for open derivative contracts.

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

BTL — Bank Term Loan

CLO — Collateralized Loan Obligation

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.

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at July 31, 2021 and unless noted otherwise, the dates shown are the original maturity dates

Over the Counter Written Call Options on Interest Rate Swap Contracts
Issue	Counterparty	Expiration Month		Strike Rate			Notional Amount (000’s)		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
Call option to enter into an interest rate swap for the right to receive a fixed rate of 0.48% versus U.S. Treasury Bonds maturing on 08/18/2021	Barclays Bank PLC		August 2021		0.48	%	$	9,400	$	7,050	$	15,308	$	(8,258	)

387

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Over the Counter Written Put Options on Interest Rate Swap Contracts
Issue	Counterparty	Expiration Month		Strike Rate			Notional Amount (000’s)		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
Put option to enter into an interest rate swap for the right to receive a fixed rate of 0.75% versus CDX Investment Grade Index maturing on 08/18/2021	Barclays Bank PLC		August 2021		0.75	%	$	2,500	$	2,907	$	86	$	2,821
Put option to enter into an interest rate swap for the right to receive a fixed rate of 0.80% versus CDX Investment Grade Index maturing on 09/15/2021	Barclays Bank PLC		September 2021		0.80	%		2,700		3,661		465		3,196
Put option to enter into an interest rate swap for the right to receive a fixed rate of 0.85% versus CDX Investment Grade Index maturing on 10/20/2021	Barclays Bank PLC		October 2021		0.85	%		2,800		3,236		1,166		2,070
Put option to enter into an interest rate swap for the right to receive a fixed rate of 0.80% versus CDX Investment Grade Index maturing on 10/20/2021	Barclays Bank PLC		October 2021		0.80	%		2,900		2,823		1,297		1,526
Put option to enter into an interest rate swap for the right to receive a fixed rate of 0.80% versus CDX Investment Grade Index maturing on 11/17/2021	Barclays Bank PLC		November 2021		0.80	%		2,800		3,206		1,939		1,267
Put option to enter into an interest rate swap for the right to receive a fixed rate of 0.85% versus CDX Investment Grade Index maturing on 08/18/2021	Goldman Sachs		August 2021		0.85	%		9,500		9,500		675		8,825
Put option to enter into an interest rate swap for the right to receive a fixed rate of 0.80% versus CDX Investment Grade Index maturing on 08/18/2021	Citibank NA		August 2021		0.80	%		11,000		11,880		228		11,652
Put option to enter into an interest rate swap for the right to receive a fixed rate of 0.80% versus CDX Investment Grade Index maturing on 08/18/2021	Goldman Sachs		August 2021		0.80	%		4,500		4,522		93		4,429
Put option to enter into an interest rate swap for the right to receive a fixed rate of 0.75% versus CDX Investment Grade Index maturing on 08/18/2021	Bank of America		August 2021		0.75	%		12,700		12,383		422		11,961
Put option to enter into an interest rate swap for the right to receive a fixed rate of 0.80% versus CDX Investment Grade Index maturing on 09/15/2021	Barclays Bank PLC		September 2021		0.80	%		9,400		11,656		2,354		9,302
Put option to enter into an interest rate swap for the right to receive a fixed rate of 0.85% versus CDX Investment Grade Index maturing on 10/20/2021	Goldman Sachs		October 2021		0.85	%		19,600		20,678		8,636		12,042
Put option to enter into an interest rate swap for the right to receive a fixed rate of 0.80% versus CDX Investment Grade Index maturing on 10/20/2021	Goldman Sachs		October 2021		0.80	%		5,700		6,042		3,005		3,037
Put option to enter into an interest rate swap for the right to receive a fixed rate of 1.04% versus CDX Investment Grade Index maturing on 10/20/2021	Goldman Sachs		October 2021		1.04	%		4,400		19,360		19,183		177
Put option to enter into an interest rate swap for the right to receive a fixed rate of 0.75% versus CDX Investment Grade Index maturing on 10/20/2021	Goldman Sachs		October 2021		0.75	%		13,800		13,593		8,972		4,621
Put option to enter into an interest rate swap for the right to receive a fixed rate of 1.02% versus CDX Investment Grade Index maturing on 11/17/2021	Goldman Sachs		November 2021		1.02	%		3,300		16,104		16,073		31
									$	141,551	$	64,594	$	76,957

388

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	52	Long	Euro-BTP	September 2021	$	9,246,927	$	9,516,758	$	269,831
	2,602	Long	S&P 500 E-Mini Index	September 2021		550,392,469		571,073,950		20,681,481
	97	Long	U.S. Treasury 10 Year Notes	September 2021		14,002,234		14,574,250		572,016
	458	Long	U.S. Treasury 10 Year Notes	September 2021		60,477,675		61,579,531		1,101,856
	453	Long	U.S. Treasury 5 Year Notes	September 2021		56,062,081		56,373,726		311,645
									$	22,936,829
									Unrealized (Depreciation)
	597	Long	Russell 2000 E-Mini Index	September 2021	$	69,187,776	$	66,314,760	$	(2,873,016	)
	1,717	Long	MSCI EAFE	September 2021		203,028,847		199,120,490		(3,908,357	)
	92	Short	Euro-Bund	September 2021		18,715,982		19,269,958		(553,976	)
	51	Short	Euro-OAT	September 2021		9,584,755		9,805,633		(220,878	)
	76	Short	U.S. Treasury Long Bonds	September 2021		12,518,625		11,830,955		(687,670	)
	32	Short	U.S. Treasury Ultra Bonds	September 2021		6,385,000		5,865,453		(519,547	)
									$	(8,763,444	)
			Net Unrealized Appreciation (Depreciation)						$	14,173,385

* 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 America, N.A.		GBP	208,000		USD	284,159		08/03/2021	$	—	$	(4,961	)
		PEN	5,797,212		USD	1,485,436		10/19/2021		57,921		—
		USD	1,486,274		PEN	5,797,212		08/11/2021		—		(58,889	)
		USD	50,285		RUB	3,781,052		08/20/2021		1,323		—
		USD	320,224		RUB	24,144,263		10/22/2021		5,429		—
										64,673		(63,850	)
Barclays Bank PLC		EUR	3,937,000		USD	4,672,981		08/03/2021		2,717		—
		USD	870,583		MXN	18,043,000		08/05/2021		35,574		—
										38,291		—
Citibank N.A.		BRL	5,735,866		USD	1,103,051		08/03/2021		1,747		—
		EUR	135,000		USD	159,728		08/03/2021		—		(416	)
		GBP	4,647,000		USD	6,444,234		08/03/2021		—		(15,100	)
		MXN	27,891,000		USD	1,395,300		09/03/2021		—		(91	)
		PEN	126,870		USD	34,906		08/04/2021		3,671		—
		PEN	5,797,212		USD	1,465,126		08/11/2021		37,741		—
		PEN	126,870		USD	32,095		10/12/2021		853		—
		USD	1,113,916		BRL	5,735,866		08/03/2021		—		(12,612	)
		USD	32,099		PEN	126,870		08/04/2021		—		(865	)
		USD	641,042		RUB	47,978,941		08/20/2021		13,826		—
		USD	1,098,867		BRL	5,735,866		09/02/2021		—		(2,032	)
										57,838		(31,116	)
Goldman Sachs Bank USA		BRL	3,000,826		USD	585,916		08/03/2021		9,748		—
		EUR	114,000		USD	134,537		08/03/2021		—		(696	)
		GBP	4,855,000		USD	6,773,029		09/02/2021		24,105		—
		MXN	18,043,000		USD	898,556		08/05/2021		—		(7,601	)
		RUB	23,951,000		USD	327,990		08/20/2021		1,081		—
		RUB	24,032,560		USD	327,537		09/20/2021		1,308		—
		USD	592,077		BRL	3,000,826		08/03/2021		—		(15,910	)
		USD	6,772,543		GBP	4,855,000		08/03/2021		—		(24,089	)
		USD	158,392		RUB	11,867,789		08/20/2021		3,594		—
		USD	1,365,124		MXN	27,916,000		09/03/2021		31,518		—
		USD	23		RUB	1,737		10/22/2021		—		—
										71,354		(48,296	)
Net Unrealized Appreciation/(Depreciation)									$	232,156	$	(143,262	)

389

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

BRL	— Brazilian Real
EUR	— Euro Currency
GBP	— British Pound Sterling
MXN	— Mexican Peso

PEN	— Peruvian Sol
RUB	— New Russian Ruble
USD	— United States Dollar

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
CAD		800		03/03/2025	1.220%/Semi-annually	3 Month Canadian Offered Rate/Semi-annually	$	4		$	2,652
CAD		3,400		03/04/2025	1.235%/Semi-annually	3 Month Canadian Offered Rate/Semi-annually		2,228			10,491
USD		6,000		09/15/2031	0.000%/Annually	6 Month USD EURIBOR-BBA/Semi-annually		(83,278	)		125,156
USD		300		12/16/2030	1.000%/Semi-annually	3 Month USD LIBOR-BBA/Quarterly		(12,041	)		5,393
							$	(93,087	)	$	143,692
					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 (Depreciation)
GBP		5,300		03/16/2052	12 Month GBP SONIA/Annually	0.750%/Annually	$	(210,804	)	$	(23,456	)
USD		7,200		07/15/2031	3 Month USD LIBOR-BBA/Quarterly	1.4675%/Semi-annually		—			(126,978	)
USD		9,600		07/21/2031	3 Month USD LIBOR-BBA/Quarterly	1.4410%/Semi-annually		—			(162,435	)
							$	(210,804	)	$	(312,869	)
					Net Unrealized Appreciation/(Depreciation)		$	(303,891	)	$	(169,177	)

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 July 31, 2021(1)			Notional Amount(2) (000’s)		Upfront Premiums Paid/ (Received)		Unrealized Appreciation
CDX Investment Grade Index Series 36		1.000% /Quarterly	6/20/2026		0.4971	%	$	5,300	$	124,165	$	3,580
									Value(3)
Reference Obligation	Fixed Deal Receive Rate / Payment Frequency		Maturity Date	Implied Credit Spread at July 31, 2021(1)			Notional Amount(2) (000’s)		Upfront Premiums Paid/ (Received)		Unrealized (Depreciation)
CDX High Yield Series 36		5.000% /Quarterly	6/20/2026		2.9248	%		1,900	$	174,489	$	(168	)
		Net Unrealized Appreciation/(Depreciation)							$	298,654	$	3,412

390

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Centrally Cleared Credit Default Swaps on Corporate and Sovereign Issues — Sell Protection(4)
									Value(3)
Reference Obligation	Fixed Deal Receive Rate / Payment Frequency		Maturity Date	Implied Credit Spread at July 31, 2021(1)			Notional Amount(2) (000’s)		Upfront Premiums Paid/ (Received)			Unrealized Appreciation
Lennar Corp.		5.000% /Quarterly	12/20/2025		0.7346	%	$	100	$	17,299		$	986
									Value(3)
Reference Obligation	Fixed Deal Receive Rate / Payment Frequency		Maturity Date	Implied Credit Spread at July 31, 2021(1)			Notional Amount(2) (000’s)		Upfront Premiums Paid/ (Received)			Unrealized (Depreciation)
Government of South Africa		1.000% /Quarterly	6/20/2026		2.0207	%		1,100	$	(50,486	)	$	(2,029	)
		Net Unrealized Appreciation/(Depreciation)							$	(33,187	)	$	(1,043	)

(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.

BBA — British Banking Association

EUR — Euro Currency

EURIBOR — Euro Interbank Offered Rate

LIBOR — London Interbank Offered Rate

SONIA — Sterling Overnight Index Average

USD — United States Dollar

391

SunAmerica Series Trust SA PIMCO VCP Tactical Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	—	$	96,410,152	$	1,056,463	$	97,466,615
U.S. Corporate Bonds & Notes		—		91,957,127		—		91,957,127
Foreign Corporate Bonds & Notes		—		46,615,346		—		46,615,346
U.S. Government Agencies		—		167,778,042		—		167,778,042
U.S. Government Treasuries		—		184,737,148		—		184,737,148
Foreign Government Obligations		—		6,808,182		—		6,808,182
Municipal Bonds & Notes		—		2,149,285		—		2,149,285
Loans		—		400,621		—		400,621
Options - Purchased		10,550,625		—		—		10,550,625
Preferred Securities/Capital Securities		—		5,376,740		—		5,376,740
Short-Term Investment Securities		—		819,457,531		—		819,457,531
Total Investments at Value	$	10,550,625	$	1,421,690,174	$	1,056,463	$	1,433,297,262
Other Financial Instruments:+
Over the Counter Written Put Options on Interest Rate Swap Contracts	$	—	$	76,957	$	—	$	76,957
Futures Contracts		22,936,829		—		—		22,936,829
Forward Foreign Currency Contracts		—		232,156		—		232,156
Centrally Cleared Interest Rate Swap Contracts		—		143,692		—		143,692
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection		—		3,580		—		3,580
Centrally Cleared Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection		—		986		—		986
Total Other Financial Instruments	$	22,936,829	$	457,371	$	—	$	23,394,200
LIABILITIES:
Other Financial Instruments:+
Over the Counter Written Call Options on Interest Rate Swap Contracts	$	—	$	8,258	$	—	$	8,258
Futures Contracts		8,763,444		—		—		8,763,444
Forward Foreign Currency Contracts		—		143,262		—		143,262
Centrally Cleared Interest Rate Swap Contracts		—		312,869		—		312,869
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection		—		168		—		168
Centrally Cleared Credit Default Swaps on Corporate and Sovereign Issues - Sell Protection		—		2,029		—		2,029
Total Other Financial Instruments	$	8,763,444	$	466,586	$	—	$	9,230,030

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

+ Amounts represent unrealized appreciation/depreciation as of the end of 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. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

392

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Pipelines	8.2	%
Oil Companies-Exploration & Production	6.8
Real Estate Investment Trusts	4.3
Cable/Satellite TV	3.9
Medical-Hospitals	3.5
Cruise Lines	2.8
Finance-Consumer Loans	2.6
Airlines	2.3
Auto-Cars/Light Trucks	2.1
Retail-Restaurants	2.0
Satellite Telecom	1.9
Commercial Services-Finance	1.9
Independent Power Producers	1.6
Security Services	1.5
Hotels/Motels	1.4
Telephone-Integrated	1.4
Human Resources	1.3
Oil-Field Services	1.3
Food-Misc./Diversified	1.3
Steel-Producers	1.2
Metal-Copper	1.2
Television	1.2
Finance-Mortgage Loan/Banker	1.1
Retail-Petroleum Products	1.1
Telecom Services	1.1
Registered Investment Companies	1.0
Electric-Generation	1.0
Casino Hotels	1.0
Protection/Safety	1.0
Aerospace/Defense-Equipment	1.0
Food-Wholesale/Distribution	0.9
Finance-Investment Banker/Broker	0.9
Agricultural Chemicals	0.9
Computer Services	0.9
Enterprise Software/Service	0.9
Chemicals-Specialty	0.9
Auto-Heavy Duty Trucks	0.9
Vitamins & Nutrition Products	0.8
Auction Houses/Art Dealers	0.8
Dialysis Centers	0.8
Batteries/Battery Systems	0.8
Broadcast Services/Program	0.8
Poultry	0.7
Rental Auto/Equipment	0.7
Motion Pictures & Services	0.6
Internet Financial Services	0.6
Food-Retail	0.6
Metal-Iron	0.6
Transport-Air Freight	0.6
Medical-Drugs	0.6
Transport-Equipment & Leasing	0.6
Printing-Commercial	0.6
Finance-Auto Loans	0.5
Finance-Credit Card	0.5
Food-Dairy Products	0.5
Cellular Telecom	0.5
Paper & Related Products	0.5

Medical-Generic Drugs	0.5
Electronic Parts Distribution	0.5
Coal	0.5
Retail-Building Products	0.5
Building & Construction-Misc.	0.5
Building-Residential/Commercial	0.5
Finance-Commercial	0.5
Computers-Integrated Systems	0.5
Recycling	0.5
Auto Repair Centers	0.5
Containers-Paper/Plastic	0.5
Casino Services	0.5
Applications Software	0.5
Diversified Minerals	0.5
Retail-Pawn Shops	0.5
Building & Construction Products-Misc.	0.5
Containers-Metal/Glass	0.5
Direct Marketing	0.5
Distribution/Wholesale	0.5
Commercial Services	0.5
Resorts/Theme Parks	0.5
Oil Companies-Integrated	0.4
Real Estate Management/Services	0.4
Cosmetics & Toiletries	0.4
Investment Management/Advisor Services	0.4
Retail-Automobile	0.4
Research & Development	0.4
Real Estate Operations & Development	0.4
Internet Telephone	0.4
Medical Labs & Testing Services	0.4
E-Commerce/Services	0.3
Circuit Boards	0.3
Computer Software	0.3
Chemicals-Diversified	0.3
Financial Guarantee Insurance	0.3
Building Products-Doors & Windows	0.3
Oil Field Machinery & Equipment	0.3
Oil Refining & Marketing	0.3
Electric-Integrated	0.2
	99.7	%

393

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Credit Quality#†

Baa	1.3	%
Ba	39.2
B	46.0
Caa	11.3
Not Rated@	2.2
	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.

394

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES — 79.4%
Aerospace/Defense-Equipment — 1.0%
Moog, Inc. Company Guar. Notes 4.25% due 12/15/2027*	$	1,439,000	$	1,483,969
Spirit AeroSystems, Inc. Sec. Notes 7.50% due 04/15/2025*		1,419,000		1,504,140
				2,988,109
Airlines — 1.7%
American Airlines, Inc. Senior Sec. Notes 11.75% due 07/15/2025*		2,629,000		3,286,250
United Airlines Holdings, Inc. Company Guar. Notes 4.88% due 01/15/2025		306,000		312,120
United Airlines, Inc. Senior Sec. Notes 4.38% due 04/15/2026*		722,000		742,851
United Airlines, Inc. Senior Sec. Notes 4.63% due 04/15/2029*		715,000		737,666
				5,078,887
Applications Software — 0.4%
SS&C Technologies, Inc. Company Guar. Notes 5.50% due 09/30/2027*		1,005,000		1,063,642
Auction Houses/Art Dealers — 0.8%
Bidfair Holdings, Inc. Senior Notes 5.88% due 06/01/2029*		0		0
Sotheby’s Senior Sec. Notes 5.88% due 06/01/2029*		920,000		955,742
Sotheby’s Senior Sec. Notes 7.38% due 10/15/2027*		1,380,000		1,474,047
				2,429,789
Auto Repair Centers — 0.5%
Metis Merger Sub LLC Senior Notes 6.50% due 05/15/2029*		1,525,000		1,495,674
Auto-Cars/Light Trucks — 2.1%
Ford Motor Co. Senior Notes 4.75% due 01/15/2043		2,842,000		3,119,919
Ford Motor Co. Senior Notes 6.63% due 10/01/2028		2,012,000		2,409,863
Ford Motor Co. Senior Notes 7.45% due 07/16/2031		316,000		418,261
Ford Motor Credit Co. LLC Senior Notes 2.90% due 02/16/2028		475,000		475,570
				6,423,613
Auto-Heavy Duty Trucks — 0.9%
Allison Transmission, Inc. Company Guar. Notes 3.75% due 01/30/2031*		1,434,000		1,426,830

Security Description	Principal Amount		Value (Note 2)
Auto-Heavy Duty Trucks (continued)
JB Poindexter & Co., Inc. Senior Notes 7.13% due 04/15/2026*	$	1,090,000	$	1,148,587
				2,575,417
Batteries/Battery Systems — 0.8%
Energizer Holdings, Inc. Company Guar. Notes 4.38% due 03/31/2029*		1,455,000		1,464,967
EnerSys Company Guar. Notes 4.38% due 12/15/2027*		841,000		878,845
				2,343,812
Broadcast Services/Program — 0.8%
Univision Communications, Inc. Senior Sec. Notes 6.63% due 06/01/2027*		2,142,000		2,303,314
Building & Construction Products-Misc. — 0.5%
Standard Industries, Inc. Senior Notes 3.38% due 01/15/2031*		1,495,000		1,449,627
Building & Construction-Misc. — 0.5%
VM Consolidated, Inc. Company Guar. Notes 5.50% due 04/15/2029*		1,498,000		1,527,960
Building Products-Doors & Windows — 0.3%
Griffon Corp. Company Guar. Notes 5.75% due 03/01/2028		841,000		884,833
Cable/Satellite TV — 2.5%
Block Communications, Inc. Company Guar. Notes 4.88% due 03/01/2028*		1,490,000		1,508,625
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 4.50% due 08/15/2030*		1,012,000		1,062,600
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.00% due 02/01/2028*		1,161,000		1,217,622
CCO Holdings LLC/CCO Holdings Capital Corp. Senior Notes 5.38% due 06/01/2029*		735,000		802,686
CSC Holdings LLC Company Guar. Bonds 5.38% due 02/01/2028*		1,670,000		1,764,071
CSC Holdings LLC Company Guar. Notes 5.50% due 04/15/2027*		1,110,000		1,161,471
				7,517,075
Casino Services — 0.5%
Caesars Entertainment, Inc. Senior Sec. Notes 6.25% due 07/01/2025*		1,415,000		1,492,825
Chemicals-Specialty — 0.4%
Minerals Technologies, Inc. Company Guar. Notes 5.00% due 07/01/2028*		1,150,000		1,201,750

395

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Circuit Boards — 0.3%
TTM Technologies, Inc. Company Guar. Notes 4.00% due 03/01/2029*	$	1,003,000	$	1,009,269
Coal — 0.5%
SunCoke Energy, Inc. Senior Sec. Notes 4.88% due 06/30/2029*		1,536,000		1,549,471
Commercial Services — 0.5%
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.63% due 10/01/2028*		165,000		174,281
Nielsen Finance LLC/Nielsen Finance Co. Company Guar. Notes 5.88% due 10/01/2030*		1,143,000		1,251,472
				1,425,753
Commercial Services-Finance — 1.9%
MoneyGram International, Inc. Senior Sec. Notes 5.38% due 08/01/2026*		1,835,000		1,903,812
MPH Acquisition Holdings LLC Company Guar. Notes 5.75% due 11/01/2028*		2,318,000		2,248,460
Paysafe Finance PLC/Paysafe Holdings US Corp. Senior Sec. Notes 4.00% due 06/15/2029*		1,545,000		1,500,180
				5,652,452
Computer Services — 0.9%
Ahead DB Holdings LLC Company Guar. Notes 6.63% due 05/01/2028*		1,505,000		1,550,150
Banff Merger Sub, Inc. Senior Notes 9.75% due 09/01/2026*		1,063,000		1,117,479
				2,667,629
Computer Software — 0.3%
Rackspace Technology Global, Inc. Senior Sec. Notes 3.50% due 02/15/2028*		1,035,000		996,188
Computers-Integrated Systems — 0.5%
NCR Corp. Company Guar. Notes 5.13% due 04/15/2029*		1,449,000		1,508,177
Cosmetics & Toiletries — 0.4%
Edgewell Personal Care Co. Company Guar. Notes 4.13% due 04/01/2029*		1,300,000		1,308,125
Dialysis Centers — 0.8%
DaVita, Inc. Company Guar. Notes 4.63% due 06/01/2030*		2,300,000		2,377,625
Direct Marketing — 0.5%
Terrier Media Buyer, Inc. Company Guar. Notes 8.88% due 12/15/2027*		1,350,000		1,443,555

Security Description	Principal Amount		Value (Note 2)
Distribution/Wholesale — 0.5%
H&E Equipment Services, Inc. Company Guar. Notes 3.88% due 12/15/2028*	$	1,455,000	$	1,442,269
E-Commerce/Services — 0.3%
GrubHub Holdings, Inc. Company Guar. Notes 5.50% due 07/01/2027*		1,000,000		1,050,800
Electric-Generation — 1.0%
Pattern Energy Operations LP/Pattern Energy Operations, Inc. Company Guar. Notes 4.50% due 08/15/2028*		1,390,000		1,434,772
Vistra Operations Co. LLC Company Guar. Notes 5.00% due 07/31/2027*		1,585,000		1,636,512
				3,071,284
Electric-Integrated — 0.2%
Talen Energy Supply LLC Senior Sec. Notes 6.63% due 01/15/2028*		857,000		760,588
Electronic Parts Distribution — 0.5%
Imola Merger Corp. Senior Sec. Notes 4.75% due 05/15/2029*		1,510,000		1,558,607
Enterprise Software/Service — 0.9%
Clarivate Science Holdings Corp. Senior Sec. Notes 3.88% due 06/30/2028*		310,000		312,559
Clarivate Science Holdings Corp. Senior Notes 4.88% due 06/30/2029*		921,000		927,576
Donnelley Financial Solutions, Inc. Company Guar. Notes 8.25% due 10/15/2024		1,348,000		1,395,180
				2,635,315
Finance-Auto Loans — 0.5%
Credit Acceptance Corp. Company Guar. Notes 6.63% due 03/15/2026		1,563,000		1,648,965
Finance-Commercial — 0.5%
Burford Capital Global Finance LLC Company Guar. Notes 6.25% due 04/15/2028*		1,440,000		1,515,600
Finance-Consumer Loans — 2.0%
Curo Group Holdings Corp. Senior Sec. Notes 7.50% due 08/01/2028*		1,525,000		1,551,687
Enova International, Inc. Company Guar. Notes 8.50% due 09/01/2024*		1,997,000		2,046,925
Enova International, Inc. Company Guar. Notes 8.50% due 09/15/2025*		734,000		764,278
OneMain Finance Corp. Company Guar. Notes 3.50% due 01/15/2027		94,000		95,645

396

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Finance-Consumer Loans (continued)
Springleaf Finance Corp. Company Guar. Notes 6.88% due 03/15/2025	$	1,259,000	$	1,428,112
				5,886,647
Finance-Credit Card — 0.5%
Alliance Data Systems Corp. Company Guar. Notes 4.75% due 12/15/2024*		1,605,000		1,646,939
Finance-Investment Banker/Broker — 0.9%
Aretec Escrow Issuer, Inc. Senior Notes 7.50% due 04/01/2029*		1,500,000		1,578,750
LPL Holdings, Inc. Company Guar. Notes 4.00% due 03/15/2029*		1,102,000		1,118,530
				2,697,280
Finance-Mortgage Loan/Banker — 1.1%
Genworth Mtg. Holdings, Inc. Senior Notes 6.50% due 08/15/2025*		2,086,000		2,261,897
Quicken Loans LLC/Quicken Loans Co-Issuer, Inc. Company Guar. Notes 3.63% due 03/01/2029*		967,000		969,418
				3,231,315
Financial Guarantee Insurance — 0.3%
NMI Holdings, Inc. Senior Sec. Notes 7.38% due 06/01/2025*		779,000		888,060
Food-Misc./Diversified — 1.3%
Dole Food Co., Inc. Senior Sec. Notes 7.25% due 06/15/2025*		1,440,000		1,469,376
Kraft Heinz Foods Co. Company Guar. Notes 4.88% due 10/01/2049		621,000		773,826
Post Holdings, Inc. Senior Notes 4.50% due 09/15/2031*		1,510,000		1,528,120
				3,771,322
Food-Retail — 0.6%
Albertsons Cos, Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 5.88% due 02/15/2028*		847,000		906,290
Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC Company Guar. Notes 4.63% due 01/15/2027*		910,000		962,780
				1,869,070
Food-Wholesale/Distribution — 0.9%
C&S Group Enterprises LLC Company Guar. Notes 5.00% due 12/15/2028*		1,450,000		1,439,125

Security Description	Principal Amount		Value (Note 2)
Food-Wholesale/Distribution (continued)
Performance Food Group, Inc. Company Guar. Notes 5.50% due 10/15/2027*	$	1,335,000	$	1,390,634
				2,829,759
Hotels/Motels — 1.4%
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Senior Notes 5.00% due 06/01/2029*		1,980,000		1,997,860
Hilton Grand Vacations Borrower LLC/Hilton Grand Vacations Borrower, Inc. Company Guar. Notes 6.13% due 12/01/2024		753,000		784,061
Wyndham Worldwide Corp. Senior Sec. Notes 6.00% due 04/01/2027		1,360,000		1,472,200
				4,254,121
Human Resources — 1.3%
Korn Ferry International Company Guar. Notes 4.63% due 12/15/2027*		1,005,000		1,037,662
Team Health Holdings, Inc. Company Guar. Notes 6.38% due 02/01/2025*		1,430,000		1,326,325
TriNet Group, Inc. Company Guar. Notes 3.50% due 03/01/2029*		1,515,000		1,516,894
				3,880,881
Independent Power Producers — 1.6%
Calpine Corp. Senior Sec. Notes 3.75% due 03/01/2031*		932,000		897,050
Calpine Corp. Senior Notes 5.00% due 02/01/2031*		590,000		595,900
NRG Energy, Inc. Company Guar. Notes 3.38% due 02/15/2029*		507,000		504,465
NRG Energy, Inc. Company Guar. Notes 3.63% due 02/15/2031*		1,455,000		1,465,912
NRG Yield Operating LLC Company Guar. Notes 5.00% due 09/15/2026		1,404,000		1,436,966
				4,900,293
Internet Telephone — 0.4%
Cablevision Lightpath LLC Senior Sec. Notes 3.88% due 09/15/2027*		1,075,000		1,066,937
Investment Management/Advisor Services — 0.4%
NFP Corp. Senior Sec. Notes 4.88% due 08/15/2028*		1,231,000		1,252,542
Medical Labs & Testing Services — 0.4%
Catalent Pharma Solutions, Inc. Company Guar. Notes 3.13% due 02/15/2029*		202,000		197,960

397

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical Labs & Testing Services (continued)
Catalent Pharma Solutions, Inc. Company Guar. Notes 5.00% due 07/15/2027*	$	828,000	$	866,295
				1,064,255
Medical-Drugs — 0.5%
Organon Finance 1 LLC Senior Sec. Notes 4.13% due 04/30/2028*		861,000		882,878
Organon Finance 1 LLC Senior Notes 5.13% due 04/30/2031*		483,000		497,490
				1,380,368
Medical-Generic Drugs — 0.5%
Par Pharmaceutical, Inc. Senior Sec. Notes 7.50% due 04/01/2027*		1,556,000		1,587,120
Medical-Hospitals — 3.5%
Acadia Healthcare Co., Inc. Company Guar. Notes 5.00% due 04/15/2029*		87,000		91,133
Acadia Healthcare Co., Inc. Company Guar. Notes 5.50% due 07/01/2028*		1,385,000		1,476,756
CHS/Community Health Systems, Inc. Senior Sec. Notes 5.63% due 03/15/2027*		938,000		993,108
HCA, Inc. Company Guar. Notes 3.50% due 09/01/2030		2,800,000		3,040,660
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*		1,227,000		1,230,067
Tenet Healthcare Corp. Senior Sec. Notes 4.63% due 07/15/2024		1,575,000		1,594,687
Tenet Healthcare Corp. Company Guar. Notes 6.13% due 10/01/2028*		1,833,000		1,952,145
				10,378,556
Metal-Copper — 0.7%
Freeport-McMoRan, Inc. Company Guar. Notes 4.13% due 03/01/2028		685,000		717,537
Freeport-McMoRan, Inc. Company Guar. Notes 4.63% due 08/01/2030		282,000		309,848
Freeport-McMoRan, Inc. Company Guar. Notes 5.25% due 09/01/2029		1,039,000		1,146,599
				2,173,984
Oil Companies-Exploration & Production — 5.6%
Antero Resources Corp. Company Guar. Notes 5.38% due 03/01/2030*		515,000		524,579
Apache Corp. Senior Notes 4.38% due 10/15/2028		1,206,000		1,277,673

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Apache Corp. Senior Notes 4.75% due 04/15/2043	$	867,000	$	890,843
California Resources Corp. Company Guar. Notes 7.13% due 02/01/2026*		1,900,000		1,942,883
Continental Resources, Inc. Company Guar. Notes 5.75% due 01/15/2031*		802,000		966,651
Endeavor Energy Resources LP/EER Finance, Inc. Senior Notes 5.75% due 01/30/2028*		766,000		801,251
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 5.75% due 02/01/2029*		640,000		651,654
Hilcorp Energy I LP/Hilcorp Finance Co. Senior Notes 6.00% due 02/01/2031*		1,308,000		1,361,955
Independence Energy Finance LLC Senior Notes 7.25% due 05/01/2026*		1,200,000		1,251,000
Indigo Natural Resources LLC Senior Notes 5.38% due 02/01/2029*		1,371,000		1,429,267
Oasis Petroleum, Inc. Company Guar. Notes 6.38% due 06/01/2026*		1,214,000		1,256,490
Occidental Petroleum Corp. Senior Notes 5.88% due 09/01/2025		947,000		1,049,882
Occidental Petroleum Corp. Senior Notes 6.13% due 01/01/2031		695,000		821,038
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028		1,461,000		1,702,065
Range Resources Corp. Company Guar. Notes 8.25% due 01/15/2029*		825,000		913,292
				16,840,523
Oil Companies-Integrated — 0.4%
Murphy Oil Corp. Senior Notes 6.38% due 07/15/2028		1,280,000		1,353,254
Oil Refining & Marketing — 0.3%
PBF Holding Co. LLC/PBF Finance Corp. Company Guar. Notes 6.00% due 02/15/2028		1,622,000		847,154
Oil-Field Services — 1.3%
Archrock Partners LP/Archrock Partners Finance Corp. Company Guar. Notes 6.88% due 04/01/2027*		1,386,000		1,455,300
ChampionX Corp. Company Guar. Notes 6.38% due 05/01/2026		911,000		946,101
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 04/01/2026		1,321,000		1,383,562
				3,784,963

398

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Paper & Related Products — 0.5%
Clearwater Paper Corp. Company Guar. Notes 4.75% due 08/15/2028*	$	1,600,000	$	1,617,920
Pipelines — 8.2%
Antero Midstream Partners LP/Antero Midstream Finance Corp. Company Guar. Notes 5.75% due 01/15/2028*		2,075,000		2,168,375
Buckeye Partners LP Senior Notes 4.50% due 03/01/2028*		1,577,000		1,600,655
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029		817,000		881,339
Cheniere Energy, Inc. Senior Sec. Notes 4.63% due 10/15/2028		1,057,000		1,114,437
DCP Midstream Operating LP Company Guar. Notes 5.63% due 07/15/2027		864,000		982,800
DCP Midstream Operating LP Company Guar. Notes 6.75% due 09/15/2037*		377,000		464,653
DT Midstream, Inc. Company Guar. Notes 4.13% due 06/15/2029*		417,000		427,675
DT Midstream, Inc. Company Guar. Notes 4.38% due 06/15/2031*		888,000		921,300
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 5.63% due 06/15/2024		2,420,000		2,401,850
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 6.50% due 10/01/2025		900,000		893,250
Genesis Energy LP/Genesis Energy Finance Corp. Company Guar. Notes 8.00% due 01/15/2027		848,000		871,320
Harvest Midstream I LP Senior Notes 7.50% due 09/01/2028*		1,978,000		2,115,036
Holly Energy Partners LP/Holly Energy Finance Corp. Company Guar. Notes 5.00% due 02/01/2028*		2,105,000		2,133,944
ITT Holdings LLC Senior Notes 6.50% due 08/01/2029*		1,855,000		1,850,511
NGL Energy Operating LLC/NGL Energy Finance Corp. Senior Sec. Notes 7.50% due 02/01/2026*		1,775,000		1,823,812
NuStar Logistics LP Company Guar. Notes 5.75% due 10/01/2025		593,000		646,370
NuStar Logistics LP Company Guar. Notes 6.38% due 10/01/2030		892,000		990,031

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 4.88% due 02/01/2031*	$	1,241,000	$	1,341,831
Venture Global Calcasieu Pass LLC Senior Sec. Notes 3.88% due 08/15/2029*		1,076,000		1,100,210
				24,729,399
Poultry — 0.7%
Pilgrim’s Pride Corp. Company Guar. Notes 5.88% due 09/30/2027*		1,020,000		1,091,421
Simmons Foods, Inc. Sec. Notes 4.63% due 03/01/2029*		987,000		996,475
				2,087,896
Printing-Commercial — 0.6%
Deluxe Corp. Company Guar. Notes 8.00% due 06/01/2029*		1,525,000		1,666,062
Protection/Safety — 1.0%
APX Group, Inc. Company Guar. Notes 5.75% due 07/15/2029*		1,530,000		1,536,151
Prime Security Services Borrower LLC/Prime Finance, Inc. Senior Sec. Notes 5.75% due 04/15/2026*		1,368,000		1,497,960
				3,034,111
Real Estate Investment Trusts — 4.3%
CTR Partnership LP/CareTrust Capital Corp. Company Guar. Notes 3.88% due 06/30/2028*		732,000		750,864
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 3.38% due 06/15/2026*		1,235,000		1,251,524
HAT Holdings I LLC/HAT Holdings II LLC Company Guar. Notes 6.00% due 04/15/2025*		593,000		623,065
Hospitality Properties Trust Senior Notes 3.95% due 01/15/2028		133,000		124,688
Hospitality Properties Trust Senior Notes 4.38% due 02/15/2030		1,043,000		975,174
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. Company Guar. Notes 4.25% due 02/01/2027*		2,280,000		2,276,200
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 3.50% due 03/15/2031		624,000		640,212
MPT Operating Partnership LP/MPT Finance Corp. Company Guar. Notes 5.00% due 10/15/2027		1,093,000		1,156,984

399

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer Senior Sec. Notes 4.88% due 05/15/2029*	$	205,000	$	209,612
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance Co-Issuer Senior Sec. Notes 5.88% due 10/01/2028*		795,000		848,662
Service Properties Trust Senior Notes 4.75% due 10/01/2026		267,000		261,994
Service Properties Trust Senior Notes 4.95% due 10/01/2029		345,000		334,322
Service Properties Trust Senior Notes 5.25% due 02/15/2026		702,000		707,265
Service Properties Trust Company Guar. Notes 5.50% due 12/15/2027		130,000		138,602
Starwood Property Trust, Inc. Senior Notes 3.63% due 07/15/2026*		375,000		381,262
Starwood Property Trust, Inc. Senior Notes 4.75% due 03/15/2025		1,732,000		1,827,260
Starwood Property Trust, Inc. Senior Notes 5.50% due 11/01/2023*		285,000		298,894
				12,806,584
Real Estate Management/Services — 0.4%
Cushman & Wakefield US Borrower LLC Senior Sec. Notes 6.75% due 05/15/2028*		1,228,000		1,319,793
Real Estate Operations & Development — 0.4%
Kennedy-Wilson, Inc. Company Guar. Notes 4.75% due 03/01/2029		1,072,000		1,100,140
Recycling — 0.5%
Harsco Corp. Company Guar. Notes 5.75% due 07/31/2027*		1,443,000		1,498,844
Rental Auto/Equipment — 0.7%
Ahern Rentals, Inc. Sec. Notes 7.38% due 05/15/2023*		1,635,000		1,482,749
United Rentals North America, Inc. Company Guar. Notes 3.75% due 01/15/2032		581,000		581,000
				2,063,749
Research & Development — 0.4%
Jaguar Holding Co. II/PPD Development LP Company Guar. Notes 5.00% due 06/15/2028*		1,084,000		1,168,010

Security Description	Principal Amount		Value (Note 2)
Resort/Theme Parks — 0.5%
SeaWorld Parks & Entertainment, Inc. Senior Sec. Notes 8.75% due 05/01/2025*	$	1,315,000	$	1,413,625
Retail-Automobile — 0.4%
Carvana Co. Company Guar. Notes 5.50% due 04/15/2027*		1,172,000		1,213,020
Retail-Building Products — 0.5%
Park River Holdings, Inc. Senior Notes 6.75% due 08/01/2029*		1,528,000		1,539,460
Retail-Pawn Shops — 0.5%
FirstCash, Inc. Company Guar. Notes 4.63% due 09/01/2028*		1,401,000		1,456,578
Retail-Petroleum Products — 0.5%
Murphy Oil USA, Inc. Company Guar. Notes 3.75% due 02/15/2031*		210,000		209,475
Murphy Oil USA, Inc. Company Guar. Notes 4.75% due 09/15/2029		1,190,000		1,261,400
				1,470,875
Retail-Restaurants — 2.0%
Brinker International, Inc. Company Guar. Notes 5.00% due 10/01/2024*		836,000		885,115
Carrols Restaurant Group, Inc. Company Guar. Notes 5.88% due 07/01/2029*		2,000,000		1,939,930
CEC Entertainment LLC Senior Sec. Notes 6.75% due 05/01/2026*		1,515,000		1,515,303
Dave & Buster’s, Inc. Senior Sec. Notes 7.63% due 11/01/2025*		1,445,000		1,529,343
				5,869,691
Satellite Telecom — 0.6%
Hughes Satellite Systems Corp. Company Guar. Notes 6.63% due 08/01/2026		1,725,000		1,938,469
Security Services — 0.6%
Allied Universal Holdco LLC/Allied Universal Finance Corp. Senior Notes 6.00% due 06/01/2029*		410,000		410,513
Brink’s Co. Company Guar. Notes 4.63% due 10/15/2027*		1,020,000		1,059,123
Brink’s Co. Company Guar. Notes 5.50% due 07/15/2025*		425,000		446,781
				1,916,417
Steel-Producers — 1.2%
Cleveland-Cliffs, Inc. Company Guar. Notes 4.63% due 03/01/2029*		753,000		799,121

400

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Steel-Producers (continued)
Cleveland-Cliffs, Inc. Senior Sec. Notes 6.75% due 03/15/2026*	$	846,000	$	912,623
Cliffs Natural Resources, Inc. Senior Notes 6.25% due 10/01/2040		454,000		490,320
Commercial Metals Co. Senior Notes 3.88% due 02/15/2031		1,481,000		1,488,405
				3,690,469
Telecom Services — 0.5%
Frontier Communications Corp. Senior Sec. Notes 5.00% due 05/01/2028*		1,408,000		1,456,421
Telephone-Integrated — 1.4%
CenturyLink, Inc. Senior Notes 5.13% due 12/15/2026*		1,229,000		1,277,324
Lumen Technologies, Inc. Senior Notes 5.38% due 06/15/2029*		1,770,000		1,814,250
Zayo Group Holdings, Inc. Senior Notes 6.13% due 03/01/2028*		1,031,000		1,049,208
				4,140,782
Television — 1.2%
Belo Corp. Company Guar. Notes 7.25% due 09/15/2027		628,000		733,190
Belo Corp. Company Guar. Notes 7.75% due 06/01/2027		1,477,000		1,728,090
Gray Television, Inc. Company Guar. Notes 4.75% due 10/15/2030*		1,015,000		1,006,230
				3,467,510
Transport-Air Freight — 0.6%
Cargo Aircraft Management, Inc. Company Guar. Notes 4.75% due 02/01/2028*		1,750,000		1,789,357
Vitamins & Nutrition Products — 0.6%
HLF Financing Sarl LLC/Herbalife International, Inc. Company Guar. Notes 4.88% due 06/01/2029*		1,825,000		1,842,337
Total U.S. Corporate Bonds & Notes (cost $229,490,530)				238,280,861
FOREIGN CORPORATE BONDS & NOTES — 17.9%
Agricultural Chemicals — 0.9%
Consolidated Energy Finance SA Senior Notes 6.88% due 06/15/2025*		1,427,000		1,448,476
OCI NV Senior Sec. Notes 5.25% due 11/01/2024*		1,204,000		1,236,328
				2,684,804

Security Description	Principal Amount		Value (Note 2)
Airlines — 0.6%
Air Canada Senior Sec. Notes 3.88% due 08/15/2026*	$	515,000	$	515,134
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. Senior Sec. Notes 5.50% due 04/20/2026*		414,784		433,968
American Airlines, Inc./AAdvantage Loyalty IP, Ltd. Senior Sec. Notes 5.75% due 04/20/2029*		332,000		358,208
Hawaiian Brand Intellectual Property, Ltd./HawaiianMiles Loyalty, Ltd. Senior Sec. Notes 5.75% due 01/20/2026*		392,267		411,190
				1,718,500
Applications Software — 0.1%
Elastic NV Senior Notes 4.13% due 07/15/2029*		410,000		411,554
Building-Residential/Commercial — 0.5%
Mattamy Group Corp. Senior Notes 4.63% due 03/01/2030*		172,000		178,244
Mattamy Group Corp. Senior Notes 5.25% due 12/15/2027*		1,298,000		1,349,712
				1,527,956
Cable/Satellite TV — 1.4%
Altice Financing SA Senior Sec. Notes 5.00% due 01/15/2028*		2,840,000		2,790,300
UPC Broadband Finco BV Senior Sec. Notes 4.88% due 07/15/2031*		1,451,000		1,480,020
				4,270,320
Casino Hotels — 1.0%
Melco Resorts Finance, Ltd. Senior Notes 5.38% due 12/04/2029*		1,526,000		1,573,687
Wynn Macau, Ltd. Senior Notes 5.13% due 12/15/2029*		1,465,000		1,479,650
				3,053,337
Cellular Telecom — 0.5%
Altice France SA Senior Sec. Notes 5.13% due 07/15/2029*		755,000		760,595
Altice France SA Senior Sec. Notes 5.50% due 01/15/2028*		233,000		238,825
Numericable-SFR SA Senior Sec. Notes 7.38% due 05/01/2026*		597,000		620,880
				1,620,300

401

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Chemicals-Diversified — 0.3%
Trinseo Materials Operating SCA/Trinseo Materials Finance, Inc. Company Guar. Notes 5.13% due 04/01/2029*	$	911,000	$	926,942
Chemicals-Specialty — 0.5%
Methanex Corp. Senior Notes 5.13% due 10/15/2027		1,297,000		1,403,977
Containers-Metal/Glass — 0.5%
Trivium Packaging Finance BV Company Guar. Notes 8.50% due 08/15/2027*		1,345,000		1,445,875
Containers-Paper/Plastic — 0.5%
Cascades, Inc./Cascades USA, Inc. Company Guar. Notes 5.38% due 01/15/2028*		1,419,000		1,493,497
Cruise Lines — 2.8%
Carnival Corp. Senior Notes 5.75% due 03/01/2027*		1,785,000		1,806,197
Carnival Corp. Senior Notes 7.63% due 03/01/2026*		290,000		306,313
NCL Corp., Ltd. Senior Notes 3.63% due 12/15/2024*		2,005,000		1,907,256
NCL Corp., Ltd. Company Guar. Notes 5.88% due 03/15/2026*		480,000		483,600
Royal Caribbean Cruises, Ltd. Senior Notes 4.25% due 07/01/2026*		1,657,000		1,617,398
Royal Caribbean Cruises, Ltd. Senior Notes 5.50% due 04/01/2028*		319,000		325,284
Viking Ocean Cruises Ship VII, Ltd. Senior Sec. Notes SR SECURED 5.63% due 02/15/2029*		228,000		228,000
VOC Escrow, Ltd. Senior Sec. Notes 5.00% due 02/15/2028*		1,609,000		1,592,910
				8,266,958
Diversified Minerals — 0.5%
FMG Resources August 2006 Pty., Ltd. Company Guar. Notes 4.50% due 09/15/2027*		1,342,000		1,464,457
Finance-Consumer Loans — 0.6%
goeasy, Ltd. Company Guar. Notes 4.38% due 05/01/2026*		863,000		889,969
goeasy, Ltd. Company Guar. Notes 5.38% due 12/01/2024*		961,000		997,268
				1,887,237

Security Description	Principal Amount		Value (Note 2)
Internet Financial Services — 0.6%
ION Trading Technologies SARL Senior Sec. Notes 5.75% due 05/15/2028*	$	1,820,000	$	1,883,700
Medical-Drugs — 0.1%
Endo Luxembourg Finance Co. I SARL/Endo US, Inc. Senior Sec. Notes 6.13% due 04/01/2029*		400,000		397,500
Metal-Copper — 0.5%
First Quantum Minerals, Ltd. Company Guar. Notes 6.88% due 03/01/2026*		1,051,000		1,096,824
Hudbay Minerals, Inc. Company Guar. Notes 6.13% due 04/01/2029*		389,000		419,147
				1,515,971
Metal-Iron — 0.6%
Mineral Resources, Ltd. Senior Notes 8.13% due 05/01/2027*		1,699,000		1,859,012
Motion Pictures & Services — 0.6%
Banijay Entertainment SASU Senior Sec. Notes 5.38% due 03/01/2025*		1,825,000		1,886,594
Oil Companies-Exploration & Production — 1.2%
MEG Energy Corp. Sec. Notes 6.50% due 01/15/2025*		1,031,000		1,063,219
MEG Energy Corp. Company Guar. Notes 7.13% due 02/01/2027*		841,000		882,436
Strathcona Resources, Ltd. Senior Notes 6.88% due 08/01/2026*		1,522,000		1,506,582
				3,452,237
Retail-Petroleum Products — 0.6%
eG Global Finance PLC Senior Sec. Notes 6.75% due 02/07/2025*		1,667,000		1,706,591
Satellite Telecom — 1.3%
Connect Finco SARL/Connect US Finco LLC Senior Sec. Notes 6.75% due 10/01/2026*		1,829,000		1,922,736
Telesat Canada/Telesat LLC Senior Sec. Notes 4.88% due 06/01/2027*		790,000		708,235
Telesat Canada/Telesat LLC Company Guar. Notes 6.50% due 10/15/2027*		1,682,000		1,387,650
				4,018,621
Security Services — 0.9%
Atlas Luxco 4 SARL Senior Sec. Notes 4.63% due 06/01/2028*		660,000		662,475
Atlas Luxco 4 SARL Senior Sec. Notes 4.63% due 06/01/2028*		453,000		453,000

402

SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Security Services (continued)
Garda World Security Corp. Senior Sec. Notes 4.63% due 02/15/2027*	$	1,425,000	$	1,430,301
				2,545,776
Telecom Services — 0.6%
Altice France Holding SA Company Guar. Notes 6.00% due 02/15/2028*		1,690,000		1,666,762
Vitamins & Nutrition Products — 0.2%
Herbalife Nutrition, Ltd./HLF Financing, Inc. Company Guar. Notes 7.88% due 09/01/2025*		626,000		679,993
Total Foreign Corporate Bonds & Notes (cost $52,718,246)				53,788,471
LOANS(4)(5)(6) — 0.0%
E-Commerce/Services — 0.0%
RentPath, Inc. FRS 2nd Lien (3ML + 0.00%) 1.61% due 05/03/2028†(1)(3)(11)(12) (cost $2,249,732)		2,340,927		11,705
COMMON STOCKS — 0.0%
Oil Field Machinery & Equipment — 0.0%
Hi-Crush, Inc.†(1)(3) (cost $71,830)		54,459		9,258
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.1%
Food-Dairy Products — 0.5%
Land O’ Lakes, Inc. Junior Sub. Notes 7.00% due 09/18/2028*(7)		110,000		114,400
Land O’Lakes Capital Trust I 7.45% due 03/15/2028*		1,310,000		1,506,854
				1,621,254
Transport-Equipment & Leasing — 0.6%
AerCap Global Aviation Trust 6.50% due 06/15/2045*		1,625,000		1,742,812
Total Preferred Securities/Capital Securities (cost $2,916,670)				3,364,066
U.S. CONVERTIBLE BONDS & NOTES — 0.3%
Oil Field Machinery & Equipment — 0.3%
Hi-Crush, Inc. Senior Sec. Notes 10.00% due 04/09/2026(1)(2)(3) (cost $797,503)		870,780		870,780
ESCROWS AND LITIGATION TRUSTS — 0.0%
ION Media Networks, Inc.†(3)		822		9,885
Waterford Gaming LLC/Waterford Gaming Financial Corp. Escrow Notes 8.63% due 09/15/2014*†(3)(8)		547,482		3,778
Total Escrows and Litigation Trusts (cost $547,482)				13,663
Total Long-Term Investment Securities (cost $288,791,993)				296,338,804

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 1.0%
Registered Investment Companies — 1.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.03%(9) (cost $3,097,966)	$	3,097,966		$	3,097,966
TOTAL INVESTMENTS (cost $291,889,959)(10)		99.7	%		299,436,770
Other assets less liabilities		0.3			876,185
NET ASSETS		100.0	%	$	300,312,955

* 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 July 31, 2021, the aggregate value of these securities was $236,027,863 representing 78.6% of net assets.

† Non-income producing security

(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 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 July 31, 2021, the Portfolio held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share		% of Net Assets
Loans
RentPath LLC 1.61% due 05/03/2028		04/06/2021		2,340,927	$	2,249,732	$	11,705	$	0.01		0.00	%
Common Stocks
Hi-Crush, Inc.		01/29/2021		54,459		71,830		9,258		0.17		0.00	%
Convertible Bonds & Notes
Hi-Crush, Inc. 10.00% due 04/09/2026		10/08/2020		828,000		751,675
		04/15/2021		42,780		42,780
				870,780		794,455		870,780		1.00		0.29	%
							$	891,743				0.29	%

(2) 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.

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

(4) 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

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

either the lending rate offered by one or more major European banks, such as the London Inter-Bank Offered 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.

(5) 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.

(6) All loans in the Portfolio were purchased through assignment agreements unless otherwise indicated.

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

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

(9) The rate shown is the 7-day yield as of July 31, 2021.

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

(11) Company has filed for bankruptcy protection.

(12) Security in default of interest.

FRS — Floating Rate Security

The rates shown on FRS are the current interest rates at July 31, 2021 and unless noted otherwise, the dates shown are the original maturity dates.

Index Legend

3ML — 3 Month USD LIBOR

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	—	$	238,280,861	$	—	$	238,280,861
Foreign Corporate Bonds & Notes		—		53,788,471		—		53,788,471
Loans		—		—		11,705		11,705
Common Stocks		—		—		9,258		9,258
Preferred Securities/Capital Securities		—		3,364,066		—		3,364,066
U.S. Convertible Bonds & Notes		—		—		870,780		870,780
Escrows and Litigation Trusts		—		—		13,663		13,663
Short-Term Investment Securities		3,097,966		—		—		3,097,966
Total Investments at Value	$	3,097,966	$	295,433,398	$	905,406	$	299,436,770

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

At the beginning and end of the reporting period, Level 3 investments in securities were not considered a material portion of the Portfolio. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

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PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Banks-Commercial	9.5	%
Diversified Banking Institutions	6.5
Medical-Drugs	6.4
Insurance-Life/Health	6.1
Audio/Video Products	4.6
Oil Companies-Integrated	4.3
Metal-Diversified	3.7
Electronic Components-Misc.	3.2
Import/Export	3.1
Building-Heavy Construction	2.6
Telephone-Integrated	2.6
Repurchase Agreements	2.3
Diversified Manufacturing Operations	2.3
Cellular Telecom	2.2
Food-Retail	2.2
Water	2.0
Transport-Services	1.9
Electronic Components-Semiconductors	1.7
Retail-Building Products	1.6
Insurance-Property/Casualty	1.6
Beverages-Non-alcoholic	1.6
Diversified Financial Services	1.5
Auto/Truck Parts & Equipment-Original	1.4
Private Equity	1.4
Building & Construction Products-Misc.	1.3
Building Products-Cement	1.3
Insurance-Multi-line	1.3
Electric-Generation	1.2
Investment Management/Advisor Services	1.2
Recreational Vehicles	1.2
Cosmetics & Toiletries	1.2
Chemicals-Diversified	1.1
Finance-Leasing Companies	1.1
Brewery	1.1
Electric-Integrated	1.0
Retail-Discount	1.0
Airlines	1.0
Food-Misc./Diversified	1.0
Telecom Services	0.9
Distribution/Wholesale	0.9
Tobacco	0.9
Hotels/Motels	0.8
Aerospace/Defense	0.8
Food-Catering	0.7
Airport Development/Maintenance	0.7
Metal Processors & Fabrication	0.6
Oil Companies-Exploration & Production	0.5
Coffee	0.3
U.S. Government Treasuries	0.2
Machinery-Electrical	0.2
	99.8%

Country Allocation*

Japan	20.9	%
United Kingdom	20.6
France	14.8
Germany	6.8
Australia	5.5
Netherlands	4.9
Ireland	4.3
Canada	3.5
Switzerland	3.2
South Korea	3.2
United States	3.0
Hong Kong	2.6
Spain	1.3
Taiwan	1.1
Finland	1.0
Norway	1.0
Jersey	0.9
Singapore	0.9
Sweden	0.3
	99.8%

* Calculated as a percentage of net assets

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SunAmerica Series Trust SA Putnam International Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 97.3%
Australia — 5.5%
Australia & New Zealand Banking Group, Ltd.		361,732	$	7,366,930
Qantas Airways, Ltd.†		954,778		3,220,116
QBE Insurance Group, Ltd.		620,117		4,984,166
Telstra Corp., Ltd.		727,590		2,021,098
				17,592,310
Canada — 3.5%
BCE, Inc.		61,200		3,054,604
Magna International, Inc.		51,912		4,352,353
Suncor Energy, Inc.		192,851		3,796,425
				11,203,382
Finland — 1.0%
Fortum Oyj		117,678		3,248,325
France — 14.8%
AXA SA		205,254		5,312,895
BNP Paribas SA		92,966		5,655,930
Cie de Saint-Gobain		59,781		4,276,652
Eurazeo SE		44,810		4,334,116
Sanofi		93,731		9,658,798
TotalEnergies SE		74,178		3,234,565
Veolia Environnement SA		199,135		6,542,813
Vinci SA		77,185		8,161,012
				47,176,781
Germany — 6.8%
Allianz SE		16,416		4,088,300
Deutsche Post AG		87,824		5,947,829
LANXESS AG		47,884		3,469,522
Siemens AG		47,784		7,460,424
Siemens Energy AG†		23,032		626,966
				21,593,041
Hong Kong — 2.6%
AIA Group, Ltd.		677,200		8,123,260
Ireland — 4.3%
AIB Group PLC†		1,544,759		3,780,372
CRH PLC		83,527		4,162,724
Dalata Hotel Group PLC†		557,726		2,552,075
Kerry Group PLC, Class A (ISE)		11,709		1,736,016
Kerry Group PLC, Class A (LSE)		9,593		1,416,470
				13,647,657
Japan — 20.9%
Asahi Group Holdings, Ltd.		73,400		3,305,520
Hoya Corp.		34,400		4,856,975
ITOCHU Corp.		109,500		3,262,317
KDDI Corp.		72,300		2,206,460
Minebea Mitsumi, Inc.		201,900		5,448,058
Mitsubishi Corp.		234,000		6,597,301
Mizuho Financial Group, Inc.		161,190		2,301,408
Nippon Telegraph & Telephone Corp.		228,500		5,854,443
NSK, Ltd.		218,400		1,804,737
ORIX Corp.		194,900		3,407,122
Pan Pacific International Holdings Corp.		154,800		3,231,562
Panasonic Corp.		268,800		3,219,627
Seven & i Holdings Co., Ltd.		59,700		2,660,730
Sony Group Corp.		76,600		7,995,603
Sumitomo Mitsui Financial Group, Inc.		187,800		6,330,352
Yamaha Motor Co., Ltd.		153,800		3,848,283
				66,330,498

Security Description	Shares		Value (Note 2)
Jersey — 0.9%
Ferguson PLC		21,426	$	3,003,559
Netherlands — 4.9%
ING Groep NV		790,448		10,122,103
JDE Peet’s NV		32,325		1,088,148
Koninklijke Ahold Delhaize NV		138,595		4,309,305
				15,519,556
Norway — 1.0%
DNB Bank ASA		154,918		3,174,725
Singapore — 0.9%
DBS Group Holdings, Ltd.		133,508		2,996,141
South Africa — 0.0%
Thungela Resources, Ltd.†		14,640		45,359
South Korea — 3.2%
Hana Financial Group, Inc.		126,721		4,786,469
Samsung Electronics Co., Ltd.		79,638		5,445,973
				10,232,442
Spain — 1.3%
Aena SME SA†*		12,884		2,051,838
CaixaBank SA		665,170		1,977,490
				4,029,328
Sweden — 0.3%
Skandinaviska Enskilda Banken AB, Class A		64,350		869,432
Switzerland — 3.2%
Novartis AG		59,450		5,498,875
UBS Group AG		289,813		4,778,646
				10,277,521
Taiwan — 1.1%
Lite-On Technology Corp.		1,449,000		3,326,750
United Kingdom — 20.6%
Anglo American PLC		146,403		6,485,808
AstraZeneca PLC		47,858		5,496,409
BAE Systems PLC		308,680		2,470,584
BP PLC		1,052,063		4,218,047
Coca-Cola Europacific Partners PLC		79,200		4,915,152
Compass Group PLC†		110,866		2,342,194
Imperial Brands PLC		136,599		2,926,370
Kingfisher PLC		997,333		5,105,363
Lloyds Banking Group PLC		2,281,135		1,445,432
Prudential PLC		295,205		5,548,825
Quilter PLC*		1,741,969		3,881,822
Rio Tinto PLC		61,251		5,219,992
Royal Dutch Shell PLC, Class B		131,670		2,598,754
SSE PLC		196,384		3,944,173
Unilever PLC		63,943		3,682,109
Vodafone Group PLC		3,142,808		5,040,430
				65,321,464
United States — 0.5%
Ovintiv, Inc.		57,960		1,489,882
Total Long-Term Investment Securities (cost $262,822,894)				309,201,413

406

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PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 0.2%
United States Treasury Bills 0.04% due 10/14/2021	$	100,000		$	99,990
0.05% due 10/14/2021		600,000			599,939
Total Short-Term Investment Securities (cost $699,931)					699,929
REPURCHASE AGREEMENTS — 2.3%
Agreement with Bank of America N.A.,bearing interest at 0.05% dated 07/30/2021, to be repurchased 08/02/2021 in the amount of $7,470,031 and collateralized by $6,139,000 of United States Treasury Bonds, bearing interest at 3.13% due 02/15/2043 and having an approximate value of $7,647,352 (cost $7,470,000)		7,470,000			7,470,000
TOTAL INVESTMENTS (cost $270,992,825)(1)		99.8	%		317,371,342
Other assets less liabilities		0.2			518,120
NET ASSETS		100.0	%	$	317,889,462

† 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 July 31, 2021, the aggregate value of these securities was $5,933,660 representing 1.9% of net assets.

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

ISE — Irish Stock Exchange

LSE — London 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	2,689,000	USD	2,146,577		10/20/2021	$	—	$	(8,669	)
	GBP	601,800	USD	831,777		09/15/2021		—		(4,813	)
	USD	4,232,712	JPY	461,843,900		08/18/2021		—		(22,391	)
	USD	1,059,965	CHF	949,400		09/15/2021		—		(10,739	)
	USD	5,173,732	EUR	4,237,200		09/15/2021		—		(143,117	)
	USD	1,612,648	GBP	1,139,800		09/15/2021		—		(28,158	)
	USD	233,283	CAD	297,900		10/20/2021		5,485		—
								5,485		(217,887	)
Barclays Bank PLC	CAD	800,300	USD	638,893		10/20/2021		—		(2,551	)
	EUR	603,500	USD	736,916		09/15/2021		20,411		—
	GBP	584,300	USD	826,670		09/15/2021		14,407		—
	USD	1,882,707	HKD	14,619,900		08/18/2021		—		(1,346	)
	USD	149,969	JPY	16,362,900		08/18/2021		—		(800	)
	USD	662,521	SEK	5,471,100		09/15/2021		—		(26,751	)
								34,818		(31,448	)
Citibank N.A.	CAD	1,997,500	USD	1,594,852		10/20/2021		—		(6,153	)
	EUR	1,125,300	USD	1,374,291		09/15/2021		38,279		—
	JPY	175,726,700	USD	1,610,598		08/18/2021		8,616		—
	USD	3,553,523	CHF	3,183,200		09/15/2021		—		(35,621	)
	USD	2,370,813	DKK	14,441,700		09/15/2021		—		(66,121	)
	USD	1,639,451	GBP	1,159,000		09/15/2021		—		(28,270	)
	USD	1,607,712	AUD	2,150,600		10/20/2021		—		(28,935	)
								46,895		(165,100	)
Goldman Sachs International	GBP	1,952,300	USD	2,762,034		09/15/2021		48,049		—
	JPY	113,578,100	USD	1,041,235		08/18/2021		5,819		—
	USD	51,901	EUR	42,500		09/15/2021		—		(1,443	)
	USD	2,177,050	CAD	2,728,700		10/20/2021		10,016		—
	USD	793,835	ILS	2,590,600		10/20/2021		8,234		—
								72,118		(1,443	)

407

SunAmerica Series Trust SA Putnam International Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
HSBC Bank USA N.A.	CAD	2,062,300	USD	1,646,283		10/20/2021	$	—	$	(6,660	)
	GBP	2,069,900	USD	2,928,205		09/15/2021		50,739		—
	HKD	2,214,100	USD	285,120		08/18/2021		199		—
	JPY	65,373,000	USD	599,125		08/18/2021		3,163		—
	USD	5,159,304	EUR	4,224,900		09/15/2021		—		(143,293	)
	USD	2,010,101	AUD	2,689,800		10/20/2021		—		(35,491	)
								54,101		(185,444	)
JPMorgan Chase Bank N.A.	CAD	2,015,600	USD	1,609,030		10/20/2021		—		(6,483	)
	GBP	1,269,000	USD	1,795,294		09/15/2021		31,197		—
	KRW	11,893,868,700	USD	10,613,075		08/18/2021		300,204		—
	NOK	1,213,900	USD	146,732		09/15/2021		9,316		—
	USD	110,887	HKD	861,100		08/18/2021		—		(76	)
	USD	2,514,036	JPY	274,151,800		08/18/2021		—		(14,777	)
	USD	318,593	KRW	365,283,100		08/18/2021		—		(1,866	)
	USD	485,439	SGD	649,000		08/18/2021		—		(6,465	)
	USD	3,575,228	EUR	2,927,400		09/15/2021		—		(99,673	)
	USD	253,447	AUD	339,100		10/20/2021		—		(4,510	)
	USD	618,510	NZD	890,000		10/20/2021		1,280		—
								341,997		(133,850	)
Morgan Stanley & Co. International PLC	CAD	303,200	USD	242,044		10/20/2021		—		(972	)
	USD	4,855,218	JPY	529,961,600		08/18/2021		—		(23,913	)
	USD	778,856	EUR	637,800		09/15/2021		—		(21,628	)
	USD	759,247	GBP	536,700		09/15/2021		—		(13,155	)
								—		(59,668	)
NatWest Markets PLC	EUR	2,855,100	USD	3,415,256		09/15/2021		25,540		—
	GBP	958,700	USD	1,356,393		09/15/2021		23,658		—
	USD	8,387,400	CHF	7,598,000		09/15/2021		9,503		—
	USD	3,425,876	SEK	28,289,700		09/15/2021		—		(138,470	)
	USD	743,168	CAD	931,000		10/20/2021		3,033		—
								61,734		(138,470	)
State Street Bank & Trust Co.	CAD	3,087,900	USD	2,465,005		10/20/2021		—		(9,961	)
	GBP	5,536,800	USD	7,798,401		09/15/2021		101,433		—
	HKD	5,615,100	USD	723,029		08/18/2021		451		—
	JPY	371,543,100	USD	3,376,324		08/18/2021		—		(10,786	)
	USD	231,277	JPY	25,232,900		08/18/2021		—		(1,246	)
	USD	28,574	EUR	23,400		09/15/2021		—		(792	)
	USD	2,206,677	AUD	2,952,700		10/20/2021		—		(39,070	)
	USD	1,081,661	ILS	3,531,300		10/20/2021		11,656		—
								113,540		(61,855	)
Toronto Dominion Bank	EUR	666,900	USD	814,394		09/15/2021		22,617		—
UBS AG	AUD	233,300	USD	174,385		10/20/2021		3,117		—
	CAD	5,884,500	USD	4,697,547		10/20/2021		—		(18,907	)
	JPY	115,035,800	USD	1,042,574		08/18/2021		—		(6,131	)
	USD	6,054,752	JPY	659,953,500		08/18/2021		—		(38,397	)
	USD	2,966,444	EUR	2,429,600		09/15/2021		—		(81,903	)
	USD	269,877	CAD	344,000		10/20/2021		5,840		—
								8,957		(145,338	)
Westpac Banking Corp.	USD	196,614	EUR	161,000		09/15/2021		—		(5,467	)
	USD	139,916	GBP	98,900		09/15/2021		—		(2,431	)
	USD	472,140	CAD	591,400		10/20/2021		1,870		—
								1,870		(7,898	)
Unrealized Appreciation (Depreciation)							$	764,132	$	(1,148,401	)

408

SunAmerica Series Trust SA Putnam International Growth and Income Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

AUD	— Australian Dollar
CAD	— Canadian Dollar
CHF	— Swiss Franc
DKK	— Danish Krone
EUR	— Euro Currency
GBP	— Pound Sterling
HKD	— Hong Kong Dollar
ILS	— Israeli Shekel
JPY	— Japanese Yen
KRW	— South Korean Won
NZD	— New Zealand Dollar
SEK	— Swedish Krona
SGD	— Singapore Dollar
USD	— United States Dollar

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	20,828,501	$	288,372,912	**	$	—	$	309,201,413
Short-Term Investment Securities		—		699,929			—		699,929
Repurchase Agreements		—		7,470,000			—		7,470,000
Total Investments at Value	$	20,828,501	$	296,542,841		$	—	$	317,371,342
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	764,132		$	—	$	764,132
LIABILITIES:
Other Financial Instruments:+
Forward Foreign Currency Contracts	$	—	$	1,148,401		$	—	$	1,148,401

* 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).

+ Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

409

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Registered Investment Companies	18.7	%
Diversified Banking Institutions	9.7
Real Estate Investment Trusts	4.3
Medical-Drugs	3.0
Banks-Commercial	2.7
Oil Companies-Exploration & Production	2.3
Telephone-Integrated	2.2
Pipelines	2.0
Electronic Components-Semiconductors	1.9
Computers	1.6
Applications Software	1.6
E-Commerce/Products	1.6
Auto-Cars/Light Trucks	1.6
Web Portals/ISP	1.4
Cable/Satellite TV	1.3
Semiconductor Components-Integrated Circuits	1.2
Banks-Super Regional	1.1
Finance-Credit Card	1.1
Semiconductor Equipment	1.1
Aerospace/Defense	1.0
Insurance-Life/Health	1.0
Diversified Manufacturing Operations	1.0
Data Processing/Management	0.9
Electric-Integrated	0.9
Medical Instruments	0.9
Finance-Other Services	0.9
Oil Companies-Integrated	0.9
Retail-Apparel/Shoe	0.8
Cosmetics & Toiletries	0.8
Cellular Telecom	0.7
Software Tools	0.7
Internet Content-Entertainment	0.7
Pharmacy Services	0.7
Diversified Minerals	0.7
E-Commerce/Services	0.7
Commercial Services-Finance	0.7
Finance-Leasing Companies	0.6
Brewery	0.6
Retail-Regional Department Stores	0.6
Machinery-General Industrial	0.6
Transport-Rail	0.6
Entertainment Software	0.5
Broadcast Services/Program	0.5
Food-Misc./Diversified	0.5
Retail-Gardening Products	0.5
Investment Management/Advisor Services	0.5
Enterprise Software/Service	0.4
Building Products-Air & Heating	0.4
Medical-HMO	0.4
Athletic Footwear	0.4
Beverages-Non-alcoholic	0.4
Wireless Equipment	0.4
Independent Power Producers	0.4
Insurance-Property/Casualty	0.4
Retail-Discount	0.4
Medical Products	0.4
Diagnostic Equipment	0.4
Distribution/Wholesale	0.4
Medical-Biomedical/Gene	0.3
Computer Services	0.3
Apparel Manufacturers	0.3

Energy-Alternate Sources	0.3	%
Internet Content-Information/News	0.3
Electric-Distribution	0.3
Beverages-Wine/Spirits	0.3
Retail-Building Products	0.3
Food-Confectionery	0.3
Machinery-Farming	0.3
Diversified Financial Services	0.3
Electronic Forms	0.3
Electric Products-Misc.	0.3
Casino Hotels	0.3
Building & Construction Products-Misc.	0.3
Industrial Automated/Robotic	0.3
Tobacco	0.3
Audio/Video Products	0.3
Human Resources	0.3
Banks-Fiduciary	0.3
Gold Mining	0.2
Chemicals-Diversified	0.2
Coatings/Paint	0.2
Power Converter/Supply Equipment	0.2
Retail-Jewelry	0.2
Commercial Services	0.2
Gas-Distribution	0.2
Containers-Metal/Glass	0.2
Rubber-Tires	0.2
Soap & Cleaning Preparation	0.2
Oil Refining & Marketing	0.2
Medical Labs & Testing Services	0.2
Medical-Hospitals	0.2
Non-Hazardous Waste Disposal	0.2
Retail-Auto Parts	0.2
Miscellaneous Manufacturing	0.2
Transport-Services	0.2
Metal-Diversified	0.2
Insurance Brokers	0.2
Consumer Products-Misc.	0.2
Building-Residential/Commercial	0.1
Electronic Measurement Instruments	0.1
Tools-Hand Held	0.1
Building Products-Cement	0.1
Instruments-Controls	0.1
Oil-Field Services	0.1
Rental Auto/Equipment	0.1
Retail-Restaurants	0.1
Options Purchased	0.1
Multimedia	0.1
Networking Products	0.1
Machinery-Pumps	0.1
Diagnostic Kits	0.1
Textile-Apparel	0.1
Finance-Investment Banker/Broker	0.1
Hotels/Motels	0.1
Retail-Drug Store	0.1
Office Automation & Equipment	0.1
Building & Construction-Misc.	0.1
Paper & Related Products	0.1
Import/Export	0.1
Computer Data Security	0.1
Drug Delivery Systems	0.1
Retail-Floor Coverings	0.1

410

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Industry Allocation* (continued)

Airlines	0.1	%
Industrial Gases	0.1
Containers-Paper/Plastic	0.1
Food-Baking	0.1
Steel-Producers	0.1
Metal-Copper	0.1
Public Thoroughfares	0.1
Transport-Truck	0.1
Machinery-Electrical	0.1
Internet Application Software	0.1
Agricultural Biotech	0.1
Advertising Agencies	0.1
Telecom Services	0.1
Computer Aided Design	0.1
Consulting Services	0.1
Publishing-Periodicals	0.1
	98.7	%

Country Allocation*

United States	73.4	%
United Kingdom	4.6
Switzerland	3.2
Japan	2.2
Ireland	1.6
Germany	1.6
Italy	1.5
Spain	1.3
France	1.2
Canada	1.2
Cayman Islands	1.0
Netherlands	0.9
British Virgin Islands	0.7
Hong Kong	0.5
Taiwan	0.4
Australia	0.4
Sweden	0.4
Denmark	0.4
South Korea	0.3
SupraNational	0.3
Brazil	0.3
Norway	0.2
Luxembourg	0.2
India	0.2
Austria	0.2
New Zealand	0.2
Curacao	0.1
Bermuda	0.1
Israel	0.1
	98.7	%

Credit Quality#†

Aa	2.0	%
A	17.5
Baa	71.4
Ba	8.8
Not Rated@	0.3
	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.

411

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 42.8%
Australia — 0.3%
Aristocrat Leisure, Ltd.		2,945	$	90,351
Australia & New Zealand Banking Group, Ltd.		5,264		107,205
Beach Energy, Ltd.		52,510		46,051
BHP Group, Ltd.		10,143		397,495
BlueScope Steel, Ltd.		2,498		44,904
Commonwealth Bank of Australia		2,469		180,617
CSL, Ltd.		817		173,441
Endeavour Group, Ltd.†		1,510		7,347
Fortescue Metals Group, Ltd.		3,795		69,691
Lynas Corp., Ltd.†		13,932		76,044
Macquarie Group, Ltd.		809		93,352
Mineral Resources, Ltd.		904		42,037
National Australia Bank, Ltd.		5,560		105,871
Nordic Semiconductor ASA†		1,393		45,654
Perseus Mining, Ltd.†		27,451		33,925
REA Group, Ltd.		198		23,569
Rio Tinto, Ltd.		1,845		181,589
Vicinity Centres		25,283		28,953
Wesfarmers, Ltd.		3,005		135,025
Westpac Banking Corp.		5,503		98,632
Woodside Petroleum, Ltd.		3,936		63,350
Woolworths Group, Ltd.		1,510		43,150
				2,088,253
Austria — 0.2%
Erste Group Bank AG		25,669		995,342
OMV AG		1,519		81,973
Raiffeisen Bank International AG		2,113		49,879
Verbund AG		508		46,789
				1,173,983
Belgium — 0.0%
Anheuser-Busch InBev SA NV		1,120		70,582
Bermuda — 0.1%
Assured Guaranty, Ltd.		941		44,989
Essent Group, Ltd.		1,168		52,759
Everest Re Group, Ltd.		309		78,124
Hongkong Land Holdings, Ltd.		7,300		33,142
Invesco, Ltd.		3,328		81,137
Man Wah Holdings, Ltd.		10,400		20,883
Nordic American Tankers, Ltd.		1,488		3,884
RenaissanceRe Holdings, Ltd.		326		49,777
Signet Jewelers, Ltd.		675		43,429
Triton International, Ltd.		586		30,935
				439,059
Brazil — 0.3%
B3 SA—Brasil Bolsa Balcao		324,641		950,564
Cia de Saneamento Basico do Estado de Sao Paulo		2,526		17,198
Cia. de Saneamento do Parana (Preference Shares)		17,800		13,534
Raia Drogasil SA		128,144		621,006
				1,602,302
Canada — 0.9%
Advantage Energy, Ltd.†		11,500		43,231
ARC Resources, Ltd.		7,123		53,896
B2Gold Corp.		7,567		31,721
Ballard Power Systems, Inc.†		1,291		20,903
Bank of Montreal		1,366		135,253
Bank of Nova Scotia		1,805		112,661

Security Description	Shares		Value (Note 2)
Canada (continued)
Barrick Gold Corp.		3,111	$	67,726
BCE, Inc.		3,826		190,963
BlackBerry, Ltd.†		1,704		17,346
Brookfield Asset Management, Inc., Class A		2,065		111,476
Canadian National Railway Co.		17,382		1,888,669
Canadian Natural Resources, Ltd.		2,082		68,705
Canadian Pacific Railway, Ltd.		3,222		239,248
Canadian Solar, Inc.†		331		13,323
Canfor Corp.†		604		11,663
Centerra Gold, Inc.		2,819		22,663
CI Financial Corp.		4,267		77,809
Constellation Software, Inc.		41		65,675
Crescent Point Energy Corp.		6,134		22,420
Dollarama, Inc.		4,710		221,796
Enbridge, Inc.		2,339		92,203
Equinox Gold Corp.†		1,620		11,271
First Quantum Minerals, Ltd.		2,810		60,182
Fortuna Silver Mines, Inc.†		2,643		12,562
Franco-Nevada Corp.		285		45,585
HudBay Minerals, Inc.		1,949		13,919
IAMGOLD Corp.†		4,844		13,240
Imperial Oil, Ltd.		973		26,657
Interfor Corp.		499		10,235
Keyera Corp.		1,848		49,474
Kinross Gold Corp.		7,092		46,442
Kirkland Lake Gold, Ltd.		1,058		45,242
Lundin Mining Corp.		1,416		12,905
Magna International, Inc.		981		82,248
Manulife Financial Corp.		11,007		212,800
MEG Energy Corp.†		3,896		24,857
North West Co., Inc.		545		15,883
Parex Resources, Inc.†		3,520		57,839
Quebecor, Inc., Class B		1,354		35,424
Royal Bank of Canada		1,664		168,294
Shopify, Inc., Class A†		171		256,719
Sun Life Financial, Inc.		1,357		70,678
Suncor Energy, Inc.		2,875		56,597
TC Energy Corp.		1,517		73,953
TFI International, Inc.		228		25,523
Toromont Industries, Ltd.		607		51,295
Toronto-Dominion Bank		2,553		169,743
Tourmaline Oil Corp.		1,955		53,372
TransAlta Renewables, Inc.		916		16,131
Wesdome Gold Mines, Ltd.†		3,892		39,369
West Fraser Timber Co., Ltd.		999		71,658
Whitecap Resources, Inc.		3,461		15,840
				5,355,287
Cayman Islands — 0.9%
Alibaba Group Holding, Ltd.†		81,848		2,000,074
Alibaba Group Holding, Ltd. ADR†		272		53,092
ANTA Sports Products, Ltd.		1,000		21,823
China Conch Venture Holdings, Ltd.		13,500		49,427
China Lesso Group Holdings, Ltd.		13,000		27,099
CK Asset Holdings, Ltd.		9,944		67,807
Country Garden Services Holdings Co., Ltd.		4,000		32,484
Daqo New Energy Corp. ADR†		950		56,287
Herbalife Nutrition, Ltd.†		697		35,505
JS Global Lifestyle Co., Ltd.*		8,000		20,308
NetEase, Inc. ADR		438		44,768
Sea, Ltd. ADR†		3,910		1,079,786
SITC International Holdings Co., Ltd.		7,000		28,862

412

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cayman Islands (continued)
Tencent Holdings, Ltd.		27,900	$	1,721,746
Wharf Real Estate Investment Co., Ltd.		10,000		56,503
Xinyi Glass Holdings, Ltd.		14,000		52,295
Xinyi Solar Holdings, Ltd.		32,000		64,337
Yadea Group Holdings, Ltd.*		14,000		24,075
				5,436,278
China — 0.0%
Xinjiang Goldwind Science & Technology Co., Ltd.		10,400		19,495
Curacao — 0.1%
Schlumberger NV		30,370		875,567
Denmark — 0.4%
AP Moller—Maersk A/S, Series B		20		55,510
Chr. Hansen Holding A/S		406		36,516
DSV PANALPINA A/S		638		155,415
Genmab A/S ADR†		2,472		111,388
GN Store Nord A/S		600		52,587
Netcompany Group A/S*		488		60,387
Novo Nordisk A/S, Class B		6,354		588,559
Orsted A/S*		507		75,404
Pandora A/S		328		42,523
Royal Unibrew A/S		42		5,697
Scandinavian Tobacco Group A/S*		681		13,967
Vestas Wind Systems A/S		31,981		1,179,219
				2,377,172
Finland — 0.0%
Neste Oyj		1,796		110,508
Nokia Oyj†		7,810		47,889
Nordea Bank Abp		4,464		52,234
UPM-Kymmene Oyj		1,505		61,537
				272,168
France — 1.0%
Air Liquide SA		861		149,675
AXA SA		4,803		124,323
BNP Paribas SA		4,239		257,895
Cie de Saint-Gobain		3,059		218,837
CNP Assurances		1,005		17,065
Danone SA		1,562		114,979
Engie SA		3,078		41,075
EssilorLuxottica SA		509		96,077
Eutelsat Communications SA		2,695		29,330
Faurecia SE		1,449		64,746
Gaztransport Et Technigaz SA		179		14,362
Hermes International		66		100,992
Ipsen SA		590		63,089
Kering SA		110		98,770
L’Oreal SA		360		164,904
Legrand SA		10,941		1,232,621
LVMH Moet Hennessy Louis Vuitton SE		955		764,247
Metropole Television SA		1,196		23,963
Orange SA		7,938		88,457
Rexel SA		2,026		42,718
Safran SA		406		53,185
Sanofi		5,330		549,246
Sartorius Stedim Biotech		139		79,323
Schneider Electric SE		8,279		1,387,263
Societe Generale SA		4,747		139,073

Security Description	Shares		Value (Note 2)
France (continued)
SOITEC†		99	$	23,714
Somfy SA		122		23,321
TotalEnergies SE		7,804		340,297
Vinci SA		1,236		130,686
				6,434,233
Germany — 1.3%
adidas AG		3,657		1,328,469
Allianz SE		668		166,361
BASF SE		1,811		142,300
Bayer AG		1,144		68,228
Bayerische Motoren Werke AG		11,641		1,158,020
BioNTech SE ADR†		222		72,894
Covestro AG*		514		33,076
Daimler AG		14,136		1,262,823
Deutsche Bank AG†		10,498		132,697
Deutsche Telekom AG		4,576		95,074
Deutsche Wohnen SE		913		57,026
E.ON SE		4,413		54,291
Henkel AG & Co. KGaA (Preference Shares)		1,459		147,945
Infineon Technologies AG		24,302		926,614
Knorr-Bremse AG		8,470		960,809
Muenchener Rueckversicherungs-Gesellschaft AG		168		45,434
Porsche Automobil Holding SE (Preference Shares)		575		62,256
RWE AG		2,301		81,934
SAP SE		1,123		161,067
Sartorius AG (Preference Shares)		61		36,898
Schaeffler AG (Preference Shares)		2,709		23,601
Siemens AG		1,537		239,969
Siemens Energy AG†		498		13,556
TeamViewer AG†*		461		15,518
VERBIO Vereinigte BioEnergie AG		1,324		71,805
Volkswagen AG (Preference Shares)		1,026		250,369
Vonovia SE		787		52,468
Wacker Chemie AG		165		24,305
Zalando SE†*		4,105		456,615
				8,142,422
Guernsey — 0.0%
Amdocs, Ltd.		2,296		177,045
Hong Kong — 0.5%
AIA Group, Ltd.		131,400		1,576,191
Galaxy Entertainment Group, Ltd.†		7,000		47,625
Guangdong Investment, Ltd.		18,000		25,232
Hang Seng Bank, Ltd.		3,000		57,479
Henderson Land Development Co., Ltd.		7,000		31,323
Hong Kong & China Gas Co., Ltd.		42,735		69,653
Hong Kong Exchanges & Clearing, Ltd.		17,100		1,092,604
Sino Land Co., Ltd.		14,000		21,446
Sun Hung Kai Properties, Ltd.		5,000		71,656
Swire Pacific, Ltd., Class A		5,000		31,089
Swire Properties, Ltd.		10,400		29,597
				3,053,895
Hungary — 0.0%
Richter Gedeon Nyrt		916		25,151
India — 0.2%
HDFC Bank, Ltd. ADR		16,062		1,133,495

413

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
India (continued)
Infosys, Ltd. ADR		2,604	$	57,601
				1,191,096
Ireland — 0.8%
Accenture PLC, Class A		4,279		1,359,353
Allegion PLC		754		102,996
Aon PLC, Class A		780		202,823
Bank of Ireland Group PLC†		4,318		22,917
CRH PLC		2,152		107,249
Eaton Corp. PLC		880		139,084
Horizon Therapeutics PLC†		1,492		149,230
James Hardie Industries PLC CDI		1,662		56,013
Jazz Pharmaceuticals PLC†		686		116,291
Linde PLC		642		197,344
Medtronic PLC		4,384		575,663
Seagate Technology Holdings PLC		960		84,384
Smurfit Kappa Group PLC		1,154		65,093
STERIS PLC		1,271		277,015
Trane Technologies PLC		6,000		1,221,660
Willis Towers Watson PLC		165		34,003
				4,711,118
Israel — 0.1%
Check Point Software Technologies, Ltd.†		2,006		254,962
Inmode, Ltd.†		207		23,530
NICE, Ltd. ADR†		189		52,665
				331,157
Italy — 0.5%
Anima Holding SpA*		4,767		23,536
Enel SpA		12,579		116,152
FinecoBank Banca Fineco SpA†		37,633		673,875
Intesa Sanpaolo SpA		519,346		1,434,220
Moncler SpA		2,647		182,280
Prysmian SpA		2,628		94,294
Recordati Industria Chimica e Farmaceutica SpA		1,559		96,463
Telecom Italia SpA		128,004		56,350
Terna Rete Elettrica Nazionale SpA		14,074		111,896
UniCredit SpA		10,455		125,042
				2,914,108
Japan — 2.2%
Advantest Corp.		800		70,986
Aisin Corp.		2,000		80,906
Astellas Pharma, Inc.		21,000		334,477
Bank of Kyoto, Ltd.		600		25,861
BayCurrent Consulting, Inc.		300		119,438
Bridgestone Corp.		29,300		1,289,609
Chubu Electric Power Co., Inc.		1,900		22,911
Chugai Pharmaceutical Co., Ltd.		900		33,277
Credit Saison Co., Ltd.		1,200		14,294
Dai Nippon Printing Co., Ltd.		1,300		30,613
Daiichi Sankyo Co., Ltd.		2,100		41,584
Daikin Industries, Ltd.		600		124,724
Daiwa House REIT Investment Corp.		53		157,683
Daiwa Securities Group, Inc.		13,600		71,355
Disco Corp.		100		28,618
Eisai Co., Ltd.		400		32,833
FANUC Corp.		600		134,377
Fast Retailing Co., Ltd.		100		67,847
Fujitsu, Ltd.		400		67,950

Security Description	Shares		Value (Note 2)
Japan (continued)
GS Yuasa Corp.		700	$	17,947
Harmonic Drive Systems, Inc.		300		16,699
Hisamitsu Pharmaceutical Co., Inc.		1,200		52,563
Hitachi, Ltd.		1,800		103,375
Honda Motor Co., Ltd.		8,600		275,108
Hoya Corp.		900		127,072
Inpex Corp.		13,100		92,362
Isuzu Motors, Ltd.		6,100		81,223
ITOCHU Corp.		3,900		116,192
Japan Petroleum Exploration Co., Ltd.		1,700		28,165
Japan Post Bank Co., Ltd.		4,500		38,331
JFE Holdings, Inc.		1,100		13,477
JTEKT Corp.		3,100		29,410
Kajima Corp.		3,800		49,142
Kaneka Corp.		500		19,823
Kao Corp.		900		54,109
KDDI Corp.		8,000		244,145
Keyence Corp.		400		222,730
Kobe Steel, Ltd.		3,600		24,209
Koei Tecmo Holdings Co, Ltd.		1,650		77,578
Komatsu, Ltd.		4,000		104,291
Kubota Corp.		33,400		697,953
Lasertec Corp.†		400		75,263
M3, Inc.		1,200		78,606
Marubeni Corp.		8,600		73,684
Mazda Motor Corp.†		7,600		74,887
Mercari, Inc.†		700		36,500
Mitsubishi Gas Chemical Co., Inc.		900		18,785
Mitsubishi UFJ Financial Group, Inc.		51,400		272,331
Mitsubishi UFJ Lease & Finance Co., Ltd.		3,100		16,919
Mitsui & Co., Ltd.		13,700		316,167
Mitsui Fudosan Co., Ltd.		2,200		51,515
Mizuho Financial Group, Inc.		10,400		148,487
MonotaRO Co., Ltd.		1,100		25,362
Murata Manufacturing Co., Ltd.		1,100		91,214
Nexon Co., Ltd.		1,600		33,313
NGK Spark Plug Co., Ltd.		2,700		39,771
Nidec Corp.		700		78,653
Nikon Corp.		2,100		19,557
Nintendo Co., Ltd.		200		103,047
Nippon Electric Glass Co., Ltd.		1,100		24,982
Nippon Telegraph & Telephone Corp.		8,300		212,656
Nippon Yusen KK		1,700		91,949
Nomura Holdings, Inc.		21,300		106,449
Nomura Research Institute, Ltd.		1,600		51,506
Obayashi Corp.		8,000		65,782
Odakyu Electric Railway Co., Ltd.		1,900		45,332
Olympus Corp.		1,700		35,006
Ono Pharmaceutical Co., Ltd.		6,100		139,513
Open House Co., Ltd.		600		30,311
Oracle Corp. Japan		400		29,866
Oriental Land Co., Ltd.		400		54,763
ORIX Corp.		4,400		76,918
Orix JREIT, Inc.		54		103,128
Recruit Holdings Co., Ltd.		26,900		1,391,104
Rengo Co., Ltd.		1,900		16,191
Resona Holdings, Inc.		8,400		31,656
SBI Holdings, Inc.		900		21,578
Sekisui Chemical Co., Ltd.		6,100		105,254
Seven & i Holdings Co., Ltd.		1,500		66,853
Shimano, Inc.		300		76,733
Shin-Etsu Chemical Co., Ltd.		500		81,585

414

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Japan (continued)
Shiseido Co., Ltd.		700	$	46,681
SMC Corp.		1,900		1,129,046
Sojitz Corp.		5,900		18,059
Sony Group Corp.		13,900		1,450,899
Sumitomo Corp.		5,000		67,993
Sumitomo Electric Industries, Ltd.		4,200		59,696
Sumitomo Mitsui Financial Group, Inc.		3,800		128,090
Suzuki Motor Corp.		800		32,559
Sysmex Corp.		400		47,606
Taisei Corp.		1,100		37,217
Takeda Pharmaceutical Co., Ltd.		2,000		66,484
Tokuyama Corp.		800		16,962
Tokyo Electron, Ltd.		400		164,806
Toppan Printing Co., Ltd.		3,800		64,529
Tosoh Corp.		1,400		24,621
Toyo Tire Corp.		1,300		24,535
Toyota Motor Corp.		3,700		332,288
Tsumura & Co.		500		15,781
Workman Co., Ltd.		300		20,738
Yamaha Motor Co., Ltd.		2,200		55,047
Yokogawa Electric Corp.		3,200		49,158
Zenkoku Hosho Co., Ltd.		900		40,840
ZOZO, Inc.		800		27,241
				13,569,299
Jersey — 0.0%
Experian PLC		1,273		56,037
Ferguson PLC		523		73,316
Glencore PLC		17,091		76,827
Janus Henderson Group PLC		1,196		50,040
Polymetal International PLC		1,803		39,195
				295,415
Luxembourg — 0.0%
ArcelorMittal SA		1,422		49,666
InPost SA†		1,566		30,677
Subsea 7 SA		2,749		22,059
Trinseo SA		412		22,396
				124,798
Malaysia — 0.0%
Heineken Malaysia Bhd†		1,300		6,905
Malta — 0.0%
Kindred Group PLC SDR		1,646		26,962
Marshall Islands — 0.0%
International Seaways, Inc.		1,302		21,418
Mexico — 0.0%
Bolsa Mexicana de Valores SAB de CV		2,959		6,070
Kimberly-Clark de Mexico SAB de CV, Class A		14,900		24,162
Wal-Mart de Mexico SAB de CV		6,500		21,414
				51,646
Netherlands — 0.9%
ABN AMRO Bank NV CVA†*		4,886		56,759
Aegon NV		6,024		25,611
AerCap Holdings NV†		423		22,419
Airbus SE†		717		98,362
AMG Advanced Metallurgical Group NV		461		14,427

Security Description	Shares		Value (Note 2)
Netherlands (continued)
ASM International NV		277	$	98,533
ASML Holding NV		4,543		3,454,492
ASR Nederland NV		1,954		80,294
BE Semiconductor Industries NV		776		68,231
Euronext NV*		1,567		174,244
Ferrari NV		262		57,168
ING Groep NV		16,752		214,518
Intertrust NV†*		775		12,805
Just Eat Takeaway.com NV†*		300		26,599
Koninklijke Ahold Delhaize NV		2,256		70,145
Koninklijke DSM NV		411		82,846
Koninklijke Philips NV		1,379		63,601
LyondellBasell Industries NV, Class A		1,355		134,592
NN Group NV		1,840		91,336
NXP Semiconductors NV		500		103,195
Prosus NV		1,246		110,562
Signify NV*		1,102		61,730
Stellantis NV		5,999		115,380
Wolters Kluwer NV		1,573		179,426
				5,417,275
New Zealand — 0.2%
Spark New Zealand, Ltd.		22,293		73,598
Xero, Ltd.†		8,790		911,011
				984,609
Norway — 0.2%
Aker BP ASA		1,381		37,309
Equinor ASA		56,760		1,110,390
Salmar ASA		375		24,881
Telenor ASA		2,929		50,855
Yara International ASA		1,130		59,511
				1,282,946
Puerto Rico — 0.0%
EVERTEC, Inc.		752		32,862
First BanCorp/Puerto Rico		3,422		41,509
				74,371
Russia — 0.0%
Lukoil PJSC ADR		370		31,779
Singapore — 0.0%
Oversea-Chinese Banking Corp., Ltd.		10,700		96,813
United Overseas Bank, Ltd.		4,400		85,177
Yangzijiang Shipbuilding Holdings, Ltd.		15,800		15,979
				197,969
South Africa — 0.0%
Anglo American Platinum, Ltd.		328		42,893
Impala Platinum Holdings, Ltd.		3,383		60,967
Northam Platinum, Ltd.†		1,006		15,866
Vodacom Group, Ltd.		4,129		36,818
				156,544
South Korea — 0.3%
Hansol Chemical Co., Ltd.		56		13,037
Hanwha Solutions Corp.†		564		19,210
Kia Corp.		959		69,912
KT&G Corp.		354		25,345
LG Corp.		355		29,131
LG Electronics, Inc.		264		36,279
NCSoft Corp.		58		41,561
Samsung Electronics Co., Ltd.		26,076		1,783,184

415

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
South Korea (continued)
SK Hynix, Inc.		335	$	32,956
				2,050,615
Spain — 0.5%
Amadeus IT Group SA†		673		44,059
Banco Bilbao Vizcaya Argentaria SA		197,511		1,266,862
Banco Santander SA		52,886		193,478
Iberdrola SA		100,675		1,213,616
Industria de Diseno Textil SA		2,137		72,504
Mediaset Espana Comunicacion SA†		7,195		42,777
Red Electrica Corp. SA		7,281		144,075
Repsol SA		7,514		82,196
Vidrala SA		130		15,638
				3,075,205
Sweden — 0.4%
Assa Abloy AB, Class B		2,764		88,625
Atlas Copco AB, Class A		3,515		237,945
Epiroc AB, Class A		7,200		168,295
Essity AB, Class B		6,025		196,983
Evolution Gaming Group AB*		431		75,256
Hennes & Mauritz AB, Class B†		1,127		23,610
Lundin Energy AB		2,440		76,051
MIPS AB		427		44,988
Nibe Industrier AB, Class B		4,316		51,605
Sinch AB†*		780		15,775
Svenska Handelsbanken AB, Class A		100,153		1,130,694
Swedish Match AB		11,770		105,377
Telefonaktiebolaget LM Ericsson, Class B		4,726		54,490
Thule Group AB*		1,542		77,912
Volvo AB, Class B		2,924		68,960
				2,416,566
Switzerland — 2.1%
ABB, Ltd.		4,233		154,754
Alcon, Inc.		12,619		918,725
Chocoladefabriken Lindt & Spruengli AG (Participation Certificate)		123		1,379,520
Chubb, Ltd.		638		107,656
Cie Financiere Richemont SA		11,426		1,463,424
Credit Suisse Group AG		17,209		172,938
Garmin, Ltd.		712		111,926
Geberit AG		146		119,893
Givaudan SA		29		144,743
Logitech International SA		432		47,225
Lonza Group AG		1,487		1,157,307
Nestle SA		22,837		2,893,757
Novartis AG		8,477		784,087
Roche Holding AG		6,515		2,519,366
Sika AG		2,980		1,049,497
Swisscom AG		141		84,835
UBS Group AG		12,944		213,430
Zurich Insurance Group AG		318		128,188
				13,451,271
Taiwan — 0.4%
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		23,105		2,694,967
Thailand — 0.0%
TTW PCL NVDR		80,600		28,450

Security Description	Shares		Value (Note 2)
United Kingdom — 2.8%
Admiral Group PLC		1,759	$	82,986
Anglo American PLC		2,362		104,639
Ashtead Group PLC		1,388		103,978
AstraZeneca PLC		15,586		1,790,025
Auto Trader Group PLC†*		9,803		88,818
Aviva PLC		10,389		55,895
Babcock International Group PLC†		6,448		22,930
BAE Systems PLC		5,442		43,556
Barclays PLC		615,594		1,491,941
BHP Group PLC		4,222		137,115
BP PLC		59,534		238,690
British American Tobacco PLC		4,788		178,471
Britvic PLC		3,514		47,576
BT Group PLC†		8,459		20,406
Bunzl PLC		23,327		864,225
Burberry Group PLC		47,600		1,364,378
Compass Group PLC†		2,414		50,999
CVS Group PLC†		493		16,442
Diageo PLC		38,909		1,930,306
Diploma PLC		1,536		63,143
Drax Group PLC		4,482		25,099
Endava PLC ADR†		225		28,940
Future PLC		683		32,736
Gamesys Group PLC		717		18,376
Gamma Communications PLC		865		24,939
GlaxoSmithKline PLC		75,582		1,493,543
Gulf Keystone Petroleum, Ltd.		9,222		21,061
HSBC Holdings PLC (OTC US)		13,200		73,049
HSBC Holdings PLC (SEHK)		61,368		338,712
IG Group Holdings PLC		5,442		67,464
Imperial Brands PLC		2,939		62,962
Intertek Group PLC		1,063		76,163
ITV PLC†		46,765		72,872
Legal & General Group PLC		27,687		100,524
Liberty Global PLC, Class A†		1,811		48,625
Lloyds Banking Group PLC		247,675		156,938
London Stock Exchange Group PLC		455		47,358
Moneysupermarket.com Group PLC		4,579		16,161
National Grid PLC		62,100		794,469
Natwest Group PLC		30,226		84,977
Next PLC†		294		32,186
Prudential PLC		3,767		70,806
Rathbone Brothers PLC		817		21,285
Reckitt Benckiser Group PLC		13,080		1,003,891
RELX PLC		10,876		319,470
Rightmove PLC		5,484		53,508
Rio Tinto PLC		3,971		338,420
Rolls-Royce Holdings PLC†		17,965		24,887
Royal Dutch Shell PLC, Class A (LSE)		8,962		179,797
Royal Dutch Shell PLC, Class A (XAMS)		85,045		1,727,637
Royal Dutch Shell PLC, Class B		16,709		329,783
Royal Mail PLC		6,197		43,419
Spirax-Sarco Engineering PLC		184		38,377
Standard Chartered PLC		24,406		146,204
Synthomer PLC		3,349		24,636
Tronox Holdings PLC, Class A		1,403		25,857
Ultra Electronics Holdings PLC		945		41,628
Unilever PLC		11,391		655,945
Vodafone Group PLC		76,305		122,378
				17,481,601

416

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States — 25.2%
10X Genomics, Inc., Class A†		353	$	64,680
3M Co.		4,848		959,613
A.O. Smith Corp.		589		41,424
Abbott Laboratories		4,963		600,424
AbbVie, Inc.		7,271		845,617
ACM Research, Inc., Class A†		194		18,015
Activision Blizzard, Inc.		13,129		1,097,847
Adobe, Inc.†		2,857		1,775,997
Advanced Micro Devices, Inc.†		2,261		240,096
AES Corp.		1,414		33,512
Affiliated Managers Group, Inc.		485		76,843
AGCO Corp.		479		63,281
Agilent Technologies, Inc.		1,123		172,077
Air Lease Corp.		497		21,053
Air Products & Chemicals, Inc.		680		197,900
Align Technology, Inc.†		300		208,740
Allison Transmission Holdings, Inc.		1,711		68,286
Allstate Corp.		321		41,746
Ally Financial, Inc.		1,422		73,034
Alnylam Pharmaceuticals, Inc.†		242		43,303
Alphabet, Inc., Class A†		1,951		5,257,028
Alphabet, Inc., Class C†		1,074		2,904,547
Altria Group, Inc.		4,799		230,544
Amazon.com, Inc.†		1,669		5,553,748
AMC Networks, Inc., Class A†		403		20,166
American Express Co.		8,431		1,437,738
American Tower Corp.		480		135,744
American Water Works Co., Inc.		1,090		185,420
Ameriprise Financial, Inc.		524		134,961
AMETEK, Inc.		711		98,865
Amgen, Inc.		2,714		655,540
Amkor Technology, Inc.		696		17,149
Amphenol Corp., Class A		1,170		84,813
Analog Devices, Inc.		619		103,633
Anthem, Inc.		286		109,827
Apple, Inc.		54,382		7,932,159
Applied Materials, Inc.		3,237		452,953
Arconic Corp.†		826		29,686
Argonaut Gold, Inc.†		10,300		27,740
Arista Networks, Inc.†		113		42,984
Arrow Electronics, Inc.†		213		25,255
Artisan Partners Asset Management, Inc., Class A		864		41,550
AT&T, Inc.		13,603		381,564
Atkore, Inc.†		521		39,132
Atlas Air Worldwide Holdings, Inc.†		356		23,841
Autodesk, Inc.†		723		232,177
Automatic Data Processing, Inc.		1,655		346,938
AutoNation, Inc.†		400		48,532
AutoZone, Inc.†		178		288,995
Avangrid, Inc.		844		44,006
Avaya Holdings Corp.†		707		17,124
Ball Corp.		6,169		498,949
Bank of America Corp.		15,523		595,462
Bank of New York Mellon Corp.		4,564		234,270
Bank OZK		1,276		51,946
Baxter International, Inc.		694		53,681
Becton Dickinson & Co.		366		93,605
BellRing Brands, Inc., Class A†		555		18,354
Berkshire Hathaway, Inc., Class B†		2,048		569,938
Bio-Techne Corp.		196		94,519
Biogen, Inc.†		190		62,079

Security Description	Shares		Value (Note 2)
United States (continued)
BlackRock, Inc.		1,729	$	1,499,337
Blackstone Group, Inc., Class A		903		104,089
Boeing Co.†		603		136,567
Boise Cascade Co.		580		29,667
Booking Holdings, Inc.†		925		2,014,890
BorgWarner, Inc.		1,370		67,103
Boston Beer Co., Inc., Class A†		47		33,370
Boston Scientific Corp.†		2,141		97,630
Brighthouse Financial, Inc.†		1,014		43,663
Bristol-Myers Squibb Co.		9,062		615,038
Broadcom, Inc.		1,158		562,093
Broadridge Financial Solutions, Inc.		709		123,004
Brooks Automation, Inc.		355		31,599
Brown & Brown, Inc.		2,113		114,947
Brunswick Corp.		550		57,420
Burlington Stores, Inc.†		748		250,430
Cable One, Inc.		55		103,839
Capital One Financial Corp.		1,938		313,375
Caterpillar, Inc.		637		131,700
Celanese Corp.		521		81,156
Centene Corp.†		815		55,917
Century Communities, Inc.		451		31,322
Cerner Corp.		653		52,495
Charles Schwab Corp.		6,324		429,716
Chart Industries, Inc.†		249		38,707
Charter Communications, Inc., Class A†		986		733,633
Cheesecake Factory, Inc.†		387		17,516
Chemours Co.		1,895		63,009
Chevron Corp.		1,935		197,002
Chipotle Mexican Grill, Inc.†		43		80,128
Church & Dwight Co., Inc.		1,563		135,325
Cigna Corp.		440		100,976
Cintas Corp.		122		48,090
Cisco Systems, Inc.		12,256		678,615
Citigroup, Inc.		6,088		411,671
Clorox Co.		1,244		225,027
CME Group, Inc.		404		85,701
CNX Resources Corp.†		1,003		12,136
Coca-Cola Co.		16,208		924,342
Cognex Corp.		922		83,358
Cognizant Technology Solutions Corp., Class A		723		53,162
Cohu, Inc.†		340		12,039
Colgate-Palmolive Co.		5,562		442,179
Comcast Corp., Class A		28,154		1,656,300
Conagra Brands, Inc.		791		26,491
ConocoPhillips		27,644		1,549,723
Copart, Inc.†		1,019		149,793
Corning, Inc.		2,659		111,306
Corteva, Inc.		7,286		311,695
CoStar Group, Inc.†		660		58,641
Costco Wholesale Corp.		3,232		1,388,855
Crocs, Inc.†		195		26,483
Crowdstrike Holdings, Inc., Class A†		599		151,912
Crown Castle International Corp.		716		138,252
CSX Corp.		3,204		103,553
Curtiss-Wright Corp.		424		50,159
CVS Health Corp.		2,533		208,618
D.R. Horton, Inc.		2,055		196,109
Danaher Corp.		4,143		1,232,501
Darling Ingredients, Inc.†		347		23,967
DaVita, Inc.†		745		89,586

417

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Deckers Outdoor Corp.†		1,539	$	632,298
Deere & Co.		2,765		999,796
Deluxe Corp.		664		29,150
Denbury, Inc.†		509		33,446
Devon Energy Corp.		2,732		70,595
DexCom, Inc.†		915		471,692
Diamondback Energy, Inc.		680		52,448
Digital Realty Trust, Inc.		346		53,339
Digital Turbine, Inc.†		633		39,847
Discover Financial Services		1,700		211,344
Discovery, Inc., Class A†		1,978		57,382
DocuSign, Inc.†		512		152,596
Dollar General Corp.		317		73,747
Dollar Tree, Inc.†		377		37,621
Dominion Energy, Inc.		1,825		136,638
Dow, Inc.		1,309		81,367
DraftKings, Inc., Class A†		4,328		209,908
Duke Energy Corp.		649		68,216
DuPont de Nemours, Inc.		1,048		78,652
Dynatrace, Inc.†		534		34,107
eBay, Inc.		3,962		270,248
Ecolab, Inc.		357		78,836
Edison International		572		31,174
Edwards Lifesciences Corp.†		8,244		925,554
Electronic Arts, Inc.		416		59,887
Eli Lilly & Co.		5,810		1,414,735
Emerson Electric Co.		3,801		383,483
EnerSys		198		19,535
Enphase Energy, Inc.†		662		125,515
Entegris, Inc.		356		42,948
EOG Resources, Inc.		2,235		162,842
EPAM Systems, Inc.†		215		120,357
EQT Corp.†		1,242		22,840
Equifax, Inc.		376		97,986
Equinix, Inc.		104		85,323
Equitable Holdings, Inc.		2,260		69,766
Equity LifeStyle Properties, Inc.		1,646		137,935
Estee Lauder Cos., Inc., Class A		923		308,125
Etsy, Inc.†		310		56,888
Evercore, Inc., Class A		298		39,396
Evergy, Inc.		1,765		115,113
Eversource Energy		909		78,419
Exact Sciences Corp.†		248		26,744
Exelon Corp.		1,753		82,040
Exxon Mobil Corp.		4,285		246,687
Facebook, Inc., Class A†		9,852		3,510,268
FactSet Research Systems, Inc.		514		183,642
Fastenal Co.		5,357		293,403
Federated Hermes, Inc.		2,777		90,086
FedEx Corp.		485		135,776
Fidelity National Information Services, Inc.		990		147,560
Fifth Third Bancorp		2,620		95,080
First Republic Bank		6,063		1,182,406
First Solar, Inc.†		6,786		583,867
Fiserv, Inc.†		757		87,138
Five9, Inc.†		66		13,285
Floor & Decor Holdings, Inc., Class A†		4,539		553,803
Ford Motor Co.†		31,608		440,932
Fortinet, Inc.†		307		83,578
Fox Corp., Class A		2,402		85,655

Security Description	Shares		Value (Note 2)
United States (continued)
Franklin Resources, Inc.		2,240	$	66,192
Freeport-McMoRan, Inc.		10,471		398,945
Frontdoor, Inc.†		1,303		63,769
Generac Holdings, Inc.†		334		140,066
General Dynamics Corp.		493		96,643
General Electric Co.		8,971		116,174
General Mills, Inc.		2,549		150,034
General Motors Co.†		1,893		107,598
Gentex Corp.		2,971		101,103
Gilead Sciences, Inc.		3,368		230,001
Global Payments, Inc.		712		137,708
Goldman Sachs Group, Inc.		386		144,704
Graco, Inc.		885		69,101
GrafTech International, Ltd.		1,673		19,022
Gray Television, Inc.		1,461		32,390
Group 1 Automotive, Inc.		144		25,019
H&R Block, Inc.		2,771		68,028
Halozyme Therapeutics, Inc.†		1,340		55,382
Hamilton Lane, Inc., Class A		398		37,014
Harsco Corp.†		767		15,432
HCA Healthcare, Inc.		4,673		1,159,839
HEICO Corp.		282		38,141
Hershey Co.		1,971		352,572
Hess Corp.		863		65,968
Hess Midstream LP, Class A		2,682		69,410
Hewlett Packard Enterprise Co.		6,045		87,653
Hibbett Sports, Inc.		240		21,278
HollyFrontier Corp.		998		29,341
Home Depot, Inc.		4,165		1,366,911
Honeywell International, Inc.		3,493		816,628
Houlihan Lokey, Inc.		775		69,053
Howmet Aerospace, Inc.†		830		27,241
HP, Inc.		7,052		203,591
Humana, Inc.		168		71,544
Huntington Bancshares, Inc.		7,201		101,390
IAC/InterActiveCorp†		218		29,929
IDEX Corp.		822		186,339
IDEXX Laboratories, Inc.†		1,167		791,845
Illinois Tool Works, Inc.		1,421		322,098
Illumina, Inc.†		161		79,816
Incyte Corp.†		1,850		143,098
Inovalon Holdings, Inc., Class A†		1,005		38,069
Intel Corp.		11,559		620,949
Intercontinental Exchange, Inc.		777		93,108
International Business Machines Corp.		1,754		247,244
International Flavors & Fragrances, Inc.		224		33,743
International Paper Co.		7,855		453,705
Interpublic Group of Cos., Inc.		1,214		42,927
Intuit, Inc.		2,115		1,120,887
Intuitive Surgical, Inc.†		180		178,463
IQVIA Holdings, Inc.†		277		68,613
Jack Henry & Associates, Inc.		581		101,146
JB Hunt Transport Services, Inc.		230		38,744
Johnson & Johnson		13,135		2,261,847
JPMorgan Chase & Co.		18,623		2,826,599
KeyCorp		2,633		51,765
Keysight Technologies, Inc.†		744		122,425
Kimberly-Clark Corp.		3,202		434,575
Kinder Morgan, Inc.		3,629		63,072
KLA Corp.		895		311,603
Kontoor Brands, Inc.		500		27,690

418

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Kraft Heinz Co.		941	$	36,200
Kroger Co.		1,004		40,863
Kulicke & Soffa Industries, Inc.		931		50,609
L3Harris Technologies, Inc.		299		67,795
Lam Research Corp.		1,854		1,181,758
Las Vegas Sands Corp.†		746		31,593
Lear Corp.		303		53,019
Lennar Corp., Class A		1,290		135,644
Lennox International, Inc.		143		47,108
Liberty Broadband Corp., Class C†		640		113,594
Liberty Media Corp. — Liberty Formula One, Series C†		1,283		60,211
Lithia Motors, Inc.		42		15,843
Lockheed Martin Corp.		262		97,378
Louisiana-Pacific Corp.		1,440		79,834
Lowe’s Cos., Inc.		2,108		406,191
Lululemon Athletica, Inc.†		1,121		448,591
M/I Homes, Inc.†		292		18,895
Malibu Boats, Inc., Class A†		368		30,787
Marathon Petroleum Corp.		1,101		60,797
MarineMax, Inc.†		340		18,289
Marriott International, Inc., Class A†		639		93,281
Marriott Vacations Worldwide Corp.†		146		21,516
Marsh & McLennan Cos., Inc.		2,352		346,261
Marvell Technology, Inc.		2,843		172,030
Masco Corp.		1,274		76,071
MasTec, Inc.†		198		20,044
Mastercard, Inc., Class A		4,220		1,628,667
Match Group, Inc.†		1,905		303,409
MaxLinear, Inc.†		600		28,938
McDonald’s Corp.		2,134		517,943
McKesson Corp.		247		50,346
MDC Holdings, Inc.		787		41,963
MercadoLibre, Inc.†		902		1,414,967
Merck & Co., Inc.		13,797		1,060,575
Meritage Homes Corp.†		404		43,866
Meritor, Inc.†		919		22,359
MetLife, Inc.		1,916		110,553
Mettler-Toledo International, Inc.†		66		97,265
MGIC Investment Corp.		4,853		67,166
Microchip Technology, Inc.		502		71,846
Micron Technology, Inc.†		8,831		685,109
Microsoft Corp.		29,431		8,385,186
Moderna, Inc.†		1,106		391,082
Mondelez International, Inc., Class A		2,556		161,693
Monolithic Power Systems, Inc.		105		47,172
Monster Beverage Corp.†		2,219		209,296
Moody’s Corp.		3,196		1,201,696
Moog, Inc., Class A		252		19,623
Morgan Stanley		15,308		1,469,262
Mosaic Co.		1,976		61,710
MSCI, Inc.		224		133,495
Nasdaq, Inc.		4,786		893,690
National Fuel Gas Co.		329		16,920
Netflix, Inc.†		1,324		685,263
Newmont Corp.		1,377		86,503
Nexstar Media Group, Inc., Class A		549		80,741
NextEra Energy, Inc.		12,617		982,864
NIKE, Inc., Class B		7,804		1,307,248
Norfolk Southern Corp.		391		100,812
Northern Trust Corp.		1,043		117,703
Northrop Grumman Corp.		181		65,707

Security Description	Shares		Value (Note 2)
United States (continued)
NortonLifeLock, Inc.		3,441	$	85,406
Novavax, Inc.†		914		163,908
NVIDIA Corp.		7,752		1,511,562
NVR, Inc.†		103		537,928
O’Reilly Automotive, Inc.†		1,234		745,139
Oasis Petroleum, Inc.		189		17,333
Okta, Inc.†		363		89,948
Old Dominion Freight Line, Inc.		361		97,163
Omnicell, Inc.†		100		14,650
Omnicom Group, Inc.		3,343		243,437
Oracle Corp.		6,963		606,756
Organon & Co.†		769		22,309
Otis Worldwide Corp.		5,347		478,824
Ovintiv, Inc.		1,627		41,749
Pacira BioSciences, Inc.†		702		41,374
Palo Alto Networks, Inc.†		416		166,005
Parker-Hannifin Corp.		3,297		1,028,763
Paychex, Inc.		1,519		172,893
Paycom Software, Inc.†		100		40,000
PayPal Holdings, Inc.†		3,755		1,034,615
Peloton Interactive, Inc., Class A†		372		43,915
PepsiCo, Inc.		9,167		1,438,761
Pfizer, Inc.		19,910		852,347
Philip Morris International, Inc.		9,291		929,936
Phillips 66		600		44,058
Pinterest, Inc., Class A†		637		37,519
Pioneer Natural Resources Co.		596		86,641
PNC Financial Services Group, Inc.		1,456		265,589
Pool Corp.		186		88,875
PotlatchDeltic Corp.		696		36,150
Power Integrations, Inc.		273		26,478
PRA Group, Inc.†		546		21,179
Principal Financial Group, Inc.		1,184		73,562
Procter & Gamble Co.		11,324		1,610,613
Progressive Corp.		798		75,938
Prologis, Inc.		1,000		128,040
Prudential Financial, Inc.		1,133		113,617
Public Storage		282		88,119
Qorvo, Inc.†		344		65,219
QUALCOMM, Inc.		3,734		559,353
Qualys, Inc.†		249		25,288
Radian Group, Inc.		3,108		70,179
Range Resources Corp.†		1,472		22,419
Raytheon Technologies Corp.		1,852		161,031
Regeneron Pharmaceuticals, Inc.†		95		54,588
Regions Financial Corp.		1,733		33,360
Reinsurance Group of America, Inc.		241		26,553
Republic Services, Inc.		1,129		133,628
ResMed, Inc.		473		128,561
Revolve Group, Inc.†		601		41,836
RingCentral, Inc., Class A†		131		35,012
Roper Technologies, Inc.		390		191,623
Ross Stores, Inc.		600		73,614
RPM International, Inc.		2,003		173,440
S&P Global, Inc.		735		315,109
salesforce.com, Inc.†		3,426		828,852
SBA Communications Corp.		176		60,014
Schnitzer Steel Industries, Inc., Class A		354		18,557
Sealed Air Corp.		9,275		526,356
SEI Investments Co.		1,189		72,291
Sempra Energy		714		93,284
ServiceNow, Inc.†		233		136,978

419

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
United States (continued)
Sherwin-Williams Co.		2,696	$	784,617
Shoals Technologies Group, Inc., Class A†		1,024		29,788
Simon Property Group, Inc.		1,755		222,043
Simulations Plus, Inc.		269		12,694
Skyworks Solutions, Inc.		818		150,929
Snap, Inc., Class A†		1,919		142,812
SolarEdge Technologies, Inc.†		531		137,784
Sorrento Therapeutics, Inc.†		4,027		33,062
Southern Co.		1,644		105,002
Southwest Airlines Co.†		10,879		549,607
Southwestern Energy Co.†		2,681		12,628
Splunk, Inc.†		258		36,631
Square, Inc., Class A†		2,037		503,669
SS&C Technologies Holdings, Inc.		715		56,049
STAAR Surgical Co.†		113		14,455
Stanley Black & Decker, Inc.		760		149,758
Starbucks Corp.		1,421		172,552
State Street Corp.		2,781		242,336
Steel Dynamics, Inc.		5,410		348,674
Stryker Corp.		1,002		271,482
Synchrony Financial		1,885		88,633
Sysco Corp.		750		55,650
T-Mobile US, Inc.†		518		74,602
T. Rowe Price Group, Inc.		1,140		232,742
Take-Two Interactive Software, Inc.†		234		40,580
Target Corp.		1,553		405,411
TechTarget, Inc.†		232		16,955
TEGNA, Inc.		2,643		46,834
Tempur Sealy International, Inc.		1,039		44,958
Teradyne, Inc.		347		44,069
Terreno Realty Corp.		264		18,047
Tesla, Inc.†		1,373		943,526
Texas Instruments, Inc.		7,317		1,394,767
Thermo Fisher Scientific, Inc.		1,689		912,077
TJX Cos., Inc.		1,722		118,491
Toll Brothers, Inc.		633		37,518
TopBuild Corp.†		2,012		407,812
Toro Co.		951		108,167
Tractor Supply Co.		1,895		342,862
Trade Desk, Inc., Class A†		790		64,709
TransDigm Group, Inc.†		89		57,057
Travel & Leisure Co.		468		24,242
Trex Co., Inc.†		449		43,598
Trimble, Inc.†		6,444		550,962
Truist Financial Corp.		5,591		304,318
Twilio, Inc., Class A†		255		95,265
Twitter, Inc.†		2,443		170,399
Tyler Technologies, Inc.†		93		45,816
Uber Technologies, Inc.†		5,032		218,691
Ubiquiti, Inc.		139		43,521
Ultra Clean Holdings, Inc.†		477		25,763
Union Pacific Corp.		4,363		954,450
United Parcel Service, Inc., Class B		2,660		509,018
UnitedHealth Group, Inc.		6,136		2,529,382
Universal Display Corp.		252		59,091
Unum Group		2,515		68,911
US Bancorp		12,601		699,860
Valero Energy Corp.		617		41,320
Valvoline, Inc.		1,611		49,425
Veeva Systems, Inc., Class A†		471		156,706
Ventas, Inc.		817		48,840
VeriSign, Inc.†		272		58,853

Security Description	Shares/ Principal Amount		Value (Note 2)
United States (continued)
Verisk Analytics, Inc.		1,204	$	228,688
Verizon Communications, Inc.		12,636		704,836
Vertex Pharmaceuticals, Inc.†		334		67,328
Vertiv Holdings Co.		8,700		243,948
VF Corp.		600		48,120
Viatris, Inc.		6,662		93,734
Virtus Investment Partners, Inc.		66		18,225
Visa, Inc., Class A		11,287		2,781,004
Vontier Corp.		3,031		98,053
Vulcan Materials Co.		4,514		812,475
Walgreens Boots Alliance, Inc.		961		45,311
Walmart, Inc.		1,218		173,626
Walt Disney Co.†		3,509		617,654
Waste Management, Inc.		2,093		310,308
Waters Corp.†		257		100,181
WEC Energy Group, Inc.		340		32,008
Wells Fargo & Co.		9,910		455,265
Welltower, Inc.		973		84,515
Werner Enterprises, Inc.		664		30,351
WESCO International, Inc.†		540		57,483
West Pharmaceutical Services, Inc.		1,201		494,488
Western Digital Corp.†		1,845		119,796
Western Union Co.		4,392		101,938
Weyerhaeuser Co.		3,922		132,289
Whirlpool Corp.		285		63,139
Whiting Petroleum Corp.†		372		17,447
Workday, Inc., Class A†		372		87,197
WW Grainger, Inc.		669		297,424
Wyndham Hotels & Resorts, Inc.		7,776		560,339
Xilinx, Inc.		413		61,884
XPO Logistics, Inc.†		1,561		216,495
YETI Holdings, Inc.†		705		67,913
Yum! Brands, Inc.		590		77,520
Zebra Technologies Corp., Class A†		1,181		652,479
Zimmer Biomet Holdings, Inc.		1,286		210,158
Zoetis, Inc.		603		122,228
Zoom Video Communications, Inc., Class A†		243		91,878
Zscaler, Inc.†		216		50,957
				157,670,041
Total Common Stocks (cost $227,321,412)				267,801,023
PREFERRED SECURITIES/CAPITAL SECURITIES — 1.3%
United States — 1.3%
M&T Bank Corp. Series F 5.13% due 11/01/2026(1)	$	617,000		685,902
Progressive Corp. Series B 5.38% due 03/15/2023(1)		1,507,000		1,574,815
Prudential Financial, Inc. 4.50% due 09/15/2047		642,000		702,097
Stanley Black & Decker, Inc. 4.00% due 03/15/2060		813,000		869,910
State Street Corp. Series H 5.63% due 12/15/2023(1)		362,000		386,348
Truist Financial Corp. Series N 4.80% due 09/01/2024(1)		3,592,000		3,820,774
Total Preferred Securities/Capital Securities (cost $7,525,980)				8,039,846

420

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES — 7.7%
Australia — 0.1%
Transurban Finance Co. Pty., Ltd. Senior Sec. Notes 2.45% due 03/16/2031*	$	419,000	$	429,745
British Virgin Islands — 0.7%
TSMC Global, Ltd. Company Guar. Notes 1.25% due 04/23/2026*		4,602,000		4,604,393
Canada — 0.3%
Canadian Natural Resources, Ltd. Senior Notes 2.95% due 07/15/2030		904,000		945,166
CCL Industries, Inc. Senior Notes 3.05% due 06/01/2030*		765,000		816,260
				1,761,426
Cayman Islands — 0.1%
Avolon Holdings Funding, Ltd. Company Guar. Notes 2.88% due 02/15/2025*		303,000		314,002
France — 0.2%
Societe Generale SA Senior Notes 2.63% due 01/22/2025*		1,434,000		1,502,728
Germany — 0.3%
Deutsche Bank AG Senior Notes 3.04% due 05/28/2032		1,743,000		1,800,745
Ireland — 0.8%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 1.75% due 01/30/2026		3,503,000		3,481,160
GE Capital International Funding Co. ULC Company Guar. Notes 4.42% due 11/15/2035		1,498,000		1,835,702
				5,316,862
Italy — 1.0%
UniCredit SpA Senior Notes 3.13% due 06/03/2032*		5,924,000		6,036,491
Luxembourg — 0.2%
Trane Technologies Luxembourg Finance SA Company Guar. Notes 3.50% due 03/21/2026		1,049,000		1,156,612
Panama — 0.0%
Carnival Corp. Senior Sec. Notes 11.50% due 04/01/2023*		64,000		72,160
Spain — 0.8%
Banco Santander SA Sub. Notes 2.75% due 12/03/2030		3,600,000		3,627,217
Telefonica Emisiones SAU Company Guar. Notes 5.21% due 03/08/2047		1,041,000		1,307,177
				4,934,394

Security Description	Principal Amount		Value (Note 2)
SupraNational — 0.3%
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 3.40% due 05/01/2030*	$	108,000	$	119,361
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 3.88% due 06/18/2026*		1,592,000		1,780,454
				1,899,815
Switzerland — 1.1%
Credit Suisse Group AG Senior Notes 3.09% due 05/14/2032*		4,619,000		4,819,411
UBS Group AG Senior Notes 1.36% due 01/30/2027*		624,000		621,886
UBS Group AG Senior Notes 3.13% due 08/13/2030*		1,348,000		1,462,887
				6,904,184
United Kingdom — 1.8%
Anglo American Capital PLC Company Guar. Notes 2.63% due 09/10/2030*		2,653,000		2,718,280
Anglo American Capital PLC Company Guar. Notes 2.88% due 03/17/2031*		1,169,000		1,213,865
HSBC Holdings PLC Senior Notes 2.80% due 05/24/2032		2,819,000		2,920,556
Natwest Group PLC Senior Notes 1.64% due 06/14/2027		3,238,000		3,255,293
Natwest Group PLC Senior Notes 3.07% due 05/22/2028		729,000		778,169
Natwest Group PLC Senior Notes 4.80% due 04/05/2026		642,000		737,103
				11,623,266
Total Foreign Corporate Bonds & Notes (cost $47,046,151)				48,356,823
U.S. CORPORATE BONDS & NOTES — 28.1%
United States — 28.1%
AbbVie, Inc. Senior Notes 3.20% due 11/21/2029		1,886,000		2,068,567
AES Corp. Senior Notes 2.45% due 01/15/2031*		1,179,000		1,190,789
Alcon Finance Corp. Company Guar. Notes 3.00% due 09/23/2029*		2,278,000		2,431,651
American Tower Corp. Senior Notes 2.10% due 06/15/2030		3,150,000		3,149,719
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.00% due 04/13/2028		1,505,000		1,726,732

421

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
United States (continued)
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 4.44% due 10/06/2048	$	1,391,000	$	1,697,917
Ashtead Capital, Inc. Company Guar. Notes 4.00% due 05/01/2028*		716,000		753,590
AT&T, Inc. Senior Notes 3.50% due 06/01/2041		4,523,000		4,799,530
AT&T, Inc. Senior Notes 4.85% due 03/01/2039		990,000		1,213,848
AXA Equitable Holdings, Inc. Senior Notes 4.35% due 04/20/2028		302,000		348,813
Bank of America Corp. Senior Notes 1.90% due 07/23/2031		2,482,000		2,428,559
Bank of America Corp. Senior Notes 2.69% due 04/22/2032		3,277,000		3,420,997
Bank of America Corp. Senior Notes 2.88% due 10/22/2030		3,732,000		3,959,881
Barrick North America Finance LLC Company Guar. Notes 5.75% due 05/01/2043		1,058,000		1,524,134
Boeing Co. Senior Notes 2.20% due 02/04/2026		6,062,000		6,115,350
Boston Properties LP Senior Notes 2.55% due 04/01/2032		1,819,000		1,870,639
Boston Properties LP Senior Notes 3.25% due 01/30/2031		2,234,000		2,429,737
Boston Properties LP Senior Notes 3.40% due 06/21/2029		750,000		825,012
Carrier Global Corp. Senior Notes 2.70% due 02/15/2031		2,423,000		2,545,277
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.70% due 04/01/2051		2,944,000		2,974,505
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.90% due 06/01/2052		699,000		723,371
Cheniere Corpus Christi Holdings LLC Senior Sec. Notes 3.70% due 11/15/2029		700,000		772,146
Cigna Corp. Senior Notes 2.38% due 03/15/2031		3,524,000		3,640,944
Continental Resources, Inc. Company Guar. Notes 4.38% due 01/15/2028		812,000		899,290

Security Description	Principal Amount		Value (Note 2)
United States (continued)
Cox Communications, Inc. Senior Notes 3.60% due 06/15/2051*	$	1,718,000	$	1,830,185
Crown Castle International Corp. Senior Notes 2.10% due 04/01/2031		1,389,000		1,373,637
Crown Castle International Corp. Senior Notes 2.25% due 01/15/2031		3,419,000		3,424,653
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		466,000		620,312
Dell International LLC/EMC Corp. Senior Sec. Notes 4.90% due 10/01/2026		1,490,000		1,736,351
Devon Energy Corp. Senior Notes 5.85% due 12/15/2025		650,000		761,851
Diamondback Energy, Inc. Company Guar. Notes 3.13% due 03/24/2031		2,308,000		2,420,245
Digital Realty Trust LP Company Guar. Notes 3.60% due 07/01/2029		3,230,000		3,636,626
Discovery Communications LLC Company Guar. Notes 3.95% due 03/20/2028		561,000		629,122
Discovery Communications LLC Company Guar. Notes 4.00% due 09/15/2055		2,339,000		2,509,574
Electronic Arts, Inc. Senior Notes 1.85% due 02/15/2031		2,147,000		2,129,262
Enable Midstream Partners LP Senior Notes 4.40% due 03/15/2027		712,000		793,107
Energy Transfer LP Senior Notes 5.25% due 04/15/2029		750,000		892,992
EQT Corp. Senior Notes 3.90% due 10/01/2027		1,972,000		2,137,155
Equinix, Inc. Senior Notes 2.15% due 07/15/2030		1,661,000		1,669,128
Equitable Financial Life Global Funding Sec. Notes 1.80% due 03/08/2028*		2,038,000		2,055,729
Essex Portfolio LP Company Guar. Notes 2.65% due 03/15/2032		1,548,000		1,606,689
Eversource Energy Senior Notes 1.65% due 08/15/2030		232,000		226,151
Fidelity National Information Services, Inc. Senior Notes 2.25% due 03/01/2031		2,334,000		2,369,321
Fiserv, Inc. Senior Notes 3.20% due 07/01/2026		2,754,000		2,996,778

422

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
United States (continued)
Flowers Foods, Inc. Senior Notes 2.40% due 03/15/2031	$	496,000	$	504,201
General Motors Co. Senior Notes 5.20% due 04/01/2045		2,989,000		3,734,599
Hess Corp. Senior Notes 4.30% due 04/01/2027		2,965,000		3,312,764
Hess Corp. Senior Notes 5.80% due 04/01/2047		917,000		1,193,233
High Street Funding Trust II Senior Notes 4.68% due 02/15/2048*		395,000		497,297
Highwoods Realty LP Senior Notes 4.20% due 04/15/2029		439,000		501,559
Intercontinental Exchange, Inc. Senior Notes 2.10% due 06/15/2030		1,487,000		1,500,011
JPMorgan Chase & Co. Senior Notes 1.95% due 02/04/2032		726,000		715,902
JPMorgan Chase & Co. Senior Notes 2.58% due 04/22/2032		5,369,000		5,578,725
JPMorgan Chase & Co. Senior Notes 3.70% due 05/06/2030		1,000,000		1,124,082
Kohl’s Corp. Senior Notes 5.55% due 07/17/2045		2,918,000		3,525,378
Las Vegas Sands Corp. Senior Notes 3.20% due 08/08/2024		1,509,000		1,575,562
Manufacturers & Traders Trust Co. Sub. Notes 3.40% due 08/17/2027		1,000,000		1,110,516
Marathon Petroleum Corp. Senior Notes 4.50% due 04/01/2048		864,000		990,532
Mid-America Apartments LP Senior Notes 2.75% due 03/15/2030		894,000		947,554
Mid-America Apartments LP Senior Notes 4.20% due 06/15/2028		870,000		1,015,861
Morgan Stanley Senior Notes 1.59% due 05/04/2027		2,309,000		2,343,139
Morgan Stanley Senior Notes 1.93% due 04/28/2032		858,000		842,202
Morgan Stanley Senior Notes 2.70% due 01/22/2031		1,439,000		1,515,351
Motorola Solutions, Inc. Senior Notes 2.75% due 05/24/2031		2,313,000		2,396,552
MPLX LP Senior Notes 4.50% due 04/15/2038		750,000		865,161

Security Description	Principal Amount		Value (Note 2)
United States (continued)
NiSource, Inc. Senior Notes 1.70% due 02/15/2031	$	1,408,000	$	1,354,320
NRG Energy, Inc. Senior Sec. Notes 2.45% due 12/02/2027*		2,326,000		2,376,058
NVIDIA Corp. Senior Notes 2.85% due 04/01/2030		1,102,000		1,203,798
Occidental Petroleum Corp. Senior Notes 3.20% due 08/15/2026		1,013,000		1,005,403
Omega Healthcare Investors, Inc. Company Guar. Notes 3.38% due 02/01/2031		2,500,000		2,600,087
ONEOK, Inc. Company Guar. Notes 4.35% due 03/15/2029		250,000		285,001
Otis Worldwide Corp. Senior Notes 2.57% due 02/15/2030		2,318,000		2,446,609
Pacific Gas & Electric Co. 1st Mtg. Bonds 3.30% due 08/01/2040		419,000		379,865
Phillips 66 Partners LP Senior Notes 3.75% due 03/01/2028		3,171,000		3,512,511
Piedmont Operating Partnership LP Company Guar. Notes 3.15% due 08/15/2030		699,000		724,074
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 3.55% due 12/15/2029		501,000		536,966
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 3.80% due 09/15/2030		417,000		451,875
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.70% due 06/15/2044		2,553,000		2,736,086
Quanta Services, Inc. Senior Notes 2.90% due 10/01/2030		885,000		928,971
Republic Services, Inc. Senior Notes 1.45% due 02/15/2031		686,000		660,445
Ross Stores, Inc. Senior Notes 1.88% due 04/15/2031		2,408,000		2,375,470
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.20% due 03/15/2028		2,072,000		2,348,345
Sempra Energy Senior Notes 3.80% due 02/01/2038		887,000		1,006,931
Sherwin-Williams Co. Senior Notes 2.30% due 05/15/2030		750,000		775,007
Southern California Edison Co. 1st Mtg. Bonds 4.20% due 03/01/2029		1,000,000		1,139,091

423

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
United States (continued)
T-Mobile USA, Inc. Senior Sec. Notes 3.88% due 04/15/2030	$	3,816,000	$	4,308,607
Tractor Supply Co. Senior Notes 1.75% due 11/01/2030		2,428,000		2,357,865
Verizon Communications, Inc. Senior Notes 3.55% due 03/22/2051		3,368,000		3,660,646
VMware, Inc. Senior Notes 1.80% due 08/15/2028		4,549,000		4,561,920
Wells Fargo & Co. Senior Notes 2.88% due 10/30/2030		2,677,000		2,857,911
Wells Fargo & Co. Senior Notes 3.20% due 06/17/2027		1,888,000		2,051,161
Westlake Chemical Corp. Senior Notes 3.38% due 06/15/2030		1,000,000		1,091,908
Xylem, Inc. Senior Notes 2.25% due 01/30/2031		680,000		696,161
Total U.S. Corporate Bonds & Notes (cost $169,789,573)				175,553,139

Security Description	Shares			Value (Note 2)
OPTIONS—PURCHASED†(2) — 0.1%
Exchanged-Traded Put Options —Purchased (cost $2,411,573)		267		$	848,047
EXCHANGE-TRADED FUNDS — 0.0%
iShares Core S&P 500 ETF (cost $47,596)		160			70,463
Total Long-Term Investment Securities (cost $454,142,285)					500,669,341
SHORT-TERM INVESTMENT SECURITIES — 18.7%
Registered Investment Companies — 18.7%
State Street Institutional Liquid Reserves Fund, Premier Class  0.04%(3) (cost $117,181,860)		117,149,036			117,172,466
TOTAL INVESTMENTS (cost $571,324,145) (4)		98.7	%		617,841,807
Other assets less liabilities		1.3			7,941,203
NET ASSETS		100.0	%	$	625,783,010

† 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 July 31, 2021, the aggregate value of these securities was $38,960,006 representing 6.2% of net assets.

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

(2) Options — Purchased

Exchange-Traded Put Options — Purchased
Issue	Expiration Month	Strike Price		Number of Contracts	Notional Amount*		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
S&P 500 Index	August 2021	$	3,550	225	$	98,893,350	$	851,337	$	39,938	$	(811,399	)
S&P 500 Index	September 2021		3,550	240		105,486,240		744,893		186,000		(558,893	)
S&P 500 Index	October 2021		3,690	267		117,353,442		815,343		622,110		(193,233	)
							$	2,411,573	$	848,048	$	(1,563,525	)

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

(3) The rate shown is the 7-day yield as of July 31, 2021.

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

ADR — American Depositary Receipt

CDI — Chess Depositary Interest

CVA — Certification Van Aandelen (Dutch Cert.)

ETF — Exchange-Traded Fund

LSE — London Stock Exchange

NVDR — Non-Voting Depositary Receipt

OTC — Over the Counter

SDR — Swedish Depositary Receipt

SEHK — Hong Kong Stock Exchange

XAMS — Euronext Amsterdam Stock Exchange

424

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	25	Long	S&P/Toronto Stock Exchange 60 Index	September 2021	$	4,756,359	$	4,858,929	$	102,570
	587	Long	S&P 500 E-Mini Index	September 2021		124,382,345		128,831,825		4,449,480
	30	Long	Nasdaq 100 E-Mini Index	September 2021		8,971,399		8,973,450		2,051
	359	Long	U.S. Treasury Long Bonds	September 2021		56,046,634		59,134,031		3,087,397
	35	Long	U.S. Treasury 5 Year Notes	September 2021		4,331,412		4,355,587		24,175
	29	Short	FTSE 100 Index	September 2021		2,842,340		2,807,103		35,237
	51	Short	E-Mini Russell 2000 Index	September 2021		5,879,784		5,665,080		214,704
	190	Short	MSCI Emerging Markets Index	September 2021		12,196,132		12,138,150		57,982
									$	7,973,596
									Unrealized (Depreciation)
	500	Long	Euro Stoxx 50 Index	September 2021	$	24,377,143	$	24,244,103	$	(133,040	)
	17	Long	Topix Index	September 2021		3,032,474		2,952,158		(80,316	)
	10	Long	Nikkei 225 E-Mini Index	September 2021		2,659,901		2,499,868		(160,033	)
	159	Long	U.S. Treasury 2 Year Notes	September 2021		35,087,078		35,084,344		(2,734	)
	79	Short	U.S. Ultra Bond	September 2021		11,425,856		11,869,750		(443,894	)
	768	Short	U.S. Treasury 10 Year Notes	September 2021		101,410,212		103,260,000		(1,849,788	)
	77	Short	U.S. Treasury 2 Year Notes	September 2021		16,981,988		16,990,531		(8,543	)
									$	(2,678,348	)
			Net Unrealized Appreciation (Depreciation)						$	5,295,248

* 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 America, N.A.	AUD	29,837	NZD	31,512		08/24/2021	$	—	$	(115	)
	AUD	29,837	NZD	31,512		08/24/2021		170		—
	MXN	303,000	USD	15,103		08/24/2021		—		(76	)
								170		(191	)
Barclays Bank PLC	BRL	47,841,000	USD	9,230,369		08/03/2021		44,750		—
	CLP	1,400,132,000	USD	1,841,794		08/11/2021		—		(2,675	)
	CZK	16,376,000	USD	750,604		08/24/2021		—		(10,918	)
	GBP	520,000	EUR	605,326		08/24/2021		3,772		—
	GBP	520,000	EUR	605,326		08/24/2021		—		(8,248	)
	GBP	596,000	USD	823,263		08/24/2021		—		(5,217	)
	ILS	8,842,000	USD	2,681,471		08/24/2021		—		(54,145	)
	USD	9,341,026	BRL	47,841,000		08/03/2021		—		(155,407	)
	USD	14,893	MYR	62,000		08/11/2021		—		(261	)
	USD	681,824	PHP	34,456,000		08/11/2021		7,737		—
	USD	8,630,760	RUB	635,665,000		08/11/2021		53,087		—
	USD	2,627,736	CZK	57,164,000		08/24/2021		30,524		—
	USD	1,902,561	BRL	9,880,000		09/02/2021		—		(13,269	)
	USD	9,194,269	BRL	47,841,000		09/02/2021		—		(45,925	)
	ZAR	39,060,000	USD	2,684,620		08/24/2021		25,581		—
								165,451		(296,065	)

425

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Forward Foreign Currency Contracts — (continued)
Counterparty	Contract to Deliver		In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
Citibank N.A.	HUF	209,235,000	USD	683,498		08/24/2021	$	—	$	(8,134	)
	NZD	3,800,000	USD	2,646,071		08/24/2021		—		(1,218	)
	THB	84,930,000	USD	2,581,702		08/24/2021		—		(1,985	)
	TWD	311,000	USD	11,184		08/11/2021		51		—
	USD	2,537,772	AUD	3,441,000		08/24/2021		—		(12,341	)
	USD	10,527,284	JPY	1,155,389,534		08/24/2021		6,106		—
	USD	752,008	SGD	1,022,000		08/24/2021		2,243		—
	USD	613,814	THB	20,234,000		08/24/2021		1,732		—
								10,132		(23,678	)
Morgan Stanley and Co. International PLC	BRL	11,628,000	USD	2,270,384		08/03/2021		37,773		—
	CAD	16,468,392	AUD	17,595,000		08/24/2021		—		(98,995	)
	CAD	16,468,392	AUD	17,595,000		08/24/2021		—		(187,388	)
	CHF	169,746	GBP	134,353		08/24/2021		1,870		—
	CHF	169,746	GBP	134,353		08/24/2021		—		(2,598	)
	CHF	2,044,000	USD	2,228,022		08/24/2021		—		(29,620	)
	CLP	2,060,923,000	USD	2,794,889		08/04/2021		79,261		—
	CLP	2,060,923,000	USD	2,688,640		09/13/2021		—		(23,813	)
	INR	202,824,000	USD	2,719,914		08/11/2021		—		(5,163	)
	JPY	36,201,448	EUR	280,078		08/24/2021		1,745		—
	JPY	36,201,448	EUR	280,078		08/24/2021		593		—
	PHP	130,677,000	USD	2,667,830		08/11/2021		52,616		—
	TWD	76,545,000	USD	2,728,974		08/11/2021		—		(11,094	)
	USD	2,228,013	BRL	11,628,000		08/03/2021		4,599		—
	USD	2,691,906	CLP	2,060,923,000		08/04/2021		23,722		—
	USD	2,717,379	COP	10,211,910,000		08/11/2021		—		(85,181	)
	USD	818,526	MYR	3,464,000		08/11/2021		—		(1,029	)
	USD	2,226,360	RUB	165,118,000		08/11/2021		29,324		—
	USD	2,736,983	CAD	3,439,000		08/24/2021		19,449		—
	USD	2,666,922	NZD	3,820,000		08/24/2021		—		(5,699	)
	USD	5,063,806	PLN	19,731,000		08/24/2021		58,160		—
	USD	721,284	SEK	6,234,750		08/24/2021		3,100		—
								312,212		(450,580	)
UBS AG	BRL	13,468,000	USD	2,629,647		08/03/2021		43,750		—
	BRL	22,745,000	USD	4,440,995		08/03/2021		73,885		—
	CAD	2,764,658	MXN	44,609,000		08/24/2021		21,272		—
	CAD	5,601,067	MXN	88,228,000		08/24/2021		—		(14,474	)
	CAD	2,764,658	MXN	44,609,000		08/24/2021		—		(2,471	)
	CAD	5,601,067	MXN	88,228,000		08/24/2021		—		(55,026	)
	CHF	1,529,000	USD	1,661,539		08/24/2021		—		(27,275	)
	CLP	8,484,000	USD	11,721		08/11/2021		544		—
	EUR	1,883,000	USD	2,222,684		08/24/2021		—		(11,929	)
	EUR	6,636,000	USD	7,815,987		08/24/2021		—		(59,155	)
	INR	152,442,000	USD	2,043,527		08/11/2021		—		(4,634	)
	KRW	3,143,765,000	USD	2,730,503		08/11/2021		4,307		—
	PLN	1,859,000	USD	476,847		08/24/2021		—		(5,731	)
	SGD	7,270,000	USD	5,336,074		08/24/2021		—		(29,290	)
	USD	2,715,869	BRL	13,468,002		08/03/2021		—		(129,972	)
	USD	4,594,996	BRL	22,745,000		08/03/2021		—		(227,886	)
	USD	1,957,940	COP	7,665,335,000		08/11/2021		17,859		—
	USD	2,675,563	INR	200,092,000		08/11/2021		12,808		—
	USD	2,725,038	IDR	40,019,914,000		08/12/2021		45,583		—
	USD	3,688,042	CAD	4,715,000		08/24/2021		91,130		—
	USD	266,328	DKK	1,682,000		08/24/2021		1,987		—
	USD	780,036	GBP	569,000		08/24/2021		10,912		—
	USD	2,613,124	HUF	798,989,000		08/24/2021		27,958		—
	USD	905,614	JPY	99,672,870		08/24/2021		3,078		—
	USD	918,843	JPY	101,183,065		08/24/2021		3,617		—
	USD	919,368	JPY	101,183,065		08/24/2021		3,092		—
	USD	16,811	NOK	150,000		08/24/2021		169		—
	USD	360,516	SEK	3,117,375		08/24/2021		1,676		—
	USD	360,973	SEK	3,117,375		08/24/2021		1,219		—
	USD	480,385	SEK	4,156,500		08/24/2021		2,538		—
	USD	75,295	SEK	656,000		08/24/2021		923		—
								368,307		(567,843	)
Net Unrealized Appreciation/(Depreciation)							$	856,272	$	(1,338,357	)

426

SunAmerica Series Trust SA Schroders VCP Global Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

AUD	— Australian Dollar	HUF	— Hungarian Forint	PHP	— Philippine Peso
BRL	— Brazilian Real	IDR	— Indonesian Rupiah	PLN	— Polish Zloty
CAD	— Canadian Dollar	ILS	— Israeli Shekel	RUB	— New Russian Ruble
CHF	— Swiss Franc	INR	— Indian Rupee	SEK	— Swedish Krona
CLP	— Chilean Peso	JPY	— Japanese Yen	SGD	— Singapore Dollar
COP	— Colombian Peso	KRW	— South Korean Won	THB	— Thai Baht
CZK	— Czech Koruna	MXN	— Mexican Peso	TWD	— Taiwan Dollar
DKK	— Danish Krone	MYR	— Malaysian Ringgit	USD	— United States Dollar
EUR	— Euro Dollar	NOK	— Norwegian Krone	ZAR	— South African Rand
GBP	— British Pound Sterling	NZD	— New Zealand Dollar

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	177,038,269	$	90,762,754	**	$	—	$	267,801,023
Preferred Securities/Capital Securities		—		8,039,846			—		8,039,846
Foreign Corporate Bonds & Notes		—		48,356,823			—		48,356,823
U.S. Corporate Bonds & Notes		—		175,553,139			—		175,553,139
Options-Purchased		848,047		—			—		848,047
Exchange-Traded Funds		70,463		—			—		70,463
Short-Term Investment Securities		117,172,466		—			—		117,172,466
Total Investments at Value	$	295,129,245	$	322,712,562		$	—	$	617,841,807
Other Financial Instruments:†
Future Contracts	$	7,938,359	$	35,237	**	$	—	$	7,973,596
Forward Foreign Currency Contracts		—		856,272			—		856,272
	$	7,938,359	$	891,509		$	—	$	8,829,868
LIABILITIES:
Other Financial Instruments:+
Futures Contracts	$	2,304,959	$	373,389	**	$	—	$	2,678,348
Forward Foreign Currency Contracts		—		1,338,357			—		1,338,357
	$	2,304,959	$	1,711,746		$	—	$	4,016,705

* 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).

† Amounts represent unrealized/depreciation as of the end of the reporting period.

See Notes to Financial Statements

427

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Medical-Biomedical/Gene	7.7	%
Real Estate Investment Trusts	7.0
Banks-Commercial	6.8
Exchange-Traded Funds	4.3
Repurchase Agreements	3.9
Medical Products	2.4
Enterprise Software/Service	2.3
Medical-Drugs	2.0
Oil Companies-Exploration & Production	1.8
Electronic Components-Semiconductors	1.5
Retail-Restaurants	1.3
Computer Software	1.2
Chemicals-Specialty	1.1
Electric-Integrated	1.1
Auto/Truck Parts & Equipment-Original	1.1
Insurance-Property/Casualty	1.0
Applications Software	0.9
Building-Residential/Commercial	0.9
Computer Services	0.9
Savings & Loans/Thrifts	0.9
Human Resources	0.8
Metal Processors & Fabrication	0.8
Electronic Components-Misc.	0.8
Machinery-General Industrial	0.8
Distribution/Wholesale	0.7
Commercial Services	0.7
Investment Management/Advisor Services	0.7
E-Commerce/Services	0.7
Computer Data Security	0.7
Gas-Distribution	0.7
Commercial Services-Finance	0.7
Medical Information Systems	0.7
Medical Labs & Testing Services	0.7
Rental Auto/Equipment	0.7
Semiconductor Equipment	0.6
Energy-Alternate Sources	0.6
Retail-Apparel/Shoe	0.6
Building & Construction-Misc.	0.6
Food-Misc./Diversified	0.6
Finance-Investment Banker/Broker	0.6
Theaters	0.5
Real Estate Management/Services	0.5
Finance-Consumer Loans	0.5
Oil-Field Services	0.5
Footwear & Related Apparel	0.5
Building & Construction Products-Misc.	0.5
Medical-Hospitals	0.5
Machinery-Pumps	0.5
Medical-Outpatient/Home Medical	0.5
Schools	0.4
Transport-Truck	0.4
Aerospace/Defense-Equipment	0.4
E-Commerce/Products	0.4
Diversified Manufacturing Operations	0.4
Transport-Services	0.4
Retail-Automobile	0.4
Insurance-Life/Health	0.4
Chemicals-Diversified	0.4
Consumer Products-Misc.	0.4
Electronic Measurement Instruments	0.4
Water	0.4

Building-Heavy Construction	0.4	%
Building-Mobile Home/Manufactured Housing	0.4
Food-Wholesale/Distribution	0.3
Airlines	0.3
Building Products-Doors & Windows	0.3
Retail-Discount	0.3
Medical Instruments	0.3
Semiconductor Components-Integrated Circuits	0.3
Disposable Medical Products	0.3
Consulting Services	0.3
Home Furnishings	0.3
Engineering/R&D Services	0.3
Metal-Aluminum	0.3
Internet Content-Information/News	0.3
Beverages-Non-alcoholic	0.3
Medical-Wholesale Drug Distribution	0.3
Diagnostic Equipment	0.3
Casino Services	0.3
Environmental Consulting & Engineering	0.3
Satellite Telecom	0.3
Gambling (Non-Hotel)	0.3
Miscellaneous Manufacturing	0.3
Insurance-Reinsurance	0.3
Apparel Manufacturers	0.3
Networking Products	0.3
Machinery-Electrical	0.3
U.S. Government Treasuries	0.2
Telecommunication Equipment	0.2
Therapeutics	0.2
Real Estate Operations & Development	0.2
Insurance Brokers	0.2
Transport-Marine	0.2
Lasers-System/Components	0.2
Health Care Cost Containment	0.2
Retail-Petroleum Products	0.2
Batteries/Battery Systems	0.2
Steel-Producers	0.2
Computers-Integrated Systems	0.2
Financial Guarantee Insurance	0.2
Finance-Mortgage Loan/Banker	0.2
Paper & Related Products	0.2
Computers-Other	0.2
Retail-Regional Department Stores	0.2
Building Products-Wood	0.2
Data Processing/Management	0.2
Wireless Equipment	0.2
Electric Products-Misc.	0.2
Medical-Generic Drugs	0.2
Retail-Building Products	0.2
Telecom Services	0.2
Aerospace/Defense	0.2
Machinery-Construction & Mining	0.2
Cosmetics & Toiletries	0.2
Auto-Heavy Duty Trucks	0.2
Optical Supplies	0.2
Drug Delivery Systems	0.2
Retail-Sporting Goods	0.2
Diversified Minerals	0.2
Non-Hazardous Waste Disposal	0.2
Medical-Nursing Homes	0.2
Web Hosting/Design	0.2

428

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Industry Allocation* (continued)

Golf	0.2	%
Telephone-Integrated	0.2
Audio/Video Products	0.2
Building Products-Air & Heating	0.2
Retail-Misc./Diversified	0.2
Protection/Safety	0.2
Precious Metals	0.2
Software Tools	0.2
Oil & Gas Drilling	0.2
Food-Retail	0.2
Rubber/Plastic Products	0.2
Transport-Equipment & Leasing	0.2
Communications Software	0.2
Television	0.2
Printing-Commercial	0.1
Finance-Commercial	0.1
Recreational Vehicles	0.1
Pipelines	0.1
Tobacco	0.1
Wire & Cable Products	0.1
Retail-Vision Service Center	0.1
E-Marketing/Info	0.1
Auto-Cars/Light Trucks	0.1
Rubber-Tires	0.1
Containers-Metal/Glass	0.1
Patient Monitoring Equipment	0.1
Hotels/Motels	0.1
Office Furnishings-Original	0.1
Auto/Truck Parts & Equipment-Replacement	0.1
Medical-HMO	0.1
Coal	0.1
Machinery-Farming	0.1
Motion Pictures & Services	0.1
Internet Financial Services	0.1
Publishing-Newspapers	0.1
Cable/Satellite TV	0.1
Retail-Jewelry	0.1
Agricultural Operations	0.1
Poultry	0.1
Building-Maintenance & Services	0.1
Security Services	0.1
Internet Security	0.1
Banks-Super Regional	0.1
Machine Tools & Related Products	0.1
Firearms & Ammunition	0.1
Independent Power Producers	0.1
Athletic Equipment	0.1
Transport-Air Freight	0.1
Radio	0.1
Internet Connectivity Services	0.1
Linen Supply & Related Items	0.1
Publishing-Books	0.1
Advanced Materials	0.1
Retail-Pawn Shops	0.1
Oil Companies-Integrated	0.1
Computer Aided Design	0.1
Oil Refining & Marketing	0.1
Electric-Generation	0.1
Retail-Bedding	0.1
Professional Sports	0.1
E-Services/Consulting	0.1

Banks-Mortgage	0.1	%
Diagnostic Kits	0.1
Appliances	0.1
Metal Products-Distribution	0.1
Multilevel Direct Selling	0.1
Dental Supplies & Equipment	0.1
Retail-Home Furnishings	0.1
Steel-Specialty	0.1
Identification Systems	0.1
Machinery-Thermal Process	0.1
Resorts/Theme Parks	0.1
Electronic Connectors	0.1
Filtration/Separation Products	0.1
Gas-Transportation	0.1
Physicians Practice Management	0.1
Quarrying	0.1
Retail-Office Supplies	0.1
Veterinary Diagnostics	0.1
Pharmacy Services	0.1
Containers-Paper/Plastic	0.1
Retail-Gardening Products	0.1
Industrial Audio & Video Products	0.1
Food-Baking	0.1
Recycling	0.1
Gold Mining	0.1
Publishing-Periodicals	0.1
Insurance-Multi-line	0.1
Food-Catering	0.1
X-Ray Equipment	0.1
Auto Repair Centers	0.1
Hazardous Waste Disposal	0.1
Food-Confectionery	0.1
Retail-Drug Store	0.1
Finance-Other Services	0.1
Medical Imaging Systems	0.1
Oil Field Machinery & Equipment	0.1
Direct Marketing	0.1
MRI/Medical Diagnostic Imaging	0.1
Cellular Telecom	0.1
Advertising Sales	0.1
Power Converter/Supply Equipment	0.1
Physical Therapy/Rehabilitation Centers	0.1
Circuit Boards	0.1
	100.0	%

* Calculated as a percentage of net assets

429

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 91.6%
Advanced Materials — 0.1%
Haynes International, Inc.		1,300	$	49,049
Lydall, Inc.†		1,819		111,323
Materion Corp.		2,119		151,212
Meta Materials, Inc.†		6,398		22,393
				333,977
Advertising Agencies — 0.0%
MDC Partners, Inc., Class A†		6,499		36,459
Advertising Sales — 0.1%
Boston Omaha Corp., Class A†		1,813		59,303
Clear Channel Outdoor Holdings, Inc.†		37,767		100,460
				159,763
Advertising Services — 0.0%
Advantage Solutions, Inc.†		7,944		77,692
Fluent, Inc.†		4,508		11,225
National CineMedia, Inc.		6,119		21,294
				110,211
Aerospace/Defense — 0.2%
AeroVironment, Inc.†		2,338		236,372
AerSale Corp.†		940		10,697
Kratos Defense & Security Solutions, Inc.†		12,758		347,018
National Presto Industries, Inc.		532		51,327
				645,414
Aerospace/Defense-Equipment — 0.4%
AAR Corp.†		3,537		126,483
Aerojet Rocketdyne Holdings, Inc.		7,786		367,343
Astronics Corp.†		2,496		42,632
Barnes Group, Inc.		4,924		249,499
Ducommun, Inc.†		1,131		61,017
Kaman Corp.		2,873		127,418
Moog, Inc., Class A		3,010		234,389
Park Aerospace Corp.		2,032		30,277
Triumph Group, Inc.†		5,364		102,184
				1,341,242
Agricultural Chemicals — 0.0%
Intrepid Potash, Inc.†		1,035		31,360
Marrone Bio Innovations, Inc.†		10,418		13,023
				44,383
Agricultural Operations — 0.1%
Andersons, Inc.		3,271		87,336
AppHarvest, Inc.†		4,986		59,433
Cadiz, Inc.†		2,069		28,035
Fresh Del Monte Produce, Inc.		3,489		107,671
Limoneira Co.		1,631		29,211
Tejon Ranch Co.†		2,167		39,504
Vital Farms, Inc.†		2,554		44,465
				395,655
Airlines — 0.3%
Allegiant Travel Co.†		1,576		299,629
Frontier Group Holdings, Inc.†		3,621		53,374
Hawaiian Holdings, Inc.†		5,258		103,740
Mesa Air Group, Inc.†		3,567		31,818
SkyWest, Inc.†		5,179		209,698
Spirit Airlines, Inc.†		10,226		275,897
Sun Country Airlines Holdings, Inc.†		1,803		58,579
				1,032,735

Security Description	Shares		Value (Note 2)
Apparel Manufacturers — 0.3%
Fossil Group, Inc.†		4,904	$	61,888
Kontoor Brands, Inc.		5,394		298,720
Oxford Industries, Inc.		1,671		145,260
PLBY Group, Inc.†		1,127		31,759
Superior Group of Cos., Inc.		1,197		28,022
Urban Outfitters, Inc.†		7,135		265,279
				830,928
Appliances — 0.1%
Aterian, Inc.†		2,058		18,584
Hamilton Beach Brands Holding Co., Class A		772		14,429
iRobot Corp.†		2,909		254,537
				287,550
Applications Software — 0.9%
Agilysys, Inc.†		1,980		110,009
Alkami Technology, Inc.†		724		22,654
Appfolio, Inc., Class A†		1,949		275,978
Asana, Inc., Class A†		7,691		546,522
BM Technologies, Inc.†		493		4,945
Brightcove, Inc.†		4,181		47,956
Cerence, Inc.†		3,935		423,052
Digi International, Inc.†		3,511		72,607
DigitalOcean Holdings, Inc.†		1,341		69,061
Ebix, Inc.		2,760		83,407
Forian, Inc.†		1,887		20,153
GreenBox POS†		1,806		15,947
GTY Technology Holdings, Inc.†		3,347		23,161
IBEX Holdings, Ltd.†		589		12,151
JFrog, Ltd.†		5,366		235,138
Model N, Inc.†		3,616		117,050
ON24, Inc.†		936		34,183
Outset Medical, Inc.†		4,757		194,847
PDF Solutions, Inc.†		3,086		57,739
Phreesia, Inc.†		3,964		270,939
Porch Group, Inc.†		1,650		30,575
Smith Micro Software, Inc.†		4,625		26,178
Sprout Social, Inc., Class A†		4,594		408,131
Viant Technology, Inc., Class A†		1,116		19,296
				3,121,679
Athletic Equipment — 0.1%
Clarus Corp.		2,514		71,699
Nautilus, Inc.†		3,098		44,766
Vista Outdoor, Inc.†		6,078		245,491
				361,956
Audio/Video Products — 0.2%
Daktronics, Inc.†		3,819		23,334
Kopin Corp.†		8,070		54,392
Sonos, Inc.†		12,505		417,417
Universal Electronics, Inc.†		1,386		64,782
VOXX International Corp.†		1,618		18,477
				578,402
Auto Repair Centers — 0.1%
Monro, Inc.		3,451		200,158
Auto-Cars/Light Trucks — 0.1%
Arcimoto, Inc.†		2,847		46,548
Canoo, Inc.†		8,297		67,454
Fisker, Inc.†		16,506		266,077
Lordstown Motors Corp.†		11,661		72,765
				452,844

430

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Auto-Heavy Duty Trucks — 0.2%
Blue Bird Corp.†		1,643	$	41,075
Hyliion Holdings Corp.†		12,191		118,253
Nikola Corp.†		20,853		247,525
REV Group, Inc.		2,960		44,726
Workhorse Group, Inc.†		12,852		148,312
XL Fleet Corp.†		3,988		27,836
				627,727
Auto-Truck Trailers — 0.0%
Wabash National Corp.		5,351		78,339
Auto/Truck Parts & Equipment-Original — 1.1%
Adient PLC†		9,851		415,023
Aeva Technologies, Inc.†		2,582		22,618
American Axle & Manufacturing Holdings, Inc.†		11,730		113,664
Cooper-Standard Holdings, Inc.†		1,750		45,588
Dana, Inc.		15,118		365,251
Dorman Products, Inc.†		2,781		281,298
Fox Factory Holding Corp.†		4,393		709,645
Gentherm, Inc.†		3,459		286,855
Meritor, Inc.†		7,302		177,658
Methode Electronics, Inc.		3,970		189,885
Miller Industries, Inc.		1,154		43,287
Modine Manufacturing Co.†		5,202		87,029
Romeo Power, Inc.†		4,348		30,653
Shyft Group, Inc.		3,600		141,984
Tenneco, Inc., Class A†		7,350		127,963
Titan International, Inc.†		5,250		45,255
Velodyne Lidar, Inc.†		7,351		58,882
Visteon Corp.†		2,888		329,376
				3,471,914
Auto/Truck Parts & Equipment-Replacement — 0.1%
Commercial Vehicle Group, Inc.†		3,333		30,464
Douglas Dynamics, Inc.		2,349		93,725
Motorcar Parts of America, Inc.†		1,952		43,413
Standard Motor Products, Inc.		2,174		90,786
XPEL, Inc.†		1,867		172,884
				431,272
B2B/E-Commerce — 0.0%
ePlus, Inc.†		1,384		127,965
Banks-Commercial — 6.8%
1st Source Corp.		1,778		81,415
Alerus Financial Corp.		1,568		43,826
Allegiance Bancshares, Inc.		1,981		72,247
Altabancorp		1,875		75,731
Amalgamated Financial Corp.		1,417		21,765
American National Bankshares, Inc.		1,103		34,844
Ameris Bancorp		6,916		336,187
Arrow Financial Corp.		1,395		50,290
Associated Banc-Corp		15,746		311,771
Atlantic Capital Bancshares, Inc.†		2,046		49,104
Atlantic Union Bankshares Corp.		8,197		290,748
BancFirst Corp.		1,786		99,087
Bancorp, Inc.†		5,442		127,180
BancorpSouth Bank		10,600		273,480
Bank First Corp.		695		48,643
Bank of Marin Bancorp		1,338		46,429
Bank of N.T. Butterfield & Son, Ltd.		5,218		172,924
BankUnited, Inc.		9,688		383,451
Banner Corp.		3,606		191,262

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
Bar Harbor Bankshares		1,536	$	43,991
Blue Ridge Bankshares, Inc.		1,804		30,903
Bridgewater Bancshares, Inc.†		2,190		35,522
Bryn Mawr Bank Corp.		2,057		80,490
Business First Bancshares, Inc.		2,017		47,016
Byline Bancorp, Inc.		2,654		65,315
Cadence BanCorp		12,797		243,143
Cambridge Bancorp		710		60,762
Camden National Corp.		1,533		68,632
Capital Bancorp, Inc.		806		18,312
Capital City Bank Group, Inc.		1,400		34,076
Capstar Financial Holdings, Inc.		2,129		45,135
Carter Bankshares, Inc.†		2,694		30,900
Cathay General Bancorp		7,954		301,218
CBTX, Inc.		1,914		50,338
Central Pacific Financial Corp.		2,875		73,600
Century Bancorp, Inc., Class A		284		32,484
CIT Group, Inc.		10,325		498,078
Citizens & Northern Corp.		1,614		39,866
City Holding Co.		1,610		121,813
Civista Bancshares, Inc.		1,616		36,990
CNB Financial Corp.		1,672		38,556
Coastal Financial Corp.†		984		28,752
Columbia Banking System, Inc.		7,485		261,526
Community Bank System, Inc.		5,569		398,963
Community Trust Bancorp, Inc.		1,618		64,332
ConnectOne Bancorp, Inc.		3,879		102,018
CrossFirst Bankshares, Inc.†		4,906		67,752
Customers Bancorp, Inc.†		3,108		112,572
CVB Financial Corp.		13,442		256,204
Dime Community Bancshares, Inc.		3,651		120,556
Eagle Bancorp, Inc.		3,290		181,049
Eastern Bankshares, Inc.		17,865		326,036
Enterprise Bancorp, Inc.		964		31,523
Enterprise Financial Services Corp.		3,724		165,979
Equity Bancshares, Inc., Class A†		1,406		41,421
Farmers National Banc Corp.		2,705		41,522
FB Financial Corp.		3,465		131,012
Fidelity D&D Bancorp, Inc.		417		21,267
Financial Institutions, Inc.		1,629		47,958
First Bancorp		2,929		117,160
First Bancorp, Inc.		1,077		31,298
First BanCorp/Puerto Rico		22,415		271,894
First Bancshares, Inc.		2,107		81,267
First Bank		1,621		21,600
First Busey Corp.		5,285		124,726
First Commonwealth Financial Corp.		9,927		130,739
First Community Bankshares, Inc.		1,785		52,122
First Financial Bancorp		10,005		225,112
First Financial Bankshares, Inc.		13,507		659,682
First Financial Corp.		1,255		50,263
First Foundation, Inc.		4,132		97,391
First Internet Bancorp		967		29,281
First Interstate BancSystem, Inc., Class A		4,258		178,495
First Merchants Corp.		5,629		229,269
First Mid Bancshares, Inc.		1,729		70,353
First Midwest Bancorp, Inc.		11,847		212,535
First of Long Island Corp.		2,380		51,289
Five Star Bancorp		550		13,403
Flagstar Bancorp, Inc.		5,421		248,065
Fulton Financial Corp.		16,533		253,286
German American Bancorp, Inc.		2,570		96,889
Glacier Bancorp, Inc.		9,968		513,950

431

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Commercial (continued)
Great Southern Bancorp, Inc.		1,101	$	57,285
Great Western Bancorp, Inc.		5,762		177,470
Guaranty Bancshares, Inc.		830		27,763
Hancock Whitney Corp.		8,998		393,303
Hanmi Financial Corp.		3,173		57,844
HarborOne Bancorp, Inc.		5,252		71,480
HBT Financial, Inc.		996		16,275
Heartland Financial USA, Inc.		4,192		191,239
Heritage Commerce Corp.		6,078		65,886
Heritage Financial Corp.		3,690		89,261
Hilltop Holdings, Inc.		6,717		212,795
Home BancShares, Inc.		15,862		335,957
HomeStreet, Inc.		2,161		81,491
Hope Bancorp, Inc.		12,369		163,889
Horizon Bancorp, Inc.		4,454		74,426
Howard Bancorp, Inc.†		1,370		26,989
Independent Bank Corp.		3,428		242,291
Independent Bank Corp.		2,173		45,698
International Bancshares Corp.		5,592		218,535
Kearny Financial Corp.		7,596		91,380
Lakeland Bancorp, Inc.		5,085		83,241
Lakeland Financial Corp.		2,538		169,716
Live Oak Bancshares, Inc.		3,278		197,303
Luther Burbank Corp.		1,623		21,034
Macatawa Bank Corp.		2,732		22,730
Mercantile Bank Corp.		1,645		51,406
Merchants Bancorp		1,024		37,519
Meta Financial Group, Inc.		3,270		162,519
Metrocity Bankshares, Inc.		1,975		39,441
Metropolitan Bank Holding Corp.†		799		56,753
Mid Penn Bancorp, Inc.		1,022		26,623
Midland States Bancorp, Inc.		2,258		55,569
MidWestOne Financial Group, Inc.		1,506		43,870
MVB Financial Corp.		1,023		42,403
NBT Bancorp, Inc.		4,388		152,922
Nicolet Bankshares, Inc.†		929		67,250
Northrim BanCorp, Inc.		630		25,717
OFG Bancorp		5,286		122,107
Old National Bancorp		17,187		276,539
Old Second Bancorp, Inc.		2,886		33,420
Origin Bancorp, Inc.		2,301		93,605
Orrstown Financial Services, Inc.		1,134		26,139
Park National Corp.		1,497		170,523
PCSB Financial Corp.		1,414		25,509
Peapack-Gladstone Financial Corp.		1,906		61,392
Peoples Bancorp, Inc.		1,875		55,294
Peoples Financial Services Corp.		729		31,274
Pioneer Bancorp, Inc.†		1,208		13,977
Preferred Bank		1,434		84,577
Premier Financial Bancorp, Inc.		1,315		22,381
Premier Financial Corp.		3,847		103,023
Primis Financial Corp.		2,508		38,999
Provident Bancorp, Inc.		1,641		25,895
QCR Holdings, Inc.		1,600		78,544
RBB Bancorp		1,480		35,416
Red River Bancshares, Inc.		471		23,997
Reliant Bancorp, Inc.		1,584		44,035
Renasant Corp.		5,746		202,144
Republic Bancorp, Inc., Class A		999		48,711
Republic First Bancorp, Inc.†		4,650		17,158
S&T Bancorp, Inc.		4,031		118,713
Sandy Spring Bancorp, Inc.		4,823		200,589

Security Description	Shares		Value (Note 2)
Banks-Commercial (continued)
Seacoast Banking Corp. of Florida		5,677	$	172,524
ServisFirst Bancshares, Inc.		5,192		369,047
Sierra Bancorp		1,460		35,230
Silvergate Capital Corp., Class A†		2,381		244,767
Simmons First National Corp., Class A		11,170		304,047
SmartFinancial, Inc.		1,440		35,093
South Plains Financial, Inc.		1,105		25,415
South State Corp.		7,371		507,420
Southern First Bancshares, Inc.†		774		38,336
Southside Bancshares, Inc.		3,241		116,806
Spirit of Texas Bancshares, Inc.		1,332		31,009
Stock Yards Bancorp, Inc.		2,146		102,235
Summit Financial Group, Inc.		1,191		27,691
Texas Capital Bancshares, Inc.†		5,274		332,156
Tompkins Financial Corp.		1,486		114,050
Towne Bank		6,985		208,223
TriCo Bancshares		2,866		113,006
TriState Capital Holdings, Inc.†		3,009		61,113
Triumph Bancorp, Inc.†		2,448		187,664
TrustCo Bank Corp.		1,965		66,083
Trustmark Corp.		6,564		197,051
UMB Financial Corp.		4,554		426,254
United Bankshares, Inc.		12,996		448,882
United Community Banks, Inc.		9,050		260,730
Univest Financial Corp.		3,008		82,299
Valley National Bancorp		41,660		536,997
Veritex Holdings, Inc.		4,947		165,972
Washington Trust Bancorp, Inc.		1,780		86,775
WesBanco, Inc.		6,793		219,278
West BanCorp, Inc.		1,672		49,291
Westamerica BanCorp		2,709		150,485
				22,435,198
Banks-Mortgage — 0.1%
Walker & Dunlop, Inc.		3,041		314,683
Banks-Super Regional — 0.1%
Independent Bank Group, Inc.		3,914		272,806
National Bank Holdings Corp., Class A		3,073		108,968
				381,774
Batteries/Battery Systems — 0.2%
Energizer Holdings, Inc.		7,079		303,335
EnerSys		4,460		440,024
				743,359
Beverages-Non-alcoholic — 0.3%
Celsius Holdings, Inc.†		4,730		324,620
Coca-Cola Consolidated, Inc.		489		195,184
National Beverage Corp.		2,442		110,818
NewAge, Inc.†		13,845		26,444
Primo Water Corp.		16,356		270,365
				927,431
Beverages-Wine/Spirits — 0.0%
Duckhorn Portfolio, Inc.†		2,099		46,115
MGP Ingredients, Inc.		1,474		87,924
				134,039
Broadcast Services/Program — 0.0%
CuriosityStream, Inc.†		2,706		29,739
Hemisphere Media Group, Inc.†		1,655		21,035
				50,774

432

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Building & Construction Products-Misc. — 0.5%
American Woodmark Corp.†		1,766	$	131,126
Caesarstone, Ltd.		2,352		31,211
Forterra, Inc.†		3,027		71,407
Gibraltar Industries, Inc.†		3,412		254,808
Patrick Industries, Inc.		2,362		195,172
Simpson Manufacturing Co., Inc.		4,531		509,647
Summit Materials, Inc., Class A†		12,202		409,987
				1,603,358
Building & Construction-Misc. — 0.6%
Comfort Systems USA, Inc.		3,708		277,173
Concrete Pumping Holdings, Inc.†		2,683		23,342
EMCOR Group, Inc.		5,626		685,303
IES Holdings, Inc.†		900		48,969
Latham Group, Inc.†		2,414		65,854
MYR Group, Inc.†		1,717		164,197
NV5 Global, Inc.†		1,332		126,540
WillScot Mobile Mini Holdings Corp.†		19,434		557,950
				1,949,328
Building Products-Air & Heating — 0.2%
AAON, Inc.		4,361		271,036
SPX Corp.†		4,561		304,036
				575,072
Building Products-Cement — 0.0%
US Concrete, Inc.†		1,686		122,758
Building Products-Doors & Windows — 0.3%
Apogee Enterprises, Inc.		2,631		104,372
Cornerstone Building Brands, Inc.†		5,694		95,773
Griffon Corp.		4,833		111,739
JELD-WEN Holding, Inc.†		8,736		231,329
Masonite International Corp.†		2,553		288,897
PGT Innovations, Inc.†		6,084		137,377
View, Inc.†		8,812		53,665
				1,023,152
Building Products-Wood — 0.2%
Boise Cascade Co.		4,096		209,511
UFP Industries, Inc.		6,262		465,016
				674,527
Building-Heavy Construction — 0.4%
Arcosa, Inc.		5,039		275,936
Construction Partners, Inc., Class A†		2,962		99,464
Dycom Industries, Inc.†		3,108		215,695
Granite Construction, Inc.		4,758		182,802
Great Lakes Dredge & Dock Corp.†		6,735		103,719
Primoris Services Corp.		5,562		166,304
Sterling Construction Co., Inc.†		2,893		63,530
Tutor Perini Corp.†		4,291		60,375
				1,167,825
Building-Maintenance & Services — 0.1%
ABM Industries, Inc.		7,008		325,802
BrightView Holdings, Inc.†		4,258		68,256
				394,058
Building-Mobile Home/Manufactured Housing — 0.4%
Cavco Industries, Inc.†		960		225,600
LCI Industries		2,578		375,924
Skyline Champion Corp.†		5,464		308,169
Winnebago Industries, Inc.		3,364		241,771
				1,151,464

Security Description	Shares		Value (Note 2)
Building-Residential/Commercial — 0.9%
Beazer Homes USA, Inc.†		3,045	$	55,602
Century Communities, Inc.		3,122		216,823
Forestar Group, Inc.†		1,774		36,314
Green Brick Partners, Inc.†		3,197		80,149
Hovnanian Enterprises, Inc., Class A†		532		55,535
Installed Building Products, Inc.		2,467		296,040
KB Home		9,328		395,880
Landsea Homes Corp.†		624		5,248
LGI Homes, Inc.†		2,307		394,266
M/I Homes, Inc.†		2,972		192,318
MDC Holdings, Inc.		5,947		317,094
Meritage Homes Corp.†		3,898		423,245
Taylor Morrison Home Corp.†		13,058		350,215
Tri Pointe Homes, Inc.†		12,231		295,012
				3,113,741
Cable/Satellite TV — 0.1%
Liberty Latin America, Ltd., Class A†		4,459		60,865
Liberty Latin America, Ltd., Class C†		16,072		222,276
WideOpenWest, Inc.†		5,451		121,230
				404,371
Casino Hotels — 0.0%
Century Casinos, Inc.†		2,832		31,747
Full House Resorts, Inc.†		3,402		28,134
				59,881
Casino Services — 0.3%
Accel Entertainment, Inc.†		5,857		64,778
Everi Holdings, Inc.†		8,692		197,222
Scientific Games Corp.†		10,001		617,162
				879,162
Cellular Telecom — 0.1%
IDT Corp., Class B†		2,082		103,684
United States Cellular Corp.†		1,590		57,812
				161,496
Chemicals-Diversified — 0.4%
AdvanSix, Inc.†		2,840		94,998
Codexis, Inc.†		6,259		132,441
Innospec, Inc.		2,551		225,636
Koppers Holdings, Inc.†		2,159		66,303
Orion Engineered Carbons SA†		6,302		113,940
Quaker Chemical Corp.		1,403		353,191
Stepan Co.		2,242		264,444
				1,250,953
Chemicals-Fibers — 0.0%
Rayonier Advanced Materials, Inc.†		6,425		44,782
Chemicals-Other — 0.0%
American Vanguard Corp.		3,050		50,355
Chemicals-Specialty — 1.1%
Amyris, Inc.†		17,389		253,532
Balchem Corp.		3,353		452,286
Cabot Corp.		5,836		321,330
Danimer Scientific, Inc.†		7,150		119,262
Ecovyst, Inc.		5,340		83,091
Ferro Corp.†		8,544		177,715
GCP Applied Technologies, Inc.†		5,117		118,970
H.B. Fuller Co.		5,423		350,434
Hawkins, Inc.		1,998		72,547
Ingevity Corp.†		4,186		355,559

433

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals-Specialty (continued)
Kraton Corp.†		3,268	$	124,805
Minerals Technologies, Inc.		3,496		280,449
Oil-Dri Corp. of America		542		19,279
Rogers Corp.†		1,946		370,908
Sensient Technologies Corp.		4,399		383,505
Tronox Holdings PLC, Class A		11,919		219,667
Valhi, Inc.		251		6,185
Zymergen, Inc.†		1,947		67,736
				3,777,260
Circuit Boards — 0.1%
TTM Technologies, Inc.†		11,141		155,863
Coal — 0.1%
Arch Resources, Inc.†		1,572		103,312
CONSOL Energy, Inc.†		3,562		74,838
Peabody Energy Corp.†		7,201		84,324
SunCoke Energy, Inc.		8,646		66,833
Warrior Met Coal, Inc.		5,353		99,940
				429,247
Coatings/Paint — 0.0%
Kronos Worldwide, Inc.		2,315		32,202
Commercial Services — 0.7%
API Group Corp.†*		18,760		429,979
Emerald Holding, Inc.†		2,518		9,946
Forrester Research, Inc.†		1,174		55,002
John Wiley & Sons, Inc., Class A		4,488		263,805
LiveRamp Holdings, Inc.†		6,769		270,828
Macquarie Infrastructure Corp.		7,683		303,478
Medifast, Inc.		1,211		345,753
National Research Corp.		1,454		76,742
Progyny, Inc.†		6,560		365,326
SP Plus Corp.†		2,406		78,893
Team, Inc.†		2,740		16,906
Transcat, Inc.†		736		46,994
WW International, Inc.†		5,476		168,332
				2,431,984
Commercial Services-Finance — 0.7%
Cass Information Systems, Inc.		1,480		65,253
CBIZ, Inc.†		5,203		168,265
EVERTEC, Inc.		6,299		275,266
Evo Payments, Inc., Class A†		4,877		142,408
Green Dot Corp., Class A†		5,562		256,241
GreenSky, Inc., Class A†		7,462		49,025
Marathon Digital Holdings, Inc.†		9,927		274,283
MoneyGram International, Inc.†		8,108		83,837
Multiplan Corp.†		41,502		334,091
Paya Holdings, Inc.†		8,549		98,228
Priority Technology Holdings, Inc.†		1,037		6,347
Repay Holdings Corp.†		8,006		199,430
Riot Blockchain, Inc.†		8,768		288,906
				2,241,580
Communications Software — 0.2%
8x8, Inc.†		11,070		282,949
Avaya Holdings Corp.†		8,582		207,856
				490,805
Computer Aided Design — 0.1%
Altair Engineering, Inc., Class A†		4,720		329,267

Security Description	Shares		Value (Note 2)
Computer Data Security — 0.7%
OneSpan, Inc.†		3,662	$	90,341
Ping Identity Holding Corp.†		4,525		99,866
Qualys, Inc.†		3,546		360,132
Rapid7, Inc.†		5,712		649,740
SecureWorks Corp., Class A†		997		20,000
Tenable Holdings, Inc.†		9,436		403,861
Varonis Systems, Inc.†		11,014		674,057
				2,297,997
Computer Services — 0.9%
Conduent, Inc.†		17,422		116,902
ExlService Holdings, Inc.†		3,415		386,646
Grid Dynamics Holdings, Inc.†		3,182		66,981
Insight Enterprises, Inc.†		3,635		364,881
KBR, Inc.		14,706		569,122
MAXIMUS, Inc.		6,378		567,642
PAE, Inc.†		7,220		64,403
Parsons Corp.†		2,737		105,703
Rimini Street, Inc.†		4,560		39,626
StarTek, Inc.†		1,750		12,285
Sykes Enterprises, Inc.†		3,993		214,264
TTEC Holdings, Inc.		1,922		200,849
Unisys Corp.†		6,827		152,584
				2,861,888
Computer Software — 1.2%
Avid Technology, Inc.†		3,760		140,586
Bandwidth, Inc., Class A†		2,374		307,813
Box, Inc., Class A†		15,313		366,287
BTRS Holdings ,Inc.†		4,930		57,730
Cloudera, Inc.†		24,070		381,991
Cornerstone OnDemand, Inc.†		6,550		314,007
Envestnet, Inc.†		5,650		425,050
J2 Global, Inc.†		4,520		638,540
Rackspace Technology, Inc.†		5,592		99,258
Simulations Plus, Inc.		1,591		75,079
Sumo Logic, Inc.†		8,484		175,195
Upland Software, Inc.†		2,974		107,064
Veritone, Inc.†		2,954		61,089
Verra Mobility Corp.†		13,944		213,483
Xperi Holding Corp.		10,916		226,725
Yext, Inc.†		11,550		150,497
Zuora, Inc., Class A†		10,911		188,651
				3,929,045
Computers-Integrated Systems — 0.2%
Cantaloupe, Inc.†		6,059		62,650
Diebold Nixdorf, Inc.†		7,483		77,898
NetScout Systems, Inc.†		7,298		209,890
PAR Technology Corp.†		2,466		150,549
Super Micro Computer, Inc.†		4,489		170,762
Telos Corp.†		1,795		50,296
				722,045
Computers-Memory Devices — 0.0%
Quantum Corp.†		5,808		36,010
Computers-Other — 0.2%
3D Systems Corp.†		12,626		347,720
Corsair Gaming, Inc.†		2,796		81,615
Desktop Metal, Inc.†		8,693		78,237
ExOne Co.†		1,772		29,415
PlayAGS, Inc.†		2,857		22,170
Rekor Systems, Inc.†		3,263		25,713
Vuzix Corp.†		6,102		90,310
				675,180

434

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers-Periphery Equipment — 0.0%
iCAD, Inc.†		2,276	$	33,366
Mitek Systems, Inc.†		4,364		96,488
				129,854
Computers-Voice Recognition — 0.0%
Vocera Communications, Inc.†		3,550		148,958
Consulting Services — 0.3%
Acacia Research Corp.†		5,098		28,753
CRA International, Inc.		740		63,440
Franklin Covey Co.†		1,296		47,420
GP Strategies Corp.†		1,310		26,658
Hackett Group, Inc.		2,590		46,413
HireQuest, Inc.		529		9,681
Huron Consulting Group, Inc.†		2,325		114,227
ICF International, Inc.		1,924		176,181
Kelly Services, Inc., Class A†		3,661		80,249
R1 RCM, Inc.†		13,687		293,039
Vectrus, Inc.†		1,199		54,303
				940,364
Consumer Products-Misc. — 0.4%
Central Garden & Pet Co.†		1,024		49,449
Central Garden & Pet Co., Class A†		4,208		182,248
Helen of Troy, Ltd.†		2,543		568,081
Quanex Building Products Corp.		3,484		86,543
WD-40 Co.		1,421		345,289
				1,231,610
Containers-Metal/Glass — 0.1%
Greif, Inc., Class A		2,682		162,583
Greif, Inc., Class B		617		37,563
O-I Glass, Inc.†		16,432		243,029
				443,175
Containers-Paper/Plastic — 0.1%
Karat Packaging, Inc.†		477		10,613
Matthews International Corp., Class A		3,218		111,343
Pactiv Evergreen, Inc,		4,473		64,724
UFP Technologies, Inc.†		720		43,042
				229,722
Cosmetics & Toiletries — 0.2%
Beauty Health Co.†		4,827		84,762
e.l.f. Beauty, Inc.†		4,749		131,120
Edgewell Personal Care Co.		5,649		232,061
Honest Co., Inc.†		2,582		37,104
Inter Parfums, Inc.		1,859		142,901
Revlon, Inc., Class A†		737		8,033
				635,981
Cruise Lines — 0.0%
Lindblad Expeditions Holdings, Inc.†		3,191		43,685
Data Processing/Management — 0.2%
Bottomline Technologies DE, Inc.†		4,604		185,817
CommVault Systems, Inc.†		4,391		331,916
CSG Systems International, Inc.		3,385		153,544
				671,277
Dental Supplies & Equipment — 0.1%
Patterson Cos., Inc.		8,912		277,431
Diagnostic Equipment — 0.3%
Accelerate Diagnostics, Inc.†		3,430		25,588
Bionano Genomics, Inc.†		29,250		173,452

Security Description	Shares		Value (Note 2)
Diagnostic Equipment (continued)
Neogen Corp.†		11,195	$	487,654
Quanterix Corp.†		3,209		170,558
Quotient, Ltd.†		8,160		27,826
				885,078
Diagnostic Kits — 0.1%
Aspira Women’s Health, Inc.†		7,560		33,869
Celcuity, Inc.†		829		16,331
DermTech, Inc.†		2,465		82,972
Meridian Bioscience, Inc.†		4,434		90,897
OraSure Technologies, Inc.†		7,440		87,718
				311,787
Direct Marketing — 0.1%
Mission Produce, Inc.†		3,856		74,691
Quotient Technology, Inc.†		9,243		100,379
				175,070
Disposable Medical Products — 0.3%
BioLife Solutions, Inc.†		2,538		119,032
CONMED Corp.		3,020		416,579
Merit Medical Systems, Inc.†		5,338		374,141
Utah Medical Products, Inc.		356		31,826
				941,578
Distribution/Wholesale — 0.7%
A-Mark Precious Metals, Inc.		908		46,254
Avient Corp.		9,468		459,387
Core-Mark Holding Co., Inc.		4,645		199,921
EVI Industries, Inc.†		594		16,002
G-III Apparel Group, Ltd.†		4,590		137,057
Global Industrial Co.		1,324		52,324
H&E Equipment Services, Inc.		3,345		113,830
KAR Auction Services, Inc.†		12,942		213,284
Resideo Technologies, Inc.†		15,037		443,592
ScanSource, Inc.†		2,617		72,203
Titan Machinery, Inc.†		2,015		57,488
Veritiv Corp.†		1,602		98,171
VSE Corp.		1,101		55,105
WESCO International, Inc.†		4,631		492,970
				2,457,588
Diversified Manufacturing Operations — 0.4%
Chase Corp.		773		90,078
Enerpac Tool Group Corp.		6,284		161,310
EnPro Industries, Inc.		2,147		199,929
Fabrinet†		3,845		363,429
Federal Signal Corp.		6,267		248,236
NL Industries, Inc.		870		5,246
Trinity Industries, Inc.		9,023		244,613
				1,312,841
Diversified Minerals — 0.2%
Livent Corp.†		15,289		298,289
MP Materials Corp.†		7,586		285,385
United States Lime & Minerals, Inc.		215		29,885
				613,559
Diversified Operations/Commercial Services — 0.0%
Viad Corp.†		2,112		96,835
Drug Delivery Systems — 0.2%
Antares Pharma, Inc.†		17,357		76,371
BioDelivery Sciences International, Inc.†		9,684		36,412
Heron Therapeutics, Inc.†		9,607		118,742

435

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Drug Delivery Systems (continued)
Oramed Pharmaceuticals, Inc.†		2,778	$	39,420
Revance Therapeutics, Inc.†		7,299		212,255
Senseonics Holdings, Inc.†		43,195		132,609
				615,809
E-Commerce/Products — 0.4%
1-800-Flowers.com, Inc., Class A†		2,772		84,546
CarParts.com, Inc.†		4,927		86,765
Lands’ End, Inc.†		1,492		57,188
Liquidity Services, Inc.†		2,757		54,699
Overstock.com, Inc.†		4,471		311,360
RealReal, Inc.†		8,177		135,002
Revolve Group, Inc.†		3,734		259,924
Stitch Fix, Inc., Class A†		6,144		331,285
				1,320,769
E-Commerce/Services — 0.7%
Cargurus, Inc.†		9,659		276,247
Cars.com, Inc.†		7,117		85,973
ChannelAdvisor Corp.†		3,036		70,708
Eventbrite, Inc., Class A†		7,805		138,695
EverQuote, Inc., Class A†		1,965		59,304
Groupon, Inc.†		2,418		87,943
HyreCar, Inc.†		1,823		31,866
MediaAlpha, Inc., Class A†		2,154		71,944
Shutterstock, Inc.		2,434		264,065
Stamps.com, Inc.†		1,851		604,833
TrueCar, Inc.†		10,233		53,825
Upwork, Inc.†		12,129		628,161
				2,373,564
E-Marketing/Info — 0.1%
comScore, Inc.†		7,149		28,668
Digital Media Solutions, Inc. Class A†		313		2,491
Magnite, Inc.†		10,923		330,967
QuinStreet, Inc.†		5,162		94,671
				456,797
E-Services/Consulting — 0.1%
Perficient, Inc.†		3,385		319,172
Educational Software — 0.0%
Genius Brands International, Inc.†		29,349		46,078
Electric Products-Misc. — 0.2%
nLight, Inc.†		4,423		153,434
Novanta, Inc.†		3,669		515,164
				668,598
Electric-Distribution — 0.0%
Spark Energy, Inc., Class A		1,246		13,868
Unitil Corp.		1,540		81,497
				95,365
Electric-Generation — 0.1%
Ormat Technologies, Inc.		4,713		328,685
Electric-Integrated — 1.1%
ALLETE, Inc.		5,460		383,947
Ameresco, Inc., Class A†		3,213		220,187
Avista Corp.		7,212		308,890
Black Hills Corp.		6,558		443,649
Evoqua Water Technologies Corp.†		12,036		397,308
MGE Energy, Inc.		3,788		295,919

Security Description	Shares		Value (Note 2)
Electric-Integrated (continued)
NorthWestern Corp.		5,283	$	327,493
Otter Tail Corp.		4,279		217,330
PNM Resources, Inc.		8,904		430,330
Portland General Electric Co.		9,361		457,753
				3,482,806
Electronic Components-Misc. — 0.8%
Advanced Energy Industries, Inc.		4,002		415,207
Atkore, Inc.†		4,887		367,063
Benchmark Electronics, Inc.		3,722		98,261
Comtech Telecommunications Corp.		2,652		66,220
Kimball Electronics, Inc.†		2,503		51,036
Knowles Corp.†		9,256		185,490
Microvision, Inc.†		16,466		226,737
NVE Corp.		496		37,235
OSI Systems, Inc.†		1,762		176,288
Plexus Corp.†		2,945		265,992
Sanmina Corp.†		6,680		256,646
Vishay Intertechnology, Inc.		13,867		306,877
Vishay Precision Group, Inc.†		1,293		46,975
				2,500,027
Electronic Components-Semiconductors — 1.5%
Alpha & Omega Semiconductor, Ltd.†		2,196		57,074
Ambarella, Inc.†		3,635		358,011
Amkor Technology, Inc.		10,617		261,603
Atomera, Inc.†		2,111		37,259
AXT, Inc.†		4,152		42,350
CEVA, Inc.†		2,342		116,257
CTS Corp.		3,320		116,167
Diodes, Inc.†		4,534		371,788
DSP Group, Inc.†		2,346		37,653
EMCORE Corp.†		3,798		33,195
Impinj, Inc.†		1,941		89,286
Lattice Semiconductor Corp.†		14,114		800,970
MACOM Technology Solutions Holdings, Inc.†		5,064		312,550
Ouster, Inc.†		3,019		27,745
Photronics, Inc.†		6,409		85,688
Rambus, Inc.†		11,655		275,757
Semtech Corp.†		6,726		416,407
Silicon Laboratories, Inc.†		4,619		688,185
SiTime Corp.†		1,338		181,486
SMART Global Holdings, Inc.†		1,476		69,136
Synaptics, Inc.†		3,670		557,546
				4,936,113
Electronic Connectors — 0.1%
Vicor Corp.†		2,195		253,764
Electronic Measurement Instruments — 0.4%
Badger Meter, Inc.		3,037		306,828
FARO Technologies, Inc.†		1,891		137,835
Itron, Inc.†		4,705		464,007
Luna Innovations, Inc.†		3,168		39,062
Mesa Laboratories, Inc.		509		149,906
Stoneridge, Inc.†		2,713		78,541
				1,176,179
Electronic Security Devices — 0.0%
Identiv, Inc.†		2,148		34,969
Napco Security Technologies, Inc.†		1,508		53,308
				88,277

436

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Energy-Alternate Sources — 0.6%
Advent Technologies Holdings, Inc.†		1,775	$	13,827
Aemetis, Inc.†		2,413		21,162
Alto Ingredients, Inc.†		7,437		39,416
Array Technologies, Inc.†		13,282		179,838
Beam Global†		914		27,941
Cleanspark, Inc.†		3,404		45,954
Eos Energy Enterprises, Inc.†		1,827		28,355
FuelCell Energy, Inc.†		33,815		214,049
FutureFuel Corp.		2,688		22,848
Gevo, Inc.†		20,297		123,609
Green Plains, Inc.†		4,458		157,635
Renewable Energy Group, Inc.†		4,656		285,180
REX American Resources Corp.†		552		45,264
Stem, Inc.†		6,513		176,567
Sunnova Energy International, Inc.†		8,950		340,995
SunPower Corp.†		8,318		206,037
TPI Composites, Inc.†		3,714		145,366
				2,074,043
Engineering/R&D Services — 0.3%
908 Devices, Inc.†		754		23,562
Atlas Technical Consultants, Inc.†		1,400		12,586
Exponent, Inc.		5,401		578,393
Fluor Corp.†		14,771		246,085
Infrastructure and Energy Alternatives, Inc.†		2,174		26,240
Iteris, Inc.†		4,337		27,020
Mistras Group, Inc.†		2,077		21,809
				935,695
Enterprise Software/Service — 2.3%
ACI Worldwide, Inc.†		12,271		420,895
American Software, Inc., Class A		3,214		70,708
Appian Corp.†		4,091		476,315
Benefitfocus, Inc.†		2,597		34,177
BigCommerce Holdings, Inc., Series 1†		4,886		316,417
Blackbaud, Inc.†		5,033		359,004
Blackline, Inc.†		5,579		638,182
Cardlytics, Inc.†		3,325		418,817
Daily Journal Corp.†		126		41,958
Digimarc Corp.†		1,325		38,028
Domo, Inc., Class B†		2,866		253,154
Donnelley Financial Solutions, Inc.†		3,063		98,659
E2open Parent Holdings, Inc.†		4,344		43,657
eGain Corp.†		2,126		24,810
Evolent Health, Inc., Class A†		8,060		184,896
Inseego Corp.†		8,668		75,325
Intelligent Systems Corp.†		766		25,883
LivePerson, Inc.†		6,663		424,367
ManTech International Corp., Class A		2,852		249,436
MicroStrategy, Inc., Class A†		816		510,824
Momentive Global, Inc.†		13,325		279,825
PagerDuty, Inc.†		8,395		340,753
Progress Software Corp.		4,573		208,483
PROS Holdings, Inc.†		4,157		180,497
QAD, Inc., Class A		1,236		107,223
SailPoint Technologies Holding, Inc.†		9,415		470,656
Sapiens International Corp. NV		3,217		81,101
SPS Commerce, Inc.†		3,752		408,780
Verint Systems, Inc.†		6,701		285,932
Workiva, Inc.†		4,370		567,095
				7,635,857

Security Description	Shares		Value (Note 2)
Environmental Consulting & Engineering — 0.3%
Montrose Environmental Group, Inc.†		2,327	$	124,937
Tetra Tech, Inc.		5,608		748,780
				873,717
Filtration/Separation Products — 0.1%
ESCO Technologies, Inc.		2,660		251,024
Finance-Commercial — 0.1%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		7,974		452,923
Marlin Business Services Corp.		844		19,041
				471,964
Finance-Consumer Loans — 0.5%
Curo Group Holdings Corp.		2,191		34,552
Encore Capital Group, Inc.†		3,213		152,103
Enova International, Inc.†		3,773		124,849
EZCORP, Inc., Class A†		5,126		29,321
International Money Express, Inc.†		3,329		53,897
LendingClub Corp.†		10,033		244,805
LendingTree, Inc.†		1,209		236,021
Navient Corp.		18,329		374,461
Nelnet, Inc., Class A		1,765		132,905
Ocwen Financial Corp.†		850		22,228
PRA Group, Inc.†		4,723		183,205
Regional Management Corp.		855		44,229
World Acceptance Corp.†		457		86,633
				1,719,209
Finance-Credit Card — 0.0%
Atlanticus Holdings Corp.†		556		24,175
I3 Verticals, Inc., Class A†		2,149		68,596
				92,771
Finance-Investment Banker/Broker — 0.6%
Amerant Bancorp, Inc.†		2,183		48,353
B. Riley Financial, Inc.		2,074		140,119
Cowen, Inc., Class A		2,701		107,986
Diamond Hill Investment Group, Inc.		316		54,431
Greenhill & Co., Inc.		1,527		24,463
Houlihan Lokey, Inc.		5,402		481,318
Moelis & Co., Class A		6,362		376,949
Oppenheimer Holdings, Inc., Class A		960		43,152
Piper Sandler Cos.		1,842		225,995
PJT Partners, Inc., Class A		2,500		195,425
StoneX Group, Inc.†		1,746		112,669
				1,810,860
Finance-Mortgage Loan/Banker — 0.2%
Federal Agricultural Mtg. Corp., Class C		951		92,722
Finance Of America Cos., Inc., Class A†		3,472		22,394
Home Point Capital, Inc.†		761		3,790
Mr. Cooper Group, Inc.†		7,378		274,314
Oportun Financial Corp.†		2,169		45,723
PennyMac Financial Services, Inc.		3,673		230,995
Velocity Financial, Inc.†		892		11,284
				681,222
Finance-Other Services — 0.1%
BGC Partners, Inc., Class A		34,490		184,521
Financial Guarantee Insurance — 0.2%
MBIA, Inc.†		4,986		65,067
NMI Holdings, Inc., Class A†		8,732		192,279
Radian Group, Inc.		19,994		451,464
				708,810

437

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Firearms & Ammunition — 0.1%
American Outdoor Brands, Inc.†		1,466	$	39,553
AMMO, Inc.†		6,854		46,402
Byrna Technologies, Inc.†		1,102		26,448
Smith & Wesson Brands, Inc.		5,530		129,678
Sturm Ruger & Co., Inc.		1,786		132,807
				374,888
Fisheries — 0.0%
AquaBounty Technologies, Inc.†		5,457		27,012
Food-Baking — 0.1%
Hostess Brands, Inc.†		13,626		219,242
Food-Canned — 0.0%
Landec Corp.†		2,719		29,746
Seneca Foods Corp., Class A†		673		36,840
				66,586
Food-Catering — 0.1%
Healthcare Services Group, Inc.		7,796		203,476
Food-Confectionery — 0.1%
Tootsie Roll Industries, Inc.		1,618		55,643
Utz Brands, Inc.		6,132		138,828
				194,471
Food-Meat Products — 0.0%
Nathan’s Famous, Inc.		296		19,018
Food-Misc./Diversified — 0.6%
B&G Foods, Inc.		6,661		191,304
BellRing Brands, Inc., Class A†		4,142		136,976
Cal-Maine Foods, Inc.		3,711		129,477
J&J Snack Foods Corp.		1,533		251,995
John B. Sanfilippo & Son, Inc.		923		85,248
Lancaster Colony Corp.		1,975		390,793
Simply Good Foods Co.†		8,854		331,848
Tattooed Chef, Inc.†		4,863		95,898
TreeHouse Foods, Inc.†		5,407		240,071
Whole Earth Brands, Inc.†		3,886		49,974
				1,903,584
Food-Retail — 0.2%
Ingles Markets, Inc., Class A		1,460		87,249
Laird Superfood, Inc.†		644		17,967
Natural Grocers by Vitamin Cottage, Inc.		959		10,722
Sprouts Farmers Market, Inc.†		12,346		303,465
Village Super Market, Inc., Class A		885		19,957
Weis Markets, Inc.		1,711		90,084
				529,444
Food-Wholesale/Distribution — 0.3%
Calavo Growers, Inc.		1,780		100,285
Chefs’ Warehouse, Inc.†		3,268		94,511
HF Foods Group, Inc.†		3,765		19,465
Performance Food Group Co.†		13,723		628,788
SpartanNash Co.		3,723		72,412
United Natural Foods, Inc.†		5,803		192,195
				1,107,656
Footwear & Related Apparel — 0.5%
Crocs, Inc.†		6,717		912,236
Rocky Brands, Inc.		712		38,733
Steven Madden, Ltd.		8,531		373,914
Wolverine World Wide, Inc.		8,458		283,681
				1,608,564

Security Description	Shares		Value (Note 2)
Funeral Services & Related Items — 0.0%
Carriage Services, Inc.		1,733	$	64,433
StoneMor, Inc.†		3,345		8,864
				73,297
Gambling (Non-Hotel) — 0.3%
Bally’s Corp.†		3,396		167,253
Golden Entertainment, Inc.†		1,760		80,098
International Game Technology PLC†		10,399		194,981
Monarch Casino & Resort, Inc.†		1,351		86,261
Red Rock Resorts, Inc., Class A†		6,412		252,633
Rush Street Interactive, Inc.†		5,442		53,604
				834,830
Gas-Distribution — 0.7%
Chesapeake Utilities Corp.		1,792		223,265
New Jersey Resources Corp.		10,049		387,088
Northwest Natural Holding Co.		3,175		166,021
ONE Gas, Inc.		5,485		404,683
South Jersey Industries, Inc.		10,714		269,671
Southwest Gas Holdings, Inc.		6,036		422,098
Spire, Inc.		5,273		374,119
				2,246,945
Gas-Transportation — 0.1%
Brookfield Infrastructure Corp., Class A		3,807		246,541
Gold Mining — 0.1%
Novagold Resources, Inc.†		24,668		192,904
Perpetua Resources Corp.†		2,787		15,858
				208,762
Golf — 0.2%
Acushnet Holdings Corp.		3,565		182,635
Callaway Golf Co.†		12,036		381,300
Drive Shack, Inc.†		8,590		21,647
				585,582
Hazardous Waste Disposal — 0.1%
Centrus Energy Corp., Class A†		983		22,796
Heritage-Crystal Clean, Inc.†		1,625		45,792
Sharps Compliance Corp.†		1,496		14,930
US Ecology, Inc.†		3,276		114,660
				198,178
Health Care Cost Containment — 0.2%
CorVel Corp.†		917		129,132
HealthEquity, Inc.†		8,507		629,348
				758,480
Healthcare Safety Devices — 0.0%
Retractable Technologies, Inc.†		1,803		21,221
Home Furnishings — 0.3%
Casper Sleep, Inc.†		3,019		20,861
Ethan Allen Interiors, Inc.		2,343		55,693
Flexsteel Industries, Inc.		691		23,840
Herman Miller, Inc.		7,734		333,722
Hooker Furniture Corp.		1,219		40,459
Lovesac Co.†		1,328		80,610
Purple Innovation, Inc.†		5,222		137,547
Sleep Number Corp.†		2,488		246,834
				939,566
Hotels/Motels — 0.1%
Bluegreen Vacations Holding Corp.†		1,574		27,246
Hilton Grand Vacations, Inc.†		8,898		361,882

438

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Hotels/Motels (continued)
Marcus Corp.†		2,374	$	38,150
Target Hospitality Corp.†		2,593		9,283
				436,561
Housewares — 0.0%
Lifetime Brands, Inc.		1,318		19,862
Tupperware Brands Corp.†		5,158		107,751
				127,613
Human Resources — 0.8%
AMN Healthcare Services, Inc.†		4,903		493,046
ASGN, Inc.†		5,405		546,608
Barrett Business Services, Inc.		778		56,957
Cross Country Healthcare, Inc.†		3,733		61,296
Heidrick & Struggles International, Inc.		2,011		85,890
Insperity, Inc.		3,779		374,310
Kforce, Inc.		2,136		133,350
Korn Ferry		5,552		381,644
Resources Connection, Inc.		3,280		50,807
TriNet Group, Inc.†		4,216		349,844
TrueBlue, Inc.†		3,636		98,863
Willdan Group, Inc.†		1,137		46,901
				2,679,516
Identification Systems — 0.1%
Brady Corp., Class A		4,906		268,260
Independent Power Producers — 0.1%
Clearway Energy, Inc., Class A		3,625		97,694
Clearway Energy, Inc., Class C		8,533		244,726
FTC Solar, Inc.†		1,978		20,057
				362,477
Industrial Audio & Video Products — 0.1%
Akoustis Technologies, Inc.†		4,520		43,754
GoPro, Inc., Class A†		12,986		132,977
Turtle Beach Corp.†		1,556		48,080
				224,811
Industrial Automated/Robotic — 0.0%
Ichor Holdings, Ltd.†		2,884		148,728
Instruments-Controls — 0.0%
Allied Motion Technologies, Inc.		1,210		39,821
Instruments-Scientific — 0.0%
Fluidigm Corp.†		7,797		57,776
Insurance Brokers — 0.2%
BRP Group, Inc., Class A†		4,800		130,848
Crawford & Co., Class A		1,693		17,895
eHealth, Inc.†		2,539		132,053
Goosehead Insurance, Inc., Class A		1,842		221,390
Selectquote, Inc.†		13,937		248,079
Trean Insurance Group, Inc.†		1,835		24,754
				775,019
Insurance-Life/Health — 0.4%
American Equity Investment Life Holding Co.		8,879		284,927
American National Group, Inc.		775		127,860
CNO Financial Group, Inc.		13,657		311,926
Independence Holding Co.		445		19,909
National Western Life Group, Inc., Class A		267		55,507

Security Description	Shares		Value (Note 2)
Insurance-Life/Health (continued)
Trupanion, Inc.†		3,971	$	456,744
				1,256,873
Insurance-Multi-line — 0.1%
Citizens, Inc.†		5,190		27,819
Genworth Financial, Inc., Class A†		52,730		176,118
				203,937
Insurance-Property/Casualty — 1.0%
Ambac Financial Group, Inc.†		4,732		68,709
AMERISAFE, Inc.		1,993		114,000
Donegal Group, Inc., Class A		1,514		23,422
Employers Holdings, Inc.		2,962		122,982
Enstar Group, Ltd.†		1,431		367,796
HCI Group, Inc.		589		59,183
Heritage Insurance Holdings, Inc.		2,686		19,715
Horace Mann Educators Corp.		4,340		172,775
Investors Title Co.		135		22,481
James River Group Holdings, Ltd.		3,722		135,406
Kinsale Capital Group, Inc.		2,237		399,629
MetroMile, Inc.†		3,818		27,070
NI Holdings, Inc.†		892		17,635
Palomar Holdings, Inc.†		2,556		208,135
ProAssurance Corp.		5,589		113,345
ProSight Global, Inc.†		981		12,518
RLI Corp.		4,162		451,077
Safety Insurance Group, Inc.		1,505		115,313
Selective Insurance Group, Inc.		6,180		502,743
State Auto Financial Corp.		1,836		91,800
Stewart Information Services Corp.		2,776		163,812
Tiptree, Inc.		2,361		22,689
United Fire Group, Inc.		2,187		54,500
United Insurance Holdings Corp.		2,114		9,259
Universal Insurance Holdings, Inc.		2,819		39,917
				3,335,911
Insurance-Reinsurance — 0.3%
Argo Group International Holdings, Ltd.		3,297		171,873
Essent Group, Ltd.		11,515		520,132
Greenlight Capital Re, Ltd., Class A†		2,835		24,948
Maiden Holdings, Ltd.†		7,229		24,434
SiriusPoint, Ltd.†		9,207		90,229
				831,616
Internet Application Software — 0.0%
Tucows, Inc., Class A†		978		76,049
VirnetX Holding Corp.†		6,596		27,044
				103,093
Internet Connectivity Services — 0.1%
Cogent Communications Holdings, Inc.		4,435		344,200
Internet Content-Entertainment — 0.0%
Limelight Networks, Inc.†		12,995		36,516
Internet Content-Information/News — 0.3%
FuboTV, Inc.†		13,675		356,097
HealthStream, Inc.†		2,630		76,822
LiveXLive Media, Inc.†		5,507		19,495
TechTarget, Inc.†		2,654		193,954
Yelp, Inc.†		7,537		281,884
				928,252
Internet Financial Services — 0.1%
Open Lending Corp. Class A†		10,843		412,034

439

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Gambling — 0.0%
Esports Technologies, Inc.†		252	$	5,730
GAN, Ltd.†		4,172		63,832
Golden Nugget Online Gaming, Inc.†		3,319		38,036
NeoGames SA†		580		27,985
				135,583
Internet Security — 0.1%
Mimecast, Ltd.†		6,203		344,577
Zix Corp.†		5,564		41,229
				385,806
Investment Companies — 0.0%
Altus Midstream Co., Class A		339		21,645
Investment Management/Advisor Services — 0.7%
Artisan Partners Asset Management, Inc., Class A		6,088		292,772
AssetMark Financial Holdings, Inc.†		1,865		48,677
Associated Capital Group, Inc., Class A		179		6,747
Blucora, Inc.†		5,055		85,227
BrightSphere Investment Group, Inc.		6,031		150,715
Cohen & Steers, Inc.		2,586		215,181
Columbia Financial, Inc.†		4,175		75,317
Federated Hermes, Inc.		9,846		319,404
Focus Financial Partners, Inc., Class A†		5,374		275,847
GAMCO Investors, Inc., Class A		549		14,790
GCM Grosvenor, Inc., Class A		3,402		33,884
Hamilton Lane, Inc., Class A		3,538		329,034
Pzena Investment Management, Inc., Class A		1,756		20,106
Sculptor Capital Management, Inc.		2,242		52,059
StepStone Group, Inc., Class A		3,883		176,715
Virtus Investment Partners, Inc.		759		209,583
WisdomTree Investments, Inc.		14,438		89,227
				2,395,285
Lasers-System/Components — 0.2%
II-VI, Inc.†		10,878		759,393
Leisure Products — 0.0%
Escalade, Inc.		1,063		24,130
Johnson Outdoors, Inc., Class A		544		64,393
				88,523
Linen Supply & Related Items — 0.1%
UniFirst Corp.		1,569		341,681
Machine Tools & Related Products — 0.1%
Kennametal, Inc.		8,694		315,158
Luxfer Holdings PLC		2,957		61,653
				376,811
Machinery-Construction & Mining — 0.2%
Astec Industries, Inc.		2,358		144,569
Hyster-Yale Materials Handling, Inc.		1,039		74,434
Manitowoc Co, Inc.†		3,570		82,645
Terex Corp.		7,117		341,047
				642,695
Machinery-Electrical — 0.3%
Argan, Inc.		1,551		69,717
Babcock & Wilcox Enterprises, Inc.†		5,772		41,328
Bloom Energy Corp., Class A†		14,481		315,686
Franklin Electric Co., Inc.		4,823		394,328
				821,059

Security Description	Shares		Value (Note 2)
Machinery-Farming — 0.1%
AgEagle Aerial Systems, Inc.†		6,940	$	27,621
Alamo Group, Inc.		1,034		151,760
Hydrofarm Holdings Group, Inc.†		1,175		57,975
Lindsay Corp.		1,134		182,222
				419,578
Machinery-General Industrial — 0.8%
Albany International Corp., Class A		3,200		276,320
Altra Industrial Motion Corp.		6,738		422,338
Applied Industrial Technologies, Inc.		4,036		362,029
Chart Industries, Inc.†		3,798		590,399
DXP Enterprises, Inc.†		1,854		60,533
Kadant, Inc.		1,198		215,796
Ranpak Holdings Corp.†		3,635		93,129
Tennant Co.		1,920		151,910
Welbilt, Inc.†		13,596		319,370
				2,491,824
Machinery-Material Handling — 0.0%
Columbus McKinnon Corp.		2,895		134,328
Machinery-Print Trade — 0.0%
Eastman Kodak Co.†		4,666		34,435
Machinery-Pumps — 0.5%
Cactus, Inc., Class A		5,676		204,563
CIRCOR International, Inc.†		1,915		59,059
CSW Industrials, Inc.		1,423		168,327
Gorman-Rupp Co.		2,362		84,300
Mueller Water Products, Inc., Class A		16,380		242,751
NN, Inc.†		4,444		30,397
SPX FLOW, Inc.		4,383		360,063
Watts Water Technologies, Inc., Class A		2,861		431,324
				1,580,784
Machinery-Thermal Process — 0.1%
GrafTech International, Ltd.		17,728		201,567
Thermon Group Holdings, Inc.†		3,427		57,094
				258,661
Medical Imaging Systems — 0.1%
Lantheus Holdings, Inc.†		7,005		183,321
Medical Information Systems — 0.7%
1Life Healthcare, Inc.†		12,125		327,860
Alignment Healthcare, Inc.†		2,739		57,053
Allscripts Healthcare Solutions, Inc.†		14,554		248,582
Apollo Medical Holdings, Inc.†		3,772		333,332
Castlight Health, Inc., Class B†		12,418		28,934
Computer Programs & Systems, Inc.		1,466		46,282
DarioHealth Corp.†		1,402		20,806
Health Catalyst, Inc.†		4,649		269,921
Inovalon Holdings, Inc., Class A†		7,856		297,585
NantHealth, Inc.†		2,754		5,508
NextGen Healthcare, Inc.†		5,840		94,725
Privia Health Group, Inc.†		2,039		84,618
Schrodinger, Inc.†		4,712		318,861
Tabula Rasa HealthCare, Inc.†		2,336		100,355
				2,234,422
Medical Instruments — 0.3%
AngioDynamics, Inc.†		3,848		102,472
Apyx Medical Corp.†		3,243		29,187
Asensus Surgical, Inc.†		24,330		56,932
Misonix Opco, Inc.†		1,272		33,759
Natus Medical, Inc.†		3,508		93,663

440

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Instruments (continued)
NuVasive, Inc.†		5,387	$	344,499
Pulmonx Corp.†		2,641		104,742
Silk Road Medical, Inc.†		3,527		176,985
Stereotaxis, Inc.†		5,161		47,017
				989,256
Medical Labs & Testing Services — 0.7%
Agiliti, Inc.†		2,350		46,036
Aveanna Healthcare Holdings, Inc.†		4,013		41,494
Fulgent Genetics, Inc.†		2,110		194,647
Inotiv, Inc.†		1,347		35,184
Invitae Corp.†		20,838		583,256
MEDNAX, Inc.†		7,916		230,514
Medpace Holdings, Inc.†		3,015		530,459
Neuronetics, Inc.†		2,597		34,436
OPKO Health, Inc.†		40,878		140,620
Ortho Clinical Diagnostics Holdings PLC†		9,202		206,769
Personalis, Inc.†		3,702		77,705
SOC Telemed, Inc.†		4,257		19,540
Vapotherm, Inc.†		2,366		61,185
Viemed Healthcare, Inc.†		3,681		25,620
				2,227,465
Medical Laser Systems — 0.0%
Cutera, Inc.†		1,829		95,017
Medical Products — 2.4%
Accuray, Inc.†		9,619		39,438
Acutus Medical, Inc.†		1,615		24,871
Alphatec Holdings, Inc.†		7,158		105,509
Apria, Inc.†		787		24,814
AtriCure, Inc.†		4,659		393,499
Atrion Corp.		147		92,454
Avanos Medical, Inc.†		5,005		189,890
Avita Medical, Inc.†		2,482		45,991
AxoGen, Inc.†		3,966		80,787
Axonics, Inc.†		4,328		294,088
Bioventus, Inc., Class A†		865		13,485
Butterfly Network, Inc.†		3,379		36,290
Cardiovascular Systems, Inc.†		4,086		164,625
Castle Biosciences, Inc.†		2,215		154,718
Cerus Corp.†		17,491		88,155
ClearPoint Neuro, Inc.†		1,957		43,504
CryoLife, Inc.†		3,954		106,758
CytoSorbents Corp.†		4,288		32,632
Eargo, Inc.†		2,007		72,252
Glaukos Corp.†		4,674		238,374
Haemonetics Corp.†		5,246		318,904
Hanger, Inc.†		3,901		95,731
Inari Medical, Inc.†		3,535		317,408
InfuSystem Holdings, Inc.†		1,864		34,018
Inogen, Inc.†		2,032		162,093
Inspire Medical Systems, Inc.†		2,797		512,298
Integer Holdings Corp.†		3,416		334,392
Intersect ENT, Inc.†		3,462		80,838
Invacare Corp.†		3,500		25,305
iRadimed Corp.†		659		22,182
iRhythm Technologies, Inc.†		3,068		156,836
LeMaitre Vascular, Inc.		1,867		101,677
LivaNova PLC†		5,109		440,907
MiMedx Group, Inc.†		11,551		141,615

Security Description	Shares		Value (Note 2)
Medical Products (continued)
NanoString Technologies, Inc.†		4,717	$	292,171
NeuroPace, Inc.†		724		15,421
Nevro Corp.†		3,598		557,690
Omnicell, Inc.†		4,474		655,441
Orthofix Medical, Inc.†		1,969		78,248
OrthoPediatrics Corp.†		1,438		90,364
PAVmed, Inc.†		7,475		51,353
Pulse Biosciences, Inc.†		1,447		29,663
SeaSpine Holdings Corp.†		3,302		64,686
Shockwave Medical, Inc.†		3,509		638,638
SI-BONE, Inc.†		3,341		101,366
Sientra, Inc.†		5,975		49,294
Soliton, Inc.†		964		21,141
Surmodics, Inc.†		1,406		77,485
Tactile Systems Technology, Inc.†		1,994		97,666
Talis Biomedical Corp.†		1,502		15,471
Treace Medical Concepts, Inc.†		1,137		34,406
Zynex, Inc.†		2,024		28,113
				7,884,955
Medical-Biomedical/Gene — 7.7%
4D Molecular Therapeutics, Inc.†		1,021		25,392
89bio, Inc.†		1,014		15,879
9 Meters Biopharma, Inc.†		22,098		23,866
ACADIA Pharmaceuticals, Inc.†		12,446		269,207
Adicet Bio, Inc.†		2,175		16,095
Adverum Biotechnologies, Inc.†		9,033		20,505
Affimed NV†		12,071		80,272
Agenus, Inc.†		20,499		106,185
Akero Therapeutics, Inc.†		2,673		57,309
Akouos, Inc.†		2,496		27,132
Akoya Biosciences, Inc.†		794		13,768
Albireo Pharma, Inc.†		1,754		50,182
Alder Biopharmaceuticals, Inc. CVR†(1)		7,560		6,653
Aldeyra Therapeutics, Inc.†		5,047		44,918
Aligos Therapeutics, Inc.†		1,951		28,426
Allakos, Inc.†		3,634		289,121
Allogene Therapeutics, Inc.†		7,071		155,208
Alpine Immune Sciences, Inc.†		1,208		10,679
Altimmune, Inc.†		3,379		30,648
ALX Oncology Holdings, Inc.†		1,844		107,985
Amicus Therapeutics, Inc.†		27,345		254,035
AnaptysBio, Inc.†		2,005		46,075
Anavex Life Sciences Corp.†		6,453		115,831
Angion Biomedica Corp.†		604		6,421
ANI Pharmaceuticals, Inc.†		1,017		34,507
Annexon, Inc.†		3,242		68,277
Apellis Pharmaceuticals, Inc.†		6,754		432,188
Applied Molecular Transport, Inc.†		2,557		71,673
Applied Therapeutics, Inc.†		1,842		31,701
Arbutus Biopharma Corp.†		8,121		21,845
Arcturus Therapeutics Holdings, Inc.†		2,195		68,725
Arcus Biosciences, Inc.†		4,711		147,973
Arcutis Biotherapeutics, Inc.†		2,876		67,097
Ardelyx, Inc.†		8,797		15,307
Arena Pharmaceuticals, Inc.†		6,359		393,368
Arrowhead Pharmaceuticals, Inc.†		10,540		730,317
Atara Biotherapeutics, Inc.†		8,593		109,561
Atea Pharmaceuticals, Inc.†		6,716		168,169
Athersys, Inc.†		20,903		34,072
Athira Pharma, Inc.†		3,354		32,232
Atossa Therapeutics, Inc.†		12,165		36,373
Atreca, Inc., Class A†		2,701		14,828

441

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Biomedical/Gene (continued)
Avid Bioservices, Inc.†		6,280	$	161,082
Avidity Biosciences, Inc.†		3,147		60,769
Avrobio, Inc.†		3,772		27,762
Axsome Therapeutics, Inc.†		2,889		140,377
Beam Therapeutics, Inc.†		4,885		449,420
Berkeley Lights, Inc.†		4,986		227,262
BioAtla, Inc.†		1,267		51,934
BioCryst Pharmaceuticals, Inc.†		18,488		298,027
Biodesix, Inc.†		1,277		11,991
Biohaven Pharmaceutical Holding Co., Ltd.†		5,618		707,924
Biomea Fusion, Inc.†		897		11,831
Black Diamond Therapeutics, Inc.†		2,368		22,638
Bluebird Bio, Inc.†		7,023		178,454
Blueprint Medicines Corp.†		6,085		534,689
Bolt Biotherapeutics, Inc.†		1,206		13,447
Bridgebio Pharma, Inc.†		11,190		598,105
Brooklyn ImmunoTherapeutics, Inc.†		2,475		28,438
C4 Therapeutics, Inc.†		3,581		154,484
Cara Therapeutics, Inc.†		4,620		55,301
Cardiff Oncology, Inc.†		3,760		20,003
CEL-SCI Corp.†		3,690		29,631
Celldex Therapeutic,s Inc.†		4,077		178,369
Cerecor, Inc.†		5,506		14,646
Cerevel Therapeutics Holdings, Inc.†		3,667		90,355
ChemoCentryx, Inc.†		5,614		82,975
Chinook Therapeutics, Inc.†		3,270		42,608
ChromaDex Corp.†		4,873		42,346
Clene, Inc.†		2,379		20,459
Codiak Biosciences, Inc.†		1,633		28,251
Cogent Biosciences, Inc†		3,864		23,184
Cortexyme, Inc.†		2,074		117,202
Crinetics Pharmaceuticals, Inc.†		3,793		68,198
Cue Biopharma, Inc.†		3,096		32,260
Cullinan Oncology, Inc.†		1,375		31,529
Curis, Inc.†		9,006		68,356
Cymabay Therapeutics, Inc.†		7,207		28,396
CytomX Therapeutics, Inc.†		6,744		36,485
Deciphera Pharmaceuticals, Inc.†		4,092		124,765
Denali Therapeutics, Inc.†		9,460		482,744
Design Therapeutics, Inc.†		1,401		21,687
Dicerna Pharmaceuticals, Inc.†		7,160		268,572
Dynavax Technologies Corp.†		11,210		104,701
Dyne Therapeutics, Inc.†		3,123		56,433
Edgewise Therapeutics, Inc.†		1,283		22,465
Editas Medicine, Inc.†		7,111		297,666
Eiger BioPharmaceuticals, Inc.†		3,329		26,499
Emergent BioSolutions, Inc.†		5,094		335,695
Epizyme, Inc.†		9,336		61,898
Esperion Therapeutics, Inc.†		2,730		42,015
Evelo Biosciences, Inc.†		3,158		29,085
Evolus, Inc.†		3,354		36,290
Exagen, Inc.†		1,127		13,434
EyePoint Pharmaceuticals, Inc.†		2,197		18,059
Fate Therapeutics, Inc.†		8,337		690,304
FibroGen, Inc.†		8,954		116,402
Finch Therapeutics Group, Inc.†		787		10,365
Forma Therapeutics Holdings, Inc.†		3,343		76,521
Forte Biosciences, Inc.†		1,173		35,143
Frequency Therapeutics, Inc.†		3,326		27,706
Gemini Therapeutics, Inc.†		2,278		9,271
Generation Bio Co.†		4,556		99,047
Geron Corp.†		31,354		38,252

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene (continued)
Global Blood Therapeutics, Inc.†		6,223	$	170,075
Gossamer Bio, Inc.†		6,465		50,815
Greenwich Lifesciences, Inc.†		420		16,577
GT Biopharma, Inc.†		2,480		24,676
Halozyme Therapeutics, Inc.†		14,655		605,691
Harvard Bioscience, Inc.†		4,004		31,592
Homology Medicines, Inc.†		4,362		27,742
Humanigen, Inc.†		4,664		75,184
iBio, Inc.†		22,472		27,865
IGM Biosciences, Inc.†		839		57,060
Ikena Oncology, Inc.†		943		9,345
Immunic, Inc.†		1,613		14,243
ImmunityBio, Inc.†		6,954		76,216
ImmunoGen, Inc.†		20,317		113,978
Immunovant, Inc.†		3,901		40,804
Impel Neuropharma, Inc.†		560		7,874
Infinity Pharmaceuticals, Inc.†		9,102		19,296
Inhibrx, Inc.†		2,903		82,619
Innoviva, Inc.†		6,580		93,304
Inovio Pharmaceuticals, Inc.†		21,500		180,600
Inozyme Pharma, Inc.†		1,496		25,088
Insmed, Inc.†		10,737		264,130
Instil Bio, Inc.†		1,812		27,271
Intercept Pharmaceuticals, Inc.†		2,915		50,371
Intra-Cellular Therapies, Inc.†		7,349		252,291
iTeos Therapeutics, Inc.†		2,100		50,463
IVERIC bio, Inc.†		9,418		81,277
Kadmon Holdings, Inc.†		18,024		67,770
Kaleido Biosciences, Inc.†		2,014		10,936
Karuna Therapeutics, Inc.†		2,309		263,734
Karyopharm Therapeutics, Inc.†		7,486		62,358
KemPharm, Inc.†		2,972		29,987
Keros Therapeutics, Inc.†		1,623		59,726
Kezar Life Sciences, Inc.†		3,559		17,332
Kiniksa Pharmaceuticals, Ltd., Class A†		3,032		46,481
Kinnate Biopharma, Inc.†		1,410		30,428
Kodiak Sciences, Inc.†		3,483		292,015
Kronos Bio, Inc.†		4,036		82,536
Krystal Biotech, Inc.†		1,865		108,991
Kymera Therapeutics, Inc.†		3,006		180,901
Lexicon Pharmaceuticals, Inc.†		7,059		24,989
Ligand Pharmaceuticals, Inc.†		1,568		177,984
Lineage Cell Therapeutics, Inc.†		12,609		33,162
MacroGenics, Inc.†		6,134		153,105
Magenta Therapeutics, Inc.†		3,111		22,150
MEI Pharma, Inc.†		11,273		30,437
MeiraGTx Holdings PLC†		3,097		43,327
Mersana Therapeutics, Inc.†		7,161		78,771
MindMed, Inc.†		33,490		102,479
Molecular Templates, Inc.†		3,845		26,915
Mustang Bio, Inc.†		7,237		20,915
Myriad Genetics, Inc.†		7,960		251,775
NeoGenomics, Inc.†		11,791		543,565
NGM Biopharmaceuticals, Inc.†		3,276		66,798
Nkarta, Inc.†		1,467		46,592
Nurix Therapeutics, Inc.†		3,257		100,120
Nuvation Bio, Inc.†		3,683		31,821
Olema Pharmaceuticals, Inc.†		1,261		29,608
Omeros Corp.†		6,270		90,915
Oncocyte Corp.†		7,369		37,877
Oncorus, Inc.†		2,124		27,230
Oncternal Therapeutics, Inc.†		4,602		17,948
Oncternal Therapeutics, Inc. CVR†(1)		73		150

442

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Biomedical/Gene (continued)
Organogenesis Holdings, Inc.†		3,966	$	60,838
Oyster Point Pharma, Inc.†		1,155		16,459
Pacific Biosciences of California, Inc.†		20,222		650,137
Phathom Pharmaceuticals, Inc.†		2,106		67,603
Pliant Therapeutics Inc†		2,502		50,540
Portage Biotech, Inc.†		375		5,678
Poseida Therapeutics, Inc.†		2,991		24,257
Praxis Precision Medicines, Inc.†		2,536		39,562
Precigen, Inc.†		9,862		54,142
Precision BioSciences, Inc.†		4,941		48,718
Prelude Therapeutics Inc†		1,125		36,045
Prothena Corp. PLC†		3,546		177,655
Provention Bio, Inc.†		5,767		35,006
PTC Therapeutics, Inc.†		7,222		276,819
Puma Biotechnology, Inc.†		3,322		24,981
Radius Health, Inc.†		4,868		73,653
Rain Therapeutics, Inc.†		772		12,854
RAPT Therapeutics, Inc.†		1,869		57,322
Recursion Pharmaceuticals, Inc., Class A†		2,197		66,679
REGENXBIO, Inc.†		4,104		132,641
Relay Therapeutics, Inc.†		6,087		197,462
Replimune Group, Inc.†		2,784		91,120
REVOLUTION Medicines, Inc.†		6,176		176,881
Rigel Pharmaceuticals, Inc.†		17,766		71,064
Rocket Pharmaceuticals, Inc.†		4,131		147,972
Rubius Therapeutics, Inc.†		4,688		100,745
Sana Biotechnology, Inc.†		2,792		45,482
Sangamo Therapeutics, Inc.†		12,223		117,096
Scholar Rock Holding Corp.†		2,876		89,875
Seelos Therapeutics, Inc.†		7,883		17,737
Seer, Inc.†		1,577		50,369
Selecta Biosciences, Inc.†		9,288		32,136
Sensei Biotherapeutics, Inc.†		792		6,249
Sesen Bio, Inc.†		17,776		66,304
Shattuck Labs, Inc.†		2,766		60,963
Sigilon Therapeutics, Inc.†		767		3,866
Silverback Therapeutics, Inc.†		1,323		40,060
Solid Biosciences, Inc.†		6,200		17,298
Sorrento Therapeutics, Inc.†		28,349		232,745
SpringWorks Therapeutics, Inc.†		3,036		260,185
Spruce Biosciences, Inc.†		903		8,317
SQZ Biotechnologies Co.†		2,367		28,641
Stoke Therapeutics, Inc.†		1,985		56,831
Surface Oncology, Inc.†		3,460		20,795
Sutro Biopharma, Inc.†		4,509		76,788
Syndax Pharmaceuticals, Inc.†		4,676		68,176
Talaris Therapeutics, Inc.†		926		12,788
Tarsus Pharmaceuticals, Inc.†		877		19,794
Taysha Gene Therapies, Inc.†		2,315		40,026
TCR2 Therapeutics, Inc.†		3,172		39,460
Terns Pharmaceuticals, Inc.†		906		6,795
TG Therapeutics, Inc.†		13,329		466,382
Theravance Biopharma, Inc.†		5,544		71,961
Translate Bio, Inc.†		6,971		192,678
TransMedics Group, Inc.†		2,695		76,861
Travere Therapeutics, Inc.†		6,062		83,353
Trillium Therapeutics, Inc.†		10,171		66,417
Turning Point Therapeutics, Inc.†		4,781		305,123
Twist Bioscience Corp.†		4,910		604,175
UroGen Pharma, Ltd.†		2,028		31,434
Vaxart, Inc.†		12,421		89,307
VBI Vaccines, Inc.†		19,362		57,699

Security Description	Shares		Value (Note 2)
Medical-Biomedical/Gene (continued)
Veracyte, Inc.†		7,016	$	312,633
Verastem, Inc.†		17,924		57,895
Vericel Corp.†		4,835		255,965
Veru, Inc.†		6,572		45,150
Viking Therapeutics, Inc.†		7,113		43,745
Vincerx Pharma, Inc.†		489		6,479
Vir Biotechnology, Inc.†		6,251		222,848
Viracta Therapeutics, Inc.†		3,770		39,660
VistaGen Therapeutics, Inc.†		19,893		52,915
Vor BioPharma, Inc.†		1,186		14,849
WaVe Life Sciences, Ltd.†		3,901		21,495
Werewolf Therapeutics, Inc.†		787		13,710
XBiotech, Inc.		1,563		25,321
Xencor, Inc.†		5,879		180,956
XOMA Corp.†		626		20,282
Y-mAbs Therapeutics, Inc.†		3,634		120,285
Zentalis Pharmaceuticals, Inc.†		3,457		183,947
ZIOPHARM Oncology, Inc.†		21,796		49,477
				25,531,098
Medical-Drugs — 2.0%
Aclaris Therapeutics, Inc.†		4,515		67,409
Aduro Biotech Holding, Inc. CVR†(1)		1,482		0
Aeglea BioTherapeutics, Inc.†		4,202		25,758
Aerie Pharmaceuticals, Inc.†		4,402		69,464
Alector, Inc.†		5,990		143,970
Alkermes PLC†		16,681		431,537
Allovir, Inc.†		3,067		58,702
Amphastar Pharmaceuticals, Inc.†		3,848		80,616
Ampio Pharmaceuticals, Inc.†		19,778		27,887
Athenex, Inc.†		8,991		33,896
Beyondspring, Inc.†		2,329		22,172
Bioxcel Therapeutics, Inc.†		1,589		40,663
Cassava Sciences, Inc.†		3,978		276,590
Catalyst Pharmaceuticals, Inc.†		10,097		58,967
Chimerix, Inc.†		7,591		50,328
Citius Pharmaceuticals, Inc.†		11,808		22,317
Clovis Oncology, Inc.†		10,358		50,029
Coherus Biosciences, Inc.†		6,669		87,030
Collegium Pharmaceutical, Inc.†		3,660		91,097
Corcept Therapeutics, Inc.†		10,053		208,801
Cytokinetics, Inc.†		8,069		239,488
Durect Corp.†		23,523		33,167
Eagle Pharmaceuticals, Inc.†		1,208		56,172
Enanta Pharmaceuticals, Inc.†		2,003		84,627
Foghorn Therapeutics, Inc.†		2,034		18,448
Fortress Biotech, Inc.†		7,448		23,163
Fulcrum Therapeutics, Inc.†		2,303		16,835
Gritstone Oncology, Inc.†		4,199		28,049
Harmony Biosciences Holdings, Inc.†		2,324		60,796
Harpoon Therapeutics, Inc.†		1,945		19,042
Hookipa Pharma, Inc.†		1,996		15,429
Ideaya Biosciences, Inc.†		2,919		71,516
Intellia Therapeutics, Inc.†		7,046		999,475
Ironwood Pharmaceuticals, Inc.†		15,106		200,457
Jounce Therapeutics, Inc.†		3,428		17,277
Kala Pharmaceuticals, Inc.†		5,028		17,347
KalVista Pharmaceuticals, Inc.†		2,067		41,629
Kura Oncology, Inc.†		6,607		125,137
Landos Biopharma, Inc.†		672		7,379
Madrigal Pharmaceuticals, Inc.†		1,181		103,125
Marinus Pharmaceuticals, Inc.†		3,841		56,463
Mirum Pharmaceuticals, Inc.†		375		5,419

443

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Drugs (continued)
Morphic Holding, Inc.†		2,156	$	124,229
Neoleukin Therapeutics, Inc.†		3,661		25,590
NexImmune, Inc.†		703		7,508
Ocular Therapeutix, Inc.†		7,971		87,761
ORIC Pharmaceuticals, Inc.†		3,068		51,082
Pacira BioSciences, Inc.†		4,539		267,574
Paratek Pharmaceuticals, Inc.†		4,761		24,757
Passage Bio, Inc.†		3,856		45,501
Phibro Animal Health Corp., Class A		2,126		50,322
PMV Pharmaceuticals Inc†		2,728		92,779
Prestige Consumer Healthcare, Inc.†		5,208		273,680
Progenics Pharmaceuticals, Inc. CVR†(1)		9,786		0
Protagonist Therapeutics, Inc.†		4,299		212,500
Reata Pharmaceuticals, Inc., Class A†		2,855		357,760
Relmada Therapeutics, Inc.†		1,560		40,560
Reneo Pharmaceuticals, Inc.†		656		5,373
Rhythm Pharmaceuticals, Inc.†		4,581		79,206
Seres Therapeutics, Inc.†		7,237		51,383
SIGA Technologies, Inc.†		5,149		32,799
Spectrum Pharmaceuticals, Inc.†		16,086		51,797
Spero Therapeutics, Inc.†		2,516		33,563
Summit Therapeutics, Inc.†		2,337		17,130
Supernus Pharmaceuticals, Inc.†		5,108		134,494
Syros Pharmaceuticals, Inc.†		5,986		27,655
TherapeuticsMD, Inc.†		37,611		37,611
Tonix Pharmaceuticals Holding Corp.†		33,969		24,322
Trevena, Inc.†		17,005		22,617
Vanda Pharmaceuticals, Inc.†		5,698		92,934
Vaxcyte, Inc.†		4,133		89,603
Verrica Pharmaceuticals, Inc.†		1,362		14,573
Zogenix, Inc.†		5,832		94,537
				6,558,873
Medical-Generic Drugs — 0.2%
Amneal Pharmaceuticals, Inc.†		10,369		51,119
Arvinas, Inc.†		4,539		458,893
Endo International PLC†		23,835		120,605
Prometheus Biosciences, Inc.†		1,175		24,640
				655,257
Medical-HMO — 0.1%
Magellan Health, Inc.†		2,468		232,782
Ontrak, Inc.†		895		24,174
Tivity Health, Inc.†		4,577		114,791
Triple-S Management Corp., Class B†		2,365		57,540
				429,287
Medical-Hospitals — 0.5%
Community Health Systems, Inc.†		12,921		172,107
Select Medical Holdings Corp.		11,491		453,320
Surgery Partners, Inc.†		3,296		179,830
Tenet Healthcare Corp.†		11,045		793,473
				1,598,730
Medical-Nursing Homes — 0.2%
Ensign Group, Inc.		5,465		464,908
Innovage Holding Corp.†		1,906		32,135
National HealthCare Corp.		1,306		101,411
				598,454
Medical-Outpatient/Home Medical — 0.5%
Addus HomeCare Corp.†		1,601		138,951
American Well Corp., Class A†		20,244		235,842

Security Description	Shares		Value (Note 2)
Medical-Outpatient/Home Medical (continued)
Joint Corp.†		1,423	$	112,403
LHC Group, Inc.†		3,176		683,412
ModivCare, Inc.†		1,292		219,640
Pennant Group, Inc.†		2,665		91,196
				1,481,444
Medical-Wholesale Drug Distribution — 0.3%
AdaptHealth Corp.†		8,196		183,508
Covetrus, Inc.†		10,763		274,026
Owens & Minor, Inc.		7,543		348,864
PetIQ, Inc.†		2,745		97,063
				903,461
Metal Processors & Fabrication — 0.8%
AZZ, Inc.		2,586		137,032
Helios Technologies, Inc.		3,363		271,898
Lawson Products, Inc.†		495		25,983
Mayville Engineering Co., Inc.†		931		16,358
Mueller Industries, Inc.		5,843		253,586
Park-Ohio Holdings Corp.		884		25,716
Proto Labs, Inc.†		2,890		225,969
RBC Bearings, Inc.†		2,572		604,420
Rexnord Corp.		12,476		702,773
Standex International Corp.		1,257		115,644
Tredegar Corp.		2,725		35,616
TriMas Corp.†		4,495		147,076
				2,562,071
Metal Products-Distribution — 0.1%
Olympic Steel, Inc.		975		29,367
Ryerson Holding Corp.†		1,709		26,882
Worthington Industries, Inc.		3,602		230,420
				286,669
Metal-Aluminum — 0.3%
Arconic Corp.†		11,481		412,627
Century Aluminum Co.†		5,341		77,765
Constellium SE†		12,767		240,913
Kaiser Aluminum Corp.		1,644		200,042
				931,347
Metal-Diversified — 0.0%
PolyMet Mining Corp.†		3,002		9,216
Miscellaneous Manufacturing — 0.3%
Hillenbrand, Inc.		7,818		354,156
John Bean Technologies Corp.		3,264		478,437
				832,593
Motion Pictures & Services — 0.1%
Chicken Soup For The Soul Entertainment, Inc.†		1,196		42,912
Eros STX Global Corp.†		33,033		36,006
IMAX Corp.†		5,182		83,637
Lions Gate Entertainment Corp., Class A†		6,056		91,022
Lions Gate Entertainment Corp., Class B†		11,983		160,093
				413,670
MRI/Medical Diagnostic Imaging — 0.1%
RadNet, Inc.†		4,653		170,951
Multilevel Direct Selling — 0.1%
Nu Skin Enterprises, Inc., Class A		5,169		277,524

444

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Multimedia — 0.0%
E.W. Scripps Co., Class A		5,959	$	113,698
Entravision Communications Corp., Class A		6,175		37,976
				151,674
Networking Products — 0.3%
A10 Networks, Inc.†		6,249		79,800
Calix, Inc.†		5,680		265,710
Extreme Networks, Inc.†		12,836		141,324
Infinera Corp.†		18,503		183,365
NeoPhotonics Corp.†		5,245		50,877
NETGEAR, Inc.†		3,136		107,408
				828,484
Night Clubs — 0.0%
RCI Hospitality Holdings, Inc.		868		54,476
Non-Ferrous Metals — 0.0%
Energy Fuels, Inc.†		14,663		76,981
Ur-Energy, Inc.†		18,815		21,261
Uranium Energy Corp.†		22,070		47,892
				146,134
Non-Hazardous Waste Disposal — 0.2%
Casella Waste Systems, Inc., Class A†		5,117		351,947
Covanta Holding Corp.		12,458		250,406
				602,353
Office Automation & Equipment — 0.0%
Pitney Bowes, Inc.		18,290		146,320
Office Furnishings-Original — 0.1%
CompX International, Inc.		167		3,106
HNI Corp.		4,527		168,857
Interface, Inc.		6,045		87,169
Kimball International, Inc., Class B		3,755		46,487
Steelcase, Inc., Class A		9,219		126,761
				432,380
Office Supplies & Forms — 0.0%
ACCO Brands Corp.		9,692		86,646
Oil & Gas Drilling — 0.2%
Helmerich & Payne, Inc.		10,951		313,965
Nabors Industries, Ltd.†		735		64,320
Patterson-UTI Energy, Inc.		19,399		155,580
				533,865
Oil Companies-Exploration & Production — 1.8%
Antero Resources Corp.†		29,759		404,722
Berry Corp.		7,013		38,922
Bonanza Creek Energy, Inc.		3,209		123,450
Brigham Minerals, Inc., Class A		4,539		89,146
California Resources Corp.†		8,744		245,794
Callon Petroleum Co.†		4,149		163,305
Centennial Resource Development, Inc., Class A†		18,830		98,104
Chesapeake Energy Corp.		10,275		555,364
CNX Resources Corp.†		22,753		275,311
Comstock Resources, Inc.†		9,523		57,900
Contango Oil & Gas Co.†		15,274		58,347
Denbury, Inc.†		5,247		344,780
Earthstone Energy, Inc., Class A†		2,492		24,496
Extraction Oil & Gas, Inc.†		1,625		72,296
Falcon Minerals Corp.		4,139		19,743

Security Description	Shares		Value (Note 2)
Oil Companies-Exploration & Production (continued)
HighPeak Energy, Inc.		518	$	5,644
Kosmos Energy, Ltd.†		42,136		97,334
Laredo Petroleum, Inc.†		1,308		72,019
Magnolia Oil & Gas Corp., Class A†		14,479		202,706
Matador Resources Co.		11,517		355,875
Northern Oil and Gas, Inc.		4,975		85,918
Oasis Petroleum, Inc.		2,098		192,408
Ovintiv, Inc.		27,261		699,517
PDC Energy, Inc.		10,340		408,947
Penn Virginia Corp.†		1,603		29,640
Range Resources Corp.†		24,865		378,694
Riley Exploration Permian, Inc.		238		5,138
SM Energy Co.		12,125		226,738
Southwestern Energy Co.†		70,479		331,956
Talos Energy, Inc.†		3,834		44,244
Tellurian, Inc.†		32,961		124,263
Vine Energy, Inc., Class A†		2,145		30,052
W&T Offshore, Inc.†		9,759		39,524
Whiting Petroleum Corp.†		4,096		192,102
				6,094,399
Oil Companies-Integrated — 0.1%
Murphy Oil Corp.		15,240		330,860
Oil Field Machinery & Equipment — 0.1%
Dril-Quip, Inc.†		3,651		104,345
US Silica Holdings, Inc.†		7,638		77,144
				181,489
Oil Refining & Marketing — 0.1%
CVR Energy, Inc.		3,077		42,032
Delek US Holdings, Inc.		6,828		118,670
Par Pacific Holdings, Inc.†		4,653		76,216
PBF Energy, Inc., Class A†		10,017		91,856
				328,774
Oil-Field Services — 0.5%
Archrock, Inc.		14,025		120,755
Bristow Group, Inc.†		673		17,485
ChampionX Corp.†		21,094		490,225
DMC Global, Inc.†		1,932		84,564
Frank’s International NV†		17,272		47,498
FTS International, Inc., Class A†		924		18,055
Helix Energy Solutions Group, Inc.†		14,885		61,773
Liberty Oilfield Services, Inc., Class A†		9,004		91,751
Matrix Service Co.†		2,709		29,555
MRC Global, Inc.†		8,372		76,771
National Energy Services Reunited Corp.†		3,096		39,938
Newpark Resources, Inc.†		9,277		29,965
NexTier Oilfield Solutions, Inc.†		17,987		68,710
NOW, Inc.†		11,464		113,150
Oceaneering International, Inc.†		10,358		137,347
Oil States International, Inc.†		6,301		35,664
ProPetro Holding Corp.†		8,879		67,036
RPC, Inc.†		7,026		29,509
Select Energy Services, Inc., Class A†		6,142		36,545
Solaris Oilfield Infrastructure, Inc., Class A		3,252		28,292
TETRA Technologies, Inc.†		12,761		39,431
				1,664,019
Optical Supplies — 0.2%
STAAR Surgical Co.†		4,889		625,401

445

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Paper & Related Products — 0.2%
Clearwater Paper Corp.†		1,715	$	50,576
Domtar Corp.†		5,198		285,422
Glatfelter Corp.		4,553		69,342
Neenah, Inc.		1,753		88,123
Schweitzer-Mauduit International, Inc.		3,256		128,059
Verso Corp., Class A		3,117		59,285
				680,807
Patient Monitoring Equipment — 0.1%
CareDx, Inc.†		5,204		437,344
Pharmacy Services — 0.1%
Option Care Health, Inc.†		11,504		238,363
Physical Therapy/Rehabilitation Centers — 0.1%
U.S. Physical Therapy, Inc.		1,329		157,035
Physicians Practice Management — 0.1%
Accolade, Inc.†		5,235		245,050
Pipelines — 0.1%
Equitrans Midstream Corp.		42,533		349,621
Golar LNG, Ltd.†		10,693		119,334
				468,955
Pollution Control — 0.0%
CECO Environmental Corp.†		3,235		22,774
Poultry — 0.1%
Sanderson Farms, Inc.		2,113		394,793
Power Converter/Supply Equipment — 0.1%
Blink Charging Co.†		3,797		131,111
Powell Industries, Inc.		947		27,548
				158,659
Precious Metals — 0.2%
Coeur Mining, Inc.†		25,205		190,046
Hecla Mining Co.		55,285		369,856
				559,902
Printing-Commercial — 0.1%
Cimpress PLC†		1,824		186,504
Deluxe Corp.		4,380		192,282
Ennis, Inc.		2,654		52,470
RR Donnelley & Sons Co.†		7,368		45,092
				476,348
Private Corrections — 0.0%
CoreCivic, Inc.†		12,474		128,233
Professional Sports — 0.1%
Hall of Fame Resort & Entertainment Co.†		5,717		16,922
Liberty Media Corp.—Liberty Braves, Series A†		1,042		27,655
Liberty Media Corp.—Liberty Braves, Series C†		3,800		100,510
Madison Square Garden Entertainment Corp.†		2,506		175,320
				320,407
Protection/Safety — 0.2%
Alarm.com Holdings, Inc.†		4,918		409,276
ShotSpotter, Inc.†		881		40,262
Vivint Smart Home, Inc.†		9,528		116,908
				566,446

Security Description	Shares		Value (Note 2)
Publishing-Books — 0.1%
Gannett Co, Inc.†		14,633	$	84,432
Houghton Mifflin Harcourt Co.†		13,221		149,662
Scholastic Corp.		3,022		101,570
				335,664
Publishing-Newspapers — 0.1%
TEGNA, Inc.		23,002		407,595
Publishing-Periodicals — 0.1%
Meredith Corp.†		4,149		181,062
Thryv Holdings, Inc.†		673		22,357
Value Line, Inc.		102		3,264
				206,683
Quarrying — 0.1%
Compass Minerals International, Inc.		3,557		243,868
Radio — 0.1%
Entercom Communications Corp.†		12,267		43,793
iHeartMedia, Inc., Class A†		11,647		301,075
				344,868
Real Estate Investment Trusts — 7.0%
Acadia Realty Trust		8,815		188,641
Agree Realty Corp.		6,994		525,599
Alexander & Baldwin, Inc.		7,536		150,871
Alexander’s, Inc.		223		62,181
American Assets Trust, Inc.		5,194		191,814
American Finance Trust, Inc.		11,379		96,380
Apartment Investment & Management Co., Class A		15,491		107,817
Apollo Commercial Real Estate Finance, Inc.		14,593		222,105
Apple Hospitality REIT, Inc.		21,840		326,508
Arbor Realty Trust, Inc.		13,232		241,881
Ares Commercial Real Estate Corp.		3,922		59,144
Armada Hoffler Properties, Inc.		6,210		80,730
ARMOUR Residential REIT, Inc.		7,354		76,482
Ashford Hospitality Trust, Inc.†		1,139		18,452
Blackstone Mtg. Trust, Inc., Class A		14,401		466,880
Braemar Hotels & Resorts, Inc.†		4,627		23,598
Brandywine Realty Trust		17,649		246,380
BrightSpire Capital, Inc.		8,780		83,498
Broadmark Realty Capital, Inc.		13,359		138,533
Broadstone Net Lease, Inc.		14,800		385,096
BRT Apartments Corp.		1,145		20,118
Capstead Mtg. Corp.		9,919		63,184
CareTrust REIT, Inc.		10,037		242,092
CatchMark Timber Trust, Inc., Class A		5,086		59,455
Centerspace		1,376		123,840
Chatham Lodging Trust†		4,972		61,056
Chimera Investment Corp.		23,943		352,441
City Office REIT, Inc.		4,442		57,169
Clipper Realty, Inc.		1,269		10,558
Columbia Property Trust, Inc.		11,926		198,806
Community Healthcare Trust, Inc.		2,427		120,937
CorePoint Lodging, Inc.†		4,091		54,983
Corporate Office Properties Trust		11,749		345,891
CTO Realty Growth, Inc.		618		34,725
DiamondRock Hospitality Co.†		21,754		187,302
DigitalBridge Group, Inc.†		49,724		346,079
Diversified Healthcare Trust		24,682		96,260
Dynex Capital, Inc.		3,162		55,177
Easterly Government Properties, Inc.		8,770		199,079
EastGroup Properties, Inc.		4,135		728,670

446

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Ellington Financial, Inc.		4,269	$	77,610
Empire State Realty Trust, Inc., Class A		14,873		169,998
Equity Commonwealth		12,198		320,685
Essential Properties Realty Trust, Inc.		12,175		362,815
Farmland Partners, Inc.		2,786		35,104
Four Corners Property Trust, Inc.		7,913		227,182
Franklin Street Properties Corp.		10,731		56,016
GEO Group, Inc.		12,252		84,784
Getty Realty Corp.		4,145		130,941
Gladstone Commercial Corp.		3,751		86,948
Gladstone Land Corp.		2,621		61,122
Global Medical REIT, Inc.		5,897		91,757
Global Net Lease, Inc.		9,988		184,478
Granite Point Mtg. Trust, Inc.		5,694		80,342
Great Ajax Corp.		2,256		28,606
Healthcare Realty Trust, Inc.		14,733		469,688
Hersha Hospitality Trust†		3,358		31,599
Independence Realty Trust, Inc.		10,625		204,850
INDUS Realty Trust, Inc.		454		30,668
Industrial Logistics Properties Trust		6,757		183,115
Innovative Industrial Properties, Inc.		2,465		529,950
Invesco Mtg. Capital, Inc.		25,811		88,790
iStar, Inc.		7,361		178,357
Kite Realty Group Trust		8,675		174,888
KKR Real Estate Finance Trust, Inc.		3,361		71,623
Ladder Capital Corp.		11,818		134,962
Lexington Realty Trust		28,535		375,235
LTC Properties, Inc.		4,049		153,255
Macerich Co.		20,556		335,063
Mack-Cali Realty Corp.		9,135		164,430
MFA Financial, Inc.		46,041		215,011
Monmouth Real Estate Investment Corp.		9,907		188,629
National Health Investors, Inc.		4,550		310,447
National Storage Affiliates Trust		8,140		440,944
NETSTREIT Corp.		4,127		107,096
New Senior Investment Group, Inc.		8,519		78,545
New York Mtg. Trust, Inc.		39,484		172,545
NexPoint Residential Trust, Inc.		2,329		137,295
Office Properties Income Trust		4,980		144,320
One Liberty Properties, Inc.		1,675		51,238
Orchid Island Capital, Inc.		9,861		48,812
Outfront Media, Inc.†		15,136		361,599
Paramount Group, Inc.		19,416		189,500
Pebblebrook Hotel Trust		13,520		304,065
PennyMac Mtg. Investment Trust		10,192		200,986
Physicians Realty Trust		22,429		425,030
Piedmont Office Realty Trust, Inc., Class A		12,898		245,320
Plymouth Industrial REIT, Inc.		3,045		70,279
Postal Realty Trust, Inc., Class A		1,253		24,083
PotlatchDeltic Corp.		6,868		356,724
Preferred Apartment Communities, Inc., Class A		5,212		54,934
PS Business Parks, Inc.		2,089		321,017
QTS Realty Trust, Inc., Class A		7,147		555,393
Ready Capital Corp.		6,016		90,962
Redwood Trust, Inc.		11,756		139,544
Retail Opportunity Investments Corp.		12,093		213,683
Retail Properties of America, Inc., Class A		22,311		281,342
Retail Value, Inc.		1,814		44,334
RLJ Lodging Trust		17,027		244,337

Security Description	Shares		Value (Note 2)
Real Estate Investment Trusts (continued)
RPT Realty		8,385	$	106,825
Ryman Hospitality Properties, Inc.†		5,594		429,060
Sabra Health Care REIT, Inc.		22,429		416,955
Safehold, Inc.		1,861		168,086
Saul Centers, Inc.		1,230		56,088
Seritage Growth Properties, Class A†		3,807		60,417
Service Properties Trust		17,069		189,978
SITE Centers Corp.		18,021		285,813
STAG Industrial, Inc.		16,737		691,573
Summit Hotel Properties, Inc.†		10,789		97,209
Sunstone Hotel Investors, Inc.†		22,354		257,965
Tanger Factory Outlet Centers, Inc.		10,317		177,143
Terreno Realty Corp.		7,131		487,475
TPG RE Finance Trust, Inc.		6,244		82,171
Two Harbors Investment Corp.		32,645		209,254
UMH Properties, Inc.		4,205		97,892
Uniti Group, Inc.		20,227		236,858
Universal Health Realty Income Trust		1,334		79,707
Urban Edge Properties		12,043		228,817
Urstadt Biddle Properties, Inc., Class A		3,096		59,041
Washington Real Estate Investment Trust		8,806		213,898
Whitestone REIT		4,166		36,869
Xenia Hotels & Resorts, Inc.†		11,851		209,526
				23,071,907
Real Estate Management/Services — 0.5%
Cushman & Wakefield PLC†		12,204		227,849
eXp World Holdings, Inc.†		6,454		231,828
Fathom Holdings, Inc.†		536		13,561
Marcus & Millichap, Inc.†		2,469		98,241
Newmark Group, Inc., Class A		15,518		199,872
RE/MAX Holdings, Inc., Class A		1,925		66,027
Realogy Holdings Corp.†		11,980		212,286
Redfin Corp.†		10,580		619,670
RMR Group, Inc., Class A		1,587		62,274
				1,731,608
Real Estate Operations & Development — 0.2%
FRP Holdings, Inc.†		695		41,790
Kennedy-Wilson Holdings, Inc.		12,489		252,153
Legacy Housing Corp.†		836		14,747
McGrath RentCorp		2,512		196,991
Radius Global Infrastructure, Inc., Class A†		4,574		70,119
Rafael Holdings, Inc., Class B†		1,013		51,268
St. Joe Co.		3,465		156,861
				783,929
Recreational Centers — 0.0%
OneSpaWorld Holdings, Ltd.†		5,496		54,300
Recreational Vehicles — 0.1%
Camping World Holdings, Inc., Class A		4,439		174,719
Malibu Boats, Inc., Class A†		2,155		180,287
Marine Products Corp.		847		13,857
MasterCraft Boat Holdings, Inc.†		1,955		52,120
OneWater Marine, Inc., Class A		1,067		50,128
				471,111
Recycling — 0.1%
Harsco Corp.†		8,144		163,858
PureCycle Technologies, Inc.†		3,425		50,724
				214,582

447

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Rental Auto/Equipment — 0.7%
Aaron’s Co., Inc.		3,527	$	101,824
Alta Equipment Group, Inc.†		1,966		24,752
Avis Budget Group, Inc.†		5,319		440,254
CAI International, Inc.		1,692		94,431
Custom Truck One Source, Inc.†		1,353		10,540
Herc Holdings, Inc.†		2,595		321,884
PROG Holdings, Inc.		6,981		305,558
Rent-A-Center, Inc.		6,856		392,300
Textainer Group Holdings, Ltd.†		4,984		160,884
Triton International, Ltd.		6,942		366,468
				2,218,895
Resort/Theme Parks — 0.1%
SeaWorld Entertainment, Inc.†		5,356		253,928
Retail-Apparel/Shoe — 0.6%
Abercrombie & Fitch Co., Class A†		6,381		241,266
American Eagle Outfitters, Inc.		15,829		545,626
Boot Barn Holdings, Inc.†		2,988		258,223
Buckle, Inc.		3,095		130,237
Caleres, Inc.		3,832		94,804
Cato Corp., Class A		2,057		33,940
Chico’s FAS, Inc.†		12,510		77,312
Children’s Place, Inc.†		1,462		123,290
Designer Brands, Inc., Class A†		6,252		91,092
Duluth Holdings, Inc., Class B†		1,263		18,907
Genesco, Inc.†		1,525		87,611
Guess?, Inc.		4,187		93,454
Shoe Carnival, Inc.		1,836		61,873
Tilly’s, Inc., Class A		2,357		34,954
Vera Bradley, Inc.†		2,676		29,463
Winmark Corp.		367		77,371
				1,999,423
Retail-Appliances — 0.0%
Conn’s, Inc.†		1,857		41,300
Retail-Arts & Crafts — 0.0%
Joann, Inc.		1,207		18,660
Retail-Automobile — 0.4%
America’s Car-Mart, Inc.†		631		100,329
Asbury Automotive Group, Inc.†		2,013		413,591
CarLotz, Inc.†		4,521		20,073
Group 1 Automotive, Inc.		1,828		317,597
Lazydays Holdings, Inc.†		764		15,945
Rush Enterprises, Inc., Class A		4,392		206,380
Rush Enterprises, Inc., Class B		682		29,926
Shift Technologies, Inc.†		6,454		54,536
Sonic Automotive, Inc., Class A		2,276		124,156
				1,282,533
Retail-Bedding — 0.1%
Bed Bath & Beyond, Inc.†		11,415		325,784
Retail-Bookstores — 0.0%
Barnes & Noble Education, Inc.†		3,996		33,367
Retail-Building Products — 0.2%
Aspen Aerogels, Inc.†		2,246		84,562
Beacon Roofing Supply, Inc.†		5,804		310,398
BlueLinx Holdings, Inc.†		933		40,081
GMS, Inc.†		4,446		218,432
				653,473

Security Description	Shares		Value (Note 2)
Retail-Computer Equipment — 0.0%
PC Connection, Inc.		1,153	$	54,837
Retail-Convenience Store — 0.0%
Arko Corp.†		2,136		17,729
Retail-Discount — 0.3%
Big Lots, Inc.		3,611		208,030
BJ’s Wholesale Club Holdings, Inc.†		14,255		721,873
Citi Trends, Inc.†		927		73,928
				1,003,831
Retail-Drug Store — 0.1%
MedAvail Holdings, Inc.†		1,219		10,288
OptimizeRx Corp.†		1,752		96,833
Rite Aid Corp.†		5,717		86,899
				194,020
Retail-Floor Coverings — 0.0%
Lumber Liquidators Holdings, Inc.†		2,980		56,858
Retail-Gardening Products — 0.1%
GrowGeneration Corp.†		5,626		228,809
Retail-Hair Salons — 0.0%
Regis Corp.†		2,458		19,590
Retail-Home Furnishings — 0.1%
Bassett Furniture Industries, Inc.		968		22,051
Haverty Furniture Cos., Inc.		1,735		62,443
Kirkland’s, Inc.†		1,457		28,353
La-Z-Boy, Inc.		4,781		160,546
				273,393
Retail-Jewelry — 0.1%
Movado Group, Inc.		1,634		49,134
Signet Jewelers, Ltd.		5,423		348,916
				398,050
Retail-Leisure Products — 0.0%
MarineMax, Inc.†		2,237		120,328
Retail-Misc./Diversified — 0.2%
Container Store Group, Inc.†		3,306		34,779
Party City Holdco, Inc.†		11,493		98,150
PriceSmart, Inc.		2,435		218,517
Sally Beauty Holdings, Inc.†		11,721		221,762
				573,208
Retail-Office Supplies — 0.1%
ODP Corp.†		5,091		240,957
Retail-Pawn Shops — 0.1%
FirstCash, Inc.		4,188		331,690
Retail-Pet Food & Supplies — 0.0%
PetMed Express, Inc.		2,050		64,349
Retail-Petroleum Products — 0.2%
Clean Energy Fuels Corp.†		14,463		108,617
Murphy USA, Inc.		2,620		386,476
TravelCenters of America, Inc.†		1,298		37,538
World Fuel Services Corp.		6,487		223,542
				756,173
Retail-Regional Department Stores — 0.2%
Dillard’s, Inc., Class A		653		119,675
Macy’s, Inc.†		32,673		555,441
				675,116

448

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Restaurants — 1.3%
Biglari Holdings, Inc., Class B†		84	$	13,814
BJ’s Restaurants, Inc.†		2,343		95,079
Bloomin’ Brands, Inc.†		9,213		231,523
Brinker International, Inc.†		4,725		256,756
Cannae Holdings, Inc.†		9,084		302,043
Carrols Restaurant Group, Inc.†		3,476		17,067
Cheesecake Factory, Inc.†		4,505		203,896
Chuy’s Holdings, Inc.†		2,070		68,310
Cracker Barrel Old Country Store, Inc.		2,467		335,956
Dave & Buster’s Entertainment, Inc.†		4,495		149,594
Del Taco Restaurants, Inc.		3,105		26,423
Denny’s Corp.†		6,516		91,680
Dine Brands Global, Inc.†		1,695		131,312
El Pollo Loco Holdings, Inc.†		1,981		36,866
Fiesta Restaurant Group, Inc.†		1,836		24,584
Jack in the Box, Inc.		2,390		260,175
Kura Sushi USA, Inc., Class A†		356		17,309
Noodles & Co.†		4,229		50,494
ONE Group Hospitality, Inc.†		2,032		18,593
Papa John’s International, Inc.		3,440		392,573
Red Robin Gourmet Burgers, Inc.†		1,620		42,493
Ruth’s Hospitality Group, Inc.†		3,498		69,855
Shake Shack, Inc., Class A†		3,892		391,302
Texas Roadhouse, Inc.		7,280		670,998
Wingstop, Inc.		3,104		531,746
				4,430,441
Retail-Sporting Goods — 0.2%
Academy Sports & Outdoors, Inc.†		6,431		238,269
Big 5 Sporting Goods Corp.		2,165		47,457
Hibbett Sports, Inc.		1,690		149,835
Sportsman’s Warehouse Holdings, Inc.†		4,527		79,992
Zumiez, Inc.†		2,270		99,085
				614,638
Retail-Vision Service Center — 0.1%
National Vision Holdings, Inc.†		8,489		458,236
Retail-Vitamins & Nutrition Supplements — 0.0%
Franchise Group, Inc.		2,947		100,080
Retirement/Aged Care — 0.0%
Brookdale Senior Living, Inc.†		19,246		144,730
Rubber-Tires — 0.1%
Goodyear Tire & Rubber Co.†		28,745		451,584
Rubber/Plastic Products — 0.2%
Myers Industries, Inc.		3,755		79,531
Raven Industries, Inc.		3,709		216,049
Trinseo SA		4,048		220,049
				515,629
Satellite Telecom — 0.3%
EchoStar Corp., Class A†		4,299		95,868
Globalstar, Inc.†		63,132		87,122
Gogo, Inc.†		6,147		63,744
Iridium Communications, Inc.†		12,429		524,877
KVH Industries, Inc.†		1,576		17,840
Loral Space & Communications, Inc.		1,335		47,246
				836,697
Savings & Loans/Thrifts — 0.9%
Axos Financial, Inc.†		5,934		283,942
Banc of California, Inc.		4,695		80,378

Security Description	Shares		Value (Note 2)
Savings & Loans/Thrifts (continued)
Berkshire Hills Bancorp, Inc.		5,301	$	143,339
Brookline Bancorp, Inc.		7,985		114,745
Capitol Federal Financial, Inc.		13,515		149,881
Flushing Financial Corp.		3,067		67,627
FS Bancorp, Inc.		764		26,572
Hingham Institution for Savings		151		45,149
Home Bancorp, Inc.		795		27,920
HomeTrust Bancshares, Inc.		1,580		41,601
Investors Bancorp, Inc.		23,793		328,819
Meridian Bancorp, Inc.		4,862		92,913
Northfield Bancorp, Inc.		4,758		78,269
Northwest Bancshares, Inc.		12,729		169,423
OceanFirst Financial Corp.		6,150		119,925
Pacific Premier Bancorp, Inc.		9,751		370,343
Provident Financial Services, Inc.		7,894		170,511
Southern Missouri Bancorp, Inc.		804		36,084
Washington Federal, Inc.		7,506		242,219
Waterstone Financial, Inc.		2,251		44,412
WSFS Financial Corp.		4,889		214,041
				2,848,113
Schools — 0.4%
2U, Inc.†		7,460		323,764
Adtalem Global Education, Inc.†		5,149		187,115
American Public Education, Inc.†		1,935		57,315
Coursera, Inc.†		1,253		44,594
Graham Holdings Co., Class B		403		267,858
Laureate Education, Inc., Class A†		10,994		162,821
Perdoceo Education Corp.†		7,318		86,792
Strategic Education, Inc.		2,536		201,079
Stride, Inc.†		4,190		128,465
				1,459,803
Security Services — 0.1%
Brink’s Co.		5,061		389,495
Semiconductor Components-Integrated Circuits — 0.3%
MaxLinear, Inc.†		7,274		350,825
Power Integrations, Inc.		6,279		609,000
				959,825
Semiconductor Equipment — 0.6%
Axcelis Technologies, Inc.†		3,464		133,537
CMC Materials, Inc.		3,038		439,416
Cohu, Inc.†		4,984		176,483
FormFactor, Inc.†		8,087		301,322
Kulicke & Soffa Industries, Inc.		6,368		346,165
Onto Innovation, Inc.†		5,064		354,885
SkyWater Technology, Inc.†		818		14,119
Ultra Clean Holdings, Inc.†		4,524		244,341
Veeco Instruments, Inc.†		5,179		120,153
				2,130,421
Silver Mining — 0.0%
Gatos Silver, Inc.†		3,599		49,090
Pan American Silver Corp. CVR†		29,003		24,073
				73,163
Software Tools — 0.2%
Digital Turbine, Inc.†		8,786		553,079
Steel Pipe & Tube — 0.0%
Northwest Pipe Co.†		1,007		28,609
Omega Flex, Inc.		323		50,653
TimkenSteel Corp.†		4,727		63,011
				142,273

449

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Steel-Producers — 0.2%
Carpenter Technology Corp.		4,955	$	189,033
Commercial Metals Co.		12,490		409,672
Schnitzer Steel Industries, Inc., Class A		2,696		141,325
				740,030
Steel-Specialty — 0.1%
Allegheny Technologies, Inc.†		13,247		271,961
Superconductor Product & Systems — 0.0%
American Superconductor Corp.†		2,796		39,284
SupraNational Banks — 0.0%
Banco Latinoamericano de Comercio Exterior SA, Class E		3,224		53,132
Telecom Equipment-Fiber Optics — 0.0%
Clearfield, Inc.†		1,185		51,571
Telecom Services — 0.2%
ATN International, Inc.		1,156		49,766
Aviat Networks, Inc.†		1,002		37,354
Consolidated Communications Holdings, Inc.†		7,582		58,306
HC2 Holdings, Inc.†		4,924		18,120
Ooma, Inc.†		2,261		41,941
ORBCOMM, Inc.†		7,761		87,622
Vonage Holdings Corp.†		25,137		358,454
				651,563
Telecommunication Equipment — 0.2%
ADTRAN, Inc.		5,015		112,386
Cambium Networks Corp.†		932		41,054
DZS, Inc.†		1,748		34,523
Harmonic, Inc.†		9,287		82,190
Plantronics, Inc.†		3,547		110,631
Preformed Line Products Co.		307		21,036
Viavi Solutions, Inc.†		23,775		396,805
				798,625
Telephone-Integrated — 0.2%
Cincinnati Bell, Inc.†		5,248		80,504
Shenandoah Telecommunications Co.		5,026		265,323
Telephone & Data Systems, Inc.		10,510		234,898
				580,725
Television — 0.2%
AMC Networks, Inc., Class A†		3,026		151,421
Gray Television, Inc.		8,887		197,025
Sinclair Broadcast Group, Inc., Class A		4,776		135,113
				483,559
Textile-Apparel — 0.0%
Unifi, Inc.†		1,380		32,554
Theaters — 0.5%
AMC Entertainment Holdings, Inc., Class A†		42,355		1,567,982
Cinemark Holdings, Inc.†		11,239		174,542
				1,742,524
Therapeutics — 0.2%
Agios Pharmaceuticals, Inc.†		6,406		308,065
Akebia Therapeutics, Inc.†		16,616		41,042
Anika Therapeutics, Inc.†		1,501		60,235
CorMedix, Inc.†		3,940		22,891
Flexion Therapeutics, Inc.†		5,007		29,691

Security Description	Shares		Value (Note 2)
Therapeutics (continued)
G1 Therapeutics, Inc.†		4,077	$	70,573
MannKind Corp.†		25,675		105,267
Ocugen, Inc.†		19,201		128,839
Outlook Therapeutics, Inc.†		9,106		20,580
				787,183
Tobacco — 0.1%
22nd Century Group, Inc.†		15,700		50,397
Greenlane Holdings, Inc., Class A†		1,697		6,042
Turning Point Brands, Inc.		1,515		80,325
Universal Corp.		2,514		131,130
Vector Group, Ltd.		14,938		199,572
				467,466
Toys — 0.0%
Funko, Inc., Class A†		2,757		51,446
Traffic Management Sys — 0.0%
Arlo Technologies, Inc.†		8,466		51,727
Transport-Air Freight — 0.1%
Air Transport Services Group, Inc.†		6,137		148,516
Atlas Air Worldwide Holdings, Inc.†		2,994		200,508
				349,024
Transport-Equipment & Leasing — 0.2%
GATX Corp.		3,673		338,834
Greenbrier Cos., Inc.		3,361		143,851
Willis Lease Finance Corp.†		285		11,856
				494,541
Transport-Marine — 0.2%
Costamare, Inc.		5,489		59,501
DHT Holdings, Inc.		15,057		87,331
Dorian LPG, Ltd.†		3,107		37,595
Eagle Bulk Shipping, Inc.†		866		36,112
Frontline, Ltd.		12,422		98,879
Genco Shipping & Trading, Ltd.		3,341		58,634
International Seaways, Inc.		4,278		70,373
Nordic American Tankers, Ltd.		15,702		40,982
Safe Bulkers, Inc.†		5,709		19,068
Scorpio Tankers, Inc.		5,072		82,927
SFL Corp., Ltd.		10,872		74,691
Teekay Corp.†		7,222		21,594
Teekay Tankers, Ltd., Class A†		2,480		31,372
Tidewater, Inc.†		4,225		47,827
				766,886
Transport-Services — 0.4%
AFC Gamma, Inc.		754		16,045
CryoPort, Inc.†		4,218		260,335
Echo Global Logistics, Inc.†		2,740		84,748
Forward Air Corp.		2,827		250,020
Hub Group, Inc., Class A†		3,443		228,202
Ideanomics, Inc.†		42,485		100,690
Matson, Inc.		4,469		299,959
Radiant Logistics, Inc.†		4,082		25,390
Universal Logistics Holdings, Inc.		796		18,348
				1,283,737
Transport-Truck — 0.4%
ArcBest Corp.		2,632		155,577
Covenant Logistics Group, Inc.†		1,277		26,830
Daseke, Inc.†		4,368		30,183
Heartland Express, Inc.		4,961		84,486

450

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Transport-Truck (continued)
Marten Transport, Ltd.		6,189	$	97,910
P.A.M. Transportation Services, Inc.†		189		11,812
Saia, Inc.†		2,759		623,534
US Xpress Enterprises, Inc., Class A†		2,797		24,418
Werner Enterprises, Inc.		6,517		297,892
Yellow Corp.†		5,235		27,222
				1,379,864
Travel Services — 0.0%
Liberty TripAdvisor Holdings, Inc., Class A†		7,576		31,668
Veterinary Diagnostics — 0.1%
Heska Corp.†		996		239,737
Vitamins & Nutrition Products — 0.0%
Nature’s Sunshine Products, Inc.		1,233		21,688
USANA Health Sciences, Inc.†		1,321		125,852
				147,540
Water — 0.4%
American States Water Co.		3,836		338,795
Artesian Resources Corp., Class A		846		33,062
California Water Service Group		5,284		331,201
Global Water Resources, Inc.		1,315		23,170
Middlesex Water Co.		1,797		182,827
SJW Group		2,878		198,381
York Water Co.		1,354		65,344
				1,172,780
Water Treatment Systems — 0.0%
Energy Recovery, Inc.†		4,385		92,743
Pure Cycle Corp.†		2,002		30,951
				123,694
Web Hosting/Design — 0.2%
Q2 Holdings, Inc.†		5,686		587,421
Wire & Cable Products — 0.1%
Belden, Inc.		4,601		225,449
Encore Wire Corp.		2,092		164,076
Insteel Industries, Inc.		1,939		75,291
				464,816
Wireless Equipment — 0.2%
Anterix, Inc.†		1,158		67,535
CalAmp Corp.†		3,627		43,995
Casa Systems, Inc.†		3,263		24,505
InterDigital, Inc.		3,218		212,034
Maxar Technologies, Inc.		7,459		270,538
Ribbon Communications, Inc.†		7,314		50,540
				669,147
X-Ray Equipment — 0.1%
Varex Imaging Corp.†		3,986		108,818
ViewRay, Inc.†		14,167		94,069
				202,887
Total Common Stocks (cost $235,862,354)				302,616,210
EXCHANGE-TRADED FUNDS — 4.3%
iShares Russell 2000 ETF (cost $14,607,942)		64,400		14,235,620

Security Description	Shares/ Principal Amount			Value (Note 2)
WARRANTS — 0.0%
Oil Companies-Exploration & Production — 0.0%
Whiting Petroleum Corp., Series A Expires 09/01/2024†		538		$	3,228
Whiting Petroleum Corp., Series B Expires 09/01/2025†		269			1,358
					4,586
Oil & Gas Drilling — 0.0%
Nabors Industries, Ltd. Expires 06/11/2026†		304			1,976
Total Warrants (cost $0)					6,562
U.S. CORPORATE BONDS & NOTES — 0.0%
Investment Management/Advisor Services — 0.0%
GAMCO Investors, Inc. Sub. Notes 4.00% due 06/15/2023 (cost $1,156)	$	1,156			1,156
Total Long-Term Investment Securities (cost $250,471,452)					316,859,548
SHORT-TERM INVESTMENT SECURITIES — 0.2%
U.S. Government Treasuries — 0.2%
United States Treasury Bills 0.04% due 04/21/2022(2)		100,000			99,965
0.05% due 04/21/2022(2)		100,000			99,965
0.05% due 04/21/2022(2)		10,000			9,997
0.07% due 07/14/2022(2)		100,000			99,933
0.07% due 06/16/2022(2)		100,000			99,945
0.07% due 07/14/2022(2)		50,000			49,966
0.07% due 06/16/2022(2)		350,000			349,807
Total Short-Term Investment Securities (cost $809,555)					809,578
REPURCHASE AGREEMENTS — 3.9%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00%, dated 7/30/2021, to be repurchased 8/02/2021 in the amount of $12,779,000 and collateralized by $13,369,600 of United States Treasury Notes, bearing interest at 0.50% due 10/31/2027 and having an approximate value of $13,034,657 (cost $12,779,000)		12,779,000			12,779,000
TOTAL INVESTMENTS (cost $264,060,007)(3)		100.0	%		330,448,126
Liabilities in excess of other assets		(0.0	)		(114,131	)
NET ASSETS		100.0	%	$	330,333,995

† 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 July 31, 2021, the aggregate value of these securities was $429,979 representing 0.1% of net assets.

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

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

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

451

SunAmerica Series Trust SA Small Cap Index Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

CVR — Contingent Value Rights

ETF — Exchange-Traded Fund

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	118	Long	E-Mini Russell 2000 Index	September 2021	$	13,590,342	$	13,107,440	$	(482,902	)

* 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 July 31, 2021 (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:
Medical-Biomedical/Gene	$	25,524,295	$	—	$	6,803	$	25,531,098
Medical-Drugs		6,558,873		—		0		6,558,873
Other Industries . . . . . . .		270,526,239		—		—		270,526,239
Exchange-Traded Funds . .		14,235,620		—		—		14,235,620
Warrants		6,562		—		—		6,562
U.S. Corporate Bonds & Notes .		—		1,156		—		1,156
Short-Term Securities . . . .		—		809,578		—		809,578
Repurchase Agreements . .		—		12,779,000		—		12,779,000
Total Investments at Value	$	316,851,589	$	13,589,734	$	6,803	$	330,448,126
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	482,902	$	—	$	—	$	482,902

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

† Amounts represent unrealized appreciation/depreciation as of the end of 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. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

452

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

United States Treasury Notes	6.4	%
Applications Software	4.6
Diversified Banking Institutions	4.0
Medical-Drugs	3.9
Registered Investment Companies	3.5
United States Treasury Bonds	3.2
Web Portals/ISP	3.2
Real Estate Investment Trusts	2.5
E-Commerce/Products	2.5
Internet Content-Entertainment	2.2
Computers	2.2
Electronic Components-Semiconductors	2.1
Diagnostic Equipment	1.8
Finance-Credit Card	1.8
Banks-Commercial	1.7
Electric-Integrated	1.5
Insurance-Multi-line	1.5
Diversified Manufacturing Operations	1.5
Commercial Services-Finance	1.3
Medical-HMO	1.3
Banks-Super Regional	1.3
Semiconductor Components-Integrated Circuits	1.2
Semiconductor Equipment	1.2
Medical Products	1.1
Retail-Restaurants	1.0
Diversified Financial Services	1.0
Enterprise Software/Service	1.0
Medical Instruments	1.0
Data Processing/Management	0.9
Insurance-Life/Health	0.9
Retail-Apparel/Shoe	0.9
Auto-Cars/Light Trucks	0.9
Cable/Satellite TV	0.8
Telephone-Integrated	0.8
Cosmetics & Toiletries	0.7
Computer Services	0.7
Municipal Bonds & Notes	0.7
Industrial Gases	0.7
Transport-Rail	0.7
Finance-Investment Banker/Broker	0.7
Food-Misc./Diversified	0.7
Oil Companies-Integrated	0.6
Beverages-Non-alcoholic	0.6
Retail-Discount	0.6
Containers-Paper/Plastic	0.6
Retail-Building Products	0.6
Electronic Measurement Instruments	0.6
Insurance-Property/Casualty	0.6
Hotels/Motels	0.6
Chemicals-Diversified	0.6
Medical-Hospitals	0.6
Transport-Services	0.6
Insurance Brokers	0.5
Electric-Distribution	0.5
Multimedia	0.5
E-Commerce/Services	0.5
Coatings/Paint	0.5
Medical-Biomedical/Gene	0.5
Auto/Truck Parts & Equipment-Original	0.5
Cellular Telecom	0.5
Computer Software	0.4

Instruments-Controls	0.4	%
Paper & Related Products	0.4
Oil Companies-Exploration & Production	0.4
Pharmacy Services	0.4
Food-Confectionery	0.3
Chemicals-Specialty	0.3
Commercial Services	0.3
Electronic Connectors	0.3
Aerospace/Defense	0.3
Non-Hazardous Waste Disposal	0.3
Rental Auto/Equipment	0.3
Aerospace/Defense-Equipment	0.3
Athletic Footwear	0.3
Drug Delivery Systems	0.3
Electronic Components-Misc.	0.3
Insurance-Reinsurance	0.3
Communications Software	0.3
Networking Products	0.3
Auto-Heavy Duty Trucks	0.3
Tobacco	0.2
Finance-Other Services	0.2
Power Converter/Supply Equipment	0.2
Diversified Minerals	0.2
Industrial Automated/Robotic	0.2
Retail-Automobile	0.2
Audio/Video Products	0.2
Internet Content-Information/News	0.2
Machinery-Construction & Mining	0.2
Containers-Metal/Glass	0.2
Electric-Generation	0.2
Private Equity	0.2
Office Supplies & Forms	0.2
Pipelines	0.2
Veterinary Diagnostics	0.2
Beverages-Wine/Spirits	0.2
Retail-Auto Parts	0.2
Gas-Distribution	0.2
Computer Data Security	0.2
Machinery-Electrical	0.2
Apparel Manufacturers	0.2
Retail-Major Department Stores	0.2
Human Resources	0.2
Distribution/Wholesale	0.2
Engineering/R&D Services	0.2
Building-Residential/Commercial	0.2
Real Estate Operations & Development	0.2
Oil Refining & Marketing	0.2
Building Products-Cement	0.2
Finance-Leasing Companies	0.2
Airlines	0.2
Brewery	0.2
Non-Ferrous Metals	0.1
Schools	0.1
Internet Application Software	0.1
Investment Management/Advisor Services	0.1
Import/Export	0.1
Transport-Truck	0.1
Casino Hotels	0.1
Food-Retail	0.1
Machinery-Material Handling	0.1
Dialysis Centers	0.1

453

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Industry Allocation* (continued)

Food-Catering	0.1	%
Advertising Agencies	0.1
Advertising Services	0.1
Disposable Medical Products	0.1
E-Marketing/Info	0.1
Investment Companies	0.1
Machinery-General Industrial	0.1
Computer Aided Design	0.1
Wire & Cable Products	0.1
Metal-Copper	0.1
Consumer Products-Misc.	0.1
Optical Supplies	0.1
Consulting Services	0.1
Electric Products-Misc.	0.1
Machinery-Farming	0.1
Banks-Fiduciary	0.1
Food-Flour & Grain	0.1
Machinery-Pumps	0.1
Internet Security	0.1
Medical Labs & Testing Services	0.1
Water	0.1
Footwear & Related Apparel	0.1
Savings & Loans/Thrifts	0.1
Steel-Producers	0.1
Miscellaneous Manufacturing	0.1
Medical-Outpatient/Home Medical	0.1
Oil-Field Services	0.1
Federal Home Loan Mtg. Corp.	0.1
Retail-Gardening Products	0.1
Energy-Alternate Sources	0.1
Metal-Aluminum	0.1
Metal-Diversified	0.1
Transport-Equipment & Leasing	0.1
Resorts/Theme Parks	0.1
Entertainment Software	0.1
Web Hosting/Design	0.1
Wireless Equipment	0.1
Finance-Commercial	0.1
Regional Authority	0.1
	100.0	%

* Calculated as a percentage of net assets

454

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 78.1%
Advertising Agencies — 0.1%
WPP PLC		45,827	$	593,283
Advertising Services — 0.1%
Stroeer SE & Co. KGaA		3,669		290,478
Trade Desk, Inc., Class A†		2,470		202,318
				492,796
Aerospace/Defense — 0.2%
Boeing Co.†		1,333		301,898
Northrop Grumman Corp.		1,578		572,846
Raytheon Technologies Corp.		474		41,214
Spirit AeroSystems Holdings, Inc., Class A		1,855		80,154
Teledyne Technologies, Inc.†		473		214,160
TransDigm Group, Inc.†		77		49,364
				1,259,636
Aerospace/Defense-Equipment — 0.3%
HEICO Corp., Class A		453		54,944
Howmet Aerospace, Inc.†		9,268		304,176
L3Harris Technologies, Inc.		953		216,083
Meggitt PLC†		99,768		650,116
Safran SA		2,928		383,558
				1,608,877
Agricultural Chemicals — 0.0%
CF Industries Holdings, Inc.		811		38,320
Intrepid Potash, Inc.†		600		18,180
				56,500
Agricultural Operations — 0.0%
Bunge, Ltd.		1,190		92,380
Cadiz, Inc.†		4,072		55,175
				147,555
Airlines — 0.1%
Allegiant Travel Co.†		120		22,814
Hawaiian Holdings, Inc.†		2,685		52,975
SkyWest, Inc.†		600		24,294
Southwest Airlines Co.†		2,349		118,672
Spirit Airlines, Inc.†		230		6,205
United Airlines Holdings, Inc.†		1,518		70,921
				295,881
Apparel Manufacturers — 0.2%
Capri Holdings, Ltd.†		700		39,417
Kering SA		613		550,417
Oxford Industries, Inc.		380		33,033
Samsonite International SA†*		99,600		185,353
VF Corp.		1,478		118,536
				926,756
Appliances — 0.0%
iRobot Corp.†		249		21,788
Applications Software — 4.5%
Appfolio, Inc., Class A†		430		60,888
CDK Global, Inc.		1,400		67,186
Cerence, Inc.†		593		63,754
Concentrix Corp.†		384		62,872
Five9, Inc.†		550		110,710
Intuit, Inc.		3,624		1,920,611
Microsoft Corp.		67,996		19,372,740
Nuance Communications, Inc.†		1,970		108,153

Security Description	Shares		Value (Note 2)
Applications Software (continued)
Phreesia, Inc.†		700	$	47,845
Qumu Corp.†		8,200		19,844
Roper Technologies, Inc.		3,854		1,893,624
ServiceNow, Inc.†		2,624		1,542,623
Smartsheet, Inc., Class A†		1,110		80,531
				25,351,381
Athletic Equipment — 0.0%
Peloton Interactive, Inc., Class A†		1,292		152,521
Athletic Footwear — 0.3%
NIKE, Inc., Class B		9,416		1,577,274
Audio/Video Products — 0.2%
Kopin Corp.†		3,600		24,264
Panasonic Corp.		39,700		475,518
Sony Group Corp.		7,000		730,669
				1,230,451
Auto-Cars/Light Trucks — 0.5%
Ferrari NV		859		187,511
General Motors Co.†		5,231		297,330
Honda Motor Co., Ltd.		7,700		246,318
Suzuki Motor Corp.		9,400		382,565
Tesla, Inc.†		753		517,462
Toyota Motor Corp.		15,100		1,356,093
				2,987,279
Auto-Heavy Duty Trucks — 0.2%
Cummins, Inc.		2,535		588,373
PACCAR, Inc.		3,309		274,614
				862,987
Auto/Truck Parts & Equipment-Original — 0.5%
Adient PLC†		680		28,648
American Axle & Manufacturing Holdings, Inc.†		1,400		13,566
Aptiv PLC†		951		158,674
Autoliv, Inc.		602		60,730
Autoliv, Inc. SDR		3,799		380,219
Cooper-Standard Holdings, Inc.†		430		11,202
Denso Corp.		5,900		405,120
Dorman Products, Inc.†		735		74,345
Lear Corp.		486		85,040
Magna International, Inc.		11,860		994,224
Stanley Electric Co., Ltd.		11,500		300,243
Tenneco, Inc., Class A†		3,700		64,417
Veoneer, Inc.†		1,612		50,488
				2,626,916
Auto/Truck Parts & Equipment-Replacement — 0.0%
Standard Motor Products, Inc.		1,800		75,168
Banks-Commercial — 1.4%
Australia & New Zealand Banking Group, Ltd.		21,314		434,075
BankUnited, Inc.		2,262		89,530
Citizens Financial Group, Inc.		4,357		183,691
Commerce Bancshares, Inc.		1,173		82,966
Cullen/Frost Bankers, Inc.		760		81,563
DBS Group Holdings, Ltd.		15,400		345,601
DNB Bank ASA		46,522		953,373
East West Bancorp, Inc.		1,891		134,545
Erste Group Bank AG		10,047		389,583
Farmers & Merchants Bancorp, Inc.		1,860		40,846
First Financial Bankshares, Inc.		1,750		85,470

455

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Banks-Commercial (continued)
First Interstate BancSystem, Inc., Class A		1,850	$	77,552
FNB Corp.		5,930		67,958
Glacier Bancorp, Inc.		1,710		88,168
Hilltop Holdings, Inc.		1,260		39,917
Home BancShares, Inc.		3,370		71,377
ING Groep NV		70,081		897,424
Intesa Sanpaolo SpA		124,043		342,556
Meta Financial Group, Inc.		1,372		68,188
National Bank of Canada		11,823		904,920
PacWest Bancorp		1,682		66,977
Pinnacle Financial Partners, Inc.		1,264		113,267
Popular, Inc.		1,370		99,681
Prosperity Bancshares, Inc.		1,119		76,305
Signature Bank		1,250		283,712
South State Corp.		433		29,808
Standard Chartered PLC		31,472		188,533
Sumitomo Mitsui Trust Holdings, Inc.		9,000		295,718
Svenska Handelsbanken AB, Class A		48,965		552,798
United Bankshares, Inc.		2,073		71,601
United Overseas Bank, Ltd.		31,300		605,914
Webster Financial Corp.		1,958		94,180
Western Alliance Bancorp		1,550		143,871
				8,001,668
Banks-Fiduciary — 0.0%
Bank of New York Mellon Corp.		2,163		111,027
State Street Corp.		380		33,113
				144,140
Banks-Super Regional — 1.1%
Fifth Third Bancorp		11,583		420,347
Huntington Bancshares, Inc.		26,093		367,390
PNC Financial Services Group, Inc.		4,010		731,464
Wells Fargo & Co.		97,581		4,482,871
				6,002,072
Batteries/Battery Systems — 0.0%
Energizer Holdings, Inc.		1,200		51,420
EnerSys		810		79,915
				131,335
Beverages-Non-alcoholic — 0.6%
Celsius Holdings, Inc.†		420		28,824
Coca-Cola Co.		26,557		1,514,546
Keurig Dr Pepper, Inc.		9,044		318,439
Monster Beverage Corp.†		1,852		174,681
National Beverage Corp.		410		18,606
PepsiCo, Inc.		9,416		1,477,841
				3,532,937
Beverages-Wine/Spirits — 0.2%
Diageo PLC		20,338		1,008,984
Brewery — 0.1%
Boston Beer Co., Inc., Class A†		82		58,220
Kirin Holdings Co., Ltd.		13,100		239,729
				297,949
Broadcast Services/Program — 0.0%
Liberty Media Corp.—Liberty Formula One, Series C†		1,290		60,540

Security Description	Shares		Value (Note 2)
Building & Construction Products-Misc. — 0.0%
Gibraltar Industries, Inc.†		528	$	39,431
Summit Materials, Inc., Class A†		2,100		70,560
Trex Co., Inc.†		1,310		127,201
				237,192
Building & Construction-Misc. — 0.0%
TopBuild Corp.†		520		105,399
Building Products-Air & Heating — 0.0%
Johnson Controls International PLC		390		27,854
Lennox International, Inc.		252		83,016
				110,870
Building Products-Cement — 0.1%
Martin Marietta Materials, Inc.		436		158,399
MDU Resources Group, Inc.		2,400		76,128
US Concrete, Inc.†		570		41,502
Vulcan Materials Co.		732		131,752
				407,781
Building Products-Doors & Windows — 0.0%
Apogee Enterprises, Inc.		360		14,281
Cornerstone Building Brands, Inc.†		920		15,475
Griffon Corp.		2,410		55,719
JELD-WEN Holding, Inc.†		1,700		45,016
Masonite International Corp.†		770		87,133
				217,624
Building-Heavy Construction — 0.0%
Dycom Industries, Inc.†		891		61,835
Building-Residential/Commercial — 0.2%
Green Brick Partners, Inc.†		3,700		92,759
Hovnanian Enterprises, Inc., Class A†		140		14,614
KB Home		1,280		54,323
NVR, Inc.†		23		120,120
Persimmon PLC		13,239		534,048
Taylor Morrison Home Corp.†		800		21,456
				837,320
Cable/Satellite TV — 0.6%
Altice USA, Inc., Class A†		931		28,610
Cable One, Inc.		41		77,407
Charter Communications, Inc., Class A†		414		308,037
Comcast Corp., Class A		41,612		2,448,034
DISH Network Corp., Class A†		423		17,719
Liberty Broadband Corp., Class C†		2,330		413,552
Liberty Global PLC, Class A†		888		23,843
Liberty Global PLC, Class C†		1,078		28,955
Sirius XM Holdings, Inc.		4,540		29,374
				3,375,531
Casino Hotels — 0.1%
Las Vegas Sands Corp.†		7,540		319,319
MGM Resorts International		10,607		398,081
Wynn Resorts, Ltd.†		590		58,014
				775,414
Casino Services — 0.0%
Scientific Games Corp.†		830		51,219
Cellular Telecom — 0.4%
T-Mobile US, Inc.†		10,969		1,579,756
Vodafone Group PLC ADR		31,519		514,705
				2,094,461

456

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Chemicals-Diversified — 0.6%
Asahi Kasei Corp.		44,900	$	489,581
BASF SE		7,287		572,579
Covestro AG*		6,088		391,760
Johnson Matthey PLC		16,220		669,751
Koppers Holdings, Inc.†		570		17,505
PPG Industries, Inc.		5,678		928,466
Tosoh Corp.		4,600		80,899
				3,150,541
Chemicals-Specialty — 0.3%
Albemarle Corp.		263		54,189
Amyris, Inc.†		1,800		26,244
Chemours Co.		2,760		91,770
Ecolab, Inc.		350		77,290
Element Solutions, Inc.		4,820		112,740
International Flavors & Fragrances, Inc.		2,936		442,279
Kraton Corp.†		810		30,934
Minerals Technologies, Inc.		1,068		85,675
NewMarket Corp.		89		28,116
Rogers Corp.†		373		71,094
Sensient Technologies Corp.		1,004		87,529
Tronox Holdings PLC, Class A		1,300		23,959
Umicore SA		7,768		482,403
Valvoline, Inc.		2,680		82,222
				1,696,444
Circuit Boards — 0.0%
TTM Technologies, Inc.†		2,060		28,819
Coal — 0.0%
SunCoke Energy, Inc.		2,800		21,644
Coatings/Paint — 0.5%
Akzo Nobel NV		5,367		663,690
Axalta Coating Systems, Ltd.†		1,840		55,384
RPM International, Inc.		6,337		548,721
Sherwin-Williams Co.		5,372		1,563,413
				2,831,208
Commercial Services — 0.3%
Amadeus IT Group SA†		3,887		254,470
Cintas Corp.		864		340,572
CoStar Group, Inc.†		6,250		555,312
John Wiley & Sons, Inc., Class A		720		42,322
LiveRamp Holdings, Inc.†		930		37,209
Macquarie Infrastructure Corp.		1,057		41,751
TechnoPro Holdings, Inc.		16,000		399,584
				1,671,220
Commercial Services-Finance — 1.3%
Affirm Holdings, Inc.†		3,100		174,592
Automatic Data Processing, Inc.		2,423		507,933
Avalara, Inc.†		203		33,936
Equifax, Inc.		2,658		692,675
Euronet Worldwide, Inc.†		399		56,985
FleetCor Technologies, Inc.†		1,093		282,234
Global Payments, Inc.		8,072		1,561,206
Green Dot Corp., Class A†		1,090		50,216
MarketAxess Holdings, Inc.		154		73,176
PayPal Holdings, Inc.†		5,701		1,570,797
S&P Global, Inc.		2,833		1,214,564
Square, Inc., Class A†		3,943		974,946
TransUnion		2,339		280,820

Security Description	Shares		Value (Note 2)
Commercial Services-Finance (continued)
WEX, Inc.†		185	$	35,100
				7,509,180
Communications Software — 0.3%
8x8, Inc.†		2,110		53,932
RingCentral, Inc., Class A†		401		107,175
Zoom Video Communications, Inc., Class A†		3,520		1,330,912
				1,492,019
Computer Aided Design — 0.1%
Synopsys, Inc.†		1,998		575,404
Computer Data Security — 0.2%
Crowdstrike Holdings, Inc., Class A†		1,285		325,889
Fortinet, Inc.†		1,560		424,695
Qualys, Inc.†		890		90,388
Zscaler, Inc.†		375		88,466
				929,438
Computer Services — 0.7%
Accenture PLC, Class A		6,488		2,061,108
Cognizant Technology Solutions Corp., Class A		2,863		210,516
EPAM Systems, Inc.†		269		150,586
Leidos Holdings, Inc.		1,529		162,716
NTT Data Corp.		51,000		790,359
Science Applications International Corp.		497		43,388
Sykes Enterprises, Inc.†		2,090		112,150
Teleperformance		1,139		480,619
				4,011,442
Computer Software — 0.4%
Bandwidth, Inc., Class A†		440		57,050
Citrix Systems, Inc.		1,975		198,981
Cloudera, Inc.†		7,520		119,343
Cloudflare, Inc., Class A†		380		45,079
Datadog, Inc., Class A†		2,156		238,669
Dropbox, Inc., Class A†		2,300		72,427
Envestnet, Inc.†		1,270		95,542
J2 Global, Inc.†		680		96,064
MongoDB, Inc.†		1,234		442,907
Snowflake, Inc., Class A†		865		229,848
Splunk, Inc.†		900		127,782
Teradata Corp.†		1,060		52,640
Twilio, Inc., Class A†		1,158		432,617
Upland Software, Inc.†		2,370		85,320
Veritone, Inc.†		2,586		53,479
Yext, Inc.†		1,710		22,281
ZoomInfo Technologies, Inc., Class A†		1,990		106,963
				2,476,992
Computers — 2.0%
Apple, Inc.		77,199		11,260,246
Dell Technologies, Inc., Class C†		901		87,055
				11,347,301
Computers-Integrated Systems — 0.0%
NCR Corp.†		2,370		105,228
Computers-Memory Devices — 0.0%
Pure Storage, Inc., Class A†		3,045		59,438

457

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Computers-Other — 0.0%
3D Systems Corp.†		2,402	$	66,151
Consulting Services — 0.1%
Booz Allen Hamilton Holding Corp.		807		69,249
FTI Consulting, Inc.†		490		71,393
Worley, Ltd.		50,177		412,138
				552,780
Consumer Products-Misc. — 0.1%
Kimberly-Clark Corp.		3,941		534,873
Spectrum Brands Holdings, Inc.		409		35,726
				570,599
Containers-Metal/Glass — 0.2%
Ball Corp.		12,835		1,038,095
Crown Holdings, Inc.		696		69,433
Greif, Inc., Class B		370		22,525
				1,130,053
Containers-Paper/Plastic — 0.6%
Amcor PLC CDI		28,051		324,731
Matthews International Corp., Class A		1,940		67,124
Packaging Corp. of America		6,530		923,995
Sealed Air Corp.		11,653		661,308
Sonoco Products Co.		1,360		86,754
WestRock Co.		31,147		1,532,744
				3,596,656
Cosmetics & Toiletries — 0.7%
Colgate-Palmolive Co.		4,267		339,226
Estee Lauder Cos., Inc., Class A		619		206,641
L’Oreal SA		2,217		1,015,532
Pola Orbis Holdings, Inc.		5,400		129,152
Procter & Gamble Co.		5,142		731,347
Unilever PLC		29,857		1,719,301
				4,141,199
Data Processing/Management — 0.9%
Broadridge Financial Solutions, Inc.		4,228		733,516
CSG Systems International, Inc.		970		43,999
DocuSign, Inc.†		2,361		703,673
Fair Isaac Corp.†		154		80,682
Fidelity National Information Services, Inc.		11,916		1,776,080
Fiserv, Inc.†		16,211		1,866,048
				5,203,998
Decision Support Software — 0.0%
MSCI, Inc.		165		98,333
Dental Supplies & Equipment — 0.0%
DENTSPLY SIRONA, Inc.		2,847		188,016
Diagnostic Equipment — 1.8%
10X Genomics, Inc., Class A†		390		71,460
Accelerate Diagnostics, Inc.†		6,680		49,833
Adaptive Biotechnologies Corp.†		744		27,275
Avantor, Inc.†		2,566		96,430
Danaher Corp.		18,813		5,596,679
PerkinElmer, Inc.		674		122,823
Repligen Corp.†		640		157,248
Thermo Fisher Scientific, Inc.		7,655		4,133,777
				10,255,525

Security Description	Shares		Value (Note 2)
Diagnostic Kits — 0.0%
Co-Diagnostics, Inc.†		1,900	$	19,209
OraSure Technologies, Inc.†		3,400		40,086
Quidel Corp.†		385		54,466
				113,761
Dialysis Centers — 0.1%
Fresenius SE & Co. KGaA		13,361		702,809
Disposable Medical Products — 0.1%
Teleflex, Inc.		1,572		624,760
Distribution/Wholesale — 0.2%
Bunzl PLC		8,637		319,986
Copart, Inc.†		1,313		193,011
EVI Industries, Inc.†		700		18,858
Global Industrial Co.		1,290		50,981
Hudson Technologies, Inc.†		15,060		52,107
Resideo Technologies, Inc.†		2,100		61,950
SiteOne Landscape Supply, Inc.†		560		97,877
WESCO International, Inc.†		633		67,383
				862,153
Diversified Banking Institutions — 2.7%
Bank of America Corp.		92,068		3,531,728
BNP Paribas SA		10,628		646,594
Citigroup, Inc.		3,956		267,505
Goldman Sachs Group, Inc.		6,127		2,296,890
JPMorgan Chase & Co.		13,689		2,077,716
Lloyds Banking Group PLC		774,486		490,750
Macquarie Group, Ltd.		3,858		445,181
Mitsubishi UFJ Financial Group, Inc.		72,000		381,475
Morgan Stanley		53,577		5,142,320
				15,280,159
Diversified Financial Services — 0.0%
ANT International Co., Ltd., Class C†(1)(2)		1,708		12,041
Diversified Manufacturing Operations — 1.5%
3M Co.		1,535		303,838
Carlisle Cos., Inc.		544		110,018
Fabrinet†		760		71,835
General Electric Co.		377,546		4,889,221
Illinois Tool Works, Inc.		2,107		477,594
Parker-Hannifin Corp.		465		145,094
Siemens AG		14,015		2,188,135
Textron, Inc.		3,315		228,768
				8,414,503
Diversified Minerals — 0.2%
BHP Group PLC		23,635		767,575
BHP Group, Ltd.		7,998		313,435
				1,081,010
Drug Delivery Systems — 0.3%
Becton Dickinson & Co.		5,797		1,482,583
Heron Therapeutics, Inc.†		4,230		52,283
				1,534,866
E-Commerce/Products — 2.4%
Alibaba Group Holding, Ltd. ADR†		2,954		576,591
Amazon.com, Inc.†		3,136		10,435,322
ASOS PLC†		10,754		568,399
Coupang, Inc.†		4,993		181,346
Overstock.com, Inc.†		380		26,463
Sea, Ltd. ADR†		4,816		1,329,987

458

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
E-Commerce/Products (continued)
Stitch Fix, Inc., Class A†		710	$	38,283
THG PLC†		11,518		94,106
Wayfair, Inc., Class A†		341		82,304
				13,332,801
E-Commerce/Services — 0.5%
Airbnb, Inc., Class A†		565		81,366
Booking Holdings, Inc.†		342		744,965
Delivery Hero SE†*		797		119,353
DoorDash, Inc., Class A†		2,381		414,984
Lyft, Inc., Class A†		1,400		77,448
Match Group, Inc.†		4,497		716,237
Opendoor Technologies, Inc.†		2,639		39,110
Stamps.com, Inc.†		150		49,014
TrueCar, Inc.†		4,830		25,406
Uber Technologies, Inc.†		7,210		313,347
Upwork, Inc.†		1,975		102,285
Zillow Group, Inc., Class A†		270		28,925
Zillow Group, Inc., Class C†		710		75,445
				2,787,885
E-Marketing/Info — 0.1%
CyberAgent, Inc.		33,600		604,888
Magnite, Inc.†		590		17,877
				622,765
E-Services/Consulting — 0.0%
CDW Corp.		698		127,978
Electric Products-Misc. — 0.1%
Legrand SA		4,139		466,303
Novanta, Inc.†		520		73,013
				539,316
Electric-Distribution — 0.5%
National Grid PLC		45,504		582,150
Sempra Energy		16,595		2,168,137
SYNNEX Corp.		674		80,570
				2,830,857
Electric-Generation — 0.2%
Electric Power Development Co., Ltd.		15,400		225,131
Engie SA		58,676		783,006
Ormat Technologies, Inc.		881		61,441
				1,069,578
Electric-Integrated — 1.2%
AES Corp.		2,433		57,662
Ameren Corp.		9,513		798,331
American Electric Power Co., Inc.		2,615		230,434
CMS Energy Corp.		8,079		499,201
Dominion Energy, Inc.		9,156		685,510
Entergy Corp.		1,117		114,962
Evergy, Inc.		2,366		154,310
Eversource Energy		7,366		635,465
IDACORP, Inc.		632		66,644
MGE Energy, Inc.		710		55,465
NextEra Energy, Inc.		28,098		2,188,834
OGE Energy Corp.		1,915		64,631
PG&E Corp.†		5,900		51,861
PNM Resources, Inc.		1,658		80,131
Public Service Enterprise Group, Inc.		4,220		262,611
Southern Co.		13,779		880,065

Security Description	Shares		Value (Note 2)
Electric-Integrated (continued)
WEC Energy Group, Inc.		2,113	$	198,918
				7,025,035
Electronic Components-Misc. — 0.3%
Atkore, Inc.†		1,177		88,405
Hubbell, Inc.		3,427		686,976
Knowles Corp.†		2,720		54,509
Murata Manufacturing Co., Ltd.		7,900		655,081
Sensata Technologies Holding PLC†		1,460		85,585
				1,570,556
Electronic Components-Semiconductors — 2.1%
Advanced Micro Devices, Inc.†		12,232		1,298,916
Amkor Technology, Inc.		2,886		71,111
Broadcom, Inc.		4,668		2,265,847
Hamamatsu Photonics KK		7,500		417,389
Impinj, Inc.†		910		41,860
Marvell Technology, Inc.		8,608		520,870
Microchip Technology, Inc.		5,628		805,479
Monolithic Power Systems, Inc.		469		210,703
NVIDIA Corp.		9,444		1,841,486
ON Semiconductor Corp.†		1,044		40,779
Samsung Electronics Co., Ltd.		19,739		1,349,834
Texas Instruments, Inc.		13,825		2,635,321
Xilinx, Inc.		1,842		276,005
				11,775,600
Electronic Connectors — 0.3%
Amphenol Corp., Class A		12,917		936,353
TE Connectivity, Ltd.		5,385		794,126
				1,730,479
Electronic Measurement Instruments — 0.6%
Agilent Technologies, Inc.		14,783		2,265,199
Fortive Corp.		12,206		886,888
Keysight Technologies, Inc.†		245		40,315
Trimble, Inc.†		1,083		92,596
				3,284,998
Electronic Parts Distribution — 0.0%
Avnet, Inc.		2,010		83,053
Energy-Alternate Sources — 0.1%
Plug Power, Inc.†		2,500		68,200
Renewable Energy Group, Inc.†		1,250		76,563
REX American Resources Corp.†		647		53,054
SolarEdge Technologies, Inc.†		215		55,788
Sunrun, Inc.†		840		44,495
				298,100
Engineering/R&D Services — 0.2%
Exponent, Inc.		812		86,957
Jacobs Engineering Group, Inc.		5,619		759,970
				846,927
Enterprise Software/Service — 0.9%
Alteryx, Inc., Class A†		560		43,344
Asure Software, Inc.†		5,280		49,738
Atlassian Corp. PLC, Class A†		783		254,569
Benefitfocus, Inc.†		2,910		38,296
Bill.com Holdings, Inc.†		983		203,304
Black Knight, Inc.†		1,230		101,856
Cardlytics, Inc.†		270		34,009
Ceridian HCM Holding, Inc.†		680		66,912
Clarivate PLC†		2,272		51,802

459

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Enterprise Software/Service (continued)
Coupa Software, Inc.†		1,072	$	232,624
Everbridge, Inc.†		390		55,076
Evolent Health, Inc., Class A†		1,780		40,833
HubSpot, Inc.†		337		200,859
LivePerson, Inc.†		850		54,137
Manhattan Associates, Inc.†		620		98,971
MicroStrategy, Inc., Class A†		31		19,406
Paycom Software, Inc.†		179		71,600
salesforce.com, Inc.†		6,544		1,583,190
SAP SE		5,672		813,512
SS&C Technologies Holdings, Inc.		1,560		122,288
Veeva Systems, Inc., Class A†		1,454		483,760
Workday, Inc., Class A†		1,786		418,638
				5,038,724
Entertainment Software — 0.1%
Electronic Arts, Inc.		1,084		156,053
Playtika Holding Corp.†		2,720		60,465
Zynga, Inc., Class A†		5,942		60,014
				276,532
Filtration/Separation Products — 0.0%
ESCO Technologies, Inc.		540		50,960
Finance-Auto Loans — 0.0%
Ally Financial, Inc.		1,404		72,109
Finance-Consumer Loans — 0.0%
SLM Corp.		5,235		98,575
Finance-Credit Card — 1.7%
American Express Co.		2,296		391,537
Capital One Financial Corp.		1,954		315,962
Mastercard, Inc., Class A		5,498		2,121,898
Visa, Inc., Class A		27,015		6,656,226
				9,485,623
Finance-Investment Banker/Broker — 0.7%
Charles Schwab Corp.		48,305		3,282,325
Close Brothers Group PLC		7,601		162,867
Piper Sandler Cos.		730		89,564
Tradeweb Markets, Inc., Class A		1,602		138,941
XP, Inc., Class A†		3,745		153,770
				3,827,467
Finance-Leasing Companies — 0.1%
Air Lease Corp.		1,830		77,519
Mitsubishi UFJ Lease & Finance Co., Ltd.		40,300		219,945
				297,464
Finance-Mortgage Loan/Banker — 0.0%
Rocket Cos., Inc., Class A		800		13,792
Finance-Other Services — 0.2%
Cboe Global Markets, Inc.		978		115,863
CME Group, Inc.		3,516		745,849
Coinbase Global, Inc., Class A†		115		27,207
Intercontinental Exchange, Inc.		2,213		265,184
SEI Investments Co.		1,690		102,752
				1,256,855
Firearms & Ammunition — 0.0%
Axon Enterprise, Inc.†		500		93,010

Security Description	Shares		Value (Note 2)
Firearms & Ammunition (continued)
Sturm Ruger & Co., Inc.		60	$	4,462
				97,472
Fisheries — 0.0%
Mowi ASA ADR		570		14,489
Food-Baking — 0.0%
Hostess Brands, Inc.†		2,772		44,601
Food-Catering — 0.1%
Aramark		2,190		76,935
Compass Group PLC†		27,465		580,235
				657,170
Food-Confectionery — 0.3%
Barry Callebaut AG		160		405,209
Mondelez International, Inc., Class A		23,074		1,459,661
				1,864,870
Food-Flour & Grain — 0.1%
Wilmar International, Ltd.		151,200		485,835
Food-Meat Products — 0.0%
Tyson Foods, Inc., Class A		1,515		108,262
Food-Misc./Diversified — 0.7%
Beyond Meat, Inc.†		320		39,264
Conagra Brands, Inc.		1,779		59,579
Ingredion, Inc.		776		68,141
McCormick & Co., Inc.		3,255		273,973
Nestle SA		25,741		3,261,733
				3,702,690
Food-Retail — 0.1%
Seven & i Holdings Co., Ltd.		16,700		744,291
Food-Wholesale/Distribution — 0.0%
US Foods Holding Corp.†		1,400		48,076
Footwear & Related Apparel — 0.1%
Dr. Martens PLC†		42,193		254,045
Skechers U.S.A., Inc., Class A†		2,650		142,252
				396,297
Funeral Services & Related Items — 0.0%
Service Corp. International		1,305		81,549
Gas-Distribution — 0.1%
Atmos Energy Corp.		4,352		429,064
Beijing Enterprises Holdings, Ltd.		48,000		149,179
ONE Gas, Inc.		1,447		106,760
Southwest Gas Holdings, Inc.		945		66,084
				751,087
Golf — 0.0%
Acushnet Holdings Corp.		1,590		81,456
Callaway Golf Co.†		1,500		47,520
				128,976
Healthcare Safety Devices — 0.0%
Alpha Pro Tech, Ltd.†		1,800		21,618
Tandem Diabetes Care, Inc.†		590		64,115
				85,733
Home Furnishings — 0.0%
Purple Innovation, Inc.†		1,700		44,778
Hotels/Motels — 0.6%
Hilton Worldwide Holdings, Inc.†		12,596		1,655,744

460

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Hotels/Motels (continued)
Marcus Corp.†		1,220	$	19,605
Marriott International, Inc., Class A†		9,277		1,354,257
Playa Hotels & Resorts NV†		5,350		35,792
Travel & Leisure Co.		1,970		102,046
Wyndham Hotels & Resorts, Inc.		1,240		89,354
				3,256,798
Human Resources — 0.2%
Korn Ferry		1,310		90,049
ManpowerGroup, Inc.		527		62,492
Paylocity Holding Corp.†		260		53,939
Recruit Holdings Co., Ltd.		12,800		661,938
				868,418
Import/Export — 0.1%
Mitsubishi Corp.		13,500		380,614
Sumitomo Corp.		29,800		405,237
				785,851
Independent Power Producers — 0.0%
Vistra Corp.		2,700		51,705
Industrial Automated/Robotic — 0.2%
Cognex Corp.		1,256		113,555
Colfax Corp.†		535		24,546
Omron Corp.		4,000		342,206
Rockwell Automation, Inc.		924		284,056
SMC Corp.		400		237,694
THK Co., Ltd.		8,500		243,312
				1,245,369
Industrial Gases — 0.7%
Air Liquide SA		3,556		618,168
Air Products & Chemicals, Inc.		1,600		465,648
Linde PLC		9,467		2,910,061
				3,993,877
Instruments-Controls — 0.4%
Honeywell International, Inc.		10,580		2,473,498
Insurance Brokers — 0.5%
Aon PLC, Class A		2,558		665,157
Brown & Brown, Inc.		720		39,168
eHealth, Inc.†		660		34,327
Marsh & McLennan Cos., Inc.		13,579		1,999,100
Selectquote, Inc.†		729		12,976
Willis Towers Watson PLC		1,326		273,262
				3,023,990
Insurance-Life/Health — 0.7%
AIA Group, Ltd.		25,800		309,480
Aviva PLC		77,265		415,703
AXA SA		43,513		1,126,311
Brighthouse Financial, Inc.†		2,080		89,565
Challenger, Ltd.		41,350		172,679
Equitable Holdings, Inc.		31,978		987,161
Sun Life Financial, Inc.		17,425		907,564
Voya Financial, Inc.		1,676		107,934
				4,116,397
Insurance-Multi-line — 1.5%
American Financial Group, Inc.		713		90,187
Chubb, Ltd.		25,172		4,247,523
Direct Line Insurance Group PLC		52,355		216,179

Security Description	Shares		Value (Note 2)
Insurance-Multi-line (continued)
Hartford Financial Services Group, Inc.		14,603	$	929,043
Kemper Corp.		820		54,128
Loews Corp.		662		35,503
MetLife, Inc.		16,300		940,510
Ping An Insurance Group Co. of China, Ltd.		30,000		263,330
Sampo Oyj, Class A		16,956		817,609
Storebrand ASA		62,390		536,670
Zurich Insurance Group AG		1,443		581,685
				8,712,367
Insurance-Property/Casualty — 0.6%
Alleghany Corp.†		68		45,091
Arch Capital Group, Ltd.†		2,275		88,725
Berkshire Hathaway, Inc., Class B†		2,960		823,738
Fidelity National Financial, Inc.		1,450		64,685
Markel Corp.†		65		78,401
Mercury General Corp.		990		60,222
PICC Property & Casualty Co., Ltd.		404,000		327,589
Progressive Corp.		4,715		448,679
Selective Insurance Group, Inc.		820		66,707
Tokio Marine Holdings, Inc.		13,200		629,747
Travelers Cos., Inc.		3,147		468,651
White Mountains Insurance Group, Ltd.		58		65,631
				3,167,866
Insurance-Reinsurance — 0.3%
Argo Group International Holdings, Ltd.		789		41,131
Axis Capital Holdings, Ltd.		1,350		68,674
Muenchener Rueckversicherungs-Gesellschaft AG		4,172		1,128,276
Reinsurance Group of America, Inc.		395		43,521
RenaissanceRe Holdings, Ltd.		1,661		253,618
				1,535,220
Internet Application Software — 0.1%
Okta, Inc.†		620		153,630
Shopify, Inc., Class A†		351		526,475
Zendesk, Inc.†		918		119,827
				799,932
Internet Content-Entertainment — 2.2%
Facebook, Inc., Class A†		21,343		7,604,511
Netflix, Inc.†		3,398		1,758,703
Pinterest, Inc., Class A†		11,768		693,135
Roku, Inc.†		848		363,207
Snap, Inc., Class A†		23,982		1,784,741
Spotify Technology SA†		1,014		231,871
				12,436,168
Internet Content-Information/News — 0.2%
IAC/InterActiveCorp†		415		56,975
Tencent Holdings, Ltd.		16,300		1,005,895
Vimeo, Inc.†		2,341		104,877
				1,167,747
Internet Gambling — 0.0%
DraftKings, Inc., Class A†		1,430		69,355
Internet Security — 0.1%
NortonLifeLock, Inc.		7,594		188,483
Palo Alto Networks, Inc.†		436		173,986

461

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Internet Security (continued)
Proofpoint, Inc.†		400	$	69,864
				432,333
Investment Companies — 0.1%
Melrose Industries PLC		278,066		618,121
Investment Management/Advisor Services — 0.1%
Apollo Global Management, Inc.		5,804		341,623
Invesco, Ltd.		1,034		25,209
Julius Baer Group, Ltd.		2,185		144,547
LPL Financial Holdings, Inc.		613		86,458
Raymond James Financial, Inc.		414		53,605
StepStone Group, Inc., Class A		432		19,660
Virtus Investment Partners, Inc.		425		117,355
				788,457
Lasers-System/Components — 0.0%
Coherent, Inc.†		311		76,487
II-VI, Inc.†		1,266		88,380
				164,867
Lighting Products & Systems — 0.0%
Universal Display Corp.		286		67,064
Linen Supply & Related Items — 0.0%
UniFirst Corp.		106		23,084
Machinery-Construction & Mining — 0.2%
Caterpillar, Inc.		4,867		1,006,252
Oshkosh Corp.		817		97,673
				1,103,925
Machinery-Electrical — 0.2%
Argan, Inc.		1,480		66,526
Bloom Energy Corp., Class A†		700		15,260
BWX Technologies, Inc.		1,116		64,092
Mitsubishi Electric Corp.		57,800		782,423
				928,301
Machinery-Farming — 0.1%
Alamo Group, Inc.		350		51,370
Deere & Co.		1,024		370,268
Toro Co.		1,000		113,740
				535,378
Machinery-General Industrial — 0.1%
Altra Industrial Motion Corp.		1,510		94,647
Middleby Corp.†		565		108,192
Nordson Corp.		470		106,281
Otis Worldwide Corp.		2,765		247,606
Tennant Co.		670		53,010
				609,736
Machinery-Material Handling — 0.1%
KION Group AG		6,777		719,660
Machinery-Pumps — 0.1%
Cactus, Inc., Class A		2,000		72,080
Flowserve Corp.		1,701		71,595
Graco, Inc.		1,480		115,559
Ingersoll Rand, Inc.†		2,769		135,321
Mueller Water Products, Inc., Class A		5,200		77,064
				471,619

Security Description	Shares		Value (Note 2)
Medical Imaging Systems — 0.0%
Lantheus Holdings, Inc.†		2,715	$	71,052
Medical Information Systems — 0.0%
1Life Healthcare, Inc.†		870		23,525
CareCloud, Inc.†		4,900		40,278
				63,803
Medical Instruments — 0.9%
Alcon, Inc.		3,209		233,631
Bio-Techne Corp.		209		100,788
Bruker Corp.		500		41,125
Elekta AB, Series B		29,591		431,617
Intuitive Surgical, Inc.†		1,792		1,776,696
Medtronic PLC		17,103		2,245,795
NuVasive, Inc.†		850		54,358
				4,884,010
Medical Labs & Testing Services — 0.1%
Evotec SE†		7,256		301,235
MEDNAX, Inc.†		2,810		81,827
PPD, Inc.†		820		37,819
				420,881
Medical Products — 1.1%
Abbott Laboratories		7,210		872,266
Align Technology, Inc.†		197		137,073
Cooper Cos., Inc.		104		43,864
Envista Holdings Corp.†		1,417		61,044
Glaukos Corp.†		723		36,873
Hologic, Inc.†		1,704		127,868
Inogen, Inc.†		488		38,928
Koninklijke Philips NV		18,717		863,254
Masimo Corp.†		166		45,217
Nevro Corp.†		490		75,950
Novocure, Ltd.†		600		92,406
Omnicell, Inc.†		690		101,085
Penumbra, Inc.†		385		102,498
Pulse Biosciences, Inc.†		1,000		20,500
Shockwave Medical, Inc.†		240		43,680
Siemens Healthineers AG*		10,936		722,587
Soliton, Inc.†		500		10,965
Stryker Corp.		8,881		2,406,218
Tactile Systems Technology, Inc.†		1,390		68,082
Zimmer Biomet Holdings, Inc.		810		132,370
				6,002,728
Medical-Biomedical/Gene — 0.5%
Acceleron Pharma, Inc.†		333		41,645
Aldeyra Therapeutics, Inc.†		1,710		15,219
Alnylam Pharmaceuticals, Inc.†		610		109,153
Amgen, Inc.		951		229,705
Anavex Life Sciences Corp.†		2,300		41,285
Apellis Pharmaceuticals, Inc.†		775		49,592
Applied Therapeutics, Inc.†		500		8,605
Arrowhead Pharmaceuticals, Inc.†		720		49,889
Beam Therapeutics, Inc.†		290		26,680
Biogen, Inc.†		452		147,682
BioMarin Pharmaceutical, Inc.†		1,010		77,497
Blueprint Medicines Corp.†		770		67,660
ChemoCentryx, Inc.†		1,920		28,378
Cue Biopharma, Inc.†		1,500		15,630
Cytocom, Inc.†		6,500		27,560
Denali Therapeutics, Inc.†		509		25,974
Exact Sciences Corp.†		988		106,546

462

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical-Biomedical/Gene (continued)
Exelixis, Inc.†		2,920	$	49,202
Fate Therapeutics, Inc.†		460		38,088
Forte Biosciences, Inc.†		790		23,668
Genprex, Inc.†		3,900		11,544
Global Blood Therapeutics, Inc.†		1,040		28,423
Guardant Health, Inc.†		440		48,312
Horizon Therapeutics PLC†		1,320		132,026
IGM Biosciences, Inc.†		95		6,461
Incyte Corp.†		1,092		84,466
Insmed, Inc.†		1,700		41,820
Ionis Pharmaceuticals, Inc.†		1,647		61,170
Iovance Biotherapeutics, Inc.†		1,270		28,283
Kezar Life Sciences, Inc.†		2,300		11,201
Lexicon Pharmaceuticals, Inc.†		5,940		21,028
Mirati Therapeutics, Inc.†		300		48,018
NGM Biopharmaceuticals, Inc.†		2,000		40,780
Novavax, Inc.†		380		68,145
Ovid therapeutics, Inc.†		10,461		39,020
Oyster Point Pharma, Inc.†		2,200		31,350
Radius Health, Inc.†		2,000		30,260
Regeneron Pharmaceuticals, Inc.†		140		80,445
Rexahn Pharmaceuticals, Inc. CVR(1)		839		0
Savara, Inc.†		17,260		22,093
Scholar Rock Holding Corp.†		800		25,000
Seagen, Inc.†		931		142,806
Selecta Biosciences, Inc.†		7,710		26,677
Sorrento Therapeutics, Inc.†		1,600		13,136
TG Therapeutics, Inc.†		1,000		34,990
Ultragenyx Pharmaceutical, Inc.†		594		47,419
United Therapeutics Corp.†		416		75,683
Vertex Pharmaceuticals, Inc.†		881		177,592
Veru, Inc.†		1,300		8,931
WaVe Life Sciences, Ltd.†		4,780		26,338
Xencor, Inc.†		1,230		37,859
ZIOPHARM Oncology, Inc.†		10,300		23,381
				2,654,315
Medical-Drugs — 3.7%
AbbVie, Inc.		20,844		2,424,157
Aclaris Therapeutics, Inc.†		1,320		19,708
Alkermes PLC†		2,920		75,540
Astellas Pharma, Inc.		67,600		1,076,698
AstraZeneca PLC ADR		44,057		2,521,823
Bausch Health Cos., Inc.†		8,950		261,787
Bayer AG		12,263		731,367
Bioxcel Therapeutics, Inc.†		620		15,866
Citius Pharmaceuticals, Inc.†		10,400		19,656
Corbus Pharmaceuticals Holdings, Inc.†		28,410		38,922
Eagle Pharmaceuticals, Inc.†		1,080		50,220
Eli Lilly & Co.		15,436		3,758,666
GlaxoSmithKline PLC ADR		14,584		585,402
Intellia Therapeutics, Inc.†		300		42,555
Ipsen SA		2,908		310,954
Johnson & Johnson		8,140		1,401,708
Jounce Therapeutics, Inc.†		2,160		10,886
Merck & Co., Inc.		2,903		223,154
Novartis AG		14,596		1,350,069
Organon & Co.†		290		8,413
Otsuka Holdings Co., Ltd.		11,900		473,056
Pacira BioSciences, Inc.†		980		57,771
Prestige Consumer Healthcare, Inc.†		1,610		84,605

Security Description	Shares		Value (Note 2)
Medical-Drugs (continued)
Reata Pharmaceuticals, Inc., Class A†		220	$	27,568
Roche Holding AG (NES)		4,426		1,711,544
Sanofi		12,897		1,329,011
Sanofi ADR		3,819		196,908
Spectrum Pharmaceuticals, Inc.†		10,730		34,551
Takeda Pharmaceutical Co., Ltd. ADR		12,770		210,705
TherapeuticsMD, Inc.†		9,700		9,700
Zoetis, Inc.		8,675		1,758,422
				20,821,392
Medical-Generic Drugs — 0.0%
Arvinas, Inc.†		367		37,104
Medical-HMO — 1.2%
Anthem, Inc.		3,175		1,219,232
Centene Corp.†		9,978		684,591
Clover Health Investments Corp.†		100		807
Humana, Inc.		867		369,221
Molina Healthcare, Inc.†		549		149,882
Triple-S Management Corp., Class B†		1,900		46,227
UnitedHealth Group, Inc.		10,828		4,463,518
				6,933,478
Medical-Hospitals — 0.4%
HCA Healthcare, Inc.		7,565		1,877,633
Select Medical Holdings Corp.		634		25,011
Tenet Healthcare Corp.†		850		61,064
				1,963,708
Medical-Outpatient/Home Medical — 0.1%
Amedisys, Inc.†		324		84,441
Chemed Corp.		123		58,550
LHC Group, Inc.†		384		82,629
Pennant Group, Inc.†		638		21,832
Teladoc Health, Inc.†		588		87,289
				334,741
Medical-Wholesale Drug Distribution — 0.0%
McKesson Corp.		208		42,397
Owens & Minor, Inc.		800		37,000
				79,397
Metal Processors & Fabrication — 0.0%
Proto Labs, Inc.†		520		40,659
Timken Co.		1,300		103,350
				144,009
Metal Products-Distribution — 0.0%
Worthington Industries, Inc.		868		55,526
Metal-Aluminum — 0.1%
South32, Ltd.		134,434		294,350
Metal-Copper — 0.1%
Antofagasta PLC		27,531		571,621
Metal-Diversified — 0.1%
Rio Tinto, Ltd.		2,952		290,542
Miscellaneous Manufacturing — 0.1%
John Bean Technologies Corp.		450		65,961
Knorr-Bremse AG		2,673		303,216
				369,177
Motion Pictures & Services — 0.0%
Lions Gate Entertainment Corp., Class A†		1,200		18,036

463

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Multimedia — 0.5%
E.W. Scripps Co., Class A		2,170	$	41,404
FactSet Research Systems, Inc.		278		99,324
Walt Disney Co.†		16,073		2,829,169
				2,969,897
Networking Products — 0.3%
Cisco Systems, Inc.		10,242		567,100
Infinera Corp.†		5,550		55,000
Telefonaktiebolaget LM Ericsson, Class B		69,746		804,154
				1,426,254
Non-Ferrous Metals — 0.1%
IGO, Ltd.		115,906		799,363
Non-Hazardous Waste Disposal — 0.3%
Covanta Holding Corp.		4,150		83,415
Republic Services, Inc.		2,610		308,920
Waste Connections, Inc.		9,297		1,177,837
				1,570,172
Office Automation & Equipment — 0.0%
Pitney Bowes, Inc.		6,200		49,600
Office Furnishings-Original — 0.0%
Steelcase, Inc., Class A		5,530		76,038
Office Supplies & Forms — 0.2%
Avery Dennison Corp.		4,937		1,040,127
Oil & Gas Drilling — 0.0%
Patterson-UTI Energy, Inc.		6,468		51,873
Oil Companies-Exploration & Production — 0.2%
Callon Petroleum Co.†		868		34,165
CNX Resources Corp.†		4,000		48,400
ConocoPhillips		7,052		395,335
Contango Oil & Gas Co.†		6,700		25,594
Devon Energy Corp.		1,714		44,290
EOG Resources, Inc.		9,419		686,268
Evolution Petroleum Corp.		8,600		36,292
Kosmos Energy, Ltd.†		11,900		27,489
				1,297,833
Oil Companies-Integrated — 0.5%
Chevron Corp.		2,452		249,638
Equinor ASA		36,039		705,027
Exxon Mobil Corp.		4,294		247,206
Royal Dutch Shell PLC, Class B ADR		8,901		352,035
TotalEnergies SE		27,758		1,210,400
TotalEnergies SE ADR		4,595		200,480
				2,964,786
Oil Refining & Marketing — 0.1%
DCC PLC		5,055		423,219
Marathon Petroleum Corp.		1,840		101,605
				524,824
Oil-Field Services — 0.1%
Halliburton Co.		10,097		208,806
NexTier Oilfield Solutions, Inc.†		12,960		49,507
TechnipFMC PLC†		6,224		44,937
				303,250
Oil-U.S. Royalty Trusts — 0.0%
Texas Pacific Land Corp.		51		76,120

Security Description	Shares		Value (Note 2)
Optical Supplies — 0.1%
EssilorLuxottica SA		2,977	$	561,926
Paper & Related Products — 0.4%
Domtar Corp.†		442		24,270
International Paper Co.		27,014		1,560,329
Resolute Forest Products, Inc.		2,300		27,462
Stora Enso Oyj, Class R		26,314		520,498
				2,132,559
Pastoral & Agricultural — 0.0%
Darling Ingredients, Inc.†		1,581		109,200
Patient Monitoring Equipment — 0.0%
Insulet Corp.†		370		103,485
Pharmacy Services — 0.2%
Cigna Corp.		4,897		1,123,813
CVS Health Corp.		2,262		186,298
				1,310,111
Photo Equipment & Supplies — 0.0%
Largan Precision Co., Ltd.		2,000		210,196
Pipelines — 0.0%
Antero Midstream Corp.		1,900		18,050
Cheniere Energy, Inc.†		735		62,424
Equitrans Midstream Corp.		2,000		16,440
NextDecade Corp.†		5,480		18,029
Targa Resources Corp.		1,130		47,584
				162,527
Power Converter/Supply Equipment — 0.2%
ABB, Ltd.		24,272		887,360
Generac Holdings, Inc.†		409		171,518
Schneider Electric SE		1,377		230,736
				1,289,614
Private Corrections — 0.0%
CoreCivic, Inc.†		7,200		74,016
Private Equity — 0.2%
Blackstone Group, Inc., Class A		4,155		478,947
Bridgepoint Group, Ltd.†*		41,840		282,064
KKR & Co., Inc., Class A		5,159		328,938
				1,089,949
Professional Sports — 0.0%
Madison Square Garden Entertainment Corp.†		264		18,469
Publishing-Books — 0.0%
Houghton Mifflin Harcourt Co.†		4,940		55,921
Publishing-Newspapers — 0.0%
TEGNA, Inc.		3,100		54,932
Quarrying — 0.0%
Compass Minerals International, Inc.		820		56,219
Racetracks — 0.0%
Churchill Downs, Inc.		350		65,030
Radio — 0.0%
Liberty Media Corp.—Liberty SiriusXM, Series C†		910		42,042
Real Estate Investment Trusts — 2.2%
Alexandria Real Estate Equities, Inc.		1,816		365,633
American Campus Communities, Inc.		882		44,373
American Tower Corp.		4,935		1,395,618

464

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Annaly Capital Management, Inc.		10,950	$	92,966
Apartment Income REIT Corp.		1,681		88,488
Apple Hospitality REIT, Inc.		5,880		87,906
AvalonBay Communities, Inc.		797		181,581
Camden Property Trust		4,880		729,023
CoreSite Realty Corp.		437		60,398
Crown Castle International Corp.		3,283		633,915
CubeSmart		2,050		101,803
Diversified Healthcare Trust		8,280		32,292
Douglas Emmett, Inc.		1,361		45,457
EPR Properties		1,412		71,024
Equinix, Inc.		633		519,320
Equity LifeStyle Properties, Inc.		4,885		409,363
Equity Residential		13,711		1,153,506
GEO Group, Inc.		300		2,076
Great Portland Estates PLC		40,572		430,112
Healthcare Trust of America, Inc., Class A		1,840		52,606
Invitation Homes, Inc.		3,930		159,872
JBG SMITH Properties		1,880		61,344
Kilroy Realty Corp.		735		50,914
Lamar Advertising Co., Class A		640		68,224
LTC Properties, Inc.		1,220		46,177
Medical Properties Trust, Inc.		2,430		51,103
National Retail Properties, Inc.		1,150		56,201
Omega Healthcare Investors, Inc.		1,530		55,508
Orchid Island Capital, Inc.		12,760		63,162
Outfront Media, Inc.†		3,470		82,898
Paramount Group, Inc.		8,620		84,131
Park Hotels & Resorts, Inc.†		3,410		63,085
Physicians Realty Trust		5,180		98,161
Piedmont Office Realty Trust, Inc., Class A		2,380		45,268
Prologis, Inc.		17,725		2,269,509
Public Storage		103		32,185
Rexford Industrial Realty, Inc.		1,250		76,900
RLJ Lodging Trust		4,603		66,053
Sabra Health Care REIT, Inc.		3,690		68,597
Safehold, Inc.		580		52,386
SBA Communications Corp.		77		26,256
Scentre Group		146,648		281,084
Service Properties Trust		5,510		61,326
Simon Property Group, Inc.		398		50,355
Starwood Property Trust, Inc.		3,080		80,172
Summit Hotel Properties, Inc.†		9,950		89,650
Sun Communities, Inc.		962		188,658
VEREIT, Inc.		1,330		65,130
VICI Properties, Inc.		2,500		77,975
Welltower, Inc.		12,966		1,126,227
Weyerhaeuser Co.		2,688		90,666
WP Carey, Inc.		1,215		98,038
				12,284,675
Real Estate Management/Services — 0.0%
Redfin Corp.†		1,290		75,555
Real Estate Operations & Development — 0.2%
Howard Hughes Corp.†		833		77,228
Mitsui Fudosan Co., Ltd.		31,100		728,232
Transcontinental Realty Investors, Inc.†		700		24,997
				830,457

Security Description	Shares		Value (Note 2)
Recreational Centers — 0.0%
Planet Fitness, Inc., Class A†		400	$	30,092
Rental Auto/Equipment — 0.3%
Ashtead Group PLC		10,174		762,159
Avis Budget Group, Inc.†		330		27,314
Element Fleet Management Corp.		53,237		609,350
PROG Holdings, Inc.		630		27,575
United Rentals, Inc.†		558		183,889
				1,610,287
Resorts/Theme Parks — 0.1%
Marriott Vacations Worldwide Corp.†		240		35,369
Vail Resorts, Inc.†		820		250,264
				285,633
Retail-Apparel/Shoe — 0.9%
Burlington Stores, Inc.†		1,088		364,262
Caleres, Inc.		2,470		61,108
Lululemon Athletica, Inc.†		2,242		897,181
Moncler SpA		8,992		619,214
Next PLC†		4,671		511,361
Ross Stores, Inc.		15,130		1,856,300
Zalando SE†*		6,335		704,666
				5,014,092
Retail-Auto Parts — 0.1%
AutoZone, Inc.†		270		438,364
O’Reilly Automotive, Inc.†		340		205,306
				643,670
Retail-Automobile — 0.2%
CarMax, Inc.†		315		42,194
Carvana Co.†		3,108		1,049,136
Group 1 Automotive, Inc.		300		52,122
Penske Automotive Group, Inc.		1,076		95,334
				1,238,786
Retail-Bedding — 0.0%
Bed Bath & Beyond, Inc.†		1,100		31,394
Retail-Building Products — 0.6%
Home Depot, Inc.		7,521		2,468,317
Kingfisher PLC		144,157		737,942
Lowe’s Cos., Inc.		1,502		289,420
				3,495,679
Retail-Catalog Shopping — 0.0%
MSC Industrial Direct Co., Inc., Class A		737		65,719
Qurate Retail, Inc., Series A		4,070		48,270
				113,989
Retail-Convenience Store — 0.0%
Casey’s General Stores, Inc.		311		61,488
Retail-Discount — 0.6%
BJ’s Wholesale Club Holdings, Inc.†		1,140		57,730
Citi Trends, Inc.†		640		51,040
Costco Wholesale Corp.		2,208		948,822
Dollar General Corp.		7,693		1,789,699
Dollar Tree, Inc.†		1,936		193,193
Ollie’s Bargain Outlet Holdings, Inc.†		619		57,629
Walmart, Inc.		2,558		364,643
				3,462,756
Retail-Drug Store — 0.0%
Welcia Holdings Co., Ltd.		7,300		248,626

465

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Retail-Floor Coverings — 0.0%
Floor & Decor Holdings, Inc., Class A†		1,240	$	151,292
Retail-Gardening Products — 0.1%
GrowGeneration Corp.†		350		14,234
Tractor Supply Co.		1,572		284,422
				298,656
Retail-Home Furnishings — 0.0%
Kirkland’s, Inc.†		100		1,946
La-Z-Boy, Inc.		1,670		56,079
RH†		80		53,126
				111,151
Retail-Jewelry — 0.0%
Signet Jewelers, Ltd.		330		21,232
Retail-Major Department Stores — 0.2%
Nordstrom, Inc.†		600		19,860
TJX Cos., Inc.		13,137		903,957
				923,817
Retail-Misc./Diversified — 0.0%
Five Below, Inc.†		670		130,261
GameStop Corp., Class A†		192		30,935
Party City Holdco, Inc.†		2,100		17,934
				179,130
Retail-Office Supplies — 0.0%
ODP Corp.†		1,310		62,002
Retail-Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		259		86,972
Retail-Pet Food & Supplies — 0.0%
Freshpet, Inc.†		521		76,301
PetMed Express, Inc.		1,180		37,040
				113,341
Retail-Petroleum Products — 0.0%
TravelCenters of America, Inc.†		400		11,568
Retail-Regional Department Stores — 0.0%
Kohl’s Corp.		870		44,196
Macy’s, Inc.†		4,600		78,200
				122,396
Retail-Restaurants — 1.0%
Brinker International, Inc.†		320		17,389
Chipotle Mexican Grill, Inc.†		437		814,323
Jack in the Box, Inc.		736		80,121
McDonald’s Corp.		5,355		1,299,712
Papa John’s International, Inc.		1,040		118,685
Starbucks Corp.		12,424		1,508,646
Yum! Brands, Inc.		14,087		1,850,891
				5,689,767
Retail-Sporting Goods — 0.0%
Big 5 Sporting Goods Corp.		900		19,728
Rubber-Tires — 0.0%
Goodyear Tire & Rubber Co.†		1,170		18,381
Sumitomo Rubber Industries, Ltd.		13,200		177,539
				195,920
Satellite Telecom — 0.0%
Globalstar, Inc.†		26,400		36,432

Security Description	Shares		Value (Note 2)
Satellite Telecom (continued)
Gogo, Inc.†		2,150	$	22,296
				58,728
Savings & Loans/Thrifts — 0.1%
Capitol Federal Financial, Inc.		5,170		57,335
Investors Bancorp, Inc.		4,450		61,499
New York Community Bancorp, Inc.		4,200		49,476
Pacific Premier Bancorp, Inc.		2,687		102,052
TFS Financial Corp.		2,460		47,921
WSFS Financial Corp.		1,484		64,970
				383,253
Schools — 0.0%
2U, Inc.†		840		36,456
Bright Horizons Family Solutions, Inc.†		470		70,265
Grand Canyon Education, Inc.†		609		56,253
Strategic Education, Inc.		221		17,523
				180,497
Semiconductor Components-Integrated Circuits — 1.2%
Analog Devices, Inc.		5,669		949,104
Cirrus Logic, Inc.†		1,226		101,255
Maxim Integrated Products, Inc.		699		69,837
MaxLinear, Inc.†		2,410		116,234
NXP Semiconductors NV		7,772		1,604,063
Power Integrations, Inc.		1,134		109,987
QUALCOMM, Inc.		10,035		1,503,243
Renesas Electronics Corp.†		23,500		254,503
Taiwan Semiconductor Manufacturing Co., Ltd.		94,000		1,957,320
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		1,451		169,245
				6,834,791
Semiconductor Equipment — 1.2%
Applied Materials, Inc.		19,217		2,689,035
ASML Holding NV (NASDAQ)		1,684		1,291,190
ASML Holding NV (XAMS)		2,038		1,549,693
Brooks Automation, Inc.		1,350		120,163
Entegris, Inc.		600		72,384
KLA Corp.		1,487		517,714
Lam Research Corp.		64		40,794
MKS Instruments, Inc.		474		74,153
Tokyo Electron, Ltd.		1,400		576,821
				6,931,947
Software Tools — 0.0%
VMware, Inc., Class A†		500		76,870
Steel Pipe & Tube — 0.0%
TimkenSteel Corp.†		2,990		39,857
Steel-Producers — 0.1%
Cleveland-Cliffs, Inc.†		4,065		101,625
Commercial Metals Co.		1,863		61,106
Reliance Steel & Aluminum Co.		307		48,245
United States Steel Corp.		2,810		74,409
				285,385
Telecom Equipment-Fiber Optics — 0.0%
Ciena Corp.†		1,440		83,722
Telecommunication Equipment — 0.0%
Viavi Solutions, Inc.†		4,940		82,449

466

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Telephone-Integrated — 0.5%
AT&T, Inc.		11,400	$	319,770
KT Corp.		9,533		280,481
Nippon Telegraph & Telephone Corp.		55,700		1,427,101
SoftBank Group Corp.		5,200		326,795
Telecom Italia SpA (RSP)		425,784		198,854
Telephone & Data Systems, Inc.		2,000		44,700
Verizon Communications, Inc.		4,639		258,763
				2,856,464
Television — 0.0%
Nexstar Media Group, Inc., Class A		620		91,183
Sinclair Broadcast Group, Inc., Class A		600		16,974
				108,157
Theaters — 0.0%
AMC Entertainment Holdings, Inc., Class A†		1,545		57,196
Cinemark Holdings, Inc.†		500		7,765
				64,961
Therapeutics — 0.0%
Neurocrine Biosciences, Inc.†		650		60,587
Sarepta Therapeutics, Inc.†		500		33,890
				94,477
Tobacco — 0.2%
Altria Group, Inc.		4,245		203,930
Philip Morris International, Inc.		8,843		885,096
Vector Group, Ltd.		2,928		39,118
				1,128,144
Tools-Hand Held — 0.0%
MSA Safety, Inc.		305		50,167
Snap-on, Inc.		282		61,470
				111,637
Toys — 0.0%
Mattel, Inc.†		1,900		41,268
Transport-Rail — 0.6%
Canadian Pacific Railway, Ltd.		1,392		103,453
Central Japan Railway Co.		2,600		379,803
CSX Corp.		20,930		676,458
Norfolk Southern Corp.		4,451		1,147,601
Union Pacific Corp.		5,714		1,249,995
				3,557,310
Transport-Services — 0.6%
CryoPort, Inc.†		1,260		77,767
FedEx Corp.		3,092		865,605
Hub Group, Inc., Class A†		1,060		70,257
United Parcel Service, Inc., Class B		11,283		2,159,115
				3,172,744
Transport-Truck — 0.1%
JB Hunt Transport Services, Inc.		2,890		486,821
Knight-Swift Transportation Holdings, Inc.		552		27,429
Landstar System, Inc.		390		61,230
Saia, Inc.†		475		107,350
XPO Logistics, Inc.†		670		92,922
				775,752

Security Description	Shares/ Principal Amount		Value (Note 2)
Veterinary Diagnostics — 0.2%
Elanco Animal Health, Inc.†		27,920	$	1,018,242
Vitamins & Nutrition Products — 0.0%
USANA Health Sciences, Inc.†		505		48,111
Water — 0.1%
American Water Works Co., Inc.		2,077		353,319
Essential Utilities, Inc.		1,293		63,512
				416,831
Web Hosting/Design — 0.1%
GoDaddy, Inc., Class A†		1,170		98,104
VeriSign, Inc.†		818		176,991
				275,095
Web Portals/ISP — 3.2%
Alphabet, Inc., Class A†		929		2,503,218
Alphabet, Inc., Class C†		5,388		14,571,415
NAVER Corp.		1,503		567,521
Z Holdings Corp.		63,100		316,023
				17,958,177
Wire & Cable Products — 0.1%
Prysmian SpA		16,002		574,162
Wireless Equipment — 0.1%
Maxar Technologies, Inc.		930		33,731
Motorola Solutions, Inc.		843		188,764
Ubiquiti, Inc.		158		49,470
				271,965
Total Common Stocks (cost $341,350,319)				443,165,668
CONVERTIBLE PREFERRED SECURITIES — 0.1%
Auto-Cars/Light Trucks — 0.1%
Rivian Automotive, Inc. Series F†(1)(2)		3,494		248,179
Decision Support Software — 0.0%
Databricks, Inc. Series G†(1)(2)		100		17,737
Electric-Integrated — 0.0%
AES Corp.		1,826		185,120
Southern Co. 6.75%		1,599		82,908
				268,028
Enterprise Software/Service — 0.0%
Gusto, Inc. Series E†(1)(2)		1,028		31,246
Total Convertible Preferred Securities (cost $444,639)				565,190
ASSET BACKED SECURITIES — 1.0%
Diversified Financial Services — 1.0%
AmeriCredit Automobile Receivables Trust Series 2021-2, Class D 1.29% due 06/18/2027	$	140,000		140,225

467

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
Angel Oak Mtg. Trust VRS Series 2020-3, Class A1 1.69% due 04/25/2065*(3)(4)	$	37,345	$	37,679
Angel Oak Mtg. Trust VRS Series 2021-1, Class A1 0.91% due 01/25/2066*(3)(4)		133,629		133,614
Angel Oak Mtg. Trust VRS Series 2021-2, Class A1 0.99% due 04/25/2066*(3)(4)		131,951		131,929
Angel Oak Mtg. Trust VRS Series 2021-1, Class A2 1.12% due 01/25/2066*(3)(4)		43,233		43,157
Angel Oak Mtg. Trust VRS Series 2020-6, Class M1 2.81% due 05/25/2065*(3)(4)		70,000		70,729
Applebee’s Funding LLC/IHOP Funding LLC Series 2019-1A, Class A2I 4.19% due 06/07/2049*		74,438		76,188
Avis Budget Rental Car Funding AESOP LLC Series 2020-1A, Class B 2.68% due 08/20/2026*		100,000		104,661
Avis Budget Rental Car Funding AESOP LLC Series 2019-1A, Class A 3.45% due 03/20/2023*		100,000		101,345
Avis Budget Rental Car Funding AESOP LLC Series 2019-2A, Class B 3.55% due 09/22/2025*		105,000		112,232
BBCMS Mtg. Trust FRS Series 2018-CBM, Class A 1.09% (1 ML+1.00%) due 07/15/2037*(5)		43,000		43,074
BFLD Trust FRS Series 2019-DPLO, Class C 1.63% (1 ML+1.54%) due 10/15/2034*(5)		55,000		55,000
Cantor Commercial Real Estate Lending VRS Series 2019-CF1, Class 65A 4.41% due 05/15/2052*(4)(5)		100,000		104,279
CD Mtg. Trust VRS Series 2017-CD3, Class B 3.98% due 02/10/2050(4)(5)		75,000		81,587
CIM Trust VRS Series 2019-INV3, Class A15 3.50% due 08/25/2049*(3)		36,125		36,763
Citigroup Mtg. Loan Trust, Inc. VRS Series 2020-EXP2, Class A3 2.50% due 08/25/2050*(3)(4)		84,371		85,879
CNH Equipment Trust Series 2019-C, Class B 2.35% due 04/15/2027		80,000		82,954
Cold Storage Trust FRS Series 2020-ICE5, Class B 1.39% (1 ML+1.30%) due 11/15/2037*(5)		98,299		98,730
COLT Mtg, Loan Trust VRS Series 2020-3, Class A1 1.51% due 04/27/2065*(3)(4)		50,477		50,579

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Deephaven Residential Mtg. Trust VRS Series 2021-2, Class A1 0.90% due 04/25/2066*(3)(4)	$	96,162	$	96,067
Driven Brands Funding LLC Series 2020-2A, Class A2 3.24% due 01/20/2051*		94,525		98,179
Dryden 77 CLO, Ltd. FRS Series 2020-77A, Class AR 1.25% (3 ML+1.12%) due 05/20/2034*(6)		250,000		249,935
Ellington Financial Mtg. Trust VRS Series 2021-2, Class A1 0.93% due 06/25/2066*(3)(4)		97,186		97,471
Enterprise Fleet Financing LLC Series 2018-2, Class A2 3.14% due 02/20/2024*		1,645		1,647
Exeter Automobile Receivables Trust Series 2021-2A, Class C 0.98% due 06/15/2026		60,000		60,190
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class C 3.75% due 12/10/2036*(5)		100,000		105,700
Ford Credit Auto Owner Trust Series 2020-2, Class C 1.74% due 04/15/2033*		100,000		100,917
Ford Credit Floorplan Master Owner Trust A Series 2020-2, Class B 1.32% due 09/15/2027		55,000		55,388
GMF Floorplan Owner Revolving Trust Series 2019-1, Class C 3.06% due 04/15/2024*		101,000		102,823
Great Wolf Trust FRS Series 2019-WOLF, Class C 1.73% (1 ML+1.63%) due 12/15/2036*(5)		30,000		30,000
GS Mtg. Securities Trust VRS Series 2016-PJ5, Class A8 2.50% due 10/25/2051*(3)(4)		192,924		198,207
GS Mtg. Securities Trust VRS Series 2020-INV1, Class A14 2.98% due 10/25/2050*(3)(4)		53,347		54,459
Homeward Opportunities Fund I Trust VRS Series 2019-3, Class A1 2.68% due 11/25/2059*(3)(4)		25,332		25,572
JPMorgan Mtg. Trust FRS Series 2020-INV1, Class A11 0.92% (1 ML+0.83%) due 08/25/2050*(3)		11,165		11,237
JPMorgan Mtg. Trust VRS Series 2019-INV2, Class A3 3.50% due 02/25/2050*(3)(4)		9,841		10,022
JPMorgan Mtg. Trust VRS Series 2019-INV3, Class A3 3.50% due 05/25/2050*(3)(4)		25,007		25,519
JPMorgan Mtg. Trust VRS Series 2019-INV3, Class A15 3.50% due 05/25/2050*(3)(4)		22,923		23,319
JPMorgan Mtg. Trust VRS Series 2020-INV1, Class A3 3.50% due 08/25/2050*(3)(4)		42,426		43,337

468

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
MHC Commercial Mtg. Trust FRS Series 2021-MHC, Class B 1.19% (1 ML+1.10%) due 04/15/2038*(5)	$	205,000	$	205,513
Morgan Stanley Capital I Trust Series 2018-H4, Class A4 4.31% due 12/15/2051(5)		55,000		63,855
Morgan Stanley Residential Mtg. Loan Trust VRS Series 2021-2, Class A9 2.50% due 05/25/2051*(3)(4)		99,011		100,305
MVW LLC Series 2021-1WA, Class B 1.44% due 01/22/2041*		95,710		95,893
MVW LLC Series 2019-2A, Class A 2.22% due 10/20/2038*		179,926		183,759
Navient Private Education Refi Loan Trust Series 2021-A, Class A 0.84% due 05/15/2069*		79,830		79,775
Navient Private Education Refi Loan Trust Series 2019-GA, Class A 2.40% due 10/15/2068*		41,843		42,761
Navient Private Education Refi Loan Trust Series 2019-FA, Class A2 2.60% due 08/15/2068*		73,385		74,846
New Orleans Hotel Trust FRS Series 2019-HNLA, Class C 1.68% (1 ML+1.59%) due 04/15/2032*(5)		100,000		99,001
OBX Trust FRS Series 2019-EXP3, Class 2A2 1.19% (1 ML+1.10%) due 10/25/2059*(3)		43,767		44,427
Palmer Square CLO, Ltd. FRS Series 2021-2A, Class A 1.26% (3 ML+1.15%) due 07/15/2034*(6)		255,000		254,935
Palmer Square CLO, Ltd. FRS Series 2020-3A, Class A1A 1.53% (3 ML+1.37%) due 11/15/2031*(6)		250,000		250,760
Planet Fitness Master Issuer LLC Series 2018-1A, Class A2I 4.26% due 09/05/2048*		92,388		92,721
Santander Retail Auto Lease Trust Series 2019-A, Class A3 2.77% due 06/20/2022*		14,611		14,652
Sequoia Mtg. Trust VRS Series 2018-CH3, Class A2 4.00% due 08/25/2048*(3)(4)		13,206		13,433
ServiceMaster Funding LLC Series 2021-1, Class A2I 2.87% due 07/30/2051*		115,000		115,183
Sierra Timeshare Receivables Funding LLC Series 2018-2A, Class A 3.50% due 06/20/2035*		29,521		30,603
SMB Private Education Loan Trust Series 2021-A, Class APT1 1.07% due 01/15/2053*		164,324		163,385

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
SMB Private Education Loan Trust Series 2020-A, Class A2A 2.23% due 09/15/2037*	$	100,000	$	103,296
SMB Private Education Loan Trust Series 2016-A, Class A2A 2.70% due 05/15/2031*		38,675		39,681
SMB Private Education Loan Trust Series 2017-A, Class A2A 2.88% due 09/15/2034*		52,544		54,135
Starwood Mtg. Residential Trust VRS Series 2020-INV1, Class A1 1.03% due 11/25/2055*(3)(4)		72,876		72,890
Starwood Mtg. Residential Trust VRS Series 2021-2, Class A2 1.17% due 05/25/2065*(3)(4)		84,941		84,958
Starwood Mtg. Residential Trust VRS Series 2019-INV1, Class A3 2.92% due 09/27/2049*(3)(4)		82,633		83,743
Verus Securitization Trust VRS Series 2019-INV3, Class A1 2.69% due 11/25/2059*(3)(4)		54,028		54,974
Vista Point Securitization Trust VRS Series 2020-1, Class A1 1.76% due 03/25/2065*(3)(4)		48,407		48,845
Wells Fargo Mtg. Backed Securities Trust VRS Series 2021-RR1, Class A1 2.50% due 12/25/2050*(3)(4)		109,021		111,474
World Omni Select Auto Trust Series 2019-A, Class B 2.17% due 12/15/2025		40,000		40,698
Total Asset Backed Securities (cost $5,553,880)				5,601,094
U.S. CONVERTIBLE BONDS & NOTES — 0.0%
Auto-Cars/Light Trucks — 0.0%
Rivian Automotive, Inc. 0.00% due 07/23/2026†(1)(2) (cost $198,282)		198,282		198,282
U.S. CORPORATE BONDS & NOTES — 5.3%
Advertising Agencies — 0.0%
Omnicom Group, Inc./Omnicom Capital, Inc. Senior Notes 3.65% due 11/01/2024		50,000		54,522
Aerospace/Defense — 0.1%
General Dynamics Corp. Company Guar. Notes 2.25% due 06/01/2031		250,000		261,413
Lockheed Martin Corp. Senior Notes 4.70% due 05/15/2046		25,000		33,785
Northrop Grumman Corp. Senior Notes 3.85% due 04/15/2045		50,000		58,153
Raytheon Technologies Corp. Senior Notes 4.45% due 11/16/2038		50,000		61,842
				415,193
Agricultural Operations — 0.0%
Bunge, Ltd. Finance Corp. Company Guar. Notes 3.00% due 09/25/2022		25,000		25,651

469

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines — 0.1%
American Airlines Pass-Through Trust Pass-Through Certs. Series 2019-1, Class AA 3.15% due 08/15/2033	$	137,150	$	140,997
Delta Air Lines, Inc. Senior Notes 3.80% due 04/19/2023		20,000		20,638
United Airlines Pass-Through Trust Pass-Through Certs. Series 2019-1, Class AA 4.15% due 02/25/2033		96,897		105,143
				266,778
Applications Software — 0.1%
Microsoft Corp. Senior Notes 3.13% due 11/03/2025		25,000		27,374
Microsoft Corp. Senior Notes 4.20% due 11/03/2035		250,000		314,619
Roper Technologies, Inc. Senior Notes 1.40% due 09/15/2027		160,000		159,239
Roper Technologies, Inc. Senior Notes 2.00% due 06/30/2030		30,000		30,072
Roper Technologies, Inc. Senior Notes 2.95% due 09/15/2029		120,000		129,907
Roper Technologies, Inc. Senior Notes 3.80% due 12/15/2026		25,000		28,106
				689,317
Auto-Cars/Light Trucks — 0.3%
BMW US Capital LLC Company Guar. Notes 2.95% due 04/14/2022*		80,000		81,534
General Motors Co. Senior Notes 4.00% due 04/01/2025		150,000		164,623
General Motors Financial Co., Inc. Senior Notes 2.40% due 04/10/2028		300,000		307,741
General Motors Financial Co., Inc. Senior Notes 4.20% due 11/06/2021		105,000		106,050
Hyundai Capital America Senior Notes 1.30% due 01/08/2026*		80,000		79,524
Hyundai Capital America Senior Notes 1.80% due 10/15/2025*		50,000		50,879
Hyundai Capital America Senior Notes 2.00% due 06/15/2028*		260,000		260,146
Hyundai Capital America Senior Notes 2.38% due 02/10/2023*		45,000		46,145
Hyundai Capital America Senior Notes 2.85% due 11/01/2022*		28,000		28,789

Security Description	Principal Amount		Value (Note 2)
Auto-Cars/Light Trucks (continued)
Nissan Motor Acceptance Corp. Senior Notes 3.65% due 09/21/2021*	$	35,000	$	35,139
Volkswagen Group of America Finance LLC Company Guar. Notes 3.35% due 05/13/2025*		200,000		216,456
				1,377,026
Auto-Heavy Duty Trucks — 0.1%
PACCAR Financial Corp. Senior Notes 1.10% due 05/11/2026		175,000		176,043
PACCAR Financial Corp. Senior Notes 2.65% due 05/10/2022		105,000		106,987
				283,030
Banks-Commercial — 0.0%
M&T Bank Corp. Senior Notes 3.55% due 07/26/2023		60,000		63,663
SunTrust Bank Senior Notes 3.50% due 08/02/2022		65,000		65,000
Truist Financial Corp. Senior Notes 1.95% due 06/05/2030		95,000		96,756
				225,419
Banks-Fiduciary — 0.1%
Bank of New York Mellon Corp. Senior Notes 1.65% due 07/14/2028		350,000		355,342
Banks-Super Regional — 0.2%
Fifth Third Bancorp Senior Notes 1.63% due 05/05/2023		45,000		45,901
KeyCorp Senior Notes 2.25% due 04/06/2027		95,000		99,367
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028		175,000		183,132
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		510,000		533,630
Wells Fargo & Co. Senior Notes 3.50% due 03/08/2022		9,000		9,175
Wells Fargo & Co. Senior Notes 3.58% due 05/22/2028		85,000		94,279
				965,484
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 3.50% due 06/01/2030		150,000		168,677
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.55% due 01/23/2049		50,000		70,169
				238,846

470

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Broadcast Services/Program — 0.0%
Fox Corp. Senior Notes 4.03% due 01/25/2024	$	115,000	$	124,346
Building Products-Cement — 0.1%
Martin Marietta Materials, Inc. Senior Notes 2.40% due 07/15/2031		340,000		349,310
Martin Marietta Materials, Inc. Senior Notes 4.25% due 12/15/2047		50,000		59,464
				408,774
Cable/Satellite TV — 0.2%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.70% due 04/01/2051		170,000		171,762
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 3.75% due 02/15/2028		125,000		138,933
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.50% due 02/01/2024		25,000		27,201
Comcast Corp. Company Guar. Notes 1.95% due 01/15/2031		70,000		70,145
Comcast Corp. Company Guar. Notes 2.65% due 02/01/2030		30,000		31,864
Comcast Corp. Company Guar. Notes 3.90% due 03/01/2038		365,000		424,644
Cox Communications, Inc. Company Guar. Notes 2.95% due 10/01/2050*		295,000		280,441
				1,144,990
Cellular Telecom — 0.0%
Crown Castle Towers LLC Senior Sec. Notes 3.72% due 07/15/2043*		25,000		25,825
Chemicals-Specialty — 0.0%
Ecolab, Inc. Senior Notes 3.25% due 12/01/2027		50,000		55,506
Commercial Services — 0.0%
RELX Capital, Inc. Company Guar. Notes 3.00% due 05/22/2030		50,000		53,914
RELX Capital, Inc. Company Guar. Notes 3.50% due 03/16/2023		10,000		10,478
				64,392

Security Description	Principal Amount		Value (Note 2)
Commercial Services-Finance — 0.0%
PayPal Holdings, Inc. Senior Notes 2.40% due 10/01/2024	$	105,000	$	110,486
Computers — 0.2%
Apple, Inc. Senior Notes 1.25% due 08/20/2030		125,000		121,129
Apple, Inc. Senior Notes 1.65% due 05/11/2030		100,000		100,203
Apple, Inc. Senior Notes 1.70% due 08/05/2031		215,000		214,423
Apple, Inc. Senior Notes 2.75% due 01/13/2025		150,000		160,236
Apple, Inc. Senior Notes 2.95% due 09/11/2049		75,000		78,884
Apple, Inc. Senior Notes 3.25% due 02/23/2026		100,000		109,848
Apple, Inc. Senior Notes 3.75% due 09/12/2047		50,000		59,447
				844,170
Containers-Paper/Plastic — 0.0%
Packaging Corp. of America Senior Notes 3.65% due 09/15/2024		50,000		54,094
Cosmetics & Toiletries — 0.0%
Unilever Capital Corp. Company Guar. Notes 3.00% due 03/07/2022		110,000		111,849
Data Processing/Management — 0.0%
Fiserv, Inc. Senior Notes 3.20% due 07/01/2026		35,000		38,085
Diversified Banking Institutions — 0.8%
Bank of America Corp. Senior Notes 2.30% due 07/21/2032		220,000		221,939
Bank of America Corp. Senior Notes 2.59% due 04/29/2031		150,000		155,305
Bank of America Corp. Senior Notes 2.65% due 03/11/2032		200,000		207,359
Bank of America Corp. Senior Notes 2.68% due 06/19/2041		100,000		98,585
Bank of America Corp. Senior Notes 3.50% due 04/19/2026		75,000		82,806
Bank of America Corp. Senior Notes 4.33% due 03/15/2050		380,000		473,924
Citigroup, Inc. Senior Notes 2.35% due 08/02/2021		50,000		50,000

471

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
Citigroup, Inc. Senior Notes 2.57% due 06/03/2031	$	440,000	$	455,180
Citigroup, Inc. Senior Notes 3.11% due 04/08/2026		150,000		160,587
Citigroup, Inc. Senior Notes 3.89% due 01/10/2028		100,000		111,873
Citigroup, Inc. Senior Notes 4.65% due 07/23/2048		25,000		33,077
Goldman Sachs Group, Inc. Senior Notes 2.60% due 02/07/2030		150,000		156,536
Goldman Sachs Group, Inc. Senior Notes 3.80% due 03/15/2030		125,000		141,770
Goldman Sachs Group, Inc. Senior Notes 4.41% due 04/23/2039		275,000		339,042
Goldman Sachs Group, Inc. Senior Notes 5.75% due 01/24/2022		50,000		51,306
JPMorgan Chase & Co. Senior Notes 1.58% due 04/22/2027		75,000		75,864
JPMorgan Chase & Co. Senior Notes 2.52% due 04/22/2031		150,000		155,833
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		440,000		467,704
JPMorgan Chase & Co. Sub. Notes 3.38% due 05/01/2023		120,000		125,949
JPMorgan Chase & Co. Senior Notes 3.78% due 02/01/2028		100,000		111,558
JPMorgan Chase & Co. Senior Notes 3.90% due 01/23/2049		100,000		117,598
Morgan Stanley Senior Notes 2.19% due 04/28/2026		150,000		155,675
Morgan Stanley Senior Notes 3.13% due 07/27/2026		100,000		108,704
Morgan Stanley Senior Notes 3.59% due 07/22/2028		75,000		83,507
Morgan Stanley Senior Notes 3.62% due 04/01/2031		150,000		168,549
Morgan Stanley Sub. Notes 4.10% due 05/22/2023		125,000		133,023
				4,443,253
Diversified Manufacturing Operations — 0.0%
3M Co. Senior Notes 3.25% due 08/26/2049		105,000		116,600

Security Description	Principal Amount		Value (Note 2)
Drug Delivery Systems — 0.0%
Becton Dickinson and Co. Senior Notes 3.70% due 06/06/2027	$	33,000	$	36,840
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024		275,000		293,053
Amazon.com, Inc. Senior Notes 4.95% due 12/05/2044		65,000		90,838
				383,891
E-Commerce/Services — 0.0%
Expedia, Inc. Company Guar. Notes 5.00% due 02/15/2026		115,000		131,007
Priceline Group, Inc. Senior Notes 3.60% due 06/01/2026		25,000		27,812
				158,819
Electric-Distribution — 0.0%
Commonwealth Edison Co. 1st Mtg. Bonds 4.35% due 11/15/2045		25,000		31,605
Metropolitan Edison Co. Senior Notes 4.30% due 01/15/2029*		100,000		113,760
Sempra Energy Senior Notes 2.90% due 02/01/2023		35,000		36,191
				181,556
Electric-Generation — 0.0%
Vistra Operations Co. LLC Senior Sec. Notes 3.55% due 07/15/2024*		35,000		37,199
Electric-Integrated — 0.3%
AEP Texas, Inc. Senior Notes 3.45% due 01/15/2050		90,000		95,733
Alabama Power Co. Senior Notes 3.13% due 07/15/2051		250,000		266,170
American Electric Power Co., Inc. Senior Notes 3.65% due 12/01/2021		5,000		5,056
Appalachian Power Co. Senior Notes 4.40% due 05/15/2044		50,000		60,959
Berkshire Hathaway Energy Co. Senior Notes 3.80% due 07/15/2048		25,000		29,147
Dominion Resources, Inc. Senior Notes 2.75% due 09/15/2022		25,000		25,521
Duke Energy Carolinas LLC 1st Mtg. Notes 3.45% due 04/15/2051		300,000		337,907
Duke Energy Corp. Senior Notes 2.65% due 09/01/2026		50,000		53,249

472

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated (continued)
Eversource Energy Senior Notes 3.30% due 01/15/2028	$	30,000	$	33,088
Eversource Energy Senior Notes 3.80% due 12/01/2023		20,000		21,433
Exelon Corp. Senior Notes 3.40% due 04/15/2026		125,000		137,180
FirstEnergy Transmission LLC Senior Notes 4.35% due 01/15/2025*		25,000		27,792
Florida Power & Light Co. 1st Mtg. Bonds 4.13% due 06/01/2048		25,000		31,987
Mississippi Power Co. Senior Notes 3.95% due 03/30/2028		30,000		34,296
Pacific Gas & Electric Co. 1st Mtg. Notes 2.10% due 08/01/2027		55,000		53,490
PacifiCorp 1st Mtg. Notes 4.13% due 01/15/2049		25,000		30,487
San Diego Gas & Electric Co. 1st Mtg. Notes 4.10% due 06/15/2049		55,000		67,965
Southern Co. Senior Notes 4.40% due 07/01/2046		25,000		30,084
Virginia Electric & Power Co. Senior Notes 2.88% due 07/15/2029		100,000		108,858
				1,450,402
Electric-Transmission — 0.0%
Oncor Electric Delivery Co. LLC Senior Sec. Notes 4.10% due 11/15/2048		50,000		62,471
Electronic Components-Semiconductors — 0.0%
Micron Technology, Inc. Senior Notes 2.50% due 04/24/2023		65,000		66,949
Texas Instruments, Inc. Senior Notes 1.75% due 05/04/2030		35,000		35,427
				102,376
Electronic Measurement Instruments — 0.0%
Keysight Technologies, Inc. Senior Notes 4.55% due 10/30/2024		25,000		27,745
Enterprise Software/Service — 0.1%
Oracle Corp. Senior Notes 2.40% due 09/15/2023		125,000		129,717
salesforce.com, Inc. Senior Notes 2.70% due 07/15/2041		395,000		403,722
				533,439

Security Description	Principal Amount		Value (Note 2)
Finance-Commercial — 0.1%
GE Capital Funding LLC Company Guar. Notes 4.40% due 05/15/2030	$	200,000	$	235,067
Finance-Credit Card — 0.1%
American Express Co. Senior Notes 3.70% due 11/05/2021		60,000		60,357
Capital One Financial Corp. Sub. Notes 2.36% due 07/29/2032		190,000		191,521
Capital One Financial Corp. Senior Notes 3.20% due 01/30/2023		85,000		88,514
Capital One Financial Corp. Senior Notes 3.90% due 01/29/2024		125,000		134,605
Discover Financial Services Senior Notes 3.85% due 11/21/2022		68,000		71,044
The Western Union Co. Senior Notes 2.85% due 01/10/2025		20,000		21,213
				567,254
Finance-Leasing Companies — 0.0%
Air Lease Corp. Senior Notes 3.50% due 01/15/2022		15,000		15,217
Finance-Other Services — 0.0%
Intercontinental Exchange, Inc. Senior Notes 3.45% due 09/21/2023		60,000		63,624
Food-Meat Products — 0.0%
Tyson Foods, Inc. Senior Notes 5.10% due 09/28/2048		25,000		33,666
Gas-Distribution — 0.1%
NiSource, Inc. Senior Notes 1.70% due 02/15/2031		90,000		86,569
NiSource, Inc. Senior Notes 3.95% due 03/30/2048		115,000		134,030
Southern California Gas Co. Senior Sec. Notes 4.13% due 06/01/2048		25,000		30,868
				251,467
Insurance Brokers — 0.0%
Aon Corp. Company Guar. Notes 2.20% due 11/15/2022		85,000		87,062
Marsh & McLennan Cos., Inc. Senior Notes 2.25% due 11/15/2030		35,000		36,060
Marsh & McLennan Cos., Inc. Senior Notes 3.50% due 06/03/2024		30,000		32,283
Willis North America, Inc. Company Guar. Notes 4.50% due 09/15/2028		50,000		58,211
				213,616

473

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Insurance-Life/Health — 0.2%
Aflac, Inc. Senior Notes 4.75% due 01/15/2049	$	55,000	$	74,020
AXA Equitable Holdings, Inc. Senior Notes 3.90% due 04/20/2023		7,000		7,390
Brighthouse Financial Global Funding Sec. Notes 1.55% due 05/24/2026*		105,000		106,858
Brighthouse Financial Global Funding Senior Sec. Notes 2.00% due 06/28/2028*		340,000		343,931
Equitable Financial Life Global Funding Sec. Notes 1.40% due 07/07/2025*		55,000		55,822
Lincoln National Corp. Senior Notes 4.35% due 03/01/2048		25,000		30,555
Principal Financial Group, Inc. Company Guar. Notes 2.13% due 06/15/2030		125,000		127,306
Principal Financial Group, Inc. Company Guar. Notes 3.70% due 05/15/2029		25,000		28,331
Principal Financial Group, Inc. Company Guar. Notes 4.30% due 11/15/2046		25,000		30,971
Protective Life Global Funding Sec. Notes 1.17% due 07/15/2025*		195,000		196,420
Teachers Insurance & Annuity Association of America Sub. Notes 4.27% due 05/15/2047*		25,000		30,708
Voya Financial, Inc. Company Guar. Notes 3.13% due 07/15/2024		30,000		31,956
				1,064,268
Insurance-Mutual — 0.0%
Liberty Mutual Group, Inc. Company Guar. Notes 4.25% due 06/15/2023*		25,000		26,662
Liberty Mutual Group, Inc. Company Guar. Notes 4.50% due 06/15/2049*		80,000		94,330
New York Life Global Funding Sec. Notes 1.10% due 05/05/2023*		20,000		20,302
New York Life Global Funding Sec. Notes 3.25% due 08/06/2021*		30,000		30,007
				171,301
Insurance-Property/Casualty — 0.0%
ACE INA Holdings, Inc. Company Guar. Notes 3.35% due 05/15/2024		25,000		26,954
Fidelity National Financial, Inc. Senior Notes 4.50% due 08/15/2028		55,000		63,652
				90,606

Security Description	Principal Amount		Value (Note 2)
Machinery-Construction & Mining — 0.0%
Caterpillar Financial Services Corp. Senior Notes 3.15% due 09/07/2021	$	60,000	$	60,171
Medical Instruments — 0.1%
Alcon Finance Corp. Company Guar. Notes 2.60% due 05/27/2030*		200,000		207,501
Boston Scientific Corp. Senior Notes 3.75% due 03/01/2026		95,000		106,021
				313,522
Medical Products — 0.0%
Abbott Laboratories Senior Notes 1.15% due 01/30/2028		80,000		79,857
Abbott Laboratories Senior Notes 3.40% due 11/30/2023		117,000		124,912
				204,769
Medical-Biomedical/Gene — 0.0%
Biogen, Inc. Senior Notes 2.25% due 05/01/2030		85,000		86,521
Medical-Drugs — 0.1%
AbbVie, Inc. Senior Notes 4.25% due 11/21/2049		110,000		134,718
AbbVie, Inc. Senior Notes 4.70% due 05/14/2045		125,000		158,256
Astrazeneca Finance LLC Company Guar. Notes 1.75% due 05/28/2028		220,000		223,768
Bristol-Myers Squibb Co. Senior Notes 3.88% due 08/15/2025		36,000		40,083
Bristol-Myers Squibb Co. Senior Notes 4.25% due 10/26/2049		90,000		116,062
Zoetis, Inc. Senior Notes 2.00% due 05/15/2030		100,000		101,221
				774,108
Medical-HMO — 0.1%
Anthem, Inc. Senior Notes 4.55% due 03/01/2048		115,000		147,201
Humana, Inc. Senior Notes 2.15% due 02/03/2032		100,000		100,316
UnitedHealth Group, Inc. Senior Notes 2.00% due 05/15/2030		35,000		35,853
UnitedHealth Group, Inc. Senior Bonds 2.90% due 05/15/2050		150,000		155,742
UnitedHealth Group, Inc. Senior Notes 4.63% due 11/15/2041		25,000		32,188

474

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-HMO (continued)
UnitedHealth Group, Inc. Senior Notes 4.75% due 07/15/2045	$	75,000	$	100,594
				571,894
Medical-Hospitals — 0.2%
Banner Health Notes 1.90% due 01/01/2031		50,000		50,343
Banner Health Notes 2.91% due 01/01/2051		265,000		276,061
Centra Health, Inc. Notes 4.70% due 01/01/2048		45,000		55,128
CommonSpirit Health Senior Sec. Notes 2.76% due 10/01/2024		40,000		42,132
CommonSpirit Health Senior Sec. Notes 2.78% due 10/01/2030		55,000		58,098
CommonSpirit Health Senior Sec. Bonds 3.91% due 10/01/2050		305,000		344,511
HCA, Inc. Senior Sec. Notes 4.13% due 06/15/2029		65,000		74,124
MedStar Health, Inc. Sec. Notes 3.63% due 08/15/2049		130,000		147,736
Partners Healthcare System, Inc. Notes 3.19% due 07/01/2049		95,000		103,208
Stanford Health Care Notes 3.80% due 11/15/2048		10,000		12,065
West Virginia United Health System Obligated Group Sec. Notes 4.92% due 06/01/2048		50,000		66,152
				1,229,558
Medical-Wholesale Drug Distribution — 0.0%
Cardinal Health, Inc. Senior Notes 3.41% due 06/15/2027		40,000		44,165
Cardinal Health, Inc. Senior Notes 3.75% due 09/15/2025		125,000		138,167
				182,332
Non-Hazardous Waste Disposal — 0.0%
Republic Services, Inc. Senior Notes 2.50% due 08/15/2024		40,000		42,043
Republic Services, Inc. Senior Notes 3.38% due 11/15/2027		30,000		33,211
				75,254
Oil Companies-Exploration & Production — 0.1%
Cimarex Energy Co. Senior Notes 4.38% due 03/15/2029		90,000		102,960

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production (continued)
ConocoPhillips Company Guar. Notes 2.40% due 02/15/2031*	$	115,000	$	119,900
ConocoPhillips Co. Company Guar. Notes 4.95% due 03/15/2026		50,000		58,263
Diamondback Energy, Inc. Company Guar. Notes 4.75% due 05/31/2025		45,000		50,515
EOG Resources, Inc. Senior Notes 2.63% due 03/15/2023		100,000		103,189
Hess Corp. Senior Notes 4.30% due 04/01/2027		125,000		139,661
Marathon Oil Corp. Senior Notes 4.40% due 07/15/2027		25,000		28,513
Pioneer Natural Resources Co. Senior Notes 1.13% due 01/15/2026		55,000		54,680
				657,681
Oil Companies-Integrated — 0.0%
BP Capital Markets America, Inc. Company Guar. Notes 1.75% due 08/10/2030		150,000		148,389
Chevron Corp. Senior Notes 2.00% due 05/11/2027		40,000		41,762
				190,151
Oil Refining & Marketing — 0.1%
Valero Energy Corp. Senior Notes 2.85% due 04/15/2025		280,000		296,834
Oil-Field Services — 0.0%
Schlumberger Holdings Corp. Senior Notes 3.75% due 05/01/2024*		25,000		26,906
Pharmacy Services — 0.2%
Cigna Corp. Company Guar. Notes 3.00% due 07/15/2023		125,000		130,778
Cigna Corp. Company Guar. Notes 3.25% due 04/15/2025		50,000		54,100
Cigna Corp. Company Guar. Notes 3.75% due 07/15/2023		13,000		13,806
Cigna Corp. Company Guar. Notes 3.88% due 10/15/2047		50,000		57,579
Cigna Corp. Company Guar. Notes 4.80% due 07/15/2046		25,000		32,239
CVS Health Corp. Senior Notes 1.88% due 02/28/2031		60,000		59,280
CVS Health Corp. Senior Notes 2.70% due 08/21/2040		330,000		328,410

475

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pharmacy Services (continued)
CVS Health Corp. Senior Notes 3.88% due 07/20/2025	$	50,000	$	55,327
CVS Health Corp. Senior Notes 5.05% due 03/25/2048		100,000		133,114
				864,633
Pipelines — 0.1%
Boardwalk Pipelines LP Company Guar. Notes 3.40% due 02/15/2031		55,000		59,210
Boardwalk Pipelines LP Company Guar. Notes 4.95% due 12/15/2024		50,000		55,798
Cameron LNG LLC Senior Sec. Notes 2.90% due 07/15/2031*		20,000		21,726
Cameron LNG LLC Senior Sec. Notes 3.70% due 01/15/2039*		15,000		16,966
Enbridge Energy Partners LP Company Guar. Notes 7.38% due 10/15/2045		45,000		72,382
Energy Transfer LP Senior Notes 5.25% due 04/15/2029		35,000		41,673
Enterprise Products Operating LLC Company Guar. Notes 3.50% due 02/01/2022		85,000		86,363
Florida Gas Transmission Co. LLC Senior Notes 4.35% due 07/15/2025*		50,000		55,846
Kinder Morgan Energy Partners LP Company Guar. Notes 6.95% due 01/15/2038		50,000		72,230
Plains All American Pipeline LP/PAA Finance Corp. Senior Notes 4.50% due 12/15/2026		25,000		28,296
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030		25,000		29,210
Transcontinental Gas Pipe Line Co. LLC Senior Notes 4.60% due 03/15/2048		20,000		24,527
				564,227
Real Estate Investment Trusts — 0.3%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 4.00% due 02/01/2050		110,000		130,442
American Campus Communities Operating Partnership LP Company Guar. Notes 3.30% due 07/15/2026		45,000		48,731
American Campus Communities Operating Partnership LP Company Guar. Notes 3.63% due 11/15/2027		55,000		60,529
Brixmor Operating Partnership LP Senior Notes 3.25% due 09/15/2023		25,000		26,252

Security Description	Principal Amount		Value (Note 2)
Real Estate Investment Trusts (continued)
Brixmor Operating Partnership LP Senior Notes 4.05% due 07/01/2030	$	45,000	$	51,208
Crown Castle International Corp. Senior Notes 2.10% due 04/01/2031		165,000		163,175
Duke Realty LP Senior Notes 4.00% due 09/15/2028		70,000		80,471
Essex Portfolio LP Company Guar. Notes 4.00% due 03/01/2029		90,000		103,421
Essex Portfolio LP Company Guar. Notes 4.50% due 03/15/2048		15,000		18,581
Healthcare Realty Trust, Inc. Senior Notes 3.63% due 01/15/2028		55,000		60,964
Healthpeak Properties, Inc. Senior Notes 2.88% due 01/15/2031		125,000		133,255
Kilroy Realty LP Company Guar. Notes 3.45% due 12/15/2024		30,000		32,205
Life Storage LP Company Guar. Notes 4.00% due 06/15/2029		40,000		45,762
National Retail Properties, Inc. Senior Notes 4.80% due 10/15/2048		50,000		64,693
Prologis LP Senior Notes 2.13% due 04/15/2027		115,000		120,474
Simon Property Group LP Senior Notes 2.75% due 02/01/2023		50,000		51,472
Simon Property Group LP Senior Notes 3.80% due 07/15/2050		100,000		113,701
VEREIT Operating Partnership LP Company Guar. Notes 2.20% due 06/15/2028		25,000		25,791
VEREIT Operating Partnership LP Company Guar. Notes 3.10% due 12/15/2029		70,000		76,029
VEREIT Operating Partnership LP Company Guar. Notes 3.95% due 08/15/2027		25,000		28,487
VEREIT Operating Partnership LP Company Guar. Notes 4.63% due 11/01/2025		60,000		68,267
WP Carey, Inc. Senior Notes 3.85% due 07/15/2029		90,000		101,236
				1,605,146
Retail-Apparel/Shoe — 0.0%
Ross Stores, Inc. Senior Notes 1.88% due 04/15/2031		60,000		59,189
Retail-Auto Parts — 0.1%
AutoZone, Inc. Senior Notes 1.65% due 01/15/2031		105,000		101,380

476

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Retail-Auto Parts (continued)
AutoZone, Inc. Senior Notes 3.13% due 04/18/2024	$	65,000	$	69,191
AutoZone, Inc. Senior Notes 3.13% due 04/21/2026		50,000		54,611
O’Reilly Automotive, Inc. Senior Notes 3.60% due 09/01/2027		25,000		28,277
O’Reilly Automotive, Inc. Senior Notes 3.90% due 06/01/2029		95,000		108,507
				361,966
Retail-Discount — 0.0%
Walmart, Inc. Senior Notes 3.30% due 04/22/2024		150,000		160,621
Walmart, Inc. Senior Notes 3.40% due 06/26/2023		50,000		52,803
				213,424
Retail-Mail Order — 0.0%
QVC, Inc. Senior Sec. Notes 4.38% due 03/15/2023		65,000		68,316
Schools — 0.1%
Georgetown University Notes 4.32% due 04/01/2049		50,000		64,211
Northwestern University Bonds 2.64% due 12/01/2050		75,000		77,476
Stanford University Notes 1.29% due 06/01/2027		70,000		70,998
University of Southern California Senior Notes 2.95% due 10/01/2051		400,000		427,441
				640,126
Semiconductor Components-Integrated Circuits — 0.0%
QUALCOMM, Inc. Senior Notes 2.15% due 05/20/2030		90,000		93,010
QUALCOMM, Inc. Senior Notes 3.25% due 05/20/2027		29,000		32,053
				125,063
Software Tools — 0.0%
VMware, Inc. Senior Notes 1.40% due 08/15/2026		205,000		205,655
Steel-Producers — 0.0%
Nucor Corp. Senior Notes 2.70% due 06/01/2030		50,000		52,908
Nucor Corp. Senior Notes 3.95% due 05/01/2028		35,000		40,352
				93,260

Security Description	Principal Amount		Value (Note 2)
Telephone-Integrated — 0.3%
AT&T, Inc. Senior Notes 1.65% due 02/01/2028	$	125,000	$	125,087
AT&T, Inc. Senior Notes 2.25% due 02/01/2032		280,000		278,815
AT&T, Inc. Senior Notes 3.00% due 06/30/2022		100,000		102,009
AT&T, Inc. Senior Notes 3.50% due 06/01/2041		130,000		137,948
AT&T, Inc. Senior Notes 3.80% due 12/01/2057*		64,000		67,917
Verizon Communications, Inc. Senior Notes 1.68% due 10/30/2030		113,000		109,154
Verizon Communications, Inc. Senior Notes 2.65% due 11/20/2040		490,000		479,142
Verizon Communications, Inc. Senior Notes 2.99% due 10/30/2056		35,000		33,995
Verizon Communications, Inc. Senior Notes 3.15% due 03/22/2030		150,000		163,349
Verizon Communications, Inc. Senior Notes 4.52% due 09/15/2048		30,000		37,870
				1,535,286
Tobacco — 0.0%
Altria Group, Inc. Company Guar. Notes 2.35% due 05/06/2025		115,000		120,378
Altria Group, Inc. Company Guar. Notes 5.80% due 02/14/2039		60,000		75,260
				195,638
Toys — 0.0%
Hasbro, Inc. Senior Notes 3.00% due 11/19/2024		45,000		47,856
Transport-Equipment & Leasing — 0.0%
GATX Corp. Senior Notes 4.35% due 02/15/2024		60,000		65,137
Transport-Rail — 0.1%
Burlington Northern Santa Fe LLC Senior Notes 4.15% due 04/01/2045		25,000		30,753
Burlington Northern Santa Fe LLC Senior Notes 4.15% due 12/15/2048		25,000		31,513
CSX Corp. Senior Notes 4.30% due 03/01/2048		25,000		31,142
Kansas City Southern Company Guar. Notes 2.88% due 11/15/2029		70,000		74,924

477

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Transport-Rail (continued)
Kansas City Southern Company Guar. Notes 3.50% due 05/01/2050	$	110,000	$	119,244
				287,576
Total U.S. Corporate Bonds & Notes (cost $28,266,580)				29,722,001
FOREIGN CORPORATE BONDS & NOTES — 1.5%
Advertising Services — 0.0%
WPP Finance 2010 Company Guar. Notes 3.75% due 09/19/2024		125,000		136,217
Banks-Commercial — 0.3%
Banque Federative du Credit Mutuel SA Senior Notes 2.13% due 11/21/2022*		200,000		204,759
Danske Bank A/S Senior Notes 1.23% due 06/22/2024*		245,000		247,783
Royal Bank of Canada Senior Notes 1.60% due 04/17/2023		70,000		71,535
Santander UK Group Holdings PLC Senior Notes 1.67% due 06/14/2027		300,000		301,363
Svenska Handelsbanken AB Senior Notes 1.42% due 06/11/2027*		250,000		251,147
Toronto-Dominion Bank Senior Notes 1.15% due 06/12/2025		280,000		283,220
				1,359,807
Beverages-Non-alcoholic — 0.0%
Coca-Cola European Partners PLC Senior Notes 1.50% due 01/15/2027*		200,000		200,193
Building Products-Cement — 0.0%
Boral Finance Pty, Ltd. Company Guar. Notes 3.00% due 11/01/2022*		2,000		2,041
Cellular Telecom — 0.1%
America Movil SAB de CV Senior Notes 2.88% due 05/07/2030		200,000		212,052
Vodafone Group PLC Senior Notes 4.88% due 06/19/2049		60,000		76,461
				288,513
Chemicals-Diversified — 0.0%
LYB International Finance II BV Company Guar. Notes 3.50% due 03/02/2027		50,000		55,238
Commercial Services-Finance — 0.0%
Experian Finance PLC Company Guar. Notes 2.75% due 03/08/2030*		200,000		209,723

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions — 0.5%
Banco Santander SA Senior Notes 3.49% due 05/28/2030	$	200,000	$	218,508
Barclays PLC Senior Notes 2.85% due 05/07/2026		225,000		238,665
BNP Paribas SA Senior Notes 2.22% due 06/09/2026*		215,000		222,390
BNP Paribas SA Senior Notes 2.87% due 04/19/2032*		200,000		207,739
Credit Suisse Group AG Senior Notes 4.19% due 04/01/2031*		250,000		284,670
HSBC Holdings PLC Senior Notes 2.85% due 06/04/2031		205,000		215,780
Lloyds Banking Group PLC Senior Notes 1.33% due 06/15/2023		220,000		221,644
Mitsubishi UFJ Financial Group, Inc. Senior Notes 1.54% due 07/20/2027		220,000		222,313
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		200,000		208,576
NatWest Markets PLC Senior Notes 0.80% due 08/12/2024*		200,000		199,791
NatWest Markets PLC Senior Notes 2.38% due 05/21/2023*		200,000		206,957
Sumitomo Mitsui Financial Group, Inc. Senior Notes 3.75% due 07/19/2023		55,000		58,551
UBS Group AG Senior Notes 1.36% due 01/30/2027*		260,000		259,119
				2,764,703
Diversified Minerals — 0.0%
Anglo American Capital PLC Company Guar. Notes 2.63% due 09/10/2030*		200,000		204,921
Electric-Integrated — 0.0%
Enel Finance International NV Company Guar. Notes 1.88% due 07/12/2028*		200,000		202,287
Electronic Components-Semiconductors — 0.0%
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 3.15% due 05/01/2027*		10,000		10,803
Finance-Leasing Companies — 0.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 4.88% due 01/16/2024		150,000		163,155
Avolon Holdings Funding, Ltd. Company Guar. Notes 3.95% due 07/01/2024*		30,000		32,052

478

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Finance-Leasing Companies (continued)
Avolon Holdings Funding, Ltd. Company Guar. Notes 5.25% due 05/15/2024*	$	75,000	$	82,625
				277,832
Insurance Brokers — 0.0%
Trinity Acquisition PLC Company Guar. Notes 3.50% due 09/15/2021		25,000		25,027
Medical-Drugs — 0.1%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.88% due 09/23/2023		50,000		52,274
Takeda Pharmaceutical Co., Ltd. Senior Notes 2.05% due 03/31/2030		220,000		221,743
				274,017
Medical-Generic Drugs — 0.0%
Perrigo Finance Unlimited Co. Company Guar. Notes 4.38% due 03/15/2026		200,000		219,385
Non-Ferrous Metals — 0.0%
Codelco, Inc. Senior Notes 3.15% due 01/14/2030*		200,000		210,472
Oil Companies-Exploration & Production — 0.1%
Canadian Natural Resources, Ltd. Senior Notes 2.95% due 01/15/2023		125,000		129,250
Canadian Natural Resources, Ltd. Senior Notes 2.95% due 07/15/2030		70,000		73,187
Canadian Natural Resources, Ltd. Senior Notes 6.25% due 03/15/2038		25,000		33,966
Woodside Finance, Ltd. Company Guar. Notes 3.70% due 03/15/2028*		25,000		27,106
Woodside Finance, Ltd. Company Guar. Notes 4.50% due 03/04/2029*		55,000		62,411
				325,920
Oil Companies-Integrated — 0.1%
BP Capital Markets PLC Company Guar. Notes 3.28% due 09/19/2027		25,000		27,628
BP Capital Markets PLC Company Guar. Notes 3.28% due 09/19/2027		50,000		55,256
Shell International Finance BV Company Guar. Notes 3.25% due 05/11/2025		325,000		354,144
Suncor Energy, Inc. Senior Notes 3.10% due 05/15/2025		35,000		37,510
Suncor Energy, Inc. Senior Notes 3.60% due 12/01/2024		25,000		27,031

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Integrated (continued)
Suncor Energy, Inc. Senior Notes 3.60% due 12/01/2024	$	10,000	$	10,812
Total Capital International SA Company Guar. Notes 2.43% due 01/10/2025		155,000		162,910
Total Capital International SA Company Guar. Bonds 2.99% due 06/29/2041		105,000		110,054
				785,345
Paper & Related Products — 0.0%
Celulosa Arauco y Constitucion SA Senior Notes 4.20% due 01/29/2030*		200,000		218,000
Pipelines — 0.1%
Enbridge, Inc. Company Guar. Notes 4.00% due 10/01/2023		125,000		133,389
Enbridge, Inc. Company Guar. Notes 5.50% due 12/01/2046		113,000		154,178
TransCanada PipeLines, Ltd. Senior Notes 2.50% due 08/01/2022		25,000		25,549
				313,116
Public Thoroughfares — 0.0%
Transurban Finance Co. Pty., Ltd. Senior Sec. Notes 2.45% due 03/16/2031*		100,000		102,565
Transport-Equipment & Leasing — 0.1%
SMBC Aviation Capital Finance DAC Company Guar. Notes 3.55% due 04/15/2024*		210,000		223,483
Total Foreign Corporate Bonds & Notes (cost $8,092,368)				8,409,608
U.S. GOVERNMENT AGENCIES — 0.1%
Federal Home Loan Mtg. Corp. — 0.1%
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS
Series 2021-DNA2, Class M1 0.85% (SOFR30A+0.80%) due 08/25/2033*(3)		90,000		90,087
Series 2018-DNA1, Class M2AT 1.14% (1 ML+1.05%) due 07/25/2030(3)		59,240		58,968
Series 2020-HQA5, Class M1 1.15% (SOFR30A+1.10%) due 11/25/2050*(3)		24,004		24,024
Series 2018-HQA1, Class M2AS 1.19% (1 ML+1.10%) due 09/25/2030(3)		46,613		46,613
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust FRS
Series 2021-HQA1, Class M1 0.75% (SOFR30A+0.70%) due 08/25/2033*(3)		35,000		35,000
Series 2020-DNA6, Class M1 0.95% (SOFR30A+0.90%) due 12/25/2050*(3)		21,865		21,873

479

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal Home Loan Mtg. Corp. (continued)
Series 2021-DNA3, Class M2 2.15% (SOFR30A+2.10%) due 10/25/2033*(3)	$	50,000	$	51,002
				327,567
Government National Mtg. Assoc. — 0.0%
2.50% due August 30 TBA		27,650		28,740
2.50% due September 30 TBA		41,350		42,896
3.00% due 06/20/2032		12,667		13,348
3.00% due 12/20/2034		10,186		10,726
3.00% due 01/20/2035		9,256		9,748
3.00% due 05/20/2035		2,469		2,600
3.00% due 10/20/2049		1,920		1,975
3.00% due 01/20/2050		4,687		4,829
3.00% due 02/20/2050		4,740		4,868
3.00% due 03/20/2050		1,083		1,116
3.00% due 05/20/2050		15,335		15,693
3.00% due 04/20/2051		6,849		7,171
3.50% due 09/20/2049		4,752		5,121
3.50% due 10/20/2049		3,497		3,765
3.50% due 01/20/2050		9,247		9,953
3.50% due 02/20/2050		7,360		7,909
4.50% due 02/20/2046		5,705		6,332
4.50% due 08/20/2047		6,388		6,882
5.00% due 12/20/2048		9,521		10,251
5.50% due 03/20/2049		1,982		2,195
Government National Mtg. Assoc. REMIC FRS Series 2019-78, Class FB 0.48% (1 ML+0.40%) due 06/20/2049(3)		24,147		24,283
				220,401
Total U.S. Government Agencies (cost $546,856)				547,968
U.S. GOVERNMENT TREASURIES — 9.6%
United States Treasury Bonds — 3.2%
1.13% due 05/15/2040		1,205,000		1,075,839
1.13% due 08/15/2040		528,000		469,961
1.25% due 05/15/2050		184,000		156,565
1.38% due 11/15/2040		370,000		343,580
1.38% due 08/15/2050		1,033,000		906,982
1.63% due 11/15/2050		340,000		317,688
1.88% due 02/15/2041		3,340,000		3,376,009
1.88% due 02/15/2051		2,153,000		2,135,171
2.00% due 02/15/2050		1,533,000		1,563,480
2.25% due 05/15/2041		237,000		254,257
2.25% due 08/15/2046		102,000		109,291
2.25% due 08/15/2049		755,000		811,537
2.38% due 11/15/2049		100,000		110,430
2.38% due 05/15/2051		365,000		404,751
2.50% due 02/15/2045		99,500		111,300
2.50% due 05/15/2046		50,200		56,318
2.75% due 08/15/2047(7)		505,000		594,598
2.75% due 11/15/2047		175,300		206,566
2.88% due 08/15/2045		52,000		62,110
2.88% due 11/15/2046		59,000		70,839
2.88% due 05/15/2049		90,000		109,146
3.00% due 11/15/2045		77,500		94,668
3.00% due 02/15/2047		21,000		25,796
3.00% due 05/15/2047		83,200		102,323
3.00% due 02/15/2048		138,000		170,187

Security Description	Principal Amount		Value (Note 2)
United States Treasury Bonds (continued)
3.00% due 08/15/2048	$	385,500	$	476,258
3.00% due 02/15/2049		115,000		142,492
3.13% due 11/15/2041		305,000		374,554
3.13% due 05/15/2048		180,500		227,698
3.38% due 05/15/2044		57,000		73,263
3.38% due 11/15/2048		30,000		39,613
3.50% due 02/15/2039		1,765,000		2,268,301
3.63% due 02/15/2044		61,000		81,199
3.88% due 08/15/2040		630,000		851,189
				18,173,959
United States Treasury Notes — 6.4%
0.13% due 01/31/2023		6,190,000		6,189,516
0.13% due 05/31/2023		700,000		699,535
0.25% due 05/31/2025		4,295,000		4,250,540
0.25% due 08/31/2025		3,135,000		3,094,343
0.38% due 04/30/2025		4,085,000		4,065,373
0.38% due 11/30/2025		500,000		495,117
0.38% due 12/31/2025		600,000		593,484
0.38% due 01/31/2026		3,240,000		3,202,664
0.63% due 05/15/2030		425,000		405,410
0.63% due 08/15/2030		14,000		13,315
0.75% due 03/31/2026		1,815,000		1,822,799
0.75% due 04/30/2026		45,000		45,179
0.75% due 05/31/2026		100,000		100,328
0.88% due 11/15/2030		112,000		108,693
1.13% due 02/15/2031		1,397,000		1,383,903
1.50% due 10/31/2024		80,000		82,844
1.50% due 11/30/2024		990,000		1,025,346
1.63% due 05/15/2031		95,000		98,370
2.00% due 05/31/2024		2,470,000		2,586,553
2.50% due 01/31/2024		1,645,000		1,736,375
2.63% due 02/28/2023		960,000		997,537
2.75% due 08/31/2023		1,180,000		1,242,365
2.88% due 04/30/2025		2,085,000		2,268,741
				36,508,330
Total U.S. Government Treasuries (cost $53,756,354)				54,682,289
MUNICIPAL BONDS & NOTES — 0.7%
Bay Area Toll Authority Revenue Bonds 2.57% due 04/01/2031		250,000		268,621
California State University Revenue BondsRevenue Bonds 2.80% due 11/01/2041		350,000		353,891
Central Texas Turnpike System Revenue Bonds Series C 3.03% due 08/15/2041		105,000		107,642
Chicago O’Hare International Airport Revenue Bonds Series B 6.40% due 01/01/2040		50,000		76,919
City of Houston TX Airport System Revenue Revenue Bonds Series C 2.39% due 07/01/2031		30,000		31,174
City of Los Angeles Department of Airports Revenue Bonds 6.58% due 05/15/2039		265,000		360,933

480

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
City of Los Angeles Wastewater System Revenue Bonds 5.81% due 06/01/2040	$	245,000	$	366,012
County of Cook, IL General Obligation Bonds 6.23% due 11/15/2034		160,000		221,959
County of Miami-Dade, FL Transit System Revenue Bonds Series B 5.62% due 07/01/2040		25,000		36,654
County of Washoe NV Revenue Bonds 7.97% due 02/01/2040		40,000		62,593
Dallas/Fort Worth International Airport Revenue Bonds Series A 2.99% due 11/01/2038		60,000		64,709
Dallas/Fort Worth International Airport Revenue Bonds Series C 3.09% due 11/01/2040		135,000		140,573
Denver Schools Certificate Participation Series B 4.24% due 12/15/2037		25,000		30,623
Florida State Development Finance Corp. Revenue Bonds Series B 4.11% due 04/01/2050		145,000		152,679
Grand Parkway Transportation Corp. Revenue Bonds 3.24% due 10/01/2052		80,000		82,381
Great Lakes Water Authority Sewage Disposal System Revenue Revenue Bonds Series A 3.06% due 07/01/2039		30,000		32,576
Illinois Municipal Electric Agency Revenue Bonds 6.83% due 02/01/2035		95,000		126,498
Los Angeles County Public Works Financing Authority Revenue Bonds 7.49% due 08/01/2033		50,000		70,447
Maryland Stadium Authority Revenue Bonds Series C 2.36% due 05/01/2035		170,000		172,289
Metropolitan Transportation Authority Revenue Bonds 5.87% due 11/15/2039		10,000		13,448
Metropolitan Water Reclamation District of Greater Chicago General Obligation Bonds 5.72% due 12/01/2038		50,000		71,875
Miami Dade Co. Water & Sewer System Revenue Bonds Series C 3.49% due 10/01/2042		40,000		43,658
Municipal Electric Authority of Georgia Revenue Bonds 6.66% due 04/01/2057		48,000		75,715

Security Description	Principal Amount		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
New York State Dormitory Authority Revenue Bonds Series B 4.85% due 07/01/2048	$	100,000	$	118,527
Rutgers The State University of New Jersey Revenue Bonds 5.67% due 05/01/2040		50,000		69,628
San Francisco City & County Airport Commission-San Francisco International Airport Revenue Bonds Series Series C 3.35% due 05/01/2051		175,000		182,843
San Jose Redevelopment Agency Successor Agency Tax Allocation Series A-T 3.38% due 08/01/2034		5,000		5,474
State of California General Obligation Bonds 7.63% due 03/01/2040		50,000		85,642
Texas A&M University Revenue Bonds Series B 3.33% due 05/15/2039		125,000		136,567
Texas Private Activity Bond Surface Transportation Corp. Revenue Bonds 3.92% due 12/31/2049		115,000		132,244
University of California Revenue Bonds 5.77% due 05/15/2043		20,000		28,764
Utah State Transit Authority Revenue Bonds Series B 3.44% due 12/15/2042		130,000		138,879
Virginia Commonwealth University Health System Authority Revenue Bonds Series A 4.96% due 01/01/2044		25,000		35,093
Western Minnesota Municipal Power Agency Revenue Bonds Series A 3.16% due 01/01/2039		100,000		111,517
Total Municipal Bonds & Notes (cost $3,735,060)				4,009,047
FOREIGN GOVERNMENT OBLIGATIONS — 0.1%
Regional Authority — 0.1%
Province of Manitoba, Canada Senior Notes 2.60% due 04/16/2024		86,000		90,964
Province of New Brunswick, Canada Senior Notes 3.63% due 02/24/2028		25,000		28,944
Province of Ontario, Canada Senior Notes 2.20% due 10/03/2022		75,000		76,784
				196,692

481

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount/ Shares			Value (Note 2)
FOREIGN GOVERNMENT OBLIGATIONS — (continued)
Sovereign — 0.0%
United Mexican States Senior Notes 2.66% due 05/24/2031	$	200,000		$	196,562
Total Foreign Government Obligations (cost $386,124)					393,254
Total Long-Term Investment Securities (cost $442,330,462)					547,294,401
SHORT-TERM INVESTMENT SECURITIES — 3.5%
Registered Investment Companies — 3.5%
State Street Institutional U.S. Government Money Market Fund, Premier Class 0.03%(8)		19,934,189			19,934,189
T. Rowe Price Treasury Reserve Fund 0.04%(8)		103			103
Total Short-Term Investment Securities (cost $19,934,292)					19,934,292
TOTAL INVESTMENTS (cost $462,264,754)(9)		100.0	%		567,228,693
Other assets less liabilities		0.0			256,406
NET ASSETS		100.0	%	$	567,485,099

† 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 July 31, 2021, the aggregate value of these securities was $14,282,434 representing 2.5% of net assets.

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

(2) 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 July 31, 2021, the Portfolio held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value per Share/Par		% of Net Assets
Common Stocks
ANT International Co., Ltd., Class C		06/07/2018		1,708	$	9,582	$	12,041	$	7.05		0.00	%
Convertible Preferred Securities
Databricks, Inc., Series G		02/01/2021		100		17,737		17,737		177.37		0.00
Gusto, Inc., Series E		02/01/2021		1,028		31,246		31,246		30.39		0.01
Rivian Automotive, Inc., Series F		01/28/2021		3,494		128,754		248,179		71.03		0.04
U.S. Convertible Bonds & Notes
Rivian Automotive, Inc.		01/28/2021		198,282		198,282		198,282		100.00		0.04
							$	507,485				0.09	%

(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) Commercial Mortgage Backed Security

(6) Collateralized Loan Obligation

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

(8) The rate shown is the 7-day yield as of July 31, 2021.

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

ADR — American Depositary Receipt

CDI — Chess Depositary Interest

CLO — Collateralized Loan Obligation

CVR — Contingent Value Rights

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.

XAMS — Euronext Amsterdam Stock Exchange

FRS — Floating Rate Security

VRS — Variable Rate Security

The rates shown on FRS and VRS are the current interest rates at July 31, 2021 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

SOFR30A — Secured Overnight Financing Rate 30 Day Average

Exchanged-Traded Written Put Options on Futures
Issue	Expiration Month	Strike Price	Number of Contracts		Notional Amount*		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
CBOT U.S. Treasury 10 Year Notes	08/01/2021	$132.50		2		26,893	$	871	$	234	$	637

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

482

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	2	Short	U.S. Treasury 2 Year Notes	September 2021	$	1,323,805	$	1,323,937	$	132
	2	Short	U.S. Treasury 5 Year Notes	September 2021		741,712		746,672		4,960
	1	Short	U.S. Treasury Long Bonds	September 2021		157,967		164,718		6,751
	1	Short	U.S. Ultra Bonds	September 2021		369,533		399,063		29,530
									$	41,373

* 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 July 31, 2021(2)			Notional Amount (000’s)(3)		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CDX North America Investment Grade Index		1.000%/Quarterly	6/20/2026		0.4951	%	$	3,200	$	73,575	$	4,240

(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.

483

SunAmerica Series Trust SA T. Rowe Price Asset Allocation Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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:
Diversified Financial Services	$	—	$	—		$	12,041	$	12,041
Medical-Biomedical/Gene		2,654,315		—			0		2,654,315
Other Industries		356,016,702		84,482,610	**		—		440,499,312
Convertible Preferred Securities
Auto-Cars/Light Trucks		—		—			248,179		248,179
Decision Support Software		—		—			17,737		17,737
Enterprise Software/Service		—		—			31,246		31,246
Other Industries		268,028		—			—		268,028
Asset Backed Securities		—		5,601,094			—		5,601,094
U.S. Convertible Bonds & Notes		—		—			198,282		198,282
U.S. Corporate Bonds & Notes		—		29,722,001			—		29,722,001
Foreign Corporate Bonds & Notes		—		8,409,608			—		8,409,608
U.S. Government Agencies		—		547,968			—		547,968
U.S. Government Treasuries		—		54,682,289			—		54,682,289
Municipal Bonds & Notes		—		4,009,047			—		4,009,047
Foreign Government Obligations		—		393,254			—		393,254
Short-Term Investment Securities		19,934,292		—			—		19,934,292
Total Investments at Value	$	378,873,337	$	187,847,871		$	507,485	$	567,228,693
Other Financial Instruments:†
Exchanged-Traded Written Put Options on Futures	$	637	$	—		$	—	$	637
Futures Contracts		41,373		—			—		41,373
Centrally Cleared Credit Default Swaps on Credit Indices—Sell Protection		—		4,240			—		4,240
Total Other Financial Instruments	$	42,010	$	4,240		$	—	$	46,250

* 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).

† Amounts represent unrealized appreciation/depreciation as of the end of 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. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

484

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Registered Investment Companies	15.3	%
United States Treasury Notes	4.2
Applications Software	3.2
Diversified Banking Institutions	3.2
Medical-Drugs	3.1
Web Portals/ISP	3.0
Federal National Mtg. Assoc.	2.5
United States Treasury Bonds	2.4
E-Commerce/Products	2.4
Real Estate Investment Trusts	2.2
Diversified Financial Services	2.0
Internet Content-Entertainment	2.0
Government National Mtg. Assoc.	2.0
Electronic Components-Semiconductors	1.8
Uniform Mtg. Backed Securities	1.7
Banks-Commercial	1.6
Computers	1.5
Finance-Credit Card	1.4
Insurance-Multi-line	1.3
Diversified Manufacturing Operations	1.2
Electric-Integrated	1.2
Semiconductor Components-Integrated Circuits	1.2
Insurance-Life/Health	1.1
Commercial Services-Finance	1.1
Diagnostic Equipment	1.0
Semiconductor Equipment	1.0
Auto-Cars/Light Trucks	0.9
Medical-HMO	0.9
Telephone-Integrated	0.9
Oil Companies-Exploration & Production	0.9
Banks-Super Regional	0.8
Cosmetics & Toiletries	0.8
Medical Products	0.8
Medical-Hospitals	0.8
Medical Instruments	0.8
Retail-Restaurants	0.8
Municipal Bonds & Notes	0.7
Enterprise Software/Service	0.7
Chemicals-Diversified	0.7
Retail-Apparel/Shoe	0.6
Cable/Satellite TV	0.6
Food-Misc./Diversified	0.6
Oil Companies-Integrated	0.6
Federal Home Loan Mtg. Corp.	0.5
Auto/Truck Parts & Equipment-Original	0.5
Data Processing/Management	0.5
Pipelines	0.5
Transport-Rail	0.5
Containers-Paper/Plastic	0.5
Industrial Gases	0.5
Retail-Building Products	0.5
Finance-Investment Banker/Broker	0.5
Electric-Distribution	0.5
Paper & Related Products	0.5
Cellular Telecom	0.5
Options Purchased	0.4
Insurance-Property/Casualty	0.4
E-Commerce/Services	0.4
Computer Services	0.4
Transport-Services	0.4
Hotels/Motels	0.4
Coatings/Paint	0.3

Electronic Measurement Instruments	0.3	%
Rental Auto/Equipment	0.3
Multimedia	0.3
Aerospace/Defense-Equipment	0.3
Diversified Minerals	0.3
Beverages-Non-alcoholic	0.3
Retail-Discount	0.3
Commercial Services	0.3
Airlines	0.3
Pharmacy Services	0.2
Machinery-Construction & Mining	0.2
Finance-Leasing Companies	0.2
Networking Products	0.2
Insurance Brokers	0.2
Insurance-Reinsurance	0.2
Power Converter/Supply Equipment	0.2
Audio/Video Products	0.2
Electronic Components-Misc.	0.2
Medical-Biomedical/Gene	0.2
Instruments-Controls	0.2
Dialysis Centers	0.2
Electric-Generation	0.2
Chemicals-Specialty	0.2
Internet Content-Information/News	0.2
Real Estate Operations & Development	0.2
Oil Refining & Marketing	0.2
Athletic Footwear	0.2
Aerospace/Defense	0.2
Drug Delivery Systems	0.2
Retail-Automobile	0.2
Casino Hotels	0.2
Non-Ferrous Metals	0.2
Communications Software	0.2
Retail-Major Department Stores	0.2
Computer Software	0.2
Veterinary Diagnostics	0.2
Apparel Manufacturers	0.2
Gold Mining	0.2
Import/Export	0.2
Industrial Automated/Robotic	0.2
Machinery-Electrical	0.2
Steel-Producers	0.2
Retail-Drug Store	0.2
Brewery	0.2
Beverages-Wine/Spirits	0.1
Metal-Diversified	0.1
Food-Confectionery	0.1
Food-Retail	0.1
Metal-Copper	0.1
Retail-Auto Parts	0.1
Machinery-Material Handling	0.1
Finance-Other Services	0.1
Human Resources	0.1
Engineering/R&D Services	0.1
Investment Management/Advisor Services	0.1
Building-Residential/Commercial	0.1
Broadcast Services/Program	0.1
Advertising Agencies	0.1
Investment Companies	0.1
Tobacco	0.1
E-Marketing/Info	0.1

485

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited) — (continued)

Industry Allocation* (continued)

Advertising Sales	0.1	%
Food-Catering	0.1
Wire & Cable Products	0.1
Optical Supplies	0.1
Disposable Medical Products	0.1
Non-Hazardous Waste Disposal	0.1
Computer Aided Design	0.1
Auto-Heavy Duty Trucks	0.1
Banks-Fiduciary	0.1
Internet Application Software	0.1
Gas-Distribution	0.1
Distribution/Wholesale	0.1
Electric Products-Misc.	0.1
Food-Flour & Grain	0.1
Machinery-Pumps	0.1
Computer Data Security	0.1
Electronic Connectors	0.1
Building Products-Cement	0.1
Transport-Equipment & Leasing	0.1
Telecom Services	0.1
Sovereign	0.1
Consulting Services	0.1
Private Equity	0.1
Miscellaneous Manufacturing	0.1
Machinery-General Industrial	0.1
Radio	0.1
Finance-Mortgage Loan/Banker	0.1
Schools	0.1
Retail-Office Supplies	0.1
Agricultural Chemicals	0.1
Metal-Aluminum	0.1
Medical-Outpatient/Home Medical	0.1
Gas-Transportation	0.1
Advertising Services	0.1
Medical-Generic Drugs	0.1
Medical-Wholesale Drug Distribution	0.1
Insurance-Mutual	0.1
Medical Labs & Testing Services	0.1
Television	0.1
Office Supplies & Forms	0.1
Software Tools	0.1
Satellite Telecom	0.1
Footwear & Related Apparel	0.1
Retail-Regional Department Stores	0.1
Machinery-Thermal Process	0.1
Cruise Lines	0.1
Retail-Pet Food & Supplies	0.1
	102.3%

Country Allocation*

United States	79.0	%
Japan	4.0
United Kingdom	3.7
Switzerland	2.2
France	1.9
Germany	1.8
Netherlands	1.5
Canada	1.5
Ireland	1.1
Australia	0.9
Cayman Islands	0.7
Taiwan	0.4
Norway	0.4
Sweden	0.3
South Korea	0.4
Italy	0.3
Singapore	0.3
China	0.2
Finland	0.2
British Virgin Islands	0.2
Jersey	0.2
Mexico	0.2
Hong Kong	0.2
Luxembourg	0.1
SupraNational	0.1
Belgium	0.1
Denmark	0.1
Austria	0.1
India	0.1
Panama	0.1
	102.3%

* Calculated as a percentage of net assets

486

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 57.4%
Advertising Agencies — 0.1%
WPP PLC		149,224	$	1,931,877
Advertising Services — 0.1%
Stroeer SE & Co. KGaA		11,851		938,254
Aerospace/Defense — 0.1%
Boeing Co.†		4,005		907,052
Raytheon Technologies Corp.		1,425		123,904
Teledyne Technologies, Inc.†		1,438		651,083
TransDigm Group, Inc.†		230		147,451
				1,829,490
Aerospace/Defense-Equipment — 0.2%
L3Harris Technologies, Inc.		2,863		649,157
Meggitt PLC†		318,408		2,074,834
Safran SA		9,489		1,243,027
				3,967,018
Agricultural Chemicals — 0.0%
CF Industries Holdings, Inc.		3,727		176,101
Airlines — 0.0%
Southwest Airlines Co.†		7,055		356,419
United Airlines Holdings, Inc.†		4,560		213,043
				569,462
Apparel Manufacturers — 0.2%
Kering SA		1,977		1,775,163
Samsonite International SA†*		300,600		559,408
VF Corp.		4,435		355,687
				2,690,258
Applications Software — 3.1%
Intuit, Inc.		11,039		5,850,339
Microsoft Corp.		152,444		43,432,820
Roper Technologies, Inc.		3,998		1,964,377
ServiceNow, Inc.†		8,030		4,720,757
				55,968,293
Athletic Footwear — 0.2%
NIKE, Inc., Class B		19,953		3,342,327
Audio/Video Products — 0.2%
Panasonic Corp.		128,500		1,539,145
Sony Group Corp.		22,800		2,379,892
				3,919,037
Auto-Cars/Light Trucks — 0.5%
Ferrari NV		2,582		563,625
General Motors Co.†		15,064		856,238
Honda Motor Co., Ltd.		24,000		767,744
Suzuki Motor Corp.		30,600		1,245,373
Tesla, Inc.†		2,263		1,555,133
Toyota Motor Corp.		48,700		4,373,624
				9,361,737
Auto-Heavy Duty Trucks — 0.1%
Cummins, Inc.		3,621		840,434
PACCAR, Inc.		9,933		824,340
				1,664,774
Auto/Truck Parts & Equipment-Original — 0.4%
Aptiv PLC†		2,819		470,350
Autoliv, Inc. SDR		12,418		1,242,842
Denso Corp.		19,300		1,325,221
Magna International, Inc.		38,273		3,208,426

Security Description	Shares		Value (Note 2)
Auto/Truck Parts & Equipment-Original (continued)
Stanley Electric Co., Ltd.		35,500	$	926,838
				7,173,677
Banks-Commercial — 1.1%
Australia & New Zealand Banking Group, Ltd.		69,987		1,425,335
Citizens Financial Group, Inc.		12,832		540,997
DBS Group Holdings, Ltd.		48,200		1,081,688
DNB Bank ASA		150,549		3,085,191
Erste Group Bank AG		32,240		1,250,139
ING Groep NV		226,192		2,896,508
Intesa Sanpaolo SpA		386,898		1,068,453
National Bank of Canada		38,340		2,934,503
Signature Bank		1,997		453,259
Standard Chartered PLC		101,846		610,110
Sumitomo Mitsui Trust Holdings, Inc.		27,100		890,439
Svenska Handelsbanken AB, Class A		154,748		1,747,053
United Overseas Bank, Ltd.		101,900		1,972,610
				19,956,285
Banks-Fiduciary — 0.0%
Bank of New York Mellon Corp.		6,499		333,594
State Street Corp.		1,139		99,252
				432,846
Banks-Super Regional — 0.7%
Fifth Third Bancorp		34,503		1,252,114
Huntington Bancshares, Inc.		77,603		1,092,650
PNC Financial Services Group, Inc.		5,990		1,092,636
Wells Fargo & Co.		212,945		9,782,693
				13,220,093
Beverages-Non-alcoholic — 0.2%
Coca-Cola Co.		30,597		1,744,947
Keurig Dr Pepper, Inc.		14,601		514,101
Monster Beverage Corp.†		5,516		520,269
PepsiCo, Inc.		8,058		1,264,703
				4,044,020
Beverages-Wine/Spirits — 0.1%
Diageo PLC		50,630		2,511,793
Brewery — 0.1%
Kirin Holdings Co., Ltd.		45,700		836,305
Building & Construction Products-Misc. — 0.0%
Imerys SA		792		36,667
Building Products-Air & Heating — 0.0%
Johnson Controls International PLC		1,171		83,633
Building Products-Cement — 0.1%
Martin Marietta Materials, Inc.		1,903		691,360
Vulcan Materials Co.		3,363		605,306
				1,296,666
Building-Heavy Construction — 0.0%
Cellnex Telecom SA*		701		45,680
Building-Residential/Commercial — 0.1%
NVR, Inc.†		68		355,137
Persimmon PLC		42,858		1,728,848
				2,083,985

487

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Cable/Satellite TV — 0.3%
Charter Communications, Inc., Class A†		1,244	$	925,598
Comcast Corp., Class A		53,427		3,143,111
DISH Network Corp., Class A†		1,307		54,750
Liberty Broadband Corp., Class C†		3,892		690,791
				4,814,250
Casino Hotels — 0.1%
Las Vegas Sands Corp.†		4,126		174,736
MGM Resorts International		30,863		1,158,288
Wynn Resorts, Ltd.†		1,818		178,764
				1,511,788
Cellular Telecom — 0.4%
T-Mobile US, Inc.†		31,468		4,532,021
Vodafone Group PLC ADR		100,361		1,638,895
				6,170,916
Chemicals-Diversified — 0.6%
Asahi Kasei Corp.		145,900		1,590,866
BASF SE		23,581		1,852,887
Covestro AG*		20,170		1,297,930
Croda International PLC		845		98,871
Huntsman Corp.		1,803		47,617
Johnson Matthey PLC		51,676		2,133,788
PPG Industries, Inc.		14,564		2,381,505
Quaker Chemical Corp.		187		47,076
Tosoh Corp.		12,500		219,834
Westlake Chemical Corp.		876		72,638
				9,743,012
Chemicals-Specialty — 0.2%
Albemarle Corp.		1,742		358,922
Atotech, Ltd.†		3,936		95,054
Borregaard ASA		2,568		66,850
Element Solutions, Inc.		2,716		63,527
International Flavors & Fragrances, Inc.		8,861		1,334,821
Koninklijke DSM NV		552		111,267
Shin-Etsu Chemical Co., Ltd.		400		65,268
Umicore SA		24,993		1,552,099
				3,647,808
Coatings/Paint — 0.3%
Akzo Nobel NV		18,203		2,251,005
RPM International, Inc.		3,730		322,981
Sherwin-Williams Co.		11,021		3,207,441
				5,781,427
Commercial Services — 0.2%
Amadeus IT Group SA†		11,869		777,026
Cintas Corp.		653		257,400
CoStar Group, Inc.†		12,433		1,104,672
TechnoPro Holdings, Inc.		52,500		1,311,136
				3,450,234
Commercial Services-Finance — 0.9%
Affirm Holdings, Inc.†		9,694		545,966
Equifax, Inc.		2,226		580,096
FleetCor Technologies, Inc.†		3,368		869,685
Global Payments, Inc.		24,516		4,741,640
MarketAxess Holdings, Inc.		490		232,833
PayPal Holdings, Inc.†		17,371		4,786,232

Security Description	Shares		Value (Note 2)
Commercial Services-Finance (continued)
S&P Global, Inc.		4,562	$	1,955,821
Square, Inc., Class A†		6,263		1,548,589
TransUnion		3,024		363,061
				15,623,923
Communications Software — 0.2%
Zoom Video Communications, Inc., Class A†		7,523		2,844,446
Computer Aided Design — 0.1%
Synopsys, Inc.†		6,175		1,778,338
Computer Data Security — 0.1%
Crowdstrike Holdings, Inc., Class A†		937		237,633
Fortinet, Inc.†		4,876		1,327,442
				1,565,075
Computer Services — 0.4%
Accenture PLC, Class A		4,896		1,555,361
Cognizant Technology Solutions Corp., Class A		8,548		628,535
Leidos Holdings, Inc.		4,592		488,681
NTT Data Corp.		165,100		2,558,594
Teleperformance		3,587		1,513,591
				6,744,762
Computer Software — 0.2%
Citrix Systems, Inc.		5,786		582,939
Datadog, Inc., Class A†		3,229		357,450
MongoDB, Inc.†		2,778		997,080
Snowflake, Inc., Class A†		1,666		442,690
Twilio, Inc., Class A†		1,178		440,089
				2,820,248
Computers — 1.4%
Apple, Inc.		172,868		25,214,526
Consulting Services — 0.1%
Worley, Ltd.		163,338		1,341,606
Consumer Products-Misc. — 0.0%
Kimberly-Clark Corp.		4,461		605,447
Containers-Metal/Glass — 0.0%
Ball Corp.		8,255		667,664
Verallia SA*		1,886		69,914
				737,578
Containers-Paper/Plastic — 0.5%
Amcor PLC CDI		91,077		1,054,348
Graphic Packaging Holding Co.		2,430		46,583
Mayr-Melnhof Karton AG		257		54,679
Packaging Corp. of America		19,895		2,815,142
Sealed Air Corp.		9,992		567,046
WestRock Co.		90,370		4,447,108
				8,984,906
Cosmetics & Toiletries — 0.7%
Colgate-Palmolive Co.		3,212		255,354
Estee Lauder Cos., Inc., Class A		1,818		606,903
L’Oreal SA		7,188		3,292,576
Pola Orbis Holdings, Inc.		16,500		394,632
Procter & Gamble Co.		15,330		2,180,386
Unilever PLC		97,380		5,607,581
				12,337,432

488

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Data Processing/Management — 0.5%
DocuSign, Inc.†		4,526	$	1,348,929
Fidelity National Information Services, Inc.		16,552		2,467,076
Fiserv, Inc.†		48,474		5,579,842
				9,395,847
Decision Support Software — 0.0%
MSCI, Inc.		426		253,879
Dental Supplies & Equipment — 0.0%
DENTSPLY SIRONA, Inc.		8,737		576,991
Diagnostic Equipment — 1.0%
Danaher Corp.		33,298		9,905,822
PerkinElmer, Inc.		1,917		349,335
Thermo Fisher Scientific, Inc.		15,087		8,147,131
				18,402,288
Dialysis Centers — 0.1%
Fresenius SE & Co. KGaA		43,228		2,273,860
Diamonds/Precious Stones — 0.0%
Alrosa PJSC†		129,080		229,772
Disposable Medical Products — 0.1%
Teleflex, Inc.		4,605		1,830,165
Distribution/Wholesale — 0.1%
Bunzl PLC		27,689		1,025,829
Copart, Inc.†		4,107		603,729
				1,629,558
Diversified Banking Institutions — 2.0%
Bank of America Corp.		208,065		7,981,373
BNP Paribas SA		34,346		2,089,566
Citigroup, Inc.		11,261		761,469
Goldman Sachs Group, Inc.		17,902		6,711,102
JPMorgan Chase & Co.		10,975		1,665,785
Lloyds Banking Group PLC		2,418,778		1,532,649
Macquarie Group, Ltd.		12,327		1,422,434
Mitsubishi UFJ Financial Group, Inc.		234,900		1,244,561
Morgan Stanley		119,293		11,449,742
				34,858,681
Diversified Financial Services — 0.0%
ANT International Co., Ltd., Class C†(1)(2)		57,396		404,642
Diversified Manufacturing Operations — 1.1%
3M Co.		4,611		912,701
ALS, Ltd.		7,679		72,088
General Electric Co.		828,155		10,724,607
Parker-Hannifin Corp.		1,402		437,466
Siemens AG		44,833		6,999,690
Textron, Inc.		9,958		687,202
				19,833,754
Diversified Minerals — 0.3%
BHP Group PLC		88,471		2,873,204
BHP Group, Ltd.		57,418		2,250,160
Lundin Mining Corp.		9,844		89,713
				5,213,077
Drug Delivery Systems — 0.1%
Becton Dickinson & Co.		8,600		2,199,450

Security Description	Shares		Value (Note 2)
E-Commerce/Products — 2.3%
Alibaba Group Holding, Ltd. ADR†		9,369	$	1,828,735
Amazon.com, Inc.†		9,591		31,914,916
ASOS PLC†		34,624		1,830,040
Coupang, Inc.†		16,203		588,493
Sea, Ltd. ADR†		14,714		4,063,418
THG PLC†		36,955		301,936
				40,527,538
E-Commerce/Services — 0.3%
Airbnb, Inc., Class A†		445		64,084
Booking Holdings, Inc.†		1,034		2,252,321
Delivery Hero SE†*		2,493		373,334
DoorDash, Inc., Class A†		6,842		1,192,492
Match Group, Inc.†		9,939		1,582,984
Opendoor Technologies, Inc.†		7,534		111,654
				5,576,869
E-Marketing/Info — 0.1%
CyberAgent, Inc.		108,600		1,955,086
E-Services/Consulting — 0.0%
CDW Corp.		2,136		391,636
Electric Products-Misc. — 0.1%
Emerson Electric Co.		440		44,392
Legrand SA		13,881		1,563,843
				1,608,235
Electric-Distribution — 0.4%
National Grid PLC		144,380		1,847,109
Sempra Energy		39,134		5,112,857
				6,959,966
Electric-Generation — 0.2%
Electric Power Development Co., Ltd.		47,100		688,551
Engie SA		189,846		2,533,413
				3,221,964
Electric-Integrated — 0.8%
AES Corp.		6,926		164,146
Ameren Corp.		12,223		1,025,754
CMS Energy Corp.		10,239		632,668
Dominion Energy, Inc.		27,172		2,034,368
DTE Energy Co.		328		38,481
Entergy Corp.		3,443		354,354
Evergy, Inc.		6,855		447,083
Eversource Energy		10,594		913,944
Iberdrola SA		1,903		22,945
IDACORP, Inc.		288		30,370
NextEra Energy, Inc.		51,505		4,012,239
Public Service Enterprise Group, Inc.		12,617		785,156
Southern Co.		39,900		2,548,413
WEC Energy Group, Inc.		6,762		636,575
Xcel Energy, Inc.		616		42,042
				13,688,538
Electronic Components-Misc. — 0.2%
Hubbell, Inc.		8,535		1,710,926
Murata Manufacturing Co., Ltd.		25,200		2,089,625
				3,800,551
Electronic Components-Semiconductors — 1.7%
Advanced Micro Devices, Inc.†		37,292		3,960,038
Broadcom, Inc.		14,046		6,817,928

489

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Electronic Components-Semiconductors (continued)
Hamamatsu Photonics KK		24,600	$	1,369,035
Marvell Technology, Inc.		14,264		863,115
Microchip Technology, Inc.		5,874		840,687
Monolithic Power Systems, Inc.		1,467		659,064
NVIDIA Corp.		28,940		5,643,011
Samsung Electronics Co., Ltd.		64,203		4,390,464
SUMCO Corp.		1,500		34,840
Texas Instruments, Inc.		23,215		4,425,243
Xilinx, Inc.		5,438		814,830
				29,818,255
Electronic Connectors — 0.1%
Amphenol Corp., Class A		15,508		1,124,175
TE Connectivity, Ltd.		2,770		408,492
				1,532,667
Electronic Measurement Instruments — 0.3%
Agilent Technologies, Inc.		24,686		3,782,636
Fortive Corp.		20,594		1,496,360
Keysight Technologies, Inc.†		808		132,956
Trimble, Inc.†		3,363		287,537
				5,699,489
Energy-Alternate Sources — 0.0%
Shoals Technologies Group, Inc., Class A†		1,051		30,574
Engineering/R&D Services — 0.1%
Jacobs Engineering Group, Inc.		15,997		2,163,594
Enterprise Software/Service — 0.6%
Atlassian Corp. PLC, Class A†		2,378		773,135
Bill.com Holdings, Inc.†		3,074		635,765
Clarivate PLC†		6,939		158,209
Coupa Software, Inc.†		2,199		477,183
Paycom Software, Inc.†		378		151,200
salesforce.com, Inc.†		19,314		4,672,636
SAP SE		18,360		2,633,300
Veeva Systems, Inc., Class A†		2,280		758,579
Workday, Inc., Class A†		2,501		586,235
				10,846,242
Entertainment Software — 0.0%
Electronic Arts, Inc.		3,312		476,796
Playtika Holding Corp.†		6,528		145,117
				621,913
Finance-Credit Card — 1.2%
Capital One Financial Corp.		5,873		949,664
Mastercard, Inc., Class A		16,726		6,455,233
Visa, Inc., Class A		53,301		13,132,833
				20,537,730
Finance-Investment Banker/Broker — 0.4%
Charles Schwab Corp.		98,898		6,720,119
Close Brothers Group PLC		21,901		469,274
Tradeweb Markets, Inc., Class A		1,183		102,602
XP, Inc., Class A†		12,239		502,533
				7,794,528
Finance-Leasing Companies — 0.0%
Mitsubishi UFJ Lease & Finance Co., Ltd.		125,600		685,487

Security Description	Shares		Value (Note 2)
Finance-Mortgage Loan/Banker — 0.1%
Housing Development Finance Corp., Ltd.		36,702	$	1,210,053
Finance-Other Services — 0.1%
Cboe Global Markets, Inc.		3,057		362,163
CME Group, Inc.		5,008		1,062,347
Intercontinental Exchange, Inc.		6,633		794,832
				2,219,342
Fisheries — 0.0%
Mowi ASA ADR		1,937		49,239
Food-Catering — 0.1%
Compass Group PLC†		88,879		1,877,689
Food-Confectionery — 0.1%
Barry Callebaut AG		529		1,339,723
Mondelez International, Inc., Class A		17,851		1,129,254
				2,468,977
Food-Flour & Grain — 0.1%
Wilmar International, Ltd.		496,000		1,593,745
Food-Meat Products — 0.0%
Tyson Foods, Inc., Class A		4,708		336,434
Food-Misc./Diversified — 0.5%
Conagra Brands, Inc.		5,487		183,759
Nestle SA		72,970		9,246,288
				9,430,047
Food-Retail — 0.1%
Seven & i Holdings Co., Ltd.		54,400		2,424,518
Footwear & Related Apparel — 0.1%
Dr. Martens PLC†		143,591		864,564
Forestry — 0.0%
West Fraser Timber Co., Ltd.		372		26,683
Gas-Distribution — 0.0%
Beijing Enterprises Holdings, Ltd.		146,000		453,754
Gold Mining — 0.1%
Franco-Nevada Corp.		694		111,003
K92 Mining, Inc.†		19,943		143,866
Kirkland Lake Gold, Ltd.		6,495		277,740
Northern Star Resources, Ltd.		41,302		310,995
Perseus Mining, Ltd.†		212,981		263,212
Polyus PJSC		615		118,360
Sandstorm Gold, Ltd.†		11,677		91,781
Sibanye Stillwater, Ltd.		25,163		109,485
Silver Lake Resources, Ltd.†		50,591		57,240
Wesdome Gold Mines, Ltd.†		33,477		338,634
				1,822,316
Hotels/Motels — 0.4%
Hilton Worldwide Holdings, Inc.†		22,674		2,980,497
Huazhu Group, Ltd. ADR†		1,286		57,844
Kyoritsu Maintenance Co., Ltd.		1,600		53,163
Marriott International, Inc., Class A†		20,377		2,974,634
Whitbread PLC†		1,476		62,442
				6,128,580
Human Resources — 0.1%
Recruit Holdings Co., Ltd.		41,900		2,166,812

490

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Import/Export — 0.2%
Mitsubishi Corp.		44,900	$	1,265,892
Sumitomo Corp.		95,900		1,304,102
				2,569,994
Industrial Automated/Robotic — 0.2%
Omron Corp.		13,200		1,129,280
SMC Corp.		1,100		653,658
THK Co., Ltd.		26,900		770,012
				2,552,950
Industrial Gases — 0.5%
Air Liquide SA		11,970		2,080,841
Air Products & Chemicals, Inc.		419		121,942
Linde PLC		21,293		6,545,255
				8,748,038
Instruments-Controls — 0.2%
Honeywell International, Inc.		16,173		3,781,086
Insurance Brokers — 0.1%
Marsh & McLennan Cos., Inc.		12,261		1,805,064
Insurance-Life/Health — 0.7%
AIA Group, Ltd.		81,200		974,023
Aviva PLC		248,328		1,336,059
AXA SA		141,293		3,657,297
Challenger, Ltd.		126,336		527,583
Equitable Holdings, Inc.		79,852		2,465,031
Sun Life Financial, Inc.		56,363		2,935,611
Voya Financial, Inc.		1,640		105,616
				12,001,220
Insurance-Multi-line — 1.3%
Chubb, Ltd.		54,458		9,189,243
Direct Line Insurance Group PLC		169,424		699,568
Hartford Financial Services Group, Inc.		42,147		2,681,392
Loews Corp.		1,886		101,146
MetLife, Inc.		47,109		2,718,189
Ping An Insurance Group Co. of China, Ltd.		100,500		882,156
Sampo Oyj, Class A		54,739		2,639,483
Storebrand ASA		199,499		1,716,063
Zurich Insurance Group AG		4,659		1,878,081
				22,505,321
Insurance-Property/Casualty — 0.4%
Berkshire Hathaway, Inc., Class B†		9,125		2,539,396
PICC Property & Casualty Co., Ltd.		1,300,000		1,054,122
Progressive Corp.		4,235		403,003
Tokio Marine Holdings, Inc.		42,400		2,022,823
Travelers Cos., Inc.		8,958		1,334,025
				7,353,369
Insurance-Reinsurance — 0.2%
Muenchener Rueckversicherungs-Gesellschaft AG		13,592		3,675,821
RenaissanceRe Holdings, Ltd.		3,694		564,037
				4,239,858
Internet Application Software — 0.1%
Shopify, Inc., Class A†		1,096		1,643,923

Security Description	Shares		Value (Note 2)
Internet Content-Entertainment — 2.0%
Facebook, Inc., Class A†		65,228	$	23,240,736
Netflix, Inc.†		10,319		5,340,805
Pinterest, Inc., Class A†		27,362		1,611,622
Roku, Inc.†		825		353,356
Snap, Inc., Class A†		59,281		4,411,692
Spotify Technology SA†		2,817		644,163
				35,602,374
Internet Content-Information/News — 0.2%
Tencent Holdings, Ltd.		50,600		3,122,594
Vimeo, Inc.†		3,710		166,208
				3,288,802
Internet Security — 0.0%
NortonLifeLock, Inc.		22,881		567,906
Investment Companies — 0.1%
Melrose Industries PLC		913,170		2,029,913
Investment Management/Advisor Services — 0.1%
Apollo Global Management, Inc.		13,042		767,652
Invesco, Ltd.		2,979		72,628
Julius Baer Group, Ltd.		7,075		468,041
Raymond James Financial, Inc.		1,291		167,159
				1,475,480
Machinery-Construction & Mining — 0.2%
Caterpillar, Inc.		13,673		2,826,893
Epiroc AB, Class A		12,278		286,989
Epiroc AB, Class B		3,434		69,081
Metso Outotec Oyj		14,627		166,229
Sandvik AB		12,394		322,839
Weir Group PLC†		8,904		213,782
				3,885,813
Machinery-Electrical — 0.2%
Mitsubishi Electric Corp.		188,200		2,547,614
Machinery-Farming — 0.0%
AGCO Corp.		430		56,807
Alamo Group, Inc.		343		50,342
Deere & Co.		1,437		519,605
Lindsay Corp.		301		48,368
Toro Co.		516		58,690
				733,812
Machinery-General Industrial — 0.1%
Atlas Copco AB, Class B		1,200		68,241
Bucher Industries AG		87		48,410
Otis Worldwide Corp.		8,307		743,892
				860,543
Machinery-Material Handling — 0.1%
KION Group AG		21,930		2,328,780
Machinery-Pumps — 0.0%
Cactus, Inc., Class A		1,689		60,872
Flowserve Corp.		5,203		218,994
IMI PLC		2,398		58,516
Ingersoll Rand, Inc.†		8,490		414,906
				753,288
Medical Instruments — 0.7%
Alcon, Inc.		10,001		728,122
Elekta AB, Series B		95,186		1,388,392
Intuitive Surgical, Inc.†		5,385		5,339,012
Medtronic PLC		30,803		4,044,742
				11,500,268

491

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Medical Labs & Testing Services — 0.1%
Evotec SE†		23,097	$	958,880
Medical Products — 0.8%
Abbott Laboratories		20,768		2,512,513
Align Technology, Inc.†		483		336,071
Cooper Cos., Inc.		302		127,375
Hologic, Inc.†		5,201		390,283
Koninklijke Philips NV		63,713		2,938,532
Siemens Healthineers AG*		35,190		2,325,149
Stryker Corp.		15,846		4,293,315
Zimmer Biomet Holdings, Inc.		2,305		376,683
				13,299,921
Medical-Biomedical/Gene — 0.1%
Amgen, Inc.		2,806		677,761
Biogen, Inc.†		1,362		445,006
Exact Sciences Corp.†		90		9,706
Incyte Corp.†		3,262		252,316
Regeneron Pharmaceuticals, Inc.†		432		248,232
Seagen, Inc.†		864		132,529
Vertex Pharmaceuticals, Inc.†		2,585		521,084
				2,286,634
Medical-Drugs — 2.8%
AbbVie, Inc.		33,391		3,883,373
Astellas Pharma, Inc.		226,200		3,602,797
AstraZeneca PLC ADR		111,612		6,388,671
Bausch Health Cos., Inc.†		26,114		763,834
Bayer AG		39,723		2,369,085
Eli Lilly & Co.		35,925		8,747,737
GlaxoSmithKline PLC ADR		46,776		1,877,589
Ipsen SA		9,345		999,265
Johnson & Johnson		9,448		1,626,946
Merck & Co., Inc.		8,558		657,853
Novartis AG		47,572		4,400,210
Organon & Co.†		883		25,616
Otsuka Holdings Co., Ltd.		38,100		1,514,575
Roche Holding AG		14,782		5,716,234
Sanofi		41,750		4,302,256
Sanofi ADR		11,237		579,380
Takeda Pharmaceutical Co., Ltd. ADR		37,639		621,044
Zoetis, Inc.		11,990		2,430,373
				50,506,838
Medical-HMO — 0.8%
Anthem, Inc.		9,204		3,534,428
Centene Corp.†		28,773		1,974,116
Humana, Inc.		2,639		1,123,845
UnitedHealth Group, Inc.		19,534		8,052,305
				14,684,694
Medical-Hospitals — 0.3%
HCA Healthcare, Inc.		21,818		5,415,228
Medical-Wholesale Drug Distribution — 0.0%
McKesson Corp.		606		123,521
Metal Processors & Fabrication — 0.0%
Timken Co.		495		39,352
Metal Products-Distribution — 0.0%
Granges AB		10,860		143,534

Security Description	Shares		Value (Note 2)
Metal-Aluminum — 0.1%
Constellium SE†		6,128	$	115,636
Norsk Hydro ASA		11,736		78,074
South32, Ltd.		407,725		892,734
				1,086,444
Metal-Copper — 0.1%
Antofagasta PLC		93,105		1,933,123
ERO Copper Corp.†		9,074		182,629
OZ Minerals, Ltd.		7,658		130,923
Southern Copper Corp.		2,560		168,038
				2,414,713
Metal-Diversified — 0.1%
Anglo American PLC		3,602		159,572
Boliden AB		11,812		460,916
MMC Norilsk Nickel PJSC		325		112,454
Rio Tinto PLC		3,323		283,196
Rio Tinto, Ltd.		11,461		1,128,014
				2,144,152
Metal-Iron — 0.0%
Vale SA		11,119		232,190
Miscellaneous Manufacturing — 0.1%
Knorr-Bremse AG		8,298		941,298
Multimedia — 0.3%
Walt Disney Co.†		31,614		5,564,696
Networking Products — 0.2%
Cisco Systems, Inc.		30,547		1,691,388
Telefonaktiebolaget LM Ericsson, Class B		225,953		2,605,182
				4,296,570
Non-Ferrous Metals — 0.2%
IGO, Ltd.		388,860		2,681,830
NAC Kazatomprom JSC GDR		2,532		63,092
				2,744,922
Non-Hazardous Waste Disposal — 0.1%
Republic Services, Inc.		7,428		879,178
Waste Connections, Inc.		5,126		649,413
				1,528,591
Office Supplies & Forms — 0.1%
Avery Dennison Corp.		4,413		929,731
Oil Companies-Exploration & Production — 0.2%
Aker BP ASA		1,817		49,087
ConocoPhillips		25,491		1,429,026
Devon Energy Corp.		8,415		217,444
EOG Resources, Inc.		11,606		845,613
Hess Corp.		774		59,165
Lundin Energy AB		2,445		76,207
Magnolia Oil & Gas Corp., Class A†		3,151		44,114
Parex Resources, Inc.†		2,280		37,464
Pioneer Natural Resources Co.		768		111,644
Venture Global LNG, Inc., Series C†(1)(2)		3		13,770
				2,883,534
Oil Companies-Integrated — 0.5%
Chevron Corp.		8,801		896,030
Equinor ASA		123,637		2,418,698
Exxon Mobil Corp.		12,869		740,868
Galp Energia SGPS SA		11,154		108,913

492

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Oil Companies-Integrated (continued)
Royal Dutch Shell PLC, Class B ADR		28,062	$	1,109,852
TotalEnergies SE ADR		13,796		601,920
TotalEnergies SE		66,429		2,896,666
				8,772,947
Oil Refining & Marketing — 0.1%
DCC PLC		15,827		1,325,082
Marathon Petroleum Corp.		5,624		310,557
				1,635,639
Oil-Field Services — 0.0%
ChampionX Corp.†		2,239		52,035
Halliburton Co.		31,118		643,520
				695,555
Optical Supplies — 0.1%
EssilorLuxottica SA		9,779		1,845,842
Paper & Related Products — 0.4%
International Paper Co.		79,439		4,588,397
Mondi PLC		4,429		122,796
Stora Enso Oyj, Class R		86,860		1,718,115
Svenska Cellulosa AB SCA, Class B		3,168		58,937
UPM-Kymmene Oyj		2,884		117,922
				6,606,167
Pastoral & Agricultural — 0.0%
Darling Ingredients, Inc.†		2,328		160,795
Pharmacy Services — 0.1%
Cigna Corp.		6,313		1,448,770
CVS Health Corp.		6,747		555,683
				2,004,453
Photo Equipment & Supplies — 0.0%
Largan Precision Co., Ltd.		7,000		735,687
Pipelines — 0.0%
DT Midstream, Inc.†		164		6,953
Enbridge, Inc.		983		38,681
TC Energy Corp.		1,786		87,032
				132,666
Platinum — 0.0%
Impala Platinum Holdings, Ltd.		4,121		74,267
Northam Platinum, Ltd.†		1,786		28,168
				102,435
Poultry — 0.0%
Sanderson Farms, Inc.		290		54,184
Power Converter/Supply Equipment — 0.2%
ABB, Ltd.		79,095		2,891,635
Generac Holdings, Inc.†		1,153		483,522
Schneider Electric SE		4,382		734,266
				4,109,423
Precious Metals — 0.0%
Polymetal International PLC		1,806		39,260
Polymetal International PLC†		3,699		80,606
Wheaton Precious Metals Corp.		1,367		63,146
				183,012

Security Description	Shares		Value (Note 2)
Private Equity — 0.1%
Bridgepoint Group, Ltd.†*		139,643	$	941,404
KKR & Co., Inc., Class A		6,257		398,946
				1,340,350
Real Estate Investment Trusts — 1.7%
Acadia Realty Trust		12,112		259,197
Agree Realty Corp.		72		5,411
Alexandria Real Estate Equities, Inc.		7,467		1,503,406
American Campus Communities, Inc.		4,483		225,540
American Tower Corp.		3,492		987,538
Apartment Income REIT Corp.		4,853		255,462
Apple Hospitality REIT, Inc.		13,248		198,058
AvalonBay Communities, Inc.		4,431		1,009,515
Camden Property Trust		16,431		2,454,627
Canadian Apartment Properties REIT		1,380		68,967
CapitaLand Integrated Commercial Trust		46,000		72,988
CubeSmart		7,202		357,651
CyrusOne, Inc.		374		26,655
Daiwa Office Investment Corp.		9		64,874
Derwent London PLC		2,377		120,085
Digital Realty Trust, Inc.		482		74,305
Douglas Emmett, Inc.		7,525		251,335
EastGroup Properties, Inc.		956		168,466
EPR Properties		273		13,732
Equinix, Inc.		2,639		2,165,062
Equity LifeStyle Properties, Inc.		16,211		1,358,482
Equity Residential		9,101		765,667
Essential Properties Realty Trust, Inc.		780		23,244
Essex Property Trust, Inc.		1,249		409,797
Federal Realty Investment Trust		679		79,803
Gecina SA		248		39,370
Goodman Group		6,036		100,468
Great Portland Estates PLC		139,533		1,479,218
Healthcare Realty Trust, Inc.		4,541		144,767
Healthcare Trust of America, Inc., Class A		4,329		123,766
Highwoods Properties, Inc.		1,349		64,334
Hoshino Resorts REIT, Inc.		7		44,515
Host Hotels & Resorts, Inc.†		1,605		25,568
Industrial & Infrastructure Fund Investment Corp.†		41		79,193
Inmobiliaria Colonial Socimi SA		6,503		69,330
Innovative Industrial Properties, Inc.		11		2,365
Japan Metropolitan Fund Investment Corp.		68		71,170
JBG SMITH Properties		1,113		36,317
Kilroy Realty Corp.		3,052		211,412
Lexington Realty Trust		452		5,944
Mapletree Industrial Trust		25,486		56,405
Mitsui Fudosan Logistics Park, Inc.		13		72,795
National Retail Properties, Inc.		525		25,657
Pebblebrook Hotel Trust		7,989		179,673
Prologis, Inc.		57,328		7,340,277
PS Business Parks, Inc.		1,055		162,122
Public Storage		1,578		493,093
Rayonier, Inc.		474		17,874
Realty Income Corp.		1,095		76,967
Regency Centers Corp.		3,929		256,996

493

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Real Estate Investment Trusts (continued)
Rexford Industrial Realty, Inc.		3,104	$	190,958
SBA Communications Corp.		410		139,806
Scentre Group		505,366		968,647
Simon Property Group, Inc.		2,455		310,607
SL Green Realty Corp.		1,909		142,144
Spirit Realty Capital, Inc.		262		13,158
STORE Capital Corp.		1,218		44,079
Summit Industrial Income REIT		8,770		133,349
Sun Communities, Inc.		593		116,293
Sunstone Hotel Investors, Inc.†		10,689		123,351
Terreno Realty Corp.		3,412		233,244
UNITE Group PLC		7,138		114,795
Urban Edge Properties		747		14,193
VEREIT, Inc.		1,117		54,699
Welltower, Inc.		45,031		3,911,393
Weyerhaeuser Co.		8,182		275,979
WP Carey, Inc.		1,641		132,412
				31,018,570
Real Estate Management/Services — 0.0%
China Resources Mixc Lifestyle Services, Ltd.*		1,400		8,485
Fabege AB		4,279		74,247
				82,732
Real Estate Operations & Development — 0.2%
CapitaLand, Ltd.		19,000		56,538
CTP BV†*		3,191		64,336
Heiwa Real Estate Co., Ltd.†		1,400		50,546
Hongkong Land Holdings, Ltd.		10,000		45,401
Howard Hughes Corp.†		1,308		121,265
Kojamo Oyj		4,710		115,984
LEG Immobilien SE		574		90,823
Mitsui Fudosan Co., Ltd.		108,600		2,542,959
PSP Swiss Property AG		260		35,219
Shurgard Self Storage SA		1,240		66,462
Sun Hung Kai Properties, Ltd.		10,500		150,477
Tokyo Tatemono Co., Ltd.		2,900		43,619
Wharf Real Estate Investment Co., Ltd.		12,000		67,804
				3,451,433
Rental Auto/Equipment — 0.3%
Ashtead Group PLC		32,998		2,471,961
Element Fleet Management Corp.		172,273		1,971,833
United Rentals, Inc.†		1,600		527,280
				4,971,074
Resort/Theme Parks — 0.0%
Vail Resorts, Inc.†		1,630		497,476
Retail-Apparel/Shoe — 0.6%
Burlington Stores, Inc.†		1,757		588,244
Lululemon Athletica, Inc.†		5,113		2,046,069
Moncler SpA		28,676		1,974,710
Next PLC†		15,186		1,662,498
Ross Stores, Inc.		20,807		2,552,811
Zalando SE†*		20,910		2,325,898
				11,150,230
Retail-Auto Parts — 0.1%
AutoZone, Inc.†		780		1,266,385
O’Reilly Automotive, Inc.†		999		603,236
				1,869,621

Security Description	Shares		Value (Note 2)
Retail-Automobile — 0.2%
CarMax, Inc.†		1,032	$	138,237
Carvana Co.†		8,811		2,974,241
				3,112,478
Retail-Building Products — 0.4%
Home Depot, Inc.		13,018		4,272,378
Kingfisher PLC		462,764		2,368,896
Lowe’s Cos., Inc.		4,464		860,168
				7,501,442
Retail-Discount — 0.3%
Costco Wholesale Corp.		2,992		1,285,722
Dollar General Corp.		8,848		2,058,399
Dollar Tree, Inc.†		5,743		573,094
Walmart, Inc.		7,486		1,067,129
				4,984,344
Retail-Drug Store — 0.1%
Welcia Holdings Co., Ltd.		23,500		800,371
Retail-Major Department Stores — 0.2%
TJX Cos., Inc.		37,699		2,594,068
Retail-Perfume & Cosmetics — 0.0%
Ulta Beauty, Inc.†		779		261,588
Retail-Restaurants — 0.7%
Chipotle Mexican Grill, Inc.†		1,333		2,483,966
McDonald’s Corp.		6,152		1,493,152
Starbucks Corp.		36,256		4,402,566
Yum! Brands, Inc.		28,990		3,808,996
				12,188,680
Rubber-Tires — 0.0%
Sumitomo Rubber Industries, Ltd.		41,200		554,138
Semiconductor Components-Integrated Circuits — 1.1%
Analog Devices, Inc.		15,689		2,626,652
Maxim Integrated Products, Inc.		2,224		222,200
NXP Semiconductors NV		24,004		4,954,185
QUALCOMM, Inc.		22,745		3,407,201
Renesas Electronics Corp.†		79,200		857,729
Taiwan Semiconductor Manufacturing Co., Ltd.		305,000		6,350,878
Taiwan Semiconductor Manufacturing Co., Ltd. ADR		4,537		529,196
				18,948,041
Semiconductor Equipment — 1.0%
Applied Materials, Inc.		37,702		5,275,641
ASML Holding NV(NASDAQ)		4,887		3,747,058
ASML Holding NV (XAMS)		6,654		5,059,694
Entegris, Inc.		498		60,079
KLA Corp.		4,235		1,474,458
Lam Research Corp.		189		120,470
Tokyo Electron, Ltd.		4,600		1,895,270
				17,632,670
Silver Mining — 0.0%
MAG Silver Corp.†		5,948		118,246
Pan American Silver Corp.		1,788		50,189
				168,435
Specified Purpose Acquisitions — 0.0%
Bluescape Opportunities Acquisition Corp.†		2,028		21,050
Gores Holdings V, Inc. (PIPE Shares)†(2)		1,288		11,580
				32,630

494

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Steel Pipe & Tube — 0.0%
Tenaris SA		3,827	$	39,138
Valmont Industries, Inc.		193		45,731
				84,869
Steel-Producers — 0.1%
Nippon Steel Corp.		5,400		94,388
Nucor Corp.		1,446		150,413
Reliance Steel & Aluminum Co.		2,493		391,775
Steel Dynamics, Inc.		3,736		240,785
				877,361
Telephone-Integrated — 0.5%
AT&T, Inc.		34,269		961,246
KT Corp.		31,155		916,647
Nippon Telegraph & Telephone Corp.		181,800		4,657,933
SoftBank Group Corp.		16,600		1,043,231
Telecom Italia SpA (RSP)		1,356,866		633,697
Verizon Communications, Inc.		13,908		775,788
				8,988,542
Tobacco — 0.1%
Altria Group, Inc.		12,496		600,308
Philip Morris International, Inc.		12,382		1,239,314
				1,839,622
Tools-Hand Held — 0.0%
Snap-on, Inc.		836		182,231
Transport-Rail — 0.4%
Canadian Pacific Railway, Ltd.		4,181		310,732
Central Japan Railway Co.		8,800		1,285,487
CSX Corp.		61,214		1,978,436
Norfolk Southern Corp.		12,917		3,330,390
Union Pacific Corp.		4,509		986,389
				7,891,434
Transport-Services — 0.4%
FedEx Corp.		8,997		2,518,710
United Parcel Service, Inc., Class B		19,699		3,769,601
				6,288,311
Veterinary Diagnostics — 0.2%
Elanco Animal Health, Inc.†		73,939		2,696,555
Web Hosting/Design — 0.0%
VeriSign, Inc.†		2,400		519,288
Web Portals/ISP — 3.0%
Alphabet, Inc., Class A†		2,844		7,663,243
Alphabet, Inc., Class C†		16,020		43,324,809
NAVER Corp.		4,963		1,873,988
Z Holdings Corp.		201,900		1,011,173
				53,873,213
Wire & Cable Products — 0.1%
Prysmian SpA		51,803		1,858,723
Wireless Equipment — 0.0%
Motorola Solutions, Inc.		2,472		553,530
Total Common Stocks (cost $733,260,291)				1,022,287,293

Security Description	Shares/ Principal Amount		Value (Note 2)
CONVERTIBLE PREFERRED SECURITIES — 0.2%
Auto-Cars/Light Trucks — 0.1%
Rivian Automotive, Inc. Series F.†(1)(2)		13,955	$	991,224
Decision Support Software — 0.0%
Databricks, Inc. Series G.†(1)(2)		402		71,302
E-Commerce/Services — 0.0%
Farmer’s Business Network, Inc., Series C†(1)(2)		563		18,556
Electric-Integrated — 0.1%
AES Corp.		4,852		491,896
NextEra Energy, Inc.		1,994		102,372
Southern Co. 6.75%		6,894		357,454
				951,722
Enterprise Software/Service — 0.0%
Gusto, Inc. Series E† (1)(2)		3,216		97,751
Total Convertible Preferred Securities (cost $1,595,916)				2,130,555
PREFERRED SECURITIES — 0.1%
Finance-Investment Banker/Broker — 0.1%
Ladenburg Thalmann Financial Services, Inc. 6.50%		21,976		416,225
Pipelines — 0.0%
Crestwood Equity Partners LP 9.25%		41,740		398,200
Total Preferred Securities (cost $750,399)				814,425
ASSET BACKED SECURITIES — 2.0%
Diversified Financial Services — 2.0%
American Express Credit Account Master Trust FRS Series 2017-5, Class B 0.67% (1 ML+0.58%) due 02/18/2025	$	320,000		321,035
Angel Oak Mtg. Trust VRS Series 2021-1, Class A1 0.91% due 01/25/2066*(3)(4)		754,609		754,527
Angel Oak Mtg. Trust VRS Series 2021-2, Class A1 0.99% due 04/25/2066*(3)(4)		589,380		589,283
Angel Oak Mtg. Trust VRS Series 2021-1, Class A2 1.12% due 01/25/2066*(3)(4)		242,104		241,682
Angel Oak Mtg. Trust VRS Series 2020-6, Class A2 1.52% due 05/25/2065*(3)(4)		206,923		208,053
Atrium Hotel Portfolio Trust FRS Series 2017-ATRM, Class A 1.02% (1 ML+0.93%) due 12/15/2036*(5)		680,000		679,987
Avis Budget Rental Car Funding AESOP LLC Series 2019-2A, Class B 3.55% due 09/22/2025*		425,000		454,271

495

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
BFLD Trust FRS Series 2019-DPLO, Class C 1.63% (1 ML+1.54%) due 10/15/2034*(5)	$	650,000	$	650,000
Cantor Commercial Real Estate Lending VRS Series 2019-CF1, Class 65A 4.41% due 05/15/2052*(3)(5)		280,000		291,980
CD Mtg. Trust VRS Series 2016-CD2, Class A4 3.53% due 11/10/2049(3)(5)		520,000		575,348
CD Mtg. Trust VRS Series 2017-CD3, Class B 3.98% due 02/10/2050(3)(5)		345,000		375,299
CIFC Funding, Ltd. FRS Series 2015-5A, Class A1R 0.99% (3 ML+0.86%) due 10/25/2027*(6)		538,431		536,752
CIFC Funding, Ltd. FRS Series 2021-3A, Class A 1.29% (3 ML+1.14%) due 07/15/2036*(6)		405,000		404,896
Citigroup Commercial Mtg. Trust Series 2016-GC36, Class A5 3.62% due 02/10/2049(5)		250,000		275,505
Citigroup Commercial Mtg. Trust Series 2015-GC33, Class A4 3.78% due 09/10/2058(5)		50,000		55,240
Citigroup Mtg. Loan Trust, Inc. VRS Series 2020-EXP2, Class A3 2.50% due 08/25/2050*(3)(4)		545,599		555,349
CNH Equipment Trust Series 2017-C, Class A3 2.08% due 02/15/2023		13,299		13,315
CNH Equipment Trust Series 2019-C, Class B 2.35% due 04/15/2027		800,000		829,540
COLT Mtg, Loan Trust VRS Series 2020-3, Class A1 1.51% due 04/27/2065*(3)(4)		141,335		141,623
COMM Mtg. Trust Series 2017-PANW, Class A 3.24% due 10/10/2029*(5)		645,000		672,788
COMM Mtg. Trust Series 2015-CR26, Class A4 3.63% due 10/10/2048(5)		345,000		379,133
COMM Mtg. Trust Series 2015-CR24, Class A6 3.70% due 08/10/2048(5)		250,000		274,535
COMM Mtg. Trust Series 2015-PC1, Class A5 3.90% due 07/10/2050(5)		165,000		181,374
CSAIL Commercial Mtg. Trust Series 2016-C6, Class A5 3.09% due 01/15/2049(5)		245,000		263,594
Deephaven Residential Mtg. Trust VRS Series 2021-2, Class A1 0.90% due 04/25/2066*(3)(4)		197,132		196,938
Driven Brands Funding LLC Series 2019-1A, Class A2 4.64% due 04/20/2049*		385,125		416,998

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Dryden 77 CLO, Ltd. FRS Series 2020-77A, Class AR 1.25% (3 ML+1.12%) due 05/20/2034*(6)	$	570,000	$	569,852
Elara HGV Timeshare Issuer Series 2017-A, Class A 2.69% due 03/25/2030*		70,038		72,103
Ellington Financial Mtg. Trust VRS Series 2021-2, Class A1 0.93% due 06/25/2066*(3)(4)		262,403		263,172
Ellington Financial Mtg. Trust VRS Series 2019-2, Class A3 3.05% due 11/25/2059*(3)(4)		164,257		166,953
Exeter Automobile Receivables Trust Series 2021-2A, Class C 0.98% due 06/15/2026		280,000		280,885
Fontainebleau Miami Beach Trust Series 2019-FBLU, Class C 3.75% due 12/10/2036*(5)		610,000		644,771
Ford Credit Auto Owner Trust Series 2020-2, Class C 1.74% due 04/15/2033*		520,000		524,771
Galton Funding Mtg. Trust VRS Series 2020-H1, Class A1 2.31% due 01/25/2060*(3)(4)		177,500		180,528
Galton Funding Mtg. Trust VRS Series 2018-1, Class A23 3.50% due 11/25/2057*(3)(4)		79,351		80,435
GM Financial Consumer Automobile Receivables Trust Series 2018-2, Class A3 2.81% due 12/16/2022		71,758		72,083
Great Wolf Trust FRS Series 2019-WOLF, Class D 2.03% (1 ML+1.93%) due 12/15/2036*(5)		310,000		308,928
GS Mtg. Securities Trust VRS Series 2016-PJ5, Class A8 2.50% due 10/25/2051*(3)(4)		885,472		909,718
GS Mtg. Securities Trust VRS Series 2020-INV1, Class A14 2.99% due 10/25/2050*(3)(4)		327,701		334,532
GS Mtg. Securities Trust Series 2015-GC32, Class A4 3.76% due 07/10/2048(5)		25,000		27,533
GS Mtg. Securities Trust VRS Series 2018-GS9, Class A4 3.99% due 03/10/2051(3)(5)		275,000		314,999
Hardee’s Funding LLC Series 2018-1A, Class A2II 4.96% due 06/20/2048*		554,325		594,336
Homeward Opportunities Fund I Trust VRS Series 2019-3, Class A1 2.68% due 11/25/2059*(3)(4)		80,820		81,588
Homeward Opportunities Fund I Trust VRS Series 2019-3, Class A3 3.03% due 11/25/2059*(3)(4)		253,564		258,669
JPMDB Commercial Mtg. Securities Trust Series 2016-C2, Class A4 3.14% due 06/15/2049(5)		50,000		53,744
JPMorgan Mtg. Trust FRS Series 2020-INV1, Class A11 0.92% (1 ML+0.83%) due 08/25/2050*(4)		93,785		94,390

496

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
JPMorgan Mtg. Trust VRS Series 2020-INV2, Class A3 3.00% due 10/25/2050*(3)(4)	$	496,920	$	509,440
JPMorgan Mtg. Trust VRS Series 2019-INV3, Class A3 3.50% due 05/25/2050*(3)(4)		195,891		199,895
JPMorgan Mtg. Trust VRS Series 2020-INV1, Class A3 3.50% due 08/25/2050*(3)(4)		156,308		159,662
Magnetite CLO XXIII, Ltd. FRS Series 2019-23A, Class A 1.43% (3 ML+1.30%) due 10/25/2032*(6)		615,000		614,846
MHC Commercial Mtg. Trust FRS Series 2021-MHC, Class B 1.19% (1 ML+1.10%) due 04/15/2038*(5)		1,045,000		1,047,615
MHC Trust FRS Series 2021-MHC2, Class D 1.59% (1 ML+1.50%) due 05/15/2023*(5)		440,000		440,528
Mill City Mtg. Loan Trust VRS Series 2016-1, Class A1 2.50% due 04/25/2057*(3)		9,445		9,487
Mill City Mtg. Loan Trust VRS Series 2017-2, Class A1 2.75% due 07/25/2059*(3)		66,560		67,446
Mill City Mtg. Loan Trust VRS Series 2018-1, Class A1 3.25% due 05/25/2062*(3)		223,962		229,071
MMAF Equipment Finance LLC Series 2016-AA, Class A4 1.76% due 01/17/2023*		6,380		6,388
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C30, Class A5 2.86% due 09/15/2049(5)		110,000		117,721
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C25, Class A5 3.64% due 10/15/2048(5)		250,000		275,070
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C17, Class A5 3.74% due 08/15/2047(5)		115,000		124,071
Morgan Stanley Bank of America Merrill Lynch Trust Series 2015-C27, Class AS 4.07% due 12/15/2047(5)		410,000		453,055
MVW LLC Series 2019-2A, Class A 2.22% due 10/20/2038*		166,086		169,623
Navient Private Education Refi Loan Trust Series 2021-A, Class A 0.84% due 05/15/2069*		223,523		223,369
Navient Private Education Refi Loan Trust Series 2019-GA, Class A 2.40% due 10/15/2068*		531,404		543,059
Navient Private Education Refi Loan Trust Series 2019-FA, Class A2 2.60% due 08/15/2068*		451,317		460,304

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
Navient Private Education Refi Loan Trust Series 2019-CA, Class A2 3.13% due 02/15/2068*	$	489,257	$	500,468
New Orleans Hotel Trust FRS Series 2019-HNLA, Class C 1.68% (1 ML+1.59%) due 04/15/2032*(5)		915,000		905,858
New Residential Mtg. Loan Trust VRS Series 2019-NQM5, Class A1 2.71% due 11/25/2059*(3)(4)		390,085		395,925
OBX Trust FRS Series 2020-EXP1, Class 2A2 1.04% (1 ML+0.95%) due 02/25/2060*(4)		90,397		90,060
OBX Trust FRS Series 2019-EXP3, Class 2A2 1.19% (1 ML+1.10%) due 10/25/2059*(4)		91,702		93,085
OBX Trust VRS Series 2020-EXP2, Class A8 3.00% due 05/25/2060*(3)(4)		333,454		340,066
OBX Trust VRS Series 2019-EXP3, Class 1A9 3.50% due 10/25/2059*(3)(4)		141,150		143,584
OBX Trust VRS Series 2020-EXP1, Class 1A8 3.50% due 02/25/2060*(3)(4)		234,148		240,838
OZLM, Ltd. FRS Series 2014-8A, Class A1RR 1.30% (3 ML+1.17%) due 10/17/2029*(6)		590,354		590,555
Palmer Square CLO, Ltd. FRS Series 2021-2A, Class A 1.26% (3 ML+1.15%) due 07/15/2034*(6)		490,000		489,875
Planet Fitness Master Issuer LLC Series 2018-1A, Class A2I 4.26% due 09/05/2048*		957,913		961,371
PSMC Trust VRS Series 2021-2, Class A3 2.50% due 05/25/2051*(3)(4)		759,114		783,697
Santander Retail Auto Lease Trust Series 2019-A, Class A3 2.77% due 06/20/2022*		162,549		163,005
Sequoia Mtg. Trust VRS Series 2018-CH2, Class A3 4.00% due 06/25/2048*(3)(4)		141,508		143,246
ServiceMaster Funding LLC Series 2021-1, Class A2I 2.87% due 07/30/2051*		485,000		485,772
SFO Commercial Mtg. Trust FRS Series 2021-555, Class B 1.59% (1 ML+1.50%) due 05/15/2038*(5)		460,000		461,429
SG Residential Mtg. Trust VRS Series 2019-3, Class A1 2.70% due 09/25/2059*(3)(4)		92,011		92,426
SLM Student Loan Trust FRS Series 2007-7, Class A4 0.46% (3 ML+0.33%) due 01/25/2022		571,225		559,439

497

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
ASSET BACKED SECURITIES (continued)
Diversified Financial Services (continued)
SLM Student Loan Trust FRS Series 2010-1, Class A 0.49% (1 ML+0.40%) due 03/25/2025	$	208,894	$	205,466
SMB Private Education Loan Trust Series 2021-A, Class APT1 1.07% due 01/15/2053*		963,122		957,620
Sonic Capital LLC Series 2018-1A, Class A2 4.03% due 02/20/2048*		68,133		70,012
Starwood Mtg. Residential Trust VRS Series 2020-INV1, Class A1 1.03% due 11/25/2055*(3)(4)		298,790		298,849
Starwood Mtg. Residential Trust VRS Series 2021-2, Class A2 1.17% due 05/25/2065*(3)(4)		242,082		242,130
Starwood Mtg. Residential Trust VRS Series 2019-INV1, Class A1 2.61% due 09/27/2049*(3)(4)		40,147		40,640
Starwood Mtg. Residential Trust VRS Series 2019-INV1, Class A3 2.92% due 09/27/2049*(3)(4)		227,241		230,292
Synchrony Credit Card Master Note Trust Series 2017-2, Class A 2.62% due 10/15/2025		275,000		283,050
Towd Point Mtg. Trust VRS Series 2016-3, Class A1 2.25% due 04/25/2056*(3)		13,654		13,699
Towd Point Mtg. Trust VRS Series 2016-1, Class A1B 2.75% due 02/25/2055*(3)		3,147		3,150
Towd Point Mtg. Trust VRS Series 2016-2, Class A1A 2.75% due 08/25/2055*(3)		13,468		13,577
Towd Point Mtg. Trust VRS Series 2017-1, Class A1 2.75% due 10/25/2056*(3)		68,242		69,263
Towd Point Mtg. Trust VRS Series 2017-4, Class A1 2.75% due 06/25/2057*(3)		589,448		606,010
Towd Point Mtg. Trust VRS Series 2017-3, Class A1 2.75% due 07/25/2057*(3)		148,550		151,329
Towd Point Mtg. Trust VRS Series 2017-6, Class A1 2.75% due 10/25/2057*(3)		331,658		338,948
Towd Point Mtg. Trust VRS Series 2018-1, Class A1 3.00% due 01/25/2058*(3)		98,033		100,618
Verus Securitization Trust VRS Series 2021-1, Class A1 0.82% due 01/25/2066*(3)(4)		327,657		327,305
Verus Securitization Trust Series 2019-4, Class A1 2.64% due 11/25/2059*(4)		363,706		370,535
Vista Point Securitization Trust VRS Series 2020-1, Class A1 1.76% due 03/25/2065*(3)(4)		164,583		166,074
Wells Fargo Mtg. Backed Securities Trust VRS Series 2021-RR1, Class A1 2.50% due 12/25/2050*(3)(4)		485,638		496,565

Security Description	Principal Amount		Value (Note 2)
Diversified Financial Services (continued)
WF-RBS Commercial Mtg. Trust Series 2014-L14, Class A5 4.05% due 03/15/2047(5)	$	25,000	$	26,888
World Omni Auto Receivables Trust Series 2017-B, Class B 2.37% due 05/15/2024		710,000		714,828
Worldwide Plaza Trust Series 2017-WWP, Class A 3.53% due 11/10/2036*(5)		640,000		704,428
Total Asset Backed Securities (cost $35,190,258)				35,695,660
U.S. CORPORATE BONDS & NOTES — 9.6%
Advertising Agencies — 0.0%
Omnicom Group, Inc./Omnicom Capital, Inc. Senior Notes 3.60% due 04/15/2026		40,000		44,425
Omnicom Group, Inc./Omnicom Capital, Inc. Senior Notes 3.65% due 11/01/2024		75,000		81,783
				126,208
Advertising Sales — 0.1%
Clear Channel Outdoor Holdings, Inc. Company Guar. Notes 7.75% due 04/15/2028*		775,000		808,185
Outfront Media Capital LLC/Outfront Media Capital Corp. Senior Notes 4.25% due 01/15/2029*		765,000		768,825
				1,577,010
Aerospace/Defense — 0.1%
Lockheed Martin Corp. Senior Notes 3.55% due 01/15/2026		400,000		444,303
Lockheed Martin Corp. Senior Notes 4.50% due 05/15/2036		200,000		255,788
Raytheon Technologies Corp. Senior Notes 3.20% due 03/15/2024		665,000		708,359
				1,408,450
Aerospace/Defense-Equipment — 0.0%
Spirit AeroSystems, Inc. Company Guar. Notes 4.60% due 06/15/2028		785,000		759,488
Agricultural Chemicals — 0.1%
CVR Partners LP/CVR Nitrogen Finance Corp. Senior Sec. Notes 6.13% due 06/15/2028*		800,000		832,184
Airlines — 0.2%
American Airlines Pass-Through Trust Pass-Through Certs. Series 2019-1, Class AA 3.15% due 08/15/2033		643,185		661,227

498

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Airlines (continued)
American Airlines Pass-Through Trust Pass-Through Certs. Series 2014-1, Class A 3.70% due 04/01/2028	$	104,152	$	105,932
American Airlines Pass-Through Trust Pass-Through Certs. Series 2017-1B, Class B 4.95% due 08/15/2026		348,419		344,168
American Airlines Pass-Through Trust Pass-Through Certs. Series 2016-1, Class B 5.25% due 07/15/2025		289,134		284,534
American Airlines, Inc. Senior Sec. Notes 11.75% due 07/15/2025*		295,000		368,750
United Airlines Holdings, Inc. Company Guar. Notes 4.88% due 01/15/2025		300,000		306,000
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-2, Class A 3.10% due 04/07/2030		317,843		323,781
United Airlines Pass-Through Trust Pass-Through Certs. Series 2016-1, Class A 3.45% due 01/07/2030		149,898		153,609
United Airlines Pass-Through Trust Pass-Through Certs. Series 2019-1, Class AA 4.15% due 02/25/2033		332,820		361,145
				2,909,146
Applications Software — 0.1%
Microsoft Corp. Senior Notes 2.92% due 03/17/2052		150,000		161,500
Roper Technologies, Inc. Senior Notes 2.95% due 09/15/2029		180,000		194,861
Roper Technologies, Inc. Senior Notes 3.80% due 12/15/2026		745,000		837,564
				1,193,925
Auto-Cars/Light Trucks — 0.2%
Ford Motor Credit Co. LLC Senior Notes 3.82% due 11/02/2027		295,000		309,750
Ford Motor Credit Co. LLC Senior Notes 4.00% due 11/13/2030		490,000		517,563
Ford Motor Credit Co. LLC Senior Notes 5.11% due 05/03/2029		330,000		373,639
General Motors Co. Senior Notes 4.00% due 04/01/2025		550,000		603,619
General Motors Financial Co., Inc. Senior Notes 3.55% due 07/08/2022		810,000		833,288

Security Description	Principal Amount		Value (Note 2)
Auto-Cars/Light Trucks (continued)
Volkswagen Group of America Finance LLC Company Guar. Notes 3.35% due 05/13/2025*	$	455,000	$	492,437
Volkswagen Group of America Finance LLC Company Guar. Notes 4.00% due 11/12/2021*		805,000		813,299
				3,943,595
Auto/Truck Parts & Equipment-Original — 0.1%
Tenneco, Inc. Company Guar. Notes 5.00% due 07/15/2026		805,000		793,931
Wheel Pros, Inc. Senior Notes 6.50% due 05/15/2029*		805,000		817,075
				1,611,006
Banks-Commercial — 0.1%
Manufacturers & Traders Trust Co. Sub. Notes 3.40% due 08/17/2027		250,000		277,629
PNC Bank NA Senior Notes 3.50% due 06/08/2023		380,000		401,937
SunTrust Bank Senior Notes 3.50% due 08/02/2022		840,000		840,000
Truist Financial Corp. Senior Notes 1.95% due 06/05/2030		415,000		422,672
				1,942,238
Banks-Fiduciary — 0.1%
National Securities Clearing Corp. Senior Notes 1.50% due 04/23/2025*		1,200,000		1,229,551
Banks-Super Regional — 0.1%
Fifth Third Bancorp Senior Notes 1.63% due 05/05/2023		270,000		275,406
PNC Funding Corp. Senior Notes 3.30% due 03/08/2022		545,000		553,526
Wells Fargo & Co. Senior Notes 2.39% due 06/02/2028		335,000		350,565
Wells Fargo & Co. Senior Notes 3.07% due 04/30/2041		720,000		753,360
				1,932,857
Beverages-Non-alcoholic — 0.1%
Dr Pepper Snapple Group, Inc. Company Guar. Notes 2.55% due 09/15/2026		140,000		149,580
Triton Water Holdings, Inc. Senior Notes 6.25% due 04/01/2029*		820,000		821,025
				970,605

499

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Brewery — 0.1%
Anheuser-Busch InBev Worldwide, Inc. Company Guar. Notes 5.55% due 01/23/2049	$	650,000	$	912,195
Broadcast Services/Program — 0.1%
iHeartCommunications, Inc. Company Guar. Notes 8.38% due 05/01/2027		1,065,000		1,132,883
Nexstar Broadcasting, Inc. Company Guar. Notes 5.63% due 07/15/2027*		895,000		946,194
				2,079,077
Building Products-Cement — 0.0%
Martin Marietta Materials, Inc. Senior Notes 4.25% due 07/02/2024		11,000		12,017
Vulcan Materials Co. Senior Notes 4.50% due 06/15/2047		130,000		160,188
				172,205
Building-Heavy Construction — 0.0%
Tutor Perini Corp. Company Guar. Notes 6.88% due 05/01/2025*		645,000		663,905
Cable/Satellite TV — 0.3%
Charter Communications Operating LLC/Charter Communications Operating Capital Senior Sec. Notes 4.50% due 02/01/2024		1,225,000		1,332,854
Comcast Corp. Company Guar. Notes 1.95% due 01/15/2031		1,620,000		1,623,348
Comcast Corp. Company Guar. Notes 2.65% due 02/01/2030		340,000		361,124
Cox Communications, Inc. Company Guar. Notes 2.95% due 10/01/2050*		920,000		874,596
CSC Holdings LLC Company Guar. Notes 4.13% due 12/01/2030*		735,000		736,837
DIRECTV Holdings LLC/DIRECTV Financing Co., Inc. Senior Sec. Notes 5.88% due 08/15/2027*		390,000		402,675
Time Warner Cable LLC Senior Sec. Notes 6.55% due 05/01/2037		480,000		660,439
				5,991,873
Cellular Telecom — 0.0%
Crown Castle Towers LLC Senior Sec. Notes 3.72% due 07/15/2043*		195,000		201,439
Chemicals-Diversified — 0.1%
Polar US Borrower LLC/Schenectady International Group, Inc. Senior Notes 6.75% due 05/15/2026*		640,000		650,240

Security Description	Principal Amount		Value (Note 2)
Chemicals-Diversified (continued)
SCIH Salt Holdings, Inc. Senior Notes 6.63% due 05/01/2029*	$	815,000	$	806,850
				1,457,090
Coal — 0.0%
Warrior Met Coal, Inc. Senior Sec. Notes 8.00% due 11/01/2024*		470,000		478,225
Commercial Services — 0.0%
RELX Capital, Inc. Company Guar. Notes 3.00% due 05/22/2030		480,000		517,570
Commercial Services-Finance — 0.1%
PayPal Holdings, Inc. Senior Notes 1.65% due 06/01/2025		965,000		991,875
PayPal Holdings, Inc. Senior Notes 2.40% due 10/01/2024		850,000		894,407
				1,886,282
Computers — 0.1%
Apple, Inc. Senior Notes 1.65% due 05/11/2030		655,000		656,330
Apple, Inc. Senior Notes 1.70% due 08/05/2031		910,000		907,559
Apple, Inc. Senior Notes 3.25% due 02/23/2026		265,000		291,096
				1,854,985
Computers-Integrated Systems — 0.0%
NCR Corp. Company Guar. Notes 5.00% due 10/01/2028*		215,000		221,450
NCR Corp. Company Guar. Notes 5.13% due 04/15/2029*		250,000		260,210
NCR Corp. Company Guar. Notes 5.75% due 09/01/2027*		300,000		316,500
				798,160
Cosmetics & Toiletries — 0.1%
Coty, Inc. Company Guar. Notes 6.50% due 04/15/2026*		1,605,000		1,613,025
Diagnostic Equipment — 0.0%
Ortho-Clinical Diagnostics, Inc./Ortho-Clinical Diagnostics SA Senior Notes 7.25% due 02/01/2028*		293,000		319,306
Thermo Fisher Scientific, Inc. Senior Notes 2.95% due 09/19/2026		300,000		326,261
				645,567
Dialysis Centers — 0.1%
DaVita, Inc. Company Guar. Notes 3.75% due 02/15/2031*		685,000		664,292

500

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Dialysis Centers (continued)
US Renal Care, Inc. Senior Notes 10.63% due 07/15/2027*	$	760,000	$	825,246
				1,489,538
Direct Marketing — 0.0%
Terrier Media Buyer, Inc. Company Guar. Notes 8.88% due 12/15/2027*		235,000		251,286
Diversified Banking Institutions — 0.6%
Bank of America Corp. Senior Notes 2.30% due 07/21/2032		665,000		670,860
Bank of America Corp. Senior Notes 2.59% due 04/29/2031		405,000		419,323
Bank of America Corp. Senior Notes 2.68% due 06/19/2041		960,000		946,412
Bank of America Corp. Senior Notes 3.37% due 01/23/2026		800,000		861,361
Bank of America Corp. Senior Notes 3.50% due 04/19/2026		150,000		165,612
Bank of America Corp. Sub. Notes 4.45% due 03/03/2026		350,000		396,321
Citigroup, Inc. Senior Notes 2.35% due 08/02/2021		250,000		250,000
Citigroup, Inc. Senior Notes 2.90% due 12/08/2021		500,000		503,555
Citigroup, Inc. Senior Notes 3.89% due 01/10/2028		505,000		564,960
Citigroup, Inc. Sub. Notes 4.60% due 03/09/2026		175,000		200,398
Goldman Sachs Group, Inc. Senior Notes 2.91% due 07/21/2042		505,000		511,775
Goldman Sachs Group, Inc. Senior Notes 3.75% due 05/22/2025		125,000		136,908
Goldman Sachs Group, Inc. Senior Notes 3.80% due 03/15/2030		705,000		799,581
JPMorgan Chase & Co. Senior Notes 2.52% due 04/22/2031		680,000		706,446
JPMorgan Chase & Co. Sub. Notes 2.96% due 05/13/2031		355,000		377,352
JPMorgan Chase & Co. Senior Notes 3.20% due 06/15/2026		200,000		218,935
JPMorgan Chase & Co. Senior Notes 3.78% due 02/01/2028		445,000		496,435

Security Description	Principal Amount		Value (Note 2)
Diversified Banking Institutions (continued)
JPMorgan Chase & Co. Senior Notes 3.90% due 01/23/2049	$	525,000	$	617,389
JPMorgan Chase & Co. Sub. Notes 4.25% due 10/01/2027		25,000		28,714
Morgan Stanley Senior Notes 3.13% due 07/27/2026		550,000		597,873
Morgan Stanley Senior Notes 3.97% due 07/22/2038		970,000		1,144,783
Morgan Stanley Sub. Notes 4.10% due 05/22/2023		795,000		846,028
Morgan Stanley Senior Notes 4.30% due 01/27/2045		25,000		31,204
				11,492,225
Diversified Manufacturing Operations — 0.1%
3M Co. Senior Notes 3.25% due 08/26/2049		870,000		966,116
Drug Delivery Systems — 0.1%
Becton Dickinson & Co. Senior Notes 2.82% due 05/20/2030		465,000		494,056
Becton Dickinson and Co. Senior Notes 3.70% due 06/06/2027		414,000		462,181
				956,237
E-Commerce/Products — 0.1%
Amazon.com, Inc. Senior Notes 2.80% due 08/22/2024		245,000		261,084
Amazon.com, Inc. Senior Notes 3.30% due 12/05/2021		50,000		50,267
Amazon.com, Inc. Senior Notes 3.88% due 08/22/2037		385,000		466,146
Amazon.com, Inc. Senior Notes 5.20% due 12/03/2025		405,000		476,154
				1,253,651
E-Commerce/Services — 0.1%
Millennium Escrow Corp. Senior Sec. Notes 6.63% due 08/01/2026*		325,000		332,030
Priceline Group, Inc. Senior Notes 3.60% due 06/01/2026		850,000		945,623
				1,277,653
Electric-Generation — 0.0%
Vistra Operations Co. LLC Senior Sec. Notes 3.55% due 07/15/2024*		425,000		451,706

501

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Electric-Integrated — 0.3%
AEP Texas, Inc. Senior Notes 3.45% due 01/15/2050	$	460,000	$	489,304
CMS Energy Corp. Senior Notes 3.00% due 05/15/2026		195,000		210,662
Duke Energy Corp. Senior Notes 2.65% due 09/01/2026		45,000		47,924
Duke Energy Corp. Senior Notes 3.75% due 09/01/2046		40,000		43,885
Duke Energy Progress LLC 1st Mtg. Bonds 3.70% due 10/15/2046		225,000		262,266
Eversource Energy Senior Notes 3.30% due 01/15/2028		170,000		187,498
Exelon Corp. Senior Notes 3.40% due 04/15/2026		245,000		268,872
FirstEnergy Corp. Senior Notes 7.38% due 11/15/2031		410,000		572,926
FirstEnergy Transmission LLC Senior Notes 4.35% due 01/15/2025*		550,000		611,424
Ohio Power Co. Senior Notes 5.38% due 10/01/2021		450,000		453,725
Ohio Power Co. Senior Notes 6.60% due 03/01/2033		255,000		355,020
Pacific Gas & Electric Co. 1st Mtg. Notes 2.10% due 08/01/2027		445,000		432,783
San Diego Gas & Electric Co. 1st Mtg. Notes 4.10% due 06/15/2049		805,000		994,764
Virginia Electric & Power Co. Senior Notes 2.88% due 07/15/2029		400,000		435,430
Virginia Electric & Power Co. Senior Notes 4.00% due 01/15/2043		400,000		474,695
				5,841,178
Electric-Transmission — 0.0%
ITC Holdings Corp. Senior Notes 2.70% due 11/15/2022		640,000		657,449
Electronic Components-Semiconductors — 0.1%
Micron Technology, Inc. Senior Notes 2.50% due 04/24/2023		180,000		185,396
Micron Technology, Inc. Senior Notes 4.19% due 02/15/2027		910,000		1,030,657
Texas Instruments, Inc. Senior Notes 1.75% due 05/04/2030		240,000		242,928
				1,458,981

Security Description	Principal Amount		Value (Note 2)
Electronic Measurement Instruments — 0.0%
Agilent Technologies, Inc. Senior Notes 3.88% due 07/15/2023	$	75,000	$	79,437
Enterprise Software/Service — 0.1%
Veritas US, Inc./Veritas Bermuda, Ltd. Senior Sec. Notes 7.50% due 09/01/2025*		740,000		765,900
Veritas US, Inc./Veritas Bermuda, Ltd. Senior Notes 10.50% due 02/01/2024*		406,000		413,612
				1,179,512
Finance-Consumer Loans — 0.0%
PRA Group, Inc. Company Guar. Notes 7.38% due 09/01/2025*		290,000		312,475
Finance-Credit Card — 0.2%
American Express Co. Senior Notes 3.70% due 11/05/2021		425,000		427,532
Capital One Financial Corp. Senior Notes 3.65% due 05/11/2027		815,000		914,414
Discover Financial Services Senior Notes 3.75% due 03/04/2025		600,000		656,576
Discover Financial Services Senior Notes 3.85% due 11/21/2022		380,000		397,013
Visa, Inc. Senior Notes 2.15% due 09/15/2022		740,000		755,042
Visa, Inc. Senior Notes 4.15% due 12/14/2035		90,000		112,364
				3,262,941
Finance-Leasing Companies — 0.0%
Air Lease Corp. Senior Notes 3.63% due 04/01/2027		535,000		581,800
Gambling (Non-Hotel) — 0.0%
Caesars Resort Collection LLC/CRC Finco, Inc. Company Guar. Notes 5.25% due 10/15/2025*		575,000		579,690
Gas-Distribution — 0.1%
NiSource, Inc. Senior Notes 3.49% due 05/15/2027		620,000		689,357
NiSource, Inc. Senior Notes 3.95% due 03/30/2048		425,000		495,329
				1,184,686
Golf — 0.0%
MajorDrive Holdings IV LLC Senior Notes 6.38% due 06/01/2029*		800,000		788,000

502

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Industrial Gases — 0.0%
Air Products & Chemicals, Inc. Senior Notes 1.50% due 10/15/2025	$	50,000	$	51,394
Insurance Brokers — 0.1%
AssuredPartners, Inc. Senior Notes 7.00% due 08/15/2025*		650,000		661,375
Marsh & McLennan Cos., Inc. Senior Notes 2.25% due 11/15/2030		235,000		242,120
Marsh & McLennan Cos., Inc. Senior Notes 3.30% due 03/14/2023		110,000		114,762
Willis North America, Inc. Company Guar. Notes 3.60% due 05/15/2024		395,000		424,200
Willis North America, Inc. Company Guar. Notes 4.50% due 09/15/2028		430,000		500,616
				1,943,073
Insurance-Life/Health — 0.3%
Aflac, Inc. Senior Notes 4.00% due 10/15/2046		540,000		641,391
Equitable Financial Life Global Funding Sec. Notes 1.40% due 07/07/2025*		245,000		248,660
Lincoln National Corp. Senior Notes 3.80% due 03/01/2028		795,000		898,859
Pricoa Global Funding I Sec. Notes 2.45% due 09/21/2022*		700,000		717,309
Principal Financial Group, Inc. Company Guar. Notes 3.40% due 05/15/2025		375,000		407,366
Principal Financial Group, Inc. Company Guar. Notes 3.70% due 05/15/2029		320,000		362,643
Protective Life Global Funding Sec. Notes 1.08% due 06/09/2023*		255,000		258,288
Teachers Insurance & Annuity Association of America Sub. Notes 4.27% due 05/15/2047*		1,000,000		1,228,331
Voya Financial, Inc. Company Guar. Notes 3.13% due 07/15/2024		575,000		612,497
				5,375,344
Insurance-Multi-line — 0.0%
Metropolitan Life Global Funding I Sec. Notes 3.45% due 10/09/2021*		610,000		613,651
Insurance-Mutual — 0.1%
Liberty Mutual Group, Inc. Company Guar. Notes 4.25% due 06/15/2023*		115,000		122,644

Security Description	Principal Amount		Value (Note 2)
Insurance-Mutual (continued)
Liberty Mutual Group, Inc. Company Guar. Notes 4.85% due 08/01/2044*	$	510,000	$	640,445
New York Life Global Funding Sec. Notes 1.10% due 05/05/2023*		200,000		203,018
				966,107
Insurance-Property/Casualty — 0.0%
ACE INA Holdings, Inc. Company Guar. Notes 4.35% due 11/03/2045		75,000		96,362
Berkshire Hathaway, Inc. Senior Notes 2.75% due 03/15/2023		200,000		207,282
				303,644
Investment Management/Advisor Services — 0.0%
AG Merger Sub II, Inc. Senior Notes 10.75% due 08/01/2027*		290,000		320,093
Ameriprise Financial, Inc. Senior Notes 2.88% due 09/15/2026		285,000		308,085
				628,178
Machinery-Construction & Mining — 0.0%
Caterpillar Financial Services Corp. Senior Notes 3.15% due 09/07/2021		630,000		631,792
Machinery-General Industrial — 0.0%
Wabtec Corp. Company Guar. Notes 3.45% due 11/15/2026		405,000		437,387
Machinery-Pumps — 0.1%
Granite US Holdings Corp. Company Guar. Notes 11.00% due 10/01/2027*		750,000		833,512
Machinery-Thermal Process — 0.1%
GrafTech Finance, Inc. Senior Sec. Notes 4.63% due 12/15/2028*		810,000		831,263
Medical Instruments — 0.1%
Alcon Finance Corp. Company Guar. Notes 2.60% due 05/27/2030*		1,100,000		1,141,256
Boston Scientific Corp. Senior Notes 3.75% due 03/01/2026		795,000		887,226
Medtronic, Inc. Company Guar. Notes 4.63% due 03/15/2045		22,000		29,512
				2,057,994
Medical Products — 0.0%
Abbott Laboratories Senior Notes 3.40% due 11/30/2023		207,000		220,997
Abbott Laboratories Senior Notes 4.75% due 11/30/2036		395,000		519,334
				740,331

503

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Medical-Biomedical/Gene — 0.1%
Biogen, Inc. Senior Notes 2.25% due 05/01/2030	$	1,045,000	$	1,063,705
Gilead Sciences, Inc. Senior Notes 3.25% due 09/01/2022		50,000		51,355
HCRX Investments Holdco LP Senior Notes 4.50% due 08/01/2029*		385,000		392,700
				1,507,760
Medical-Drugs — 0.2%
AbbVie, Inc. Senior Notes 2.95% due 11/21/2026		570,000		617,629
AbbVie, Inc. Senior Notes 3.20% due 05/14/2026		100,000		109,009
AbbVie, Inc. Senior Notes 3.60% due 05/14/2025		415,000		452,939
AbbVie, Inc. Senior Notes 4.50% due 05/14/2035		50,000		61,359
AbbVie, Inc. Senior Notes 4.70% due 05/14/2045		540,000		683,665
Bristol-Myers Squibb Co. Senior Notes 3.55% due 08/15/2022		570,000		589,114
Bristol-Myers Squibb Co. Senior Notes 3.88% due 08/15/2025		33,000		36,743
Bristol-Myers Squibb Co. Senior Notes 4.25% due 10/26/2049		300,000		386,872
Zoetis, Inc. Senior Notes 2.00% due 05/15/2030		980,000		991,969
				3,929,299
Medical-HMO — 0.1%
Humana, Inc. Senior Notes 2.15% due 02/03/2032		350,000		351,107
UnitedHealth Group, Inc. Senior Notes 2.00% due 05/15/2030		475,000		486,568
UnitedHealth Group, Inc. Senior Bonds 2.90% due 05/15/2050		880,000		913,687
WellPoint, Inc. Senior Notes 3.13% due 05/15/2022		100,000		102,285
				1,853,647
Medical-Hospitals — 0.5%
Banner Health Notes 1.90% due 01/01/2031		215,000		216,476
Baylor Scott & White Holdings Sec. Notes 3.97% due 11/15/2046		100,000		123,532

Security Description	Principal Amount		Value (Note 2)
Medical-Hospitals (continued)
Centra Health, Inc. Notes 4.70% due 01/01/2048	$	900,000	$	1,102,566
CHS/Community Health Systems, Inc. Company Guar. Notes 6.88% due 04/01/2028*		345,000		341,081
CommonSpirit Health Senior Sec. Notes 2.76% due 10/01/2024		295,000		310,720
CommonSpirit Health Senior Sec. Notes 2.78% due 10/01/2030		240,000		253,519
HCA, Inc. Senior Sec. Notes 4.13% due 06/15/2029		575,000		655,713
LifePoint Health, Inc. Senior Sec. Notes 4.38% due 02/15/2027*		610,000		611,525
MedStar Health, Inc. Sec. Notes 3.63% due 08/15/2049		305,000		346,611
Northwell Healthcare, Inc. Sec. Notes 3.98% due 11/01/2046		500,000		580,302
Providence St Joseph Health Obligated Group Notes 3.93% due 10/01/2048		1,375,000		1,641,608
Stanford Health Care Notes 3.80% due 11/15/2048		420,000		506,721
Tenet Healthcare Corp. Company Guar. Notes 6.13% due 10/01/2028*		560,000		596,400
Tenet Healthcare Corp. Senior Notes 6.88% due 11/15/2031		225,000		257,625
West Virginia United Health System Obligated Group Sec. Notes 4.92% due 06/01/2048		700,000		926,133
				8,470,532
Medical-Outpatient/Home Medical — 0.1%
Air Methods Corp Senior Notes 8.00% due 05/15/2025*		1,136,000		1,070,680
Medical-Wholesale Drug Distribution — 0.1%
Cardinal Health, Inc. Senior Notes 3.41% due 06/15/2027		475,000		524,456
Cardinal Health, Inc. Senior Notes 3.75% due 09/15/2025		305,000		337,128
				861,584
Non-Hazardous Waste Disposal — 0.0%
Republic Services, Inc. Senior Notes 3.38% due 11/15/2027		270,000		298,895

504

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Oil Companies-Exploration & Production — 0.6%
Ascent Resources Utica Holdings LLC / ARU Finance Corp. Senior Notes 5.88% due 06/30/2029*	$	490,000	$	482,650
Ascent Resources Utica Holdings LLC/ARU Finance Corp. Company Guar. Notes 7.00% due 11/01/2026*		200,000		206,500
Ascent Resources Utica Holdings LLC/ARU Finance Corp. Senior Notes 8.25% due 12/31/2028*		415,000		448,345
Cimarex Energy Co. Senior Notes 4.38% due 06/01/2024		15,000		16,298
Cimarex Energy Co. Senior Notes 4.38% due 03/15/2029		965,000		1,103,956
CNX Resources Corp. Company Guar. Notes 6.00% due 01/15/2029*		365,000		386,444
CNX Resources Corp. Company Guar. Notes 7.25% due 03/14/2027*		630,000		672,651
Comstock Resources, Inc. Company Guar. Notes 6.75% due 03/01/2029*		760,000		790,400
ConocoPhillips Company Guar. Notes 3.75% due 10/01/2027*		155,000		176,379
Diamondback Energy, Inc. Company Guar. Notes 2.88% due 12/01/2024		795,000		837,124
Diamondback Energy, Inc. Company Guar. Notes 4.75% due 05/31/2025		415,000		465,857
Gulfport Energy Operating Corp. Company Guar. Notes 8.00% due 05/17/2026*		645,000		687,228
Hess Corp. Senior Notes 4.30% due 04/01/2027		185,000		206,699
Moss Creek Resources Holdings, Inc. Company Guar. Notes 7.50% due 01/15/2026*		585,000		523,575
Moss Creek Resources Holdings, Inc. Company Guar. Notes 10.50% due 05/15/2027*		380,000		364,800
Occidental Petroleum Corp Senior Notes 8.50% due 07/15/2027		335,000		417,876
Occidental Petroleum Corp. Senior Notes 3.00% due 02/15/2027		425,000		421,812
Occidental Petroleum Corp. Senior Notes 6.13% due 01/01/2031		230,000		271,710
Occidental Petroleum Corp. Senior Notes 6.38% due 09/01/2028		416,000		484,640
Occidental Petroleum Corp. Senior Notes 6.45% due 09/15/2036		170,000		205,607

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Occidental Petroleum Corp. Senior Notes 6.63% due 09/01/2030	$	205,000	$	250,100
PDC Energy, Inc. Company Guar. Notes 5.75% due 05/15/2026		315,000		325,420
Pioneer Natural Resources Co. Senior Notes 1.13% due 01/15/2026		235,000		233,632
SM Energy Co. Senior Notes 5.63% due 06/01/2025		430,000		421,383
SM Energy Co. Senior Notes 6.63% due 01/15/2027		400,000		399,000
				10,800,086
Oil Companies-Integrated — 0.1%
BP Capital Markets America, Inc. Company Guar. Notes 1.75% due 08/10/2030		890,000		880,439
Chevron Corp. Senior Notes 2.00% due 05/11/2027		390,000		407,181
				1,287,620
Oil Refining & Marketing — 0.1%
Citgo Holding, Inc. Senior Sec. Notes 9.25% due 08/01/2024*		775,000		773,063
Valero Energy Corp. Senior Notes 2.85% due 04/15/2025		945,000		1,001,814
				1,774,877
Oil-Field Services — 0.0%
USA Compression Partners LP/USA Compression Finance Corp. Company Guar. Notes 6.88% due 09/01/2027		700,000		740,152
Paper & Related Products — 0.1%
International Paper Co. Senior Notes 4.80% due 06/15/2044		165,000		215,572
International Paper Co. Senior Notes 5.00% due 09/15/2035		500,000		640,901
				856,473
Pharmacy Services — 0.1%
Cigna Corp. Company Guar. Notes 3.00% due 07/15/2023		500,000		523,110
Cigna Corp. Company Guar. Notes 3.75% due 07/15/2023		390,000		414,183
CVS Health Corp. Senior Notes 1.88% due 02/28/2031		280,000		276,639
CVS Health Corp. Senior Notes 3.50% due 07/20/2022		600,000		615,354

505

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Pharmacy Services (continued)
CVS Health Corp. Senior Notes 5.05% due 03/25/2048	$	565,000	$	752,095
				2,581,381
Pipelines — 0.5%
Boardwalk Pipelines LP Company Guar. Notes 4.45% due 07/15/2027		85,000		96,461
Cameron LNG LLC Senior Sec. Notes 2.90% due 07/15/2031*		185,000		200,967
Cameron LNG LLC Senior Sec. Notes 3.70% due 01/15/2039*		155,000		175,311
Cheniere Energy Partners LP Company Guar. Notes 4.50% due 10/01/2029		705,000		760,519
Energy Transfer LP Senior Notes 3.75% due 05/15/2030		235,000		256,125
Energy Transfer LP Senior Notes 5.25% due 04/15/2029		385,000		458,402
Harvest Midstream I LP Senior Notes 7.50% due 09/01/2028*		780,000		834,038
Magellan Midstream Partners LP Senior Notes 4.25% due 09/15/2046		45,000		51,682
MPLX LP FRS Senior Notes 1.22% (3 ML+1.10%) due 09/09/2022		505,000		505,327
NGL Energy Operating LLC/NGL Energy Finance Corp. Senior Sec. Notes 7.50% due 02/01/2026*		765,000		786,037
NGL Energy Partners LP/NGL Energy Finance Corp. Company Guar. Notes 7.50% due 11/01/2023		335,000		319,088
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.20% due 03/15/2028		610,000		691,356
Sabine Pass Liquefaction LLC Senior Sec. Notes 4.50% due 05/15/2030		185,000		216,154
Spectra Energy Partners LP Company Guar. Notes 3.38% due 10/15/2026		185,000		201,953
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 6.00% due 03/01/2027*		615,000		634,988
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp. Company Guar. Notes 6.00% due 12/31/2030*		320,000		336,000
Targa Resources Partners LP/Targa Resources Partners Finance Corp. Company Guar. Notes 6.50% due 07/15/2027		730,000		792,962

Security Description	Principal Amount		Value (Note 2)
Pipelines (continued)
Western Gas Partners LP Senior Notes 4.65% due 07/01/2026	$	425,000	$	455,579
Western Midstream Operating LP Senior Notes 4.75% due 08/15/2028		180,000		195,286
Williams Cos., Inc. Senior Notes 5.10% due 09/15/2045		405,000		507,009
				8,475,244
Printing-Commercial — 0.0%
Deluxe Corp. Company Guar. Notes 8.00% due 06/01/2029		660,000		721,050
Radio — 0.1%
Entercom Media Corp. Sec. Notes 6.75% due 03/31/2029*		455,000		464,050
Urban One, Inc. Senior Sec. Notes 7.38% due 02/01/2028*		740,000		791,800
				1,255,850
Real Estate Investment Trusts — 0.5%
Alexandria Real Estate Equities, Inc. Company Guar. Notes 3.45% due 04/30/2025		1,035,000		1,129,698
Alexandria Real Estate Equities, Inc. Company Guar. Notes 3.95% due 01/15/2027		45,000		50,558
Alexandria Real Estate Equities, Inc. Company Guar. Notes 3.95% due 01/15/2028		350,000		399,597
Brixmor Operating Partnership LP Senior Notes 3.25% due 09/15/2023		235,000		246,765
Brixmor Operating Partnership LP Senior Notes 3.90% due 03/15/2027		280,000		310,114
Brixmor Operating Partnership LP Senior Notes 4.13% due 06/15/2026		115,000		129,385
Brookfield Property REIT, Inc. Senior Sec. Notes 5.75% due 05/15/2026*		785,000		814,437
Crown Castle International Corp. Senior Notes 2.25% due 01/15/2031		360,000		360,595
Crown Castle International Corp. Senior Notes 3.70% due 06/15/2026		150,000		166,280
Crown Castle International Corp. Senior Notes 4.45% due 02/15/2026		350,000		396,707
Crown Castle International Corp. Senior Notes 4.75% due 05/15/2047		145,000		182,777
Essex Portfolio LP Company Guar. Notes 2.65% due 03/15/2032		220,000		228,341
Essex Portfolio LP Company Guar. Notes 3.38% due 04/15/2026		635,000		692,681

506

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Real Estate Investment Trusts (continued)
Federal Realty Investment Trust Senior Notes 2.75% due 06/01/2023	$	35,000	$	36,241
Highwoods Realty LP Senior Notes 3.63% due 01/15/2023		280,000		288,877
Hospitality Properties Trust Senior Notes 3.95% due 01/15/2028		807,000		756,562
Hospitality Properties Trust Senior Notes 4.95% due 02/15/2027		420,000		412,650
Kilroy Realty LP Company Guar. Notes 3.45% due 12/15/2024		350,000		375,722
Kilroy Realty LP Company Guar. Notes 4.38% due 10/01/2025		15,000		16,764
Kimco Realty Corp. Senior Notes 3.30% due 02/01/2025		265,000		285,970
Regency Centers LP Company Guar. Notes 3.60% due 02/01/2027		140,000		156,325
SBA Tower Trust Mtg. Notes 2.84% due 01/15/2050*		345,000		359,840
Ventas Realty LP Company Guar. Notes 3.25% due 10/15/2026		270,000		294,900
VEREIT Operating Partnership LP Company Guar. Notes 3.10% due 12/15/2029		540,000		586,508
VEREIT Operating Partnership LP Company Guar. Notes 3.95% due 08/15/2027		345,000		393,121
				9,071,415
Resort/Theme Parks — 0.0%
SeaWorld Parks & Entertainment, Inc. Sec. Notes 9.50% due 08/01/2025*		680,000		734,400
Retail-Arts & Crafts — 0.0%
Michaels Cos., Inc. Senior Notes 7.88% due 05/01/2029*		780,000		809,250
Retail-Auto Parts — 0.0%
AutoZone, Inc. Senior Notes 3.13% due 04/21/2026		50,000		54,611
O’Reilly Automotive, Inc. Senior Notes 3.60% due 09/01/2027		430,000		486,359
				540,970
Retail-Building Products — 0.1%
White Cap Parent LLC Senior Notes 8.25% due 03/15/2026*		795,000		818,850

Security Description	Principal Amount		Value (Note 2)
Retail-Drug Store — 0.1%
Rite Aid Corp. Senior Sec. Notes 7.50% due 07/01/2025*	$	1,000,000	$	1,002,200
Retail-Mail Order — 0.0%
QVC, Inc. Senior Sec. Notes 4.45% due 02/15/2025		120,000		128,700
QVC, Inc. Senior Sec. Notes 4.85% due 04/01/2024		75,000		81,281
				209,981
Retail-Major Department Stores — 0.0%
TJX Cos., Inc. Senior Notes 1.60% due 05/15/2031		250,000		245,607
Retail-Misc./Diversified — 0.0%
LSF9 Atlantis Holdings LLC/Victra Finance Corp. Senior Sec. Notes 7.75% due 02/15/2026*		770,000		804,650
Retail-Office Supplies — 0.0%
Staples, Inc. Senior Notes 10.75% due 04/15/2027*		395,000		383,150
Retail-Regional Department Stores — 0.1%
NMG Holding Co., Inc./Neiman Marcus Group LLC Senior Sec. Notes 7.13% due 04/01/2026*		805,000		859,321
Retail-Restaurants — 0.1%
Carrols Restaurant Group, Inc. Company Guar. Notes 5.88% due 07/01/2029*		325,000		315,239
IRB Holding Corp. Company Guar. Notes 6.75% due 02/15/2026*		680,000		698,700
				1,013,939
Schools — 0.1%
Adtalem Global Education, Inc. Senior Sec. Notes 5.50% due 03/01/2028*		675,000		691,031
George Washington University Notes 3.55% due 09/15/2046		45,000		51,057
Northwestern University Bonds 2.64% due 12/01/2050		450,000		464,856
				1,206,944
Semiconductor Components-Integrated Circuits — 0.1%
QUALCOMM, Inc. Senior Notes 2.15% due 05/20/2030		870,000		899,095
QUALCOMM, Inc. Senior Notes 3.25% due 05/20/2027		337,000		372,486
				1,271,581

507

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. CORPORATE BONDS & NOTES (continued)
Software Tools — 0.1%
VMware, Inc. Senior Notes 1.40% due 08/15/2026	$	920,000	$	922,939
Steel-Producers — 0.1%
Nucor Corp. Senior Notes 2.70% due 06/01/2030		310,000		328,028
Nucor Corp. Senior Notes 3.95% due 05/01/2028		595,000		685,991
				1,014,019
Steel-Specialty — 0.0%
Allegheny Technologies, Inc. Senior Notes 7.88% due 08/15/2023		536,000		586,030
Telecom Services — 0.0%
Frontier Communications Corp. Sec. Notes 6.75% due 05/01/2029*		80,000		85,200
Frontier Communications Holdings LLC Sec. Notes 5.88% due 11/01/2029		405,000		414,113
				499,313
Telecommunication Equipment — 0.0%
Avaya, Inc. Senior Sec. Notes 6.13% due 09/15/2028*		710,000		759,700
Telephone-Integrated — 0.4%
AT&T, Inc. Senior Notes 2.25% due 02/01/2032		470,000		468,011
AT&T, Inc. Senior Notes 3.50% due 06/01/2041		1,735,000		1,841,075
AT&T, Inc. Senior Notes 4.35% due 03/01/2029		345,000		401,102
Consolidated Communications, Inc. Senior Sec. Notes 6.50% due 10/01/2028*		775,000		833,885
Level 3 Financing, Inc. Company Guar. Notes 3.63% due 01/15/2029*		930,000		903,383
Level 3 Financing, Inc. Company Guar. Notes 4.25% due 07/01/2028*		215,000		218,897
Verizon Communications, Inc. Senior Notes 1.68% due 10/30/2030		824,000		795,954
Verizon Communications, Inc. Senior Notes 2.65% due 11/20/2040		710,000		694,267
Verizon Communications, Inc. Senior Notes 4.27% due 01/15/2036		740,000		888,093
				7,044,667
Television — 0.1%
Sinclair Television Group, Inc. Senior Sec. Notes 4.13% due 12/01/2030*		960,000		930,000

Security Description	Principal Amount		Value (Note 2)
Tobacco — 0.0%
Altria Group, Inc. Company Guar. Notes 2.35% due 05/06/2025	$	140,000	$	146,547
Toys — 0.0%
Hasbro, Inc. Senior Notes 3.00% due 11/19/2024		485,000		515,777
Transport-Equipment & Leasing — 0.1%
GATX Corp. Senior Notes 3.25% due 09/15/2026		375,000		407,145
GATX Corp. Senior Notes 3.50% due 03/15/2028		605,000		664,870
				1,072,015
Transport-Rail — 0.1%
Kansas City Southern Company Guar. Notes 2.88% due 11/15/2029		480,000		513,768
Kansas City Southern Company Guar. Notes 3.50% due 05/01/2050		365,000		395,674
Kansas City Southern Company Guar. Notes 4.70% due 05/01/2048		255,000		324,586
				1,234,028
Veterinary Diagnostics — 0.0%
Elanco Animal Health, Inc. Senior Notes 4.91% due 08/27/2021		120,000		120,216
Wireless Equipment — 0.0%
ViaSat, Inc. Senior Notes 6.50% due 07/15/2028*		575,000		608,781
Total U.S. Corporate Bonds & Notes (cost $160,634,011)				170,097,512
U.S. CONVERTIBLE BONDS & NOTES — 0.0%
Auto-Cars/Light Trucks — 0.0%
Rivian Automotive, Inc. Promissory Notes 0.00% due 07/23/2026 (cost $619,218)		619,218		619,218
FOREIGN CORPORATE BONDS & NOTES — 2.8%
Advertising Sales — 0.0%
Clear Channel International BV Senior Sec. Notes 6.63% due 08/01/2025*		340,000		356,575
Advertising Services — 0.0%
WPP Finance 2010 Company Guar. Notes 3.75% due 09/19/2024		100,000		108,974
Aerospace/Defense-Equipment — 0.1%
Rolls-Royce PLC Company Guar. Notes 5.75% due 10/15/2027*		730,000		796,612
Agricultural Chemicals — 0.0%
Nutrien, Ltd. Senior Notes 4.00% due 12/15/2026		110,000		124,320

508

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Auto-Cars/Light Trucks — 0.1%
Aston Martin Capital Holdings, Ltd. Senior Sec. Notes 10.50% due 11/30/2025*	$	755,000	$	838,050
Jaguar Land Rover Automotive PLC Company Guar. Notes 5.50% due 07/15/2029*		845,000		845,059
				1,683,109
Auto/Truck Parts & Equipment-Original — 0.0%
Toyota Industries Corp. Senior Notes 3.11% due 03/12/2022*		725,000		736,044
Banks-Commercial — 0.4%
ABN AMRO Bank NV Sub. Notes 4.75% due 07/28/2025*		500,000		562,197
Banco Santander Chile Senior Notes 2.70% due 01/10/2025*		409,000		427,405
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand Senior Notes 5.38% due 04/17/2025*		355,000		400,263
BPCE SA Company Guar. Notes 3.00% due 05/22/2022*		250,000		255,469
BPCE SA Sub. Notes 4.50% due 03/15/2025*		300,000		332,784
BPCE SA Sub. Notes 4.88% due 04/01/2026*		400,000		455,785
Danske Bank A/S Senior Notes 3.24% due 12/20/2025*		476,000		507,594
ING Groep NV Senior Notes 3.15% due 03/29/2022		265,000		270,121
ING Groep NV Senior Notes 3.55% due 04/09/2024		1,050,000		1,130,676
Intesa Sanpaolo SpA Senior Notes 3.13% due 07/14/2022*		415,000		425,176
Intesa Sanpaolo SpA Senior Notes 3.38% due 01/12/2023*		200,000		207,781
Nordea Bank Abp Senior Notes 1.00% due 06/09/2023*		265,000		268,251
Royal Bank of Canada Senior Notes 1.60% due 04/17/2023		700,000		715,352
Santander UK Group Holdings PLC Senior Notes 2.88% due 08/05/2021		445,000		445,062
Santander UK PLC Senior Notes 3.75% due 11/15/2021		420,000		424,152
Toronto-Dominion Bank Senior Notes 3.50% due 07/19/2023		750,000		796,907

Security Description	Principal Amount		Value (Note 2)
Banks-Commercial (continued)
Toronto-Dominion Bank Sub. Notes 3.63% due 09/15/2031	$	55,000	$	61,372
				7,686,347
Banks-Money Center — 0.0%
BBVA Bancomer SA Senior Notes 4.38% due 04/10/2024*		600,000		651,900
Beverages-Wine/Spirits — 0.0%
Diageo Capital PLC Company Guar. Notes 1.38% due 09/29/2025		265,000		269,959
Building Products-Cement — 0.0%
Boral Finance Pty, Ltd. Company Guar. Notes 3.00% due 11/01/2022*		55,000		56,137
Cable/Satellite TV — 0.0%
LCPR Senior Secured Financing DAC Senior Sec. Notes 6.75% due 10/15/2027*		300,000		320,097
Casino Hotels — 0.1%
Studio City Finance, Ltd. Company Guar. Notes 5.00% due 01/15/2029*		785,000		773,374
Cellular Telecom — 0.1%
America Movil SAB de CV Senior Notes 2.88% due 05/07/2030		850,000		901,221
Chemicals-Diversified — 0.0%
LYB International Finance II BV Company Guar. Notes 3.50% due 03/02/2027		400,000		441,905
Commercial Services-Finance — 0.1%
Experian Finance PLC Company Guar. Notes 2.75% due 03/08/2030*		850,000		891,323
Containers-Metal/Glass — 0.0%
ARD Finance SA Senior Sec. Notes 6.50% due 06/30/2027*		670,000		706,783
Cruise Lines — 0.1%
Carnival Corp. Senior Notes 5.75% due 03/01/2027*		785,000		794,322
Diversified Banking Institutions — 0.6%
Banco Santander SA Senior Notes 3.13% due 02/23/2023		600,000		623,807
Banco Santander SA Senior Notes 3.49% due 05/28/2030		200,000		218,508
Barclays PLC Senior Notes 2.85% due 05/07/2026		830,000		880,409
Barclays PLC Senior Notes 3.68% due 01/10/2023		315,000		319,473

509

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Diversified Banking Institutions (continued)
BNP Paribas SA Senior Notes 2.22% due 06/09/2026*	$	435,000	$	449,951
Credit Agricole SA FRS Senior Notes 1.55% (3 ML+1.43%) due 01/10/2022*		275,000		276,647
Credit Agricole SA Senior Notes 3.75% due 04/24/2023*		600,000		633,508
Credit Suisse Group AG Senior Notes 2.59% due 09/11/2025*		660,000		688,081
Credit Suisse Group AG Senior Notes 3.00% due 12/14/2023*		320,000		330,164
HSBC Holdings PLC Senior Notes 2.85% due 06/04/2031		385,000		405,245
HSBC Holdings PLC Senior Notes 3.26% due 03/13/2023		325,000		330,789
HSBC Holdings PLC Sub. Notes 4.38% due 11/23/2026		500,000		565,609
Mitsubishi UFJ Financial Group, Inc. Senior Notes 2.19% due 02/25/2025		800,000		834,305
Natwest Group PLC Senior Notes 4.52% due 06/25/2024		900,000		963,592
NatWest Markets PLC Senior Notes 2.38% due 05/21/2023*		465,000		481,175
Sumitomo Mitsui Financial Group, Inc. Senior Notes 3.75% due 07/19/2023		1,235,000		1,314,728
UBS Group AG Senior Notes 1.36% due 01/30/2027*		340,000		338,848
UBS Group Funding Switzerland AG Senior Notes 3.49% due 05/23/2023*		335,000		343,253
				9,998,092
Electric-Distribution — 0.1%
Ausgrid Finance Pty, Ltd. Senior Sec. Notes 3.85% due 05/01/2023*		480,000		500,664
State Grid Overseas Investment, Ltd. Company Guar. Notes 3.75% due 05/02/2023*		510,000		537,076
				1,037,740
Electronic Components-Semiconductors — 0.0%
NXP BV/NXP Funding LLC/NXP USA, Inc. Company Guar. Notes 3.15% due 05/01/2027*		115,000		124,231

Security Description	Principal Amount		Value (Note 2)
Finance-Leasing Companies — 0.2%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 3.50% due 05/26/2022	$	150,000	$	153,188
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 4.13% due 07/03/2023		740,000		782,815
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 4.88% due 01/16/2024		150,000		163,155
AerCap Ireland Capital DAC/AerCap Global Aviation Trust Company Guar. Notes 6.50% due 07/15/2025		160,000		187,269
Avolon Holdings Funding, Ltd. Company Guar. Notes 3.95% due 07/01/2024*		165,000		176,285
VistaJet Malta Finance PLC/XO Management Holding, Inc. Senior Notes SR UNSECURED 10.50% due 06/01/2024*		1,633,000		1,773,112
				3,235,824
Food-Dairy Products — 0.0%
Danone SA Senior Notes 2.95% due 11/02/2026*		450,000		485,298
Food-Misc./Diversified — 0.1%
Sigma Holdco BV Company Guar. Notes 7.88% due 05/15/2026*		1,620,000		1,644,300
Gas-Transportation — 0.1%
APT Pipelines, Ltd. Company Guar. Notes 4.25% due 07/15/2027*		240,000		274,829
Rockpoint Gas Storage Canada, Ltd. Senior Sec. Notes 7.00% due 03/31/2023*		780,000		793,650
				1,068,479
Gold Mining — 0.1%
IAMGOLD Corp Company Guar. Notes 5.75% due 10/15/2028*		740,000		760,350
Insurance Brokers — 0.0%
Aon PLC Company Guar. Notes 3.88% due 12/15/2025		35,000		38,996
Aon PLC Company Guar. Notes 4.75% due 05/15/2045		350,000		460,193
Trinity Acquisition PLC Company Guar. Notes 3.50% due 09/15/2021		25,000		25,027
				524,216
Insurance-Life/Health — 0.1%
AIA Group, Ltd. Senior Notes 3.60% due 04/09/2029*		1,055,000		1,184,962

510

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Internet Content-Entertainment — 0.0%
Weibo Corp. Senior Notes 3.50% due 07/05/2024	$	430,000	$	449,208
Internet Content-Information/News — 0.0%
Tencent Holdings, Ltd. Senior Notes 2.99% due 01/19/2023*		265,000		273,304
Internet Financial Services — 0.0%
ION Trading Technologies SARL Senior Sec. Notes 5.75% due 05/15/2028		650,000		672,750
Medical-Drugs — 0.1%
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.88% due 09/23/2023		430,000		449,561
Shire Acquisitions Investments Ireland DAC Company Guar. Notes 2.88% due 09/23/2023		350,000		365,922
Takeda Pharmaceutical Co., Ltd. Senior Notes 2.05% due 03/31/2030		415,000		418,287
				1,233,770
Medical-Generic Drugs — 0.1%
Perrigo Finance Unlimited Co. Company Guar. Notes 3.15% due 06/15/2030		815,000		852,153
Teva Pharmaceutical Finance IV BV Company Guar. Notes 3.65% due 11/10/2021		165,000		165,619
				1,017,772
Metal-Diversified — 0.0%
Rio Tinto Finance USA, Ltd. Company Guar. Notes 3.75% due 06/15/2025		300,000		332,040
Miscellaneous Manufacturing — 0.0%
Bombardier, Inc. Senior Notes 6.00% due 10/15/2022*		375,000		375,450
Multimedia — 0.0%
Thomson Reuters Corp. Senior Notes 3.35% due 05/15/2026		30,000		32,836
Non-Ferrous Metals — 0.0%
Codelco, Inc. Senior Notes 3.75% due 01/15/2031*		200,000		218,062
Oil & Gas Drilling — 0.0%
Transocean Pontus, Ltd. Senior Sec. Notes 6.13% due 08/01/2025*		464,000		458,200
Oil Companies-Exploration & Production — 0.1%
Canadian Natural Resources, Ltd. Senior Notes 2.95% due 01/15/2023		775,000		801,351
Woodside Finance, Ltd. Company Guar. Notes 3.70% due 09/15/2026*		101,000		109,820

Security Description	Principal Amount		Value (Note 2)
Oil Companies-Exploration & Production (continued)
Woodside Finance, Ltd. Company Guar. Notes 3.70% due 03/15/2028*	$	470,000	$	509,588
Woodside Finance, Ltd. Company Guar. Notes 4.50% due 03/04/2029*		475,000		539,002
				1,959,761
Oil Companies-Integrated — 0.0%
Shell International Finance BV Company Guar. Notes 3.25% due 05/11/2025		250,000		272,419
Shell International Finance BV Company Guar. Notes 4.38% due 05/11/2045		40,000		50,048
Suncor Energy, Inc. Senior Notes 3.10% due 05/15/2025		225,000		241,132
				563,599
Oil-Field Services — 0.0%
Transocean Proteus, Ltd. Senior Sec. Notes 6.25% due 12/01/2024*		374,000		370,260
Paper & Related Products — 0.0%
Celulosa Arauco y Constitucion SA Senior Notes 4.20% due 01/29/2030*		200,000		218,000
Pipelines — 0.0%
Enbridge, Inc. Company Guar. Notes 4.00% due 10/01/2023		90,000		96,040
Enbridge, Inc. Company Guar. Notes 4.25% due 12/01/2026		115,000		130,621
TransCanada PipeLines, Ltd. Senior Notes 4.88% due 01/15/2026		15,000		17,310
				243,971
Public Thoroughfares — 0.0%
Transurban Finance Co. Pty., Ltd. Senior Sec. Notes 2.45% due 03/16/2031*		465,000		476,925
Transurban Finance Co. Pty., Ltd. Senior Sec. Notes 3.38% due 03/22/2027*		90,000		98,866
				575,791
Retail-Petroleum Products — 0.0%
eG Global Finance PLC Senior Sec. Notes 6.75% due 02/07/2025*		685,000		701,269
Satellite Telecom — 0.1%
Telesat Canada/Telesat LLC Company Guar. Notes 6.50% due 10/15/2027*		1,063,000		876,975
Telecom Services — 0.1%
DKT Finance APS Senior Sec. Notes 9.38% due 06/17/2023*		875,000		892,062

511

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
FOREIGN CORPORATE BONDS & NOTES (continued)
Transport-Equipment & Leasing — 0.0%
SMBC Aviation Capital Finance DAC Company Guar. Notes 3.55% due 04/15/2024*	$	200,000	$	212,840
SMBC Aviation Capital Finance DAC Company Guar. Notes 4.13% due 07/15/2023*		200,000		212,232
				425,072
Transport-Services — 0.0%
Autoridad del Canal de Panama Senior Notes 4.95% due 07/29/2035*		300,000		367,500
Web Portals/ISP — 0.0%
Baidu, Inc. Senior Notes 3.88% due 09/29/2023		615,000		652,828
Total Foreign Corporate Bonds & Notes (cost $47,998,774)				50,272,974
U.S. GOVERNMENT AGENCIES — 6.7%
Federal Home Loan Mtg. Corp. — 0.5%
2.00% due 01/01/2036		1,175,021		1,222,127
2.50% due 08/01/2051		438,480		458,349
2.50% due 05/01/2051		105,308		109,934
2.50% due 06/01/2051		380,138		397,961
2.50% due 07/01/2051		128,816		134,460
2.50% due 08/01/2051		357,878		373,600
3.00% due 11/01/2034		98,256		104,776
3.00% due 12/01/2046		632,120		683,631
3.00% due 04/01/2047		102,002		107,671
3.00% due 09/01/2049		148,556		160,244
3.00% due 01/01/2050		1,652,474		1,761,853
3.50% due 06/01/2033		62,515		67,049
3.50% due 09/01/2042		13,076		14,121
3.50% due 03/01/2044		59,364		64,482
3.50% due 03/01/2046		72,694		79,630
3.50% due 03/01/2048		547,383		594,519
4.00% due 09/01/2045		4,690		5,105
4.00% due 01/01/2050		822,925		877,932
4.00% due 04/01/2050		995,256		1,066,021
5.00% due 12/01/2041		123,801		137,196
Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs.
Series K057, Class A1 2.21% due 06/25/2025(5)		106,545		110,436
Series K068, Class A1 2.95% due 02/25/2027(5)		276,360		295,802
Federal Home Loan Mtg. Corp. REMIC Series-4977, Class IO 4.50% due 05/25/2050(4)(14)		311,084		50,489
Federal Home Loan Mtg. Corp. REMIC FRS Series 4623, Class MF 0.59% (1 ML+0.50%) due 10/15/2046(4)		33,511		33,827
Federal Home Loan Mtg. Corp. SCRT VRS Series 2016-1, Class M1 3.00% due 09/25/2055*(3)(4)		10,473		10,477

Security Description	Principal Amount		Value (Note 2)
Federal Home Loan Mtg. Corp. (continued)
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk FRS
Series 2021-DNA2, Class M1 0.85% (SOFR30A+0.80%) due 08/25/2033*(4)	$	495,000	$	495,478
Series 2020-HQA5, Class M1 1.15% (SOFR30A+1.10%) due 11/25/2050*(4)		121,867		121,967
Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust FRS
Series 2021-HQA1, Class M1 0.72% (SOFR30A+0.70%) due 08/25/2033*(4)		200,000		200,000
Series 2020-DNA6, Class M1 0.92% (SOFR30A+0.90%) due 12/25/2050*(4)		125,722		125,770
Series 2021-DNA3, Class M2 2.15% (SOFR30A+2.10%) due 10/25/2033*(4)		250,000		255,011
				10,119,918
Federal National Mtg. Assoc. — 2.5%
2.00% due 05/01/2036		1,468,262		1,528,694
2.50% due 11/01/2031		121,278		127,896
2.50% due 01/01/2032		205,195		216,215
2.50% due 02/01/2032		203,394		214,483
2.50% due 05/01/2032		459,624		485,869
2.50% due 11/01/2050		573,406		597,427
2.50% due 06/01/2051		394,185		412,976
2.50% due 07/01/2051		748,777		781,672
2.50% due 08/01/2051		463,225		484,721
3.00% due 01/01/2031		8,339		8,826
3.00% due 10/01/2032		666,188		708,837
3.00% due 12/01/2032		208,331		220,333
3.00% due 11/01/2033		224,041		239,127
3.00% due 02/01/2034		881,661		931,974
3.00% due 02/01/2035		98,452		104,620
3.00% due 11/01/2036		182,545		194,813
3.00% due 12/01/2036		60,151		64,318
3.00% due 10/01/2037		306,603		322,154
3.00% due 02/01/2040		1,047,365		1,120,701
3.00% due 02/01/2043		229,323		244,961
3.00% due 04/01/2043		939,838		1,010,709
3.00% due 05/01/2043		76,176		81,215
3.00% due 07/01/2043		17,542		18,800
3.00% due 08/01/2043		14,276		15,197
3.00% due 09/01/2043		84,642		91,740
3.00% due 01/01/2044		404,602		432,063
3.00% due 09/01/2046		636,525		680,784
3.00% due 10/01/2046		365,981		392,864
3.00% due 11/01/2046		2,388,234		2,560,401
3.00% due 12/01/2046		690,609		741,702
3.00% due 01/01/2047		729,326		768,504
3.00% due 06/01/2047		133,667		144,670
3.00% due 08/01/2047		565,462		609,115
3.00% due 11/01/2047		951,051		1,016,947
3.00% due 09/01/2048		471,984		499,145
3.00% due 08/01/2049		128,333		138,430
3.00% due 12/01/2049		1,524,238		1,615,362
3.00% due 07/01/2050		233,082		247,138
3.50% due 11/01/2032		147,113		158,448
3.50% due 12/01/2033		736,250		787,056

512

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Federal National Mtg. Assoc. (continued)
3.50% due 02/01/2035	$	12,576	$	13,567
3.50% due 06/01/2038		80,507		85,267
3.50% due 10/01/2041		14,806		16,103
3.50% due 07/01/2042		52,253		56,830
3.50% due 09/01/2042		51,067		55,461
3.50% due 10/01/2042		48,213		52,362
3.50% due 07/01/2043		13,459		14,794
3.50% due 08/01/2043		276,833		300,655
3.50% due 01/01/2044		746,160		810,341
3.50% due 07/01/2044		186,127		202,168
3.50% due 04/01/2045		150,103		161,777
3.50% due 06/01/2045		110,097		119,937
3.50% due 08/01/2045		390,151		422,650
3.50% due 11/01/2045		158,979		171,128
3.50% due 12/01/2045		288,049		310,703
3.50% due 01/01/2046		513,934		552,422
3.50% due 03/01/2046		1,129,081		1,214,819
3.50% due 04/01/2046		307,349		329,700
3.50% due 06/01/2046		848,404		925,711
3.50% due 09/01/2046		378,551		406,905
3.50% due 10/01/2046		244,732		261,878
3.50% due 02/01/2047		110,569		118,063
3.50% due 03/01/2047		152,899		163,487
3.50% due 05/01/2047		504,356		538,989
3.50% due 08/01/2047		306,266		333,085
3.50% due 12/01/2047		6,472		6,893
3.50% due 01/01/2048		309,702		335,026
3.50% due 04/01/2048		332,124		354,246
3.50% due 10/01/2049		648,565		711,402
4.00% due 12/01/2040		7,629		8,362
4.00% due 02/01/2041		356,475		393,002
4.00% due 07/01/2044		364,487		399,295
4.00% due 06/01/2045		213,464		232,610
4.00% due 07/01/2045		290,338		315,983
4.00% due 09/01/2045		283,467		310,644
4.00% due 10/01/2045		150,104		164,104
4.00% due 11/01/2045		10,779		11,716
4.00% due 12/01/2045		296,003		329,145
4.00% due 03/01/2046		66,377		72,329
4.00% due 09/01/2046		10,190		11,070
4.00% due 01/01/2047		81,997		88,489
4.00% due 02/01/2047		197,709		214,661
4.00% due 03/01/2047		499,039		538,232
4.00% due 04/01/2047		507,519		546,987
4.00% due 05/01/2047		181,584		195,482
4.00% due 08/01/2047		1,428,390		1,545,070
4.00% due 10/01/2048		183,715		198,478
4.00% due 11/01/2049		178,571		190,586
4.50% due 07/01/2040		120,493		132,706
4.50% due 01/01/2044		82,958		92,160
4.50% due 03/01/2046		640,390		706,364
4.50% due 09/01/2046		186,782		207,225
4.50% due 11/01/2046		819,512		910,515
4.50% due 05/01/2047		178,412		197,424
4.50% due 08/01/2048		52,488		56,638
4.50% due 09/01/2048		161,216		173,937
4.50% due 11/01/2048		174,843		188,989
4.50% due 12/01/2048		93,722		101,067
4.50% due 01/01/2049		458,764		494,949
4.50% due 05/01/2049		452,549		492,812
4.50% due 01/01/2050		37,480		40,544
5.00% due 10/01/2033		10,081		11,468

Security Description	Principal Amount		Value (Note 2)
Federal National Mtg. Assoc. (continued)
5.00% due 07/01/2035	$	752,531	$	855,349
5.00% due 05/01/2040		55,969		63,708
5.00% due 06/01/2040		59,529		67,507
5.00% due 12/01/2047		65,567		73,731
5.00% due 01/01/2049		558,891		619,993
5.50% due 10/01/2035		10,205		11,840
5.50% due 05/01/2036		32,478		37,667
5.50% due 08/01/2037		765,475		888,131
5.50% due 05/01/2044		751,316		870,391
5.50% due 01/01/2047		315,458		365,443
6.00% due 09/01/2037		46,229		54,926
6.00% due 07/01/2041		382,566		453,799
				44,002,804
Government National Mtg. Assoc. — 2.0%
2.00% due August 30 TBA		5,220,000		5,345,606
2.50% due 06/20/2051		1,475,277		1,533,634
2.50% due August 30 TBA		3,249,000		3,377,056
2.50% due September 30 TBA		5,436,000		5,639,213
3.00% due September 30 TBA		1,165,000		1,217,107
3.00% due 11/15/2042		136,777		146,146
3.00% due 03/20/2045		372,664		395,969
3.00% due 05/20/2046		143,035		151,273
3.00% due 06/20/2046		90,926		96,169
3.00% due 07/20/2046		84,084		88,979
3.00% due 08/20/2046		792,082		836,496
3.00% due 09/20/2046		315,463		333,663
3.00% due 10/20/2046		251,680		266,199
3.00% due 11/20/2046		278,786		294,877
3.00% due 09/20/2049		149,827		154,364
3.00% due 10/20/2049		204,864		210,636
3.00% due 01/20/2050		183,351		188,904
3.00% due 04/20/2050		474,987		488,403
3.00% due 04/20/2051		1,585,078		1,659,541
3.50% due August 30 TBA		1,865,000		1,958,469
3.50% due 08/20/2042		333,571		359,182
3.50% due 05/20/2043		433,888		467,067
3.50% due 10/20/2044		6,803		7,326
3.50% due 05/20/2045		7,457		8,020
3.50% due 12/20/2045		176,038		187,738
3.50% due 04/20/2046		266,669		284,051
3.50% due 05/20/2046		210,202		224,095
3.50% due 06/20/2046		98,803		105,172
3.50% due 07/20/2046		41,805		44,512
3.50% due 04/20/2047		433,747		459,669
3.50% due 02/20/2048		1,696,104		1,822,456
3.50% due 04/20/2048		72,453		77,770
3.50% due 01/20/2049		91,958		97,458
4.00% due 09/20/2045		163,798		176,185
4.00% due 05/20/2046		46,348		50,205
4.00% due 05/20/2047		677,251		726,157
4.00% due 07/20/2047		476,685		510,385
4.00% due 08/20/2047		165,551		177,191
4.00% due 11/20/2047		194,861		208,417
4.00% due 03/20/2048		228,898		244,008
4.00% due 10/20/2050		463,757		491,174
4.50% due 04/20/2041		7,595		8,432
4.50% due 07/20/2045		79,350		87,895
4.50% due 09/15/2045		52,615		59,318
4.50% due 12/20/2045		300,870		333,943
4.50% due 01/20/2046		49,902		55,269
4.50% due 07/20/2047		89,718		96,568
4.50% due 08/20/2047		731,753		788,308

513

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
U.S. GOVERNMENT AGENCIES (continued)
Government National Mtg. Assoc. (continued)
4.50% due 09/20/2047	$	154,693	$	166,154
5.00% due 08/20/2042		38,277		43,019
5.00% due 07/20/2047		270,722		296,009
5.00% due 08/20/2047		41,814		45,760
5.00% due 09/20/2047		300,939		326,726
5.00% due 10/20/2047		14,117		15,379
5.00% due 11/20/2047		89,352		97,332
5.00% due 12/20/2047		312,136		338,882
5.00% due 01/20/2048		394,882		430,017
5.00% due 02/20/2048		61,526		66,880
5.00% due 05/20/2048		113,739		122,700
5.00% due 06/20/2048		117,855		126,998
5.00% due 08/20/2048		38,484		41,449
5.00% due 06/20/2049		168,353		181,232
5.50% due 03/20/2048		53,999		59,871
5.50% due 04/20/2048		39,999		44,215
5.50% due 05/20/2048		21,318		23,565
5.50% due 09/20/2048		484		538
5.50% due 10/20/2048		13,281		14,671
5.50% due 11/20/2048		58,148		64,236
5.50% due 12/20/2048		322,552		356,319
5.50% due 01/20/2049		54,471		60,175
5.50% due 03/20/2049		93,485		103,570
Government National Mtg. Assoc. REMIC Series 2018-8, Class DA 3.00% due 11/20/2047(4)		48,959		50,913
				35,617,285
Uniform Mtg. Backed Securities — 1.7%
1.50% due August 15 TBA		1,460,000		1,487,489
2.00% due August 30 TBA		12,990,000		13,242,189
2.50% due August 30 TBA		8,690,000		9,047,444
3.00% due September 30 TBA		1,535,000		1,605,394
4.00% due August 30 TBA		2,110,000		2,254,403
4.50% due August 30 TBA		2,580,000		2,780,049
				30,416,968
Total U.S. Government Agencies (cost $117,713,676)				120,156,975
U.S. GOVERNMENT TREASURIES — 6.6%
United States Treasury Bonds — 2.4%
0.13% due 02/15/2051TIPS(8)		14,679		16,848
1.13% due 05/15/2040		1,700,000		1,517,781
1.25% due 05/15/2050		650,000		553,084
1.38% due 08/15/2050		1,280,000		1,123,850
1.88% due 02/15/2041		2,135,000		2,158,018
1.88% due 02/15/2051		4,165,000		4,130,509
2.00% due 02/15/2050		4,875,000		4,971,929
2.50% due 02/15/2046		1,545,000		1,731,969
2.88% due 11/15/2046		1,875,000		2,251,245
3.00% due 11/15/2045		1,025,000		1,252,062
3.00% due 05/15/2047(15)		3,535,000		4,347,498
3.00% due 02/15/2048		3,400,000		4,193,023
3.00% due 08/15/2048		855,000		1,056,292
3.13% due 11/15/2041(15)		3,905,000		4,795,523
3.13% due 02/15/2043		1,655,000		2,037,460
4.50% due 05/15/2038(15)		4,210,000		6,029,509
4.75% due 02/15/2037		50,000		72,584
				42,239,184

Security Description	Principal Amount		Value (Note 2)
United States Treasury Notes — 4.2%
0.13% due 07/15/2022TIPS(8)	$	223,470	$	230,990
0.13% due 01/31/2023(15)		4,145,000		4,144,676
0.13% due 03/31/2023		17,620,000		17,611,741
0.13% due 07/15/2024TIPS(8)		1,131,153		1,224,230
0.13% due 10/15/2024TIPS(8)		726,929		788,538
0.13% due 04/15/2025TIPS(8)		340,184		370,836
0.13% due 10/15/2025TIPS(8)		748,243		824,529
0.13% due 04/15/2026TIPS(8)		996,049		1,099,973
0.13% due 07/15/2031TIPS(8)		24,294		27,597
0.25% due 01/15/2025TIPS(8)		811,732		885,803
0.25% due 05/31/2025(15)		9,165,000		9,070,128
0.38% due 07/15/2023TIPS(8)		1,321,862		1,408,222
0.38% due 07/15/2025TIPS(8)		308,682		342,557
0.38% due 11/30/2025		5,495,000		5,441,338
0.38% due 01/31/2026		4,945,000		4,888,017
0.38% due 01/15/2027TIPS(8)		304,155		343,319
0.50% due 03/31/2025		1,410,000		1,410,551
0.63% due 04/15/2023TIPS(8)		1,310,132		1,386,514
0.63% due 01/15/2024TIPS(8)		1,682,248		1,818,504
0.63% due 01/15/2026TIPS(8)		1,613,998		1,817,155
0.63% due 05/15/2030		2,270,000		2,165,367
0.63% due 08/15/2030		1,230,000		1,169,845
0.75% due 03/31/2026		3,585,000		3,600,404
0.75% due 01/31/2028		1,635,000		1,614,946
0.88% due 06/30/2026		8,600,000		8,675,922
1.13% due 02/15/2031		1,855,000		1,837,609
1.63% due 05/15/2031		1,355,000		1,403,060
				75,602,371
Total U.S. Government Treasuries (cost $114,821,703)				117,841,555
MUNICIPAL BONDS & NOTES — 0.7%
Bay Area Toll Authority Revenue Bonds 6.91% due 10/01/2050		600,000		1,076,835
California State Public Works Board Revenue Bonds 7.80% due 03/01/2035		300,000		444,047
Chicago Transit Authority Revenue Bonds Series A 6.90% due 12/01/2040		500,000		725,519
City of Houston TX Airport System Revenue Revenue Bonds 2.39% due 07/01/2031		220,000		228,611
Detroit City School District General Obligation Bonds 6.65% due 05/01/2029		295,000		402,138
Florida State Development Finance Corp. Revenue Bonds Series B 4.11% due 04/01/2050		810,000		852,897
Grand Parkway Transportation Corp. Revenue Bonds 3.24% due 10/01/2052		390,000		401,607
Great Lakes Water Authority Sewage Disposal System Revenue Revenue Bonds Series A 3.06% due 07/01/2039		115,000		124,874

514

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Principal Amount		Value (Note 2)
MUNICIPAL BONDS & NOTES (continued)
Great Lakes Water Authority Water Supply System Revenue Revenue Bonds Series C 3.47% due 07/01/2041	$	480,000	$	522,755
Metropolitan Water Reclamation District of Greater Chicago General Obligation Bonds 5.72% due 12/01/2038		375,000		539,065
Miami Dade Co. Water & Sewer System Revenue Bonds Series C 3.49% due 10/01/2042		455,000		496,609
Municipal Electric Authority of Georgia Revenue Bonds 6.66% due 04/01/2057		1,068,000		1,684,651
New York State Dormitory Authority Revenue Bonds Series B 3.88% due 07/01/2046		200,000		220,913
Northern California Power Agency Revenue Bonds 7.31% due 06/01/2040		300,000		454,978
San Jose Redevelopment Agency Successor Agency Tax Allocation Series A-T 3.38% due 08/01/2034		285,000		312,026
South Carolina Public Service Authority Revenue Bonds Series D 2.39% due 12/01/2023		80,000		82,996
State of California General Obligation Bonds 7.63% due 03/01/2040		620,000		1,061,963
State of California General Obligation Bonds 7.50% due 04/01/2034		300,000		479,610
State of Wisconsin Revenue Bonds Series A 3.95% due 05/01/2036		850,000		964,086
Texas A&M University Revenue Bonds Series B 3.33% due 05/15/2039		1,100,000		1,201,789
Western Minnesota Municipal Power Agency Revenue Bonds Series A 3.16% due 01/01/2039		770,000		858,674
Total Municipal Bonds & Notes (cost $11,394,658)				13,136,643
FOREIGN GOVERNMENT OBLIGATIONS — 0.1%
Regional Authority — 0.0%
Province of Alberta, Canada Senior Notes 3.30% due 03/15/2028		555,000		628,540
Province of Manitoba, Canada Senior Notes 3.05% due 05/14/2024		150,000		160,588
				789,128

Security Description	Principal Amount		Value (Note 2)
Sovereign — 0.1%
Republic of Poland Senior Notes 3.25% due 04/06/2026	$	110,000	$	121,407
State of Qatar Senior Notes 3.75% due 04/16/2030*		200,000		227,440
United Mexican States Senior Notes 2.66% due 05/24/2031		1,039,000		1,021,140
				1,369,987
Total Foreign Government Obligations (cost $2,031,645)				2,159,115
LOANS(7)(9)(10) — 0.4%
Airlines — 0.1%
Aadvantage Loyalty LP, Ltd. FRS BTL 5.50% (3 M+4.75%) due 04/20/2028		780,000		800,475
Building & Construction-Misc. — 0.0%
Tutor Perini Corp. FRS BTL 5.75% (3 M+4.75%) due 08/13/2027		764,225		766,136
Casino Hotels — 0.0%
Caesars Resort Collection LLC FRS BTL-1 4.59% (1 M+4.50%) due 07/21/2025		754,300		754,182
Commercial Services — 0.1%
KNS Midco Corp. FRS 7.00% (2 M+6.25%) due 04/16/2027		810,000		801,900
Cosmetics & Toiletries — 0.0%
Journey Personal Care Corp. FRS BTL 5.00% (3 M+4.25%) due 03/01/2028		785,000		785,491
Enterprise Software/Service — 0.0%
DirecTV Financing LLC FRS BTL Coupon TBD due 07/22/2027		300,000		299,325
Leisure Products — 0.0%
Enterprise Development Authority FRS BTL-B 5.00% (1 M+4.25%) due 02/18/2028		602,375		603,881
Rental Auto/Equipment — 0.0%
Rent-A-Center, Inc. FRS BTL 4.75%(1 M+4.00%) due 02/17/2028		773,063		774,415
Retail-Office Supplies — 0.1%
Staples, Inc. FRS BTL B-1 5.18% (3 ML +5.00%) due 04/16/2026		835,284		809,479

515

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares/ Principal Amount			Value (Note 2)
LOANS(7)(9)(10) (continued)
Retail-Pet Food & Supplies — 0.1%
PetSmart, Inc. FRS BTL 4.50% (3 M+3.75%) due 02/12/2028	$	790,000		$	789,013
Total Loans (cost $7,165,240)					7,184,297
OPTIONS – PURCHASED† (11) — 0.4%
Exchanged-Traded Put Option- Purchased (cost $11,619,344)		2,675			7,797,625
Total Long-Term Investment Securities (cost $1,244,795,133)					1,550,193,847
SHORT-TERM INVESTMENT SECURITIES — 15.3%
Registered Investment Companies — 15.3%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.03%(12) (cost $272,278,966)		272,278,966			272,278,966
TOTAL INVESTMENTS (cost $1,517,074,099)(13)		102.3	%		1,822,472,813
Liabilities in excess of other assets		(2.3	)		(40,797,776	)
NET ASSETS		100.0	%	$	1,781,675,037

† 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 July 31, 2021, the aggregate value of these securities was $124,436,926 representing 7.0% of net assets.

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

(2) 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 July 31, 2021, the Portfolio held the following restricted securities:

Description	Acquisition Date		Shares		Acquisition Cost		Value		Value Per Share/ Par		% of Net Assets
Common Stocks
ANT International Co., Ltd. Class C		6/8/2018		57,396	$	321,992	$	404,642	$	7.05		0.02	%
Gores Holdings V, Inc. (PIPE Shares)		3/15/2021		1,288		12,880		11,580		8.99		0.00	%
Venture Global LNG, Inc. Series C		10/16/2017		3		11,313		13,770		4,590.00		0.00	%
Convertible Preferred Securities
Databricks, Inc. Series G		2/1/2021		402		71,302		71,302		177.37		0.00	%
Farmer’s Business Network, Inc. Series C		11/3/2017		563		10,395		18,556		32.96		0.00	%
Gusto, Inc. Series E		7/13/2021		3,216		97,751		97,751		30.40		0.01	%
Rivian Automotive , Inc. Series F		1/19/2021		13,955		514,242		991,224		71.03		0.06	%
U.S. Convertible Bonds & Notes
Rivian Automotive , Inc.		7/23/2026		619,218		619,218		619,218		100.00		0.03	%
							$	2,228,043				0.12	%

(3) 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.

(4) Collateralized Mortgage Obligation

(5) Commercial Mortgage Backed Security

(6) Collateralized Loan Obligation

(7) All loans in the Portfolio were purchased through assignment agreements unless otherwise indicated.

(8) Principal amount of security is adjusted for inflation.

(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) 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 Offered 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.

516

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

(11) Options — Purchased

Exchanged-Traded Put Options — Purchased
Issue	Expiration Month	Strike Price	Number of Contracts		Notional Amount*		Premiums Paid		Value at 7/31/2021		Unrealized Appreciation (Depreciation)
S&P 500 Index	December 2021	$3,325		2,675	$	1,175,732,050	$	11,619,344	$	7,797,625	$	(3,821,719	)

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

(12) The rate shown is the 7-day yield as of July 31, 2021.

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

(14) Interest Only.

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

ADR — American Depositary Receipt

BTL — Bank Term Loan

CDI — Chess Depositary Interest

CLO — Collateralized Loan Obligation

IO — Interest only

NASDAQ — National Association of Securities Dealers Automated Quotations

REMIC — Real Estate Mortgage Investment Conduit

SCRT — Seasoned Credit Risk Transfer Trust

SDR — Swedish Depositary Receipt

XAMS — Euronext Amsterdam Stock Exchange

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.

TBD — Senior loan purchased on a when-issued or delayed-delivery basis. Certain details associated with this purchase are note known prior to the settlement date of the transaction. In addition, senior loans typically trade without accrued interest and therefore a coupon rate is not available prior to the settlement.

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 July 31, 2021 and unless noted otherwise, the dates shown are the original maturity

Index Legend

1 ML — 1 Month USD LIBOR

3 ML — 3 Month USD LIBOR

SOFR30A — U.S. 30 day Average Secured Overnight Financing Rate

Forward Foreign Currency Contracts
Counterparty	Contract to Deliver			In Exchange For		Delivery Date		Unrealized Appreciation		Unrealized (Depreciation)
Bank of America, N.A.		EUR	20,000	USD	24,253		08/20/2021	$	520	$	—
		SEK	220,000	USD	25,507		08/20/2021		—		(53	)
									520		(53	)
Citibank N.A.		GBP	36,000	USD	50,390		08/20/2021		348		—
		USD	8,149	EUR	6,700		08/20/2021		—		(198	)
		USD	26,504	GBP	19,000		08/20/2021		—		(93	)
									348		(291	)
Goldman Sachs International		USD	25,098	EUR	21,000		08/20/2021		—		(179	)
HSBC Bank USA		USD	25,844	SEK	220,000		08/20/2021		—		(284	)
JPMorgan Chase Bank, N.A., London		SEK	200,000	USD	24,060		08/20/2021		824		—
Morgan Stanley and Co. International PLC		USD	8,147	EUR	6,700		08/20/2021		—		(196	)
State Street Bank London		USD	8,027	EUR	6,600		08/20/2021		—		(195	)
		USD	23,965	GBP	17,000		08/20/2021		—		(335	)
		USD	24,080	SEK	200,000		08/20/2021		—		(844	)
									—		(1,374	)
UBS AG		EUR	21,000	USD	25,030		08/20/2021		110		—
Net Unrealized Appreciation (Depreciation)								$	1,802	$	(2,377	)

517

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

EUR—Euro Currency

GBP—Bristish Pound

SEK—Swedish Krona

USD—United States Dollar

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	1,421	Long	S&P 500 E-Mini Index	September 2021	$	300,466,244	$	311,873,975	$	11,407,731
									Unrealized (Depreciation)
	696	Long	MSCI EAFE Index	September 2021	$	82,218,359	$	80,715,120	$	(1,503,239	)
	83	Short	U.S. Treasury 10 Year Notes	September 2021		11,039,820		11,159,609		(119,789	)
	14	Short	U.S. Treasury 2 Year Notes	September 2021		3,087,839		3,089,187		(1,348	)
	167	Short	U.S. Treasury 5 Year Notes	September 2021		20,742,354		20,782,367		(40,013	)
	50	Short	U.S. Treasury Long Bonds	September 2021		7,967,835		8,235,937		(268,102	)
	2	Long	U.S. Treasury Ultra 10 Year Futures	September 2021		300,706		300,500		(206	)
	62	Short	U.S. Ultra Bonds	September 2021		11,782,497		12,370,938		(588,441	)
									$	(2,521,138	)
			Net Unrealized Appreciation (Depreciation)						$	8,886,593

* 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 July 31, 2021(2)			Notional Amount (000’s)(3)		Upfront Premiums Paid/ (Received)		Unrealized Appreciation/ (Depreciation)
CDX North America Investment Grade Index		1.000%/Quarterly	6/20/2026		0.4951	%	$	4,800	$	113,647	$	3,075

(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.

Exchanged-Traded Written Put Options on Futures
Issue	Expiration Month	Strike Price	Number of Contracts		Notional Amount*		Premiums Paid		Value at 7/31/2021		Unrealized Appreciation (Depreciation)
U.S. Treasury 10 Year Notes	September 2021	$133		4	$	53,787	$	1,743	$	469	$	1,274

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

518

SunAmerica Series Trust SA T. Rowe Price VCP Balanced Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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:
Diversified Financial Services	$	—	$	—		$	404,642	$	404,642
Oil Companies-Exploration & Production		2,744,470		125,294	**		13,770		2,883,534
Precious Metals		63,146		119,866	#		—		183,012
Specified Purpose Acquisitions		21,050		11,580			—		32,630
Other Industries		737,752,592		281,030,883	**		—		1,018,783,475
Convertible Preferred Securities:
Auto-Cars/Light Trucks		—		—			991,224		991,224
Decision Support Software		—		—			71,302		71,302
E-Commerce/Services		—		—			18,556		18,556
Enterprise Software/Service		—		—			97,751		97,751
Other Industries		951,722		—			—		951,722
Preferred Securities:
Finance-Investment Banker/Broker		—		416,225			—		416,225
Pipelines		398,200		—			—		398,200
Asset Backed Securities		—		35,695,660			—		35,695,660
U.S. Corporate Bonds & Notes		—		170,097,512			—		170,097,512
U.S. Convertible Bonds & Notes		—		—			619,218		619,218
Foreign Corporate Bonds & Notes		—		50,272,974			—		50,272,974
U.S. Government Agencies		—		120,156,975			—		120,156,975
U.S. Government Treasuries		—		117,841,555			—		117,841,555
Municipal Bonds & Notes		—		13,136,643			—		13,136,643
Foreign Government Obligations		—		2,159,115			—		2,159,115
Loans		—		7,184,297			—		7,184,297
Options - Purchased		7,797,625		—			—		7,797,625
Short-Term Investment Securities		272,278,966		—			—		272,278,966
Total Investments at Value	$	1,022,007,771	$	798,248,579		$	2,216,463	$	1,822,472,813
Other Financial Instruments:†
Futures Contracts	$	11,407,731	$	—		$	—	$	11,407,731
Forward Foreign Currency Contracts . .		—		1,802			—		1,802
Centrally Cleared Credit Default Swaps on Credit Indices - Sell Protection		—		3,075			—		3,075
Total Other Financial Instruments . .	$	11,407,731	$	4,877		$	—	$	11,412,608
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	2,521,138	$	—		$	—	$	2,521,138
Forward Foreign Currency Contracts . .		—		2,377			—		2,377
Total Other Financial Instruments . .	$	2,521,138	$	2,377		$	—	$	2,523,515

* 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).

# Amount includes $39,260 that represents foreign equity securities that have been fair valued in accordance with pricing procedures approved by the Board (see Note 2).

+ Amounts represent unrealized appreciation/depreciation as of the end of 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. There were no Level 3 transfers during the reporting period.

See Notes to Financial Statements

519

SunAmerica Series Trust SA VCP Dynamic Allocation Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	52.7	%
Domestic Fixed Income Investment Companies	23.9
United States Treasury Notes	10.9
International Equity Investment Companies	10.2
Registered Investment Companies	1.9
Options Purchased	0.8
International Fixed Income Investment Companies	0.3
	100.7	%

* Calculated as a percentage of net assets

520

SunAmerica Series Trust SA VCP Dynamic Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# — 87.1%
Domestic Equity Investment Companies — 52.7%
Anchor Series Trust SA Wellington Capital Appreciation Portfolio, Class 1		2,733,022	$	192,923,994
Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1		9,598,343		225,849,008
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		10,834,649		228,827,780
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		22,451,062		393,118,100
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		4,122,439		113,408,303
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		7,557,821		147,679,828
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		5,885,987		90,526,484
Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1		10,596,770		361,031,955
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		6,206,981		466,144,282
SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1		226,015		4,255,870
SunAmerica Series Trust SA Fidelity Institutional AM® Real Estate Portfolio, Class 1		2,950,265		48,089,322
SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1		14,520,185		336,577,895
SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1		4,733,146		104,318,535
SunAmerica Series Trust SA Franklin U.S. Equity Smart Beta Portfolio, Class 1		4,291,903		87,468,983
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		10,955,086		143,621,182
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1		5,836,583		149,124,688
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		10,767,968		433,518,388
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		3,513,511		99,713,450
SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1		6,811,286		194,189,752
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		37,888,814		1,336,717,351
SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1		7,959,625		152,506,422
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		20,451,551		393,896,881

Security Description Shares Value
(Note 2)

Domestic Equity Investment Companies (continued)
SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1	13,282,952	$	398,621,390
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1	5,189,124		80,587,091
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1	5,701,777		87,579,298
SunAmerica Series Trust SA WellsCap Aggressive Growth Portfolio, Class 1	1,570,608		57,499,973
Total Domestic Equity Investment Companies
(cost $4,343,365,923)			6,327,796,205
Domestic Fixed Income Investment Companies — 23.9%
Anchor Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1	42,227,778		676,066,720
Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1	51,546,723		629,385,493
Seasons Series Trust SA Wellington Real Return Portfolio, Class 1	17,090,045		178,420,067
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1	7,534,937		78,890,795
SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1	20,448,826		289,350,888
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1	13,078,551		147,787,625
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1	12,391,768		133,583,263
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1	70,447,485		685,454,029
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1	9,633,560		55,585,642
Total Domestic Fixed Income Investment Companies (cost $2,748,245,566)			2,874,524,522
International Equity Investment Companies — 10.2%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1	20,062,021		209,246,875
SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1	2,479,751		43,048,486
SunAmerica Series Trust SA Fidelity Institutional AM® International Growth Portfolio, Class 1	11,003,293		235,690,547
SunAmerica Series Trust SA International Index Portfolio, Class 1	9,171,328		124,179,783
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1	3,168,088		32,631,311
SunAmerica Series Trust SA JPMorgan Global Equities Portfolio, Class 1	8,759,019		203,559,602
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1	19,028,033		222,437,709

521

SunAmerica Series Trust SA VCP Dynamic Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# (continued)
International Equity Investment Companies (continued)
SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1		9,722,399	$	148,655,483
Total International Equity Investment Companies (cost $968,084,220)				1,219,449,796
International Fixed Income Investment Companies — 0.3%
SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio, Class 1 (cost $35,220,624)		3,187,466		38,281,467
Total Affiliated Registered Investment Companies (cost $8,094,916,333)				10,460,051,990
U.S. GOVERNMENT TREASURIES — 10.9%
United States Treasury Notes
0.63% due 05/15/2030	$	125,412,100		119,631,386
0.63% due 08/15/2030		30,372,300		28,886,905
0.88% due 11/15/2030		225,271,200		218,618,660
1.13% due 02/15/2031		188,696,600		186,927,569
1.50% due 02/15/2030		100,131,600		102,963,447
1.63% due 08/15/2029(1)		116,456,200		121,169,037
1.63% due 05/15/2031		63,456,200		65,706,912
1.75% due 11/15/2029		122,724,200		128,903,555
2.38% due 05/15/2029		259,086,100		284,013,017
2.63% due 02/15/2029		48,711,600		54,227,808
Total U.S. Government Treasuries (cost $1,289,823,190)				1,311,048,296

Security Description	Shares			Value (Note 2)
OPTIONS - PURCHASED† - 0.8%
Over the Counter Put Options - Purchased(4) (cost $114,488,969)		1,650,000		$	92,888,549
Total Long-Term Investment Securities (cost $9,499,228,492)					11,863,988,835
SHORT-TERM INVESTMENT SECURITIES — 1.9%
Registered Investment Companies — 1.9%
AllianceBernstein Government STIF Portfolio, Class AB 0.08%(2) (cost $228,918,375)		228,918,375			228,918,375
TOTAL INVESTMENTS (cost $9,728,146,867)(3)		100.7	%		12,092,907,210
Liabilities in excess of other assets		(0.7	)		(89,600,114	)
NET ASSETS		100.0	%	$	12,003,307,096

@ 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.

† Non-income producing security

# See Note 8

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 July 31, 2021.

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

(4) Purchased Options:

Over the Counter Put Options - Purchased
Issue	Counterparty	Expiration Month	Strike Price		Number of Contracts		Notional Amount*		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
S&P 500 Index	Goldman Sachs International	November 2021	$	3,600		30,000	$	131,857,800	$	2,183,118	$	1,037,797	$	(1,145,321	)
S&P 500 Index	UBS AG	December 2021		3,550		480,000		2,109,724,800		32,354,028		20,424,741		(11,929,287	)
S&P 500 Index	Goldman Sachs International	December 2021		3,550		80,000		351,620,800		5,033,944		3,404,124		(1,629,820	)
S&P 500 Index	JP Morgan Chase Bank NA	December 2021		3,550		130,000		571,383,800		8,703,500		5,531,700		(3,171,800	)
S&P 500 Index	CitiBank N.A.	January 2022		3,675		617,500		2,714,073,050		43,545,603		41,446,519		(2,099,084	)
S&P 500 Index	UBS AG	January 2022		3,675		252,500		1,109,803,150		17,817,560		17,013,454		(804,106	)
S&P 500 Index	Goldman Sachs International	February 2022		3,550		60,000		263,715,600		4,851,216		4,030,214		(821,002	)
									$	114,488,969	$	92,888,549	$	(21,600,420	)

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

522

SunAmerica Series Trust SA VCP Dynamic Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	4,100	Long	S&P 500 E-Mini Index	September 2021	$	894,202,192	$	899,847,500	$	5,645,308

* 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 July 31, 2021 (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	$	10,460,051,990	$	—	$	—	$	10,460,051,990
U.S. Government Treasuries		—		1,311,048,296		—		1,311,048,296
Options-Purchased		—		92,888,549		—		92,888,549
Short-Term Investment securities		228,918,375		—		—		228,918,375
Total Investments at Value	$	10,688,970,365	$	1,403,936,845	$	—	$	12,092,907,210
Other Financial Instruments:†
Futures Contracts	$	5,645,308	$	—	$	—	$	5,645,308

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

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

523

SunAmerica Series Trust SA VCP Dynamic Strategy Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	60.0	%
Domestic Fixed Income Investment Companies	15.8
United States Treasury Notes	11.2
International Equity Investment Companies	10.2
Registered Investment Companies	2.2
Options Purchased	0.8
International Fixed Income Investment Companies	0.5
	100.7	%

* Calculated as a percentage of net assets

524

SunAmerica Series Trust SA VCP Dynamic Strategy Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# — 86.5%
Domestic Equity Investment Companies — 60.0%
Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1		4,517,810	$	106,304,058
Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1		11,135,896		235,190,114
Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1		20,291,820		355,309,773
Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1		3,677,878		101,178,433
Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1		3,139,640		61,348,559
Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1		8,629,033		132,714,529
Seasons Series Trust SA T. Rowe Price Growth Stock Portfolio, Class 1		262,009		8,926,638
SunAmerica Series Trust SA AB Growth Portfolio, Class 1		3,372,171		253,250,066
SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1		6,863,195		129,233,958
SunAmerica Series Trust SA Fidelity Institutional AM® Real Estate Portfolio, Class 1		1,779,935		29,012,944
SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1		11,609,806		269,115,310
SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1		1,837,435		40,497,077
SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1		14,123,332		220,182,750
SunAmerica Series Trust SA Franklin U.S. Equity Smart Beta Portfolio, Class 1		3,536,133		72,066,384
SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1		2,305,714		30,227,908
SunAmerica Series Trust SA Invesco Main Street Large Cap Portfolio, Class 1		12,025,125		336,823,758
SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1		8,301,641		212,106,917
SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1		7,960,144		320,475,380
SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1		2,947,604		83,653,008
SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1		3,980,115		113,473,069
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		19,432,628		685,583,108
SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1		8,147,500		156,106,099
SunAmerica Series Trust SA MFS Blue Chip Growth, Class 1		10,469,825		201,648,835

Security Description	Shares		Value (Note 2)
Domestic Equity Investment Companies (continued)
SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1		12,238,989	$	367,292,050
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		3,899,090		60,552,872
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		3,344,426		51,370,386
Total Domestic Equity Investment Companies (cost $3,510,918,191)				4,633,643,983
Domestic Fixed Income Investment Companies — 15.8%
Anchor Series Trust SA Wellington Government & Quality Bond Portfolio, Class 1		16,546,714		264,912,898
Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		17,924,849		218,862,404
Seasons Series Trust SA Wellington Real Return Portfolio, Class 1		7,357,344		76,810,672
SunAmerica Series Trust SA DFA Ultra Short Bond Portfolio, Class 1		3,822,294		40,019,422
SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1		8,548,990		120,968,216
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		7,778,690		87,899,201
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		7,771,956		83,781,682
SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1		30,957,925		301,220,610
SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1		4,137,941		23,875,920
Total Domestic Fixed Income Investment Companies (cost $1,167,605,774)				1,218,351,025
International Equity Investment Companies — 10.2%
Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1		11,106,241		115,838,094
SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1		1,864,788		32,372,725
SunAmerica Series Trust SA Fidelity Institutional AM® International Growth Portfolio, Class 1		4,720,100		101,104,535
SunAmerica Series Trust SA International Index Portfolio, Class 1		6,939,877		93,965,929
SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1		1,679,151		17,295,257
SunAmerica Series Trust SA JPMorgan Global Equities Portfolio, Class 1		4,920,447		114,351,180
SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1		3,753,472		43,878,083

525

SunAmerica Series Trust SA VCP Dynamic Strategy Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares/ Principal Amount		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# (continued)
International Equity Investment Companies (continued)
SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1		10,069,002	$	153,955,041
SunAmerica Series Trust SA Putnam International Growth and Income Portfolio, Class 1		10,535,806		120,424,259
Total International Equity Investment Companies (cost $664,290,875)				793,185,103
International Fixed Income Investment Companies — 0.5%
SunAmerica Series Trust SA Goldman Sachs Global Bond Portfolio, Class 1 (cost $35,333,106)		3,076,748		36,951,746
Total Affiliated Registered Investment Companies (cost $5,378,147,946)				6,682,131,857
U.S. CONVERTIBLE BONDS & NOTES — 0.0%
Internet Security — 0.0%
FireEye, Inc. Senior Notes Series A 1.00% due 06/01/2035	$	1,641,000		1,614,134
Telecom Equipment-Fiber Optics — 0.0%
Finisar Corp. Company Guar. Notes 0.50% due 12/15/2036		855,000		851,321
Total U.S. Convertible Bonds & Notes (cost $2,409,757)				2,465,455
U.S. GOVERNMENT TREASURIES — 11.2%
United States Treasury Notes — 11.2%
0.63% due 05/15/2030		82,334,200		78,539,108
0.63% due 08/15/2030		20,963,200		19,937,969
0.88% due 11/15/2030		145,319,600		141,028,131
1.13% due 02/15/2031		127,285,500		126,092,198
1.50% due 02/15/2030		65,885,000		67,748,310
1.63% due 08/15/2029(1)		86,885,800		90,401,960
1.63% due 05/15/2031		40,998,800		42,452,976
1.75% due 11/15/2029		79,586,500		83,593,804
2.38% due 05/15/2029		166,208,800		182,199,905
2.63% due 02/15/2029		33,004,200		36,741,668
Total U.S. Government Treasuries (cost $855,016,857)				868,736,029
OPTIONS - PURCHASED† — 0.8%
Over the Counter Put Options – Purchased(4) (cost $75,330,884)		1,060,000		57,665,061
Total Long-Term Investment Securities (cost $6,310,905,444)				7,610,998,402

Security Description	Shares			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 2.2%
Registered Investment Companies — 2.2%
AllianceBernstein Government STIF Portfolio, Class AB 0.08%(2) (cost $166,282,445)		166,282,445		$	166,282,445
TOTAL INVESTMENTS (cost $6,477,187,889)(3)		100.7	%		7,777,280,847
Liabilities in excess of other assets		(0.7	)		(52,276,155	)
NET ASSETS		100.0	%	$	7,725,004,692

† Non-income producing security

@ 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 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

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 July 31, 2021.

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

526

SunAmerica Series Trust SA VCP Dynamic Strategy Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

(4) Purchased Options:

Over the Counter Put Options - Purchased
Issue	Counterparty	Expiration Month	Strike Price		Number of Contracts		Notional Amount*		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation/ (Depreciation)
S&P 500 Index	Goldman Sachs International	November 2021	$	3,600		80,000	$	351,620,800	$	6,871,034	$	2,767,461	$	(4,103,573	)
S&P 500 Index	Goldman Sachs International	December 2021		3,550		100,000		439,526,000		6,995,355		4,255,154		(2,740,201	)
S&P 500 Index	UBS AG	December 2021		3,550		290,000		1,274,625,400		19,543,318		12,339,947		(7,203,371	)
S&P 500 Index	JPMorgan Chase Bank, N.A.	December 2021		3,550		55,000		241,739,300		3,674,750		2,340,335		(1,334,415	)
S&P 500 Index	CitiBank N.A.	January 2022		3,675		50,000		219,763,000		3,853,480		3,369,001		(484,479	)
S&P 500 Index	UBS AG	January 2022		3,675		180,000		791,146,800		12,693,153		12,128,403		(564,750	)
S&P 500 Index	CitiBank N.A.	January 2022		3,675		265,000		1,164,743,900		18,465,650		17,777,951		(687,699	)
S&P 500 Index	Goldman Sachs International	February 2022		3,550		40,000		175,810,400		3,234,144		2,686,809		(547,335	)
									$	75,330,884	$	57,665,061	$	(17,665,823	)

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

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation (Depreciation)
	200	Short	S&P 500 E-Mini Index	September 2021	$	43,978,264	$	43,895,000	$	83,264

* 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 July 31, 2021 (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	$	6,682,131,857	$	—	$	—	$	6,682,131,857
U.S. Convertible Bonds & Notes		—		2,465,455		—		2,465,455
U.S. Government Treasuries		—		868,736,029		—		868,736,029
Options-Purchased		—		57,665,061		—		57,665,061
Short-Term Investment securities		166,282,445		—		—		166,282,445
Total Investments at Value	$	6,848,414,302	$	928,866,545	$	—	$	7,777,280,847
Other Financial Instruments:†
Futures Contracts	$	83,264	$	—	$	—	$	83,264

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

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

527

SunAmerica Series Trust SA VCP Index Allocation Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Domestic Equity Investment Companies	48.6	%
Domestic Fixed Income Investment Companies	21.9
Registered Investment Companies	18.0
International Equity Investment Companies	9.7
U.S. Government Treasuries	1.5
Options Purchased	0.5
	100.2	%

* Calculated as a percentage of net assets

528

SunAmerica Series Trust SA VCP Index Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
AFFILIATED REGISTERED INVESTMENT COMPANIES@# — 80.2%
Domestic Equity Investment Companies — 48.6%
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		5,403,683	$	190,641,949
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		2,174,596		33,771,474
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		1,490,802		22,898,719
Total Domestic Equity Investment Companies (cost $169,848,086)				247,312,142
Domestic Fixed Income Investment Companies — 21.9%
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1		4,638,902		52,419,590
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		5,505,938		59,354,009
Total Domestic Fixed Income Investment Companies (cost $109,400,426)				111,773,599
International Equity Investment Companies — 9.7%
SunAmerica Series Trust SA International Index Portfolio, Class 1 (cost $39,174,962)		3,648,896		49,406,048
Total Affiliated Registered Investment Companies (cost $318,423,474)				408,491,789
OPTIONS - PURCHASED — 0.5%
Exchanged-Traded Put Option -Purchased(4) (cost $3,401,102)		783		2,282,445
Total Long-Term Investment Securities (cost $321,824,576)				410,774,234

Security Description	Shares/ Principal Amount			Value (Note 2)
SHORT-TERM INVESTMENT SECURITIES — 19.5%
Registered Investment Companies — 18.0%
State Street Institutional U.S. Government Money Market Fund, Premier Class  0.03%(1)		91,837,432		$	91,837,432
T. Rowe Price Treasury Reserve Fund 0.04%(1)		1,049			1,049
					91,838,481
U.S. Government Treasuries — 1.5%
United States Treasury Bills 0.02% due 12/30/2021(2)	$	2,020,000			2,019,558
0.04% due 12/30/2021(2)		3,520,000			3,519,230
0.05% due 12/30/2021(2)		2,020,000			2,019,558
					7,558,346
Total Short-Term Investment Securities (cost $99,397,323)					99,396,827
TOTAL INVESTMENTS (cost $421,221,899)(3)		100.2	%		510,171,061
Liabilities in excess of other assets		(0.2	)		(954,564	)
NET ASSETS		100.0	%	$	509,216,497

@ 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/getprospectus.

# See Note 8

(1) The rate shown is the 7-day yield as of July 31, 2021.

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

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

(4) Options — Purchased

Exchange-Traded Put Options - Purchased
Issue	Expiration Month	Strike Price		Number of Contracts		Notional Amount*		Premiums Paid		Value at July 31, 2021		Unrealized Appreciation (Depreciation)
S&P 500 Index	December 2021	$	3,325		783	$	344,148,858	$	3,401,101	$	2,282,445	$	(1,118,656	)

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

529

SunAmerica Series Trust SA VCP Index Allocation Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Futures Contracts
Number of Contracts		Type	Description	Expiration Month	Notional Basis*		Notional Value*		Unrealized Appreciation
	461	Long	S&P 500 E-Mini Index	September 2021	$	97,454,323	$	101,177,975	$	3,723,652
	2	Short	U.S. Treasury 2 Year Notes	September 2021		441,388		441,313		75
									$	3,723,727
									Unrealized (Depreciation)
	71	Long	E-Mini Russell 2000 Index	September 2021	$	8,237,698	$	7,886,680	$	(351,018	)
	141	Long	MSCI EAFE Index	September 2021		16,653,620		16,351,770		(301,850	)
	43	Long	S&P 400 E-Mini Index	September 2021		11,741,041		11,604,410		(136,631	)
	1	Short	U.S. Treasury Long Bonds	September 2021		158,468		164,719		(6,251	)
	2	Short	U.S. Treasury 5 Year Notes	September 2021		248,247		248,891		(644	)
	2	Short	U.S. Treasury 10 Year Notes	September 2021		265,716		268,906		(3,190	)
	1	Short	U.S. Ultra Bonds	September 2021		189,910		199,531		(9,621	)
									$	(809,205	)
			Net Unrealized Appreciation (Depreciation)						$	2,914,522

* 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 July 31, 2021 (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	$	408,491,789	$	—	$	—	$	408,491,789
Options-Purchased		2,282,445		—		—		2,282,445
Short-Term Investment Securities:
Registered Investment Companies		91,838,481		—		—		91,838,481
U.S. Government Treasuries		—		7,558,346		—		7,558,346
Total Investments at Value	$	502,612,715	$	7,558,346	$	—	$	510,171,061
Other Financial Instruments:†
Futures Contracts	$	3,723,727	$	—	$	—	$	3,723,727
LIABILITIES:
Other Financial Instruments:†
Futures Contracts	$	809,205	$	—	$	—	$	809,205

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

† Amounts represent unrealized appreciation/depreciation as of the end of the reporting period.

See Notes to Financial Statements

530

SunAmerica Series Trust SA WellsCap Aggressive Growth Portfolio

PORTFOLIO PROFILE — July 31, 2021 — (unaudited)

Industry Allocation*

Commercial Services-Finance	7.6	%
Computer Software	7.3
Medical-Biomedical/Gene	6.9
Medical Products	6.5
Enterprise Software/Service	5.6
Computer Services	4.7
Repurchase Agreements	4.3
E-Commerce/Services	4.2
Medical-Outpatient/Home Medical	3.9
Applications Software	3.8
Retail-Restaurants	3.6
Non-Hazardous Waste Disposal	2.0
Power Converter/Supply Equipment	2.0
Computer Data Security	2.0
Drug Delivery Systems	1.9
Energy-Alternate Sources	1.8
Schools	1.8
Aerospace/Defense	1.8
Diagnostic Equipment	1.8
Internet Content-Information/News	1.7
Transport-Truck	1.7
Building & Construction Products-Misc.	1.7
Diagnostic Kits	1.6
Semiconductor Equipment	1.6
Distribution/Wholesale	1.5
E-Commerce/Products	1.5
Golf	1.5
Pharmacy Services	1.4
Patient Monitoring Equipment	1.3
Insurance Brokers	1.3
Lighting Products & Systems	1.3
Firearms & Ammunition	1.3
Health Care Cost Containment	1.2
Medical Information Systems	1.2
Electric Products-Misc.	1.1
Veterinary Diagnostics	0.9
Auto Repair Centers	0.9
E-Marketing/Info	0.7
Medical-Drugs	0.3
Finance-Consumer Loans	0.3
Computers-Other	0.2
Industrial Automated/Robotic	0.2
	99.9	%

* Calculated as a percentage of net assets

531

SunAmerica Series Trust SA WellsCap Aggressive Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited)

Security Description	Shares		Value (Note 2)
COMMON STOCKS — 95.6%
Aerospace/Defense — 1.8%
Teledyne Technologies, Inc.†		9,158	$	4,146,468
Applications Software — 3.8%
Elastic NV†		31,779		4,705,199
Five9, Inc.†		20,968		4,220,648
				8,925,847
Auto Repair Centers — 0.9%
Mister Car Wash, Inc.†		100,131		2,086,730
Building & Construction Products-Misc. — 1.7%
Trex Co., Inc.†		40,107		3,894,390
Commercial Services-Finance — 7.6%
Avalara, Inc.†		32,250		5,391,232
MarketAxess Holdings, Inc.		7,520		3,573,278
Paysafe, Ltd.†		205,804		2,220,625
Shift4 Payments, Inc., Class A†		35,350		3,152,867
StoneCo, Ltd., Class A†		62,071		3,652,258
				17,990,260
Computer Data Security — 2.0%
Crowdstrike Holdings, Inc., Class A†		18,798		4,767,361
Computer Services — 4.7%
EPAM Systems, Inc.†		6,244		3,495,391
Globant SA†		18,276		4,370,888
WNS Holdings, Ltd. ADR†		38,591		3,177,583
				11,043,862
Computer Software — 7.3%
Lightspeed POS, Inc.†		45,404		3,883,404
MongoDB, Inc.†		16,698		5,993,246
Twilio, Inc., Class A†		12,723		4,753,186
ZoomInfo Technologies, Inc., Class A†		47,320		2,543,450
				17,173,286
Computers-Other — 0.2%
Desktop Metal, Inc.†		52,993		476,937
Diagnostic Equipment — 1.8%
10X Genomics, Inc., Class A†		22,552		4,132,203
Diagnostic Kits — 1.6%
Natera, Inc.†		33,864		3,878,105
Distribution/Wholesale — 1.5%
SiteOne Landscape Supply, Inc.†		20,736		3,624,238
Drug Delivery Systems — 1.9%
DexCom, Inc.†		8,533		4,398,847
E-Commerce/Products — 1.5%
Etsy, Inc.†		19,007		3,487,975
E-Commerce/Services — 4.2%
Bumble, Inc., Class A†		67,200		3,419,136
MercadoLibre, Inc.†		4,062		6,372,059
				9,791,195
E-Marketing/Info — 0.7%
Magnite, Inc.†		53,149		1,610,415
Electric Products-Misc. — 1.1%
Novanta, Inc.†		18,793		2,638,725
Energy-Alternate Sources — 1.8%
Enphase Energy, Inc.†		22,201		4,209,310

Security Description	Shares		Value (Note 2)
Enterprise Software/Service — 5.6%
Bill.com Holdings, Inc.†		23,982	$	4,959,957
Black Knight, Inc.†		61,318		5,077,744
Clarivate PLC†		135,908		3,098,702
				13,136,403
Finance-Consumer Loans — 0.3%
LendingTree, Inc.†		3,060		597,373
Firearms & Ammunition — 1.3%
Axon Enterprise, Inc.†		16,420		3,054,448
Golf — 1.5%
Callaway Golf Co.†		109,157		3,458,094
Health Care Cost Containment — 1.2%
HealthEquity, Inc.†		39,800		2,944,404
Industrial Automated/Robotic — 0.2%
Cognex Corp.		5,170		467,420
Insurance Brokers — 1.3%
Goosehead Insurance, Inc., Class A		26,249		3,154,867
Internet Content-Information/News — 1.7%
IAC/InterActiveCorp†		14,703		2,018,575
Vimeo, Inc.†		45,120		2,021,376
				4,039,951
Lighting Products & Systems — 1.3%
Universal Display Corp.		13,348		3,129,973
Medical Information Systems — 1.2%
Doximity, Inc., Class A†		27,997		1,733,014
Schrodinger, Inc.†		14,691		994,140
				2,727,154
Medical Products — 6.5%
ABIOMED, Inc.†		5,381		1,760,340
Align Technology, Inc.†		7,847		5,459,943
Inari Medical, Inc.†		40,691		3,653,645
Shockwave Medical, Inc.†		24,186		4,401,852
				15,275,780
Medical-Biomedical/Gene — 6.9%
Berkeley Lights, Inc.†		45,506		2,074,164
Bio-Rad Laboratories, Inc., Class  A†		5,542		4,098,364
CRISPR Therapeutics AG†		8,215		994,179
Guardant Health, Inc.†		27,281		2,995,454
Mirati Therapeutics, Inc.†		8,496		1,359,870
Turning Point Therapeutics, Inc.†		16,138		1,029,927
Twist Bioscience Corp.†		13,120		1,614,416
Zai Lab, Ltd. ADR†		8,588		1,241,911
Zentalis Pharmaceuticals, Inc.†		15,590		829,544
				16,237,829
Medical-Drugs — 0.3%
ORIC Pharmaceuticals, Inc.†		37,633		626,589
Medical-Outpatient/Home Medical — 3.9%
Amedisys, Inc.†		11,361		2,960,904
Chemed Corp.		6,072		2,890,393
Oak Street Health, Inc.†		51,525		3,248,136
				9,099,433
Non-Hazardous Waste Disposal — 2.0%
Casella Waste Systems, Inc., Class A†		69,996		4,814,325

532

SunAmerica Series Trust SA WellsCap Aggressive Growth Portfolio

PORTFOLIO OF INVESTMENTS — July 31, 2021 — (unaudited) — (continued)

Security Description	Shares		Value (Note 2)
COMMON STOCKS (continued)
Patient Monitoring Equipment — 1.3%
Insulet Corp.†		11,310	$	3,163,294
Pharmacy Services — 1.4%
Option Care Health, Inc.†		154,870		3,208,906
Power Converter/Supply Equipment — 2.0%
Generac Holdings, Inc.†		11,418		4,788,253
Retail-Restaurants — 3.6%
Chipotle Mexican Grill, Inc.†		2,767		5,156,138
Domino’s Pizza, Inc.		6,485		3,407,803
				8,563,941
Schools — 1.8%
Chegg, Inc.†		47,175		4,181,120
Semiconductor Equipment — 1.6%
MKS Instruments, Inc.		24,187		3,783,814
Transport-Truck — 1.7%
Saia, Inc.†		17,272		3,903,472
Veterinary Diagnostics — 0.9%
Heska Corp.†		8,920		2,147,044
Total Long-Term Investment Securities (cost $142,625,356)				224,780,041

Security Description	Principal Amount			Value (Note 2)
REPURCHASE AGREEMENTS — 4.3%
Agreement with Fixed Income Clearing Corp., bearing interest at 0.00% dated 07/30/2021, to be repurchased 08/02/2021 in the amount of $10,030,000 and collateralized by $10,493,500 of United States Treasury Notes, bearing interest at 0.50% due 10/31/2027 and having an approximate value of $10,230,611 (cost $10,030,000)	$	10,030,000			10,030,000
TOTAL INVESTMENTS (cost $152,655,356) (1)		99.9	%		234,810,041
Other assets less liabilities		0.1			237,091
NET ASSETS		100.0	%	$	235,047,132

† Non-income producing security

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

ADR — American Depository Receipt

The following is a summary of the inputs used to value the Portfolio’s net assets as of July 31, 2021 (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	$	224,780,041	$	—	$	—	$	224,780,041
Repurchase Agreements		—		10,030,000		—		10,030,000
Total Investments at Value	$	224,780,041	$	10,030,000	$	—	$	234,810,041

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

See Notes to Financial Statements

533

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES

July 31, 2021 — (unaudited)

	SA AB Growth		SA AB Small & Mid Cap Value		SA BlackRock Multi-Factor 70/30		SA BlackRock VCP Global Multi Asset		SA Columbia Technology
ASSETS:
Investments at value (unaffiliated)*	$	2,102,046,610	$	603,288,951	$	53,109,200	$	848,746,914	$	204,340,647
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		—		—		—		—		2,830,000
Cash		102,832,393		13,564,084		—		4,855		94
Foreign cash*		—		—		—		13,197,519		—
Cash collateral for futures contracts		—		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		—		14,108,322		—
Receivable for:
Fund shares sold		387,279		380,571		229,528		1,275		2,329
Dividends and interest		306,911		241,175		4		2,844,056		3,358
Investments sold		—		96,682		—		5,895,577		852,074
Investments sold on an extended settlement basis		—		—		—		—		—
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		9,891		8,129		2,674		8,596		8,661
Due from investment adviser for expense reimbursements/fee waivers		—		26,307		38,313		14,565		17,192
Deferred offering costs		—		—		28,824		—		—
Variation margin on futures contracts		—		—		—		73,590		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		740,805		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		2,205,583,084		617,605,899		53,408,543		885,636,074		208,054,355
LIABILITIES:
Payable for:
Fund shares redeemed		821,825		88,210		10		873,548		3,218
Investments purchased		3,200,274		1,294,644		340,786		5,922,605		1,080,075
Investments purchased on an extended settlement basis		—		—		—		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		1,112,330		484,145		27,544		629,154		171,909
Service fees — Class 2		12,881		1,437		—		—		1,007
Service fees — Class 3		133,794		97,182		10,569		184,535		35,821
Transfer agent fees		672		313		172		124		274
Trustees’ fees and expenses		17,225		4,677		940		7,492		1,332
Other accrued expenses		259,980		102,831		59,748		489,401		56,402
Line of credit		—		—		—		—		—
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		—		—		—		1,109,611		—
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		—		—		—		1,809,662		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		5,558,981		2,073,439		439,769		11,026,132		1,350,038
Net Assets	$	2,200,024,103	$	615,532,460	$	52,968,774	$	874,609,942	$	206,704,317
*  Cost
Investments (unaffiliated)	$	1,160,782,517	$	459,682,892	$	50,958,976	$	807,960,226	$	127,835,077
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	—	$	—	$	—	$	13,173,374	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—

See Notes to Financial Statements

534

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA AB Growth		SA AB Small & Mid Cap Value		SA BlackRock Multi-Factor 70/30		SA BlackRock VCP Global Multi Asset		SA Columbia Technology
NET ASSETS REPRESENTED BY:
Paid-in capital	$	970,475,036	$	387,155,796	$	48,794,473	$	767,129,986	$	99,572,950
Total accumulated earnings (loss)		1,229,549,067		228,376,664		4,174,301		107,479,956		107,131,367
Net Assets	$	2,200,024,103	$	615,532,460	$	52,968,774	$	874,609,942	$	206,704,317
Class 1 (unlimited shares authorized):
Net assets	$	1,455,132,502	$	145,306,582	$	118,487	$	876,344	$	26,056,933
Shares of beneficial interest issued and outstanding		19,376,286		7,717,298		6,703		71,686		2,025,649
Net asset value, offering and redemption price per share	$	75.10	$	18.83	$	17.68	$	12.22	$	12.86
Class 2 (unlimited shares authorized):
Net assets	$	102,325,149	$	11,337,918	$	—	$	—	$	8,112,066
Shares of beneficial interest issued and outstanding		1,381,148		602,944		—		—		658,029
Net asset value, offering and redemption price per share	$	74.09	$	18.80	$	—	$	—	$	12.33
Class 3 (unlimited shares authorized):
Net assets	$	642,566,452	$	458,887,960	$	52,850,287	$	873,733,598	$	172,535,318
Shares of beneficial interest issued and outstanding		8,833,645		24,676,188		2,994,679		71,641,926		14,395,359
Net asset value, offering and redemption price per share	$	72.74	$	18.60	$	17.65	$	12.20	$	11.99

See Notes to Financial Statements

535

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA DFA Ultra Short Bond		SA Emerging Markets Equity Index		SA Federated Hermes Corporate Bond		SA Fidelity Institutional  AM® International Growth		SA Fidelity Institutional AM® Real  Estate
ASSETS:
Investments at value (unaffiliated)*	$	402,584,736	$	109,069,086	$	1,562,281,458	$	383,128,167	$	321,911,046
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		—		—		—		—		—
Cash		—		7,469,275		28,201,660		8,858,264		412,727
Foreign cash*		—		4,800,999		—		653,973		—
Cash collateral for futures contracts		—		200,000		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		40		1,085,005		—		—
Receivable for:
Fund shares sold		59,049		73,107		570,534		29,403		2,216
Dividends and interest		87,256		342,623		16,629,327		344,573		149,560
Investments sold		—		—		285,217		1,602,992		755,883
Investments sold on an extended settlement basis		—		—		—		—		—
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		9,926		2,726		10,828		27,613		12,011
Due from investment adviser for expense reimbursements/fee waivers		—		—		—		—		—
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		—		—		174,375		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		402,740,967		121,957,856		1,609,238,404		394,644,985		323,243,443
LIABILITIES:
Payable for:
Fund shares redeemed		1,081,464		47,513		311,966		173,609		500,090
Investments purchased		—		—		489,786		11,472,369		577,086
Investments purchased on an extended settlement basis		—		—		8,015,491		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		156,172		49,097		697,774		236,980		205,213
Service fees — Class 2		1,802		—		2,048		—		578
Service fees — Class 3		48,009		2,330		220,084		1,756		41,533
Transfer agent fees		648		349		453		285		400
Trustees’ fees and expenses		3,591		1,385		12,420		3,530		2,652
Other accrued expenses		96,801		130,881		234,585		190,490		75,614
Line of credit		—		—		—		—		—
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		—		137,500		—		—		—
Due to investment adviser from expense recoupment		—		14,647		—		—		—
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		—		—		—		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		1,388,487		383,702		9,984,607		12,079,019		1,403,166
Net Assets	$	401,352,480	$	121,574,154	$	1,599,253,797	$	382,565,966	$	321,840,277
*  Cost
Investments (unaffiliated)	$	402,552,372	$	92,718,375	$	1,438,300,557	$	312,243,973	$	231,016,708
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	—	$	4,811,539	$	—	$	654,104	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—

See Notes to Financial Statements

536

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA DFA Ultra Short Bond			SA Emerging Markets Equity Index		SA Federated Hermes Corporate Bond		SA Fidelity Institutional  AM® International Growth		SA Fidelity Institutional AM® Real  Estate
NET ASSETS REPRESENTED BY:
Paid-in capital	$	408,325,798		$	105,088,341	$	1,402,287,724	$	258,383,718	$	222,619,315
Total accumulated earnings (loss)		(6,973,318	)		16,485,813		196,966,073		124,182,248		99,220,962
Net Assets	$	401,352,480		$	121,574,154	$	1,599,253,797	$	382,565,966	$	321,840,277
Class 1 (unlimited shares authorized):
Net assets	$	163,170,389		$	110,626,999	$	540,575,364	$	373,895,975	$	117,644,148
Shares of beneficial interest issued and outstanding		15,578,939			6,371,252		38,206,549		17,451,820		7,217,086
Net asset value, offering and redemption price per share	$	10.47		$	17.36	$	14.15	$	21.42	$	16.30
Class 2 (unlimited shares authorized):
Net assets	$	14,332,397		$	—	$	16,083,053	$	—	$	4,623,188
Shares of beneficial interest issued and outstanding		1,386,802			—		1,137,775		—		284,579
Net asset value, offering and redemption price per share	$	10.33		$	—	$	14.14	$	—	$	16.25
Class 3 (unlimited shares authorized):
Net assets	$	223,849,694		$	10,947,155	$	1,042,595,380	$	8,669,991	$	199,572,941
Shares of beneficial interest issued and outstanding		21,878,144			634,159		74,357,778		405,761		12,392,428
Net asset value, offering and redemption price per share	$	10.23		$	17.26	$	14.02	$	21.37	$	16.10

See Notes to Financial Statements

537

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA Fixed Income Index		SA Fixed Income Intermediate Index		SA Franklin BW U.S. Large Cap Value†		SA Franklin Small Company Value		SA Franklin Systematic U.S. Large Cap Value†
ASSETS:
Investments at value (unaffiliated)*	$	569,747,711	$	534,928,362	$	1,616,711,362	$	370,625,561	$	506,895,834
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		748,000		266,000		—		1,136,000		748,000
Cash		562		888		31,603,910		401		558
Foreign cash*		—		—		—		—		—
Cash collateral for futures contracts		—		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		—		—		—
Receivable for:
Fund shares sold		166,717		171,263		13,015		2,749		101,507
Dividends and interest		3,993,950		2,921,271		1,322,984		133,537		846,785
Investments sold		—		—		4,814,775		801,023		—
Investments sold on an extended settlement basis		—		—		—		—		—
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		3,419		3,376		24,045		7,442		7,525
Due from investment adviser for expense reimbursements/fee waivers		5,789		4,436		66,730		15,788		—
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		574,666,148		538,295,596		1,654,556,821		372,722,501		508,600,209
LIABILITIES:
Payable for:
Fund shares redeemed		154,329		155,954		1,328,457		189,695		140,529
Investments purchased		—		—		34,285,264		713,791		—
Investments purchased on an extended settlement basis		—		—		—		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		145,378		136,457		988,000		304,089		260,242
Service fees — Class 2		—		—		5,799		—		733
Service fees — Class 3		15,742		7,208		110,372		45,008		51,757
Transfer agent fees		423		423		523		299		324
Trustees’ fees and expenses		5,479		3,393		12,254		3,211		3,755
Other accrued expenses		159,889		129,736		193,474		92,324		79,055
Line of credit		—		—		—		—		—
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		—
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		—		—		—		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		481,240		433,171		36,924,143		1,348,417		536,395
Net Assets	$	574,184,908	$	537,862,425	$	1,617,632,678	$	371,374,084	$	508,063,814
*  Cost
Investments (unaffiliated)	$	535,501,646	$	517,824,302	$	1,207,644,577	$	306,190,358	$	492,092,891
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	—	$	—	$	—	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—

† See Note 1

See Notes to Financial Statements

538

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA Fixed Income Index		SA Fixed Income Intermediate Index		SA Franklin BW U.S. Large Cap Value†		SA Franklin Small Company Value		SA Franklin Systematic U.S. Large Cap Value†
NET ASSETS REPRESENTED BY:
Paid-in capital	$	516,299,489	$	510,560,756	$	1,056,495,571	$	246,719,796	$	371,459,332
Total accumulated earnings (loss)		57,885,419		27,301,669		561,137,107		124,654,288		136,604,482
Net Assets	$	574,184,908	$	537,862,425	$	1,617,632,678	$	371,374,084	$	508,063,814
Class 1 (unlimited shares authorized):
Net assets	$	499,322,010	$	503,544,526	$	1,052,241,813	$	158,473,157	$	254,498,350
Shares of beneficial interest issued and outstanding		44,196,660		46,712,187		45,400,202		7,190,242		16,326,144
Net asset value, offering and redemption price per share	$	11.30	$	10.78	$	23.18	$	22.04	$	15.59
Class 2 (unlimited shares authorized):
Net assets	$	—	$	—	$	45,509,392	$	—	$	5,871,164
Shares of beneficial interest issued and outstanding		—		—		1,963,900		—		377,690
Net asset value, offering and redemption price per share	$	—	$	—	$	23.17	$	—	$	15.54
Class 3 (unlimited shares authorized):
Net assets	$	74,862,898		34,317,899		519,881,473	$	212,900,927	$	247,694,300
Shares of beneficial interest issued and outstanding		6,664,803		3,200,140		22,605,468		9,792,200		16,133,342
Net asset value, offering and redemption price per share	$	11.23	$	10.72	$	23.00	$	21.74	$	15.35

† See Note 1

See Notes to Financial Statements

539

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA Franklin Tactical Opportunities†		SA Franklin U.S. Equity Smart Beta		SA Global Index Allocation 60/40		SA Global Index Allocation 75/25		SA Global Index Allocation 90/10
ASSETS:
Investments at value (unaffiliated)*	$	86,189,608	$	176,570,854	$	—	$	—	$	—
Investments at value (affiliated)*		—		—		82,804,086		77,517,705		280,257,277
Repurchase agreements (cost approximates value)		—		—		—		—		—
Cash		—		266,410		—		—		—
Foreign cash*		82,003		—		—		—		—
Cash collateral for futures contracts		—		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		244,296		—		—		—		—
Receivable for:
Fund shares sold		120,214		1,772		82,540		184,463		206,449
Dividends and interest		261,301		185,263		—		—		—
Investments sold		46,522		—		—		—		—
Investments sold on an extended settlement basis		—		—		—		—		—
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		2,670		2,488		2,490		2,491		2,500
Due from investment adviser for expense reimbursements/fee waivers		2,243		—		—		—		—
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		86,948,857		177,026,787		82,889,116		77,704,659		280,466,226
LIABILITIES:
Payable for:
Fund shares redeemed		504		78,917		1,793		4,649		1,335
Investments purchased		610,448		—		80,747		179,815		205,114
Investments purchased on an extended settlement basis		—		—		—		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		50,639		72,916		6,915		6,428		23,388
Service fees — Class 2		—		—		—		—		—
Service fees — Class 3		18,048		855		17,230		16,017		57,704
Transfer agent fees		174		221		149		149		124
Trustees’ fees and expenses		874		1,647		858		778		1,969
Other accrued expenses		67,678		81,043		61,001		62,300		61,393
Line of credit		—		—		—		—		—
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		23,699		—		—		—		—
Due to investment adviser from expense recoupment		—		—		2,009		1,057		—
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		—		—		—		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		772,064		235,599		170,702		271,193		351,027
Net Assets	$	86,176,793	$	176,791,188	$	82,718,414	$	77,433,466	$	280,115,199
*  Cost
Investments (unaffiliated)	$	73,024,412	$	139,326,592	$	—	$	—	$	—
Investments (affiliated)	$	—	$	—	$	70,379,684	$	63,947,531	$	223,368,004
Foreign cash	$	81,982	$	—	$	—	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—

† See Note 1

See Notes to Financial Statements

540

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA Franklin Tactical Opportunities†		SA Franklin U.S. Equity Smart Beta		SA Global Index Allocation 60/40		SA Global Index Allocation 75/25		SA Global Index Allocation 90/10
NET ASSETS REPRESENTED BY:
Paid-in capital	$	69,068,916	$	132,185,225	$	68,961,945	$	63,046,490	$	218,305,775
Total accumulated earnings (loss)		17,107,877		44,605,963		13,756,469		14,386,976		61,809,424
Net Assets	$	86,176,793	$	176,791,188	$	82,718,414	$	77,433,466	$	280,115,199
Class 1 (unlimited shares authorized):
Net assets	$	178,749	$	172,597,714	$	269,255	$	254,132	$	3,744,733
Shares of beneficial interest issued and outstanding		13,581		8,470,536		14,229		13,057		185,763
Net asset value, offering and redemption price per share	$	13.16	$	20.38	$	18.92	$	19.46	$	20.16
Class 2 (unlimited shares authorized):
Net assets	$	—	$	—	$	—	$	—	$	—
Shares of beneficial interest issued and outstanding		—		—		—		—		—
Net asset value, offering and redemption price per share	$	—	$	—	$	—	$	—	$	—
Class 3 (unlimited shares authorized):
Net assets	$	85,998,044	$	4,193,474	$	82,449,159	$	77,179,334	$	276,370,466
Shares of beneficial interest issued and outstanding		6,551,161		206,433		4,371,281		3,976,833		13,774,948
Net asset value, offering and redemption price per share	$	13.13	$	20.31	$	18.86	$	19.41	$	20.06

† See Note 1

See Notes to Financial Statements

541

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	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
ASSETS:
Investments at value (unaffiliated)*	$	425,356,214	$	48,816,005	$	—	$	—	$	—
Investments at value (affiliated)*		—		—		228,307,552		428,647,914		1,158,511,541
Repurchase agreements (cost approximates value)		—		—		—		—		—
Cash		—		—		—		—		—
Foreign cash*		—		294,138		—		—		—
Cash collateral for futures contracts		—		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		5,003,495		238,468		—		—		—
Receivable for:
Fund shares sold		24,425		21,886		50,363		312,384		937,664
Dividends and interest		1,988,157		29,158		—		—		—
Investments sold		6,089,165		—		—		—		—
Investments sold on an extended settlement basis		29,562,081		—		—		—		—
Written options		9,151		—		—		—		—
Receipts on swap contracts		57,301		11,427		—		—		—
Prepaid expenses and other assets		7,968		2,591		2,545		2,562		2,482
Due from investment adviser for expense reimbursements/fee waivers		—		2,699		—		—		—
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		99,425		22,969		—		—		—
Unrealized appreciation on forward foreign currency contracts		1,430,329		—		—		—		—
Swap premiums paid		3,930,079		209,636		—		—		—
Unrealized appreciation on swap contracts		1,309,599		35,480		—		—		—
Total assets		474,867,389		49,684,457		228,360,460		428,962,860		1,159,451,687
LIABILITIES:
Payable for:
Fund shares redeemed		146,291		510		17,402		34,134		620,296
Investments purchased		5,649,784		—		32,961		278,250		317,367
Investments purchased on an extended settlement basis		34,241,519		—		—		—		—
Payments on swap contracts		10,522		—		—		—		—
Investment advisory and management fees		219,423		29,044		19,198		35,941		96,783
Service fees — Class 2		551		—		—		—		—
Service fees — Class 3		67,704		10,341		47,903		89,296		240,780
Transfer agent fees		373		174		129		124		125
Trustees’ fees and expenses		3,748		646		1,886		3,234		7,848
Other accrued expenses		298,132		69,279		51,595		54,832		82,670
Line of credit		—		—		—		—		—
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		32,106		10,055		—		—		—
Due to investment adviser from expense recoupment		—		—		—		—		—
Due to custodian		179,637		2		—		—		—
Due to custodian for foreign cash		22,966		—		—		—		—
Due to broker		—		—		—		—		—
Call and put options written, at value@		285,659		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		2,555,186		—		—		—		—
Swap premiums received		3,145,173		—		—		—		—
Unrealized depreciation on swap contracts		1,830,601		—		—		—		—
Total liabilities		48,689,375		120,051		171,074		495,811		1,365,869
Net Assets	$	426,178,014	$	49,564,406	$	228,189,386	$	428,467,049	$	1,158,085,818
*  Cost
Investments (unaffiliated)	$	402,358,678	$	42,900,661	$	—	$	—	$	—
Investments (affiliated)	$	—	$	—	$	186,195,989	$	327,249,692	$	869,223,271
Foreign cash	$	38,554	$	296,431	$	—	$	—	$	—
@ Premiums received on options written	$	543,607	$	—	$	—	$	—	$	—

See Notes to Financial Statements

542

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	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
NET ASSETS REPRESENTED BY:
Paid-in capital	$	409,742,897	$	39,248,022	$	180,891,063	$	311,102,345	$	833,044,640
Total accumulated earnings (loss)		16,435,117		10,316,384		47,298,323		117,364,704		325,041,178
Net Assets	$	426,178,014	$	49,564,406	$	228,189,386	$	428,467,049	$	1,158,085,818
Class 1 (unlimited shares authorized):
Net assets	$	101,555,660	$	147,712	$	435,857	$	2,643,462	$	5,689,279
Shares of beneficial interest issued and outstanding		8,458,548		11,306		30,250		166,064		346,792
Net asset value, offering and redemption price per share	$	12.01	$	13.06	$	14.41	$	15.92	$	16.41
Class 2 (unlimited shares authorized):
Net assets	$	4,285,946	$	—	$	—	$	—	$	—
Shares of beneficial interest issued and outstanding		361,019		—		—		—		—
Net asset value, offering and redemption price per share	$	11.87	$	—	$	—	$	—	$	—
Class 3 (unlimited shares authorized):
Net assets	$	320,336,408	$	49,416,694	$	227,753,529	$	425,823,587	$	1,152,396,539
Shares of beneficial interest issued and outstanding		27,312,222		3,791,854		15,846,113		26,862,071		70,492,771
Net asset value, offering and redemption price per share	$	11.73	$	13.03	$	14.37	$	15.85	$	16.35

See Notes to Financial Statements

543

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA International Index		SA Invesco Growth Opportunities		SA Invesco Main Street Large Cap		SA Janus Focused Growth		SA JPMorgan Diversified Balanced
ASSETS:
Investments at value (unaffiliated)*	$	697,617,649	$	374,208,557	$	543,892,348	$	599,984,617	$	343,054,582
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		62,918,000		—		5,766,000		—		—
Cash		307		8,318,149		272		21,507,867		6,977,035
Foreign cash*		1,806,773		6,213		—		—		91,852
Cash collateral for futures contracts		—		—		—		—		32,000
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		—		—		645,013
Receivable for:
Fund shares sold		326,050		22,188		74,924		76,562		195,687
Dividends and interest		2,258,479		—		421,475		338,285		1,049,896
Investments sold		—		1,632,093		3,745,801		3,812,629		420,623
Investments sold on an extended settlement basis		—		—		—		—		3,731,275
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		3,664		7,725		8,694		7,604		12,095
Due from investment adviser for expense reimbursements/fee waivers		—		—		23,258		50,939		11,192
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		35,333
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		30,520
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		764,930,922		384,194,925		553,932,772		625,778,503		356,287,103
LIABILITIES:
Payable for:
Fund shares redeemed		105,911		112,000		208,473		193,978		28,181
Investments purchased		—		394,227		4,435,547		6,674,532		458,952
Investments purchased on an extended settlement basis		—		—		—		—		9,991,440
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		253,421		231,309		338,357		432,981		181,789
Service fees — Class 2		—		542		521		1,522		1,583
Service fees — Class 3		3,013		36,606		25,899		40,338		53,979
Transfer agent fees		448		423		448		423		374
Trustees’ fees and expenses		5,885		3,854		4,258		5,016		2,491
Other accrued expenses		290,043		80,117		85,849		97,158		262,359
Line of credit		—		—		—		—		—
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		396,660		—		—		—		377,722
Due to investment adviser from expense recoupment		—		—		—		—		—
Due to custodian		—		—		—		—		—
Due to custodian for foreign cash		—		—		—		—		—
Due to broker		3		—		—		—		—
Call and put options written, at value@		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		21,813
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		1,055,384		859,078		5,099,352		7,445,948		11,380,683
Net Assets	$	763,875,538	$	383,335,847	$	548,833,420	$	618,332,555	$	344,906,420
*  Cost
Investments (unaffiliated)	$	553,535,455	$	250,110,170	$	392,411,715	$	309,548,355	$	305,015,995
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	1,807,165	$	6,218	$	—	$	—	$	102,950
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—

See Notes to Financial Statements

544

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA International Index		SA Invesco Growth Opportunities		SA Invesco Main Street Large Cap		SA Janus Focused Growth		SA JPMorgan Diversified Balanced
NET ASSETS REPRESENTED BY:
Paid-in capital	$	597,657,957	$	173,351,263	$	330,728,159	$	231,383,064	$	268,395,588
Total accumulated earnings (loss)		166,217,581		209,984,584		218,105,261		386,949,491		76,510,832
Net Assets	$	763,875,538	$	383,335,847	$	548,833,420	$	618,332,555	$	344,906,420
Class 1 (unlimited shares authorized):
Net assets	$	749,372,102	$	204,989,462	$	422,482,608	$	412,053,255	$	77,036,031
Shares of beneficial interest issued and outstanding		55,357,831		15,636,051		15,085,469		16,129,277		3,415,524
Net asset value, offering and redemption price per share	$	13.54	$	13.11	$	28.01	$	25.55	$	22.55
Class 2 (unlimited shares authorized):
Net assets	$	—	$	4,107,538	$	4,112,521	$	12,157,297	$	12,445,198
Shares of beneficial interest issued and outstanding		—		333,786		146,949		490,727		553,491
Net asset value, offering and redemption price per share	$	—	$	12.31	$	27.99	$	24.77	$	22.48
Class 3 (unlimited shares authorized):
Net assets	$	14,503,436	$	174,238,847	$	122,238,291	$	194,122,003	$	255,425,191
Shares of beneficial interest issued and outstanding		1,077,640		14,729,152		4,395,474		8,018,827		11,433,501
Net asset value, offering and redemption price per share	$	13.46	$	11.83	$	27.81	$	24.21	$	22.34

See Notes to Financial Statements

545

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA JPMorgan Emerging Markets		SA JPMorgan Equity- Income		SA JPMorgan Global Equities		SA JPMorgan MFS Core Bond		SA JPMorgan Mid-Cap Growth
ASSETS:
Investments at value (unaffiliated)*	$	244,975,619	$	1,289,965,137	$	416,559,631	$	2,202,618,681	$	548,399,385
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		—		—		2,564,000		107,717,000		12,741,000
Cash		3,565,561		5,948,533		870		2,360,467		780
Foreign cash*		584,904		—		431		—		—
Cash collateral for futures contracts		237,000		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		9,600		—		—		1,637,241		—
Receivable for:
Fund shares sold		4,956		182,022		10,094		46,959		108,082
Dividends and interest		1,001,768		1,884,300		1,083,288		10,854,357		62,344
Investments sold		2,028,592		—		—		0		633,708
Investments sold on an extended settlement basis		—		—		—		69,146,255		—
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		8,382		12,277		8,029		12,490		9,183
Due from investment adviser for expense reimbursements/fee waivers		23,712		—		—		186,563		—
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		—		—		—		272,953		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		252,440,094		1,297,992,269		420,226,343		2,394,852,966		561,954,482
LIABILITIES:
Payable for:
Fund shares redeemed		99,248		410,432		158,746		1,765,826		215,760
Investments purchased		1,538,823		1,917,799		—		8		113,346
Investments purchased on an extended settlement basis		—		—		—		193,806,173		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		243,171		589,733		261,225		1,119,377		354,033
Service fees — Class 2		437		1,421		444		941		2,477
Service fees — Class 3		32,283		64,517		10,749		218,856		57,233
Transfer agent fees		398		473		349		473		473
Trustees’ fees and expenses		2,515		9,861		3,632		17,650		4,611
Other accrued expenses		309,942		158,248		93,829		366,608		97,449
Line of credit		—		—		—		—		—
Accrued foreign tax on capital gains		19,744		—		—		—		—
Variation margin on futures contracts		18,750		—		—		126,344		—
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		—		—		—		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		2,265,311		3,152,484		528,974		197,422,256		845,382
Net Assets	$	250,174,783	$	1,294,839,785	$	419,697,369	$	2,197,430,710	$	561,109,100
*  Cost
Investments (unaffiliated)	$	201,976,909	$	887,255,531	$	301,386,653	$	2,116,515,342	$	385,152,268
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	621,368	$	—	$	430	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—

See Notes to Financial Statements

546

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA JPMorgan Emerging Markets		SA JPMorgan Equity- Income		SA JPMorgan Global Equities		SA JPMorgan MFS Core Bond		SA JPMorgan Mid-Cap Growth
NET ASSETS REPRESENTED BY:
Paid-in capital	$	205,195,731	$	761,878,684	$	261,585,136	$	2,030,956,014	$	251,750,511
Total accumulated earnings (loss)		44,979,052		532,961,101		158,112,233		166,474,696		309,358,589
Net Assets	$	250,174,783	$	1,294,839,785	$	419,697,369	$	2,197,430,710	$	561,109,100
Class 1 (unlimited shares authorized):
Net assets	$	99,491,125	$	976,788,564	$	364,985,659	$	1,158,522,203	$	266,890,127
Shares of beneficial interest issued and outstanding		9,659,709		24,261,560		15,704,616		119,041,535		9,405,122
Net asset value, offering and redemption price per share	$	10.30	$	40.26	$	23.24	$	9.73	$	28.38
Class 2 (unlimited shares authorized):
Net assets	$	3,313,577	$	11,204,692	$	3,502,542	$	7,309,975	$	19,546,644
Shares of beneficial interest issued and outstanding		323,476		278,834		151,168		754,361		724,805
Net asset value, offering and redemption price per share	$	10.24	$	40.18	$	23.17	$	9.69	$	26.97
Class 3 (unlimited shares authorized):
Net assets	$	147,370,081	$	306,846,529	$	51,209,168	$	1,031,598,532	$	274,672,329
Shares of beneficial interest issued and outstanding		14,522,458		7,688,698		2,228,785		107,294,226		10,521,682
Net asset value, offering and redemption price per share	$	10.15	$	39.91	$	22.98	$	9.61	$	26.11

See Notes to Financial Statements

547

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA Large Cap Growth Index		SA Large Cap Index		SA Large Cap Value Index		SA MFS Blue Chip Growth		SA MFS Massachusetts Investors Trust
ASSETS:
Investments at value (unaffiliated)*	$	357,231,468	$	3,454,034,170	$	360,643,653	$	819,957,164	$	1,238,457,636
Investments at value (affiliated)*		—		3,592,160		839,468		—		—
Repurchase agreements (cost approximates value)		—		10,802,000		—		—		—
Cash		40,030		391		218,943		9,433,991		10,028,939
Foreign cash*		—		—		—		—		—
Cash collateral for futures contracts		—		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		—		—		—
Receivable for:
Fund shares sold		56,071		740,109		172,686		14,933		66
Dividends and interest		122,329		2,784,444		501,904		162,124		773,629
Investments sold		—		—		—		—		—
Investments sold on an extended settlement basis		—		—		—		—		—
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		—
Prepaid expenses and other assets		3,192		6,981		3,146		8,477		9,927
Due from investment adviser for expense reimbursements/fee waivers		1,323		409,527		2,118		—		41,747
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		—
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums paid		—		—		—		—		—
Unrealized appreciation on swap contracts		—		—		—		—		—
Total assets		357,454,413		3,472,369,782		362,381,918		829,576,689		1,249,311,944
LIABILITIES:
Payable for:
Fund shares redeemed		148,076		982,488		165,458		370,858		442,039
Investments purchased		—		—		—		—		—
Investments purchased on an extended settlement basis		—		—		—		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		90,094		1,056,862		91,765		446,459		703,874
Service fees — Class 2		—		—		—		503		1,131
Service fees — Class 3		5,313		11,730		4,634		38,977		85,802
Transfer agent fees		274		498		274		423		366
Trustees’ fees and expenses		3,145		25,643		2,849		6,927		9,670
Other accrued expenses		110,363		461,982		110,602		121,814		155,293
Line of credit		—		—		—		—		—
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		2,230		65,785		3,345		—		—
Due to investment adviser from expense recoupment		—		—		—		—		—
Due to custodian		—		—		—		—		—
Due to custodian for foreign cash		—		—		—		—		—
Due to broker		42		31		27		—		—
Call and put options written, at value@		—		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		359,537		2,605,019		378,954		985,961		1,398,175
Net Assets	$	357,094,876	$	3,469,764,763	$	362,002,964	$	828,590,728	$	1,247,913,769
*  Cost
Investments (unaffiliated)	$	206,361,850	$	1,715,143,096	$	299,143,466	$	519,807,750	$	678,639,709
Investments (affiliated)	$	—	$	4,011,620	$	896,905	$	—	$	—
Foreign cash	$	—	$	—	$	—	$	—	$	—
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—

See Notes to Financial Statements

548

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA Large Cap Growth Index		SA Large Cap Index		SA Large Cap Value Index		SA MFS Blue Chip Growth		SA MFS Massachusetts Investors Trust
NET ASSETS REPRESENTED BY:
Paid-in capital	$	173,674,526	$	1,543,466,268	$	283,837,320	$	366,363,478	$	552,422,284
Total accumulated earnings (loss)		183,420,350		1,926,298,495		78,165,644		462,227,250		695,491,485
Net Assets	$	357,094,876	$	3,469,764,763	$	362,002,964	$	828,590,728	$	1,247,913,769
Class 1 (unlimited shares authorized):
Net assets	$	331,113,644	$	3,412,652,247	$	339,053,672	$	637,596,857	$	828,386,037
Shares of beneficial interest issued and outstanding		11,614,930		96,729,167		17,693,306		33,109,750		27,600,839
Net asset value, offering and redemption price per share	$	28.51	$	35.28	$	19.16	$	19.26	$	30.01
Class 2 (unlimited shares authorized):
Net assets	$	—	$	—	$	—	$	3,953,153	$	9,021,718
Shares of beneficial interest issued and outstanding		—		—		—		206,358		300,484
Net asset value, offering and redemption price per share	$	—	$	—	$	—	$	19.16	$	30.02
Class 3 (unlimited shares authorized):
Net assets	$	25,981,232	$	57,112,516	$	22,949,292	$	187,040,718	$	410,506,014
Shares of beneficial interest issued and outstanding		915,197		1,625,187		1,202,510		9,856,413		13,773,026
Net asset value, offering and redemption price per share	$	28.39	$	35.14	$	19.08	$	18.98	$	29.81

See Notes to Financial Statements

549

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA MFS Total Return		SA Mid Cap Index		SA Morgan Stanley International Equities		SA PIMCO RAE International Value		SA PIMCO VCP Tactical Balanced
ASSETS:
Investments at value (unaffiliated)*	$	566,218,415	$	408,873,890	$	484,960,677	$	767,885,261	$	1,433,297,262
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		—		31,441,000		—		2,425,000		—
Cash		29,513,383		304		9,685,801		33		28,160,727
Foreign cash*		—		—		281,497		68,098		638,285
Cash collateral for futures contracts		—		—		—		—		1,000
Cash collateral for centrally cleared swap contracts		—		—		—		—		577,000
Due from broker		—		—		—		—		1,063,089
Receivable for:
Fund shares sold		52,968		272,556		15,017		3,517		1,471,398
Dividends and interest		1,466,751		165,878		2,264,458		3,120,851		2,706,881
Investments sold		1,031,040		—		—		18,373		3,350,000
Investments sold on an extended settlement basis		13,513,668		—		—		—		137,707,073
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		36,915
Prepaid expenses and other assets		8,812		3,206		8,102		8,841		11,924
Due from investment adviser for expense reimbursements/fee waivers		—		—		21,260		34,019		—
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		—		—		—		—		203,375
Unrealized appreciation on forward foreign currency contracts		—		—		—		—		232,156
Swap premiums paid		—		—		—		—		318,185
Unrealized appreciation on swap contracts		—		—		—		—		148,258
Total assets		611,805,037		440,756,834		497,236,812		773,563,993		1,609,923,528
LIABILITIES:
Payable for:
Fund shares redeemed		550,124		75,513		172,156		299,126		80,569
Investments purchased		345,499		—		—		—		3,350,000
Investments purchased on an extended settlement basis		40,767,888		—		—		—		269,641,197
Payments on swap contracts		—		—		—		—		14,675
Investment advisory and management fees		313,990		110,311		350,679		529,820		965,354
Service fees — Class 2		2,939		—		1,219		1,254		—
Service fees — Class 3		80,837		8,014		31,313		94,432		282,021
Transfer agent fees		373		448		473		328		124
Trustees’ fees and expenses		4,771		3,435		4,674		6,672		11,604
Other accrued expenses		144,237		103,425		127,485		171,364		248,060
Line of credit		—		—		—		—		—
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		—		51,600		—		—		4,589,651
Due to investment adviser from expense recoupment		—		—		—		—		—
Due to custodian		—		—		—		—		—
Due to custodian for foreign cash		—		—		—		—		—
Due to broker		—		—		—		—		1,100,909
Call and put options written, at value@		—		—		—		—		79,902
Unrealized depreciation on forward foreign currency contracts		—		—		—		—		143,262
Swap premiums received		—		—		—		—		356,609
Unrealized depreciation on swap contracts		—		—		—		—		315,066
Total liabilities		42,210,658		352,746		687,999		1,102,996		281,179,003
Net Assets	$	569,594,379	$	440,404,088	$	496,548,813	$	772,460,997	$	1,328,744,525
*  Cost
Investments (unaffiliated)	$	437,469,362	$	310,234,666	$	386,764,716	$	722,506,761	$	1,420,253,939
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	—	$	—	$	281,022	$	68,192	$	637,945
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	148,601

See Notes to Financial Statements

550

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA MFS Total Return		SA Mid Cap Index		SA Morgan Stanley International Equities		SA PIMCO RAE International Value		SA PIMCO VCP Tactical Balanced
NET ASSETS REPRESENTED BY:
Paid-in capital	$	373,907,388	$	301,078,305	$	383,358,561	$	680,338,669	$	1,147,202,999
Total accumulated earnings (loss)		195,686,991		139,325,783		113,190,252		92,122,328		181,541,526
Net Assets	$	569,594,379	$	440,404,088	$	496,548,813	$	772,460,997	$	1,328,744,525
Class 1 (unlimited shares authorized):
Net assets	$	163,704,132	$	401,300,680	$	340,568,756	$	320,166,746	$	150,734
Shares of beneficial interest issued and outstanding		7,381,242		25,837,751		29,136,060		20,946,054		12,342
Net asset value, offering and redemption price per share	$	22.18	$	15.53	$	11.69	$	15.29	$	12.21
Class 2 (unlimited shares authorized):
Net assets	$	22,785,064	$	—	$	9,422,245	$	9,796,069	$	—
Shares of beneficial interest issued and outstanding		1,026,797		—		810,061		640,883		—
Net asset value, offering and redemption price per share	$	22.19	$	—	$	11.63	$	15.29	$	—
Class 3 (unlimited shares authorized):
Net assets	$	383,105,183	$	39,103,408	$	146,557,812	$	442,498,182	$	1,328,593,791
Shares of beneficial interest issued and outstanding		17,348,647		2,533,065		12,638,579		29,052,061		109,613,343
Net asset value, offering and redemption price per share	$	22.08	$	15.44	$	11.60	$	15.23	$	12.12

See Notes to Financial Statements

551

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA PineBridge High-Yield Bond		SA Putnam International Growth and Income		SA Schroders VCP Global Allocation		SA Small Cap Index		SA T. Rowe Price Asset Allocation Growth
ASSETS:
Investments at value (unaffiliated)*	$	299,436,770	$	309,901,342	$	617,841,807	$	317,669,126	$	567,228,693
Investments at value (affiliated)*		—		—		—		—		—
Repurchase agreements (cost approximates value)		—		7,470,000		—		12,779,000		—
Cash		105,170		175		—		50,887		—
Foreign cash*		—		140,515		525,962		—		37,821
Cash collateral for futures contracts		—		—		—		52,000		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		11,821,526		—		—
Receivable for:
Fund shares sold		3,524		8,786		—		132,704		773,619
Dividends and interest		4,448,279		1,219,142		2,273,990		63,167		982,481
Investments sold		2,190,301		—		694,251		—		1,113,904
Investments sold on an extended settlement basis		—		—		—		—		86,030
Written options		—		—		—		—		—
Receipts on swap contracts		—		—		—		—		3,738
Prepaid expenses and other assets		69,938		7,489		8,128		3,146		2,864
Due from investment adviser for expense reimbursements/fee waivers		—		13,494		—		—		—
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		—		—		391,926		—		3,266
Unrealized appreciation on forward foreign currency contracts		—		764,132		856,272		—		—
Swap premiums paid		—		—		—		—		73,575
Unrealized appreciation on swap contracts		—		—		—		—		4,240
Total assets		306,253,982		319,525,075		634,413,862		330,750,030		570,310,231
LIABILITIES:
Payable for:
Fund shares redeemed		109,931		118,304		411,041		74,486		916
Investments purchased		5,535,740		—		294,549		—		1,359,793
Investments purchased on an extended settlement basis		—		—		4,578,663		—		741,732
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		161,414		254,130		439,224		98,394		328,517
Service fees — Class 2		888		599		—		—		—
Service fees — Class 3		32,125		24,102		132,231		7,554		117,953
Transfer agent fees		473		473		99		448		135
Trustees’ fees and expenses		2,827		2,669		5,364		2,925		3,430
Other accrued expenses		97,629		86,935		271,762		133,624		165,342
Line of credit		—		—		—		—		—
Accrued foreign tax on capital gains		—		—		—		—		—
Variation margin on futures contracts		—		—		1,147,100		93,810		—
Due to investment adviser from expense recoupment		—		—		12,462		4,753		24,247
Due to custodian		—		—		—		—		—
Due to custodian for foreign cash		—		—		—		—		—
Due to broker		—		—		—		41		82,833
Call and put options written, at value@		—		—		—		—		234
Unrealized depreciation on forward foreign currency contracts		—		1,148,401		1,338,357		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		5,941,027		1,635,613		8,630,852		416,035		2,825,132
Net Assets	$	300,312,955	$	317,889,462	$	625,783,010	$	330,333,995	$	567,485,099
*  Cost
Investments (unaffiliated)	$	291,889,959	$	263,522,825	$	571,324,145	$	251,281,007	$	462,264,754
Investments (affiliated)	$	—	$	—	$	—	$	—	$	—
Foreign cash	$	—	$	140,391	$	517,208	$	—	$	37,823
@ Premiums received on options written	$	—	$	—	$	—	$	—	$	—

See Notes to Financial Statements

552

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	SA PineBridge High-Yield Bond		SA Putnam International Growth and Income		SA Schroders VCP Global Allocation		SA Small Cap Index		SA T. Rowe Price Asset Allocation Growth
NET ASSETS REPRESENTED BY:
Paid-in capital	$	290,312,088	$	246,430,924	$	549,006,658	$	229,872,347	$	437,295,252
Total accumulated earnings (loss)		10,000,867		71,458,538		76,776,352		100,461,648		130,189,847
Net Assets	$	300,312,955	$	317,889,462	$	625,783,010	$	330,333,995	$	567,485,099
Class 1 (unlimited shares authorized):
Net assets	$	143,931,632	$	199,894,178	$	217,575	$	294,360,926	$	399,823
Shares of beneficial interest issued and outstanding		24,929,868		17,493,167		17,639		19,159,610		26,292
Net asset value, offering and redemption price per share	$	5.77	$	11.43	$	12.33	$	15.36	$	15.21
Class 2 (unlimited shares authorized):
Net assets	$	6,923,615	$	4,707,156	$	—	$	—	$	—
Shares of beneficial interest issued and outstanding		1,200,153		409,650		—		—		—
Net asset value, offering and redemption price per share	$	5.77	$	11.49	$	—	$	—	$	—
Class 3 (unlimited shares authorized):
Net assets	$	149,457,708	$	113,288,128	$	625,565,435	$	35,973,069	$	567,085,276
Shares of beneficial interest issued and outstanding		26,112,858		9,890,353		50,873,826		2,355,516		37,304,333
Net asset value, offering and redemption price per share	$	5.72	$	11.45	$	12.30	$	15.27	$	15.20

See Notes to Financial Statements

553

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	T. Rowe Price VCP Balanced		SA VCP Dynamic Allocation		SA VCP Dynamic Strategy		SA VCP Index Allocation		SA WellsCap Aggressive Growth
ASSETS:
Investments at value (unaffiliated)*	$	1,822,472,813	$	1,632,855,220	$	1,095,148,990	$	101,679,272	$	224,780,041
Investments at value (affiliated)*		—		10,460,051,990		6,682,131,857		408,491,789		—
Repurchase agreements (cost approximates value)		—		—		—		—		10,030,000
Cash		—		—		—		1,592		274
Foreign cash*		213,369		—		573		—		—
Cash collateral for futures contracts		—		—		—		—		—
Cash collateral for centrally cleared swap contracts		—		—		—		—		—
Due from broker		—		—		—		—		—
Receivable for:
Fund shares sold		1,841,546		2,434		3,963		593,021		180,711
Dividends and interest		5,031,933		5,784,019		4,154,043		1,843		—
Investments sold		11,680,643		5,294,289		3,145,356		—		793,021
Investments sold on an extended settlement basis		26,066,849		32,761,049		21,678,674		—		—
Written options		—		—		—		—		—
Receipts on swap contracts		7,643		—		—		—		—
Prepaid expenses and other assets		57,630		17,826		8,070		4,363		9,057
Due from investment adviser for expense reimbursements/fee waivers		—		44,963		8,535		—		—
Deferred offering costs		—		—		—		—		—
Variation margin on futures contracts		300,500		—		223,000		—		—
Unrealized appreciation on forward foreign currency contracts		1,802		—		—		—		—
Swap premiums paid		113,647		—		—		—		—
Unrealized appreciation on swap contracts		3,075		—		—		—		—
Total assets		1,867,791,450		12,136,811,790		7,806,503,061		510,771,880		235,793,104
LIABILITIES:
Payable for:
Fund shares redeemed		4,274		6,620,294		3,935,659		2,046		57,871
Investments purchased		4,942,943		—		—		472,780		463,303
Investments purchased on an extended settlement basis		76,657,059		29,093,103		19,251,570		—		—
Payments on swap contracts		—		—		—		—		—
Investment advisory and management fees		1,145,609		2,124,131		1,399,581		85,307		138,574
Service fees — Class 2		—		—		—		—		486
Service fees — Class 3		376,186		2,543,602		1,637,845		106,560		20,768
Transfer agent fees		124		174		125		125		499
Trustees’ fees and expenses		14,594		102,565		52,768		3,933		2,073
Other accrued expenses		307,843		747,698		532,888		198,802		62,398
Line of credit		—		—		—		—		—
Accrued foreign tax on capital gains		50,263		—		—		—		—
Variation margin on futures contracts		2,163,369		4,252,602		—		684,213		—
Due to investment adviser from expense recoupment		—		—		—		—		—
Due to custodian		27,500		—		—		1,592		—
Due to custodian for foreign cash		—		—		—		—		—
Due to broker		423,803		88,020,525		54,687,933		25		—
Call and put options written, at value@		469		—		—		—		—
Unrealized depreciation on forward foreign currency contracts		2,377		—		—		—		—
Swap premiums received		—		—		—		—		—
Unrealized depreciation on swap contracts		—		—		—		—		—
Total liabilities		86,116,413		133,504,694		81,498,369		1,555,383		745,972
Net Assets	$	1,781,675,037	$	12,003,307,096	$	7,725,004,692	$	509,216,497	$	235,047,132
*  Cost
Investments (unaffiliated)	$	1,517,074,099	$	1,633,230,534	$	1,099,039,943	$	102,798,425	$	142,625,356
Investments (affiliated)	$	—	$	8,094,916,333	$	5,378,147,946	$	318,423,474	$	—
Foreign cash	$	213,333	$	—	$	563	$	—	$	—
@ Premiums received on options written	$	1,743	$	—	$	—	$	—	$	—

See Notes to Financial Statements

554

SUNAMERICA SERIES TRUST

STATEMENT OF ASSETS AND LIABILITIES (continued)

July 31, 2021 — (unaudited)

	T. Rowe Price VCP Balanced		SA VCP Dynamic Allocation		SA VCP Dynamic Strategy		SA VCP Index Allocation		SA WellsCap Aggressive Growth
NET ASSETS REPRESENTED BY:
Paid-in capital	$	1,371,210,596	$	9,180,536,445	$	6,290,806,148	$	416,235,164	$	111,812,267
Total accumulated earnings (loss)		410,464,441		2,822,770,651		1,434,198,544		92,981,333		123,234,865
Net Assets	$	1,781,675,037	$	12,003,307,096	$	7,725,004,692	$	509,216,497	$	235,047,132
Class 1 (unlimited shares authorized):
Net assets	$	105,251	$	440,369	$	750,659	$	366,530	$	130,303,157
Shares of beneficial interest issued and outstanding		7,268		29,595		50,148		28,079		3,559,528
Net asset value, offering and redemption price per share	$	14.48	$	14.88	$	14.97	$	13.05	$	36.61
Class 2 (unlimited shares authorized):
Net assets	$	—	$	—	$	—	$	—	$	3,819,182
Shares of beneficial interest issued and outstanding		—		—		—		—		107,249
Net asset value, offering and redemption price per share	$	—	$	—	$	—	$	—	$	35.61
Class 3 (unlimited shares authorized):
Net assets	$	1,781,569,786	$	12,002,866,727	$	7,724,254,033	$	508,849,967	$	100,924,793
Shares of beneficial interest issued and outstanding		123,342,283		808,134,766		516,602,023		38,969,003		2,895,288
Net asset value, offering and redemption price per share	$	14.44	$	14.85	$	14.95	$	13.06	$	34.86

See Notes to Financial Statements

555

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS

For the Six Months Ended July 31, 2021 — (unaudited)

	SA AB Growth			SA AB Small & Mid Cap Value			SA BlackRock Multi-Factor 70/30			SA BlackRock VCP Global Multi Asset			SA Columbia Technology
INVESTMENT INCOME:
Dividends (unaffiliated)	$	4,439,026		$	5,891,873		$	325,868		$	4,146,092		$	584,850
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		—			—			37			3,144,456			—
Interest (affiliated)		—			—			—			—			—
Total investment income*		4,439,026			5,891,873			325,905			7,290,548			584,850
EXPENSES:
Investment advisory and management fees		5,990,947			2,856,128			119,613			3,592,462			908,492
Services fees:
Class 2		70,397			8,627			—			—			5,541
Class 3		719,141			584,195			45,864			1,053,662			187,040
Transfer agent fees		1,681			782			441			311			686
Custodian and accounting fees		87,286			32,628			12,718			299,039			12,117
Reports to shareholders		21,712			28,598			2,141			9,159			3,842
Audit and tax fees		19,345			21,187			20,107			25,843			21,014
Legal fees		9,123			5,275			8,235			6,007			1,722
Trustees’ fees and expenses		40,950			12,402			970			17,753			6,199
Deferred offering costs		—			—			71,469			—			—
Interest expense		—			8,976			—			43,897			350
License fee		—			—			—			—			—
Other expenses		12,411			20,231			13,172			28,525			18,709
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		6,972,993			3,579,029			294,730			5,076,658			1,165,712
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		—			(155,230	)		(194,029	)		(140,982	)		(90,849	)
Fees paid indirectly (Note 5)		—			(30	)		—			—			(1,922	)
Net expenses		6,972,993			3,423,769			100,701			4,935,676			1,072,941
Net investment income (loss)		(2,533,967	)		2,468,104			225,204			2,354,872			(488,091	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated) **		129,031,243			80,161,347			1,773,703			34,239,073			12,270,058
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			—			—			24,202,867			—
Forward contracts		—			—			—			535,094			—
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			—			—			(392,631	)		7,974
Net realized gain 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 increase from reimbursment of investment violation (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		129,031,243			80,161,347			1,773,703			58,584,403			12,278,032
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated) **		291,971,921			45,373,444			1,509,579			832,143			19,931,043
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			—			—			(400,415	)		—
Forward contracts		—			—			—			(1,168,697	)		—
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		(59	)		—			—			61,725			(2,178	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		291,971,862			45,373,444			1,509,579			(675,244	)		19,928,865
Net realized and unrealized gain (loss) on investments and foreign currencies		421,003,105			125,534,791			3,283,282			57,909,159			32,206,897
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	418,469,138		$	128,002,895		$	3,508,486		$	60,264,031		$	31,718,806
* Net of foreign withholding taxes on interest and dividends of	$	13,501		$	2,253		$	—		$	253,649		$	5,349
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

556

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Six Months Ended July 31, 2021 — (unaudited)

	SA DFA Ultra Short Bond			SA Emerging Markets Equity Index			SA Federated Hermes Corporate Bond			SA  Fidelity Institutional AM® International Growth			SA Fidelity Institutional AM® Real Estate
INVESTMENT INCOME:
Dividends (unaffiliated)	$	—		$	1,314,729		$	42,990		$	2,245,005		$	4,047,527
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		315,520			1,139			29,237,773			—			—
Interest (affiliated)		—			—			—			—			—
Total investment income*		315,520			1,315,868			29,280,763			2,245,005			4,047,527
EXPENSES:
Investment advisory and management fees		906,553			282,507			3,873,425			1,336,573			1,138,134
Services fees:
Class 2		10,609			—			12,121			—			3,208
Class 3		281,137			11,180			1,208,322			7,938			235,757
Transfer agent fees		1,619			863			1,102			633			981
Custodian and accounting fees		27,120			24,923			98,995			67,569			15,596
Reports to shareholders		4,707			1,499			20,561			2,314			4,048
Audit and tax fees		23,994			19,857			26,989			27,559			22,458
Legal fees		4,673			5,102			7,427			6,607			3,924
Trustees’ fees and expenses		8,389			2,797			30,635			7,593			6,029
Deferred offering costs		—			—			—			—			—
Interest expense		—			2,912			5,884			6,147			3,102
License fee		—			30,071			—			—			—
Other expenses		13,777			14,568			19,911			37,080			16,309
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,282,578			396,279			5,305,372			1,500,013			1,449,546
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		—			(17,839	)		—			16,369			—
Fees paid indirectly (Note 5)		—			—			—			(34,076	)		(3,424	)
Net expenses		1,282,578			378,440			5,305,372			1,482,306			1,446,122
Net investment income (loss)		(967,058	)		937,428			23,975,391			762,699			2,601,405
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated) **		28,975			244,646			3,531,528			27,560,689			9,714,697
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			1,052,053			(7,350,451	)		—			—
Forward contracts		—			—			—			—			—
Swap contracts		—												—
Written option contracts		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			63,750			—			(61,037	)		—
Net realized gain 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 increase from reimbursment of investment violation (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		28,975			1,360,449			(3,818,923	)		27,499,652			9,714,697
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated) **		(37,342	)		(4,330,934	)		4,582,880			2,683,914			58,521,628
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			(1,540,812	)		5,707,180			—			—
Forward contracts		—			—			—			—			—
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		—			(134,449	)		—			2,956			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(37,342	)		(6,006,195	)		10,290,060			2,686,870			58,521,628
Net realized and unrealized gain (loss) on investments and foreign currencies		(8,367	)		(4,645,746	)		6,471,137			30,186,522			68,236,325
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(975,425	)	$	(3,708,318	)	$	30,446,528		$	30,949,221		$	70,837,730
* Net of foreign withholding taxes on interest and dividends of	$	—		$	165,646		$	—		$	249,643		$	—
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	25		$	—

See Notes to Financial Statements

557

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Six Months Ended July 31, 2021 — (unaudited)

	SA Fixed Income Index			SA Fixed Income Intermediate Index			SA Franklin BW U.S. Large Cap Value†			SA Franklin Small Company Value			SA Franklin Systematic U.S. Large Cap Value†
INVESTMENT INCOME:
Dividends (unaffiliated)	$	156,968		$	114,147		$	16,710,144		$	2,820,053		$	6,533,619
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		6,230,623			4,147,904			1,189			234			38
Interest (affiliated)		—			—			—			—			—
Total investment income*		6,387,591			4,262,051			16,711,333			2,820,287			6,533,657
EXPENSES:
Investment advisory and management fees		837,808			726,717			5,655,376			1,831,065			1,416,663
Services fees:
Class 2		—			—			33,602			—			4,236
Class 3		83,627			39,995			644,808			269,973			283,601
Transfer agent fees		1,058			1,060			1,307			747			808
Custodian and accounting fees		36,965			26,613			66,381			39,194			20,949
Reports to shareholders		3,553			7,671			50,978			5,064			5,712
Audit and tax fees		24,397			23,144			20,723			20,702			20,727
Legal fees		5,393			4,750			13,323			4,571			4,674
Trustees’ fees and expenses		12,219			8,422			31,358			7,983			9,125
Deferred offering costs		—			—			—			—			—
Interest expense		114			—			1,325			2,821			1,432
License fee		55,854			48,448			—			—			—
Other expenses		13,088			10,296			24,421			15,072			19,206
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,074,076			897,116			6,543,602			2,197,192			1,787,133
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		(40,818	)		(33,506	)		(384,765	)		(95,202	)		—
Fees paid indirectly (Note 5)		—			—			(13,046	)		—			—
Net expenses		1,033,258			863,610			6,145,791			2,101,990			1,787,133
Net investment income (loss)		5,354,333			3,398,441			10,565,542			718,297			4,746,524
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated) **		970,047			98,967			112,249,592			37,409,191			82,642,211
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			—			—			—			—
Forward contracts		—			—			—			—			—
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			—			—			14,400			—
Net realized gain 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 increase from reimbursment of investment violation (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		970,047			98,967			112,249,592			37,423,591			82,642,211
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated) **		(5,951,760	)		(2,467,195	)		180,254,010			20,418,504			(14,896,295	)
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			—			—			—			—
Forward contracts		—			—			—			—			—
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		—			—			(383	)		(474	)		1
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(5,951,760	)		(2,467,195	)		180,253,627			20,418,030			(14,896,294	)
Net realized and unrealized gain (loss) on investments and foreign currencies		(4,981,713	)		(2,368,228	)		292,503,219			57,841,621			67,745,917
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	372,620		$	1,030,213		$	303,068,761		$	58,559,918		$	72,492,441
* Net of foreign withholding taxes on interest and dividends of	$	—		$	—		$	—		$	14,205		$	—
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

†  See Note 1

See Notes to Financial Statements

558

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Six Months Ended July 31, 2021 — (unaudited)

	SA Franklin Tactical Opportunities†			SA Franklin U.S. Equity Smart Beta		SA Global Index Allocation 60/40			SA Global Index Allocation 75/25			SA Global Index Allocation 90/10
INVESTMENT INCOME:
Dividends (unaffiliated)	$	574,572		$	1,574,154	$	—		$	—		$	—
Dividends (affiliated)		—			—		—			—			—
Interest (unaffiliated)		213,134			41		—			—			—
Interest (affiliated)		—			—		—			—			—
Total investment income*		787,706			1,574,195		—			—			—
EXPENSES:
Investment advisory and management fees		276,682			396,637		37,685			34,277			124,503
Services fees:
Class 2		—			—		—			—			—
Class 3		98,602			3,937		93,889			85,385			307,156
Transfer agent fees		436			515		372			373			319
Custodian and accounting fees		14,873			9,947		5,997			5,997			5,997
Reports to shareholders		4,120			2,187		950			1,038			3,676
Audit and tax fees		24,682			26,897		18,456			18,456			15,311
Legal fees		8,097			8,116		2,616			3,907			3,237
Trustees’ fees and expenses		1,548			3,320		1,527			1,349			4,565
Deferred offering costs		—			—		—			—			—
Interest expense		11			—		—			—			—
License fee		—			—		—			—			—
Other expenses		22,304			11,175		4,025			4,022			6,366
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		451,355			462,731		165,517			154,804			471,130
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		(32,581	)		—		(3,792	)		(7,718	)		14,143
Fees paid indirectly (Note 5)		(1,652	)		—		—			—			—
Net expenses		417,122			462,731		161,725			147,086			485,273
Net investment income (loss)		370,584			1,111,464		(161,725	)		(147,086	)		(485,273	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated) **		2,449,349			7,329,734		—			—			—
Investments (affiliated)		—			—		1,303,131			802,261			2,061,018
Futures contracts		578,422			—		—			—			—
Forward contracts		—			—		—			—			—
Swap contracts		—			—		—
Written option contracts		—			—		—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		(1,478	)		—		—			—			—
Net realized gain 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 increase from reimbursment of investment violation (Note 4)		—			—		—			—			—
Net realized gain (loss) on investments and foreign currencies		3,026,293			7,329,734		1,303,131			802,261			2,061,018
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated) **		5,595,030			18,950,456		—			—			—
Investments (affiliated)		—			—		4,587,453			5,515,354			25,149,465
Futures contracts		(7,022	)		—		—			—			—
Forward contracts		—			—		—			—			—
Swap contracts		—			—		—			—			—
Written option contracts		—			—		—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		(146	)		—		—			—			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—		—			—			—
Net unrealized gain (loss) on investments and foreign currencies		5,587,862			18,950,456		4,587,453			5,515,354			25,149,465
Net realized and unrealized gain (loss) on investments and foreign currencies		8,614,155			26,280,190		5,890,584			6,317,615			27,210,483
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,984,739		$	27,391,654	$	5,728,859		$	6,170,529		$	26,725,210
* Net of foreign withholding taxes on interest and dividends of	$	38,333		$	—	$	—		$	—		$	—
** Net of foreign withholding taxes on capital gains of	$	—		$	—	$	—		$	—		$	—

†  See Note 1

See Notes to Financial Statements

559

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Six Months Ended July 31, 2021 — (unaudited)

	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
INVESTMENT INCOME:
Dividends (unaffiliated)	$	—		$	330,564		$	—		$	—		$	—
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		2,588,399			2,055			—			—			—
Interest (affiliated)		—			—			—			—			—
Total investment income*		2,588,399			332,619			—			—			—
EXPENSES:
Investment advisory and management fees		1,239,692			160,419			105,613			197,776			525,896
Services fees:
Class 2		3,270			—			—			—			—
Class 3		380,643			57,117			263,511			491,286			1,308,468
Transfer agent fees		934			436			293			311			312
Custodian and accounting fees		118,780			17,442			5,077			5,077			5,077
Reports to shareholders		6,365			395			2,727			5,167			13,911
Audit and tax fees		34,235			23,956			18,633			16,344			16,344
Legal fees		3,986			3,652			3,963			4,570			6,593
Trustees’ fees and expenses		8,580			949			4,158			7,654			19,870
Deferred offering costs		—			—			—			—			—
Interest expense		7,847			—			—			—			—
License fee		—			—			—			—			—
Other expenses		14,274			15,202			9,480			9,385			10,465
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,818,606			279,568			413,455			737,570			1,906,936
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		—			(36,825	)		1,769			—			—
Fees paid indirectly (Note 5)		—			—			—			—			—
Net expenses		1,818,606			242,743			415,224			737,570			1,906,936
Net investment income (loss)		769,793			89,876			(415,224	)		(737,570	)		(1,906,936	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated) **		(1,150,829	)		2,742,038			—			—			—
Investments (affiliated)		—			—			3,818,035			5,481,780			9,834,920
Futures contracts		(62,278	)		(266,558	)		—			—			—
Forward contracts		686,616			—			—			—			—
Swap contracts		(375,605	)		56,861			—			—			—
Written option contracts		516,094			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		62,641			(1,076	)		—			—			—
Net realized gain 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 increase from reimbursment of investment violation (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		(323,361	)		2,531,265			3,818,035			5,481,780			9,834,920
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated) **		(8,009,813	)		2,165,600			—			—			—
Investments (affiliated)		—			—			16,125,184			43,095,063			132,772,117
Futures contracts		859,203			227,425			—			—			—
Forward contracts		(1,104,371	)		—			—			—			—
Swap contracts		(786,162	)		25,257			—			—			—
Written option contracts		127,167			—			—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		(98,938	)		(2,064	)		—			—			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(9,012,914	)		2,416,218			16,125,184			43,095,063			132,772,117
Net realized and unrealized gain (loss) on investments and foreign currencies		(9,336,275	)		4,947,483			19,943,219			48,576,843			142,607,037
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(8,566,482	)	$	5,037,359		$	19,527,995		$	47,839,273		$	140,700,101
* Net of foreign withholding taxes on interest and dividends of	$	—		$	19,630		$	—		$	—		$	—
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

560

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Six Months Ended July 31, 2021 — (unaudited)

	SA International Index			SA Invesco Growth Opportunities			SA Invesco Main Street Large Cap			SA Janus Focused Growth			SA JPMorgan Diversified Balanced
INVESTMENT INCOME:
Dividends (unaffiliated)	$	11,327,277		$	261,253		$	3,691,129		$	1,698,521		$	2,092,091
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		2,504			—			—			1,379			1,393,441
Interest (affiliated)		—			—			—			—			—
Total investment income*		11,329,781			261,253			3,691,129			1,699,900			3,485,532
EXPENSES:
Investment advisory and management fees		1,391,896			1,348,020			1,837,797			2,325,592			1,035,387
Services fees:
Class 2		—			3,154			2,960			8,395			8,912
Class 3		15,620			210,088			145,761			221,450			304,131
Transfer agent fees		1,116			1,058			1,121			1,058			934
Custodian and accounting fees		44,512			18,141			21,549			31,001			67,624
Reports to shareholders		7,288			3,379			16,581			5,135			4,671
Audit and tax fees		30,710			20,719			20,727			20,728			31,475
Legal fees		5,350			4,470			5,301			4,890			8,143
Trustees’ fees and expenses		14,008			8,592			9,992			11,306			11,884
Deferred offering costs		—			—			—			—			—
Interest expense		13,024			25			36			1,696			1,965
License fee		119,269			—			—			—			—
Other expenses		19,441			16,078			15,370			16,386			22,701
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,662,234			1,633,724			2,077,195			2,647,637			1,497,827
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		—			—			(125,958	)		(273,599	)		(70,867	)
Fees paid indirectly (Note 5)		—			(446	)		(2,396	)		(42	)		(481	)
Net expenses		1,662,234			1,633,278			1,948,841			2,373,996			1,426,479
Net investment income (loss)		9,667,547			(1,372,025	)		1,742,288			(674,096	)		2,059,053
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated) **		1,441,487			44,539,739			39,422,959			42,546,584			13,452,907
Investments (affiliated)		—			—			—			—			—
Futures contracts		3,448,287			—			—			—			6,394,679
Forward contracts		—			—			—			—			(14,825	)
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		(93,288	)		(125	)		(5,069	)		160			(39,195	)
Net realized gain 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 increase from reimbursment of investment violation (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		4,796,486			44,539,614			39,417,890			42,546,744			19,793,566
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated) **		56,590,224			(20,880,754	)		42,337,565			66,199,981			8,087,040
Investments (affiliated)		—			—			—			—			—
Futures contracts		(910,682	)		—			—			—			(3,377,919	)
Forward contracts		—			—			—			—			35,572
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		(25,471	)		—			(387	)		268			(12,417	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		55,654,071			(20,880,754	)		42,337,178			66,200,249			4,732,276
Net realized and unrealized gain (loss) on investments and foreign currencies		60,450,557			23,658,860			81,755,068			108,746,993			24,525,842
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	70,118,104		$	22,286,835		$	83,497,356		$	108,072,897		$	26,584,895
* Net of foreign withholding taxes on interest and dividends of	$	1,115,944		$	—		$	3,211		$	33,221		$	108,295
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

561

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Six Months Ended July 31, 2021 — (unaudited)

	SA JPMorgan Emerging Markets			SA JPMorgan Equity- Income			SA JPMorgan Global Equities			SA JPMorgan MFS Core Bond			SA JPMorgan Mid-Cap Growth
INVESTMENT INCOME:
Dividends (unaffiliated)	$	4,375,330		$	14,698,139		$	4,314,052		$	2,020		$	931,386
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		—			—			—			25,967,237			—
Interest (affiliated)		—			—			—			—			—
Total investment income*		4,375,330			14,698,139			4,314,052			25,969,257			931,386
EXPENSES:
Investment advisory and management fees		1,436,140			3,304,352			1,463,389			6,328,390			1,983,575
Services fees:
Class 2		2,595			7,861			2,547			5,631			14,319
Class 3		189,609			360,933			58,750			1,233,168			310,974
Transfer agent fees		997			1,182			873			1,182			1,183
Custodian and accounting fees		73,033			65,452			31,902			162,999			28,080
Reports to shareholders		2,475			15,045			4,663			26,586			5,019
Audit and tax fees		28,309			21,077			26,704			41,372			20,729
Legal fees		2,836			7,209			4,530			10,252			5,044
Trustees’ fees and expenses		5,837			24,446			8,607			43,321			19,318
Deferred offering costs		—			—			—			—			—
Interest expense		991			208			2,382			4,346			538
License fee		—			—			—			—			—
Other expenses		21,347			25,795			22,375			15,853			17,548
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,764,169			3,833,560			1,626,722			7,873,100			2,406,327
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		(139,229	)		—			—			(1,054,732	)		—
Fees paid indirectly (Note 5)		(2,340	)		(3,201	)		(278	)		—			(1,956	)
Net expenses		1,622,600			3,830,359			1,626,444			6,818,368			2,404,371
Net investment income (loss)		2,752,730			10,867,780			2,687,608			19,150,889			(1,472,985	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated) **		21,100,561			61,436,040			38,924,664			6,637,130			58,339,939
Investments (affiliated)		—			—			—			—			—
Futures contracts		(61,913	)		—			—			(1,850,888	)		—
Forward contracts		—			—			—			—			—
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		(98,094	)		—			10,741			(164,421	)		—
Net realized gain 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 increase from reimbursment of investment violation (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		20,940,554			61,436,040			38,935,405			4,621,821			58,339,939
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated) **		(20,666,147	)		147,189,521			22,754,028			(12,577,549	)		(6,728,173	)
Investments (affiliated)		—			—			—			—			—
Futures contracts		(517	)		—			—			3,855,314			—
Forward contracts		—			—			—			—			—
Swap contracts		—			—			—			—			—
Written option contracts		—			—			—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		8,783			—			(3,596	)		—			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		(9,357	)		—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		(20,667,238	)		147,189,521			22,750,432			(8,722,235	)		(6,728,173	)
Net realized and unrealized gain (loss) on investments and foreign currencies		273,316			208,625,561			61,685,837			(4,100,414	)		51,611,766
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,026,046		$	219,493,341		$	64,373,445		$	15,050,475		$	50,138,781
* Net of foreign withholding taxes on interest and dividends of	$	609,543		$	—		$	300,091		$	—		$	—
** Net of foreign withholding taxes on capital gains of	$	59,642		$	—		$	—		$	—		$	—

See Notes to Financial Statements

562

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Six Months Ended July 31, 2021 — (unaudited)

	SA Large Cap Growth Index			SA Large Cap Index			SA Large Cap Value Index			SA MFS Blue Chip Growth		SA MFS Massachusetts Investors Trust
INVESTMENT INCOME:
Dividends (unaffiliated)	$	1,240,538		$	22,940,031		$	3,683,945		$	2,995,155	$	16,318,427
Dividends (affiliated)		—			49,496			10,925			—		—
Interest (unaffiliated)		172			3,408			77			—		6,746
Interest (affiliated)		—			—			—			—		—
Total investment income*		1,240,710			22,992,935			3,694,947			2,995,155		16,325,173
EXPENSES:
Investment advisory and management fees		480,644			5,873,483			506,313			2,432,319		3,877,437
Services fees:
Class 2		—			—			—			2,807		6,287
Class 3		25,988			56,063			22,242			213,012		491,761
Transfer agent fees		681			1,242			681			1,058		894
Custodian and accounting fees		19,437			138,097			14,711			41,887		57,387
Reports to shareholders		2,679			36,755			3,676			8,052		32,302
Audit and tax fees		22,043			23,629			23,180			21,074		29,223
Legal fees		502			13,832			2,360			5,737		6,881
Trustees’ fees and expenses		6,773			63,443			6,594			15,774		23,287
Deferred offering costs		—			—			—			—		—
Interest expense		1,555			7,913			1,012			1,177		1,350
License fee		32,043			160,197			33,754			—		—
Other expenses		16,265			22,381			19,015			18,025		19,852
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		608,610			6,397,035			633,538			2,760,922		4,546,661
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		(20,315	)		(2,242,754	)		(18,921	)		—		(229,456	)
Fees paid indirectly (Note 5)		—			—			—			—		—
Net expenses		588,295			4,154,281			614,617			2,760,922		4,317,205
Net investment income (loss)		652,415			18,838,654			3,080,330			234,233		12,007,968
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated) **		11,822,957			74,370,729			2,959,674			78,969,768		72,428,853
Investments (affiliated)		—			(8,768	)		(12,941	)		—		—
Futures contracts		126,932			4,810,971			132,032			—		—
Forward contracts		—			—			—			—		—
Swap contracts		—			—			—			—		—
Written option contracts		—			—			—			—		—
Net realized foreign exchange gain (loss) on other assets and liabilities		—			—			—			—		(9,401	)
Net realized gain 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 increase from reimbursment of investment violation (Note 4)		—			—			—			—		—
Net realized gain (loss) on investments and foreign currencies		11,949,889			79,172,932			3,078,765			78,969,768		72,419,452
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated) **		43,986,175			453,047,332			48,568,295			56,347,851		136,736,601
Investments (affiliated)		—			783,087			179,409			—		—
Futures contracts		10,874			17,586			16,310			—		—
Forward contracts		—			—			—			—		—
Swap contracts		—			—			—			—		—
Written option contracts		—			—			—			—		—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		24			—			—			—		(1,482	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—		—
Net unrealized gain (loss) on investments and foreign currencies		43,997,073			453,848,005			48,764,014			56,347,851		136,735,119
Net realized and unrealized gain (loss) on investments and foreign currencies		55,946,962			533,020,937			51,842,779			135,317,619		209,154,571
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	56,599,377		$	551,859,591		$	54,923,109		$	135,551,852	$	221,162,539
* Net of foreign withholding taxes on interest and dividends of	$	21		$	2,063		$	457		$	—	$	119,329
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—	$	—

See Notes to Financial Statements

563

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Six Months Ended July 31, 2021 — (unaudited)

	SA MFS Total Return			SA Mid Cap Index			SA Morgan Stanley International Equities			SA PIMCO RAE International Value			SA PIMCO VCP Tactical Balanced
INVESTMENT INCOME:
Dividends (unaffiliated)	$	3,413,053		$	2,643,090		$	8,502,466		$	15,441,864		$	—
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		2,227,057			1,249			8,807			8,767			4,427,824
Interest (affiliated)		—			—			—			—			—
Total investment income*		5,640,110			2,644,339			8,511,273			15,450,631			4,427,824
EXPENSES:
Investment advisory and management fees		1,800,096			621,689			2,026,071			3,093,767			5,593,533
Services fees:
Class 2		17,063			—			6,971			7,410			—
Class 3		459,358			40,104			180,343			560,511			1,634,036
Transfer agent fees		934			1,116			1,184			939			312
Custodian and accounting fees		59,496			21,007			54,440			80,707			84,592
Reports to shareholders		7,530			5,397			18,902			73,469			13,580
Audit and tax fees		25,584			24,033			35,059			35,659			32,590
Legal fees		5,631			4,657			4,733			24,769			7,134
Trustees’ fees and expenses		11,460			8,297			10,854			16,652			28,249
Deferred offering costs		—			—			—			—			—
Interest expense		—			3,379			—			18,581			525
License fee		—			41,446			—			—			—
Other expenses		16,753			16,525			14,581			63,568			76,898
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		2,403,905			787,650			2,353,138			3,976,032			7,471,449
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		—			—			(122,820	)		(198,629	)		—
Fees paid indirectly (Note 5)		—			—			—			(994	)		—
Net expenses		2,403,905			787,650			2,230,318			3,776,409			7,471,449
Net investment income (loss)		3,236,205			1,856,689			6,280,955			11,674,222			(3,043,625	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated) **		28,472,473			13,446,401			10,009,720			15,774,398			(10,289,692	)
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			3,218,903			—			—			105,727,997
Forward contracts		—			—			—			704			(41,675	)
Swap contracts		—			—			—						(819,454	)
Written option contracts		—			—			—			—			156,969
Net realized foreign exchange gain (loss) on other assets and liabilities		(1,152	)		—			80,063			(191,371	)		(46,194	)
Net realized gain 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 increase from reimbursment of investment violation (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		28,471,321			16,665,304			10,089,783			15,583,731			94,687,951
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated) **		26,733,877			40,195,139			24,659,772			53,326,895			(6,789,921	)
Investments (affiliated)		—			—			—			—			—
Futures contracts		—			(453,711	)		—			—			3,101,879
Forward contracts		—			—			—			—			100,472
Swap contracts		—			—			—			—			138,783
Written option contracts		—			—			—			—			82,626
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		(2,316	)		—			(27,001	)		(51,440	)		(12,634	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		26,731,561			39,741,428			24,632,771			53,275,455			(3,378,795	)
Net realized and unrealized gain (loss) on investments and foreign currencies		55,202,882			56,406,732			34,722,554			68,859,186			91,309,156
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	58,439,087		$	58,263,421		$	41,003,509		$	80,533,408		$	88,265,531
* Net of foreign withholding taxes on interest and dividends of	$	46,761		$	—		$	508,609		$	1,356,635		$	—
** Net of foreign withholding taxes on capital gains of	$	—		$	—		$	—		$	—		$	—

See Notes to Financial Statements

564

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Six Months Ended July 31, 2021 — (unaudited)

	SA PineBridge High-Yield Bond		SA Putnam International Growth and Income			SA Schroders VCP Global Allocation			SA Small Cap Index			SA T. Rowe Price Asset Allocation Growth
INVESTMENT INCOME:
Dividends (unaffiliated)	$	—	$	5,796,116		$	2,352,644		$	1,605,131		$	3,130,871
Dividends (affiliated)		—		—			—			—			—
Interest (unaffiliated)		8,223,231		716			2,996,065			444			816,489
Interest (affiliated)		—		—			—			—			—
Total investment income*		8,223,231		5,796,832			5,348,709			1,605,575			3,947,360
EXPENSES:
Investment advisory and management fees		938,059		1,449,623			2,540,208			567,687			1,712,012
Services fees:
Class 2		5,214		3,548			—			—			—
Class 3		184,481		141,460			764,373			37,975			613,482
Transfer agent fees		1,182		1,182			256			1,116			274
Custodian and accounting fees		27,614		27,852			82,665			28,202			88,996
Reports to shareholders		3,939		3,923			5,758			3,383			6,118
Audit and tax fees		32,908		35,736			22,856			24,069			25,215
Legal fees		4,307		4,113			5,642			4,421			10,456
Trustees’ fees and expenses		6,489		6,270			13,057			6,940			8,584
Deferred offering costs		—		—			—			—			—
Interest expense		—		950			14,301			1,867			266
License fee		—		—			—			33,397			—
Other expenses		13,829		20,855			68,472			28,202			20,489
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		1,218,022		1,695,512			3,517,588			737,259			2,485,892
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		—		(76,759	)		14,143			33,430			118,323
Fees paid indirectly (Note 5)		—		—			—			—			—
Net expenses		1,218,022		1,618,753			3,531,731			770,689			2,604,215
Net investment income (loss)		7,005,209		4,178,079			1,816,978			834,886			1,343,145
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated) **		3,384,360		18,101,769			19,378,327			24,019,720			20,575,074
Investments (affiliated)		—		—			—			—			—
Futures contracts		—		—			26,252,116			2,897,294			(23,872	)
Forward contracts		—		(953,350	)		(109,981	)		—			—
Swap contracts		—		—			—			—			5,195
Written option contracts		—		—			—			—			(1,415	)
Net realized foreign exchange gain (loss) on other assets and liabilities		—		(38,459	)		94,792			—			(10,043	)
Net realized gain 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 increase from reimbursment of investment violation (Note 4)		—		—			—			—			—
Net realized gain (loss) on investments and foreign currencies		3,384,360		17,109,960			45,615,254			26,917,014			20,544,939
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated) **		698,226		16,026,443			9,375,137			(2,825,777	)		35,138,810
Investments (affiliated)		—		—			—			—			—
Futures contracts		—		—			3,951,989			(1,541,424	)		40,223
Forward contracts		—		(99,771	)		211,602			—			—
Swap contracts		—		—			—			—			4,240
Written option contracts		—		—			—			—			637
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		—		(13,198	)		(19,350	)		—			(989	)
Change in accrued capital gains tax on unrealized appreciation (depreciation)		—		—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		698,226		15,913,474			13,519,378			(4,367,201	)		35,182,921
Net realized and unrealized gain (loss) on investments and foreign currencies		4,082,586		33,023,434			59,134,632			22,549,813			55,727,860
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	11,087,795	$	37,201,513		$	60,951,610		$	23,384,699		$	57,071,005
* Net of foreign withholding taxes on interest and dividends of	$	—	$	654,648		$	126,539		$	3,537		$	174,398
** Net of foreign withholding taxes on capital gains of	$	—	$	—		$	—		$	—		$	—

See Notes to Financial Statements

565

SUNAMERICA SERIES TRUST

STATEMENT OF OPERATIONS (continued)

For the Six Months Ended July 31, 2021 — (unaudited)

	T. Rowe Price VCP Balanced			SA VCP Dynamic Allocation			SA VCP Dynamic Strategy			SA VCP Index Allocation			SA WellsCap Aggressive Growth
INVESTMENT INCOME:
Dividends (unaffiliated)	$	9,057,886		$	—		$	—		$	—		$	83,336
Dividends (affiliated)		—			—			—			—			—
Interest (unaffiliated)		6,842,265			9,874,844			5,355,835			11,543			—
Interest (affiliated)		—			—			—			—			—
Total investment income*		15,900,151			9,874,844			5,355,835			11,543			83,336
EXPENSES:
Investment advisory and management fees		6,552,355			12,336,458			7,376,660			477,817			768,871
Services fees:
Class 2		—			—			—			—			3,017
Class 3		2,150,933			14,769,271			8,569,378			596,915			104,897
Transfer agent fees		319			436			373			311			1,222
Custodian and accounting fees		141,927			62,654			28,732			18,939			11,790
Reports to shareholders		17,631			136,259			70,083			6,101			1,950
Audit and tax fees		34,696			18,164			18,165			18,565			20,711
Legal fees		9,983			43,181			23,884			7,461			4,074
Trustees’ fees and expenses		35,446			250,750			129,435			9,288			8,152
Deferred offering costs		—			—			—			—			—
Interest expense		1,158			41,303			24,148			—			—
License fee		—			—			—			23,891			—
Other expenses		24,725			26,716			15,574			11,322			14,604
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly		8,969,173			27,685,192			16,256,432			1,170,610			939,288
Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 4)		—			(259,995	)		(40,560	)		—			—
Fees paid indirectly (Note 5)		—			—			280			—			(2,674	)
Net expenses		8,969,173			27,425,197			16,216,152			1,170,610			936,614
Net investment income (loss)		6,930,978			(17,550,353	)		(10,860,317	)		(1,159,067	)		(853,278	)
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:
Net realized gain (loss) on:
Investments (unaffiliated) **		91,088,574			(208,067,928	)		(117,481,812	)		(5,970,506	)		27,446,742
Investments (affiliated)		—			208,109,968			170,040,580			12,921,231			—
Futures contracts		11,945,504			53,641,899			(60,546,139	)		2,696,201			—
Forward contracts		1,339			—			—			—			—
Swap contracts		56,103			—			—			—
Written option contracts		(836	)		—			—			—			—
Net realized foreign exchange gain (loss) on other assets and liabilities		(17,136	)		—			—			—			—
Net realized gain 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 increase from reimbursment of investment violation (Note 4)		—			—			—			—			—
Net realized gain (loss) on investments and foreign currencies		103,073,548			53,683,939			(7,987,371	)		9,646,926			27,446,742
Change in unrealized appreciation (depreciation) on:
Investments (unaffiliated) **		34,650,583			(65,320,277	)		(27,032,263	)		2,148,055			(17,895,944	)
Investments (affiliated)		—			941,649,363			593,949,740			30,762,409			—
Futures contracts		10,231,094			(7,680,158	)		(15,269,150	)		3,505,357			—
Forward contracts		(575	)		—			—			—			—
Swap contracts		6,711			—			—			—			—
Written option contracts		1,274			—			—			—			—
Change in net unrealized foreign exchange gain (loss) on other assets and liabilities		(15,809	)		—			14,459			—			—
Change in accrued capital gains tax on unrealized appreciation (depreciation)		8,642			—			—			—			—
Net unrealized gain (loss) on investments and foreign currencies		44,881,920			868,648,928			551,662,786			36,415,821			(17,895,944	)
Net realized and unrealized gain (loss) on investments and foreign currencies		147,955,468			922,332,867			543,675,415			46,062,747			9,550,798
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	154,886,446		$	904,782,514		$	532,815,098		$	44,903,680		$	8,697,520
* Net of foreign withholding taxes on interest and dividends of	$	692,732		$	—		$	—		$	—		$	—
** Net of foreign withholding taxes on capital gains of	$	15,601		$	—		$	—		$	—		$	—

See Notes to Financial Statements

566

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS

	SA AB Growth						SA AB Small & Mid Cap Value						SA BlackRock Muti-Factor 70/30
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)		For the period October 13, 2020@ through January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(2,533,967	)	$	(2,982,148	)	$	2,468,104		$	3,093,633		$	225,204	$	41,451
Net realized gain (loss) on investments and foreign currencies		129,031,243			166,535,320			80,161,347			770,443			1,773,703		54,001
Net unrealized gain (loss) on investments and foreign currencies		291,971,862			315,070,215			45,373,444			80,539,618			1,509,579		640,645
Net increase (decrease) in net assets resulting from operations		418,469,138			478,623,387			128,002,895			84,403,694			3,508,486		736,097
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(109,722,458	)		—			(3,367,550	)		—		(565	)
Distributable earnings — Class 2		—			(7,866,258	)		—			(254,570	)		—		—
Distributable earnings — Class 3		—			(45,564,964	)		—			(11,510,906	)		—		(77,833	)
Total distributions to shareholders		—			(163,153,680	)		—			(15,133,026	)		—		(78,398	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		(95,424,923	)		(61,503,791	)		(63,479,196	)		(2,201,072	)		29,638,919		19,163,670
TOTAL INCREASE (DECREASE) IN NET ASSETS		323,044,215			253,965,916			64,523,699			67,069,596			33,147,405		19,821,369
NET ASSETS:
Beginning of period		1,876,979,888			1,623,013,972			551,008,761			483,939,165			19,821,369		—
End of period	$	2,200,024,103		$	1,876,979,888		$	615,532,460		$	551,008,761		$	52,968,774	$	19,821,369

@ Commencement of operations

See Notes to Financial Statements

567

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA BlackRock VCP Global Multi Asset						SA Columbia Technology						SA DFA Ultra Short Bond
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,354,872		$	3,113,528		$	(488,091	)	$	(363,055	)	$	(967,058	)	$	68,148
Net realized gain (loss) on investments and foreign currencies		58,584,403			27,216,151			12,278,032			19,306,104			28,975			52,381
Net unrealized gain (loss) on investments and foreign currencies		(675,244	)		47,385			19,928,865			30,936,236			(37,342	)		(154,728	)
Net increase (decrease) in net assets resulting from operations		60,264,031			30,377,064			31,718,806			49,879,285			(975,425	)		(34,199	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(3,156	)		—			(1,589,915	)		—			(2,351,532	)
Distributable earnings — Class 2		—			—			—			(514,998	)		—			(230,583	)
Distributable earnings — Class 3		—			(18,264,090	)		—			(9,063,952	)		—			(3,496,541	)
Total distributions to shareholders		—			(18,267,246	)		—			(11,168,865	)		—			(6,078,656	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		(6,971,594	)		(12,978,554	)		22,861,122			20,321,055			12,030,786			21,181,009
TOTAL INCREASE (DECREASE) IN NET ASSETS:		53,292,437			(868,736	)		54,579,928			59,031,475			11,055,361			15,068,154
NET ASSETS:
Beginning of period		821,317,505			822,186,241			152,124,389			93,092,914			390,297,119			375,228,965
End of period	$	874,609,942		$	821,317,505		$	206,704,317		$	152,124,389		$	401,352,480		$	390,297,119

See Notes to Financial Statements

568

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Emerging Markets Equity Index						SA Federated Hermes Corporate Bond						SA Fidelity Institutional AM® International Growth
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)		For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	937,428		$	1,274,783		$	23,975,391		$	46,488,200		$	762,699	$	1,113,361
Net realized gain (loss) on investments and foreign currencies		1,360,449			1,657,730			(3,818,923	)		9,083,107			27,499,652		28,864,415
Net unrealized gain (loss) on investments and foreign currencies		(6,006,195	)		23,954,977			10,290,060			20,678,287			2,686,870		40,737,544
Net increase (decrease) in net assets resulting from operations		(3,708,318	)		26,887,490			30,446,528			76,249,594			30,949,221		70,715,320
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(2,087,549	)		—			(25,966,438	)		—		(11,338,619	)
Distributable earnings — Class 2		—			—			—			(877,589	)		—		—
Distributable earnings — Class 3		—			(98,120	)		—			(44,559,484	)		—		(98,957	)
Total distributions to shareholders		—			(2,185,669	)		—			(71,403,511	)		—		(11,437,576	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		717,827			10,972,850			134,883,480			71,564,987			664,072		(23,597,863	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(2,990,491	)		35,674,671			165,330,008			76,411,070			31,613,293		35,679,881
NET ASSETS:
Beginning of period		124,564,645			88,889,974			1,433,923,789			1,357,512,719			350,952,673		315,272,792
End of period	$	121,574,154		$	124,564,645		$	1,599,253,797		$	1,433,923,789		$	382,565,966	$	350,952,673

See Notes to Financial Statements

569

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Fidelity Institutional AM® Real  Estate						SA Fixed Income Index						SA Fixed Income Intermediate Index
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,601,405		$	4,166,310		$	5,354,333		$	11,812,245		$	3,398,441		$	6,700,485
Net realized gain (loss) on investments and foreign currencies		9,714,697			(5,266,781	)		970,047			6,646,931			98,967			1,078,930
Net unrealized gain (loss) on investments and foreign currencies		58,521,628			(2,312,628	)		(5,951,760	)		8,585,867			(2,467,195	)		7,946,396
Net increase (decrease) in net assets resulting from operations		70,837,730			(3,413,099	)		372,620			27,045,043			1,030,213			15,725,811
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(6,302,527	)		—			(13,163,683	)		—			(6,517,607	)
Distributable earnings — Class 2		—			(248,459	)		—			—			—			—
Distributable earnings — Class 3		—			(10,086,356	)		—			(1,351,847	)		—			(614,808	)
Total distributions to shareholders		—			(16,637,342	)		—			(14,515,530	)		—			(7,132,415	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		(28,803,660	)		26,251,619			(8,916,500	)		33,001,574			135,129,376			16,453,159
TOTAL INCREASE (DECREASE) IN NET ASSETS		42,034,070			6,201,178			(8,543,880	)		45,531,087			136,159,589			25,046,555
NET ASSETS:
Beginning of period		279,806,207			273,605,029			582,728,788			537,197,701			401,702,836			376,656,281
End of period	$	321,840,277		$	279,806,207		$	574,184,908		$	582,728,788		$	537,862,425		$	401,702,836

See Notes to Financial Statements

570

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Franklin BW U.S. Large Cap Value†						SA Franklin Small Company Value						SA Franklin Systematic U.S. Large Cap Value†
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	10,565,542		$	26,825,609		$	718,297		$	3,625,504		$	4,746,524		$	9,587,251
Net realized gain (loss) on investments and foreign currencies		112,249,592			5,993,110			37,423,591			19,866,299			82,642,211			27,251,373
Net unrealized gain (loss) on investments and foreign currencies		180,253,627			23,388,635			20,418,030			21,895,788			(14,896,294	)		14,040,025
Net increase (decrease) in net assets resulting from operations		303,068,761			56,207,354			58,559,918			45,387,591			72,492,441			50,878,649
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(69,740,861	)		—			(8,613,467	)		—			(29,256,059	)
Distributable earnings — Class 2		—			(3,038,519	)		—			—			—			(761,326	)
Distributable earnings — Class 3		—			(35,262,921	)		—			(11,837,824	)		—			(27,317,410	)
Total distributions to shareholders		—			(108,042,301	)		—			(20,451,291	)		—			(57,334,795	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		(106,443,165	)		99,632,055			(38,580,457	)		7,776,901			18,656,557			63,849,284
TOTAL INCREASE (DECREASE) IN NET ASSETS		196,625,596			47,797,108			19,979,461			32,713,201			91,148,998			57,393,138
NET ASSETS:
Beginning of period		1,421,007,082			1,373,209,974			351,394,623			318,681,422			416,914,816			359,521,678
End of period	$	1,617,632,678		$	1,421,007,082		$	371,374,084		$	351,394,623		$	508,063,814		$	416,914,816

† See Note 1

See Notes to Financial Statements

571

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Franklin Tactical Opportunities†					SA Franklin U.S. Equity Smart Beta						SA Global Index Allocation 60/40
	For the six months ended July 31, 2021 (unaudited)		For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	370,584	$	672,260		$	1,111,464		$	2,215,226		$	(161,725	)	$	909,342
Net realized gain (loss) on investments and foreign currencies		3,026,293		773,773			7,329,734			(1,162,234	)		1,303,131			872,345
Net unrealized gain (loss) on investments and foreign currencies		5,587,862		3,953,511			18,950,456			14,645,289			4,587,453			5,298,048
Net increase (decrease) in net assets resulting from operations		8,984,739		5,399,501			27,391,654			15,698,281			5,728,859			7,079,735
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—		(2,621	)		—			(3,424,756	)		—			(6,212	)
Distributable earnings — Class 2		—		—			—			—			—			—
Distributable earnings — Class 3		—		(1,003,870	)		—			(39,740	)		—			(1,569,952	)
Total distributions to shareholders		—		(1,006,491	)		—			(3,464,496	)		—			(1,576,164	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		6,237,713		10,683,456			(935,800	)		8,083,442			8,484,746			21,467,820
TOTAL INCREASE (DECREASE) IN NET ASSETS		15,222,452		15,076,466			26,455,854			20,317,227			14,213,605			26,971,391
NET ASSETS:
Beginning of period		70,954,341		55,877,875			150,335,334			130,018,107			68,504,809			41,533,418
End of period	$	86,176,793	$	70,954,341		$	176,791,188		$	150,335,334		$	82,718,414		$	68,504,809

† See Note 1

See Notes to Financial Statements

572

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Global Index Allocation 75/25						SA Global Index Allocation 90/10					SA Goldman Sachs Global Bond
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021		For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(147,086	)	$	725,556		$	(485,273	)	$	2,505,873	$	769,793		$	2,433,675
Net realized gain (loss) on investments and foreign currencies		802,261			846,127			2,061,018			1,712,837		(323,361	)		14,806,446
Net unrealized gain (loss) on investments and foreign currencies		5,515,354			5,242,166			25,149,465			21,791,163		(9,012,914	)		10,774,304
Net increase (decrease) in net assets resulting from operations		6,170,529			6,813,849			26,725,210			26,009,873		(8,566,482	)		28,014,425
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(5,137	)		—			—		—			(555,775	)
Distributable earnings — Class 2		—			—			—			—		—			(21,858	)
Distributable earnings — Class 3		—			(1,171,934	)		—			—		—			(1,101,258	)
Total distributions to shareholders		—			(1,177,071	)		—			—		—			(1,678,891	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		11,638,999			13,492,764			42,071,589			32,040,941		36,990,085			(24,640,830	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		17,809,528			19,129,542			68,796,799			58,050,814		28,423,603			1,694,704
NET ASSETS:
Beginning of period		59,623,938			40,494,396			211,318,400			153,267,586		397,754,411			396,059,707
End of period	$	77,433,466		$	59,623,938		$	280,115,199		$	211,318,400	$	426,178,014		$	397,754,411

See Notes to Financial Statements

573

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Goldman Sachs Multi-Asset Insights					SA Index Allocation 60/40						SA Index Allocation 80/20
	For the six months ended July 31, 2021 (unaudited)		For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	89,876	$	59,330		$	(415,224	)	$	2,329,379		$	(737,570	)	$	4,095,586
Net realized gain (loss) on investments and foreign currencies		2,531,265		1,981,166			3,818,035			4,119,368			5,481,780			7,572,568
Net unrealized gain (loss) on investments and foreign currencies		2,416,218		2,206,947			16,125,184			14,972,672			43,095,063			35,030,079
Net increase (decrease) in net assets resulting from operations		5,037,359		4,247,443			19,527,995			21,421,419			47,839,273			46,698,233
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—		(1,790	)		—			(16,058	)		—			(11,833	)
Distributable earnings — Class 2		—		—			—			—			—			—
Distributable earnings — Class 3		—		(483,077	)		—			(5,279,953	)		—			(1,740,454	)
Total distributions to shareholders		—		(484,867	)		—			(5,296,011	)		—			(1,752,287	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		2,682,435		4,342,880			15,863,115			33,247,474			24,273,635			43,051,301
TOTAL INCREASE (DECREASE) IN NET ASSETS		7,719,794		8,105,456			35,391,110			49,372,882			72,112,908			87,997,247
NET ASSETS:
Beginning of period		41,844,612		33,739,156			192,798,276			143,425,394			356,354,141			268,356,894
End of period	$	49,564,406	$	41,844,612		$	228,189,386		$	192,798,276		$	428,467,049		$	356,354,141

See Notes to Financial Statements

574

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Index Allocation 90/10						SA International Index					SA Invesco Growth Opportunities
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)		For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(1,906,936	)	$	10,527,303		$	9,667,547	$	9,785,214		$	(1,372,025	)	$	(2,110,072	)
Net realized gain (loss) on investments and foreign currencies		9,834,920			17,962,169			4,796,486		1,491,691			44,539,614			45,016,878
Net unrealized gain (loss) on investments and foreign currencies		132,772,117			95,008,063			55,654,071		53,947,195			(20,880,754	)		110,007,245
Net increase (decrease) in net assets resulting from operations		140,700,101			123,497,535			70,118,104		65,224,100			22,286,835			152,914,051
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(20,640	)		—		(12,182,156	)		—			(20,111,214	)
Distributable earnings — Class 2		—			—			—		—			—			(441,490	)
Distributable earnings — Class 3		—			(4,132,220	)		—		(196,287	)		—			(19,148,196	)
Total distributions to shareholders		—			(4,152,860	)		—		(12,378,443	)		—			(39,700,900	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		89,771,901			102,856,314			51,776,629		61,335,001			(20,982,859	)		(30,716,260	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		230,472,002			222,200,989			121,894,733		114,180,658			1,303,976			82,496,891
NET ASSETS:
Beginning of period		927,613,816			705,412,827			641,980,805		527,800,147			382,031,871			299,534,980
End of period	$	1,158,085,818		$	927,613,816		$	763,875,538	$	641,980,805		$	383,335,847		$	382,031,871

See Notes to Financial Statements

575

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Invesco Main Street Large Cap					SA Janus Focused Growth						SA JPMorgan Diversified Balanced
	For the six months ended July 31, 2021 (unaudited)		For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)		For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	1,742,288	$	3,479,603		$	(674,096	)	$	(953,423	)	$	2,059,053	$	3,164,395
Net realized gain (loss) on investments and foreign currencies		39,417,890		22,733,500			42,546,744			55,916,813			19,793,566		19,464,044
Net unrealized gain (loss) on investments and foreign currencies		42,337,178		33,304,334			66,200,249			83,944,366			4,732,276		15,697,870
Net increase (decrease) in net assets resulting from operations		83,497,356		59,517,437			108,072,897			138,907,756			26,584,895		38,326,309
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—		(25,674,322	)		—			(22,781,378	)		—		(3,247,981	)
Distributable earnings — Class 2		—		(269,507	)		—			(719,117	)		—		(500,995	)
Distributable earnings — Class 3		—		(7,843,100	)		—			(10,661,841	)		—		(9,438,571	)
Total distributions to shareholders		—		(33,786,929	)		—			(34,162,336	)		—		(13,187,547	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		7,860,611		2,718,112			(11,606,387	)		(10,945,895	)		5,328,759		3,115,271
TOTAL INCREASE (DECREASE) IN NET ASSETS		91,357,967		28,448,620			96,466,510			93,799,525			31,913,654		28,254,033
NET ASSETS:
Beginning of period		457,475,453		429,026,833			521,866,045			428,066,520			312,992,766		284,738,733
End of period	$	548,833,420	$	457,475,453		$	618,332,555		$	521,866,045		$	344,906,420	$	312,992,766

See Notes to Financial Statements

576

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA JPMorgan Emerging Markets						SA JPMorgan Equity-Income						SA JPMorgan Global Equities
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	2,752,730		$	2,526,384		$	10,867,780			$ 21,937,717		$	2,687,608		$	6,748,630
Net realized gain (loss) on investments and foreign currencies		20,940,554			21,420,781			61,436,040			39,183,821			38,935,405			(4,407,370	)
Net unrealized gain (loss) on investments and foreign currencies		(20,667,238	)		35,294,838			147,189,521			(13,382,686)			22,750,432			34,495,348
Net increase (decrease) in net assets resulting from operations		3,026,046			59,242,003			219,493,341			47,738,852			64,373,445			36,836,608
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(1,695,764	)		—			(76,509,405)			—			(12,778,216	)
Distributable earnings — Class 2		—			(50,731	)		—			(820,366)			—			(120,554	)
Distributable earnings — Class 3		—			(2,128,937	)		—			(22,415,802)			—			(1,454,188	)
Total distributions to shareholders		—			(3,875,432	)		—			(99,745,573	)		—			(14,352,958	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		(9,484,100	)		(12,708,090	)		(27,478,224	)		85,352,826			(20,521,643	)		(16,807,913	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		(6,458,054	)		42,658,481			192,015,117			33,346,105			43,851,802			5,675,737
NET ASSETS:
Beginning of period		256,632,837			213,974,356			1,102,824,668			1,069,478,563			375,845,567			370,169,830
End of period	$	250,174,783		$	256,632,837		$	1,294,839,785		$	1,102,824,668		$	419,697,369		$	375,845,567

See Notes to Financial Statements

577

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA JPMorgan MFS Core Bond						SA JPMorgan Mid-Cap Growth						SA Large Cap Growth Index
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	19,150,889		$	40,059,887		$	(1,472,985	)	$	(1,998,275	)	$	652,415		$	2,057,956
Net realized gain (loss) on investments and foreign currencies		4,621,821			46,624,935			58,339,939			92,392,873			11,949,889			18,403,871
Net unrealized gain (loss) on investments and foreign currencies		(8,722,235	)		5,577,224			(6,728,173	)		74,481,975			43,997,073			55,732,612
Net increase (decrease) in net assets resulting from operations		15,050,475			92,262,046			50,138,781			164,876,573			56,599,377			76,194,439
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(27,370,922	)		—			(28,789,196	)		—			(9,496,766	)
Distributable earnings — Class 2		—			(201,953	)		—			(2,099,882	)		—			—
Distributable earnings — Class 3		—			(22,171,936	)		—			(24,824,452	)		—			(435,355	)
Total distributions to shareholders		—			(49,744,811	)		—			(55,713,530	)		—			(9,932,121	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		134,165,562			(22,748,119	)		(7,137,173	)		(10,842,480	)		(11,948,335	)		(32,243,938	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		149,216,037			19,769,116			43,001,608			98,320,563			44,651,042			34,018,380
NET ASSETS:
Beginning of period		2,048,214,673			2,028,445,557			518,107,492			419,786,929			312,443,834			278,425,454
End of period	$	2,197,430,710		$	2,048,214,673		$	561,109,100		$	518,107,492		$	357,094,876		$	312,443,834

See Notes to Financial Statements

578

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Large Cap Index						SA Large Cap Value Index					SA MFS Blue Chip Growth
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)		For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	18,838,654		$	42,961,516		$	3,080,330	$	7,656,874		$	234,233		$	1,380,766
Net realized gain (loss) on investments and foreign currencies		79,172,932			55,120,348			3,078,765		4,112,354			78,969,768			82,198,170
Net unrealized gain (loss) on investments and foreign currencies		453,848,005			355,943,796			48,764,014		1,628,839			56,347,851			89,268,712
Net increase (decrease) in net assets resulting from operations		551,859,591			454,025,660			54,923,109		13,398,067			135,551,852			172,847,648
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(79,105,862	)		—		(29,481,760	)		—			(50,285,822	)
Distributable earnings — Class 2		—			—			—		—			—			(306,704	)
Distributable earnings — Class 3		—			(860,574	)		—		(1,125,506	)		—			(13,033,145	)
Total distributions to shareholders		—			(79,966,436	)		—		(30,607,266	)		—			(63,625,671	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		(28,195,358	)		37,863,995			8,733,492		40,821,331			(40,433,491	)		(91,896,204	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		523,664,233			411,923,219			63,656,601		23,612,132			95,118,361			17,325,773
NET ASSETS:
Beginning of period		2,946,100,530			2,534,177,311			298,346,363		274,734,231			733,472,367			716,146,594
End of period	$	3,469,764,763		$	2,946,100,530		$	362,002,964	$	298,346,363		$	828,590,728		$	733,472,367

See Notes to Financial Statements

579

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA MFS Massachusetts Investors Trust						SA MFS Total Return						SA Mid Cap Index
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)		For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	12,007,968		$	6,552,017		$	3,236,205		$	7,583,229		$	1,856,689	$	3,107,747
Net realized gain (loss) on investments and foreign currencies		72,419,452			44,962,207			28,471,321			30,359,604			16,665,304		19,314,933
Net unrealized gain (loss) on investments and foreign currencies		136,735,119			85,648,294			26,731,561			4,898,259			39,741,428		40,679,529
Net increase (decrease) in net assets resulting from operations		221,162,539			137,162,518			58,439,087			42,841,092			58,263,421		63,102,209
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(60,632,562	)		—			(7,541,285	)		—		(6,166,563	)
Distributable earnings — Class 2		—			(673,733	)		—			(1,031,559	)		—		—
Distributable earnings — Class 3		—			(32,012,188	)		—			(15,531,860	)		—		(356,976	)
Total distributions to shareholders		—			(93,318,483	)		—			(24,104,704	)		—		(6,523,539	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		(38,415,944	)		12,470,483			(14,368,743	)		(2,252,953	)		6,288,971		25,080,454
TOTAL INCREASE (DECREASE) IN NET ASSETS		182,746,595			56,314,518			44,070,344			16,483,435			64,552,392		81,659,124
NET ASSETS:
Beginning of period		1,065,167,174			1,008,852,656			525,524,035			509,040,600			375,851,696		294,192,572
End of period	$	1,247,913,769		$	1,065,167,174		$	569,594,379		$	525,524,035		$	440,404,088	$	375,851,696

See Notes to Financial Statements

580

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA Morgan Stanley International Equities						SA PIMCO RAE International Value						SA PIMCO VCP Tactical Return Balanced
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	6,280,955		$	5,820,978		$	11,674,222		$	13,495,825		$	(3,043,625	)	$	(1,112,912	)
Net realized gain (loss) on investments and foreign currencies		10,089,783			(2,917,736	)		15,583,731			10,582,468			94,687,951			105,587,969
Net unrealized gain (loss) on investments and foreign currencies		24,632,771			45,370,065			53,275,455			(17,573,022	)		(3,378,795	)		(7,581,872	)
Net increase (decrease) in net assets resulting from operations		41,003,509			48,273,307			80,533,408			6,505,271			88,265,531			96,893,185
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(10,772,414	)		—			(7,182,585	)		—			(8,665	)
Distributable earnings — Class 2		—			(269,108	)		—			(213,449	)		—			—
Distributable earnings — Class 3		—			(4,061,161	)		—			(9,809,635	)		—			(78,636,452	)
Total distributions to shareholders		—			(15,102,683	)		—			(17,205,669	)		—			(78,645,117	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		(22,646,017	)		(10,261,063	)		(38,302,575	)		21,012,596			(57,771,403	)		(37,714,067	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		18,357,492			22,909,561			42,230,833			10,312,198			30,494,128			(19,465,999	)
NET ASSETS:
Beginning of period		478,191,321			455,281,760			730,230,164			719,917,966			1,298,250,397			1,317,716,396
End of period	$	496,548,813		$	478,191,321		$	772,460,997		$	730,230,164		$	1,328,744,525		$	1,298,250,397

See Notes to Financial Statements

581

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA PineBridge High-Yield Bond						SA Putnam International Growth and Income					SA Schroders VCP Global Allocation
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)		For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	7,005,209		$	14,656,857		$	4,178,079	$	4,940,070		$	1,816,978		$	3,064,859
Net realized gain (loss) on investments and foreign currencies		3,384,360			(1,379,023	)		17,109,960		631,232			45,615,254			(21,888,491	)
Net unrealized gain (loss) on investments and foreign currencies		698,226			8,335,994			15,913,474		15,937,818			13,519,378			13,831,640
Net increase (decrease) in net assets resulting from operations		11,087,795			21,613,828			37,201,513		21,509,120			60,951,610			(4,991,992	)
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(8,608,552	)		—		(3,645,863	)		—			(3,202	)
Distributable earnings — Class 2		—			(405,270	)		—		(93,061	)		—			—
Distributable earnings — Class 3		—			(8,130,080	)		—		(2,265,172	)		—			(10,111,114	)
Total distributions to shareholders		—			(17,143,902	)		—		(6,004,096	)		—			(10,114,316	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		(7,339,077	)		2,472,489			4,913,910		12,944,748			(38,846,860	)		(16,720,138	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		3,748,718			6,942,415			42,115,423		28,449,772			22,104,750			(31,826,446	)
NET ASSETS:
Beginning of period		296,564,237			289,621,822			275,774,039		247,324,267			603,678,260			635,504,706
End of period	$	300,312,955		$	296,564,237		$	317,889,462	$	275,774,039		$	625,783,010		$	603,678,260

See Notes to Financial Statements

582

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 six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)		For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	834,886			1,405,585		$	1,343,145	$	1,858,548		$	6,930,978		$	13,806,639
Net realized gain (loss) on investments and foreign currencies		26,917,014			7,846,550			20,544,939		5,334,434			103,073,548			22,598,009
Net unrealized gain (loss) on investments and foreign currencies		(4,367,201	)		66,415,629			35,182,921		48,698,379			44,881,920			103,352,354
Net increase (decrease) in net assets resulting from operations		23,384,699			75,667,764			57,071,005		55,891,361			154,886,446			139,757,002
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(10,710,133	)		—		(6,445	)		—			(2,180	)
Distributable earnings — Class 2		—			—			—		—			—			—
Distributable earnings — Class 3		—			(701,876	)		—		(4,266,959	)		—			(38,309,398	)
Total distributions to shareholders		—			(11,412,009	)		—		(4,273,404	)		—			(38,311,578	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		(7,777,828	)		22,072,330			107,275,041		108,329,474			(37,557,332	)		(56,511,833	)
TOTAL INCREASE (DECREASE) IN NET ASSETS		15,606,871			86,328,085			164,346,046		159,947,431			117,329,114			44,933,591
NET ASSETS:
Beginning of period		314,727,124			228,399,039			403,139,053		243,191,622			1,664,345,923			1,619,412,332
End of period	$	330,333,995			314,727,124		$	567,485,099	$	403,139,053		$	1,781,675,037		$	1,664,345,923

See Notes to Financial Statements

583

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA VCP Dynamic Allocation						SA VCP Dynamic Strategy						SA VCP Index Allocation
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021			For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(17,550,353	)	$	126,764,933		$	(10,860,317	)	$	63,306,485		$	(1,159,067	)	$	3,896,576
Net realized gain (loss) on investments and foreign currencies		53,683,939			500,185,406			(7,987,371	)		186,000,030			9,646,926			(1,762,827	)
Net unrealized gain (loss) on investments and foreign currencies		868,648,928			676,527,456			551,662,786			314,099,910			36,415,821			31,795,418
Net increase (decrease) in net assets resulting from operations		904,782,514			1,303,477,795			532,815,098			563,406,425			44,903,680			33,929,167
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(14,992	)		—			(10,749	)		—			(4,829	)
Distributable earnings — Class 2		—			—			—			—			—			—
Distributable earnings — Class 3		—			(743,954,777	)		—			(316,550,137	)		—			(11,201,753	)
Total distributions to shareholders		—			(743,969,769	)		—			(316,560,886	)		—			(11,206,582	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		(652,992,364	)		(505,882,234	)		1,143,768,846			(320,072,368	)		24,199,178			30,886,126
TOTAL INCREASE (DECREASE) IN NET ASSETS		251,790,150			53,625,792			1,676,583,944			(73,226,829	)		69,102,858			53,608,711
NET ASSETS:
Beginning of period		11,751,516,946			11,697,891,154			6,048,420,748			6,121,647,577			440,113,639			386,504,928
End of period	$	12,003,307,096		$	11,751,516,946		$	7,725,004,692		$	6,048,420,748		$	509,216,497		$	440,113,639

See Notes to Financial Statements

584

SUNAMERICA SERIES TRUST

STATEMENT OF CHANGES IN NET ASSETS (continued)

	SA WellsCap Aggressive Growth
	For the six months ended July 31, 2021 (unaudited)			For the year ended January 31, 2021
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS:
Net investment income (loss)	$	(853,278	)	$	(1,145,418	)
Net realized gain (loss) on investments and foreign currencies		27,446,742			15,771,131
Net unrealized gain (loss) on investments and foreign currencies		(17,895,944	)		63,015,391
Net increase (decrease) in net assets resulting from operations		8,697,520			77,641,104
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings — Class 1		—			(7,622,812	)
Distributable earnings — Class 2		—			(254,368	)
Distributable earnings — Class 3		—			(3,662,765	)
Total distributions to shareholders		—			(11,539,945	)
Net increase (decrease) in net assets resulting from Capital share transactions (Note 7)		10,911,617			11,290,131
TOTAL INCREASE (DECREASE) IN NET ASSETS		19,609,137			77,391,290
NET ASSETS:
Beginning of period		215,437,995			138,046,705
End of period	$	235,047,132		$	215,437,995

See Notes to Financial Statements

585

SUNAMERICA SERIES TRUST

NOTES TO FINANCIAL STATEMENTS

July 31, 2021 — (unaudited)

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 sixty separate investment series, fifty-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 Allocation Portfolio (collectively, the “Feeder Funds”). 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”) and variable contracts issued by Phoenix Life Insurance Company, an unaffiliated life insurance company. AGL, VALIC and USL are wholly-owned subsidiaries of AIG.

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 May 3, 2021, the name of the SA Legg Mason BW Large Cap Value Portfolio was changed to SA Franklin BW U.S. Large Cap Value Portfolio.

Effective July 12, 2021, the name of the SA Dogs of Wall Street Portfolio was changed to SA Franklin Systematic U.S. Large Cap Value Portfolio.

Effective May 3, 2021, the name of the SA Legg Mason Tactical Opportunities Portfolio was changed to SA Franklin Tactical Opportunities 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 its net assets in equity securities of companies with small and medium market capitalizations that the subadviser determines to be undervalued.

The SA BlackRock Multi-Factor 70/30 Portfolio seeks capital appreciation and income. Its strategy is to invest, under normal circumstances, approximately 70% of its net assets in equity securities and 30% of its net assets in fixed income securities.

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 Columbia Technology Portfolio seeks capital appreciation. Its strategy is to invest, under normal circumstances, at least 80% of its 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 its net assets in bonds.

The SA Emerging Markets Equity Index Portfolio seeks to provide investment results that correspond with the performance of the MSCI Emerging Market Index (the “MSCI Emerging Markets ). Its strategy is to invest, under normal circumstances, at least 80% of its net assets in securities included in the MSCI Emerging Market Index.

586

The SA Federated Hermes Corporate Bond Portfolio seeks high total return with only moderate price risk. Its strategy is to invest, under normal conditions, at least 80% of its 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 Fidelity Institutional AM^® International Growth Portfolio seeks long-term growth of capital. Its strategy is to invest primarily in non-U.S. securities, including securities of issuers located in emerging markets that demonstrate the potential for capital appreciation.

The SA Fidelity Institutional AM^® 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 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 Intermediate Government/Credit Bond Index (the “Bloomberg Barclays US Intermediate 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 Intermediate Government/Credit Bond Index or that have economic characteristics comparable to securities included in the index.

The SA Franklin BW U.S. 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 Franklin Small Company Value Portfolio seeks long-term growth of capital. Its strategy is to invest, under normal circumstances, at least 80% of its net assets in a diversified portfolio of equity securities of small companies.

The SA Franklin Systematic U.S. Large Cap Value Portfolio seeks long-term capital appreciation. Its strategy is to invest, under normal circumstances, approximately 80% of its net assets in equity securities of U.S. large capitalization companies.

The SA Franklin 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 its net assets in equity strategies and approximately 30% (with a range of 20% to 40%) of its net assets in fixed income strategies. income securities.

The SA Franklin U.S. Equity Smart Beta Portfolio seeks long-term growth of capital appreciation. Its strategy is to invest, under normal circumstances, at least 80% of its net assets in equity securities of U.S. issuers.

The SA Global 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 its 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%) Underlying Portfolios investing primarily in fixed income securities (“Underlying Fixed Income Portfolios”).

The SA Global Index Allocation 75/25 Portfolio seeks growth of capital, and secondarily, current income. Its strategy is to invest under normal circumstances, in mutual funds (“Underlying Portfolios”) allocating 75% of its assets (with a range of 65% to 85% in equity securities (“Underlying Equity Portfolios”) and 25% of its assets (with a range of 15% to 35%) to Underlying Portfolios investing primarily fixed income securities (“Underlying Fixed Income Portfolios”).

The SA Global 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 its 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 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 its 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 while managing portfolio volatility. Its strategy is to invest, under normal circumstances, approximately 70% (with a range of 60% to 80%) of its net assets in equity exposure and approximately 30% (with a range of 20% to 40%) of its net assets in fixed income exposure.

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 its 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 its assets (with a range of 70% to 90% in equity securities

587

(“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 its 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 its 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 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 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 Diversified Balanced Portfolio seeks total return. Its strategy is to invest, under normal circumstances, in a balanced portfolio of common stocks and bonds, with at least 25% invested in equity securities and 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, depositary 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) 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 its 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 Growth Index Portfolio seeks investment results that correspond with the performance of the Standard & Poor’s 500^® Growth Index (“S&P 500 Growth ”). Its strategy is to invest, under normal circumstances, at least 80% of its net assets in common stocks included in the S&P 500 Growth or in securities that have economic characteristics comparable to securities included in the index.

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 its 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 Large Cap Value Index Portfolio seeks investment results that correspond with the performance of the Standard & Poor’s 500^® Value Index (“S&P 500 Value ”). Its strategy is to invest, under normal circumstances, at least 80% of its net assets in common stocks included in the S&P 500 Value or in securities that have economic characteristics comparable to securities included in the index.

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.

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. Under normal circumstances, approximately 60% of its net assets will be invested in equity securities and approximately 40% of its assets in debt instruments.

588

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 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 its net assets will be invested in equity securities that may include convertible securities.

The SA PIMCO RAE International Value Portfolio seeks long-term capital appreciation. Its strategy is to invest, under normal circumstances, in a portfolio of stocks economically tied to at least three foreign (non-U.S.) countries.

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. Under normal circumstances, the Portfolio targets an allocation of approximately 60% of its net assets to a component that gains exposure to equity markets primarily by investing in exchange-traded futures contracts and equity swaps and approximately 40% of its net assets to fixed income component.

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 its 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 offers a potential for income.

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% (with the range of 50% to 70%) of its net assets to equity exposure and approximately 40% (with a range of 20% to 50%) 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 its 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 secondarily, income while managing portfolio volatility. Its strategy is to invest under normal circumstances approximately 80% of its assets in combination of other mutual funds (“Fund-of-Funds Component”) and 20% of its assets in a combination of equity index and fixed income futures, currency forwards and equity index put options (“Overlay Component”).

The SA WellsCap Aggressive 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.

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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 July 31, 2021, is reported on a schedule at the end of each Portfolio’s 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 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

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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 JPMorgan Diversified Balanced, SA Putnam International Growth and Income, SA Schroders VCP Global Allocation and SA T. Rowe Price VCP Balanced 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 returns.

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 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 at the end of each Portfolio’s Portfolio of Investments.

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Futures:    During the period, the SA Federated Hermes 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 and SA Schroders VCP Global Allocation Portfolios used equity index futures contracts to passively replicate exposure to global developed large cap equities, U.S. small cap equities and emerging market equities. In addition, the SA Goldman Sachs Multi-Asset Insights Portfolio used treasury futures to passively replicate exposure to U.S. Treasury bonds, 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 JPMorgan Diversified Balanced, SA JPMorgan Emerging Markets, SA PIMCO VCP Tactical Balanced, SA Schroders VCP Global Allocation and SA T. Rowe Price VCP Balanced Portfolios used futures contracts to increase or decrease exposure to equity and bond markets and to hedge against changes in interest rates, and prices of bonds. The SA Emerging Markets Equity Index, SA International Index, SA Large Cap Growth Index, SA Large Cap Index, SA Large Cap Value Index, SA Mid Cap Index, SA Schroders VCP Global Allocation, SA Small Cap Index, SA VCP Dynamic Allocation, SA VCP Dynamic Strategy and SA VCP Index Allocation Portfolios used futures contracts to increase or decrease exposure to equity markets. The SA Franklin Tactical Opportunities Portfolio used futures contracts to increase or decrease exposure to equity and bond markets for tactical and risk management purposes. The SA T. Rowe Price Asset Allocation Growth Portfolio used futures contracts to manage duration and hedge against changes in interest rates. In addition, the SA Schroders VCP Global Allocation Portfolio 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 at the end of each Portfolio’s Portfolio of Investments.

Options:    During the period, the SA BlackRock VCP Global Multi Asset, SA PIMCO VCP Tactical Balanced, SA Schroders VCP Global Allocation, SA T. Rowe Price Asset Allocation Growth, 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. The SA PIMCO VCP Tactical Balanced Portfolio also used swaptions as a substitute for physical securities to manage duration exposure and risk, and to enhance returns. The 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 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

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the risk that there will be an unfavorable change in the value of the underlying securities, and for written options, may result in excess of the amounts shown on the statement of assets and liabilities. 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 at the end of 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 Portfolio’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, SA JPMorgan MFS Core Bond, SA T. Rowe Price Asset Allocation Growth and SA T. Rowe Price VCP Balanced Portfolios used credit default swaps to manage credit risk and to express active credit views to enhance return. The SA 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, to manage credit exposure and risk and to enhance returns.

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 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.

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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 at the end of 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 at the end of 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 and to enhance returns.

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 at the end of 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

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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, which may be in excess of the amount reflected on the statement of assets and liabilities.

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.

The following tables represent the value of derivatives held as of July 31, 2021, 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 six months ended July 31, 2021. For a detailed presentation of derivatives held as of July 31, 2021, please refer to the schedule at the end of each Portfolio’s Portfolio of Investments.

	Asset Derivatives								Liability Derivatives
	Futures Contracts(1)(8)		Swap Contracts(2)		Options Purchased(3)		Foreign Forward Exchange Contracts(4)		Futures Contracts(1)(8)		Swap Contracts(5)		Options Written(6)		Foreign Forward Exchange Contracts(7)
Portfolio	Interest Rate Contracts
SA BlackRock VCP Global Multi Asset	$	—	$	—	$	—	$	—	$	65,000	$	—	$	—	$	—
SA Federated Hermes Corporate Bond		174,375		—		—		—		—		—		—		—
SA Franklin Tactical Opportunities		—		—		—		—		5,859		—		—		—
SA Goldman Sachs Global Bond		99,425		1,146,020		305,921		—		32,106		1,800,147		241,753		—
SA Goldman Sachs Multi-Asset Insights		22,969		—		—		—		—		—		—		—
SA JPMorgan Diversified Balanced		30,053		—		—		—		98,847		—		—		—
SA JPMorgan MFS Core Bond		272,953		—		—		—		126,344		—		—		—
SA PIMCO VCP Tactical Balanced		203,375		143,692		—		—		89,676		312,869		79,902		—
SA Schroders VCP Global Allocation		215,009		—		—		—		216,304		—		—		—
SA T. Rowe Price Asset Allocation Growth		3,266		4,240		—		—		—		—		234		—
SA T. Rowe Price VCP Balanced		—		—		—		—		119,594		—		469		—
SA VCP Index Allocation		—		—		—		—		2,203		—		—		—
	Equity Contracts
SA BlackRock VCP Global Multi Asset		73,590		—		3,459,330		—		1,044,611		—		—		—
SA Emerging Markets Equity Index		—		—		—		—		137,500		—		—		—
SA Franklin Tactical Opportunities		—		—		—		—		17,840		—		—		—
SA Goldman Sachs Multi-Asset Insights		—		—		—		—		10,055		—		—		—
SA International Index		—		—		—		—		396,660		—		—		—
SA JPMorgan Diversified Balanced		5,280		—		—		—		278,875		—		—		—
SA JPMorgan Emerging Markets		—		—		—		—		18,750		—		—		—
SA Large Cap Growth Index		—		—		—		—		2,230		—		—		—
SA Large Cap Index		—		—		—		—		65,785		—		—		—
SA Large Cap Value Index		—		—		—		—		3,345		—		—		—
SA Mid Cap Index		—		—		—		—		51,600		—		—		—
SA PIMCO VCP Tactical Balanced		—		—		10,550,625		—		4,499,975		—		—		—

595

	Asset Derivatives								Liability Derivatives
	Futures Contracts(1)(8)		Swap Contracts(2)		Options Purchased(3)		Foreign Forward Exchange Contracts(4)		Futures Contracts(1)(8)		Swap Contracts(5)		Options Written(6)		Foreign Forward Exchange Contracts(7)
	Equity Contracts
SA Schroders VCP Global Allocation	$	176,917	$	—	$	848,048	$	—	$	930,796	$	—	$	—	$	—
SA Small Cap Index		—		—		—		—		93,810		—		—		—
SA T. Rowe Price VCP Balanced		300,500		—		7,797,625		—		2,043,775		—		—		—
SA VCP Dynamic Allocation		—		—		92,888,549		—		4,252,602		—		—		—
SA VCP Dynamic Strategy		223,000		—		57,665,061		—		—		—		—		—
SA VCP Index Allocation		—		—		—		—		682,010		—		—		—
	Credit Contracts
SA Goldman Sachs Global Bond		—		163,579		—		—		—		30,454		—		—
SA Goldman Sachs Multi-Asset Insights		—		35,480		—		—		—		—		—		—
SA PIMCO VCP Tactical Balanced		—		4,566		—		—		—		2,197		—		—
SA T. Rowe Price Asset Allocation Growth		—		4,240		—		—		—		—		—		—
SA T. Rowe Price VCP Balanced		—		3,075		—		—		—		—		—		—
	Foreign Exchange Contracts
SA BlackRock VCP Global Multi Asset		—		—		—		740,805		—		—		—		1,809,662
SA Goldman Sachs Global Bond		—		—		40,664		1,430,329		—		—		43,906		2,555,186
SA JPMorgan Diversified Balanced		—		—		—		30,520		—		—		—		21,813
SA PIMCO VCP Tactical Balanced		—		—		—		232,156		—		—		—		143,262
SA Putnam International Growth and Income		—		—		—		764,132		—		—		—		1,148,401
SA Schroders VCP Global Allocation		—		—		—		856,272		—		—		—		1,338,357
SA T. Rowe Price VCP Balanced		—		—		—		1,802		—		—		—		2,377

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:

Portfolio	Cumulative Appreciation/ (Depreciation)			Portfolio	Cumulative Appreciation/ (Depreciation)
SA BlackRock VCP Global Multi Asset	$	(32,822	)	SA Large Cap Index	$	427,061
SA Emerging Markets Equity Index		(913,370	)	SA Large Cap Value Index		21,715
SA Federated Hermes Corporate Bond		2,803,936		SA Mid Cap Index		(255,899	)
SA Franklin Tactical Opportunities		58,211		SA PIMCO VCP Tactical Balanced		14,173,385
SA Goldman Sachs Global Bond		867,423		SA Schroders VCP Global Index Allocation		5,295,248
SA Goldman Sachs Multi-Asset Insights		182,293		SA Small Cap Index		(482,902	)
SA International Index		(1,007,333	)	SA T. Rowe Price Asset Allocation Growth		41,373
SA JPMorgan Diversified Balanced		(1,557,475	)	SA T. Rowe Price VCP Balanced		8,886,593
SA JPMorgan Emerging Markets		(517	)	SA VCP Dynamic Allocation		5,645,308
SA JPMorgan MFS Core Bond		3,019,567		SA VCP Dynamic Strategy		83,264
SA Large Cap Growth Index		14,477		SA VCP Index Allocation		2,914,522

	Realized Gain (Loss) on Derivatives Recognized in Statement of  Operations
	Futures Contracts(1)			Swap Contracts(2)			Written Options(3)			Purchased Options(4)		Foreign Forward Exchange Contracts(5)
Portfolio	Interest Rate Contracts
SA BlackRock VCP Global Multi Asset	$	(769,950	)	$	—		$	—		$	—	$	—
SA Federated Hermes Corporate Bond		(7,350,451	)		—			—			—		—
SA Franklin Tactical Opportunities		51,073			—			—			—		—
SA Goldman Sachs Global Bond		(62,278	)		(497,682	)		(168,251	)		274,278		—
SA Goldman Sachs Multi-Asset Insights		(339,605	)		—			—			—		—

596

	Realized Gain (Loss) on Derivatives Recognized in Statement of  Operations
	Futures Contracts(1)			Swap Contracts(2)			Written Options(3)			Purchased Options(4)			Foreign Forward Exchange Contracts(5)
Portfolio	Interest Rate Contracts
SA JPMorgan Diversified Balanced	$	43,786		$	—		$	—		$	—		$	—
SA JPMorgan MFS Core Bond		(1,850,888	)		—			—			—			—
SA PIMCO VCP Tactical Balanced		2,700,822			(242,490	)		156,969			—			—
SA Schroders VCP Global Allocation		47,095			—			—			—			—
SA Small Cap Index		—			—			—			—			—
SA T. Rowe Price Asset Allocation Growth		(23,872	)		5,195			(1,415	)		—			—
SA T. Rowe Price VCP Balanced		(2,921,503	)		—			(836	)		—			—
SA VCP Dynamic Allocation		—			—			—			—			—
SA VCP Dynamic Strategy		—			—			—			—			—
SA VCP Index Allocation		(2,672,367	)		—			—			—			—
	Equity Contracts
SA BlackRock VCP Global Multi Asset		24,972,817			—			—			(8,602,789	)		—
SA Emerging Markets Equity Index		1,052,053			—			—			—			—
SA Franklin Tactical Opportunities		527,349			—			—			—			—
SA Goldman Sachs Multi-Asset Insights		73,047			—			—			—			—
SA International Index		3,448,287			—			—			—			—
SA JPMorgan Diversified Balanced		6,350,893			—			—			—			—
SA JPMorgan Emerging Markets		(61,913	)		—			—			—			—
SA Large Cap Growth Index		126,932			—			—			—			—
SA Large Cap Index		4,810,971			—			—			—			—
SA Large Cap Value Index		132,032			—			—			—			—
SA Mid Cap Index		3,218,903			—			—			—			—
SA PIMCO VCP Tactical Balanced		103,027,175			—			—			(8,073,559	)		—
SA Schroders VCP Global Allocation		26,205,021			—			—			(5,907,729	)		—
SA Small Cap Index		2,897,294			—			—			—			—
SA T. Rowe Price VCP Balanced		14,867,007			—			—			(10,189,978	)		—
SA VCP Dynamic Allocation		53,641,899			—			—			(230,442,355	)		—
SA VCP Dynamic Strategy		(60,546,139	)		—			—			(128,498,347	)		—
SA VCP Index Allocation		5,368,568			—			—			(5,970,506	)		—
	Credit Contracts
SA Goldman Sachs Global Bond		—			122,077			—			—			—
SA Goldman Sachs Multi-Asset Insights		—			56,861			—			—			—
SA PIMCO VCP Tactical Balanced		—			(576,964	)		—			—			—
SA Schroders VCP Global Allocation		—			—			—			—			—
SA Small Cap Index		—			—			—			—			—
SA T. Rowe Price VCP Balanced		—			56,103			—			—			—
SA VCP Dynamic Allocation		—			—			—			—			—
SA VCP Dynamic Strategy		—			—			—			—			—
	Foreign Exchange Contracts
SA BlackRock VCP Global Multi Asset		—			—			—			—			535,094
SA Goldman Sachs Global Bond		—			—			684,345			(698,629	)		686,616
SA JPMorgan Diversified Balanced		—			—			—			—			(14,825	)
SA PIMCO VCP Tactical Balanced		—			—			—			—			(41,675	)
SA Putnam International Growth and Income		—			—			—			—			(953,350	)
SA Schroders VCP Global Allocation		—			—			—			—			(109,981	)
SA Small Cap Index		—			—			—			—			—
SA T. Rowe Price VCP Balanced		—			—			—			—			1,339
SA VCP Dynamic Allocation		—			—			—			—			—
SA VCP Dynamic Strategy		—			—			—			—			—

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Futures Contracts(6)			Swap Contracts(7)			Written Options(8)		Purchased Options(9)			Foreign Forward Exchange Contracts(10)
Portfolio	Interest Rate Contracts
SA BlackRock VCP Global Multi Asset	$	(832,010	)	$	—		$	—	$	—		$	—
SA Federated Hermes Corporate Bond		5,707,180			—			—		—			—
SA Franklin Tactical Opportunities		(92,849	)		—			—		—			—
SA Goldman Sachs Global Bond		859,203			(879,644	)		43,533		(127,500	)		—

597

	Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations
	Futures Contracts(6)			Swap Contracts(7)			Written Options(8)		Purchased Options(9)			Foreign Forward Exchange Contracts(10)
Portfolio	Interest Rate Contracts
SA Goldman Sachs Multi-Asset Insights	$	329,350		$	—		$	—	$	—		$	—
SA JPMorgan Diversified Balanced		(720,554	)		—			—		—			—
SA JPMorgan MFS Core Bond		3,855,314			—			—		—			—
SA PIMCO VCP Tactical Balanced		(681,003	)		(167,246	)		82,626		—			—
SA Schroders VCP Global Allocation		1,219,902			—			—		—			—
SA Small Cap Index		—			—			—		—			—
SA T. Rowe Price Asset Allocation Growth		40,223			4,240			—		—			—
SA T. Rowe Price VCP Balanced		206,127			—			1,274		—			—
SA VCP Dynamic Allocation		—			—			—		—			—
SA VCP Dynamic Strategy		—			—			—		—			—
SA VCP Index Allocation		839,554			—			—		—			—
	Equity Contracts
SA BlackRock VCP Global Multi Asset		431,595			—			—		(3,462,700	)		—
SA Emerging Markets Equity Index		(1,540,812	)		—			—		—			—
SA Franklin Tactical Opportunities		85,827			—			—		—			—
SA Goldman Sachs Multi-Asset Insights		(101,925	)		—			—		—			—
SA International Index		(910,682	)		—			—		—			—
SA JPMorgan Diversified Balanced		(2,657,365	)		—			—		—			—
SA JPMorgan Emerging Markets		(517	)		—			—		—			—
SA Large Cap Growth Index		10,874			—			—		—			—
SA Large Cap Index		17,586			—			—		—			—
SA Large Cap Value Index		16,310			—			—		—			—
SA Mid Cap Index		(453,711	)		—			—		—			—
SA PIMCO VCP Tactical Balanced		3,782,882			—			—		(5,409,401	)		—
SA Schroders VCP Global Allocation		2,732,087			—			—		(1,596,982	)		—
SA Small Cap Index		(1,541,424	)		—			—		—			—
SA T. Rowe Price Asset Allocation Growth		—			—			637		—			—
SA T. Rowe Price VCP Balanced		10,024,967			—			—		(10,093,825	)		—
SA VCP Dynamic Allocation		(7,680,158	)		—			—		(27,786,993	)		—
SA VCP Dynamic Strategy		(15,269,150	)		—			—		(18,663,466	)		—
SA VCP Index Allocation		2,665,803			—			—		2,148,055			—
	Credit Contracts
SA Goldman Sachs Global Bond		—			93,482			—		—			—
SA Goldman Sachs Multi-Asset Insights		—			25,257			—		—			—
SA PIMCO VCP Tactical Balanced		—			306,029			—		—			—
SA Schroders VCP Global Allocation		—			—			—		—			—
SA Small Cap Index		—			—			—		—			—
SA T. Rowe Price VCP Balanced		—			6,711			—		—			—
SA VCP Dynamic Allocation		—			—			—		—			—
SA VCP Dynamic Strategy		—			—			—		—			—
	Foreign Exchange Contracts
SA BlackRock VCP Global Multi Asset		—			—			—		—			(1,168,697	)
SA Goldman Sachs Global Bond		—			—			83,634		(83,343	)		(1,104,371	)
SA JPMorgan Diversified Balanced		—			—			—		—			35,572
SA PIMCO VCP Tactical Balanced		—			—			—		—			100,472
SA Putnam International Growth and Income		—			—			—		—			(99,771	)
SA Schroders VCP Global Allocation		—			—			—		—			211,602
SA Small Cap Index		—			—			—		—			—
SA T. Rowe Price VCP Balanced		—			—			—		—			(575	)
SA VCP Dynamic Allocation		—			—			—		—			—
SA VCP Dynamic Strategy		—			—			—		—			—

Statement of Operations Location:

(1) Net realized gain (loss) on futures contracts

(2) Net realized gain (loss) on swap contracts

(3) Net realized gain (loss) on written options contracts

(4) Net realized gain (loss) on investments

(5) Net realized gain (loss) on forward contracts

(6) Change in unrealized appreciation (depreciation) on futures contracts

598

(7) Change in unrealized appreciation (depreciation) on swap contracts

(8) Change in unrealized appreciation (depreciation) on written options contracts

(9) Change in unrealized appreciation (depreciation) on investments

(10) Change in unrealized appreciation (depreciation) on forward contracts

The following table represents the average monthly balances of derivatives held during the six months ended July 31, 2021.

	Average Amount Outstanding During the Period
Portfolio	Futures Contracts(1)		Foreign Exchange Contracts(2)		Purchased Call Options Contracts(1)		Purchased Put Options Contracts(1)		Interest Rate Swap Contracts(2)		Credit Swap Contracts(2)		Written Call Option Contracts(1)		Written Put Option Contracts(1)
SA BlackRock VCP Global Multi Asset	$	245,373,704	$	89,579,237	$	—	$	3,260,004	$	—	$	—	$	—	$	—
SA Emerging Markets Equity Index		11,607,003		—		—		—		—		—		—		—
SA Federated Hermes Corporate Bond		59,055,365		—		—		—		—		—		—		—
SA Franklin Tactical Opportunities		8,193,534		—		—		—		—		—		—		—
SA Goldman Sachs Global Bond		130,087,779		309,097,632		176,105		410,144		842,511,663		61,181,611		177,961		436,187
SA Goldman Sachs Multi-Asset Insights		12,873,952		—		—		—		—		9,633,333		—		—
SA International Index		37,693,453		—		—		—		—		—		—		—
SA JPMorgan Diversified Balanced		106,292,334		10,059,262		—		—		—		—		—		—
SA JPMorgan Emerging Markets		2,418,280		—		—		—		—		—		—		—
SA JPMorgan MFS Core Bond		147,162,836		—		—		—		—		—		—		—
SA Large Cap Growth Index		754,558		—		—		—		—		—		—		—
SA Large Cap Index		22,461,918		—		—		—		—		—		—		—
SA Large Cap Value Index		716,018		—		—		—		—		—		—		—
SA Mid Cap Index		25,251,815		—		—		—		—		—		—		—
SA Morgan Stanley International Equities		—		—		—		—		—		—		—		—
SA PIMCO VCP Tactical Balanced		1,053,157,172		454,207		—		7,241,965		15,235,971		23,966,667		37,858		49,055
SA Putnam International Growth and Income		—		130,600,455		—		—		—		—		—		—
SA Schroders VCP Global Allocation		381,139,367		217,917,921		—		1,088,589		—		—		—		—
SA Small Cap Index		9,459,886		—		—		—		—		—		—		—
SA T. Rowe Price Asset Allocation Growth		3,575,466		—		—		—		—		2,133,333		129		150
SA T. Rowe Price VCP Balanced		343,021,876		331,936		—		4,800,348		—		7,633,333		215		488
SA VCP Dynamic Allocation		916,087,417		—		—		95,918,718		—		—		—		273,000
SA VCP Dynamic Strategy		304,253,667		—		—		55,541,909		—		—		—		195,000
SA VCP Index Allocation		101,939,718		—		—		1,557,518		—		—		—		—

(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 July 31, 2021. The repurchase agreements held by the Portfolios as of July 31, 2021, 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)								Net Derivative Assets (Liabilities)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total					Collateral Pledged/ (Received)(2)		Net Amount(3)
Barclays Bank PLC	$	3,638	$	—	$	—	$	3,638	$	—	$	—	$	—	$	—	$	3,638		$	—	$	3,638
Citibank N.A.		—		—		—		—		278,768		—		—		278,768		(278,768	)		—		(278,768	)
Deutsche Bank AG		42,754		—		—		42,754		983,878		—		—		983,878		(941,124	)		—		(941,124	)
JPMorgan Chase Bank		692,651		—		—		692,651		494,376		—		—		494,376		198,275			—		198,275
Morgan Stanley and Co.		754		—		—		754		25,553		—		—		25,553		(24,799	)		—		(24,799	)
UBS AG		1,008		—		—		1,008		27,087		—		—		27,087		(26,079	)		—		(26,079	)
Total	$	740,805	$	—	$	—	$	740,805	$	1,809,662	$	—	$	—	$	1,809,662	$	(1,068,857	)	$	—	$	(1,068,857	)

(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.

599

	SA Goldman Sachs Global Bond Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total					Collateral Pledged/ (Received)(2)		Net Amount(3)
Bank of America N.A.	$	—	$	—	$	6	$	6	$	—	$	—	$	—	$	—	$	6		$	—	$	6
Barclays Capital		—		—		10,506		10,506		—		—		—		—		10,506			—		10,506
Citibank N.A.		—		—		7,259		7,259		—		—		810		810		6,449			—		6,449
Deutsche Bank AG		—		—		167,758		167,758		—		—		140,062		140,062		27,696			—		27,696
HSBC Bank PLC		—		—		2,526		2,526		—		—		2,784		2,784		(258	)		—		(258	)
JPMorgan Chase Bank N.A.		1,430,329		—		129,068		1,559,397		2,555,186		—		98,637		2,653,823		(1,094,426	)		1,094,426		—
JPMorgan Chase Bank N.A., London		—		—		—		—		—		—		10,891		10,891		(10,891	)		—		(10,891	)
Morgan Stanley & Co. International PLC		—		22,091		—		22,091		—		—		—		—		22,091			—		22,091
Morgan Stanley & Co., Inc.		—		—		25,657		25,657		—		—		28,403		28,403		(2,746	)		—		(2,746	)
UBS AG		—		—		3,805		3,805		—		—		4,072		4,072		(267	)		—		(267	)
Total	$	1,430,329	$	22,091	$	346,585	$	1,799,005	$	2,555,186	$	—	$	285,659	$	2,840,845	$	(1,041,840	)	$	1,094,426	$	52,586

⁽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 JPMorgan Diversified Balanced Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total					Collateral Pledged/ (Received)(2)		Net Amount(3)
Merrill Lynch International	$	168	$	—	$	—	$	168	$	7,391	$	—	$	—	$	7,391	$	(7,223	)	$	—	$	(7,223	)
Standard Chartered Bank		1,431		—		—		1,431		—		—		—		—		1,431			—		1,431
State Street Bank & Trust		28,921		—		—		28,921		—		—		—		—		28,921			—		28,921
Toronto Dominion Bank		—		—		—		—		14,422		—		—		14,422		(14,422	)		—		(14,422	)
Total	$	30,520	$	—	$	—	$	30,520	$	21,813	$	—	$	—	$	21,813	$	8,707		$	—	$	8,707

(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)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total					Collateral Pledged/ (Received)(2)		Net Amount(3)
Bank of America N.A.	$	64,673	$	—	$	—	$	64,673	$	63,850	$	—	$	422	$	64,272	$	401		$	—	$	401
Barclays Bank PLC		38,291		—		—		38,291		—		—		22,615		22,615		15,676			—		15,676
Citibank N.A.		57,838		—		—		57,838		31,116		—		228		31,344		26,494			—		26,494
Goldman Sachs Bank USA		71,354		—		—		71,354		48,296		—		56,637		104,933		(33,579	)		—		(33,579	)
Total	$	232,156	$	—	$	—	$	232,156	$	143,262	$	—	$	79,902	$	223,164	$	8,992		$	—	$	8,992

(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 Putnam International Growth and Income Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total					Collateral Pledged/ (Received)(2)		Net Amount(3)
Bank of America, N.A.	$	5,485	$	—	$	—	$	5,485	$	217,887	$	—	$	—	$	217,887	$	(212,402	)	$	—	$	(212,402	)
Barclays Bank PLC		34,818		—		—		34,818		31,448		—		—		31,448		3,370			—		3,370
Citibank N.A.		46,895		—		—		46,895		165,100		—		—		165,100		(118,205	)		—		(118,205	)
Goldman Sachs International		72,118		—		—		72,118		1,443		—		—		1,443		70,675			—		70,675
HSBC Bank USA N.A.		54,101		—		—		54,101		185,444		—		—		185,444		(131,343	)		—		(131,343	)
JPMorgan Chase Bank N.A.		341,997		—		—		341,997		133,850		—		—		133,850		208,147			—		208,147
Morgan Stanley & Co. International PLC		—		—		—		—		59,668		—		—		59,668		(59,668	)		—		(59,668	)
NatWest Markets PLC		61,734		—		—		61,734		138,470		—		—		138,470		(76,736	)		—		(76,736	)
State Street Bank & Trust Co.		113,540		—		—		113,540		61,855		—		—		61,855		51,685			—		51,685
Toronto Dominion Bank		22,617		—		—		22,617		—		—		—		—		22,617			—		22,617
UBS AG		8,957		—		—		8,957		145,338		—		—		145,338		(136,381	)		—		(136,381	)
Westpac Banking Corp.		1,870		—		—		1,870		7,898		—		—		7,898		(6,028	)		—		(6,028	)
Total	$	764,132	$	—	$	—	$	764,132	$	1,148,401	$	—	$	—	$	1,148,401	$	(384,269	)	$	—	$	(384,269	)

(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)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total					Collateral Pledged/ (Received)(2)		Net Amount(3)
Bank of America, N.A.	$	170	$	—	$	—	$	170	$	191	$	—	$	—	$	191	$	(21	)	$	—	$	(21	)
Barclays Bank PLC		165,451		—		—		165,451		296,065		—		—		296,065		(130,614	)		—		(130,614	)
Citibank N.A.		10,132		—		—		10,132		23,678		—		—		23,678		(13,546	)		—		(13,546	)
Morgan Stanley and Co. International PLC		312,212		—		—		312,212		450,580		—		—		450,580		(138,368	)		—		(138,368	)
UBS AG		368,307		—		—		368,307		567,843		—		—		567,843		(199,536	)		199,536		—
Total	$	856,272	$	—	$	—	$	856,272	$	1,338,357	$	—	$	—	$	1,338,357	$	(482,085	)	$	199,536	$	(282,549	)

(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)								Net Derivative Assets (Liabilities)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total					Collateral Pledged/ (Received)(2)		Net Amount(3)
Bank of America, N.A.	$	520	$	—	$	—	$	520	$	53	$	—	$	—	$	53	$	467		$	—	$	467
Citibank N.A.		348		—		—		348		291		—		—		291		57			—		57
Goldman Sachs International		—		—		—		—		179		—		—		179		(179	)		—		(179	)
HSBC Bank USA		—		—		—		—		284		—		—		284		(284	)		—		(284	)
JPMorgan Chase Bank, N.A., London		824		—		—		824		—		—		—		—		824			—		824
Morgan Stanley and Co. International PLC		—		—		—		—		196		—		—		196		(196	)		—		(196	)
State Street Bank London		—		—		—		—		1,374		—		—		1,374		(1,374	)		—		(1,374	)
UBS AG		110		—		—		110		—		—		—		—		110			—		110
	$	1,802	$	—	$	—	$	1,802	$	2,377	$	—	$	—	$	2,377	$	(575	)	$	—	$	(575	)

(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.

601

	SA VCP Dynamic Allocation Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total				Collateral Pledged/ (Received)(2)			Net Amount(3)
CitiBank N.A.	$	—	$	—	$	41,446,519	$	41,446,519	$	—	$	—	$	—	$	—	$	41,446,519	$	(39,308,863	)	$	2,137,656
Goldman Sachs International		—		—		8,472,135		8,472,135		—		—		—		—		8,472,135		(8,060,000	)		412,135
JPMorgan Chase Bank, N.A.		—		—		5,531,700		5,531,700		—		—		—		—		5,531,700		(5,260,000	)		271,700
UBS AG		—		—		37,438,195		37,438,195		—		—		—		—		37,438,195		(35,391,700	)		2,046,495
Total	$	—	$	—	$	92,888,549	$	92,888,549	$	—	$	—	$	—	$	—	$	92,888,549	$	(88,020,563	)	$	4,867,986

(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 Strategy Portfolio
	Derivative Assets(1)								Derivative Liabilities(1)								Net Derivative Assets (Liabilities)
Counterparty	Forward Foreign Currency Contracts		OTC Swaps		Options Purchased		Total		Forward Foreign Currency Contracts		OTC Swaps		Options Written		Total				Collateral Pledged/ (Received)(2)			Net Amount(3)
Citibank, N.A.	$	—	$	—	$	21,146,952	$	21,146,952	$	—	$	—	$	—	$	—	$	21,146,952	$	(20,046,972	)	$	1,099,980
Goldman Sachs International		—		—		9,709,424		9,709,424		—		—		—		—		9,709,424		(9,220,000	)		489,424
JPMorgan Chase Bank N.A.		—		—		2,340,335		2,340,335		—		—		—		—		2,340,335		(2,230,000	)		110,335
UBS AG		—		—		24,468,350		24,468,350		—		—		—		—		24,468,350		(23,191,000	)		1,277,350
Total	$	—	$	—	$	57,665,061	$	57,665,061	$	—	$	—	$	—	$	—	$	57,665,061	$	(54,687,972	)	$	2,977,089

(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

602

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.

Reverse Repurchase Agreements:    Certain Portfolios may enter into reverse repurchase agreements with brokers, dealers, domestic and foreign banks or other financial institutions that have been determined by the Adviser or Subadviser to be creditworthy. In a reverse repurchase agreement, the Portfolio sells a security and agrees to repurchase it at a mutually agreed upon date and price, reflecting the interest rate effective for the term of the agreement. It may also be viewed as the borrowing of money by the Portfolio. The Portfolio’s investment of the proceeds of a reverse repurchase agreement is the speculative factor known as leverage. A Portfolio will enter into a reverse repurchase agreement only if the interest income from investment of the proceeds is expected to be greater than the interest expense of the transaction and the proceeds are invested for a period no longer than the term of the agreement. Cash received in exchange for securities delivered plus accrued interest payments to be made by the Portfolio to counterparties are reflected as a liability on the Statement of Assets and Liabilities. Interest payments made by the Portfolio to counterparties are recorded as a component of interest expense on the Statement of Operations. In periods of increased demand for the security, the Portfolio may receive a fee for use of the security by the counterparty, which may result in interest income to the Portfolio. In order to minimize any risk involved, the Portfolio will segregate cash or other liquid securities in an amount at least equal to its purchase obligations under these agreements (including accrued interest). In the event that the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the buyer or its trustee or receiver may receive an extension of time to determine whether to enforce the Portfolio’s repurchase obligation, and the Portfolio’s use of proceeds of the agreement may effectively be restricted pending such decision.

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:    Certain Portfolios may enter 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. 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. 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 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. Unsettled loans 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.

603

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 any fund of fund portfolios including the 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.

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 any fund of fund portfolios including the SA VCP Dynamic Allocation, SA VCP Dynamic Strategy and SA VCP Index Allocation Portfolios, the expenses included in the accompanying financial statements reflect the expenses of any fund of fund portfolios including the SA VCP Dynamic Allocation, SA VCP Dynamic Strategy 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.

Each Portfolio recognizes 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. The Portfolios are not aware of any tax provisions for which it is reasonably possible that the total amounts of recognized tax benefits will change materially in the next twelve months. The Portfolios file U.S. federal and certain state income tax returns. The Portfolios federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

604

Organization and Offering Costs:    Organization costs incurred in connection with the commencement of the SA BlackRock Multi-Factor 70/30 Portfolio are expensed in the current period, 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.

LIBOR Risk:    A Portfolio’s investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that the FCA will no longer persuade nor require banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. On March 5, 2021, the FCA and LIBOR’s administrator announced that most LIBOR settings will no longer be published after June 30, 2023. Such announcements indicate that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed. These announcements and any additional regulatory or market changes may have an adverse impact on a Portfolio or its investments.

Regulators and market participants are working together to identify or develop successor Reference Rates. It is expected that market participants will focus on the transition mechanisms by which the Reference Rates in existing contracts or instruments may be amended, whether through market wide protocols, fallback contractual provisions, bespoke negotiations or amendments or otherwise. Nonetheless, the termination of certain Reference Rates presents risks to a Portfolio. At this time, it is not possible to completely identify or predict the effect of any such changes, any establishment of alternative Reference Rates or any other reforms to Reference Rates that may be enacted in the UK or elsewhere. The elimination of a Reference Rate or any other changes or reforms to the determination or supervision of Reference Rates, and these changes could have an adverse impact on the market for or value of any securities or payments linked to those Reference Rates and other financial obligations held by a Portfolio or on its overall financial condition or results of operations. In addition, any substitute Reference Rate and any pricing adjustments imposed by a regulator or by counterparties or otherwise may adversely affect a Portfolio’s performance and/or net asset value.

Recent Accounting and Regulatory Developments:    In March 2020, the FASB issued ASU No. 2020-04 “Facilitation of the Effects of Reference Rate Reform on Financial Reporting”, which provides optional, temporary relief with respect to the financial reporting of contracts subject to certain types of modifications due to the planned discontinuation of LIBOR and other interbank offered based reference rates at of the end of 2021. The temporary relief provided by ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. Management is evaluating the potential impact of ASU 2020-04 on the financial statements.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule became effective on March 8, 2021 and has a compliance date of September 8, 2022 (eighteen months following the effective date). Management is currently evaluating the Rule and its impact to the Portfolios.

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, 2021
Portfolio	Ordinary Income		Long-term Gains/Capital Loss Carryover			Unrealized Appreciation (Depreciation)*		Ordinary Income		Long-Term Capital Gains
SA AB Growth	$	13,065,838	$	149,419,931		$	648,594,160	$	15,054,543	$	148,099,137
SA AB Small & Mid Cap Value		6,912,771		—			93,460,998		3,009,445		12,123,581
SA BlackRock Multi-Factor 70/30		34,505		—			640,645		78,398		—
SA BlackRock VCP Global Multi Asset		55,120,847		—			30,801,645		12,399,416		5,867,830
SA Columbia Technology		3,274,629		15,860,238			56,277,694		2,145,794		9,023,071
SA DFA Ultra Short Bond		68,148		(6,135,748	)		69,706		6,078,656		—
SA Emerging Markets Equity Index		1,085,302		(1,427,024	)		20,578,626		2,185,669		—
SA Federated Hermes Corporate Bond		42,956,552		4,529,282			119,373,374		56,764,993		14,638,518
SA Fidelity Institutional AM® International Growth		9,406,740		16,589,209			67,318,282		7,831,294		3,606,282
SA Fidelity Institutional AM® Real Estate		3,727,687		(4,119,357	)		28,774,904		7,891,397		8,745,945
SA Fixed Income Index		11,928,954		5,413,298			40,170,547		13,208,937		1,306,593
SA Fixed Income Intermediate Index		6,311,004		389,197			19,571,255		7,132,415		—
SA Franklin BW U.S. Large Cap Value		29,559,081		5,253,830			223,255,438		26,782,877		81,259,424
SA Franklin Small Company Value		23,032,097		—			43,062,272		8,342,179		12,109,112

605

	Distributable Earnings								Tax Distributions
	For the year ended January 31, 2021
Portfolio	Ordinary Income		Long-term Gains/Capital Loss Carryover			Unrealized Appreciation (Depreciation)*			Ordinary Income		Long-Term Capital Gains
SA Franklin Systematic U.S. Large Cap Value	$	28,259,174	$	7,599,377		$	28,253,487		$	25,384,817	$	31,949,978
SA Franklin Tactical Opportunities		759,869		435,942			7,324,238			923,232		83,259
SA Franklin U. S. Equity Smart Beta		95,277		(859,275	)		17,978,280			3,463,380		1,116
SA Global Index Allocation 60/40		70,631		569,711			7,412,353			912,210		663,954
SA Global Index Allocation 75/25		91,877		629,125			7,517,457			707,804		469,267
SA Global Index Allocation 90/10		2,830,543		2,860,001			29,393,672			—		—
SA Goldman Sachs Global Bond		9,801,254		(1,645,128	)		30,684,641			1,678,891		—
SA Goldman Sachs Multi-Asset Insights		743,282		922,169			3,633,632			86,515		398,352
SA Index Allocation 60/40		186,850		2,393,150			25,261,344			2,333,341		2,962,670
SA Index Allocation 80/20		4,621,577		7,571,235			57,332,621			—		1,752,287
SA Index Allocation 90/10		12,192,901		19,533,151			152,615,024			—		4,152,860
SA International Index		11,652,955		165,248			84,326,262			12,378,443		—
SA Invesco Growth Opportunities		18,020,540		26,511,930			143,165,289			2,114,299		37,586,601
SA Invesco Main Street Large Cap		3,191,435		23,063,522			108,352,949			5,719,990		28,066,939
SA Janus Focused Growth		5,241,419		50,905,494			222,729,680			3,053,747		31,108,589
SA JPMorgan Diversified Balanced		8,191,111		18,704,424			27,203,267			8,998,973		4,188,574
SA JPMorgan Emerging Markets		3,999,682		(23,913,535	)		61,992,937			3,875,432		—
SA JPMorgan Equity-Income		19,968,628		40,032,678			253,466,453			21,810,996		77,934,577
SA JPMorgan Global Equities		6,222,078		(4,745,129	)		92,261,833			5,030,443		9,322,515
SA JPMorgan MFS Core Bond		66,280,692		—			98,448,234			49,744,811		—
SA JPMorgan Mid-Cap Growth		21,724,166		69,619,276			167,876,363			1,734,645		53,978,885
SA Large Cap Growth Index		5,072,005		14,874,290			106,874,676			3,306,464		6,625,657
SA Large Cap Index		48,137,572		45,935,933			1,280,365,401			48,610,473		31,355,963
SA Large Cap Value Index		9,187,287		2,105,793			11,949,456			25,657,712		4,949,554
SA MFS Blue Chip Growth		11,773,100		71,601,446			243,300,851			3,668,614		59,957,057
SA MFS Massachusetts Investors Trust		6,041,430		43,774,705			424,512,804			5,992,880		87,325,603
SA MFS Total Return		7,363,228		29,144,939			100,739,732			9,192,471		14,912,233
SA Mid Cap Index		14,274,897		8,423,517			58,363,948			3,758,219		2,765,320
SA Morgan Stanley International Equities		5,036,574		(1,524,596	)		68,753,650			8,054,543		7,048,140
SA PIMCO RAE International Value		19,595,901		—			(7,959,360	)		17,205,669		—
SA PIMCO VCP Tactical Balanced		46,864,737		46,400,509			16,529,008			53,120,781		25,524,336
SA PineBridge High-Yield Bond		13,386,938		(21,232,073	)		6,758,207			17,143,902		—
SA Putnam International Growth and Income		6,103,640		(1,161,235	)		29,370,631			5,909,187		94,909
SA Schroders VCP Global Allocation		2,138,973		87,838			35,928,225			8,223,835		1,890,481
SA Small Cap Index		2,821,886		8,250,735			66,004,327			3,740,118		7,671,891
SA T.Rowe Price Asset Allocation Growth		1,853,842		6,415,908			65,193,403			2,901,332		1,372,072
SA T.Rowe Price VCP Balanced		98,671,243		—			246,281,389			28,062,257		10,249,321
SA VCP Dynamic Allocation		182,250,900		670,344,834			1,418,229,079			245,451,686		498,518,083
SA VCP Dynamic Strategy		289,497,571		82,804,447			688,831,740			89,788,869		226,772,017
SA VCP Index Allocation		2,429,558		4,983,152			55,822,183			6,942,562		4,264,020
SA WellsCap Aggressive Growth		2,058,465		12,669,680			99,809,205			2,657,904		8,882,041

* Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency.

606

As of January 31, 2021, for Federal income tax purposes, the Portfolios indicated below have capital loss carryforwards, which expire in the year indicated, which are available to offset future capital gains, if any:

	Unlimited
Portfolio	ST		LT
SA AB Growth	$	—	$	—
SA AB Small & Mid Cap Value		—		—
SA BlackRock Multi-Factor 70/30		—		—
SA BlackRock VCP Global Multi Asset		—		—
SA Columbia Technology		—		—
SA DFA Ultra Short Bond		387,236		5,748,512
SA Emerging Markets Equity Index		—		1,427,024
SA Federated Hermes Corporate Bond		—		—
SA Fidelity Institutional AM® International Growth		—		—
SA Fidelity Institutional AM® Real Estate		—		4,119,357
SA Fixed Income Index		—		—
SA Fixed Income Intermediate Index		—		—
SA Franklin BW U.S. Large Cap Value		—		—
SA Franklin Small Company Value		—		—
SA Franklin Systematic U.S. Large Cap Value		—		—
SA Franklin Tactical Opportunities		—		—
SA Franklin U. S. Equity Smart Beta		859,275		—
SA Global Index Allocation 60/40		—		—
SA Global Index Allocation 75/25		—		—
SA Global Index Allocation 90/10		—		—
SA Goldman Sachs Global Bond		—		1,645,128
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 Main Street Large Cap		—		—
SA Janus Focused Growth		—		—
SA JPMorgan Diversified Balanced		—		—
SA JPMorgan Emerging Markets		23,913,535		—
SA JPMorgan Equity-Income		—		—
SA JPMorgan Global Equities		4,745,129		—
SA JPMorgan MFS Core Bond		—		—
SA JPMorgan Mid-Cap Growth		—		—
SA Large Cap Growth Index		—		—
SA Large Cap Index		—		—
SA Large Cap Value Index		—		—
SA MFS Blue Chip Growth		—		—
SA MFS Massachusetts Investors Trust		—		—
SA MFS Total Return		—		—
SA Mid Cap Index		—		—
SA Morgan Stanley International Equities		—		1,524,596
SA PIMCO RAE International Value		—		—
SA PIMCO VCP Tactical Balanced		—		—
SA PineBridge High-Yield Bond		—		21,232,073
SA Putnam International Growth and Income		1,161,235		—
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		—		—
SA WellsCap Aggressive Growth		—		—

607

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, 2021, 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 Multi-Factor 70/30		9,334		—		—
SA BlackRock VCP Global Multi Asset		124,332		—		—
SA Columbia Technology		—		—		—
SA DFA Ultra Short Bond		—		—		—
SA Emerging Markets Equity Index		—		—		—
SA Federated Hermes Corporate Bond		—		—		—
SA Fidelity Institutional AM® International Growth		—		—		—
SA Fidelity Institutional AM® Real Estate		—		—		—
SA Fixed Income Index		—		—		—
SA Fixed Income Intermediate Index		—		—		—
SA Franklin BW U.S. Large Cap Value		—		—		—
SA Franklin Small Company Value		—		—		—
SA Franklin Systematic U.S. Large Cap Value		—		—		—
SA Franklin Tactical Opportunities		8,181		—		—
SA Franklin U. S. Equity Smart Beta		—		—		—
SA Global Index Allocation 60/40		25,084		—		—
SA Global Index Allocation 75/25		22,012		—		—
SA Global Index Allocation 90/10		—		—		—
SA Goldman Sachs Global Bond		—		—		—
SA Goldman Sachs Multi-Asset Insights		20,057		—		—
SA Index Allocation 60/40		71,015		—		—
SA Index Allocation 80/20		—		—		—
SA Index Allocation 90/10		—		—		—
SA International Index		—		—		—
SA Invesco Growth Opportunities		—		—		—
SA Invesco Main Street Large Cap		—		—		—
SA Janus Focused Growth		—		—		—
SA JPMorgan Diversified 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 Growth Index		—		—		—
SA Large Cap Index		—		—		—
SA Large Cap Value Index		—		—		—
SA MFS Blue Chip Growth		—		—		—
SA MFS Massachusetts Investors Trust		—		—		—
SA MFS Total Return		—		—		—
SA Mid Cap Index		—		—		—
SA Morgan Stanley International Equities		—		—		—
SA PIMCO RAE International Value		—		—		—
SA PIMCO VCP Tactical Balanced		512,048		—		—
SA PineBridge High-Yield Bond		—		—		—
SA Putnam International Growth and Income		—		—		—
SA Schroders VCP Global Allocation		—		—		—
SA Small Cap Index		—		—		—
SA T.Rowe Price Asset Allocation Growth		55,929		—		—
SA T.Rowe Price VCP Balanced		—		—		—
SA VCP Dynamic Allocation		—		—		—
SA VCP Dynamic Strategy		—		—		—
SA VCP Index Allocation		195,778		—		—
SA WellsCap Aggressive Growth		—		—		—

608

The amounts of aggregate unrealized gain (loss) and the cost of investment securities for Federal tax purposes, including short-term securities and repurchase agreements, were as follows:

Portfolio	Aggregate Unrealized Gain		Aggregate Unrealized Loss			Net Unrealized Gain/(Loss)		Cost of Investments
SA AB Growth	$	942,244,406	$	(1,678,421	)	$	940,565,985	$	1,161,480,625
SA AB Small & Mid Cap Value		145,637,866		(6,803,424	)		138,834,442		464,454,509
SA BlackRock Multi-Factor 70/30		2,162,657		(12,433	)		2,150,224		50,958,976
SA BlackRock VCP Global Multi Asset		49,299,614		(19,215,891	)		30,083,723		813,147,353
SA Columbia Technology		77,046,116		(837,639	)		76,208,477		130,962,170
SA DFA Ultra Short Bond		38,545		(6,181	)		32,364		402,552,372
SA Emerging Markets Equity Index		24,036,603		(9,453,436	)		14,583,167		92,945,107
SA Federated Hermes Corporate Bond		137,713,291		(8,049,857	)		129,663,434		1,438,325,204
SA Fidelity Institutional AM® International Growth		74,152,392		(4,164,709	)		69,987,683		313,140,484
SA Fidelity Institutional AM® Real Estate		91,137,128		(3,840,596	)		87,296,532		234,614,514
SA Fixed Income Index		35,515,739		(1,296,952	)		34,218,787		536,276,924
SA Fixed Income Intermediate Index		17,370,031		(265,971	)		17,104,060		518,090,302
SA Franklin BW U.S. Large Cap Value		416,367,963		(12,858,465	)		403,509,498		1,213,201,864
SA Franklin Small Company Value		70,847,318		(7,368,100	)		63,479,218		308,282,343
SA Franklin Systematic U.S. Large Cap Value		20,222,339		(6,865,147	)		13,357,192		494,286,642
SA Franklin Tactical Opportunities		13,986,181		(1,075,125	)		12,911,056		73,271,530
SA Franklin U.S. Equity Smart Beta		38,585,794		(1,657,058	)		36,928,736		139,642,118
SA Global Index Allocation 60/40		12,424,402		(424,596	)		11,999,806		70,804,280
SA Global Index Allocation 75/25		13,570,318		(537,507	)		13,032,811		64,484,894
SA Global Index Allocation 90/10		56,889,965		(2,346,828	)		54,543,137		225,714,140
SA Goldman Sachs Global Bond		28,941,799		(7,204,105	)		21,737,694		407,504,629
SA Goldman Sachs Multi-Asset Insights		6,661,331		(609,765	)		6,051,566		43,226,757
SA Index Allocation 60/40		42,111,788		(725,260	)		41,386,528		186,921,024
SA Index Allocation 80/20		101,399,356		(971,672	)		100,427,684		328,220,230
SA Index Allocation 90/10		289,291,352		(3,904,211	)		285,387,141		873,124,400
SA International Index		173,637,351		(33,722,155	)		139,915,196		619,709,771
SA Invesco Growth Opportunities		133,923,777		(11,639,238	)		122,284,539		251,924,017
SA Invesco Main Street Large Cap		153,842,975		(3,152,461	)		150,690,514		398,967,834
SA Janus Focused Growth		291,400,604		(2,470,540	)		288,930,064		311,054,553
SA JPMorgan Diversified Balanced		39,944,707		(8,004,095	)		31,940,612		307,771,602
SA JPMorgan Emerging Markets		51,257,950		(9,904,111	)		41,353,839		203,621,263
SA JPMorgan Equity-Income		408,353,967		(7,697,993	)		400,655,974		889,309,163
SA JPMorgan Global Equities		120,557,740		(5,579,395	)		114,978,345		304,145,286
SA JPMorgan MFS Core Bond		97,568,103		(7,842,105	)		89,725,998		2,224,464,996
SA JPMorgan Mid-Cap Growth		172,385,495		(11,237,305	)		161,148,190		399,992,195
SA Large Cap Growth Index		151,259,064		(387,315	)		150,871,749		206,370,593
SA Large Cap Index		1,815,012,717		(80,799,311	)		1,734,213,406		1,734,232,510
SA Large Cap Value Index		68,564,749		(7,851,280	)		60,713,469		300,785,962
SA MFS Blue Chip Growth		303,723,298		(4,074,596	)		299,648,702		520,308,462
SA MFS Massachusetts Investors Trust		564,476,793		(3,227,389	)		561,249,404		677,208,232
SA MFS Total Return		130,528,054		(3,067,460	)		127,460,594		438,757,821
SA Mid Cap Index		109,405,049		(11,299,673	)		98,105,376		341,755,803
SA Morgan Stanley International Equities		119,506,410		(26,173,459	)		93,332,951		391,627,725
SA PIMCO RAE International Value		74,050,637		(30,414,217	)		43,636,420		725,047,123
SA PIMCO VCP Tactical Balanced		31,099,096		(17,947,835	)		13,151,261		1,422,357,576
SA PineBridge High-Yield Bond		12,104,128		(4,647,695	)		7,456,433		291,980,337
SA Putnam International Growth and Income		63,531,456		(18,258,444	)		45,273,012		271,962,652
SA Schroders VCP Global Allocation		60,662,596		(11,231,092	)		49,431,504		573,429,612
SA Small Cap Index		86,161,001		(24,523,875	)		61,637,126		267,269,576
SA T. Rowe Price Asset Allocation Growth		108,518,638		(8,147,251	)		100,371,387		466,976,852
SA T. Rowe Price VCP Balanced		325,282,160		(34,117,899	)		291,164,261		1,535,390,339
SA VCP Dynamic Allocation		2,381,800,331		(94,922,325	)		2,286,878,006		9,798,349,044
SA VCP Dynamic Strategy		1,304,470,461		(63,990,417	)		1,240,480,044		6,521,531,652
SA VCP Index Allocation		97,650,177		(5,412,173	)		92,238,004		424,705,714
SA WellsCap Aggressive Growth		87,276,800		(5,363,539	)		81,913,261		152,896,780

609

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 Emerging Markets Equity Index, SA Fixed Income Index, SA Fixed Income Intermediate Index, SA Global Index Allocation 60/40, SA Global Index Allocation 75/25, SA Global Index Allocation 90/10, SA Index Allocation 60/40, SA Index Allocation 80/20, SA Index Allocation 90/10, SA Large Cap Growth Index, SA Large Cap Index, SA Large Cap Value Index, SA Mid Cap Index, 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.

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(1)		$0-$250 million		0.950	%
		> $250 million		0.900	%
SA BlackRock Multi-		$0-$250 million		0.650	%
Factor 70/30(2)		> $250 million		0.600	%
SA BlackRock VCP Global Multi Asset(3)		$0-$500 million		0.860	%
		> $500 million		0.840	%
		> $3 billion		0.790	%
SA Columbia Technology(4)		$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 Emerging Markets Equity Index		$0-$2 billion		0.450	%
		> $2 billion		0.400	%
SA Federated Hermes Corporate Bond		$0-$50 million		0.700	%
		> $50 million		0.600	%
		> $150 million		0.550	%
		> $250 million		0.500	%
SA Fidelity Institutional AM® International Growth		$0-$100 million		0.78	%
		> $100 million		0.76	%
		> $200 million		0.75	%
SA Fidelity Institutional AM® Real Estate		$0-$100 million		0.800	%
		> $100 million		0.750	%
		> $500 million		0.700	%
SA Fixed Income Index		$0-$2 billion		0.300	%
		> $2 billion		0.250	%
SA Fixed Income Intermediate Index		$0-$2 billion		0.300	%
		> $2 billion		0.250	%
SA Franklin BW U.S. Large Cap Value(5)		$0-$100 million		0.800	%
		> $100 million		0.750	%
		> $500 million		0.700	%

Portfolio	Assets		Management Fees
SA Franklin Small Company Value(6)		$0-$200 million		1.000	%
		> $200 million		0.920	%
		> $500 million		0.900	%
SA Franklin Systematic U.S. Large Cap Value		>$0		0.60	%
SA Franklin Tactical Opportunities		$0-$500 million		0.700	%
		> $500 million		0.675	%
		> $1 billion		0.650	%
		> $2 billion		0.625	%
SA Franklin U.S. Equity Smart Beta		$0-$100 million		0.500	%
		> $100 million		0.480	%
		> $250 million		0.460	%
		> $500 million		0.440	%
		> $750 million		0.430	%
SA Global Index Allocation 60/40		> $0		0.100	%
SA Global Index Allocation 75/25		> $0		0.100	%
SA Global Index Allocation 90/10		> $0		0.100	%
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-$2 billion		0.400	%
		> $2 billion		0.350	%
SA Invesco Growth Opportunities		$0-$250 million		0.750	%
		> $250 million		0.700	%
		> $500 million		0.650	%
SA Invesco Main Street Large Cap(7)		$0-$50 million		0.800	%
		> $50 million		0.750	%
		> $250 million		0.700	%

610

Portfolio	Assets		Management Fees
SA Janus Focused Growth(8)		> $0		0.850	%
SA JPMorgan Diversified Balanced(9)		$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(10)		$0-$100 million		1.150	%
		> $100 million		1.100	%
		> $200 million		1.050	%
SA JPMorgan Equity-Income		$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		$0-$50 million		0.900	%
		> $50 million		0.800	%
		> $150 million		0.700	%
		> $300 million		0.650	%
SA JPMorgan MFS Core Bond(11)		> $0		0.600	%
SA JPMorgan Mid-Cap Growth		$0-$100 million		0.800	%
		> $100 million		0.750	%
SA Large Cap Growth Index		$0-$2 billion		0.300	%
		> $2 billion		0.250	%
SA Large Cap Index(12)		$0-$2 billion		0.400	%
		> $2 billion		0.320	%
		> $3 billion		0.280	%
SA Large Cap Value Index		$0-$2 billion		0.300	%
		> $2 billion		0.250	%
SA MFS Blue Chip Growth		$0-$250 million		0.700	%
		> $250 million		0.650	%
		> $500 million		0.600	%
SA MFS Massachusetts Investors Trust(13)		$0-$600 million		0.700	%
		> $600 million		0.650	%
		> $1.5 billion		0.600	%
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-$2 billion		0.300	%
		> $2 billion		0.250	%
SA Morgan Stanley International Equities(14)		$0-$250 million		0.850	%
		> $250 million		0.800	%
		> $500 million		0.750	%
SA PIMCO RAE International Value(15)		$0-$50 million		1.025	%
		> $50 million		0.865	%
		> $200 million		0.775	%
		> $500 million		0.750	%

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(16)		$0-$150 million		1.000	%
		> $150 million		0.900	%
		> $300 million		0.800	%
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-$2 billion		0.350	%
		> $2 billion		0.300	%
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	%
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(17)(18)		$0-$1.5 billion		0.250	%
		> $1.5 billion		0.220	%
		> $3 billion		0.200	%
SA VCP Dynamic Strategy(17)		$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	%

(1) Effective November 1, 2020, the Advisor contractually agreed to waive its advisory fee under the Advisory Agreement with respect to the SA AB Small & Mid Cap Value Portfolio so that the advisory fee payable by the Portfolio is equal to the portion of the Portfolio’s average daily net assets as follows: 0.90% on the first $250 million, and 0.85% thereafter.

611

(2) The Advisor contractually agreed through April 30, 2022 and from year to year thereafter provided such continuance is agreed to by the Adviser and approved by a majority of the Independent Trustees to waive its advisory fee under the Advisory Agreement with respect to the SA BlackRock Multi-Factor 70/30 Portfolio so that the advisory fee payable by the Portfolio is equal to the portion of the Portfolio’s average daily net assets as follows: 0.40% on the first $250 million, and 0.35% thereafter. The Advisor has also contractually agreed to waive a portion of its management fee with respect to the Portfolio in an amount equal to the Portfolio’s expenses related to investments in exchange traded funds (“ETFs”) managed or advised by BlackRock Investment Management, LLC (“BlackRock”) or its affiliates, and this waiver will continue so long as the Portfolio invests in such ETFs.

(3) The Adviser contractually agreed to waive its advisory fee under the Advisory Agreement with respect to the SA BlackRock VCP Global Multi Asset Portfolio so that the advisory fee payable by the Portfolio is equal to 0.85% on the first $500 million of the Portfolio’s average daily net assets, 0.81% on the next $2.5 billion of the Portfolio’s average daily net assets, and 0.79% over $3 billion of the Portfolio’s average daily net assets.

(4) The Advisor voluntarily agreed, until further notice, to waive 0.10% of the investment advisory fees for the SA Columbia Technology Portfolio.

(5) The Advisor is contractually obligated to waive its advisory fee with respect to the SA Franklin BW U.S. 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.

(6) The Advisor contractually agreed to waive its advisory fee under the Advisory Agreement with respect to the SA Franklin Small Company Value Portfolio so that the advisory fee payable by the Portfolio is equal to 0.95% on the first $200 million, 0.87% on the next $300 million and 0.85% thereafter.

(7) The Advisor contractually agreed to waive its advisory fee under the Advisory Agreement with respect to the SA Invesco Main Street Large Cap Portfolio so that the advisory fee payable by the Portfolio is equal to the portion of the Portfolio’s average daily net assets as follows: 0.75% on the first $50 million, 0.70% on the next $200 million and 0.65% thereafter.

(8) The Advisor contractually agreed to waive its advisory fee with respect to the SA Janus Focused Growth Portfolio, so that the advisory fee payable by the Portfolio to the Advisor under the agreement equals 0.75% average daily net assets.

(9) The Advisor has voluntarily agreed, until further notice, to waive a portion of its Advisory fee with respect to SA JPMorgan Diversified Balanced Portfolio in an amount equal to the amount of any Subadvisory fees voluntarily waived by the Portfolio’s Subadviser, J.P. Morgan Investment Management, Inc (“JPM”), in connection with the Portfolio’s investments in the JPM underlying Portfolios (the “ Morgan Fee Waiver”). The JPMorgan Fee Waiver may be modified or terminated at any time by the Subadviser.

(10) The Advisor is contractually obligated to waive its advisory fee with respect to the SA JPMorgan Emerging Markets Portfolio that the advisory fee payable by the Portfolio to SAAMCo under the agreement equals 1.00% of average daily net assets.

(11) The Advisor contractually agreed to waive 0.10% of the investment advisory fees for SA JPMorgan MFS Core Bond Portfolio.

(12) Pursuant to a Third Amended and Restated Advisory Fee Waiver Agreement, effective through April 30, 2022, and from year to year thereafter provided such continuance is agreed to by the Adviser and approved by a majority of the Independent Trustees, the Advisor is contractually obligated to waive a portion of its advisory fee on an annual basis with respect to the Portfolio so that the advisory fee payable by the Portfolio to SunAmerica is equal to 0.26% of the Portfolio’s average daily net assets on the first $2 billion, 0.18% of the Portfolio’s average daily net assets on the next $1 billion, and 0.14% of the Portfolio’s average daily net assets over $3 billion.

(13) The Advisor contractually agreed to waive its advisory fee under the Advisory Agreement with respect to the SA MFS Massachusetts Investors Trust Portfolio so that the advisory fee payable by the Portfolio is equal to the portion of the Portfolio’s average daily net assets as follows: 0.66% on the first $600 million, 0.61% on the next $900 million and 0.56% thereafter.

(14) The Advisor contractually agreed to waive its advisory fee under the Advisory Agreement with respect to the SA Morgan Stanley International Equities Portfolio so that the advisory fee payable by the Portfolio is equal to the portion of the Portfolio’s average daily net assets as follows: 0.80% on the first $250 million, 0.75% on the next $250 million and 0.70% thereafter.

(15) The Advisor contractually agreed to waive its advisory fee under the Advisory Agreement with respect to the SA PIMCO RAE International Value Portfolio so that the advisory fee payable by the Portfolio is equal to the portion of the Portfolio’s average daily net assets as follows: 0.765% on the first $250 million, and 0.74% thereafter.

(16) 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.

(17) The Advisor has voluntarily agreed, until further notice, to waive a portion of its advisory fee, with respect to SA VCP Dynamic Allocation and SA VCP Dynamic Strategy Portfolios in an amount equal to the amount of any advisory fees voluntarily waived by the Portfolios’ Subadviser, AllianceBernstein L.P. (“AB”), in connection with the Portfolios’ 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.

(18) The Advisor contractually agreed to waive its advisory fee under the Advisory Agreement with respect to the SA VCP Dynamic Allocation Portfolio so that the advisory fee payable by the Portfolio is equal to the portion of the Portfolio’s average daily net assets as follows: 0.25% on the first $1.5 billion, 0.22% on the next $1.5 billion, 0.20% on the next $5 billion, and 0.19% over $8 billion.

612

For the six months ended July 31, 2021, SAAMCo waived advisory fees as follows:

Portfolio	Amount
SA AB Small & Mid Cap Value	$	155,230
SA BlackRock Multi-Factor 70/30		85,097
SA BlackRock VCP Global Multi Asset		76,942
SA Columbia Technology		90,849
SA Franklin BW U.S. Large Cap Value		384,765
SA Franklin Small Company Value		95,202
SA Invesco Main Street Large Cap		125,958
SA Janus Focused Growth		273,599
SA JPMorgan Diversified Balanced		70,867
SA JPMorgan Emerging Markets		139,229
SA JPMorgan MFS Core Bond		1,054,732
SA Large Cap Index		2,242,754
SA MFS Massachusetts Investors Trust		229,456
SA Morgan Stanley International Equities		122,820
SA PIMCO RAE International Value		198,629
SA Putnam International Growth and Income		76,759
SA VCP Dynamic Allocation		259,995
SA VCP Dynamic Strategy		40,560

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 Multi-Factor 70/30
	SA BlackRock VCP Global Multi Asset
Brandywine Global Investment Management, LLC	SA Franklin BW U.S. Large Cap Value
Columbia Management Investment Advisers, LLC	SA Columbia Technology
Dimensional Fund Advisers, L.P	SA DFA Ultra Short Bond
Federated Hermes Investment Management Company	SA Federated Hermes Corporate Bond
FIAM, LLC	SA Fidelity Institutional AM® International Growth SA Fidelity Institutional AM® Real Estate
Franklin Advisory Services, LLC	SA Franklin Small Company Value SA Franklin Systematic U.S. Large Cap Value SA Franklin U.S. Equity Smart Beta
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 Main Street Large Cap
Janus Capital Management, LLC	SA Janus Focused Growth
J.P. Morgan Investment Management Inc.	SA JPMorgan Diversified 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

613

Subadviser	Portfolio
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 Total Return
Morgan Stanley Investment Management, Inc.	SA Morgan Stanley International Equities
Pacific Investment Management Company, LLC (“PIMCO”)	SA PIMCO RAE International Value
	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 Franklin Tactical Opportunities
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)
Wells Capital Management Incorporated	SA WellsCap Aggressive Growth

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, 2022. 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 reimbursed expense calculations, annual Portfolio operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and 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 Multi-Factor 70/30		0.51%		0.76	%
SA BlackRock VCP Global Multi Asset		0.91%		1.16	%
SA Emerging Markets Equity Index		0.58%		0.83	%
SA Fidelity Institutional AM® International Growth		0.88%		1.13	%
SA Fixed Income Index		0.34%		0.59	%
SA Fixed Income Intermediate Index		0.34%		0.59	%
SA Franklin Tactical Opportunities		0.81%		1.06	%
SA Franklin U.S. Equity Smart Beta		0.70%		0.95	%
SA Global Index Allocation 60/40		0.18%		0.43	%
SA Global Index Allocation 75/25		0.18%		0.43	%
SA Global Index Allocation 90/10		0.18%		0.43	%
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 Large Cap Growth Index		0.35%		0.60	%
SA Large Cap Value Index		0.35%		0.60	%
SA Mid Cap Index		0.40%		0.65	%
SA PIMCO VCP Tactical Balanced		0.91%		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	%

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.

614

For the six months ended July 31, 2021, pursuant to the contractual expense limitations referred to above, SAAMCo has agreed to reimburse expenses as follows:

Portfolio	Amount
SA BlackRock Multi-Factor 70/30	$	108,932
SA BlackRock VCP Global Multi Asset		64,040
SA Emerging Markets Equity Index		46,938
SA Fidelity Institutional AM® International Growth		—
SA Fixed Income Index		40,818
SA Fixed Income Intermediate Index		33,506
SA Franklin Tactical Opportunities		32,581
SA Franklin U.S. Equity Smart Beta		—
SA Global Index Allocation 60/40		7,668
SA Global Index Allocation 75/25		9,667
SA Global Index Allocation 90/10		—
SA Goldman Sachs Multi-Asset Insights		36,825
SA Index Allocation 60/40		—
SA Index Allocation 80/20		—
SA Index Allocation 90/10		—
SA International Index		—
SA Invesco VCP Equity-Income		—
SA Large Cap Growth Index		20,315
SA Large Cap Value Index		18,921
SA Mid Cap Index		—
SA PIMCO VCP Tactical Balanced		—
SA Schroders VCP Global Allocation		11,527
SA Small Cap Index		—
SA T. Rowe Price Asset Allocation Growth		—
SA T. Rowe Price VCP Balanced		—
SA VCP Index Allocation		—

For the six months ended July 31, 2021, 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	July 31, 2021		January 31, 2022		January 31, 2023		July 31, 2023
SA BlackRock Multi-Factor 70/30	$	—	$	—	$	103,812		108,932
SA BlackRock VCP Global Multi Asset		—		—		515,286		64,040
SA Emerging Markets Equity Index		29,099		78,623		133,967		46,938
SA Fidelity Institutional AM® International Growth		16,369		—		—		—
SA Fixed Income Index		—		69,183		99,897		40,818
SA Fixed Income Intermediate Index		—		66,359		98,346		33,506
SA Franklin Tactical Opportunities		—		88,916		114,100		32,581
SA Franklin U.S. Equity Smart Beta		—		—		—		—
SA Global Index Allocation 60/40		3,876		40,585		44,947		7,668
SA Global Index Allocation 75/25		1,949		41,516		49,112		9,667
SA Global Index Allocation 90/10		14,143		—		—		—
SA Goldman Sachs Multi-Asset Insights		—		56,566		127,700		36,825
SA Index Allocation 60/40		1,769		—		—		—
SA Index Allocation 80/20		—		—		—		—
SA Index Allocation 90/10		—		—		—		—
SA International Index		—		—		—		—
SA Invesco VCP Equity-Income		—		—		—		—
SA Large Cap Growth Index		—		98,760		54,776		20,315
SA Large Cap Value Index		—		71,673		66,481		18,921
SA Mid Cap Index		—		—		—		—
SA PIMCO VCP Tactical Balanced		—		—		—		—
SA Schroders VCP Global Allocation		25,670		—		266,505		11,527
SA Small Cap Index		33,430		32,839		49,434		—
SA T. Rowe Price Asset Allocation Growth		118,323		130,802		35,278		—
SA T. Rowe Price VCP Balanced		—		—		—		—
SA VCP Index Allocation		—		—		—		—

615

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 six months ended July 31, 2021, 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 six months ended July 31, 2021, service fees were paid (see Statement of Operations) based on the aforementioned rates.

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 six months ended July 31, 2021, 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.

Note 6.  Purchases and Sales of Investment Securities

The cost of purchases and proceeds from sales and maturities of long—term investments during the six months ended July 31, 2021 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	$	196,507,910	$	295,727,250	$	—	$	—
SA AB Small & Mid Cap Value		190,468,044		258,788,149		—		—
SA BlackRock Multi-Factor 70/30		44,609,071		14,937,024		—		—
SA BlackRock VCP Global Multi Asset		527,818,477		500,201,352		94,148,784		70,849,150
SA Columbia Technology		53,923,038		30,853,148		—		—
SA DFA Ultra Short Bond		54,257,015		35,083,000		53,007,002		69,493,010
SA Emerging Market Equity Index		2,323,375		1,766,415		—		—
SA Federated Hermes Corporate Bond		285,025,439		100,159,577		—		—
SA Fidelity Institutional AM® International Growth		327,352,133		322,421,612		—		—
SA Fidelity Institutional AM® Real Estate		39,434,771		64,665,592		—		—
SA Fixed Income Index		—		13,373,081		58,566,406		46,169,168
SA Fixed Income Intermediate Index		62,778,224		13,565,790		104,324,069		12,555,000
SA Franklin BW U.S. Large Cap Value		412,125,926		508,383,382		—		—
SA Franklin Small Company Value		107,155,150		146,901,922		—		—
SA Franklin Systematic U.S. Large Value		550,186,931		524,962,889		—		—
SA Franklin Tactical Opportunities		16,468,619		11,580,679		2,596,121		1,229,928
SA Franklin U.S. Equity Smart Beta		35,065,776		35,233,635		—		—
SA Global Index Allocation 60/40		15,337,550		7,018,521		—		—
SA Global Index Allocation 75/25		15,719,774		4,230,032		—		—
SA Global Index Allocation 90/10		51,964,031		10,374,848		—		—
SA Goldman Sachs Global Bond		625,509,080		605,096,838		200,348,560		208,038,970
SA Goldman Sachs Multi-Asset Insights		25,549,382		25,318,988		—		—
SA Index Allocation 60/40		34,931,410		19,490,538		—		—
SA Index Allocation 80/20		45,945,287		22,397,601		—		—
SA Index Allocation 90/10		126,198,315		38,272,832		—		—
SA International Index		44,685,681		27,160,569		—		—
SA Invesco Growth Opportunities		73,721,871		91,759,096		—		—
SA Invesco Main Street Large Cap		136,744,798		129,841,240		—		—
SA Janus Focused Growth		95,413,396		119,848,866		—		—
SA JPMorgan Diversified Balanced		88,391,104		74,893,328		39,382,175		45,635,251
SA JPMorgan Emerging Markets		87,160,367		97,697,835		—		—
SA JPMorgan Equity-Income		159,330,842		173,252,936		—		—
SA JPMorgan Global Equities		129,148,698		149,644,997		—		—
SA JPMorgan MFS Core Bond		304,802,818		243,910,928		1,123,977,450		1,007,663,289

616

	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 JPMorgan Mid-Cap Growth	$	134,832,805	$	154,892,049	$	—	$	—
SA Large Cap Growth Index		32,956,516		43,654,203		—		—
SA Large Cap Index		249,337,643		194,405,005		—		—
SA Large Cap Value Index		48,327,109		36,065,990		—		—
SA MFS Blue Chip Growth		231,300,901		277,189,102		—		—
SA MFS Massachusetts		129,908,315		161,918,455		—		—
SA MFS Total Return		55,618,102		75,719,982		29,623,699		25,330,127
SA Mid Cap Index		42,232,317		38,258,046		—		—
SA Morgan Stanley International Equities		53,181,184		70,128,915		—		—
SA PIMCO RAE International Value		163,509,999		189,010,810		—		—
SA PIMCO VCP Tactical Balanced		51,501,520		44,844,609		242,232,493		287,747,526
SA PineBridge High Yield Bond		113,497,981		112,696,324		—		—
SA Putnam International Growth and Income		47,488,344		46,557,890		—		—
SA Schroders VCP Global Allocation		292,034,114		237,943,383		—		—
SA Small Cap Index		61,167,006		54,760,492		—		—
SA T. Rowe Price Asset Allocation Growth		161,782,819		76,279,845		33,605,890		18,589,460
SA T. Rowe Price VCP Balanced		292,215,336		388,656,564		124,640,198		97,379,884
SA VCP Dynamic Allocation		292,043,066		1,041,760,852		501,438,189		549,965,070
SA VCP Dynamic Strategy		1,434,786,445		887,114,631		600,883,085		299,552,211
SA VCP Index Allocation		53,456,730		64,403,401		—		—
SA WellsCap Aggressive Growth		70,463,452		67,351,132		—		—

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 six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		757,083		$	51,737,245			907,866		$	43,156,772			8,309		$	529,675			25,714		$	1,313,578
Reinvested dividends		—			—			1,857,813			109,722,459			—			—			134,858			7,866,258
Shares redeemed		(2,114,508	)		(136,764,211	)		(3,817,747	)		(212,978,768	)		(116,831	)		(7,665,027	)		(244,913	)		(13,648,760	)
Net increase (decrease)		(1,357,425	)	$	(85,026,966	)		(1,052,068	)	$	(60,099,537	)		(108,522	)	$	(7,135,352	)		(84,341	)	$	(4,468,924	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		424,019		$	27,257,870			433,367		$	24,232,523
Reinvested dividends		—			—			795,061			45,564,963
Shares redeemed		(453,709	)		(30,520,475	)		(1,260,469	)		(66,732,816	)
Net increase (decrease)		(29,690	)	$	(3,262,605	)		(32,041	)	$	3,064,670
	SA AB Small & Mid Cap Value Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,534,498		$	29,531,749			3,062,245		$	31,556,529			5,033		$	93,234			20,253		$	199,299
Reinvested dividends		—			—			250,004			3,367,550			—			—			18,913			254,570
Shares redeemed		(2,065,941	)		(37,177,860	)		(847,661	)		(10,418,853	)		(56,624	)		(1,060,125	)		(91,031	)		(1,132,544	)
Net increase (decrease)		(531,443	)	$	(7,646,111	)		2,464,588		$	24,505,226			(51,591	)	$	(966,891	)		(51,865	)	$	(678,675	)

617

	SA AB Small & Mid Cap Value Portfolio
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		473,220		$	8,610,124			5,949,189		$	56,776,374
Reinvested dividends		—			—			863,534			11,510,906
Shares redeemed		(3,533,133	)		(63,476,318	)		(7,213,592	)		(94,314,903	)
Net increase (decrease)		(3,059,913	)	$	(54,866,194	)		(400,869	)	$	(26,027,623	)
	SA BlackRock Multi-Factor 70/30 Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the period October 13, 2020* to January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the period October 13, 2020* to January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		—		$	—			6,667		$	100,005			1,764,719		$	29,848,299			1,238,692		$	19,007,633
Reinvested dividends		—			—			36			565			—			—			4,895			77,833
Shares redeemed		—			—			—			—			(12,250	)		(209,380	)		(1,377	)		(22,366	)
Net increase (decrease)		—		$	—			6,703			100,570			1,752,469		$	29,638,919			1,242,210		$	19,063,100
	SA BlackRock VCP Global Multi Asset Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		59,676		$	696,130			57		$	732			1,812,962		$	21,027,473			2,490,728		$	27,307,207
Reinvested dividends		—			—			285			3,156			—			—			1,649,873			18,264,090
Shares redeemed		(544	)		(6,524	)		(29	)		(310	)		(2,440,137	)		(28,688,673	)		(5,368,017	)		(58,553,429	)
Net increase (decrease)		59,132		$	689,606			313		$	3,578			(627,175	)	$	(7,661,200	)		(1,227,416	)	$	(12,982,132	)
	SA Columbia Technology Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		55,213		$	672,399			309,673		$	2,442,603			34,890		$	409,434			31,486		$	241,796
Reinvested dividends		—			—			174,333			1,589,915			—			—			58,857			514,998
Shares redeemed		(136,753	)		(1,659,490	)		(545,571	)		(4,455,517	)		(29,122	)		(335,755	)		(149,465	)		(1,275,834	)
Net increase (decrease)		(81,540	)	$	(987,091	)		(61,565	)	$	(422,999	)		5,768		$	73,679			(59,122	)	$	(519,040	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		2,900,366		$	32,491,918			4,049,346		$	32,154,093
Reinvested dividends		—			—			1,065,094			9,063,952
Shares redeemed		(772,434	)		(8,717,384	)		(2,372,706	)		(19,954,951	)
Net increase (decrease)		2,127,932		$	23,774,534			2,741,734		$	21,263,094
	SA DFA Ultra Short Bond Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		3,432,434		$	35,991,833			3,211,639		$	34,226,740			225,845		$	2,336,703			907,239		$	9,531,016
Reinvested dividends		—			—			223,955			2,351,532			—			—			22,236			230,583
Shares redeemed		(1,413,152	)		(14,814,530	)		(5,874,181	)		(62,581,746	)		(268,106	)		(2,774,531	)		(845,745	)		(8,874,202	)
Net increase (decrease)		2,019,282		$	21,177,303			(2,438,587	)	$	(26,003,474	)		(42,261	)	$	(437,828	)		83,730		$	887,397

* Commencement of operations

618

	SA DFA Ultra Short Bond Portfolio
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		2,643,943		$	27,093,473			12,539,696		$	130,547,018
Reinvested dividends		—			—			340,462			3,496,541
Shares redeemed		(3,493,457	)		(35,802,162	)		(8,446,319	)		(87,746,473	)
Net increase (decrease)		(849,514	)	$	(8,708,689	)		4,433,839		$	46,297,086
	SA Emerging Markets Equity Index Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		622,082		$	11,301,532			1,161,855		$	16,326,776			277,695		$	5,034,600			334,160		$	5,187,229
Reinvested dividends		—			—			131,541			2,087,549			—			—			6,206			98,120
Shares redeemed		(762,324	)		(13,656,393	)		(802,497	)		(11,362,651	)		(107,815	)		(1,961,912	)		(91,839	)		(1,364,173	)
Net increase (decrease)		(140,242	)	$	(2,354,861	)		490,899		$	7,051,674			169,880		$	3,072,688			248,527		$	3,921,176
	SA Federated Hermes Corporate Bond Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		5,612,236		$	77,096,633			4,101,218		$	56,153,377			37,118		$	511,919			61,716		$	850,283
Reinvested dividends		—			—			1,899,520			25,966,438			—			—			64,198			877,589
Shares redeemed		(2,260,141	)		(31,214,528	)		(5,586,358	)		(76,964,769	)		(121,630	)		(1,675,582	)		(231,748	)		(3,162,179	)
Net increase (decrease)		3,352,095		$	45,882,105			414,380		$	5,155,046			(84,512	)	$	(1,163,663	)		(105,834	)	$	(1,434,307	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		7,903,983		$	107,668,285			8,260,883		$	114,656,074
Reinvested dividends		—			—			3,283,676			44,559,484
Shares redeemed		(1,274,947	)		(17,503,247	)		(6,959,250	)		(91,371,310	)
Net increase (decrease)		6,629,036		$	90,165,038			4,585,309		$	67,844,248
	SA Fidelity Institutional AM® International Growth Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,680,105		$	34,864,516			2,279,533		$	34,114,461			212,523		$	4,346,119			135,006		$	2,377,437
Reinvested dividends		—			—			595,470			11,338,619			—			—			5,207			98,957
Shares redeemed		(1,890,953	)		(38,375,944	)		(4,045,248	)		(71,174,847	)		(8,590	)		(170,619	)		(19,137	)		(352,490	)
Net increase (decrease)		(210,848	)	$	(3,511,428	)		(1,170,245	)	$	(25,721,767	)		203,933		$	4,175,500			121,076		$	2,123,904
	SA Fidelity Institutional AM® Real Estate Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		770,841		$	11,737,078			2,228,523		$	22,956,440			2,025		$	28,746			21,683		$	252,904
Reinvested dividends		—			—			497,045			6,302,527			—			—			19,641			248,459
Shares redeemed		(1,521,507	)		(20,652,672	)		(1,012,226	)		(12,501,794	)		(35,546	)		(503,754	)		(54,795	)		(689,931	)
Net increase (decrease)		(750,666	)	$	(8,915,594	)		1,713,342		$	16,757,173			(33,521	)	$	(475,008	)		(13,471	)	$	(188,568	)

619

	SA Fidelity Institutional AM® Real Estate Portfolio
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		144,134		$	2,135,803			1,641,922		$	19,513,972
Reinvested dividends		—			—			803,694			10,086,356
Shares redeemed		(1,473,167	)		(21,548,861	)		(1,617,305	)		(19,917,314	)
Net increase (decrease)		(1,329,033	)	$	(19,413,058	)		828,311		$	9,683,014
	SA Fixed Income Index Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		4,637,761		$	51,322,024			9,735,955		$	110,832,281			1,487,267		$	16,372,554			3,736,026		$	42,419,845
Reinvested dividends		—			—			1,168,029			13,163,683			—			—			120,486			1,351,847
Shares redeemed		(6,447,505	)		(70,974,616	)		(11,194,132	)		(126,410,540	)		(511,477	)		(5,636,462	)		(743,662	)		(8,355,542	)
Net increase (decrease)		(1,809,744	)	$	(19,652,592	)		(290,148	)	$	(2,414,576	)		975,790		$	10,736,092			3,112,850		$	35,416,150
	SA Fixed Income Intermediate Index Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		14,677,871		$	156,916,745			8,219,262		$	89,134,965			468,309		$	4,989,035			2,230,820		$	23,880,107
Reinvested dividends		—			—			606,854			6,517,607			—			—			57,405			614,808
Shares redeemed		(2,251,875	)		(24,112,951	)		(8,319,673	)		(89,066,580	)		(249,399	)		(2,663,453	)		(1,359,910	)		(14,627,748	)
Net increase (decrease)		12,425,996		$	132,803,794			506,443		$	6,585,992			218,910		$	2,325,582			928,315		$	9,867,167
	SA Franklin BW US Large Cap Value Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,558,233		$	58,143,046			6,895,254		$	108,645,013			14,962		$	323,971			107,861		$	1,893,570
Reinvested dividends		—			—			3,896,137			69,740,861			—			—			169,560			3,038,519
Shares redeemed		(5,052,744	)		(108,793,851	)		(5,788,510	)		(103,189,669	)		(176,137	)		(3,876,165	)		(290,055	)		(5,277,234	)
Net increase (decrease)		(2,494,511	)	$	(50,650,805	)		5,002,881		$	75,196,205			(161,175	)	$	(3,552,194	)		(12,634	)	$	(345,145	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		83,258		$	1,836,501			2,518,377		$	39,965,225
Reinvested dividends		—			—			1,982,177			35,262,921
Shares redeemed		(2,471,281	)		(54,076,667	)		(2,820,470	)		(50,447,151	)
Net increase (decrease)		(2,388,023	)	$	(52,240,166	)		1,680,084		$	24,780,995
	SA Franklin Small Company Value Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		436,500		$	10,000,482			1,258,812		$	18,673,969			558,309		$	12,347,787			2,160,985		$	28,351,757
Reinvested dividends		—			—			507,870			8,613,467			—			—			706,314			11,837,824
Shares redeemed		(1,477,025	)		(32,183,184	)		(1,003,570	)		(16,201,860	)		(1,305,319	)		(28,745,542	)		(2,610,538	)		(43,498,256	)
Net increase (decrease)		(1,040,525	)	$	(22,182,702	)		763,112		$	11,085,576			(747,010	)	$	(16,397,755	)		256,761		$	(3,308,675	)

620

	SA Franklin Systematic U.S. Large Value Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,887,495		$	43,811,778			2,060,096		$	22,810,145			19,306		$	295,544			11,589		$	139,279
Reinvested dividends		—			—			2,301,814			29,256,059			—			—			59,994			761,326
Shares redeemed		(2,448,177	)		(36,094,573	)		(1,845,587	)		(23,744,221	)		(46,975	)		(697,647	)		(69,993	)		(878,642	)
Net increase (decrease)		439,318		$	7,717,205			2,516,323		$	28,321,983			(27,669	)	$	(402,103	)		1,590		$	21,963
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		1,732,512		$	25,870,294			2,189,066		$	26,161,445
Reinvested dividends		—			—			2,178,422			27,317,410
Shares redeemed		(992,879	)		(14,528,839	)		(1,440,122	)		(17,973,517	)
Net increase (decrease)		739,633		$	11,341,455			2,927,366		$	35,505,338
	SA Franklin Tactical Opportunities Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold .		20		$	247			112		$	1,220			573,088		$	7,232,091			1,142,386		$	12,096,644
Reinvested dividends		—			—			224			2,621			—			—			86,030			1,003,870
Shares redeemed		(57	)		(713	)		(104	)		(1,107	)		(79,273	)		(993,912	)		(219,788	)		(2,419,792	)
Net increase (decrease)		(37	)	$	(466	)		232		$	2,734			493,815		$	6,238,179			1,008,628		$	10,680,722
	SA Franklin U.S. Equity Smart Beta Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		777,488		$	14,924,102			1,398,619		$	19,400,391			83,230		$	1,587,392			129,197		$	1,979,638
Reinvested dividends		—			—			198,177			3,424,756			—			—			2,303			39,740
Shares redeemed		(946,570	)		(17,253,464	)		(1,061,430	)		(16,473,695	)		(10,341	)		(193,830	)		(17,745	)		(287,388	)
Net increase (decrease)		(169,082	)	$	(2,329,362	)		535,366		$	6,351,452			72,889		$	1,393,562			113,755		$	1,731,990
	SA Global Index Allocation 60/40 Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		182		$	3,311			6,876		$	112,494			557,696		$	10,246,409			1,385,248		$	22,041,002
Reinvested dividends		—			—			358			6,212			—			—			90,720			1,569,952
Shares redeemed		(59	)		(1,075	)		(31	)		(540	)		(96,387	)		(1,763,899	)		(141,776	)		(2,261,300	)
Net increase (decrease)		123		$	2,236			7,203		$	118,166			461,309		$	8,482,510			1,334,192		$	21,349,654
	SA Global Index Allocation 75/25 Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		—		$	—			2,192		$	31,584			668,496		$	12,632,224			988,435		$	15,809,999
Reinvested dividends		—			—			294			5,137			—			—			67,251			1,171,934
Shares redeemed		(112	)		(2,109	)		(262	)		(4,382	)		(53,015	)		(991,116	)		(216,121	)		(3,521,508	)
Net increase (decrease)		(112	)	$	(2,109	)		2,224		$	32,339			615,481		$	11,641,108			839,565		$	13,460,425

621

	SA Global Index Allocation 90/10 Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		27,687		$	544,596			114,245		$	1,576,364			2,385,134		$	46,184,003			2,593,758		$	40,060,460
Reinvested dividends		—			—			—			—			—			—			—			—
Shares redeemed		(1,725	)		(33,825	)		(3,870	)		(61,569	)		(241,627	)		(4,623,185	)		(618,880	)		(9,534,314	)
Net increase (decrease)		25,962		$	510,771			110,375		$	1,514,795			2,143,507		$	41,560,818			1,974,878		$	30,526,146
	SA Goldman Sachs Global Bond Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,658,604		$	19,639,081			194,333		$	2,350,507			16,567		$	193,780			21,800		$	257,678
Reinvested dividends		—			—			46,046			555,775			—			—			1,831			21,858
Shares redeemed		(544,751	)		(6,471,131	)		(1,767,090	)		(20,106,999	)		(47,219	)		(559,019	)		(76,315	)		(891,360	)
Net increase (decrease)		1,113,853		$	13,167,950			(1,526,711	)	$	(17,200,717	)		(30,652	)	$	(365,239	)		(52,684	)	$	(611,824	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		3,178,270		$	36,459,064			3,769,895		$	44,353,942
Reinvested dividends		—			—			93,248			1,101,258
Shares redeemed		(1,055,285	)		(12,271,690	)		(4,640,812	)		(52,283,489	)
Net increase (decrease)		2,122,985		$	24,187,374			(777,669	)	$	(6,828,289	)
	SA Goldman Sachs Multi-Asset Insights Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7		$	81			11		$	125			318,013		$	3,949,138			632,304		$	6,688,832
Reinvested dividends		—			—			154			1,790			—			—			41,862			483,077
Shares redeemed		(34	)		(418	)		(65	)		(676	)		(102,390	)		(1,266,366	)		(262,870	)		(2,830,268	)
Net increase (decrease)		(27	)	$	(337	)		100		$	1,239			215,623		$	2,682,772			411,296		$	4,341,641
	SA Index Allocation 60/40 Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		—		$	—			26,459		$	336,967			1,401,654		$	19,388,677			3,051,718		$	36,810,073
Reinvested dividends		—			—			1,234			16,058			—			—			406,364			5,279,953
Shares redeemed		(153	)		(2,108	)		(11,296	)		(147,577	)		(254,388	)		(3,523,454	)		(746,486	)		(9,048,000	)
Net increase (decrease)		(153	)	$	(2,108	)		16,397		$	205,448			1,147,266		$	15,865,223			2,711,596		$	33,042,026
	SA Index Allocation 80/20 Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		—		$	—			25,628		$	305,237			1,980,326		$	30,076,277			4,609,692		$	55,147,814
Reinvested dividends		—			—			886			11,833			—			—			130,567			1,740,454
Shares redeemed		(1,914	)		(29,142	)		(4,546	)		(56,880	)		(381,957	)		(5,773,500	)		(1,137,922	)		(14,097,157	)
Net increase (decrease)		(1,914	)	$	(29,142	)		21,968		$	260,190			1,598,369		$	24,302,777			3,602,337		$	42,791,111

622

	SA Index Allocation 90/10 Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		36,724		$	590,073			109,796		$	1,331,207			6,575,018		$	102,631,729			11,319,379		$	137,146,760
Reinvested dividends		—			—			1,526			20,640			—			—			306,090			4,132,220
Shares redeemed		(4,514	)		(70,599	)		(8,833	)		(113,235	)		(863,842	)		(13,379,302	)		(3,194,360	)		(39,661,278	)
Net increase (decrease)		32,210		$	519,474			102,489		$	1,238,612			5,711,176		$	89,252,427			8,431,109		$	101,617,702
	SA International Index Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7,143,339		$	94,759,002			12,749,793		$	129,670,232			484,689		$	6,447,376			708,841		$	7,843,806
Reinvested dividends		—			—			1,052,909			12,182,156			—			—			17,039			196,287
Shares redeemed		(3,560,064	)		(45,666,452	)		(7,836,098	)		(85,050,293	)		(286,194	)		(3,763,297	)		(298,147	)		(3,507,187	)
Net increase (decrease)		3,583,275		$	49,092,550			5,966,604		$	56,802,095			198,495		$	2,684,079			427,733		$	4,532,906
	SA Invesco Growth Opportunities Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,300,231		$	16,729,425			1,945,566		$	17,813,308			25,241		$	298,962			12,737		$	113,820
Reinvested dividends		—			—			1,895,497			20,111,214			—			—			44,282			441,490
Shares redeemed		(3,076,600	)		(39,486,437	)		(3,826,655	)		(35,218,936	)		(45,981	)		(546,774	)		(63,549	)		(624,042	)
Net increase (decrease)		(1,776,369	)	$	(22,757,012	)		14,408		$	2,705,586			(20,740	)	$	(247,812	)		(6,530	)	$	(68,732	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		817,189		$	9,300,153			982,550		$	7,029,409
Reinvested dividends		—			—			1,996,684			19,148,196
Shares redeemed		(630,048	)		(7,278,188	)		(6,393,861	)		(59,530,719	)
Net increase (decrease)		187,141		$	2,021,965			(3,414,627	)	$	(33,353,114	)
	SA Invesco Main Street Large Cap Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,878,718		$	50,533,945			1,260,597		$	22,271,077			26		$	668			3,672		$	73,186
Reinvested dividends		—			—			1,129,038			25,674,322			—			—			11,846			269,507
Shares redeemed		(1,412,453	)		(36,366,331	)		(2,126,094	)		(46,735,210	)		(8,683	)		(229,191	)		(15,391	)		(344,977	)
Net increase (decrease)		466,265		$	14,167,614			263,541		$	1,210,189			(8,657	)	$	(228,523	)		127		$	(2,284	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		138,666		$	3,674,858			383,870		$	7,601,338
Reinvested dividends		—			—			346,733			7,843,100
Shares redeemed		(374,025	)		(9,753,338	)		(630,376	)		(13,934,231	)
Net increase (decrease)		(235,359	)	$	(6,078,480	)		100,227		$	1,510,207

623

	SA Janus Focused Growth Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,962,044		$	46,647,767			2,156,172		$	33,177,666			681		$	14,689			4,007		$	61,289
Reinvested dividends		—			—			1,130,589			22,781,378			—			—			36,765			719,117
Shares redeemed		(2,451,857	)		(54,220,831	)		(3,241,711	)		(60,139,164	)		(30,286	)		(684,086	)		(75,673	)		(1,400,171	)
Net increase (decrease)		(489,813	)	$	(7,573,064	)		45,050		$	(4,180,120	)		(29,605	)	$	(669,397	)		(34,901	)	$	(619,765	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		499,705		$	10,723,140			738,220		$	13,015,634
Reinvested dividends		—			—			557,336			10,661,841
Shares redeemed		(631,297	)		(14,087,066	)		(1,710,811	)		(29,823,485	)
Net increase (decrease)		(131,592	)	$	(3,363,926	)		(415,255	)	$	(6,146,010	)
	SA JPMorgan Diversified Balanced Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		104,016		$	2,270,881			196,968		$	3,720,942			65,315		$	1,448,090			86,015		$	1,598,935
Reinvested dividends		—			—			164,455			3,247,981			—			—			25,418			500,995
Shares redeemed		(249,622	)		(5,487,006	)		(561,560	)		(10,598,453	)		(68,715	)		(1,498,054	)		(96,707	)		(1,856,752	)
Net increase (decrease)		(145,606	)	$	(3,216,125	)		(200,137	)	$	(3,629,530	)		(3,400	)	$	(49,964	)		14,726		$	243,178
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		755,173		$	16,383,318			1,017,195		$	19,205,440
Reinvested dividends		—			—			481,560			9,438,571
Shares redeemed		(358,161	)		(7,788,470	)		(1,190,094	)		(22,142,388	)
Net increase (decrease)		397,012		$	8,594,848			308,661		$	6,501,623
	SA JPMorgan Emerging Markets Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		766,765		$	8,259,781			1,087,476		$	8,369,501			11,419		$	122,447			14,136		$	112,586
Reinvested dividends		—			—			188,000			1,695,764			—			—			5,649			50,731
Shares redeemed		(1,619,925	)		(17,271,557	)		(1,419,992	)		(11,474,748	)		(20,677	)		(219,278	)		(38,538	)		(338,279	)
Net increase (decrease)		(853,160	)	$	(9,011,776	)		(144,516	)	$	(1,409,483	)		(9,258	)	$	(96,831	)		(18,753	)	$	(174,962	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		565,101		$	5,989,889			1,702,066		$	12,366,711
Reinvested dividends		—			—			239,206			2,128,937
Shares redeemed		(605,149	)		(6,365,382	)		(3,053,060	)		(25,619,293	)
Net increase (decrease)		(40,048	)	$	(375,493	)		(1,111,788	)	$	(11,123,645	)

624

	SA JPMorgan Equity-Income Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,757,536		$	68,515,438			3,199,353		$	89,208,995			36,540		$	1,406,784			15,122		$	478,283
Reinvested dividends		—			—			2,336,165			76,509,405			—			—			25,072			820,365
Shares redeemed		(2,576,169	)		(95,755,999	)		(3,417,806	)		(110,021,520	)		(31,360	)		(1,188,766	)		(53,414	)		(1,686,338	)
Net increase (decrease)		(818,633	)	$	(27,240,561	)		2,117,712		$	55,696,880			5,180		$	218,018			(13,220	)	$	(387,690	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		431,149		$	16,449,256			969,968		$	28,345,032
Reinvested dividends		—			—			689,293			22,415,803
Shares redeemed		(450,079	)		(16,904,937	)		(642,890	)		(20,717,199	)
Net increase (decrease)		(18,930	)	$	(455,681	)		1,016,371		$	30,043,636
	SA JPMorgan Global Equities Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,028,464		$	22,910,965			549,795		$	7,895,639			2,371		$	51,450			4,627		$	81,079
Reinvested dividends		—			—			695,602			12,778,216			—			—			6,577			120,554
Shares redeemed		(2,178,904	)		(46,413,112	)		(2,222,308	)		(38,595,380	)		(10,624	)		(235,963	)		(46,153	)		(756,367	)
Net increase (decrease)		(1,150,440	)	$	(23,502,147	)		(976,911	)	$	(17,921,525	)		(8,253	)	$	(184,513	)		(34,949	)	$	(554,734	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		304,732		$	6,602,693			312,390		$	5,184,821
Reinvested dividends		—			—			79,944			1,454,188
Shares redeemed		(158,646	)		(3,437,676	)		(285,709	)		(4,970,663	)
Net increase (decrease)		146,086		$	3,165,017			106,625		$	1,668,346
	SA JPMorgan MFS Core Bond Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		16,630,097		$	158,690,945			12,748,749		$	123,989,788			16,716		$	159,521			179,013		$	1,738,799
Reinvested dividends		—			—			2,854,111			27,370,922			—			—			21,125			201,953
Shares redeemed		(6,998,974	)		(66,981,186	)		(21,515,817	)		(201,716,322	)		(87,420	)		(833,508	)		(184,665	)		(1,767,624	)
Net increase (decrease)		9,631,123		$	91,709,759			(5,912,957	)	$	(50,355,612	)		(70,704	)	$	(673,987	)		15,473		$	173,128
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		8,542,818		$	80,328,392			16,453,942		$	158,265,118
Reinvested dividends		—			—			2,336,347			22,171,936
Shares redeemed		(3,930,472	)		(37,198,602	)		(16,565,051	)		(153,002,689	)
Net increase (decrease)		4,612,346		$	43,129,790			2,225,238		$	27,434,365

625

	SA JPMorgan Mid-Cap Growth Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		851,580		$	23,480,142			291,254		$	5,731,198			8,198		$	206,398			15,310		$	303,046
Reinvested dividends		—			—			1,224,551			28,789,196			—			—			93,870			2,099,882
Shares redeemed		(2,059,298	)		(55,847,447	)		(2,532,534	)		(56,040,937	)		(52,007	)		(1,345,015	)		(132,700	)		(2,817,865	)
Net increase (decrease)		(1,207,718	)	$	(32,367,305	)		(1,016,729	)	$	(21,520,543	)		(43,809	)	$	(1,138,617	)		(23,520	)	$	(414,937	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		1,312,663		$	32,578,373			1,062,710		$	22,926,560
Reinvested dividends		—			—			1,145,568			24,824,452
Shares redeemed		(246,373	)		(6,209,624	)		(1,720,162	)		(36,658,012	)
Net increase (decrease)		1,066,290		$	26,368,749			488,116		$	11,093,000
	SA Large Cap Growth Index Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		844,147		$	22,102,807			668,147		$	11,228,211			250,487		$	6,495,574			414,163		$	8,459,576
Reinvested dividends		—			—			415,250			9,496,766			—			—			19,086			435,355
Shares redeemed		(1,586,717	)		(39,655,165			(2,881,921	)		(59,597,382	)		(33,175	)		(891,551	)		(108,420	)		(2,266,464	)
Net increase (decrease)		(742,570	)	$	(17,552,358	)		(1,798,524	)	$	(38,872,405	)		217,312		$	5,604,023			324,829		$	6,628,467
	SA Large Cap Index Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		7,380,896		$	244,867,540			14,548,168		$	342,971,068			531,894		$	17,694,044			586,849		$	15,507,772
Reinvested dividends		—			—			2,782,479			79,105,862			—			—			30,334			860,574
Shares redeemed		(8,857,662	)		(287,061,790	)		(15,407,363	)		(393,800,213	)		(114,324	)		(3,695,152	)		(253,640	)		(6,781,068	)
Net increase (decrease)		(1,476,766	)	$	(42,194,250	)		1,923,284		$	28,276,717			417,570		$	13,998,892			363,543		$	9,587,278
	SA Large Cap Value Index Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,746,626		$	32,815,579			2,496,984		$	34,719,719			434,609		$	8,070,110			471,704		$	7,313,988
Reinvested dividends		—			—			1,897,153			29,481,760			—			—			72,613			1,125,506
Shares redeemed		(1,752,077	)		(31,523,725	)		(1,952,846	)		(30,483,848	)		(34,552	)		(628,472	)		(81,937	)		(1,335,794	)
Net increase (decrease)		(5,451	)	$	1,291,854			2,441,291		$	33,717,631			400,057		$	7,441,638			462,380		$	7,103,700
	SA MFS Blue Chip Growth Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,477,304		$	44,254,954			376,053		$	5,371,610			9,332		$	162,618			13,231		$	187,387
Reinvested dividends		—			—			3,317,007			50,285,822			—			—			20,312			306,704
Shares redeemed		(4,957,448	)		(82,999,277	)		(10,181,665	)		(147,814,126	)		(26,795	)		(475,682	)		(44,027	)		(660,130	)
Net increase (decrease)		(2,480,144	)	$	(38,744,323	)		(6,488,605	)	$	(92,156,694	)		(17,463	)	$	(313,064	)		(10,484	)	$	(166,039	)

626

	SA MFS Blue Chip Growth Portfolio
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		577,273		$	9,963,062			924,482		$	13,550,904
Reinvested dividends		—			—			870,618			13,033,145
Shares redeemed		(635,871	)		(11,339,166	)		(1,841,135	)		(26,157,520	)
Net increase (decrease)		(58,598	)	$	(1,376,104	)		(46,035	)	$	426,529
	SA MFS Massachusetts Investors Trust Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,956,727		$	82,862,267			2,127,715		$	41,972,152			6,430		$	177,126			4,042		$	85,412
Reinvested dividends		—			—			2,544,379			60,632,562			—			—			28,237			673,733
Shares redeemed		(3,245,461	)		(86,314,096	)		(3,438,406	)		(79,340,028	)		(16,749	)		(463,608	)		(64,075	)		(1,369,449	)
Net increase (decrease)		(288,734	)	$	(3,451,829	)		1,233,688		$	23,264,686			(10,319	)	$	(286,482	)		(31,796	)	$	(610,304	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		50,955		$	1,410,980			757,621		$	14,917,531
Reinvested dividends		—			—			1,350,725			32,012,188
Shares redeemed		(1,305,168	)		(36,088,613	)		(2,451,423	)		(57,113,618	)
Net increase (decrease)		(1,254,213	)	$	(34,677,633	)		(343,077	)	$	(10,183,899	)
	SA MFS Total Return Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		78,153		$	1,682,427			161,189		$	2,996,244			9,966		$	219,256			33,842		$	637,438
Reinvested dividends		—			—			390,134			7,541,285			—			—			53,283			1,031,559
Shares redeemed		(572,529	)		(12,288,484	)		(1,057,193	)		(19,977,539	)		(92,249	)		(1,988,431	)		(163,507	)		(3,128,279	)
Net increase (decrease)		(494,376	)	$	(10,606,057	)		(505,870	)	$	(9,440,010	)		(82,283	)	$	(1,769,175	)		(76,382	)	$	(1,459,282	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		524,391		$	11,226,414			1,066,002		$	20,082,294
Reinvested dividends		—			—			805,594			15,531,860
Shares redeemed		(622,405	)		(13,219,925	)		(1,446,503	)		(26,967,815	)
Net increase (decrease)		(98,014	)	$	(1,993,511	)		425,093		$	8,646,339

627

	SA Mid Cap Index Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,324,353		$	35,606,958			5,255,519		$	53,535,185			940,427		$	14,204,995			1,126,270		$	12,004,204
Reinvested dividends		—			—			512,599			6,166,563			—			—			29,798			356,976
Shares redeemed		(2,790,668	)		(40,934,828	)		(3,991,620	)		(43,861,162	)		(173,897	)		(2,588,154	)		(277,520	)		(3,121,312	)
Net increase (decrease)		(466,315	)	$	(5,327,870	)		1,776,498		$	15,840,586			766,530		$	11,616,841			878,548		$	9,239,868
	SA Morgan Stanley International Equities Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,252,632		$	14,370,793			2,886,382		$	25,690,154			85,302		$	973,197			19,019		$	181,039
Reinvested dividends		—			—			1,048,920			10,772,414			—			—			26,306			269,108
Shares redeemed		(3,226,729	)		(36,038,398	)		(4,295,841	)		(41,557,133	)		(89,883	)		(1,032,546	)		(133,851	)		(1,308,881	)
Net increase (decrease)		(1,974,097	)	$	(21,667,605	)		(360,539	)	$	(5,094,565	)		(4,581	)	$	(59,349	)		(88,526	)	$	(858,734	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		538,034		$	6,018,625			782,412		$	7,286,217
Reinvested dividends		—			—			398,153			4,061,161
Shares redeemed		(606,261	)		(6,937,688	)		(1,616,867	)		(15,655,141	)
Net increase (decrease)		(68,227	)	$	(919,063	)		(436,302	)	$	(4,307,763	)
	SA PIMCO RAE International Value Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,568,418		$	38,904,569			3,254,966		$	36,972,254			5,238		$	80,690			59,138		$	757,734
Reinvested dividends		—			—			546,204			7,182,585			—			—			16,207			213,449
Shares redeemed		(3,015,037	)		(44,943,645	)		(2,501,261	)		(31,569,828	)		(46,466	)		(699,702	)		(83,238	)		(1,061,876	)
Net increase (decrease)		(466,619	)	$	(6,039,076	)		1,299,909		$	12,585,011			(41,228	)	$	(619,012	)		(7,893	)	$	(90,693	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		397,498		$	6,071,649			4,302,947		$	50,546,787
Reinvested dividends		—			—			747,116			9,809,635
Shares redeemed		(2,499,422	)		(37,716,136	)		(4,058,097	)		(51,838,144	)
Net increase (decrease)		(2,101,924	)	$	(31,644,487	)		991,966		$	8,518,278
	SA PIMCO VCP Tactical Balanced Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		—		$	—			—		$	—			1,546,648		$	17,791,155			1,744,704		$	19,547,376
Reinvested dividends		—			—			785			8,665			—			—			7,155,273			78,636,452
Shares redeemed		—			—			—			—			(6,423,676	)		(75,562,558	)		(12,362,909	)		(135,906,560	)
Net increase (decrease)		—		$	—			785		$	8,665			(4,877,028	)	$	(57,771,403	)		(3,462,932	)	$	(37,722,732	)

628

	SA PineBridge High-Yield Bond Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,988,142		$	16,928,017			7,613,617		$	40,265,609			25,275		$	142,732			55,533		$	301,797
Reinvested dividends		—			—			1,591,230			8,608,552			—			—			74,911			405,270
Shares redeemed		(3,480,741	)		(19,863,192	)		(7,882,881	)		(42,378,921	)		(105,401	)		(597,427	)		(250,717	)		(1,347,412	)
Net increase (decrease)		(492,599	)	$	(2,935,175	)		1,321,966		$	6,495,240			(80,126	)	$	(454,695	)		(120,273	)	$	(640,345	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		1,368,090		$	7,712,254			4,225,487		$	22,598,070
Reinvested dividends		—			—			1,513,981			8,130,080
Shares redeemed		(2,073,149	)		(11,661,461	)		(6,461,385	)		(34,110,556	)
Net increase (decrease)		(705,059	)	$	(3,949,207	)		(721,917	)	$	(3,382,406	)
	SA Putnam International Growth and Income Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		2,475,141		$	28,143,147			4,292,462		$	34,960,606			2,521		$	27,896			19,101		$	160,817
Reinvested dividends		—			—			390,349			3,645,863			—			—			9,900			93,061
Shares redeemed		(1,593,519	)		(17,686,576	)		(2,415,413	)		(21,183,239	)		(22,152	)		(253,385	)		(46,842	)		(399,138	)
Net increase (decrease)		881,622		$	10,456,571			2,267,398		$	17,423,230			(19,631	)	$	(225,489	)		(17,841	)	$	(145,260	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		306,248		$	3,505,815			1,237,757		$	9,808,272
Reinvested dividends		—			—			241,490			2,265,172
Shares redeemed		(784,286	)		(8,822,987	)		(1,787,099	)		(16,406,666	)
Net increase (decrease)		(478,038	)	$	(5,317,172	)		(307,852	)	$	(4,333,222	)
	SA Schroders VCP Global Allocation Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		431		$	4,930			2,746		$	28,901			212,232		$	2,449,110			3,100,648		$	32,595,686
Reinvested dividends		—			—			295			3,202			—			—			932,759			10,111,114
Shares redeemed		(350	)		(4,182	)		(777	)		(8,040	)		(3,518,243	)		(41,296,718	)		(5,509,553	)		(59,451,001	)
Net increase (decrease)		81		$	748			2,264		$	24,063			(3,306,011	)	$	(38,847,608	)		(1,476,146	)	$	(16,744,201	)
	SA Small Cap Index Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1,578,754		$	24,546,557			4,203,168		$	42,544,831			1,020,007		$	15,738,804			851,557		$	9,102,558
Reinvested dividends		—			—			895,496			10,710,133			—			—			58,932			701,876
Shares redeemed		(2,957,316	)		(45,744,946	)		(3,560,006	)		(38,291,403	)		(151,431	)		(2,318,243	)		(224,744	)		(2,695,665	)
Net increase (decrease)		(1,378,562	)	$	(21,198,389	)		1,538,658		$	14,963,561			868,576		$	13,420,561			685,745		$	7,108,769

629

	SA T. Rowe Price Asset Allocation Growth Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		1		$	19			11,809		$	137,062			7,628,520		$	110,567,019			11,378,841		$	135,905,944
Reinvested dividends		—			—			486			6,445			—			—			322,366			4,266,959
Shares redeemed		(730	)		(10,655	)		(12,390	)		(164,176	)		(224,780	)		(3,281,342	)		(2,475,940	)		(31,822,760	)
Net increase (decrease)		(729	)	$	(10,636	)		(95	)	$	(20,669	)		7,403,740		$	107,285,677			9,225,267		$	108,350,143
	SA T. Rowe Price VCP Balanced Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		81		$	1,107			86		$	1,021			1,574,432		$	21,936,662			7,883,661		$	88,490,737
Reinvested dividends		—			—			171			2,180			—			—			3,007,017			38,309,398
Shares redeemed		(80	)		(1,104	)		(132	)		(1,615	)		(4,274,682	)		(59,493,997	)		(14,994,413	)		(183,313,554	)
Net increase (decrease)		1		$	3			125		$	1,586			(2,700,250	)	$	(37,557,335	)		(4,103,735	)	$	(56,513,419	)
	SA VCP Dynamic Allocation Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		9,158		$	130,940			5,936		$	81,713			3,121,780		$	43,599,068			4,908,525		$	66,245,177
Reinvested dividends		—			—			1,127			14,992			—			—			55,936,449			743,954,777
Shares redeemed		(188	)		(2,717	)		(3,242	)		(44,625	)		(48,553,855	)		(696,719,655	)		(99,341,239	)		(1,316,134,268	)
Net increase (decrease)		8,970		$	128,223			3,821		$	52,080			(45,432,075	)	$	(653,120,587	)		(38,496,265	)	$	(505,934,314	)
	SA VCP Dynamic Strategy Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		8,391		$	130,562			229		$	2,965			2,230,494		$	32,829,560			2,448,997		$	32,949,328
Shares issued in merger@		27,785			405,539			—			—			107,383,671			1,566,646,982			—			—
Reinvested dividends		—			—			808			10,749			—			—			23,765,025			316,550,137
Shares redeemed		(562	)		(8,182	)		(3,091	)		(42,142	)		(31,505,293	)		(456,235,615	)		(50,334,920	)		(669,543,405	)
Net increase (decrease)		35,614		$	527,919			(2,054	)	$	(28,428	)		78,108,872		$	1,143,240,927			(24,120,898	)	$	(320,043,940	)
	SA VCP Index Allocation Portfolio
	Class 1												Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		10,319		$	129,136			6,983		$	81,616			2,930,346			36,773,420			7,955,776		$	84,945,876
Reinvested dividends		—			—			413			4,829			—			—			957,701			11,201,753
Shares redeemed		(104	)		(1,293	)		(32	)		(387	)		(1,006,358	)		(12,702,085	)		(6,043,930	)		(65,347,561	)
Net increase (decrease)		10,215		$	127,843			7,364		$	86,058			1,923,988		$	24,071,335			2,869,547		$	30,800,068

@ See Note 14

630

	SA WellsCap Aggressive Growth Portfolio
	Class 1												Class 2
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021						For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Shares sold		73,259		$	2,577,875			540,542		$	13,508,066			1,118		$	38,018			7,140		$	194,954
Reinvested dividends		—			—			243,307			7,622,812			—			—			8,337			254,368
Shares redeemed		(524,401	)		(18,422,742	)		(773,585	)		(20,910,516	)		(26,021	)		(870,588	)		(18,505	)		(512,205	)
Net increase (decrease)		(451,142	)	$	(15,844,867	)		10,264		$	220,362			(24,903	)	$	(832,570	)		(3,028	)	$	(62,883	)
	Class 3
	For the six months ended July 31, 2021 (unaudited)						For the year ended January 31, 2021
	Shares			Amount			Shares			Amount
Shares sold		889,676		$	29,610,063			726,916		$	20,355,489
Reinvested dividends		—			—			122,582			3,662,765
Shares redeemed		(59,333	)		(2,021,009	)		(452,761	)		(12,885,602	)
Net increase (decrease)		830,343		$	27,589,054			396,737		$	11,132,652

Note 8.  Transactions with Affiliates

The following Portfolios incurred brokerage commissions with affiliated brokers for the six months ended July 31, 2021:

Portfolio	National Financial Services, LLC
SA Fidelity Institutional AM® International Growth	$	6,126
SA Fidelity Institutional AM® Real Estate		11,612

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 six months ended July 31, 2021, transactions in these securities were as follows:

SA Global Index Allocation 60/40 Portfolio

Security	Income		Capital Gain Distribution Received		Value at January 31, 2021		Cost of Purchases		Proceeds of Sales		Realized Gain(Loss)		Change in Unrealized Gain (Loss)			Value at July 31, 2021
SunAmerica Series Trust
SA Emerging Markets Equity Index Portfolio, Class 1	$	—	$	—	$	2,688,404	$	378,499	$	48,643	$	11,398	$	(101,355	)	$	2,928,303
SA Fixed Income Index Portfolio, Class 1		—		—		16,648,104		1,804,661		3,839,460		290,723		(336,159	)		14,567,869
SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		9,279,328		7,429,957		223,928		17,159		48,526			16,551,042
SA International Index Portfolio, Class 1		—		—		17,515,834		2,647,895		500,883		131,646		1,858,852			21,653,344
SA Large Cap Index Portfolio, Class 1		—		—		16,801,899		2,275,159		2,053,482		743,634		2,475,910			20,243,120
SA Mid Cap Index Portfolio, Class 1		—		—		3,672,827		560,615		70,534		21,166		574,273			4,758,347
SA Small Cap Index Portfolio, Class 1		—		—		1,988,078		240,764		281,591		87,404		67,406			2,102,061
	$	—	$	—	$	68,594,474	$	15,337,550	$	7,018,521	$	1,303,130	$	4,587,453		$	82,804,086

† Includes reinvestments of distributions paid.

631

SA Global Index Allocation 75/25 Portfolio

Security	Income		Capital Gain Distribution Received		Value at January 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Value at July 31, 2021
SunAmerica Series Trust
SA Emerging Markets Equity Index Portfolio, Class 1	$	—	$	—	$	3,568,211	$	722,444	$	38,023	$	9,895	$	(142,081	)	$	4,120,446
SA Fixed Income Index Portfolio, Class 1		—		—		8,820,475		1,422,640		1,982,093		158,076		(176,137	)		8,242,961
SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		4,818,824		4,586,059		68,965		5,496		31,010			9,372,424
SA International Index Portfolio, Class 1		—		—		18,152,821		4,109,869		195,374		24,413		2,071,720			24,163,449
SA Large Cap Index Portfolio, Class 1		—		—		17,558,531		3,500,759		1,523,722		477,420		3,007,098			23,020,086
SA Mid Cap Index Portfolio, Class 1		—		—		3,806,864		827,873		42,750		12,371		609,536			5,213,894
SA Small Cap Index Portfolio, Class 1		—		—		2,984,622		550,130		379,105		114,590		114,208			3,384,445
	$	—	$	—	$	59,710,348	$	15,719,774	$	4,230,032	$	802,261	$	5,515,354		$	77,517,705

† Includes reinvestments of distributions paid.

SA Global Index Allocation 90/10 Portfolio

Security	Income		Capital Gain Distribution Received		Value at January 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)		Change in Unrealized Gain/(Loss)			Value at July 31, 2021
SunAmerica Series Trust
SA Emerging Market Equity Index Portfolio, Class 1	$	—	$	—	$	12,655,514	$	2,656,748	$	170,133	$	50,051	$	(524,504	)	$	14,667,676
SA Fixed Income Index Portfolio, Class 1		—		—		10,892,695		1,825,774		2,382,689		49,112		(56,571	)		10,328,321
SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		5,922,784		5,903,748		99,699		3,484		37,742			11,768,059
SA International Index Portfolio, Class 1		—		—		80,954,880		20,558,040		1,127,992		119,661		9,304,536			109,809,123
SA Large Cap Index Portfolio, Class 1		—		—		70,600,879		14,644,216		4,932,326		1,361,564		12,996,544			94,670,877
SA Mid Cap Index Portfolio, Class 1		—		—		17,712,556		3,899,608		248,975		46,979		2,861,577			24,271,745
SA Small Cap Index Portfolio, Class 1		—		—		12,718,305		2,475,897		1,413,034		430,167		530,141			14,741,476
	$	—	$	—	$	211,457,613	$	51,964,031	$	10,374,848	$	2,061,018	$	25,149,465		$	280,257,277

† Includes reinvestment of distributions paid.

SA Index Allocation 60/40 Portfolio

Security	Income		Capital Gain Distribution Received		Value at January 31,  2021		Cost of Purchases†		Proceeds of Sales		Realized Gain(Loss)		Change Unrealized Gain (Loss)			Value at July 31, 2021
SunAmerica Series Trust
SA Large Cap Index Portfolio, Class 1	$	—	$	—	$	80,403,634	$	7,208,940	$	7,813,497	$	2,576,121	$	12,810,856		$	95,186,054
SA Mid Cap Index Portfolio, Class 1		—		—		10,324,298		1,012,377		122,157		28,111		1,642,361			12,884,990
SA Small Cap Index Portfolio, Class 1		—		—		12,132,634		1,016,185		818,062		250,122		666,464			13,247,343
SA Fixed Income Index Portfolio, Class 1		—		—		46,707,925		3,386,107		10,154,219		912,197		(1,062,456	)		39,789,554
SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		26,139,565		19,297,528		391,885		29,857		147,805			45,222,870

632

SA Index Allocation 60/40 Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at January 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain(Loss)		Change Unrealized Gain (Loss)		Value at July 31, 2021
SA International Index Portfolio, Class 1	$	—	$	—	$	17,215,405	$	3,010,273	$	190,718	$	21,627	$	1,920,154	$	21,976,741
	$	—	$	—	$	192,923,461	$	34,931,410	$	19,490,538	$	3,818,035	$	16,125,184	$	228,307,552

† Includes reinvestments of distributions paid.

SA Index Allocation 80/20 Portfolio

Security	Income		Capital Gain Distribution Received		Value at January 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)		Change in Unrealized Gain (Loss)			Value at July 31, 2021
SunAmerica Series Trust
SA Fixed Income Index Portfolio, Class 1	$	—	$	—	$	41,193,684	$	2,516,067	$	8,316,113	$	752,306	$	(883,866	)	$	35,262,078
SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		22,589,859		17,536,385		347,755		27,927		129,880			39,936,296
SA International Index Portfolio, Class 1		—		—		50,176,440		7,318,482		553,445		64,570		5,567,324			62,573,371
SA Large Cap Index Portfolio, Class 1		—		—		183,053,687		14,018,484		11,533,774		4,180,478		31,056,998			220,775,873
SA Mid Cap Index Portfolio, Class 1		—		—		37,135,672		2,967,734		421,506		101,276		5,885,830			45,669,006
SA Small Cap Index Portfolio, Class 1		—		—		22,374,043		1,588,135		1,225,008		355,223		1,338,897			24,431,290
	$	—	$	—	$	356,523,385	$	45,945,287	$	22,397,601	$	5,481,780	$	43,095,063		$	428,647,914

† Includes reinvestments of distributions paid.

SA Index Allocation 90/10 Portfolio

Security	Income		Capital Gain Distribution Received		Value at January 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)		Change in Unrealized Gain (Loss)			Value at July 31, 2021
SunAmerica Series Trust
SA Large Cap Index Portfolio, Class 1	$	—	$	—	$	522,787,236	$	53,190,650	$	20,554,828	$	7,598,652	$	94,887,398		$	657,909,108
SA Mid Cap Index Portfolio, Class 1		—		—		96,635,036		10,241,587		746,948		194,595		15,477,919			121,802,189
SA Small Cap Index Portfolio, Class 1		—		—		58,244,994		5,484,197		5,898,209		1,708,986		2,744,483			62,284,451
SA Fixed Income Index Portfolio, Class 1		—		—		47,846,564		3,894,924		9,475,972		188,252		(299,151	)		42,154,617
SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		25,937,631		22,088,941		273,855		17,766		156,378			47,926,861
SA International Index Portfolio, Class 1		—		—		176,527,560		31,298,016		1,323,020		126,669		19,805,090			226,434,315
	$	—	$	—	$	927,979,021	$	126,198,315	$	38,272,832	$	9,834,920	$	132,772,117		$	1,158,511,541

† Includes reinvestments of distributions paid.

SA Large Cap Index Portfolio

Security	Income		Capital Gain Distributions Received		Value at January 31, 2021		Cost of Purchases		Proceeds of Sales		Realized Gain/(Loss)			Change in Unrealized Gain/(Loss)		Value at July 31, 2021
American International Group, Inc. — Common Stock	$	49,496	$	—	$	2,933,798	$	7,447	$	123,404	$	(8,768	)	$	783,087	$	3,592,160

633

SA Large Cap Value Index Portfolio

Security	Income		Capital Gain Distributions Received		Value at January 31, 2021		Cost of Purchases		Proceeds of Sales		Realized Gain/ Loss			Change in Unrealized Gain (Loss)		Value at July 31, 2021
American International Group, Inc.
Common Stock	$	10,925	$	—	$	649,921	$	76,032	$	52,953	$	(12,941	)	$	179,409	$	839,468

SA VCP Dynamic Allocation Portfolio

Security	Income		Capital Gain Distribution Received		Value at January 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)			Change in Unrealized Gain (Loss)			Value at July 31, 2021
SunAmerica Series Trust
SA AB Growth Portfolio, Class 1	$	—	$	—	$	417,132,572	$	1,342,237	$	41,927,275	$	8,043,346		$	81,553,402		$	466,144,282
SA AB Small & Mid Cap Value Portfolio, Class 1		—		—		—		5,200,000		704,094		(25,321	)		(214,715	)		4,255,870
SA DFA Ultra Short Bond Portfolio, Class 1		—		—		69,398,372		14,258,745		4,612,487		(23,252	)		(130,583	)		78,890,795
SA Emerging Markets Equity Index Portfolio, Class 1		—		—		49,955,473		161,716		5,882,804		1,010,163			(2,196,062	)		43,048,486
SA Federated Hermes Corporate Bond Portfolio, Class 1		—		—		264,235,288		35,937,949		16,720,265		588,823			5,309,093			289,350,888
SA Fidelity Institutional AM® Real Estate Portfolio, Class 1		—		—		47,020,688		161,714		9,882,804		(1,497,373	)		12,287,097			48,089,322
SA Fidelity Institutional AM® International Growth Portfolio, Class 1		—		—		239,828,110		711,547		25,184,339		6,710,450			13,624,779			235,690,547
SA Fixed Income Index Portfolio, Class 1		—		—		156,135,742		485,146		8,963,646		887,158			(756,775	)		147,787,625
SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		125,998,591		17,582,175		10,062,862		669,140			(603,781	)		133,583,263
SA Franklin BW U.S. Large Cap Value Portfolio, Class 1		—		—		303,757,336		1,002,636		32,663,231		(5,012,286	)		69,493,440			336,577,895
SA Franklin Small Company Value Portfolio, Class 1		—		—		101,814,769		323,431		14,765,609		(784,435	)		17,730,379			104,318,535
SA Franklin U.S. Equity Smart Beta Portfolio, Class 1		—		—		81,336,312		242,573		8,429,284		1,299,358			13,020,024			87,468,983
SA Goldman Sachs Global Bond Portfolio, Class 1		—		—		35,181,096		6,129,371		2,306,243		105,256			(828,013	)		38,281,467
SA International Index Portfolio, Class 1		—		—		133,710,145		323,431		23,080,842		4,828,877			8,398,172			124,179,783
SA Invesco Growth Opportunities Portfolio, Class 1		—		—		156,854,456		452,803		22,071,852		5,583,952			2,801,823			143,621,182
SA Janus Focused Growth Portfolio, Class 1		—		—		141,554,114		452,803		20,071,852		7,397,379			19,792,244			149,124,688
SA JPMorgan Emerging Markets Portfolio, Class 1		—		—		40,845,161		113,200		9,017,963		4,244,182			(3,553,269	)		32,631,311
SA JPMorgan Equity-Income Portfolio, Class 1		—		—		393,940,873		1,293,725		39,062,434		7,167,644			70,178,580			433,518,388
SA JPMorgan Global Equities Portfolio, Class 1		—		—		197,496,503		582,175		27,378,095		3,079,219			29,779,800			203,559,602
SA JPMorgan MFS Core Bond Portfolio, Class 1		—		—		664,694,422		56,247,843		40,070,979		1,687,518			2,895,225			685,454,029
SA JPMorgan Mid-Cap Growth Portfolio, Class 1		—		—		115,147,428		323,432		25,230,911		9,856,655			(383,154	)		99,713,450
SA Large Cap Growth Index Portfolio, Class 1		—		—		184,484,753		549,832		22,801,535		9,043,059			22,913,643			194,189,752
SA Large Cap Index Portfolio, Class 1		—		—		1,219,381,325		3,929,682		108,052,144		50,857,630			170,600,858			1,336,717,351
SA Large Cap Value Index Portfolio, Class 1		—		—		140,191,256		485,146		13,648,413		2,271,801			23,206,632			152,506,422

634

SA VCP Dynamic Allocation Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at January 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/(Loss)			Change in Unrealized Gain (Loss)			Value at July 31, 2021
SA MFS Blue Chip Growth Portfolio, Class 1	$	—	$	—	$	372,259,276	$	1,164,351	$	45,756,191	$	19,160,553		$	47,068,892		$	393,896,881
SA MFS Massachusetts Investors Trust Portfolio, Class 1		—		—		365,223,787		1,180,521		41,044,471		7,898,262			65,363,291			398,621,390
SA Mid Cap Index Portfolio, Class 1		—		—		89,087,751		242,573		21,324,206		6,120,037			6,460,936			80,587,091
SA Morgan Stanley International Equities Portfolio, Class 1		—		—		226,353,182		566,005		23,615,204		5,334,142			13,799,584			222,437,709
SA PIMCO RAE International Value Portfolio, Class 1		—		—		157,809,792		485,146		26,648,413		(4,188,364	)		21,197,322			148,655,483
SA PineBridge High-Yield Bond Portfolio, Class 1		—		—		53,031,328		3,677,887		3,171,085		287,796			1,759,716			55,585,642
SA Small Cap Index Portfolio, Class 1		—		—		96,666,814		274,916		16,400,767		5,128,166			1,910,169			87,579,298
SA WellsCap Aggressive Growth Portfolio, Class 1		—		—		68,836,027		194,058		13,524,667		7,376,950			(5,382,395	)		57,499,973
Seasons Series Trust
SA Columbia Focused Value Portfolio, Class 1		—		—		209,141,203		711,547		20,474,183		5,160,829			31,309,612			225,849,008
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		—		—		617,190,022		48,086,127		37,188,175		677,671			619,848			629,385,493
SA Multi-Managed International Equity Portfolio, Class 1		—		—		214,215,683		646,861		25,531,217		3,715,640			16,199,908			209,246,875
SA Multi-Managed Large Cap Growth Portfolio, Class 1		—		—		226,452,183		743,890		30,050,744		9,538,182			22,144,269			228,827,780
SA Multi-Managed Large Cap Value Portfolio, Class 1		—		—		360,263,514		1,180,523		32,939,393		(1,003,843	)		65,617,299			393,118,100
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		—		121,179,842		355,773		18,807,471		6,049,895			4,630,264			113,408,303
SA Multi-Managed Mid Cap Value Portfolio, Class 1		—		—		135,812,287		420,460		13,495,291		(1,177,841	)		26,120,213			147,679,828
SA Multi-Managed Small Cap Portfolio, Class 1		—		—		93,869,758		274,916		14,400,767		1,368,270			9,414,307			90,526,484
SA T. Rowe Price Growth Stock Portfolio, Class 1		—		—		344,895,672		1,099,664		39,392,913		7,607,920			46,821,612			361,031,955
SA Wellington Real Return Portfolio, Class 1		—		—		164,200,896		19,582,175		10,378,095		609,396			4,405,695			178,420,067
Anchor Series Trust
SA Wellington Capital Appreciation Portfolio, Class 1		—		—		209,667,531		646,862		35,531,218		9,720,812			8,420,007			192,923,994
SA Wellington Government & Quality Bond Portfolio, Class 1		—		—		653,759,112		62,215,499		39,494,418		736,552			(1,150,025	)		676,066,720
	$	—	$	—	$	10,060,010,445	$	292,043,066	$	1,041,760,852	$	208,109,968		$	941,649,363		$	10,460,051,990

† Includes reinvestments of distributions paid.

635

SA VCP Dynamic Strategy Portfolio

Security	Income		Capital Gain Distribution Received		Value at January 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/ (Loss)			Change in Unrealized Gain (Loss)			Value at July 31, 2021
SunAmerica Series Trust
SA AB Growth Portfolio, Class 1	$	—	$	—	$	212,864,928	$	43,935,282	$	48,673,540	$	17,787,630		$	27,335,766		$	253,250,066
SA AB Small & Mid Cap Value Portfolio, Class 1		—		—		113,302,705		23,559,499		32,761,923		1,759,412			23,374,265			129,233,958
SA DFA Ultra Short Bond Portfolio, Class 1		—		—		29,238,447		13,277,662		2,426,545		(13,090	)		(57,052	)		40,019,422
SA Emerging Markets Equity Index Portfolio, Class 1		—		—		30,827,786		6,367,432		3,866,573		707,347			(1,663,267	)		32,372,725
SA Federated Hermes Corporate Bond Portfolio, Class 1		—		—		91,300,519		34,196,243		7,092,978		98,689			2,465,743			120,968,216
SA Fidelity Institutional AM® Real Estate Portfolio, Class 1		—		—		25,720,450		6,367,432		8,866,573		(1,274,542	)		7,066,177			29,012,944
SA Fidelity Institutional AM® International Growth Portfolio, Class 1		—		—		81,053,845		24,828,810		12,370,802		3,357,294			4,235,388			101,104,535
SA Fixed Income Index Portfolio, Class 1		—		—		69,205,865		23,328,810		5,226,405		513,575			77,356			87,899,201
SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		61,959,021		26,692,066		5,039,747		334,424			(164,082	)		83,781,682
SA Franklin BW U.S. Large Cap Value Portfolio, Class 1		—		—		216,205,063		53,450,084		45,063,404		48,045			44,475,522			269,115,310
SA Franklin Small Company Value Portfolio, Class 1		—		—		38,139,365		8,914,405		12,468,805		(130,253	)		6,042,365			40,497,077
SA Franklin U.S. Equity Smart Beta Portfolio, Class 1		—		—		55,688,799		14,008,352		8,106,461		1,317,377			9,158,317			72,066,384
SA Franklin U.S. Systematic Large Cap Value Portfolio, Class 1		—		—		179,680,308		43,334,887		33,803,118		3,002,736			27,967,937			220,182,750
SA Goldman Sachs Global Bond Portfolio, Class 1		—		—		27,022,447		12,640,919		2,239,888		85,211			(556,943	)		36,951,746
SA International Index Portfolio, Class 1		—		—		79,769,923		19,102,296		13,599,719		3,077,986			5,615,443			93,965,929
SA Invesco Growth Opportunities Portfolio, Class 1		—		—		32,132,107		11,257,203		15,450,999		3,283,879			(994,282	)		30,227,908
SA Invesco Main Street Large Cap Portfolio, Class 1		—		—		270,612,519		47,458,241		30,741,958		6,944,391			42,550,565			336,823,758
SA Janus Focused Growth Portfolio, Class 1		—		—		167,157,687		40,594,363		30,856,063		12,236,162			22,974,768			212,106,917
SA JPMorgan Emerging Markets Portfolio, Class 1		—		—		18,771,158		3,820,459		5,619,944		631,547			(307,963	)		17,295,257
SA JPMorgan Equity-Income Portfolio, Class 1		—		—		251,645,964		61,127,350		41,774,705		5,040,136			44,436,635			320,475,380
SA JPMorgan Global Equities Portfolio, Class 1		—		—		92,859,236		21,649,270		16,346,349		2,000,690			14,188,333			114,351,180
SA JPMorgan MFS Core Bond Portfolio, Class 1		—		—		228,708,309		87,627,349		17,919,102		877,378			1,926,676			301,220,610
SA JPMorgan Mid Cap Growth Portfolio, Class 1		—		—		78,003,018		21,345,094		23,437,516		9,981,017			(2,238,605	)		83,653,008

636

SA VCP Dynamic Strategy Portfolio (continued)

Security	Income		Capital Gain Distribution Received		Value at January 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain/ (Loss)			Change in Unrealized Gain (Loss)			Value at July 31, 2021
SA Large Cap Growth Index Portfolio, Class 1	$	—	$	—	$	91,091,767	$	20,375,783	$	15,045,233	$	6,034,093		$	11,016,659		$	113,473,069
SA Large Cap Index Portfolio, Class 1		—		—		545,310,880		127,348,645		88,331,463		41,598,842			59,656,204			685,583,108
SA Large Cap Value Index Portfolio, Class 1		—		—		120,258,500		30,563,674		16,742,955		2,766,637			19,260,243			156,106,099
SA MFS Blue Chip Growth, Class 1		—		—		163,259,186		41,020,878		33,127,146		5,042,704			25,453,213			201,648,835
SA MFS Massachusetts Investors Trust Portfolio, Class 1		—		—		268,501,108		81,163,889		40,818,422		7,994,822			50,450,653			367,292,050
SA Mid Cap Index Portfolio, Class 1		—		—		53,707,684		12,734,864		13,733,146		4,270,085			3,573,385			60,552,872
SA Morgan Stanley International Equities Portfolio, Class 1		—		—		40,823,540		9,551,149		9,799,860		266,487			3,036,767			43,878,083
SA PIMCO RAE International Value Portfolio, Class 1		—		—		125,630,990		31,837,162		17,832,866		(355,156	)		14,674,911			153,955,041
SA PineBridge High-Yield Bond Portfolio, Class 1		—		—		17,462,130		6,957,202		1,306,601		128,050			635,139			23,875,920
SA Putnam International Growth and Income Portfolio, Class 1		—		—		97,598,682		23,559,498		13,761,923		931,364			12,096,638			120,424,259
SA Small Cap Index Portfolio, Class 1		—		—		51,726,002		10,187,892		14,486,517		4,876,765			(933,756	)		51,370,386
Seasons Series Trust
SA Columbia Focused Value Portfolio, Class 1		—		—		86,177,824		21,012,526		15,443,095		4,025,095			10,531,708			106,304,058
SA Multi-Managed Diversified Fixed Income Portfolio, Class 1		—		—		165,037,245		65,572,026		13,066,012		271,382			1,047,763			218,862,404
SA Multi-Managed International Equity Portfolio, Class 1		—		—		93,813,159		22,922,756		10,219,664		2,445,826			6,876,017			115,838,094
SA Multi-Managed Large Cap Growth Portfolio, Class 1		—		—		189,852,917		46,888,310		31,277,123		7,995,437			21,730,573			235,190,114
SA Multi-Managed Large Cap Value Portfolio, Class 1		—		—		287,008,509		71,315,241		54,544,626		(2,101,039	)		53,631,688			355,309,773
SA Multi-Managed Mid Cap Growth Portfolio, Class 1		—		—		88,362,995		17,828,810		14,226,405		5,118,598			4,094,435			101,178,433
SA Multi-Managed Mid Cap Value Portfolio, Class 1		—		—		55,545,063		12,734,864		16,733,146		15,375			9,786,403			61,348,559
SA Multi-Managed Small Cap Portfolio, Class 1		—		—		118,733,797		22,922,756		22,519,663		6,158,699			7,418,940			132,714,529
SA T. Rowe Price Growth Stock Portfolio, Class 1		—		—		—		9,000,000		—		—			(73,362	)		8,926,638
SA Wellington Real Return Portfolio, Class 1		—		—		58,893,399		20,281,838		4,479,776		243,757			1,871,454			76,810,672
Anchor Series Trust
SA Wellington Government & Quality Bond Portfolio, Class 1		—		—		199,804,877		80,123,174		15,865,872		645,716			205,003			264,912,898
	$	—	$	—	$	5,370,469,723	$	1,434,786,445	$	887,114,631	$	170,040,580		$	593,949,740		$	6,682,131,857

† Includes reinvestments of distributions paid.

637

SA VCP Index Allocation Portfolio

Security	Income		Capital Gain Distribution Received		Value at January 31, 2021		Cost of Purchases†		Proceeds of Sales		Realized Gain (Loss)		Change in Unrealized Gain (Loss)			Value at July 31, 2021
SunAmerica Series Trust
SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1	$	—	$	—	$	67,091,078	$	4,176,778	$	18,489,136	$	1,621,143	$	(1,980,273	)	$	52,419,590
SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1		—		—		37,465,436		27,243,506		5,564,216		450,379		(241,096	)		59,354,009
SunAmerica Series Trust SA International Index Portfolio, Class 1		—		—		43,669,342		5,536,926		4,683,740		950,191		3,933,329			49,406,048
SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1		—		—		174,311,583		12,667,542		28,727,347		7,728,725		24,661,446			190,641,949
SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1		—		—		29,623,306		2,232,749		2,871,036		844,133		3,942,322			33,771,474
SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1		—		—		23,594,075		1,599,229		4,067,926		1,326,660		446,681			22,898,719
	$	—	$	—	$	375,754,820	$	53,456,730	$	64,403,401	$	12,921,231	$	30,762,409		$	408,491,789

† Includes reinvestments of distributions paid.

At July 31, 2021, the following affiliates owned outstanding shares of the following Portfolios:

Holder	SA AB Growth			SA AB Small & Mid Cap Value			SA BlackRock Multi-Factor 70/30			SA BlackRock VCP Global Multi Asset			SA Columbia Technology			SA DFA Ultra Short Bond			SA Emerging Markets Equity Index
USL		2.85	%		3.83	%		5.00	%		10.01	%		6.56	%		3.77	%		0.65	%
AGL		62.15	%		72.65	%		94.46	%		85.71	%		91.27	%		66.44	%		8.30	%
VALIC		0.21	%		0.26	%		0.54	%		4.28	%		2.17	%		0.45	%		0.15	%
Seasons Series Trust Allocation Balanced Portfolio		0.27	%		0.22	%		—			—			—			0.01	%		0.84	%
Seasons Series Trust Allocation Growth Portfolio		0.67	%		0.48	%		—			—			—			0.02	%		3.99	%
Seasons Series Trust Allocation Moderate Growth Portfolio		0.85	%		0.73	%		—			—			—			0.04	%		4.49	%
Seasons Series Trust Allocation Moderate Portfolio		0.46	%		0.35	%		—			—			—			0.03	%		1.71	%
SAST SunAmerica VCP Dynamic Allocation Portfolio		20.98	%		0.68	%		—			—			—			19.40	%		35.39	%
SAST SunAmerica VCP Dynamic Strategy Portfolio		11.40	%		20.80	%		—			—			—			9.84	%		26.62	%
SAST SunAmerica Index Allocation 60/40 Portfolio		—			—			—			—			—			—			—
SAST SunAmerica Index Allocation 80/20 Portfolio		—			—			—			—			—			—			—
SAST SunAmerica Index Allocation 90/10 Portfolio		—			—			—			—			—			—			—
SAST SunAmerica Global Index Allocation 60/40 Portfolio		—			—			—			—			—			—			—
SAST SunAmerica Global Index Allocation 75/25 Portfolio		—			—			—			—			—			—			2.41	%
SAST SunAmerica Global Index Allocation 90/10 Portfolio		—			—			—			—			—			—			3.39	%
SAST SunAmerica VCP Index Allocation Portfolio		—			—			—			—			—			—			12.06	%

638

Holder	SA Federated Hermes Corporate Bond			SA Fidelity Institutional AM® International Growth			SA Fidelity Institutional AM® Real Estate			SA Fixed Income Index			SA Fixed Income Intermediate Index			SA Franklin BW U.S. Large Cap Value			SA Franklin Small Company Value			SA Franklin Systematic U.S. Large Cap Value
USL		3.89	%		0.37	%		3.64	%		1.37	%		0.74	%		2.22	%		3.13	%		3.17	%
AGL		67.77	%		2.07	%		67.76	%		10.91	%		5.49	%		57.12	%		55.10	%		52.85	%
VALIC		0.45	%		0.01	%		0.13	%		0.83	%		0.18	%		0.08	%		0.24	%		0.97	%
Seasons Series Trust Allocation Balanced Portfolio		0.30	%		1.02	%		0.55	%		2.64	%		2.94	%		0.41	%		0.29	%		—
Seasons Series Trust Allocation Growth Portfolio		0.61	%		3.04	%		1.41	%		1.91	%		1.45	%		0.94	%		0.91	%		—
Seasons Series Trust Allocation Moderate Growth Portfolio		0.96	%		3.72	%		1.77	%		3.57	%		3.27	%		1.23	%		1.14	%		—
Seasons Series Trust Allocation Moderate Portfolio		0.51	%		1.72	%		0.96	%		2.48	%		2.75	%		0.65	%		0.50	%		—
SAST SunAmerica VCP Dynamic Allocation Portfolio		17.99	%		61.62	%		14.83	%		25.72	%		24.84	%		20.76	%		27.87	%		—
SAST SunAmerica VCP Dynamic Strategy Portfolio		7.52	%		26.43	%		8.95	%		15.30	%		15.57	%		16.59	%		10.82	%		43.01	%
SAST SunAmerica Index Allocation 60/40 Portfolio		—			—			—			6.92	%		8.40	%		—			—			—
SAST SunAmerica Index Allocation 80/20 Portfolio		—			—			—			6.14	%		7.42	%		—			—			—
SAST SunAmerica Index Allocation 90/10 Portfolio		—			—			—			7.33	%		8.91	%		—			—			—
SAST SunAmerica Global Index Allocation 60/40 Portfolio		—			—			—			9.12	%		11.03	%		—			—			—
SAST SunAmerica Global Index Allocation 75/25 Portfolio		—			—			—			2.53	%		3.08	%		—			—			—
SAST SunAmerica Global Index Allocation 90/10 Portfolio		—			—			—			1.43	%		1.74	%		—			—			—
SAST SunAmerica VCP Index Allocation Portfolio		—			—			—			1.80	%		2.19	%		—			—			—

Holder	SA Franklin Tactical Opportunities			SA Franklin U. S. Equity Smart Beta			SA Global Index Allocation 60/40			SA Global Index Allocation 75/25			SA Global Index Allocation 90/10			SA Goldman Sachs Global Bond			SA Goldman Sachs Multi- Asset Insights			SA Index Allocation 60/40
USL		4.65	%		0.25	%		11.08	%		8.37	%		7.75	%		6.10	%		9.85	%		11.28	%
AGL		94.53	%		2.13	%		85.74	%		88.26	%		89.20	%		75.86	%		84.14	%		84.73	%
VALIC		0.82	%		—			3.18	%		3.37	%		3.05	%		0.70	%		6.01	%		3.99	%
Seasons Series Trust Allocation Balanced Portfolio		—			1.03	%		—			—			—			—			—			—
Seasons Series Trust Allocation Growth Portfolio		—			2.05	%		—			—			—			—			—			—
Seasons Series Trust Allocation Moderate Growth Portfolio		—			2.89	%		—			—			—			—			—			—
Seasons Series Trust Allocation Moderate Portfolio		—			1.43	%		—			—			—			—			—			—
SAST SunAmerica VCP Dynamic Allocation Portfolio		—			49.47	%		—			—			—			8.82	%		—			—
SAST SunAmerica VCP Dynamic Strategy Portfolio		—			40.75	%		—			—			—			8.52	%		—			—
SAST SunAmerica Index Allocation 60/40 Portfolio		—			—			—			—			—			—			—			—
SAST SunAmerica Index Allocation 80/20 Portfolio		—			—			—			—			—			—			—			—
SAST SunAmerica Index Allocation 90/10 Portfolio		—			—			—			—			—			—			—			—
SAST SunAmerica Global Index Allocation 60/40 Portfolio		—			—			—			—			—			—			—			—
SAST SunAmerica Global Index Allocation 75/25 Portfolio		—			—			—			—			—			—			—			—

639

Holder

SA Franklin Tactical Opportunities

SA Franklin U. S. Equity Smart Beta

SA Global Index Allocation 60/40

SA Global Index Allocation 75/25

SA Global Index Allocation 90/10

SA Goldman Sachs Global Bond

SA Goldman Sachs Multi- Asset Insights

SA Index Allocation 60/40

SAST SunAmerica Global Index Allocation 90/10 Portfolio

—

—

—

—

—

—

—

—

SAST SunAmerica VCP Index Allocation Portfolio

—

—

—

—

—

—

—

—

Holder	SA Index Allocation 80/20			SA Index Allocation 90/10			SA International Index			SA Invesco Growth Opportunities			SA Invesco Main Street Large Cap			SA Janus Focused Growth			SA JPMorgan Diversified Balanced			SA JPMorgan Emerging Markets
USL		14.93	%		8.21	%		0.14	%		2.74	%		1.57	%		2.04	%		6.43	%		3.76	%
AGL		81.69	%		87.43	%		1.86	%		49.86	%		28.74	%		35.61	%		92.53	%		68.58	%
VALIC		3.38	%		4.36	%		0.06	%		0.10	%		0.26	%		0.19	%		1.04	%		0.27	%
Seasons Series Trust Allocation Balanced Portfolio		—			—			0.18	%		0.50	%		0.95	%		0.56	%		—			0.86	%
Seasons Series Trust Allocation Growth Portfolio		—			—			0.62	%		1.25	%		2.46	%		1.40	%		—			2.39	%
Seasons Series Trust Allocation Moderate Growth Portfolio		—			—			0.73	%		1.55	%		3.13	%		1.85	%		—			2.95	%
Seasons Series Trust Allocation Moderate Portfolio		—			—			0.33	%		0.80	%		1.62	%		0.97	%		—			1.41	%
SAST SunAmerica VCP Dynamic Allocation Portfolio		—			—			16.25	%		35.69	%		—			23.69	%		—			12.93	%
SAST SunAmerica VCP Dynamic Strategy Portfolio		—			—			12.30	%		7.51	%		61.27	%		33.69	%		—			6.85	%
SAST SunAmerica Index Allocation 60/40 Portfolio		—			—			2.88	%		—			—			—			—			—
SAST SunAmerica Index Allocation 80/20 Portfolio		—			—			8.19	%		—			—			—			—			—
SAST SunAmerica Index Allocation 90/10 Portfolio		—			—			29.63	%		—			—			—			—			—
SAST SunAmerica Global Index Allocation 60/40 Portfolio		—			—			6.47	%		—			—			—			—			—
SAST SunAmerica Global Index Allocation 75/25 Portfolio		—			—			2.83	%		—			—			—			—			—
SAST SunAmerica Global Index Allocation 90/10 Portfolio		—			—			3.16	%		—			—			—			—			—
SAST SunAmerica VCP Index Allocation Portfolio		—			—			14.37	%		—			—			—			—			—

Holder	SA JPMorgan Equity-Income			SA JPMorgan Global Equities			SA JPMorgan MFS Core Bond			SA JPMorgan Mid-Cap Growth			SA Large Cap Growth Index			SA Large Cap Index			SA Large Cap Value Index			SA MFS Blue Chip Growth
USL		1.74	%		0.98	%		2.86	%		3.68	%		0.58	%		0.11	%		0.71	%		1.35	%
AGL		35.10	%		23.36	%		47.33	%		62.30	%		6.66	%		2.09	%		5.67	%		23.54	%
VALIC		0.14	%		0.02	%		0.36	%		0.25	%		0.30	%		0.04	%		0.14	%		0.23	%
Seasons Series Trust Allocation Balanced Portfolio		0.64	%		—			1.52	%		0.25	%		0.72	%		0.21	%		1.06	%		0.42	%
Seasons Series Trust Allocation Growth Portfolio		1.45	%		—			0.41	%		0.79	%		1.91	%		0.63	%		2.23	%		0.98	%
Seasons Series Trust Allocation Moderate Growth Portfolio		1.79	%		—			1.57	%		0.96	%		2.42	%		0.75	%		3.14	%		1.25	%
Seasons Series Trust Allocation Moderate Portfolio		1.04	%		—			1.30	%		0.49	%		1.29	%		0.36	%		1.80	%		0.62	%
SAST SunAmerica VCP Dynamic Allocation Portfolio		33.40	%		48.43	%		31.02	%		17.01	%		54.36	%		38.53	%		42.13	%		47.36	%
SAST SunAmerica VCP Dynamic Strategy Portfolio		24.70	%		27.21	%		13.63	%		14.27	%		31.76	%		19.76	%		43.12	%		24.25	%
SAST SunAmerica Index Allocation 60/40 Portfolio		—			—			—			—			—			2.74	%		—			—
SAST SunAmerica Index Allocation 80/20 Portfolio		—			—			—			—			—			6.36	%		—			—

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Holder	SA JPMorgan Equity-Income		SA JPMorgan Global Equities		SA JPMorgan MFS Core Bond		SA JPMorgan Mid-Cap Growth		SA Large Cap Growth Index		SA Large Cap Index			SA Large Cap Value Index		SA MFS Blue Chip Growth
SAST SunAmerica Index Allocation 90/10 Portfolio		—		—		—		—		—		18.96	%		—		—
SAST SunAmerica Global Index Allocation 60/40 Portfolio		—		—		—		—		—		5.49	%		—		—
SAST SunAmerica Global Index Allocation 75/25 Portfolio		—		—		—		—		—		0.58	%		—		—
SAST SunAmerica Global Index Allocation 90/10 Portfolio		—		—		—		—		—		0.66	%		—		—
SAST SunAmerica VCP Index Allocation Portfolio		—		—		—		—		—		2.73	%		—		—

Holder	SA MFS Massachusetts Investors Trust			SA MFS Total Return			SA Mid Cap Index			SA Morgan Stanley International Equities			SA PIMCO RAE International Value			SA PIMCO VCP Tactical Balanced			SA PineBridge High-Yield Bond			SA Putnam International Growth and Income
USL		1.57	%		3.29	%		0.58	%		1.78	%		2.51	%		9.85	%		3.04	%		2.38	%
AGL		37.05	%		96.44	%		8.12	%		35.95	%		56.03	%		87.50	%		62.29	%		45.48	%
VALIC		0.14	%		0.27	%		0.31	%		0.20	%		0.10	%		2.65	%		0.59	%		0.04	%
Seasons Series Trust Allocation Balanced Portfolio		—			—			0.32	%		0.86	%		0.22	%		—			1.05	%		1.56	%
Seasons Series Trust Allocation Growth Portfolio		—			—			0.79	%		2.86	%		0.77	%		—			1.47	%		4.59	%
Seasons Series Trust Allocation Moderate Growth Portfolio		—			—			0.92	%		3.34	%		0.87	%		—			3.42	%		5.54	%
Seasons Series Trust Allocation Moderate Portfolio		—			—			0.55	%		1.51	%		0.42	%		—			1.78	%		2.50	%
SAST SunAmerica VCP Dynamic Allocation Portfolio		31.87	%		—			18.30	%		44.69	%		19.20	%		—			18.44	%		—
SAST SunAmerica VCP Dynamic Strategy Portfolio		29.37	%		—			13.74	%		8.81	%		19.88	%		—			7.92	%		37.91	%
SAST SunAmerica Index Allocation 60/40 Portfolio		—			—			2.92	%		—			—			—			—			—
SAST SunAmerica Index Allocation 80/20 Portfolio		—			—			10.37	%		—			—			—			—			—
SAST SunAmerica Index Allocation 90/10 Portfolio		—			—			27.65	%		—			—			—			—			—
SAST SunAmerica Global Index Allocation 60/40 Portfolio		—			—			7.66	%		—			—			—			—			—
SAST SunAmerica Global Index Allocation 75/25 Portfolio		—			—			1.08	%		—			—			—			—			—
SAST SunAmerica Global Index Allocation 90/10 Portfolio		—			—			1.18	%		—			—			—			—			—
SAST SunAmerica VCP Index Allocation Portfolio		—			—			5.51	%		—			—			—			—			—

Holder	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			SA WellsCap Aggressive Growth
USL		10.68	%		0.86	%		5.76	%		8.97	%		8.18	%		9.76	%		11.83	%		3.94	%
AGL		86.00	%		9.94	%		93.58	%		88.42	%		91.01	%		88.85	%		82.74	%		66.88	%
VALIC		3.32	%		0.31	%		0.66	%		2.61	%		0.81	%		1.39	%		5.43	%		0.55	%
Seasons Series Trust Allocation Balanced Portfolio		—			0.42	%		—			—			—			—			—			0.60	%
Seasons Series Trust Allocation Growth Portfolio		—			1.05	%		—			—			—			—			—			1.40	%
Seasons Series Trust Allocation Moderate Growth Portfolio		—			1.39	%		—			—			—			—			—			1.77	%
Seasons Series Trust Allocation Moderate Portfolio		—			0.68	%		—			—			—			—			—			0.93	%
SAST SunAmerica VCP Dynamic Allocation Portfolio		—			26.51	%		—			—			—			—			—			23.93	%

641

Holder	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		SA WellsCap Aggressive Growth
SAST SunAmerica VCP Dynamic Strategy Portfolio		—		15.54	%		—		—		—		—		—		—
SAST SunAmerica Index Allocation 60/40 Portfolio		—		4.01	%		—		—		—		—		—		—
SAST SunAmerica Index Allocation 80/20 Portfolio		—		7.39	%		—		—		—		—		—		—
SAST SunAmerica Index Allocation 90/10 Portfolio		—		18.85	%		—		—		—		—		—		—
SAST SunAmerica Global Index Allocation 60/40 Portfolio		—		6.93	%		—		—		—		—		—		—
SAST SunAmerica Global Index Allocation 75/25 Portfolio		—		0.64	%		—		—		—		—		—		—
SAST SunAmerica Global Index Allocation 90/10 Portfolio		—		1.02	%		—		—		—		—		—		—
SAST SunAmerica VCP Index Allocation Portfolio		—		4.46	%		—		—		—		—		—		—

The affiliated funds (SAST and Seasons Series Trust) do not invest in the underlying funds for the purpose of exercising management or control; however, investments by the affiliated within the set limits across their asset allocations may represent a significant portion of net assets of the underlying funds.

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 Emerging Markets Equity Index, SA Fidelity Institutional AM^® International Growth, SA Goldman Sachs Global Bond, SA International Index, SA JPMorgan Emerging Markets, SA Morgan Stanley International Equities, SA PIMCO RAE International Value 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 portfolio holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the SA BlackRock VCP Global Multi Asset, SA Goldman Sachs Global Bond, SA Fixed Income Index, SA Fixed Income Intermediate Index, SA JP Morgan Diversified Balanced, SA JPMorgan MFS Core Bond, SA MFS Total Return 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 Fidelity Institutional AM^® Real Estate Portfolio invests primarily in the real estate industry. A Portfolio 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 Portfolio 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 Portfolio 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.

642

Note 10.  Line of Credit

The Trust, along with certain other funds managed by the Adviser, has access to a $75 million committed unsecured line of credit and 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 on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent (1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the Federal Funds Effective Rate on such date and (b) the Overnight Bank Funding Rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the Federal Funds Effective Rate or the Overnight Bank Funding Rate shall be less than zero, then the Federal Funds Effective Rate or the Overnight Bank Funding Rate, shall be deemed to be zero for the purposes of determining the rate. 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 $40,000 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 30 basis points per 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 six months ended July 31, 2021, the following Portfolios had borrowings:

Portfolio	Days Outstanding		Interest Charges		Average Debt Utilized		Weighted Average Interest
SA AB Small & Mid Cap Value		8	$	8,976	$	28,043,750		1.44	%
SA Columbia Technology		6		350		1,462,500		1.44
SA Fidelity Institutional AM® International Growth		50		5,311		2,462,500		1.44
SA Fidelity Institutional AM® Real Estate		20		3,102		3,861,250		1.44
SA Fixed Income Index		2		114		1,425,000		1.45
SA Franklin BW U.S. Large Cap Value		2		1,325		16,450,000		1.45
SA Franklin Small Company Value		5		2,821		14,105,000		1.44
SA Franklin Systematic U.S. Large Cap Value		9		1,432		3,955,556		1.44
SA Franklin Tactical Opportunities		1		11		275,000		1.42
SA International Index		3		749		6,200,000		1.45
SA Invesco Main Street Large Cap		4		36		225,000		1.44
SA Janus Focused Growth		16		1,696		2,632,813		1.45
SA JPMorgan Emerging Markets		9		432		1,191,667		1.45
SA JPMorgan Equity-Income		3		208		1,725,000		1.45
SA JPMorgan Global Equities		14		2,382		4,225,000		1.45
SA JPMorgan Mid-Cap Growth		3		538		4,450,000		1.45
SA Large Cap Growth Index		16		1,555		2,417,188		1.44
SA Large Cap Index		10		2,494		6,220,000		1.45
SA Large Cap Value Index		7		920		3,264,286		1.44
SA MFS Blue Chip Growth		8		1,177		3,662,500		1.45
SA MFS Massachusetts Investors Trust		8		1,350		4,200,000		1.45
SA PIMCO RAE International Value		35		7,249		5,150,000		1.44
SA PIMCO VCP Tactical Balanced		1		34		850,000		1.45
SA Putnam International Growth and Income		5		294		1,460,000		1.45
SA Small Cap Index		7		173		614,286		1.45
SA VCP Dynamic Strategy		1		74		1,825,000		1.45

At July 31, 2021, 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 six months ended July 31, 2021, 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

643

customary transfer fees), or other remuneration is paid in connection with such transactions. For the six months ended July 31, 2021, the following Portfolios engaged in security transactions with affiliated Portfolios:

Portfolio	Cost of Purchases		Proceeds from Sales		Realized Gain/ (Loss)
SA Federated Hermes Corporate Bond	$	413,000	$	—	$	—
SA Invesco Main Street Large Cap		878,751		—		—
SA JPMorgan MFS Core Bond		14,107		—		—
SA MFS Total Return		—		39,778		24,802
SA T. Rowe Price Asset Allocation Growth		77,143		—		—
SA T. Rowe Price VCP Balanced		215,855		—		—

Note 13.  Other Matters

The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Portfolio’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Portfolio invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

The Board of Trustees of Anchor Series Trust (“AST”), on behalf of each of the SA PGI Asset Allocation Portfolio, the SA Wellington Capital Appreciation Portfolio, the SA Wellington Government and Quality Bond Portfolio and the SA Wellington Strategic Multi-Asset Portfolio, and the Board of Trustees of SunAmerica Series Trust (“SAST”), on behalf of each of the SA Columbia Technology Portfolio and the SA WellsCap Aggressive Growth Portfolio, (each, a “Target Portfolio”), have each determined that it is in the best interests of each of its respective Target Portfolios to reorganize into an existing series (each, an “Existing Acquiring Portfolio”) or a shell series (each, a “Shell Acquiring Portfolio”) of SAST, as shown in the table below. Each Shell Acquiring Portfolio in the table below will have the same investment objectives, strategies and policies as the Target Portfolio of the same name. Each proposed transaction is referred to as a “Reorganization” and each Shell Acquiring Portfolio and Existing Acquiring Portfolio is referred to as an “Acquiring Portfolio.”

Target Portfolios	Acquiring Portfolios
SA Columbia Technology Portfolio, a series of SAST	SA Wellington Capital Appreciation Portfolio, a newly created series of SAST
SA Wellington Capital Appreciation Portfolio, a series of AST	SA Wellington Capital Appreciation Portfolio, a newly created series of SAST
SA PGI Asset Allocation Portfolio, a series of AST	SA JPMorgan Diversified Balanced Portfolio, a series of SAST
SA Wellington Government and Quality Bond Portfolio, a series of AST	SA Wellington Government and Quality Bond Portfolio, a newly created series of SAST
SA Wellington Strategic Multi-Asset Portfolio, a series of AST	SA Wellington Strategic Multi-Asset Portfolio, a newly created series of SAST
SA WellsCap Aggressive Growth Portfolio, a series of SAST	SA JPMorgan Mid-Cap Growth Portfolio, a series of SAST

In each Reorganization, all of the Target Portfolio’s assets and liabilities would be transferred to the respective Acquiring Portfolio in exchange for shares of the Acquiring Portfolio. If the Reorganization is completed, shareholders of the Target Portfolio will receive shares of the respective Acquiring Portfolio, the total value of which will be equal to the total value of their shares of the Target Portfolio on the date of the Reorganization, after which the Target Portfolio will cease operations.

Each Target Portfolio expects to convene a special meeting of its shareholders on or about October 27, 2021 to vote on the approval of its Reorganization. Shareholders of record of each Target Portfolio as of August 3, 2021 (the “Record Date”), are entitled to notice of and to vote at the special meeting, and they will receive proxy materials describing the relevant Reorganization. The Reorganization of the SA Columbia Technology Portfolio is contingent upon the Reorganization of the SA Wellington Capital Appreciation Portfolio. No other Reorganization of a Target Portfolio is contingent upon the Reorganization of any other Target Portfolio.

Note 14.  Portfolio Mergers

Pursuant to an Agreement and Plan of Reorganization, all of the assets and liabilities of the SA Invesco VCP Equity-Income Portfolio, a series of SunAmerica Series Trust, were transferred in a tax-free exchange to the SA VCP Dynamic Strategy Portfolio, in exchange for shares of the SA VCP Dynamic Strategy Portfolio. The reorganization was consummated on May 2, 2021. The acquiring portfolio acquired all of the assets and liabilities of the target Portfolio as shown in the table below.

644

Class 1 shares of the SA Invesco VCP Equity-Income Portfolio were exchanged tax-free for Class 1 shares of the SA VCP Dynamic Strategy Portfolio at an exchange ratio of 0.79217 to 1. Class 3 shares of the SA Invesco VCP Equity-Income Portfolio were exchanged tax-free for Class 3 shares of the VCP Dynamic Strategy Portfolio at an exchange ratio of 0.79438 to 1. Shares of the SA Invesco VCP Equity-Income Portfolio issued in connection with the acquisition of SA VCP Dynamic Strategy Portfolio were 107,411,456 with the value of $1,567,052,521. The assets in the investment portfolio of SA Invesco VCP Equity-Income Portfolio with the value of $2,463,474 and identified cost of $2,408,360 as of the date of organization, were the principal assets acquired by the SA VCP Dynamic Strategy Portfolio. For financial statement purposes, assets received and shares issued by SA VCP Dynamic Strategy Portfolio were recorded at value; however, the cost basis of the investments received from the target portfolio were carried forward to align ongoing reporting of the SA VCP Dynamic Strategy Portfolio’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

The following is a summary of the shares outstanding, net assets, net asset value per share and net unrealized appreciation depreciation) immediately before and after the reorganization:

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Target Portfolio
SA Invesco VCP Equity-Income Portfolio							$	55,114
Class 1		35,074	$	405,539	$	11.56
Class 3		135,178,617		1,566,646,982		11.59

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Acquiring Portfolio
SA VCP Dynamic Strategy Portfolio							$	1,095,778,146
Class 1		15,807	$	230,710	$	14.60
Class 3		423,383,586		6,176,884,613		14.59

	Shares Outstanding		Net Assets		Net Asset Value Per Share		Net Unrealized Appreciation (Depreciation)
Post Reorganization
SA VCP Dynamic Strategy Portfolio							$	1,095,833,260
Class 1		43,592	$	636,249	$	14.60
Class 3		530,767,256		7,743,531,595		14.59

Assuming the reorganization has been completed on February 1, 2021, the beginning of the annual reporting period for the acquiring portfolio, the unaudited pro forma results of operations for the period ended July 31, 2021, are as follows:

Net investment income (loss)	$	(7,518,693	)
Net realized/unrealized gains (losses)		701,307,503
Change in net assets results from operations		693,788,810

645

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			Return of capital		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
01/31/17	$	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
01/31/19		47.77		0.01			1.74			1.75	(3)		(0.00	)		—		(6.14	)		(6.14	)		43.38		4.03			1,054,212		0.64			0.03			56	(4)
01/31/20		43.38		(0.02	)		10.44			10.42			(0.00	)		—		(3.10	)		(3.10	)		50.70		24.48			1,104,442		0.64			(0.03	)		28
01/31/21		50.70		(0.06	)		15.88			15.82			—			—		(5.58	)		(5.58	)		60.94		31.55			1,263,528		0.64			(0.10	)		25
07/31/21@		60.94		(0.06	)		14.22			14.16			—			—		—			—			75.10		23.24			1,455,133		0.62	†		(0.18	)†		10
SA AB Growth Portfolio — Class 2
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
01/31/19		47.50		(0.05	)		1.71			1.66	(3)		—			—		(6.14	)		(6.14	)		43.02		3.85			76,460		0.79			(0.12	)		56	(4)
01/31/20		43.02		(0.09	)		10.35			10.26			—			—		(3.10	)		(3.10	)		50.18		24.30			78,983		0.79			(0.18	)		28
01/31/21		50.18		(0.14	)		15.70			15.56			—			—		(5.58	)		(5.58	)		60.16		31.36			89,625		0.79			(0.25	)		25
07/31/21@		60.16		(0.11	)		14.04			13.93			—			—		—			—			74.09		23.15			102,325		0.77	†		(0.33	)†		10
SA AB Growth Portfolio — Class 3
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
01/31/19		47.00		(0.09	)		1.68			1.59	(3)		—			—		(6.14	)		(6.14	)		42.45		3.74			412,105		0.89			(0.22	)		56	(4)
01/31/20		42.45		(0.13	)		10.20			10.07			—			—		(3.10	)		(3.10	)		49.42		24.18			439,589		0.89			(0.28	)		28
01/31/21		49.42		(0.19	)		15.45			15.26			—			—		(5.58	)		(5.58	)		59.10		31.23			523,827		0.89			(0.35	)		25
07/31/21@		59.10		(0.14	)		13.78			13.64			—			—		—			—			72.74		23.08			642,566		0.87	†		(0.43	)†		10
SA AB Small & Mid Cap Value Portfolio — Class 1
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
01/31/19		19.74		0.07			(1.69	)		(1.62	)		(0.15	)		—		(4.10	)		(4.25	)		13.87		(7.91	)		80,718		0.96			0.39			43
01/31/20		13.87		0.11			0.35			0.46			—			—		(0.23	)		(0.23	)		14.10		3.22			81,549		0.98			0.78			31
01/31/21		14.10		0.10			1.38			1.48			(0.10	)		—		(0.31	)		(0.41	)		15.17		10.90	(5)		125,104		0.95	(2)		0.83	(2)		69
07/31/21@		15.17		0.09			3.57			3.66			—			—		—			—			18.83		24.13			145,307		0.91	†(2)		1.00	†(2)		31
SA AB Small & Mid Cap Value Portfolio — Class 2
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
01/31/19		19.72		0.04			(1.69	)		(1.65	)		(0.09	)		—		(4.10	)		(4.19	)		13.88		(8.07	)		11,091		1.11			0.23			43
01/31/20		13.88		0.09			0.35			0.44			—			—		(0.23	)		(0.23	)		14.09		3.07			9,951		1.13			0.63			31
01/31/21		14.09		0.09			1.37			1.46			(0.08	)		—		(0.31	)		(0.39	)		15.16		10.72	(5)		9,921		1.10	(2)		0.71	(2)		69
07/31/21@		15.16		0.08			3.56			3.64			—			—		—			—			18.80		24.01			11,338		1.06	†(2)		0.82	†(2)		31
SA AB Small & Mid Cap Value Portfolio — Class 3
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
01/31/19		19.56		0.02			(1.67	)		(1.65	)		(0.06	)		—		(4.10	)		(4.16	)		13.75		(8.18	)		433,575		1.21			0.13			43
01/31/20		13.75		0.07			0.36			0.43			—			—		(0.23	)		(0.23	)		13.95		3.03			392,439		1.23			0.53			31
01/31/21		13.95		0.07			1.36			1.43			(0.07	)		—		(0.31	)		(0.38	)		15.00		10.60	(5)		415,983		1.20	(2)		0.60	(2)		69
07/31/21@		15.00		0.07			3.53			3.60			—			—		—			—			18.60		24.00			458,888		1.16	†(2)		0.73	†(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.

† Annualized

@ Unaudited

(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	01/17			01/18			01/19			01/20			01/21			07/21†@
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		0.01			0.01			0.01			0.00			0.00			0.00
SA AB Small & Mid-Cap Value Class 2		0.01			0.01			0.01			0.00			0.00			0.00
SA AB Small & Mid-Cap Value Class 3		0.01			0.01			0.01			0.00			0.00			0.00

(2) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/21(1)			07/21†@(1)
SA AB Small & Mid-Cap Value Class 1		0.02	%		0.05	%
SA AB Small & Mid-Cap Value Class 2		0.02			0.05
SA AB Small & Mid-Cap Value Class 3		0.02			0.05

(3) Includes the effect of a merger.

(4) Excludes purchases/sales due to merger.

(5) The Portfolio’s performance figure was increased by 0.44% from gains on the disposal of investments due to a trading error.

See Notes to Financial Statements

646

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			Return of capital		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 Multi-Factor 70/30 Portfolio — Class 1
10/13/20#- 01/31/21	$	15.00	$	0.06	$	0.90		$	0.96		$	(0.08	)	$	—	$	—		$	(0.08	)	$	15.88		6.43	%	$	106		0.26	%†		1.25	%†		13	%
07/31/21@		15.88		0.12		1.68			1.80			—			—		—			—			17.68		11.34			118		0.30	†		1.41	†		41
SA BlackRock Multi-Factor 70/30 Portfolio — Class 3
10/13/20#- 01/31/21		15.00		0.04		0.91			0.95			(0.08	)		—		—			(0.08	)		15.87		6.33			19,715		0.55	†		0.94	†		13
07/31/21@		15.87		0.10		1.68			1.78			—			—		—			—			17.65		11.22			52,850		0.55	†		1.22	†		41
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
01/31/19		11.95		0.11		(0.59	)		(0.48	)		(0.19	)		—		(0.81	)		(1.00	)		10.47		(3.95	)		121		0.91			0.96			166
01/31/20		10.47		0.12		1.13			1.25			(0.12	)		—		(0.43	)		(0.55	)		11.17		11.95	(2)		137		0.90			1.13			154
01/31/21		11.17		0.07		0.39			0.46			(0.01	)		—		(0.25	)		(0.26	)		11.37		4.15	(4)		143		0.91			0.64	(3)		163
07/31/21@		11.37		0.04		0.81			0.85			—			—		—			—			12.22		7.48			876		0.92	†		0.73	†		75
SA BlackRock VCP Global Multi Asset Portfolio — Class 3
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
01/31/19		11.92		0.08		(0.59	)		(0.51	)		(0.12	)		—		(0.81	)		(0.93	)		10.48		(4.24	)		738,703		1.16			0.71			166
01/31/20		10.48		0.10		1.12			1.22			(0.09	)		—		(0.43	)		(0.52	)		11.18		11.67	(2)		822,050		1.15			0.88			154
01/31/21		11.18		0.04		0.39			0.43			(0.00	)		—		(0.25	)		(0.25	)		11.36		3.94	(4)		821,175		1.16			0.39	(3)		163
07/31/21@		11.36		0.03		0.81			0.84			—			—		—			—			12.20		7.39			873,734		1.17	†		0.56	†		75

* 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.

† Annualized

# Commencement of operations.

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/17			01/18			01/19			01/20			01/21			07/21†@
SA BlackRock Multi-Factor 70/30 Class 1		—	%		—	%		—	%		—	%		2.69	%		1.09	%
SA BlackRock Multi-Factor 70/30 Class 3		—			—			—			—			2.82			1.05
SA BlackRock VCP Global Multi Asset Class 1		0.07	†		(0.00	)		(0.00	)		0.01			0.08			0.03
SA BlackRock VCP Global Multi Asset Class 3		0.12			(0.00	)		(0.00	)		0.01			0.08			0.03

(2) The Portfolio’s performance figure was increased by 0.02% from gains on the disposal of investments in violation of investment restrictions.

(3) Includes a one time reimbursement received for interest income received related to prior years. The impact to the ratio of net investment income to average net assets is 0.10%.

(4) The Fund’s performance figure was increased by 0.09% for a reimbursement of interest income from prior years.

See Notes to Financial Statements

647

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			Return of capital		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
01/31/17	$	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
01/31/19		7.47		0.00			(0.19	)		(0.19	)		—			—		(1.00	)		(1.00	)		6.28		(2.36	)		13,143		1.04			0.04			35
01/31/20		6.28		0.06			2.30			2.36			—			—		(0.75	)		(0.75	)		7.89		38.33			17,108		1.06			0.76			59
01/31/21		7.89		(0.01	)		3.66			3.65			(0.04	)		—		(0.77	)		(0.81	)		10.73		48.08			22,611		1.02			(0.11	)		50
07/31/21@		10.73		(0.02	)		2.15			2.13			—			—		—			—			12.86		19.85			26,057		0.97	†		(0.32	)†		17
SA Columbia Technology Portfolio — Class 2
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
01/31/19		7.27		(0.01	)		(0.18	)		(0.19	)		—			—		(1.00	)		(1.00	)		6.08		(2.42	)		4,454		1.19			(0.11	)		35
01/31/20		6.08		0.04			2.22			2.26			—			—		(0.75	)		(0.75	)		7.59		37.94			5,402		1.21			0.56			59
01/31/21		7.59		(0.02	)		3.52			3.50			(0.03	)		—		(0.77	)		(0.80	)		10.29		47.95			6,713		1.17			(0.26	)		50
07/31/21@		10.29		(0.03	)		2.07			2.04			—			—		—			—			12.33		19.83			8,112		1.12	†		(0.48	)†		17
SA Columbia Technology Portfolio — Class 3
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
01/31/19		7.15		(0.01	)		(0.19	)		(0.20	)		—			—		(1.00	)		(1.00	)		5.95		(2.62	)		51,259		1.29			(0.21	)		35
01/31/20		5.95		0.04			2.17			2.21			—			—		(0.75	)		(0.75	)		7.41		37.93			70,583		1.31			0.53			59
01/31/21		7.41		(0.03	)		3.43			3.40			(0.03	)		—		(0.77	)		(0.80	)		10.01		47.74			122,801		1.27			(0.38	)		50
07/31/21@		10.01		(0.03	)		2.01			1.98			—			—		—			—			11.99		19.78			172,535		1.22	†		(0.58	)†		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.

† Annualized

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/17(2)			01/18(2)			01/19(2)			01/20(2)			01/21(2)			07/21†@(2)
SA Columbia Technology Class 1		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
SA Columbia Technology Class 2		0.10			0.10			0.10			0.10			0.10			0.10
SA Columbia Technology Class 3		0.10			0.10			0.10			0.10			0.10			0.10

(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	01/17			01/18			01/19			01/20			01/21			07/21†@
SA Columbia Technology Class 1		0.02	%		0.02	%		0.01	%		0.01	%		0.01	%		0.00	%
SA Columbia Technology Class 2		0.02			0.02			0.01			0.01			0.01			0.00
SA Columbia Technology Class 3		0.02			0.02			0.01			0.01			0.01			0.00

(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

648

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			Return of capital		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
01/31/17	$	10.54	$	0.04		$	(0.04	)	$	0.00		$	—		$	—	$	—	$	—		$	10.54		0.00	%	$	304,376		0.50	%(1)		0.41	%(1)		51	%(2)
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			89	(2)
01/31/19		10.56		0.18			0.02			0.20			(0.12	)		—		—		(0.12	)		10.64		1.90			208,490		0.50			1.65			72	(2)
01/31/20		10.64		0.20			0.02			0.22			(0.21	)		—		—		(0.21	)		10.65		2.08			170,367		0.51			1.85			35	(2)
01/31/21		10.65		0.02			(0.01	)		0.01			(0.17	)		—		—		(0.17	)		10.49		0.11			142,266		0.51			0.20			110
07/31/21@		10.49		(0.02	)		(0.00	)		(0.02	)		—			—		—		—			10.47		(0.19	)		163,170		0.50	†		(0.34	)†		78
SA DFA Ultra Short Bond Portfolio — Class 2
01/31/17		10.42		0.01			(0.02	)		(0.01	)		—			—		—		—			10.41		(0.10	)		15,865		0.65	(1)		0.14	(1)		51	(2)
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			89	(2)
01/31/19		10.44		0.16			0.01			0.17			(0.10	)		—		—		(0.10	)		10.51		1.68			15,715		0.65			1.52			72	(2)
01/31/20		10.51		0.18			0.02			0.20			(0.19	)		—		—		(0.19	)		10.52		1.95			14,150		0.66			1.69			35	(2)
01/31/21		10.52		0.00			(0.00	)		(0.00	)		(0.16	)		—		—		(0.16	)		10.36		(0.03	)		14,805		0.66			0.01			110
07/31/21@		10.36		(0.03	)		(0.00	)		(0.03	)		—			—		—		—			10.33		(0.29	)		14,332		0.65	†		(0.49	)†		78
SA DFA Ultra Short Bond Portfolio — Class 3
01/31/17		10.34		0.00			(0.02	)		(0.02	)		—			—		—		—			10.32		(0.19	)		201,194		0.75	(1)		0.03	(1)		51	(2)
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			89	(2)
01/31/19		10.35		0.15			0.01			0.16			(0.09	)		—		—		(0.09	)		10.42		1.56			184,763		0.75			1.41			72	(2)
01/31/20		10.42		0.17			0.02			0.19			(0.19	)		—		—		(0.19	)		10.42		1.80			190,713		0.76			1.58			35	(2)
01/31/21		10.42		(0.01	)		(0.00	)		(0.01	)		(0.15	)		—		—		(0.15	)		10.26		(0.08	)		233,226		0.76			(0.11	)		110
07/31/21@		10.26		(0.03	)		(0.00	)		(0.03	)		—			—		—		—			10.23		(0.29	)		223,850		0.75	†		(0.59	)†		78

* 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.

† Annualized

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/17
SA DFA Ultra Short Bond Class 1		0.01	%
SA DFA Ultra Short Bond Class 2		0.02
SA DFA Ultra Short Bond Class 3		0.02

(2) Portfolio Turnover as previously disclosed in the January 31, 2020, 2019, 2018 and 2017 financial statements has been corrected to exclude the impact of purchases and sales of short-term securities.

See Notes to Financial Statements

649

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			Return of capital			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 Emerging Markets Equity Index Portfolio — Class 1
05/01/18#- 01/31/19	$	15.00	$	0.17	$	(0.94	)	$	(0.77	)	$	(0.17	)	$	(0.01	)	$	—		$	(0.18	)	$	14.05		(5.01	)%	$	86,851		0.58	†(1)%		1.64	†(1)%		0	%
01/31/20		14.05		0.32		(0.12	)		0.20			—			—			—			—			14.25		1.42			85,824		0.58	(1)		2.27	(1)		21
01/31/21		14.25		0.20		3.74			3.94			(0.33	)		—			—			(0.33	)		17.86		27.92			116,309		0.58	(1)		1.35	(1)		22
07/31/21@		17.86		0.14		(0.64	)		(0.50	)		—			—			—			—			17.36		(2.80	)		110,627		0.59	†(1)		1.50	†(1)		2
SA Emerging Markets Equity Index Portfolio — Class 3
05/01/18#- 01/31/19		15.00		0.10		(0.90	)		(0.80	)		(0.15	)		(0.01	)		—			(0.16	)		14.04		(5.24	)		677		0.83	(1)†		1.07	(1)†		0
01/31/20		14.04		0.27		(0.10	)		0.17			—			—			—			—			14.21		1.21			3,066		0.83	(1)		2.01	(1)		21
01/31/21		14.21		0.15		3.73			3.88			(0.31	)		—			—			(0.31	)		17.78		27.61			8,255		0.83	(1)		1.06	(1)		22
07/31/21@		17.78		0.12		(0.64	)		(0.52	)		—			—			—			—			17.26		(2.92	)		10,947		0.83	†(1)		1.37	†(1)		2
SA Federated Hermes Corporate Bond Portfolio — Class 1
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
01/31/19		13.41		0.54		(0.48	)		0.06			(0.57	)		—			(0.10	)		(0.67	)		12.80		0.62			651,912		0.55			4.15			11
01/31/20		12.80		0.55		1.17			1.72			(0.73	)		—			—			(0.73	)		13.79		13.61			474,859		0.55			3.99			13
01/31/21		13.79		0.50		0.36			0.86			(0.57	)		—			(0.20	)		(0.77	)		13.88		6.28			483,921		0.55			3.63			22
07/31/21@		13.88		0.23		0.04			0.27			—			—			—			—			14.15		1.95			540,575		0.54	†		3.36	†		7
SA Federated Hermes Corporate Bond Portfolio — Class 2
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
01/31/19		13.40		0.52		(0.48	)		0.04			(0.55	)		—			(0.10	)		(0.65	)		12.79		0.43			17,852		0.70			4.00			11
01/31/20		12.79		0.52		1.17			1.69			(0.70	)		—			—			(0.70	)		13.78		13.44			18,307		0.70			3.82			13
01/31/21		13.78		0.48		0.37			0.85			(0.55	)		—			(0.20	)		(0.75	)		13.88		6.19			16,967		0.70			3.49			22
07/31/21@		13.88		0.22		0.04			0.26			—			—			—			—			14.14		1.87			16,083		0.69	†		3.22	†		7
SA Federated Hermes Corporate Bond Portfolio — Class 3
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
01/31/19		13.32		0.51		(0.48	)		0.03			(0.54	)		—			(0.10	)		(0.64	)		12.71		0.34			773,634		0.80			3.90			11
01/31/20		12.71		0.50		1.17			1.67			(0.69	)		—			—			(0.69	)		13.69		13.33			864,347		0.80			3.72			13
01/31/21		13.69		0.46		0.37			0.83			(0.54	)		—			(0.20	)		(0.74	)		13.78		6.08			933,036		0.80			3.38			22
07/31/21@		13.78		0.21		0.03			0.24			—			—			—			—			14.02		1.74			1,042,595		0.79	†		3.11	†		7

* 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.

† Annualized

# Commencement of operations.

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/19†			01/20			01/21			07/21†@
SA Emerging Markets Equity Index Class 1		0.28	%		0.25	%		0.10	%		0.03	%
SA Emerging Markets Equity Index Class 3		0.45			0.24			0.09			0.01

See Notes to Financial Statements

650

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			Return of capital		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 Fidelity Institutional AM® International Growth Portfolio — Class 1
05/01/19#-01/31/20	$	15.00	$	0.06	$	1.69		$	1.75		$	(0.06	)	$	—	$	(0.02	)	$	(0.08	)	$	16.67		11.68	%	$	313,927		0.88	%†(2)		0.56	%†(2)		90	%
01/31/21		16.67		0.06		3.55			3.61			(0.06	)		—		(0.57	)		(0.63	)		19.65		21.78			346,993		0.88	(1)(2)		0.34	(1)(2)		156
07/31/21@		19.65		0.04		1.73			1.77			—			—		—			—			21.42		9.01			373,896		0.86	†(1)(2)		0.42	†(1)(2)		94
SA Fidelity Institutional AM® International Growth Portfolio — Class 3
05/01/19#-01/31/20		15.00		0.01		1.73			1.74			(0.05	)		—		(0.02	)		(0.07	)		16.67		11.59			1,346		1.13	†(2)		0.11	†(2)		90
01/31/21		16.67		0.00		3.55			3.55			(0.03	)		—		(0.57	)		(0.60	)		19.62		21.44			3,959		1.13	(1)(2)		0.00	(1)(2)		156
07/31/21@		19.62		0.02		1.73			1.75			—			—		—			—			21.37		8.92			8,670		1.11	†(1)(2)		0.16	(1)(2)		94
SA Fidelity Institutional AM® Real Estate Portfolio — Class 1
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
01/31/19		12.78		0.27		0.80			1.07			(0.33	)		—		(0.91	)		(1.24	)		12.61		8.66			81,478		0.82	(1)		2.14	(1)		53
01/31/20		12.61		0.25		1.64			1.89			(0.32	)		—		(0.04	)		(0.36	)		14.14		15.10			88,455		0.83	(1)		1.86	(1)		47
01/31/21		14.14		0.22		(0.74	)		(0.52	)		(0.25	)		—		(0.57	)		(0.82	)		12.80		(3.60	)		101,995		0.82	(1)		1.78	(1)		46
07/31/21@		12.80		0.14		3.36			3.50			—			—		—			—			16.30		27.34			117,644		0.82	†(1)		1.88	†(1)		13
SA Fidelity Institutional AM® Real Estate Portfolio — Class 2
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
01/31/19		12.74		0.25		0.80			1.05			(0.30	)		—		(0.91	)		(1.21	)		12.58		8.57			4,777		0.97	(1)		1.99	(1)		53
01/31/20		12.58		0.23		1.63			1.86			(0.30	)		—		(0.04	)		(0.34	)		14.10		14.88			4,677		0.98	(1)		1.71	(1)		47
01/31/21		14.10		0.20		(0.73	)		(0.53	)		(0.23	)		—		(0.57	)		(0.80	)		12.77		(3.70	)		4,061		0.97	(1)		1.60	(1)		46
07/31/21@		12.77		0.13		3.35			3.48			—			—		—			—			16.25		27.25			4,623		0.97	†(1)		1.76	†(1)		13
SA Fidelity Institutional AM® Real Estate Portfolio — Class 3
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
01/31/19		12.65		0.24		0.79			1.03			(0.29	)		—		(0.91	)		(1.20	)		12.48		8.43			184,382		1.07	(1)		1.89	(1)		53
01/31/20		12.48		0.22		1.62			1.84			(0.28	)		—		(0.04	)		(0.32	)		14.00		14.85			180,473		1.08	(1)		1.61	(1)		47
01/31/21		14.00		0.18		(0.73	)		(0.55	)		(0.22	)		—		(0.57	)		(0.79	)		12.66		(3.89	)		173,750		1.07	(1)		1.49	(1)		46
07/31/21@		12.66		0.12		3.32			3.44			—			—		—			—			16.10		27.17			199,573		1.07	†(1)		1.68	†(1)		13

* 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.

† Annualized

# Commencement of operations.

@ Unaudited

(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	01/17			01/18			01/19			01/20			01/21			07/21†@
SA Fidelity Institutional AM® International Growth Class 1		—	%		—	%		—	%		—	%		0.00	%		0.00	%
SA Fidelity Institutional AM® International Growth Class 3		—			—			—			—			0.00			0.00
SA Fidelity Institutional AM® Real Estate Class 1		0.01			0.01			0.01			0.01			0.00			0.00
SA Fidelity Institutional AM® Real Estate Class 2		0.01			0.01			0.01			0.01			0.00			0.00
SA Fidelity Institutional AM® Real Estate Class 3		0.01			0.01			0.01			0.01			0.00			0.00

(2) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/20†			01/21(1)			07/21†@(1)
SA Fidelity Institutional AM® International Growth Class 1		0.05	%		(0.02	)%		(0.01	)%
SA Fidelity Institutional AM® International Growth Class 3		0.16			(0.03	)		(0.01	)

See Notes to Financial Statements

651

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			Return of capital		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	%
01/31/19		10.15		0.23		(0.07	)		0.16			(0.33	)		—		—			(0.33	)		9.98		1.66	(2)		413,644		0.34			2.35			12
01/31/20		9.98		0.25		0.78			1.03			(0.02	)		—		—			(0.02	)		10.99		10.34			508,954		0.34			2.37			24
01/31/21		10.99		0.24		0.33			0.57			(0.24	)		—		(0.04	)		(0.28	)		11.28		5.18			518,860		0.34			2.06			22
07/31/21@		11.28		0.11		(0.09	)		0.02			—			—		—			—			11.30		0.18			499,322		0.34	†		1.95	†		11
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
01/31/19		10.12		0.20		(0.06	)		0.14			(0.29	)		—		—			(0.29	)		9.97		1.41	(2)		9,569		0.59			2.12			12
01/31/20		9.97		0.21		0.80			1.01			(0.02	)		—		—			(0.02	)		10.96		10.12			28,244		0.59			2.10			24
01/31/21		10.96		0.20		0.34			0.54			(0.23	)		—		(0.04	)		(0.27	)		11.23		4.93			63,869		0.59			1.79			22
07/31/21@		11.23		0.09		(0.09	)		0.00			—			—		—			—			11.23		0.00			74,863		0.59	†		1.69	†		11
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
01/31/19		9.86		0.20		0.03			0.23			(0.23	)		—		—			(0.23	)		9.86		2.32			275,675		0.34			2.01			23
01/31/20		9.86		0.21		0.46			0.67			(0.02	)		—		—			(0.02	)		10.51		6.77			355,130		0.34			2.07			24
01/31/21		10.51		0.19		0.28			0.47			(0.20	)		—		—			(0.20	)		10.78		4.48			369,686		0.34			1.77			16
07/31/21@		10.78		0.07		(0.07	)		(0.00	)		—			—		—			—			10.78		0.00			503,545		0.34	†		1.42	†		5
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
01/31/19		9.86		0.17		0.03			0.20			(0.20	)		—		—			(0.20	)		9.86		2.03			10,426		0.59			1.80			23
01/31/20		9.86		0.18		0.46			0.64			(0.01	)		—		—			(0.01	)		10.49		6.54			21,526		0.59			1.81			24
01/31/21		10.49		0.16		0.28			0.44			(0.19	)		—		—			(0.19	)		10.74		4.18			32,017		0.59			1.51			16
07/31/21@		10.74		0.06		(0.08	)		(0.02	)		—			—		—			—			10.72		(0.19	)		34,318		0.59	†		1.18	†		5

* 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.

† Annualized

# Commencement of operations.

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/18†			01/19			01/20			01/21			07/21†@
SA Fixed Income Index Class 1		0.03	%		0.04	%		0.03	%		0.02	%		0.01	%
SA Fixed Income Index Class 3		0.10			0.04			0.03			0.01			0.01
SA Fixed Income Intermediate Index Class 1		0.09			0.05			0.04			0.02			0.01
SA Fixed Income Intermediate Index Class 3		0.75			0.06			0.04			0.02			0.01

(2) The Portfolio’s performance figure was increased by less than 0.01% from payment by an affiliate.

See Notes to Financial Statements

652

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			Return of capital		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 to average net assets(1)(2)			Portfolio turnover
SA Franklin BW U.S. Large Cap Value Portfolio# — Class 1
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	%		1.89	%		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			1.66			47
01/31/19		23.65		0.40		(1.79	)		(1.39	)(3)		(0.40	)		—		(1.93	)		(2.33	)		19.93		(6.30	)		823,084		0.70			1.82			48	(4)
01/31/20		19.93		0.43		2.11			2.54			(0.46	)		—		(1.88	)		(2.34	)		20.13		12.66			863,626		0.70			2.05			49
01/31/21		20.13		0.39		0.01			0.40			(0.40	)		—		(1.15	)		(1.55	)		18.98		2.46			909,235		0.70			2.16			79
07/31/21@		18.98		0.16		4.04			4.20			—			—		—			—			23.18		22.13			1,052,242		0.70	†		1.43	†		26
SA Franklin BW U.S. Large Cap Value Portfolio# — Class 2
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			1.78			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			1.50			47
01/31/19		23.65		0.37		(1.80	)		(1.43	)(3)		(0.36	)		—		(1.93	)		(2.29	)		19.93		(6.46	)		44,027		0.85			1.67			48	(4)
01/31/20		19.93		0.40		2.11			2.51			(0.42	)		—		(1.88	)		(2.30	)		20.14		12.53			43,056		0.85			1.90			49
01/31/21		20.14		0.36		0.02			0.38			(0.37	)		—		(1.15	)		(1.52	)		19.00		2.34			40,366		0.85			2.02			79
07/31/21@		19.00		0.14		4.03			4.17			—			—		—			—			23.17		21.95			45,509		0.85	†		1.28	†		26
SA Franklin BW U.S. Large Cap Value Portfolio# — Class 3
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			1.67			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			1.40			47
01/31/19		23.52		0.34		(1.78	)		(1.44	)(3)		(0.33	)		—		(1.93	)		(2.26	)		19.82		(6.52	)		489,891		0.95			1.57			48	(4)
01/31/20		19.82		0.38		2.09			2.47			(0.40	)		—		(1.88	)		(2.28	)		20.01		12.38			466,528		0.95			1.80			49
01/31/21		20.01		0.34		0.01			0.35			(0.35	)		—		(1.15	)		(1.50	)		18.86		2.20			471,406		0.95			1.92			79
07/31/21@		18.86		0.13		4.01			4.14			—			—		—			—			23.00		21.95			519,881		0.95	†		1.18	†		26

# See Note 1

* 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.

† Annualized

@ Unaudited

(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	01/17			01/18			01/19			01/20			01/21			07/21†@
SA Franklin BW U.S. Large Cap Value Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Franklin BW U.S. Large Cap Value Class 2		0.00			0.00			0.00			0.00			0.00			0.00
SA Franklin BW U.S. Large Cap Value Class 3		0.00			0.00			0.00			0.00			0.00			0.00

(2) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/17(1)			01/18(1)			01/19(1)			01/20(1)			01/21(1)			07/21†@(1)
SA Franklin BW U.S. Large Cap Value Class 1		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%
SA Franklin BW U.S. Large Cap Value Class 2		0.06			0.05			0.05			0.05			0.05			0.05
SA Franklin BW U.S. Large Cap Value Class 3		0.05			0.05			0.05			0.05			0.05			0.05

(3) Includes the effect of a merger

(4) Excludes purchases/sales due to merger

See Notes to Financial Statements

653

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			Return of capital		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 Franklin Small Company Value Portfolio — Class 1
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	(1)		0.96	(1)		31
01/31/19		23.91		0.19		(1.36	)		(1.17	)		(0.24	)		—		(3.28	)		(3.52	)		19.22		(5.24	)		133,394		0.97	(1)		0.84	(1)		57
01/31/20		19.22		0.24		1.84			2.08			(0.20	)		—		(3.03	)		(3.23	)		18.07		10.42			134,974		0.98	(1)		1.21	(1)		48
01/31/21		18.07		0.22		1.68			1.90			(0.21	)		—		(0.91	)		(1.12	)		18.85		11.24			155,162		0.97	(1)		1.36	(1)		77
07/31/21@		18.85		0.06		3.13			3.19			—			—		—			—			22.04		16.92			158,473		0.96	†(1)		0.51	†(1)		29
SA Franklin Small Company Value Portfolio — Class 3
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	(1)		0.63	(1)		31
01/31/19		23.68		0.13		(1.33	)		(1.20	)		(0.17	)		—		(3.28	)		(3.45	)		19.03		(5.39	)		194,190		1.21	(1)		0.59	(1)		57
01/31/20		19.03		0.19		1.83			2.02			(0.15	)		—		(3.03	)		(3.18	)		17.87		10.18			183,707		1.23	(1)		0.97	(1)		48
01/31/21		17.87		0.17		1.66			1.83			(0.17	)		—		(0.91	)		(1.08	)		18.62		10.92			196,232		1.22	(1)		1.09	(1)		77
07/31/21@		18.62		0.03		3.09			3.12			—			—		—			—			21.74		16.76			212,901		1.21	†(1)		0.27	†(1)		29
SA Franklin Systematic U.S. Large Cap Portfolio# — Class 1
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
01/31/19		15.14		0.34		(0.02	)		0.32			(0.37	)		—		(1.76	)		(2.13	)		13.33		1.89			184,706		0.64			2.40			75
01/31/20		13.33		0.35		1.40			1.75			(0.38	)		—		(0.92	)		(1.30	)		13.78		13.01			184,213		0.65			2.46			68
01/31/21		13.78		0.35		1.21			1.56			(0.32	)		—		(1.77	)		(2.09	)		13.25		11.91			210,465		0.64			2.73			80
07/31/21@		13.25		0.16		2.18			2.34			—			—		—			—			15.59		17.66			254,498		0.63	†		2.14	†		114
SA Franklin Systematic U.S. Large Cap Portfolio# — Class 2
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
01/31/19		15.11		0.32		(0.02	)		0.30			(0.35	)		—		(1.76	)		(2.11	)		13.30		1.72			6,109		0.79			2.25			75
01/31/20		13.30		0.33		1.40			1.73			(0.36	)		—		(0.92	)		(1.28	)		13.75		12.85			5,552		0.80			2.31			68
01/31/21		13.75		0.33		1.20			1.53			(0.29	)		—		(1.77	)		(2.06	)		13.22		11.74			5,359		0.79			2.59			80
07/31/21@		13.22		0.15		2.17			2.32			—			—		—			—			15.54		17.55			5,871		0.79	†		1.99	†		114
SA Franklin Systematic U.S. Large Cap Portfolio# — Class 3
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
01/31/19		15.00		0.30		(0.02	)		0.28			(0.33	)		—		(1.76	)		(2.09	)		13.19		1.64			156,440		0.89			2.15			75
01/31/20		13.19		0.31		1.38			1.69			(0.34	)		—		(0.92	)		(1.26	)		13.62		12.72			169,757		0.90			2.21			68
01/31/21		13.62		0.31		1.19			1.50			(0.29	)		—		(1.77	)		(2.06	)		13.06		11.58			201,091		0.89			2.47			80
07/31/21@		13.06		0.14		2.15			2.29			—			—		—			—			15.35		17.53			247,694		0.89	†		1.88	†		114

# See Note 1

* 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.

† Annualized

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/18			01/19			01/20			01/21			07/21†@
SA Franklin Small Company Value Class 1		0.01	%		0.05	%		0.05	%		0.05	%		0.05	%
SA Franklin Small Company Value Class 3		0.01			0.05			0.05			0.05			0.05

See Notes to Financial Statements

654

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			Return of capital			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 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	%
01/31/19		10.60		0.18		(0.54	)		(0.36	)		(0.14	)		(0.02	)		(0.02	)		(0.18	)		10.06		(3.38	)		133		0.81	(1)(2)		1.80	(1)(2)		45
01/31/20		10.06		0.20		0.98			1.18			(0.17	)		—			(0.02	)		(0.19	)		11.05		11.75			148		0.81	(1)(2)		1.88	(1)(2)		42
01/31/21		11.05		0.15		0.69			0.84			(0.15	)		—			(0.04	)		(0.19	)		11.70		7.65			159		0.81	(1)(2)		1.38	(1)(2)		61
07/31/21@		11.70		0.07		1.39			1.46			—			—			—			—			13.16		12.48			179		0.81	†(1)(2)		1.19	†(1)(2)		17
SA Franklin 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
01/31/19		10.60		0.15		(0.54	)		(0.39	)		(0.11	)		(0.02	)		(0.02	)		(0.15	)		10.06		(3.63	)		34,311		1.06	(1)(2)		1.52	(1)(2)		45
01/31/20		10.06		0.17		0.98			1.15			(0.15	)		—			(0.02	)		(0.17	)		11.04		11.43			55,730		1.06	(1)(2)		1.58	(1)(2)		42
01/31/21		11.04		0.12		0.70			0.82			(0.13	)		—			(0.04	)		(0.17	)		11.69		7.45			70,795		1.06	(1)(2)		1.11	(1)(2)		61
07/31/21@		11.69		0.06		1.38			1.44			—			—			—			—			13.13		12.32			85,998		1.06	†(1)(2)		0.93	†(1)(2)		17
SA Franklin U.S. Equity Smart Beta Portfolio — Class 1
10/07/19#-01/31/20		15.00		0.08		0.98			1.06			(0.06	)		—			—			(0.06	)		16.00		7.06			129,702		0.70	†(1)		1.69	†(1)		12
01/31/21		16.00		0.26		1.28			1.54			(0.26	)		—			(0.14	)		(0.40	)		17.14		9.60			148,051		0.67	(1)(2)		1.62	(1)(2)		32
07/31/21@		17.14		0.13		3.11			3.24			—			—			—			—			20.38		18.90			172,598		0.57	†		1.38	†		22
SA Franklin U.S. Equity Smart Beta Portfolio — Class 3
10/07/19#-01/31/20		15.00		0.05		0.99			1.04			(0.05	)		—			—			(0.05	)		15.99		6.95			316		0.95	†(1)		1.10	†(1)		12
01/31/21		15.99		0.19		1.29			1.48			(0.23	)		—			(0.14	)		(0.37	)		17.10		9.27			2,284		0.93	(1)(2)		1.25	(1)(2)		32
07/31/21@		17.10		0.10		3.11			3.21			—			—			—			—			20.31		18.77			4,193		0.81	†		1.12	†		22

## See Note 1

* 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.

† Annualized

# Commencement of operations.

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/18			01/19			01/20			01/21			07/21†@
SA Franklin Tactical Opportunities Class 1		3.00	%		1.03	%		0.31	%		0.16	%		0.08	%
SA Franklin Tactical Opportunities Class 3		3.01			0.93			0.32			0.16			0.08
SA Franklin U.S. Equity Smart Beta Class 1 . . . . . . . . .		—			—			0.02			(0.01	)		—
SA Franklin U.S. Equity Smart Beta Class 1 . . . . . . . . .		—			—			0.00			(0.00	)		—

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	01/18†(1)			01/19(1)			01/20(1)			01/21(1)			07/21†@(1)
SA Franklin Tactical Opportunities Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Franklin Tactical Opportunities Class 3		0.00			0.00			0.00			0.00			0.00
SA Franklin U.S. Equity Smart Beta Class 1 . . . . . . . . .		—			—			—			0.00			—
SA Franklin U.S. Equity Smart Beta Class 1 . . . . . . . . .		—			—			—			0.00			—

(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

655

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			Return of capital			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 Global Index Allocation 60/40 Portfolio — Class 1
05/01/18#- 01/31/19	$	15.00	$	0.25		$	(0.39	)	$	(0.14	)	$	(0.44	)	$	—		$	(0.00	)	$	(0.44	)	$	14.42		(0.73	)%	$	99		0.18	%†		2.35	%†		24	%
01/31/20		14.42		(0.01	)		1.73			1.72			—			—			(0.04	)		(0.04	)		16.10		11.95			111		0.18			(0.08	)		19
01/31/21		16.10		0.44			1.40			1.84			(0.27	)		—			(0.18	)		(0.45	)		17.49		11.48			247		0.18			2.81			18
07/31/21@		17.49		(0.02	)		1.45			1.43			—			—			—			—			18.92		8.18			269		0.18	†		(0.18	)†		9
SA Global Index Allocation 60/40 Portfolio — Class 3
05/01/18#- 01/31/19		15.00		0.51			(0.68	)		(0.17	)		(0.39	)		—			(0.00	)		(0.39	)		14.44		(0.94	)		16,244		0.43	†		5.14	†		24
01/31/20		14.44		(0.04	)		1.72			1.68			—			—			(0.04	)		(0.04	)		16.08		11.66			41,422		0.43			(0.30	)		19
01/31/21		16.08		0.27			1.53			1.80			(0.24	)		—			(0.18	)		(0.42	)		17.46		11.24			68,258		0.43			1.69			18
07/31/21@		17.46		(0.04	)		1.44			1.40			—			—			—			—			18.86		8.02			82,449		0.43	†		(0.43	)†		9
SA Global Index Allocation 75/25 Portfolio — Class 1
05/01/18#- 01/31/19		15.00		0.33			(0.62	)		(0.29	)		(0.42	)		—			(0.01	)		(0.43	)		14.28		(1.72	)		114		0.18	†		2.97	†		24
01/31/20		14.28		(0.01	)		1.79			1.78			—			—			(0.06	)		(0.06	)		16.00		12.48			175		0.18			(0.09	)		17
01/31/21		16.00		0.28			1.82			2.10			(0.25	)		—			(0.15	)		(0.40	)		17.70		13.13			233		0.18			1.76			19
07/31/21@		17.70		(0.02	)		1.78			1.76			—			—			—			—			19.46		9.94			254		0.18	†		(0.18	)†		6
SA Global Index Allocation 75/25 Portfolio — Class 3
05/01/18#- 01/31/19		15.00		0.51			(0.81	)		(0.30	)		(0.38	)		—			(0.01	)		(0.39	)		14.31		(1.86	)		21,080		0.43	†		5.20	†		24
01/31/20		14.31		(0.05	)		1.79			1.74			—			—			(0.06	)		(0.06	)		15.99		12.17			40,319		0.43			(0.32	)		17
01/31/21		15.99		0.24			1.81			2.05			(0.22	)		—			(0.15	)		(0.37	)		17.67		12.82			59,391		0.43			1.53			19
07/31/21@		17.67		(0.04	)		1.78			1.74			—			—			—			—			19.41		9.85			77,179		0.43	†		(0.43	)†		6
SA Global Index Allocation 90/10 Portfolio — Class 1
05/01/18#- 01/31/19		15.00		0.30			(0.77	)		(0.47	)		(0.42	)		—			(0.00	)		(0.42	)		14.11		(2.87	)		114		0.18	†		2.73	†		11
01/31/20		14.11		(0.01	)		1.84			1.83			—			(0.04	)		(0.10	)		(0.14	)		15.80		13.00			781		0.18			(0.07	)		12
01/31/21		15.80		0.30			1.88			2.18			—			—			—			—			17.98		13.80			2,874		0.18			1.99			19
07/31/21@		17.98		(0.01	)		2.19			2.18			—			—			—			—			20.16		12.12			3,745		0.14	†		(0.14	)†		4
SA Global Index Allocation 90/10 Portfolio — Class 3
05/01/18#- 01/31/19		15.00		0.44			(0.93	)		(0.49	)		(0.37	)		—			(0.00	)		(0.37	)		14.14		(3.01	)		73,727		0.43	†		4.53	†		11
01/31/20		14.14		(0.05	)		1.84			1.79			—			(0.04	)		(0.10	)		(0.14	)		15.79		12.69			152,486		0.43			(0.35	)		12
01/31/21		15.79		0.23			1.90			2.13			—			—			—			—			17.92		13.49			208,445		0.43			1.47			19
07/31/21@		17.92		(0.04	)		2.18			2.14			—			—			—			—			20.06		11.94			276,370		0.39	†		(0.39	)†		4

* 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.

† Annualized

# Commencement of operations.

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/19†			01/20			01/21			07/21†@
SA Global Index Allocation 60/40 Class 1		1.96	%		0.23	%		0.08	%		0.01	%
SA Global Index Allocation 60/40 Class 3		0.98			0.23			0.08			0.01
SA Global Index Allocation 75/25 Class 1		2.08			0.21			0.10			0.02
SA Global Index Allocation 75/25 Class 3		0.80			0.21			0.10			0.02
SA Global Index Allocation 90/10 Class 1		0.74			0.01			(0.02	)		(0.01	)
SA Global Index Allocation 90/10 Class 3		0.17			0.01			(0.02	)		(0.01	)

See Notes to Financial Statements

656

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			Return of capital		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
01/31/17	$	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
01/31/19		11.39		0.09		(0.37	)		(0.28	)		(0.43	)		—		—			(0.43	)		10.68		(2.27	)		118,671		0.75			0.87			135
01/31/20		10.68		0.12		0.61			0.73			—			—		—			—			11.41		6.84			101,220		0.73			1.11			288
01/31/21		11.41		0.10		0.85			0.95			(0.07	)		—		—			(0.07	)		12.29		8.38			90,255		0.77			0.84			396
07/31/21@		12.29		0.03		(0.31	)		(0.28	)		—			—		—			—			12.01		(2.28	)		101,556		0.71	†		0.57	†		206
SA Goldman Sachs Global Bond Portfolio — Class 2
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
01/31/19		11.28		0.08		(0.37	)		(0.29	)		(0.41	)		—		—			(0.41	)		10.58		(2.37	)		5,336		0.90			0.72			135
01/31/20		10.58		0.10		0.61			0.71			—			—		—			—			11.29		6.71			5,016		0.88			0.95			288
01/31/21		11.29		0.08		0.84			0.92			(0.05	)		—		—			(0.05	)		12.16		8.20			4,762		0.92			0.68			396
07/31/21@		12.16		0.02		(0.31	)		(0.29	)		—			—		—			—			11.87		(2.38	)		4,286		0.86	†		0.42	†		206
SA Goldman Sachs Global Bond Portfolio — Class 3
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
01/31/19		11.17		0.07		(0.37	)		(0.30	)		(0.40	)		—		—			(0.40	)		10.47		(2.48	)		269,700		1.00			0.62			135
01/31/20		10.47		0.09		0.60			0.69			—			—		—			—			11.16		6.59			289,824		0.98			0.85			288
01/31/21		11.16		0.07		0.84			0.91			(0.05	)		—		—			(0.05	)		12.02		8.12			302,737		1.02			0.58			396
07/31/21@		12.02		0.02		(0.31	)		(0.29	)		—			—		—			—			11.73		(2.41	)		320,336		0.96	†		0.32	†		206
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
01/31/19		10.56		0.10		(0.60	)		(0.50	)		(0.12	)		—		(0.10	)		(0.22	)		9.84		(4.60	)		108		0.81	(1)		0.96	(1)		167
01/31/20		9.84		0.13		0.92			1.05			(0.22	)		—		(0.04	)		(0.26	)		10.63		10.69			119		0.81	(1)		1.23	(1)		146
01/31/21		10.63		0.05		1.16			1.21			(0.04	)		—		(0.12	)		(0.16	)		11.68		11.40			132		0.81	(1)		0.42	(1)		164
07/31/21@		11.68		0.04		1.34			1.38			—			—		—			—			13.06		11.82			148		0.81	†(1)		0.65	†(1)		78
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
01/31/19		10.56		0.07		(0.59	)		(0.52	)		(0.10	)		—		(0.10	)		(0.20	)		9.84		(4.86	)		21,985		1.06	(1)		0.72	(1)		167
01/31/20		9.84		0.09		0.93			1.02			(0.20	)		—		(0.04	)		(0.24	)		10.62		10.36			33,620		1.06	(1)		0.93	(1)		146
01/31/21		10.62		0.02		1.16			1.18			(0.02	)		—		(0.12	)		(0.14	)		11.66		11.11			41,712		1.06	(1)		0.16	(1)		164
07/31/21@		11.66		0.02		1.35			1.37			—			—		—			—			13.03		11.75			49,417		1.06	†(1)		0.39	†(1)		78

* 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.

† Annualized

# Commencement of operations.

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/18†			01/19			01/20			01/21			07/21†@
SA Goldman Sachs Multi-Asset Insights Class 1		2.09	%		0.61	%		0.28	%		0.35	%		0.16	%
SA Goldman Sachs Multi-Asset Insights Class 3		2.10			0.56			0.29			0.36			0.16

See Notes to Financial Statements

657

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			Return of capital		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 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	%†(1)		0.63	%†(1)		36	%
01/31/19		11.29		0.23			(0.53	)		(0.30	)		(0.36	)		—		(0.06	)		(0.42	)		10.57		(2.36	)		148		0.18	(1)		2.13	(1)		20
01/31/20		10.57		(0.01	)		1.48			1.47			—			—		(0.08	)		(0.08	)		11.96		13.97			167		0.18	(1)		(0.09	)(1)		16
01/31/21		11.96		0.41			1.14			1.55			(0.19	)		—		(0.21	)		(0.40	)		13.11		12.98			398		0.18	(1)		3.21	(1)		18
07/31/21@		13.11		(0.01	)		1.31			1.30			—			—		—			—			14.41		9.92			436		0.14	†(1)		(0.14	)†(1)		9
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	†(1)		0.94	†(1)		36
01/31/19		11.29		0.32			(0.65	)		(0.33	)		(0.31	)		—		(0.06	)		(0.37	)		10.59		(2.64	)		81,977		0.43	(1)		3.00	(1)		20
01/31/20		10.59		(0.04	)		1.48			1.44			—			—		(0.08	)		(0.08	)		11.95		13.66			143,258		0.43	(1)		(0.31	)(1)		16
01/31/21		11.95		0.17			1.34			1.51			(0.16	)		—		(0.21	)		(0.37	)		13.09		12.69			192,400		0.43	(1)		1.43	(1)		18
07/31/21@		13.09		(0.03	)		1.31			1.28			—			—		—			—			14.37		9.78			227,754		0.39	†(1)		(0.39	)†(1)		9
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	†(1)		0.70	†(1)		23
01/31/19		11.73		0.46			(0.96	)		(0.50	)		(0.38	)		—		(0.08	)		(0.46	)		10.77		(4.00	)		1,099		0.18	(1)		4.40	(1)		16
01/31/20		10.77		(0.01	)		1.65			1.64			—			—		(0.10	)		(0.10	)		12.31		15.28			1,797		0.16	(1)		(0.08	)(1)		13
01/31/21		12.31		0.20			1.61			1.81			—			—		(0.07	)		(0.07	)		14.05		14.74			2,361		0.13			1.61			14
07/31/21@		14.05		(0.01	)		1.88			1.87			—			—		—			—			15.92		13.31			2,643		0.12	†		(0.12	)†		6
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)		1.62	†(1)		23
01/31/19		11.72		0.31			(0.83	)		(0.52	)		(0.33	)		—		(0.08	)		(0.41	)		10.79		(4.24	)		166,667		0.43	(1)		2.81	(1)		16
01/31/20		10.79		(0.04	)		1.66			1.62			—			—		(0.10	)		(0.10	)		12.31		15.06			266,559		0.41	(1)		(0.33	)(1)		13
01/31/21		12.31		0.17			1.60			1.77			—			—		(0.07	)		(0.07	)		14.01		14.41			353,994		0.38			1.37			14
07/31/21@		14.01		(0.03	)		1.87			1.84			—			—		—			—			15.85		13.13			425,824		0.37	†		(0.37	)†		6
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)		1.36	†(1)		18
01/31/19		11.95		0.33			(0.96	)		(0.63	)		(0.39	)		—		(0.08	)		(0.47	)		10.85		(4.96	)		1,737		0.13	(1)		3.09	(1)		14
01/31/20		10.85		(0.01	)		1.75			1.74			—			—		(0.12	)		(0.12	)		12.47		16.04			2,645		0.13			(0.04	)		12
01/31/21		12.47		0.21			1.67			1.88			—			—		(0.07	)		(0.07	)		14.28		15.07			4,493		0.12			1.72			15
07/31/21@		14.28		(0.01	)		2.14			2.13			—			—		—			—			16.41		14.92			5,689		0.11	†		(0.11	)†		4
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)		1.87	†(1)		18
01/31/19		11.95		0.31			(0.97	)		(0.66	)		(0.33	)		—		(0.08	)		(0.41	)		10.88		(5.20	)		457,590		0.39	(1)		2.83	(1)		14
01/31/20		10.88		(0.04	)		1.75			1.71			—			—		(0.12	)		(0.12	)		12.47		15.72			702,768		0.38			(0.31	)		12
01/31/21		12.47		0.17			1.68			1.85			—			—		(0.07	)		(0.07	)		14.25		14.83			923,121		0.37			1.37			15
07/31/21@		14.25		(0.03	)		2.13			2.10			—			—		—			—			16.35		14.74			1,152,397		0.36	†		(0.36	)†		4

* 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.

† Annualized

# Commencement of operations.

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/18†			01/19			01/20			01/21			07/21†@
SA Index Allocation 60/40 Class 1		1.26	%		0.03	%		0.00	%		(0.02	)%		0.00	%
SA Index Allocation 60/40 Class 3		0.39			0.02			0.01			(0.02	)		0.00
SA Index Allocation 80/20 Class 1		1.18			(0.02	)		(0.01	)		—			—
SA Index Allocation 80/20 Class 3		0.13			(0.02	)		(0.01	)		—			—
SA Index Allocation 90/10 Class 1		0.46			(0.00	)		—			—			—
SA Index Allocation 90/10 Class 3		0.01			(0.00	)		—			—			—

See Notes to Financial Statements

658

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			Return of capital		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	%
01/31/19		12.13		0.26			(1.83	)		(1.57	)		(0.23	)		—		(0.02	)		(0.25	)		10.31		(12.86	)		404,611		0.52	(1)		2.36	(1)		8
01/31/20		10.31		0.27			0.84			1.11			(0.01	)		—		—			(0.01	)		11.41		10.78			522,664		0.51	(1)		2.44	(1)		12
01/31/21		11.41		0.19			0.83			1.02			(0.24	)		—		—			(0.24	)		12.19		9.08			631,310		0.51			1.77			9
07/31/21@		12.19		0.18			1.17			1.35			—			—		—			—			13.54		11.07			749,372		0.47	†		2.78	†		4
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
01/31/19		12.12		0.18			(1.77	)		(1.59	)		(0.20	)		—		(0.02	)		(0.22	)		10.31		(13.03	)		1,593		0.77	(1)		1.78	(1)		8
01/31/20		10.31		0.18			0.90			1.08			(0.01	)		—		—			(0.01	)		11.38		10.46			5,136		0.75	(1)		1.76	(1)		12
01/31/21		11.38		0.14			0.85			0.99			(0.23	)		—		—			(0.23	)		12.14		8.85			10,671		0.77			1.30			9
07/31/21@		12.14		0.16			1.16			1.32			—			—		—			—			13.46		10.87			14,503		0.72	†		2.48	†		4
SA Invesco Growth Opportunities Portfolio — Class 1
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
01/31/19		9.60		(0.03	)		0.31			0.28			—			—		(1.07	)		(1.07	)		8.81		2.50			151,042		0.79	(2)		(0.37	)(2)		69
01/31/20		8.81		(0.03	)		1.27			1.24			—			—		(1.29	)		(1.29	)		8.76		14.74			152,418		0.80	(2)		(0.36	)(2)		81
01/31/21		8.76		(0.06	)		4.98			4.92			—			—		(1.31	)		(1.31	)		12.37		58.68			215,397		0.79	(2)		(0.57	)(2)		58
07/31/21@		12.37		(0.04	)		0.78			0.74			—			—		—			—			13.11		5.98			204,989		0.77	†(2)		(0.63	)†(2)		20
SA Invesco Growth Opportunities Portfolio — Class 2
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
01/31/19		9.24		(0.05	)		0.30			0.25			—			—		(1.07	)		(1.07	)		8.42		2.26			2,977		0.94	(2)		(0.52	)(2)		69
01/31/20		8.42		(0.05	)		1.22			1.17			—			—		(1.29	)		(1.29	)		8.30		14.60			2,997		0.95	(2)		(0.51	)(2)		81
01/31/21		8.30		(0.07	)		4.70			4.63			—			—		(1.31	)		(1.31	)		11.62		58.43			4,119		0.94	(2)		(0.72	)(2)		58
07/31/21@		11.62		(0.05	)		0.74			0.69			—			—		—			—			12.31		5.94			4,108		0.92	†(2)		(0.78	)†(2)		20
SA Invesco Growth Opportunities Portfolio — Class 3
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
01/31/19		9.02		(0.06	)		0.30			0.24			—			—		(1.07	)		(1.07	)		8.19		2.21			150,700		1.04	(2)		(0.62	)(2)		69
01/31/20		8.19		(0.05	)		1.18			1.13			—			—		(1.29	)		(1.29	)		8.03		14.52			144,121		1.05	(2)		(0.61	)(2)		81
01/31/21		8.03		(0.07	)		4.53			4.46			—			—		(1.31	)		(1.31	)		11.18		58.28			162,516		1.04	(2)		(0.81	)(2)		58
07/31/21@		11.18		(0.05	)		0.70			0.65			—			—		—			—			11.83		5.81			174,239		1.02	†(2)		(0.88	)†(2)		20

* 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.

† Annualized

# Commencement of operations.

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/18†			01/19			01/20
SA International Index Class 1		0.06	%		(0.02	)%		(0.01	)%
SA International Index Class 3		0.37			(0.02	)		(0.01	)

(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	01/17			01/18			01/19			01/20			01/21			07/21†@
SA Invesco Growth Opportunities Class 1		0.01	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA Invesco Growth Opportunities Class 2		0.01			0.00			0.00			0.00			0.00			0.00
SA Invesco Growth Opportunities Class 3		0.01			0.00			0.00			0.00			0.00			0.00

See Notes to Financial Statements

659

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			Return of capital		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 Main Street Large Cap Portfolio — Class 1
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
01/31/19		23.67		0.27		(1.17	)		(0.90	)		(0.26	)		—		(1.41	)		(1.67	)		21.10		(4.03	)		305,771		0.78			1.08			65
01/31/20		21.10		0.23		4.12			4.35			(0.29	)		—		(2.60	)		(2.89	)		22.56		21.35			323,843		0.79			1.00			39
01/31/21		22.56		0.19		2.72			2.91			(0.25	)		—		(1.61	)		(1.86	)		23.61		13.19			345,113		0.76	(1)(2)		0.88	(1)(2)		52
07/31/21@		23.61		0.10		4.30			4.40			—			—		—			—			28.01		18.64			422,483		0.72	†(1)(2)		0.75	†(1)(2)		26
SA Invesco Main Street Large Cap Portfolio — Class 2
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
01/31/19		23.66		0.23		(1.17	)		(0.94	)		(0.22	)		—		(1.41	)		(1.63	)		21.09		(4.21	)		3,732		0.93			0.93			65
01/31/20		21.09		0.20		4.12			4.32			(0.25	)		—		(2.60	)		(2.85	)		22.56		21.20			3,507		0.94			0.87			39
01/31/21		22.56		0.16		2.71			2.87			(0.21	)		—		(1.61	)		(1.82	)		23.61		13.02			3,673		0.91	(1)(2)		0.74	(1)(2)		52
07/31/21@		23.61		0.08		4.30			4.38			—			—		—			—			27.99		18.55			4,113		0.87	†(1)(2)		0.61	†(1)(2)		26
SA Invesco Main Street Large Cap Portfolio — Class 3
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
01/31/19		23.56		0.21		(1.16	)		(0.95	)		(0.20	)		—		(1.41	)		(1.61	)		21.00		(4.26	)		94,762		1.03			0.83			65
01/31/20		21.00		0.17		4.10			4.27			(0.23	)		—		(2.60	)		(2.83	)		22.44		21.05			101,676		1.04			0.76			39
01/31/21		22.44		0.14		2.69			2.83			(0.19	)		—		(1.61	)		(1.80	)		23.47		12.90			108,689		1.01	(1)(2)		0.63	(1)(2)		52
07/31/21@		23.47		0.07		4.27			4.34			—			—		—			—			27.81		18.49			122,238		0.97	†(1)(2)		0.50	†(1)(2)		26

* 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.

† Annualized

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/21(2)			07/21†@(2)
SA Invesco Main Street Large Cap Class 1		0.01	%		0.05	%
SA Invesco Main Street Large Cap Class 2		0.01			0.05
SA Invesco Main Street Large Cap Class 3		0.01			0.05

(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	01/21			07/21†@
SA Invesco Main Street Large Cap Class 1		0.00	%		0.00	%
SA Invesco Main Street Large Cap Class 2		0.00			0.00
SA Invesco Main Street Large Cap Class 3		0.00			0.00

660

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			Return of capital		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 Janus Focused Growth Portfolio — Class 1
01/31/17	$	11.74	$	(0.00	)	$	1.26	$	1.26	$	—		$	—	$	(1.16	)	$	(1.16	)	$	11.84		11.16	%	$	113,795		0.84	%		(0.04	)%		126	%
01/31/18		11.84		0.01			3.93		3.94		—			—		(1.05	)		(1.05	)		14.73		34.31			190,836		0.80			0.04			48
01/31/19		14.73		0.02			0.22		0.24		—			—		(1.10	)		(1.10	)		13.87		1.55			240,132		0.80			0.12			49
01/31/20		13.87		0.03			3.87		3.90		(0.00	)		—		(0.84	)		(0.84	)		16.93		28.67			280,597		0.80			0.14			37
01/31/21		16.93		(0.02	)		5.49		5.47		(0.01	)		—		(1.40	)		(1.41	)		20.99		32.65			348,913		0.78			(0.12	)		42
07/31/21@		20.99		(0.02	)		4.58		4.56		—			—		—			—			25.55		21.72			412,053		0.78	†		(0.16	)†		18
SA Janus Focused Growth Portfolio — Class 2
01/31/17		11.57		(0.02	)		1.24		1.22		—			—		(1.16	)		(1.16	)		11.63		10.98			8,884		0.99			(0.19	)		126
01/31/18		11.63		(0.01	)		3.84		3.83		—			—		(1.05	)		(1.05	)		14.41		33.97			10,096		0.95			(0.07	)		48
01/31/19		14.41		(0.01	)		0.24		0.23		—			—		(1.10	)		(1.10	)		13.54		1.51			8,689		0.95			(0.04	)		49
01/31/20		13.54		0.00			3.78		3.78		—			—		(0.84	)		(0.84	)		16.48		28.45			9,148		0.95			(0.01	)		37
01/31/21		16.48		(0.05	)		5.34		5.29		—			—		(1.40	)		(1.40	)		20.37		32.42			10,602		0.93			(0.27	)		42
07/31/21@		20.37		(0.03	)		4.43		4.40		—			—		—			—			24.77		21.60			12,157		0.93	†		(0.31	)†		18
SA Janus Focused Growth Portfolio — Class 3
01/31/17		11.44		(0.03	)		1.22		1.19		—			—		(1.16	)		(1.16	)		11.47		10.84			130,043		1.09			(0.29	)		126
01/31/18		11.47		(0.02	)		3.79		3.77		—			—		(1.05	)		(1.05	)		14.19		33.92			144,926		1.05			(0.17	)		48
01/31/19		14.19		(0.02	)		0.23		0.21		—			—		(1.10	)		(1.10	)		13.30		1.39			123,274		1.05			(0.14	)		49
01/31/20		13.30		(0.01	)		3.70		3.69		—			—		(0.84	)		(0.84	)		16.15		28.28			138,322		1.05			(0.11	)		37
01/31/21		16.15		(0.07	)		5.24		5.17		—			—		(1.40	)		(1.40	)		19.92		32.34			162,352		1.03			(0.37	)		42
07/31/21@		19.92		(0.04	)		4.33		4.29		—			—		—			—			24.21		21.54			194,122		1.03	†		(0.41	)†		18

* 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.

† Annualized

@ Unaudited

(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	01/17			01/18			01/19			01/20			01/21			07/21†@
SA Janus Focused Growth Class 1		0.00	%		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			0.00
SA Janus Focused Growth Class 3		0.00			0.00			0.00			0.00			0.00			0.00

(2) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/17(1)			01/18(1)			01/19(1)			01/20(1)			01/21(1)			07/21†@(1)
SA Janus Focused Growth Class 1		0.06	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
SA Janus Focused Growth Class 2		0.06			0.10			0.10			0.10			0.10			0.10
SA Janus Focused Growth Class 3		0.06			0.10			0.10			0.10			0.10			0.10

See Notes to Financial Statements

661

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			Return of capital		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 JPMorgan Diversified Balanced Portfolio — Class 1
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	%		1.40	%		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	(2)		1.45	(2)		108
01/31/19		21.01		0.39		(1.45	)		(1.06	)		(0.31	)		—		(1.25	)		(1.56	)		18.39		(5.04	)		71,181		0.70	(2)		1.98	(2)		149
01/31/20		18.39		0.40		1.76			2.16			(0.44	)		—		(1.06	)		(1.50	)		19.05		11.94			71,644		0.65	(2)		2.07	(2)		124
01/31/21		19.05		0.25		2.42			2.67			(0.43	)		—		(0.51	)		(0.94	)		20.78		14.25			74,003		0.79	(2)		1.32	(2)		114
07/31/21@		20.78		0.16		1.61			1.77			—			—		—			—			22.55		8.52			77,036		0.67	†(2)		1.43	†(2)		38
SA JPMorgan Diversified Balanced Portfolio — Class 2
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			1.25			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	(2)		1.29	(2)		108
01/31/19		20.97		0.36		(1.45	)		(1.09	)		(0.28	)		—		(1.25	)		(1.53	)		18.35		(5.19	)		11,098		0.85	(2)		1.83	(2)		149
01/31/20		18.35		0.37		1.75			2.12			(0.40	)		—		(1.06	)		(1.46	)		19.01		11.77			10,305		0.80	(2)		1.93	(2)		124
01/31/21		19.01		0.22		2.41			2.63			(0.40	)		—		(0.51	)		(0.91	)		20.73		14.06			11,545		0.94	(2)		1.15	(2)		114
07/31/21@		20.73		0.14		1.61			1.75			—			—		—			—			22.48		8.44			12,445		0.82	†(2)		1.28	†(2)		38
SA JPMorgan Diversified Balanced Portfolio — Class 3
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			1.14			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	(2)		1.19	(2)		108
01/31/19		20.89		0.34		(1.44	)		(1.10	)		(0.27	)		—		(1.25	)		(1.52	)		18.27		(5.27	)		177,698		0.95	(2)		1.74	(2)		149
01/31/20		18.27		0.34		1.74			2.08			(0.39	)		—		(1.06	)		(1.45	)		18.90		11.60			202,789		0.90	(2)		1.81	(2)		124
01/31/21		18.90		0.20		2.41			2.61			(0.39	)		—		(0.51	)		(0.90	)		20.61		14.00			227,445		1.04	(2)		1.05	(2)		114
07/31/21@		20.61		0.13		1.60			1.73			—			—		—			—			22.34		8.39			255,426		0.92	†(2)		1.18	†(2)		38

* 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.

† Annualized

@ Unaudited

(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	01/17			01/18			01/19			01/20			01/21			07/21†@
SA JPMorgan Diversified Balanced Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA JPMorgan Diversified Balanced Class 2		0.00			0.00			0.00			0.00			0.00			0.00
SA JPMorgan Diversified Balanced Class 3		0.00			0.00			0.00			0.00			0.00			0.00

(2) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/18(1)			01/19(1)			01/20(1)			01/21(1)			07/21†@(1)
SA JPMorgan Diversified Balanced Class 1		0.01	%		0.06	%		0.07	%		0.06	%		0.05	%
SA JPMorgan Diversified Balanced Class 2		0.01			0.06			0.07			0.06			0.05
SA JPMorgan Diversified Balanced Class 3		0.01			0.06			0.07			0.06			0.05

See Notes to Financial Statements

662

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			Return of capital		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
01/31/17	$	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
01/31/19		10.07		0.19		(2.05	)		(1.86	)		(0.19	)		—		—		(0.19	)		8.02		(18.39	)		118,832		1.14			2.24			72
01/31/20		8.02		0.17		0.14			0.31			(0.25	)		—		—		(0.25	)		8.08		3.84			86,133		1.18			2.05			53
01/31/21		8.08		0.11		2.15			2.26			(0.16	)		—		—		(0.16	)		10.18		28.27	(3)		107,020		1.07			1.31			74
07/31/21@		10.18		0.12		—			0.12			—			—		—		—			10.30		1.18			99,491		1.10	†		2.26	†		34
SA JPMorgan Emerging Markets Portfolio — Class 2
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
01/31/19		10.02		0.17		(2.04	)		(1.87	)		(0.17	)		—		—		(0.17	)		7.98		(18.54	)		3,272		1.30			2.04			72
01/31/20		7.98		0.15		0.14			0.29			(0.23	)		—		—		(0.23	)		8.04		3.67			2,828		1.33			1.88			53
01/31/21		8.04		0.10		2.14			2.24			(0.15	)		—		—		(0.15	)		10.13		28.09	(3)		3,371		1.22			1.15			74
07/31/21@		10.13		0.11		—			0.11			—			—		—		—			10.24		1.09			3,314		1.25	†		2.12	†		34
SA JPMorgan Emerging Markets Portfolio — Class 3
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
01/31/19		9.94		0.16		(2.03	)		(1.87	)		(0.16	)		—		—		(0.16	)		7.91		(18.67	)		133,143		1.40			1.90			72
01/31/20		7.91		0.15		0.14			0.29			(0.22	)		—		—		(0.22	)		7.98		3.74			125,014		1.43			1.83			53
01/31/21		7.98		0.09		2.11			2.20			(0.14	)		—		—		(0.14	)		10.04		27.82	(3)		146,241		1.32			1.07			74
07/31/21@		10.04		0.11		—			0.11			—			—		—		—			10.15		1.10			147,370		1.35	†		2.03	†		34

* 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.

† Annualized

@ Unaudited

(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	01/17			01/18			01/19			01/20			01/21			07/21†@
SA JPMorgan Emerging Markets Class 1		0.00	%		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			0.00
SA JPMorgan Emerging Markets Class 3		0.00			0.00			0.00			0.00			0.00			0.00

(2) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/17(1)			01/18(1)			01/19(1)			01/20(1)			01/21(1)			07/21†@(1)
SA JPMorgan Emerging Markets Class 1		0.09	%		0.10	%		0.10	%		0.12	%		0.12	%		0.11	%
SA JPMorgan Emerging Markets Class 2		0.10			0.10			0.10			0.12			0.12			0.11
SA JPMorgan Emerging Markets Class 3		0.10			0.10			0.10			0.12			0.12			0.11

(3) The Portfolio’s performance figure was increased by 0.00% from gains on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

663

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			Return of capital		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
01/31/17	$	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
01/31/19		37.56		0.81		(1.83	)		(1.02	)		(0.78	)		—		(2.29	)		(3.07	)		33.47		(2.95	)		805,291		0.58	(2)		2.27	(2)		19
01/31/20		33.47		0.76		5.13			5.89			(0.96	)		—		(2.63	)		(3.59	)		35.77		17.88			821,452		0.58			2.10			18
01/31/21		35.77		0.71		0.18			0.89			(0.72	)		—		(2.52	)		(3.24	)		33.42		2.68			838,072		0.57			2.20			30
07/31/21@		33.42		0.35		6.49			6.84			—			—		—			—			40.26		20.47			976,789		0.57	†		1.84	†		13
SA JPMorgan Equity-Income Portfolio — Class 2
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
01/31/19		37.51		0.76		(1.84	)		(1.08	)		(0.72	)		—		(2.29	)		(3.01	)		33.42		(3.11	)		9,761		0.73	(2)		2.13	(2)		19
01/31/20		33.42		0.70		5.14			5.84			(0.90	)		—		(2.63	)		(3.53	)		35.73		17.75			10,250		0.73			1.95			18
01/31/21		35.73		0.67		0.16			0.83			(0.66	)		—		(2.52	)		(3.18	)		33.38		2.51			9,134		0.72			2.06			30
07/31/21@		33.38		0.32		6.48			6.80			—			—		—			—			40.18		20.37			11,205		0.72	†		1.69	†		13
SA JPMorgan Equity-Income Portfolio — Class 3
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
01/31/19		37.34		0.72		(1.82	)		(1.10	)		(0.69	)		—		(2.29	)		(2.98	)		33.26		(3.19	)		218,826		0.83	(2)		2.03	(2)		19
01/31/20		33.26		0.66		5.12			5.78			(0.87	)		—		(2.63	)		(3.50	)		35.54		17.63			237,776		0.83			1.85			18
01/31/21		35.54		0.62		0.16			0.78			(0.64	)		—		(2.52	)		(3.16	)		33.16		2.37			255,619		0.82			1.94			30
07/31/21@		33.16		0.30		6.45			6.75			—			—		—			—			39.91		20.36			306,847		0.82	†		1.59	†		13

* 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.

† Annualized

@ Unaudited

(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	01/17			01/18			01/19			01/20			01/21			07/21†@
SA JPMorgan Equity-Income Class 1		0.00	%		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			0.00
SA JPMorgan Equity-Income Class 3		0.00			0.00			0.00			0.00			0.00			0.00

(2) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/18(1)			01/19(1)
SA JPMorgan Equity-Income Class 1		0.00	%		0.00	%
SA JPMorgan Equity-Income Class 2		0.00			0.00
SA JPMorgan Equity-Income Class 3		0.00			0.00

See Notes to Financial Statements

664

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			Return of capital		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
01/31/17	$	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
01/31/19		24.55		0.36		(2.38	)		(2.02	)		(0.43	)		—		(3.19	)		(3.62	)		18.91		(8.58	)		426,558		0.77	(2)		1.62	(2)		61
01/31/20		18.91		0.27		1.41			1.68			(0.46	)		—		(1.61	)		(2.07	)		18.52		9.09			330,323		0.81			1.37			66
01/31/21		18.52		0.35		1.60			1.95			(0.27	)		—		(0.50	)		(0.77	)		19.70		10.85			332,093		0.79			2.00			74
07/31/21@		19.70		0.15		3.39			3.54			—			—		—			—			23.24		17.97			364,986		0.79	†		1.39	†		33
SA JPMorgan Global Equities Portfolio — Class 2
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
01/31/19		24.50		0.33		(2.39	)		(2.06	)		(0.39	)		—		(3.19	)		(3.58	)		18.86		(8.76	)		3,743		0.93	(2)		1.47	(2)		61
01/31/20		18.86		0.22		1.43			1.65			(0.42	)		—		(1.61	)		(2.03	)		18.48		8.97			3,592		0.96			1.15			66
01/31/21		18.48		0.33		1.59			1.92			(0.24	)		—		(0.50	)		(0.74	)		19.66		10.68			3,134		0.94			1.85			74
07/31/21@		19.66		0.14		3.37			3.51			—			—		—			—			23.17		17.85			3,503		0.94	†		1.25	†		33
SA JPMorgan Global Equities Portfolio — Class 3
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
01/31/19		24.37		0.30		(2.37	)		(2.07	)		(0.37	)		—		(3.19	)		(3.56	)		18.74		(8.86	)		34,288		1.02	(2)		1.36	(2)		61
01/31/20		18.74		0.19		1.44			1.63			(0.41	)		—		(1.61	)		(2.02	)		18.35		8.89			36,256		1.06			1.03			66
01/31/21		18.35		0.30		1.58			1.88			(0.23	)		—		(0.50	)		(0.73	)		19.50		10.53			40,619		1.04			1.73			74
07/31/21@		19.50		0.12		3.36			3.48			—			—		—			—			22.98		17.85			51,209		1.04	†		1.13	†		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.

† Annualized

@ Unaudited

(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	01/17			01/18			01/19			01/20			01/21			07/21†@
SA JPMorgan Global Equities Class 1		0.00	%		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			0.00
SA JPMorgan Global Equities Class 3		0.00			0.00			0.00			0.00			0.00			0.00

(2) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/18(1)			01/19(1)
SA JPMorgan Global Equities Class 1		0.00	%		0.00	%
SA JPMorgan Global Equities Class 2		0.00			0.00
SA JPMorgan Global Equities Class 3		0.00			0.00

See Notes to Financial Statements

665

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			Return of capital		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 MFS Core Bond Portfolio — Class 1
01/31/17	$	8.80	$	0.19	$	0.03		$	0.22	$	(0.17	)	$	—	$	—	$	(0.17	)	$	8.85		2.52	%	$	965,033		0.53	%		2.13	%		33	%
01/31/18		8.85		0.20		0.03			0.23		(0.22	)		—		—		(0.22	)		8.86		2.55			967,278		0.53			2.25			33
01/31/19		8.86		0.23		(0.08	)		0.15		(0.22	)		—		—		(0.22	)		8.79		1.76			931,054		0.54			2.60			35
01/31/20		8.79		0.25		0.65			0.90		(0.28	)		—		—		(0.28	)		9.41		10.32			1,085,375		0.53			2.72			61
01/31/21		9.41		0.21		0.31			0.52		(0.26	)		—		—		(0.26	)		9.67		5.53			1,058,040		0.54			2.18			98
07/31/21@		9.67		0.09		(0.03	)		0.06		—			—		—		—			9.73		0.62			1,158,522		0.53	†		1.93	†		69
SA JPMorgan MFS Core Bond Portfolio — Class 2
01/31/17		8.77		0.18		0.02			0.20		(0.16	)		—		—		(0.16	)		8.81		2.21			9,526		0.68			1.98			33
01/31/18		8.81		0.19		0.03			0.22		(0.20	)		—		—		(0.20	)		8.83		2.50			8,619		0.68			2.10			33
01/31/19		8.83		0.21		(0.08	)		0.13		(0.20	)		—		—		(0.20	)		8.76		1.59			7,626		0.69			2.44			35
01/31/20		8.76		0.24		0.64			0.88		(0.26	)		—		—		(0.26	)		9.38		10.18			7,594		0.68			2.57			61
01/31/21		9.38		0.19		0.31			0.50		(0.24	)		—		—		(0.24	)		9.64		5.40			7,951		0.69			2.03			98
07/31/21@		9.64		0.08		(0.03	)		0.05		—			—		—		—			9.69		0.52			7,310		0.68	†		1.79	†		69
SA JPMorgan MFS Core Bond Portfolio — Class 3
01/31/17		8.72		0.17		0.02			0.19		(0.15	)		—		—		(0.15	)		8.76		2.16			958,280		0.78			1.88			33
01/31/18		8.76		0.18		0.03			0.21		(0.20	)		—		—		(0.20	)		8.77		2.33			973,614		0.78			2.00			33
01/31/19		8.77		0.20		(0.07	)		0.13		(0.20	)		—		—		(0.20	)		8.70		1.50			840,537		0.79			2.35			35
01/31/20		8.70		0.22		0.65			0.87		(0.26	)		—		—		(0.26	)		9.31		10.03			935,477		0.78			2.47			61
01/31/21		9.31		0.18		0.31			0.49		(0.23	)		—		—		(0.23	)		9.57		5.34			982,225		0.79			1.93			98
07/31/21@		9.57		0.08		(0.04	)		0.04		—			—		—		—			9.61		0.42			1,031,599		0.78	†		1.68	†		69

* 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.

† Annualized

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/17			01/18			01/19			01/20			01/21			07/21†@
SA JPMorgan MFS Core Bond Class 1		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%		0.10	%
SA JPMorgan MFS Core Bond Class 2		0.10			0.10			0.10			0.10			0.10			0.10
SA JPMorgan MFS Core Bond Class 3		0.10			0.10			0.10			0.10			0.10			0.10

See Notes to Financial Statements

666

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			Return of capital		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
01/31/17	$	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
01/31/19		19.59		(0.04	)		0.04		(0.00	)		—			—		(2.37	)		(2.37	)		17.22		0.05			209,126		0.81	(2)		(0.23	)(2)		57
01/31/20		17.22		(0.04	)		4.77		4.73			—			—		(1.70	)		(1.70	)		20.25		28.33			235,464		0.81			(0.23	)		43
01/31/21		20.25		(0.08	)		8.65		8.57			(0.04	)		—		(2.94	)		(2.98	)		25.84		43.80			274,202		0.80			(0.34	)		64
07/31/21@		25.84		(0.06	)		2.60		2.54			—			—		—			—			28.38		9.83			266,890		0.80	†		(0.44	)†		26
SA JPMorgan Mid-Cap Growth Portfolio — Class 2
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
01/31/19		18.96		(0.07	)		0.04		(0.03	)		—			—		(2.37	)		(2.37	)		16.56		(0.11	)		14,192		0.96	(2)		(0.37	)(2)		57
01/31/20		16.56		(0.07	)		4.58		4.51			—			—		(1.70	)		(1.70	)		19.37		28.12			15,345		0.96			(0.38	)		43
01/31/21		19.37		(0.11	)		8.26		8.15			(0.01	)		—		(2.94	)		(2.95	)		24.57		43.59			18,887		0.95			(0.49	)		64
07/31/21@		24.57		(0.08	)		2.48		2.40			—			—		—			—			26.97		9.77			19,547		0.95	†		(0.59	)†		26
SA JPMorgan Mid-Cap Growth Portfolio — Class 3
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
01/31/19		18.58		(0.08	)		0.04		(0.04	)		—			—		(2.37	)		(2.37	)		16.17		(0.17	)		147,794		1.06	(2)		(0.47	)(2)		57
01/31/20		16.17		(0.08	)		4.45		4.37			—			—		(1.70	)		(1.70	)		18.84		27.94			168,978		1.06			(0.48	)		43
01/31/21		18.84		(0.12	)		8.02		7.90			—			—		(2.94	)		(2.94	)		23.80		43.49			225,018		1.05			(0.59	)		64
07/31/21@		23.80		(0.09	)		2.40		2.31			—			—		—			—			26.11		9.71			274,672		1.05	†		(0.69	)†		26

* 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.

† Annualized

@ Unaudited

(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	01/17			01/18			01/19			01/20			01/21			07/21†@
SA JPMorgan Mid-Cap Growth Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA JPMorgan Mid-Cap Growth Class 2		0.00			0.00			0.00			0.00			0.00			0.00
SA JPMorgan Mid-Cap Growth Class 3		0.00			0.00			0.00			0.00			0.00			0.00

(2) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/18(1)			01/19(1)
SA JPMorgan Mid-Cap Growth Class 1		0.00	%		0.00	%
SA JPMorgan Mid-Cap Growth Class 2		0.00			0.00
SA JPMorgan Mid-Cap Growth Class 3		0.00			0.00

See Notes to Financial Statements

667

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			Return of capital		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 Large Cap Growth Index Portfolio — Class 1
05/01/18#- 01/31/19	$	15.00	$	0.13	$	0.48		$	0.61		$	(0.12	)	$	—	$	(0.04	)	$	(0.16	)	$	15.45		4.11	%	$	246,649		0.35	%†		1.13	%†		30	%
01/31/20		15.45		0.20		3.53			3.73			(0.01	)		—		(0.01	)		(0.02	)		19.16		24.10			271,291		0.35			1.15			33
01/31/21		19.16		0.15		5.40			5.55			(0.26	)		—		(0.51	)		(0.77	)		23.94		29.12			295,788		0.35			0.73			32
07/31/21@		23.94		0.05		4.52			4.57			—			—		—			—			28.51		19.09			331,114		0.35	†		0.42	†		11
SA Large Cap Growth Index Portfolio — Class 3
05/01/18#- 01/31/19		15.00		0.09		0.49			0.58			(0.09	)		—		(0.04	)		(0.13	)		15.45		3.92			579		0.60	†		0.86	†		30
01/31/20		15.45		0.14		3.54			3.68			(0.00	)		—		(0.01	)		(0.01	)		19.12		23.81			7,134		0.60			0.85			33
01/31/21		19.12		0.09		5.38			5.47			(0.21	)		—		(0.51	)		(0.72	)		23.87		28.79			16,655		0.60			0.45			32
07/31/21@		23.87		0.02		4.50			4.52			—			—		—			—			28.39		18.94			25,981		0.60	†		0.16	†		11
SA Large Cap Index Portfolio — Class 1
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			1.81			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			1.66			16
01/31/19		23.61		0.39		(1.04	)		(0.65	)		(0.72	)		—		(0.64	)		(1.36	)		21.60		(2.66	)		2,068,135		0.33			1.74			11
01/31/20		21.60		0.39		4.17			4.56			(0.01	)		—		(0.06	)		(0.07	)		26.09		21.14			2,512,185		0.31			1.62			3
01/31/21		26.09		0.43		3.95			4.38			(0.43	)		—		(0.40	)		(0.83	)		29.64		16.92			2,910,408		0.27			1.65			7
07/31/21@		29.64		0.19		5.45			5.64			—			—		—			—			35.28		19.03			3,412,652		0.26	†		1.18	†		6
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	†		0.57	†		16
01/31/19		23.59		0.33		(1.03	)		(0.70	)		(0.64	)		—		(0.64	)		(1.28	)		21.61		(2.93	)		11,828		0.59			1.50			11
01/31/20		21.61		0.32		4.18			4.50			(0.00	)		—		(0.06	)		(0.06	)		26.05		20.86			21,992		0.56			1.36			3
01/31/21		26.05		0.36		3.94			4.30			(0.39	)		—		(0.40	)		(0.79	)		29.56		16.64			35,693		0.52			1.38			7
07/31/21@		29.56		0.15		5.43			5.58			—			—		—			—			35.14		18.88			57,113		0.51	†		0.91	†		6
SA Large Cap Value Index Portfolio — Class 1
05/01/18#- 01/31/19		15.00		0.30		(0.03	)		0.27			(0.30	)		—		(0.03	)		(0.33	)		14.94		1.97			235,084		0.35	†		2.63	†		31
01/31/20		14.94		0.36		2.33			2.69			(0.01	)		—		(0.01	)		(0.02	)		17.61		18.00			268,749		0.35			2.21			38
01/31/21		17.61		0.45		(0.09	)		0.36			(0.36	)		—		(1.48	)		(1.84	)		16.13		2.41			285,441		0.35			2.85			29
07/31/21@		16.13		0.17		2.86			3.03			—			—		—			—			19.16		18.78			339,054		0.35	†		1.84	†		11
SA Large Cap Value Index Portfolio — Class 3
05/01/18#- 01/31/19		15.00		0.21		0.03			0.24			(0.25	)		—		(0.03	)		(0.28	)		14.96		1.75			1,296		0.60	†		2.11	†		31
01/31/20		14.96		0.30		2.35			2.65			(0.00	)		—		(0.01	)		(0.01	)		17.60		17.74			5,985		0.60			1.90			38
01/31/21		17.60		0.39		(0.08	)		0.31			(0.35	)		—		(1.48	)		(1.83	)		16.08		2.10			12,905		0.60			2.57			29
07/31/21@		16.08		0.14		2.86			3.00			—			—		—			—			19.08		18.66			22,949		0.60	†		1.57	†		11

* 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.

† Annualized

# Commencement of operations.

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/17			01/18			01/19			01/20			01/21			07/21†@
SA Large Cap Growth Class 1		—	%		—	%		0.05	%†		0.05	%		0.01	%		0.01	%
SA Large Cap Growth Class 3		—			—			0.16	†		0.07			0.00			0.01
SA Large Cap Index Class 1		0.11			0.11			0.11			0.12			0.14			0.14
SA Large Cap Index Class 3		—			0.11	†		0.11			0.12			0.14			0.14
SA Large Cap Value Index Class 1		—			—			0.05	†		0.05			0.02			0.01
SA Large Cap Value Index Class 3		—			—			0.14	†		0.05			0.02			0.01

See Notes to Financial Statements

668

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			Return of capital		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
01/31/17	$	9.71	$	0.08		$	1.60		$	1.68		$	(0.06	)	$	—	$	(0.33	)	$	(0.39	)	$	11.00		17.51	%	$	389,551		0.71	%(1)		0.73	%(1)		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
01/31/19		14.06		0.08			(0.48	)		(0.40	)		(0.06	)		—		(1.04	)		(1.10	)		12.56		(3.12	)(2)		554,507		0.69			0.59			66
01/31/20		12.56		0.08			2.67			2.75			(0.09	)		—		(1.49	)		(1.58	)		13.73		22.80			577,795		0.69			0.59			53
01/31/21		13.73		0.04			3.80			3.84			(0.09	)		—		(1.39	)		(1.48	)		16.09		28.66			572,522		0.68			0.25			60
07/31/21@		16.09		0.01			3.16			3.17			—					—			—			19.26		19.70			637,597		0.68	†		0.12	†		31
SA MFS Blue Chip Growth Portfolio — Class 2
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	(1)		0.59	(1)		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
01/31/19		14.01		0.06			(0.49	)		(0.43	)		(0.03	)		—		(1.04	)		(1.07	)		12.51		(3.29	)(2)		3,208		0.84			0.44			66
01/31/20		12.51		0.06			2.66			2.72			(0.06	)		—		(1.49	)		(1.55	)		13.68		22.68			3,204		0.84			0.44			53
01/31/21		13.68		0.01			3.78			3.79			(0.07	)		—		(1.39	)		(1.46	)		16.01		28.35			3,584		0.83			0.10			60
07/31/21@		16.01		0.00			3.15			3.15			—					—			—			19.16		19.68			3,953		0.83	†		(0.03	)†		31
SA MFS Blue Chip Growth Portfolio — Class 3
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	(1)		0.48	(1)		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
01/31/19		13.92		0.05			(0.48	)		(0.43	)		(0.02	)		—		(1.04	)		(1.06	)		12.43		(3.33	)(2)		124,228		0.94			0.34			66
01/31/20		12.43		0.04			2.64			2.68			(0.05	)		—		(1.49	)		(1.54	)		13.57		22.49			135,148		0.94			0.34			53
01/31/21		13.57		0.00			3.75			3.75			(0.06	)		—		(1.39	)		(1.45	)		15.87		28.26			157,366		0.93			0.00			60
07/31/21@		15.87		(0.01	)		3.12			3.11			—					—			—			18.98		19.60			187,041		0.93	†		(0.13	)†		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.

† Annualized

@ Unaudited

(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	01/17
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

(2) The Portfolio’s performance figure was increased by less than 0.01% from reimbursement of losses on the disposal of investments in violation of investment restrictions.

669

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			Return of capital		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 Massachusetts Investors Trust Portfolio — Class 1
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	%(1)		0.88	%(1)		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	(1)		0.74	(1)		14
01/31/19		25.54		0.20		(0.90	)		(0.70	)		(0.21	)		—		(2.23	)		(2.44	)		22.40		(2.91	)		615,764		0.71			0.81			12
01/31/20		22.40		0.19		4.40			4.59			(0.23	)		—		(2.90	)		(3.13	)		23.86		21.17			635,910		0.71			0.76			16
01/31/21		23.86		0.18		2.99			3.17			(0.17	)		—		(2.17	)		(2.34	)		24.69		13.62			688,586		0.70	(2)		0.75	(2)		20
07/31/21@		24.69		0.30		5.02			5.32			—					—			—			30.01		21.55			828,386		0.67	†(2)		2.21	†(2)		11
SA MFS Massachusetts Investors Trust Portfolio — Class 2
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	(1)		0.74	(1)		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	(1)		0.59	(1)		14
01/31/19		25.55		0.16		(0.89	)		(0.73	)		(0.17	)		—		(2.23	)		(2.40	)		22.42		(3.03	)		8,075		0.86			0.67			12
01/31/20		22.42		0.15		4.40			4.55			(0.19	)		—		(2.90	)		(3.09	)		23.88		20.94			8,180		0.86			0.61			16
01/31/21		23.88		0.14		3.00			3.14			(0.13	)		—		(2.17	)		(2.30	)		24.72		13.47			7,682		0.85	(2)		0.61	(2)		20
07/31/21@		24.72		0.28		5.02			5.30			—					—			—			30.02		21.44			9,022		0.82	†(2)		2.01	†(2)		11
SA MFS Massachusetts Investors Trust Portfolio — Class 3
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	(1)		0.63	(1)		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	(1)		0.49	(1)		14
01/31/19		25.42		0.14		(0.90	)		(0.76	)		(0.14	)		—		(2.23	)		(2.37	)		22.29		(3.16	)		363,992		0.96			0.56			12
01/31/20		22.29		0.12		4.38			4.50			(0.16	)		—		(2.90	)		(3.06	)		23.73		20.85			364,762		0.96			0.51			16
01/31/21		23.73		0.12		2.97			3.09			(0.10	)		—		(2.17	)		(2.27	)		24.55		13.37			368,899		0.95	(2)		0.51	(2)		20
07/31/21@		24.55		0.26		5.00			5.26			—					—			—			29.81		21.43			410,506		0.92	†(2)		1.87	†(2)		11

* 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.

† Annualized

@ Unaudited

(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	01/17			01/18
SA MFS Massachusetts Investors Trust Class 1		0.00	%		0.00	%
SA MFS Massachusetts Investors Trust Class 2		0.00			0.00
SA MFS Massachusetts Investors Trust Class 3		0.00			0.00

(2) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/21			07/21†@
SA MFS Massachusetts Investors Trust Class 1		0.01	%		0.04	%
SA MFS Massachusetts Investors Trust Class 2		0.01			0.04
SA MFS Massachusetts Investors Trust Class 3		0.01			0.04

See Notes to Financial Statements

670

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			Return of capital		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 MFS Total Return Portfolio — Class 1
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	%(1)		2.15	%(1)		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)		1.84	(1)		31
01/31/19		19.94		0.38		(0.98	)		(0.60	)		(0.42	)		—		(1.11	)		(1.53	)		17.81		(3.01	)		160,674		0.71			1.99			30
01/31/20		17.81		0.38		2.05			2.43			(0.46	)		—		(0.60	)		(1.06	)		19.18		13.79			160,743		0.71			1.99			29
01/31/21		19.18		0.33		1.39			1.72			(0.39	)		—		(0.59	)		(0.98	)		19.92		9.12			156,898		0.71			1.72			39
07/31/21@		19.92		0.14		2.12			2.26			—					—			—			22.18		11.35			163,704		0.70	†		1.35	†		16
SA MFS Total Return Portfolio — Class 2
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	(1)		2.00	(1)		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)		1.69	(1)		31
01/31/19		19.95		0.35		(0.98	)		(0.63	)		(0.38	)		—		(1.11	)		(1.49	)		17.83		(3.13	)		24,003		0.86			1.84			30
01/31/20		17.83		0.35		2.05			2.40			(0.43	)		—		(0.60	)		(1.03	)		19.20		13.58			22,761		0.86			1.84			29
01/31/21		19.20		0.30		1.40			1.70			(0.36	)		—		(0.59	)		(0.95	)		19.95		8.99			22,123		0.86			1.57			39
07/31/21@		19.95		0.13		2.11			2.24			—					—			—			22.19		11.23			22,785		0.85	†		1.20	†		16
SA MFS Total Return Portfolio — Class 3
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)		1.90	(1)		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)		1.59	(1)		31
01/31/19		19.89		0.33		(0.97	)		(0.64	)		(0.37	)		—		(1.11	)		(1.48	)		17.77		(3.22	)		299,400		0.96			1.74			30
01/31/20		17.77		0.33		2.03			2.36			(0.41	)		—		(0.60	)		(1.01	)		19.12		13.43			325,537		0.96			1.73			29
01/31/21		19.12		0.27		1.41			1.68			(0.35	)		—		(0.59	)		(0.94	)		19.86		8.90			346,502		0.96			1.46			39
07/31/21@		19.86		0.12		2.10			2.22			—					—			—			22.08		11.18			383,105		0.95	†		1.09	†		16

* 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.

† Annualized

@ Unaudited

(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	01/17			01/18
SA MFS Total Return Class 1		0.00	%		0.00	%
SA MFS Total Return Class 2		0.00			0.00
SA MFS Total Return Class 3		0.00			0.00

See Notes to Financial Statements

671

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			Return of capital		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	%
01/31/19		11.52		0.11		(0.74	)		(0.63	)		(0.10	)		—		(0.31	)		(0.41	)		10.48		(5.13	)		242,067		0.40	(1)		1.01	(1)		25
01/31/20		10.48		0.13		0.99			1.12			—			—		(0.02	)		(0.02	)		11.58		10.69			283,945		0.40			1.16			13
01/31/21		11.58		0.12		1.93			2.05			(0.13	)		—		(0.11	)		(0.24	)		13.39		17.90			352,306		0.36			1.05			23
07/31/21@		13.39		0.07		2.07			2.14			—					—			—			15.53		15.98			401,301		0.36	†		0.92	†		10
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
01/31/19		11.51		0.08		(0.74	)		(0.66	)		(0.07	)		—		(0.31	)		(0.38	)		10.47		(5.39	)		2,665		0.65	(1)		0.79	(1)		25
01/31/20		10.47		0.10		0.99			1.09			—			—		(0.02	)		(0.02	)		11.54		10.42			10,248		0.65			0.90			13
01/31/21		11.54		0.08		1.94			2.02			(0.12	)		—		(0.11	)		(0.23	)		13.33		17.70			23,546		0.61			0.78			23
07/31/21@		13.33		0.05		2.06			2.11			—					—			—			15.44		15.83			39,103		0.61	†		0.66	†		10
SA Morgan Stanley International Equities Portfolio — Class 1
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
01/31/19		11.33		0.21		(1.63	)		(1.42	)		(0.13	)		—		(0.25	)		(0.38	)		9.53		(12.56	)		320,376		0.89			2.04			29
01/31/20		9.53		0.20		0.95			1.15			(0.26	)		—		(0.40	)		(0.66	)		10.02		12.19			315,398		0.89			1.93			20
01/31/21		10.02		0.14		0.93			1.07			(0.19	)		—		(0.16	)		(0.35	)		10.74		10.84			333,985		0.88	(1)		1.39	(1)		23
07/31/21@		10.74		0.15		0.80			0.95			—					—			—			11.69		8.85			340,569		0.83	†(1)		2.64	†(1)		11
SA Morgan Stanley International Equities Portfolio — Class 2
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
01/31/19		11.28		0.19		(1.61	)		(1.42	)		(0.12	)		—		(0.25	)		(0.37	)		9.49		(12.68	)		9,073		1.04			1.87			29
01/31/20		9.49		0.18		0.96			1.14			(0.25	)		—		(0.40	)		(0.65	)		9.98		12.04			9,014		1.04			1.76			20
01/31/21		9.98		0.12		0.92			1.04			(0.17	)		—		(0.16	)		(0.33	)		10.69		10.60			8,709		1.03	(1)		1.26	(1)		23
07/31/21@		10.69		0.14		0.80			0.94			—					—			—			11.63		8.79			9,422		0.98	†(1)		2.46	†(1)		11
SA Morgan Stanley International Equities Portfolio — Class 3
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
01/31/19		11.25		0.18		(1.61	)		(1.43	)		(0.10	)		—		(0.25	)		(0.35	)		9.47		(12.73	)		128,582		1.14			1.75			29
01/31/20		9.47		0.16		0.97			1.13			(0.24	)		—		(0.40	)		(0.64	)		9.96		11.97			130,870		1.14			1.65			20
01/31/21		9.96		0.11		0.91			1.02			(0.16	)		—		(0.16	)		(0.32	)		10.66		10.43			135,498		1.13	(1)		1.14	(1)		23
07/31/21@		10.66		0.13		0.81			0.94			—					—			—			11.60		8.82			146,558		1.08	†(1)		2.37	†(1)		11

* 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.

† Annualized

# Commencement of operations.

@ Unaudited

(2) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/18(2)			01/19			01/21			07/21†@
SA Mid Cap Index Class 1		0.02	%		(0.01	)%		—	%		—	%
SA Mid Cap Index Class 3		0.19			(0.01	)		—			—
SA Morgan Stanley International Equities Class 1		—			—			0.01			0.05
SA Morgan Stanley International Equities Class 2		—			—			0.01			0.05
SA Morgan Stanley International Equities Class 3		—			—			0.01			0.05

(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	01/17			01/18
SA Morgan Stanley International Equities Class 1		0.00	%		0.00	%
SA Morgan Stanley International Equities Class 2		0.00			0.00
SA Morgan Stanley International Equities Class 3		0.00			0.00

See Notes to Financial Statements

672

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			Return of capital			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 PIMCO RAE International Value Portfolio — Class 1
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	%		2.54	%		19	%
01/31/18		14.90		0.30		2.98			3.28			(0.45	)		—			—			(0.45	)		17.73		22.20			514,253		0.83			1.86			16
01/31/19		17.73		0.38		(2.91	)		(2.53	)		(0.77	)		(0.01	)		(0.35	)		(1.13	)		14.07		(14.07	)		301,985		0.85			2.34			28
01/31/20		14.07		0.35		(0.25	)		0.10			(0.02	)		—			—			(0.02	)		14.15		0.68			284,337		0.86			2.50			36
01/31/21		14.15		0.28		(0.34	)		(0.06	)		(0.35	)		—			—			(0.35	)		13.74		(0.32	)		293,873		0.87	(2)		2.18	(2)		163
07/31/21@		13.74		0.23		1.32			1.55			—			—			—			—			15.29		11.28			320,167		0.83	†(2)		3.13	†(2)		21
SA PIMCO RAE International Value Portfolio — Class 2
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			2.25			19
01/31/18		14.89		0.28		2.98			3.26			(0.42	)		—			—			(0.42	)		17.73		22.10			13,992		0.98			1.73			16
01/31/19		17.73		0.33		(2.89	)		(2.56	)		(0.72	)		(0.01	)		(0.35	)		(1.08	)		14.09		(14.25	)		10,869		1.00			2.06			28
01/31/20		14.09		0.33		(0.25	)		0.08			(0.01	)		—			—			(0.01	)		14.16		0.59			9,769		1.01			2.39			36
01/31/21		14.16		0.26		(0.34	)		(0.08	)		(0.33	)		—			—			(0.33	)		13.75		(0.49	)		9,377		1.02	(2)		2.02	(2)		163
07/31/21@		13.75		0.23		1.31			1.54			—			—			—			—			15.29		11.20			9,796		0.98	†(2)		3.03	†(2)		21
SA PIMCO RAE International Value Portfolio — Class 3
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			2.09			19
01/31/18		14.85		0.27		2.97			3.24			(0.41	)		—			—			(0.41	)		17.68		21.98			568,413		1.08			1.64			16
01/31/19		17.68		0.31		(2.87	)		(2.56	)		(0.69	)		(0.01	)		(0.35	)		(1.05	)		14.07		(14.30	)		460,526		1.10			1.94			28
01/31/20		14.07		0.32		(0.26	)		0.06			(0.01	)		—			—			(0.01	)		14.12		0.44			425,811		1.11			2.26			36
01/31/21		14.12		0.24		(0.34	)		0.10			(0.31	)		—			—			(0.31	)		13.71		(0.58	)		426,980		1.12	(2)		1.88	(2)		163
07/31/21@		13.71		0.22		1.30			1.52			—			—			—			—			15.23		11.09			442,498		1.08	†(2)		2.93	†(2)		21

* 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.

† Annualized

@ Unaudited

(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	01/17			01/18			01/19			01/20			01/21(2)			07/21†@(2)
SA PIMCO RAE International Value Class 1		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%		0.00	%
SA PIMCO RAE International Value Class 2		0.00			0.00			0.00			0.00			0.00			0.00
SA PIMCO RAE International Value Class 3		0.00			0.00			0.00			0.00			0.00			0.00

(2) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/21			07/21†@
SA PIMCO RAE International Value Class 1		0.00	%		0.05	%
SA PIMCO RAE International Value Class 2		0.00			0.05
SA PIMCO RAE International Value Class 3		0.00			0.05

See Notes to Financial Statements

673

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			Return of capital		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 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
01/31/19		12.79		0.17			(0.92	)		(0.75	)		(0.38	)		—		(1.74	)		(2.12	)		9.92		(6.13	)		114		0.90			1.44			292
01/31/20		9.92		0.16			1.22			1.38			—			—		(0.06	)		(0.06	)		11.24		13.92			130		1.15	(2)		1.52	(2)		539
01/31/21		11.24		0.02			0.90			0.92			(0.08	)		—		(0.67	)		(0.75	)		11.41		8.40			141		0.95	(2)		0.16	(2)		599
07/31/21@		11.41		(0.01	)		0.81			0.80			—					—			—			12.21		7.01			151		0.89	†		(0.22	)†		47
SA PIMCO VCP Tactical Balanced Portfolio — Class 3
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
01/31/19		12.75		0.14			(0.91	)		(0.77	)		(0.35	)		—		(1.74	)		(2.09	)		9.89		(6.30	)		1,238,685		1.15			1.18			292
01/31/20		9.89		0.13			1.21			1.34			—			—		(0.06	)		(0.06	)		11.17		13.56			1,317,587		1.40	(2)		1.27	(2)		539
01/31/21		11.17		(0.01	)		0.90			0.89			(0.05	)		—		(0.67	)		(0.72	)		11.34		8.18			1,298,110		1.20	(2)		(0.09	)(2)		599
07/31/21@		11.34		(0.03	)		0.81			0.78			—					—			—			12.12		6.88			1,328,594		1.14	†		(0.47	)†		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.

† Annualized

# Commencement of operations.

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/17			01/18
SA PIMCO VCP Tactical Balanced Class 3		(0.01	)%		(0.00	)%

(2) Includes the effect of interest expenses paid related to reverse repurchase agreements (based on average net assets)

Portfolio	01/20			01/21
SA PIMCO VCP Tactical Balanced Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.25	%		0.05	%
SA PIMCO VCP Tactical Balanced Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .		0.25			0.05

See Notes to Financial Statements

674

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			Return of capital		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
01/31/17	$	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
01/31/19		5.78		0.33		(0.32	)		0.01			(0.40	)		—		—		(0.40	)		5.39		0.14			172,043		0.67			5.91			74
01/31/20		5.39		0.33		0.20			0.53			(0.44	)		—		—		(0.44	)		5.48		9.96			132,092		0.68			5.80			71
01/31/21		5.48		0.29		0.13			0.42			(0.34	)		—		—		(0.34	)		5.56		7.87			141,393		0.69			5.29			74
07/31/21@		5.56		0.14		0.07			0.21			—			—		—		—			5.77		3.78			143,932		0.68	†		4.79	†		38
SA PineBridge High-Yield Bond Portfolio — Class 2
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
01/31/19		5.77		0.33		(0.33	)		(0.00	)		(0.39	)		—		—		(0.39	)		5.38		(0.05	)		7,944		0.82			5.75			74
01/31/20		5.38		0.32		0.21			0.53			(0.43	)		—		—		(0.43	)		5.48		9.98			7,674		0.84			5.62			71
01/31/21		5.48		0.28		0.13			0.41			(0.33	)		—		—		(0.33	)		5.56		7.69			7,120		0.84			5.15			74
07/31/21@		5.56		0.13		0.08			0.21			—			—		—		—			5.77		3.78			6,924		0.83	†		4.64	†		38
SA PineBridge High-Yield Bond Portfolio — Class 3
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
01/31/19		5.74		0.32		(0.33	)		(0.01	)		(0.38	)		—		—		(0.38	)		5.35		(0.15	)		153,660		0.92			5.65			74
01/31/20		5.35		0.31		0.20			0.51			(0.42	)		—		—		(0.42	)		5.44		9.74			149,856		0.94			5.52			71
01/31/21		5.44		0.27		0.14			0.41			(0.33	)		—		—		(0.33	)		5.52		7.64			148,051		0.94			5.04			74
07/31/21@		5.52		0.13		0.07			0.20			—			—		—		—			5.72		3.62			149,458		0.93	†		4.54	†		38

* 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.

† Annualized

@ Unaudited

See Notes to Financial Statements

675

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			Return of capital		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(2)			Ratio of net investment income (loss) to average net assets(2)			Portfolio turnover
SA Putnam International Growth and Income Portfolio — Class 1
01/31/17	$	8.72	$	0.19	$	0.62		$	0.81		$	(0.17	)	$	—	$	—		$	(0.17	)	$	9.36		9.34	%	$	193,538		0.94	%(1)		2.12	%(1)		24	%
01/31/18		9.36		0.22		2.37			2.59			(0.16	)		—		—			(0.16	)		11.79		27.84			185,609		0.95	(1)		2.10	(1)		14
01/31/19		11.79		0.27		(2.27	)		(2.00	)		(0.34	)		—		—			(0.34	)		9.45		(17.07	)		132,405		0.99	(1)		2.55	(1)		21
01/31/20		9.45		0.27		0.68			0.95			(0.26	)		—		(0.44	)		(0.70	)		9.70		9.95			139,085		1.00	(1)		2.72	(1)		17
01/31/21		9.70		0.19		0.40			0.59			(0.22	)		—		(0.02	)		(0.24	)		10.05		6.22			166,889		0.99			2.17			15
07/31/21@		10.05		0.15		1.23			1.38			—					—			—			11.43		13.73			199,894		0.96	†		2.80	†		16
SA Putnam International Growth and Income Portfolio — Class 2
01/31/17		8.75		0.18		0.63			0.81			(0.15	)		—		—			(0.15	)		9.41		9.34			5,764		1.09	(1)		1.98	(1)		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)		1.99	(1)		14
01/31/19		11.84		0.26		(2.28	)		(2.02	)		(0.32	)		—		—			(0.32	)		9.50		(17.16	)		4,517		1.14	(1)		2.43	(1)		21
01/31/20		9.50		0.26		0.67			0.93			(0.24	)		—		(0.44	)		(0.68	)		9.75		9.70			4,361		1.15	(1)		2.61	(1)		17
01/31/21		9.75		0.18		0.40			0.58			(0.20	)		—		(0.02	)		(0.22	)		10.11		6.11			4,340		1.14			2.07			15
07/31/21@		10.11		0.15		1.23			1.38			—					—			—			11.49		13.65			4,707		1.11	†		2.70	†		16
SA Putnam International Growth and Income Portfolio — Class 3
01/31/17		8.73		0.17		0.62			0.79			(0.14	)		—		—			(0.14	)		9.38		9.14			141,664		1.19	(1)		1.87	(1)		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)		1.90	(1)		14
01/31/19		11.81		0.24		(2.27	)		(2.03	)		(0.30	)		—		—			(0.30	)		9.48		(17.22	)		109,696		1.24	(1)		2.30	(1)		21
01/31/20		9.48		0.25		0.67			0.92			(0.23	)		—		(0.44	)		(0.67	)		9.73		9.60			103,878		1.25	(1)		2.53	(1)		17
01/31/21		9.73		0.17		0.39			0.56			(0.19	)		—		(0.02	)		(0.21	)		10.08		5.92			104,545		1.24			1.95			15
07/31/21@		10.08		0.15		1.22			1.37			—					—			—			11.45		13.59			113,288		1.21	†		2.59	†		16

* 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.

† Annualized

@ Unaudited

(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	01/17			01/18			01/19			01/20
SA Putnam International Growth and Income Class 1		0.00	%		0.00	%		0.00	%		0.00	%
SA Putnam International Growth and Income Class 2		0.00			0.00			0.00			0.00
SA Putnam International Growth and Income Class 3		0.00			0.00			0.00			0.00

(2) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/17(1)			01/18(1)			01/19(1)			01/20(1)			01/21			07/21†@
SA Putnam International Growth and Income Class 1		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%		0.05	%
SA Putnam International Growth and Income Class 2		0.05			0.05			0.05			0.05			0.05			0.05
SA Putnam International Growth and Income Class 3		0.05			0.05			0.05			0.05			0.05			0.05

See Notes to Financial Statements

676

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			Return of capital		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
01/31/19		12.50		0.23		(1.06	)		(0.83	)		(0.32	)		—		(0.90	)		(1.22	)		10.45		(6.75	)(2)		183		0.90			2.07			85
01/31/20		10.45		0.22		1.17			1.39			(0.18	)		—		(0.25	)		(0.43	)		11.41		13.28			175		0.90			1.96			104
01/31/21		11.41		0.08		(0.14	)		(0.06	)		(0.02	)		—		(0.17	)		(0.19	)		11.16		(0.49	)		196		0.90			0.76			143
07/31/21@		11.16		0.05		1.12			1.17			—			—		—			—			12.33		10.48			218		0.90	†		0.84	†		51
SA Schroders VCP Global Allocation Portfolio — Class 3
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
01/31/19		12.45		0.20		(1.05	)		(0.85	)		(0.24	)		—		(0.90	)		(1.14	)		10.46		(6.91	)(2)		578,418		1.15			1.75			85
01/31/20		10.46		0.19		1.18			1.37			(0.16	)		—		(0.25	)		(0.41	)		11.42		13.00			635,330		1.15			1.71			104
01/31/21		11.42		0.06		(0.16	)		(0.10	)		(0.01	)		—		(0.17	)		(0.18	)		11.14		(0.79	)		603,482		1.15			0.52			143
07/31/21@		11.14		0.03		1.13			1.16			—			—		—			—			12.30		10.41			625,565		1.15	†		0.59	†		51
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
01/31/19		11.65		0.07		(0.60	)		(0.53	)		(0.08	)		—		(0.41	)		(0.49	)		10.63		(4.19	)		225,538		0.45			0.65			21
01/31/20		10.63		0.08		0.83			0.91			—			—		—			—			11.54		8.56			219,182		0.45			0.75			25
01/31/21		11.54		0.07		3.21			3.28			(0.09	)		—		(0.44	)		(0.53	)		14.29		29.37			293,574		0.45			0.62			19
07/31/21@		14.29		0.04		1.03			1.07			—			—		—			—			15.36		7.49			294,361		0.45	†		0.54	†		17
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
01/31/19		11.64		0.05		(0.61	)		(0.56	)		(0.05	)		—		(0.41	)		(0.46	)		10.62		(4.44	)		2,705		0.70			0.41			21
01/31/20		10.62		0.05		0.83			0.88			—			—		—			—			11.50		8.29			9,217		0.70			0.49			25
01/31/21		11.50		0.04		3.21			3.25			(0.08	)		—		(0.44	)		(0.52	)		14.23		29.20			21,153		0.70			0.34			19
07/31/21@		14.23		0.02		1.02			1.04			—			—		—			—			15.27		7.31			35,973		0.70	†		0.28	†		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.

† Annualized

# Commencement of operations.

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/17			01/18			01/19			01/20			01/21			07/21†@
SA Schroders VCP Global Index Allocation Class 1		0.04	%†		0.00	%		0.01	%		(0.01	)%		0.05	%		(0.01	)%
SA Schroders VCP Global Index Allocation Class 3		0.09			0.00			0.00			(0.01	)		0.05			(0.00	)
SA Small Cap Index Class 1		—			0.11	†		0.01			0.04			(0.01	)		(0.02	)
SA Small Cap Index Class 3		—			0.25	†		0.00			0.06			(0.01	)		(0.02	)

(2) The Portfolio’s performance figure was increased by less than 0.01% from reimbursement of losses on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

677

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			Return of capital			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 T. Rowe Price Asset Allocation Growth Portfolio — Class 1
10/06/17#- 01/31/18	$	10.00	$	0.02	$	0.73		$	0.75		$	(0.03	)	$	—		$	—		$	(0.03	)	$	10.72		7.56	%	$	111		0.81	%†(1)		0.69	%†(1)		13	%
01/31/19		10.72		0.16		(0.48	)		(0.32	)		(0.12	)		—			(0.04	)		(0.16	)		10.24		(2.93	)(3)		185		0.81	(1)		1.60	(1)		38
01/31/20		10.24		0.14		1.55			1.69			(0.12	)		—			(0.08	)		(0.20	)		11.73		16.49			318		0.81	(1)		1.32	(1)		41
01/31/21		11.73		0.10		1.81			1.91			(0.10	)		—			(0.08	)		(0.18	)		13.46		16.24			364		0.81	(1)		0.87	(1)		41
07/31/21@		13.46		0.06		1.69			1.75			—			—			—			—			15.21		13.00			400		0.81	†(1)		0.81	†(1)		20
SA T. Rowe Price Asset Allocation Growth Portfolio — Class 3
10/06/17#- 01/31/18		10.00		0.01		0.74			0.75			(0.03	)		—			—			(0.03	)		10.72		7.51			20,758		1.06	†(1)		0.44	†(1)		13
01/31/19		10.72		0.12		(0.47	)		(0.35	)		(0.07	)		—			(0.04	)		(0.11	)		10.26		(3.20	)(3)		119,468		1.06	(1)		1.28	(1)		38
01/31/20		10.26		0.12		1.55			1.67			(0.10	)		—			(0.08	)		(0.18	)		11.75		16.24			242,874		1.06	(1)		1.06	(1)		41
01/31/21		11.75		0.07		1.80			1.87			(0.07	)		—			(0.08	)		(0.15	)		13.47		15.91			402,775		1.06	(1)		0.60	(1)		41
07/31/21@		13.47		0.04		1.69			1.73			—			—			—			—			15.20		12.84			567,085		1.06	†(1)		0.55	†(1)		20
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	†(1)		0.82	†(1)		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	(1)(2)		1.24	(1)(2)		50
01/31/19		13.27		0.22		(0.95	)		(0.73	)		(0.34	)		(0.03	)		(0.85	)		(1.22	)		11.32		(5.37	)		184		0.82			1.79			56
01/31/20		11.32		0.21		1.49			1.70			(0.20	)		—			(0.39	)		(0.59	)		12.43		15.03			89		0.81			1.70			54
01/31/21		12.43		0.14		0.96			1.10			(0.02	)		—			(0.29	)		(0.31	)		13.22		8.92			96		0.80			1.11			66
07/31/21@		13.22		0.07		1.19			1.26			—			—			—			—			14.48		9.53			105		0.80	†		1.05	†		28
SA T. Rowe Price VCP Balanced Portfolio — Class 3
01/31/17		10.08		0.07		0.80			0.87			(0.04	)		—			—			(0.04	)		10.91		8.62			686,255		1.15	(1)		0.67	(1)		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	(1)(2)		0.96	(1)(2)		50
01/31/19		13.23		0.19		(0.93	)		(0.74	)		(0.27	)		(0.03	)		(0.85	)		(1.15	)		11.34		(5.55	)		1,382,587		1.07			1.54			56
01/31/20		11.34		0.17		1.49			1.66			(0.17	)		—			(0.39	)		(0.56	)		12.44		14.68			1,619,324		1.06			1.41			54
01/31/21		12.44		0.11		0.95			1.06			(0.01	)		—			(0.29	)		(0.30	)		13.20		8.64			1,664,250		1.05			0.87			66
07/31/21@		13.20		0.06		1.18			1.24			—			—			—			—			14.44		9.39			1,781,570		1.04	†		0.81	†		28

* 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.

† Annualized

# Commencement of operations.

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/17			01/18			01/19			01/20			01/21			07/21†@
SA T. Rowe Price Asset Allocation Growth Class 1		—	%		2.32	%†		0.49	%		0.14	%		(0.02	)%		(0.05	)%
SA T. Rowe Price Asset Allocation Growth Class 3		—			2.36	†		0.46			0.14			(0.03	)		(0.05	)
SA T. Rowe Price VCP Balanced Class 1		0.02	†		(0.05	)		—			—			—			—
SA T. Rowe Price VCP Balanced Class 3		0.12			(0.04	)		—			—			—			—

(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	01/18(1)
SA T. Rowe Price VCP Balanced Class 1		0.00	%
SA T. Rowe Price VCP Balanced Class 3		0.00

(3) The Portfolio’s performance figure was increased by less than 0.01% from reimbursement of losses on the disposal of investments in violation of investment restrictions.

See Notes to Financial Statements

678

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			Return of capital		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 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	%†		3.16	%†		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			1.97			18
01/31/19		14.89		0.40			(1.26	)		(0.86	)		(0.58	)		—		(1.58	)		(2.16	)		11.87		(5.68	)		196		0.22			2.95			18
01/31/20		11.87		0.18			1.57			1.75			—			—		(0.50	)		(0.50	)		13.12		14.92			220		0.22			1.41			12
01/31/21		13.12		0.20			1.41			1.61			(0.20	)		—		(0.75	)		(0.95	)		13.78		12.53			284		0.22			1.53			17
07/31/21@		13.78		—			1.10			1.10			—			—		—			—			14.88		7.98			440		0.21	†		(0.05	)†		7
SA VCP Dynamic Allocation Portfolio — Class 3
01/31/17		11.42		0.12			1.07			1.19			(0.18	)		—		—			(0.18	)		12.43		10.43			11,332,141		0.47			1.01			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			1.17			18
01/31/19		14.85		0.21			(1.09	)		(0.88	)		(0.49	)		—		(1.58	)		(2.07	)		11.90		(5.87	)		11,353,807		0.47			1.56			18
01/31/20		11.90		0.13			1.58			1.71			—			—		(0.50	)		(0.50	)		13.11		14.55			11,697,671		0.47			1.05			12
01/31/21		13.11		0.15			1.42			1.57			(0.16	)		—		(0.75	)		(0.91	)		13.77		12.26			11,751,233		0.47			1.11			17
07/31/21@		13.77		(0.02	)		1.10			1.08			—			—		—			—			14.85		7.84			12,002,867		0.46	†		(0.30	)†		7
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	†		2.32	†		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			2.04			20
01/31/19		14.80		0.27			(1.16	)		(0.89	)		(0.61	)		—		(1.27	)		(1.88	)		12.03		(5.98	)		196		0.23			2.00			18
01/31/20		12.03		0.17			1.46			1.63			—			—		(0.43	)		(0.43	)		13.23		13.65			219		0.23			1.35			13
01/31/21		13.23		0.13			1.21			1.34			(0.20	)		—		(0.58	)		(0.78	)		13.79		10.32			200		0.23			0.95			17
07/31/21@		13.79		—			1.18			1.18	(2)		—			—		—			—			14.97		8.56			751		0.22	†		(0.06	)†		18	(3)
SA VCP Dynamic Strategy Portfolio — Class 3
01/31/17		11.50		0.12			1.06			1.18			(0.17	)		—		—			(0.17	)		12.51		10.32			6,148,291		0.47			0.98			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			1.15			20
01/31/19		14.76		0.20			(1.11	)		(0.91	)		(0.51	)		—		(1.27	)		(1.78	)		12.07		(6.11	)		5,999,288		0.48			1.48			18
01/31/20		12.07		0.12			1.47			1.59			—			—		(0.43	)		(0.43	)		13.23		13.27			6,121,428		0.48			0.96			13
01/31/21		13.23		0.14			1.16			1.30			(0.16	)		—		(0.58	)		(0.74	)		13.79		10.03			6,048,220		0.48			1.07			17
07/31/21@		13.79		(0.02	)		1.18			1.16	(2)		—			—		—			—			14.95		8.41			7,724,254		0.47	†		(0.32	)†		18	(3)

* 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.

† Annualized

# Commencement of operations.

@ Unaudited

(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/17			01/18			01/19			01/20			01/21			07/21†@
SA VCP Dynamic Allocation Class 1		0.01	%†		0.01	%		0.01	%		0.01	%		0.01	%		0.00	%
SA VCP Dynamic Allocation Class 3		0.00			0.01			0.01			0.01			0.01			0.00
SA VCP Dynamic Strategy Class 1		0.01	†		0.01			0.01			0.00			0.00			0.00
SA VCP Dynamic Strategy Class 3		0.01			0.01			0.01			0.00			0.00			0.00

(2) Includes the effect of a merger.

(3) Excludes purchases/sales due to merger.

See Notes to Financial Statements

679

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			Return of capital		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 VCP Index Allocation Portfolio — Class 1
10/06/17#- 01/31/18	$	10.00	$	0.03		$	0.91		$	0.94		$	(0.04	)	$	—	$	(0.01	)	$	(0.05	)	$	10.89		9.46	%	$	109		0.28	%†(2)		0.79	%†(2)		2	%
01/31/19		10.89		0.23			(0.92	)		(0.69	)		(0.31	)		—		(0.02	)		(0.33	)		9.87		(6.12	)		103		0.28	(2)		2.21	(2)		20
01/31/20		9.87		0.02			1.49			1.51			(0.03	)		—		(0.07	)		(0.10	)		11.28		15.25			118		0.28	(2)		0.17	(2)		13
01/31/21		11.28		0.16			0.75			0.91			(0.15	)		—		(0.18	)		(0.33	)		11.86		8.15			212		0.27	(2)		1.46	(2)		27
07/31/21@		11.86		(0.01	)		1.20			1.19			—			—		—			—			13.05		10.03			367		0.24	†		(0.23	)†		13
SA VCP Index Allocation Portfolio — Class 3
10/06/17#- 01/31/18		10.00		0.02			0.91			0.93			(0.03	)		—		(0.01	)		(0.04	)		10.89		9.40			24,048		0.53	†(2)		0.78	†(2)		2
01/31/19		10.89		0.37			(1.08	)		(0.71	)		(0.26	)		—		(0.02	)		(0.28	)		9.90		(6.32	)		226,269		0.53	(2)		3.90	(2)		20
01/31/20		9.90		(0.01	)		1.50			1.49			(0.01	)		—		(0.07	)		(0.08	)		11.31		14.97			386,386		0.53	(2)		(0.08	)(2)		13
01/31/21		11.31		0.11			0.76			0.87			(0.13	)		—		(0.18	)		(0.31	)		11.87		7.73			439,902		0.52	(2)		0.95	(2)		27
07/31/21@		11.87		(0.03	)		1.22			1.19			—			—		—			—			13.06		10.03			508,850		0.49	†		(0.49	)†		13
SA WellsCap Aggressive Growth Portfolio — Class 1
01/31/17		14.52		(0.04	)		3.41			3.37			—			—		—			—			17.89		23.21			63,155		0.83	(1)		(0.25	)(1)		75
01/31/18		17.89		(0.09	)		5.89			5.80			—			—		—			—			23.69		32.42			75,184		0.84	(1)		(0.44	)(1)		73
01/31/19		23.69		(0.09	)		(0.15	)		(0.24	)		—			—		(3.34	)		(3.34	)		20.11		(1.16	)		83,558		0.83	(1)		(0.42	)(1)		72
01/31/20		20.11		(0.13	)		5.56			5.43			—			—		(1.45	)		(1.45	)		24.09		27.61			96,353		0.84	(1)		(0.58	)(1)		65
01/31/21		24.09		(0.17	)		13.32			13.15			—			—		(1.97	)		(1.97	)		35.27		55.63			141,460		0.79	(1)		(0.62	)(1)		53
07/31/21@		35.27		(0.12	)		1.46			1.34			—			—		—			—			36.61		3.80			130,303		0.77	†(1)		(0.69	)†(1)		31
SA WellsCap Aggressive Growth Portfolio — Class 2
01/31/17		14.33		(0.06	)		3.35			3.29			—			—		—			—			17.62		22.96			2,970		0.98	(1)		(0.43	)(1)		75
01/31/18		17.62		(0.12	)		5.81			5.69			—			—		—			—			23.31		32.29			3,313		0.99	(1)		(0.59	)(1)		73
01/31/19		23.31		(0.13	)		(0.15	)		(0.28	)		—			—		(3.34	)		(3.34	)		19.69		(1.36	)		2,953		0.98	(1)		(0.58	)(1)		72
01/31/20		19.69		(0.16	)		5.44			5.28			—			—		(1.45	)		(1.45	)		23.52		27.44			3,180		0.99	(1)		(0.73	)(1)		65
01/31/21		23.52		(0.21	)		13.00			12.79			—			—		(1.97	)		(1.97	)		34.34		55.44			4,538		0.94	(1)		(0.77	)(1)		53
07/31/21@		34.34		(0.14	)		1.41			1.27			—			—		—			—			35.61		3.70			3,819		0.92	†(1)		(0.84	)†(1)		31
SA WellsCap Aggressive Growth Portfolio — Class 3
01/31/17		14.17		(0.08	)		3.32			3.24			—			—		—			—			17.41		22.87			26,485		1.08	(1)		(0.53	)(1)		75
01/31/18		17.41		(0.14	)		5.73			5.59			—			—		—			—			23.00		32.11			31,441		1.09	(1)		(0.69	)(1)		73
01/31/19		23.00		(0.15	)		(0.14	)		(0.29	)		—			—		(3.34	)		(3.34	)		19.37		(1.43	)		27,979		1.08	(1)		(0.67	)(1)		72
01/31/20		19.37		(0.18	)		5.35			5.17			—			—		(1.45	)		(1.45	)		23.09		27.32			38,514		1.09	(1)		(0.83	)(1)		65
01/31/21		23.09		(0.24	)		12.75			12.51			—			—		(1.97	)		(1.97	)		33.63		55.26			69,440		1.04	(1)		(0.88	)(1)		53
07/31/21@		33.63		(0.15	)		1.38			1.23			—			—		—			—			34.86		3.66			100,925		1.02	†(1)		(0.94	)†(1)		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.

† Annualized

# Commencement of operations.

@ Unaudited

(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	1/17			1/18			1/19			1/20			01/21			07/21†@
SA WellsCap Aggressive Growth Class 1		0.02	%		0.00	%		0.01	%		0.00	%		0.00	%		0.00	%
SA WellsCap Aggressive Growth Class 2		0.02			0.00			0.01			0.00			0.00			0.00
SA WellsCap Aggressive Growth Class 3		0.02			0.00			0.01			0.00			0.00			0.00

(2) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio	01/18†			01/19			01/20			01/21
SA SA VCP Index Allocation Class 1		2.25	%		0.10	%		(0.02	)%		(0.01	)%
SA SA VCP Index Allocation Class 3		1.81			0.03			(0.02	)		(0.01	)

See Notes to Financial Statements

680

SUNAMERICA SERIES TRUST

STATEMENT REGARDING LIQUIDITY RISK MANAGEMENT PROGRAM

July 31, 2021 (unaudited)

Pursuant to Rule 22e-4 under the 1940 Act, the Portfolios have adopted a liquidity risk management program. SunAmerica Asset Management, LLC (the “Adviser” or “SunAmerica”), the investment adviser to the Trust, has been designated by the Board to administer the Portfolios’ liquidity risk management program (the “Program”). The Adviser has appointed a Liquidity Risk Management Committee (the “Committee”) comprised of certain officers as well as certain personnel of the Adviser. The Committee is subject to the oversight of the Adviser. The Adviser and the Committee are referred to collectively herein as the “Program Administrator.” The Program is designed to assess, manage and periodically review each Portfolio’s liquidity risk, based on factors specific to the circumstances of each Portfolio. “Liquidity risk” means the risk that a Portfolio could not meet requests to redeem shares issued by the Portfolio without significant dilution of remaining investors’ interests in the Portfolio. During the period, the Program Administrator provided the Board with a report addressing the operations of the program and assessing its adequacy and effectiveness of implementation.

During the period covered by the liquidity Program report to the Board, the Program supported each Portfolio’s ability to honor redemption requests timely and the Adviser’s management of each Portfolio’s liquidity profile, including during periods of market volatility and net redemptions. The Program Administrator reported that it has reviewed the Program and believes that the Program is reasonably designed to assess and manage the liquidity risk of each Portfolio, that the Program has been effectively implemented to monitor and respond to liquidity developments (where necessary) and is operating effectively, and that the Program addresses potential liquidity risks in connection with the management of the Portfolios. Furthermore, the Program Administrator reported that each Portfolio operated as a “Primarily Highly Liquid Fund” during the review period, and therefore, did not have to comply with the Highly Liquid Investment Minimum requirements. Finally, the Program Administrator reported that each Portfolio had no breaches of the limit on illiquid investments, and therefore, no Board notification or regulatory filings were required.

There can be no assurance that the Program will achieve its objectives in the future. Please refer to your Portfolio’s prospectus for more information regarding the Portfolio’s exposure to liquidity risk and other principal risks to which an investment in the Portfolio may be subject.

681

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

July 31, 2021 (unaudited)

At a meeting held on March 17, 2021 (the “Meeting”), 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 a subadvisory agreement (the “Agreement”) between SunAmerica Asset Management, LLC (“SunAmerica” or the “Adviser”) and Franklin Advisers, Inc. (“Franklin” or the “Subadviser”) with respect to the SA Dogs of Wall Street Portfolio, a series of the Trust (the “Portfolio”). In connection with these approvals, the Board also approved certain changes to the Portfolio’s investment goal, investment strategies and techniques, as well as a change of the Portfolio’s name to “SA Franklin Systematic U.S. Large Cap Value Portfolio.”

In connection with the approval of the Agreement, the Board received materials related to certain factors used in its consideration of whether to approve the Agreement. Those factors included:

(1) the requirements of the Portfolio in the areas of investment supervisory and administrative services;

(2) the nature, extent and quality of the investment advisory and administrative services expected to be provided by Franklin;

(3) the size and structure of the subadvisory and sub-subadvisory fees and any other material payments to Franklin;

(4) the organizational capability and financial condition of Franklin and its affiliates;

(5) the possibility that services of the type required by the Trust might be better obtained from other organizations; and

(6) the fees to be paid by the Adviser to Franklin.

In addition, the Board considered (a) the conditions and trends prevailing in the economy, the securities markets and the investment company industry; (b) the profitability of and amounts retained by SunAmerica; and (c) information regarding Franklin’s compliance and regulatory history. The Board also took into account extensive information from Franklin regarding its services provided to the Trust, which materials the Board reviewed at the Meeting in connection with its consideration of the renewal of the subadvisory agreements with respect to the various series of the Trust.

The Independent Trustees were separately represented by counsel that is independent of SunAmerica and Franklin in connection with their consideration of approval of the Agreement. The matters discussed below were also considered separately by the Independent Trustees in executive session during which such independent counsel provided guidance to the Independent Trustees.

The Board received information regarding the Trust’s subadvisory fees compared to subadvisory fee rates of a group of funds with similar investment strategies and/or objectives, as applicable (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.

Nature, Extent and Quality of Services Provided by the Subadviser.

The Board, including the Independent Trustees, considered the nature, quality and extent of services expected to be provided by Franklin. In making its evaluation, the Board considered that SunAmerica acts as adviser for the Portfolio, manages the daily business affairs of the Trust, and obtains and evaluates economic, statistical and financial information to formulate and implement investment policies and provides oversight with respect to the daily management of the Portfolio’s assets, subject to the Trustees’ oversight and control. It was also noted that SunAmerica’s advisory fees compensate SunAmerica for services such as monitoring portfolio performance, selecting and replacing subadvisers, determining asset allocations among each series of the Trust and ensuring that a subadviser’s style adheres to the prospectus and statement of additional information as well as other administrative, compliance and legal services or requirements.

With respect to the Subadviser, the Board noted that Franklin would be responsible for providing investment management services on a day-to-day basis. In such role, Franklin would (i) manage the investment and reinvestment of the Portfolio’s assets; (ii) determine the securities to be purchased or sold and execute such documents on behalf of the Portfolio as may be necessary in connection with its management thereof; (iii) provide SunAmerica with records concerning its activities; and (iv) render regular reports to SunAmerica and to officers and Trustees of the Trust concerning its discharge of the foregoing responsibilities. The Board reviewed Franklin’s history, structure and size, and investment experience. The Board considered the personnel of Franklin who would be involved in the investment management, administration, compliance and risk management activities with respect to the Portfolio, as well as current and projected staffing levels. The Board was informed that in management’s judgment, Franklin has the size, viability and resources to attract and retain highly qualified investment professionals. The Board reviewed the qualifications, background and responsibilities of the staff of Franklin who would be responsible for providing investment management services to the Portfolio.

682

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

July 31, 2021 (unaudited) — (continued)

The Board also reviewed and considered Franklin’s compliance and regulatory history, including information about whether it has been involved in any litigation, regulatory actions or investigations that could impair its ability to serve as subadviser or sub-subadviser, as applicable, to the Portfolio. The Board considered Franklin’s risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on Franklin’s ability to provide services to the Trust.

The Board concluded that it was satisfied with the nature, quality and extent of the services expected to be provided by Franklin and that there was a reasonable basis on which to conclude that Franklin 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 Portfolio’s subadvisory fees (actual and contractual) compared against such fees of its Subadvised Expense Group/Universe. It was noted that with respect to subadvisory fees, SunAmerica negotiates such fees at arm’s length. The Board also considered that the subadvisory fees are paid by SunAmerica out of its advisory fee and not by the Portfolio, and that subadvisory fees may vary widely within a Subadvised Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board further considered the amount of subadvisory fees to be paid by SunAmerica and the amount of the management fees that it would retain, noting that there will be no change in the management fee paid by the Portfolio to SAAMCo. The Board determined that these amounts were reasonable in light of the services performed by SunAmerica and Franklin, respectively.

To assist in analyzing the reasonableness of the subadvisory fee, the Board received a report prepared independently by Broadridge Financial Solutions, Inc. (“Broadridge”), as well as information provided by management. The Board requested information regarding advisory and subadvisory fees received by Franklin, as well as performance data, with respect to any other mutual funds or other accounts managed by Franklin with similar investment objectives and/or strategies to the Portfolio, as applicable. Franklin reported that it does not manage any such similar funds.

The Subadvised Expense Group consists of the Portfolio and two other multi-cap value funds underlying variable insurance products (“VIPs”) with disclosed subadviser agreements, as classified by Broadridge. The Subadvised Expense Universe consists of the Portfolio and all other multi-cap value funds underlying VIPs with disclosed subadviser agreements, excluding outliers.

The performance information included information as of December 31, 2020, from Franklin. On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to the Portfolio’s overall performance, performance relative to the Portfolio’s benchmark and Morningstar and Broadridge peer groups, and a subadviser’s performance within a portfolio. The Board also considered that management makes particular note of any portfolio that may require closer monitoring or potential corrective action by the Board.

The Board also considered simulated, back-tested performance of the Portfolio under Franklin’s proposed management and methodology for various periods ended December 31, 2020. The back-tested performance suggested that, if managed by Franklin according to the proposed new investment strategies and techniques, the Portfolio would have outperformed the Russell 1000 Index for the one-, three- and five-year periods and for five of the previous six calendar years. In considering this comparative performance information, however, the Board took into account management’s discussion regarding the simulated performance, including that back-tested performance is hypothetical and does not demonstrate actual performance and that past performance is not necessarily indicative of future results, and acknowledged that actual results of the Portfolio may differ.

The Trustees noted that the expense and performance information as a whole was useful in assessing whether Franklin is proposing to provide services at a cost that is competitive with other similar funds.

Profitability, Economies of Scale and Other Benefits Derived.

The Board noted that the subadvisory fees paid pursuant to the Agreement are paid by SunAmerica out of its advisory fees. The Board considered that the Agreement also contains breakpoints in the fee schedule; however, since SunAmerica, and not the Trust, is responsible for the payment of the fees pursuant to the Agreement, the Trust does not directly benefit from any reduction in those fee rates. The Trustees also relied on the ability of SunAmerica to negotiate the Agreement and the fees thereunder at arm’s length. The Board determined that the profitability to Franklin in connection with its relationship with the Portfolio is therefore not a material factor in its consideration of the Agreement.

The Board considered other potential indirect benefits to Franklin as a result of its relationships with the Portfolio, which could include research benefits obtained by trading the Portfolio’s assets, economies of scale, reputational benefits, and the potential for future

683

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

July 31, 2021 (unaudited) — (continued)

mandates. For similar reasons as stated above with respect to Franklin’s profitability, the Board concluded that the potential for economies of scale and other indirect benefits to Franklin in its management of the Portfolio are not a material factor in its consideration at this time.

Terms of Agreement.

The Board, including the Independent Trustees, reviewed the terms and conditions of the Agreement, including the duties and responsibilities undertaken by SunAmerica and Franklin as discussed above.

Conclusions.

In reaching its decision to recommend the approval of the Agreement, 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 Franklin possesses the capability and resources to perform the duties required of it under the Agreement.

Further, based upon its review of the Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that: (1) the terms of the Agreement are reasonable, fair and in the best interest of the Portfolio and its shareholders, and (2) the 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.

684

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

July 31, 2021 (unaudited) — (continued)

At a meeting held on February 24, 2021, the Board of Trustees (the “Board”), including the Independent Trustees (i.e., 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 “1940 Act”)), approved a new portfolio implementation agreement (the “New Agreement”) between Pacific Investment Management Company LLC (“PIMCO”), Research Affiliates, LLC (“Research Affiliates”) and Parametric Portfolio Associates LLC (“Parametric” or the “Sub-Subadviser”) with respect to the SA PIMCO RAE International Value Portfolio, a series of the Trust (the “Portfolio”).

The New Agreement was considered as a result of the anticipated organizational change of control of that would result from the anticipated acquisition (the “Transaction”) of Eaton Vance Corp. (“Eaton Vance”), the ultimate parent company of Parametric, by Morgan Stanley Investment Management Inc. (“Morgan Stanley”). The change of control of Eaton Vance will effectively constitute an “assignment,” as that term is defined by Section 2(a)(4) of the 1940 Act. As required by Section 15(a)(4) of the 1940 Act, the current portfolio implementation agreement (the “Current Agreement”) provides for its automatic termination upon its assignment and therefore will terminate upon the completion of the Transaction.

In connection with the approval of the New Agreement, the Board received materials related to certain factors used in its consideration of whether to approve the New Agreement. Those factors included:

(1) the requirements of the Portfolio in the areas of investment supervisory and administrative services;

(2) the nature, extent and quality of the investment advisory and administrative services expected to be provided by the Sub-Subadviser;

(3) the size and structure of the sub-subadvisory fees and any other material payments to the Sub-Subadviser;

(4) the organizational capability and financial condition of the Sub-Subadviser, Morgan Stanley and their affiliates, including with respect to the organizational and financial impacts of the Transaction;

(5) the possibility that services of the type required by the Trust might be better obtained from other organizations; and

(6) the fees to be paid by PIMCO to Parametric for managing the Portfolio.

In addition, the Board considered (a) the conditions and trends prevailing in the economy, the securities markets and the investment company industry; (b) the profitability of and the amounts retained by SunAmerica with respect to the Portfolio; and (c) information regarding Parametric’s compliance and regulatory history. The Board also took into account extensive information from Parametric regarding its services provided to the Trust, which materials the Board reviewed at its October 7, 2020 meeting (the “October Meeting”) in connection with its consideration of the approval of the Current Agreement.

The Independent Trustees were separately represented by counsel that is independent of SunAmerica, PIMCO, Research Affiliates and Parametric in connection with their consideration of approval of the New Agreement. The matters discussed below were also considered separately by the Independent Trustees in executive sessions during which such independent counsel provided guidance to the Independent Trustees.

At the October Meeting, the Board received information regarding the Trust’s subadvisory fees compared to subadvisory fee rates of a group of funds with similar investment strategies and/or objectives, as applicable (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 performance of the Sub-Subadviser with respect to accounts and mutual funds that have comparable investment objectives and strategies to the Portfolio.

Nature, Extent and Quality of Services Provided by the Sub-Subadviser.

The Board, including the Independent Trustees, considered the nature, quality and extent of services expected to be provided by Parametric. In making its evaluation, the Board considered that SunAmerica acts as adviser for the Portfolio, manages the daily business affairs of the Trust, and obtains and evaluates economic, statistical and financial information to formulate and implement investment policies and provides oversight with respect to the daily management of the Portfolio’s assets, subject to the Trustees’ oversight and control. It was also noted that SunAmerica’s advisory fees compensate SunAmerica for services such as monitoring portfolio performance, selecting and replacing subadvisers, determining asset allocations among each series of the Trust and ensuring that a subadviser’s style adheres to the prospectus and statement of additional information as well as other administrative, compliance and legal services or requirements.

With respect to Parametric, the Board noted that the services currently provided by Parametric for the Portfolio will not change under the New Agreement. The Board further noted that Parametric would continue to be responsible for providing investment management

685

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APPROVAL OF ADVISORY AGREEMENT

July 31, 2021 (unaudited) — (continued)

services on a day-to-day basis. In such role, Parametric will assist PIMCO and Research Affiliates with effecting all portfolio transactions on behalf of the Portfolio, subject to the direct supervision of Research Affiliates and the ultimate supervision of PIMCO. The Board considered that, to the extent that PIMCO may delegate certain of its duties to Parametric pursuant to the New Agreement, any such delegation by PIMCO will in no way relieve PIMCO of its duties and obligations under the subadvisory agreement between SunAmerica and PIMCO with respect to the Portfolio (the “Subadvisory Agreement”), and all such duties and obligations under the Subadvisory Agreement will remain the sole responsibility of PIMCO as if no such delegation had occurred.

The Board reviewed Parametric’s history, structure and size, and investment experience. The Board was informed that in management’s judgment, Parametric has the size, viability and resources to attract and retain highly qualified investment professionals. The Board reviewed the qualifications, background and responsibilities of the staff of Parametric that would be responsible for providing investment management services to the Portfolio as well as current and projected staffing levels. The Board considered that the personnel of Parametric that would be responsible for advising the Portfolio, including the key personnel that will be involved in the investment management, administration, compliance and risk management activities with respect to the Portfolio, will not change as a result of the Transaction. The Board also considered that the investment strategies and techniques utilized by those personnel will not change as a result of the Transaction. The Board noted that the continuity of the Portfolio’s day-to-day investment management and operations is therefore expected to remain intact.

The Board also reviewed and considered Parametric’s compliance and regulatory history, including information about whether it has been involved in any litigation, regulatory actions or investigations that could impair its ability to continue to serve as subadviser or sub-subadviser, as applicable, to the Portfolio. The Board considered Parametric’s risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on Parametric’s ability to provide services to the Trust.

The Board concluded that it was satisfied with the nature, quality and extent of the services expected to be provided by Parametric and that there was a reasonable basis on which to conclude that Parametric would provide high quality services to the Trust.

Portfolio Fees and Expenses; Investment Performance

At the October Meeting, the Board, including the Independent Trustees, received and reviewed information regarding the Portfolio’s subadvisory fees (actual and contractual) compared against such fees of its Subadvised Expense Group/Universe. It was noted that with respect to subadvisory fees, SunAmerica negotiates such fees at arm’s length. The Board also considered that the subadvisory fees are paid by SunAmerica out of its advisory fee and not by the Portfolio, and that subadvisory fees may vary widely within a Subadvised Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board also considered that the sub-subadvisory fee rates to be paid under the New Agreement are the same as those under the Current Agreement, noting further that there will be no change in the management fee paid by the Portfolio to SunAmerica. The Board determined that these amounts payable to Parametric under the New Agreement were reasonable in light of the services performed by Parametric.

The Board noted that in considering the reasonableness of the sub-subadvisory fees, it had considered expense and performance information during its consideration of the renewal of the Current Agreement at the October Meeting. The Board noted that it had received a report prepared independently by Broadridge Financial Solutions, Inc. (“Broadridge”), as well as information provided by management. The Board also noted that it had considered performance data from management and Parametric with respect to the Portfolio and any other mutual funds or other accounts advised or subadvised by Parametric with similar investment objectives and/or strategies, as applicable.

On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to the Portfolio’s overall performance, performance relative to the Portfolio’s benchmark and Morningstar and Broadridge peer groups, and a subadviser’s performance within a portfolio. The Board also considered that management makes particular note of any portfolio that may require closer monitoring or potential corrective action by the Board. The Board noted that the expense and performance information as a whole was useful in assessing whether Parametric will provide services at a cost that is competitive with other similar funds.

Profitability, Economies of Scale and Other Benefits Derived.

The Board considered that the sub-subadvisory fees to be paid pursuant to the New Agreement will be paid by PIMCO and not by the Portfolio. The Board determined that the profitability to Parametric in connection with its relationship with the Portfolio is therefore not a material factor in its consideration of the New Agreement.

686

SUNAMERICA SERIES TRUST

APPROVAL OF ADVISORY AGREEMENT

July 31, 2021 (unaudited) — (continued)

The Board noted that it had previously received and considered information regarding economies of scale expected to be achieved by the Trust in connection with the consideration of the renewal of the Current Agreement. The Board considered that the New Agreement also contains breakpoints in the fee schedule; however, since PIMCO, and not the Trust, is responsible for the payment of the fees pursuant to the New Agreement, the Trust does not directly benefit from any reduction in those fee rates. The Board also considered other potential indirect benefits to Parametric as a result of its relationship with the Portfolio, which could include research benefits obtained by trading the Portfolio’s assets, economies of scale, reputational benefits, and the potential for future mandates. For similar reasons as stated above with respect to Parametric’s profitability, the Board concluded that the potential for economies of scale and other indirect benefits to Parametric in its management of the Portfolio are not a material factor in its consideration at this time.

Terms of New Agreement.

The Board, including the Independent Trustees, reviewed the terms and conditions of the New Agreement, including the duties and responsibilities undertaken by Parametric as discussed above. The Board also considered that the material terms of the New Agreement are identical to the terms of the Current Agreement.

Conclusions.

In reaching its decision to recommend the approval of the New Agreement, 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 Parametric possesses the capability and resources to perform the duties required of it under the applicable New Agreement.

Further, based upon its review of the New Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that: (1) the terms of the New Agreement are reasonable, fair and in the best interest of the Portfolio and its shareholders, and (2) the sub-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.

687

SUNAMERICA SERIES TRUST

SUPPLEMENTS TO THE PROSPECTUS

July 31, 2021 (unaudited)

Filed under Rules 497(e) and 497(k)

Registration No. 33-52742

SunAmerica Series Trust

SA Goldman Sachs Multi-Asset Insights Portfolio

(the “Portfolio”)

Supplement dated June 11, 2021

to the Portfolio’s Summary Prospectus and Prospectus dated

May 1, 2021, as supplemented and amended to date

Effective immediately, in the section of the Summary Prospectus entitled “Investment Adviser” and in the section of the Prospectus entitled “Portfolio Summary: SA Goldman Sachs Multi-Asset Insights Portfolio – Investment Adviser,” in the table under the heading “Portfolio Managers” references to Christopher Lvoff are deleted and replaced with the following:

Name and Title	Portfolio Manager of the Portfolio Since
Siwen Wu
Vice President and Portfolio Manager	May 2021

In the section of the Prospectus entitled “Management,” under the heading “Information about the Subadvisers,” the second paragraph under “ Goldman Sachs Asset Management L.P. (GSAM)” is deleted in its entirety and replaced with the following:

The SA Goldman Sachs Multi-Asset Insights Portfolio is managed by Neill Nuttall and Siwen Wu. Neill Nuttall is a managing director and the chief investment officer in the Multi-Asset Solutions (MAS) Group. Mr. Nuttall first joined GSAM in 2014 as a managing director. Prior to joining the firm, Mr. Nuttall worked for almost 30 years at JPMorgan Asset Management (JPMAM) and its heritage firms, based for 14 years in Hong Kong and subsequently in London. From 2006, Mr. Nuttall served as chief investment officer and head of JPMAM’s Global Multi Asset Group (GMAG) and later as head of Asset Allocation for GMAG. Prior to joining GMAG, Mr. Nuttall served as a managing director and senior strategist with JPMAM’s Currency Group. Siwen Wu, vice president and portfolio manager, has 10 years of industry experience and joined GSAM in 2014. Mr. Wu has been a long-standing member of the MAS team.

Capitalized terms used but not defined herein shall have the meanings assigned to them by the Prospectus.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

SCSP-86704C-GSM1.1 (6/21)

688

SUNAMERICA SERIES TRUST

SUPPLEMENTS TO THE PROSPECTUS

July 31, 2021 (unaudited) — (continued)

Filed under Rules 497(e) and 497(k)

Registration Nos. 002-86188 033-52742

ANCHOR SERIES TRUST

SA PGI Asset Allocation Portfolio

SA Wellington Capital Appreciation Portfolio

SA Wellington Government and Quality Bond Portfolio

SA Wellington Strategic Multi-Asset Portfolio

SUNAMERICA SERIES TRUST

SA Columbia Technology Portfolio

SA WellsCap Aggressive Growth Portfolio

(each, a “Portfolio”)

Supplement to the Summary Prospectuses and Prospectuses of each Portfolio,

as supplemented and amended to date

The Board of Trustees of Anchor Series Trust (“AST”), on behalf of each of the SA PGI Asset Allocation Portfolio, the SA Wellington Capital Appreciation Portfolio, the SA Wellington Government and Quality Bond Portfolio and the SA Wellington Strategic Multi-Asset Portfolio, and the Board of Trustees of SunAmerica Series Trust (“SAST”), on behalf of each of the SA Columbia Technology Portfolio and the SA WellsCap Aggressive Growth Portfolio, (each, a “Target Portfolio”), have each determined that it is in the best interests of each of its respective Target Portfolios to reorganize into an existing series (each, an “Existing Acquiring Portfolio”) or a shell series (each, a “Shell Acquiring Portfolio”) of SAST, as shown in the table below. Each Shell Acquiring Portfolio in the table below will have the same investment objectives, strategies and policies as the Target Portfolio of the same name. Each proposed transaction is referred to as a “Reorganization” and each Shell Acquiring Portfolio and Existing Acquiring Portfolio is referred to as an “Acquiring Portfolio.”

Target Portfolios	Acquiring Portfolios
SA Columbia Technology Portfolio, a series of SAST	SA Wellington Capital Appreciation Portfolio, a Shell Acquiring Portfolio of SAST
SA Wellington Capital Appreciation Portfolio, a series of AST	SA Wellington Capital Appreciation Portfolio, a Shell Acquiring Portfolio of SAST
SA PGI Asset Allocation Portfolio, a series of AST	SA JPMorgan Diversified Balanced Portfolio, an Existing Acquiring Portfolio of SAST
SA Wellington Government and Quality Bond Portfolio, a series of AST	SA Wellington Government and Quality Bond Portfolio, a Shell Acquiring Portfolio of SAST
SA Wellington Strategic Multi-Asset Portfolio, a series of AST	SA Wellington Strategic Multi-Asset Portfolio, a Shell Acquiring Portfolio of SAST
SA WellsCap Aggressive Growth Portfolio, a series of SAST	SA JPMorgan Mid-Cap Growth Portfolio, an Existing Acquiring Portfolio of SAST

In each Reorganization, all of the Target Portfolio’s assets and liabilities would be transferred to the respective Acquiring Portfolio in exchange for shares of the Acquiring Portfolio. If the Reorganization is completed, shareholders of the Target Portfolio will receive shares of the respective Acquiring Portfolio, the total value of which will be equal to the total value of their shares of the Target Portfolio on the date of the Reorganization, after which the Target Portfolio will cease operations.

Each Target Portfolio expects to convene a special meeting of its shareholders on or about October 27, 2021 to vote on the approval of its Reorganization. Shareholders of record of each Target Portfolio as of August 3, 2021 (the “Record Date”), are entitled to notice of and to vote at the special meeting, and they will receive proxy materials describing the relevant Reorganization. The Reorganization of the SA Columbia Technology Portfolio is contingent upon the Reorganization of the SA Wellington Capital Appreciation Portfolio. No other Reorganization of a Target Portfolio is contingent upon the Reorganization of any other Target Portfolio.

689

SUNAMERICA SERIES TRUST

SUPPLEMENTS TO THE PROSPECTUS

July 31, 2021 (unaudited) — (continued)

Until a Reorganization is completed, each Target Portfolio will continue sales and redemptions of its shares as described in its Prospectus. However, holders of shares purchased after the Record Date set for each special meeting of shareholders will not be entitled to vote those shares at the special meeting.

Date: June 24, 2021

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.

ASC3179IN1.5 (6/21)

690

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 the first and third quarters of each fiscal year on Form N-PORT. The Trust’s Forms N-PORT are available on the U.S. Securities and Exchange Commission’s website at http://www.sec.gov.

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.

The accompanying report has not been audited by independent accountants and accordingly no opinions have been

expressed thereon.

691

Item 2.    Code of Ethics.

Not applicable.

Item 3.    Audit Committee Financial Expert.

Not applicable.

Item 4.    Principal Accountant Fees and Services.

Not applicable.

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 most recent fiscal half year 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) Not applicable.

(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.

(4) 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: October 8, 2021

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: October 8, 2021

By:	/s/    Gregory R. Kingston
	Gregory R. Kingston
	Treasurer

Date: October 8, 2021