# EDGAR Filing Document

**Accession Number:** 0000892538
**File Stem:** 0001193125-26-194876
**Filing Date:** 2026-4
**Character Count:** 43201
**Document Hash:** eb88be799d2b71d96aae231f742c55f8
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-194876.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-194876

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**EFFECTIVENESS DATE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SUNAMERICA SERIES TRUST
- **CENTRAL INDEX KEY:** 0000892538

**ORGANIZATION NAME:**
- **EIN:** 137002445
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131
- **LEGAL ENTITY IDENTIFIER:** 549300E40BQMHI2LOX26

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-52742
- **FILM NUMBER:** 26920875

**BUSINESS ADDRESS:**
- **STREET 1:** 5300 MEMORIAL DRIVE
- **STREET 2:** SUITE 1150
- **CITY:** HOUSTON
- **STATE:** TX
- **ZIP:** 77007
- **BUSINESS PHONE:** 551-235-3560

**MAIL ADDRESS:**
- **STREET 1:** ONE WORLD TRADE CENTER, SUITE J
- **STREET 2:** 49TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10007

## Series and Classes Contracts Data

### SA BlackRock Multi-Factor 70/30 Portfolio (Series ID: S000069676)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000222243 | Class 1      |  |
| C000222244 | Class 3      |  |

**Summary Prospectus**

**May 1, 2026**

**SunAmerica Series Trust**

**SA BlackRock Multi-Factor 70/30 Portfolio**

**(Class 1 and Class 3 Shares)**

SunAmerica Series Trust's [Statutory Prospectus and Statement of Additional Information](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000892538/000119312526182445/d67063d485bpos.htm), each dated May 1, 2026, as amended and supplemented from time to time, and the [most recent shareholder reports](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000892538/000119312526150593/8de95b0a53ad87c.htm) are incorporated into and made part of this Summary Prospectus by reference. The Portfolio is offered only to the separate accounts of certain life insurance companies and to other mutual funds. This Summary Prospectus is not intended for use by other investors.

Before you invest, you may want to review SunAmerica Series Trust's Statutory Prospectus, which contains more information about the Portfolio and its risks. You can find the Statutory Prospectus and the above-incorporated information online at https://venerable.onlineprospectus.net/funds/sast_sst/. You can also get this information at no cost by calling (800) 445-7862 or by sending an e-mail request to fundprospectus@corebridgefinancial.com.

The Securities and Exchange Commission has not approved or disapproved these securities, nor has it determined that this Summary Prospectus is accurate or complete. It is a criminal offense to state otherwise.

------

**Investment Goal**

------

The Portfolio's investment goals are to seek capital appreciation and income.

**Fees and Expenses of the Portfolio**

------

This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. **The table and the example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy ("Variable Contracts") in which the Portfolio is offered.** If separate account fees were shown, the Portfolio's annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.

**<u>Annual Portfolio Operating Expenses</u>** (expenses that you pay each year as a percentage of the value of your investment)

---

| | | |
|:---|:---|:---|
|  | **Class 1** | **Class 3** |
| Management Fees | 0.65% | &nbsp;&nbsp; 0.65% |
| Service (12b-1) Fees |  | &nbsp;&nbsp; 0.25% |
| Other Expenses | 0.13% | &nbsp;&nbsp; 0.13% |
| Acquired Fund Fees and Expenses<sup>1</sup> | 0.17% | &nbsp;&nbsp; 0.17% |
| &nbsp;&nbsp;&nbsp; Total Annual Portfolio Operating <br> Expenses Before Fee Waivers and/<br> or Expense Reimbursements<sup>1</sup><br>| 0.95% | &nbsp;&nbsp; 1.20% |
| &nbsp;&nbsp;&nbsp; Fee Waivers and/or Expense <br> Reimbursements<sup>2,</sup><sup>3</sup><br>| 0.44% | &nbsp;&nbsp; 0.44% |
| &nbsp;&nbsp;&nbsp; Total Annual Portfolio <br> Operating Expenses After Fee <br> Waivers and/or Expense <br> Reimbursements<sup>2,</sup><sup>3</sup><br>| 0.51% | &nbsp;&nbsp; 0.76% |

---

<sup>1</sup>

The Total Annual Portfolio Operating Expenses Before Fee Waivers and/or Expense Reimbursements do not correlate to the ratio of

expenses to average net assets provided in the Financial Highlights table which reflects operating expenses of the Portfolio and do not include Acquired Fund Fees and Expenses.

<sup>2</sup>

Pursuant to a Master Advisory Fee Waiver Agreement, SunAmerica Asset Management, LLC ("SunAmerica") is contractually obligated to waive a portion of its management fees with respect to the Portfolio so that the management fee rate payable by the Portfolio to SunAmerica is 0.40% of the Portfolio's average daily net assets on the first $250 million and 0.35% thereafter. The Master Advisory Fee Waiver Agreement will continue in effect until April 30, 2027. SunAmerica 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

<sup>3</sup>

Pursuant to an Expense Limitation Agreement, SunAmerica has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses exceed 0.51% and 0.76% of the average daily net assets of the Portfolio's Class 1 and Class 3 shares, respectively. For purposes of the Expense Limitation Agreement, "Total 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 business of SunAmerica Series Trust (the "Trust") on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio under the Expense Limitation Agreement are subject to recoupment from the Portfolio within two years after the occurrence of the waiver and/or reimbursement, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not "interested persons" of the Trust as defined in the Investment

Company Act of 1940, as amended.

SunAmerica Series Trust

------

**SA BlackRock Multi-Factor 70/30 Portfolio**

***<u>Expense Example</u>***

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio's operating expenses remain the same (except that the Example incorporates any applicable fee waiver and/or expense limitation arrangements for only the first year). The Example does not reflect charges imposed by the Variable Contract. If the separate account fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class 1 | $52 | &nbsp;&nbsp; $259 | &nbsp;&nbsp; $483 | &nbsp;&nbsp; $1126 |
| Class 3 | 78 | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 617 | &nbsp;&nbsp; 1416 |

---

***<u>Portfolio Turnover</u>*** 

The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio's performance.

During the most recent fiscal year, the Portfolio's portfolio turnover rate was 72% of the average value of its portfolio.

**Principal Investment Strategies of the Portfolio**

------

The Portfolio attempts to achieve its investment goals by investing in a combination of equity and fixed income securities. Under normal circumstances, the Portfolio intends to invest approximately 70% of its assets in equity securities and approximately 30% of its assets in fixed income securities, although the Portfolio's allocation to equity securities may range from approximately 60%-80% of its assets and its allocation to fixed income securities may range from approximately 20%-40% of its assets. The Portfolio will obtain exposure to equity and fixed income securities by investing all or a portion of its assets in exchange-traded funds ("ETFs"), including ETFs affiliated with the Portfolio's subadviser.

The equity securities in which the Portfolio intends to invest, or obtain exposure to through investments in ETFs, include, among other things, common stock, preferred stock, depositary receipts, rights and warrants.

The fixed income securities in which the Portfolio intends to invest, or obtain exposure to through investments in ETFs, include, among other things, corporate debt instruments, mortgage-backed securities, commercial mortgage-backed securities, asset-backed securities, government-related bonds, and U.S. government securities. The Portfolio may invest in, or obtain exposure to, fixed income securities that are rated investment grade. The Portfolio may also invest up to 15% of its net assets in, or obtain exposure to, below investment grade (commonly referred to as high-yield or "junk" bonds). The Portfolio may invest in, or obtain exposure to, fixed income securities of any maturity or duration.

The securities and other financial instruments in which the Portfolio intends to invest, or obtain exposure to, may be those of U.S. or foreign issuers, including emerging markets, and may be denominated in U.S. dollars or foreign currencies.

The Portfolio places an emphasis on managing risk relative to its benchmark index, which is comprised of the following: 70% MSCI World Index and 30% Bloomberg U.S. Aggregate Bond Index (the "Blended Index"). To manage the Portfolio's risk relative to the Blended Index, the subadviser intends to dynamically adjust the Portfolio's exposure as required by the Portfolio's risk management parameters. These risk management parameters include restrictions designed to limit how far the Portfolio's expected returns are permitted to deviate from those of the Blended Index. Such restrictions may result in the Portfolio having returns that track the Blended Index more consistently and more closely than would otherwise be the case. These restrictions may prevent a significant deviation from the returns of the Blended Index, but may also limit the Portfolio's ability to outperform the returns of the Blended Index.

The ETFs in which the Portfolio invests utilize a variety of investment strategies.

Factor Rotation Strategy: This strategy involves the use of a proprietary model that focuses on five commonly-used equity style factors (momentum (i.e., whether a company's share price is trending up or down), quality, value, size and minimum volatility) and dynamically allocates the factors, emphasizing those factors that the ETF's investment adviser believes have the strongest near-term return prospects.

The eligible universe of securities that are part of the model includes U.S. and non-U.S. listed common stock of large- and mid-capitalization companies, although the strategy may invest in companies of any market capitalization. The

SunAmerica Series Trust

------

**SA BlackRock Multi-Factor 70/30 Portfolio**

model begins with an equal-weighted allocation across the five equity style factors. The model then incorporates information about the current economic cycle as well as the valuations and recent trends for each factor to compare the relative attractiveness of each factor and to guide the portfolio to tilt into favorable factors and away from unfavorable factors in pursuit of incremental returns. The model may allocate a maximum of 35% of the equity portion of an ETF's assets in securities solely assigned to any single style factor but this allocation may fluctuate and exceed 35% due to market movement.

The model allows for a company to be included under more than one of the five equity style factors rather than being solely assigned to a single style factor. Each ETF will hold equity securities of those companies that fall into at least one of the five equity style factors. The ETF's investment adviser implements buy and sell decisions for securities based on model rebalances, which generally occur monthly, to reflect current views of the style factor exposures for each security and the relative attractiveness of each style factor.

Systematic Bond Index Strategy: This strategy seeks to track a proprietary index by allocating the ETF's portfolio across four asset classes: U.S. dollar-denominated U.S. Treasuries, Mortgage-Backed Securities, Investment Grade and High Yield Corporates. The allocations are determined relative to a broad "starting universe" consisting of the aforementioned components, as well as the following U.S. dollar-denominated components: U.S. Agencies, Investment Grade Foreign Government-related Bonds, Investment Grade Eurodollar Bonds, and Investment Grade 144A Bonds. At the start of each rebalance, a 12.5% overweight is allocated to the high yield corporate bond component relative to the starting universe. This overweight is tactically adjusted up or down based on the index provider's assessment of the prevailing economic regime. Security selection is applied across corporate securities by screening potential investments for credit quality with a tilt toward credit value. Finally, the index provider classifies the prevailing interest rate environment as either "falling" or "rising" via a rates momentum signal and, based on this classification, sets a target duration for the allocation relative to the starting universe. Optimization within the U.S.

treasuries component is utilized to achieve the desired duration while also seeking to overweight undervalued bonds and minimize transaction costs. The underlying index is rebalanced monthly.

Passive Bond Index Strategy: This strategy seeks to track the investment results of an index composed of the total U.S. investment-grade bond market. The underlying index includes investment-grade U.S. Treasury bonds, government-related bonds, corporate bonds, mortgage-backed pass-through securities, commercial mortgage-backed securities and asset-backed securities that are publicly offered for sale in the U.S. This strategy uses a representative sampling indexing strategy.

As noted above, the subadviser intends to dynamically adjust the Portfolio's exposure as required by the Portfolio's risk management parameters. As a result, the Portfolio may not have exposure to all of the above-described investment strategies at all times. The subadviser may, in its discretion, make changes to its techniques or investment approach from time to time. The subadviser may engage in frequent and active trading of portfolio securities to achieve the Portfolio's investment goals.

**Principal Risks of Investing in the Portfolio**

------

As with any mutual fund, there can be no assurance that the Portfolio's investment goal will be met or that the net return on an investment in the Portfolio will exceed what could have been obtained through other investment or savings vehicles. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Portfolio goes down, you could lose money.

The following is a summary of the principal risks of investing in the Portfolio.

These risks may apply as a result of the Portfolio's direct investments in securities or other instruments or through its exposure to the underlying securities and other instruments held by the ETFs in which the Portfolio invests.

**Equity Securities Risk.** The Portfolio invests principally in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset

SunAmerica Series Trust

------

**SA BlackRock Multi-Factor 70/30 Portfolio**

classes. Individual stock prices fluctuate from day-to-day and may decline significantly.

**Preferred Stock Risk.** Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may cause the preferred stock to lose substantial value.

**Large-Cap Companies Risk.** Large-cap companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio's value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during extended periods of economic expansion.

**Small- and Mid-Cap Companies Risk.** Companies with smaller market capitalizations (particularly under $1 billion depending on the market) tend to be at early stages of development with limited product lines, operating histories, market access for products, financial resources, access to new capital, or depth in management. It may be difficult to obtain reliable information and financial data about these companies. Consequently, the securities of smaller companies may not be as readily marketable and may be subject to more abrupt or erratic market movements than companies with larger capitalizations. Securities of medium-sized companies are also subject to these risks to a lesser extent.

**Foreign Investment Risk.** The Portfolio's investments in the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less regulated and more volatile than U.S. markets. The value of the Portfolio's investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities.

**Depositary Receipts Risk.** Depositary receipts are generally subject to the same risks as the foreign securities that they evidence or into which they may be

converted. The issuers of unsponsored depositary receipts are not obligated to disclose information that is considered material in the United States. Therefore, there may be less information available regarding the issuers and there may not be a correlation between such information and the market value of the depositary receipts. Certain depositary receipts are not listed on an exchange and therefore are subject to illiquidity risk.

**Factor-Based Investing Risk.** With respect to a strategy that uses a factor-based process, there can be no assurance that the multi-factor selection process employed by the subadviser will enhance performance. Exposure to investment style factors may detract from performance in some market environments, which may continue for prolonged periods.

**Model Risk.** The subadviser's investment models may not adequately take into account certain factors and may result in the Portfolio having a lower return than if the Portfolio were managed using another model or investment strategy. Investments selected using these models may perform differently than as forecasted due to the factors incorporated into the models and the weighting of each factor, changes from historical trends, changing sources of market returns, and issues in the construction and implementation of the models (including, but not limited to, software issues, issues related to uses of artificial intelligence and machine learning and other technological issues). Models depend heavily on the accuracy and reliability of historical data that is supplied by third parties or other external sources, and such data may be stale, missing, or unavailable. When a model or data used in managing the Portfolio contains an error, or is incorrect or incomplete, any investment decision made in reliance on the model or data may not produce the desired results and the Portfolio may realize losses. In addition, the investment models used by the subadviser to evaluate securities or securities markets are based on certain assumptions concerning the interplay of market factors. The markets or the prices of individual securities may be affected by factors not foreseen in developing the models.

**Issuer Risk.** The value of a security may decline for a number of reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer's goods and services.

**Warrants and Rights Risk.** Warrants and rights can provide a greater potential for profit or loss than an equivalent investment in the underlying security. Warrants and rights have no voting rights, pay no dividends and have no rights with respect to the assets of the issuer other than a purchase option. Prices of warrants and

SunAmerica Series Trust

------

**SA BlackRock Multi-Factor 70/30 Portfolio**

rights do not necessarily move in tandem with the prices of the underlying securities and therefore are highly volatile and speculative investments. Warrants and rights may lack a liquid secondary market for resale.

**Bonds Risk.** The value of your investment in the Portfolio may go up or down in response to changes in interest rates or defaults (or even the potential for future defaults) by bond issuers. Fixed income securities may be subject to volatility due to changes in interest rates.

**Junk Bonds Risk.** The Portfolio may invest significantly in junk bonds, which are considered speculative. Junk bonds carry a substantial risk of default or changes in the issuer's creditworthiness, or they may already be in default at the time of purchase.

**Mortgage- and Asset-Backed Securities Risk.** The characteristics of mortgage-backed and asset-backed securities differ from traditional fixed income securities. Mortgage-backed securities are subject to "prepayment risk" and "extension risk." Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the Portfolio may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities are also subject to credit risk.

**U.S. Government Obligations Risk.** U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government.

**Derivatives Risk.** A derivative is any financial instrument whose value is based on, and determined by, another security, index, rate, currency or benchmark (*i.e.*, stock options, futures, caps, floors, etc.). Unfavorable changes in the value of the underlying security, index, rate, currency or benchmark may cause sudden losses. Gains or losses from the Portfolio's use of derivatives may be substantially greater than the amount of the Portfolio's investment. Certain derivatives have the potential for undefined loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate risk. The primary risks

associated with the Portfolio's use of derivatives are market risk and counterparty risk.

**Futures Risk.** Futures are contracts involving the right to receive or the obligation to deliver assets or money depending on the performance of one or more underlying assets, instruments or a market or economic index. A futures contract is an exchange-traded legal contract to buy or sell a standard quantity and quality of a commodity, financial instrument, index, etc. at a specified future date and price. A futures contract is considered a derivative because it derives its value from the price of the underlying commodity, security or financial index. The prices of futures contracts can be volatile and futures contracts may lack liquidity. In addition, there may be imperfect or even negative correlation between the price of a futures contract and the price of the underlying securities or financial index.

**Counterparty Risk.** Counterparty risk is the risk that a counterparty to a security, loan or derivative held by the Portfolio becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties. The Portfolio may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding, and there may be no recovery or limited recovery in such circumstances.

**ETF Risk.** Most ETFs are investment companies whose shares are purchased and sold on a securities exchange. An investment in an ETF generally presents the same primary risks as an investment in a conventional fund (*i.e.*, one that is not exchange-traded) that has the same investment objectives, strategies and policies. However, ETFs are subject to the following risks that do not apply to conventional mutual funds: (i) the market price of an ETF's shares may trade at a premium or a discount to its net asset value; (ii) an active trading market for an ETF's shares may not develop or be maintained; and (iii) there is no assurance that the requirements of the exchange necessary to maintain the listing of an ETF will continue to be met or remain unchanged. In addition, a passively-managed ETF may fail to accurately track the market segment or index that underlies its investment objective. To the extent that the Portfolio invests in an ETF, the Portfolio will indirectly bear its proportionate share of the management and other expenses that are charged by the ETF in addition to the expenses paid by the Portfolio.

**Investment Company Risk.** The risks of the Portfolio owning other investment companies, including ETFs, generally reflect the risks of owning the underlying securities they are designed to track. Disruptions in the markets for the securities underlying the other investment companies purchased or sold by the Portfolio could result

SunAmerica Series Trust

------

**SA BlackRock Multi-Factor 70/30 Portfolio**

in losses on the Portfolio's investment in such securities. Other investment companies also have management fees that increase their costs versus owning the underlying securities directly.

**Affiliated ETF Risk.** A Portfolio that can invest in underlying ETFs is subject to potential affiliated ETF risk. The Portfolio's subadviser selects the ETFs in which the Portfolio may invest, including ETFs that are affiliated with the subadviser. As a result, the subadviser may be subject to potential conflicts of interest in selecting the affiliated ETFs because of the fees payable by the ETFs to the subadviser and also because the fees payable to it by some of these ETFs are higher than the fees payable by other ETFs. However, the subadviser has a fiduciary duty to act in the Portfolio's best interests when selecting the ETFs.

**Income Risk.** The ability of the Portfolio's equity securities to generate income generally depends on the earnings and the continuing declaration of dividends by the issuers of such securities. The interest income on debt securities generally is affected by prevailing interest rates, which can vary widely over the short- and long-term. If dividends are reduced or discontinued or interest rates drop, distributions to shareholders from the Portfolio may drop as well.

**Credit Risk.** The risk that an issuer will default on interest or principal payments. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default. Credit risk applies to most debt securities, but is generally not a factor for obligations backed by the "full faith and credit" of the U.S. Government. <br>An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to

adverse economic conditions or investor perceptions than other bonds.

**Interest Rate Risk.** Fixed income securities may be subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio's performance. Any future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates.

**Call Risk.** The risk that an issuer will exercise its right to pay principal on a debt obligation (such as a mortgage-backed security or convertible security) that is held by the Portfolio earlier than expected. This may happen when there is a decline in interest rates. Under these circumstances, the Portfolio may be unable to recoup all of its initial investment and will also suffer from having to reinvest in lower-yielding securities.

**Foreign Currency Risk.** The value of the Portfolio's foreign investments may fluctuate due to changes in currency exchange rates. A decline in the value of foreign currencies relative to the U.S. dollar generally can be expected to depress the value of the Portfolio's non-U.S. dollar-denominated securities.

**Illiquidity Risk.** An illiquid investment is any investment that the Portfolio reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquidity risk exists when particular investments are difficult to sell. Although most of the Portfolio's investments must be liquid at the time of investment, investments may lack liquidity after purchase by the Portfolio, particularly during periods of market turmoil. When the Portfolio holds illiquid investments, its investments may be harder to value, especially in changing markets, and if the Portfolio is forced to sell these investments to meet redemption requests or for other cash needs, the Portfolio may suffer a loss. In addition, when there is illiquidity in the market for certain investments, the Portfolio, due to limitations on

SunAmerica Series Trust

------

**SA BlackRock Multi-Factor 70/30 Portfolio**

illiquid investments, may be unable to achieve its desired level of exposure to a certain sector. When there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities at or near their perceived value. In such a market, the value of such securities and the Portfolio's share price may fall dramatically. To the extent that the Portfolio invests in non-investment grade fixed income securities, it will be especially subject to the risk that during certain periods, the liquidity of particular issues or industries, or all securities within a particular investment category, will shrink or disappear suddenly and without warning as a result of adverse economic, market or political events or adverse investor perceptions whether or not accurate. Derivatives may also be subject to illiquidity risk.

**Market Risk.** The Portfolio's share price or the market as a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse social, political, regulatory or economic developments in the United States or abroad; changes in investor psychology; technological disruptions; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, trade wars and sanctions, disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. In addition, the subadviser's assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in a rising market.

**Securities Selection Risk.** A strategy used by the Portfolio, or individual securities selected by the subadviser, may fail to produce the intended return.

**Management Risk.** The Portfolio is subject to management risk because it is an actively-managed investment portfolio. The Portfolio's portfolio managers apply investment techniques and risk analyses in making investment decisions, but there can be no guarantee that these decisions or the individual securities selected by the portfolio managers will produce the desired results.

**Asset Allocation Risk.** The Portfolio's ability to achieve its investment goal depends in part on the subadviser's skill in determining the Portfolio's asset class allocations. Although allocation among different asset classes

generally reduces risk, the risk remains that the subadviser may favor an asset class that performs poorly relative to other asset classes.

**Active Trading Risk.** The Portfolio may engage in frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more pronounced.

**Risk of Conflict with Insurance Company Interests - Risk Management.** Managing the Portfolio's risks relative to the Blended Index may reduce the risks and hedging costs assumed by the insurance company that sponsors your Variable Contract. This facilitates the insurance company's ability to provide guaranteed benefits. These guarantees are optional and may not be associated with your Variable Contract. While the interests of the Portfolio's shareholders and the insurance companies providing these guaranteed benefits are generally aligned, the insurance companies may face potential conflicts of interest. In particular, certain aspects of the Portfolio's investment strategy may have the effect of mitigating the financial risks to which the insurance companies are subject as a result of providing those guaranteed benefits and the hedging costs associated with providing such benefits. In addition, the Portfolio's performance may be lower than similar portfolios that do not employ the same risk management constraints.

**Performance Information**

------

The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Portfolio's performance from calendar year to calendar year and the table compares the Portfolio's average annual returns to those of the MSCI World Index (net) (a broad-based securities market index) and a blended index. The blended index consists of 70% MSCI World Index (net) and 30% Bloomberg U.S. Aggregate Bond Index (the "Blended Index"). The Blended Index is relevant to the Portfolio because it has characteristics similar to the Portfolio's investment strategies. Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns

SunAmerica Series Trust

------

**SA BlackRock Multi-Factor 70/30 Portfolio**

would be less than those shown. Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.

**(Class 3 Shares)**

![](g932057blackrockmf7030_sast3.jpg)

During the period shown in the bar chart:

---

| | | |
|:---|:---|:---|
| Highest Quarterly <br> Return:<br>| December 31, 2023 | 9.27% |
| Lowest Quarterly <br> Return:<br>| June 30, 2022 | -12.28% |
| Year to Date Most <br> Recent Quarter:<br>| March 31, 2026 | -1.15% |

---

**Average Annual Total Returns** (For the periods ended December 31, 2025)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | 1<br> Year<br>| 5<br> Years<br>| Since<br> Inception<br>| Inception<br> Date<br>|
| Class 1 Shares | 14.23% | &nbsp;&nbsp; 6.81% | &nbsp;&nbsp; 7.87% | 10/13/2020 |
| Class 3 Shares | 14.00% | &nbsp;&nbsp; 6.55% | &nbsp;&nbsp; 7.60% | 10/13/2020 |
| MSCI World Index (net) | 21.09% | 12.15% | 13.43% |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SA BlkRk Mlt-Ftr 70/30 <br> Blended Index<br>| 16.90% | &nbsp;&nbsp; 8.39% | &nbsp;&nbsp; 9.34% |  |

---

**Investment Adviser**

------

The Portfolio's investment adviser is SunAmerica.

The Portfolio is subadvised by BlackRock.

***<u>Portfolio Managers</u>*** 

---

| | |
|:---|:---|
| **Name and Title** | **Portfolio** <br> **Manager of**<br> **the Portfolio**<br> **Since**<br>|
| &nbsp;&nbsp;&nbsp; Philip Hodges, PhD<br> Managing Director<br>| 2020 |
| &nbsp;&nbsp;&nbsp; Scott Radell<br> Managing Director<br>| 2020 |
| &nbsp;&nbsp;&nbsp; Jeff Rosenberg<br> Managing Director<br>| 2020 |
| &nbsp;&nbsp;&nbsp; He Ren<br> Director<br>| 2020 |

---

**Purchases and Sales of Portfolio Shares**

------

Shares of the Portfolios may only be purchased or redeemed through Variable Contracts offered by the separate accounts of participating life insurance companies and by other portfolios of the Trust and Seasons Series Trust. Shares of a Portfolio may be purchased and redeemed each day the New York Stock Exchange is open, at the Portfolio's net asset value determined after receipt of a request in good order.

The Portfolios do not have any initial or subsequent investment minimums. However, your insurance company may impose investment or account minimums. Please consult the prospectus (or other offering document) for your Variable Contract which may contain additional information about purchases and redemptions of Portfolio shares.

**Tax Information**

------

The Portfolios will not be subject to U.S. federal income tax so long as they qualify as regulated investment companies and distribute their income and gains each year to their shareholders. However, contractholders may be subject to U.S. federal income tax (and a U.S. federal Medicare tax of 3.8% that applies to net investment income, including taxable annuity payments, if applicable) upon withdrawal

SunAmerica Series Trust

------

**SA BlackRock Multi-Factor 70/30 Portfolio**

from a Variable Contract. Contractholders should consult the prospectus (or other offering document) for the Variable Contract for additional information regarding taxation.

**Payments to Broker-Dealers and** <br> **Other Financial Intermediaries**

------

The Portfolios are not sold directly to the general public but instead are offered as an underlying investment option for Variable Contracts and to other portfolios of the Trust and Seasons Series Trust. A Portfolio and its related

companies may make payments to the sponsoring insurance company (or its affiliates) for distribution and/or other services. These payments may create a conflict of interest as they may be a factor that the insurance company considers in including a Portfolio as an underlying investment option in the Variable Contract. The prospectus (or other offering document) for your Variable Contract may contain additional information about these payments.

SunAmerica Series Trust

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

[THIS PAGE INTENTIONALLY LEFT BLANK]

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CSP-86704H787_795.6 (5/26)

------