# EDGAR Filing Document

**Accession Number:** 0000892538
**File Stem:** 0001193125-23-013016
**Filing Date:** 2023-1
**Character Count:** 21927
**Document Hash:** 856ed45579ad45b7c42874e832722b9b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-013016.hdr.sgml**: 20230123

**ACCESSION NUMBER**: 0001193125-23-013016

**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:** 23543734

**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 Wellington Capital Appreciation Portfolio (Series ID: S000072727)

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|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 3    | C000229208 |
| Class 1    | C000229209 |
| Class 2    | C000229210 |

---

### SA Wellington Government and Quality Bond Portfolio (Series ID: S000072728)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 2    | C000229211 |
| Class 3    | C000229212 |
| Class 1    | C000229213 |

---

### SA Wellington Strategic Multi-Asset Portfolio (Series ID: S000072729)

---

|  |  |
|:---|:---|
| Class Name | Class ID   |
| Class 1    | C000229214 |
| Class 3    | C000229215 |

---

## Series and Classes Contracts Data

### SA Wellington Capital Appreciation Portfolio (Series ID: S000072727)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229208 | Class 3      |  |
| C000229209 | Class 1      |  |
| C000229210 | Class 2      |  |

### SA Wellington Government and Quality Bond Portfolio (Series ID: S000072728)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229211 | Class 2      |  |
| C000229212 | Class 3      |  |
| C000229213 | Class 1      |  |

### SA Wellington Strategic Multi-Asset Portfolio (Series ID: S000072729)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000229214 | Class 1      |  |
| C000229215 | Class 3      |  |

Filed under Rule 497(e)

Registration No. 033-52742

**SunAmerica Series Trust** 

SA Wellington Capital Appreciation Portfolio

SA Wellington Government and Quality Bond Portfolio

SA Wellington Strategic Multi-Asset 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 (the "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 a new subadvisory agreement between SunAmerica Asset Management, LLC and the Portfolios' subadviser in connection with the Separation Plan (as defined below), pursuant to the Trust's manager-of-managers exemptive order. The new subadvisory agreement will become effective after the first Change of Control Event (as defined below).

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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name and Age**  | **Position(s)<br>Held With<br>Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>1</sup>** | **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>** | **Other<br>Directorship(s)<br>Held By Trustee<sup>4</sup>** |
| **Independent Trustees** | **Independent Trustees** | **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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name and Age**  | **Position(s)<br>Held With<br>Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>1</sup>** | **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>** | **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). | 80 | Director, Countrywide Bank (banking) (2003-2008); Director, Cathay General Bancorp and Cathay Bank (banking) (2012-2018). |
| 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). |
| 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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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Name and Age**  | **Position(s)<br>Held With<br>Trust** | **Term of<br>Office and<br>Length of<br>Time Served<sup>1</sup>** | **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>** | **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). |  |  |
| 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). |
| **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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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

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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:

***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 first table in the section entitled "**TRUSTEE OWNERSHIP OF PORTFOLIO SHARES**" 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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| | | |
|:---|:---|:---|
| **Name of Trustee** | **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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________________

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

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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 "**TRUSTEE OWNERSHIP OF PORTFOLIO SHARES – Compensation of Trustees**" is deleted in its entirety and replaced with the following:

**Compensation of Trustees** 

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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.

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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> | $0 |  | $212500 |
|  Carl D. Covitz<sup>3</sup> | 0 |  | 210000 |
|  Tracey C Doi | 0 |  | 210000 |
|  Jane Jelenko | 0 |  | 218750 |
|  Gilbert T. Ray<sup>4</sup> | 0 |  | 220000 |
|  Charles H. Self III | 0 |  | 210000 |
|  Allan L. Sher<sup>3</sup> | 0 |  | 218750 |
|  Martha B. Willis<sup>5</sup> | N/A | N/A | N/A |
|  Bruce G. Willison | 0 |  | 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.

*New Investment Advisory and Management Agreements* 

In the section entitled "**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 "Advisory Agreement") with SunAmerica to handle the management of the Trust and its day-to-day affairs. The Adviser, located at Harborside 5, 185 Hudson Street, Suite 3300, Jersey City, New Jersey 07311, is an indirect, wholly-owned subsidiary of Corebridge, which is a majority-owned subsidiary of 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 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 Board

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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 "**SUBADVISORY AGREEMENT**" is supplemented with the following:

SunAmerica may terminate the Subadvisory Agreement with the Subadviser without shareholder approval. Moreover, 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. The exemptive order also 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.

*Other Changes* 

The second paragraph in the section entitled "**THE TRUST**" is deleted in its entirety and replaced with the following:

Shares of the Trust are held by separate accounts of American General Life Insurance Company, a Texas life insurer ("AGL"), The United States Life Insurance Company in the City of New York, a New York life insurer ("USL"), The Variable Annuity Life Insurance Company, a Texas life insurer ("VALIC") (the "Separate Accounts"), series of the Trust and of Seasons Series Trust ("SST") and variable annuity contracts issued by Nassau Life Insurance Company ("Nassau"). The life insurance companies listed above are collectively referred to as the "Life

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Companies." AGL, USL and VALIC are indirect, wholly-owned subsidiaries of Corebridge Financial, Inc. ("Corebridge"), which is a majority-owned subsidiary of American International Group, Inc. ("AIG"), a U.S.-based international insurance organization, and are affiliated with SunAmerica Asset Management, LLC ("SunAmerica" or the "Adviser"). Nassau is not an affiliate of the Adviser. The Trust does not foresee a disadvantage to contract owners arising out of the fact that the Trust offers its shares for Variable Contracts other than those offered by life insurance companies affiliated with the Adviser. Nevertheless, the Board intends to monitor events in order to identify any material irreconcilable conflicts which may possibly arise and to determine what action, if any, should be taken in response thereto. If such a conflict were to occur, one or more insurance company Separate Accounts might withdraw their investments in the Trust. This might force the Trust to sell portfolio securities at disadvantageous prices.

The subsection entitled "**SUPPLEMENTAL GLOSSARY – Other Investment Companies**" is deleted in its entirety and replaced with the following:

***Other Investment Companies.*** The Portfolios may invest in securities of other investment companies, including ETFs, up to the maximum extent permissible under the 1940 Act. Investments in other investment companies are subject to statutory limitations prescribed by the 1940 Act. Except for investments in money market funds permitted by Rule 12d1-1, Section 12(d) of the 1940 Act prohibits a Portfolio from acquiring more than 3% of the voting shares of any other investment company, and prohibits more than 5% of a Portfolio's total assets being invested in securities of any one investment company or more than 10% of its total assets being invested in securities of all investment companies, unless the Portfolio is able to rely on and meet the requirements of one or more rules under the 1940 Act that permit investments in other investment companies in excess of these limits. In addition, to the extent a Portfolio has knowledge that its shares are purchased by another investment company in reliance on the provisions of paragraph (G) of Section 12(d)(1) of the 1940 Act, the Portfolio will not acquire shares of other affiliated or unaffiliated registered open-end investment companies or registered unit investment trusts in reliance on paragraph (F) or (G) of Section 12(d)(1) of the 1940 Act. A Portfolio will indirectly bear its proportionate share of any management fees and other expenses paid by such other investment companies. See also "Exchange Traded Funds." Investments in other investment companies are subject to market and selection risk.

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

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