# EDGAR Filing Document

**Accession Number:** 0000892538
**File Stem:** 0001193125-25-168123
**Filing Date:** 2025-7
**Character Count:** 24279
**Document Hash:** 51c7c340eef3f75cc74e49f0ea20b7e2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-168123.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001193125-25-168123

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**EFFECTIVENESS DATE**: 20250729

**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

**FILING VALUES:**
- **FORM TYPE:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-52742
- **FILM NUMBER:** 251162983

**BUSINESS ADDRESS:**
- **STREET 1:** 21650 OXNARD STREET, 10TH FLOOR
- **CITY:** WOODLAND HILLS
- **STATE:** CA
- **ZIP:** 91367
- **BUSINESS PHONE:** 551-235-3560

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **STREET 2:** 16TH FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

## Series and Classes Contracts Data

### SA Fidelity Institutional AM Global Equities Portfolio (Series ID: S000008096)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000022012 | Class 1      |  |
| C000022013 | Class 2      |  |
| C000022014 | Class 3      |  |

**SUMMARY PROSPECTUS** 

**JULY 29, 2025** 

**SUNAMERICA SERIES TRUST** 

**SA FIDELITY INSTITUTIONAL AM<sup>®</sup> GLOBAL EQUITIES PORTFOLIO (FORMERLY, SA JPMORGAN GLOBAL EQUITIES PORTFOLIO)** 

**(CLASS 1, CLASS 2 AND CLASS 3 SHARES)** 

SunAmerica Series Trust's [Statutory Prospectus and Statement of Additional Information, each dated July 28, 2025](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/892538/000119312525166394/d78534d485bpos.htm), as amended and supplemented from time to time, and the [most recent shareholder reports](http://www.sec.gov/Archives/edgar/data/../../../ix?doc=/Archives/edgar/data/892538/000114554925024556/8dd75ee3ce24a4b.htm) are incorporated into and made part of this Summary Prospectus by reference. The Portfolio is offered only to the separate accounts of certain affiliated and unaffiliated 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://www.corebridgefinancial.com/getprospectus. 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 goal is to seek long-term capital appreciation.

***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 2** | **Class 3** |
|  Management Fees | 0.76% | 0.76% | 0.76% |
|  Service (12b-1) Fees |  | 0.15% | 0.25% |
|  Other Expenses | 0.07% | 0.07% | 0.07% |
|  Total Annual Portfolio Operating Expenses | 0.83% | 0.98% | 1.08% |
|  Fee Waivers and/or Expense Reimbursements<sup>1</sup> | 0.03% | 0.03% | 0.03% |
|  Total Annual Portfolio Operating Expenses After Fee Waivers and/or Expense Reimbursements<sup>1</sup> | 0.80% | 0.95% | 1.05% |

---

<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 on an annual basis with respect to the Portfolio so that the advisory fee rate payable by the Portfolio to SunAmerica is equal to 0.87% of the Portfolio's average daily net assets on the first $50 million, 0.77% of the Portfolio's average daily net assets on the next $100 million, 0.67% of the Portfolio's average daily net assets on the next $150 million, and 0.62% of the Portfolio's average daily net assets over $300 million. SunAmerica may not recoup any advisory fees waived with respect to the Portfolio pursuant to the Master Advisory Fee Waiver Agreement. 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. <br>

**<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 Variable Contract 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 | $82 | $262 | $458 | $1023 |
|  Class 2 | 97 | 309 | 539 | 1199 |
|  Class 3 | 107 | 340 | 593 | 1314 |

---

- 1 - SunAmerica Series Trust

------

**SA FIDELITY INSTITUTIONAL AM<sup>®</sup> GLOBAL EQUITIES PORTFOLIO (FORMERLY, SA JPMORGAN GLOBAL EQUITIES 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 66% of the average value of its portfolio.

***Principal Investment Strategies of the Portfolio***

The Portfolio attempts to achieve its goal by investing primarily in equity securities of companies anywhere in the world, with a focus on the constituent countries and securities of the MSCI World Index (net), which tracks the performance of large and mid-cap companies across 23 developed markets worldwide.

Under normal circumstances, the Portfolio invests at least 80% of its net assets in equity securities. The Portfolio's subadviser may invest in all types of equity securities (which may be denominated in foreign currencies) including, but not limited to, common stock, preferred stock, securities convertible into common stock, real estate investment trusts ("REITs"), stapled securities, warrants, rights, and as applicable, depository receipts for these securities.

The Portfolio invests in securities issued throughout the world, allocating investments across different countries and regions. The Portfolio will invest in both domestic and foreign securities. The subadviser considers a number of factors to determine whether an issuer is located in or tied economically to a particular country or region including: whether a third-party vendor has assigned a particular country or region classification to the issuer or included the issuer in an index representative of a particular country or region; the issuer's domicile, incorporation, and location of assets; whether the issuer derives at least 50% of its revenues from, or has at least 50% of its assets in, a particular country or region; the source of government guarantees (if any); and the primary trading market or listing exchange. Whether an issuer is located in or tied economically to a particular country can be determined under any of these factors.

The Portfolio's strategy is implemented by the subadviser in a risk-controlled manner and in doing so may invest in stocks that are deemed "value" or "growth." The subadviser will focus on excess returns relative to the MSCI World Index (net) by monitoring country, region, and sector weights within the Portfolio, while seeking to outperform the MSCI World Index (net) through fundamental research and individual security selection. The subadviser uses fundamental analysis

of factors such as each issuer's financial condition and industry position, as well as market and economic conditions, to select investments. The subadviser does not place any emphasis on dividends or interest income except when income may have a favorable influence on the market value of the security. When allocating investments among countries and regions, the subadviser considers the size of the market in each country and region relative to the size of the market as reflected in the MSCI World Index (net).

The subadviser may engage in frequent and active trading of portfolio securities.

In the normal course of managing the Portfolio, a portion of the assets may be invested by the subadviser in domestic and foreign government obligations and money market securities (including reverse repurchase transactions).

The Portfolio may temporarily hold funds in foreign currencies and the subadviser will consider potential changes in exchange rates when investing.

***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.

**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.

**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.

- 2 - SunAmerica Series Trust

------

**SA FIDELITY INSTITUTIONAL AM<sup>®</sup> GLOBAL EQUITIES PORTFOLIO (FORMERLY, SA JPMORGAN GLOBAL EQUITIES PORTFOLIO)** 

**Mid-Cap Companies Risk.** Securities of mid-cap companies are usually more volatile and entail greater risks than securities of large companies

**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.

**Convertible Securities Risk.** The values of the convertible securities in which the Portfolio may invest will be affected by market interest rates, the risk that the issuer may default on interest or principal payments and the value of the underlying common stock into which these securities may be converted. Specifically, certain types of convertible securities may pay fixed interest and dividends; their values may fall if market interest rates rise and rise if market interest rates fall. Additionally, an issuer may have the right to buy back or "call" certain of the convertible securities at a time unfavorable to the Portfolio.

**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 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.

**Stapled Securities Risk.** A stapled security is comprised of two different securities - a unit of a trust and a share of a company -that are "stapled" together and treated as a unit at all times, including for transfer or trading. The characteristics and value of a stapled security are influenced by both underlying securities. The listing of stapled securities on a domestic or foreign exchange does not guarantee a liquid market for stapled securities.

**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. The risks of foreign investments are heightened when investing in issuers in emerging market countries.

**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.

**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.

**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.

**Growth Stock Risk.** Growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than other stocks.

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

**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.

- 3 - SunAmerica Series Trust

------

**SA FIDELITY INSTITUTIONAL AM<sup>®</sup> GLOBAL EQUITIES PORTFOLIO (FORMERLY, SA JPMORGAN GLOBAL EQUITIES PORTFOLIO)** 

**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.

**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.

**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.

**Affiliated Fund Rebalancing Risk.** The Portfolio may be an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as "funds of funds." From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when it is not advantageous to do so.

***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), which is relevant to the Portfolio because it has characteristics similar to the Portfolio's investment strategies. The Portfolio's returns prior to July 28, 2025, as reflected in the bar chart and table, are the returns of the Portfolio when it followed a different investment objective and different investment strategies under the name "SA JPMorgan Global Equities 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.

FIAM LLC ("FIAM") assumed subadvisory duties of the Portfolio on July 28, 2025. Prior to July 28, 2025, J.P. Morgan Investment Management Inc. subadvised the Portfolio.

**(Class 1 Shares)**![LOGO](g943079g07q00.jpg)

During the period shown in the bar chart:

---

| | | |
|:---|:---|:---|
|  Highest Quarterly Return: | June 30, 2020 | 19.94% |
|  Lowest Quarterly Return: | March 31, 2020 | -24.32% |
|  Year to Date Most Recent Quarter: | June 30, 2025 | 10.82% |

---

**Average Annual Total Returns** (For the periods ended December 31, 2024)

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Years** | **10 Years** |
|  Class 1 Shares | 21.64% | 11.41% | 9.04% |
|  Class 2 Shares | 21.47% | 11.25% | 8.87% |
|  Class 3 Shares | 21.38% | 11.14% | 8.76% |
|  MSCI World Index (net) | 18.67% | 11.17% | 9.95% |

---

***Investment Adviser***

The Portfolio's investment adviser is SunAmerica.

The Portfolio is subadvised by FIAM.

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

---

| | | |
|:---|:---|:---|
| **Name and Title** | **Portfolio<br>Manager of the<br>Portfolio Since** | **Portfolio<br>Manager of the<br>Portfolio Since** |
|  Cesar Hernandez, CFA Portfolio Manager |  | 2025 |

---

- 4 - SunAmerica Series Trust

------

**SA FIDELITY INSTITUTIONAL AM<sup>®</sup> GLOBAL EQUITIES PORTFOLIO (FORMERLY, SA JPMORGAN GLOBAL EQUITIES PORTFOLIO)** 

***Purchases and Sales of Portfolio Shares***

Shares of the Portfolio 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 the 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 Portfolio does 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 the Portfolio's shares.

***Tax Information***

The Portfolio will not be subject to U.S. federal income tax so long as it qualifies as a regulated investment company and distributes its income and gains each year to its 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 Other Financial Intermediaries***

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

- 5 - SunAmerica Series Trust

CSP-86703T_717_360_352.10