  We construct realistic supergravity models where supersymmetry breaking
arises from the D-terms of an anomalous U(1) gauge symmetry broken at the
Planck scale. Effective action for these theories at sub-Planck energies
(including higher dimensional terms in the superpotential) are severely
restricted by the U(1) symmetry and by the assumption that they arise from an
underlying renormalizable theory at a higher scale. Phenomenological
consequences of these models are studied. They are found to have the attractive
feature that the gaugino masses, the A and B terms and the mass splittings
between the like-charged squarks of the first two generations compared to their
average masses can all be naturally suppressed. As a result, the electric
dipole moment of the neutron as well as the flavor changing neutral current
effects are predicted to be naturally small. These models also predict the
value of the $\mu$-term to be naturally small and have the potential to
qualitatively explain the observed mass hierarchy among quarks and leptons. We
then discuss examples of high scale renormalizable theories that can justify
the choice of the the effective action from naturalness point of view.
