# EDGAR Filing Document

**Accession Number:** 0000892538
**File Stem:** 0001193125-26-194892
**Filing Date:** 2026-4
**Character Count:** 25429
**Document Hash:** 1477c6d2bdcc81c8d37553a22ce6b28b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-194892.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001193125-26-194892

**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:** 26920891

**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 PIMCO RAE International Value Portfolio (Series ID: S000008100)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022024 | Class 2      |  |
| C000022025 | Class 3      |  |
| C000109739 | CLASS 1      |  |

**Summary Prospectus**

**May 1, 2026**

**SunAmerica Series Trust**

**SA PIMCO RAE International Value Portfolio**

**(Class 1, Class 2 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.

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**Investment Goal**

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The Portfolio's investment goal is long-term capital appreciation.

**Fees and Expenses of the Portfolio**

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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)

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| | | | |
|:---|:---|:---|:---|
|  | **Class 1** | **Class 2** | **Class 3** |
| Management Fees | 0.83% | &nbsp;&nbsp; 0.83% | &nbsp;&nbsp; 0.83% |
| Service (12b-1) Fees |  | &nbsp;&nbsp; 0.15% | &nbsp;&nbsp; 0.25% |
| Other Expenses | 0.09% | &nbsp;&nbsp; 0.09% | &nbsp;&nbsp; 0.09% |
| &nbsp;&nbsp;&nbsp; Total Annual Portfolio <br> Operating Expenses <br> Before Fee Waivers and/<br> or Expense <br> Reimbursements<br>| 0.92% | &nbsp;&nbsp; 1.07% | &nbsp;&nbsp; 1.17% |
| &nbsp;&nbsp;&nbsp; Fee Waivers and/or <br> Expense <br> Reimbursements<sup>1</sup><br>| 0.08% | &nbsp;&nbsp; 0.08% | &nbsp;&nbsp; 0.08% |
| &nbsp;&nbsp;&nbsp; Total Annual Portfolio <br> Operating Expenses <br> After Fee Waivers and/<br> or Expense <br> Reimbursements<sup>1</sup><br>| 0.84% | &nbsp;&nbsp; 0.99% | &nbsp;&nbsp; 1.09% |

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<sup>1</sup>

Pursuant to a Master Advisory Fee Waiver Agreement, effective through April 30, 2027, SunAmerica Asset Management, LLC ("SunAmerica") is contractually obligated to waive a portion of its advisory fee under the Investment Advisory and Management Agreement with respect to the Portfolio so that the advisory fee payable by the Portfolio is equal to 0.765% on the first $250 million of the Portfolio's average daily net assets and 0.740% thereafter. This agreement may be modified or discontinued prior to April 30, 2027 only with the approval of the Board of Trustees of SunAmerica Series Trust (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.

***<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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 Year** | **3 Years** | **5 Years** | **10 Years** |
| Class 1 | $86 | &nbsp;&nbsp; $285 | &nbsp;&nbsp; $501 | &nbsp;&nbsp; $1124 |
| Class 2 | 101 | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 582 | &nbsp;&nbsp; 1298 |
| Class 3 | 111 | &nbsp;&nbsp; 364 | &nbsp;&nbsp; 636 | &nbsp;&nbsp; 1413 |

---

SunAmerica Series Trust

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**SA PIMCO RAE International Value Portfolio**

***<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 48% of the average value of its portfolio.

**Principal Investment Strategies of the Portfolio**

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The Portfolio seeks to achieve its investment goal by investing, under normal circumstances, in a portfolio of stocks economically tied to at least three foreign (non-U.S.) countries. The stocks are selected by the Portfolio's subadviser, Pacific Investment Management Company, LLC ("PIMCO"), and sub-subadviser, Research Affiliates, LLC ("Research Affiliates"), from a broad universe of companies whose securities are sufficiently liquid.

For portfolio construction, the subadviser and the sub-subadviser use a rules-based model developed by Research Affiliates (the "RAE methodology") that selects stocks using quantitative signals that indicate higher expected returns, *e.g.*, value, quality and momentum (*i.e.*, whether a company's share price is trending up or down). The model then weights selected stocks using their fundamental measures of company size, *e.g.*, sales, cash flow dividends and book value. Actual stock positions in the Portfolio, which drift apart from target weights as market prices change, are rebalanced to target weights periodically. The sub-subadviser, among other things, provides the subadviser with the constituents and target weights for the Portfolio. The RAE<sup>®</sup> methodology's systematic portfolio rebalancing reflects a value orientation, as the Portfolio would be invested in securities that are believed to be undervalued in the market. Portfolio managers do not have discretion with respect to the allocations determined by the RAE<sup>®</sup> methodology. The RAE<sup>®</sup> methodology is not updated according to any predetermined schedule. The Portfolio seeks to remain invested in securities indicated for investment by the RAE<sup>®</sup> methodology even when the values of those securities are declining.

The RAE<sup>®</sup> methodology would indicate that a stock position should be sold when the company's price overstates its economic size as measured by its fundamental size. Additionally, the RAE<sup>®</sup> methodology may indicate that a stock should be sold because it has become more expensive or has reduced quality or

momentum relative to other companies within the universe of investable stocks.

The Portfolio may invest, without limitation, in equity securities and equity-related securities, including common and preferred securities and equity derivatives, and there is no limitation on the market capitalization range of the issuers of equity securities in which the Portfolio may invest. The Portfolio may invest in depositary receipts if pricing and liquidity are more attractive than ordinary equity securities of foreign companies. The Portfolio may also invest in real estate investment trusts ("REITs"). The Portfolio may invest, without limitation, in securities and instruments denominated in foreign currencies and in securities of foreign issuers, including emerging market issuers.

**Principal Risks of Investing in the Portfolio**

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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.

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

**Value Investing Risk.** The RAE methodology's indication that a particular security is undervalued in relation to the company's fundamental economic value may prove incorrect.

**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,

SunAmerica Series Trust

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**SA PIMCO RAE International Value Portfolio**

war, terrorism, sanctions, disease/virus, outbreaks and epidemics). Lack of relevant data and reliable public information may also affect the value of these securities. The risks of foreign investments are heightened when investing in issuers in emerging market countries.

**Emerging Markets Risk.** Risks associated with investments in emerging markets may include: delays in settling portfolio securities transactions; currency and capital controls; greater sensitivity to interest rate changes; pervasive corruption and crime; exchange rate volatility; inflation, deflation or currency devaluation; violent military or political conflicts; confiscations and other government restrictions by the United States or other governments; and government instability. As a result, investments in emerging market securities tend to be more volatile than investments in developed countries.

**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 and sub-subadviser's assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in a rising market. <br>

**Management Risk.** The Portfolio is subject to management risk because the investment techniques and risk analyses applied by the subadviser and sub-sub-adviser, including the use of quantitative models or methods, may not produce the desired results.

**Model Risk.** A 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. Models may depend heavily on the accuracy and reliability of historical data that is supplied by third parties or other external sources. 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 a 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.

**Real Estate Investment Trusts Risk.** REITs are trusts that invest primarily in commercial real estate, residential real estate or real estate related loans. The value of an interest in a REIT may be affected by the value and the cash flows of the properties owned or the quality of the mortgages held by the REIT. The performance of a REIT depends on current economic conditions and the types of real property in which it invests and how well the property is managed. If a REIT concentrates its investments in a geographic region or property type, changes in underlying real estate values may have an exaggerated effect on the value of the REIT.

**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 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. Portfolios that invest in non-investment grade fixed income securities and emerging market country issuers will be especially subject to the risk that during certain periods, the liquidity of particular issuers or

SunAmerica Series Trust

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**SA PIMCO RAE International Value Portfolio**

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.

**Brexit Risk.** On January 31, 2020, the United Kingdom (the "UK") withdrew from the European Union ("EU") (commonly referred to as "Brexit"). The UK's withdrawal was subject to a transition period that ended on December 31, 2020, and the UK and EU entered into a new trading relationship effective January 1, 2021. Although Brexit has occurred, the UK -EU relationship continues to evolve, including with respect to areas not comprehensively addressed by the current framework (including certain services and financial services). Brexit has caused, and may continue to cause, volatility in UK, EU, and global markets and may negatively affect issuers and markets through, among other things, business and trade disruptions, increased volatility and illiquidity, currency fluctuations, potentially lower economic growth, and legal and regulatory uncertainty (including the potential for divergent UK and EU laws and regulations). These developments could adversely affect the value, liquidity, and/or valuation of the Portfolio's investments (including investments in issuers with significant UK or EU exposure) and could make it more difficult for the Portfolio to enter into, value, or dispose of certain investments on favorable terms.

**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.

**Derivatives Risk.** A derivative is any financial instrument whose value is based on, and determined by, another security, index, rate or benchmark (i.e., stock options, futures, caps, floors, etc.). Unfavorable changes in the value of the underlying security, index, rate 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 fluctuations risk. The primary risks associated with the Portfolio's use of derivatives are market risk and counterparty risk.

**Performance Information**

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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 EAFE Index (net) (a broad-based securities market index) and the MSCI EAFE Value Index (net), which is relevant to the Portfolio because it has characteristics similar to the Portfolio's investment strategies. The Portfolio's returns prior to January 25, 2021, as reflected in the Bar Chart and Table, are the returns of the Portfolio when it followed different investment strategies under the name "SA Templeton Foreign Value Portfolio." Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown. Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.

Prior to January 25, 2021, the Portfolio was subadvised by Templeton Investment Counsel, LLC. PIMCO assumed subadvisory responsibility for the Portfolio and Research Affiliates assumed sub-subadvisory responsibility for the Portfolio on January 25, 2021.

**(Class 2 Shares)**

![](g27948foreignvalue_sast2.jpg)

SunAmerica Series Trust

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**SA PIMCO RAE International Value Portfolio**

During the period shown in the bar chart:

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| | | |
|:---|:---|:---|
| Highest Quarterly <br> Return:<br>| December 31, 2022 | 18.31% |
| Lowest Quarterly <br> Return:<br>| March 31, 2020 | -24.59% |
| Year to Date Most <br> Recent Quarter:<br>| March 31, 2026 | 10.53% |

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

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| | | | |
|:---|:---|:---|:---|
|  | 1<br> Year<br>| 5<br> Years<br>| 10<br> Years<br>|
| Class 1 Shares | 36.30% | 10.27% | 6.26% |
| Class 2 Shares | 36.03% | 10.11% | 6.09% |
| Class 3 Shares | 35.91% | 10.00% | 5.99% |
| MSCI EAFE Index (net) | 31.22% | &nbsp;&nbsp; 8.92% | 8.18% |
| MSCI EAFE Value Index (net) | 42.25% | 13.36% | 8.69% |

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**Investment Adviser**

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The Portfolio's investment adviser is SunAmerica.

The Portfolio is subadvised by PIMCO and sub-subadvised by Research Affiliates.

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

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| | |
|:---|:---|
| **Name and Title** | **Portfolio**<br> **Manager of the**<br> **Portfolio Since**<br>|
| *<u>Research Affiliates</u>* |  |
| &nbsp;&nbsp;&nbsp; Robert D. Arnott<br> Portfolio Manager<br>| 2021 |
| &nbsp;&nbsp;&nbsp; Jim Masturzo, CFA<br> Portfolio Manager<br>| 2025 |

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**Purchases and Sales of Portfolio Shares**

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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**

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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 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**

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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

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CSP-86703T_634_394_689.8 (5/26)

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