# EDGAR Filing Document

**Accession Number:** 0000892538
**File Stem:** 0001193125-23-013034
**Filing Date:** 2023-1
**Character Count:** 20017
**Document Hash:** 9e52edd4fcd01bb20bbde29fee59f872
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-013034.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001193125-23-013034

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230123

**DATE AS OF CHANGE**: 20230123

**EFFECTIVENESS DATE**: 20230123

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SUNAMERICA SERIES TRUST
- **CENTRAL INDEX KEY:** 0000892538
- **IRS NUMBER:** 137002445
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-52742
- **FILM NUMBER:** 23543894

**BUSINESS ADDRESS:**
- **STREET 1:** 21650 OXNARD STREET, 10TH FLOOR
- **CITY:** WOODLAND HILLS
- **STATE:** CA
- **ZIP:** 91367
- **BUSINESS PHONE:** 201-324-6378

**MAIL ADDRESS:**
- **STREET 1:** HARBORSIDE 5
- **STREET 2:** 185 HUDSON STREET, SUITE 3300
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07311

## Series and Classes Contracts Data

### SA American Funds Growth Portfolio (Series ID: S000013240)

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|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000035587 |
| Class 1    | C000169127 |

---

### SA American Funds Global Growth Portfolio (Series ID: S000013241)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000035588 |
| Class 1    | C000169128 |

---

### SA American Funds Growth-Income Portfolio (Series ID: S000013242)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000035589 |
| Class 1    | C000169129 |

---

### SA American Funds Asset Allocation Portfolio (Series ID: S000013243)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000035590 |
| Class 1    | C000169130 |

---

### SA American Funds VCP Managed Allocation Portfolio (Series ID: S000038491)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000118754 |
| Class 1    | C000169133 |

---

## Series and Classes Contracts Data

### SA American Funds Growth Portfolio (Series ID: S000013240)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000035587 | Class 3      |  |
| C000169127 | Class 1      |  |

### SA American Funds Global Growth Portfolio (Series ID: S000013241)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000035588 | Class 3      |  |
| C000169128 | Class 1      |  |

### SA American Funds Growth-Income Portfolio (Series ID: S000013242)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000035589 | Class 3      |  |
| C000169129 | Class 1      |  |

### SA American Funds Asset Allocation Portfolio (Series ID: S000013243)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000035590 | Class 3      |  |
| C000169130 | Class 1      |  |

### SA American Funds VCP Managed Allocation Portfolio (Series ID: S000038491)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000118754 | Class 3      |  |
| C000169133 | Class 1      |  |

Filed under Rule 497(e)

Registration No. 033-52742

**SunAmerica Series Trust** 

SA American Funds Growth Portfolio

SA American Funds Global Growth Portfolio

SA American Funds Growth-Income Portfolio

SA American Funds Asset Allocation Portfolio

SA American Funds VCP Managed Allocation Portfolio

(collectively, the "Portfolios")

Supplement dated January 23, 2023, to the Portfolios' Statement of Additional Information, dated May 1, 2022, as supplemented and amended to date ("SAI")

At a Joint Special Meeting of Shareholders held on January 19, 2023, shareholders elected six trustees to the Board of Trustees (the "Board") of SunAmerica Series Trust, including one new trustee, and approved other matters presented to them in the Notice of Joint Special Meeting of Shareholders, dated November 4, 2022, and the associated Joint Proxy Statement.

In addition, at a meeting held on October 13, 2022, the Board approved the removal of the Portfolios' non-fundamental investment restrictions, as described below. The removal of these restrictions is not intended to affect the manner in which the Portfolios are managed.

Effective immediately, the following changes are made to the SAI:

*Election of Trustees* 

The first table in the section entitled "**TRUSTEES AND OFFICERS OF THE TRUST**" is deleted in its entirety and replaced with the following:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Name and Age**  | **<br>Position(s)<br>Held With<br>Trust** | **<br>Term of<br>Office and<br>Length of<br>Time Served<sup>1</sup>** | **<br>Principal<br>Occupation(s)<br>During<br>Past 5 Years** | **Number of<br>Portfolios<br>in Fund<br>Complex<br>Overseen<br>By Trustee<sup>2,3</sup>** | **<br>Other<br>Directorship(s)<br>Held By Trustee<sup>4</sup>** |
| <br> **Independent Trustees** | <br> **Independent Trustees** | <br> **Independent Trustees** |  |  |  |
| Tracey C. Doi <br>Age: 61 | Trustee | 2021 – Present | Chief Financial Officer of Toyota Motor North America (2000-August 2022); Board Member, National Asian American Chamber of Commerce (2012-Present); Board Governor, Japanese American National Museum (2005-Present); Board Member, 2020 Women on Boards (nonprofit leadership | 80 | Director, Quest Diagnostics (healthcare) (2021-Present); Director, City National Bank (banking) (2016-Present). |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Name and Age**  | **<br>Position(s)<br>Held With<br>Trust** | **<br>Term of<br>Office and<br>Length of<br>Time Served<sup>1</sup>** | **<br>Principal<br>Occupation(s)<br>During<br>Past 5 Years** | **Number of<br>Portfolios<br>in Fund<br>Complex<br>Overseen<br>By Trustee<sup>2,3</sup>** | **<br>Other<br>Directorship(s)<br>Held By Trustee<sup>4</sup>** |
|  |  |  | organization) (2017-Present); Board Member, National Association of Corporate Directors, North Texas (nonprofit leadership organization) (2020-Present).<br>|  |  |
| Jane Jelenko <br>Age: 74 | Trustee | 2006 – Present | Retired Partner of KPMG LLP and Managing Director of BearingPoint, Inc. (formerly KPMG Consulting) (2003-Present).<br>| 80 | Director, Countrywide Bank (banking) (2003-2008); Director, Cathay General Bancorp and Cathay Bank (banking) (2012-2018).<br>|
| Gilbert T. Ray<sup>5</sup> <br>Age: 78 | Trustee | 2001 – Present | Retired Partner, O'Melveny & Myers LLP (law firm) (2000-Present). | 80 | Director, Advance Auto Parts, Inc. (retail-auto & home supply stores) (2002-2018); Director, Watson, Wyatt Worldwide (services– management consulting services) (2000-2018); Director, DineEquity (services– restaurant) (2004-Present); Director, Diamond Rock Hospitality (financial– real estate) (2005-Present); Director, Towers Watson & Co. (services– management consulting services) (2010-2018).<br>|
| Charles H. Self III <br>Age: 65 | Trustee | 2021 – Present | Chief Operating Officer, Chief Compliance Officer and Chief Investment Officer of iSectors (2014-Present); Chief Investment Officer of Sumnicht & Associates (2014-Present).<br>| 80 | None. |
| Martha B. Willis<sup>6</sup> <br>Age: 62 | Trustee | 2023 – Present | President and Founder, MBW Consulting (August 2022-Present); Executive | 80 | None. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **<br>Name and Age**  | **<br>Position(s)<br>Held With<br>Trust** | **<br>Term of<br>Office and<br>Length of<br>Time Served<sup>1</sup>** | **<br>Principal<br>Occupation(s)<br>During<br>Past 5 Years** | **Number of<br>Portfolios<br>in Fund<br>Complex<br>Overseen<br>By Trustee<sup>2,3</sup>** | **<br>Other<br>Directorship(s)<br>Held By Trustee<sup>4</sup>** |
|  |  |  | Vice President, Chief Marketing Officer of TIAA (June 2020-March 2022); Executive Vice President, Chief Marking Officer, Nuveen (May 2016-June 2020); Board Member, Nuveen UCITS funds (investment funds) (2019-2021).<br>|  |  |
| Bruce G. Willison <br>Age: 74 | Trustee and Chairman | 2001 – Present | Professor of Management, Anderson School at UCLA (1999-2011); Dean, Anderson School at UCLA (1999-2005); co-founder, Grandpoint Capital, Inc. (2009-2010). | 80 | Director, Grandpoint Bank (banking) (2011-Present); Director, Indy Mac Bancorp (banking) (2003-2008); Director, Move, Inc. (internet real estate site) (2003-Present); Director, Health Net, Inc. (health insurance plan) (2000-2016).<br>|
| **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** | **Interested Trustee** |
| John T. Genoy<sup>7</sup> <br>Age: 54 | President and Trustee | 2021 – Present | President (since 2021) and Chief Operating Officer (since 2006), SunAmerica; Chief Financial Officer and Director, SunAmerica (2002-2021); Senior Vice President, SunAmerica (2004-2021). | 80 | None. |

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1 Trustees serve until their successors are duly elected and qualified.

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| | |
|:---|:---|
| 2 | The term "Fund Complex" means two or more registered investment companies that hold themselves out to investors as related companies for purposes of investment services or have a common investment adviser or an investment adviser that is an affiliated person of SunAmerica. The "Fund Complex" includes: the Trust (61 portfolios); SST (19 portfolios); and VALIC Company I (36 funds).  |

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3 Number includes the Trust (61 portfolios) and SST (19 portfolios).

4 Directorships of companies required for reporting to the SEC under the Securities Exchange Act of 1934 (*i.e.*, "public companies") or other investment companies regulated under the 1940 Act other than those listed under the preceding column.

5 On January 18, 2023, the Board approved a temporary exception to the Independent Trustee Retirement Policy to extend the term of Mr. Ray until the earlier of the adjournment of the meeting of the Board on June 8, 2023, or such time as his successor is duly elected and qualified.

6 Ms. Willis was elected as a new Independent Trustee to the Trust's Board as of the close of business on January 19, 2023.

7 Mr. Genoy is considered to be an Interested Trustee based on his positions with SunAmerica.

The subsection entitled "**TRUSTEES AND OFFICERS OF THE TRUST – Board and Committees**" is revised to delete references to Garrett F. Bouton and is supplemented to add the following information:

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***Martha B. Willis.*** Ms. Willis has served as a Trustee since 2023. She has over 40 years of experience in the financial services industry, including serving as Executive Vice President and Chief Marketing Officer of TIAA and Nuveen from 2016 to 2022, where she led the enterprise marketing, branding and corporate communications teams across TIAA Retirement, TIAA Bank and Nuveen. She served as director and chair of Nuveen's UCITS funds from 2019 to 2021. She also previously served as Chief Marketing Officer of OppenheimerFunds from 2009 to 2016.

The table in the subsection entitled "**TRUSTEES AND OFFICERS OF THE TRUST – Trustee Ownership of Shares of SunAmerica Portfolios**" is deleted in its entirety and replaced with the following:

The following table shows the dollar range of shares beneficially owned by each Trustee as of December 31, 2021.

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| | | |
|:---|:---|:---|
| **<br>Name of Trustee**  | **<br>Dollar Range of Equity**<br> **Securities in the Trust<sup>1</sup>** | **Aggregate Dollar Range of <br>Equity Securities in All<br>Registered Investment<br>Companies Overseen by<br>Trustee in<br>Family of Investment<br>Companies<sup>2</sup>** |
|  *Independent Trustees* |  |  |
|  Tracey C. Doi | $0 | $0 |
|  Jane Jelenko | 0 | 0 |
|  Gilbert T. Ray3 | 0 | 0 |
|  Charles H. Self III | 0 | 0 |
|  Martha B. Willis4 | N/A | N/A |
|  Bruce G. Willison | 0 | 0 |
|  *Interested Trustee* |  |  |
|  John T. Genoy | 0 | 0 |

---

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| | |
|:---|:---|
| 1 | Includes the value of shares beneficially owned by each Trustee in each Portfolio of the Trust.  |

---

2 Includes the Trust (61 portfolios) and SST (19 portfolios).

3 On January 18, 2023, the Board approved a temporary exception to the Independent Trustee Retirement Policy to extend the term of Mr. Ray until the earlier of the adjournment of the meeting of the Board on June 8, 2023, or such time as his successor is duly elected and qualified.

4 Ms. Willis was elected as a new Independent Trustee to the Trust's Board as of the close of business on January 19, 2023.

The subsection entitled "**TRUSTEES AND OFFICERS OF THE TRUST – Compensation of Trustees**" is deleted in its entirety and replaced with the following:

**Compensation of Trustees** 

The following table sets forth information summarizing the compensation of each Trustee, who is not an officer or employee of AGL or its affiliates, for his/her services as Trustee for the fiscal year ended December 31, 2021. The Trust does not maintain any pension or retirement plans for the officers or Trustees of the Trust.

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| | | | |
|:---|:---|:---|:---|
| **<br>Name of Trustee**  | **Aggregate<br> Compensation from** <br>**the Portfolios in this**<br>**SAI** | **Pension or<br> Retirement Benefits** <br>**Accrued as Part of**<br>**Trust Expenses** | **Total Compensation <br>from Trust<br>and Fund Complex<br>Paid to Trustees<sup>1</sup>** |
|  Garrett F. Bouton<sup>2</sup> | $17163 |  | $212500 |
|  Carl D. Covitz<sup>3</sup> | 16956 |  | 210000 |
|  Tracey C Doi | 16968 |  | 210000 |
|  Jane Jelenko | 17689 |  | 218750 |
|  Gilbert T. Ray<sup>4</sup> | 17776 |  | 220000 |
|  Charles H. Self III | 16968 |  | 210000 |
|  Allan L. Sher<sup>3</sup> | 17660 |  | 218750 |
|  Martha B. Willis<sup>5</sup> | N/A | N/A | N/A |
|  Bruce G. Willison | 22682 |  | 280000 |

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1 As of December 31, 2021, the Fund Complex included the Trust (61 portfolios), VALIC Company I (37 funds), and SST (19 portfolios).

2 Mr. Bouton retired from the Board as of the close of business on January 19, 2023.

3 Each of Mr. Covitz and Mr. Sher retired from the Board as of the close of business on December 31, 2021.

4 On January 18, 2023, the Board approved a temporary exception to the Independent Trustee Retirement Policy to extend the term of Mr. Ray until the earlier of the adjournment of the meeting of the Board on June 8, 2023, or such time as his successor is duly elected and qualified.

5 Ms. Willis was elected as a new Independent Trustee to the Trust's Board as of the close of business on January 19, 2023.

For information about the Master Funds' officers and trustees, including their compensation and board leadership structure, please refer to the Master Funds' respective SAIs.

*New Investment Advisory and Management Agreements* 

In the subsection entitled "**INVESTMENT ADVISORY AND RELATED AGREEMENTS – Investment Advisory and Management Agreement**," the first two paragraphs are deleted in their entirety and replaced with the following:

The Trust, on behalf of each Portfolio, entered into an Investment Advisory and Management Agreement (the "SunAmerica Advisory Agreement") with SunAmerica to handle the management of the Trust and its day-to-day affairs. SunAmerica is an indirect, wholly-owned subsidiary of Corebridge Financial, Inc. ("Corebridge"), which is a majority-owned subsidiary of American International Group, Inc. ("AIG"), a U.S.-based international insurance organization. AIG is a holding company which through its subsidiaries is engaged in a broad range of insurance and insurance-related activities and financial services in the United States and abroad.

AIG, the parent of Corebridge, has announced its intention to sell all of its interest in Corebridge over time (such divestment, the "Separation Plan"). On September 19, 2022, AIG sold a portion of its interest in Corebridge in an initial public offering of Corebridge common stock, following which AIG's interest in Corebridge is approximately 78%. While AIG and Corebridge believe that Corebridge's initial public offering did not result in a transfer of a controlling block of outstanding voting securities of SunAmerica or Corebridge ("a Change of Control Event"), it is anticipated that one or more of the transactions contemplated by the Separation Plan will ultimately be deemed a Change of Control Event resulting in the assignment and automatic termination of the current SunAmerica Advisory Agreement. To ensure that SunAmerica may continue to provide advisory services to the Portfolios without interruption, at a meeting held on October 13, 2022, the

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Board approved a new investment advisory and management agreement with SunAmerica, in connection with the Separation Plan. The Board also agreed to call and hold a joint meeting of shareholders on January 19, 2023, for shareholders of each Portfolio to (1) approve the new investment advisory and management agreement with SunAmerica that would be effective after the first Change of Control Event, and (2) approve any future investment advisory and management agreements approved by the Board and that have terms not materially different from the then-current agreement, in the event there are subsequent Change of Control Events arising from completion of the Separation Plan that terminate the investment advisory and management agreement after the first Change of Control Event. Approval of a future investment advisory and management agreement means that shareholders may not have another opportunity to vote on a new agreement with SunAmerica even upon a change of control, as long as no single person or group of persons acting together gains "control" (as defined in the 1940 Act) of SunAmerica. At the January 19, 2023 meeting, shareholders of the Portfolios approved the new and future investment advisory and management agreements.

*"Manager-of-Managers" Arrangement* 

The section entitled "**INVESTMENT ADVISORY AND RELATED AGREEMENTS**" is supplemented with the following:

**Subadvisory Agreements** 

SunAmerica has received an exemptive order from the SEC that permits SunAmerica, subject to certain conditions, to enter into subadvisory agreements relating to the Portfolios with unaffiliated subadvisers approved by the Board without obtaining shareholder approval. Thus, in the event a Portfolio is no longer part of a master-feeder structure, the exemptive order permits SunAmerica, subject to the approval of the Board but without shareholder approval, to employ unaffiliated subadvisers for new or existing portfolios, change the terms of subadvisory agreements with unaffiliated subadvisers or continue the employment of existing unaffiliated subadvisers after events that would otherwise cause an automatic termination of a subadvisory agreement. Shareholders will be notified of any changes that are made pursuant to the exemptive order within 60 days of hiring a new subadviser or making a material change to an existing subadvisory agreement. The order also permits the Portfolios to disclose fees paid to subadvisers on an aggregate, rather than individual, basis. In addition, pursuant to no-action relief, the SEC staff has extended multi-manager relief to any affiliated subadviser, provided certain conditions are met. The Portfolios' shareholders have approved the Portfolios' reliance on the no-action relief. SunAmerica will determine if and when a Portfolio should rely on the no-action relief. SunAmerica may terminate any subadvisory agreement with a subadviser without shareholder approval.

*Elimination of Non-Fundamental Investment Restrictions* 

The tenth and eleventh paragraphs in the section entitled "**INVESTMENT RESTRICTIONS**" are deleted in their entirety and replaced with the following:

Note, however, that the fundamental investment limitations described above do not prohibit each Portfolio from investing all or substantially all of its assets in the shares of another registered, open-end investment company, such as the Master Funds.

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Capitalized terms used herein but not defined shall have the meanings assigned to them in the SAI.

**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.**