prospectus may 1, 2020 sunamerica series trustfile/ag0… · prospectus may 1, 2020 sunamerica...

PROSPECTUSMay 1, 2020

SUNAMERICA SERIES TRUST(Class 1, Class 2 and Class 3 Shares)

SA AB Growth PortfolioSA AB Small & Mid Cap Value Portfolio

SA BlackRock VCP Global Multi Asset PortfolioSA Columbia Technology PortfolioSA DFA Ultra Short Bond PortfolioSA Dogs of Wall Street Portfolio

SA Emerging Markets Equity Index PortfolioSA Federated Hermes Corporate Bond Portfolio (formerly, SA Federated Corporate Bond Portfolio)

SA Fidelity Institutional AM® International Growth PortfolioSA Fidelity Institutional AM® Real Estate Portfolio

SA Fixed Income Index PortfolioSA Fixed Income Intermediate Index PortfolioSA Franklin Small Company Value PortfolioSA Franklin U.S. Equity Smart Beta PortfolioSA Global Index Allocation 60/40 PortfolioSA Global Index Allocation 75/25 PortfolioSA Global Index Allocation 90/10 PortfolioSA Goldman Sachs Global Bond Portfolio

SA Goldman Sachs Multi-Asset Insights PortfolioSA Index Allocation 60/40 PortfolioSA Index Allocation 80/20 PortfolioSA Index Allocation 90/10 Portfolio

SA International Index PortfolioSA Invesco Growth Opportunities PortfolioSA Invesco VCP Equity-Income Portfolio

SA Janus Focused Growth PortfolioSA JPMorgan Diversified Balanced PortfolioSA JPMorgan Emerging Markets Portfolio

SA JPMorgan Equity-Income PortfolioSA JPMorgan Global Equities PortfolioSA JPMorgan MFS Core Bond PortfolioSA JPMorgan Mid-Cap Growth Portfolio

SA Large Cap Growth Index PortfolioSA Large Cap Index Portfolio

SA Large Cap Value Index PortfolioSA Legg Mason BW Large Cap Value PortfolioSA Legg Mason Tactical Opportunities Portfolio

SA MFS Blue Chip Growth PortfolioSA MFS Massachusetts Investors Trust Portfolio

SA MFS Total Return PortfolioSA Mid Cap Index Portfolio

SA Morgan Stanley International Equities PortfolioSA Oppenheimer Main Street Large Cap Portfolio

SA PIMCO VCP Tactical Balanced PortfolioSA PineBridge High-Yield Bond Portfolio

SA Putnam International Growth and Income PortfolioSA Schroders VCP Global Allocation Portfolio

SA Small Cap Index PortfolioSA T. Rowe Price Asset Allocation Growth Portfolio

SA T. Rowe Price VCP Balanced PortfolioSA Templeton Foreign Value PortfolioSA VCP Dynamic Allocation PortfolioSA VCP Dynamic Strategy PortfolioSA VCP Index Allocation Portfolio

SA WellsCap Aggressive Growth Portfolio

This Prospectus contains information you should know before investing, including information about risks.Please read it before you invest and keep it for future reference.The Securities and Exchange Commission and the Commodity Futures Trading Commission have notapproved or disapproved these securities or passed upon the adequacy of this Prospectus. Anyrepresentation to the contrary is a criminal offense.

Topic Page

Portfolio Summaries ............................................................................................................................................ 1SA AB Growth Portfolio ............................................................................................................................... 1SA AB Small & Mid Cap Value Portfolio...................................................................................................... 4SA BlackRock VCP Global Multi Asset Portfolio ......................................................................................... 7SA Columbia Technology Portfolio .............................................................................................................. 14SA DFA Ultra Short Bond Portfolio.............................................................................................................. 18SA Dogs of Wall Street Portfolio ................................................................................................................. 22SA Emerging Markets Equity Index Portfolio .............................................................................................. 25SA Federated Hermes Corporate Bond Portfolio (formerly, SA Federated Corporate Bond Portfolio) ....... 29SA Fidelity Institutional AM® International Growth Portfolio........................................................................ 33SA Fidelity Institutional AM® Real Estate Portfolio...................................................................................... 36SA Fixed Income Index Portfolio ................................................................................................................. 39SA Fixed Income Intermediate Index Portfolio ............................................................................................ 42SA Franklin Small Company Value Portfolio ............................................................................................... 45SA Franklin U.S. Equity Smart Beta Portfolio .............................................................................................. 48SA Global Index Allocation 60/40 Portfolio.................................................................................................. 51SA Global Index Allocation 75/25 Portfolio.................................................................................................. 56SA Global Index Allocation 90/10 Portfolio.................................................................................................. 61SA Goldman Sachs Global Bond Portfolio .................................................................................................. 66SA Goldman Sachs Multi-Asset Insights Portfolio....................................................................................... 70SA Index Allocation 60/40 Portfolio ............................................................................................................. 76SA Index Allocation 80/20 Portfolio ............................................................................................................. 80SA Index Allocation 90/10 Portfolio ............................................................................................................. 84SA International Index Portfolio................................................................................................................... 88SA Invesco Growth Opportunities Portfolio ................................................................................................. 91SA Invesco VCP Equity-Income Portfolio .................................................................................................... 94SA Janus Focused Growth Portfolio............................................................................................................ 99SA JPMorgan Diversified Balanced Portfolio .............................................................................................. 102SA JPMorgan Emerging Markets Portfolio.................................................................................................. 107SA JPMorgan Equity-Income Portfolio ........................................................................................................ 111SA JPMorgan Global Equities Portfolio....................................................................................................... 114SA JPMorgan MFS Core Bond Portfolio ..................................................................................................... 117SA JPMorgan Mid-Cap Growth Portfolio..................................................................................................... 124SA Large Cap Growth Index Portfolio ......................................................................................................... 127SA Large Cap Index Portfolio...................................................................................................................... 130SA Large Cap Value Index Portfolio............................................................................................................ 133SA Legg Mason BW Large Cap Value Portfolio ......................................................................................... 136SA Legg Mason Tactical Opportunities Portfolio......................................................................................... 139SA MFS Blue Chip Growth Portfolio............................................................................................................ 145SA MFS Massachusetts Investors Trust Portfolio ....................................................................................... 149SA MFS Total Return Portfolio .................................................................................................................... 152SA Mid Cap Index Portfolio ......................................................................................................................... 157SA Morgan Stanley International Equities Portfolio .................................................................................... 160SA Oppenheimer Main Street Large Cap Portfolio ..................................................................................... 164SA PIMCO VCP Tactical Balanced Portfolio ............................................................................................... 167SA PineBridge High-Yield Bond Portfolio.................................................................................................... 174SA Putnam International Growth and Income Portfolio............................................................................... 177SA Schroders VCP Global Allocation Portfolio............................................................................................ 180SA Small Cap Index Portfolio ...................................................................................................................... 187SA T. Rowe Price Asset Allocation Growth Portfolio ................................................................................... 190SA T. Rowe Price VCP Balanced Portfolio .................................................................................................. 194SA Templeton Foreign Value Portfolio......................................................................................................... 199SA VCP Dynamic Allocation Portfolio ......................................................................................................... 203SA VCP Dynamic Strategy Portfolio............................................................................................................ 210SA VCP Index Allocation Portfolio............................................................................................................... 217SA WellsCap Aggressive Growth Portfolio.................................................................................................. 223

Important Additional Information ......................................................................................................................... 226

TABLE OF CONTENTS

- i -

Topic Page

Additional Information About the Portfolios’ Investment Strategies and Investment Risks (Other than the SAVCP Dynamic Allocation Portfolio and SA VCP Dynamic Strategy Portfolio) .................................................. 227

Additional Information About the SA VCP Dynamic Allocation Portfolio and SA VCP Dynamic StrategyPortfolio ............................................................................................................................................................ 236

Glossary .............................................................................................................................................................. 239Investment Terms ........................................................................................................................................ 239Risk Terminology......................................................................................................................................... 244Additional Information About Derivatives Risks........................................................................................... 257About the Indices......................................................................................................................................... 259

Management........................................................................................................................................................ 262Account Information ........................................................................................................................................... 276Financial Highlights ............................................................................................................................................. 280Additional Index Information ................................................................................................................................ 316Appendix A .......................................................................................................................................................... 318Appendix B .......................................................................................................................................................... 341For More Information ........................................................................................................................................... 345

TABLE OF CONTENTS

- ii -

Investment Goal

The Portfolio’s investment goal is long-term growth ofcapital.

Fees and Expenses of the Portfolio

This table describes the fees and expenses that you maypay if you buy and hold shares of the Portfolio. ThePortfolio’s annual operating expenses do not reflect theseparate account fees charged in the variable annuity orvariable life insurance policy (“Variable Contracts”) inwhich the Portfolio is offered. If separate account feeswere shown, the Portfolio’s annual operating expenseswould be higher. Please see your Variable Contractprospectus for more details on the separate account fees.

Annual Portfolio Operating Expenses (expenses thatyou pay each year as a percentage of the value of yourinvestment)

Class 1 Class 2 Class 3

Management Fees .............. 0.61% 0.61% 0.61%Service (12b-1) Fees .......... None 0.15% 0.25%Other Expenses .................. 0.03% 0.03% 0.03%Total Annual Portfolio

Operating Expenses........ 0.64% 0.79% 0.89%

Expense Example

This Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest$10,000 in the Portfolio for the time periods indicated andthen redeem 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 operatingexpenses remain the same. The Example does not reflectcharges imposed by the Variable Contract. If the VariableContract fees were reflected, the expenses would behigher. See the Variable Contract prospectus forinformation on such charges. Although your actual costsmay be higher or lower, based on these assumptions andthe net expenses shown in the fee table, your costs wouldbe:

1 Year 3 Years 5 Years 10 Years

Class 1 Shares... $65 $205 $357 $ 798Class 2 Shares... 81 252 439 978Class 3 Shares... 91 284 493 1,096

Portfolio Turnover

The Portfolio pays transaction costs, such ascommissions, when it buys and sells securities (or “turnsover” its portfolio). A higher portfolio turnover rate mayindicate higher transaction costs. These costs, which are

not reflected in annual portfolio operating expenses or inthe Example, affect the Portfolio’s performance.

During the most recent fiscal year, the Portfolio’s portfolioturnover rate was 28% of the average value of its portfolio.

Principal Investment Strategies of thePortfolio

The Portfolio attempts to achieve its investment goal byinvesting primarily in equity securities of a limited numberof large, carefully selected, high quality U.S. companiesthat are judged likely to achieve superior long-termearnings growth. The Portfolio may also invest up to 25%of its assets in foreign securities, including emergingmarket securities.

The subadviser’s investment process is driven by bottom-up stock selection. Generally, the subadviser constructs aportfolio of approximately 45 to 60 stocks using adisciplined team approach, while at the same timedrawing on the unique ideas of each portfolio manager.Purchase candidates are generally leaders in theirindustries, with compelling business models, talentedmanagement teams and growth prospects that thesubadviser deems to be superior to consensusexpectations over coming quarters. Stock selection is theprimary driver of investment decisions, with all otherdecisions purely a by-product of the stock-selectionprocess.

The subadviser believes that investment success comesfrom focusing on companies poised to exceed consensusgrowth expectations on the upside. As a result, thePortfolio tends to exhibit strong earnings growth relative toconsensus and to the benchmark as a whole, whichtypically results in attractive valuations.

Principal Risks of Investing in the Portfolio

As with any mutual fund, there can be no assurance thatthe Portfolio’s investment goal will be met or that the netreturn on an investment in the Portfolio will exceed whatcould have been obtained through other investment orsavings vehicles. Shares of the Portfolio are not bankdeposits and are not guaranteed or insured by any bank,government entity or the Federal Deposit InsuranceCorporation. If the value of the assets of the Portfoliogoes down, you could lose money.

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

Equity Securities Risk. The Portfolio invests principallyin equity securities and is therefore subject to the risk thatstock prices will fall and may underperform other asset

PORTFOLIO SUMMARY: SA AB GROWTH PORTFOLIO

- 1 -

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

Large-Cap Companies Risk. Large-cap companies tendto be less volatile than companies with smaller marketcapitalizations. In exchange for this potentially lower risk,the Portfolio’s value may not rise as much as the value ofportfolios that emphasize smaller companies.

Growth Stock Risk. The Portfolio invests substantially ingrowth style stocks. Growth stocks may lack the dividendyield associated with value stocks that can cushion totalreturn in a bear market. Also, growth stocks normally carrya higher price/earnings ratio than many other stocks.Consequently, if earnings expectations are not met, themarket price of growth stocks will often decline more thanother stocks.

Foreign Investment Risk. The Portfolio’s investments inthe securities of foreign issuers or issuers with significantexposure to foreign markets involve additional risk.Foreign countries in which the Portfolio invests may havemarkets that are less liquid, less regulated and morevolatile than U.S. markets. The value of the Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.

Emerging Markets Risk. Risks associated withinvestments in emerging markets may include: delays insettling portfolio securities transactions; currency andcapital controls; greater sensitivity to interest ratechanges; pervasive corruption and crime; exchange ratevolatility; inflation, deflation or currency devaluation;violent military or political conflicts; confiscations andother government restrictions by the United States orother governments; and government instability. As aresult, investments in emerging market securities tend tobe more volatile than investments in developed countries.

Issuer Risk. The value of a security may decline for anumber of reasons directly related to the issuer, such asmanagement performance, financial leverage andreduced demand for the issuer’s goods and services.

Management Risk. The Portfolio is subject tomanagement risk because it is an actively-managedinvestment portfolio. The Portfolio’s portfolio managersapply investment techniques and risk analyses in makinginvestment decisions, but there can be no guarantee thatthese decisions or the individual securities selected by theportfolio managers will produce the desired results.

Market Risk. The Portfolio’s share price can fall becauseof weakness in the broad market, a particular industry, orspecific holdings. The market as a whole can decline formany reasons, including adverse political or economicdevelopments in the United States or abroad, changes ininvestor psychology, or heavy institutional selling andother conditions or events (including, for example, militaryconfrontations, war, terrorism, disease/virus, outbreaksand epidemics). In addition, the subadviser’s assessmentof securities held in the Portfolio may prove incorrect,resulting in losses or poor performance even in a risingmarket.

Country, Sector or Industry Focus Risk. To the extentthe Portfolio invests a significant portion of its assets inone or only a few countries, sectors or industries at a time,the Portfolio will face a greater risk of loss due to factorsaffecting that single or those few countries, sectors orindustries than if the Portfolio always maintained widediversity among the countries, sectors and industries inwhich it invests.

Affiliated Fund Rebalancing Risk. The Portfolio may bean investment option for other mutual funds for whichSunAmerica Asset Management, LLC (“SunAmerica”)serves as investment adviser that are managed as “fundsof funds.” From time to time, the Portfolio may experiencerelatively large redemptions or investments due to therebalancing of a fund of funds. In the event of suchredemptions or investments, the Portfolio could berequired to sell securities or to invest cash at a time whenit is not advantageous to do so.

Performance Information

The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the Russell 1000® Growth Index. Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, past


- 2 -

performance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 1 Shares)

10.22%

-2.28%

16.59%

37.43%

14.17%11.25%

2.81%

31.99%

2.33%

34.87%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

During the 10-year period shown in the bar chart, thehighest return for a quarter was 17.95% (quarter endedMarch 31, 2012) and the lowest return for a quarter was-16.13% (quarter ended September 30, 2011). The year-to-date calendar return as of March 31, 2020 was-11.50%.

Average Annual Total Returns (For the periods endedDecember 31, 2019)

1Year

5Years

10Years

Class 1 Shares..................... 34.87% 15.81% 15.17%Class 2 Shares..................... 34.67% 15.64% 14.99%Class 3 Shares..................... 34.55% 15.53% 14.88%Russell 1000® Growth

Index ................................. 36.39% 14.63% 15.22%

Investment Adviser

The Portfolio’s investment adviser is SunAmerica.

The Portfolio is subadvised by AllianceBernstein L.P.

Portfolio Managers

Name and Title

PortfolioManager of thePortfolio Since

Frank V. Caruso, CFAChief Investment Officer – US GrowthEquities.................................................. 2012

John H. Fogarty, CFAPortfolio Manager – US GrowthEquities.................................................. 2012

Vinay Thapar, CFAPortfolio Manager – US GrowthEquities.................................................. 2017

For important information about purchases and sales ofPortfolio shares, taxes and payments to broker-dealersand other financial intermediaries, please turn to the“Important Additional Information” section on page 226.


- 3 -

Investment Goal








Expense Example



Class 1 Shares... $100 $312 $542 $1,201Class 2 Shares... 115 359 622 1,375Class 3 Shares... 125 390 676 1,489

Portfolio Turnover





The Portfolio attempts to achieve its goal by investing,under normal circumstances, at least 80% of its netassets in equity securities of companies with small andmedium market capitalizations that the subadviserdetermines to be undervalued.

The subadviser uses proprietary quantitative researchtools that balance valuation against quality factors andfundamental research insights to identify the mostattractive stocks in the small- and mid-capitalizationuniverse. It then performs rigorous fundamental companyand industry research to determine the long term earningspower of those companies. Once a stock’s expectedreturn has been established from these quantitative andfundamental perspectives, its risk penalty or benefit isassessed and the portfolio is constructed with thosecompanies with the most attractive risk adjusted returns.

The Portfolio may invest in convertible securities (up to20% of net assets), rights and warrants (up to 10% of netassets) and foreign securities (up to 15% of net assets).




Equity Securities Risk. The Portfolio invests principallyin equity securities and is therefore subject to the risk thatstock prices will fall and may underperform other assetclasses. Individual stock prices fluctuate from day-to-dayand may decline significantly.

Value Investing Risk. The subadviser’s judgment that aparticular security is undervalued in relation to the

PORTFOLIO SUMMARY: SA AB SMALL & MID CAP VALUE PORTFOLIO

- 4 -

company’s fundamental economic value may proveincorrect.

Small- and Mid-Cap Companies Risk. Companies withsmaller market capitalizations (particularly under $1 billiondepending on the market) tend to be at early stages ofdevelopment with limited product lines, operatinghistories, market access for products, financial resources,access to new capital, or depth in management. It may bedifficult to obtain reliable information and financial dataabout these companies. Consequently, the securities ofsmaller companies may not be as readily marketable andmay be subject to more abrupt or erratic marketmovements than companies with larger capitalizations.Securities of medium-sized companies are also subject tothese risks to a lesser extent.

Convertible Securities Risk. The values of theconvertible securities in which the Portfolio may invest willbe affected by market interest rates, the risk that the issuermay default on interest or principal payments and thevalue of the underlying common stock into which thesesecurities may be converted. Specifically, certain types ofconvertible securities may pay fixed interest anddividends; their values may fall if market interest rates riseand rise if market interest rates fall. Additionally, an issuermay have the right to buy back or “call” certain of theconvertible securities at a time unfavorable to the Portfolio.





Warrants and Rights Risk. Warrants and rights canprovide a greater potential for profit or loss than anequivalent investment in the underlying security. Prices ofwarrants and rights do not necessarily move in tandemwith the prices of the underlying securities and thereforeare highly volatile and speculative investments.



The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the Russell 2500® Value Index. Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.


- 5 -

(Class 2 Shares)

25.64%

-8.12%

18.46%

37.60%

8.98%

-5.97%

24.76%

12.89%

-15.23%

19.78%

-20%

-10%

0%

10%

20%

30%

40%

50%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

During the 10-year period shown in the bar chart, thehighest return for a quarter was 14.67% (quarter endedDecember 31, 2011) and the lowest return for a quarterwas -22.73% (quarter ended September 30, 2011). Theyear-to-date calendar return as of March 31, 2020 was-36.36%.


1Year

5Years

10Years

SinceInception(1-23-12)

Class 1 Shares..... 19.96% 6.27% N/A 10.81%Class 2 Shares..... 19.78% 6.10% 10.67% N/AClass 3 Shares..... 19.72% 6.01% 10.56% N/ARussell 2500®

Value Index ....... 23.56% 7.18% 11.25% 10.98%

Investment Adviser


The Portfolio is subadvised by AllianceBernstein L.P.

Portfolio Managers

Name and Title


James MacGregorChief Investment Officer – Small- andMid-Cap Value Equities ......................... 2005

Erik TurenchalkPortfolio Manager – Small- and Mid-Cap Value Equities ................................ 2019



- 6 -

Investment Goal

The Portfolio’s investment goal is to seek capitalappreciation and income while managing portfoliovolatility.




Class 1 Class 3

Management Fees.............................. 0.85% 0.85%Service (12b-1) Fees .......................... None 0.25%Other Expenses.................................. 0.07% 0.07%Total Annual Portfolio Operating

Expenses Before Fee Waiversand/or ExpenseReimbursements1,2 ......................... 0.92% 1.17%

Fee Waivers and/or ExpenseReimbursements1,2 ......................... -0.02% -0.02%

Total Annual Portfolio OperatingExpenses After Fee Waivers and/orExpense Reimbursements1,2 .......... 0.90% 1.15%

1 Pursuant to an Advisory Fee Waiver Agreement, effective throughApril 30, 2021, SunAmerica Asset Management, LLC (“SunAmerica”)is contractually obligated to waive a portion of its advisory fee on anannual basis with respect to the Portfolio so that the advisory fee ratepayable by the Portfolio to SunAmerica is equal to 0.85% on the first$500 million, 0.81% on the next $2.5 billion and 0.79% over $3 billion.This agreement may be modified or discontinued prior to April 30,2021 only with the approval of the Board of Trustees of SunAmericaSeries Trust (the “Trust”), including a majority of the trustees who arenot “interested persons” of the Trust as defined in the InvestmentCompany Act of 1940, as amended.

2 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica”) has contractually agreed to waiveits fees and/or reimburse expenses to the extent that the Total AnnualPortfolio Operating Expenses exceed 0.91% and 1.16% of theaverage daily net assets of the Portfolio’s Class 1 and Class 3 shares,respectively. For purposes of the Expense Limitation Agreement,“Total Annual Portfolio Operating Expenses” shall not includeextraordinary expenses (i.e., expenses that are unusual in nature andinfrequent in occurrence, such as litigation), or acquired fund feesand expenses, brokerage commissions and other transactionalexpenses relating to the purchase and sale of portfolio securities,interest, taxes and governmental fees, and other expenses notincurred in the ordinary course of business of the Trust on behalf ofthe Portfolio. Any waivers and/or reimbursements made bySunAmerica with respect to the Portfolio are subject to recoupmentfrom the Portfolio within two years after the occurrence of the waiver

and/or reimbursement, provided that the recoupment does not causethe expense ratio of the share class to exceed the lesser of (a) theexpense limitation in effect at the time the waivers and/orreimbursements occurred, or (b) the current expense limitation ofthat share class. This agreement may be modified or discontinuedprior to April 30, 2021 only with the approval of the Board of Trusteesof the Trust, including a majority of the trustees who are not“interested persons” of the Trust as defined in the InvestmentCompany Act of 1940, as amended.

Expense Example

This Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest$10,000 in the Portfolio for the time periods indicated andthen redeem 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 operatingexpenses remain the same and that all contractualexpense limitations and fee waivers remain in effect onlyfor the period ending April 30, 2021. The Example doesnot reflect charges imposed by the Variable Contract. Ifthe Variable Contract fees were reflected, the expenseswould be higher. See the Variable Contract prospectus forinformation on such charges. Although your actual costsmay be higher or lower, based on these assumptions andthe net expenses shown in the fee table, your costs wouldbe:


Class 1 Shares... $ 92 $291 $507 $1,129Class 3 Shares... 117 370 642 1,419

Portfolio Turnover

The Portfolio pays transaction costs, such ascommissions, when it buys and sells securities (or “turnsover” its portfolio). A higher portfolio turnover rate mayindicate higher transaction costs. These costs, which arenot reflected in annual portfolio operating expenses or inthe Example, affect the Portfolio’s performance.

During the most recent fiscal year, the Portfolio’s portfolioturnover rate was 154% of the average value of itsportfolio.


The Portfolio seeks to achieve its investment goal bytactically allocating its assets to various equity and fixedincome asset classes. The Portfolio obtains broadexposure to these asset classes by investing in equity andfixed income securities and derivatives that provideexposure to equity and fixed income securities. ThePortfolio invests in, or obtains exposure to, equity andfixed income securities of both U.S. and foreign corporateand governmental issuers, including emerging market

PORTFOLIO SUMMARY: SA BLACKROCK VCP GLOBAL MULTI ASSET PORTFOLIO

- 7 -

issuers. The Portfolio normally invests in, or obtainsexposure to, investments in a number of differentcountries around the world. In addition, the subadviseremploys a “VCP” (Volatility Control Portfolio) riskmanagement process intended to manage the volatilitylevel of the Portfolio’s annual returns.

Under normal market conditions, the Portfolio targets anallocation of approximately 55% of its net assets to equityexposure and approximately 45% of its net assets to fixedincome exposure, although the Portfolio’s equity exposuremay range from approximately 10%-70% of its net assetsand its fixed income exposure may range fromapproximately 10%-90% of its net assets. These rangesreflect the approximate range of overall net equity andfixed income exposure after application of the volatilitycontrol process described below. The subadviser usesfundamental and macroeconomic research to determineasset class weights in the Portfolio.

The equity securities in which the Portfolio intends toinvest, or obtain exposure to, include common stock,preferred stock, securities convertible into common stock,non-convertible preferred stock and depositary receipts.The Portfolio may invest in, or obtain exposure to, equitysecurities of companies of any market capitalization. Theforeign equity securities in which the Portfolio intends toinvest, or obtain exposure to, may be denominated in U.S.dollars or foreign currencies and may be currency hedgedor unhedged. The Portfolio will limit its investments inforeign equity securities to 35% of its net assets.

The Portfolio’s fixed income exposure will, to a significantextent, be obtained through investment in, or exposure to,U.S. Treasury obligations. The Portfolio may also invest inor obtain exposure to, other fixed income securities,including other U.S. Government securities, foreignsovereign debt instruments, corporate debt instruments,municipal securities and zero coupon bonds. The foreignfixed income securities in which the Portfolio intends toinvest, or obtain exposure to, may be denominated in U.S.dollars or foreign currencies and may be currency hedgedor unhedged.

The subadviser selects equity investments for the Portfoliobased on a number of considerations. First, thesubadviser may select equity securities based on theirexposures to macroeconomic dimensions, such ascountries and industries. Second, the subadviser mayposition the Portfolio’s equity security allocations to bealigned with certain style factors, such as size, quality,value and momentum. Third, the subadviser may alsoevaluate the attractiveness of equity securities based onindividual company characteristics using a proprietaryquantitative model. The model systematically tracks andranks the characteristics of issuers across developed

markets and is designed to select equity securities basedon an analysis of a wide range of dimensions, includingfundamentals, sentiment and thematic insights. Thesubadviser will assess each equity investment’s changingcharacteristics relative to its contribution to portfolio riskand will sell the investment when it no longer offers anappropriate return-to-risk trade-off. In selecting fixedincome investments, the subadviser evaluates sectors ofthe bond market and may shift the Portfolio’s assetsamong the various sectors based upon changing marketconditions.

The Portfolio may invest in derivatives, including, but notlimited to, interest rate, total return and credit defaultswaps, indexed and inverse floating rate securities,options, futures, options on futures and swaps and foreigncurrency transactions (including swaps), for hedgingpurposes, as well as to increase the return on its portfolioinvestments. The Portfolio may also use forward foreigncurrency exchange contracts (obligations to buy or sell acurrency at a set rate in the future) to hedge againstmovement in the value of foreign currencies.

The Portfolio incorporates a volatility control process thatseeks to reduce risk when the portfolio’s volatility isexpected to exceed an annual level of 10%. Volatility is astatistical measure of the magnitude of changes in thePortfolio’s returns over time without regard to the directionof those changes. To implement this volatilitymanagement strategy, the subadviser may adjust thecomposition of the Portfolio’s riskier assets such as equityand below investment grade fixed income securities (alsoknown as “junk bonds”), which are consideredspeculative, and/or may allocate assets away from riskierassets into cash or short-term fixed income securities. Aspart of its attempt to manage the Portfolio’s volatilityexposure, during certain periods the Portfolio may makesignificant investments in equity index and fixed incomefutures or other derivative instruments designed to reducethe Portfolio’s exposure to portfolio volatility. In addition,the subadviser will seek to reduce exposure to certaindownside risks by purchasing equity index put options thataim to reduce the Portfolio’s exposure to certain severeand unanticipated market events that could significantlydetract from returns.

Volatility is not a measure of investment performance.Volatility may result from rapid and dramatic price swings.Higher volatility generally indicates higher risk and is oftenreflected by frequent and sometimes significantmovements up and down in value. The Portfolio couldexperience high levels of volatility in both rising and fallingmarkets. Due to market conditions or other factors, theactual or realized volatility of the Portfolio for anyparticular period of time may be materially higher or lowerthan the target maximum annual level.


- 8 -

The Portfolio’s target maximum annual volatility level of10% is not a total return performance target. The Portfoliodoes not expect its total return performance to be withinany specified target range. It is possible for the Portfolio tomaintain its volatility at or under its target maximumannual volatility level while having negative performancereturns. Efforts to manage the Portfolio’s volatility couldlimit the Portfolio’s gains in rising markets, may expose thePortfolio to costs to which it would otherwise not havebeen exposed, and if unsuccessful may result insubstantial losses.



The value of your investment in the Portfolio may beaffected by one or more of the following risks, which aredescribed in more detail in the sections “AdditionalInformation About the Portfolios’ Investment Strategiesand Investment Risks (Other than the SA VCP DynamicAllocation Portfolio and SA VCP Dynamic StrategyPortfolio)” and the “Glossary” under “Risk Terminology” inthe Prospectus, any of which could cause the Portfolio’sreturn, the price of the Portfolio’s shares or the Portfolio’syield to fluctuate. These risks include those associatedwith direct investments in securities and in the securitiesunderlying the derivatives in which the Portfolio mayinvest.

Active Trading Risk. The Portfolio may engage infrequent trading of securities to achieve its investmentgoal. Active trading may result in high portfolio turnoverand correspondingly greater brokerage commissions andother transaction costs, which will be borne directly by thePortfolio and could affect your performance.

Call Risk. The risk that an issuer will exercise its right topay principal on a debt obligation (such as a mortgage-backed security or convertible security) that is held by thePortfolio earlier than expected. This may happen whenthere is a decline in interest rates. Under thesecircumstances, the Portfolio may be unable to recoup allof its initial investment and will also suffer from having toreinvest in lower-yielding securities.

Counterparty Risk. Counterparty risk is the risk that acounterparty to a security, loan or derivative held by thePortfolio becomes bankrupt or otherwise fails to performits obligations due to financial difficulties. The Portfoliomay experience significant delays in obtaining anyrecovery in a bankruptcy or other reorganizationproceeding, and there may be no recovery or limitedrecovery in such circumstances.

Credit Risk. The risk that an issuer will default on interestor principal payments. The Portfolio could lose money ifthe issuer of a debt security is unable or perceived to beunable to pay interest or to repay principal when itbecomes due. Various factors could affect the issuer’sactual or perceived willingness or ability to make timelyinterest or principal payments, including changes in theissuer’s financial condition or in general economicconditions. Debt securities backed by an issuer’s taxingauthority may be subject to legal limits on the issuer’spower to increase taxes or otherwise raise revenue, ormay be dependent on legislative appropriation orgovernment aid. Certain debt securities are backed onlyby revenues derived from a particular project or source,rather than by an issuer’s taxing authority, and thus mayhave a greater risk of default. Credit risk applies to mostdebt securities, but is generally not a factor for obligationsbacked by the “full faith and credit” of the U.S.Government.

Currency Volatility Risk. The value of the Portfolio’sforeign investments may fluctuate due to changes incurrency exchange rates. A decline in the value of foreigncurrencies relative to the U.S. dollar generally can beexpected to depress the value of the Portfolio’s non-U.S.dollar-denominated securities.

Derivatives Risk. A derivative is any financial instrumentwhose value is based on, and determined by, anothersecurity, index, rate or benchmark (i.e., stock options,futures, caps, floors, etc.). To the extent a derivativecontract is used to hedge another position in the Portfolio,the Portfolio will be exposed to the risks associated withhedging described below. To the extent an option, futurescontract, swap, or other derivative is used to enhancereturn, rather than as a hedge, the Portfolio will be directlyexposed to the risks of the contract. Unfavorable changesin the value of the underlying security, index, rate orbenchmark may cause sudden losses. Gains or lossesfrom the Portfolio’s use of derivatives may be substantiallygreater than the amount of the Portfolio’s investment.Derivatives are also associated with various other risks,including market risk, leverage risk, hedging risk,counterparty risk, illiquidity risk and interest rate


- 9 -

fluctuations risk. The primary risks associated with thePortfolio’s use of derivatives are market risk, counterpartyrisk and hedging risk.

Emerging Markets Risk. The risks associated withinvestment in foreign securities are heightened whenissuers of these securities are in developing or “emergingmarket” countries. Emerging market countries may bemore likely to experience political turmoil or rapid changesin economic conditions than developed countries. As aresult, these markets are generally more volatile than themarkets of developed countries. The Portfolio may beexposed to emerging market risks directly (throughinvestments in emerging market issuers) or indirectly(through certain futures contracts and other derivativeswhose value is based on emerging market indices orsecurities).

Equity Securities Risk. This is the risk that stock priceswill fall over short or extended periods of time. ThePortfolio is indirectly exposed to this risk through itsinvestments in futures contracts and other derivatives.Although the stock market has historically outperformedother asset classes over the long term, the stock markettends to move in cycles. Individual stock prices fluctuatefrom day-to-day and may underperform other assetclasses over an extended period of time. These pricemovements may result from factors affecting individualcompanies, industries or the securities market as a whole.

Extension Risk. The risk that an issuer will exercise itsright to pay principal on an obligation held by the Portfolio(such as a mortgage-backed security) later thanexpected. This may happen when there is a rise in interestrates. Under these circumstances the value of theobligation will decrease, and the Portfolio will also sufferfrom the inability to invest in higher yielding securities.


Foreign Sovereign Debt Risk. Foreign sovereign debtsecurities are subject to the risk that a governmental entitymay delay or refuse to pay interest or to repay principal onits sovereign debt. If a governmental entity defaults, it mayask for more time in which to pay or for further loans.

Futures Risk. A futures contract is considered aderivative because it derives its value from the price of theunderlying security or financial index. The prices offutures contracts can be volatile and futures contracts maylack liquidity. In addition, there may be imperfect or evennegative correlation between the price of a futurescontract and the price of the underlying securities orfinancial index.

Hedging Risk. A hedge is an investment made in order toreduce the risk of adverse price movements in a security,by taking an offsetting position in a related security (oftena derivative, such as an option, futures contract or a shortsale). While hedging strategies can be very useful andinexpensive ways of reducing risk, they are sometimesineffective due to unexpected changes in the market.Hedging also involves the risk that changes in the value ofthe related security will not match those of the instrumentsbeing hedged as expected, in which case any losses onthe instruments being hedged may not be reduced.

Illiquidity Risk. When there is little or no active tradingmarket for specific types of securities, it can become moredifficult to sell the securities at or near their perceivedvalue. In such a market, the value of such securities andthe Portfolio’s share price may fall dramatically. Overrecent years, regulatory changes have led to reducedliquidity in the marketplace, and the capacity of dealers tomake markets in fixed income securities has beenoutpaced by the growth in the size of the fixed incomemarkets. To the extent that the Portfolio invests in non-investment grade fixed income securities, it will beespecially subject to the risk that during certain periods,the liquidity of particular issues or industries, or allsecurities within a particular investment category, willshrink or disappear suddenly and without warning as aresult of adverse economic, market or political events oradverse investor perceptions whether or not accurate.Derivatives may also be subject to illiquidity risk.

Interest Rate Fluctuations Risk. Fixed income securitiesmay be subject to volatility due to changes in interestrates. Duration is a measure of interest rate risk thatindicates how price-sensitive a bond is to changes ininterest rates. Longer-term and lower coupon bonds tendto be more sensitive to changes in interest rates. Interestrates have been historically low, so the Portfolio faces aheightened risk that interest rates may rise. For example,a bond with a duration of three years will decrease in value


- 10 -

by approximately 3% if interest rates increase by 1%.Potential future changes in monetary policy made bycentral banks and/or their governments are likely to affectthe level of interest rates.


Large-Cap Companies Risk. Large-cap companies tendto go in and out of favor based on market and economicconditions. Large-cap companies tend to be less volatilethan companies with smaller market capitalizations. Inexchange for this potentially lower risk, the Portfolio’svalue may not rise as much as the value of portfolios thatemphasize smaller companies.

Leverage Risk. Leverage occurs when an investor hasthe right to a return on an investment that exceeds thereturn that the investor would be expected to receivebased on the amount contributed to the investment. ThePortfolio’s use of certain economically leveraged futuresand other derivatives can result in a loss substantiallygreater than the amount invested in the futures or otherderivative itself. Certain futures and other derivatives havethe potential for unlimited loss, regardless of the size ofthe initial investment. When the Portfolio uses futures andother derivatives for leverage, a shareholder’s investmentin the Portfolio will tend to be more volatile, resulting inlarger gains or losses in response to the fluctuating pricesof the Portfolio’s investments. The use of leverage maycause the Portfolio to liquidate portfolio positions atinopportune times in order to meet regulatory assetcoverage requirements, fulfill leverage contract terms, orfor other reasons. Leveraging, including borrowing, tendsto increase the Portfolio’s exposure to market risk, interestrate risk or other risks, and thus may cause the Portfolioto be more volatile than if the Portfolio had not utilizedleverage.


Preferred Stock Risk. Unlike common stock, preferredstock generally pays a fixed dividend from a company’s

earnings and may have a preference over common stockon the distribution of a company’s assets in the event ofbankruptcy or liquidation. Preferred stockholders’liquidation rights are subordinate to the company’s debtholders and creditors. If interest rates rise, the fixeddividend on preferred stocks may be less attractive andthe price of preferred stocks may decline.

Risk of Conflict with Insurance Company Interests.Managing the Portfolio’s volatility may reduce the risksassumed by the insurance company that sponsors yourVariable Contract. This facilitates the insurancecompany’s ability to provide guaranteed benefits. Theseguarantees are optional and may not be associated withyour Variable Contract. While the interests of thePortfolio’s shareholders and the affiliated insurancecompanies providing these guaranteed benefits aregenerally aligned, the affiliated insurance companies (andthe adviser by virtue of its affiliation with the insurancecompanies) may face potential conflicts of interest. Inparticular, certain aspects of the Portfolio’s managementhave the effect of mitigating the financial risks to which theaffiliated insurance companies are subjected by providingthose guaranteed benefits. In addition, the Portfolio’sperformance may be lower than similar portfolios that donot seek to manage their volatility.

Risk of Investing in Bonds. The value of yourinvestment in the Portfolio may go up or down in responseto changes in interest rates or defaults (or even thepotential for future defaults) by bond issuers. Fixedincome securities may be subject to volatility due tochanges in interest rates.

Risk of Investing in Municipal Securities. Municipalsecurities are subject to the risk that litigation, legislationor other political events, local business or economicconditions, or the bankruptcy of the issuer could have asignificant effect on an issuer’s ability to make paymentsof principal and/or interest.

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

Small- and Mid-Cap Companies Risk. Companies withsmaller market capitalization (particularly under $1 billiondepending on the market) tend to be at early stages ofdevelopment with limited product lines, market access forproducts, financial resources, access to new capital ordepth in management. It may be difficult to obtain reliableinformation and financial data about these companies.Consequently, the securities of smaller companies maynot be as readily marketable and may be subject to moreabrupt or erratic market movements. Securities of mid-cap companies are usually more volatile and entail greater


- 11 -

risks than securities of large companies. In addition,small- and mid-cap companies may be traded in over-the-counter (“OTC”) markets as opposed to being traded on anexchange. OTC securities may trade less frequently and insmaller volume than exchange-listed stocks, which maycause these securities to be more volatile than exchange-listed stocks and may make it more difficult to buy and sellthese securities at prevailing market prices.

U.S. Government Obligations Risk. U.S. Treasuryobligations are backed by the “full faith and credit” of theU.S. Government and generally have negligible credit risk.Securities issued or guaranteed by federal agencies orauthorities and U.S. Government sponsoredinstrumentalities or enterprises may or may not be backedby the full faith and credit of the U.S. Government. Forexample, securities issued by the Federal Home LoanMortgage Corporation, the Federal National MortgageAssociation and the Federal Home Loan Banks areneither insured nor guaranteed by the U.S. Government;these securities may be supported only by the ability toborrow from the U.S. Treasury or by the credit of theissuing agency, authority, instrumentality or enterpriseand, as a result, are subject to greater credit risk thansecurities issued or guaranteed by the U.S. Treasury.

Volatility Management Risk. The risk that thesubadviser’s strategy for managing portfolio volatility maynot produce the desired result or that the subadviser isunable to trade certain derivatives effectively or in a timelymanner. There can be no guarantee that the Portfolio’svolatility will be below its target maximum level.Additionally, the volatility control process will not ensurethat the Portfolio will deliver competitive returns. The useof derivatives in connection with the Portfolio’s managedvolatility strategy may expose the Portfolio to losses(some of which may be sudden) that it would not haveotherwise been exposed to if it had only invested directlyin equity and/or fixed income securities. Efforts to managethe Portfolio’s volatility could limit the Portfolio’s gains inrising markets and may expose the Portfolio to costs towhich it would otherwise not have been exposed. ThePortfolio’s managed volatility strategy may result in thePortfolio outperforming the general securities marketduring periods of flat or negative market performance, andunderperforming the general securities market duringperiods of positive market performance. The Portfolio’smanaged volatility strategy also exposes shareholders tothe risks of investing in derivative contracts. Thesubadviser uses a proprietary system to help itestimate the Portfolio’s expected volatility. The proprietarysystem used by the subadviser may perform differentlythan expected and may negatively affect performance andthe ability of the Portfolio to maintain its volatility at orbelow its target maximum annual volatility level for various

reasons, including errors in using or building the system,technical issues implementing the system, data issuesand various non-quantitative factors (e.g., market ortrading system dysfunctions, and investor fear or over-reaction).


Zero Coupon Bond Risk. “Zero coupon” bonds are soldat a discount from face value and do not make periodicinterest payments. At maturity, zero coupon bonds can beredeemed for their face value. In addition to the risksassociated with bonds, since zero coupon bonds do notpay interest, the value of zero coupon bonds may be morevolatile than other fixed income securities. Zero couponbonds may also be subject to greater interest rate risk andcredit risk than other fixed income instruments.


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the S&P 500® Index, the MSCI EAFE® Index(net), the Bloomberg Barclays U.S. 7-10 Treasury Index,and a blended index. The blended index consists of 27.5%S&P 500® Index, 27.5% MSCI EAFE® Index (net) and45% Bloomberg Barclays U.S. 7-10 Treasury Index (the“Blended Index”). Fees and expenses incurred at thecontract level are not reflected in the bar chart or table. Ifthese amounts were reflected, returns would be less thanthose shown. Of course, past performance is notnecessarily an indication of how the Portfolio will performin the future.

(Class 3 Shares)

12.09%

-5.76%

15.69%

-10%

-5%

0%

5%

10%

15%

20%

2017 2018 2019


- 12 -

During the 3-year period shown in the bar chart, thehighest return for a quarter was 7.14% (quarter endedMarch 31, 2019) and the lowest return for a quarter was-7.12% (quarter ended December 31, 2018). The year-to-date calendar return as of March 31, 2020 was -9.52%.


1Year



Class 1 Shares ............... 15.99% 6.15% N/AClass 3 Shares ............... 15.69% N/A 6.60%MSCI EAFE® Index

(net) ............................. 22.01% 8.29% 9.97%S&P 500® Index.............. 31.49% 15.35% 16.70%Blended Index................. 18.52% 7.46% 8.66%Bloomberg Barclays U.S.

7-10 Treasury Index..... 8.50% 1.85% 2.72%

Investment Adviser


The Portfolio is subadvised by BlackRock InvestmentManagement, LLC.

Portfolio Managers

Name and Title


Philip J. GreenManaging Director ................................. 2016

Michael PenskyDirector .................................................. 2016



- 13 -

Investment Goal

The Portfolio’s investment goal is capital appreciation.







Expense Example




Portfolio Turnover




The Portfolio attempts to achieve its goal by investing,under normal circumstances, at least 80% of its netassets in equity securities that demonstrate the potentialfor capital appreciation, issued by companies thesubadviser believes are positioned to benefit frominvolvement in technology and technology-relatedindustries worldwide. The Portfolio will invest principally incommon stocks of companies of all sizes, and may investin small- and mid-cap companies.

Under normal circumstances, the Portfolio generallyinvests at least 40% of its net assets in companies thatmaintain their principal place of business or conduct theirprincipal business activities outside the U.S., have theirsecurities traded on non-U.S. exchanges or have beenformed under the laws of non-U.S. countries. This 40%minimum investment amount may be reduced to 30% ifmarket conditions for these investments or specific foreignmarkets are deemed unfavorable. The Portfolio considersa company to conduct its principal business activitiesoutside the U.S. if it derives at least 50% of its revenuefrom business outside the U.S. or has at least 50% of itsassets outside the U.S. The Portfolio may, from time totime, take temporary defensive positions that may result inthe Portfolio investing less than 30% of its net assets incompanies outside the U.S. in an effort to minimizeextreme volatility caused by adverse market, economic,political or other conditions. The companies in which thePortfolio invests include those that the subadviser expectswill generate a majority of their revenues from thedevelopment, advancement, use or sale of technology ortechnology-related products, processes or services. ThePortfolio may invest in companies operating in anyindustry, including, but not limited to, the biotechnology,cable and network broadcasting, information technology,communications, computer hardware, computer servicesand software, consumer electronics, defense, medicaltechnology, environmental, health care, pharmaceutical,semiconductor, and technology services industries,including the internet. The Portfolio may invest incompanies in all stages of corporate development,ranging from new companies developing a promisingtechnology or scientific advancement to establishedcompanies with a record of producing breakthroughproducts and technologies from research anddevelopment efforts. The Portfolio may invest in all typesof securities, many of which will be denominated incurrencies other than the U.S. dollar. The Portfolionormally concentrates its investments in common stocks;however, it may invest in other types of equity securities,

PORTFOLIO SUMMARY: SA COLUMBIA TECHNOLOGY PORTFOLIO

- 14 -

including securities convertible into or exchangeable forcommon stock, depositary receipts, and rights andwarrants to purchase common stock. The Portfolio alsomay invest up to 20% of its assets in preferred stock andinvestment-grade or comparable quality debt securities.

The subadviser seeks to identify those technologycompanies that it believes have the greatest prospects forfuture growth, regardless of their countries of origin. ThePortfolio uses an investment style that combines researchinto individual company attractiveness with macroanalysis. This means that the subadviser uses extensivein-depth research to identify attractive technologycompanies around the world, while seeking to identifyparticularly strong technology sectors and/or factorswithin regions or specific countries that may affectinvestment opportunities. In selecting individual securities,the subadviser looks for companies that it believes displayone or more of the following:

• Above-average growth prospects;

• High profit margins;

• Attractive valuations relative to earnings forecastsor other valuation criteria (e.g., return on equity);

• Quality management and equity ownership byexecutives;

• Unique competitive advantages (e.g., marketshare, proprietary products); or

• Potential for improvement in overall operations.

In evaluating whether to sell a security, the subadviserconsiders, among other factors, whether in its view:

• Its target price has been reached;

• Its earnings are disappointing;

• Its revenue growth has slowed;

• Its underlying fundamentals have deteriorated; or

• If the subadviser believes that negative country orregional factors may affect a company’s outlook.The Portfolio is non-diversified, which means thatit can invest a greater percentage of its assets inthe securities of fewer issuers than can adiversified fund.





Illiquidity Risk. If the active trading market for certainsecurities becomes limited or non-existent, it can becomemore difficult to sell the securities at or near theirperceived value. This may cause the value of suchsecurities and the Portfolio’s share price to falldramatically.

Technology Company Risk. Technology companiesmay react similarly to certain market pressures andevents. They may be significantly affected by shortproduct cycles, aggressive pricing of products andservices, competition from new market entrants andobsolescence of existing technology. As a result, thePortfolio’s returns may be considerably more volatile thanthose of a fund that does not invest in technologycompanies.

Growth Stock Risk. Growth stocks may lack the dividendyield associated with value stocks that can cushion totalreturn in a bear market. Also, growth stocks normally carrya higher price/earnings ratio than many other stocks.Consequently, if earnings expectations are not met, themarket price of growth stocks will often decline more thanother stocks.


Emerging Markets Risk. Risks associated withinvestments in emerging markets may include: delays insettling portfolio securities transactions; currency andcapital controls; greater sensitivity to interest ratechanges; pervasive corruption and crime; exchange rate


- 15 -

volatility; inflation, deflation or currency devaluation;violent military or political conflicts; confiscations andother government restrictions by the United States orother governments; and government instability. As aresult, investments in emerging market securities tend tobe more volatile than investments in developed countries.




Depositary Receipts Risk. Depositary receipts aregenerally subject to the same risks as the foreignsecurities that they evidence or into which they may beconverted. The issuers of unsponsored depositaryreceipts are not obligated to disclose information that isconsidered material in the United States. Therefore, theremay be less information available regarding the issuersand there may not be a correlation between suchinformation and the market value of the depositaryreceipts. Certain depositary receipts are not listed on anexchange and therefore are subject to illiquidity risk.



Sector Risk. Sector risk is the possibility that a certainsector may underperform other sectors or the market as awhole. As the Portfolio allocates more of its portfolioholdings to a particular sector, the Portfolio’s performancewill be more susceptible to any economic, business orother developments which generally affect that sector.



Non-Diversification Risk. The Portfolio is organized as a“non-diversified” fund. A non-diversified fund may invest alarger portion of assets in the securities of a singlecompany than a diversified fund. By concentrating in asmaller number of issuers, the Portfolio’s risk is increasedbecause the effect of each security on the Portfolio’sperformance is greater.


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the MSCI World Information Technology Index(Net) and Nasdaq Composite Index. Fees and expensesincurred at the contract level are not reflected in the bar


- 16 -

chart or table. If these amounts were reflected, returnswould be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

Effective May 1, 2010, Columbia Management InvestmentAdvisers, LLC (“CMIA”) assumed subadvisory duties ofthe Portfolio. Prior to May 1, 2010, BofA Advisors, LLC(formerly, Columbia Management Advisors, LLC) servedas subadviser.

(Class 1 Shares)

20.17%

-5.59%

7.78%

26.12% 24.80%

10.04%

16.87%

35.15%

-8.15%

55.65%

-20%

-10%

0%

10%

20%

30%

40%

50%

60%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

During the 10-year period shown in the bar chart, thehighest return for a quarter was 23.38% (quarter endedMarch 31, 2019) and the lowest return for a quarter was-15.48% (quarter ended December 31, 2018). The year-to-date calendar return as of March 31, 2020 was-18.83%.


1Year

5Years

10Years

Class 1 Shares..................... 55.65% 19.97% 16.94%Class 2 Shares..................... 55.48% 19.82% 16.78%Class 3 Shares..................... 55.10% 19.65% 16.67%MSCI World Information

Technology Index.............. 47.55% 18.33% 15.52%Nasdaq Composite Index..... 36.69% 14.93% 16.05%

Investment Adviser


The Portfolio is subadvised by CMIA.

Portfolio Managers

Name and Title

PortfolioManager ofthe Portfolio

Since

Paul H. WickLead Manager ........................................... 2010

Shekhar PramanickCo-manager .............................................. 2015

Sanjay DevganTechnology Team Member ........................ 2015

Jeetil PatelTechnology Team Member ........................ 2015

Christopher BoovaTechnology Team Member ........................ 2016

Vimal PatelTechnology Team Member ........................ 2018



- 17 -

Investment Goal

The Portfolio’s investment goal is current incomeconsistent with liquidity and preservation of capital.







Expense Example



Class 1 Shares... $52 $164 $285 $640Class 2 Shares... 67 211 368 822Class 3 Shares... 78 243 422 942

Portfolio Turnover





The Portfolio attempts to achieve its investment goal byinvesting, under normal circumstances, at least 80% of itsnet assets in bonds. For purposes of this policy, bondsinclude all fixed income securities other than preferredstock. The Portfolio invests primarily in U.S. Governmentsecurities, U.S. Government agency securities, U.S.dollar-denominated domestic or foreign securitiesincluding those not trading in the U.S., foreign sovereignand agency debt instruments, bank obligations of U.S.banks, foreign branches of U.S. banks and U.S. branchesof foreign banks, corporate debt instruments, commercialpaper, repurchase agreements and supranational debt.The Portfolio will invest only in fixed income securities thatare investment grade at the time of purchase. Undernormal circumstances, the Portfolio maintains a dollar-weighted average effective maturity of one year or lessfrom the date of settlement.

The subadviser seeks to manage the Portfolio with a viewto capturing expected credit premiums and expected termor maturity premiums. The term “expected creditpremium” means the expected incremental return oninvestment for holding obligations considered to havegreater credit risk than direct obligations of the U.S.Treasury, and “expected term or maturity premium” meansthe expected relative return on investment for holdingsecurities having longer-term maturities as compared tosecurities having shorter-term maturities. The subadviserbelieves that expected credit premiums are availablelargely through investment in commercial paper andcorporate obligations. The holding period for assets of thePortfolio will be chosen with a view to maximizinganticipated returns, net of trading costs.

The subadviser may sell an instrument before it maturesin order to meet cash flow needs; to manage the portfolio’smaturity; if the subadviser believes that the instrument isno longer a suitable investment, or that other investmentsare more attractive; or for other reasons.

The Portfolio may purchase or sell futures contracts andoptions on futures contracts, to adjust market exposurebased on actual or expected cash inflows to or outflowsfrom the Portfolio. The Portfolio does not intend to sellfutures contracts to establish short positions in individual

PORTFOLIO SUMMARY: SA DFA ULTRA SHORT BOND PORTFOLIO

- 18 -

securities or to use derivatives for purposes of speculationor leveraging investment returns.







Credit Risk. Credit risk applies to most debt securities,but is generally not a factor for obligations backed by the“full faith and credit” of the U.S. Government. The Portfoliocould lose money if the issuer of a debt security is unableor perceived to be unable to pay interest or to repayprincipal when it becomes due. Debt securities backed byan issuer’s taxing authority may be subject to legal limitson the issuer’s power to increase taxes or otherwise raiserevenue, or may be dependent on legislative appropriationor government aid. Certain debt securities are backedonly by revenues derived from a particular project or

source, rather than by an issuer’s taxing authority, andthus may have a greater risk of default.

Derivatives Risk. A derivative is any financial instrumentwhose value is based on, and determined by, anothersecurity, index, rate or benchmark (i.e., stock options,futures, caps, floors, etc.). To the extent a derivativecontract is used to hedge another position in the Portfolio,the Portfolio will be exposed to the risks associated withhedging described below. To the extent an option, futurescontract, swap, or other derivative is used to enhancereturn, rather than as a hedge, the Portfolio will be directlyexposed to the risks of the contract. Unfavorable changesin the value of the underlying security, index, rate orbenchmark may cause sudden losses. Gains or lossesfrom the Portfolio’s use of derivatives may be substantiallygreater than the amount of the Portfolio’s investment.Derivatives are also associated with various other risks,including market risk, leverage risk, hedging risk,counterparty risk, illiquidity risk and interest ratefluctuations risk. The primary risks associated with thePortfolio’s use of derivatives are market risk, counterpartyrisk and hedging risk.



Hedging Risk. While hedging strategies can be veryuseful and inexpensive ways of reducing risk, they aresometimes ineffective due to unexpected changes in themarket. Hedging also involves the risk that changes in thevalue of the related security will not match those of theinstruments being hedged as expected, in which case anylosses on the instruments being hedged may not bereduced. For gross currency hedges, there is an additionalrisk, to the extent that these transactions create exposure


- 19 -

to currencies in which the Portfolio’s securities are notdenominated.

Income Risk. The ability of the Portfolio’s equitysecurities to generate income generally depends on theearnings and the continuing declaration of dividends bythe issuers of such securities. The interest income on debtsecurities generally is affected by prevailing interest rates,which can vary widely over the short- and long-term. Ifdividends are reduced or discontinued or interest ratesdrop, distributions to shareholders from the Portfolio maydrop as well.

Interest Rate Fluctuations Risk. Fixed income securitiesmay be subject to volatility due to changes in interestrates. Duration is a measure of interest rate risk thatindicates how price-sensitive a bond is to changes ininterest rates. Longer-term and lower coupon bonds tendto be more sensitive to changes in interest rates. Interestrates have been historically low, so the Portfolio faces aheightened risk that interest rates may rise. For example,a bond with a duration of three years will decrease in valueby approximately 3% if interest rates increase by 1%.Potential future changes in monetary policy made bycentral banks and/or their governments are likely to affectthe level of interest rates.




Repurchase Agreements Risk. Repurchaseagreements are agreements in which the seller of asecurity to the Portfolio agrees to repurchase that securityfrom the Portfolio at a mutually agreed upon price anddate. Repurchase agreements carry the risk that thecounterparty may not fulfill its obligations under theagreement. This could cause the Portfolio’s income andthe value of the Portfolio to decline.


Risk of Investing in Money Market Securities. Aninvestment in the Portfolio is subject to the risk that thevalue of its investments may be subject to changes ininterest rates, changes in the rating of any money marketsecurity and in the ability of an issuer to make paymentsof interest and principal.

U.S. Government Obligations Risk. U.S. Treasuryobligations are backed by the “full faith and credit” of theU.S. Government and generally have negligible credit risk.Securities issued or guaranteed by federal agencies orauthorities and U.S. Government-sponsoredinstrumentalities or enterprises may or may not be backedby the full faith and credit of the U.S. Government.


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the ICE BofA 6-Month US Treasury Bill Index.Fees and expenses incurred at the contract level are notreflected in the bar chart or table. If these amounts werereflected, returns would be less than those shown. Ofcourse, past performance is not necessarily an indicationof how the Portfolio will perform in the future.

Effective May 1, 2016, Dimensional Fund Advisors LP(“DFA”) assumed subadvisory duties of the Portfolio. Priorto May 1, 2016, the Portfolio was managed bySunAmerica. Prior to April 15, 2016, BofA Advisors, LLCserved as subadviser.

Performance for periods prior to May 1, 2016 reflectsresults when the Portfolio was managed as a moneymarket fund.


- 20 -

(Class 1 Shares)

-0.28% -0.28% -0.19% -0.28% -0.28% -0.19% -0.09%

0.70%

1.52%

2.27%

-1%

0%

1%

2%

3%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

During the 10-year period shown in the bar chart, thehighest return for a quarter was 0.66% (quarter endedDecember 31, 2018) and the lowest return for a quarterwas -0.09% (quarter ended December 31, 2016). Theyear-to-date calendar return as of March 31, 2020 was0.19%.


1Year

5Years

10Years

Class 1 Shares........................... 2.27% 0.84% 0.29%Class 2 Shares........................... 2.15% 0.69% 0.14%Class 3 Shares........................... 1.99% 0.58% 0.03%ICE BofA 6-Month US Treasury

Bill Index ................................. 2.57% 1.26% 0.74%

Investment Adviser


The Portfolio is subadvised by DFA.

Portfolio Managers

Name and Title


David A. Plecha, CFAGlobal Head of Fixed Income and VicePresident ............................................... 2016

Joseph F. KolerichHead of Fixed Income, Americas andVice President ....................................... 2016



- 21 -

Investment Goal

The Portfolio’s investment goal is total return (includingcapital appreciation and current income).







Expense Example




Portfolio Turnover





The Portfolio attempts to achieve its goal by investing inthirty high dividend yielding common stocks selectedquarterly from the Dow Jones Industrial Average and thebroader market.

The Portfolio employs a “buy and hold” strategy thatquarterly selects the following 30 stocks: (1) the 10highest yielding common stocks in the Dow JonesIndustrial Average (“DJIA”) and (2) the 20 other highestyielding stocks of the 400 largest industrial companies inthe U.S. markets that have capitalizations of at least$1 billion and have received one of the two highestrankings from an independently published common stockranking service on the basis of growth and stability ofearnings and dividends. The stocks in the Portfolio will notchange over the course of each quarter, even if there areadverse developments concerning a particular stock, anindustry, the economy or the stock market generally.

The first 10 stocks represent the 10 highest yieldingcommon stocks in the DJIA. This is popularly known asthe “Dogs of the Dow” theory and was popularized in theearly 1990’s. The strategy seeks to capitalize on relativeundervaluation as defined by dividend yield. In an attemptto minimize volatility and maximize performance, theadviser has expanded the strategy by 20 stocks to createthe Portfolio.

Due to purchases and redemptions of Portfolio sharesduring the year and changes in the market value of thestocks held by the Portfolio, it is likely that the weightingsof the stocks in the Portfolio will fluctuate throughout thecourse of the year. This may result in the Portfolioinvesting more than 25% of its assets in the securities ofissuers in the same industry, to the extent suchinvestments are selected according to the Portfolio’s stockselection criteria.


As with any mutual fund, there can be no assurance thatthe Portfolio’s investment goal will be met or that the netreturn on an investment in the Portfolio will exceed whatcould have been obtained through other investment orsavings vehicles. Shares of the Portfolio are not bankdeposits and are not guaranteed or insured by any bank,

PORTFOLIO SUMMARY: SA DOGS OF WALL STREET PORTFOLIO

- 22 -

government entity or the Federal Deposit InsuranceCorporation. If the value of the assets of the Portfoliogoes down, you could lose money.



Disciplined Strategy Risk. The Portfolio will not deviatefrom its strategy (except to the extent necessary to complywith federal tax laws or other applicable laws). If thePortfolio is committed to a strategy that is unsuccessful,the Portfolio will not meet its investment goal. Because thePortfolio generally will not use certain techniquesavailable to other mutual funds to reduce stock marketexposure (e.g., derivatives), the Portfolio may be moresusceptible to general market declines than other mutualfunds.



Affiliated Fund Rebalancing Risk. The Portfolio may bean investment option for other mutual funds for whichSunAmerica Asset Management, LLC (“SunAmerica”)serves as investment adviser that are managed as “fundsof funds.” From time to time, the Portfolio may experiencerelatively large redemptions or investments due to the

rebalancing of a fund of funds. In the event of suchredemptions or investments, the Portfolio could berequired to sell securities or to invest cash at a time whenit is not advantageous to do so.


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the S&P 500® Index. Fees and expenses incurredat the contract level are not reflected in the bar chart ortable. If these amounts were reflected, returns would beless than those shown. Of course, past performance is notnecessarily an indication of how the Portfolio will performin the future.

(Class 1 Shares)

16.70%

12.63%13.83%

36.63%

10.79%

2.10%

17.91% 18.79%

-0.29%

24.79%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years

Class 1 Shares..................... 24.79% 12.21% 14.95%Class 2 Shares..................... 24.63% 12.05% 14.79%Class 3 Shares..................... 24.50% 11.93% 14.68%S&P 500® Index ................... 31.49% 11.70% 13.56%


- 23 -

Investment Adviser


Portfolio Managers

Name and Title


Since

Timothy PetteeLead Portfolio Manager ............................. 2013

Andrew SheridanCo-Portfolio Manager ................................ 2013

Timothy CampionCo-Portfolio Manager ................................ 2013

Jane Bayar AlgieriCo-Portfolio Manager ................................ 2019



- 24 -

Investment Goal

The Portfolio’s investment goal is investment results thatcorrespond with the performance of the MSCI EmergingMarkets Index.




Class 1 Class 3

Management Fees.............................. 0.45% 0.45%Service (12b-1) Fees .......................... None 0.25%Other Expenses.................................. 0.38% 0.37%Acquired Fund Fees and Expenses1 .. 0.06% 0.06%Total Annual Portfolio Operating

Expenses1,2..................................... 0.89% 1.13%Fee Waivers and/or Expense

Reimbursements2............................ -0.25% -0.24%Total Annual Portfolio Operating

Expenses After Fee Waivers and/orExpense Reimbursements1,2 .......... 0.64% 0.89%

1 The Total Annual Portfolio Operating Expenses do not correlate to theratio of expenses to average net assets provided in the FinancialHighlights table which reflects operating expenses of the Portfolioand do not include Acquired Fund Fees and Expenses.

2 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica” or the “Adviser”) has contractuallyagreed to waive its fees and/or reimburse expenses to the extent thatthe Total Annual Portfolio Operating Expenses of Class 1 and Class 3shares exceed 0.58% and 0.83%, respectively, of the Portfolio’saverage daily net assets. For purposes of the Expense LimitationAgreement, “Total Annual Portfolio Operating Expenses” shall notinclude extraordinary expenses (i.e., expenses that are unusual innature and infrequent in occurrence, such as litigation), or acquiredfund fees and expenses, brokerage commissions and othertransactional expenses relating to the purchase and sale of portfoliosecurities, interest, taxes and governmental fees, and otherexpenses not incurred in the ordinary course of business ofSunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Anywaivers and/or reimbursements made by SunAmerica with respect tothe Portfolio are subject to recoupment from the Portfolio within twoyears after the occurrence of the waivers and/or reimbursements,provided that the recoupment does not cause the expense ratio of theshare class to exceed the lesser of (a) the expense limitation in effectat the time the waivers and/or reimbursements occurred, or (b) thecurrent expense limitation of that share class. This agreement maybe modified or discontinued prior to April 30, 2021, only with the

approval of the Board of Trustees of the Trust, including a majorityof the trustees who are not “interested persons” of the Trust asdefined in the Investment Company Act of 1940, as amended.

Expense Example



Class 1 Shares... $65 $259 $469 $1,073Class 3 Shares... 91 335 599 1,353

Portfolio Turnover




The Portfolio seeks to provide investment results thatcorrespond with the performance of the MSCI EmergingMarkets Index (the “Index”). The Index includes a numberof regions, market segments/sizes and coversapproximately 85% of the free float-adjusted marketcapitalization in each of the countries represented in theIndex.

The Adviser seeks to achieve the Portfolio’s objective byinvesting in a sampling of stocks included in the Index byutilizing a statistical technique known as “optimization.”The goal of optimization is to select stocks which ensurethat characteristics such as industry weightings, averagemarket capitalizations and fundamental characteristics(e.g., price-to-book, price-to-earnings, debt-to-asset ratios

PORTFOLIO SUMMARY: SA EMERGING MARKETS EQUITY INDEX PORTFOLIO

- 25 -

and dividend yields) closely approximate those of theIndex. The Adviser may also invest the Portfolio’s assetsin securities with economic characteristics that arecomparable to the economic characteristics of securitiesincluded in the Index. Stocks not in the Index may be heldbefore or after changes in the composition of the Index orif they have characteristics similar to stocks in the Index.Under normal circumstances, all of the Portfolio’sinvestments will be selected through the optimizationprocess, and at least 80% of its net assets will be investedin securities included in the Index or in securities thatSunAmerica, the Portfolio’s investment adviser,determines have economic characteristics that arecomparable to the economic characteristics of securitiesincluded in the Index. The Portfolio may invest inexchange-traded funds (“ETFs”), including to gainexposure to certain local markets that may be closed, orthat are expensive or difficult to trade in local shares. ThePortfolio will not concentrate, except to approximately thesame extent as the Index may concentrate, in thesecurities of any industry. It is not anticipated, however,that the Portfolio will, under normal circumstances, beconcentrated in the securities of any industry.

Because the Portfolio will generally not hold all of thestocks included in the Index, and because the Portfoliohas expenses and the Index does not, the Portfolio will notduplicate the Index’s performance precisely. However, theAdviser believes there should be a close correlationbetween the Portfolio’s performance and that of the Indexin both rising and falling markets.





Foreign Investment Risk. The Portfolio’s investments inthe securities of foreign issuers or issuers with significantexposure to foreign markets involve additional risk.

Foreign countries in which the Portfolio invests may havemarkets that are less liquid, less regulated and morevolatile than U.S. markets. The value of the Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.



Country Focus Risk. To the extent the Portfolio invests asignificant portion of its assets in one or only a fewcountries at a time, the Portfolio will face a greater risk ofloss due to factors affecting that single country or thosefew countries than if the Portfolio always maintained widediversity among countries in which it invests.

ETF Risk. Most ETFs are investment companies whoseshares are purchased and sold on a securities exchange.An investment in an ETF generally presents the sameprimary risks as an investment in a conventional fund (i.e.,one that is not exchange-traded) that has the sameinvestment objectives, strategies and policies. However,ETFs are subject to the following risks that do not apply toconventional mutual funds: (i) the market price of an ETF’sshares may trade at a premium or a discount to its netasset value; (ii) an active trading market for an ETF’sshares may not develop or be maintained; and (iii) there isno assurance that the requirements of the exchangenecessary to maintain the listing of an ETF will continueto be met or remain unchanged. In addition, a passively-managed ETF may fail to accurately track the marketsegment or index that underlies its investment objective.


- 26 -

To the extent that the Portfolio invests in an ETF, thePortfolio will indirectly bear its proportionate share of themanagement and other expenses that are charged by theETF in addition to the expenses paid by the Portfolio.

Failure to Match Index Performance Risk. The ability ofthe Portfolio to match the performance of the Index maybe affected by, among other things, changes in securitiesmarkets, the manner in which performance of the Index iscalculated, changes in the composition of the Index, theamount and timing of cash flows into and out of thePortfolio, commissions, portfolio expenses, and anydifferences in the pricing of securities by the Portfolio andthe Index. When the Portfolio employs an “optimization”strategy, the Portfolio is subject to an increased risk oftracking error, in that the securities selected in theaggregate for the Portfolio may perform differently thanthe underlying index.

Management Risk. The Portfolio is subject tomanagement risk. The Portfolio’s portfolio managersapply investment techniques and risk analyses in makinginvestment decisions, but there can be no guarantee thatthese decisions or the individual securities selected by theportfolio managers will produce the desired results.

“Passively Managed” Strategy Risk. The Portfolio willnot deviate from its strategy, except to the extentnecessary to comply with federal tax laws. If the Portfolio’sstrategy is unsuccessful, the Portfolio will not meet itsinvestment goal. Because the Portfolio will not use certaintechniques available to other mutual funds to reduce stockmarket exposure, the Portfolio may be more susceptible togeneral market declines than other funds.


Market Risk. The Portfolio’s share price can fall becauseof weakness in the broad market, a particular industry, orspecific holdings. The market as a whole can decline formany reasons, including adverse political or economicdevelopments in the United States or abroad, changes ininvestor psychology, or heavy institutional selling andother conditions or events (including, for example, militaryconfrontations, war, terrorism, disease/virus, outbreaksand epidemics).

Affiliated Fund Rebalancing Risk. The Portfolio may bean investment option for other mutual funds for whichSunAmerica serves as investment adviser that are

managed as “funds of funds.” From time to time, thePortfolio may experience relatively large redemptions orinvestments due to the rebalancing of a fund of funds. Inthe event of such redemptions or investments, thePortfolio could be required to sell securities or to investcash at a time when it is not advantageous to do so.


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the MSCI Emerging Markets Index (net). Feesand expenses incurred at the contract level are notreflected in the bar chart or table. If these amounts werereflected, returns would be less than those shown. Ofcourse, past performance is not necessarily an indicationof how the Portfolio will perform in the future.

(Class 1 Shares)

18.70%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

2019



1Year


Class 1 Shares.................................. 18.70% 1.28%Class 3 Shares.................................. 18.38% 1.02%MSCI Emerging Markets Index (net). 18.42% 0.12%


- 27 -

Investment Adviser


Portfolio Managers

Name and Title


Timothy CampionCo-Portfolio Manager ............................ 2018

Elizabeth MauroCo-Portfolio Manager ............................ 2019



- 28 -

Investment Goal

The Portfolio’s investment goal is high total return withonly moderate price risk.







Expense Example



Class 1 Shares... $56 $176 $307 $689Class 2 Shares... 72 224 390 871Class 3 Shares... 82 255 444 990

Portfolio Turnover





The Portfolio attempts to achieve its goal by investing,under normal market conditions, at least 80% of its netassets in corporate bonds. For purposes of this policy,corporate bonds include any corporate fixed incomesecurity.

The subadviser seeks to enhance the Portfolio’sperformance by allocating relatively more of its portfolio tothe security type that the subadviser expects to offer thebest balance between current income and risk. Thesubadviser may lengthen or shorten duration from time totime based on its interest rate outlook, but the Portfoliohas no set duration parameters. Duration measures theprice sensitivity of a fixed income security to changes ininterest rates.

The Portfolio invests primarily in investment grade fixedincome securities, but may invest up to 35% of its assetsin securities rated below investment grade, or “junkbonds,” including loan participations and assignments,which are rated below investment grade or are deemed bythe subadviser to be below investment grade. Junk bondsare considered speculative. The Portfolio may also investin foreign securities (up to 20% of net assets); and when-issued and delayed delivery transactions. The Portfoliomay invest in illiquid investments (up to 15% of assets).

The Portfolio may use derivative contracts to implementelements of its investment strategy in an attempt to:manage duration of the Portfolio, gain exposure to certainindices, currencies and interest rates based onanticipated changes in the volatility of Portfolio assets,obtain premiums or realize gains from the trading of aderivative instrument, or hedge against potential losses inthe Portfolio. Such derivatives may include: credit defaultswaps and CDX-swaps (up to 5% of total assets); and upto 10% of total assets for all other derivatives, includingoptions, futures, interest rate futures, currency swaps,total return swaps, interest rate swaps, caps, floors andcollars.


As with any mutual fund, there can be no assurance thatthe Portfolio’s investment goal will be met or that the netreturn on an investment in the Portfolio will exceed whatcould have been obtained through other investment or

PORTFOLIO SUMMARY: SA FEDERATED HERMES CORPORATE BOND PORTFOLIO(FORMERLY, SA FEDERATED CORPORATE BOND PORTFOLIO)

- 29 -

savings vehicles. Shares of the Portfolio are not bankdeposits and are not guaranteed or insured by any bank,government entity or the Federal Deposit InsuranceCorporation. If the value of the assets of the Portfoliogoes down, you could lose money.


Risk of Investing in Bonds. The value of yourinvestment in the Portfolio may go up or down in responseto changes in interest rates or defaults (or even thepotential for future defaults) by bond issuers.

Risk of Investing in Junk Bonds. The Portfolio mayinvest significantly in junk bonds, which are consideredspeculative. Junk bonds carry a substantial risk of defaultor changes in the issuer’s creditworthiness, or they mayalready be in default at the time of purchase.


Illiquidity Risk. When there is little or no active tradingmarket for specific types of securities, it can become moredifficult to sell the securities at or near their perceivedvalue. In such a market, the value of such securities andthe Portfolio’s share price may fall dramatically. Portfoliosthat invest in non-investment grade fixed incomesecurities and emerging market country issuers will beespecially subject to the risk that during certain periods,the liquidity of particular issuers or industries, or allsecurities within a particular investment category, willshrink or disappear suddenly and without warning as aresult of adverse economic, market or political events, oradverse investor perceptions.

Credit Default Swap Risk. A credit default swap is anagreement between two parties: a buyer of creditprotection and a seller of credit protection. The buyer in acredit default swap agreement is obligated to pay theseller a periodic stream of payments over the term of the

swap agreement. If no default or other designated creditevent occurs, the seller of credit protection will havereceived a fixed rate of income throughout the term of theswap agreement. If a default or designated credit eventdoes occur, the seller of credit protection must pay thebuyer of credit protection the full value of the referenceobligation. Credit default swaps increase counterparty riskwhen the Portfolio is the buyer. Commodity FuturesTrading Commission rules require that certain creditdefault swaps be executed through a centralizedexchange or regulated facility and be cleared through aregulated clearinghouse. As a general matter, these rateshave increased costs in connection with trading theseinstruments.


Leverage Risk. The Portfolio may engage in certaintransactions that may expose it to leverage risk, such asreverse repurchase agreements, loans of portfoliosecurities, and the use of when-issued, delayed deliveryor forward commitment transactions and derivatives. Theuse of leverage may cause the Portfolio to liquidateportfolio positions at inopportune times in order to meetregulatory asset coverage requirements, fulfill leveragecontract terms, or for other reasons. Leveraging, includingborrowing, tends to increase the Portfolio’s exposure tomarket risk, interest rate risk or other risks, and thus maycause the Portfolio to be more volatile than if the Portfoliohad not utilized leverage.

Hedging Risk. While hedging strategies can be veryuseful and inexpensive ways of reducing risk, they aresometimes ineffective due to unexpected changes in themarket. Hedging also involves the risk that changes in thevalue of the related security will not match those of theinstruments being hedged as expected, in which case any


- 30 -

losses on the instruments being hedged may not bereduced. For gross currency hedges, there is an additionalrisk, to the extent that these transactions create exposureto currencies in which the Portfolio’s securities are notdenominated.



Credit Risk. Credit risk applies to most debt securities,but is generally not a factor for obligations backed by the“full faith and credit” of the U.S. Government. The Portfoliocould lose money if the issuer of a debt security is unableor perceived to be unable to pay interest or to repayprincipal when it becomes due.



Management Risk. The Portfolio is subject tomanagement risk because it is an actively-managedinvestment portfolio. The Portfolio’s portfolio managersapply investment techniques and risk analyses in makinginvestment decisions, but there can be no guarantee that

these decisions or the individual securities selected by theportfolio managers will produce the desired results.

Loan Participations and Assignments Risk. The lack ofa liquid secondary market for loan participations andassignments may have an adverse impact on the value ofsuch securities and the Portfolio’s ability to dispose ofparticular assignments or participations when necessaryto meet the Portfolio’s liquidity needs or in response to aspecific economic event such as a deterioration in thecreditworthiness of the borrower. The lack of a liquidsecondary market for assignments and participations alsomay make it more difficult for the Portfolio to assign avalue to these securities for purposes of valuing thePortfolio and calculating its net asset value.


When-Issued and Delayed Delivery TransactionsRisk. When-issued and delayed delivery securities involvethe risk that the security the Portfolio buys will lose valueprior to its delivery. There also is the risk that the securitywill not be issued or that the other party to the transactionwill not meet its obligation. If this occurs, the Portfolio maylose both the investment opportunity for the assets it setaside to pay for the security and any gain in the security’sprice.



The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns to


- 31 -

those of the Bloomberg Barclays U.S. Credit Index,Bloomberg Barclays U.S. Corporate High Yield 2% IssuerCapped Index and a blended index. The blended indexconsists of 75% Bloomberg Barclays U.S. Credit Indexand 25% Bloomberg Barclays U.S. Corporate High Yield2% Issuer Capped Index (the “Blended Index”). Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 1 Shares)

10.93%

6.48%

11.38%

1.44%

5.80%

-1.24%

8.76%

6.64%

-2.87%

14.87%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

During the 10-year period shown in the bar chart, thehighest return for a quarter was 5.87% (quarter endedMarch 31, 2019) and the lowest return for a quarter was-2.77% (quarter ended June 30, 2013). The year-to-datecalendar return as of March 31, 2020 was -6.43%.


1Year

5Years

10Years

Class 1 Shares......................... 14.87% 5.03% 6.08%Class 2 Shares......................... 14.69% 4.88% 5.92%Class 3 Shares......................... 14.59% 4.78% 5.82%Blended Index .......................... 13.96% 4.85% 5.90%Bloomberg Barclays U.S. High

Yield 2% Issuer CappedIndex ..................................... 14.32% 6.14% 7.55%

Bloomberg Barclays U.S.Credit Index .......................... 13.80% 4.39% 5.32%

Investment Adviser


The Portfolio is subadvised by Federated InvestmentManagement Company.

Portfolio Managers

Name and Title


Brian S. RuffnerVice President, Senior InvestmentAnalystand Portfolio Manager ........................... 2009

Mark E. DurbianoSenior Vice President and SeniorPortfolio Manager .................................. 1996



- 32 -

Investment Goal

The Portfolio’s investment goal is to seek long-termgrowth of capital.




Class 1 Class 3






2 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica”) has contractually agreed to waiveits fees and/or reimburse expenses to the extent that the Total AnnualPortfolio Operating Expenses exceed 0.88% and 1.13% of theaverage daily net assets of the Portfolio’s Class 1 and Class 3 shares,respectively. For purposes of the Expense Limitation Agreement,“Total Annual Portfolio Operating Expenses” shall not includeextraordinary expenses (i.e., expenses that are unusual in nature andinfrequent in occurrence, such as litigation), or acquired fund feesand expenses, brokerage commissions and other transactionalexpenses relating to the purchase and sale of portfolio securities,interest, taxes and governmental fees, and other expenses notincurred in the ordinary course of business of SunAmerica SeriesTrust (the “Trust”) on behalf of the Portfolio. Any waivers and/orreimbursements made by SunAmerica with respect to the Portfolioare subject to recoupment from the Portfolio within two years after theoccurrence of the waiver and/or reimbursement, provided that therecoupment does not cause the expense ratio of the share class toexceed the lesser of (a) the expense limitation in effect at the timethe waivers and/or reimbursements occurred, or (b) the currentexpense limitation of that share class. This agreement may bemodified or discontinued prior to April 30, 2021 only with the approvalof the Board of Trustees of the Trust, including a majority of thetrustees who are not “interested persons” of the Trust as defined inthe Investment Company Act of 1940, as amended.

Expense Example




Portfolio Turnover




The Portfolio attempts to achieve its goal by investingprimarily in non-U.S. securities, including securities ofissuers located in emerging markets, that demonstrate thepotential for capital appreciation. Under normalcircumstances, the Portfolio’s assets will be investedprimarily in common stocks, which may include stockstrading in local markets under local currencies, AmericanDepositary Receipts or Global Depositary Receipts. ThePortfolio may invest in equity securities of companies inany market capitalization range. Under normal marketconditions, the Portfolio will hold investments in a numberof different countries and regions throughout the world. Inbuying and selling securities for the Portfolio, thesubadviser relies on fundamental analysis, which involvesa bottom-up assessment of a company’s potential forsuccess in light of various factors, such as its financialcondition, earnings outlook, strategy, management,industry position, and economic and market conditions.

PORTFOLIO SUMMARY: SA FIDELITY INSTITUTIONAL AM® INTERNATIONAL GROWTHPORTFOLIO

- 33 -

The subadviser may engage in frequent and active tradingof portfolio securities.








Foreign Investment Risk. The Portfolio’s investments inthe securities of foreign issuers or issuers with significantexposure to foreign markets involve additional risk.Foreign countries in which the Portfolio invests may have

markets that are less liquid, less regulated and morevolatile than U.S. markets. The value of the Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.





Market Risk. The Portfolio’s share price can fall becauseof weakness in the broad market, a particular industry, orspecific holdings. The market as a whole can decline formany reasons, including adverse political or economicdevelopments in the United States or abroad, changes ininvestor psychology, or heavy institutional selling andother conditions or events (including, for example, militaryconfrontations, war, terrorism, disease/virus, outbreaksand epidemics). In addition, the subadviser’s assessmentof securities held in the Portfolio may prove incorrect,


- 34 -

resulting in losses or poor performance even in a risingmarket.



Affiliated Fund Rebalancing Risk. The Portfolio may bean investment option for other mutual funds for whichSunAmerica Asset Management, LLC (“SunAmerica”)serves as investment adviser that are managed as “fundsof funds.” From time to time, the Portfolio may experiencerelatively large redemptions or investments due to therebalancing of a fund of funds. In the event of suchredemptions or investments, the Portfolio could be

required to sell securities or to invest cash at a time whenit is not advantageous to do so.


Since the Portfolio has not been in operation for a fullcalendar year, no performance information is available.The Portfolio will compare its performance to that of theMSCI ACWI ex-U.S. Index (net).

Investment Adviser


The Portfolio is subadvised by FIAM LLC.

Portfolio Managers

Name and Title


Sammy SimnegarPortfolio Manager .................................. 2019



- 35 -

Investment Goal

The Portfolio’s investment goal is total return through acombination of growth and income.







Expense Example



Class 1 Shares... $ 85 $265 $460 $1,025Class 2 Shares... 100 312 542 1,201Class 3 Shares... 110 343 595 1,317

Portfolio Turnover





The Portfolio attempts to achieve its goal by investing,under normal circumstances, at least 80% of assets insecurities of companies principally engaged in the realestate industry and other real estate related investments.

The Portfolio’s subadviser believes that rigorous, bottom-up, fundamental research is the most effective manner inwhich to identify real estate companies with the potentialfor higher than average growth rates and strong balancesheets that can be purchased at reasonable prices. Thisbottom-up research is generated by a team of skilledanalysts specifically dedicated to the U.S. real estateinvestment trust (“REIT”) sector. The subadviser’sinvestment philosophy is built upon the belief that securityselection has a higher probability of repeatability andsuccess in different market environments. Accuratelyforecasting companies’ future cash flow growth can helpdrive strong returns and benchmark outperformance.Additionally, identifying stocks that are dislocated from themarket on relative fundamental and valuation bases canalso help generate returns.

The Portfolio is non-diversified, which means that it mayinvest its assets in a smaller number of issuers than adiversified portfolio. The Portfolio, from time to time, mayhave significant investments in one or more countries or inparticular sectors.




Equity Securities Risk. The Portfolio invests principallyin equity securities and is therefore subject to the risk thatstock prices will fall and may underperform other asset

PORTFOLIO SUMMARY: SA FIDELITY INSTITUTIONAL AM® REAL ESTATE PORTFOLIO

- 36 -

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

Real Estate Industry Risk. The Portfolio is subject to therisks associated with the direct ownership of real estate.These risks include declines in the value of real estate,risks related to general and local economic conditions,overbuilding and increased competition, increases inproperty taxes and operating expenses, changes inzoning laws, casualty or condemnation losses,fluctuations in rental income, changes in neighborhoodvalues, changes in the appeal of properties to tenants andincreases in interest rates. The Portfolio also could besubject to the risks of direct ownership as a result of adefault on a debt security it may own. If the Portfolio hasrental income or income from the disposition of realproperty, the receipt of such income may adversely affectits ability to retain its tax status as a regulated investmentcompany. Most of the Portfolio’s investments are, andlikely will continue to be, interests in REITs. REITs may beleveraged, which increases risk.


Sector or Industry Focus Risk. To the extent thePortfolio invests a significant portion of its assets in oneor more sectors or industries at a time, the Portfolio willface a greater risk of loss due to factors affecting sectorsor industries than if the Portfolio always maintained widediversity among the sectors and industries in which itinvests.







The Portfolio’s benchmark is the FTSE NAREIT EquityREITs Index. The subadviser believes that the FTSENAREIT Equity REITs Index is representative of theinvestible universe.

The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the FTSE NAREIT Equity REITs Index. Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

FIAM LLC (“FIAM”) assumed subadvisory duties of thePortfolio on October 1, 2013. Prior to October 1, 2013,Davis Selected Advisers, L.P. d/b/a Davis Advisors servedas subadviser.


- 37 -

(Class 1 Shares)

19.92%

8.13%

17.24%

-2.06%

29.77%

1.78%

8.63%

5.41%

-6.46%

26.21%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years

Class 1 Shares....................... 26.21% 6.59% 10.27%Class 2 Shares....................... 26.00% 6.43% 10.11%Class 3 Shares....................... 25.96% 6.33% 9.99%FTSE NAREIT Equity REITs

Index ................................... 26.00% 7.21% 11.94%

Investment Adviser


The Portfolio is subadvised by FIAM.

Portfolio Manager

Name and Title


Samuel Wald, CFAPortfolio Manager .................................. 2013



- 38 -

Investment Goal

The Portfolio’s investment goal is investment results thatcorrespond with the performance of the BloombergBarclays U.S. Government/Credit Bond Index.




Class 1 Class 3






2 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica” or the “Adviser”) has contractuallyagreed to waive its fees and/or reimburse expenses to the extent thatthe Total Annual Portfolio Operating Expenses of Class 1 and Class 3shares exceed 0.34% and 0.59%, respectively, of the Portfolio’saverage daily net assets. For purposes of the Expense LimitationAgreement, “Total Annual Portfolio Operating Expenses” shall notinclude extraordinary expenses (i.e., expenses that are unusual innature and infrequent in occurrence, such as litigation), or acquiredfund fees and expenses, brokerage commissions and othertransactional expenses relating to the purchase and sale of portfoliosecurities, interest, taxes and governmental fees, and otherexpenses not incurred in the ordinary course of business ofSunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Anywaivers and/or reimbursements made by SunAmerica with respect tothe Portfolio are subject to recoupment from the Portfolio within twoyears after the occurrence of the waiver and/or reimbursement,provided that the recoupment does not cause the expense ratio of theshare class to exceed the lesser of (a) the expense limitation in effectat the time the waivers and/or reimbursements occurred, or (b) thecurrent expense limitation of that share class. This agreement maybe modified or discontinued prior to April 30, 2021, only with the

approval of the Board of Trustees of the Trust, including a majorityof the trustees who are not “interested persons” of the Trust asdefined in the Investment Company Act of 1940, as amended.

Expense Example



Class 1 Shares... $36 $119 $210 $477Class 3 Shares... 61 199 348 783

Portfolio Turnover




The Portfolio seeks to provide investment results thatcorrespond with the performance of the BloombergBarclays U.S. Government/Credit Bond Index (the“Index”). The Index measures the performance of U.S.dollar-denominated U.S. Treasury bonds, government-related bonds and investment-grade U.S. corporate bondsthat have a remaining maturity of greater than or equal toone year.

The Adviser may achieve the Portfolio’s objective byinvesting in a sampling of securities included in the Indexby utilizing a statistical technique known as “optimization.”The goal of optimization is to select securities whichensure that characteristics such as industry weightings,average market capitalizations and fundamental

PORTFOLIO SUMMARY: SA FIXED INCOME INDEX PORTFOLIO

- 39 -

characteristics (e.g., return variability, duration, maturity,credit rating and yield) closely approximate those of theIndex. Securities not in the Index may be held before orafter changes in the composition of the Index or if theyhave characteristics similar to securities in the Index.Under normal circumstances, all of the Portfolio’sinvestments will be selected through the optimizationprocess, and at least 80% of its net assets will be investedin securities included in the Index or in securities thatSunAmerica, the Portfolio’s investment adviser,determines have economic characteristics that arecomparable to the economic characteristics of securitiesincluded in the Index. The Portfolio will not concentrate,except to approximately the same extent as the Index mayconcentrate, in the securities of any industry. It is notanticipated, however, that the Portfolio will, under normalcircumstances, be concentrated in the securities of anyindustry.

Because the Portfolio will generally not hold all of thesecurities included in the Index, and because the Portfoliohas expenses and the Index does not, the Portfolio will notduplicate the Index’s performance precisely. However, theAdviser believes there should be a close correlationbetween the Portfolio’s performance and that of the Indexin both rising and falling markets.





Credit Risk. Credit risk applies to most fixed incomesecurities, but is generally not a factor for obligationsbacked by the “full faith and credit” of the U.S.Government. The Portfolio could lose money if the issuerof a fixed income security is unable or perceived to beunable to pay interest or to repay principal when itbecomes due.








- 40 -


Affiliated Fund Rebalancing Risk. The Portfolio may bean investment option for other mutual funds for whichSunAmerica serves as investment adviser that aremanaged as “funds of funds.” From time to time, thePortfolio may experience relatively large redemptions orinvestments due to the rebalancing of a fund of funds. Inthe event of such redemptions or investments, thePortfolio could be required to sell securities or to investcash at a time when it is not advantageous to do so.


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the Bloomberg Barclays U.S. Government/CreditBond Index. Fees and expenses incurred at the contractlevel are not reflected in the bar chart or table. If theseamounts were reflected, returns would be less than thoseshown. Of course, past performance is not necessarily anindication of how the Portfolio will perform in the future.

(Class 1 Shares)

-0.63%

9.13%

-2%

-1%

0%

1%

2%

3%

4%

5%

6%

7%

8%

9%

10%

2018 2019

During the 2-year period shown in the bar chart, thehighest return for a quarter was 3.44% (quarter endedJune 30, 2019) and the lowest return for a quarter was-1.56% (quarter ended March 31, 2018). The year-to-datecalendar return as of March 31, 2020 was 3.91%.


1Year


Class 1 Shares.................................... 9.13% 3.78%Class 3 Shares.................................... 8.80% 3.51%Bloomberg Barclays U.S.

Government/Credit Bond Index ....... 9.71% 4.47%

Investment Adviser


Portfolio Managers

Name and Title






- 41 -

Investment Goal

The Portfolio’s investment goal is investment results thatcorrespond with the performance of the BloombergBarclays U.S. Intermediate Government/Credit BondIndex.




Class 1 Class 3






2 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica”) has contractually agreed to waiveits fees and/or reimburse expenses to the extent that the Total AnnualPortfolio Operating Expenses of Class 1 and Class 3 shares exceed0.34% and 0.59%, respectively, of the Portfolio’s average daily netassets. For purposes of the Expense Limitation Agreement, “TotalAnnual Portfolio Operating Expenses” shall not include extraordinaryexpenses (i.e., expenses that are unusual in nature and infrequent inoccurrence, such as litigation), or acquired fund fees and expenses,brokerage commissions and other transactional expenses relating tothe purchase and sale of portfolio securities, interest, taxes andgovernmental fees, and other expenses not incurred in the ordinarycourse of business of SunAmerica Series Trust (the “Trust”) onbehalf of the Portfolio. Any waivers and/or reimbursements made bySunAmerica with respect to the Portfolio are subject to recoupmentfrom the Portfolio within two years after the occurrence of the waiversand/or reimbursements, provided that the recoupment does notcause the expense ratio of the share class to exceed the lesser of(a) the expense limitation in effect at the time the waivers and/orreimbursements occurred, or (b) the current expense limitation ofthat share class. This agreement may be modified or discontinuedprior to April 30, 2021, only with the approval of the Board of Trustees

of the Trust, including a majority of the trustees who are not“interested persons” of the Trust as defined in the InvestmentCompany Act of 1940, as amended.

Expense Example

This Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest$10,000 in the Portfolio for the time periods indicated andthen redeem 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 operatingexpenses remain the same and fee waivers remain ineffect only for the period ending April 30, 2021. TheExample does not reflect charges imposed by the VariableContract. If the Variable Contract fees were reflected, theexpenses would be higher. See the Variable Contractprospectus for information on such charges. Althoughyour actual costs may be higher or lower, based on theseassumptions and the net expenses shown in the fee table,your costs would be:



Portfolio Turnover




The Portfolio seeks to provide investment results thatcorrespond with the performance of the BloombergBarclays U.S. Intermediate Government/Credit BondIndex (the “Index”). The Index measures the performanceof U.S. dollar-denominated U.S. Treasury bonds,government-related bonds and investment-grade U.S.corporate bonds that have a remaining maturity of greaterthan one year and less than ten years.

SunAmerica seeks to achieve the Portfolio’s objective byinvesting in a sampling of securities included in the Indexby utilizing a statistical technique known as “optimization.”The goal of optimization is to select securities whichensure that characteristics such as industry weightings,average market capitalizations and fundamentalcharacteristics (e.g., return variability, duration, maturity,

PORTFOLIO SUMMARY: SA FIXED INCOME INTERMEDIATE INDEX PORTFOLIO

- 42 -

credit rating and yield) closely approximate those of theIndex. Securities not in the Index may be held before orafter changes in the composition of the Index or if theyhave characteristics similar to securities in the Index.Under normal circumstances, all of the Portfolio’sinvestments will be selected through the optimizationprocess, and at least 80% of its net assets will be investedin securities included in the Index or in securities thatSunAmerica, the Portfolio’s investment adviser,determines have economic characteristics that arecomparable to the economic characteristics of securitiesincluded in the Index. The Portfolio will not concentrate,except to approximately the same extent as the Index mayconcentrate, in the securities of any industry. It is notanticipated, however, that the Portfolio will, under normalcircumstances, be concentrated in the securities of anyindustry.

Because the Portfolio will generally not hold all of thesecurities included in the Index, and because the Portfoliohas expenses and the Index does not, the Portfolio will notduplicate the Index’s performance precisely. However,SunAmerica believes there should be a close correlationbetween the Portfolio’s performance and that of the Indexin both rising and falling markets.







U.S. Government Obligations Risk. U.S. Treasuryobligations are backed by the “full faith and credit” of theU.S. Government and generally have negligible credit risk.Securities issued or guaranteed by federal agencies orauthorities and U.S. Government sponsoredinstrumentalities or enterprises may or may not be backedby the full faith and credit of the U.S. Government.

Redemption Risk. The Portfolio may experience heavyredemptions that could cause the Portfolio to liquidate itsassets at inopportune times or at a loss or depressedvalue, which could cause the Portfolio’s net asset valueper share to decline.



“Passively Managed” Strategy Risk. The Portfolio willnot deviate from its strategy, except to the extentnecessary to comply with federal tax laws. If the Portfolio’sstrategy is unsuccessful, the Portfolio will not meet itsinvestment goal. Because the Portfolio will not use certaintechniques available to other mutual funds to reduce stock


- 43 -

market exposure, the Portfolio may be more susceptible togeneral market declines than other funds.





The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the Bloomberg Barclays U.S.Intermediate Government/Credit Bond Index. Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 1 Shares)

0.57%

6.21%

0%

1%

2%

3%

4%

5%

6%

7%

2018 2019

During the 2-year period shown in the bar chart, thehighest return for a quarter was 2.50% (quarter endedJune 30, 2019) and the lowest return for a quarter was-1.11% (quarter ended March 31, 2018). The year-to-datecalendar return as of March 31, 2020 was 2.99%.


1Year


Class 1 Shares ................................... 6.21% 2.76%Class 3 Shares ................................... 5.98% 2.53%Bloomberg Barclays U.S.

Intermediate Government/CreditBond Index ...................................... 6.80% 3.30%

Investment Adviser


Portfolio Managers

Name and Title






- 44 -

Investment Goal





Class 1 Class 3


Expenses......................................... 1.03% 1.28%Fee Waivers and/or Expense


Expenses After Fee Waivers and/orExpense Reimbursements1............. 0.98% 1.23%

1 Pursuant to an Advisory Fee Waiver Agreement, effective throughApril 30, 2021, SunAmerica Asset Management, LLC (“SunAmerica”)is contractually obligated to waive its advisory fee under theInvestment Advisory and Management Agreement with respect to thePortfolio so that the advisory fee payable by the Portfolio is equal to0.95% on the first $200 million, 0.87% on the next $300 million, and0.85% thereafter. This agreement may be modified or discontinuedprior to April 30, 2021 only with the approval of the Board of Trusteesof SunAmerica Series Trust (the “Trust”), including a majority of thetrustees who are not “interested persons” of the Trust as defined inthe Investment company Act of 1940, as amended.

Expense Example

This Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest$10,000 in the Portfolio for the time periods indicated andthen redeem 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 operatingexpenses remain the same and that all contractualexpense limitations and fee waivers remain in effect onlyfor the period ended April 30, 2021. The Example does not

reflect charges imposed by the Variable Contract. If theVariable Contract fees were reflected, the expenses wouldbe higher. See the Variable Contract prospectus forinformation on such charges. Although your actual costsmay be higher or lower, based on these assumptions andthe net expenses shown in the fee table, your costs wouldbe:



Portfolio Turnover




The Portfolio attempts to achieve its goal by investing,under normal circumstances, at least 80% of its netassets in a diversified portfolio of equity securities of smallcompanies. The equity securities in which the Portfoliomay invest include common stocks, preferred stocks andconvertible securities.

The Portfolio generally invests in equity securities that thesubadviser believes are currently undervalued and havethe potential for capital appreciation. In choosinginvestments that are undervalued, the subadviser focuseson companies that have stock prices that are low relativeto current or historical or future earnings, book value, cashflow or sales; recent sharp price declines but have thepotential for good long-term earnings prospects, in thesubadviser’s opinion; and/or valuable intangibles notreflected in the stock price, such as franchises, distributionnetworks, or market share for particular products orservices, underused or understated assets or cash, orpatents or trademarks. The subadviser employs a bottom-up stock selection process and the subadviser invests insecurities without regard to benchmark comparisons.

The Portfolio may also invest in foreign securities (up to15% of net assets) and real estate investment trusts(“REITs”) (up to 15% of net assets).

PORTFOLIO SUMMARY: SA FRANKLIN SMALL COMPANY VALUE PORTFOLIO

- 45 -

The Portfolio, from time to time, may have significantpositions in particular sectors, such as financial servicescompanies, industrials and technology.





Value Investing Risk. The subadviser’s judgment that aparticular security is undervalued in relation to thecompany’s fundamental economic value may proveincorrect.

Small-Cap Companies Risk. Securities of small-capcompanies are usually more volatile and entail greaterrisks than securities of large companies.


Preferred Stock Risk. Preferred stockholders’ liquidationrights are subordinate to the company’s debt holders andcreditors. If interest rates rise, the fixed dividend onpreferred stocks may be less attractive and the price ofpreferred stocks may decline. Deferred dividendpayments by an issuer of preferred stock could haveadverse tax consequences for the Portfolio and maycause the preferred stock to lose substantial value.

Foreign Investment Risk. The Portfolio’s investments inthe securities of foreign issuers or issuers with significant

exposure to foreign markets involve additional risk.Foreign countries in which the Portfolio invests may havemarkets that are less liquid, less regulated and morevolatile than U.S. markets. The value of the Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.

Sector or Industry Focus Risk. To the extent thePortfolio invests a significant portion of its assets in oneor more sectors or industries at a time, the Portfolio willface a greater risk of loss due to factors affecting sectorsor industries than if the Portfolio always maintained widediversity among the sectors and industries in which itinvests.

Real Estate Industry Risk. These risks include declinesin the value of real estate, risks related to general andlocal economic conditions, overbuilding and increasedcompetition, increases in property taxes and operatingexpenses, changes in zoning laws, casualty orcondemnation losses, fluctuations in rental income,changes in neighborhood values, changes in the appealof properties to tenants and increases in interest rates. Ifthe Portfolio has rental income or income from thedisposition of real property, the receipt of such incomemay adversely affect its ability to retain its tax status as aregulated investment company. In addition, REITs aredependent upon management skill, may not be diversifiedand are subject to project financing risks. Such trusts arealso subject to heavy cash flow dependency, defaults byborrowers, self-liquidation and the possibility of failing toqualify for tax-free pass-through of income under theInternal Revenue Code of 1986, as amended, and tomaintain exemption from registration under theInvestment Company Act of 1940, as amended. REITsmay be leveraged, which increases risk.




- 46 -






(Class 1 Shares)

26.80%

-3.22%

17.90%

35.35%

0.02%

-7.48%

30.91%

9.82%

-12.81%

26.42%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years

Class 1 Shares....................... 26.42% 7.95% 11.13%Class 3 Shares....................... 26.18% 7.70% 10.85%Russell 2000® Value Index..... 22.39% 6.99% 10.56%

Investment Adviser


The Portfolio is subadvised by Franklin Mutual Advisers,LLC.

Portfolio Managers

Name and Title


Steven B. RaineriVice President, Lead PortfolioManager, and Research Analyst............ 2012

Christopher M. Meeker, CFAPortfolio Manager and ResearchAnalyst................................................... 2015

Nicholas KarzonAssistant Portfolio Manager andResearch Analyst .................................. 2019



- 47 -

Investment Goal

The Portfolio’s investment goal is long-term capitalappreciation.




Class 1 Class 3


Expenses1 ....................................... 0.72% 2.09%Fee Waivers and/or Expense



1 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica”) has contractually agreed to waiveits fees and/or reimburse expenses to the extent that the Total AnnualPortfolio Operating Expenses exceed 0.70% and 0.95% of theaverage daily net assets of the Portfolio’s Class 1 and Class 3 shares,respectively. For purposes of the Expense Limitation Agreement,“Total Annual Portfolio Operating Expenses” shall not includeextraordinary expenses (i.e., expenses that are unusual in nature andinfrequent in occurrence, such as litigation), or acquired fund feesand expenses, brokerage commissions and other transactionalexpenses relating to the purchase and sale of portfolio securities,interest, taxes and governmental fees, and other expenses notincurred in the ordinary course of business of SunAmerica SeriesTrust (the “Trust”) on behalf of the Portfolio. Any waivers and/orreimbursements made by SunAmerica with respect to the Portfolioare subject to recoupment from the Portfolio within two years after theoccurrence of the waiver and/or reimbursement, provided that therecoupment does not cause the expense ratio of the share class toexceed the lesser of (a) the expense limitation in effect at the timethe waivers and/or reimbursements occurred, or (b) the currentexpense limitation of that share class. This agreement may bemodified or discontinued prior to April 30, 2021 only with the approvalof the Board of Trustees of the Trust, including a majority of thetrustees who are not “interested persons” of the Trust as defined inthe Investment Company Act of 1940, as amended.

Expense Example

This Example is intended to help you compare the cost ofinvesting 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 andthen redeem 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 operatingexpenses remain the same and that all contractualexpense limitations and fee waivers remain in effect onlyfor the period ending April 30, 2021. The Example doesnot reflect charges imposed by the Variable Contract. Ifthe Variable Contract fees were reflected, the expenseswould be higher. See the Variable Contract prospectus forinformation on such charges. Although your actual costsmay be higher or lower, based on these assumptions andthe net expenses shown in the fee table, your costs wouldbe:


Class 1 Shares... $72 $228 $ 399 $ 893Class 3 Shares... 97 545 1,019 2,330

Portfolio Turnover




The Portfolio seeks to achieve a lower level of risk andhigher risk-adjusted performance than the Russell 1000®

Index (the “Index”) over the long term through a rules-based multi-factor selection process employed by thePortfolio’s subadviser. Under normal circumstances, thePortfolio invests at least 80% of its net assets in equitysecurities of U.S. issuers. The Portfolio primarily invests incommon stock of U.S. large capitalization companiesincluded in the Index. As of February 29, 2020, themedian market capitalization of a company in the Indexwas approximately $9.9 billion and the dollar-weightedaverage capitalization of the companies in the Index wasapproximately $264 billion. The size of the companies inthe Index changes with market conditions and thecomposition of the Index.

The subadviser’s selection process is designed to selectstocks for the Portfolio that have favorable exposure tofour investment style factors (commonly referred to as“smart beta”) – quality, value, momentum and low volatility.Factors are common characteristics that relate to a groupof issuers or securities that are important in explaining the

PORTFOLIO SUMMARY: SA FRANKLIN U.S. EQUITY SMART BETA PORTFOLIO

- 48 -

returns and risks of those issuers’ securities. The “quality”factor incorporates measurements such as return onequity, earnings variability, cash return on assets andleverage. The “value” factor incorporates measurementssuch as price to earnings, price to forward earnings, priceto book value and dividend yield. The “momentum” factorincorporates measurements such as 6-month riskadjusted price momentum and 12-month risk adjustedprice momentum. The “low volatility” factor incorporatesmeasurements such as historical beta (i.e., a measure ofthe volatility of a security relative to the total market).

Under normal market conditions, the Portfolio will hold 200to 250 of the common stocks in the Index. The subadviserwill select such stocks on a semi-annual basis. Theportfolio employs a strategy to continue to hold stocksbetween its semi-annual selection of stocks, even if thereare adverse developments concerning a particular stock,an industry, the economy or the stock market generally.

The principal investment strategies and principalinvestment techniques of the Portfolio may be changedwithout shareholder approval. You will receive at leastsixty (60) days’ notice of any change to the 80%investment policy set forth above.








Factor-Based Investing Risk. There can be noassurance that the multi-factor selection processemployed by the subadviser will enhance performance.Exposure to investment style factors may detract fromperformance in some market environments, which maycontinue for prolonged periods.

Disciplined Strategy Risk. The Portfolio will not deviatefrom its strategy (except to the extent necessary to complywith federal tax laws or other applicable laws). If thePortfolio is committed to a strategy that is unsuccessful,the Portfolio will not meet its investment goal. Because thePortfolio generally will not use certain techniquesavailable to other mutual funds to reduce stock marketexposure (e.g., derivatives), the Portfolio may be moresusceptible to general market declines than other mutualfunds.




Since the Portfolio has not been in operation for a fullcalendar year, no performance information is available.

Investment Adviser


The Portfolio is subadvised by Franklin Advisers, Inc.


- 49 -

Portfolio Managers

Name and Title


Chandra Seethamraju, Ph.D.Portfolio Manager .................................. 2019

Sundaram Chettiappan, CFAPortfolio Manager .................................. 2019



- 50 -

Investment Goal

The Portfolio’s investment goal is growth of capital and,secondarily, current income.


This table describes the fees and expenses that you maypay if you buy and hold shares of the Portfolio. ThePortfolio’s annual operating expenses do not reflect theseparate account fees charged in the variable annuity orvariable life insurance policy (“Variable Contracts”) inwhich the Portfolio is offered. If separate account feeswere shown, the Portfolio’s annual operating expenseswould be higher. Please see your Variable Contractprospectus for more details on the separate account fees.As an investor in the Portfolio, you pay the expenses of thePortfolio and indirectly pay a proportionate share of theexpenses of the Underlying Portfolios (as defined herein)in which the Portfolio invests.


Class 1 Class 3






2 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica” or the “Adviser”) has contractuallyagreed to waive its fees and/or reimburse expenses to the extent thatthe Total Annual Portfolio Operating Expenses of Class 1 and Class 3shares exceed 0.18% and 0.43%, respectively, of the Portfolio’saverage daily net assets. For purposes of the Expense LimitationAgreement, “Total Annual Portfolio Operating Expenses” shall notinclude extraordinary expenses (i.e., expenses that are unusual innature and infrequent in occurrence, such as litigation), or acquiredfund fees and expenses, brokerage commissions and othertransactional expenses relating to the purchase and sale of portfoliosecurities, interest, taxes and governmental fees, and otherexpenses not incurred in the ordinary course of business ofSunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Anywaivers and/or reimbursements made by SunAmerica with respect tothe Portfolio are subject to recoupment from the Portfolio within twoyears after the occurrence of the waivers and/or reimbursements,provided that the recoupment does not cause the expense ratio of theshare class to exceed the lesser of (a) the expense limitation in effectat the time the waivers and/or reimbursements occurred, or (b) the

current expense limitation of that share class. This agreement maybe modified or discontinued prior to April 30, 2021, only with theapproval of the Board of Trustees of the Trust, including a majorityof the trustees who are not “interested persons” of the Trust asdefined in the Investment Company Act of 1940, as amended.

Expense Example



Class 1 Shares... $58 $232 $422 $ 968Class 3 Shares... 84 311 557 1,262

Portfolio Turnover




The Portfolio is structured as a “fund-of-funds,” whichmeans that it pursues its investment goal by investing itsassets in a combination of other mutual funds (the“Underlying Portfolios”). The Underlying Portfolios willprimarily include other funds in the Trust but may alsoinclude other funds advised by the Adviser. Under normalcircumstances, the Portfolio will seek to allocate 60% of itsassets (with a range of 50% to 70%) to UnderlyingPortfolios investing primarily in equity securities(“Underlying Equity Portfolios”) and 40% of its assets(with a range of 30% to 50%) to Underlying Portfoliosinvesting primarily in fixed income securities (“UnderlyingFixed Income Portfolios”). The Underlying Portfolios

PORTFOLIO SUMMARY: SA GLOBAL INDEX ALLOCATION 60/40 PORTFOLIO

- 51 -

invest in, or obtain exposure to, equity or fixed incomesecurities of U.S. or foreign corporate and governmentalissuers. Certain Underlying Equity Portfolios invest in, orobtain exposure to, investments in a number of differentcountries around the world, which may include emergingmarkets (“Underlying International Portfolios”). Undernormal circumstances, the Portfolio invests approximatelyhalf of its allocation to Underlying Equity Portfolios inUnderlying International Portfolios. The Underlying EquityPortfolios include, among others, funds that invest ineither domestic or international equity securities of small,medium and/or large capitalization companies and theUnderlying Fixed Income Portfolios include, amongothers, funds that invest in domestic government andcorporate bonds.

The Underlying Portfolios will generally be limited to indexfunds, which are passively managed to track theperformance of designated indices, although the Portfoliomay also from time to time invest in Underlying Portfoliosthat are not index funds, including for cash managementpurposes. The Portfolio may invest a significant portion ofits assets in any single Underlying Portfolio. The followingchart sets forth the Portfolio’s target allocations set bySunAmerica on January 31, 2020 to the Underlying EquityPortfolios and Underlying Fixed Income Portfolios. ThePortfolio’s actual allocations may vary from theseprojections and will fluctuate from time to time due to,among other things, market conditions and changes madeby the Adviser to the target allocations.

Underlying Portfolio% of TotalPortfolio

Equity ............................................................ 60.50%SA Large Cap Index Portfolio ........................ 24.50%SA Mid Cap Index Portfolio............................ 5.00%SA Small Cap Index Portfolio......................... 1.75%SA International Index Portfolio ..................... 26.50%SA Emerging Markets Equity Index Portfolio . 2.75%Fixed Income ................................................ 39.50%SA Fixed Income Intermediate Index

Portfolio ...................................................... 13.80%SA Fixed Income Index Portfolio.................... 25.70%

The Underlying Portfolio selection is made based on thePortfolio’s particular asset allocation strategy. The Advisermay adjust the Portfolio’s allocation to the UnderlyingPortfolios from time to time as it deems necessary,including based on market conditions or other factors. TheAdviser intends to rebalance the Portfolio on an ongoingbasis using cash flows; however, it reserves the right torebalance the Portfolio through exchanges at any time.




Asset Allocation Risk. The Portfolio’s risks will directlycorrespond to the risks of the Underlying Portfolios inwhich it invests. The Portfolio is subject to the risk that theselection of the Underlying Portfolios and the allocationand reallocation of the Portfolio’s assets among thevarious asset classes and market sectors may notproduce the desired result.

Equity Securities Risk. The Portfolio invests principallyin Underlying Portfolios that invest in equity securities andis therefore subject to the risk that stock prices will fall andmay underperform other asset classes. Individual stockprices fluctuate from day-to-day and may declinesignificantly.

Large-Cap Companies Risk. The Portfolio invests inUnderlying Portfolios that invest substantially in large-capcompanies. Large-cap companies tend to be less volatilethan companies with smaller market capitalizations. Inexchange for this potentially lower risk, the Portfolio’svalue may not rise as much as the value of portfolios thatemphasize smaller companies.

Small- and Medium-Sized Companies Risk. ThePortfolio invests in Underlying Portfolios that may invest insecurities of small- and medium-capitalizationcompanies. Securities of small- and medium-sizedcompanies are usually more volatile and entail greaterrisks than securities of large companies.

Foreign Investment Risk. The Portfolio’s investments inUnderlying Portfolios that invest in the securities of foreignissuers or issuers with significant exposure to foreignmarkets involve additional risk. Foreign countries in whichan Underlying Portfolio may invest may have markets thatare less liquid, less regulated and more volatile than U.S.markets. The value of the Underlying Portfolio’sinvestments may decline because of factors affecting the


- 52 -

particular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/ virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.

Currency Volatility Risk. The value of an UnderlyingPortfolio’s foreign investments may fluctuate due tochanges in currency exchange rates. A decline in thevalue of foreign currencies relative to the U.S. dollargenerally can be expected to depress the value of anUnderlying Portfolio’s non-U.S. dollar-denominatedsecurities.


Risk of Investing in Bonds. The Portfolio invests inUnderlying Portfolios that invest principally in bonds,which may cause the value of your investment in thePortfolio to go up or down in response to changes ininterest rates or defaults (or even the potential for futuredefaults) by bond issuers. Fixed income securities may besubject to volatility due to changes in interest rates.

Credit Risk. Credit risk applies to most fixed incomesecurities, but is generally not a factor for obligationsbacked by the “full faith and credit” of the U.S.Government. An Underlying Portfolio could lose money ifthe issuer of a fixed income security is unable or perceivedto be unable to pay interest or to repay principal when itbecomes due.

Interest Rate Fluctuations Risk. The Portfolio invests inUnderlying Portfolios that invest substantially in fixedincome securities. Fixed income securities may be subjectto volatility due to changes in interest rates. Duration is ameasure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive tochanges in interest rates. Interest rates have beenhistorically low, so the Underlying Portfolios face aheightened risk that interest rates may rise. For example,

a bond with a duration of three years will decrease in valueby approximately 3% if interest rates increase by 1%.

Management Risk. The Portfolio is subject tomanagement risk because it is an actively managedinvestment portfolio. The Portfolio’s portfolio managersapply investment techniques and risk analyses in makinginvestment decisions, but there can be no guarantee thatthese decisions or individual securities selected by theportfolio managers will produce the desired results.


Market Risk. The Portfolio’s share price can fall becauseof weakness in the broad market, a particular industry, orspecific holdings. The market as a whole can decline formany reasons, including adverse political or economicdevelopments in the United States or abroad, changes ininvestor psychology, or heavy institutional selling andother conditions or events (including, for example, militaryconfrontations, war, terrorism, disease/virus, outbreaksand epidemics). In addition, an Underlying Portfolio’sadviser’s or subadviser’s assessment of companies heldin the Underlying Portfolio may prove incorrect, resultingin losses or poor performance even in a rising market.

Indexing Risk. The Underlying Portfolios in which thePortfolio invests are managed to track the performance ofan index. An Underlying Portfolio will not sell securities inits portfolio or buy different securities over the course of ayear other than in conjunction with changes in its targetindex, even if there are adverse developments concerninga particular security, company or industry. As a result, thePortfolio may suffer losses that might not be experiencedwith an investment in an actively-managed mutual fund.

Fund-of-Funds Risk. The costs of investing in thePortfolio, as a fund-of-funds, may be higher than the costsof investing in a mutual fund that only invests directly inindividual securities. An Underlying Portfolio may changeits investment objective or policies without the Portfolio’sapproval, which could force the Portfolio to withdraw itsinvestment from such Underlying Portfolio at a time that isunfavorable to the Portfolio. In addition, one UnderlyingPortfolio may buy the same securities that anotherUnderlying Portfolio sells. Therefore, the Portfolio wouldindirectly bear the costs of these trades withoutaccomplishing any investment purpose.

Underlying Portfolios Risk. The risks of the Portfolioowning Underlying Portfolios generally reflect the risks ofowning the underlying securities held by the UnderlyingPortfolios. Disruptions in the markets for the securities


- 53 -

held by the Underlying Portfolios could result in losses onthe Portfolio’s investment in such securities. TheUnderlying Portfolios also have fees that increase theircosts versus owning the underlying securities directly. Forexample, the Portfolio indirectly pays a portion of theexpenses (including management fees and operatingexpense) incurred by the Underlying Portfolios.

Affiliated Portfolio Risk. In managing the Portfolio,SunAmerica will have the authority to select and substitutethe Underlying Portfolios. SunAmerica may be subject topotential conflicts of interest in allocating the Portfolio’sassets among the various Underlying Portfolios becausethe fees payable to it by some of the Underlying Portfoliosare higher than the fees payable by other UnderlyingPortfolios and because SunAmerica also is responsiblefor managing and administering the Underlying Portfolios.


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the MSCI EAFE® Index (net), MSCI EmergingMarkets Index (net), Russell 2000® Index, S&P 500®

Index, Bloomberg Barclays U.S. Government/Credit BondIndex, S&P MidCap 400® Index, Bloomberg Barclays U.S.Intermediate Government/Credit Bond Index and ablended index. The blended index consists of 23%S&P 500® Index, 5% S&P MidCap 400® Index, 2% Russell2000® Index, 27% MSCI EAFE® Index (net), 3% MSCI

Emerging Markets® Index (net), 20% Bloomberg BarclaysU.S. Government Credit Bond Index, 20% BloombergBarclays U.S. Government Credit Intermediate BondIndex (the “Blended Index”). Fees and expenses incurredat the contract level are not reflected in the bar chart ortable. If these amounts were reflected, returns would beless than those shown. Of course, past performance is notnecessarily an indication of how the Portfolio will performin the future.

(Class 3 Shares)

17.87%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

2019

During the 1-year period shown in the bar chart, thehighest return for a quarter was 8.30% (quarter endedMarch 31, 2019) and the lowest return for a quarter was0.59% (quarter ended September 30, 2019). The year-to-date calendar return as of March 31, 2020 was -12.27%.


- 54 -


1Year


Class 1 Shares.................................. 18.11% 6.72%Class 3 Shares.................................. 17.87% 6.46%MSCI EAFE® Index (net)................... 22.01% 2.64%MSCI Emerging Markets Index (net). 18.42% 0.12%Russell 2000® Index.......................... 25.52% 6.37%S&P 500® Index ................................ 31.49% 14.98%Bloomberg Barclays U.S.

Government/Credit Bond Index ..... 9.71% 7.01%S&P MidCap 400® Index................... 26.20% 7.83%Bloomberg Barclays U.S.

Intermediate Government/CreditBond Index..................................... 6.80% 5.53%

Blended Index ................................... 18.82% 7.44%

Investment Adviser


Portfolio Managers

Name and Title


Douglas Loeffler, CFALead Portfolio Manager ......................... 2018

Manisha Singh, CFACo-Portfolio Manager ............................ 2018



- 55 -

Investment Goal





Class 1 Class 3






2 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica” or the “Adviser”) has contractuallyagreed to waive its fees and/or reimburse expenses to the extent thatthe Total Annual Portfolio Operating Expenses of Class 1 and Class 3shares exceed 0.18% and 0.43%, respectively, of the Portfolio’saverage daily net assets. For purposes of the Expense LimitationAgreement, “Total Annual Portfolio Operating Expenses” shall notinclude extraordinary expenses (i.e., expenses that are unusual innature and infrequent in occurrence, such as litigation), or acquiredfund fees and expenses, brokerage commissions and othertransactional expenses relating to the purchase and sale of portfoliosecurities, interest, taxes and governmental fees, and otherexpenses not incurred in the ordinary course of business ofSunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Anywaivers and/or reimbursements made by SunAmerica with respect tothe Portfolio are subject to recoupment from the Portfolio within twoyears after the occurrence of the waivers and/or reimbursements,provided that the recoupment does not cause the expense ratio of theshare class to exceed the lesser of (a) the expense limitation in effectat the time the waivers and/or reimbursements occurred, or (b) the

current expense limitation of that share class. This agreement maybe modified or discontinued prior to April 30, 2021, only with theapproval of the Board of Trustees of the Trust, including a majorityof the trustees who are not “interested persons” of the Trust asdefined in the Investment Company Act of 1940, as amended.

Expense Example




Portfolio Turnover




The Portfolio is structured as a “fund-of-funds,” whichmeans that it pursues its investment goal by investing itsassets in a combination of other mutual funds (the“Underlying Portfolios”). The Underlying Portfolios willprimarily include other funds in the Trust but may alsoinclude other funds advised by the Adviser. Under normalcircumstances, the Portfolio will seek to allocate 75% of itsassets (with a range of 65% to 85%) to UnderlyingPortfolios investing primarily in equity securities(“Underlying Equity Portfolios”) and 25% of its assets(with a range of 15% to 35%) to Underlying Portfoliosinvesting primarily in fixed income securities (“UnderlyingFixed Income Portfolios”). The Underlying Portfolios


- 56 -

invest in, or obtain exposure to, equity or fixed incomesecurities of U.S. or foreign corporate and governmentalissuers. Certain Underlying Equity Portfolios invest in, orobtain exposure to, investments in a number of differentcountries around the world, which may include emergingmarkets (“Underlying International Portfolios”). Undernormal circumstances, the Portfolio invests approximatelyhalf of its allocation to Underlying Equity Portfolios inUnderlying International Portfolios. The Underlying EquityPortfolios include, among others, funds that invest ineither domestic or international equity securities of small,medium and/or large capitalization companies and theUnderlying Fixed Income Portfolios include, amongothers, funds that invest in domestic government andcorporate bonds.





The Underlying Portfolio selection is made based on thePortfolio’s particular asset allocation strategy discussedabove. The Adviser may adjust the Portfolio’s allocation tothe Underlying Portfolios from time to time as it deemsnecessary, including based on market conditions or otherfactors. The Adviser intends to rebalance the Portfolio onan ongoing basis using cash flows; however, it reservesthe right to rebalance the Portfolio through exchanges atany time.








Foreign Investment Risk. The Portfolio’s investments inUnderlying Portfolios that invest in the securities of foreignissuers or issuers with significant exposure to foreignmarkets involve additional risk. Foreign countries in whichan Underlying Portfolio may invest may have markets thatare less liquid, less regulated and more volatile than U.S.markets. The value of the Underlying Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuers


- 57 -

generally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/ virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.














- 58 -






Emerging Markets® Index (net), 12.5% BloombergBarclays U.S. Government Credit Bond Index and 12.5%Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index (the “Blended Index”). Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 3 Shares)

20.38%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

22%

2019



- 59 -


1Year





Blended Index ................................... 21.42% 7.54%

Investment Adviser


Portfolio Managers

Name and Title






- 60 -

Investment Goal

The Portfolio’s investment goal is growth of capital.




Class 1 Class 3






2 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica” or the “Adviser”) has contractuallyagreed to waive its fees and/or reimburse expenses to the extent thatthe Total Annual Portfolio Operating Expenses of Class 1 and Class 3shares exceed 0.18% and 0.43%, respectively, of the Portfolio’saverage daily net assets. For purposes of the Expense LimitationAgreement, “Total Annual Portfolio Operating Expenses” shall notinclude extraordinary expenses (i.e., expenses that are unusual innature and infrequent in occurrence, such as litigation), or acquiredfund fees and expenses, brokerage commissions and othertransactional expenses relating to the purchase and sale of portfoliosecurities, interest, taxes and governmental fees, and otherexpenses not incurred in the ordinary course of business ofSunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Anywaivers and/or reimbursements made by SunAmerica with respect tothe Portfolio are subject to recoupment from the Portfolio within twoyears after the occurrence of the waivers and/or reimbursements,provided that the recoupment does not cause the expense ratio of theshare class to exceed the lesser of (a) the expense limitation in effectat the time the waivers and/or reimbursements occurred, or (b) thecurrent expense limitation of that share class. This agreement may

be modified or discontinued prior to April 30, 2021, only with theapproval of the Board of Trustees of the Trust, including a majorityof the trustees who are not “interested persons” of the Trust asdefined in the Investment Company Act of 1940, as amended.

Expense Example

This Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest$10,000 in the Portfolio for the time periods indicated andthen redeem 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 operatingexpenses remain the same and that all contractualexpense limitation and fee waivers remain in effect only forthe period ending April 30, 2021. The Example does notreflect charges imposed by the Variable Contract. If theVariable Contract fees were reflected, the expenses wouldbe higher. See the Variable Contract prospectus forinformation on such charges. Although your actual costsmay be higher or lower, based on these assumptions andthe net expenses shown in the fee table, your costs wouldbe:



Portfolio Turnover




The Portfolio is structured as a “fund-of-funds,” whichmeans that it pursues its investment goal by investing itsassets in a combination of other mutual funds (the“Underlying Portfolios”). The Underlying Portfolios willprimarily include other funds in the Trust but may alsoinclude other funds advised by the Adviser. Under normalcircumstances, the Portfolio will seek to allocate 90% of itsassets (with a range of 80% to 100%) to UnderlyingPortfolios investing primarily in equity securities(“Underlying Equity Portfolios”) and 10% of its assets(with a range of 0% to 20%) to Underlying Portfoliosinvesting primarily in fixed income securities (“UnderlyingFixed Income Portfolios”). The Underlying Portfoliosinvest in, or obtain exposure to, equity or fixed income


- 61 -

securities of U.S. or foreign corporate and governmentalissuers. Certain Underlying Equity Portfolios invest in, orobtain exposure to, investments in a number of differentcountries around the world, which may include emergingmarkets (“Underlying International Portfolios”). Undernormal circumstances, the Portfolio invests approximatelyhalf of its allocation to Underlying Equity Portfolios inUnderlying International Portfolios. The Underlying EquityPortfolios include, among others, funds that invest ineither domestic or international equity securities of small,medium and/or large capitalization companies and theUnderlying Fixed Income Portfolios include, amongothers, funds that invest in domestic government andcorporate bonds.





The Underlying Portfolio selection is made based on thePortfolio’s particular asset allocation strategy discussedabove. The Adviser may adjust the Portfolio’s allocation tothe Underlying Portfolios from time to time as it deemsnecessary, including based on market conditions or otherfactors. The Adviser intends to rebalance the Portfolio onan ongoing basis using cash flows; however, it reservesthe right to rebalance the Portfolio through exchanges atany time.








Foreign Investment Risk. The Portfolio’s investments inUnderlying Portfolios that invest in the securities of foreignissuers or issuers with significant exposure to foreignmarkets involve additional risk. Foreign countries in whichan Underlying Portfolio may invest may have markets thatare less liquid, less regulated and more volatile than U.S.markets. The value of the Underlying Portfolio’sinvestments may decline because of factors affecting the


- 62 -

particular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/ virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.














- 63 -






Emerging Markets® Index (net), 5% Bloomberg BarclaysU.S. Government/Credit Bond Index and 5% BloombergBarclays U.S. Intermediate Government/Credit BondIndex (the “Blended Index”). Fees and expenses incurredat the contract level are not reflected in the bar chart ortable. If these amounts were reflected, returns would beless than those shown. Of course, past performance is notnecessarily an indication of how the Portfolio will performin the future.

(Class 3 Shares)

23.00%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

20%

22%

24%

26%

2019

During the 1-year period shown in the bar chart, thehighest return for a quarter was 11.17% (quarter endedMarch 31, 2019) and the lowest return for a quarter was-0.20% (quarter ended September 30, 2019). The year-to-date calendar return as of March 31, 2020 was -20.39%.


- 64 -


1Year





Blended Index ................................... 23.99% 7.52%

Investment Adviser


Portfolio Managers

Name and Title






- 65 -

Investment Goal

The Portfolio’s investment goal is high total return,emphasizing current income and, to a lesser extent,capital appreciation.







Expense Example



Class 1 Shares... $ 75 $233 $406 $ 906Class 2 Shares... 90 281 488 1,084Class 3 Shares... 100 312 542 1,201

Portfolio Turnover





The Portfolio attempts to achieve its goal by investing,under normal circumstances, at least 80% of its netassets in high quality fixed income securities of U.S. andforeign issuers, including issuers in emerging markets.Fixed income securities in which the Portfolio may investinclude U.S. and non-U.S. government securities,investment grade corporate bonds and mortgage- andasset-backed securities.

The Portfolio also may invest in hybrid instruments,inverse floaters, short-term investments, pass throughsecurities, currency transactions and deferred interestbonds.

The Portfolio is non-diversified, which means that it mayinvest its assets in a smaller number of issuers than adiversified portfolio. The Portfolio, from time to time, mayhave significant investments in one or more countries or inparticular sectors.






Risk of Investing in Bonds. The value of yourinvestment in the Portfolio may go up or down in response

PORTFOLIO SUMMARY: SA GOLDMAN SACHS GLOBAL BOND PORTFOLIO

- 66 -

to changes in interest rates or defaults (or even thepotential for future defaults) by bond issuers. Fixedincome securities may be subject to volatility due tochanges in interest rates.





Credit Quality Risk. An issuer with a lower credit ratingwill be more likely than a higher rated issuer to default orotherwise become unable to honor its financialobligations. Issuers with low credit ratings will typicallyissue junk bonds. In addition to the risk of default, junkbonds may be more volatile, less liquid, more difficult tovalue and more susceptible to adverse economicconditions or investor perceptions than other bonds.






Market Risk. The Portfolio’s share price can fall becauseof weakness in the broad market, a particular industry, orspecific holdings. The market as a whole can decline formany reasons, including adverse political or economicdevelopments in the United States or abroad, changes ininvestor psychology, or heavy institutional selling and


- 67 -

other conditions or events (including, for example, militaryconfrontations, war, terrorism, disease/virus, outbreaksand epidemics). In addition, the subadviser’s assessmentof securities held in the Portfolio may prove incorrect,resulting in losses or poor performance even in a risingmarket.


Mortgage- and Asset-Backed Securities Risk. Thecharacteristics of mortgage-backed and asset-backedsecurities differ from traditional fixed income securities.Mortgage-backed securities are subject to “prepaymentrisk” and “extension risk.” Prepayment risk is the risk that,when interest rates fall, certain types of obligations will bepaid off by the obligor more quickly than originallyanticipated and the Portfolio may have to invest theproceeds in securities with lower yields. Extension risk isthe risk that, when interest rates rise, certain obligationswill be paid off by the obligor more slowly than anticipated,causing the value of these securities to fall. Smallmovements in interest rates (both increases anddecreases) may quickly and significantly reduce the valueof certain mortgage-backed and asset-backed securities.Mortgage-backed and asset-backed securities are alsosubject to credit risk.

Non-Hedging Foreign Currency Trading Risk. ThePortfolio may engage in forward foreign currencytransactions for speculative purposes. The Portfolio maypurchase or sell foreign currencies through the use offorward contracts based on the subadviser’s judgmentregarding the direction of the market for a particularforeign currency or currencies. In pursuing this strategy,the subadviser seeks to profit from anticipated movementsin currency rates by establishing “long” and/or “short”positions in forward contracts on various foreigncurrencies. Foreign exchange rates can be extremelyvolatile and a variance in the degree of volatility of themarket or in the direction of the market from thesubadviser’s expectations may produce significant lossesfor the Portfolio. Some of the transactions may also besubject to interest rate risk.

Inverse Floaters Risk. The interest rate on an inversefloater resets in the opposite direction from the market rateof interest to which the inverse floater is indexed. Aninverse floater may be considered to be leveraged to theextent that its interest rate varies by a magnitude thatexceeds the magnitude of the change in the index rate ofinterest. The higher degree of leverage inherent in inversefloaters is associated with greater volatility in their market

values. Accordingly, the duration of an inverse floater mayexceed its stated final maturity.

Country Focus Risk. To the extent the Portfolio invests asignificant portion of its assets in one or only a fewcountries at a time, the Portfolio will face a greater risk ofloss due to factors affecting that single country or thosefew countries than if the Portfolio always maintained widediversity among countries in which it invests.






The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the J.P. Morgan Global Government Bond Index(un-hedged). Fees and expenses incurred at the contractlevel are not reflected in the bar chart or table. If theseamounts were reflected, returns would be less than those


- 68 -

shown. Of course, past performance is not necessarily anindication of how the Portfolio will perform in the future.

(Class 1 Shares)

6.29%5.77%

3.84%

-3.48%

-0.36%

-2.91%

1.32%

6.81%

-2.46%

6.86%

-6%

-4%

-2%

0%

2%

4%

6%

8%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

During the 10-year period shown in the bar chart, thehighest return for a quarter was 7.63% (quarter endedSeptember 30, 2010) and the lowest return for a quarterwas -7.99% (quarter ended December 31, 2016). Theyear-to-date calendar return as of March 31, 2020 was0.54%.


1Year

5Years

10Years

Class 1 Shares........................... 6.86% 1.83% 2.09%Class 2 Shares........................... 6.73% 1.69% 1.94%Class 3 Shares........................... 6.61% 1.59% 1.84%J.P. Morgan Global Government

Bond Index (un-hedged) ......... 6.02% 2.16% 2.15%

Investment Adviser


The Portfolio is subadvised by Goldman Sachs AssetManagement International.

Portfolio Managers

Name and Title


Iain LindsayManaging Director, Co-Head of GlobalPortfolio Management and member ofthe Fixed Income Strategy Group.......... 2001

Hugh BriscoeManaging Director, Portfolio Manager,Global Fixed Income & LiquiditySolutions................................................ 2020



- 69 -

Investment Goal





Class 1 Class 3


Expenses Before Fee Waiversand/or Expense Reimbursements ... 1.14% 1.40%

Fee Waivers and/or ExpenseReimbursements2............................ -0.28% -0.29%





Expense Example




Portfolio Turnover




The Portfolio seeks to achieve its investment goal throughstrategically and dynamically allocating its assets tovarious equity and fixed income asset classes. Undernormal market conditions, the Portfolio targets anallocation of approximately 70% of its assets to equityexposure and approximately 30% of its assets to fixedincome exposure, although the Portfolio’s equity exposuremay range from approximately 60%-80% of its net assetsand its allocation to fixed income exposure may rangefrom approximately 20%-40% of its net assets.

The equity securities in which the Portfolio intends toinvest, or obtain exposure to, include common stock,preferred stock, rights and warrants, and depositary

PORTFOLIO SUMMARY: SA GOLDMAN SACHS MULTI-ASSET INSIGHTS PORTFOLIO

- 70 -

receipts relating to equity securities. The Portfolio mayinvest in, or obtain exposure to, equity securities of U.S.and non-U.S. issuers of any market capitalization range,including securities of issuers located in emergingmarkets. The Portfolio’s ability to invest in both U.S. andnon-U.S. securities allows it to diversify its assets acrossdifferent geographic regions. The foreign equity securitiesin which the Portfolio intends to invest, or obtain exposureto, may be denominated in U.S. dollars or foreigncurrencies and may be currency hedged or unhedged.The Portfolio may also obtain exposure to equity securitiesby investing in exchange-traded funds (“ETFs”).

The fixed income securities in which the Portfolio intendsto invest, or obtain exposure to, include corporate debtinstruments, U.S. government securities, high-yield debtsecurities (junk bonds), convertible notes, money marketinstruments and/or cash or cash equivalents. The Portfoliomay also obtain exposure to fixed income securities byinvesting in ETFs.

The Portfolio may invest in derivatives, such as equityindex futures, interest rate futures, interest rate swaps,credit default swaps and forward foreign currencyexchange contracts for hedging and non-hedgingpurposes, as well as to increase the return on its portfolioinvestments.

The Portfolio will adjust its equity/fixed income exposure+/- 10%, as described above, based on market andmacroeconomic views of Goldman Sachs AssetManagement L.P. (“GSAM”), the Portfolio’s subadviser.GSAM will implement such adjustment by reallocating thePortfolio’s investments in equity and fixed incomesecurities and/or by investing in ETFs and/or derivatives.

In managing the Portfolio, GSAM develops a strategicallocation across the various asset classes by budgetingor allocating portfolio risk across a set of asset allocationrisk factors, including, but not limited to, market cap,interest rate, emerging markets, commodity, equity style,momentum and active risk. The resulting strategic assetallocation is implemented using a range of bottom-upsecurity selection strategies across equity and fixedincome asset classes. Within equities, securities areselected using fundamental research and a variety ofquantitative techniques primarily based on the followinginvestment themes: Momentum, Valuation andProfitability. The Momentum theme seeks to predictchanges in stock prices caused by delayed investorreaction to company-specific information and informationabout related companies. The Valuation theme attemptsto capture potential mispricings of securities, typically bycomparing a measure of the company’s intrinsic value toits market value. The Profitability theme seeks to assesswhether a company is earning more than its cost of

capital. GSAM may, in its discretion, make changes to itsquantitative techniques, or use other quantitativetechniques that are based on its proprietary research.

The Portfolio places an emphasis on managing riskrelative to its benchmark index, which is comprised of thefollowing: 38.5% S&P 500® Index, 3.5% S&P Midcap 400®

Index, 3.5% Russell 2000® Index, 24.5% MSCI EAFE®

Index (net) and 30% Bloomberg Barclays U.S.Government/Credit Bond Index (the “Blended Index”). Tomanage the Portfolio’s risk relative to the Blended Index,GSAM intends to dynamically adjust the Portfolio’s riskexposure by making passive index investments throughthe use of equity and interest rate futures and ETFs, ifrequired by the Portfolio’s risk management parameters.These risk management parameters include restrictionsdesigned to limit how far the Portfolio’s returns arepermitted to deviate from those of the Blended Index.Such restrictions may result in the Portfolio having returnsthat track the Blended Index more consistently and moreclosely than would otherwise be the case. Theserestrictions may prevent a significant deviation from thereturns of the Blended Index, but may also limit thePortfolio’s ability to outperform the returns of the BlendedIndex.






Asset Allocation Risk. The Portfolio’s ability to achieveits investment goal depends in part on the subadviser’sskill in determining the Portfolio’s asset class allocations.Although allocation among different asset classesgenerally reduces risk, the risk remains that the


- 71 -

subadviser may favor an asset class that performs poorlyrelative to other asset classes.













- 72 -




Credit Quality Risk. An issuer with a lower credit ratingwill be more likely than a higher rated issuer to default orotherwise become unable to honor its financialobligations. Issuers with low credit ratings typically issuejunk bonds. In addition to the risk of default, junk bondsmay be more volatile, less liquid, more difficult to valueand more susceptible to adverse economic conditions orinvestor perceptions than other bonds.

Risk of Investing in Money Market Securities. This isboth a direct and indirect risk of investing in the Portfolio.An investment in the Portfolio is subject to the risk that thevalue of its investments in high-quality short-termobligations (“money market securities”) may be subject tochanges in interest rates, changes in the rating of anymoney market security and in the ability of an issuer tomake payments of interest and principal.

ETF Risk. Most ETFs are investment companies whoseshares are purchased and sold on a securities exchange.An investment in an ETF generally presents the sameprimary risks as an investment in a conventional fund (i.e.,one that is not exchange-traded) that has the sameinvestment objectives, strategies and policies. However,ETFs are subject to the following risks that do not apply toconventional mutual funds: (i) the market price of an ETF’sshares may trade at a premium or a discount to its netasset value; (ii) an active trading market for an ETF’s

shares may not develop or be maintained; and (iii) there isno assurance that the requirements of the exchangenecessary to maintain the listing of an ETF will continueto be met or remain unchanged. In addition, a passively-managed ETF may fail to accurately track the marketsegment or index that underlies its investment objective.To the extent that the Portfolio invests in an ETF, thePortfolio will indirectly bear its proportionate share of themanagement and other expenses that are charged by theETF in addition to the expenses paid by the Portfolio.




Futures Risk. A futures contract is considered aderivative because it derives its value from the price of theunderlying security or financial index. The prices of


- 73 -

futures contracts can be volatile and futures contracts maylack liquidity. In addition, there may be imperfect or evennegative correlation between the price of a futurescontract and the price of the underlying securities orfinancial index.

Forward Currency Contracts Risk. The use of forwardcontracts involves the risk of mismatching the Portfolio’sobjective under a forward contract with the value ofsecurities denominated in a particular currency. Suchtransactions reduce or preclude the opportunity for gain ifthe value of the currency should move in the directionopposite to the position taken. There is an additional riskto the effect that currency contracts create exposure tocurrencies in which the Portfolio’s securities are notdenominated. Unanticipated changes in currency pricesmay result in poorer overall performance for the Portfoliothan if it had not entered into such contracts.




Risk of Conflict with Insurance Company Interests.Managing the Portfolio’s risks relative to the BlendedIndex may reduce the risks and hedging costs assumed bythe insurance company that sponsors your VariableContract. This facilitates the insurance company’s abilityto provide guaranteed benefits. These guarantees areoptional and may not be associated with your VariableContract. While the interests of the Portfolio’s

shareholders and the affiliated insurance companiesproviding these guaranteed benefits are generally aligned,the affiliated insurance companies (and SunAmerica byvirtue of its affiliation with the insurance companies) mayface potential conflicts of interest. In particular, certainaspects of the Portfolio’s investment strategy may havethe effect of mitigating the financial risks to which theaffiliated insurance companies are subject as a result ofproviding those guaranteed benefits and the hedgingcosts associated with providing such benefits. In addition,the Portfolio’s performance may be lower than similarportfolios that do not employ the same risk managementconstraints.


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the MSCI EAFE® Index (net), Russell 2000®

Index, S&P 500® Index, Bloomberg Barclays U.S.Government/Credit Bond Index, S&P MidCap 400® Indexand the Blended Index. Fees and expenses incurred at thecontract level are not reflected in the bar chart or table. Ifthese amounts were reflected, returns would be less thanthose shown. Of course, past performance is notnecessarily an indication of how the Portfolio will performin the future.

(Class 3 Shares)

-8.53%

18.81%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

2018 2019



- 74 -


1Year


Class 1 Shares ................................. 19.06% 5.53%Class 3 Shares ................................. 18.81% 5.28%MSCI EAFE® Index (net) .................. 22.01% 4.20%Russell 2000® Index ......................... 25.52% 5.95%S&P 500® Index................................ 31.49% 13.34%Bloomberg Barclays U.S.

Government/Credit Bond Index ..... 9.71% 4.29%S&P MidCap 400® Index .................. 26.20% 7.53%Blended Index................................... 22.22% 8.12%

Investment Adviser


The Portfolio is subadvised by GSAM.

Portfolio Managers

Name and Title


Neill NuttallManaging Director ................................. 2019

Christopher Lvoff, CFAManaging Director ................................. 2017



- 75 -

Investment Goal





Class 1 Class 3



Reimbursements2............................ -0.01% 0.00%Total Annual Portfolio Operating



2 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica” or the “Adviser”) has contractuallyagreed to waive its fees and/or reimburse expenses to the extent thatthe Total Annual Portfolio Operating Expenses of Class 1 and Class 3shares exceed 0.18% and 0.43%, respectively, of the Portfolio’saverage daily net assets. For purposes of the Expense LimitationAgreement, “Total Annual Portfolio Operating Expenses” shall notinclude extraordinary expenses (i.e., expenses that are unusual innature and infrequent in occurrence, such as litigation), or acquiredfund fees and expenses, brokerage commissions and othertransactional expenses relating to the purchase and sale of portfoliosecurities, interest, taxes and governmental fees, and otherexpenses not incurred in the ordinary course of business ofSunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Anywaivers and/or reimbursements made by SunAmerica with respect tothe Portfolio are subject to recoupment from the Portfolio within twoyears after the occurrence of the waiver and/or reimbursement,provided that the recoupment does not cause the expense ratio of theshare class to exceed the lesser of (a) the expense limitation in effectat the time the waivers and/or reimbursements occurred, or (b) the

current expense limitation of that share class. This agreement maybe modified or discontinued prior to April 30, 2021 only with theapproval of the Board of Trustees of the Trust, including a majorityof the trustees who are not “interested persons” of the Trust asdefined in the Investment Company Act of 1940, as amended.

Expense Example




Portfolio Turnover




The Portfolio is structured as a “fund-of-funds,” whichmeans that it pursues its investment goal by investing itsassets in a combination of other mutual funds (the“Underlying Portfolios”). The Underlying Portfolios willprimarily include other funds in the Trust but may alsoinclude other funds advised by the Adviser. Under normalcircumstances, the Portfolio will seek to allocate 60% of itsassets (with a range of 50% to 70%) to UnderlyingPortfolios investing primarily in equity securities(“Underlying Equity Portfolios”) and 40% of its assets(with a range of 30% to 50%) to Underlying Portfoliosinvesting primarily in fixed income securities (“UnderlyingFixed Income Portfolios”). The Underlying Equity

PORTFOLIO SUMMARY: SA INDEX ALLOCATION 60/40 PORTFOLIO

- 76 -

Portfolios include, among others, funds that invest indomestic and international equity securities of small,medium and/or large capitalization companies and theUnderlying Fixed Income Portfolios include, amongothers, funds that invest in domestic government andcorporate bonds.

The Underlying Portfolios will generally be limited to indexfunds, which are passively managed to track theperformance of designated indices, although the Portfoliomay also from time to time invest in Underlying Portfoliosthat are not index funds, including for cash managementpurposes. The Portfolio may invest a significant portion ofits assets in any single Underlying Portfolio. The followingchart sets forth the Portfolio’s target allocations set bySunAmerica on January 31, 2020, to the UnderlyingEquity Portfolios and Underlying Fixed Income Portfolios.The Portfolio’s actual allocations may vary from theseprojections and will fluctuate from time to time due to,among other things, market conditions and changes madeby the Adviser to the target allocations.


Equity ............................................................ 60.50%SA Large Cap Index Portfolio ..................... 41.50%SA Mid Cap Index Portfolio ........................ 5.00%SA Small Cap Index Portfolio ..................... 4.50%SA International Index Portfolio .................. 9.50%

Fixed Income ................................................ 39.50%SA Fixed Income Intermediate Index

Portfolio ................................................... 14.00%SA Fixed Income Index Portfolio ................ 25.50%









Foreign Investment Risk. The Portfolio’s investments inUnderlying Portfolios that invest in the securities of foreignissuers or issuers with significant exposure to foreignmarkets involve additional risk. Foreign countries in whichan Underlying Portfolio may invest may have markets thatare less liquid, less regulated and more volatile than U.S.markets. The value of the Underlying Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities.


Risk of Investing in Bonds. The Portfolio invests inUnderlying Portfolios that invest principally in bonds,


- 77 -

which may cause the value of your investment in thePortfolio to go up or down in response to changes ininterest rates or defaults (or even the potential for futuredefaults) by bond issuers. Fixed income securities may besubject to volatility due to changes in interest rates.


Interest Rate Fluctuations Risk. The Portfolio invests inUnderlying Portfolios that invest substantially in fixedincome securities. Fixed income securities may be subjectto volatility due to changes in interest rates. Duration is ameasure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive tochanges in interest rates. Interest rates have beenhistorically low, so the Underlying Portfolios face aheightened risk that interest rates may rise. For example,a bond with a duration of three years will decrease in valueby approximately 3% if interest rates increase by 1%.




Indexing Risk. The Underlying Portfolios in which thePortfolio invests are managed to track the performance ofan index. An Underlying Portfolio will not sell securities in

its portfolio or buy different securities over the course of ayear other than in conjunction with changes in its targetindex, even if there are adverse developments concerninga particular security, company or industry. As a result, thePortfolio may suffer losses that might not be experiencedwith an investment in an actively-managed mutual fund.


Underlying Portfolios Risk. The risks of the Portfolioowning the Underlying Portfolios generally reflect the risksof owning the underlying securities held by the UnderlyingPortfolios. Disruptions in the markets for the securitiesheld by the Underlying Portfolios could result in losses onthe Portfolio’s investment in such securities. TheUnderlying Portfolios also have fees that increase theircosts versus owning the underlying securities directly.




Index, S&P 500® Index, Bloomberg Barclays U.S.Government/Credit Bond Index, S&P MidCap 400® Index,Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index and two blended indices. EffectiveApril 30, 2020, the Portfolio changed its blended indexfrom 40% S&P 500® Index, 5% S&P MidCap 400® Index,5% Russell 2000® Index, 10% MSCI EAFE® Index (net)and 40% Bloomberg Barclays U.S. Government/CreditBond Index (the “Old Blended Index”) to 40% S&P 500®

Index, 5% S&P MidCap 400® Index, 5% Russell 2000®


- 78 -

Index, 10% MSCI EAFE® Index (net), 20% BloombergBarclays U.S. Government/Credit Bond Index and 20%Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index (the “New Blended Index”). ThePortfolio believes that the New Blended Index may bemore representative of the market sectors and types ofsecurities in which the Underlying Portfolios investpursuant to their stated investment strategies. Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 3 Shares)

-4.91%

19.57%

-10%

-5%

0%

5%

10%

15%

20%

25%

2018 2019



1Year


Class 1 Shares.................................. 19.91% 8.72%Class 3 Shares.................................. 19.57% 8.43%MSCI EAFE® Index (net)................... 22.01% 8.62%Russell 2000® Index.......................... 25.52% 8.31%S&P 500® Index ................................ 31.49% 14.76%Bloomberg Barclays U.S.

Government/Credit Bond Index ..... 9.71% 4.47%S&P MidCap 400® Index................... 26.20% 8.54%Old Blended Index............................. 21.23% 9.57%Bloomberg Barclays U.S.


New Blended Index........................... 20.57% 9.32%

Investment Adviser


Portfolio Managers

Name and Title






- 79 -

Investment Goal





Class 1 Class 3


Expenses1 ....................................... 0.53% 0.78%1 The Total Annual Portfolio Operating Expenses do not correlate to the

ratio of expenses to average net assets provided in the FinancialHighlights table which reflects operating expenses of the Portfolioand do not include Acquired Fund Fees and Expenses.

Expense Example



Class 1 Shares... $54 $170 $296 $665


Class 3 Shares... 80 249 433 966

Portfolio Turnover




The Portfolio is structured as a “fund-of-funds,” whichmeans that it pursues its investment goal by investing itsassets in a combination of other mutual funds (the“Underlying Portfolios”). The Underlying Portfolios willprimarily include other funds in the Trust but may alsoinclude other funds advised by the Adviser. Under normalcircumstances, the Portfolio will seek to allocate 80% of itsassets (with a range of 70% to 90%) to UnderlyingPortfolios investing primarily in equity securities(“Underlying Equity Portfolios”) and 20% of its assets(with a range of 10% to 30%) to Underlying Portfoliosinvesting primarily in fixed income securities (“UnderlyingFixed Income Portfolios”). The Underlying EquityPortfolios include, among others, funds that invest indomestic and international equity securities of small,medium and/or large capitalization companies and theUnderlying Fixed Income Portfolios include, amongothers, funds that invest in domestic government andcorporate bonds.



Equity ............................................................ 80.50%


- 80 -


SA Large Cap Index Portfolio ..................... 51.50%SA Mid Cap Index Portfolio ........................ 10.00%SA Small Cap Index Portfolio ..................... 4.50%SA International Index Portfolio .................. 14.50%















Interest Rate Fluctuations Risk. The Portfolio invests inUnderlying Portfolios that invest substantially in fixedincome securities. Fixed income securities may be subjectto volatility due to changes in interest rates. Duration is ameasure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive tochanges in interest rates. Interest rates have beenhistorically low, so the Portfolio faces a heightened risk


- 81 -

that interest rates may rise. For example, a bond with aduration of three years will decrease in value byapproximately 3% if interest rates increase by 1%.





Fund-of-Funds Risk. The costs of investing in thePortfolio, as a fund-of-funds, may be higher than the costsof investing in a mutual fund that only invests directly inindividual securities. An Underlying Portfolio may changeits investment objective or policies without the Portfolio’sapproval, which could force the Portfolio to withdraw itsinvestment from such Underlying Portfolio at a time that isunfavorable to the Portfolio. In addition, one UnderlyingPortfolio may buy the same securities that anotherUnderlying Portfolio sells. Therefore, the Portfolio would

indirectly bear the costs of these trades withoutaccomplishing any investment purpose.







Index, 15% MSCI EAFE® Index (net), 10% BloombergBarclays U.S. Government/Credit Bond Index and 10%Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index (the “New Blended Index”). ThePortfolio believes that the New Blended Index may bemore representative of the market sectors and types ofsecurities in which the Underlying Portfolios investpursuant to their stated investment strategies. Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, past


- 82 -


(Class 3 Shares)

-6.79%

23.65%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2018 2019



1Year






Investment Adviser


Portfolio Managers

Name and Title






- 83 -

Investment Goal





Class 1 Class 3




Expense Example




Portfolio Turnover




The Portfolio is structured as a “fund-of-funds,” whichmeans that it pursues its investment goal by investing itsassets in a combination of other mutual funds (the“Underlying Portfolios”). The Underlying Portfolios willprimarily include other funds in the Trust but may alsoinclude other funds advised by the Adviser. Under normalcircumstances, the Portfolio will seek to allocate 90% of itsassets (with a range of 80% to 100%) to UnderlyingPortfolios investing primarily in equity securities(“Underlying Equity Portfolios”) and 10% of its assets(with a range of 0% to 20%) to Underlying Portfoliosinvesting primarily in fixed income securities (“UnderlyingFixed Income Portfolios”). The Underlying EquityPortfolios include, among others, funds that invest indomestic and international equity securities of small,medium and/or large capitalization companies and theUnderlying Fixed Income Portfolios include, amongothers, funds that invest in domestic government andcorporate bonds.

The Underlying Portfolios will generally be limited to indexfunds, which are passively managed to track theperformance of designated indices, although the Portfoliomay also from time to time invest in Underlying Portfoliosthat are not index funds, including for cash managementpurposes. The Portfolio may invest a significant portion ofits assets in any single Underlying Portfolio. The followingchart sets forth the Portfolio’s target allocations set bySunAmerica Asset Management, LLC (“SunAmerica”) onJanuary 31, 2020 to the Underlying Equity Portfolios andUnderlying Fixed Income Portfolios. The Portfolio’s actualallocations may vary from these projections and willfluctuate from time to time due to, among other things,market conditions and changes made by the Adviser to thetarget allocations.


Equity ............................................................ 90.50%SA Large Cap Index Portfolio ..................... 57.00%SA Mid Cap Index Portfolio ........................ 10.00%


- 84 -


SA Small Cap Index Portfolio ..................... 5.00%SA International Index Portfolio .................. 18.50%















Interest Rate Fluctuations Risk. The Portfolio invests inUnderlying Portfolios that invest substantially in fixedincome securities. Fixed income securities may be subjectto volatility due to changes in interest rates. Duration is ameasure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive tochanges in interest rates. Interest rates have been


- 85 -

historically low, so the Portfolio faces a heightened riskthat interest rates may rise. For example, a bond with aduration of three years will decrease in value byapproximately 3% if interest rates increase by 1%.





Fund-of-Funds Risk. The costs of investing in thePortfolio, as a fund-of-funds, may be higher than the costsof investing in a mutual fund that only invests directly inindividual securities. An Underlying Portfolio may changeits investment objective or policies without the Portfolio’sapproval, which could force the Portfolio to withdraw itsinvestment from such Underlying Portfolio at a time that isunfavorable to the Portfolio. In addition, one UnderlyingPortfolio may buy the same securities that anotherUnderlying Portfolio sells. Therefore, the Portfolio would

indirectly bear the costs of these trades withoutaccomplishing any investment purpose.







Index, 20% MSCI EAFE® Index (net), 5% BloombergBarclays U.S. Government/Credit Bond Index and 5%Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index (the “New Blended Index”). ThePortfolio believes that the New Blended Index may bemore representative of the market sectors and types ofsecurities in which the Underlying Portfolios investpursuant to their stated investment strategies. Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, past


- 86 -


(Class 3 Shares)

-7.66%

25.53%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2018 2019



1Year






Investment Adviser


Portfolio Managers

Name and Title






- 87 -

Investment Goal

The Portfolio’s investment goal is investment results thatcorrespond with the performance of the MSCIEAFE Index.




Class 1 Class 3


Expenses1 ....................................... 0.51% 0.75%1 Total Annual Fund Operating Expenses include Acquired Fund Fees

and Expenses, which are not included in the ratio of expenses toaverage net assets in the Financial Highlights table, which reflects afinal recoupment of certain expenses.

Expense Example




Portfolio Turnover




The Portfolio seeks to provide investment results thatcorrespond with the performance of the MSCI EAFEIndex (the “Index”). The Index is a free float-adjustedmarket capitalization index that is designed to measurethe equity market performance of developed markets,excluding the United States and Canada. The Index iscomprised of large- and mid-cap developed marketequities.

The Adviser primarily seeks to achieve the Portfolio’sobjective by investing in all or substantially all of the stocksincluded in the Index, a strategy known as “replication.”The Adviser may, however, utilize an “optimization”strategy in circumstances in which replication is difficult orimpossible, such as if the Portfolio has low asset levelsand cannot replicate, to reduce trading costs or to gainexposure to securities that the Portfolio cannot accessdirectly. The goal of optimization is to select stocks whichensure that characteristics such as industry weightings,average market capitalizations and fundamentalcharacteristics (e.g., price-to-book, price-to-earnings,debt-to-asset ratios and dividend yields) closelyapproximate those of the Index. Stocks not in the Indexmay be held before or after changes in the composition ofthe Index or if they have characteristics similar to stocksin the Index. Under normal circumstances, the Portfolioinvests substantially all, but at least 80%, of its net assetsin securities included in the Index or in securities thatSunAmerica, the Portfolio’s investment adviser,determines have economic characteristics that arecomparable to the economic characteristics of securitiesincluded in the Index. The Portfolio will not concentrate,except to approximately the same extent as the Index mayconcentrate, in the securities of any industry. It is notanticipated, however, that the Portfolio will, under normalcircumstances, be concentrated in the securities of anyindustry.

Because the Portfolio may not always hold all of thestocks included in the Index, and because the Portfolio

PORTFOLIO SUMMARY: SA INTERNATIONAL INDEX PORTFOLIO

- 88 -

has expenses and the Index does not, the Portfolio will notduplicate the Index’s performance precisely. However, theAdviser believes there should be a close correlationbetween the Portfolio’s performance and that of the Indexin both rising and falling markets.





Foreign Investment Risk. The Portfolio’s investments insecurities of foreign issuers or issuers with significantexposure to foreign markets involve additional risk.Foreign countries in which the Portfolio may invest mayhave markets that are less liquid, less regulated and morevolatile than U.S. markets. The value of the Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities.



Medium Sized Companies Risk. Securities of mediumsized companies are usually more volatile and entailgreater risks than securities of large companies.

Country Focus Risk. To the extent the Portfolio invests asignificant portion of its assets in one or only a fewcountries at a time, the Portfolio will face a greater risk ofloss due to factors affecting that single or those fewcountries than if the Portfolio always maintained widediversity among the countries in which it invests. Based onthe current composition of the Index, the Portfolio intendsto invest a significant portion of its assets in securities ofJapanese issuers and other investments that are tiedeconomically to Japan.

Japan Exposure Risk. The Japanese economy faces anumber of long-term problems, including massivegovernment debt, the aging and shrinking of thepopulation, an unstable financial sector and low domesticconsumption. Japan has experienced natural disasters ofvarying degrees of severity, and the risks of suchphenomena, and damage resulting therefrom, continue toexist. Japan has a growing economic relationship withChina and other Southeast Asian countries, and thusJapan’s economy may also be affected by economic,political or social instability in those countries (whetherresulting from local or global events).



Issuer Risk. The value of a security may decline for anumber of reasons directly related to the issuer, such as


- 89 -

management performance, financial leverage andreduced demand for the issuer’s goods and services.




The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the MSCI EAFE® Index (net). Fees and expensesincurred at the contract level are not reflected in the barchart or table. If these amounts were reflected, returnswould be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 1 Shares)

-14.08%

21.19%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

2018 2019



1Year


Class 1 Shares.................................. 21.19% 7.40%Class 3 Shares.................................. 20.85% 7.12%MSCI EAFE® Index (net)................... 22.01% 8.62%

Investment Adviser


Portfolio Managers

Name and Title






- 90 -

Investment Goal








Expense Example




Portfolio Turnover




The Portfolio attempts to achieve its goal by investing inequity securities that demonstrate the potential for capitalappreciation, issued generally by small-cap companies,and in other instruments that have economiccharacteristics similar to such securities. The Portfolioinvests primarily in common stocks. The Portfolio also mayinvest in foreign securities, including securities of issuerslocated in emerging markets (up to 25% of net assets).The Portfolio may invest up to 10% of its total assets inreal estate investment trusts (“REITs”).

The subadviser uses a bottom-up stock selection processseeking attractive growth opportunities on an individualcompany basis. The subadviser believes that stock pricesare driven by expected earnings growth, the expectedlong-term sustainability of that growth and the market’svaluation of those factors. Therefore, in selectingsecurities for investment, the subadviser seeks thosecompanies that it believes are currently mispriced basedon growth expectations and the sustainability of thatgrowth in the market. The subadviser generally sellssecurities of a company when it believes the company’sgrowth potential, and/or the sustainability of that growth,flattens or declines. The subadviser may engage infrequent and active trading of portfolio securities.






PORTFOLIO SUMMARY: SA INVESCO GROWTH OPPORTUNITIES PORTFOLIO

- 91 -






Real Estate Industry Risk. These risks include declinesin the value of real estate, risks related to general andlocal economic conditions, overbuilding and increased

competition, increases in property taxes and operatingexpenses, changes in zoning laws, casualty orcondemnation losses, fluctuations in rental income,changes in neighborhood values, the appeal of propertiesto tenants and increases in interest rates. The Portfolioalso could be subject to the risks of direct ownership as aresult of a default on a debt security it may own. If thePortfolio has rental income or income from the dispositionof real property, the receipt of such income may adverselyaffect its ability to retain its tax status as a regulatedinvestment company. In addition, REITs are dependentupon management skill, may not be diversified and aresubject to project financing risks. REITs are also subject toheavy cash flow dependency, defaults by borrowers, self-liquidation and the possibility of failing to qualify for tax-free pass-through of income under the Internal RevenueCode of 1986, as amended, and to maintain exemptionfrom registration under the Investment Company Act of1940, as amended.





The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the Russell 2000® Growth Index. Fees and


- 92 -

expenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

Effective June 1, 2010, Invesco Advisers, Inc. (“Invesco”)assumed subadvisory duties of the Portfolio. FromNovember 1, 2005 until June 1, 2010, Morgan StanleyInvestment Management Inc. was subadviser to thePortfolio.

(Class 1 Shares)

24.26%

-2.39%

17.66%

37.71%

3.81%

-0.76%

3.93%

24.91%

-4.75%

28.97%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years

Class 1 Shares....................... 28.97% 9.62% 12.43%Class 2 Shares....................... 28.69% 9.46% 12.28%Class 3 Shares....................... 28.69% 9.36% 12.16%Russell 2000® Growth Index .. 28.48% 9.34% 13.01%

Investment Adviser


The Portfolio is subadvised by Invesco.

Portfolio Managers

Name and Title


Juan HartsfieldLead Portfolio Manager ......................... 2019

Clay ManleyPortfolio Manager .................................. 2019

Justin SanderPortfolio Manager .................................. 2018



- 93 -

Investment Goal

The Portfolio’s investment goal is to seek current incomeand moderate capital appreciation while managingportfolio volatility.




Class 1 Class 3


Expenses......................................... 0.88% 1.13%

Expense Example




Portfolio Turnover





The Portfolio invests primarily in equity and fixed incomesecurities, derivatives and other instruments that haveeconomic characteristics similar to such securities that itbelieves will decrease the volatility level of the Portfolio’sannual returns. Under normal circumstances, the Portfolioinvests at least 65% of its net assets in income-producingequity investments, such as dividend paying common orpreferred stocks. For purposes of this policy, the Portfolioconsiders income-producing equity securities to includesecurities such as dividend paying common stocks andpreferred stocks, interest paying convertible securitiesand zero coupon convertible securities (on which thePortfolio accrues income for tax and accounting purposesbut receives no cash). Although the Portfolio invests in thesecurities of issuers of all capitalization sizes, asubstantial number of the issuers in which the Portfolioinvests are expected to be large-cap companies. Thesubadviser also employs a “VCP” (Volatility ControlPortfolio) risk management process intended to managethe volatility level of the Portfolio’s annual returns.

In selecting securities for the Portfolio, the subadviseremphasizes a value style of investing; seeking well-established, undervalued companies that the subadviserbelieves offer the potential for income with safety ofprincipal and long-term growth of capital. The subadviserfocuses on undervalued companies with catalysts forimproved valuation. Internal and external factorsconsidered by the subadviser as catalysts for improvedvaluation include new management, operationalenhancements, restructurings or reorganizations,improvements in industry conditions or favorableregulatory developments. The subadviser believes acompany’s relative attractiveness is a function of itsupside potential relative to downside risk. The subadvisermay dispose of a security when it has reached thesubadviser’s estimate of fair value or when the subadviseridentifies a more attractive investment opportunity.

The Portfolio incorporates a volatility control process thatseeks to target a maximum annual volatility level for thePortfolio’s returns of approximately 10%. Volatility is astatistical measure of the magnitude of changes in thePortfolio’s returns without regard to the direction of thosechanges. To implement this volatility management

PORTFOLIO SUMMARY: SA INVESCO VCP EQUITY-INCOME PORTFOLIO

- 94 -

strategy, the subadviser will monitor the forecastedannualized volatility of the Portfolio’s returns, placing agreater weight on recent historical data. The Portfolio maymake significant investments in exchange-traded equityindex and exchange-traded interest rate futures or otherderivative instruments designed to reduce the Portfolio’sexposure to portfolio volatility. In addition, the subadviserwill seek to reduce exposure to certain downside risks bypurchasing equity index put options that aim to reduce thePortfolio’s exposure to certain severe and unanticipatedmarket events that could significantly detract from returns.There can be no assurance that investment decisionsmade in seeking to manage the Portfolio’s volatility willachieve the desired results.

Volatility is not a measure of investment performance.Volatility may result from rapid or dramatic price swings.Higher volatility generally indicates higher risk and is oftenreflected by frequent and sometimes significantmovements up and down in value. The Portfolio couldexperience high levels of volatility in both rising and fallingmarkets. Due to market conditions or other factors, theactual or realized volatility of the Portfolio for anyparticular period of time may be materially higher or lowerthan the target maximum annual level.

The Portfolio’s target maximum annual volatility level of10% is not a total return performance target. The Portfoliodoes not expect its total return performance to be withinany specified targeted range. It is possible for the Portfolioto maintain its volatility at or under its target maximumannual volatility level while having negative performancereturns. Efforts to manage the Portfolio’s volatility couldlimit the Portfolio’s gains in rising markets, may expose thePortfolio to costs to which it would otherwise not havebeen exposed, and if unsuccessful may result insubstantial losses.



The value of your investment in the Portfolio may beaffected by one or more of the following risks, which aredescribed in more detail in the sections “AdditionalInformation About the Portfolios’ Investment Strategiesand Investment Risks (Other than the SA VCP DynamicAllocation Portfolio and SA VCP Dynamic Strategy

Portfolio)” and the “Glossary” under “Risk Terminology” inthe Prospectus, any of which could cause the Portfolio’sreturn, the price of the Portfolio’s shares or the Portfolio’syield to fluctuate. Please note that there are many othercircumstances that could adversely affect your investmentand prevent the Portfolio from reaching its investmentgoal, which are not described here.



Convertible Securities Risk. The value of convertiblesecurities may be affected by market interest ratefluctuations, credit risk and the value of the underlyingcommon stock into which these securities may beconverted. Issuers may have the right to buy back or “call”certain convertible securities at a time unfavorable to thePortfolio.

Credit Risk. Credit risk applies to most debt securities,but is generally not a factor for obligations backed by the“full faith and credit” of the U.S. Government. The Portfoliocould lose money if the issuer of a debt security is unableor perceived to be unable to pay interest or repay principalwhen it becomes due. Various factors could affect theissuer’s actual or perceived willingness or ability to maketimely interest or principal payments, including changes inthe issuer’s financial condition or in general economicconditions. Debt securities backed by an issuer’s taxingauthority may be subject to legal limits on the issuer’spower to increase taxes or otherwise raise revenue, ormay be dependent on legislative appropriation orgovernment aid. Certain debt securities are backed onlyby revenues derived from a particular project or source,rather than by an issuer’s taxing authority, and thus mayhave a greater risk of default.

Derivatives Risk. A derivative is any financial instrumentwhose value is based on, and determined by, anothersecurity, index, rate or benchmark (i.e., stock options,futures, caps, floors, etc.). To the extent a derivativecontract is used to hedge another position in the Portfolio,the Portfolio will be exposed to the risks associated with


- 95 -

hedging described below. To the extent an option, futurescontract, swap, or other derivative is used to enhancereturn, rather than as a hedge, the Portfolio will be directlyexposed to the risks of the contract. Unfavorable changesin the value of the underlying security, index, rate orbenchmark may cause sudden losses. Gains or lossesfrom the Portfolio’s use of derivatives may be substantiallygreater than the amount of the Portfolio’s investment.Derivatives are also associated with various other risks,including market risk, leverage risk, hedging risk,counterparty risk, illiquidity risk and interest ratefluctuations risk. Since the Portfolio primarily usesexchange-traded equity index futures contracts andexchange-traded interest rate futures contracts, theprimary risks associated with the Portfolio’s use ofderivatives are market risk and hedging risk.

Equity Securities Risk. This is the risk that stock priceswill fall over short or extended periods of time. Althoughthe stock market has historically outperformed other assetclasses over the long term, the stock market tends tomove in cycles. Individual stock prices fluctuate from day-to-day and may underperform other asset classes over anextended period of time. Individual companies may reportpoor results or be negatively affected by industry and/oreconomic trends and developments. The prices ofsecurities issued by such companies may suffer a declinein response. These price movements may result fromfactors affecting individual companies, industries or thesecurities market as a whole.


Hedging Risk. A hedge is an investment made in order toreduce the risk of adverse price movements in a security,by taking an offsetting position in a related security (oftena derivative, such as an option or a short sale). Whilehedging strategies can be very useful and inexpensiveways of reducing risk, they are sometimes ineffective dueto unexpected changes in the market. Hedging alsoinvolves the risk that changes in the value of the relatedsecurity will not match those of the instruments beinghedged as expected, in which case any losses on theinstruments being hedged may not be reduced.

Illiquidity Risk. When there is little or no active tradingmarket for specific types of securities, it can become moredifficult to sell the securities at or near their perceived

value. In such a market, the value of such securities andthe Portfolio’s share price may fall dramatically.

Income Risk. The ability of the Portfolio’s equitysecurities to generate income generally depends on theearnings and the continuing declaration of dividends bythe issuers of such securities. The interest income on debtsecurities generally is affected by prevailing interest rates,which can vary widely over the short- and long-term. Ifdividends are reduced or discontinued or interest ratesdrop, distributions to shareholders from the Portfolio maydrop as well.




Leverage Risk. Leverage occurs when an investor hasthe right to a return on an investment that exceeds thereturn that the investor would be expected to receivebased on the amount contributed to the investment. ThePortfolio’s use of certain economically leveraged futuresand other derivatives can result in a loss substantiallygreater than the amount invested in the futures or otherderivative itself. Certain futures and other derivatives havethe potential for unlimited loss, regardless of the size ofthe initial investment. When the Portfolio uses futures andother derivatives for leverage, a shareholder’s investmentin the Portfolio will tend to be more volatile, resulting inlarger gains or losses in response to the fluctuating pricesof the Portfolio’s investments.


- 96 -


Preferred Stock Risk. Unlike common stock, preferredstock generally pays a fixed dividend from a company’searnings and may have a preference over common stockon the distribution of a company’s assets in the event ofbankruptcy or liquidation. Preferred stockholders’liquidation rights are subordinate to the company’s debtholders and creditors. If interest rates rise, the fixeddividend on preferred stocks may be less attractive andthe price of preferred stocks may decline.

Risk of Conflict with Insurance Company Interests.Managing the Portfolio’s volatility may reduce the risksassumed by the insurance company that sponsors yourVariable Contract. This facilitates the insurancecompany’s ability to provide guaranteed benefits. Theseguarantees are optional and may not be associated withyour Variable Contract. While the interests of thePortfolio’s shareholders and the affiliated insurancecompanies providing these guaranteed benefits aregenerally aligned, the affiliated insurance companies (andSunAmerica by virtue of its affiliation with the insurancecompanies) may face potential conflicts of interest. Inparticular, certain aspects of the Portfolio’s managementhave the effect of mitigating the financial risks to which theaffiliated insurance companies are subjected by providingthose guaranteed benefits. In addition, the Portfolio’sperformance may be lower than similar portfolios that donot seek to manage their volatility.



Short Sales Risk. When the Portfolio sells futurescontracts, the Portfolio is exposed to the risks associatedwith short sales. Short sales involve certain risks and

special considerations. Possible losses from short salesdiffer from losses that could be incurred from a purchaseof a security, because losses from short sales arepotentially unlimited, whereas losses from purchases canbe no greater than the total amount invested.



Volatility Control Risk. The risk that the subadviser’sstrategy for managing portfolio volatility may not producethe desired result or that the subadviser is unable to tradecertain derivatives effectively or in a timely manner. Therecan be no guarantee that the Portfolio will maintain itstarget volatility level. Additionally, maintenance of thetarget volatility level will not ensure that the Portfolio willdeliver competitive returns. The use of derivatives inconnection with the Portfolio’s managed volatility strategymay expose the Portfolio to losses (some of which may besudden) that it would not have otherwise been exposed toif it had only invested directly in equity and/or fixed incomesecurities. Efforts to manage the Portfolio’s volatility couldlimit the Portfolio’s gains in rising markets and may exposethe Portfolio to costs to which it would otherwise not havebeen exposed. The Portfolio’s managed volatility strategymay result in the Portfolio outperforming the generalsecurities market during periods of flat or negative marketperformance, and underperforming the general securitiesmarket during periods of positive market performance.The gains and losses of the Portfolio’s futures positionsmay not correlate with the Portfolio’s direct investments inequity securities; as a result, these futures contracts maydecline in value at the same time as the Portfolio’s directinvestments in equity securities decline in value. ThePortfolio’s managed volatility strategy also exposesshareholders to the risks of investing in derivativecontracts. The subadviser uses a combination ofproprietary and third-party systems to help it estimate thePortfolio’s expected volatility. Based on those estimates,the subadviser may adjust the Portfolio’s exposure


- 97 -

to certain markets by selling exchange-traded futurescontracts in an attempt to manage the Portfolio’s expectedvolatility. The proprietary and third-party risk models usedby the subadviser may perform differently than expectedand may negatively affect performance and the ability ofthe Portfolio to maintain its volatility at or below its targetmaximum annual volatility level for various reasons,including errors in using or building the models,technical issues implementing the models and variousnon-quantitative factors (e.g., market or trading systemdysfunctions, and investor fear or over-reaction).



The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the S&P 500® Index, the Bloomberg BarclaysU.S. Aggregate Bond Index, and a blended index. Theblended index consists of 60% S&P 500® Index and 40%Bloomberg Barclays U.S. Aggregate Bond Index (the“Blended Index”). Fees and expenses incurred at thecontract level are not reflected in the bar chart or table. Ifthese amounts were reflected, returns would be less thanthose shown. Of course, past performance is notnecessarily an indication of how the Portfolio will performin the future.

(Class 3 Shares)

8.19%

-2.21%

9.86% 9.96%

-10.17%

16.96%

-15%

-10%

-5%

0%

5%

10%

15%

20%

2014 2015 2016 2017 2018 2019



1Year

5Years



Class 1Shares.......... 17.18% N/A 6.84% N/A

Class 3Shares.......... 16.96% 4.41% N/A 6.19%

Blended Index.. 22.18% 8.37% 10.36% 9.23%Bloomberg

Barclays U.S.AggregateBond Index ... 8.72% 3.05% 2.76% 2.72%

S&P 500®

Index............. 31.49% 11.70% 15.35% 13.46%

Investment Adviser

The Portfolio’s investment adviser is SunAmerica AssetManagement, LLC.

The Portfolio is subadvised by Invesco Advisers, Inc.

Portfolio Managers

Name and Title


Since

Jacob BorbidgePortfolio Manager ...................................... 2018

Chuck BurgePortfolio Manager ...................................... 2013

Brian JurkashCo-Lead Portfolio Manager ....................... 2015

Sergio MarcheliPortfolio Manager ...................................... 2013

Matthew TitusCo-Lead Portfolio Manager ....................... 2016



- 98 -

Investment Goal







OperatingExpenses Before FeeWaiversand/or ExpenseReimbursements1 ............ 0.90% 1.05% 1.15%

Fee Waivers and/orExpenseReimbursements1 ............ -0.10% -0.10% -0.10%

Total Annual PortfolioOperatingExpenses After FeeWaivers and/orExpenseReimbursements1 ............ 0.80% 0.95% 1.05%

1 Pursuant to an Advisory Fee Waiver Agreement, effective throughApril 30, 2021, SunAmerica Asset Management, LLC (“SunAmerica”)is contractually obligated to waive its advisory fee with respect to thePortfolio so that the advisory fee payable by the Portfolio toSunAmerica is equal to 0.75% of average daily net assets. Thisagreement may only be terminated by the Board of Trustees ofSunAmerica Series Trust (the “Trust”), including a majority of thetrustees who are not “interested persons” of the Trust as defined inthe Investment Company Act of 1940, as amended.

Expense Example

This Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest$10,000 in the Portfolio for the time periods indicated andthen redeem 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 and that all contractual feewaivers remain in effect only for the period ending April 30,2021. The Example does not reflect charges imposed bythe Variable Contract. If the Variable Contract fees werereflected, the expenses would be higher. See the VariableContract prospectus for information on such charges.Although your actual costs may be higher or lower, basedon these assumptions and the net expenses shown in thefee table, your costs would be:



Portfolio Turnover




The Portfolio attempts to achieve its goal by investing,under normal market conditions, at least 65% of its assetsin equity securities of companies selected for their long-term growth potential. The Portfolio is non-diversified and,thus, will generally hold a core position of 30 to 40common stocks. The Portfolio invests primarily in commonstocks of large-cap companies but may also invest insmaller, emerging growth companies. The Portfolio mayinvest up to 25% of its assets in foreign securities whichmay include emerging market securities.

In selecting investments for the Portfolio, the subadviserseeks to invest in companies with distinct long-termcompetitive advantages, strong free cash flow generationand that trade at attractive valuations.

The subadviser applies a “bottom up” approach inchoosing investments. In other words, the portfoliomanagers look at companies one at a time to determine ifa company is an attractive investment opportunity and if itis consistent with the Portfolio’s investment policies.

The subadviser may reduce or sell the Portfolio’sinvestments in portfolio securities if, in the opinion of thesubadviser, replacing a security with another is a moreattractive investment, a security has reached full

PORTFOLIO SUMMARY: SA JANUS FOCUSED GROWTH PORTFOLIO

- 99 -

valuation, or the investment outlook for a securitychanges.













Non-Diversification Risk. The Portfolio is organized as a“non-diversified” fund. A non-diversified fund may invest alarger portion of assets in the securities of a singlecompany than a diversified fund. By concentrating in asmaller number of issuers, the Portfolio’s risk is increased


- 100 -

because the effect of each security on the Portfolio’sperformance is greater.



The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the Russell 1000® Growth Index. Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

Janus Capital Management, LLC (“Janus”) assumedsubadvisory duties of the Portfolio on June 30, 2016. Priorto June 30, 2016, Marsico Capital Management, LLCserved as subadviser.

(Class 1 Shares)

17.44%

-1.41%

11.30%

34.66%

11.22%

0.25%

-1.44%

30.15%

1.32%

36.22%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years


Index ................................. 36.39% 14.63% 15.22%

Investment Adviser


The Portfolio is subadvised by Janus.

Portfolio Managers

Name and Title


Doug RaoPortfolio Manager .................................. 2016

Nick Schommer, CFAPortfolio Manager .................................. 2016



- 101 -

Investment Goal

The Portfolio’s investment goal is total return.





Management Fees .............. 0.64% 0.64% 0.64%Service (12b-1) Fees .......... None 0.15% 0.25%Other Expenses .................. 0.08% 0.08% 0.08%Acquired Fund Fees and

Expenses1 ....................... 0.07% 0.07% 0.07%Total Annual Portfolio

Operating Expenses1 ...... 0.79% 0.94% 1.04%1 The Total Annual Portfolio Operating Expenses do not correlate to the


Expense Example




Portfolio Turnover




The Portfolio attempts to achieve its investment goal bymaintaining at all times a balanced portfolio of varioustypes of equity and fixed income investments, with at least25% of the Portfolio’s assets invested in fixed incomesecurities, and with at least 25% of the Portfolio’s assetsinvested in equity securities. The Portfolio’s assets aregenerally allocated in the following ranges, although theseallocations may change based on the relativeattractiveness of each asset class:

• 30%–75% U.S. equity securities, includingsmall–, medium– and large-cap securities

• 0%–35% foreign equity securities

• 25%–50% U.S. and foreign fixed incomesecurities

Equity securities that the Portfolio primarily invests ininclude common stock and convertible securities of U.S.and foreign companies, each of any market capitalization.As part of its overall investment strategy, the subadvisermakes allocations to various underlying equity strategiesin order to gain exposure to certain asset classes andmarkets. The underlying strategies may use a number ofdifferent approaches to select individual securities,including fundamental research and quantitative basedstrategies.

The fixed income portion of the Portfolio is investedprimarily using a top-down macro allocation withincremental return achieved through security selectionwithin sectors. Fixed income securities the Portfolioprimarily invests in include corporate bonds, asset-backed, mortgage-related, and mortgage-backedsecurities (including to-be-announced and commercialmortgage-backed securities), forward commitments topurchase or sell short mortgage-backed securities, U.S.and foreign government securities, and high-yield debtsecurities (junk bonds) (up to 15% of net assets). Thefixed income securities are rated at the time of purchase

PORTFOLIO SUMMARY: SA JPMORGAN DIVERSIFIED BALANCED PORTFOLIO

- 102 -

by a nationally recognized statistical rating organization or,if unrated, are deemed by the Portfolio’s subadviser to beof comparable quality. The Portfolio may invest in fixedincome securities of any average weighted maturity orduration.

The Portfolio uses an active trading strategy to achieve itsobjective.

The Portfolio may also invest in derivatives, includingoptions and futures. The Portfolio may invest in derivativesfor both hedging and non-hedging purposes, including, forexample, to manage and hedge interest rate risk, tolengthen or shorten the duration of fixed incomeinvestments, or to gain or reduce exposure to all or aportion of the stock or fixed income markets, respectively.The Portfolio may use forward foreign currency exchangecontracts to hedge or manage its foreign currency risk, aswell as to gain exposure to certain currencies.

Although the Portfolio will generally maintain its assetswithin the allocation above, the Portfolio may hold cash orcash equivalents for various purposes including inconnection with segregation for derivatives transaction, ascollateral for derivatives transactions or for temporarydefensive purposes. The cash and cash equivalentsallocation may cause temporary deviation from theallocation ranges indicated due to redemptions in thePortfolio or other circumstances relevant to the Portfolio’soverall investment process.











Short Sales Risk. Short sales by the Portfolio involvecertain risks and special considerations. Possible lossesfrom short sales differ from losses that could be incurredfrom a purchase of a security, because losses from shortsales are potentially unlimited, whereas losses frompurchases can be no greater than the total amountinvested.


U.S. Government Obligations Risk. U.S. Treasuryobligations are backed by the “full faith and credit” of theU.S. Government and generally have negligible credit risk.Securities issued or guaranteed by federal agencies or


- 103 -

authorities and U.S. Government-sponsoredinstrumentalities or enterprises may or may not be backedby the full faith and credit of the U.S. Government.




Convertible Securities Risk. Convertible security valuesmay be affected by market interest rates, issuer defaultsand underlying common stock values; security valuesmay fall if market interest rates rise and rise if marketinterest rates fall. Additionally, an issuer may have the rightto buy back the securities at a time unfavorable to thePortfolio.

Foreign Investment Risk. The Portfolio’s investments inthe securities of foreign issuers or issuers with significantexposure to foreign markets involve additional risk.Foreign countries in which the Portfolio invests may havemarkets that are less liquid, less regulated and morevolatile than U.S. markets. The value of the Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions or

events (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.





Derivatives Risk. A derivative is any financial instrumentwhose value is based on, and determined by, anothersecurity, index, rate or benchmark (i.e., stock options,futures, caps, floors, etc.). To the extent a derivativecontract is used to hedge another position in the Portfolio,the Portfolio will be exposed to the risks associated withhedging described below. To the extent an option, futurescontract, swap, or other derivative is used to enhance


- 104 -

return, rather than as a hedge, the Portfolio will be directlyexposed to the risks of the contract. Unfavorable changesin the value of the underlying security, index, rate orbenchmark may cause sudden losses. Gains or lossesfrom the Portfolio’s use of derivatives may be substantiallygreater than the amount of the Portfolio’s investment.Derivatives are also associated with various other risks,including market risk, leverage risk, hedging risk,counterparty risk, illiquidity risk and interest ratefluctuations risk. The primary risks associated with thePortfolio’s use of derivatives are market risk, counterpartyrisk and hedging risk.


Hedging Risk. While hedging strategies can be veryuseful and inexpensive ways of reducing risk, they aresometimes ineffective due to unexpected changes in themarket. Hedging also involves the risk that changes in thevalue of the related security will not match those of theinstruments being hedged as expected, in which case anylosses on the instruments being hedged may not bereduced. For gross currency hedges, there is an additionalrisk, to the extent that these transactions create exposureto currencies in which the Portfolio’s securities are notdenominated.



Quantitative Investing Risk. The value of securitiesselected using quantitative analysis can react differently toissuer, political, market, and economic developments from

the market as a whole or securities selected using onlyfundamental analysis. The factors used in quantitativeanalysis and the weight placed on those factors may notbe predictive of a security’s value. In addition, factors thataffect a security’s value can change over time and thesechanges may not be reflected in the quantitative model.

Settlement Risk. Investments purchased on anextended-settlement basis, such as when-issued, forwardcommitment or delayed-delivery transactions, involve arisk of loss if the value of the security to be purchaseddeclines before the settlement date. Conversely, the saleof securities on an extended-settlement basis involves therisk that the value of the securities sold may increasebefore the settlement date.


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the Bloomberg Barclays U.S. Government/CreditBond Index, MSCI World Index (net) and a blended index.The blended index consists of 60% MSCI WorldIndex (net) and 40% Bloomberg Barclays U.S.Government Credit Bond Index (the “Blended Index”).Fees and expenses incurred at the contract level are notreflected in the bar chart or table. If these amounts werereflected, returns would be less than those shown. Ofcourse, past performance is not necessarily an indicationof how the Portfolio will perform in the future.

(Class 1 Shares)

11.83%

2.27%

13.11%

19.48%

11.46%

0.03%

7.15%

14.56%

-7.69%

18.97%

-10%

-5%

0%

5%

10%

15%

20%

25%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

During the 10-year period shown in the bar chart, thehighest return for a quarter was 8.73% (quarter endedMarch 31, 2012) and the lowest return for a quarter was


- 105 -

-9.34% (quarter ended December 31, 2018). The year-to-date calendar return as of March 31, 2020 was -15.14%.


1Year

5Years

10Years

Class 1 Shares......................... 18.97% 6.16% 8.79%Class 2 Shares......................... 18.81% 6.00% 8.63%Class 3 Shares......................... 18.72% 5.90% 8.53%MSCI World Index (net)............ 27.67% 8.74% 9.47%Bloomberg Barclays U.S.

Government/Credit BondIndex ..................................... 9.71% 3.23% 3.96%

Blended Index .......................... 20.46% 6.71% 7.48%

Investment Adviser


The Portfolio is subadvised by J.P. Morgan InvestmentManagement Inc.

Portfolio Managers

Name and Title


Since

Michael Feser, CFAManaging Director and Portfolio Managerin the Multi-Asset Solutions team .............. 2016

Jeffrey Geller, CFAManaging Director and Portfolio Managerin the Multi-Asset Solutions team .............. 2019

Morgan M. Moriarty, CFAVice President and Portfolio Manager inthe Multi-Asset Solutions team.................. 2019

John Speer, CFAVice President and Portfolio Manager inthe Multi-Asset Solutions team.................. 2018



- 106 -

Investment Goal







Operating Expenses........ 1.30% 1.45% 1.55%Fee Waivers and/or

ExpenseReimbursements1 ............ -0.12% -0.12% -0.12%


1 Pursuant to an Amended and Restated Advisory Fee WaiverAgreement, effective through April 30, 2021, SunAmerica AssetManagement, LLC (“SunAmerica”) is contractually obligated to waiveits advisory fee with respect to the Portfolio so that the advisory feepayable by the Portfolio to SunAmerica equals 1.00% of averagedaily net assets. This agreement will continue in effect throughApril 30, 2021 and year to year thereafter, unless terminated by theBoard of Trustees of SunAmerica Series Trust (the “Trust”), includinga majority of the trustees who are not “interested persons” of theTrust as defined in the Investment Company Act of 1940, asamended.

Expense Example

This Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest$10,000 in the Portfolio for the time periods indicated andthen redeem 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 operatingexpenses remain the same and that all expenselimitations and fee waivers remain in effect only for the

period ending April 30, 2021. The Example does notreflect charges imposed by the Variable Contract. If theVariable Contract fees were reflected, the expenses wouldbe higher. See the Variable Contract prospectus forinformation on such charges. Although your actual costsmay be higher or lower, based on these assumptions andthe net expenses shown in the fee table, your costs wouldbe:



Portfolio Turnover




The Portfolio attempts to achieve its goal by investing,under normal circumstances, at least 80% of its netassets in common stocks, depositary receipts and otherequity securities of companies primarily in emergingmarkets outside the U.S., which the subadviser believes,when compared to developed markets, have aboveaverage-growth prospects.

Emerging markets include most countries in the worldexcept Australia, Canada, Japan, New Zealand, theUnited Kingdom, the United States, and most of thecountries of Western Europe. An emerging marketcompany is one: that is organized under the laws of, or hasa principal place of business in an emerging market;where the principal securities market is in an emergingmarket; that derives at least 50% of its total revenues orprofits from goods that are produced or sold, investmentsmade, or services performed in an emerging market; or atleast 50% of the assets of which are located in anemerging market. The Portfolio is not required to allocateits investments in any set percentages to any particularcountry. The Portfolio is not constrained by capitalizationor style limits and will invest across sectors. The Portfoliowill invest in securities across all market capitalizations,although the Portfolio may invest a significant portion of itsassets in companies of one particular marketcapitalization category.

PORTFOLIO SUMMARY: SA JPMORGAN EMERGING MARKETS PORTFOLIO

- 107 -

The Portfolio may overweight or underweight countriesrelative to its benchmark, the Morgan Stanley CapitalInternational (“MSCI”) Emerging Markets Index (net). Inmanaging the Portfolio, the subadviser adheres to adisciplined process for stock selection and portfolioconstruction. A proprietary multi-factor model is used toquantitatively rank securities in the Portfolio’s investmentuniverse which the subadviser uses to select securities.The Portfolio emphasizes securities that are ranked asundervalued, while underweighting or avoiding securitiesthat appear overvalued.

The Portfolio may invest in securities denominated in U.S.dollars, major reserve currencies and currencies of othercountries in which it is permitted to invest. The Portfoliotypically maintains full currency exposure to thosemarkets in which it invests. However, the Portfolio mayhedge a portion of its foreign currency exposure into theU.S. dollar.





Foreign Investment Risk. The Portfolio’s investments inthe securities of foreign issuers or issuers with significantexposure to foreign markets involve additional risk.Foreign countries in which the Portfolio invests may havemarkets that are less liquid, less regulated and morevolatile than U.S. markets. The value of the Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, and

political or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.





Depositary Receipts Risk. Depositary receipts, such asAmerican Depositary Receipts, are generally subject tothe same risks as the foreign securities that they evidenceor into which they may be converted. The issuers ofunsponsored depositary receipts are not obligated todisclose information that is considered material in theUnited States. Therefore, there may be less informationavailable regarding the issuers and there may not be acorrelation between such information and the marketvalue of the depositary receipts. Certain depositaryreceipts are not listed on an exchange and therefore aresubject to illiquidity risk.


- 108 -








The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’s

performance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the MSCI Emerging Markets Index (net). Feesand expenses incurred at the contract level are notreflected in the bar chart or table. If these amounts werereflected, returns would be less than those shown. Ofcourse, past performance is not necessarily an indicationof how the Portfolio will perform in the future.

Effective January 14, 2013, J.P. Morgan InvestmentManagement, Inc. (“JPMorgan”) assumed subadvisoryduties of the Portfolio. Prior to January 14, 2013, PutnamInvestment Management, LLC served as subadviser.

(Class 1 Shares)

18.48%

-26.09%

18.80%

-3.38%-5.92%

-14.22%

10.62%

42.31%

-19.39%

21.14%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

50%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

During the 10-year period shown in the bar chart, thehighest return for a quarter was 20.49% (quarter endedSeptember 30, 2010) and the lowest return for a quarterwas -30.02% (quarter ended September 30, 2011). Theyear-to-date calendar return as of March 31, 2020 was-24.01%.


1Year

5Years

10Years

Class 1 Shares......................... 21.14% 5.69% 2.23%Class 2 Shares......................... 20.87% 5.51% 2.07%Class 3 Shares......................... 20.80% 5.41% 1.98%MSCI Emerging Markets Index

(net) ...................................... 18.42% 5.61% 3.68%


- 109 -

Investment Adviser


The Portfolio is subadvised by JPMorgan.

Portfolio Managers

Name and Title


Anuj AroraManaging Director and Lead PortfolioManager ................................................ 2013

Joyce Weng, CFAVice President and Portfolio Manager ... 2017



- 110 -

Investment Goal

The Portfolio’s investment goal is growth of capital andincome.







Expense Example




Portfolio Turnover





The Portfolio attempts to achieve its investment goal byinvesting primarily in common stocks of corporations(principally large-cap and mid-cap) that demonstrate thepotential for appreciation and/or dividends, as well asstocks with favorable long-term fundamentalcharacteristics. Because yield is a key consideration inselecting securities, the Portfolio may purchase stocks ofcompanies that are out of favor in the financial communityand therefore are selling below what the subadviserbelieves to be their long-term investment value. Thesubadviser seeks to invest in undervalued companies withdurable franchises, strong management and the ability togrow their intrinsic value per share.

The subadviser may sell a security for several reasons. Asecurity may be sold due to a change in the company’sfundamentals or if the subadviser believes the security isno longer attractively valued. Investments may also besold if the subadviser identifies a stock that it believesoffers a better investment opportunity.






PORTFOLIO SUMMARY: SA JPMORGAN EQUITY-INCOME PORTFOLIO

- 111 -

Mid-Cap Companies Risk. Securities of mid-capcompanies are usually more volatile and entail greaterrisks than securities of large companies.








performance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the Russell 1000® Value Index. Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

J.P. Morgan Investment Management Inc. (“JPMorgan”)assumed subadvisory duties of the Portfolio onNovember 15, 2010. Prior to November 15, 2010,AllianceBernstein L.P. served as subadviser.

(Class 1 Shares)

11.47%

8.34%

13.76%

31.73%

14.14%

-2.20%

15.56%18.28%

-4.45%

27.16%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

During the 10-year period shown in the bar chart, thehighest return for a quarter was 12.98% (quarter endedDecember 31, 2011) and the lowest return for a quarterwas -13.47% (quarter ended June 30, 2010). The year-to-date calendar return as of March 31, 2020 was -24.79%.


1Year

5Years

10Years

Class 1 Shares..................... 27.16% 10.18% 12.87%Class 2 Shares..................... 26.99% 10.03% 12.70%Class 3 Shares..................... 26.84% 9.92% 12.59%Russell 1000® Value Index... 26.54% 8.29% 11.80%


- 112 -

Investment Adviser


The Portfolio is subadvised by JPMorgan.

Portfolio Managers

Name and Title


Clare HartManaging Director and PortfolioManager ................................................ 2010

Andrew BrandonManaging Director and PortfolioManager ................................................ 2019

David SilbermanManaging Director and PortfolioManager ................................................ 2019



- 113 -

Investment Goal








Expense Example




Portfolio Turnover





The Portfolio attempts to achieve its goal by investingprimarily in common stocks or securities with commonstock characteristics of U.S. and foreign issuers thatdemonstrate the potential for appreciation and engagingin transactions in foreign currencies. Under normalcircumstances, at least 80% of the Portfolio’s assets willbe invested in equity securities. The Portfolio may investin equity securities of companies in any marketcapitalization range. The Portfolio will invest significantlyin foreign securities, including securities of issuers locatedin emerging markets.

In managing the Portfolio, the subadviser adheres to adisciplined process for stock selection and portfolioconstruction. A proprietary multi-factor model is used toquantitatively rank securities in the Portfolio’s investmentuniverse on the basis of value, quality and growth(momentum) factors. Value is measured by valuationmetrics based on earnings and cash flow, while quality isassessed by focusing on operational, management andearnings quality. Momentum is captured by factors suchas relative price strength and earnings revisions.Securities held in the Portfolio that have become over-valued and/or whose quality and growth (momentum)signals have deteriorated materially may be sold.Securities that are sold are generally replaced with themost attractive securities, on the basis of the subadviser’sdisciplined investment process.

The portfolio construction process controls for sector andindustry weights, number of stocks held, and position size.Risk or factor exposures are actively managed throughportfolio construction.

The frequency with which the Portfolio buys and sellssecurities will vary from year to year, depending on marketconditions. The Portfolio may use an active tradingstrategy to achieve its objective.


As with any mutual fund, there can be no assurance thatthe Portfolio’s investment goal will be met or that the netreturn on an investment in the Portfolio will exceed whatcould have been obtained through other investment orsavings vehicles. Shares of the Portfolio are not bankdeposits and are not guaranteed or insured by any bank,

PORTFOLIO SUMMARY: SA JPMORGAN GLOBAL EQUITIES PORTFOLIO

- 114 -

government entity or the Federal Deposit InsuranceCorporation. If the value of the assets of the Portfoliogoes down, you could lose money.













Market Risk. The Portfolio’s share price can fall becauseof weakness in the broad market, a particular industry, orspecific holdings. The market as a whole can decline formany reasons, including adverse political or economicdevelopments in the United States or abroad, changes ininvestor psychology, or heavy institutional selling andother conditions or events (including, for example, militaryconfrontations, war, terrorism, disease/virus, outbreaksand epidemics). In addition, the subadviser’s assessmentof securities held in the Portfolio may prove incorrect,


- 115 -

resulting in losses or poor performance even in a risingmarket.



The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the MSCI World Index (net). Fees and expensesincurred at the contract level are not reflected in the barchart or table. If these amounts were reflected, returnswould be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 1 Shares)

14.34%

-10.40%

16.89%

26.21%

4.18%

-1.24%

5.69%

24.35%

-11.08%

19.89%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years

Class 1 Shares......................... 19.89% 6.71% 8.10%Class 2 Shares......................... 19.65% 6.54% 7.93%Class 3 Shares......................... 19.57% 6.43% 7.83%MSCI World Index (net)............ 27.67% 8.74% 9.47%

Investment Adviser



Portfolio Managers

Name and Title


Since

Sandeep BhargavaManaging Director and Portfolio Manager. 2005

Zenah ShuhaiberExecutive Director and Portfolio Manager . 2017

William MeadonManaging Director and Portfolio Manager. 2017

James FordExecutive Director and Portfolio Manager . 2017



- 116 -

Investment Goal

The Portfolio’s investment goal is maximum total return,consistent with preservation of capital and prudentinvestment management.









1 Pursuant to an Advisory Fee Waiver Agreement, effective throughApril 30, 2021, SunAmerica Asset Management, LLC (“SunAmerica”)is contractually obligated to waive 0.10% of its advisory fee on anannual basis with respect to the Portfolio. This agreement may bemodified or discontinued prior to April 30, 2021 only with the approvalof 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, asamended.

Expense Example

This Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest$10,000 in the Portfolio for the time periods indicated andthen redeem 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 operatingexpenses remain the same and that contractual expenselimitations and fee waivers remain in effect only for theperiod ending April 30, 2021. The Example does not

reflect charges imposed by the Variable Contract. If theVariable Contract fees were reflected, the expenses wouldbe higher. See the Variable Contract prospectus forinformation on such charges. Although your actual costsmay be higher or lower, based on these assumptions andthe net expenses shown in the fee table, your costs wouldbe:



Portfolio Turnover




The Portfolio seeks to achieve its investment goal byinvesting under normal circumstances at least 80% of itsnet assets in a diversified portfolio of bonds (as definedbelow), including U.S. and foreign fixed incomeinvestments with varying maturities. The average portfolioduration of the Portfolio normally varies within two years(plus or minus) of the duration of the Bloomberg BarclaysU.S. Aggregate Bond Index, as calculated by therespective subadviser.

Bonds, for purposes of satisfying the 80% investmentrequirement, include:

• securities issued or guaranteed by the U.S.Government, its agencies or government-sponsored enterprises;

• corporate debt securities of U.S. and non-U.S.issuers, including convertible securities andcorporate commercial paper;

• mortgage-backed and other asset-backedsecurities;

• inflation-indexed bonds issued both bygovernments and corporations;

• structured notes, including hybrid or “indexed”securities and event-linked bonds;

• loan participations and assignments;

• bank capital and trust preferred stocks;

PORTFOLIO SUMMARY: SA JPMORGAN MFS CORE BOND PORTFOLIO

- 117 -

• delayed funding loans and revolving creditfacilities;

• bank certificates of deposit, fixed time depositsand bankers’ acceptances;

• repurchase agreements and reverse repurchaseagreements;

• debt securities issued by states or localgovernments and their agencies, authorities andother government-sponsored enterprises;

• obligations of non-U.S. governments or theirsubdivisions, agencies and government-sponsored enterprises;

• obligations of international agencies orsupranational entities;

• municipal and mortgage- and asset-backedsecurities that are insured under policies issuedby certain insurance companies; and

• debt securities purchased or sold on a when-issued, delayed delivery, or forward commitmentbasis.

In addition, for purposes of satisfying the 80% investmentrequirement, the Portfolio may utilize forwards orderivatives such as options, futures contracts, or swapagreements that have economic characteristics similar tothe bonds mentioned above.

Investment Selection

The Portfolio is multi-managed by two subadvisers, J.P.Morgan Investment Management Inc. (“JPMorgan”) andMassachusetts Financial Services Company (“MFS”).

JPMorgan focuses on adding alpha primarily through avalue-oriented approach that seeks to identify inefficientlypriced securities. By design, JPMorgan focuses on abottom-up security selection-based approach to generatethe majority of the potential excess return. While overallportfolio duration and yield curve decisions are important,they are de-emphasized in the process. The team’s focusis on identifying securities that are believed to beundervalued. To find undervalued securities, JPMorganbelieves that one should focus on the most inefficientparts of the market. This belief has led to a historical biastoward AAA-rated CMOs within the mortgage-backedsector and higher-rated corporate credits within the creditsector. With a bottom-up focus, turnover tends to be lowand duration is typically managed within +/-10% of thebenchmark’s duration.

MFS uses an active bottom-up investment approach tobuying and selling investments for the Portfolio.Investments are selected primarily based on fundamentalanalysis of individual instruments and their issuers in light

of the issuers’ financial condition and market, economic,political, and regulatory conditions. Factors consideredmay include the instrument’s credit quality and terms, anyunderlying assets and their credit quality, and the issuer’smanagement ability, capital structure, leverage, and abilityto meet its current obligations. MFS may also considerenvironmental, social, and governance (ESG) factors in itsfundamental investment analysis. Quantitative screeningtools that systematically evaluate the structure of a debtinstrument and its features may also be considered. Instructuring the portion of the Portfolio subadvised by MFS,MFS also considers top-down factors, including sectorallocations, yield curve positioning, duration,macroeconomic factors, and risk management factors. Inconjunction with a team of investment research analysts,the portfolio managers select investments for the portionof the portfolio subadvised by MFS.

Portfolio Investment Policies

The Portfolio invests primarily in investment grade debtsecurities, but may invest up to 15% of its total assets insecurities rated below investment grade (commonlyreferred to as “high yield securities” or “junk bonds”),which are considered speculative.

The Portfolio may invest up to 15% of its total assets insecurities of issuers based in countries with developing(or “emerging market”) economies.

The Portfolio may invest up to 30% of its total assets insecurities denominated in foreign currencies, and mayinvest beyond this limit in U.S. dollar-denominatedsecurities of foreign issuers. The Portfolio will normallylimit its foreign currency exposure (from non-U.S. dollardenominated securities or currencies) to 20% of its totalassets.

The Portfolio may also invest up to 10% of its total assetsin preferred stocks, convertible securities and other equityrelated securities.

While the Portfolio may use derivatives for any investmentpurpose, to the extent the Portfolio uses derivatives, thesubadvisers expect to use derivatives primarily to increaseor decrease exposure to a particular market, segment ofthe market, or security, to increase or decrease interestrate exposure, or as alternatives to direct investments.Derivatives include options, futures contracts, forwardcontracts, structured securities, and swap agreements.

The Portfolio may, without limitation, seek to obtain marketexposure to the securities in which it primarily invests byentering into a series of purchase and sale contracts or byusing other investment techniques (such as buy backs ordollar rolls).


- 118 -

The “total return” sought by the Portfolio consists ofincome earned on the Portfolio’s investments, plus capitalappreciation, if any, which generally arises fromdecreases in interest rates or improving creditfundamentals for a particular sector or security.

The Portfolio expects to invest no more than 10% of itsassets in sub-prime mortgage related securities at thetime of purchase.

The Portfolio may also engage in frequent trading ofportfolio securities to achieve its investment goal.






Foreign Investment Risk. The Portfolio’s investments inthe securities of foreign issuers or issuers with significantexposure to foreign markets involve additional risk.Foreign countries in which the Portfolio invests may havemarkets that are less liquid, less regulated and morevolatile than U.S. markets. The value of the Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments are

heightened when investing in issuers in emerging marketcountries.




Equity Securities Risk. This is the risk that stock priceswill fall over short or extended periods of time. Althoughthe stock market has historically outperformed other assetclasses over the long term, the stock market tends tomove in cycles. Individual stock prices fluctuate from day-to-day and may underperform other asset classes over anextended period of time. Individual companies may reportpoor results or be negatively affected by industry and/oreconomic trends and developments.



- 119 -


Credit Quality Risk. An issuer with a lower credit ratingwill be more likely than a higher rated issuer to default orotherwise become unable to honor its financialobligations. Issuers with low credit rating typically issuejunk bonds. In addition to the risk of default, junk bondsmay be more volatile, less liquid, more difficult to valueand more susceptible to adverse economic conditions orinvestor perceptions than investment grade bonds.



Derivatives Risk. To the extent a derivative contract isused to hedge another position in the Portfolio, thePortfolio will be exposed to the risks associated withhedging described in the Glossary. To the extent an optionor futures contract is used to enhance return, rather thanas a hedge, the Portfolio will be directly exposed to therisks of the contract. Gains or losses from non-hedgingpositions may be substantially greater than the cost of theposition. By purchasing over-the-counter derivatives, thePortfolio is exposed to credit quality risk of thecounterparty.


Hedging Risk. While hedging strategies can be veryuseful and inexpensive ways of reducing risk, they aresometimes ineffective due to unexpected changes in themarket. Hedging also involves the risk that changes in thevalue of the related security will not match those of the

instruments being hedged as expected, in which case anylosses on the instruments being hedged may not bereduced. For gross currency hedges, there is an additionalrisk, to the extent that these transactions create exposureto currencies in which the Portfolio’s securities are notdenominated.






Mortgage- and Asset-Backed Securities Risk. Thecharacteristics of mortgage-backed and asset-backed


- 120 -

securities differ from traditional fixed income securities.Mortgage-backed securities are subject to “prepaymentrisk” and “extension risk.” Prepayment risk is the risk that,when interest rates fall, certain types of obligations will bepaid off by the obligor more quickly than originallyanticipated and the Portfolio may have to invest theproceeds in securities with lower yields. Extension risk isthe risk that, when interest rates rise, certain obligationswill be paid off by the obligor more slowly than anticipated,causing the value of these securities to fall. Smallmovements in interest rates (both increases anddecreases) may quickly and significantly reduce the valueof certain mortgage-backed and asset-backed securities.Mortgage-backed and asset-backed securities are alsosubject to credit risk.

Loan Participations and Assignments Risk. The lack ofa liquid secondary market for loan participations andassignments may have an adverse impact on the value ofsuch securities and the Portfolio’s ability to dispose ofparticular assignments or participations when necessaryto meet the Portfolio’s liquidity needs or in response to aspecific economic event such as a deterioration in thecreditworthiness of the borrower. The lack of a liquidsecondary market for assignments and participations alsomay make it more difficult for the Portfolio to assign avalue to these securities for purposes of valuing thePortfolio and calculating its net asset value.

Prepayment Risk. As a general rule, prepaymentsincrease during a period of falling interest rates anddecrease during a period of rising interest rates. This canreduce the returns of the Portfolio because the Portfoliowill have to reinvest that money at the lower prevailinginterest rates. In periods of increasing interest rates, theoccurrence of prepayments generally declines, with theeffect that the securities subject to prepayment risk heldby the Portfolio may exhibit price characteristics of longer-term debt securities.

Insurer Risk. Insured municipal and mortgage- andasset-backed securities typically receive a higher creditrating, allowing the issuer of the securities to pay a lowerinterest rate. In purchasing such insured securities, theportfolio manager gives consideration to the credit qualityof both the issuer and the insurer. The insurance reducesthe credit risk for a particular security by supplementingthe creditworthiness of the underlying security andprovides an additional source for payment of the principaland interest of a security in the case the original issuerdefaults. To the extent the Portfolio holds insuredsecurities, a change in the credit rating of any one or moreof the insurers that insure the securities in the Portfolio’sportfolio may affect the value of the securities they insure,the Portfolio’s share price and Portfolio performance. ThePortfolio might also be adversely impacted by the inability

of an insurer to meet its insurance obligations. Certain ofthe insurance companies that provide insurance for thesesecurities provide insurance for subprime securities. If thevalue of these securities declines and/or the issuerdefaults, such events increase an insurer’s risk of havingto make payments to holders of such securities. Becauseof this risk, the ratings of some insurance companies havebeen, or may be, downgraded and it is possible that aninsurance company may become insolvent and be unableto pay in the event the issuer defaults. In either event, thesecurities insured by such an insurance company maybecome susceptible to increased risk of lower valuationsand possible loss.



Roll Transactions Risk. Roll transactions involve certainrisks, including the following: if the broker-dealer to whomthe Portfolio sells the security becomes insolvent, thePortfolio’s right to purchase or repurchase the securitysubject to the dollar roll may be restricted and theinstrument that the Portfolio is required to repurchase maybe worth less than an instrument that the Portfoliooriginally held. Successful use of roll transactions willdepend upon the adviser/subadviser’s ability to predictcorrectly interest rates and, in the case of mortgage dollarrolls, mortgage prepayments. For these reasons, there isno assurance that dollar rolls can be successfullyemployed.

Risk of Investing in Sub-Prime Debt Securities. Theissuer of a sub-prime debt security may default on itspayments of interest or principal on a security when due.These risks are more pronounced in the case of sub-prime debt instruments than more highly rankedsecurities. Because of this increased risk, these securitiesmay also be less liquid and subject to more pronounceddeclines in value than more highly rated instruments intimes of market stress.

Risk of Investing in Municipal Securities. Municipalsecurities are subject to the risk that litigation, legislation


- 121 -

or other political events, local business or economicconditions, or the bankruptcy of the issuer could have asignificant effect on an issuer’s ability to make paymentsof principal and/or interest.




The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the Bloomberg Barclays U.S. Aggregate BondIndex. Fees and expenses incurred at the contract levelare not reflected in the bar chart or table. If these amountswere reflected, returns would be less than those shown.Of course, past performance is not necessarily anindication of how the Portfolio will perform in the future.

Effective January 20, 2015, JPMorgan and MFS replacedPacific Investment Management Company, LLC(“PIMCO”) as subadvisers to the Portfolio. As ofJanuary 31, 2020, JPMorgan and MFS each managed

approximately one-half of the Portfolio’s assets. Thepercentage of the Portfolio’s assets that each subadvisermanages may, at the adviser’s discretion, change fromtime to time.

(Class 1 Shares)

6.36% 6.31%7.30%

-3.62%

4.78%

-0.06%

3.34%3.94%

-0.53%

9.47%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

During the 10-year period shown in the bar chart, thehighest return for a quarter was 3.46% (quarter endedMarch 31, 2019) and the lowest return for a quarter was-3.33% (quarter ended June 30, 2013). The year-to-datecalendar return as of March 31, 2020 was -0.22%.


1Year

5Years

10Years

Class 1 Shares........................... 9.47% 3.17% 3.66%Class 2 Shares........................... 9.32% 3.02% 3.51%Class 3 Shares........................... 9.03% 2.89% 3.40%Bloomberg Barclays U.S.

Aggregate Bond Index............ 8.72% 3.05% 3.75%


- 122 -

Investment Adviser


The Portfolio is subadvised by JPMorgan and MFS.

Portfolio Managers

Name and Title


JPMorganRichard Figuly

Managing Director and Lead PortfolioManager ................................................ 2016

Justin RuckerExecutive Director and PortfolioManager ................................................ 2019

MFSJoshua P. Marston

Investment Officer ................................. 2015Robert D. Persons

Investment Officer ................................. 2015Alexander Mackey

Investment Officer ................................. 2019



- 123 -

Investment Goal








Expense Example




Portfolio Turnover

The Portfolio pays transaction costs, such ascommissions, when it buys and sells securities (or “turnsover” its portfolio). A higher portfolio turnover rate may

indicate higher transaction costs. These costs, which arenot reflected in annual portfolio operating expenses or inthe Example, affect the Portfolio’s performance.



The Portfolio attempts to achieve its goal by investing,under normal circumstances, at least 80% of its netassets in equity securities (common stocks, preferredstocks and convertible securities) of medium-sizedcompanies that the subadviser believes have above-average growth potential. Medium-sized companies willgenerally include companies whose marketcapitalizations, at the time of purchase, range from themarket capitalization of the smallest company included inthe Russell Midcap® Index to the market capitalization ofthe largest company in the Russell Midcap® Index duringthe most recent 12-month period.

The Portfolio may invest up to 20% of its net assets inforeign securities, including securities of issuers located inemerging markets. The Portfolio may invest in fixedincome securities, principally corporate securities.

In managing the Portfolio, the subadviser employs aprocess that combines research, valuation and stockselection to identify companies that have a history ofabove-average growth or which the subadviser believeswill achieve above-average growth in the future. Growthcompanies purchased for the Portfolio include those withleading competitive positions, predictable and durablebusiness models and management that can achievesustained growth. The subadviser makes specificpurchase decisions based on a number of quantitativefactors, including valuation and improving fundamentals,as well as the stock and industry insights of thesubadviser’s research and portfolio management teams.Finally, a disciplined, systematic portfolio constructionprocess is employed to minimize uncompensated risksrelative to the benchmark.

The subadviser sells a security for several reasons. Thesubadviser may sell a security due to a change in thecompany’s fundamentals, a change in the original reasonfor purchase of an investment, or new investmentopportunities with higher expected returns emerge todisplace existing portfolio holdings with lower expectedreturns. Finally, the subadviser may also sell a securitywhich the subadviser no longer considers reasonablyvalued.

PORTFOLIO SUMMARY: SA JPMORGAN MID-CAP GROWTH PORTFOLIO

- 124 -









Growth Stock Risk. The Portfolio invests substantially ingrowth style stocks. Growth stocks may lack the dividendyield associated with value stocks that can cushion total

return in a bear market. Also, growth stocks normally carrya higher price/earnings ratio than many other stocks.Consequently, if earnings expectations are not met, themarket price of growth stocks will often decline more thanother stocks.





Credit Quality Risk. An issuer with a lower credit ratingwill be more likely than a higher rated issuer to default or


- 125 -

otherwise become unable to honor its financialobligations. Issuers with low credit ratings typically issuejunk bonds. In addition to the risk of default, junk bondsmay be more volatile, less liquid, more difficult to valueand more susceptible to adverse economic conditions orinvestor perceptions than other bonds.






The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the Russell Midcap® Growth Index. Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 1 Shares)

25.47%

-5.91%

16.04%

42.44%

11.26%

2.98%0.21%

29.63%

-4.88%

39.58%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

50%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years

Class 1 Shares..................... 39.58% 12.17% 14.45%Class 2 Shares..................... 39.40% 12.00% 14.27%Class 3 Shares..................... 39.25% 11.89% 14.16%Russell Midcap® Growth

Index ................................. 35.47% 11.60% 14.24%

Investment Adviser



Portfolio Managers

Name and Title


Timothy Parton, CFAManaging Director and Lead PortfolioManager of the U.S. Equity Group ........ 2007

Felise Agranoff, CFAManaging Director and Co-PortfolioManager of the U.S. Equity Group ........ 2016



- 126 -

Investment Goal

The Portfolio’s investment goal is investment results thatcorrespond with the performance of the S&P 500® GrowthIndex.




Class 1 Class 3





1 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica” or the “Adviser”) has contractuallyagreed to waive its fees and/or reimburse expenses to the extent thatthe Total Annual Portfolio Operating Expenses of Class 1 and Class 3shares exceed 0.35% and 0.60%, respectively, of the Portfolio’saverage daily net assets. For purposes of the Expense LimitationAgreement, “Total Annual Portfolio Operating Expenses” shall notinclude extraordinary expenses (i.e., expenses that are unusual innature and infrequent in occurrence, such as litigation), or acquiredfund fees and expenses, brokerage commissions and othertransactional expenses relating to the purchase and sale of portfoliosecurities, interest, taxes and governmental fees, and otherexpenses not incurred in the ordinary course of business ofSunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Anywaivers and/or reimbursements made by SunAmerica with respect tothe Portfolio are subject to recoupment from the Portfolio within twoyears after the occurrence of the waivers and/or reimbursements,provided that the recoupment does not cause the expense ratio of theshare class to exceed the lesser of (a) the expense limitation in effectat the time the waivers and/or reimbursements occurred, or (b) thecurrent expense limitation of that share class. This agreement maybe modified or discontinued prior to April 30, 2021, only with theapproval of the Board of Trustees of the Trust, including a majorityof the trustees who are not “interested persons” of the Trust asdefined in the Investment Company Act of 1940, as amended.

Expense Example

This Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest$10,000 in the Portfolio for the time periods indicated andthen redeem 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 operatingexpenses remain the same and that allcontractual expense limitations and fee waivers remain ineffect only for the period ending April 30, 2021. TheExample does not reflect charges imposed by the VariableContract. If the Variable Contract fees were reflected, theexpenses would be higher. See the Variable Contractprospectus for information on such charges. Althoughyour actual costs may be higher or lower, based on theseassumptions and the net expenses shown in the fee table,your costs would be:



Portfolio Turnover




The Portfolio seeks to provide investment results thatcorrespond with the performance of the S&P 500® GrowthIndex (the “Index”). The Index measures the performanceof large-cap U.S. dollar-denominated U.S. equities asdetermined using three factors: sales growth, the ratio ofearnings change to price, and momentum.

The Adviser primarily seeks to achieve the Portfolio’sobjective by investing in all or substantially all of the stocksincluded in the Index, a strategy known as “replication.”The Adviser may, however, utilize an “optimization”strategy in circumstances in which replication is difficult orimpossible, such as if the Portfolio has low asset levelsand cannot replicate, to reduce trading costs or to gainexposure to securities that the Portfolio cannot accessdirectly. The goal of optimization is to select stocks which

PORTFOLIO SUMMARY: SA LARGE CAP GROWTH INDEX PORTFOLIO

- 127 -

ensure that characteristics such as industry weightings,average market capitalizations and fundamentalcharacteristics (e.g., price-to-book, price-to-earnings,debt-to-asset ratios and dividend yields) closelyapproximate those of the Index. Stocks not in the Indexmay be held before or after changes in the composition ofthe Index or if they have characteristics similar to stocksin the Index. Under normal circumstances, the Portfolioinvests substantially all, but at least 80%, of its net assetsin securities included in the Index or in securities thatSunAmerica, the Portfolio’s investment adviser,determines have economic characteristics that arecomparable to the economic characteristics of securitiesincluded in the Index. The Portfolio will not concentrate,except to approximately the same extent as the Index mayconcentrate, in the securities of any industry. It is notanticipated, however, that the Portfolio will, under normalcircumstances, be concentrated in the securities of anyindustry.

Because the Portfolio may not always hold all of thestocks included in the Index, and because the Portfoliohas expenses and the Index does not, the Portfolio will notduplicate the Index’s performance precisely. However, theAdviser believes there should be a close correlationbetween the Portfolio’s performance and that of the Indexin both rising and falling markets.

The Portfolio may become non-diversified (which meansthat it can invest a greater percentage of its assets in thesecurities of fewer issuers than can a diversified fund),solely as a result of a change in the relative marketcapitalization or index weighting of one or more of theIndex constituents.











Non-Diversification Risk. In order to replicate thecomposition of the Index, the Portfolio’s total assets mayat times be invested in multiple issuers representing morethan 5% of the Portfolio’s total assets. As a result, the


- 128 -

Portfolio may, from time to time, become “non-diversified.”A non-diversified fund may invest a larger portion ofassets in the securities of a single company than adiversified fund. By concentrating in a smaller number ofissuers, the Portfolio’s risk is increased because the effectof each security on the Portfolio’s performance is greater.



The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the S&P 500® Growth Index. Fees and expensesincurred at the contract level are not reflected in the barchart or table. If these amounts were reflected, returnswould be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 1 Shares)

30.64%

0%

5%

10%

15%

20%

25%

30%

35%

2019



1Year


Class 1 Shares.................................. 30.64% 15.10%Class 3 Shares.................................. 30.40% 14.85%S&P 500® Growth Index.................... 31.13% 16.12%

Investment Adviser


Portfolio Managers

Name and Title






- 129 -

Investment Goal

The Portfolio’s investment goal is investment results thatcorrespond with the performance of the stocks included inthe S&P 500® Composite Stock Price Index.




Class 1 Class 3





1 Pursuant to a Second Amended and Restated Advisory Fee WaiverAgreement, effective through April 30, 2021, SunAmerica AssetManagement, LLC, (“SunAmerica”) is contractually obligated to limitits total investment advisory fee to 0.26% on an annual basis withrespect to the Portfolio. This agreement may be modified ordiscontinued prior to April 30, 2021 only with the approval of theBoard of Trustees of SunAmerica Series Trust (the “Trust”), includinga majority of the trustees who are not “interested persons” of theTrust as defined in the Investment Company Act of 1940, asamended.

Expense Example

This Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest$10,000 in the Portfolio for the time periods indicated andthen redeem 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 operatingexpenses remain the same and fee waivers remain ineffect only for the period ending April 30, 2021. TheExample does not reflect charges imposed by the VariableContract. If the Variable Contract fees were reflected, theexpenses would be higher. See the Variable Contractprospectus for information on such charges. Although

your actual costs may be higher or lower, based on theseassumptions and the net expenses shown in the fee table,your costs would be:



Portfolio Turnover




The Portfolio attempts to achieve its goal by investing,under normal circumstances, at least 90% of its netassets in common stocks included in the S&P 500Composite Stock Price Index (the “Index”). The Indextracks the common stock performance of 500 large-capitalization companies publicly traded in theUnited States.

SunAmerica primarily seeks to achieve the Portfolio’sobjective by investing in all or substantially all of the stocksincluded in the Index, a strategy known as “replication.”The Adviser may, however, utilize an “optimization”strategy in circumstances in which replication is difficult orimpossible, such as if the Portfolio has low asset levelsand cannot replicate, to reduce trading costs or to gainexposure to securities that the Portfolio cannot accessdirectly. The goal of optimization is to select stocks whichensure that characteristics such as industry weightings,average market capitalizations and fundamentalcharacteristics (e.g., price-to-book, price-to-earnings,debt-to-asset ratios and dividend yields) closelyapproximate those of the Index. Stocks not in the Indexmay be held before or after changes in the composition ofthe Index or if they have characteristics similar to stocksin the Index. The Portfolio will not concentrate, except toapproximately the same extent as the Index mayconcentrate, in the securities of any industry. It is notanticipated, however, that the Portfolio will, under normalcircumstances, be concentrated in the securities of anyindustry.

The Portfolio also may invest up to 10% of its total assetsin derivatives such as stock index futures contracts,options on stock indices and options on stock index

PORTFOLIO SUMMARY: SA LARGE CAP INDEX PORTFOLIO

- 130 -

futures but may exceed the 10% threshold for the limitedpurpose of managing cash flows. The Portfolio makesthese investments to maintain the liquidity needed to meetredemption requests, to increase the level of Portfolioassets devoted to replicating the composition of the Indexand to reduce transaction costs.







“Passively Managed” Strategy Risk. The Portfolio willnot deviate from its strategy, except to the extentnecessary to comply with federal tax laws. If the Portfolio’sstrategy is unsuccessful, the Portfolio will not meet itsinvestment goal. Because the Portfolio will not use certaintechniques available to other mutual funds to reduce stock

market exposure, the Portfolio may be more susceptible togeneral market declines than other funds.







- 131 -

other conditions or events (including, for example, militaryconfrontations, war, terrorism, disease/virus, outbreaksand epidemics).




Effective October 3, 2010, SunAmerica assumedmanagement of the Portfolio. Prior to October 3, 2010,FAF Advisors, Inc. managed the Portfolio.

(Class 1 Shares)

14.61%

1.59%

15.04%

31.38%

13.07%

0.95%

11.62%

21.36%

-4.75%

30.93%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years


Class 1 Shares... 30.93% 11.27% 13.00% N/AClass 3 Shares... 30.61% N/A N/A 12.61%S&P 500® Index . 31.49% 11.70% 13.56% 13.34%

Investment Adviser


Portfolio Managers

Name and Title






- 132 -

Investment Goal

The Portfolio’s investment goal is investment results thatcorrespond with the performance of the S&P 500® ValueIndex.




Class 1 Class 3





1 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica” or the “Adviser”) has contractuallyagreed to waive its fees and/or reimburse expenses to the extent thatthe Total Annual Portfolio Operating Expenses of Class 1 and Class 3shares exceed 0.35% and 0.60%, respectively, of the Portfolio’saverage daily net assets. For purposes of the Expense LimitationAgreement, “Total Annual Portfolio Operating Expenses” shall notinclude extraordinary expenses (i.e., expenses that are unusual innature and infrequent in occurrence, such as litigation), or acquiredfund fees and expenses, brokerage commissions and othertransactional expenses relating to the purchase and sale of portfoliosecurities, interest, taxes and governmental fees, and otherexpenses not incurred in the ordinary course of business ofSunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Anywaivers and/or reimbursements made by SunAmerica with respect tothe Portfolio are subject to recoupment from the Portfolio within twoyears after the occurrence of the waivers and/or reimbursements,provided that the recoupment does not cause the expense ratio of theshare class to exceed the lesser of (a) the expense limitation in effectat the time the waivers and/or reimbursements occurred, or (b) thecurrent expense limitation of that share class. This agreement maybe modified or discontinued prior to April 30, 2021, only with theapproval of the Board of Trustees of the Trust, including a majorityof the trustees who are not “interested persons” of the Trust asdefined in the Investment Company Act of 1940, as amended.

Expense Example




Portfolio Turnover




The Portfolio seeks to provide investment results thatcorrespond with the performance of the S&P 500® ValueIndex (the “Index”). The Index measures the performanceof large-cap U.S. dollar-denominated U.S. equities asdetermined using three factors: the ratios of book value,earnings and sales to price.

The Adviser primarily seeks to achieve the Portfolio’sobjective by investing in all or substantially all of the stocksincluded in the Index, a strategy known as “replication.”The Adviser may, however, utilize an “optimization”strategy in circumstances in which replication is difficult orimpossible, such as if the Portfolio has low asset levelsand cannot replicate, to reduce trading costs or to gainexposure to securities that the Portfolio cannot accessdirectly. The goal of optimization is to select stocks which

PORTFOLIO SUMMARY: SA LARGE CAP VALUE INDEX PORTFOLIO

- 133 -

ensure that characteristics such as industry weightings,average market capitalizations and fundamentalcharacteristics (e.g., price-to-book, price-to-earnings,debt-to-asset ratios and dividend yields) closelyapproximate those of the Index. Stocks not in the Indexmay be held before or after changes in the composition ofthe Index or if they have characteristics similar to stocksin the Index. Under normal circumstances, the Portfolioinvests substantially all, but at least 80%, of its net assetsin securities included in the Index or in securities thatSunAmerica, the Portfolio’s investment adviser,determines have economic characteristics that arecomparable to the economic characteristics of securitiesincluded in the Index. The Portfolio will not concentrate,except to approximately the same extent as the Index mayconcentrate, in the securities of any industry. It is notanticipated, however, that the Portfolio will, under normalcircumstances, be concentrated in the securities of anyindustry.







Value Investing Risk. SunAmerica’s judgment that aparticular security is undervalued in relation to the








The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns to


- 134 -

those of the S&P 500® Value Index. Fees and expensesincurred at the contract level are not reflected in the barchart or table. If these amounts were reflected, returnswould be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 1 Shares)

31.54%

0%

5%

10%

15%

20%

25%

30%

35%

2019



1Year


Class 1 Shares.................................. 31.54% 13.48%Class 3 Shares.................................. 31.24% 13.19%S&P 500® Value Index ...................... 31.93% 13.75%

Investment Adviser


Portfolio Managers

Name and Title






- 135 -

Investment Goal










1 Pursuant to an Advisory Fee Waiver Agreement, effective throughApril 30, 2021, SunAmerica Asset Management, LLC (“SunAmerica”)is contractually obligated to waive its advisory fee with respect to thePortfolio so that the advisory fee payable by the Portfolio toSunAmerica equals 0.67% of average daily net assets. Thisagreement may be modified or discontinued prior to April 30, 2021only with the approval of the Board of Trustees of SunAmerica SeriesTrust (the “Trust”), including a majority of the trustees who are not“interested persons” of the Trust as defined in the InvestmentCompany Act of 1940, as amended.

Expense Example

This Example is intended to help you compare the cost ofinvesting in the Portfolio with the cost of investing in othermutual funds. The Example assumes that you invest$10,000 in the Portfolio for the time periods indicated andthen redeem 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 operatingexpenses remain the same and that all contractualexpense limitations and fee waivers remain in effect onlyfor the period ended April 30, 2021. The Example does notreflect charges imposed by the Variable Contract. If the

Variable Contract fees were reflected, the expenses wouldbe higher. See the Variable Contract prospectus forinformation on such charges. Although your actual costsmay be higher or lower, based on these assumptions andthe net expenses shown in the fee table, your costs wouldbe:


Class 1 Shares... $72 $235 $412 $ 926Class 2 Shares... 87 282 494 1,103Class 3 Shares... 97 313 548 1,220

Portfolio Turnover




The Portfolio’s investment goal is growth of capital. ThePortfolio attempts to achieve its goal by, under normalcircumstances, investing at least 80% of its net assets inequity securities of large capitalization companies. Largecapitalization companies are those with marketcapitalizations similar to companies in the Russell 1000®

Value Index (the “Index”). As of February 29, 2020, themedian market capitalization of a company in the Indexwas approximately $9.9 billion and the dollar-weightedaverage market capitalization of the companies in theIndex was approximately $264 billion. The size of thecompanies in the Index changes with market conditionsand the composition of the Index. The Portfolio may investin foreign securities, including emerging market securities,either directly or through depositary receipts. The Portfolioholds equity securities of approximately 150-250companies under normal market conditions.

The subadviser selects securities for the Portfolio that itbelieves are undervalued or out of favor based primarilyon price-to-earnings ratios, price-to-book ratios, pricemomentum, and share change and quality. Thesubadviser’s investment process begins by screening forlow valuation companies based on their price-to-earningsor price-to-book ratios, and using quantitative analysis toeliminate equity securities that have poor pricemomentum and high relative share issuance. Thesubadviser then performs a fundamental analysis on theremaining equity securities to identify and eliminate thosesecurities that it believes will have difficulty outperforming

PORTFOLIO SUMMARY: SA LEGG MASON BW LARGE CAP VALUE PORTFOLIO

- 136 -

the Index. The subadviser may consider other factors in itsselection process.

The subadviser typically sells a security of a companyheld by the Portfolio when it believes the company is nolonger a large capitalization value company, if thecompany’s fundamentals deteriorate, when an investmentopportunity arises that the subadviser believes is morecompelling, or to realize gains or limit potential losses.







Foreign Investment Risk. The Portfolio’s investments inthe securities of foreign issuers or issuers with significantexposure to foreign markets involve additional risk.Foreign countries in which the Portfolio invests may havemarkets that are less liquid, less regulated and morevolatile than U.S. markets. The value of the Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments are

heightened when investing in issuers in emerging marketcountries.






Active Trading Risk. The Portfolio may engage infrequent trading of securities to achieve its investmentgoal. Active trading may result in high portfolio turnoverand correspondingly greater brokerage commissions and


- 137 -

other transaction costs, which will be borne directly by thePortfolio and could affect your performance.



Brandywine Global Investment Management, LLC(“Brandywine”) assumed subadvisory duties of thePortfolio on September 8, 2015. Prior to September 8,2015, Davis Selected Advisers, L.P. d/b/a Davis Advisorssubadvised the Portfolio.

(Class 1 Shares)

12.16%

-4.21%

12.69%

33.69%

6.75%

1.33%

14.54%

20.60%

-8.64%

25.69%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years

Class 1 Shares....................... 25.69% 9.96% 10.75%Class 2 Shares....................... 25.54% 9.80% 10.59%Class 3 Shares....................... 25.39% 9.69% 10.48%Russell 1000® Value Index..... 26.54% 8.29% 11.80%

Investment Adviser


The Portfolio is subadvised by Brandywine.

Portfolio Managers

Name and Title


Henry F. OttoManaging Director, Portfolio Manager ... 2015

Steven M. TonkovichManaging Director, Portfolio Manager ... 2015

Joseph J. KirbyLead Portfolio Manager ......................... 2015



- 138 -

Investment Goal

The Portfolio’s investment goals are to seek capitalappreciation and income.




Class 1 Class 3








Expense Example




Portfolio Turnover




The Portfolio attempts to achieve its investment goals byallocating its assets among a number of differentinvestment strategies (or “sleeves”), each of which ismanaged by either QS Investors, LLC, the Portfolio’ssubadviser (“QS Investors”), or a sub-subadviser that is anaffiliate of QS Investors (such affiliates, together with QSInvestors, the “subadvisers”). Under normal marketconditions, the Portfolio targets an allocation ofapproximately 70% of its net assets to equity strategiesand approximately 30% of its net assets to fixed incomestrategies, although the Portfolio’s allocation to equitystrategies may range from approximately 60%-80% of itsnet assets and its allocation to fixed income strategiesmay range from approximately 20%-40% of its net assets.To achieve this +/- 10% deviation from the Portfolio’s

PORTFOLIO SUMMARY: SA LEGG MASON TACTICAL OPPORTUNITIES PORTFOLIO

- 139 -

target equity/fixed income allocation of 70%/30%, QSInvestors intends to tactically adjust its exposure primarilythrough the use of equity index and fixed income futures.

QS Investors is responsible for determining the allocationof the Portfolio’s assets among the Portfolio’s differentsubadvisers and sleeves. The Portfolio’s subadvisers andthe sleeve(s) that each of them manages is set out in thetable below.

Subadviser Sleeve

QS Investors ForeignLarge BlendGlobal EquityTactical U.S.Equity –Exchange-TradedFunds(“ETFs”)U.S. SmallCap Blend

BrandywineGlobalInvestmentManagement,LLC

U.S. Large-Cap Value

ClearBridgeInvestments,LLC

ForeignLarge ValueU.S. Large-Cap BlendU.S. Large-Cap Growth

WesternAssetManagementCompany

IntermediateTerm Bond

The subadvisers utilize different investment strategies inmanaging their respective sleeve(s), act independentlyfrom one another and use their own methodologies forselecting investments.

The equity securities in which the Portfolio intends toinvest, or obtain exposure to, include common stock,preferred stock, rights and warrants, and depositaryreceipts relating to equity securities. The Portfolio mayinvest in, or obtain exposure to, equity securities of U.S.and non-U.S. issuers of any market capitalization range.The foreign equity securities in which the Portfolio intendsto invest, or obtain exposure to, may be denominated inU.S. dollars or foreign currencies and may be currencyhedged or unhedged. The Portfolio may also use ETFs togain exposure to the applicable asset classes. TheTactical U.S. Equity sleeve employs a strategy of tactically

allocating across U.S. equity ETFs of various marketcapitalizations using a quantitative process.

The fixed income securities in which the Portfolio intendsto invest, or obtain exposure to, include corporate debtinstruments, U.S. government securities, mortgage-backed securities (specifically collateralized mortgageobligations (“CMOs”) and commercial mortgage-backedsecurities (“CMBS”)), asset-backed securities (specificallycollateralized debt obligations (“CDOs”)), convertiblenotes, money market instruments and/or cash or cashequivalents. The Portfolio may also utilize U.S. Treasurybond options within the Intermediate Term Bond sleeve forhedging purposes and to adjust the sleeve’s exposure tointerest rate risk.

While the Portfolio employs an active, tactical assetallocation strategy, the Portfolio places an emphasis onmanaging risk relative to its benchmark index, which iscomprised of the following: 43% S&P 500® Index, 5%Russell 2000® Index, 22% MSCI EAFE® Index (net) and30% Bloomberg Barclays U.S. Government/Credit BondIndex (the “Blended Index”). To manage the Portfolio’s riskrelative to the Blended Index, QS Investors intends totactically adjust the Portfolio’s exposure by makingpassive index investments through the use of futures andETFs, if required by the Portfolio’s risk managementparameters. These risk management parameters includerestrictions designed to limit how far the Portfolio’s returnsare permitted to deviate from those of the Blended Index.Such restrictions may result in the Portfolio having returnsthat track the Blended Index more consistently and moreclosely than would otherwise be the case. Theserestrictions may prevent a significant deviation from thereturns of the Blended Index, but may also limit thePortfolio’s ability to outperform the returns of the BlendedIndex.

The subadvisers may engage in frequent and activetrading of portfolio securities.





- 140 -


Asset Allocation Risk. The Portfolio’s ability to achieveits investment goal depends in part on a subadviser’s skillin determining the Portfolio’s investment strategyallocations. Although allocation among differentinvestment strategies generally reduces risk and exposureto any one strategy, the risk remains that a subadviser mayfavor an investment strategy that performs poorly relativeto other investment strategies.



Small- and Mid-Cap Companies Risk. Securities ofsmall- and mid-cap companies are usually more volatileand entail greater risks than securities of largecompanies.


Hedging Risk. While hedging strategies can be veryuseful and inexpensive ways of reducing risk, they aresometimes ineffective due to unexpected changes in themarket. Hedging also involves the risk that changes in the

value of the related security will not match those of theinstruments being hedged as expected, in which case anylosses on the instruments being hedged may not bereduced. For gross currency hedges, there is an additionalrisk, to the extent that these transactions create exposureto currencies in which the Portfolio’s securities are notdenominated.


Convertible Securities Risk. Convertible security valuesmay be affected by market interest rates, issuer defaultsand underlying common stock values; security valuesmay fall if market interest rates rise and rise if marketinterest rates fall. Additionally, an issuer may have the rightto buy back the securities at a time unfavorable to thePortfolio.




Interest Rate Fluctuations Risk. Fixed income securitiesmay be subject to volatility due to changes in interestrates. Duration is a measure of interest rate risk thatindicates how price-sensitive a bond is to changes ininterest rates. Longer-term and lower coupon bonds tendto be more sensitive to changes in interest rates. Interestrates have been historically low, so the Portfolio faces aheightened risk that interest rates may rise. For example,a bond with a duration of three years will decrease in valueby approximately 3% if interest rates increase by 1%.


- 141 -

Potential future changes in monetary policy made bycentral banks and/or their governments are likely to affectthe level of interest rates.



Risks of CDOs. The risks of an investment in a CDOdepend largely on the quality and type of the collateralsecurities and the class of the CDO in which the Portfolioinvests. In addition to being subject to the risks ofsecuritized instruments generally, CDOs are also subjectto additional risks, such as illiquidity risk; the risk thatdistributions from collateral securities will not be adequateto make interest or other payments; and the risk that thecollateral may default, decline in value or be downgraded.

Risks of CMBS. CMBS may not be backed by the full faithand credit of the U.S. Government and are subject to riskof default on the underlying mortgage loans. In addition tobeing subject to the risks of securitized instrumentsgenerally, CMBS may be less liquid and exhibit greaterprice volatility than other types of mortgage-backed orasset-backed securities.

Risks of CMOs. CMOs may offer a higher yield than U.S.government securities, but they may also be subject togreater credit risk. In the event of default by an issuer of aCMO, the Portfolio will be less likely to receive paymentsof principal and interest. In addition to being subject to therisks of securitized instruments generally, CMOs may beless liquid and exhibit greater price volatility than othertypes of mortgage-backed or asset-backed securities.





Futures Risk. A futures contract is considered aderivative because it derives its value from the price of theunderlying security or financial index. The prices offutures contracts can be volatile and futures contracts maylack liquidity. In addition, there may be imperfect or evennegative correlation between the price of a futures


- 142 -

contract and the price of the underlying securities orfinancial index.

Options Risk. Options are subject to sudden pricemovements and are highly leveraged, in that payment ofa relatively small purchase price, called a premium, givesthe buyer the right to acquire an underlying security orreference asset that has a face value substantially greaterthan the premium paid. The buyer of an option risks losingthe entire purchase price of the option. The writer, or seller,of an option risks losing the difference between thepurchase price received for the option and the price of thesecurity or reference asset underlying the option that thewriter must purchase or deliver upon exercise of theoption. There is no limit on the potential loss.





ETF Risk. Most ETFs are investment companies whoseshares are purchased and sold on a securities exchange.An investment in an ETF generally presents the sameprimary risks as an investment in a conventional fund (i.e.,one that is not exchange-traded) that has the sameinvestment objectives, strategies and policies. However,ETFs are subject to the following risks that do not apply toconventional mutual funds: (i) the market price of an ETF’sshares may trade at a premium or a discount to its netasset value; (ii) an active trading market for an ETF’sshares may not develop or be maintained; and (iii) there isno assurance that the requirements of the exchangenecessary to maintain the listing of an ETF will continueto be met or remain unchanged. In addition, a passively-managed ETF may fail to accurately track the marketsegment or index that underlies its investment objective.To the extent that the Portfolio invests in an ETF, thePortfolio will indirectly bear its proportionate share of themanagement and other expenses that are charged by theETF in addition to the expenses paid by the Portfolio.

Risk of Conflict with Insurance Company Interests.Managing the Portfolio’s risks relative to the BlendedIndex may reduce the risks and hedging costs assumed bythe insurance company that sponsors your VariableContract. This facilitates the insurance company’s abilityto provide guaranteed benefits. These guarantees areoptional and may not be associated with your VariableContract. While the interests of the Portfolio’sshareholders and the affiliated insurance companiesproviding these guaranteed benefits are generally aligned,the affiliated insurance companies (and SunAmerica byvirtue of its affiliation with the insurance companies) mayface potential conflicts of interest. In particular, certainaspects of the Portfolio’s investment strategy may havethe effect of mitigating the financial risks to which theaffiliated insurance companies are subject as a result ofproviding those guaranteed benefits and the hedgingcosts associated with providing such benefits. In addition,the Portfolio’s performance may be lower than similarportfolios that do not employ the same risk managementconstraints.



Index, S&P 500® Index, Bloomberg Barclays U.S.Government/Credit Bond Index and the Blended Index.Fees and expenses incurred at the contract level are notreflected in the bar chart or table. If these amounts werereflected, returns would be less than those shown. Of


- 143 -

course, past performance is not necessarily an indicationof how the Portfolio will perform in the future.

(Class 3 Shares)

-5.96%

18.29%

-10%

-5%

0%

5%

10%

15%

20%

25%

2018 2019



1Year



Government/Credit Bond Index ..... 9.71% 4.29%Blended Index................................... 22.53% 8.44%

Investment Adviser


The Portfolio is subadvised by QS Investors along with itsaffiliates, Brandywine Global Investment Management,LLC, ClearBridge Investments, LLC and Western AssetManagement Company.

Portfolio Managers

Name and Title


QS InvestorsThomas Picciochi, CAIA

Head of Multi-Asset PortfolioManagement ......................................... 2017

Lisa Wang, CFAPortfolio Manager .................................. 2019

Western Asset Management CompanyStephen Sibley, CFA

Portfolio Manager .................................. 2017Eugene Kirkwood

Portfolio Manager .................................. 2017



- 144 -

Investment Goal








Expense Example




Portfolio Turnover




The Portfolio attempts to achieve its investment goal byinvesting, under normal circumstances, at least 80% of itsnet assets in common stocks that demonstrate thepotential for capital appreciation, issued by large-capcompanies.

“Blue chip” companies are firms that are generally well-established in their respective industries in the view of thePortfolio’s subadviser. These companies generally exhibit,in the opinion of the Portfolio’s subadviser, characteristicssuch as strong management teams, sound financialfundamentals, and a defendable business model.

The Portfolio may invest in foreign securities up to 20% ofnet assets, including securities of issuers located inemerging markets. The subadviser normally invests thePortfolio’s assets across different industries and sectors,but the subadviser may invest a significant percentage ofthe Portfolio’s assets in a single industry or sector.

The subadviser focuses on investing the Portfolio’s assetsin the stocks of companies it believes to have aboveaverage earnings growth potential compared to othercompanies (“growth companies”). Growth companiestend to have stock prices that are high relative to theirearnings, dividends, book value, or other financialmeasures.

The subadviser uses an active bottom-up approach tobuying and selling investments for the Portfolio.Investments are selected primarily based on blendingfundamental and quantitative research. The subadviseruses fundamental analysis of individual issuers and theirpotential in light of their financial condition and market,economic, political, and regulatory conditions todetermine a fundamental rating for an issuer. Factorsconsidered may include analysis of an issuer’s earnings,cash flows, competitive position, and management ability.The subadviser may also consider environmental, social,and governance (ESG) factors in its fundamentalinvestment analysis. The subadviser uses quantitativeanalysis, including quantitative models that systematicallyevaluate an issuer’s valuation, price and earningsmomentum, earnings quality, and other factors todetermine a quantitative rating for an issuer.

The subadviser combines the fundamental rating with thequantitative rating to create a blended rating for an issuer.When a fundamental rating is not available, thesubadviser treats the issuer as having a neutralfundamental rating. (The subadviser’s quantitative

PORTFOLIO SUMMARY: SA MFS BLUE CHIP GROWTH PORTFOLIO

- 145 -

research generates ratings on a greater number ofissuers than the subadviser’s fundamental research.)

The subadviser constructs the portfolio using a portfoliooptimization process that considers the blended rating, aswell as issuer, industry, and sector weightings, marketcapitalization, volatility, and other factors. The portfoliomanagers have the discretion to adjust the inputs andparameters used in the optimization process and thePortfolio’s holdings based on factors such as the desiredportfolio characteristics and the portfolio managers’qualitative assessment of the optimization results. Thegoal is to construct an actively managed portfolio with atarget predicted tracking error of approximately 2%compared to the Russell 1000® Index (the Index). Trackingerror generally measures how the differences betweenthe Portfolio’s returns and the Index’s returns have variedover a period of time. A lower tracking error means thatthere is generally less variation between the Portfolio’sreturns compared to an index that represents thePortfolio’s investment universe. Third party quantitativerisk models are used in the portfolio construction processand to measure the predicted tracking error of thePortfolio.

For purposes of the Portfolio’s 80% policy, net assetsinclude the amount of any borrowings for investmentpurposes.





Growth Stock Risk. The Portfolio invests substantially ingrowth style stocks. Growth stocks may lack the dividendyield associated with value stocks that can cushion totalreturn in a bear market. Also, growth stocks normally carrya 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 thanother stocks.






Quantitative Investing Risk. The value of securitiesselected using quantitative analysis can react differently toissuer, political, market, and economic developments fromthe market as a whole or securities selected using onlyfundamental analysis. The factors used in quantitative


- 146 -

analysis and the weight placed on those factors may notbe predictive of a security’s value. In addition, factors thataffect a security’s value can change over time and thesechanges may not be reflected in the quantitative model.





The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the Russell 1000® Growth Index. Fees andexpenses 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, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

Massachusetts Financial Services Company (“MFS”)assumed subadvisory duties of the Portfolio on October 1,2013. Prior to October 1, 2013, SunAmerica managed thePortfolio.

(Class 1 Shares)

12.39%

-5.50%

11.58%

33.89%

11.91%

4.40%6.33%

27.06%

-5.27%

32.22%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years


Index ................................. 36.39% 14.63% 15.22%


- 147 -

Investment Adviser


The Portfolio is subadvised by MFS.

Portfolio Managers

Name and Title


Since

Matthew W. KrummellInvestment Officer, Lead PortfolioManager .................................................... 2013

James C. FallonInvestment Officer ..................................... 2015

Jonathan W. SageInvestment Officer ..................................... 2015

John E. StocksInvestment Officer ..................................... 2015



- 148 -

Investment Goal

The Portfolio’s investment goal is reasonable growth ofincome and long term growth and appreciation.







Expense Example




Portfolio Turnover





The Portfolio attempts to achieve its goal by investing,under normal market conditions, at least 65% of its assetsin equity securities. Equity securities include commonstocks, preferred stocks, securities convertible intostocks, and depositary receipts for such securities. ThePortfolio may invest up to 25% of its net assets in foreignsecurities.

In selecting investments for the Portfolio, the subadviser isnot constrained by any particular investment style. Thesubadviser may invest the Portfolio’s assets in the stocksof companies it believes to have above average earningsgrowth potential compared to other companies (growthcompanies), in the stocks of companies it believes areundervalued compared to their perceived worth (valuecompanies), or in a combination of growth and valuecompanies. While the Portfolio may invest its assets insecurities of companies of any size, the Portfolio primarilyinvests in securities of companies with largecapitalizations.

The subadviser normally invests the Portfolio’s assetsacross different industries and sectors, but the subadvisermay invest a significant percentage of the Portfolio’sassets in a single industry or sector.

The subadviser uses an active bottom-up investmentapproach to buying and selling investments for thePortfolio. Investments are selected primarily based onfundamental analysis of individual issuers and theirpotential in light of their financial condition, and market,economic, political, and regulatory conditions. Factorsconsidered may include analysis of an issuer’s earnings,cash flows, competitive position, and management ability.The subadviser may also consider environmental, socialand governance (ESG) factors in its fundamentalinvestment analysis. Quantitative screening tools thatsystematically evaluate an issuer’s valuation, price andearnings momentum, earnings quality, and other factorsmay also be considered.



PORTFOLIO SUMMARY: SA MFS MASSACHUSETTS INVESTORS TRUST PORTFOLIO

- 149 -








Growth Stock Risk. Growth stocks may lack the dividendyield associated with value stocks that can cushion totalreturn 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, themarket price of growth stocks will often decline more thanother stocks.






Affiliated Fund Rebalancing Risk. The Portfolio may bean investment option for other mutual funds for whichSunAmerica Asset Management, LLC (“SunAmerica”)


- 150 -

serves as investment adviser that are managed as “fundsof funds.” From time to time, the Portfolio may experiencerelatively large redemptions or investments due to therebalancing of a fund of funds. In the event of suchredemptions or investments, the Portfolio could berequired to sell securities or to invest cash at a time whenit is not advantageous to do so.



(Class 1 Shares)

11.14%

-1.85%

19.14%

31.78%

10.86%

0.22%

8.65%

23.40%

-5.36%

31.80%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

During the 10-year period shown in the bar chart, thehighest return for a quarter was 14.65% (quarter ended

March 31, 2019) and the lowest return for a quarter was-15.61% (quarter ended September 30, 2011). The year-to-date calendar return as of March 31, 2020 was-20.45%.


1Year

5Years

10Years

Class 1 Shares..................... 31.80% 10.88% 12.27%Class 2 Shares..................... 31.66% 10.71% 12.11%Class 3 Shares..................... 31.50% 10.60% 11.99%S&P 500® Index ................... 31.49% 11.70% 13.56%

Investment Adviser


The Portfolio is subadvised by Massachusetts FinancialServices Company.

Portfolio Managers

Name and Title


T. Kevin BeattyChief Investment Officer – GlobalEquity .................................................... 2004

Edward M. MaloneyExecutive Vice President and ChiefInvestment Officer ................................. 2012

Alison O’Neill MackeyInvestment Officer ................................. 2018



- 151 -

Investment Goal

The Portfolio’s investment goal is reasonable currentincome, long term capital growth and conservation ofcapital.







Expense Example




Portfolio Turnover





The Portfolio attempts to achieve its investment goal byinvesting in a combination of equity and fixed incomesecurities. Under normal market conditions, the Portfoliowill generally invest approximately 60% of its assets inequity securities and approximately 40% of its assets indebt instruments. These weightings do not reflect thePortfolio’s cash balance and can vary over time due tomarket movement and cash flows. The Portfolio’sinvestments in fixed income securities may include, butare not limited to, corporate bonds, U.S. Governmentsecurities, mortgage- and asset-backed securities andforeign government securities. The Portfolio may alsopurchase and sell debt instruments on a when-issued,delayed delivery, or forward commitment basis. Generally,substantially all of the Portfolio’s investments in debtinstruments are investment grade quality debtinstruments.

The Portfolio may invest in foreign securities (up to 25% ofnet assets).

Of the Portfolio’s investments in equity securities, thesubadviser focuses on investing in the stocks ofcompanies that it believes are undervalued compared totheir perceived worth (value companies). Valuecompanies tend to have stock prices that are low relativeto their earnings, dividends, assets, or other financialmeasures. The subadviser normally invests a portion ofthe Portfolio’s assets in income-producing equitysecurities. While the Portfolio may invest the equity portionof its assets in companies of any size, the Portfolioprimarily invests in companies with large capitalizations.

The subadviser uses an active bottom-up investmentapproach to buying and selling investments for thePortfolio. Investments are selected primarily based onfundamental analysis of individual issuers and/orinstruments in light of the issuer’s financial condition andmarket, economic, political, and regulatory conditions.Factors considered for equity securities may includeanalysis of an issuer’s earnings, cash flows, competitiveposition, and management ability. Factors considered fordebt instruments may include the instrument’s creditquality, collateral characteristics, and indentureprovisions, and the issuer’s management ability, capitalstructure, leverage, and ability to meet its currentobligations. The subadviser may also consider

PORTFOLIO SUMMARY: SA MFS TOTAL RETURN PORTFOLIO

- 152 -

environmental, social, and governance (ESG) factors in itsfundamental investment analysis. Quantitative modelsthat systematically evaluate the valuation, price andearnings momentum, earnings quality, and other factors ofthe issuer of an equity security or the structure of a debtinstrument may also be considered. Investments areselected primarily based on blending fundamental andquantitative research by certain equity securities portfoliomanagers.

Effective December 31, 2019, in connection with theportfolio management changes described under the sub-section entitled “Portfolio Managers,” the portion of thefund for which equity securities are selected primarilybased on blending fundamental and quantitative researchis being transitioned over time to a strategy of selectinginvestments primarily based on fundamental analysis ofindividual issuers. It is expected that the transition will becompleted by December 31, 2020.






Leverage Risk. The Portfolio may engage in certaintransactions that may expose it to leverage risk, such asreverse repurchase agreements, loans of portfoliosecurities, and the use of when-issued, delayed deliveryor forward commitment transactions and derivatives. The

use of leverage may cause the Portfolio to liquidateportfolio positions at inopportune times in order to meetregulatory asset coverage requirements, fulfill leveragecontract terms, or for other reasons. Leveraging, includingborrowing, tends to increase the Portfolio’s exposure tomarket risk, interest rate risk or other risks, and thus maycause the Portfolio to be more volatile than if the Portfoliohad not utilized leverage.







- 153 -







Interest Rate Fluctuations Risk. Fixed income securitiesmay be subject to volatility due to changes in interestrates. Duration is a measure of interest rate risk thatindicates how price-sensitive a bond is to changes in

interest rates. Longer-term and lower coupon bonds tendto be more sensitive to changes in interest rates. Interestrates have been historically low, so the Portfolio faces aheightened risk that interest rates may rise. For example,a bond with a duration of three years will decrease in valueby approximately 3% if interest rates increase by 1%.Potential future changes in monetary policy made bycentral banks and/or their governments are likely to affectthe level of interest rates.



Model Risk. The subadviser’s investment models may notadequately take into account certain factors and mayresult in the Portfolio having a lower return than if thePortfolio were managed using another model orinvestment strategy. In addition, the investment modelsused by the subadviser to evaluate securities or securitiesmarkets are based on certain assumptions concerning theinterplay of market factors. The markets or the prices ofindividual securities may be affected by factors notforeseen in developing the models.



Mortgage- and Asset-Backed Securities Risk. Thecharacteristics of mortgage-backed and asset-backedsecurities differ from traditional fixed income securities.


- 154 -

Mortgage-backed securities are subject to “prepaymentrisk” and “extension risk.” Prepayment risk is the risk that,when interest rates fall, certain types of obligations will bepaid off by the obligor more quickly than originallyanticipated and the Portfolio may have to invest theproceeds in securities with lower yields. Extension risk isthe risk that, when interest rates rise, certain obligationswill be paid off by the obligor more slowly than anticipated,causing the value of these securities to fall. Smallmovements in interest rates (both increases anddecreases) may quickly and significantly reduce the valueof certain mortgage-backed and asset-backed securities.Mortgage-backed and asset-backed securities are alsosubject to credit risk.




The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the S&P 500® Index, the Bloomberg BarclaysU.S. Aggregate Bond Index and a blended index. Theblended index consists of 40% Bloomberg Barclays U.S.Aggregate Bond Index and 60% S&P 500® Index (the“Blended Index”). Fees and expenses incurred at the

contract level are not reflected in the bar chart or table. Ifthese amounts were reflected, returns would be less thanthose shown. Of course, past performance is notnecessarily an indication of how the Portfolio will performin the future.

(Class 1 Shares)

10.04%

1.93%

11.33%

19.00%

8.44%

-0.47%

9.06%

12.23%

-5.75%

20.36%

-10%

-5%

0%

5%

10%

15%

20%

25%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years

Class 1 Shares..................... 20.36% 6.69% 8.34%Class 2 Shares..................... 20.13% 6.52% 8.17%Class 3 Shares..................... 20.06% 6.41% 8.07%Blended Index ...................... 22.18% 8.37% 9.77%Bloomberg Barclays U.S.

Aggregate Bond Index...... 8.72% 3.05% 3.75%S&P 500® Index ................... 31.49% 11.70% 13.56%

Investment Adviser



- 155 -

The Portfolio is subadvised by Massachusetts FinancialServices Company.

Portfolio Managers

Name and Title


Brooks A. TaylorInvestment Officer, Lead PortfolioManager.............................................. 2004

Steven R. GorhamInvestment Officer............................... 2003

Alexander MackeyInvestment Officer............................... December 2019

Joshua P. MarstonInvestment Officer............................... 2008

Johnathan MunkoInvestment Officer............................... December 2019

Henry PeabodyInvestment Officer............................... December 2019

Robert D. PersonsInvestment Officer............................... 2017

Jonathan W. SageInvestment Officer............................... 2013



- 156 -

Investment Goal

The Portfolio’s investment goal is investment results thatcorrespond with the performance of the S&P MidCap400® Index.




Class 1 Class 3




Expense Example




Portfolio Turnover




The Portfolio seeks to provide investment results thatcorrespond with the performance of the S&P MidCap400® Index (the “Index”). The Index is a capitalization-weighted index designed to measure the performance ofmid-sized companies in the United States.

The Adviser primarily seeks to achieve the Portfolio’sobjective by investing in all or substantially all of the stocksincluded in the Index, a strategy known as “replication.”The Adviser may, however, utilize an “optimization”strategy in circumstances in which replication is difficult orimpossible, such as if the Portfolio has low asset levelsand cannot replicate, to reduce trading costs or to gainexposure to securities that the Portfolio cannot accessdirectly. The goal of optimization is to select stocks whichensure that characteristics such as industry weightings,average market capitalizations and fundamentalcharacteristics (e.g., price-to-book, price-to-earnings,debt-to-asset ratios and dividend yields) closelyapproximate those of the Index. Stocks not in the Indexmay be held before or after changes in the composition ofthe Index or if they have characteristics similar to stocksin the Index. Under normal circumstances, the Portfolioinvests substantially all, but at least 80%, of its net assetsin securities included in the Index or in securities thatSunAmerica Asset Management, LLC (“SunAmerica”),the Portfolio’s investment adviser, determines haveeconomic characteristics that are comparable to theeconomic characteristics of securities included in theIndex. The Portfolio will not concentrate, except toapproximately the same extent as the Index mayconcentrate, in the securities of any industry. It is notanticipated, however, that the Portfolio will, under normalcircumstances, be concentrated in the securities of anyindustry.

Because the Portfolio may not always hold all of thestocks included in the Index, and because the Portfoliohas expenses and the Index does not, the Portfolio will notduplicate the Index’s performance precisely. However, the

PORTFOLIO SUMMARY: SA MID CAP INDEX PORTFOLIO

- 157 -

Adviser believes there should be a close correlationbetween the Portfolio’s performance and that of the Indexin both rising and falling markets.





Medium Sized Companies Risk. Securities of mediumsized companies are usually more volatile and entailgreater risks than securities of large companies.

REIT (Real Estate Investment Trusts) Risk. ThePortfolio may invest in REITs. Investing in REITs involvescertain unique risks. Equity REITs may be affected bychanges in the value of the underlying property owned bysuch REITs, while mortgage REITs may be affected by thequality of any credit extended. REITs are dependent uponmanagement skills, are not diversified (except to theextent the Internal Revenue Code of 1986, as amended(the “Code”), requires), and are subject to the risks offinancing projects. REITs are subject to heavy cash flowdependency, default by borrowers, self-liquidation, andthe possibilities of failing to qualify for the exemption fromtax for distributed income under the Code and failing tomaintain their exemptions from the 1940 Act. REITs arealso subject to interest rate risks. The Portfolio willindirectly bear its proportionate share of any managementand other expenses that may be charged by the REITs inwhich it invests, in addition to the expenses paid by thePortfolio. REITs may be leveraged, which increases risk.

Failure to Match Index Performance Risk. The ability ofthe Portfolio to match the performance of the Index maybe affected by, among other things, changes in securitiesmarkets, the manner in which performance of the Index iscalculated, changes in the composition of the Index, theamount and timing of cash flows into and out of the

Portfolio, commissions, portfolio expenses, and anydifferences in the pricing of securities by the Portfolio andthe Index. When the Portfolio employs an “optimization”strategy, the Portfolio is subject to an increased risk oftracking error, in that the securities selected in theaggregate for the Portfolio may perform differently thanthe underlying index.






The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the S&P MidCap 400® Index. Fees and expensesincurred at the contract level are not reflected in the barchart or table. If these amounts were reflected, returnswould be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.


- 158 -

(Class 1 Shares)

-11.64%

25.51%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2018 2019



1Year


Class 1 Shares.................................. 25.51% 8.32%Class 3 Shares.................................. 25.20% 8.05%S&P MidCap 400® Index................... 26.20% 8.54%

Investment Adviser


Portfolio Managers

Name and Title






- 159 -

Investment Goal








Expense Example




Portfolio Turnover





The Portfolio seeks to maintain a diversified portfolio ofequity securities of non-U.S. issuers based onfundamental analysis and individual stock selection. ThePortfolio emphasizes a bottom-up approach to investingthat seeks to identify attractive businesses that it believesare undervalued. The Portfolio focuses on developedmarkets, but may invest in emerging markets. Undernormal market conditions, the Portfolio will holdinvestments in a number of different countries outside theUnited States.

In assessing investment opportunities, the Portfoliotypically looks for both high quality companies withcompetitive advantages that have the potential togenerate more resilient returns on capital, and valueopportunities which may be more cyclical companies withreasonable or improving returns, trading at a sufficientdiscount. Securities that pass through an initial screen arethen subjected to in-depth fundamental analysis.

The Portfolio’s investment process focuses on thesustainability and direction of a company’s long termreturns. Environmental, social, and governance (“ESG”)considerations are a fundamental and integrated part ofthis process as the subadviser believes materialweaknesses in any of the ESG areas can potentiallythreaten the sustainability of a company’s returns oncapital.

The Portfolio also seeks experienced companymanagement teams that have a history of disciplinedcapital allocation. The Portfolio considers value criteriawith an emphasis on cash flow-based metrics and seeksto determine the intrinsic value of the security. ThePortfolio generally considers selling a portfolio holdingwhen it determines that the holding has reached itsintrinsic value target or if the investment thesis for theholding has deteriorated.

Under normal circumstances, at least 80% of thePortfolio’s assets will be invested in equity securities. ThePortfolio’s equity investments may include convertiblesecurities.

The Portfolio may, but it is not required to, use derivativeinstruments for a variety of purposes, including hedging,risk management, portfolio management or to earn

PORTFOLIO SUMMARY: SA MORGAN STANLEY INTERNATIONAL EQUITIES PORTFOLIO

- 160 -

income. The Portfolio’s use of derivatives may involve thepurchase and sale of derivative instruments such asfutures, options, swaps, contracts for difference and otherrelated instruments and techniques. The Portfolio mayutilize foreign currency forward exchange contracts, whichare also derivatives, in connection with its investments inforeign securities to protect against uncertainty in the levelof future foreign currency exchange rates or to gain ormodify exposure to a particular currency. Derivativeinstruments used by the Portfolio will be counted towardthe Portfolio’s 80% policy discussed above to the extentthey have economic characteristics similar to thesecurities included within that policy.





Emerging Markets Risk. Risks associated withinvestments in emerging markets may include: delays insettling portfolio securities transactions; currency andcapital controls; greater sensitivity to interest ratechanges; pervasive corruption and crime; exchange ratevolatility; inflation, deflation or currency devaluation;violent military or political conflicts; confiscations andother government restrictions by the United States orother governments; and government instability. As a

result, investments in emerging market securities tend tobe more volatile than investments in developed countries.





Forward Currency Contracts Risk. The use of forwardcontracts involves the risk of mismatching the Portfolio’sobjective under a forward contract with the value ofsecurities denominated in a particular currency. Suchtransactions reduce or preclude the opportunity for gain if


- 161 -

the value of the currency should move in the directionopposite to the position taken. There is an additional riskto the effect that currency contracts create exposure tocurrencies in which the Portfolio’s securities are notdenominated. Unanticipated changes in currency pricesmay result in poorer overall performance for the Portfoliothan if it had not entered into such contracts.




Illiquidity Risk. When there is little or no active tradingmarket for specific types of securities, it can become moredifficult to sell the securities at or near their perceivedvalue. In such a market, the value of such securities andthe Portfolio’s share price may fall dramatically. Portfoliosthat invest in non-investment grade fixed incomesecurities and emerging market country issuers will beespecially subject to the risk that during certain periods,the liquidity of particular issuers or industries, or allsecurities within a particular investment category, willshrink or disappear suddenly and without warning as a

result of adverse economic, market or political events, oradverse investor perceptions.






The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the MSCI EAFE® Index (net). Fees and expensesincurred at the contract level are not reflected in the barchart or table. If these amounts were reflected, returnswould be less than those shown. Of course, past


- 162 -


(Class 1 Shares)

8.46%

-14.66%

17.43%20.66%

-8.48%

0.27%

-1.95%

24.98%

-13.94%

20.63%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years

Class 1 Shares......................... 20.63% 4.99% 4.35%Class 2 Shares......................... 20.37% 4.85% 4.20%Class 3 Shares......................... 20.19% 4.71% 4.09%MSCI EAFE® Index (net) ......... 22.01% 5.67% 5.50%

Investment Adviser


The Portfolio is subadvised by Morgan Stanley InvestmentManagement Inc. (“MSIM Inc.”). MSIM Inc. has enteredinto an agreement whereby it may delegate certain of itsinvestment advisory services to Morgan StanleyInvestment Management Limited, an affiliated investmentadviser.

Portfolio Managers

Name and Title


William D. LockManaging Director of Morgan StanleyInvestment Management Limitedand Portfolio Manager ........................... 2014

Bruno PaulsonManaging Director of Morgan StanleyInvestment Management Limitedand Portfolio Manager ........................... 2014

Vladimir A. DemineExecutive Director of Morgan StanleyInvestment Management Limitedand Portfolio Manager ........................... 2014

Marcus WatsonExecutive Director of Morgan StanleyInvestment Management Limitedand Portfolio Manager ........................... 2014

Dirk Hoffmann-BeckingExecutive Director of Morgan StanleyInvestment Management Limitedand Portfolio Manager ........................... 2015

Nic SochovskyManaging Director of Morgan StanleyInvestment Management Limitedand Portfolio Manager ........................... 2016

Alex GabrieleExecutive Director of Morgan StanleyInvestment Management Limitedand Portfolio Manager ........................... 2017

Richard PerrottExecutive Director of Morgan StanleyInvestment Management Limitedand Portfolio Manager ........................... 2017

Nathan WongExecutive Director of Morgan StanleyInvestment Management Limited andPortfolio Manager .................................. 2019



- 163 -

Investment Goal

The Portfolio’s investment goal is long term capitalappreciation.







Expense Example




Portfolio Turnover





The Portfolio attempts to achieve its goal by investing,under normal circumstances, at least 80% of its netassets in large capitalization companies. Largecapitalization companies are those with marketcapitalizations similar to companies in the Russell 1000®

Index (the “Index”). As of February 29, 2020, the medianmarket capitalization of a company in the Index wasapproximately $9.9 billion and the dollar-weightedaverage market capitalization of the companies in theIndex was approximately $264 billion. The Portfoliointends to invest in equity investments selected for theirpotential to achieve capital appreciation over the long-term. The Portfolio generally invests in common stocks ofU.S. companies and may invest in companies of anymarket capitalization range. Other types of equitysecurities in which the Portfolio may invest includepreferred stocks, warrants and rights. The Portfolio mayalso invest in foreign investments, including emergingmarkets.

The Sub-Adviser uses fundamental research to selectsecurities for the Fund’s portfolio, which is comprised ofboth growth and value stocks. While the process maychange over time or vary in particular cases, in general theselection process currently uses a fundamental approachin analyzing issuers on factors such as a company’sfinancial performance, company strength and prospects,industry position, and business model and managementstrength. Industry outlook, market trends and generaleconomic conditions may also be considered. Theportfolio is constructed and regularly monitored basedupon several analytical tools, including quantitativeinvestment models. Quantitative models are used as partof the idea generation process to rank securities withineach sector to identify potential buy and sell candidatesfor further fundamental analysis.

The Portfolio aims to maintain a broadly diversifiedportfolio across all major economic sectors by applyinginvestment parameters for both sector and position size. Inaddition, the subadviser uses the following sell criteria:

• the stock price is approaching its target,

• the company’s competitive position deteriorates,

• poor execution by the company’s management, or

PORTFOLIO SUMMARY: SA OPPENHEIMER MAIN STREET LARGE CAP PORTFOLIO

- 164 -

• more attractive alternative investment ideas havebeen identified.







Foreign Investment Risk. The Portfolio’s investments inthe securities of foreign issuers or issuers with significantexposure to foreign markets involve additional risk.Foreign countries in which the Portfolio invests may havemarkets that are less liquid, less regulated and morevolatile than U.S. markets. The value of the Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of these

securities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.


Model Risk. The subadviser’s investment models may notadequately take into account certain factors and mayresult in the Portfolio having a lower return than if thePortfolio were managed using another model orinvestment strategy. In addition, the investment modelsused by the subadviser to evaluate securities or securitiesmarkets are based on certain assumptions concerning theinterplay of market factors. The markets or the prices ofindividual securities may be affected by factors notforeseen in developing the models.





Warrants and Rights Risk. Warrants and rights canprovide a greater potential for profit or loss than anequivalent investment in the underlying security. Prices of


- 165 -

warrants and rights do not necessarily move in tandemwith the prices of the underlying securities and thereforeare highly volatile and speculative investments.





The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the Russell 1000® Index. Fees and expensesincurred at the contract level are not reflected in the barchart or table. If these amounts were reflected, returnswould be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

OppenheimerFunds, Inc. (“Oppenheimer”) served assubadviser of the Portfolio since May 1, 2007. Upon theacquisition of Oppenheimer on or about May 24, 2019,Invesco Advisers, Inc. (“Invesco”) assumed subadvisoryduties of the Portfolio.

(Class 1 Shares)

17.05%

-0.07%

16.89%

31.16%

10.46%

3.00%

11.64%

16.89%

-7.86%

31.92%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years

Class 1 Shares..................... 31.92% 10.32% 12.46%Class 2 Shares..................... 31.70% 10.15% 12.29%Class 3 Shares..................... 31.58% 10.03% 12.17%Russell 1000® Index............. 31.43% 11.48% 13.54%

Investment Adviser


The Portfolio is subadvised by Invesco.

Portfolio Managers

Name and Title


Manind Govil, CFALead Portfolio Manager ......................... 2009

Paul LarsonPortfolio Manager .................................. 2014

Benjamin RamPortfolio Manager .................................. 2009



- 166 -

Investment Goal





Class 1 Class 3

Management Fees.............................. 0.86% 0.86%Service (12b-1) Fees .......................... None 0.25%Other Expenses.................................. 0.04% 0.04%Interest Expenses............................... 0.25% 0.25%Total Annual Portfolio Operating

Expenses......................................... 1.15% 1.40%

Expense Example




Portfolio Turnover





The Portfolio seeks to achieve its investment goal byinvesting in a combination of fixed income instrumentsand derivatives. Under normal circumstances, thePortfolio will invest at least 25% of its total assets in fixedincome instruments. For this purpose, “fixed incomeinstruments” include bonds, debt securities and similarinstruments issued by various U.S. and non-U.S. public- orprivate-sector entities. The Portfolio may also use forwardcontracts or derivatives such as options, futures contracts,or swap agreements that have economic characteristicssimilar to the securities mentioned above. In addition, thesubadviser employs a “VCP” (Volatility Control Portfolio)risk management process intended to manage thevolatility of the Portfolio’s annual returns.

The Portfolio targets an allocation of approximately 60%of its net assets to a component that gains exposure toequity markets primarily by investing in exchange-tradedfutures contracts and equity swaps (the “equitycomponent”) and approximately 40% of net assets to afixed income component. The Portfolio’s investments inthe equity component will be used in part to manage thePortfolio’s volatility. Volatility is a statistical measure of thefrequency and level of changes in the Portfolio’s returnsover time without regard to the direction of those changes.Volatility may result from rapid or dramatic price swingsand is not a measure of investment performance.

In the equity component, the subadviser gains exposureto a blend of equity indices primarily by investing inexchange-traded future contracts and equity swaps, butmay also purchase other derivative instruments. Undernormal market conditions, the target allocations for equityexposure in the equity component as a percent of netportfolio assets will be:

U.S. Large- and Mid-Cap Equity: ............................. 40%Foreign Equity: ......................................................... 15%U.S. Small-Cap Equity:............................................. 5%

Since these derivatives can be purchased with a fractionof the assets needed to purchase the securities thatcomprise the indices directly, the remainder of the equitycomponent’s assets may be invested in short-term fixedincome instruments, including, but not limited to, U.S.Treasuries and agencies, mortgage-backed securities,corporate bonds, floating rate instruments and non-U.S.

PORTFOLIO SUMMARY: SA PIMCO VCP TACTICAL BALANCED PORTFOLIO

- 167 -

fixed income securities. The subadviser will activelymanage the fixed income instruments in the equitycomponent of the Portfolio with a view toward enhancingthe Portfolio’s total return as compared to unmanagedblended equity indices.

The subadviser may increase or decrease the equitycomponent’s net equity exposure to manage thePortfolio’s volatility. Under normal conditions, the Portfoliotargets an approximate 10% annualized volatility level forthe Portfolio’s returns over time. The subadviser monitorsthe Portfolio’s forecasted volatility on a daily basis but willgenerally not take action to manage the Portfolio’s netequity exposure if the forecasted volatility is near thetarget. In more volatile market environments, thesubadviser may decrease the equity component’s netequity exposure to attempt to reduce volatility. Whenmarket volatility is low, the subadviser may increase theequity component’s net equity exposure to attempt toenhance returns. The subadviser adjusts the equitycomponent’s net equity exposure primarily by increasingor decreasing the exposure to U.S. large- and mid-capequities. The subadviser will seek to reduce exposure tocertain downside risks by implementing various hedgingtransactions. These hedging transactions seek to reducethe Portfolio’s exposure to certain severe, unanticipatedmarket events that could significantly detract from returns.There can be no assurance that investment decisionsmade in seeking to manage the Portfolio’s volatility willachieve the desired results.

The Portfolio’s net equity exposure is primarily adjustedthrough the use of derivatives, such as futures contracts,equity index swaps and equity options. The subadvisermay reduce the Portfolio’s net equity exposure toapproximately 25% of net assets or may increase thePortfolio’s net equity exposure to approximately 80% ofnet assets. These limits may prevent the Portfolio fromachieving its target volatility. When the Portfolio engagesin derivatives transactions to increase the Portfolio’s netequity exposure, it is using derivatives for speculativepurposes and may use leverage.

The subadviser manages the portion of the Portfolioallocated to the fixed income component using a totalreturn strategy that attempts to outperform the BloombergBarclays U.S. Aggregate Bond Index. The fixed incomecomponent will invest primarily in investment grade debtsecurities, but may also invest in securities with lowerratings (commonly known as “junk bonds”), which areconsidered speculative. The subadviser will seek tooutperform the index by managing the Portfolio’s duration,issue selection, sector exposure, and other factors relativeto the index. The target exposure to the fixed incomecomponent is determined without regard to the level of thePortfolio’s net equity exposure.

The Portfolio may invest up to 15% of its total assets infixed income instruments of issuers based in countrieswith developing (or “emerging market”) economies. ThePortfolio may invest up to 30% of its total assets in fixedincome instruments denominated in foreign currencies,and may invest beyond this limit in U.S. dollar-denominated fixed income instruments of foreign issuers.The Portfolio will normally limit its foreign currencyexposure (from non-U.S. dollar denominated securities orcurrencies) to 20% of its total assets.

The Portfolio may, without limitation, seek to obtain marketexposure to the securities in which it primarily invests byentering into a series of purchase and sale contracts or byusing other investment techniques (such as buy backs ordollar rolls). The Portfolio may also invest in short sales.The subadviser may use active trading to achieve itsobjective.

The Portfolio uses derivative instruments as part of itsinvestment strategies. Generally, derivatives are financialcontracts whose value depend upon, or are derived from,the value of an underlying asset, reference rate or index,and may relate to stocks, bonds, interest rates, spreadsbetween different interest rates, currencies or currencyexchange rates, commodities, and related indexes.Examples of derivative instruments include optionscontracts, futures contracts, options on futures contractsand swap agreements (including, but not limited to, creditdefault swaps and swaps on exchange-traded funds). Thesubadviser may decide not to employ any of thesestrategies and there is no assurance that any derivativesstrategy used by the Portfolio will succeed.

Certain derivative transactions may have a leveragingeffect on the Portfolio. For example, a small investment ina derivative instrument may have a significant impact onthe Portfolio’s exposure to interest rates, currencyexchange rates or other investments. As a result, arelatively small price movement in a derivative instrumentmay cause an immediate and substantial loss or gain. ThePortfolio may engage in such transactions regardless ofwhether the Portfolio owns the asset, instrument orcomponents of the index underlying the derivativeinstrument. The Portfolio may invest a significant portionof its assets in these types of instruments. If it does, thePortfolio’s investment exposure could far exceed the valueof its portfolio securities and its investment performancecould be primarily dependent upon securities it does notown.


As with any mutual fund, there can be no assurance thatthe Portfolio’s investment goal will be met or that the netreturn on an investment in the Portfolio will exceed what


- 168 -

could have been obtained through other investment orsavings vehicles. Shares of the Portfolio are not bankdeposits and are not guaranteed or insured by any bank,government entity or the Federal Deposit InsuranceCorporation. If the value of the assets of the Portfoliogoes down, you could lose money.

The value of your investment in the Portfolio may beaffected by one or more of the following risks, which aredescribed in more detail in the sections “AdditionalInformation About the Portfolios’ Investment Strategiesand Investment Risks (Other than the SA VCP DynamicAllocation Portfolio and SA VCP Dynamic StrategyPortfolio)” and the “Glossary” under “Risk Terminology” inthe Prospectus, any of which could cause the Portfolio’sreturn, the price of the Portfolio’s shares or the Portfolio’syield to fluctuate. Please note that there are many othercircumstances that could adversely affect your investmentand prevent the Portfolio from reaching its investmentgoal, which are not described here.



Credit Risk. Credit risk applies to most debt securities,but is generally not a factor for obligations backed by the“full faith and credit” of the U.S. Government. The Portfoliocould lose money if the issuer of a debt security is unableor perceived to be unable to pay interest or repay principalwhen it becomes due. Various factors could affect theissuer’s actual or perceived willingness or ability to maketimely interest or principal payments, including changes inthe issuer’s financial condition or in general economicconditions. Debt securities backed by an issuer’s taxingauthority may be subject to legal limits on the issuer’spower to increase taxes or otherwise raise revenue, ormay be dependent on legislative appropriation orgovernment aid. Certain debt securities are backed onlyby revenues derived from a particular project or source,rather than by an issuer’s taxing authority, and thus mayhave a greater risk of default.


Derivatives Risk. A derivative is any financial instrumentwhose value is based on, and determined by, anothersecurity, index, rate or benchmark (i.e., stock options,futures, caps, floors, etc.). To the extent a derivativecontract is used to hedge another position in the Portfolio,the Portfolio will be exposed to the risks associated withhedging described below. To the extent an option,futures contract, swap, or other derivative is used toenhance return, rather than as a hedge, the Portfolio willbe directly exposed to the risks of thecontract. Unfavorable changes in the value of theunderlying security, index, rate or benchmark may causesudden losses. Gains or losses from the Portfolio’s use ofderivatives may be substantially greater than the amountof the Portfolio’s investment. Derivatives are alsoassociated with various other risks, including market risk,leverage risk, hedging risk, counterparty risk, illiquidity riskand interest rate fluctuations risk. The primary risksassociated with the Portfolio’s use of derivatives aremarket risk, counterparty risk and hedging risk.

Emerging Markets Risk. The risks associated withinvestment in foreign securities are heightened whenissuers of these securities are in developing or “emergingmarket” countries. Emerging market countries may bemore likely to experience political turmoil or rapid changesin economic conditions than developed countries. As aresult, these markets are generally more volatile than themarkets of developed countries. The Portfolio may beexposed to emerging market risks directly (throughinvestments in emerging market issuers) or indirectly(through certain futures contracts and other derivativeswhose value is based on emerging market indices orsecurities).



- 169 -


Floating Rate Securities Risk. Floating rate securitiesreset whenever there is a change in a specified index rate.In most cases, these reset provisions reduce the impact ofchanges in market interest rates on the value of thesecurity. However, the value of these securities maydecline if their interest rates do not rise as much, or asquickly, as other interest rates. Conversely, thesesecurities will not generally increase in value if interestrates decline. The absence of an active market for thesesecurities could make it difficult for the Portfolio to disposeof them if the issuer defaults.

Foreign Investment Risk. Investments in foreigncountries are subject to a number of risks. A principal riskis that fluctuations in the exchange rates between the U.S.dollar and foreign currencies may negatively affect thevalue of an investment. In addition, there may be lesspublicly available information about a foreign companyand it may not be subject to the same uniform accounting,auditing and financial reporting standards as U.S.companies. Foreign governments may not regulatesecurities markets and companies to the same degree asthe U.S. government. Foreign investments will also beaffected by local political or economic developments andgovernmental actions by the United States or othergovernments. Consequently, foreign securities may beless liquid, more volatile and more difficult to price thanU.S. securities. These risks are heightened for emergingmarkets issuers. Historically, the markets of emergingmarket countries have been more volatile than moredeveloped markets; however, such markets can providehigher rates of return to investors.


Hedging Risk. A hedge is an investment made in order toreduce the risk of adverse price movements in a security,by taking an offsetting position in a related security (oftena derivative, such as an option or a short sale). Whilehedging strategies can be very useful and inexpensiveways of reducing risk, they are sometimes ineffective due

to unexpected changes in the market. Hedging alsoinvolves the risk that changes in the value of the relatedsecurity will not match those of the instruments beinghedged as expected, in which case any losses on theinstruments being hedged may not be reduced.




Large-Cap Companies Risk. The Portfolio is indirectlyexposed to the risks associated with large-cap companiesthrough its investments in derivatives. Large-capcompanies tend to go in and out of favor based on marketand economic conditions.

Leverage Risk. Leverage occurs when an investor hasthe right to a return on an investment that exceeds thereturn that the investor would be expected to receivebased on the amount contributed to the investment. ThePortfolio’s use of certain economically leveraged futuresand other derivatives can result in a loss substantiallygreater than the amount invested in the futures or otherderivative itself. Certain futures and other derivatives havethe potential for unlimited loss, regardless of the size ofthe initial investment. When the Portfolio uses futures andother derivatives for leverage, a shareholder’s investment


- 170 -

in the Portfolio will tend to be more volatile, resulting inlarger gains or losses in response to the fluctuating pricesof the Portfolio’s investments. The Portfolio may alsoengage in other transactions that expose it to leveragerisk. Such transactions may include, among others,reverse repurchase agreements and the use of when-issued, delayed delivery or forward commitmenttransactions. The use of leverage may cause the Portfolioto liquidate portfolio positions at inopportune times inorder to meet regulatory asset coverage requirements,fulfill leverage contract terms, or for other reasons.Leveraging, including borrowing, tends to increase thePortfolio’s exposure to market risk, interest rate risk orother risks, and thus may cause the Portfolio to be morevolatile than if the Portfolio had not utilized leverage.


Mortgage- and Asset-Backed Securities Risk.Mortgage- and asset-backed securities representinterests in “pools” of mortgages or other assets, includingconsumer loans or receivables held in trust. Thecharacteristics of these mortgage-backed and asset-backed securities differ from traditional fixed-incomesecurities. Mortgage-backed securities are subject to“prepayment risk” and “extension risk.” Prepayment risk isthe risk that, when interest rates fall, certain types ofobligations will be paid off by the obligor more quickly thanoriginally anticipated and the Portfolio may have to investthe proceeds in securities with lower yields. Extension riskis the risk that, when interest rates rise, certain obligationswill be paid off by the obligor more slowly than anticipated,causing the value of these securities to fall. Smallmovements in interest rates (both increases anddecreases) may quickly and significantly reduce the valueof certain mortgage-backed securities. These securitiesalso are subject to risk of default on the underlyingmortgage, particularly during periods of economicdownturn.

Prepayment Risk. As a general rule, prepaymentsincrease during a period of falling interest rates anddecrease during a period of rising interest rates. This canreduce the returns of the Portfolio because the Portfoliowill have to reinvest that money at the lower prevailing

interest rates. In periods of increasing interest rates, theoccurrence of prepayments generally declines, with theeffect that the securities subject to prepayment risk heldby the Portfolio may exhibit price characteristics of longer-term debt securities.

Risk of Conflict with Insurance Company Interests.Managing the Portfolio’s volatility may reduce the risksassumed by the insurance company that sponsors yourVariable Contract. This facilitates the insurancecompany’s ability to provide guaranteed benefits. Theseguarantees are optional and may not be associated withyour Variable Contract. While the interests of thePortfolio’s shareholders and the affiliated insurancecompanies providing these guaranteed benefits aregenerally aligned, the affiliated insurance companies (andthe adviser by virtue of its affiliation with the insurancecompanies) may face potential conflicts of interest. Inparticular, certain aspects of the Portfolio’s managementhave the effect of mitigating the financial risks to which theaffiliated insurance companies are subjected by providingthose guaranteed benefits. In addition, thePortfolio’s performance may be lower than similarportfolios that do not seek to manage their volatility.


Roll Transactions Risk. Roll transactions involve certainrisks, including the following: if the broker-dealer to whomthe Portfolio sells the security becomes insolvent, thePortfolio’s right to purchase or repurchase the securitysubject to the dollar roll may be restricted and theinstrument that the Portfolio is required to repurchase maybe worth less than an instrument that the Portfoliooriginally held. Successful use of roll transactions willdepend upon the adviser/subadviser’s ability to predictcorrectly interest rates and, in the case of mortgage dollarrolls, mortgage prepayments. For these reasons, there isno assurance that dollar rolls can be successfullyemployed.


Short Sales Risk. Short sales by the Portfolio involvecertain risks and special considerations. Possible lossesfrom short sales differ from losses that could be incurredfrom a purchase of a security, because losses from shortsales are potentially unlimited, whereas losses from


- 171 -

purchases can be no greater than the total amountinvested.

Small- and Mid-Cap Companies Risk. The Portfolio isindirectly exposed to the risks associated with small- andmid-cap companies through its investments in futures andother derivatives. It may be difficult to obtain reliableinformation and financial data about these companies.Securities of mid-cap companies are usually more volatileand entail greater risks than securities of largecompanies. In addition, small- and mid-cap companiesmay be traded in over-the-counter (“OTC”) markets asopposed to being traded on an exchange. OTC securitiesmay trade less frequently and in smaller volume thanexchange-listed stocks, which may cause these securitiesto be more volatile than exchange-listed stocks and maymake it more difficult to buy and sell these securities atprevailing market prices.


Volatility Management Risk. There can be no assurancethat investment decisions made in seeking to manageportfolio volatility will be successful. In addition, theminimum and maximum equity exposure limits mayprevent the subadviser from fully managing portfoliovolatility in certain market environments. The Portfolio’sperformance may be lower than similar portfolios that donot seek to manage volatility. If the subadviser increasesthe Portfolio’s net equity exposure and equity marketsdecline, the Portfolio may underperform traditional or

static allocation funds. Likewise, if the subadviser reducesthe Portfolio’s net equity exposure and equity markets rise,the Portfolio may also underperform. The Portfolio is alsosubject to the risk that the subadviser may be preventedfrom trading certain derivatives effectively or in a timelymanner.


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the S&P 500®Index, the MSCI EAFE® Index(net), the Russell 2000®Index, the Bloomberg BarclaysU.S. Aggregate Bond Index, and a blended index. Theblended index consists of 40% S&P 500®Index, 15%MSCI EAFE Index (net), 5% Russell 2000®Index and 40%Bloomberg Barclays U.S. Aggregate Bond Index (the“Blended Index”). Fees and expenses incurred at thecontract level are not reflected in the bar chart or table. Ifthese amounts were reflected, returns would be less thanthose shown. Of course, past performance is notnecessarily an indication of how the Portfolio will performin the future.

(Class 3 Shares)

6.21%

-3.76%

6.72%

16.18%

-7.14%

18.76%

-10%

-5%

0%

5%

10%

15%

20%

25%

2014 2015 2016 2017 2018 2019



- 172 -


1Year

5Years




Class 3Shares.......... 18.76% 5.64% N/A 6.55%

Blended Index.. 20.55% 7.35% 9.13% 7.87%Bloomberg


MSCI EAFE®

Index (net) .... 22.01% 5.67% 8.29% 5.07%Russell 2000®

Index............. 25.52% 8.23% 10.65% 10.37%S&P 500®

Index............. 31.49% 11.70% 15.35% 13.46%

Investment Adviser


The Portfolio is subadvised by Pacific InvestmentManagement Company, LLC.

Portfolio Managers

Name and Title


Since

Graham A. RennisonSenior Vice President,Portfolio Manager — Equity/QuantitativeStrategies .................................................. 2015

Yang LuVice President,Portfolio Manager — Equity/QuantitativeStrategies .................................................. 2019

Mohit MittalManaging Director,Portfolio Manager — Fixed Income........... 2018

Michael CudzilManaging Director,Portfolio Manager — Fixed Income........... 2018



- 173 -

Investment Goal

The Portfolio’s investment goal is high current incomeand, secondarily, capital appreciation.







Expense Example




Portfolio Turnover





The Portfolio attempts to achieve its goal by investing,under normal circumstances, at least 80% of its netassets in intermediate and long-term corporateobligations, emphasizing high-yield, high-risk fixedincome securities (junk bonds) with a primary focus on “B”rated high-yield securities.

In addition to junk bonds, the Portfolio may invest in otherfixed income securities, primarily loans, convertiblebonds, preferred stocks and zero coupon and deferredinterest bonds. To a lesser extent, the Portfolio also mayinvest in U.S. government securities, investment gradebonds and pay-in-kind bonds. The Portfolio may invest inforeign securities and may make short-term investments.

The Portfolio may engage in frequent trading of portfoliosecurities to achieve its investment goal.






Interest Rate Fluctuations Risk. Fixed income securitiesmay be subject to volatility due to changes in interest

PORTFOLIO SUMMARY: SA PINEBRIDGE HIGH-YIELD BOND PORTFOLIO

- 174 -

rates. Duration is a measure of interest rate risk thatindicates how price-sensitive a bond is to changes ininterest rates. Longer-term and lower coupon bonds tendto be more sensitive to changes in interest rates. Interestrates have been historically low, so the Portfolio faces aheightened risk that interest rates may rise. For example,a bond with a duration of three years will decrease in valueby approximately 3% if interest rates increase by 1%.Potential future changes in monetary policy made bycentral banks and/or their governments are likely to affectthe level of interest rates.


Loan Risk. Loans are subject to the credit risk ofnonpayment of principal or interest. Economic downturnsor increases in interest rates may cause an increase indefaults, interest rate risk and illiquidity risk. Loans may ormay not be collateralized at the time of acquisition, andany collateral may lack liquidity or lose all or substantiallyall of its value subsequent to investment. In the event ofbankruptcy of a borrower, the Portfolio could experiencedelays or limitations with respect to its ability to realize thebenefits of any collateral securing a loan.











- 175 -

other conditions or events (including, for example, militaryconfrontations, war, terrorism, disease/virus, outbreaksand epidemics). In addition, the subadviser’s assessmentof securities held in the Portfolio may prove incorrect,resulting in losses or poor performance even in a risingmarket.



The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the ICE BofA US High Yield Index. Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 1 Shares)

14.59%

4.34%

16.95%

7.92%

0.79%

-4.22%

18.30%

9.61%

-3.82%

14.88%

-10%

-5%

0%

5%

10%

15%

20%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years

Class 1 Shares......................... 14.88% 6.53% 7.64%Class 2 Shares......................... 14.68% 6.35% 7.47%Class 3 Shares......................... 14.46% 6.24% 7.35%ICE BofA US High Yield Index . 14.41% 6.13% 7.50%

Investment Adviser


The Portfolio is subadvised by PineBridge Investments,LLC.

Portfolio Manager

Name and Title


John Yovanovic, CFAManaging Director andHead of High Yield PortfolioManagement ......................................... 2007



- 176 -

Investment Goal








Expense Example




Portfolio Turnover





The Portfolio attempts to achieve its goal by investingprimarily in common stocks of companies outside the U.S.that the subadviser considers undervalued by the marketand that the subadviser believes offer a potential forincome. The Portfolio primarily invests in large cap foreignstocks and will also invest in mid-cap foreign stocks. Aportion of the Portfolio’s foreign investments may be insecurities of issuers located in emerging markets.

The Portfolio will invest mainly in value stocks. Valuestocks are those that the subadviser believes are currentlyundervalued by the market.

In addition, the Portfolio may invest in fixed incomesecurities (up to 20% of net assets), including junk bonds.






Foreign Investment Risk. The Portfolio’s investments inthe securities of foreign issuers or issuers with significantexposure to foreign markets involve additional risk.Foreign countries in which the Portfolio invests may havemarkets that are less liquid, less regulated and more

PORTFOLIO SUMMARY: SA PUTNAM INTERNATIONAL GROWTH AND INCOME PORTFOLIO

- 177 -

volatile than U.S. markets. The value of the Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.







Credit Risk. The Portfolio could lose money if the issuerof a debt security is unable or perceived to be unable topay interest or repay principal when it becomes due.







- 178 -


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the MSCI EAFE Value Index (net). Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 1 Shares)

7.02%

-13.77%

21.36% 21.94%

-9.42%

-1.57%

1.42%

24.61%

-17.68%

20.32%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

During the 10-year period shown in the bar chart, thehighest return for a quarter was 18.90% (quarter endedSeptember 30, 2010) and the lowest return for a quarterwas -22.46% (quarter ended September 30, 2011). The

year-to-date calendar return as of March 31, 2020 was-26.05%.


1Year

5Years

10Years

Class 1 Shares......................... 20.32% 4.26% 4.31%Class 2 Shares......................... 20.12% 4.10% 4.15%Class 3 Shares......................... 20.03% 4.02% 4.05%MSCI EAFE Value Index (net) . 16.09% 3.54% 3.98%

Investment Adviser


The Portfolio is subadvised by Putnam InvestmentManagement, LLC.

Portfolio Managers

Name and Title


Darren JarochPortfolio Manager .................................. 2009

Lauren B. DeMoreAssistant Portfolio Manager................... 2019



- 179 -

Investment Goal





Class 1 Class 3



Fee Waivers and/or ExpenseReimbursements2............................ 0.01% 0.01%



2 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica”) has contractually agreed to waiveits fees and/or reimburse expenses to the extent that the Total AnnualPortfolio Operating Expenses exceed 0.90% and 1.15% of theaverage daily net assets of the Portfolio’s Class 1 and Class 3 shares,respectively. For purposes of the Expense Limitation Agreement,“Total Annual Portfolio Operating Expenses” shall not includeextraordinary expenses (i.e., expenses that are unusual in nature andinfrequent in occurrence, such as litigation), or acquired fund feesand expenses, brokerage commissions and other transactionalexpenses relating to the purchase and sale of portfolio securities,interest, taxes and governmental fees, and other expenses notincurred in the ordinary course of business of SunAmerica SeriesTrust (the “Trust”) on behalf of the Portfolio. Any waivers and/orreimbursements made by SunAmerica with respect to the Portfolioare subject to recoupment from the Portfolio within two years after theoccurrence of the waiver and/or reimbursement, provided that therecoupment does not cause the expense ratio of the share class toexceed the lesser of (a) the expense limitation in effect at the timethe waivers and/or reimbursements occurred, or (b) the currentexpense limitation of that share class. This agreement may be

modified or discontinued prior to April 30, 2021 only with the approvalof the Board of Trustees of the Trust, including a majority of thetrustees who are not “interested persons” of the Trust as defined inthe Investment Company Act of 1940, as amended.

Expense Example




Portfolio Turnover




The Portfolio seeks to achieve its investment goal throughflexible asset allocation driven by tactical and thematicideas. The Portfolio obtains broad exposure to equity, fixedincome and currency asset classes by investing insecurities, exchange-traded funds (“ETFs”) andderivatives that provide exposure to these asset classes.The Portfolio invests in, or obtains exposure to, equity andfixed income securities of both U.S. and foreign corporateand governmental issuers, including emerging marketissuers. The Portfolio normally invests in, or obtainsexposure to, investments in a number of differentcountries around the world. In addition, the subadviseremploys a “VCP” (Volatility Control Portfolio) risk

PORTFOLIO SUMMARY: SA SCHRODERS VCP GLOBAL ALLOCATION PORTFOLIO

- 180 -

management process intended to manage the volatilitylevel of the Portfolio’s annual returns.

Under normal market conditions, the Portfolio targets anallocation of approximately 60% of its net assets to equityexposure and approximately 40% of its net assets to fixedincome exposure, although the Portfolio’s equity exposuremay range from approximately 50-70% of its net assetsand its fixed income exposure may range fromapproximately 20-50% of its net assets. The Portfolio’soverall net equity exposure may be reduced to less than50% and the net fixed income exposure to less than 20%through the volatility control process described below. Thesubadviser makes use of fundamental macro researchand proprietary asset allocation models to aid the assetallocation decision making process. By adjustinginvestment exposures among the various asset classes inthe Portfolio, the subadviser seeks to reduce overallportfolio volatility and mitigate the effects of extrememarket environments, while continuing to pursue thePortfolio’s investment goal.

The equity securities in which the Portfolio intends toinvest, or obtain exposure to, include common andpreferred stocks, warrants and convertible securities. ThePortfolio may invest in, or obtain exposure to, equitysecurities of companies of any market capitalization. Theforeign equity securities in which the Portfolio intends toinvest, or obtain exposure to, may be denominated in U.S.dollars or foreign currencies and may be currency hedgedor unhedged. The Portfolio will limit its investments inequity securities of emerging market issuers to 10% of itsnet assets.

The Portfolio’s fixed income exposure will be obtainedthrough investment in, or exposure to, a range of fixedincome instruments, including U.S. corporate debtsecurities, U.S. Government securities, foreign sovereigndebt and supranational debt. The Portfolio may also investin or obtain exposure to, other fixed income securities,including mortgage-backed and asset-backed securities,collateralized debt obligations, municipal securities,variable and floating rate obligations, zero coupon bonds,and TIPS.

The Portfolio may make substantial use of derivatives.The subadviser may seek to obtain, or reduce, exposureto one or more asset classes through the use ofexchange-traded or over-the-counter derivatives, such asfutures contracts, currency forwards, interest rate swaps,total return swaps, credit default swaps, inflation swaps,options (puts and calls) purchased or sold by the Portfolio,and structured notes. The Portfolio may use derivatives fora variety of purposes, including: as a hedge againstadverse changes in the market price of securities, interestrates, or currency exchange rates; as a substitute for

purchasing or selling securities; to increase the Portfolio’sreturn as a non-hedging strategy that may be consideredspeculative; and to manage portfolio characteristics.

The Portfolio incorporates a volatility control process thatseeks to limit the volatility of the Portfolio to 10%. Volatilityis a statistical measure of the magnitude of changes in thePortfolio’s returns over time without regard to the directionof those changes. The subadviser may use a variety ofequity and fixed income futures and currency forwards asthe principal tools to implement the volatility managementstrategy. In addition, the subadviser will seek to reduceexposure to certain downside risks by purchasing equityindex put options that aim to reduce the Portfolio’sexposure to certain severe and unanticipated marketevents that could significantly detract from returns.

Volatility is not a measure of investment performance.Volatility may result from rapid and dramatic price swings.Higher volatility generally indicates higher risk and is oftenreflected by frequent and sometimes significantmovements up and down in value. The Portfolio couldexperience high levels of volatility in both rising and fallingmarkets. Due to market conditions or other factors, theactual or realized volatility of the Portfolio for anyparticular period of time may be materially higher or lowerthan the target maximum level.

The Portfolio’s target maximum volatility level of 10% isnot a total return performance target. The Portfolio doesnot expect its total return performance to be within anyspecified target range. It is possible for the Portfolio tomaintain its volatility at or under its target maximumvolatility level while having negative performance returns.Efforts to manage the Portfolio’s volatility could limit thePortfolio’s gains in rising markets, may expose thePortfolio to costs to which it would otherwise not havebeen exposed, and if unsuccessful may result insubstantial losses.



The value of your investment in the Portfolio may beaffected by one or more of the following risks, which aredescribed in more detail in the sections “AdditionalInformation About the Portfolios’ Investment Strategies


- 181 -

and Investment Risks (Other than the SA VCP DynamicAllocation Portfolio and SA VCP Dynamic StrategyPortfolio)” and the “Glossary” under “Risk Terminology” inthe Prospectus, any of which could cause the Portfolio’sreturn, the price of the Portfolio’s shares or the Portfolio’syield to fluctuate. These risks include those associatedwith direct investments in securities and in the securitiesunderlying the ETFs or derivatives in which the Portfoliomay invest.



Convertible Securities Risk. The value of convertiblesecurities may be affected by market interest ratefluctuations, credit risk and the value of the underlyingcommon stock into which these securities may beconverted. Issuers may have the right to buy back or “call”certain convertible securities at a time unfavorable to thePortfolio.


Credit Risk. The risk that an issuer will default on interestor principal payments. The Portfolio could lose money ifthe issuer of a debt security is unable or perceived to beunable to pay interest or to repay principal when itbecomes due. Various factors could affect the issuer’sactual or perceived willingness or ability to make timelyinterest or principal payments, including changes in theissuer’s financial condition or in general economicconditions. Debt securities backed by an issuer’s taxingauthority may be subject to legal limits on the issuer’spower to increase taxes or otherwise raise revenue, ormay be dependent on legislative appropriation orgovernment aid. Certain debt securities are backed only

by revenues derived from a particular project or source,rather than by an issuer’s taxing authority, and thus mayhave a greater risk of default. Credit risk applies to mostdebt securities, but is generally not a factor for obligationsbacked by the “full faith and credit” of the U.S.Government.




Equity Securities Risk. This is the risk that stock priceswill fall over short or extended periods of time. ThePortfolio is indirectly exposed to this risk through itsinvestments in futures contracts and other derivatives.Although the stock market has historically outperformedother asset classes over the long term, the stock markettends to move in cycles. Individual stock prices fluctuatefrom day-to-day and may underperform other assetclasses over an extended period of time. These price


- 182 -

movements may result from factors affecting individualcompanies, industries or the securities market as a whole.

ETF Risk. Most ETFs are investment companies whoseshares are purchased and sold on a securities exchange.An investment in an ETF generally presents the sameprimary risks as an investment in a conventional fund (i.e.,one that is not exchange-traded) that has the sameinvestment objectives, strategies and policies. However,ETFs are subject to the following risks that do not apply toconventional mutual funds: (i) the market price of an ETF’sshares may trade at a premium or a discount to its netasset value; (ii) an active trading market for an ETF’sshares may not develop or be maintained; and (iii) there isno assurance that the requirements of the exchangenecessary to maintain the listing of an ETF will continueto be met or remain unchanged. In addition, a passively-managed ETF may fail to accurately track the marketsegment or index that underlies its investment objective.To the extent that the Portfolio invests in an ETF, thePortfolio will indirectly bear its proportionate share of themanagement and other expenses that are charged by theETF in addition to the expenses paid by the Portfolio.



Foreign Sovereign Debt Risk. Foreign sovereign debtsecurities are subject to the risk that a governmental entitymay delay or refuse to pay interest or to repay principal on

its sovereign debt. If a governmental entity defaults, it mayask for more time in which to pay or for further loans.







- 183 -




Preferred Stock Risk. Unlike common stock, preferredstock generally pays a fixed dividend from a company’searnings and may have a preference over common stockon the distribution of a company’s assets in the event ofbankruptcy or liquidation. Preferred stockholders’liquidation rights are subordinate to the company’s debtholders and creditors. If interest rates rise, the fixeddividend on preferred stocks may be less attractive andthe price of preferred stocks may decline.

Prepayment Risk. As a general rule, prepaymentsincrease during a period of falling interest rates anddecrease during a period of rising interest rates. This can

reduce the returns of the Portfolio because the Portfoliowill have to reinvest that money at the lower prevailinginterest rates. In periods of increasing interest rates, theoccurrence of prepayments generally declines, with theeffect that the securities subject to prepayment risk heldby the Portfolio may exhibit price characteristics of longer-term debt securities.

Regulatory Risk. Derivative contracts, including, withoutlimitation, futures, swaps and currency forwards, aresubject to regulation under the Dodd-Frank Wall StreetReform and Consumer Protection Act (“Dodd-Frank Act”)in the United States and under comparable regimes inEurope, Asia and other non-U.S. jurisdictions. Withrespect to swaps, regulations are now in effect that requireswap dealers to post and collect variation margin(comprised of specified liquid instruments and subject toa required haircut) in connection with trading of over-the-counter swaps with the Portfolio. Shares of investmentcompanies (other than money market funds) may not beposted as collateral under these regulations. Theadditional requirements for posting of initial margin inconnection with over-the-counter swaps will be phased-inthrough 2021. In addition, regulations adopted by globalprudential regulators that are now in effect require certainbank-regulated counterparties and certain of theiraffiliates to include in certain financial contracts, includingmany derivatives contracts, terms that delay or restrict therights of counterparties, such as the Portfolio, to terminatesuch contracts, foreclose upon collateral, exercise otherdefault rights or restrict transfers of credit support in theevent that the counterparty and/or its affiliates are subjectto certain types of resolution or insolvency proceedings.The implementation of these requirements with respect toderivatives, along with additional regulations under theDodd-Frank Act regarding clearing and mandatory tradingand trade reporting of derivatives, generally haveincreased the costs of trading in these instruments and,as a result, may affect returns to investors in the Portfolio.

Risk of Conflict with Insurance Company Interests.Managing the Portfolio’s volatility may reduce the risksassumed by the insurance company that sponsors yourVariable Contract. This facilitates the insurancecompany’s ability to provide guaranteed benefits. Theseguarantees are optional and may not be associated withyour Variable Contract. While the interests of thePortfolio’s shareholders and the affiliated insurancecompanies providing these guaranteed benefits aregenerally aligned, the affiliated insurance companies (andthe adviser by virtue of its affiliation with the insurancecompanies) may face potential conflicts of interest. Inparticular, certain aspects of the Portfolio’s managementhave the effect of mitigating the financial risks to which theaffiliated insurance companies are subjected by providing


- 184 -

those guaranteed benefits. In addition, the Portfolio’sperformance may be lower than similar portfolios that donot seek to manage their volatility.



Small- and Mid-Cap Companies Risk. Companies withsmaller market capitalization (particularly under $1 billiondepending on the market) tend to be at early stages ofdevelopment with limited product lines, market access forproducts, financial resources, access to new capital ordepth in management. It may be difficult to obtain reliableinformation and financial data about these companies.Consequently, the securities of smaller companies maynot be as readily marketable and may be subject to moreabrupt or erratic market movements. Securities of mid-cap companies are usually more volatile and entail greaterrisks than securities of large companies. In addition,small- and mid-cap companies may be traded in over-the-counter (“OTC”) markets as opposed to being traded on anexchange. OTC securities may trade less frequently and insmaller volume than exchange-listed stocks, which maycause these securities to be more volatile than exchange-listed stocks and may make it more difficult to buy and sellthese securities at prevailing market prices.


Volatility Management Risk. The risk that thesubadviser’s strategy for managing portfolio volatility maynot produce the desired result or that the subadviser isunable to trade certain derivatives effectively or in a timelymanner. In addition, the minimum and maximum equityexposure limits may prevent the subadviser from fullymanaging portfolio volatility in certain marketenvironments. There can be no guarantee that thePortfolio’s volatility will be below its target maximum level.Additionally, the volatility control process will not ensurethat the Portfolio will deliver competitive returns. The useof derivatives in connection with the Portfolio’s managedvolatility strategy may expose the Portfolio to losses(some of which may be sudden) that it would not haveotherwise been exposed to if it had only invested directlyin equity and/or fixed income securities. Efforts to managethe Portfolio’s volatility could limit the Portfolio’s gains inrising markets and may expose the Portfolio to costs towhich it would otherwise not have been exposed. ThePortfolio’s managed volatility strategy may result in thePortfolio outperforming the general securities marketduring periods of flat or negative market performance, andunderperforming the general securities market duringperiods of positive market performance. The Portfolio’smanaged volatility strategy also exposes shareholders tothe risks of investing in derivative contracts. Thesubadviser uses a proprietary system to help it estimatethe Portfolio’s expected volatility. The proprietary systemused by the subadviser may perform differently thanexpected and may negatively affect performance and theability of the Portfolio to maintain its volatility at or belowits target maximum volatility level for various reasons,including errors in using or building the system, technicalissues implementing the system, data issues and variousnonquantitative factors (e.g., market or trading systemdysfunctions, and investor fear or over-reaction).


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the MSCI World Index (net), the BloombergBarclays U.S. Corporate Investment Grade Index, and ablended index. The blended index consists of 60% MSCIWorld Index (net) and 40% Bloomberg Barclays U.S.Corporate Investment Grade Index (the “Blended Index”).Fees and expenses incurred at the contract level are notreflected in the bar chart or table. If these amounts werereflected, returns would be less than those shown. Of


- 185 -

course, past performance is not necessarily an indicationof how the Portfolio will perform in the future.

(Class 3 Shares)

13.14%

-9.05%

18.92%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

2017 2018 2019



1Year



Class 1 Shares ............... 19.32% 7.04% N/AClass 3 Shares ............... 18.92% N/A 7.78%MSCI World Index (net) .. 27.67% 12.08% 13.72%Blended Index................. 22.49% 9.16% 10.74%Bloomberg Barclays U.S.

Corporate InvestmentGrade Index................. 14.54% 4.53% 6.07%

Investment Adviser


The Portfolio is subadvised by Schroder InvestmentManagement North America Inc., along with its affiliate,Schroder Investment Management North America Ltd.

Portfolio Managers

Name and Title


Johanna Kyrklund, CFAGlobal CIO and Head of Multi-AssetInvestments ........................................... 2016

Michael Hodgson, PhDHead of Risk Managed Investments &Structuring ............................................. 2016



- 186 -

Investment Goal

The Portfolio’s investment goal is investment results thatcorrespond with the performance of the Russell 2000®

Index.




Class 1 Class 3





1 Total Annual Portfolio Operating Expenses do not correlate to theratio of expenses to average net assets provided in the FinancialHighlights table which reflects operating expenses of the Portfolioand do not include Acquired Fund Fees and Expenses.

2 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica” or the “Adviser”) has contractuallyagreed to waive its fees and/or reimburse expenses to the extent thatthe Total Annual Portfolio Operating Expenses of Class 1 and Class 3shares exceed 0.45% and 0.70%, respectively, of the Portfolio’saverage daily net assets. For purposes of the Expense LimitationAgreement, “Total Annual Portfolio Operating Expenses” shall notinclude extraordinary expenses (i.e., expenses that are unusual innature and infrequent in occurrence, such as litigation), or acquiredfund fees and expenses, brokerage commissions and othertransactional expenses relating to the purchase and sale of portfoliosecurities, interest, taxes and governmental fees, and otherexpenses not incurred in the ordinary course of business ofSunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Anywaivers and/or reimbursements made by SunAmerica with respect tothe Portfolio are subject to recoupment from the Portfolio within twoyears after the occurrence of the waiver and/orreimbursement, provided that the recoupment does not cause theexpense ratio of the share class to exceed the lesser of (a) theexpense limitation in effect at the time the waivers and/orreimbursements occurred, or (b) the current expense limitation ofthat share class. This agreement may be modified or discontinuedprior to April 30, 2021 only with the approval of the Board of Trustees


Expense Example




Portfolio Turnover




The Portfolio seeks to provide investment results thatcorrespond with the performance of the Russell 2000®

Index (the “Index”). The Index measures the performanceof small-capitalization companies in the United States. Itis a subset of the Russell 3000® Index, which comprisesthe 3,000 largest U.S. companies based on total marketcapitalization.

The Adviser primarily seeks to achieve the Portfolio’sobjective by investing in all or substantially all of the stocksincluded in the Index, a strategy known as “replication.”The Adviser may, however, utilize an “optimization”strategy in circumstances in which replication is difficult orimpossible, such as if the Portfolio has low asset levelsand cannot replicate, to reduce trading costs or to gain

PORTFOLIO SUMMARY: SA SMALL CAP INDEX PORTFOLIO

- 187 -

exposure to securities that the Portfolio cannot accessdirectly. The goal of optimization is to select stocks whichensure that characteristics such as industry weightings,average market capitalizations and fundamentalcharacteristics (e.g., price-to-book, price-to-earnings,debt-to-asset ratios and dividend yields) closelyapproximate those of the Index. Stocks not in the Indexmay be held before or after changes in the composition ofthe Index or if they have characteristics similar to stocksin the Index. Under normal circumstances, the Portfolioinvests substantially all, but at least 80%, of its net assetsin securities included in the Index or in securities thatSunAmerica, the Portfolio’s investment adviser,determines have economic characteristics that arecomparable to the economic characteristics of securitiesincluded in the Index. The Portfolio will not concentrate,except to approximately the same extent as the Index mayconcentrate, in the securities of any industry. It is notanticipated, however, that the Portfolio will, under normalcircumstances, be concentrated in the securities of anyindustry.






Small Sized Companies Risk. Securities of small-capcompanies are usually more volatile and entail greaterrisks than securities of large companies.

REIT (Real Estate Investment Trusts) Risk. ThePortfolio may invest in REITs. Investing in REITs involves

certain unique risks. Equity REITs may be affected bychanges in the value of the underlying property owned bysuch REITs, while mortgage REITs may be affected by thequality of any credit extended. REITs are dependent uponmanagement skills, are not diversified (except to theextent the Internal Revenue Code of 1986, as amended(the “Code”), requires), and are subject to the risks offinancing projects. REITs are subject to heavy cash flowdependency, default by borrowers, self-liquidation, andthe possibilities of failing to qualify for the exemption fromtax for distributed income under the Code and failing tomaintain their exemptions from the 1940 Act. REITs arealso subject to interest rate risks. The Portfolio willindirectly bear its proportionate share of any managementand other expenses that may be charged by the REITs inwhich it invests, in addition to the expenses paid by thePortfolio. REITs may be leveraged, which increases risk.






- 188 -



The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the Russell 2000® Index. Fees and expensesincurred at the contract level are not reflected in the barchart or table. If these amounts were reflected, returnswould be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 1 Shares)

-11.55%

24.69%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2018 2019



1Year


Class 1 Shares.................................. 24.69% 8.50%Class 3 Shares.................................. 24.50% 8.24%Russell 2000® Index.......................... 25.52% 8.31%

Investment Adviser


Portfolio Managers

Name and Title






- 189 -

Investment Goal

The Portfolio’s investment goal is to seek capitalappreciation and income.




Class 1 Class 3


Expenses Before Fee Waiversand/or Expense Reimbursements ... 0.95% 1.20%


Total Annual Portfolio OperatingExpenses After Fee Waivers and/orExpense Reimbursements1............. 0.81% 1.06%

1 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica”) has contractually agreed to waiveits fees and/or reimburse expenses to the extent that the Total AnnualPortfolio Operating Expenses of Class 1 and Class 3 shares exceed0.81% and 1.06%, respectively, of the Portfolio’s average daily netassets. For purposes of the Expense Limitation Agreement, “TotalAnnual Portfolio Operating Expenses” shall not include extraordinaryexpenses (i.e., expenses that are unusual in nature and infrequent inoccurrence, such as litigation), or acquired fund fees and expenses,brokerage commissions and other transactional expenses relating tothe purchase and sale of portfolio securities, interest, taxes andgovernmental fees, and other expenses not incurred in the ordinarycourse of business of SunAmerica Series Trust (the “Trust”) onbehalf of the Portfolio. Any waivers and/or reimbursements made bySunAmerica with respect to the Portfolio are subject to recoupmentfrom the Portfolio within two years after the occurrence of the waiversand/or reimbursements, provided that the recoupment does notcause the expense ratio of the share class to exceed the lesser of(a) the expense limitation in effect at the time the waivers and/ orreimbursements occurred, or (b) the current expense limitation ofthat share class. This agreement may be modified or discontinuedprior to April 30, 2021, only with the approval of the Board of Trusteesof the Trust, including a majority of the trustees who are not“interested persons” of the Trust as defined in the InvestmentCompany Act of 1940, as amended.

Expense Example




Portfolio Turnover




Under normal market conditions, the Portfolio targets anallocation of approximately 80% of its net assets to equitystrategies and approximately 20% of its net assets to fixedincome strategies, although the Portfolio’s allocation toequity strategies may range from approximately 70%-90%of its net assets and its allocation to fixed incomestrategies may range from approximately 10%-30% of itsnet assets.

When deciding upon overall allocations between stocksand fixed income securities, T. Rowe Price Associates,Inc. (“T. Rowe Price”), the Portfolio’s subadviser, may favorfixed income securities if the economy is expected to slowsufficiently to hurt corporate profit growth. When strongeconomic growth is expected, the subadviser may favor

PORTFOLIO SUMMARY: SA T. ROWE PRICE ASSET ALLOCATION GROWTH PORTFOLIO

- 190 -

stocks. The fixed income securities in which the Portfoliointends to invest are primarily investment grade and arechosen from across the entire government and corporatemarkets. Maturities generally reflect the subadviser’soutlook for interest rates.

When selecting particular equity securities, T. Rowe Pricewill examine relative values and prospects among growth-and value-oriented stocks, domestic and foreign stocks,and small- to large-cap stocks. This process draws heavilyupon the proprietary stock research expertise of T. RowePrice. While the Portfolio maintains a diversified portfolio,T. Rowe Price may, at any particular time, shift stockselection toward markets or market sectors that appear tooffer attractive value and appreciation potential.

A similar security selection process applies to fixedincome securities. When deciding whether to adjustduration, credit risk exposure, or allocations among thevarious sectors (for example, mortgage- and asset-backed securities), T. Rowe Price weighs such factors asthe outlook for inflation and the economy, corporateearnings, expected interest rate movements and currencyvaluations.

Securities may be sold for a variety of reasons, such as toeffect a change in asset allocation, secure a gain, limit aloss, or redeploy assets into more promisingopportunities.

The Portfolio places an emphasis on managing riskrelative to its benchmark index, which is comprised of thefollowing: 58% S&P 500® Index, 3% S&P Midcap 400®

Index, 3% Russell 2000® Index, 16% MSCI EAFE Index(net) and 20% Bloomberg Barclays U.S. Government/Credit Bond Index (the “Blended Index”). To manage thePortfolio’s risk relative to the Blended Index, T. Rowe Priceintends to tactically adjust the Portfolio’s equity and fixedincome allocation, if required by the Portfolio’s riskmanagement parameters. These risk managementparameters include restrictions designed to limit how farthe Portfolio’s returns are permitted to deviate from thoseof the Blended Index. Such restrictions may result in thePortfolio having returns that track the Blended Index moreconsistently and more closely than would otherwise be thecase. These restrictions may prevent a significantdeviation from the returns of the Blended Index, but mayalso limit the Portfolio’s ability to outperform the returns ofthe Blended Index.





Asset Allocation Risk. The Portfolio’s ability to achieveits investment goal depends in part on a subadviser’s skillin determining the Portfolio’s investment strategyallocations. Although allocation among differentinvestment strategies generally reduces risk and exposureto any one strategy, the risk remains that a subadviser mayfavor an investment strategy that performs poorly relativeto other investment strategies.




Foreign Investment Risk. The Portfolio’s investments inthe securities of foreign issuers or issuers with significantexposure to foreign markets involve additional risk.Foreign countries in which the Portfolio invests may havemarkets that are less liquid, less regulated and morevolatile than U.S. markets. The value of the Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions or


- 191 -

events (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.











Risk of Conflict with Insurance Company Interests.Managing the Portfolio’s risks relative to the BlendedIndex may reduce the risks and hedging costs assumed bythe insurance company that sponsors your VariableContract. This facilitates the insurance company’s abilityto provide guaranteed benefits. These guarantees areoptional and may not be associated with your VariableContract. While the interests of the Portfolio’sshareholders and the affiliated insurance companiesproviding these guaranteed benefits are generally aligned,the affiliated insurance companies (and SunAmerica byvirtue of its affiliation with the insurance companies) mayface potential conflicts of interest. In particular, certainaspects of the Portfolio’s investment strategy may havethe effect of mitigating the financial risks to which theaffiliated insurance companies are subject as a result ofproviding those guaranteed benefits and the hedgingcosts associated with providing such benefits. In addition,the Portfolio’s performance may be lower than similar


- 192 -

portfolios that do not employ the same risk managementconstraints.



Index, S&P 500® Index, Bloomberg Barclays U.S.Government/Credit Bond Index, S&P MidCap 400® Indexand the Blended Index. Fees and expenses incurred at thecontract level are not reflected in the bar chart or table. Ifthese amounts were reflected, returns would be less thanthose shown. Of course, past performance is notnecessarily an indication of how the Portfolio will performin the future.

(Class 3 Shares)

-5.74%

24.26%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2018 2019



1Year



Government/Credit Bond Index ..... 9.71% 4.29%S&P MidCap 400® Index .................. 26.20% 7.53%Blended Index................................... 25.23% 9.82%

Investment Adviser


The Portfolio is subadvised by T. Rowe Price.

Portfolio Managers

Name and Title


Robert A. Panariello, CFA, CAIA, FRMVice President ....................................... 2017

Charles M. Shriver, CFAVice President ....................................... 2017

Toby M. Thompson, CFA, CAIAVice President ....................................... 2017



- 193 -

Investment Goal





Class 1 Class 3




Expense Example




Portfolio Turnover




The Portfolio normally invests approximately 65% of itstotal assets in common stocks and 35% of its total assetsin fixed income securities. The Portfolio invests insecurities of both U.S. and foreign corporate andgovernmental issuers, including emerging market issuers.The Portfolio (not including its overlay component) willinvest at least 25% of its total assets in fixed income seniorsecurities and at least 25% of its total assets in equitysecurities. In addition, the subadviser employs a “VCP”(Volatility Control Portfolio) risk management processintended to manage the volatility level of the Portfolio’sannual returns. The Portfolio may, at times, investsignificantly in certain sectors, such as the informationtechnology sector.

When deciding upon overall allocations between stocksand fixed income securities, the subadviser may favorfixed income securities if the economy is expected to slowsufficiently to hurt corporate profit growth. When strongeconomic growth is expected, the subadviser may favorstocks. The fixed income securities in which the Portfoliointends to invest, including the foreign fixed incomesecurities, are primarily investment grade and are chosenfrom across the entire government, corporate, and asset-and mortgage-backed securities markets. Maturitiesgenerally reflect the subadviser’s outlook for interest rates.

When selecting particular stocks, the subadviser willexamine relative values and prospects among growth-and value-oriented stocks, domestic and foreign stocks,small- to large-cap stocks, and stocks of companiesinvolved in activities related to commodities and other realassets. Domestic stocks are drawn from the overall U.S.market and foreign stocks are selected primarily fromlarge companies in developed countries, although stocksin emerging markets may also be purchased. This processdraws heavily upon the proprietary stock researchexpertise of the subadviser. While the Portfolio maintainsa well-diversified portfolio, the subadviser may at a

PORTFOLIO SUMMARY: SA T. ROWE PRICE VCP BALANCED PORTFOLIO

- 194 -

particular time shift stock selection toward markets ormarket sectors that appear to offer attractive value andappreciation potential.

A similar security selection process applies to fixedincome securities. When deciding whether to adjustduration, credit risk exposure, or allocations among thevarious sectors (for example, junk bonds, mortgage- andasset-backed securities, foreign fixed income securitiesand emerging market fixed income securities), thesubadviser weighs such factors as the outlook for inflationand the economy, corporate earnings, expected interestrate movements and currency valuations, and the yieldadvantage that lower-rated fixed income securities mayoffer over investment grade fixed income securities.

Securities may be sold for a variety of reasons, such as toeffect a change in asset allocation, secure a gain, limit aloss, or redeploy assets into more promisingopportunities.

The Portfolio targets a volatility level of 10% within a rangeof 9% to 13%. Volatility is a statistical measure of themagnitude of changes in the Portfolio’s returns over timewithout regard to the direction of those changes. Thesubadviser expects to use a variety of equity index andfixed income futures and currency forwards as theprincipal tools to implement this volatility managementstrategy. The Portfolio’s overall equity exposure may bereduced to approximately 20% as a result of the volatilitymanagement strategy. In addition, the subadviser will seekto reduce exposure to certain downside risks bypurchasing equity index put options that aim to reduce thePortfolio’s exposure to certain severe and unanticipatedmarket events that could significantly detract from returns.

Volatility is not a measure of investment performance.Volatility may result from rapid and dramatic price swings.Higher volatility generally indicates higher risk and is oftenreflected by frequent and sometimes significantmovements up and down in value. The Portfolio couldexperience high levels of volatility in both rising and fallingmarkets. Due to market conditions or other factors, theactual or realized volatility of the Portfolio for anyparticular period of time may be materially higher or lowerthan the target level.

The Portfolio’s target volatility level of 10% is not a totalreturn performance target. The Portfolio does not expectits total return performance to be within any specifiedtarget range. It is possible for the Portfolio to maintain itsvolatility at or under its target volatility level while havingnegative performance returns. Efforts to manage thePortfolio’s volatility could limit the Portfolio’s gains in risingmarkets, may expose the Portfolio to costs to which it

would otherwise not have been exposed, and ifunsuccessful may result in substantial losses.



The value of your investment in the Portfolio may beaffected by one or more of the following risks, which aredescribed in more detail in the sections “AdditionalInformation About the Portfolios’ Investment Strategiesand Investment Risks (Other than the SA VCP DynamicAllocation Portfolio and SA VCP Dynamic StrategyPortfolio)” and the “Glossary” under “Risk Terminology” inthe Prospectus, any of which could cause the Portfolio’sreturn, the price of the Portfolio’s shares or the Portfolio’syield to fluctuate. These risks include those associatedwith direct investments in securities and in the securitiesunderlying the derivatives in which the Portfolio mayinvest.



Credit Risk. The risk that an issuer will default on interestor principal payments. The Portfolio could lose money ifthe issuer of a debt security is unable or perceived to beunable to pay interest or to repay principal when itbecomes due. Various factors could affect the issuer’sactual or perceived willingness or ability to make timelyinterest or principal payments, including changes in theissuer’s financial condition or in general economicconditions. Debt securities backed by an issuer’s taxingauthority may be subject to legal limits on the issuer’spower to increase taxes or otherwise raise revenue, or


- 195 -

may be dependent on legislative appropriation orgovernment aid. Certain debt securities are backed onlyby revenues derived from a particular project or source,rather than by an issuer’s taxing authority, and thus mayhave a greater risk of default. Credit risk applies to mostdebt securities, but is generally not a factor for obligationsbacked by the “full faith and credit” of the U.S.Government.





Foreign Investment Risk. The Portfolio’s investments inthe securities of foreign issuers or issuers with significantexposure to foreign markets involve additional risk.Foreign countries in which the Portfolio invests may havemarkets that are less liquid, less regulated and morevolatile than U.S. markets. The value of the Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuers

generally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.





Mortgage- and Asset-Backed Securities Risk.Mortgage- and asset-backed securities representinterests in “pools” of mortgages or other assets, includingconsumer loans or receivables held in trust. Thecharacteristics of these mortgage-backed and asset-backed securities differ from traditional fixed-incomesecurities. Mortgage-backed securities are subject to


- 196 -

“prepayment risk” and “extension risk.” Prepayment risk isthe risk that, when interest rates fall, certain types ofobligations will be paid off by the obligor more quickly thanoriginally anticipated and the Portfolio may have to investthe proceeds in securities with lower yields. Extension riskis the risk that, when interest rates rise, certain obligationswill be paid off by the obligor more slowly than anticipated,causing the value of these securities to fall. Smallmovements in interest rates (both increases anddecreases) may quickly and significantly reduce the valueof certain mortgage-backed securities. These securitiesalso are subject to risk of default on the underlyingmortgage, particularly during periods of economicdownturn.

Prepayment Risk. As a general rule, prepaymentsincrease during a period of falling interest rates anddecrease during a period of rising interest rates. This canreduce the returns of the Portfolio because the Portfoliowill have to reinvest that money at the lower prevailinginterest rates. In periods of increasing interest rates, theoccurrence of prepayments generally declines, with theeffect that the securities subject to prepayment risk heldby the Portfolio may exhibit price characteristics of longer-term debt securities.

Risk of Conflict with Insurance Company Interests.Managing the Portfolio’s volatility may reduce the risksassumed by the insurance company that sponsors yourVariable Contract. This facilitates the insurancecompany’s ability to provide guaranteed benefits. Theseguarantees are optional and may not be associated withyour Variable Contract. While the interests of thePortfolio’s shareholders and the affiliated insurancecompanies providing these guaranteed benefits aregenerally aligned, the affiliated insurance companies (andthe adviser by virtue of its affiliation with the insurancecompanies) may face potential conflicts of interest. Inparticular, certain aspects of the Portfolio’s managementhave the effect of mitigating the financial risks to which theaffiliated insurance companies are subjected by providingthose guaranteed benefits. In addition, the Portfolio’sperformance may be lower than similar portfolios that donot seek to manage their volatility.


Sector or Industry Focus Risk. To the extent thePortfolio invests a significant portion of its assets in oneor more sectors or industries at a time, the Portfolio willface a greater risk of loss due to factors affecting sectors

or industries than if the Portfolio always maintained widediversity among the sectors and industries in which itinvests.


Mid-Cap Companies Risk. Securities of mid-capcompanies are usually more volatile and entail greaterrisks than securities of large companies. In addition, mid-cap companies may be traded in over-the-counter (“OTC”)markets as opposed to being traded on an exchange. OTCsecurities may trade less frequently and in smaller volumethan exchange-listed stocks, which may cause thesesecurities to be more volatile than exchange-listed stocksand may make it more difficult to buy and sell thesesecurities at prevailing market prices.

Volatility Management Risk. The risk that thesubadviser’s strategy for managing portfolio volatility maynot produce the desired result or that the subadviser isunable to trade certain derivatives effectively or in a timelymanner. In addition, the minimum and maximum equityexposure limits may prevent the subadviser from fullymanaging portfolio volatility in certain marketenvironments. There can be no guarantee that thePortfolio will maintain its target volatility level. Additionally,the volatility control process will not ensure that thePortfolio will deliver competitive returns. The use ofderivatives in connection with the Portfolio’s managedvolatility strategy may expose the Portfolio to losses(some of which may be sudden) that it would not haveotherwise been exposed to if it had only invested directlyin equity and/or fixed income securities. Efforts to managethe Portfolio’s volatility could limit the Portfolio’s gains inrising markets and may expose the Portfolio to costs towhich it would otherwise not have been exposed. ThePortfolio’s managed volatility strategy may result in thePortfolio outperforming the general securities marketduring periods of flat or negative market performance, andunderperforming the general securities market duringperiods of positive market performance. The Portfolio’smanaged volatility strategy also exposes shareholders tothe risks of investing in derivative contracts. Thesubadviser uses a proprietary system to help it estimatethe Portfolio’s expected volatility. The proprietary systemused by the subadviser may perform differently thanexpected and may negatively affect performance and theability of the Portfolio to maintain its volatility at or belowits target volatility level for various reasons, includingerrors in using or building the system, technical issuesimplementing the system, data issues and various non-quantitative factors (e.g., market or trading systemdysfunctions, and investor fear or over-reaction).


- 197 -


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the S&P 500® Index, the MSCI EAFE® Index(net), the Bloomberg Barclays U.S. Aggregate Bond Indexand a blended index. The blended index consists of 45.5%S&P 500® Index, 19.5% MSCI EAFE® Index (net) and35% Bloomberg Barclays U.S. Aggregate Bond Index (the“Blended Index”). Fees and expenses incurred at thecontract level are not reflected in the bar chart or table. Ifthese amounts were reflected, returns would be less thanthose shown. Of course, past performance is notnecessarily an indication of how the Portfolio will performin the future.

(Class 3 Shares)

18.96%

-7.13%

22.27%

-10%

-5%

0%

5%

10%

15%

20%

25%

2017 2018 2019



1Year



Class 1 Shares ............... 22.45% 10.03% N/AClass 3 Shares ............... 22.27% N/A 9.85%Bloomberg Barclays U.S.

Aggregate Bond Index. 8.72% 2.76% 3.52%MSCI EAFE® Index

(net) ............................. 22.01% 8.29% 9.97%S&P 500® Index.............. 31.49% 15.35% 16.70%Blended Index................. 21.54% 9.64% 10.82%

Investment Adviser


The Portfolio is subadvised by T. Rowe Price Associates,Inc.

Portfolio Managers

Name and Title


Charles M. Shriver, CFAVice President ....................................... 2016

Sean McWilliamsVice President ....................................... 2019

Toby M. Thompson, CFA, CAIAVice President ....................................... 2016



- 198 -

Investment Goal








Expense Example




Portfolio Turnover





The Portfolio attempts to achieve its goal by investing,under normal circumstances, at least 80% of its netassets in equity and debt securities of companies andgovernments outside the U.S., including emergingmarkets. The Portfolio invests in companies across allmarket capitalization ranges, including mid- and small-capcompanies. When choosing equity investments for thePortfolio, the subadviser applies a “bottom-up,” value-oriented, long-term approach, focusing on the marketprice of a company’s securities relative to the subadviser’sevaluation of the company’s long-term earnings, assetvalue and cash flow potential. The subadviser alsoconsiders and analyzes various measures relevant tostock valuation, such as a company’s price/cash flow ratio,price/earnings ratio, profit margins and liquidation value.

The Portfolio may invest up to 25% of its assets inemerging markets securities and in foreign debt securities.Depending upon current market conditions, the Portfoliomay invest in debt securities of countries andgovernments located anywhere in the world. ThePortfolio’s foreign investments may include depositaryreceipts. The Portfolio, from time to time, may havesignificant investments in one or more countries or inparticular sectors, such as financial institutions,technology companies or industrial companies. ThePortfolio may invest up to 15% of its assets in unlistedforeign securities.




Foreign Investment Risk. The Portfolio’s investments inthe securities of foreign issuers or issuers with significantexposure to foreign markets involve additional risk.

PORTFOLIO SUMMARY: SA TEMPLETON FOREIGN VALUE PORTFOLIO

- 199 -

Foreign countries in which the Portfolio invests may havemarkets that are less liquid, less regulated and morevolatile than U.S. markets. The value of the Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.





Illiquidity Risk. When there is little or no active tradingmarket for specific types of securities, it can become moredifficult to sell the securities at or near their perceivedvalue. In such a market, the value of such securities andthe Portfolio’s share price may fall dramatically. Portfoliosthat invest in non-investment grade fixed incomesecurities and emerging market country issuers will beespecially subject to the risk that during certain periods,the liquidity of particular issuers or industries, or allsecurities within a particular investment category, will

shrink or disappear suddenly and without warning as aresult of adverse economic, market or political events, oradverse investor perceptions.







Depositary Receipts Risk. . Depositary receipts aregenerally subject to the same risks as the foreignsecurities that they evidence or into which they may beconverted. The issuers of unsponsored depositaryreceipts are not obligated to disclose information that isconsidered material in the United States. Therefore, there


- 200 -

may be less information available regarding the issuersand there may not be a correlation between suchinformation and the market value of the depositaryreceipts. Certain depositary receipts are not listed on anexchange and therefore are subject to illiquidity risk.







performance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the MSCI EAFE® Index (net). Fees and expensesincurred at the contract level are not reflected in the barchart or table. If these amounts were reflected, returnswould be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 2 Shares)

3.06%

-11.81%

19.45%

23.18%

-6.83%-4.79%

1.25%

21.54%

-16.29%

12.04%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years


Class 1 Shares....... 12.23% 2.08% N/A 4.90%Class 2 Shares....... 12.04% 1.90% 3.19% N/AClass 3 Shares....... 11.90% 1.81% 3.09% N/AMSCI EAFE® Index

(net) .................... 22.01% 5.67% 5.50% 7.16%

Investment Adviser



- 201 -

The Portfolio is subadvised by Templeton InvestmentCounsel, LLC.

Portfolio Managers

Name and Title


Antonio T. Docal, CFAPresident, Director of PortfolioManagement, Lead Portfolio Managerand Research Analyst ........................... 2002

Peter A. Nori, CFAExecutive Vice President, PrimaryBackup Portfolio Managerand Research Analyst ........................... 2012

Heather Waddell, CFAExecutive Vice President, SecondaryBackup Portfolio Managerand Research Analyst ........................... 2010



- 202 -

Investment Goals

The Portfolio’s investment goals are capital appreciationand current income while managing net equity exposure.


This table describes the fees and expenses that you maypay if you buy and hold shares of the Portfolio. ThePortfolio’s annual operating expenses do not reflect theseparate account fees charged in the variable annuity orvariable life insurance policy (“Variable Contracts”) inwhich the Portfolio is offered. If separate account feeswere shown, the Portfolio’s annual operating expenseswould be higher. Please see your Variable Contractprospectus for more details on the separate account fees.As an investor in the Portfolio, you pay the expenses of thePortfolio and indirectly pay a proportionate share of theexpenses of the investment companies in which thePortfolio invests (the “Underlying Portfolios”).


Class 1 Class 3




Expense Example



Class 1 Shares... $ 77 $240 $417 $ 930


Class 3 Shares... 102 318 552 1,225

Portfolio Turnover

The portion of the Portfolio that operates as a fund-of-funds does not pay transaction costs when it buys andsells shares of Underlying Portfolios (or “turns over” itsportfolio). An Underlying Portfolio pays transaction costs,such as commissions, when it turns over its portfolio, anda higher portfolio turnover rate may indicate highertransaction costs. These costs, which are not reflected inannual portfolio operating expenses or in the Example,affect the performance of both the Underlying Portfoliosand the Portfolio. The Portfolio does, however, paytransaction costs when it buys and sells the financialinstruments held in the Overlay Component of thePortfolio (defined below).



The Portfolio seeks to achieve its goals by investing undernormal conditions approximately 70% to 90% of its assetsin Class 1 shares of Underlying Portfolios that investprimarily in equity securities or fixed income securities andwhich are portfolios of SunAmerica Series Trust (the“Trust”), Anchor Series Trust, and Seasons Series Trust(collectively, the “Underlying Trusts”) (the “Fund-of-FundsComponent”) and 10% to 30% of its assets in a portfolioof derivative instruments, fixed income securities andshort-term investments (the “Overlay Component”).

SunAmerica Asset Management, LLC (“SunAmerica” orthe “Adviser”) is the Adviser to the Portfolio and willdetermine the allocation between the Fund-of-FundsComponent and the Overlay Component. SunAmerica isalso responsible for managing the Fund-of-FundsComponent’s investment in Underlying Portfolios, so it willdetermine the target allocation between UnderlyingPortfolios that invest primarily in equity securities andUnderlying Portfolios that invest primarily in fixed incomesecurities. SunAmerica performs an investment analysisof possible investments for the Portfolio and selects theuniverse of permitted Underlying Portfolios as well as theallocation to each Underlying Portfolio. SunAmericareserves the right to change the Portfolio’s assetallocation between the Fund-of-Funds Component andthe Overlay Component and the Fund-of-FundsComponent’s allocation among the Underlying Portfolios,and to invest in other funds not currently among theUnderlying Portfolios, from time to time without notice toinvestors.

PORTFOLIO SUMMARY: SA VCP DYNAMIC ALLOCATION PORTFOLIO

- 203 -

The Fund-of-Funds Component will allocateapproximately 50% to 80% of its assets to UnderlyingPortfolios investing primarily in equity securities and 20%to 50% of its assets to Underlying Portfolios investingprimarily in fixed income securities and short-terminvestments, which may include mortgage- and asset-backed securities, to seek capital appreciation andgenerate income. The Fund-of-Funds Component seeksto achieve capital appreciation primarily through itsinvestments in Underlying Portfolios that invest in equitysecurities of both U.S. and non-U.S. companies of allmarket capitalizations, but expects to invest to a lesserextent in Underlying Portfolios that invest primarily insmall- and mid-cap U.S. companies and foreigncompanies. The Portfolio normally does not expect tohave more than 25% of its total assets allocated toUnderlying Portfolios investing primarily in foreignsecurities, and no more than 5% of its total assets toUnderlying Portfolios investing primarily in emergingmarkets. The Fund-of-Funds Component seeks toachieve current income through its investments inUnderlying Portfolios that primarily invest in fixed incomesecurities, including both U.S. and foreign investmentgrade securities, but the Portfolio normally does notexpect to have more than 5% of total assets allocated toUnderlying Portfolios investing primarily in high-yield,high-risk bonds (commonly known as “junk bonds”), whichare considered speculative. Portfolio cash flows areexpected to be used to maintain or move UnderlyingPortfolio exposures close to target allocations, but salesand purchases of Underlying Portfolios may also be usedto change or remain near target allocations.

The Overlay Component comprises the remaining 10% -30% of the Portfolio’s total assets. AllianceBernstein L.P.(the “Subadviser” or “AllianceBernstein”) is responsible formanaging the Overlay Component, which includesmanagement of the derivative instruments, fixed incomesecurities and short-term investments.

The Subadviser may invest the Overlay Component inderivative instruments to increase or decrease thePortfolio’s overall net equity exposure and, therefore, itsvolatility and return potential. Volatility is a statisticalmeasurement of the magnitude of up and downfluctuations in the value of a financial instrument or indexover time. High levels of volatility may result from rapidand dramatic price swings. Through its use of derivativeinstruments, the Subadviser may adjust the Portfolio’s netequity exposure down to a minimum of 25% or up to amaximum of 100%, although the Portfolio’s average netequity exposure over long-term periods is expected to beapproximately 60%-65%. The Portfolio’s net equityexposure is primarily adjusted through the use ofderivative instruments, such as stock index futures and

stock index options; however, it may be adjusted throughthe use of options on stock index futures and stock indexswaps, as the allocation among Underlying Portfolios inthe Fund-of-Funds Component is expected to remainfairly stable. For example, when the market is in a state ofhigher volatility, the Subadviser may decrease thePortfolio’s net equity exposure by taking a short positionin derivative instruments. A short sale involves the sale bythe Portfolio of a security or instrument it does not ownwith the expectation of purchasing the same security orinstrument at a later date at a lower price. The operationof the Overlay Component may therefore expose thePortfolio to leverage. Because derivative instruments maybe purchased with a fraction of the assets that would beneeded to purchase the equity securities directly, theremainder of the assets in the Overlay Component will beinvested in a variety of fixed income securities.

In addition to managing the Portfolio’s overall net equityexposure as described above, the Subadviser will, withinestablished guidelines, manage the Overlay Componentin an attempt to generate income, manage Portfolio cashflows and liquidity needs, and manage collateral for thederivative instruments. The Subadviser will manage thefixed income investments of the Overlay Component byinvesting in securities rated investment grade or higher bya nationally recognized statistical ratings organization, or,if unrated, determined by the Subadviser to be ofcomparable quality. At least 50% of the OverlayComponent’s fixed income investments will be invested inU.S. Government securities, cash, repurchaseagreements, and money market securities. A portion ofthe Overlay Component may be held in short-terminvestments as needed, in order to manage daily cashflows to or from the Portfolio or to serve as collateral. TheSubadviser may also invest the Overlay Component inderivative instruments to generate income and managePortfolio cash flows and liquidity needs. Efforts to managethe Portfolio’s volatility may also expose the Portfolio toadditional costs. In addition, the Subadviser will seek toreduce exposure to certain downside risks by purchasingequity index put options that aim to reduce the Portfolio’sexposure to certain severe and unanticipated marketevents that could significantly detract from returns.

The following chart sets forth the target allocations of thePortfolio set by SunAmerica on January 31, 2020, toequity and fixed income Underlying Portfolios andsecurities. These target allocations representSunAmerica’s current goal for the allocation of thePortfolio’s assets and do not take into account any changein net equity exposure from use of derivatives in theOverlay Component. The Portfolio’s actual allocationscould vary substantially from the target allocations due tomarket valuation changes, changes in the target


- 204 -

allocations and the Subadviser’s management of theOverlay Component in response to volatility changes.

Asset Class% of TotalPortfolio

Equity ............................................................ 56.00%

U.S. Large Cap ........................................... 39.48%U.S. Small and Mid-Cap ............................. 7.40%Foreign Equity............................................. 9.12%

Fixed Income ................................................ 44.00%

U.S. Investment Grade................................ 42.72%U.S. High Yield............................................ 0.96%Foreign Fixed Income ................................. 0.32%


As with any mutual fund, there can be no assurance thatthe Portfolio’s investment goals will be met or that the netreturn on an investment in the Portfolio will exceed whatcould have been obtained through other investment orsavings vehicles. Shares of the Portfolio are not bankdeposits and are not guaranteed or insured by any bank,government entity or the Federal Deposit InsuranceCorporation. If the value of the assets of the Portfoliogoes down, you could lose money.

There are direct and indirect risks of investing in thePortfolio. The value of your investment in the Portfolio maybe affected by one or more of the following risks, whichare described in more detail in the sections “AdditionalInformation About the SA VCP Dynamic AllocationPortfolio and SA VCP Dynamic Strategy Portfolio” and theGlossary in the Prospectus, any of which could cause thePortfolio’s return, the price of the Portfolio’s shares or thePortfolio’s yield to fluctuate. Please note that there aremany other circumstances that could adversely affect yourinvestment and prevent the Portfolio from reaching itsinvestment goals, which are not described here.

Market Risk. Market risk is both a direct and indirect riskof investing in the Portfolio. The Portfolio’s or anUnderlying Portfolio’s share price can fall because ofweakness in the broad market, a particular industry, orspecific holdings. The market as a whole can decline formany reasons, including adverse political or economicdevelopments here or abroad, changes in investorpsychology, or heavy institutional selling. The prospectsfor an industry or company may deteriorate because of avariety of factors, including disappointing earnings orchanges in the competitive environment. In addition, theinvestment adviser’s assessment of companies held in anUnderlying Portfolio may prove incorrect, resulting inlosses or poor performance even in a rising market.Finally, the Portfolio’s or an Underlying Portfolio’sinvestment approach could fall out of favor with the

investing public, resulting in lagging performance versusother comparable portfolios.

Derivatives Risk. Derivatives risk is both a direct andindirect risk of investing in the Portfolio. A derivative is anyfinancial instrument whose value is based on, anddetermined by, another security, index or benchmark (i.e.,stock options, futures, caps, floors, etc.). To the extent aderivative contract is used to hedge another position in thePortfolio or an Underlying Portfolio, the Portfolio orUnderlying Portfolio will be exposed to the risksassociated with hedging described below. To the extent anoption, futures contract, swap, or other derivative is usedto enhance return, rather than as a hedge, the Portfolio orUnderlying Portfolio will be directly exposed to the risks ofthe contract. Gains or losses from non-hedging positionsmay be substantially greater than the cost of the position.By purchasing over-the-counter derivatives, the Portfolioor Underlying Portfolio is exposed to credit quality risk ofthe counterparty.

Counterparty Risk. Counterparty risk is both a direct andindirect risk of investing in the Portfolio. Counterparty riskis the risk that a counterparty to a security, loan orderivative held by the Portfolio or an Underlying Portfoliobecomes bankrupt or otherwise fails to perform itsobligations due to financial difficulties. The Portfolio or anUnderlying Portfolio may experience significant delays inobtaining any recovery in a bankruptcy or otherreorganization proceeding, and there may be no recoveryor limited recovery in such circumstances.

Leverage Risk. Leverage risk is a direct risk of investingin the Portfolio. Certain ETFs, managed futuresinstruments, and some other derivatives the Portfolio buysinvolve a degree of leverage. Leverage occurs when aninvestor has the right to a return on an investment thatexceeds the return that the investor would be expected toreceive based on the amount contributed to theinvestment. The Portfolio’s use of certain economicallyleveraged futures and other derivatives can result in a losssubstantially greater than the amount invested in thefutures or other derivative itself. Certain futures and otherderivatives have the potential for unlimited loss,regardless of the size of the initial investment. When thePortfolio uses futures and other derivatives for leverage, ashareholder’s investment in the Portfolio will tend to bemore volatile, resulting in larger gains or losses inresponse to the fluctuating prices of the Portfolio’sinvestments.

Risk of Investing in Bonds. This is both a direct andindirect risk of investing in the Portfolio. As with any fundthat invests significantly in bonds, the value of aninvestment in the Portfolio or an Underlying Portfolio maygo up or down in response to changes in interest rates or


- 205 -

defaults (or even the potential for future defaults) by bondissuers.


Credit Risk. Credit risk is both a direct and indirect risk ofinvesting in the Portfolio. Credit risk applies to most debtsecurities, but is generally not a factor for obligationsbacked by the “full faith and credit” of the U.S.Government. The Portfolio or an Underlying Portfoliocould lose money if the issuer of a debt security is unableor perceived to be unable to pay interest or repay principalwhen it becomes due. Various factors could affect theissuer’s actual or perceived willingness or ability to maketimely interest or principal payments, including changes inthe issuer’s financial condition or in general economicconditions.

Hedging Risk. A hedge is an investment made in order toreduce the risk of adverse price movements in a security,by taking an offsetting position in a related security (oftena derivative, such as an option or a short sale). Whilehedging strategies can be very useful and inexpensiveways of reducing risk, they are sometimes ineffective dueto unexpected changes in the market. Hedging alsoinvolves the risk that changes in the value of the relatedsecurity will not match those of the instruments beinghedged as expected, in which case any losses on theinstruments being hedged may not be reduced. For grosscurrency hedges by Underlying Portfolios, there is anadditional risk, to the extent that these transactions createexposure to currencies in which an Underlying Portfolio’ssecurities are not denominated.

Short Sales Risk. Short sale risk is both a direct andindirect risk of investing in the Portfolio. Short sales by thePortfolio or an Underlying Portfolio involve certain risksand special considerations. Possible losses from shortsales differ from losses that could be incurred from apurchase of a security, because losses from short salesare potentially unlimited, whereas losses from purchasescan be no greater than the total amount invested.

U.S. Government Obligations Risk. This is both a directand indirect risk of investing in the Portfolio. U.S. Treasuryobligations are backed by the “full faith and credit” of theU.S. Government and are generally considered to haveminimal credit risk. Securities issued or guaranteed byfederal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may notbe backed by the full faith and credit of the U.S.Government. For example, securities issued by theFederal Home Loan Mortgage Corporation, the FederalNational Mortgage Association and the Federal HomeLoan Banks are neither insured nor guaranteed by theU.S. Government; the securities may be supported only bythe ability to borrow from the U.S. Treasury or by the creditof the issuing agency, authority, instrumentality orenterprise and, as a result, are subject to greater creditrisk than securities issued or guaranteed by the U.S.Treasury.

Risk of Investing in Money Market Securities. This isboth a direct and indirect risk of investing in the Portfolio.An investment in the Portfolio is subject to the risk that thevalue of its investments may be subject to changes ininterest rates, changes in the rating of any money marketsecurity and in the ability of an issuer to make paymentsof interest and principal.


Other principal direct risks of investing in thePortfolio include:

Dynamic Allocation Risk. The Portfolio’s risks willdirectly correspond to the risks of the UnderlyingPortfolios and other direct investments in which it invests.The Portfolio is subject to the risk that the investmentprocess that will determine the selection of the UnderlyingPortfolios and the allocation and reallocation of thePortfolio’s assets among the various asset classes maynot produce the desired result. The Portfolio is alsosubject to the risk that the Subadviser may be preventedfrom trading certain derivatives effectively or in a timelymanner.

Volatility Management Risk. The risk that thesubadviser’s strategy for managing portfolio volatility maynot produce the desired result or that the subadviser isunable to trade certain derivatives effectively or in a timelymanner. There can be no guarantee that the Portfolio’svolatility will be below its target maximum level.Additionally, the volatility control process will not ensurethat the Portfolio will deliver competitive returns. The use


- 206 -

of derivatives in connection with the Portfolio’s managedvolatility strategy may expose the Portfolio to losses(some of which may be sudden) that it would not haveotherwise been exposed to if it had only invested directlyin equity and/or fixed income securities. Efforts to managethe Portfolio’s volatility could limit the Portfolio’s gains inrising markets and may expose the Portfolio to costs towhich it would otherwise not have been exposed. ThePortfolio’s managed volatility strategy may result in thePortfolio outperforming the general securities marketduring periods of flat or negative market performance, andunderperforming the general securities market duringperiods of positive market performance. The Portfolio’smanaged volatility strategy also exposes shareholders tothe risks of investing in derivative contracts. Thesubadviser uses a proprietary system to help it estimatethe Portfolio’s expected volatility. The proprietary systemused by the subadviser may perform differently thanexpected and may negatively affect performance and theability of the Portfolio to maintain its volatility at or belowits target volatility level for various reasons, includingerrors in using or building the system, technical issuesimplementing the system, data issues and various non-quantitative factors (e.g., market or trading systemdysfunctions, and investor fear or over-reaction).

Risk of Conflict with Insurance Company Interests.Managing the Portfolio’s net equity exposure may serve toreduce the risk from equity market volatility to the affiliatedinsurance companies and facilitate their ability to provideguaranteed benefits associated with certain VariableContracts. While the interests of Portfolio shareholdersand the affiliated insurance companies providingguaranteed benefits associated with the VariableContracts are generally aligned, the affiliated insurancecompanies (and the Adviser by virtue of its affiliation withthe insurance companies) may face potential conflicts ofinterest. In particular, certain aspects of the Portfolio’smanagement have the effect of mitigating the financialrisks to which the affiliated insurance companies aresubjected by providing those guaranteed benefits. Inaddition, the Portfolio’s performance may be lower thansimilar portfolios that do not seek to manage their equityexposure.

Investment Company Risk. The risks of the Portfolioowning other investment companies, including theUnderlying Portfolios, generally reflect the risks of owningthe underlying securities they are designed to track.Disruptions in the markets for the securities held by otherinvestment companies, including the UnderlyingPortfolios purchased or sold by the Portfolio, could resultin losses on the Portfolio’s investment in such securities.Other investment companies, including the Underlying

Portfolios, also have fees that increase their costs versusowning the underlying securities directly.


Other indirect principal risks of investing in thePortfolio (direct risks of investing in the UnderlyingPortfolios) include:

Large-Cap Companies Risk. Large-cap companies tendto be less volatile than companies with smaller marketcapitalizations. In exchange for this potentially lower risk,an Underlying Portfolio’s value may not rise as much asthe value of portfolios that emphasize smaller companies.

“Passively Managed” Strategy Risk. An UnderlyingPortfolio following a passively managed strategy will notdeviate from its investment strategy. In most cases, it willinvolve a passively managed strategy utilized to achieveinvestment results that correspond to a particular marketindex. Such an Underlying Portfolio will not sell securitiesin its portfolio and buy different securities for otherreasons, even if there are adverse developmentsconcerning a particular security, company or industry.There can be no assurance that the strategy will besuccessful.


Growth Stock Risk. Growth stocks are historicallyvolatile, which will affect certain Underlying Portfolios.

Value Investing Risk. The investment adviser’sjudgments that a particular security is undervalued inrelation to the company’s fundamental economic valuemay prove incorrect, which will affect certain UnderlyingPortfolios.


- 207 -


Credit Quality Risk. The creditworthiness of an issuer isalways a factor in analyzing fixed income securities. Anissuer with a lower credit rating will be more likely than ahigher rated issuer to default or otherwise become unableto honor its financial obligations. Issuers with low creditratings typically issue junk bonds, which are consideredspeculative. In addition to the risk of default, junk bondsmay be more volatile, less liquid, more difficult to valueand more susceptible to adverse economic conditions orinvestor perceptions than investment grade bonds.

Mortgage- and Asset-Backed Securities Risk.Mortgage- and asset-backed securities representinterests in “pools” of mortgages or other assets, includingconsumer loans or receivables held in trust. Thecharacteristics of these mortgage-backed and asset-backed securities differ from traditional fixed-incomesecurities. Mortgage-backed securities are subject to“prepayment risk” and “extension risk.” Prepayment risk isthe risk that, when interest rates fall, certain types ofobligations will be paid off by the obligor more quickly thanoriginally anticipated and an Underlying Portfolio mayhave to invest the proceeds in securities with lower yields.Extension risk is the risk that, when interest rates rise,certain obligations will be paid off by the obligor more

slowly than anticipated, causing the value of thesesecurities to fall. Small movements in interest rates (bothincreases and decreases) may quickly and significantlyreduce the value of certain mortgage-backed securities.These securities also are subject to risk of default on theunderlying mortgage, particularly during periods ofeconomic downturn.


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the S&P 500® Index, the Bloomberg BarclaysU.S. Aggregate Bond Index and a blended index. Theblended index consists of 40% Bloomberg Barclays U.S.Aggregate Bond Index and 60% S&P 500® Index (the“Blended Index”). Fees and expenses incurred at thecontract level are not reflected in the bar chart or table. Ifthese amounts were reflected, returns would be less thanthose shown. Of course, past performance is notnecessarily an indication of how the Portfolio will performin the future.

(Class 3 Shares)

17.08%

4.30%

-5.11%

4.45%

20.02%

-6.84%

20.39%

-10%

-5%

0%

5%

10%

15%

20%

25%

2013 2014 2015 2016 2017 2018 2019



- 208 -


1Year

5Years




Class 3Shares.......... 20.39% 5.94% N/A 7.22%

Blended Index . 22.18% 8.37% 10.36% 9.83%Bloomberg


S&P 500®

Index ............ 31.49% 11.70% 15.35% 14.35%

Investment Adviser

The Portfolio’s investment adviser is SunAmerica.SunAmerica also manages the Fund-of-FundsComponent of the Portfolio. The Overlay Component ofthe Portfolio is subadvised by AllianceBernstein.

Portfolio Managers

Name and Title

PortfolioManager

of the Fund-of-Funds

Componentof the

Portfolio Since

SunAmericaDouglas Loeffler, CFA

Lead Portfolio Manager ......................... 2015Manisha Singh, CFA

Co-Portfolio Manager ............................ 2017

Name and Title

PortfolioManagers

of the OverlayComponent

of thePortfolio Since

AllianceBernsteinJoshua Lisser

Chief Investment Officer — IndexStrategies .............................................. 2012

Ben SklarPortfolio Manager — Index Strategies... 2012



- 209 -

Investment Goals

The Portfolio’s investment goals are capital appreciationand current income while managing net equity exposure.


This table describes the fees and expenses that you maypay if you buy and hold shares of the Portfolio. ThePortfolio’s annual operating expenses do not reflect theseparate account fees charged in the variable annuity orvariable life insurance policy (“Variable Contracts”) inwhich the Portfolio is offered. If separate account feeswere shown, the Portfolio’s annual operating expenseswould be higher. Please see your Variable Contractprospectus for more details on the separate account fees.As an investor in the Portfolio, you pay the expenses of thePortfolio and indirectly pay a proportionate share of theexpenses of the investment companies in which thePortfolio invests (the “Underlying Portfolios”).


Class 1 Class 3




Expense Example



Class 1 Shares... $ 80 $249 $433 $ 966


Class 3 Shares... 105 328 569 1,259

Portfolio Turnover




The Portfolio seeks to achieve its goals by investing undernormal conditions approximately 70% to 90% of its assetsin Class 1 shares of Underlying Portfolios that investprimarily in equity securities or fixed income securities andwhich are portfolios of SunAmerica Series Trust (the“Trust”), Anchor Series Trust, and Seasons Series Trust(collectively, the “Underlying Trusts”) (the “Fund-of-FundsComponent”) and 10% to 30% of its assets in a portfolioof derivative instruments, fixed income securities andshort-term investments (the “Overlay Component”).

SunAmerica Asset Management, LLC (“SunAmerica” orthe “Adviser”) is the Adviser to the Portfolio and willdetermine the allocation between the Fund-of-FundsComponent and the Overlay Component. SunAmerica isalso responsible for managing the Fund-of-FundsComponent’s investment in Underlying Portfolios, so it willdetermine the target allocation between UnderlyingPortfolios that invest primarily in equity securities andUnderlying Portfolios that invest primarily in fixed incomesecurities. SunAmerica performs an investment analysisof possible investments for the Portfolio and selects theuniverse of permitted Underlying Portfolios as well as theallocation to each Underlying Portfolio. SunAmericareserves the right to change the Portfolio’s assetallocation between the Fund-of-Funds Component andthe Overlay Component and the Fund-of-FundsComponent’s allocation among the Underlying Portfolios,and to invest in other funds not currently among theUnderlying Portfolios, from time to time without notice toinvestors.

PORTFOLIO SUMMARY: SA VCP DYNAMIC STRATEGY PORTFOLIO

- 210 -

The Fund-of-Funds Component will allocateapproximately 50% to 80% of its assets to UnderlyingPortfolios investing primarily in equity securities and 20%to 50% of its assets to Underlying Portfolios investingprimarily in fixed income securities and short-terminvestments, which may include mortgage- and asset-backed securities, to seek capital appreciation andgenerate income. The Fund-of-Funds Component seeksto achieve capital appreciation primarily through itsinvestments in Underlying Portfolios that invest in equitysecurities of both U.S. and non-U.S. companies of allmarket capitalizations, but expects to invest to a lesserextent in Underlying Portfolios that invest primarily insmall- and mid-cap U.S. companies and foreigncompanies. The Fund-of-Funds Component is expectedto have a greater allocation to value equity UnderlyingPortfolios than to growth equity Underlying Portfolios. ThePortfolio normally does not expect to have more than 25%of its total assets allocated to Underlying Portfoliosinvesting primarily in foreign securities, and no more than5% of its total assets to Underlying Portfolios investingprimarily in emerging markets. The Fund-of-FundsComponent seeks to achieve current income through itsinvestments in Underlying Portfolios that primarily invest infixed income securities, including both U.S. and foreigninvestment grade securities, but the Portfolio normallydoes not expect to have more than 5% of total assetsallocated to Underlying Portfolios investing primarily inhigh-yield, high-risk bonds (commonly known as “junkbonds”), which are considered speculative. Portfolio cashflows are expected to be the primary tool used to maintainor move Underlying Portfolio exposures close to targetallocations, but sales and purchases of UnderlyingPortfolios may also be used to change or remain neartarget allocations.

The Overlay Component comprises the remaining 10% -30% of the Portfolio’s total assets. AllianceBernstein L.P.(the “Subadviser” or “AllianceBernstein”) is responsible formanaging the Overlay Component, which includesmanagement of the derivative instruments, fixed incomesecurities and short-term investments.

The Subadviser may invest the Overlay Component inderivative instruments to increase or decrease thePortfolio’s overall net equity exposure and, therefore, itsvolatility and return potential. Volatility is a statisticalmeasurement of the magnitude of up and downfluctuations in the value of a financial instrument or indexover time. High levels of volatility may result from rapidand dramatic price swings. Through its use of derivativeinstruments, the Subadviser may adjust the Portfolio’s netequity exposure down to a minimum of 25% or up to amaximum of 100%, although the Portfolio’s average netequity exposure over long-term periods is expected to be

approximately 60%-65%. The Portfolio’s net equityexposure is primarily adjusted through the use ofderivative instruments, such as stock index futures andstock index options; however, it may be adjusted throughthe use of options on stock index futures and stock indexswaps, as the allocation among Underlying Portfolios inthe Fund-of-Funds Component is expected to remainfairly stable. For example, when the market is in a state ofhigher volatility, the Subadviser may decrease thePortfolio’s net equity exposure by taking a short positionin derivative instruments. A short sale involves the sale bythe Portfolio of a security or instrument it does not ownwith the expectation of purchasing the same security orinstrument at a later date at a lower price. The operationof the Overlay Component may therefore expose thePortfolio to leverage. Because derivative instruments maybe purchased with a fraction of the assets that would beneeded to purchase the equity securities directly, theremainder of the assets in the Overlay Component will beinvested in a variety of fixed income securities.

In addition to managing the Portfolio’s overall net equityexposure as described above, the Subadviser will, withinestablished guidelines, manage the Overlay Componentin an attempt to generate income, manage Portfolio cashflows and liquidity needs, and manage collateral for thederivative instruments. The Subadviser will manage thefixed income investments of the Overlay Component byinvesting in securities rated investment grade or higher bya nationally recognized statistical ratings organization, or,if unrated, determined by the Subadviser to be ofcomparable quality. At least 50% of the OverlayComponent’s fixed income investments will be invested inU.S. Government securities, cash, repurchaseagreements, and money market securities. A portion ofthe Overlay Component may be held in short-terminvestments as needed, in order to manage daily cashflows to or from the Portfolio or to serve as collateral. TheSubadviser may also invest the Overlay Component inderivative instruments to generate income and managePortfolio cash flows and liquidity needs. Efforts to managethe Portfolio’s volatility may also expose the Portfolio toadditional costs. In addition, the Subadviser will seek toreduce exposure to certain downside risks by purchasingequity index put options that aim to reduce the Portfolio’sexposure to certain severe and unanticipated marketevents that could significantly detract from returns.

The following chart sets forth the target allocations of thePortfolio set by SunAmerica on January 31, 2020, toequity and fixed income Underlying Portfolios andsecurities. These target allocations representSunAmerica’s current goal for the allocation of thePortfolio’s assets and do not take into account any changein net equity exposure from use of derivatives in the


- 211 -

Overlay Component. The Portfolio’s actual allocationscould vary substantially from the target allocations due tomarket valuation changes, changes in the targetallocations and the Subadviser’s management of theOverlay Component in response to volatility changes.

Asset Class% of TotalPortfolio

Equity ............................................................ 64.0%

U.S. Large Cap ........................................... 46.39%U.S. Small and Mid Cap.............................. 8.52%Foreign Equity............................................. 9.09%

Fixed Income ................................................ 36.0%

U.S. Investment Grade................................ 34.92%U.S. High Yield............................................ 0.60%Foreign Fixed Income ................................. 0.48%


As with any mutual fund, there can be no assurance thatthe Portfolio’s investment goals will be met or that the netreturn on an investment in the Portfolio will exceed whatcould have been obtained through other investment orsavings vehicles. Shares of the Portfolio are not bankdeposits and are not guaranteed or insured by any bank,government entity or the Federal Deposit InsuranceCorporation. If the value of the assets of the Portfoliogoes down, you could lose money.

There are direct and indirect risks of investing in thePortfolio. The value of your investment in the Portfolio maybe affected by one or more of the following risks, whichare described in more detail in the sections “AdditionalInformation About the SA VCP Dynamic AllocationPortfolio and SA VCP Dynamic Strategy Portfolio” and theGlossary in the Prospectus, any of which could cause thePortfolio’s return, the price of the Portfolio’s shares or thePortfolio’s yield to fluctuate. Please note that there aremany other circumstances that could adversely affect yourinvestment and prevent the Portfolio from reaching itsinvestment goals, which are not described here.

Market Risk. Market risk is both a direct and indirect riskof investing in the Portfolio. The Portfolio’s or anUnderlying Portfolio’s share price can fall because ofweakness in the broad market, a particular industry, orspecific holdings. The market as a whole can decline formany reasons, including adverse political or economicdevelopments here or abroad, changes in investorpsychology, or heavy institutional selling. The prospectsfor an industry or company may deteriorate because of avariety of factors, including disappointing earnings orchanges in the competitive environment. In addition, theinvestment adviser’s assessment of companies held in anUnderlying Portfolio may prove incorrect, resulting in

losses or poor performance even in a rising market.Finally, the Portfolio’s or an Underlying Portfolio’sinvestment approach could fall out of favor with theinvesting public, resulting in lagging performance versusother comparable portfolios.

Derivatives Risk. Derivatives risk is both a direct andindirect risk of investing in the Portfolio. A derivative is anyfinancial instrument whose value is based on, anddetermined by, another security, index or benchmark (i.e.,stock options, futures, caps, floors, etc.). To the extent aderivative contract is used to hedge another position in thePortfolio or an Underlying Portfolio, the Portfolio orUnderlying Portfolio will be exposed to the risksassociated with hedging described below. To the extent anoption, futures contract, swap, or other derivative is usedto enhance return, rather than as a hedge, the Portfolio orUnderlying Portfolio will be directly exposed to the risks ofthe contract. Gains or losses from non-hedging positionsmay be substantially greater than the cost of the position.By purchasing over-the-counter derivatives, the Portfolioor Underlying Portfolio is exposed to credit quality risk ofthe counterparty.

Counterparty Risk. Counterparty risk is both a direct andindirect risk of investing in the Portfolio. Counterparty riskis the risk that a counterparty to a security, loan orderivative held by the Portfolio or an Underlying Portfoliobecomes bankrupt or otherwise fails to perform itsobligations due to financial difficulties. The Portfolio or anUnderlying Portfolio may experience significant delays inobtaining any recovery in a bankruptcy or otherreorganization proceeding, and there may be no recoveryor limited recovery in such circumstances.

Leverage Risk. Leverage risk is a direct risk of investingin the Portfolio. Certain managed futures instruments, andsome other derivatives the Portfolio buys, involve a degreeof leverage. Leverage occurs when an investor has theright to a return on an investment that exceeds the returnthat the investor would be expected to receive based onthe amount contributed to the investment. The Portfolio’suse of certain economically leveraged futures and otherderivatives can result in a loss substantially greater thanthe amount invested in the futures or other derivative itself.Certain futures and other derivatives have the potential forunlimited loss, regardless of the size of the initialinvestment. When the Portfolio uses futures and otherderivatives for leverage, a shareholder’s investment in thePortfolio will tend to be more volatile, resulting in largergains or losses in response to the fluctuating prices of thePortfolio’s investments.

Risk of Investing in Bonds. This is both a direct andindirect risk of investing in the Portfolio. As with any fundthat invests significantly in bonds, the value of an


- 212 -

investment in the Portfolio or an Underlying Portfolio maygo up or down in response to changes in interest rates ordefaults (or even the potential for future defaults) by bondissuers. The market value of bonds and other fixedincome securities usually tends to vary inversely with thelevel of interest rates; as interest rates rise the value ofsuch securities typically falls, and as interest rates fall, thevalue of such securities typically rises. Longer-term andlower coupon bonds tend to be more sensitive to changesin interest rates.


Credit Risk. Credit risk is both a direct and indirect risk ofinvesting in the Portfolio. Credit risk applies to most debtsecurities, but is generally not a factor for obligationsbacked by the “full faith and credit” of the U.S.Government. The Portfolio or an Underlying Portfoliocould lose money if the issuer of a debt security is unableor perceived to be unable to pay interest or repay principalwhen it becomes due. Various factors could affect theissuer’s actual or perceived willingness or ability to maketimely interest or principal payments, including changes inthe issuer’s financial condition or in general economicconditions.

Hedging Risk. A hedge is an investment made in order toreduce the risk of adverse price movements in a security,by taking an offsetting position in a related security (oftena derivative, such as an option or a short sale). Whilehedging strategies can be very useful and inexpensiveways of reducing risk, they are sometimes ineffective dueto unexpected changes in the market. Hedging alsoinvolves the risk that changes in the value of the relatedsecurity will not match those of the instruments beinghedged as expected, in which case any losses on theinstruments being hedged may not be reduced. For grosscurrency hedges by Underlying Portfolios, there is anadditional risk, to the extent that these transactions createexposure to currencies in which an Underlying Portfolio’ssecurities are not denominated.

Short Sales Risk. Short sale risk is both a direct andindirect risk of investing in the Portfolio. Short sales by the

Portfolio or an Underlying Portfolio involve certain risksand special considerations. Possible losses from shortsales differ from losses that could be incurred from apurchase of a security, because losses from short salesare potentially unlimited, whereas losses from purchasescan be no greater than the total amount invested.

U.S. Government Obligations Risk. This is both a directand indirect risk of investing in the Portfolio. U.S. Treasuryobligations are backed by the “full faith and credit” of theU.S. Government and are generally considered to haveminimal credit risk. Securities issued or guaranteed byfederal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may notbe backed by the full faith and credit of the U.S.Government. For example, securities issued by theFederal Home Loan Mortgage Corporation, the FederalNational Mortgage Association and the Federal HomeLoan Banks are neither insured nor guaranteed by theU.S. Government; the securities may be supported only bythe ability to borrow from the U.S. Treasury or by the creditof the issuing agency, authority, instrumentality orenterprise and, as a result, are subject to greater creditrisk than securities issued or guaranteed by the U.S.Treasury.

Risk of Investing in Money Market Securities. This isboth a direct and indirect risk of investing in the Portfolio.An investment in the Portfolio is subject to the risk that thevalue of its investments may be subject to changes ininterest rates, changes in the rating of any money marketsecurity and in the ability of an issuer to make paymentsof interest and principal.


Other principal direct risks of investing in thePortfolio include:

Dynamic Allocation Risk. The Portfolio’s risks willdirectly correspond to the risks of the UnderlyingPortfolios and other direct investments in which it invests.The Portfolio is subject to the risk that the investmentprocess that will determine the selection of the UnderlyingPortfolios and the allocation and reallocation of thePortfolio’s assets among the various asset classes maynot produce the desired result. The Portfolio is alsosubject to the risk that the Subadviser may be preventedfrom trading certain derivatives effectively or in a timelymanner.

Volatility Management Risk. The risk that thesubadviser’s strategy for managing portfolio volatility may


- 213 -

not produce the desired result or that the subadviser isunable to trade certain derivatives effectively or in a timelymanner. There can be no guarantee that the Portfolio’svolatility will be below its target maximum level.Additionally, the volatility control process will not ensurethat the Portfolio will deliver competitive returns. The useof derivatives in connection with the Portfolio’s managedvolatility strategy may expose the Portfolio to losses(some of which may be sudden) that it would not haveotherwise been exposed to if it had only invested directlyin equity and/or fixed income securities. Efforts to managethe Portfolio’s volatility could limit the Portfolio’s gains inrising markets and may expose the Portfolio to costs towhich it would otherwise not have been exposed. ThePortfolio’s managed volatility strategy may result in thePortfolio outperforming the general securities marketduring periods of flat or negative market performance, andunderperforming the general securities market duringperiods of positive market performance. The Portfolio’smanaged volatility strategy also exposes shareholders tothe risks of investing in derivative contracts. Thesubadviser uses a proprietary system to help it estimatethe Portfolio’s expected volatility. The proprietary systemused by the subadviser may perform differently thanexpected and may negatively affect performance and theability of the Portfolio to maintain its volatility at or belowits target volatility level for various reasons, includingerrors in using or building the system, technical issuesimplementing the system, data issues and various non-quantitative factors (e.g., market or trading systemdysfunctions, and investor fear or over-reaction).

Risk of Conflict with Insurance Company Interests.Managing the Portfolio’s net equity exposure may serve toreduce the risk from equity market volatility to the affiliatedinsurance companies and facilitate their ability to provideguaranteed benefits associated with certain VariableContracts. While the interests of Portfolio shareholdersand the affiliated insurance companies providingguaranteed benefits associated with the VariableContracts are generally aligned, the affiliated insurancecompanies (and the Adviser by virtue of its affiliation withthe insurance companies) may face potential conflicts ofinterest. In particular, certain aspects of the Portfolio’smanagement have the effect of mitigating the financialrisks to which the affiliated insurance companies aresubjected by providing those guaranteed benefits. Inaddition, the Portfolio’s performance may be lower thansimilar portfolios that do not seek to manage their equityexposure.

Investment Company Risk. The risks of the Portfolioowning other investment companies, including theUnderlying Portfolios generally reflect the risks of owningthe underlying securities they are designed to track.

Disruptions in the markets for the securities held by theother investment companies, including the UnderlyingPortfolios purchased or sold by the Portfolio could resultin losses on the Portfolio’s investment in such securities.Other investment companies, including the UnderlyingPortfolios also have fees that increase their costs versusowning the underlying securities directly.


Other indirect principal risks of investing in thePortfolio (direct risks of investing in the UnderlyingPortfolios) include:

Large-Cap Companies Risk. Large-cap companies tendto be less volatile than companies with smaller marketcapitalizations. In exchange for this potentially lower risk,an Underlying Portfolio’s value may not rise as much asthe value of portfolios that emphasize smaller companies.

“Passively Managed” Strategy Risk. An UnderlyingPortfolio following a passively managed strategy will notdeviate from its investment strategy. In most cases, it willinvolve a passively managed strategy utilized to achieveinvestment results that correspond to a particular marketindex. Such an Underlying Portfolio will not sell securitiesin its portfolio and buy different securities for otherreasons, even if there are adverse developmentsconcerning a particular security, company or industry.There can be no assurance that the strategy will besuccessful.


Growth Stock Risk. Growth stocks are historicallyvolatile, which will affect certain Underlying Portfolios.


- 214 -

Value Investing Risk. The investment adviser’sjudgments that a particular security is undervalued inrelation to the company’s fundamental economic valuemay prove incorrect, which will affect certain UnderlyingPortfolios.


Credit Quality Risk. The creditworthiness of an issuer isalways a factor in analyzing fixed income securities. Anissuer with a lower credit rating will be more likely than ahigher rated issuer to default or otherwise become unableto honor its financial obligations. Issuers with low creditratings typically issue junk bonds, which are consideredspeculative. In addition to the risk of default, junk bondsmay be more volatile, less liquid, more difficult to valueand more susceptible to adverse economic conditions orinvestor perceptions than investment grade bonds.

Mortgage- and Asset-Backed Securities Risk.Mortgage- and asset-backed securities representinterests in “pools” of mortgages or other assets, includingconsumer loans or receivables held in trust. Thecharacteristics of these mortgage-backed and asset-backed securities differ from traditional fixed-incomesecurities. Mortgage-backed securities are subject to“prepayment risk” and “extension risk.” Prepayment risk isthe risk that, when interest rates fall, certain types ofobligations will be paid off by the obligor more quickly thanoriginally anticipated and an Underlying Portfolio may

have to invest the proceeds in securities with lower yields.Extension risk is the risk that, when interest rates rise,certain obligations will be paid off by the obligor moreslowly than anticipated, causing the value of thesesecurities to fall. Small movements in interest rates (bothincreases and decreases) may quickly and significantlyreduce the value of certain mortgage-backed securities.These securities also are subject to risk of default on theunderlying mortgage, particularly during periods ofeconomic downturn.


The following bar chart illustrates the risks of investing inthe Portfolio by showing changes in the Portfolio’sperformance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the S&P 500® Index, the Bloomberg BarclaysU.S. Aggregate Bond Index and a blended index. Theblended index consists of 40% Bloomberg BarclaysU.S. Aggregate Bond Index and 60% S&P 500® Index (the“Blended Index”). Fees and expenses incurred at thecontract level are not reflected in the bar chart or table. Ifthese amounts were reflected, returns would be less thanthose shown. Of course, past performance is notnecessarily an indication of how the Portfolio will performin the future.

(Class 3 Shares)

17.54%

4.28%

-5.41%

5.16%

18.34%

-7.16%

19.41%

-10%

-5%

0%

5%

10%

15%

20%

25%

2013 2014 2015 2016 2017 2018 2019



- 215 -


1Year

5Years




Class 3Shares.......... 19.41% 5.47% N/A 7.18%

Blended Index . 22.18% 8.37% 10.36% 9.91%Bloomberg


S&P 500®

Index ............ 31.49% 11.70% 15.35% 14.69%

Investment Adviser

The Portfolio’s investment adviser is SunAmerica.SunAmerica also manages the Fund-of-FundsComponent of the Portfolio. The Overlay Component ofthe Portfolio is subadvised by AllianceBernstein.

Portfolio Managers

Name and Title

PortfolioManager


Componentof the

Portfolio Since



Co-Portfolio Manager ............................ 2017

Name and Title

PortfolioManagers



AllianceBernsteinJoshua Lisser

Chief Investment Officer — IndexStrategies .............................................. 2012

Ben SklarPortfolio Manager — Index Strategies... 2012



- 216 -

Investment Goal

The Portfolio’s investment goal is to seek capitalappreciation and, secondarily, income while managingportfolio volatility.




Class 1 Class 3



Reimbursements2............................ 0.02% 0.02%Total Annual Portfolio Operating



2 Pursuant to an Expense Limitation Agreement, SunAmerica AssetManagement, LLC (“SunAmerica”) has contractually agreed to waiveits fees and/or reimburse expenses to the extent that the Total AnnualPortfolio Operating Expenses of Class 1 and Class 3 shares exceed0.28% and 0.53%, respectively, of the Portfolio’s average daily netassets. For purposes of the Expense Limitation Agreement, “TotalAnnual Portfolio Operating Expenses” shall not include extraordinaryexpenses (i.e., expenses that are unusual in nature and infrequent inoccurrence, such as litigation), or acquired fund fees and expenses,brokerage commissions and other transactional expenses relating tothe purchase and sale of portfolio securities, interest, taxes andgovernmental fees, and other expenses not incurred in the ordinarycourse of business of SunAmerica Series Trust (the “Trust”) onbehalf of the Portfolio. Any waivers and/or reimbursements made bySunAmerica with respect to the Portfolio are subject to recoupmentfrom the Portfolio within two years after the occurrence of the waiversand/or reimbursements, provided that the recoupment does notcause the expense ratio of the share class to exceed the lesser of(a) the expense limitation in effect at the time the waivers and/or

reimbursements occurred, or (b) the current expense limitation ofthat share class. This agreement may be modified or discontinuedprior to April 30, 2021, only with the approval of the Board of Trusteesof the Trust, including a majority of the trustees who are not“interested persons” of the Trust as defined in the InvestmentCompany Act of 1940, as amended.

Expense Example




Portfolio Turnover




The Portfolio seeks to achieve its goals by investing undernormal conditions approximately 80% of its assets in acombination of other mutual funds (the “UnderlyingPortfolios”) (the “Fund-of-Funds Component”) and 20% ofits assets in a combination of equity index and fixedincome futures, currency forwards and equity index put

PORTFOLIO SUMMARY: SA VCP INDEX ALLOCATION PORTFOLIO

- 217 -

options selected through the use of a “VCP” (VolatilityControl Portfolio) risk management process designed tomanage the volatility level of the Portfolio’s annual returns(the “Overlay Component”). SunAmerica, the Portfolio’sadviser, is responsible for managing the Fund-of-FundsComponent. T. Rowe Price Associates, Inc. (“T. RowePrice”), the Portfolio’s subadviser, is responsible formanaging the Overlay Component.

Under normal circumstances, the Fund-of-FundsComponent will allocate approximately 70% of its assets(with a range of 60% to 80%) to Underlying Portfoliosinvesting primarily in equity securities (the “UnderlyingEquity Portfolios”) and 30% of its assets (with a range of20% to 40%) to Underlying Portfolios investing primarily infixed income securities (“Underlying Fixed IncomePortfolios”). The Underlying Portfolios will primarilyinclude other funds in the Trust but may also include otherfunds advised by SunAmerica. The Underlying EquityPortfolios include, among others, funds that invest indomestic and international equity securities of small,medium and/or large capitalization companies and theUnderlying Fixed Income Portfolios include, amongothers, funds that invest in domestic government andcorporate bonds.

The Underlying Portfolios will be limited to index funds,which are passively managed to track the performance ofdesignated indices. The Fund-of-Funds Component mayinvest a significant portion of its assets in any singleUnderlying Portfolio.

The following chart sets forth the Fund-of-FundsComponent’s target allocations set by SunAmerica onJanuary 31, 2020 to the Underlying Equity Portfolios andUnderlying Fixed Income Portfolios. The Fund-of-FundsComponent’s actual allocations may vary from theseprojections and will fluctuate from time to time due to,among other things, market conditions and changes madeby SunAmerica to the target allocations.


Equity ............................................................ 70.50%SA Large Cap Index Portfolio ........................ 47.00%SA Mid Cap Index Portfolio............................ 7.50%SA Small Cap Index Portfolio......................... 4.50%SA International Index Portfolio ..................... 11.50%Fixed Income ................................................ 29.50%SA Fixed Income Intermediate Index


The Underlying Portfolio selection is made based on theFund-of-Funds Component’s 70%/30% asset allocationstrategy discussed above. SunAmerica may adjust the

Fund-of-Funds Component’s allocation to the UnderlyingPortfolios from time to time as it deems necessary,including based on market conditions or other factors.SunAmerica intends to rebalance the Fund-of-FundsComponent on an ongoing basis using cash flows;however, it reserves the right to rebalance the Fund-of-Funds Component through exchanges at any time.

The Overlay Component will utilize a systematic volatilitycontrol process to manage the risk of the Portfolio. ThePortfolio targets a volatility level of 11% within a range of10% to 14%. Volatility is a statistical measure of themagnitude of changes in the Portfolio’s returns over timewithout regard to the direction of those changes. T. RowePrice expects to use a variety of equity index and fixedincome futures and currency forwards as the principaltools to implement this volatility management strategy.The Portfolio’s overall net equity exposure may bereduced to 20% or increased to 100% as a result of thevolatility management strategy. In addition, T. Rowe Pricewill seek to reduce exposure to certain downside risks bypurchasing equity index put options that aim to reduce thePortfolio’s exposure to certain severe and unanticipatedmarket events that could significantly detract from returns.

Volatility is not a measure of investment performance.Volatility may result from rapid and dramatic price swings.Higher volatility generally indicates higher risk and is oftenreflected by frequent and sometimes significantmovements up and down in value. The Portfolio couldexperience high levels of volatility in both rising and fallingmarkets. Due to market conditions or other factors, theactual or realized volatility of the Portfolio for anyparticular period of time may be materially higher or lowerthan the target level.

The Portfolio’s target volatility level of 11% is not a totalreturn performance target. The Portfolio does not expectits total return performance to be within any specifiedtarget range. It is possible for the Portfolio to maintain itsvolatility at or under its target volatility level while havingnegative performance returns. Efforts to manage thePortfolio’s volatility could limit the Portfolio’s gains in risingmarkets, may expose the Portfolio to costs to which itwould otherwise not have been exposed, and ifunsuccessful may result in substantial losses.

The Portfolio may also invest its assets in money marketsecurities, which may include, but are not limited to, U.S.government securities, U.S. government agencysecurities, short-term fixed income securities, bankdeposits, repurchase agreements, money market mutualfund shares, and cash and cash equivalents. ThePortfolio’s money market securities holdings may serve ascollateral for the Portfolio’s derivative positions, earn


- 218 -

income for the Portfolio and be used for cashmanagement purposes.










Foreign Investment Risk. The Portfolio’s investments inUnderlying Portfolios that invest in the securities of foreignissuers or issuers with significant exposure to foreignmarkets involve additional risk. Foreign countries in whichan Underlying Portfolio may invest may have markets thatare less liquid, less regulated and more volatile than U.S.markets. The value of the Underlying Portfolio’sinvestments may decline because of factors affecting theparticular issuer as well as foreign markets and issuersgenerally, such as unfavorable government actions, andpolitical or financial instability and other conditions orevents (including, for example, military confrontations,war, terrorism, disease/ virus, outbreaks and epidemics).Lack of information may also affect the value of thesesecurities. The risks of foreign investments areheightened when investing in issuers in emerging marketcountries.




Interest Rate Fluctuations Risk. The Portfolio invests inUnderlying Portfolios that invest substantially in fixedincome securities. Fixed income securities may be subjectto volatility due to changes in interest rates. Duration is ameasure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive tochanges in interest rates. Interest rates have beenhistorically low, so the Portfolio faces a heightened riskthat interest rates may rise. For example, a bond with aduration of three years will decrease in value byapproximately 3% if interest rates increase by 1%.Potential future changes in monetary policy made by


- 219 -

central banks and/or their governments are likely to affectthe level of interest rates.





Counterparty Risk. Counterparty risk is the risk that acounterparty to a security, loan or derivative held by thePortfolio becomes bankrupt or otherwise fails to performits obligations due to financial difficulties. The Portfoliomay experience significant delays in obtaining anyrecovery in a bankruptcy or other reorganization

proceeding, and there may be no recovery or limitedrecovery in such circumstances.


Forward Currency Contracts Risk. The use of forwardcontracts involves the risk of mismatching the Portfolio’sobjective under a forward contract with the value ofsecurities denominated in a particular currency. Suchtransactions reduce or preclude the opportunity for gain ifthe value of the currency should move in the directionopposite to the position taken. There is an additional riskto the effect that currency contracts create exposure tocurrencies in which the Portfolio’s securities are notdenominated. Unanticipated changes in currency pricesmay result in poorer overall performance for the Portfoliothan if it had not entered into such contracts.

Market Risk. The Portfolio’s share price can fall becauseof weakness in the broad market, a particular industry, orspecific holdings. The market as a whole can decline formany reasons, including adverse political or economicdevelopments in the United States or abroad, changes ininvestor psychology, or heavy institutional selling andother conditions or events (including, for example, militaryconfrontations, war, terrorism, disease/virus, outbreaksand epidemics). In addition, an Underlying Portfolio’sadviser’s or subadviser’s assessment of securities held inthe Underlying Portfolio may prove incorrect, resulting inlosses or poor performance even in a rising market.


Fund-of-Funds Risk. The costs of investing in thePortfolio, as a fund-of-funds, may be higher than the costsof investing in a mutual fund that only invests directly inindividual securities. An Underlying Portfolio may changeits investment objective or policies without the Portfolio’sapproval, which could force the Portfolio to withdraw itsinvestment from such Underlying Portfolio at a time that isunfavorable to the Portfolio. In addition, one Underlying


- 220 -

Portfolio may buy the same securities that anotherUnderlying Portfolio sells. Therefore, the Portfolio wouldindirectly bear the costs of these trades withoutaccomplishing any investment purpose.

Underlying Portfolios Risk. The risks of the Portfolioowning Underlying Portfolios generally reflect the risks ofowning the underlying securities held by the UnderlyingPortfolios. Disruptions in the markets for the securitiesheld by the Underlying Portfolios could result in losses onthe Portfolio’s investment in such securities. TheUnderlying Portfolios also have fees that increase theircosts versus owning the underlying securities directly. Forexample, the Portfolio indirectly pays a portion of theexpenses (including management fees and operatingexpense) incurred by the Underlying Portfolios.


Risk of Conflict with Insurance Company Interests.Managing the Portfolio’s volatility may reduce the risksassumed by the insurance company that sponsors yourVariable Contract. This facilitates the insurancecompany’s ability to provide guaranteed benefits. Theseguarantees are optional and may not be associated withyour Variable Contract. While the interests of thePortfolio’s shareholders and the affiliated insurancecompanies providing these guaranteed benefits aregenerally aligned, the affiliated insurance companies (andSunAmerica by virtue of its affiliation with the insurancecompanies) may face potential conflicts of interest. Inparticular, certain aspects of the Portfolio’s managementhave the effect of mitigating the financial risks to which theaffiliated insurance companies are subjected by providingthose guaranteed benefits. In addition, the Portfolio’sperformance may be lower than similar portfolios that donot seek to manage their volatility.

Volatility Management Risk. The risk that thesubadviser’s strategy for managing portfolio volatility maynot produce the desired result or that the subadviser isunable to trade certain derivatives effectively or in a timelymanner. In addition, the minimum and maximum equityexposure limits may prevent the subadviser from fullymanaging portfolio volatility in certain marketenvironments. There can be no guarantee that thePortfolio will maintain its target volatility level. Additionally,the volatility control process will not ensure that the

Portfolio will deliver competitive returns. The use ofderivatives in connection with the Portfolio’s managedvolatility strategy may expose the Portfolio to losses(some of which may be sudden) that it would not haveotherwise been exposed to if it had only invested directlyin equity and/or fixed income securities. Efforts to managethe Portfolio’s volatility could limit the Portfolio’s gains inrising markets and may expose the Portfolio to costs towhich it would otherwise not have been exposed. ThePortfolio’s managed volatility strategy may result in thePortfolio outperforming the general securities marketduring periods of flat or negative market performance, andunderperforming the general securities market duringperiods of positive market performance. The Portfolio’smanaged volatility strategy also exposes shareholders tothe risks of investing in derivative contracts. Thesubadviser uses a proprietary system to help it estimatethe Portfolio’s expected volatility. The proprietary systemused by the subadviser may perform differently thanexpected and may negatively affect performance and theability of the Portfolio to maintain its volatility at or belowits target volatility level for various reasons, includingerrors in using or building the system, technical issuesimplementing the system, data issues and various non-quantitative factors (e.g., market or trading systemdysfunctions, and investor fear or over-reaction).

Risk of Investing in Money Market Securities. This isboth a direct and indirect risk of investing in the Portfolio.An investment in the Portfolio is subject to the risk that thevalue of its investments in high-quality short-termobligations (“money market securities”) may be subject tochanges in interest rates, changes in the rating of anymoney market security and in the ability of an issuer tomake payments of interest and principal.



Index, S&P 500® Index, Bloomberg Barclays U.S.Government/Credit Bond Index, S&P MidCap 400® Index,Bloomberg Barclays U.S. Intermediate Government/Credit Bond Index and a blended index. The blendedindex consists of 45% S&P 500® Index, 7.5% S&PMidCap 400® Index, 5% Russell 2000® Index, 12.5%MSCI EAFE® Index (net), 15% Bloomberg Barclays U.S.Government/Credit Bond Index and 15% BloombergBarclays U.S. Intermediate Government/Credit BondIndex (the “Blended Index”). Fees and expenses incurredat the contract level are not reflected in the bar chart ortable. If these amounts were reflected, returns would beless than those shown. Of course, past performance is not


- 221 -

necessarily an indication of how the Portfolio will performin the future.

(Class 3 Shares)

-7.39%

22.99%

-10%

-5%

0%

5%

10%

15%

20%

25%

2018 2019



1Year



Government/Credit Bond Index ..... 9.71% 4.29%S&P MidCap 400® Index .................. 26.20% 7.53%Bloomberg Barclays U.S.

Intermediate Government/CreditBond Index .................................... 6.80% 3.30%

Blended Index................................... 22.54% 8.73%

Investment Adviser

The Portfolio’s investment adviser is SunAmerica.SunAmerica also manages the Fund-of-FundsComponent of the Portfolio. The Overlay Component ofthe Portfolio is subadvised by T. Rowe Price.

Portfolio Managers

Name and Title

PortfolioManager


Componentof the

Portfolio Since



Portfolio Manager .................................. 2017

Name and Title

PortfolioManagers



T. Rowe PriceCharles M. Shriver, CFA

Vice President........................................ 2017Sean McWilliams

Vice President........................................ 2019Toby M. Thompson, CFA, CAIA

Vice President........................................ 2017



- 222 -

Investment Goal








Expense Example




Portfolio Turnover




The Portfolio attempts to achieve its goal by investingprimarily in common and preferred stocks of U.S.companies.

The Portfolio invests principally in equity securities ofsmall- and mid-capitalization companies that offer thepotential for capital growth, with an emphasis onidentifying companies that have the prospect for improvingsales and earnings growth rates, enjoy a competitiveadvantage and have effective management with a historyof making investments that are in the best interests ofshareholders.

The subadviser’s management team distinctlydifferentiates its investment process through the followingfive main tenets:

• Research designed to “Surround the Company”— The team employs a rigorous bottom-upresearch process to develop and validate aninvestment thesis.

• Research companies across the market capspectrum to develop unique fundamental insights— Although the investment team manages all-cap, large-cap, mid-cap, and small- to mid-capstrategies, the team invests primarily in small- tomid-cap company stocks within this particularstrategy.

• Analysis of current balance sheet to understandfuture earnings — Financial analysis focusesequally on a company’s income statement and itsbalance sheet.

• Disciplined management of valuation targets —The team establishes near-term and long-termprice targets for each holding in the portfolio.

• Construct a portfolio to balance return vs. risk —The portfolio composition is closely monitored, asthe subadviser believes that constructing a well-diversified portfolio further reduces risk whileenhancing return.

The Portfolio may also invest in U.S. dollar-denominatedand U.S. exchange-traded foreign equities and AmericanDepositary Receipts (“ADRs”).


As with any mutual fund, there can be no assurance thatthe Portfolio’s investment goal will be met or that the netreturn on an investment in the Portfolio will exceed what

PORTFOLIO SUMMARY: SA WELLSCAP AGGRESSIVE GROWTH PORTFOLIO

- 223 -

could have been obtained through other investment orsavings vehicles. Shares of the Portfolio are not bankdeposits and are not guaranteed or insured by any bank,government entity or the Federal Deposit InsuranceCorporation. If the value of the assets of the Portfoliogoes down, you could lose money.






Technology Company Risk. Technology companiesmay react similarly to certain market pressures andevents. They may be significantly affected by shortproduct cycles, aggressive pricing of products andservices, competition from new market entrants andobsolescence of existing technology. As a result, thePortfolio’s returns may be considerably more volatile than

those of a fund that does not invest in technologycompanies.

Depositary Receipts Risk. Depositary receipts, such asADRs, are generally subject to the same risks as theforeign securities that they evidence or into which theymay be converted. The issuers of unsponsoreddepositary receipts are not obligated to discloseinformation that is considered material in theUnited States. Therefore, there may be less informationavailable regarding the issuers and there may not be acorrelation between such information and the marketvalue of the depositary receipts. Certain depositaryreceipts are not listed on an exchange and therefore aresubject to illiquidity risk.








- 224 -

performance from calendar year to calendar year and thetable compares the Portfolio’s average annual returns tothose of the Russell 2500® Growth Index. Fees andexpenses incurred at the contract level are not reflected inthe bar chart or table. If these amounts were reflected,returns would be less than those shown. Of course, pastperformance is not necessarily an indication of how thePortfolio will perform in the future.

(Class 1 Shares)

21.18%

-2.02%

16.29%

42.91%

0.56%

-1.23%

7.43%

29.53%

-6.77%

39.25%

-20%

-10%

0%

10%

20%

30%

40%

50%

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019



1Year

5Years

10Years


Index ................................. 32.65% 10.84% 14.01%

Investment Adviser


The Portfolio is subadvised by Wells Capital ManagementIncorporated.

Portfolio Managers

Name and Title


Michael T. Smith, CFAManaging Director and Senior PortfolioManager ................................................ 2011

Christopher J. Warner, CFAPortfolio Manager .................................. 2012



- 225 -

Purchases and Sales of Portfolio Shares

Shares of the Portfolios may only be purchased orredeemed through Variable Contracts offered by theseparate accounts of participating life insurancecompanies. Shares of a Portfolio may be purchased andredeemed each day the New York Stock Exchange isopen, at the Portfolio’s net asset value determined afterreceipt of a request in good order.

The Portfolios do not have any initial or subsequentinvestment minimums. However, your insurance companymay impose investment or account minimums. Pleaseconsult the prospectus (or other offering document) foryour Variable Contract which may contain additionalinformation about purchases and redemptions of Portfolioshares.

Tax Information

The Portfolios will not be subject to U.S. federal income taxto the extent they distribute their income and gains, andthe separate accounts that receive these ordinary incomeand capital gain dividends are not subject to tax. However,contractholders may be subject to U.S. federal income tax(and a U.S. federal Medicare tax of 3.8% that applies tonet investment income, including taxable annuitypayments, if applicable) upon withdrawal from a VariableContract. Contractholders should consult the prospectus(or other offering document) for the Variable Contract foradditional information regarding taxation.

Payments to Broker-Dealers andOther Financial Intermediaries

The Portfolios are not sold directly to the general public butinstead are offered as an underlying investment option forVariable Contracts. A Portfolio and its related companiesmay make payments to the sponsoring insurancecompany (or its affiliates) for distribution and/or otherservices. These payments may create a conflict of interestas they may be a factor that the insurance companyconsiders in including a Portfolio as an underlyinginvestment option in the Variable Contract. Theprospectus (or other offering document) for your VariableContract may contain additional information about thesepayments.

IMPORTANT ADDITIONAL INFORMATION

- 226 -

In addition to the Portfolios’ principal investmentsdiscussed in their respective Portfolio Summaries, thePortfolios may from time-to-time invest in additionalsecurities and utilize various investment techniques. Wehave identified below those non-principal investments andthe risks associated with such investments. Please refer tothe “Glossary” for a description of these non-principalinvestments and risks. In addition, the “Glossary” containsadditional information about the Portfolios’ principalinvestments and risks identified in their respectivePortfolio Summaries.

From time to time, certain Portfolios may take temporarydefensive positions that are inconsistent with theirprincipal investment strategies, in attempting to respond toadverse market, economic, political, or other conditions.There is no limit on a Portfolio’s investments in moneymarket securities for temporary defensive purposes. If aPortfolio takes such a temporary defensive position, it maynot achieve its investment goal. The following Portfoliosmay not take temporary defensive positions that areinconsistent with their principal investment strategies: SADogs of Wall Street Portfolio, SA Emerging MarketsEquity Index Portfolio, SA Fixed Income Index Portfolio,SA Fixed Income Intermediate Index Portfolio, SA FranklinU.S. Equity Smart Beta Portfolio, SA Global IndexAllocation 60/40 Portfolio, SA Global Index Allocation 75/25 Portfolio, SA Global Index Allocation 90/10 Portfolio,SA Index Allocation 60/40 Portfolio, SA Index Allocation80/20 Portfolio, SA Index Allocation 90/10 Portfolio, SAInternational Index Portfolio, SA Large Cap Growth IndexPortfolio, SA Large Cap Index Portfolio, SA Large CapValue Index Portfolio, SA Mid Cap Index Portfolio and SASmall Cap Index Portfolio.

In addition to the securities and techniques describedherein, there are other securities and investmenttechniques in which the Portfolios may invest in limitedinstances, which are not described in this Prospectus.These securities and investment practices are listed in theStatement of Additional Information of SunAmericaSeries Trust (the “Trust”), which you may obtain free ofcharge (see back cover).

Unless otherwise indicated, investment restrictions,including percentage limitations, apply at the time ofpurchase under normal market conditions. You shouldconsider your ability to assume the risks involved beforeinvesting in a Portfolio through one of the VariableContracts. Percentage limitations may be calculatedbased on the Portfolio’s total or net assets. “Total assets”means net assets plus liabilities (e.g., borrowings). If notspecified as net assets, the percentage is calculatedbased on total assets.

The principal investment goal and strategies for each ofthe Portfolios in this Prospectus are non-fundamental andmay be changed by the Board of Trustees (the “Board”)without shareholder approval. Shareholders will be givenat least 60 days’ written notice in advance of any changeto a Portfolio’s investment goal or to its investmentstrategy that requires 80% of its net assets to be investedin certain securities.

Appendix B to this Prospectus lists the other mutual funds(each, an “Underlying Portfolio” and collectively, the“Underlying Portfolios”) in which SA Global IndexAllocation 60/40 Portfolio, SA Global Index Allocation 75/25 Portfolio, SA Global Index Allocation 90/10 Portfolio,SA Index Allocation 60/40 Portfolio, SA Index Allocation80/20 Portfolio, SA Index Allocation 90/10 Portfolio andSA VCP Index Allocation Portfolio (each an “AllocationPortfolio” and collectively, the “Allocation Portfolios”) mayinvest their assets, as of the date of this Prospectus, alongwith their investment goal(s) and principal strategies, risksand investment techniques. SunAmerica may add newUnderlying Portfolio investments or replace existingUnderlying Portfolio investments for the AllocationPortfolios at any time without prior notice to shareholders.In addition, the investment goal(s) and principal strategies,risks and investment techniques of the UnderlyingPortfolios held by an Allocation Portfolio may change overtime. Additional information regarding the UnderlyingPortfolios is included in the summary prospectuses, eachdated May 1, 2020, for those portfolios of the Trust andthis Prospectus. Copies of the summary prospectusesmay be obtained free of charge by calling or writing theTrust at the telephone number or address on the backcover page of this Prospectus.

SA AB Growth Portfolio. The Portfolio also invests inderivatives, including options and futures. Additional risksthat the Portfolio may be subject to are as follows:

• Active Trading Risk

• Counterparty Risk

• Derivatives Risk

SA AB Small & Mid Cap Value Portfolio. The Portfoliomay also invest in technology companies, derivatives (putand call options on U.S. and non-U.S. exchanges, futures,forward commitments and swaps), illiquid investments (upto 15% of net assets) and repurchase agreements. ThePortfolio may make short-term investments, and engagein currency swaps and forward currency exchangecontracts. Additional risks that the Portfolio may be subjectto are as follows:


ADDITIONAL INFORMATION ABOUT THE PORTFOLIOS’ INVESTMENT STRATEGIES ANDINVESTMENT RISKS (OTHER THAN THE SA VCP DYNAMIC ALLOCATION PORTFOLIO ANDSA VCP DYNAMIC STRATEGY PORTFOLIO)

- 227 -

• Currency Volatility Risk


• Hedging Risk

• Illiquidity Risk

• Repurchase Agreements Risk

• Sector Risk

• Technology Company Risk

SA BlackRock VCP Global Multi Asset Portfolio. ThePortfolio may invest in U.S. and non-U.S. real estateinvestment trusts (“REITs”) and structured products(including, but not limited to, structured notes, credit linkednotes and participation notes, or other instrumentsevidencing interests in special purpose vehicles, trusts, orother entities that hold or represent interests in fixedincome securities). The Portfolio may also invest insecurities of emerging market issuers (up to 10% of netassets), junk bonds (up to 10% of net assets) and equitysecurities of companies with substantial natural resourceassets (up to 10% of net assets). In addition, the Portfoliomay invest in exchange-traded funds (“ETFs”). Additionalrisks that the Portfolio may be subject to are as follows:

• ETF Risk

• Investment Company Risk

• Real Estate Industry Risk

• REIT Risk

• Risk of Investing in Junk Bonds

• Structured Notes Risk

SA Columbia Technology Portfolio. The Portfolio mayinvest in illiquid investments (up to 15% of its assets) andinitial public offerings (“IPOs”). The Portfolio may alsoinvest in derivatives, including options, futures, forwards,swap contracts and other derivative instruments. ThePortfolio may invest in derivatives for both hedging andnon-hedging purposes, including, for example, to seek toenhance returns or as a substitute for a position in anunderlying asset. Additional risks that the Portfolio may besubject to are as follows:



• Hedging Risk


• IPO Investing Risk

• Leverage Risk

• Unseasoned Companies Risk

SA DFA Ultra Short Bond Portfolio. The Portfolio mayalso invest in Eurodollar obligations and money market

funds. Additional risks that the Portfolio may be subject toare as follows:


SA Dogs of Wall Street Portfolio. The quarterlyselection of the thirty stocks that meet the Portfolio’scriteria will take place no later than 15 days after the endof each quarter. Immediately after the Portfolio buys andsells stocks, it will hold an equal value of each of the thirtystocks. In other words, the Portfolio will invest 1/30 of itsassets in each of the stocks that make up its portfolio.Thereafter, when an investor purchases shares of thePortfolio, SunAmerica Asset Management, LLC(“SunAmerica” or the “Adviser”) invests the additionalfunds in the selected stocks based on each stock’srespective percentage of the Portfolio’s assets. Additionalrisks that the Portfolio may be subject to are as follows:



• Large Cap Companies Risk

SA Emerging Markets Equity Index Portfolio. ThePortfolio may invest in futures. The Portfolio makes theseinvestments to maintain the liquidity needed to meetredemption requests, to increase the level of Portfolioassets devoted to matching the composition of the Indexand to reduce transaction costs. Additional risks that thePortfolio may be subject to are as follows:

• Futures Risk

SA Federated Hermes Corporate Bond Portfolio. ThePortfolio may also invest in hybrid instruments; U.S.Treasuries and U.S. government-sponsored enterprises;convertible securities; zero coupon bonds; and deferredinterest and pay-in-kind (“PIK”) bonds (up to 35% of netassets). The Portfolio may make short-term investments.Additional risks that the Portfolio may be subject to are asfollows:

• Convertible Securities Risk

• Credit Quality Risk

• U.S. Government Obligations Risk

• Zero Coupon Bond Risk

SA Fidelity Institutional AM® Real Estate Portfolio.The Portfolio may also invest in foreign securities;convertible securities; corporate bonds (including high-yield debt securities); U.S. Government securities andmay make short-term investments. Additional risks thatthe Portfolio may be subject to are as follows:


• Foreign Investment Risk


- 228 -

• Interest Rate Fluctuations Risk



SA Fixed Income Index Portfolio. The Portfolio mayinvest in ETFs that are consistent with the Portfolio’s goaland investment strategies. The Portfolio may also invest infutures. The Portfolio makes these investments tomaintain the liquidity needed to meet redemption requestsand to reduce transaction costs. Additional risks that thePortfolio may be subject to are as follows:

• ETF Risk

• Futures Risk

SA Fixed Income Intermediate Index Portfolio. ThePortfolio may invest in ETFs that are consistent with thePortfolio’s goal and investment strategies. The Portfoliomay also invest in futures. The Portfolio makes theseinvestments to maintain the liquidity needed to meetredemption requests and to reduce transaction costs.Additional risks that the Portfolio may be subject to are asfollows:

• ETF Risk

• Futures Risk

SA Franklin Small Company Value Portfolio. ThePortfolio also may invest in illiquid investments (up to 15%of net assets); derivatives, such as futures and options;forward commitments; registered investment companies,including ETFs; firm commitments; when-issued anddelayed-delivery transactions; warrants and rights, andfixed income securities, such as U.S. Governmentsecurities and corporate debt instruments. The Portfoliomay make short-term investments. Additional risks thatthe Portfolio may be subject to are as follows:





• Risk of Investing in Bonds

• Sector Risk


• Warrants and Rights Risk

• When-Issued and Delayed Delivery TransactionsRisk

SA Global Index Allocation 60/40 Portfolio. ThePortfolio may invest in ETFs and in short-terminvestments. The Portfolio may also invest in derivatives,

such as stock index futures contracts, to facilitateobtaining exposures to equities. Additional risks that thePortfolio may be subject to are as follows:



• ETF Risk

• Futures Risk


• Leverage Risk

• Risk of Investing in Money Market Securities

SA Global Index Allocation 75/25 Portfolio. ThePortfolio may invest in ETFs and in short-terminvestments. The Portfolio may also invest in derivatives,such as stock index futures contracts, to facilitateobtaining exposures to equities. Additional risks that thePortfolio may be subject to are as follows:



• ETF Risk

• Futures Risk


• Leverage Risk


SA Global Index Allocation 90/10 Portfolio. ThePortfolio may invest in ETFs and in short-terminvestments. The Portfolio may also invest in derivatives,such as stock index futures contracts, to facilitateobtaining exposures to equities. Additional risks that thePortfolio may be subject to are as follows:



• ETF Risk

• Futures Risk


• Leverage Risk


SA Goldman Sachs Global Bond Portfolio. ThePortfolio may also invest in zero coupon, deferred interestand PIK bonds; firm commitments and when-issued anddelayed-delivery transactions; collateralized loanobligations (“CLOs”) (up to 5% of net assets); loanparticipations and assignments; derivatives, such asfutures and options, swap agreements (includingmortgage, currency, credit, interest rate, total return and


- 229 -

inflation swaps); forward commitments; and interest rateswaps, caps and collars. Additional risks that the Portfoliomay be subject to are as follows:

• CLO Risk



• Hedging Risk

• Loan Participation and Assignment Risk

• Prepayment and Extension Risk

• When-Issued and Delayed-Delivery TransactionsRisk

• Zero Coupon Bond Risk

SA Goldman Sachs Multi-Asset Insights Portfolio. ThePortfolio employs certain risk management restrictionsdesigned to limit how far the Portfolio’s returns arepermitted to deviate from those of its blended index. Inparticular, these risk management restrictions employ amethodology that measures the amount by which theexpected performance of the Portfolio may differ from thatof the blended index. The subadviser may from time totime be required to make certain investments that willmore closely align the expected returns of the Portfoliowith the expected returns of the blended index. Theserestrictions may limit the Portfolio’s ability to outperformthe returns of its respective blended index.

SA Index Allocation 60/40 Portfolio. The Portfolio mayinvest in ETFs and in short-term investments. ThePortfolio may also invest in derivatives, such as stockindex futures contracts, to facilitate obtaining exposures toequities. Additional risks that the Portfolio may be subjectto are as follows:



• ETF Risk

• Futures Risk

• Leverage Risk





• ETF Risk

• Futures Risk

• Leverage Risk





• ETF Risk

• Futures Risk

• Leverage Risk


SA International Index Portfolio. The Portfolio mayinvest in ETFs that are consistent with the Portfolio’s goaland investment strategies. The Portfolio may also invest infutures. The Portfolio makes these investments tomaintain the liquidity needed to meet redemptionrequests, to increase the level of Portfolio assets devotedto replicating the composition of the Index and to reducetransaction costs. Additional risks that the Portfolio may besubject to are as follows:

• ETF Risk

• Futures Risk

SA Invesco Growth Opportunities Portfolio. ThePortfolio may also invest in IPOs, ETFs, illiquidinvestments (up to 15% of its net assets), mid-cap stocks,derivatives (put and call options on U.S. and non-U.S.exchanges, forward commitments and swaps), futurescontracts (including index futures) and forward currencycontracts. The Portfolio may also make short-terminvestments. The Portfolio may also invest in the securitiesof a particular issuer when, in the opinion of thesubadviser, such securities will be recognized andappreciate in value due to a specific development withrespect to the issuer (a “special situation”). Developmentscreating a special situation might include, among others,a new product or process, a technological breakthrough,a management change or other extraordinary corporateevents, or differences in market supply of, and demand for,the security. Investments in special situations may carryan additional risk of loss in the event that the anticipateddevelopment does not occur or does not attract theexpected attention. Additional risks that the Portfolio maybe subject to are as follows:




• ETF Risk


- 230 -

• Forward Currency Contracts Risk

• Futures Risk




• Medium Companies Risk

• Sector Risk

• Technology Company Risk

SA Invesco VCP Equity-Income Portfolio. The Portfolioalso may invest in investment grade fixed-incomesecurities, but it will not invest more than 10% of its totalassets in fixed-income securities rated Baa1, Baa2 orBaa3 by Moody’s Investors Service (“Moody’s”) or BBB+,BBB or BBB- by S&P Global Ratings (“S&P”) based on thehighest rating for split rated securities, or in unratedsecurities deemed by the Portfolio to be of comparablequality at the time of purchase. The Portfolio may alsoinvest in warrants and rights, REITs (up to 15% of its netassets), securities of foreign issuers (including emergingmarkets) or depositary receipts (up to 25% of its netassets), options and futures (including interest ratefutures), and forward foreign currency contracts orcurrency forwards. Additional risks that the Portfolio maybe subject to are as follows:



• Depositary Receipts Risk

• Emerging Markets Risk


• Forward Currency Contract Risk

• Options Risk

• REIT Risk

• Tax Risk


SA Janus Focused Growth Portfolio. The Portfolio mayinvest in convertible securities, warrants and IPOs. ThePortfolio may also invest in fixed income securities,primarily U.S. government securities, preferred stocks,junk bonds (up to 5% of net assets), investment-gradesecurities and zero coupon, deferred interest and PIKbonds. The Portfolio may also invest in forwardcommitment agreements and when-issued and delayed-delivery transactions. The Portfolio may also engage incurrency transactions and may make short-terminvestments. Additional risks that the Portfolio may besubject to are as follows:





• Hedging Risk



• Preferred Stock Risk






• Zero-Coupon Bond Risk

SA JPMorgan Diversified Balanced Portfolio. ThePortfolio may invest a portion of its assets in otherinvestment companies that invest in equity and/or fixedincome securities, including investment companiesaffiliated with the Portfolio’s subadviser. The Portfolio mayalso invest in emerging markets debt; emerging marketsequities; illiquid investments (up to 15% of assets); and itmay engage in currency transactions and make short-term investments. Additional risks that the Portfolio maybe subject to are as follows:



• Foreign Sovereign Debt Risk


SA JPMorgan Emerging Markets Portfolio. ThePortfolio may also invest in REITs (up to 10% of netassets), illiquid investments (up to 15% of its net assets),IPOs and fixed income securities; may engage in equityswaps and options and futures; and may make short-terminvestments. Additional risks that the Portfolio may besubject to are as follows:






• REIT Risk


SA JPMorgan Equity-Income Portfolio. The Portfoliomay also invest in small cap stocks; convertible securities;preferred securities; registered investment companies;ETFs; foreign securities, including securities of issuers inemerging markets, depositary receipts; master limited


- 231 -

partnerships (“MLPs”); REITs (up to 10% of assets); andfixed income securities. The Portfolio may engage inoptions and futures. Additional risks that the Portfolio maybe subject to are as follows:


• Call Risk






• ETF Risk


• Hedging Risk

• Interest Fluctuations Risk


• MLP Risk



• REIT Risk


• Small-Cap Companies Risk

SA JPMorgan Global Equities Portfolio. The Portfoliomay also engage in futures. Additional risks that thePortfolio may be subject to are as follows:



• Futures Risk

• Hedging Risk

SA JPMorgan MFS Core Bond Portfolio. The Portfoliomay also invest in illiquid investments (up to 15% of its netassets); IPOs and other investment companies. Additionalrisks that the Portfolio may be subject to are as follows:

• Call Risk




SA JPMorgan Mid-Cap Growth Portfolio. The Portfoliomay also invest in warrants and rights; U.S. governmentsecurities, zero coupon, deferred interest and PIK bonds;roll transactions; variable and floating rate obligations;when-issued and delayed delivery transactions; optionsand futures; forward commitments; registered investmentcompanies; REITs up to 10% of total assets; and high-yield debt securities (“junk bonds”) up to 10% of net

assets. Additional risks that the Portfolio may be subjectto are as follows:






• REIT Risk


• Roll Transactions Risk





SA Large Cap Growth Index Portfolio. The Portfoliomay invest in ETFs that are consistent with the Portfolio’sgoal and investment strategies. The Portfolio may alsoinvest in futures. The Portfolio makes these investments tomaintain the liquidity needed to meet redemptionrequests, to increase the level of Portfolio assets devotedto matching the composition of its Index and to reducetransaction costs. Additional risks that the Portfolio may besubject to are as follows:

• ETF Risk

• Futures Risk

SA Large Cap Index Portfolio. The Portfolio may alsomake short-term investments and may invest in registeredinvestment companies, firm commitments and when-issued and delayed delivery transactions. Additional risksthat the Portfolio may be subject to are as follows:

• Mid-Cap Companies Risk



SA Large Cap Value Index Portfolio. The Portfolio mayinvest in ETFs that are consistent with the Portfolio’s goaland investment strategies. The Portfolio may also invest infutures. The Portfolio makes these investments tomaintain the liquidity needed to meet redemptionrequests, to increase the level of Portfolio assets devotedto matching the composition of its Index and to reducetransaction costs. Additional risks that the Portfolio may besubject to are as follows:

• ETF Risk

• Futures Risk


- 232 -

SA Legg Mason BW Large Cap Value Portfolio. ThePortfolio may also invest in small- and mid-cap stocks,U.S. government securities and may make short-terminvestments. Additional risks that the Portfolio may besubject to are as follows:

• Headline Risk

• Small- and Medium-Sized Company Risk


SA Legg Mason Tactical Opportunities Portfolio. ThePortfolio employs certain risk management restrictionsdesigned to limit how far the Portfolio’s returns arepermitted to deviate from those of its blended index. Inparticular, these risk management restrictions employ amethodology that measures the amount by which theexpected performance of the Portfolio may differ from thatof the blended index. The subadviser may from time totime be required to make certain investments that willmore closely align the expected returns of the Portfoliowith the expected returns of the blended index. Theserestrictions may limit the Portfolio’s ability to outperformthe returns of its respective blended index.

The Portfolio may also invest, or obtain exposure to,securities of issuers located in emerging markets. Inaddition, the Portfolio may invest in REITs. Additional risksthat the Portfolio may be subject to are as follows:


• REIT Risk

SA MFS Blue Chip Growth Portfolio. The Portfolio mayalso invest in options and futures, small- and mid-capstocks and may make short-term investments (up to 20%of assets). Additional risks that the Portfolio may besubject to are as follows:



• Hedging Risk

• Small- and Medium-Sized Companies Risk

SA MFS Massachusetts Investors Trust Portfolio. ThePortfolio may invest in warrants and rights; options andfutures; registered investment companies; corporate debtinstruments, U.S. government securities, zero coupon,deferred interest and PIK bonds; roll transactions; variableand floating rate obligations; emerging markets securities;and investment grade debt instruments. The Portfolio alsomay engage in currency transactions and may makeshort-term investments. Additional risks that the Portfoliomay be subject to are as follows:













SA MFS Total Return Portfolio. The Portfolio may alsoinvest in municipal securities; warrants; zero-coupon,delayed interest and PIK bonds; junk bonds; when-issuedand delayed-delivery transactions; hybrid instruments;inverse floaters; options and futures; currencytransactions; forward commitments; registered investmentcompanies; loan participations; equity swaps; rolltransactions; short sales; and variable and floating ratesecurities. The Portfolio may also make short-terminvestments. Additional risks that the Portfolio may besubject to are as follows:






• Inverse Floater Risk


• Leverage Risk



• Risk of Investment in Municipal Securities


• Short Sales Risk





SA Mid Cap Index Portfolio. The Portfolio may invest inETFs that are consistent with the Portfolio’s goal andinvestment strategies. The Portfolio may also invest infutures. The Portfolio makes these investments tomaintain the liquidity needed to meet redemptionrequests, to increase the level of Portfolio assets devotedto replicating the composition of its Index and to reduce


- 233 -

transaction costs. Additional risks that the Portfolio may besubject to are as follows:

• ETF Risk

• Futures Risk

SA Morgan Stanley International Equities Portfolio.The Portfolio may also invest in illiquid investments (up to15% of its net assets); options (up to 10% of assets) andfutures (up to 15% of assets); forward commitments;registered investment companies; ETFs and firmcommitment agreements. The Portfolio may engage incurrency transactions; and may make short-terminvestments. Additional risks that the Portfolio may besubject to are as follows:



• ETF Risk


• Non-Hedging Foreign Currency Risk

• Sector Risk

SA Oppenheimer Main Street Large Cap Portfolio. ThePortfolio may also make short-term investments and mayinvest in options and futures, fixed income securities,convertible securities, registered investment companies(including ETFs), MLPs, money market instruments,restricted securities and illiquid investments. Additionalrisks that the Portfolio may be subject to are as follows:



• Hedging Risk


• MLP Risk

• Sector Risk

• Unseasoned Companies Risk




SA PIMCO VCP Tactical Balanced Portfolio. ThePortfolio may invest in ETFs. The Portfolio’s fixed incomecomponent may also invest up to 5% of the Portfolio’s totalassets in high-yield debt securities (“junk bonds”) ratedCCC or higher by Moody’s, or equivalently rated by S&Por Fitch Ratings (“Fitch”), or, if unrated, determined by thesubadviser to be of comparable quality. The Portfolio’sequity component may not invest in high-yield debt

securities. The Portfolio may also invest in equitysecurities (including foreign or emerging market equitysecurities), and forward currency contracts. Additionalrisks that the Portfolio may be subject to are as follows:

• ETF Risk

• Forward Currency Contract Risk




• Risks of Investing in Municipal Securities

• Tax Risk

SA PineBridge High-Yield Bond Portfolio. The Portfoliomay also invest in illiquid investments (up to 15% of its netassets), loan participations and assignments and shortsales. Additional risks that the Portfolio may be subject toare as follows:



• Short Sales Risk

SA Putnam International Growth and IncomePortfolio. The Portfolio may also invest in foreign small-cap stocks and domestic equity securities; hybridinstruments; derivatives, such as futures, options,warrants and swap contracts, for both hedging and non-hedging purposes; and IPOs. The Portfolio also mayengage in currency transactions and may make short-term investments. Additional risks that the Portfolio maybe subject to are as follows:






• Hedging Risk


• Non-Hedging Foreign Securities Trading Risk

• Small-Cap Companies Risk

SA Schroders VCP Global Allocation Portfolio. ThePortfolio may also invest in junk bonds and REITs(together up to 10% of net assets). Additional risks thatthe Portfolio may be subject to are as follows:


• REIT Risk


- 234 -


SA Small Cap Index Portfolio. The Portfolio may investin ETFs that are consistent with the Portfolio’s goal andinvestment strategies. The Portfolio may also invest infutures. The Portfolio makes these investments tomaintain the liquidity needed to meet redemptionrequests, to increase the level of Portfolio assets devotedto replicating the composition of its Index and to reducetransaction costs. Additional risks that the Portfolio may besubject to are as follows:

• ETF Risk

• Futures Risk

SA T. Rowe Price Asset Allocation Growth Portfolio.The Portfolio employs certain risk managementrestrictions designed to limit how far the Portfolio’s returnsare permitted to deviate from those of its blended index.In particular, these risk management restrictions employ amethodology that measures the amount by which theexpected performance of the Portfolio may differ from thatof the blended index. The subadviser may from time totime be required to make certain investments that willmore closely align the expected returns of the Portfoliowith the expected returns of the blended index. Theserestrictions may limit the Portfolio’s ability to outperformthe returns of its respective blended index.

SA T. Rowe Price VCP Balanced Portfolio. The Portfoliomay also invest in other securities and debt instruments,such as preferred stocks, convertible securities, and bankloans, as well as use derivatives, such as futures contractsand swaps, that are consistent with its investmentprogram. The Portfolio may invest in foreign fixed incomesecurities, including securities of emerging marketissuers. In addition, the Portfolio may invest a portion of itsassets in other investment companies that invest incommon stock and/or fixed income securities, includinginvestment companies affiliated with the Portfolio’ssubadviser. Additional risks that the Portfolio may besubject to are as follows:




• Foreign Sovereign Debt Risk



• Loan Risk


SA Templeton Foreign Value Portfolio. The Portfoliomay also invest in fixed income securities of both U.S. andforeign corporate and government issuers and makeshort-term investments. The Portfolio may invest in illiquidinvestments (up to 15% of its assets) and securities witha limited trading market (up to 10% of its assets). ThePortfolio may use various derivative strategies seeking toprotect its assets, implement a cash or tax managementstrategy or enhance its returns. Additional risks that thePortfolio may be subject to are as follows:



• Hedging Risk




SA VCP Index Allocation Portfolio. The Portfolio mayinvest in ETFs. The Portfolio may use derivatives, such asfutures contracts and swaps, that are consistent with itsinvestment program. The Portfolio may invest in foreignfixed income securities, including securities of emergingmarket issuers. Additional risks that the Portfolio may besubject to are as follows:


• ETF Risk

• Leverage Risk

SA WellsCap Aggressive Growth Portfolio. ThePortfolio may also invest in illiquid investments (up to 15%of net assets) and IPOs. Additional risks that the Portfoliomay be subject to are as follows:




- 235 -

In addition to the Portfolios’ principal investmentsdiscussed in their respective Portfolio Summaries, thePortfolios may from time-to-time purchase UnderlyingPortfolios that invest in additional securities and utilizevarious investment techniques. Descriptions of theseinvestments and risks are included in the “Glossary”section under “Investment Terms” and “Risk Terminology.”In addition to the securities and techniques describedherein, there are other securities and investmenttechniques in which the Portfolios may invest in limitedinstances, which are not described in this Prospectus.These securities and investment practices are listed in theTrust’s Statement of Additional Information, which youmay obtain free of charge (see back cover).

From time to time, the Portfolios may take temporarydefensive positions that are inconsistent with theirprincipal investment strategies, in attempting to respond toadverse market, economic, political, or other conditions.There is no limit on a Portfolio’s investments in moneymarket securities for temporary defensive purposes. If aPortfolio takes such a temporary defensive position, it maynot achieve its investment goals.

Unless otherwise indicated, investment restrictions,including percentage limitations, apply at the time ofpurchase under normal market conditions. You shouldconsider your ability to assume the risks involved beforeinvesting in a Portfolio through one of the VariableContracts. Percentage limitations may be calculatedbased on the Portfolio’s total or net assets. “Total assets”means net assets plus liabilities (e.g., borrowings). If notspecified as net assets, the percentage is calculatedbased on total assets.

The principal investment goals and strategies for each ofthe Portfolios in this Prospectus are non-fundamental andmay be changed by the Board without shareholderapproval. Shareholders will be given at least 60 days’written notice in advance of any change to a Portfolio’sinvestment goals.

Understanding the Portfolio

Each Portfolio’s design is based on well-establishedprinciples of asset allocation and diversification,combined with an overlay strategy designed to adjust thePortfolio’s net equity exposure to maintain a relativelyconstant exposure to equity market volatility over time.Each Portfolio has two separate components: the Fund-of-Funds Component and the Overlay Component.

The Fund-of-Funds Component (70%-90%)

Each Portfolio’s Fund-of-Funds Component will investsubstantially all of its assets in Underlying Portfolios thatare portfolios of the Underlying Trusts.

SunAmerica establishes a target allocation between thetwo broad asset classes (equity and fixed income) withina range of 50% to 80% of the Fund-of-FundsComponent’s assets allocated to Underlying Portfoliosthat invest primarily in equities and 20% to 50% of itsassets to fixed income securities or instruments throughUnderlying Portfolios and direct investments.

SunAmerica considers a variety of factors, including therelationships between the various asset classes and theirlong-term outlook for risk and return characteristics, todetermine the target allocations between the followingasset classes: large cap, mid cap, small cap, foreignequity, and fixed income securities. In selecting theUnderlying Portfolios through which to achieve the assetallocation targets, SunAmerica considers, among otherfactors, the Underlying Portfolios’ investment objectives,policies, investment processes, growth or valueinvestment process (for SA VCP Dynamic StrategyPortfolio only), historic performance, expenses,investment teams, reputation of the subadvisers, and anydiversification benefit to the overall Portfolio’s holdings.The Fund-of-Funds Component is designed to includeallocations to Underlying Portfolios that vary with respectto subadvisers, investment process, and investment style(such as deep value versus relative value), and in somecases may include passively-managed components.While the Fund-of-Funds Component of the SA VCPDynamic Strategy Portfolio will normally be invested inboth growth and value-oriented equity UnderlyingPortfolios, it is expected to have a greater allocation tovalue equity Underlying Portfolios.

SunAmerica may add new Underlying Portfolios, replaceexisting Underlying Portfolios or change a Portfolio’s assetallocation among the Underlying Portfolios, without noticeto investors, depending upon, among other factors,changing market environment, changes to target assetallocations, changes to the investment personnel,investment process, performance or criteria for holdings ofthe Underlying Portfolios, or the availability of otherUnderlying Portfolios that may provide a betterdiversification benefit to the Portfolio. If a new UnderlyingPortfolio is selected or the allocation to an existingUnderlying Portfolio is adjusted by SunAmerica, acorresponding shift of allocations among the remainingUnderlying Portfolios generally will result. While eachPortfolio retains the ability to invest in an UnderlyingPortfolio that holds only money market securities, it doesnot anticipate doing so due to the amount of cash andother liquidity available within the Underlying Portfolios.Each Portfolio may use daily cash flows to maintain theUnderlying Portfolios’ weights near the target or to changetarget allocations. In some cases, sales and purchases ofUnderlying Portfolios may be used to move Underlying

ADDITIONAL INFORMATION ABOUT THE SA VCP DYNAMIC ALLOCATION PORTFOLIO ANDSA VCP DYNAMIC STRATEGY PORTFOLIO

- 236 -

Portfolio weights towards the target more quickly. Salesand purchases of Underlying Portfolios by a Portfolio maylead to increased portfolio turnover within the UnderlyingPortfolios. In the event of such redemptions orinvestments, the Underlying Portfolio could be required tosell securities or to invest cash at a time when it is notadvantageous for the Underlying Portfolio to do so.

Appendix A to this Prospectus lists the UnderlyingPortfolios in which the Portfolios may invest their assets,as of the date of this Prospectus, along with theirinvestment goals and principal strategies, risks andinvestment techniques. SunAmerica may add newUnderlying Portfolio investments or replace existingUnderlying Portfolio investments for the Portfolios at anytime without prior notice to shareholders. In addition, theinvestment goals and principal strategies, risks andinvestment techniques of the Underlying Portfolios held bya Portfolio may change over time. Additional informationregarding the Underlying Portfolios is included in thesummary prospectuses and statutory prospectuses,dated May 1, 2020 for those portfolios of the Trust andAnchor Series Trust, and dated July 26, 2019 for thoseportfolios of the Seasons Series Trust. Copies of thesummary prospectuses and statutory prospectuses maybe obtained free of charge by calling or writing theUnderlying Trusts at the telephone number or address onthe back cover page of this Prospectus.

Each Portfolio may invest in any or all of the UnderlyingPortfolios, but will not normally invest in every UnderlyingPortfolio at any particular time. There may be limits on theamount of cash inflows some Underlying Portfolios mayaccept from investors, including a Portfolio. SunAmericamay take into account these capacity considerations whenallocating investments among the Underlying Portfolios. Insome instances, SunAmerica may allocate capacity incertain Underlying Portfolios to other investors, which mayhave the effect of limiting a Portfolio’s opportunity to investin the Underlying Portfolio. Although a Portfolio’s Fund-of-Funds Component’s investments in the UnderlyingPortfolios attempt to achieve the target allocation to equityand fixed income Underlying Portfolios, as set forth in itsPortfolio Summary, the actual allocations may be differentfrom the target. Actual allocations may differ from targetallocations due to, among other things, changes to theUnderlying Portfolios’ asset values due to marketmovements or because of a recent change in the targetallocation. Portfolio cash flows are expected to be theprimary tool for maintaining or moving UnderlyingPortfolios towards the target allocation, althoughSunAmerica may, from time to time, rebalance allocationsto correspond to the target allocations through eitherpurchases and sales of Underlying Portfolios or through

allocating Portfolio cash flows below or above the targetallocations. When SunAmerica rebalances the UnderlyingPortfolios to its target allocation (whether through cashflow allocations or purchases or sales), it does so basedon the most recent value of the Underlying Portfolios,which may be higher or lower than the value on the dateof purchase.

The Fund-of-Funds Component seeks capitalappreciation primarily through its investments inUnderlying Portfolios that invest in equity securities.These investments may include Underlying Portfolios thatinvest in equity securities of both U.S. and non-U.S.companies of all market capitalizations, and in the case ofSA VCP Dynamic Strategy Portfolio, marketcapitalizations with above average growth potential, butare expected to include to a lesser extent UnderlyingPortfolios that invest primarily in small- and mid-cap U.S.companies and foreign companies. A Portfolio normallydoes not expect to have more than 25% of its total assetsallocated to Underlying Portfolios investing primarily inforeign securities, and no more than 5% of its total assetsto Underlying Portfolios investing primarily in emergingmarkets. The Fund-of-Funds Component seeks toachieve current income through its investments inUnderlying Portfolios that primarily invest in fixed incomesecurities, including both U.S. and foreign investmentgrade securities, but no more than 5% of a Portfolio’s totalassets are expected to be invested in UnderlyingPortfolios investing primarily in high-yield, high-risk bonds(commonly known as “junk bonds”). Please note that theAcquired Fund Fees and Expenses of the UnderlyingPortfolios, as set forth in the Portfolio Summaries, couldchange as the Underlying Portfolios’ asset values changeor through the addition or deletion of UnderlyingPortfolios. Because of the costs incurred by a Portfolio inconnection with its investment in the Underlying Portfolios,the costs of investing in the Underlying Portfolios throughthe Portfolio will generally be higher than the cost ofinvesting in an Underlying Portfolio directly. A Portfolio, asa shareholder, will pay its share of the UnderlyingPortfolios’ expenses as well as the Portfolio’s ownexpenses. Therefore, an investment in the Portfolio mayresult in the duplication of certain expenses. Investorsmay be able to realize lower aggregate expenses byinvesting directly in the Underlying Portfolios instead of aPortfolio. An investor who chooses to invest directly in theUnderlying Portfolios would not, however, receive theasset allocation services provided by SunAmerica or theservices of the subadviser in connection with the OverlayComponent. In addition, not all of the UnderlyingPortfolios are offered in insurance products that arecurrently available to new contract owners.


- 237 -

The Overlay Component (10%-30%)

The Overlay Component comprises the remaining 10% to30% of each Portfolio’s total assets. The OverlayComponent will invest in fixed income securities togenerate current income and to serve as collateral forderivatives transactions. The Overlay Component will alsoinvest in short-term investments to manage the overallPortfolio’s daily cash flows and liquidity needs and toserve as collateral for derivative transactions. The OverlayComponent may also increase or reduce a Portfolio’s netequity exposure through stock index futures, stock indexoptions, options on stock index futures, and stock indexswaps (“Stock Index Instruments”). If a Portfolio’ssubadviser determines that the Stock Index Instrumentsare not being accurately priced by the market in relation tothe price of the actual stocks in the S&P 500 Index, thesubadviser may invest in stock positions directly toemulate the index until such time as the Stock IndexInstruments’ valuations return to fair value.

A Portfolio’s investment in derivative instruments will beused to increase or decrease the Portfolio’s overall netequity exposure, and therefore, its volatility and returnpotential. High levels of volatility may result from rapid anddramatic price swings. Through the use of derivativeinstruments, a Portfolio’s subadviser may adjust thePortfolio’s net equity exposure down to a minimum of 25%or up to a maximum of 100%, although the Portfolio’saverage net equity exposure over long-term periods isexpected to be approximately 60%-65%. For example,when the market is in a state of higher volatility, thesubadviser may decrease its Portfolio’s net equityexposure by taking a short position in derivativeinstruments. The use of derivatives in this manner mayexpose a Portfolio to leverage when the Portfolio’s indexfutures position is larger than the collateral backing it.Trading in the Overlay Component will be managed inaccordance with established guidelines in an attempt tomaintain a relatively stable exposure to equity marketvolatility over time, subject to minimum and maximum netequity exposure ranges.

A Portfolio’s performance may be lower than similarportfolios that do not seek to manage their equityexposure. If a subadviser increases its respectivePortfolio’s net equity exposure and equity markets decline,the Portfolio may underperform traditional or staticallocation funds. Likewise, if a subadviser reduces itsrespective Portfolio’s net equity exposure and equitymarkets rise, the Portfolio may also underperformtraditional or static allocation funds. Efforts to manage thePortfolio’s volatility may also expose the Portfolio toadditional costs. In addition, a Portfolio’s subadviser willseek to reduce exposure to certain downside risks bypurchasing equity index put options that aim to reduce thePortfolio’s exposure to certain severe and unanticipatedmarket events that could significantly detract from returns.

In addition to managing its respective Portfolio’s net equityexposure as described above, a subadviser will, withinestablished guidelines, manage the Overlay Componentin an attempt to generate income, manage Portfolio cashflows and liquidity needs, and manage collateral for thederivative instruments. Each subadviser will manage thefixed income investments of its respective Portfolio’sOverlay Component by investing only in securities ratedinvestment grade or higher by a nationally recognizedstatistical rating organization, or, if unrated, determined bythe subadviser to be of comparable quality. A portion ofthe Overlay Component may be held in short-terminvestments as needed, in order to manage daily cashflows to or from the Portfolio or to serve as collateral.

A Portfolio’s subadviser uses a proprietary system to helpit estimate the Portfolio’s expected volatility. Theproprietary system used by the subadviser may performdifferently than expected and may negatively affectperformance and the ability of the Portfolio to maintain itsvolatility within its target volatility level for various reasons,including errors in using or building the system, technicalissues implementing the system, data issues and variousnon-quantitative factors (e.g., market or trading systemdysfunctions, and investor fear or over-reaction).


- 238 -

Investment Terms

Bottom-up assessment is an investment approachutilized by SunAmerica or the subadviser that focuses onthe analysis of individual stocks and de-emphasizes thesignificance of macroeconomic cycles and market cycles.In bottom-up investing, SunAmerica or the subadviserfocuses on specific companies and their fundamentals,rather than on the industry in which that companyoperates or on the greater economy as a whole. Thisapproach assumes individual companies can do well evenin an industry that is not performing, at least on a relativebasis.

Capital appreciation/growth is an increase in the marketvalue of securities held.

Collateralized debt obligations (“CDOs”) are types ofasset-backed securities and include collateralized bondobligations (i.e., trusts often backed by a diversified poolof high risk, below investment grade fixed incomesecurities) and collateralized loan obligations (i.e., truststypically collateralized by a pool of loans), among othertrusts. CDOs may charge management and otheradministrative fees.

CLOs (collateralized loan obligations) include truststypically collateralized by a pool of loans, which mayinclude, among others, domestic and foreign seniorsecured loans, senior unsecured loans, and subordinatecorporate loans, including loans that may be rated belowinvestment grade or equivalent unrated loans. CLOs maycharge management and other administrative fees.

Credit swaps involve the receipt of floating or fixed ratepayments in exchange for assuming potential creditlosses of an underlying security. Credit swaps give oneparty to a transaction the right to dispose of or acquire anasset (or group of assets), or the right to receive or makea payment from the other party upon the occurrence ofspecified credit events.

Currency swaps involve the exchange of the parties’respective rights to make or receive payments in specifiedcurrencies.

Currency transactions include the purchase and sale ofcurrencies to facilitate the settlement of securitiestransactions and forward currency contracts, which areused to hedge against changes in currency exchangerates or to enhance returns.

Custodial receipts and trust certificates representinterests in securities held by a custodian or trustee. Thesecurities so held may include U.S. Government securitiesor other types of securities in which a Portfolio may invest.The custodial receipts or trust certificates may evidence

ownership of future interest payments, principal paymentsor both on the underlying securities, or, in some cases, thepayment obligation of a third party that has entered intoan interest rate swap or other arrangement with thecustodian or trustee. For certain securities laws purposes,custodial receipts and trust certificates may not beconsidered obligations of the U.S. Government or otherissuer of the securities held by the custodian or trustee. Iffor tax purposes, a Portfolio is not considered to be theowner of the underlying securities held in the custodial ortrust account, the Portfolio may suffer adverse taxconsequences. As a holder of custodial receipts and trustcertificates, a Portfolio will bear its proportionate share ofthe fees and expenses charged to the custodial accountor trust. A Portfolio may also invest in separately issuedinterests in custodial receipts and trust certificates.

Defensive investments include high-quality, fixedincome securities, repurchase agreements and othermoney market instruments. A Portfolio may maketemporary defensive investments in response to adversemarket, economic, political or other conditions. When aPortfolio takes a defensive position, it may miss out oninvestment opportunities that could have resulted frominvesting in accordance with its principal investmentstrategy. As a result, a Portfolio may not achieve itsinvestment goal.

Depositary receipts include American DepositaryReceipts (“ADRs”), European Depositary Receipts(“EDRs”) and Global Depositary Receipts (“GDRs”).ADRs are receipts typically issued by an American bankor trust company that evidence underlying securitiesissued by a foreign corporation. EDRs (issued in Europe)and GDRs (issued throughout the world) each evidence asimilar ownership arrangement. Depositary receipts maynot necessarily be denominated in the same currency asthe underlying securities into which they may beconverted.

A derivative is a financial instrument, such as a forward,futures contract or swap, whose value is based on theperformance of an underlying asset or an externalbenchmark, such as the price of a specified security or anindex.

An “emerging market” country is any country that isincluded in the MSCI Emerging Markets Index. Seedefinition of “Foreign securities” for additional information.

Equity securities. Equity securities such as commonstocks, represent shares of equity ownership in acorporation. Common stocks may or may not receivedividend payments. Certain securities have common

GLOSSARY

- 239 -

stock characteristics, including certain convertiblesecurities such as convertible bonds, convertiblepreferred stock, rights and warrants, and may beclassified as equity securities. Investments in equitysecurities and securities with equity characteristicsinclude:

• Convertible securities are securities (such asbonds or preferred stocks) that may be convertedinto common stock of the same or a differentcompany.

• Rights represent a preemptive right ofstockholders to purchase additional shares of astock at the time of a new issuance before thestock is offered to the general public.

• Warrants are rights to buy common stock of acompany at a specified price during the life of thewarrant.

Equity swaps allow the parties to a swap agreement toexchange the dividend income or other components ofreturn on an equity investment (for example, a group ofequity securities or an index) for a component of return onanother non-equity or equity investment.

ETFs are a type of investment company bought and soldon a securities exchange. An ETF trades like commonstock. While most ETFs are passively-managed and seekto replicate the performance of a particular market indexor segment, some ETFs are actively-managed and do nottrack a particular market index or segment, therebysubjecting investors to active management risk. APortfolio could purchase an ETF to gain exposure to aportion of the U.S. or a foreign market while awaitingpurchase of underlying securities. The risks of owning anETF generally reflect the risks of owning the securitiesunderlying the ETF, although an ETF has managementfees which increase its cost. A Portfolio’s ability to investin ETFs is limited by the Investment Company Act of 1940,as amended (the “1940 Act”).

A firm commitment is a buy order for delayed delivery inwhich a Portfolio agrees to purchase a security from aseller at a future date, stated price, and fixed yield. Theagreement binds the seller as to delivery and binds thepurchaser as to acceptance of delivery.

Fixed income securities are broadly classified assecurities that provide for periodic payment, typicallyinterest or dividend payments, to the holder of the securityat a stated rate. Most fixed income securities, such asbonds, represent indebtedness of the issuer and providefor repayment of principal at a stated time in the future.Others do not provide for repayment of a principalamount. The issuer of a senior fixed income security isobligated to make payments on this security ahead of

other payments to security holders. Investments in fixedincome securities include:

• Agency discount notes are high credit quality,short term debt instruments issued by federalagencies and government sponsored enterprises.These securities are issued at a discount to theirpar value.

• Asset-backed securities issued by trusts andspecial purpose corporations are backed by apool of assets, such as credit card or automobileloan receivables representing the obligations of anumber of different parties.

• Corporate debt instruments (bonds, notesand debentures) are securities representing adebt of a corporation. The issuer is obligated torepay a principal amount of indebtedness at astated time in the future and in most cases tomake periodic payments of interest at a statedrate.

• An investment grade fixed income security israted in one of the top four rating categories by adebt rating agency (or is considered ofcomparable quality by SunAmerica or thesubadviser). The two best-known debt ratingagencies are S&P and Moody’s. Investmentgrade refers to any security rated “BBB-” or aboveby S&P or Fitch, or “Baa3” or above by Moody’s,or if unrated, determined to be of comparablequality by SunAmerica or the subadviser.

• A junk bond is a high yield, high risk bond thatdoes not meet the credit quality standards of aninvestment grade security.

• Mortgage-backed securities directly orindirectly provide funds for mortgage loans madeto residential home buyers. These includesecurities that represent interests in pools ofmortgage loans made by lenders such ascommercial banks, savings and loan institutions,mortgage bankers and others. They includemortgage pass-through securities, collateralizedmortgage obligations (“CMOs”), commercialmortgage-backed securities (“CMBS”), mortgagedollar rolls, CMO residuals, stripped mortgage-backed securities and other securities thatdirectly or indirectly represent a participation in, orare secured by and payable from, mortgage loansor real property.

• Municipal securities are debt obligations issuedby or on behalf of states, territories andpossessions of the U.S. and District of Columbiaand their political subdivisions, agencies andinstrumentalities. Municipal securities may beaffected by uncertainties regarding their tax

GLOSSARY

- 240 -

status, legislative changes or rights of municipal-securities holders.

• Preferred stocks receive dividends at a specifiedrate and have preference over common stock inthe payment of dividends and the liquidation ofassets.

• U.S. Government securities are issued orguaranteed by the U.S. Government, its agenciesand instrumentalities. Some U.S. Governmentsecurities are issued or unconditionallyguaranteed by the U.S. Treasury. They aregenerally considered to be of high credit quality.While these securities are subject to variations inmarket value due to fluctuations in interest rates,they are expected to be paid in full if held tomaturity. Other U.S. Government securities areneither direct obligations of, nor guaranteed by,the U.S. Treasury. However, they involve federalsponsorship in one way or another. For example,some are backed by specific types of collateral;some are supported by the issuer’s right toborrow from the Treasury; some are supported bythe discretionary authority of the Treasury topurchase certain obligations of the issuer; andothers are supported only by the credit of theissuing government agency or instrumentality.

• Zero-Coupon Bonds, Deferred Interest Bondsand PIK Bonds. Zero coupon and deferredinterest bonds are debt obligations issued orpurchased at a significant discount from facevalue. A step-coupon bond is one in which achange in interest rate is fixed contractually inadvance. PIK bonds are debt obligations thatprovide that the issuer thereof may, at its option,pay interest on such bonds in cash or in the formof additional debt obligations.

Foreign securities are issued by (i) foreign governmentsor their agencies and instrumentalities, and (ii) companieswhose principal securities trading markets are outside theU.S., that derive a significant share of their total revenueor profits from either goods or services produced or salesmade in markets outside the U.S., that have a significantportion of their assets outside the U.S., that are linked tonon-U.S. dollar currencies or that are organized under thelaws of, or with principal offices in, another country.Foreign securities include, but are not limited to, foreigncorporate and government bonds, foreign equitysecurities, foreign investment companies, passive foreigninvestment companies, ADRs or other similar securitiesthat represent interests in foreign equity securities, suchas EDRs and GDRs. A Portfolio’s investments in foreignsecurities may also include securities from emergingmarket issuers. An emerging market country is generally

one with a low or middle income economy that is in theearly stages of its industrialization cycle. For fixed incomeinvestments, an emerging market includes those wherethe sovereign credit rating is below investment grade.Emerging market countries may change over timedepending on market and economic conditions and the listof emerging market countries may vary by SunAmerica orsubadviser.

A forward foreign currency contract or “currencyforward” is an agreement between parties to exchange aspecified amount of currency at a specified future time ata specified rate. Currency forwards are generally used toprotect against uncertainty in the level of future exchangerates. Currency forwards do not eliminate fluctuations inthe prices of the underlying securities a Portfolio owns orintends to acquire, but they do fix a rate of exchange inadvance. Currency forwards limit the risk of loss due to adecline in the value of the hedged currencies, but at thesame time they limit any potential gain that might resultshould the value of the currencies increase.

Fundamental analysis is a method of evaluating asecurity or company by attempting to measure its intrinsicvalue by examining related economic, financial and otherqualitative and quantitative factors. The factors that theadviser or subadviser may examine include a company’sfinancial condition (e.g., balance sheet strength, cash flowand profitability trends), earnings outlook, strategy,management, and overall economic and marketconditions.

Futures are contracts involving the right to receive or theobligation to deliver assets or money depending on theperformance of one or more underlying assets,instruments or a market or economic index. A futurescontract is an exchange-traded legal contract to buy or sella standard quantity and quality of a commodity, financialinstrument, index, etc. at a specified future date and price.

A “Growth” philosophy is a strategy of investing insecurities believed to offer the potential for capitalappreciation. It focuses on securities of companies thatare considered to have a historical record of above-average growth rate, significant growth potential, above-average earnings growth or value, the ability to sustainearnings growth, or that offer proven or unusual productsor services, or operate in industries experiencingincreasing demand.

“High quality” instruments have a very strong capacityto pay interest and repay principal; they reflect the issuers’high creditworthiness and low risk of default.

Hybrid instruments, such as indexed or structuredsecurities, can combine the characteristics of securities,

GLOSSARY

- 241 -

futures, and options. For example, the principal amount,redemption, or conversion terms of a security could berelated to the market price of some commodity, currency,or securities index. Such securities may bear interest orpay dividends at below market (or even relatively nominal)rates. Under certain conditions, the redemption value ofsuch an investment could be zero. In addition, anothertype of hybrid instrument is a credit linked note, in whicha special purpose entity issues an over-the-counter(“OTC”) structured note that is intended toreplicate a bond or a portfolio of bonds, or with respect tothe unsecured credit of an issuer.

Illiquid Investments. An illiquid investment is anyinvestment that the Portfolio reasonably expects cannotbe sold or disposed of in current market conditions inseven calendar days or less without the sale or dispositionsignificantly changing the market value of the investment.

Income is interest payments from bonds or dividends fromstocks.

Inflation swaps are contracts between twocounterparties who agree to swap cash flows based onthe inflation rate against fixed cash flows.

Interest rate swaps, caps, floors and collars. Interestrate swaps involve the exchange by a Portfolio withanother party of their respective commitments to pay orreceive interest, such as an exchange of fixed-ratepayments for floating rate payments. The purchase of aninterest rate cap entitles the purchaser, to the extent thata specified index exceeds a predetermined interest rate,to receive payment of interest on a notional principalamount from the party selling such interest rate cap. Thepurchase of an interest rate floor entitles the purchaser, tothe extent that a specified index falls below apredetermined interest rate, to receive payments ofinterest on a notional principal amount from the partyselling the interest rate floor. An interest rate collar is thecombination of a cap and a floor that preserves a certainreturn within a predetermined range of interest rates.

Inverse floaters are leveraged inverse floating rate debtinstruments. The interest rate on an inverse floater resetsin the opposite direction from the market rate of interest towhich the inverse floater is indexed. An inverse floater maybe considered to be leveraged to the extent that its interestrate varies by a magnitude that exceeds the magnitude ofthe change in the index rate of interest. The higher degreeof leverage inherent in inverse floaters is associated withgreater volatility in their market values. Accordingly, theduration of an inverse floater may exceed its stated finalmaturity.

Loan participations and assignments are investmentsin which a Portfolio acquires some or all of the interest ofa bank or other lending institution in a loan to a corporateborrower. The highly leveraged nature of many such loansmay make such loans especially vulnerable to adversechanges in economic or market conditions. As a result, aPortfolio may be unable to sell such investments at anopportune time or may have to resell them at less than fairmarket value.

Market capitalization ranges. Companies aredetermined to be large-cap companies, mid-capcompanies, or small-cap companies based upon the totalmarket value of the outstanding common stock (or similarsecurities) of the company at the time of purchase. Themarket capitalization of the companies in the Portfoliosand Underlying Portfolios and the indices described belowchange over time. A Portfolio or underlying portfolio willnot automatically sell or cease to purchase stock of acompany that it already owns just because the company’smarket capitalization grows or falls outside this range.With respect to all Portfolios and Underlying Portfolios,except as noted in a Portfolio’s or Underlying Portfolio’sSummary:

• Large-Cap companies will include companieswhose market capitalizations are equal to orgreater than the market capitalization of thesmallest company in the Russell 1000® Indexduring the most recent 12-month period. As of themost recent annual reconstitution of the Russell1000® Index on May 10, 2019, the marketcapitalization range of the companies in theRussell 1000® Index was approximately$2.4 billion to $974.2 billion.

• Mid-Cap companies will include companieswhose market capitalizations range from themarket capitalization of the smallest companyincluded in the Russell Midcap® Index to themarket capitalization of the largest company inthe Russell Midcap® Index during the most recent12-month period. As of the most recent annualreconstitution of the Russell Midcap® Index onMay 10, 2019, the market capitalization range ofthe companies in the Russell Midcap® Index was$2.4 billion to $35.5 billion.

• Small-Cap companies will include companieswhose market capitalizations are equal to or lessthan the market capitalization of the largestcompany in the Russell 2000® Index during themost recent 12-month period. As of the mostrecent annual reconstitution of the Russell 2000®

GLOSSARY

- 242 -

Index on May 10, 2019, the market capitalizationrange of the companies in the Russell 2000®

Index was $152.3 million to $5.0 billion.

MLPs (Master Limited Partnerships) are companies inwhich ownership interests are publicly traded. MLPs oftenown several properties or businesses (or directly owninterests) that are related to real estate development andoil and gas industries, but they also may finance motionpictures, research and development and other projects.Generally, a MLP is operated under the supervision of oneor more managing general partners. Limited partners(including a Portfolio if it invests in a MLP) are not involvedin the day-to-day management of the partnership. Theyare allocated income and capital gains associated with thepartnership project in accordance with the termsestablished in the partnership agreement.

“Net assets” when referred to under “Investment Goal”and “Principal Investment Strategies of the Portfolio” for aPortfolio takes into account borrowings for investmentpurposes.

Options and futures are contracts involving the right toreceive or the obligation to deliver assets or moneydepending on the performance of one or more underlyingassets, instruments or a market or economic index. Anoption gives its owner the right, but not the obligation, tobuy (“call”) or sell (“put”) a specified amount of a securityat a specified price within a specified time period. CertainPortfolios may purchase listed options on various indicesin which the Portfolios may invest. A futures contract is anexchange-traded legal contract to buy or sell a standardquantity and quality of a commodity, financial instrument,index, etc. at a specified future date and price. CertainPortfolios may also purchase and write (sell) optioncontracts on swaps, commonly referred to as swaptions.A swaption is an option to enter into a swap agreement.Like other types of options, the buyer of a swaption paysa non-refundable premium for the option and obtains theright, but not the obligation, to enter into an underlyingswap on agreed-upon terms. The seller of a swaption, inexchange for the premium, becomes obligated (if theoption is exercised) to enter into an underlying swap onagreed-upon terms. When a Portfolio purchases an OTCswaption, it increases its credit risk exposure to thecounterparty.

Qualitative analysis uses subjective judgment based onnonquantifiable information, such as, but not limited to,management expertise, industry cycles, strength ofresearch and development, and labor relations. This typeof analysis technique is different than quantitativeanalysis, which focuses on numbers. The two techniques,however, will often be used together.

Quantitative analysis is an analysis of financialinformation about a company or security to identifysecurities that have the potential for growth or areotherwise suitable for a fund to buy. Quantitative analysismay look at traditional indicators such as price-to-bookvalue, price-to-earnings ratios, cash flow, dividends,dividend yields, earnings, earning yield, among others.

Registered investment companies are investments by aPortfolio in other investment companies, including ETFs,which are registered in accordance with the federalsecurities laws.

REITs (real estate investment trusts) are trusts that investprimarily in commercial real estate, residential real estateor real estate related loans. The value of an interest in aREIT may be affected by the value and the cash flows ofthe properties owned or the quality of the mortgages heldby the REIT.

Restricted securities. Restricted securities are securitiesthat cannot be offered for public resale unless registeredunder the applicable securities laws or that are subject tocontractual restrictions that may make them difficult tosell. Certain restricted securities (such as Rule 144Asecurities) may have established trading markets.

Roll transactions involve the sale of mortgage or otherasset-backed securities with the commitment to purchasesubstantially similar (same type, coupon and maturity) butnot identical securities on a specified future date.

Short sales involve the selling of a security which aPortfolio does not own in anticipation of a decline in themarket value of the security. In such transactions, aPortfolio borrows the security for delivery to the buyer andmust eventually replace the borrowed security for return tothe lender. A Portfolio bears the risk that the price at thetime of replacement may be greater than the price atwhich the security was sold. When a Portfolio sells futurescontracts, it is exposed to the risks associated with shortsales, including sudden and unlimited losses. CertainPortfolios are not required to make short sales “againstthe box.” A short sale is “against the box” to the extent thata Portfolio contemporaneously owns, or has the right toobtain without payment, securities identical to those soldshort.

Short-term investments. Short-term investmentsinclude money market securities, such as short-term U.S.government obligations, repurchase agreements,commercial paper, bankers’ acceptances and certificatesof deposit. These securities provide a Portfolio withsufficient liquidity to meet redemptions and coverexpenses.

GLOSSARY

- 243 -

A special situation arises when, in the opinion of theadviser or subadviser, the securities of a particular issuerwill be recognized and appreciate in value due to aspecific development with respect to the issuer.Developments creating a special situation might include,among others, a new product or process, a technologicalbreakthrough, a management change or otherextraordinary corporate events, or differences in marketsupply of and demand for the security. Investment inspecial situations may carry an additional risk of loss inthe event that the anticipated development does not occuror does not attract the expected attention.

Treasury inflation-protected securities or “TIPS” areU.S. Treasury securities whose principal value isperiodically adjusted according to the rate of inflation. Theinterest rate on TIPS is fixed at issuance, but over the lifeof the bond this interest may be paid on an increasing ordecreasing principal value that has been adjusted forinflation. Although repayment of the original bondprincipal upon maturity is guaranteed, the market value ofTIPS is not guaranteed, and will fluctuate.

Total return is a measure of performance whichcombines all elements of return including income andcapital gain or loss.

Total return swaps are contracts that obligate a party topay or receive interest in exchange for the payment by theother party of the total return generated by a security, abasket of securities, an index or an index component.

A “Value” philosophy is a strategy of investing insecurities that are believed to be undervalued in themarket. It often reflects a contrarian approach in that thepotential for superior relative performance is believed tobe highest when fundamentally solid companies are out offavor. The selection criteria is generally calculated toidentify stocks of companies with solid financial strengththat have low price-earnings ratios and have generallybeen overlooked by the market, or companiesundervalued within an industry or market capitalizationcategory.

Variable and floating rate obligations normally willinvolve industrial development or revenue bonds whichprovide that the rate of interest is set as a specificpercentage of a designated base rate, such as rates onTreasury Bonds or Bills or the prime rate at a majorcommercial bank, and that a bondholder can demandpayment of the obligations on behalf of a Portfolio onshort notice at par plus accrued interest, which amountmay be more or less than the amount the bondholder paidfor them. The maturity of floating or variable rateobligations (including participation interests therein) isdeemed to be the longer of (i) the notice period requiredbefore a Portfolio is entitled to receive payment of theobligation upon demand, or (ii) the period remaining untilthe obligation’s next interest rate adjustment. If notredeemed by a Portfolio through the demand feature, theobligations mature on a specified date which may rangeup to thirty years from the date of issuance.

When-issued securities, delayed delivery and forwardcommitment transactions. The Portfolios may purchaseor sell when-issued securities that have been authorizedbut not yet issued in the market. In addition, a Portfoliomay purchase or sell securities on a forward commitmentbasis. A forward commitment involves entering into acontract to purchase or sell securities, typically on anextended settlement basis, for a fixed price at a futuredate. The Portfolios may engage in when-issued orforward commitment transactions in order to secure whatis considered to be an advantageous price and yield at thetime of entering into the obligation. The purchase ofsecurities on a when-issued or forward commitment basisinvolves a risk of loss if the value of the security to bepurchased declines before the settlement date.Conversely, the sale of securities on a when-issued orforward commitment basis involves the risk that the valueof the securities sold may increase before the settlementdate.

Yield is the annual dollar income received on aninvestment expressed as a percentage of the current oraverage price.

Risk Terminology

Active Trading Risk. A Portfolio may engage in frequenttrading of securities to achieve its investment goal. Activetrading may result in high portfolio turnover andcorrespondingly greater brokerage commissions andother transaction costs, which will be borne directly by thePortfolio and could affect your performance.

Affiliated Fund Rebalancing Risk. A Portfolio may be aninvestment option for other mutual funds for which

SunAmerica serves as investment adviser that aremanaged as “funds of funds.” From time to time, aPortfolio may experience relatively large redemptions orinvestments due to the rebalancing of a fund of funds. Inthe event of such redemptions or investments, a Portfoliocould be required to sell securities or to invest cash at atime when it is not advantageous to do so.

GLOSSARY

- 244 -

Affiliated Portfolio Risk. In managing a Portfolio,SunAmerica will have the authority to select and substitutethe Underlying Portfolios. SunAmerica may be subject topotential conflicts of interest in allocating a Portfolio’sassets among the various Underlying Portfolios becausethe fees payable to it by some of the Underlying Portfoliosare higher than the fees payable by other UnderlyingPortfolios and because SunAmerica also is responsiblefor managing and administering the Underlying Portfolios.

Asset Allocation Risk. A Portfolio’s ability to achieve itsinvestment goal depends in part on a subadviser’s skill indetermining a Portfolio’s investment strategy allocations.Although allocation among different investment strategiesgenerally reduces risk and exposure to any one strategy,the risk remains that a subadviser may favor aninvestment strategy that performs poorly relative to otherinvestment strategies.

With respect to a Portfolio that invests in UnderlyingPortfolios, the Portfolio’s risks will directly correspond tothe risks of the Underlying Portfolios in which it invests. APortfolio is subject to the risk that the selection of theUnderlying Portfolios and the allocation and reallocationof the Portfolio’s assets among the various asset classesand market sectors may not produce the desired result.

Call Risk. The risk that an issuer will exercise its right topay principal on a debt obligation (such as a mortgage-backed security or convertible security) that is held by aPortfolio earlier than expected. This may happen whenthere is a decline in interest rates. Under thesecircumstances, a Portfolio may be unable to recoup all ofits initial investment and will also suffer from having toreinvest in lower-yielding securities.

CLO Risk. A CLO is a trust typically collateralized by apool of loans, which may include, among others, domesticand foreign senior secured loans, senior unsecured loans,and subordinate corporate loans, including loans that maybe rated below investment grade or equivalent unratedloans. The cash flows from the trust are split into two ormore portions, called tranches, varying in risk and yield.The riskiest portion is the “equity” tranche which bears thebulk of defaults from the bonds or loans in the trust andserves to protect the other, more senior tranches fromdefault in all but the most severe circumstances. Becauseit is partially protected from defaults, a senior tranche froma CLO trust typically has higher ratings and lower yieldsthan its underlying securities, and can be rated investmentgrade. Despite the protection from the equity tranche, CLOtranches can experience substantial losses due to actualdefaults, increased sensitivity to defaults due to collateraldefault and disappearance of protecting tranches, marketanticipation of defaults, as well as aversion to CLOsecurities as a class. The risks of an investment in a CLO

depend largely on the type of the collateral securities andthe class of the CLO in which a Portfolio invests. Normally,CLOs are privately offered and sold, and thus, are notregistered under the securities laws. As a result,investments in CLOs may lack liquidity. However, an activedealer market may exist for CLOs, allowing a CLO toqualify under the Rule 144A “safe harbor” from theregistration requirements of the Securities Act of 1933 forresales of certain securities to qualified institutionalbuyers.

Convertible Securities Risk. The values of theconvertible securities in which a Portfolio may invest willbe affected by market interest rates, the risk that the issuermay default on interest or principal payments and thevalue of the underlying common stock into which thesesecurities may be converted. Specifically, certain types ofconvertible securities may pay fixed interest anddividends; their values may fall if market interest rates riseand rise if market interest rates fall. Additionally, an issuermay have the right to buy back or “call” certain of theconvertible securities at a time unfavorable to the Portfolio.

Counterparty Risk. Counterparty risk is the risk that acounterparty to a security, loan or derivative held by aPortfolio becomes bankrupt or otherwise fails to performits obligations due to financial difficulties. A Portfolio mayexperience significant delays in obtaining any recovery ina bankruptcy or other reorganization proceeding, andthere may be no recovery or limited recovery in suchcircumstances.

Country, Sector or Industry Focus Risk. To the extenta Portfolio invests a significant portion of its assets in oneor only a few countries, sectors or industries at a time, thePortfolio will face a greater risk of loss due to factorsaffecting that single or those few countries, sectors orindustries than if the Portfolio always maintained widediversity among the countries, sectors and industries inwhich it invests.

Credit Risk. The risk that an issuer will default on interestor principal payments. A Portfolio could lose money if theissuer of a debt security is unable or perceived to beunable to pay interest or to repay principal when itbecomes due. Various factors could affect the issuer’sactual or perceived willingness or ability to make timelyinterest or principal payments, including changes in theissuer’s financial condition or in general economicconditions. Debt securities backed by an issuer’s taxingauthority may be subject to legal limits on the issuer’spower to increase taxes or otherwise raise revenue, ormay be dependent on legislative appropriation orgovernment aid. Certain debt securities are backed onlyby revenues derived from a particular project or source,rather than by an issuer’s taxing authority, and thus may

GLOSSARY

- 245 -

have a greater risk of default. Credit risk applies to mostdebt securities, but is generally not a factor for obligationsbacked by the “full faith and credit” of the U.S.Government.

Credit Default Swap Risk. A credit default swap is anagreement between two parties: a buyer of creditprotection and a seller of credit protection. The buyer in acredit default swap agreement is obligated to pay theseller a periodic stream of payments over the term of theswap agreement. If no default or other designated creditevent occurs, the seller of credit protection will havereceived a fixed rate of income throughout the term of theswap agreement. If a default or designated credit eventdoes occur, the seller of credit protection must pay thebuyer of credit protection the full value of the referenceobligation. Credit default swaps increase counterparty riskwhen a Portfolio is the buyer. Commodity Futures TradingCommission (“CFTC”) rules require that certain creditdefault swaps be executed through a centralizedexchange or regulated facility and be cleared through aregulated clearinghouse. As a general matter, these rateshave increased costs in connection with trading theseinstruments.

Credit Quality Risk. The creditworthiness of an issuer isalways a factor in analyzing fixed income securities. Anissuer with a lower credit rating will be more likely than ahigher rated issuer to default or otherwise become unableto honor its financial obligations. Issuers with low creditratings typically issue junk bonds. In addition to the risk ofdefault, junk bonds may be more volatile, less liquid, moredifficult to value and more susceptible to adverseeconomic conditions or investor perceptions than otherbonds.

Currency Volatility Risk. The value of a Portfolio’sforeign investments may fluctuate due to changes incurrency exchange rates. A decline in the value of foreigncurrencies relative to the U.S. dollar generally can beexpected to depress the value of a Portfolio’s non-U.S.dollar-denominated securities.

Currency Transactions Risk. A Portfolio may not fullybenefit from or may lose money on forward currencytransactions if changes in currency exchange rates do notoccur as anticipated or do not correspond accurately tochanges in the value of the Portfolio’s holdings. APortfolio’s ability to use forward foreign currencytransactions successfully depends on a number offactors, including the forward foreign currencytransactions being available at prices that are not toocostly, the availability of liquid markets and the ability of

the portfolio managers to accurately predict the directionof changes in currency exchange rates. Currencyexchange rates may be volatile and may be affected by,among other factors, the general economics of a country,the actions of U.S. and foreign governments or centralbanks, the imposition of currency controls andspeculation. A security may be denominated in a currencythat is different from the currency where the issuer isdomiciled. Currency transactions are subject tocounterparty risk, which is the risk that the other party inthe transaction will not fulfill its contractual obligation.

Depositary Receipts Risk. Depositary receipts, such asADRs and other depositary receipts, including GDRs,EDRs, are generally subject to the same risks as theforeign securities that they evidence or into which theymay be converted. Depositary receipts may or may not bejointly sponsored by the underlying issuer. The issuers ofunsponsored depositary receipts are not obligated todisclose information that is considered material in theUnited States. Therefore, there may be less informationavailable regarding these issuers and there may not be acorrelation between such information and the marketvalue of the depositary receipts. Certain depositaryreceipts are not listed on an exchange and therefore aresubject to illiquidity risk.

Derivatives Risk. A derivative is any financial instrumentwhose value is based on, and determined by, anothersecurity, index or benchmark (e.g., stock options, futures,caps, floors, etc.). In recent years, derivative instrumentshave become increasingly important in the field of finance.Futures and options are traded on different exchanges.Forward contracts, swaps, and many different types ofoptions are regularly traded outside of exchanges byfinancial institutions in what are termed “over the counter”markets. Other more specialized derivative instruments,such as structured notes, may be part of a public offering.To the extent a derivative is used to hedge another positionin a Portfolio, the Portfolio will be exposed to the risksassociated with hedging described below. To the extent anoption, futures contract, swap or other derivative is usedto enhance return, rather than as a hedge, a Portfolio willbe directly exposed to the risks of the contract.Unfavorable changes in the value of the underlyingsecurity, index, rate or benchmark may cause suddenlosses. Gains or losses from a Portfolio’s use ofderivatives may be substantially greater than the amountof the Portfolio’s investment. Derivatives are alsoassociated with various other risks, including market risk,leverage risk, hedging risk, counterparty risk, illiquidity riskand interest rate fluctuations risk. The primary risks

GLOSSARY

- 246 -

associated with a Portfolio’s use of derivatives are marketrisk, counterparty risk and hedging risk. (See “AdditionalInformation about Derivatives Risks” below.)

A Portfolio is subject to legal requirements, applicable toall mutual funds, that are designed to reduce the effects ofany leverage created by the use of derivative instruments.Under these requirements, a Portfolio must set asideliquid assets (referred to sometimes as “assetsegregation”), or engage in other measures, while thederivatives instruments are held. Generally, under currentlaw, a Portfolio must set aside liquid assets equal to the fullnotional value for derivative contracts that are notcontractually required to “cash-settle.” For derivativecontracts that are contractually required to cash-settle, aPortfolio generally only needs to set aside liquid assets inan amount equal to a Portfolio’s daily marked-to-marketnet obligation rather than the contract’s full notional value.A Portfolio reserves the right to alter its asset segregationpolicies in the future to comply with changes in the law orinterpretations thereunder.

Special Risks of Forwards. Forwards are not exchange-traded and therefore no clearinghouse or exchangestands ready to meet the obligations of the contracts.Thus, a Portfolio faces the risk that its counterparties maynot perform their obligations. Forward contracts on manycommodities are not regulated by the CFTC and therefore,a Portfolio will not receive any benefit of CFTC orSecurities and Exchange Commission (“SEC”) regulationwhen trading forwards on those commodities. Forwardson currencies are subject to certain CFTC regulationsincluding, when the forwards are cash-settled, rulesapplicable to swaps.

Special Risks of Options. A Portfolio may buy or sell putand call options that trade on U.S. or foreign exchanges.A Portfolio may also buy or sell OTC options, which subjectthe Portfolio to the risk that a counterparty may default onits obligations. In selling (referred to as “writing”) a put orcall option, there is a risk that, upon exercise of the option,the Portfolio may be required to buy (for written puts) orsell (for written calls) the underlying investment at adisadvantageous price. A Portfolio may write call optionson a security or other investment that the Portfolio owns(referred to as “covered calls”). If a covered call sold by aPortfolio is exercised on an investment that has increasedin value above the call price, the Portfolio will be requiredto sell the investment at the call price and will not be ableto realize any profit on the investment above the call price.Options purchased on futures contracts on foreignexchanges may be exposed to the risk of foreign currencyfluctuations against the U.S. dollar.

Special Risks of Swaps. The absence of a centralexchange or market for swap transactions may lead, in

some instances, to difficulties in trading and valuation,especially in the event of market disruptions. CFTC rulesrequire certain interest rate and credit default swaps to beexecuted through a centralized exchange or regulatedfacility and be cleared through a regulated clearinghouse.Although this clearing mechanism is designed to reducecounterparty credit risk, in some cases it may disrupt orlimit the swap market and may not result in swaps beingeasier to trade or value. As certain swaps become morestandardized, the CFTC may require other swaps to becentrally cleared and traded, which may make it moredifficult for a Portfolio to use swaps to meet its investmentneeds. A Portfolio also may not be able to find aclearinghouse willing to accept a swap for clearing. In acleared swap, a central clearing organization will be thecounterparty to the transaction. The Portfolio will assumethe risk that the clearinghouse may be unable to performits obligations.

Under the Dodd-Frank Wall Street Reform and ConsumerProtection Act (“Dodd Frank Act”), regulations are now ineffect that require swap dealers to post and collectvariation margin (comprised of specified liquidinstruments and subject to a required haircut) inconnection with trading of OTC swaps with a Portfolio.Shares of investment companies (other than moneymarket funds) may not be posted as collateral under theseregulations. The additional requirements for posting ofinitial margin in connection with OTC swaps will bephased-in through September 2021. In addition,regulations adopted by global prudential regulators thatare now in effect require certain bank-regulatedcounterparties and certain of their affiliates to include incertain financial contracts, including many derivativescontracts, terms that delay or restrict the rights ofcounterparties, such as a Portfolio, to terminate suchcontracts, foreclose upon collateral, exercise other defaultrights or restrict transfers of credit support in the event thatthe counterparty and/or its affiliates are subject to certaintypes of resolution or insolvency proceedings.

Disciplined Strategy Risk. Certain Portfolios will notdeviate from their strategies (except to the extentnecessary to comply with federal tax laws or otherapplicable laws). If a Portfolio is committed to a strategythat is unsuccessful, the Portfolio will not meet itsinvestment goal. Because a Portfolio using a disciplinedstrategy generally will not use certain techniques availableto other mutual funds to reduce stock market exposure(e.g., derivatives), such a Portfolio may be moresusceptible to general market declines than other mutualfunds.

Dynamic Allocation Risk. To the extent a Portfolioinvests in Underlying Portfolios, the Portfolio’s risks will

GLOSSARY

- 247 -

directly correspond to the risks of the UnderlyingPortfolios in which it invests. The Portfolio is subject to therisk that the investment process that will determine theselection of the Underlying Portfolios and the allocationand reallocation of the Portfolio’s assets among thevarious asset classes may not produce the desired result.A Portfolio is also subject to the risk that the subadvisermay be prevented from trading certain derivativeseffectively or in a timely manner.

Emerging Markets Risk. The risks associated withinvestments in foreign securities are heightened inconnection with investments in the securities of issuers indeveloping or “emerging market” countries. Generally, theeconomic, social, legal, and political structures inemerging market countries are less diverse, mature andstable than those in developed countries. Emergingmarket countries may be more likely to experience politicalturmoil or rapid changes in economic conditions thandeveloped countries. Risks associated with investments inemerging markets may include delays in settling portfoliosecurities transactions; currency and capital controls;greater sensitivity to interest rate changes; pervasivecorruption and crime; exchange rate volatility; inflation,deflation or currency devaluation; violent military orpolitical conflicts; confiscations and other governmentrestrictions by the United States or other governments,and government instability. As a result, investments inemerging market securities tend to be more volatile thaninvestments in developed countries. A Portfolio may beexposed to emerging market risks directly (through certainfutures contracts and other derivatives whose values arebased on emerging market indices or securities).

Equity Securities Risk. This is the risk that stock priceswill fall over short or extended periods of time. Althoughthe stock market has historically outperformed other assetclasses over the long term, the stock market tends tomove in cycles. Individual stock prices fluctuate from day-to-day and may underperform other asset classes over anextended period of time. Individual companies may reportpoor results or be negatively affected by industry and/oreconomic trends and developments. The prices ofsecurities issued by such companies may suffer a declinein response. These price movements may result fromfactors affecting individual companies, industries or thesecurities market as a whole. Certain Portfolios areindirectly exposed to this risk through their investments infutures contracts and other derivatives.

ETF Risk. Most ETFs are investment companies whoseshares are purchased and sold on a securities exchange.An investment in an ETF generally presents the sameprimary risks as an investment in a conventional fund (i.e.,one that is not exchange-traded) that has the same

investment objectives, strategies and policies. However,ETFs are subject to the following risks that do not apply toconventional mutual funds: (i) the market price of an ETF’sshares may trade at a premium or a discount to its netasset value; (ii) an active trading market for an ETF’sshares may not develop or be maintained; and (iii) there isno assurance that the requirements of the exchangenecessary to maintain the listing of an ETF will continueto be met or remain unchanged. In addition, a passively-managed ETF may fail to accurately track the marketsegment or index that underlies its investment objective.The price of an ETF can fluctuate, and a Portfolio couldlose money investing in an ETF. See “InvestmentCompany Risk.”

Extension Risk. The risk that an issuer will exercise itsright to pay principal on an obligation held by a Portfolio(such as a mortgage-backed security) later thanexpected. This may happen when there is a rise in interestrates. Under these circumstances the value of theobligation will decrease, and a Portfolio will also sufferfrom the inability to invest in higher yielding securities.

Factor-Based Investing Risk. There can be noassurance that the multi-factor selection processemployed by the subadviser will enhance performance.Exposure to investment style factors may detract fromperformance in some market environments, which maycontinue for prolonged periods.

Failure to Match Index Performance. The ability of aPortfolio to match the performance of its Index may beaffected by, among other things, changes in securitiesmarkets, the manner in which performance of the Index iscalculated, changes in the composition of the Index, theamount and timing of cash flows into and out of thePortfolio, commissions, portfolio expenses, and anydifferences in the pricing of securities by the Portfolio andthe Index. When a Portfolio employs an “optimization”strategy, the Portfolio is subject to an increased risk oftracking error, in that the securities selected in theaggregate for the Portfolio may perform differently thanthe underlying index.


GLOSSARY

- 248 -

Foreign Investment Risk. Investments in foreigncountries are subject to a number of risks. A principal riskis that fluctuations in the exchange rates between the U.S.dollar and foreign currencies may negatively affect thevalue of an investment. In addition, there may be lesspublicly available information about a foreign companyand it may not be subject to the same uniform accounting,auditing and financial reporting standards as U.S.companies. Foreign governments may not regulatesecurities markets and companies to the same degree asthe U.S government. Foreign investments will also beaffected by local political or economic developments andgovernmental actions by the United States or othergovernments. Consequently, foreign securities may beless liquid, more volatile and more difficult to price thanU.S. securities. These risks are heightened for emergingmarkets issuers. Historically, the markets of emergingmarket countries have been more volatile than moredeveloped markets; however, such markets can providehigher rates of return to investors.

Foreign Sovereign Debt Risk. Foreign sovereign debtsecurities are subject to the risk that a governmental entitymay delay or refuse to pay interest or to repay principal onits sovereign debt, due, for example, to cash flowproblems, insufficient foreign currency reserves, political,social and economic considerations, the relative size ofthe governmental entity’s debt position in relation to theeconomy or the failure to put in place economic reformsrequired by the International Monetary Fund or othermultilateral agencies. If a governmental entity defaults, itmay ask for more time in which to pay or for further loans.

Forward Currency Contracts Risk. The use of forwardcontracts involves the risk of mismatching a Portfolio’sobjective under a forward contract with the value ofsecurities denominated in a particular currency. Suchtransactions reduce or preclude the opportunity for gain ifthe value of the currency should move in the directionopposite to the position taken. There is an additional riskto the effect that currency contracts create exposure tocurrencies in which a Portfolio’s securities are notdenominated. Unanticipated changes in currency pricesmay result in poorer overall performance for a Portfoliothan if it had not entered into such contracts.

Fund-of-Funds Risk. The costs of investing in a fund-of-funds may be higher than the costs of investing in a mutualfund that only invests directly in individual securities. AnUnderlying Portfolio may change its investment objectiveor policies without a fund-of-fund’s approval, which couldforce the fund-of-funds to withdraw its investment fromsuch Underlying Portfolio at a time that is unfavorable toit. In addition, one Underlying Portfolio may buy the samesecurities that another Underlying Portfolio sells.

Therefore, the fund-of-funds would indirectly bear thecosts of these trades without accomplishing anyinvestment purpose.


Growth Stock Risk. Growth stocks can be volatile forseveral reasons. Since the issuers of growth stocksusually reinvest a high portion of earnings in their ownbusiness, growth stocks may lack the dividend yieldassociated with value stocks that can cushion total returnin a bear market. Also, growth stocks normally carry ahigher price/earnings ratio than many other stocks.Consequently, if earnings expectations are not met, themarket price of growth stocks will often decline more thanother stocks. However, the market frequently rewardsgrowth stocks with price increases when expectations aremet or exceeded.

Headline Risk. Some investments may be made when acompany becomes the center of controversy afterreceiving adverse media attention. The company may beinvolved in litigation, the company’s financial reports orcorporate governance may be challenged, the company’sannual report may disclose a weakness in internalcontrols, greater government regulation may becontemplated, or other adverse events may threaten thecompany’s future. While an investment manager willresearch companies subject to such contingencies, theycannot be correct every time, and the company’s stockmay never recover.

Hedging Risk. A hedge is an investment made in order toreduce the risk of adverse price movements in a currencyor other investment, by taking an offsetting position (oftenthrough a derivative instrument, such as an option orforward contract). While hedging strategies can be veryuseful and inexpensive ways of reducing risk, they aresometimes ineffective due to unexpected changes in themarket. Hedging also involves the risk that changes in thevalue of the related security will not match those of theinstruments being hedged as expected, in which case anylosses on the instruments being hedged may not bereduced. For gross currency hedges, there is an additionalrisk, to the extent that these transactions create exposureto currencies in which a Portfolio’s securities are notdenominated. Moreover, while hedging can reduce oreliminate losses, it can also reduce or eliminate gains.

GLOSSARY

- 249 -

Illiquidity Risk. When there is little or no active tradingmarket for specific types of securities, it can become moredifficult to sell the securities at or near their perceivedvalue. In such a market, the value of such securities anda Portfolio’s share price may fall dramatically. Over recentyears, regulatory changes have led to reduced liquidity inthe marketplace, and the capacity of dealers to makemarkets in fixed income securities has been outpaced bythe growth in the size of the fixed income markets.Portfolios that invest in non-investment grade fixed incomesecurities and emerging market country issuers will beespecially subject to the risk that during certain periods,the liquidity of particular issuers or industries, or allsecurities within a particular investment category, willshrink or disappear suddenly and without warning as aresult of adverse economic, market or political events, oradverse investor perceptions. Derivatives may also besubject to illiquidity risk.

Illiquidity Risk (SA DFA Ultra Short Bond Portfolio).Over recent years, regulatory changes have led toreduced liquidity in the marketplace, and the capacity ofdealers to make markets in fixed income securities hasbeen outpaced by the growth in the size of the fixedincome markets. Illiquidity risk may be magnified in a risinginterest rate environment, where the value and liquidity offixed income securities generally go down.

Income Risk. The ability of a Portfolio’s equity securitiesto generate income generally depends on the earningsand the continuing declaration of dividends by the issuersof such securities. The interest income on debt securitiesgenerally is affected by prevailing interest rates, which canvary widely over the short- and long-term. If dividends arereduced or discontinued or interest rates drop,distributions to shareholders from a Portfolio may drop aswell.

Indexing Risk. Certain Portfolios are passively managedto an index and, as a result, a Portfolio generally will notsell securities in its portfolio and buy different securitiesover the course of a year other than in conjunction withchanges in its target index, even if there are adversedevelopments concerning a particular security, companyor industry. As a result, you may suffer losses that youwould not experience with an actively-managed mutualfund.

Initial Public Offering Investing Risk. A Portfolio’spurchase of shares issued as part of, or a short periodafter, companies’ IPOs exposes it to the risks associatedwith companies that have little operating history as publiccompanies, as well as to the risks inherent in those sectorsof the market where these new issuers operate. Themarket for IPO issuers has been volatile, and share prices

of newly-public companies have fluctuated in significantamounts over short periods of time.

Insurer Risk. Insured municipal and mortgage- andasset-backed securities typically receive a higher creditrating, allowing the issuer of the securities to pay a lowerinterest rate. In purchasing such insured securities, theportfolio manager gives consideration to the credit qualityof both the issuer and the insurer. The insurance reducesthe credit risk for a particular security by supplementingthe creditworthiness of the underlying security andprovides an additional source for payment of the principaland interest of a security in the case the original issuerdefaults. To the extent a Portfolio holds insured securities,a change in the credit rating of any one or more of theinsurers that insure the securities in the Portfolio’sportfolio may affect the value of the securities they insure,the Portfolio’s share price and Portfolio performance. APortfolio might also be adversely impacted by the inabilityof an insurer to meet its insurance obligations. Certain ofthe insurance companies that provide insurance for thesesecurities provide insurance for subprime securities. If thevalue of these securities declines and/or the issuerdefaults, such events increase an insurer’s risk of havingto make payments to holders of such securities. Becauseof this risk, the ratings of some insurance companies havebeen, or may be, downgraded and it is possible that aninsurance company may become insolvent and be unableto pay in the event the issuer defaults. In either event, thesecurities insured by such an insurance company maybecome susceptible to increased risk of lower valuationsand possible loss.


Inverse Floaters Risk. Inverse floaters are leveragedinverse floating rate debt instruments. The interest rate onan inverse floater resets in the opposite direction from themarket rate of interest to which the inverse floater isindexed. An inverse floater may be considered to beleveraged to the extent that its interest rate varies by amagnitude that exceeds the magnitude of the change in

GLOSSARY

- 250 -

the index rate of interest. The higher degree of leverageinherent in inverse floaters is associated with greatervolatility in their market values. Accordingly, the duration ofan inverse floater may exceed its stated final maturity.

Investment Company Risk. The risks of a Portfolioowning other investment companies, including ETFs orUnderlying Portfolios, generally reflect the risks of owningthe underlying securities they are designed to track.Disruptions in the markets for the securities underlying theother investment companies purchased or sold by aPortfolio could result in losses on the Portfolio’sinvestment in such securities. Other investmentcompanies also have management fees that increasetheir costs versus owning the underlying securitiesdirectly. See also “ETF Risk.”


Japan Exposure Risk. The Japanese economy faces anumber of long-term problems, including massivegovernment debt, the aging and shrinking of thepopulation, an unstable financial sector and low domesticconsumption. Japan has experienced natural disasters ofvarying degrees of severity, and the risks of suchphenomena, and damage resulting therefrom, continue toexist. Japan has a growing economic relationship withChina and other Southeast Asian countries, and thusJapan’s economy may also be affected by economic,political or social instability in those countries (whetherresulting from local or global events).

Large-Cap Companies Risk. Large-cap companies tendto go in and out of favor based on market and economicconditions. Large-cap companies tend to be less volatilethan companies with smaller market capitalizations. Inexchange for this potentially lower risk, a Portfolio’s valuemay not rise as much as the value of portfolios thatemphasize smaller companies.

Leverage Risk. A Portfolio may engage in certaintransactions that may expose it to leverage risk, such asreverse repurchase agreements, loans of portfoliosecurities, and the use of when-issued, delayed deliveryor forward commitment transactions and derivatives.Leverage occurs when an investor has the right to a returnon an investment that exceeds the return that the investorwould be expected to receive based on the amountcontributed to the investment. A Portfolio’s use of certaineconomically leveraged futures and other derivatives canresult in a loss substantially greater than the amountinvested in the futures or other derivative itself. Certainfutures and other derivatives have the potential for

unlimited loss, regardless of the size of the initialinvestment. When a Portfolio uses futures and otherderivatives for leverage, a shareholder’s investment in thePortfolio will tend to be more volatile, resulting in largergains or losses in response to the fluctuating prices of thePortfolio’s investments. The use of leverage may cause aPortfolio to liquidate portfolio positions at inopportunetimes in order to meet regulatory asset coveragerequirements, fulfill leverage contract terms, or for otherreasons. Leveraging, including borrowing, tends toincrease a Portfolio’s exposure to market risk, interest raterisk or other risks, and thus may cause a Portfolio to bemore volatile than if the Portfolio had not utilized leverage.

Loan Participations and Assignments Risk. Typically,there is no liquid market for participations andassignments; a Portfolio anticipates that such securitiescould be sold only to a limited number of institutionalinvestors. The lack of a liquid secondary market may havean adverse impact on the value of such securities and aPortfolio’s ability to dispose of particular assignments orparticipations when necessary to meet the Portfolio’sliquidity needs or in response to a specific economic eventsuch as a deterioration in the creditworthiness of theborrower. The lack of a liquid secondary market forassignments and participations also may make it moredifficult for a Portfolio to assign a value to these securitiesfor purposes of valuing the Portfolio and calculating its netasset value.

Transactions in loan participations and assignments maysettle on a delayed basis, resulting in the proceeds fromthe sale of a loan participation or assignment not beingavailable to make additional investments or to meet aPortfolio’s redemption obligations. To the extent theextended settlement process gives rise to short-termliquidity needs, a Portfolio may hold additional cash, sellinvestments or temporarily borrow from banks or otherlenders.

Loan Risk. Loans are subject to the credit risk ofnonpayment of principal or interest. Economic downturnsor increases in interest rates may cause an increase indefaults, interest rate risk and illiquidity risk. Loans may ormay not be collateralized at the time of acquisition, andany collateral may lack liquidity or lose all or substantiallyall of its value subsequent to investment. In the event ofbankruptcy of a borrower, a Portfolio could experiencedelays or limitations with respect to its ability to realize thebenefits of any collateral securing a loan.

A Portfolio may invest in certain commercial loans,including loans generally known as “syndicated bankloans,” by acquiring participations or assignments in suchloans. The lack of a liquid secondary market for such

GLOSSARY

- 251 -

securities may have an adverse impact on the value of thesecurities and a Portfolio’s ability to dispose of particularassignments or participations when necessary to meetredemptions of shares or to meet a Portfolio’s liquidityneeds. When purchasing a participation, a Portfolio maybe subject to the credit risks of both the borrower and thelender that is selling the participation. When purchasing aloan assignment, a Portfolio acquires direct rights againstthe borrowers, but only to the extent of those held by theassigning lender. Investment in loans through a directassignment from the financial institutions interests withrespect to a loan may involve additional risks.

Junior loans, which have a lower place in the borrower’scapital structure than senior loans and may be unsecured,involve a higher degree of overall risk than senior loans ofthe same borrower. Second lien loans are secured by theassets of the issuer. In a typical structure, the claim oncollateral and right of payment of second lien loans arejunior to those of first-lien loans. Subordinated bridgeloans are loans that are intended to provide short-termfinancing to provide a “bridge” to an asset sale, bondoffering, stock offering, or divestiture. Generally, bridgeloans are provided by arrangers as part of an overallfinancing package. Typically, the issuer will agree toincreasing interest rates if the loan is not repaid asexpected. A subordinated bridge loan is junior to a seniorbridge loan in right of payment.

Transactions in loans may settle on a delayed basis,resulting in the proceeds from the sale of a loan not beingavailable to make additional investments or to meet aPortfolio’s redemption obligations. To the extend theextended settlement process gives rise to short-termliquidity needs, a Portfolio may hold additional cash, sellinvestments or temporarily borrow from banks or otherlenders.

Management Risk. A Portfolio is subject to managementrisk because it is an actively-managed investmentportfolio. A Portfolio’s portfolio managers applyinvestment techniques and risk analyses in makinginvestment decisions, but there can be no guarantee thatthese decisions or the individual securities selected by theportfolio managers will produce the desired results.

Market Risk. A Portfolio’s share price can fall because ofweakness in the broad market, a particular industry, orspecific holdings. The market as a whole can decline formany reasons, including adverse political or economicdevelopments in the United States or abroad, changes ininvestor psychology, or heavy institutional selling andother conditions or events (including, for example, militaryconfrontations, war, terrorism, disease/virus, outbreaksand epidemics). The prospects for an industry or company

may deteriorate because of a variety of factors, includingdisappointing earnings or changes in the competitiveenvironment. In addition, SunAmerica’s or thesubadviser’s assessment of securities held in the Portfoliomay prove incorrect, resulting in losses or poorperformance even in a rising market. Finally, the Portfolio’sinvestment approach could fall out of favor with theinvesting public, resulting in lagging performance versusother comparable portfolios.


Model Risk. A subadviser’s investment models may notadequately take into account certain factors and mayresult in the Portfolio having a lower return than if thePortfolio were managed using another model orinvestment strategy. In addition, the investment modelsused by a subadviser to evaluate securities or securitiesmarkets are based on certain assumptions concerning theinterplay of market factors. The markets or the prices ofindividual securities may be affected by factors notforeseen in developing the models.


Non-Diversification Risk. Certain Portfolios areorganized as “non-diversified” Portfolios. A non-diversifiedPortfolio may invest a larger portion of its assets in thestocks of a single company than a diversified fund, andthus can concentrate in a smaller number of issuers. APortfolio’s risk is increased because the effect theperformance of each security on the Portfolio’s overallperformance is greater.

GLOSSARY

- 252 -

Non-Diversification Risk (SA Large Cap Growth IndexFund). In order to replicate the returns of the Index, thePortfolio’s total assets may at times be invested in multipleissuers representing more than 5% of the Portfolio’s totalassets. As a result, the Portfolio may, from time to time,become “non-diversified.” A non-diversified fund mayinvest a larger portion of assets in the securities of asingle company than a diversified fund. By concentratingin a smaller number of issuers, the Portfolio’s risk isincreased because the effect of each security on thePortfolio’s performance is greater.

Non-Hedging Foreign Currency Trading Risk. APortfolio may engage in forward foreign currencytransactions for speculative purposes. A Portfolio maypurchase or sell foreign currencies through the use offorward contracts based on the subadviser’s judgmentregarding the direction of the market for a particularforeign currency or currencies. In pursuing this strategy,the subadviser seeks to profit from anticipated movementsin currency rates by establishing “long” and/or “short”positions in forward contracts on various foreigncurrencies. Foreign exchange rates can be extremelyvolatile and a variance in the degree of volatility of themarket or in the direction of the market from thesubadviser’s expectations may produce significant lossesfor the Portfolio. Some of the transactions may also besubject to interest rate risk.

Options Risk. Options are subject to sudden pricemovements and are highly leveraged, in that payment ofa relatively small purchase price, called a premium, givesthe buyer the right to acquire an underlying security orreference asset that has a face value substantially greaterthan the premium paid. The buyer of an option risks losingthe entire purchase price of the option. The writer, or seller,of an option risks losing the difference between thepurchase price received for the option and the price of thesecurity or reference asset underlying the option that thewriter must purchase or deliver upon exercise of theoption. There is no limit on the potential loss.

“Passively Managed” Strategy Risk. A Portfolio orUnderlying Portfolio following a passively managedstrategy will not deviate from its investment strategy. Inmost cases, it may involve a passively managed strategyutilized to achieve investment results that correspond to aparticular market index. Such a Portfolio or UnderlyingPortfolio will not sell stocks in its portfolio and buy differentstocks for other reasons, even if there are adversedevelopments concerning a particular stock, company orindustry. There can be no assurance that the strategy willbe successful.

Preferred Stock Risk. Unlike common stock, preferredstock generally pays a fixed dividend from a company’s

earnings and may have a preference over common stockon the distribution of a company’s assets in the event ofbankruptcy or liquidation. Preferred stockholders’liquidation rights are subordinate to the company’s debtholders and creditors. If interest rates rise, the fixeddividend on preferred stocks may be less attractive andthe price of preferred stocks may decline. Preferred stockusually does not require the issuer to pay dividends andmay permit the issuer to defer dividend payments.Deferred dividend payments could have adverse taxconsequences for a Portfolio and may cause the preferredstock to lose substantial value.

Prepayment Risk. Prepayment risk is the possibility thatthe principal of the loans underlying mortgage-backed orother pass-through securities may be prepaid at any time.As a general rule, prepayments increase during a periodof falling interest rates and decrease during a period ofrising interest rates. This can reduce the returns of aPortfolio because the Portfolio will have to reinvest thatmoney at the lower prevailing interest rates. In periods ofincreasing interest rates, the occurrence of prepaymentsgenerally declines, with the effect that the securitiessubject to prepayment risk held by a Portfolio may exhibitprice characteristics of longer-term debt securities.

Quantitative Investing Risk. The value of securitiesselected using quantitative analysis can react differently toissuer, political, market, and economic developments fromthe market as a whole or securities selected using onlyfundamental analysis. The factors used in quantitativeanalysis and the weight placed on those factors may notbe predictive of a security’s value. In addition, factors thataffect a security’s value can change over time and thesechanges may not be reflected in the quantitative model.

Real Estate Industry Risk. Risks include declines in thevalue of real estate, risks related to general and localeconomic conditions, overbuilding and increasedcompetition, increases in property taxes and operatingexpenses, changes in zoning laws, casualty orcondemnation losses, fluctuations in rental income,changes in neighborhood values, changes in the appealof properties to tenants and increases in interest rates. Ifa Portfolio has rental income or income from thedisposition of real property, the receipt of such incomemay adversely affect its ability to retain its tax status as aregulated investment company. In addition, REITs aredependent upon management skill, may not be diversifiedand are subject to project financing risks. Such trusts arealso subject to heavy cash flow dependency, defaults byborrowers, self-liquidation and the possibility of failing toqualify for tax-free pass-through of income under theInternal Revenue Code of 1986, as amended (the“Code”), and to maintain exemption from registration

GLOSSARY

- 253 -

under the 1940 Act. REITs may be leveraged, whichincreases risk.

Redemption Risk. A Portfolio may experience heavyredemptions that could cause the Portfolio to liquidate itsassets at inopportune times or at a loss or depressedvalue, which could cause the Portfolio’s net asset valueper share to decline.

Regulatory Risk. Derivative contracts, including, withoutlimitation, futures, swaps and currency forwards, aresubject to regulation under the Dodd-Frank Act in theUnited States and under comparable regimes in Europe,Asia and other non-U.S. jurisdictions. With respect toswaps, regulations are now in effect that require swapdealers to post and collect variation margin (comprised ofspecified liquid instruments and subject to a requiredhaircut) in connection with trading of OTC swaps with aPortfolio. Shares of investment companies (other thanmoney market funds) may not be posted as collateralunder these regulations. The additional requirements forposting of initial margin in connection with OTC swaps willbe phased-in through September 2021. In addition,regulations adopted by global prudential regulators thatare now in effect require certain bank-regulatedcounterparties and certain of their affiliates to include incertain financial contracts, including many derivativescontracts, terms that delay or restrict the rights ofcounterparties, such as a Portfolio, to terminate suchcontracts, foreclose upon collateral, exercise other defaultrights or restrict transfers of credit support in the event thatthe counterparty and/or its affiliates are subject to certaintypes of resolution or insolvency proceedings. Theimplementation of these requirements with respect toderivatives, along with additional regulations under theDodd-Frank Act regarding clearing and mandatory tradingand trade reporting of derivatives, generally haveincreased the costs of trading in these instruments and,as a result, may affect returns to investors in a Portfolio.

REIT (Real Estate Investment Trusts) Risk. A Portfoliomay invest in REITs. Investing in REITs involves certainunique risks. Equity REITs may be affected by changes inthe value of the underlying property owned by suchREITs, while mortgage REITs may be affected by thequality of any credit extended. REITs are dependent uponmanagement skills, are not diversified (except to theextent the Code requires), and are subject to the risks offinancing projects. REITs are subject to heavy cash flowdependency, default by borrowers, self-liquidation, andthe possibilities of failing to qualify for the exemption fromtax for distributed income under the Code and failing tomaintain their exemptions from the 1940 Act. REITs arealso subject to interest rate risks. A Portfolio will indirectlybear its proportionate share of any management andother expenses that may be charged by the REITs in which

it invests, in addition to the expenses paid by the Portfolio.REITs may be leveraged, which increases risk.

Repurchase Agreements Risk. Repurchaseagreements are agreements in which the seller of asecurity to a Portfolio agrees to repurchase that securityfrom a Portfolio at a mutually agreed upon price and date.Repurchase agreements carry the risk that thecounterparty may not fulfill its obligations under theagreement. This could cause a Portfolio’s income and thevalue of a Portfolio to decline.

Risks of CDOs. CDOs are types of asset-backedsecurities. The risks of an investment in a CDO dependlargely on the quality and type of the collateral securitiesand the class of the CDO in which a Portfolio invests. Inaddition to being subject to the risks of securitizedinstruments generally, CDOs carry additional risks,including, but not limited to: (i) the possibility thatdistributions from collateral securities will not be adequateto make interest or other payments; (ii) the risk that thecollateral may default, decline in value or be downgraded;(iii) the risk that a Portfolio may invest in tranches of CDOsthat are subordinate to other tranches; (iv) the structureand complexity of the transaction and the legal documentscould lead to disputes among investors regarding thecharacterization of proceeds; (v) the investment returnachieved by a Portfolio could be significantly different thanthose predicted by financial models; (vi) the lack of areadily available secondary market for CDOs; (vii) risk offorced “fire sale” liquidation due to technical defaults suchas coverage test failures; and (viii) the CDO’s managermay perform poorly.

Risks of CMBS. CMBS include securities that reflect aninterest in, and are secured by, mortgage loans oncommercial real property. Many of the risks of investing inCMBS reflect the risks of investing in the real estatesecuring the underlying mortgage loans. These risksreflect the effects of local and other economic conditionson real estate markets, the ability of tenants to make loanpayments, and the ability of a property to attract and retaintenants. CMBS may not be backed by the full faith andcredit of the U.S. Government. In addition to being subjectto the risks of securitized instruments generally, CMBSmay be less liquid and exhibit greater price volatility thanother types of mortgage-backed or asset-backedsecurities.

Risks of CMOs. CMOs are hybrid mortgage-backedinstruments. CMOs may be collateralized by wholemortgage loans or by portfolios of mortgage pass-throughsecurities. While CMO collateral is generally issued by theGovernment National Mortgage Association, the FederalHome Loan Mortgage Corporation or the Federal NationalMortgage Association, the CMO itself may be issued by a

GLOSSARY

- 254 -

private party, such as a brokerage firm, that is not coveredby government guarantees. CMOs are structured intomultiple classes, with each class bearing a different statedmaturity. CMOs may offer a higher yield than U.S.government securities, but they may also be subject togreater credit risk. In the event of default by an issuer of aCMO, a Portfolio will be less likely to receive payments ofprincipal and interest. In addition to being subject to therisks of securitized instruments generally, CMOs may beless liquid and exhibit greater price volatility than othertypes of mortgage-backed or asset-backed securities.

Risk of Conflict with Insurance Company Interests –Risk Management. Managing a Portfolio’s risks relativeto its benchmark index may reduce the risks and hedgingcosts assumed by the insurance company that sponsorsyour Variable Contract. This facilitates the insurancecompany’s ability to provide guaranteed benefits. Theseguarantees are optional and may not be associated withyour Variable Contract. While the interests of a Portfolio’sshareholders and the affiliated insurance companiesproviding these guaranteed benefits are generally aligned,the affiliated insurance companies (and SunAmerica byvirtue of its affiliation with the insurance companies) mayface potential conflicts of interest. In particular, certainaspects of a Portfolio’s investment strategy may have theeffect of mitigating the financial risks to which the affiliatedinsurance companies are subject as a result of providingthose guaranteed benefits and the hedging costsassociated with providing such benefits. In addition, aPortfolio’s performance may be lower than similarportfolios that do not employ the same risk managementconstraints.

Risk of Conflict with Insurance Company Interests –Volatility Management. Managing a Portfolio’s volatilitymay reduce the risks assumed by the insurance companythat sponsors your Variable Contract. This facilitates theinsurance company’s ability to provide guaranteedbenefits. These guarantees are optional and may not beassociated with your Variable Contract. While the interestsof a Portfolio’s shareholders and the affiliated insurancecompanies providing these guaranteed benefits aregenerally aligned, the affiliated insurance companies (andSunAmerica by virtue of its affiliation with the insurancecompanies) may face potential conflicts of interest. Inparticular, certain aspects of a Portfolio’s managementhave the effect of mitigating the financial risks to which theaffiliated insurance companies are subjected by providingthose guaranteed benefits. In addition, a Portfolio’sperformance may be lower than similar portfolios that donot seek to manage their volatility.

Risk of Investing in Bonds. As with any fund that investssignificantly in bonds, the value of your investment in a

Portfolio may go up or down in response to changes ininterest rates or defaults (or even the potential for futuredefaults) by bond issuers. The market value of bonds andother fixed income securities usually tends to varyinversely with the level of interest rates; as interest ratesrise the value of such securities typically falls, and asinterest rates fall, the value of such securities typicallyrises. Longer-term and lower coupon bonds tend to bemore sensitive to changes in interest rates.

A Portfolio’s investments, payment obligations andfinancing terms may be based on floating rates, such asLondon Interbank Offer Rate (“LIBOR”), Euro InterbankOffered Rate and other similar types of reference rates(each, a “Reference Rate”). On July 27, 2017, the ChiefExecutive of the UK Financial Conduct Authority (“FCA”),which regulates LIBOR, announced that the FCA will nolonger persuade nor require banks to submit rates for thecalculation of LIBOR and certain other Reference Ratesafter 2021. Such announcement indicates that thecontinuation of LIBOR and other Reference Rates on thecurrent basis cannot and will not be guaranteed after2021. This announcement and any additional regulatoryor market changes may have an adverse impact on aPortfolio or its investments.

Risk of Investing in Junk Bonds. Certain Portfolios mayinvest in junk bonds, which are considered speculative.Junk bonds carry a substantial risk of default or changesin the issuer’s creditworthiness, or they may already be indefault at the time of purchase.

Risk of Investing in Money Market Securities. Becausea Portfolio invests in high-quality short-term obligations(“money market securities”), it may be subject to changesin interest rates, changes in the rating of any moneymarket security and in the ability of an issuer to makepayments of interest and principal.

Risk of Investing in Municipal Securities. Municipalsecurities are subject to the risk that litigation, legislationor other political events, local business or economicconditions, or the bankruptcy of the issuer could have asignificant effect on an issuer’s ability to make paymentsof principal and/or interest.

Risk of Investing in Sub-Prime Debt Securities. Theissuer of a sub-prime debt security may default on itspayments of interest or principal on a security when due.These risks are more pronounced in the case of sub-prime debt instruments than more highly rankedsecurities. Because of this increased risk, these securitiesmay also be less liquid and subject to more pronounceddeclines in value than more highly rated instruments intimes of market stress.

GLOSSARY

- 255 -

Roll Transactions Risk. Roll transactions involve certainrisks, including the following: if the broker-dealer to whoma Portfolio sells the security becomes insolvent, thePortfolio’s right to purchase or repurchase the securitysubject to the dollar roll may be restricted and theinstrument that the Portfolio is required to repurchase maybe worth less than an instrument that the Portfoliooriginally held. Successful use of roll transactions willdepend upon the adviser/subadviser’s ability to predictcorrectly interest rates and, in the case of mortgage dollarrolls, mortgage prepayments. For these reasons, there isno assurance that dollar rolls can be successfullyemployed.

Sector Risk. Companies with similar characteristics maybe grouped together in broad categories called sectors.Sector risk is the possibility that a certain sector mayunderperform other sectors or the market as a whole. Asa Portfolio allocates more of its portfolio holdings to aparticular sector, the Portfolio’s performance will be moresusceptible to any economic, business or otherdevelopments which generally affect that sector.

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

Settlement Risk. Investments purchased on anextended-settlement basis, such as when-issued, forwardcommitment or delayed-delivery transactions, involve arisk of loss if the value of the security to be purchaseddeclines before the settlement date. Conversely, the saleof securities on an extended-settlement basis involves therisk that the value of the securities sold may increasebefore the settlement date.

Short Sales Risk. Short sales by a Portfolio involvecertain risks and special considerations. Possible lossesfrom short sales differ from losses that could be incurredfrom a purchase of a security, because losses from shortsales are potentially unlimited, whereas losses frompurchases can be no greater than the total amountinvested. When a Portfolio sells futures contracts, thePortfolio is exposed to the risks associated with shortsales.

Small- and Mid-Cap Companies Risk. Companies withsmaller market capitalization (particularly under $1 billiondepending on the market) tend to be at early stages ofdevelopment with limited product lines, market access forproducts, financial resources, access to new capital ordepth in management. It may be difficult to obtain reliableinformation and financial data about these companies.Consequently, the securities of smaller companies maynot be as readily marketable and may be subject to moreabrupt or erratic market movements. Securities of mid-

cap companies are usually more volatile and entail greaterrisks than securities of large companies. In addition,small- and mid-cap companies may be traded in OTCmarkets as opposed to being traded on an exchange. OTCsecurities may trade less frequently and in smaller volumethan exchange-listed stocks, which may cause thesesecurities to be more volatile than exchange-listed stocksand may make it more difficult to buy and sell thesesecurities at prevailing market prices. The Portfoliosdetermine relative market capitalizations using U.S.standards. Accordingly, a Portfolio’s non-U.S. investmentsmay have large capitalizations relative to marketcapitalizations of companies based outside theUnited States.


Structured Notes Risk. Structured notes and otherrelated instruments are generally privately negotiateddebt obligations where the principal and/or interest isdetermined by reference to the performance of a specificasset, benchmark asset, market or interest rate(“reference measure”). The purchase of structured notesexposes a Portfolio to the credit risk of the issuer of thestructured product. Structured notes may be leveraged,increasing the volatility of each structured note’s valuerelative to the change in the reference measure.Structured notes may also be less liquid and more difficultto price accurately than less complex securities andinstruments or more traditional debt securities.

Tax Risk. The use of certain derivatives may cause aPortfolio to realize higher amounts of ordinary income orshort-term capital gain, to suspend or eliminate holdingperiods of positions, and/or to defer realized losses,potentially increasing the amount of taxable distributions,and of ordinary income distributions in particular. APortfolio’s use of derivatives may be limited by therequirements for taxation of a Portfolio as a regulatedinvestment company. The tax treatment of derivatives maybe affected by changes in legislation, regulations or otherlegal authority that could affect the character, timing andamount of a Portfolio’s taxable income or gains anddistributions to shareholders.

Technology Company Risk. There are numerous risksand uncertainties involved in investing in the technologysector. Historically, the price of securities in this sectorhave tended to be volatile. A Portfolio that invests primarilyin technology-related issuers bears an additional risk thateconomic events may affect a substantial portion of thePortfolio’s investments. In addition, at times equitysecurities of technology-related issuers may

GLOSSARY

- 256 -

underperform relative to other sectors. The technologysector includes companies from various industries,including computer hardware, software, semiconductors,telecommunications, electronics, aerospace and defense,health care equipment and biotechnology, among others.

Underlying Portfolios Risk. The risks of a Portfolioowning Underlying Portfolios generally reflect the risks ofowning the underlying securities held by the UnderlyingPortfolios. Disruptions in the markets for the securitiesheld by the Underlying Portfolios could result in losses onthe Portfolio’s investment in such securities. TheUnderlying Portfolios also have fees that increase theircosts versus owning the underlying securities directly. Forexample, a Portfolio indirectly pays a portion of theexpenses (including management fees and operatingexpense) incurred by the Underlying Portfolios.

Unseasoned Companies Risk. Unseasoned companiesare companies that have operated (together with theirpredecessors) less than three years. The securities ofsuch companies may have limited liquidity, which canresult in their being priced higher or lower than mightotherwise be the case. In addition, investments inunseasoned companies are more speculative and entailgreater risk than do investments in companies withestablished operating records.

U.S. Government Obligations Risk. U.S. Treasuryobligations are backed by the “full faith and credit” of theU.S. Government and generally have negligible credit risk.Securities issued or guaranteed by federal agencies orauthorities and U.S. Government-sponsoredinstrumentalities or enterprises may or may not be backedby the full faith and credit of the U.S. Government. Forexample, securities issued by the Federal Home LoanMortgage Corporation, the Federal National MortgageAssociation and the Federal Home Loan Banks areneither insured nor guaranteed by the U.S. Government;the securities may be supported only by the ability toborrow from the U.S. Treasury or by the credit of theissuing agency, authority, instrumentality or enterpriseand, as a result, are subject to greater credit risk thansecurities issued or guaranteed by the U.S. Treasury.

Value Investing Risk. The subadviser’s judgment that aparticular security is undervalued in relation to the


Volatility Control Risk and Volatility ManagementRisk. Please refer to the Portfolio Summary of each of SABlackRock VCP Global Multi Asset Portfolio, SA InvescoVCP Equity-Income Portfolio, SA PIMCO VCP TacticalBalanced Portfolio, SA Schroders VCP Global AllocationPortfolio, SA T. Rowe Price VCP Balanced Portfolio andSA VCP Index Allocation Portfolio for a description of theapplicable risk with respect to the Portfolio.

Warrants and Rights Risk. Warrants and rights canprovide a greater potential for profit or loss than anequivalent investment in the underlying security. Prices ofwarrants and rights do not necessarily move in tandemwith the prices of the underlying securities and thereforeare highly volatile and speculative investments. They haveno voting rights, pay no dividends and have no rights withrespect to the assets of the issuer other than a purchaseoption. If a warrant or right held by a Portfolio is notexercised by the date of its expiration, the Portfolio wouldlose the entire purchase price of the warrant or right.

When-Issued and Delayed Delivery TransactionsRisk. When-issued and delayed delivery securities involvethe risk that the security a Portfolio buys will lose valueprior to its delivery. There also is the risk that the securitywill not be issued or that the other party to the transactionwill not meet its obligation. If this occurs, a Portfolio maylose both the investment opportunity for the assets it setaside to pay for the security and any gain in the security’sprice.


Additional Information About Derivatives Risks

The following provides more detailed information aboutrisks that apply specifically to the derivatives used by thePortfolios.

Credit Risk. The use of many derivative instrumentsinvolves the risk that a loss may be sustained as a resultof the failure of another party to the contract (usually

GLOSSARY

- 257 -

referred to as a “counterparty”) to make requiredpayments or otherwise comply with the contract’s terms.Additionally, credit default swaps could result in losses ifthe subadviser does not correctly evaluate thecreditworthiness of the company on which the creditdefault swap is based.

Illiquidity Risk. Illiquidity risk exists when a particularderivative instrument is difficult to purchase or sell. If aderivative transaction is particularly large or if the relevantmarket is illiquid (as is the case with many privatelynegotiated derivatives), it may not be possible to initiate atransaction or liquidate a position at an advantageous timeor price.

Lack of Availability Risk. Because the markets forcertain derivative instruments (including markets locatedin foreign countries) are relatively new and still developing,suitable derivatives transactions may not be available in allcircumstances for risk management or other purposes.Upon the expiration of a particular contract, thesubadviser may wish to retain a Portfolio’s position in thederivative instrument by entering into a similar contract,but may be unable to do so if the counterparty to theoriginal contract is unwilling to enter into the new contractand no other suitable counterparty can be found. There isno assurance that the Portfolio will engage in derivativestransactions at any time or from time to time. A Portfolio’sability to use derivatives may also be limited by certainregulatory and tax considerations.

Leverage Risk. Because many derivatives have aleverage component, adverse changes in the value orlevel of the underlying asset, reference rate or index canresult in a loss substantially greater than the amountinvested in the derivative itself. Certain derivatives havethe potential for unlimited loss, regardless of the size ofthe initial investment. When a Portfolio uses derivatives forleverage, investments in the Portfolio will tend to be morevolatile, resulting in larger gains or losses in response tomarket changes. To limit leverage risk, a Portfolio willsegregate, or “earmark,” assets determined to be liquid bythe subadviser to cover its obligations under derivativeinstruments.

Management Risk. Derivative products are highlyspecialized instruments that require investment

techniques and risk analysis that in many cases aredifferent from those associated with stocks and bonds.The use of a derivative requires an understanding not onlyof the underlying instrument but also of the derivativeitself, without the benefit of observing the performance ofthe derivative under all possible market conditions.

Market and Other Risks. Like most other investments,derivative instruments are subject to the risk that themarket value of the instrument will change in a waydetrimental to a Portfolio’s interest. If the subadviserincorrectly forecasts the values of securities, currenciesor interest rates or other economic factors in usingderivatives for a Portfolio, the Portfolio might have been ina better position if it had not entered into the transactionat all. While some strategies involving derivativeinstruments can reduce the risk of loss, they can alsoreduce the opportunity for gain or even result in losses byoffsetting favorable price movements in other Portfolioinvestments. A Portfolio may also have to buy or sell asecurity at a disadvantageous time or price because thePortfolio is legally required to maintain offsetting positionsor asset coverage in connection with certain derivativestransactions.

Other risks in using derivatives include the risk ofmispricing or improper valuation of derivatives and theinability of derivatives to correlate perfectly withunderlying assets, rates and indexes. Many derivatives, inparticular privately negotiated derivatives, are complexand often valued subjectively. Improper valuations canresult in increased cash payment requirements tocounterparties or a loss of value to a Portfolio. Also, thevalue of derivatives may not correlate perfectly, or at all,with the value of the assets, reference rates or indexesthey are designed to track. For example, a swapagreement on an ETF may not correlate perfectly with theindex upon which the ETF is based because a Portfolio’sreturn is net of fees and expenses. In addition, aPortfolio’s use of derivatives may cause the Portfolio torealize higher amounts of short-term capital gains(generally taxed at ordinary income tax rates) than if thePortfolio had not used such instruments.

GLOSSARY

- 258 -

About the Indices

Unlike mutual funds, the indices do not incur expenses. Ifexpenses were deducted, the actual returns of the indiceswould be lower.

The Bloomberg Barclays U.S. 7-10 Treasury Indexmeasures the performance of U.S. Treasury securitiesthat have a remaining maturity of at least seven years andless than 10 years.

The Bloomberg Barclays U.S. Aggregate Bond Indexcombines several fixed-income indices to give a broadview of the U.S. investment grade fixed rate bond market,with index components for government and corporatesecurities, mortgage pass-through securities, and asset-backed securities.

The Bloomberg Barclays U.S. Corporate InvestmentGrade Index represents investment grade within theBloomberg Barclays U.S. Aggregate Bond Index.

The Bloomberg Barclays U.S. Credit Index is a broadmeasure of the U.S. investment grade corporate bondmarket that includes all publicly issued, fixed rate,nonconvertible investment grade, dollar-denominated,SEC-registered corporate debt.

The Bloomberg Barclays U.S. Corporate High Yield2% Issuer Capped Index is an unmanaged index whichcovers the universe of U.S. dollar denominated, non-convertible, fixed rate, non-investment grade debt. TheIndex limits the maximum exposure to any one issuer to2%. Index holdings must have at least one year to finalmaturity, at least $150 million par amount outstanding, andbe publicly issued with a rating of Ba1 or lower.

The Bloomberg Barclays U.S. Government/CreditBond Index is a broad-based flagship benchmark thatmeasures the non-securitized component of the USAggregate Index. It includes investment grade, U.S. dollar-denominated, fixed-rate Treasuries, government-relatedand corporate securities.

The Bloomberg Barclays U.S. IntermediateGovernment/Credit Bond Index is a broad-based, fixedincome index that measures the performance of U.S.dollar-denominated Treasuries, government related andinvestment grade U.S. corporate securities that have aremaining maturity of greater than one year and less thanten years and have more than $250 million or more ofoutstanding face value. The securities in the Index mustbe denominated in U.S. dollars and must be fixed-rate andnonconvertible. The Index is market capitalizationweighted and the securities in the Index are updated onthe last business day of each month.

The ICE BofA 6-Month US Treasury Bill Index iscomprised of a single issue purchased at the beginning ofthe month and held for a full month. At the end of themonth, that issue is sold and rolled into a newly selectedissue.

The ICE BofA US High Yield Index tracks theperformance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the USdomestic market.

The FTSE NAREIT Equity REITs Index is designed topresent investors with a comprehensive family of REITperformance indexes that spans the commercial realestate space across the US economy. The index seriesprovides investors with exposure to all investment andproperty sectors. In addition, the more narrowly focusedproperty sector and sub-sector indexes provide the facilityto concentrate commercial real estate exposure in moreselected markets.

The J.P. Morgan Global Government Bond Index (un-hedged) is a total return, market capitalization weightedindex, rebalanced monthly consisting of the followingcountries: Australia, Germany, Spain, Belgium, Italy,Sweden, Canada, Japan, United Kingdom, Denmark,Netherlands, United States and France.

The MSCI ACWI ex USA Index (net)* captures large andmid-cap representation across 22 of 23 developedmarkets countries (excluding the US) and 26 emergingmarkets countries. With 2,408 constituents, the indexcovers approximately 85% of the global equity opportunityset outside the US.

The MSCI EAFE® Index (net)* is an equity index whichcaptures large and mid-cap representation acrossdeveloped market countries, excluding the U.S. andCanada. The MSCI EAFE® Index consists of the following21 developed market countries: Australia, Austria,Belgium, Denmark, Finland, France, Germany, HongKong, Ireland, Israel, Italy, Japan, the Netherlands, NewZealand, Norway, Portugal, Singapore, Spain, Sweden,Switzerland, and the United Kingdom.

The MSCI EAFE Value Index (net)* is a subset of theMSCI EAFE Index, and constituents of the index includesecurities from Europe, Australasia and the Far East. Theindex generally represents approximately 50% of the freefloat-adjusted market capitalization of the underlyingMSCI EAFE Index, and consists of those securitiesclassified by MSCI as most representing the value style,such as higher book value-to-price ratios, higher forward

GLOSSARY

- 259 -

earnings-to-price ratios, higher dividend yields and lowerforecasted growth rates than securities representing thegrowth style.

The MSCI Emerging Markets IndexSM (net)* measuresthe performance of companies representative of themarket structure of approximately 26 emerging marketeconomies. The MSCI Emerging Markets Index excludesclosed markets and those shares in otherwise freemarkets which are not purchasable by foreigners.

The MSCI World IndexSM (net)* measures theperformance of companies representative of the marketstructure of 23 developed market countries in NorthAmerica, Europe and Asia/Pacific regions.

The MSCI World Information Technology IndexSM is acapitalization weighted index that monitors theperformance of information technology stocks fromaround the world.

The Nasdaq Composite Index includes over 4,000companies and measures all Nasdaq domestic andinternational based common type stocks listed on TheNasdaq Stock Market.

The Russell 1000® Index measures the performance ofthe 1,000 largest companies in the Russell 3000® Index,which represents approximately 92% of the total marketcapitalization of the Russell 3000® Index.

The Russell 1000® Growth Index measures theperformance of those Russell 1000 companies with agreater-than-average growth orientation. Companies inthis index tend to exhibit higher price-to-book and price-earnings ratios, lower dividend yields and higherforecasted growth values.

The Russell 1000® Value Index measures theperformance of the large-cap value segment of the U.S.equity universe. It includes those Russell 1000 companieswith lower price-to-book ratios and lower expected growthvalues.

The Russell 2000® Growth Index measures theperformance of those Russell 2000 companies withhigher price-to-book ratios and higher forecasted growthvalues.

The Russell 2000® Index measures the performance ofthe 2,000 smallest companies in the Russell 3000® Indexand is widely recognized as representative of small-capstocks.

The Russell 2000® Value Index measures theperformance of those Russell 2000 companies with lowerprice-to-book ratios and lower forecasted growth values.

The Russell 2500® Growth Index measures theperformance of small to mid-cap growth segment of theU.S. equity universe. It includes Russell 2500 companieswith higher price-to-book ratios and higher forecastedgrowth values.

The Russell 2500® Value Index measures theperformance of small to mid-cap value segment of theU.S. equity universe. It includes Russell 2500 companieswith lower price-to-book ratios and lower forecastedgrowth values.

The Russell 3000® Index is an unmanaged index whichmeasures the performance of the 3,000 largest U.S.companies based on total market capitalization whichrepresents approximately 98% of the U.S. equity market.

The Russell Midcap® Growth Index measures theperformance of those Russell Midcap® companies withhigher price-to-book ratios and higher forecasted growthvalues. The stocks are also members of the Russell1000® Growth Index.

The S&P 500® Growth Index is constructed bymeasuring growth and value characteristics of theconstituents of the S&P 500® Index across seven factorsincluding: earnings-per-share growth rate, sales-per-share growth rate, internal growth rate, book-to-price ratio,cash flow-to-price ratio, sales-to-price ratio and dividendyield. The index is comprised of stocks identified as puregrowth, plus a portion of the market capitalization ofstocks that are neither classified as pure growth nor purevalue. The style index series is unmanaged and marketcapitalization weighted.

The S&P 500® Index tracks the common stockperformance of 500 large-capitalization companiespublicly traded in the United States. S&P Style Indicesdivide the complete market capitalization of each parentindex into growth and value segments. The constituentsfor the growth and value segments are drawn from theS&P 500® Index. A stock can be in both the growth andvalue segments.

The S&P 500® Value Index is constructed by measuringgrowth and value characteristics of the constituents of theS&P 500® Index across three factors including: the ratiosof book value, earnings, and sales to price.

The S&P MidCap 400® Index is an index of the stocks of400 domestic stocks chosen for market size, liquidity, andindustry group representation. It is a market-valueweighted index, with each stock’s percentage in the Indexin proportion to its market value.

GLOSSARY

- 260 -

* The net index approximates the minimum possible dividendreinvestment and assumes that the dividend is reinvested after thededuction of withholding tax, applying the rate to non-residentindividuals who do not benefit from double taxation treaties.

GLOSSARY

- 261 -

Information about the Investment Adviserand Manager

SunAmerica serves as investment adviser and managerfor all the Portfolios of the Trust. SunAmerica selects thesubadvisers for the Portfolios, manages the investmentsfor certain Portfolios, oversees the subadvisers’management of certain Portfolios, provides variousadministrative services and supervises the daily businessaffairs of each Portfolio. SunAmerica is a limited liabilitycompany organized under the laws of Delaware, andmanaged, advised or administered assets in excess of$46.8 billion as of January 31, 2020. SunAmerica is awholly-owned subsidiary of American General LifeInsurance Company, and is located at Harborside 5, 185Hudson Street, Suite 3300, Jersey City, New Jersey07311.

SunAmerica has received an exemptive order from theSEC that permits SunAmerica, subject to certainconditions, to enter into agreements relating to the Trustwith unaffiliated subadvisers approved by the Boardwithout obtaining shareholder approval. The exemptiveorder also permits SunAmerica, subject to the approval ofthe Board but without shareholder approval, to employnew unaffiliated subadvisers for new or existing portfolios,change the terms of particular agreements withunaffiliated subadvisers or continue the employment ofexisting unaffiliated subadvisers after events that wouldotherwise cause an automatic termination of asubadvisory agreement. Shareholders will be notified ofany subadviser changes. Affiliated subadvisers selectedand approved by the Board are subject to shareholderapproval.

Shareholders of a Portfolio have the right to terminate anagreement with a subadviser for that Portfolio at any timeby a vote of the majority of the outstanding votingsecurities of such Portfolio.

A discussion regarding the basis for the Board’s approvalof investment advisory agreements for the Portfolios isavailable in the Trust’s Annual Report to shareholders forthe period ended January 31, 2020. In addition to servingas investment adviser and manager of the Trust,SunAmerica serves as adviser, manager and/oradministrator for the series of each of Anchor SeriesTrust, SunAmerica Series Trust, SunAmerica Series, Inc.,SunAmerica Equity Funds, SunAmerica Income Funds,SunAmerica Money Market Funds, Inc., SunAmericaSenior Floating Rate Fund, Inc., SunAmerica SpecialtySeries, VALIC Company I and VALIC Company II.

Management Fee. For the fiscal year ended January 31,2020, each Portfolio paid SunAmerica a fee, before any

advisory fee waivers, equal to the following percentage ofaverage daily net assets:

Portfolio Fee

SA AB Growth Portfolio ........................................ 0.61%SA AB Small & Mid Cap Value Portfolio ............... 0.92%SA BlackRock VCP Global Multi Asset Income

Portfolio ............................................................. 0.85%SA Columbia Technology Portfolio1 ...................... 1.00%SA DFA Ultra Short Bond Portfolio ....................... 0.46%SA Dogs of Wall Street Portfolio........................... 0.60%SA Emerging Markets Equity Index Portfolio ........ 0.45%SA Federated Hermes Corporate Bond Portfolio

(formerly, SA Federated Corporate BondPortfolio) ............................................................ 0.52%

SA Fidelity Institutional AM® Real EstatePortfolio ............................................................. 0.77%

SA Fidelity Institutional AM® InternationalGrowth Portfolio4 ............................................... 0.77%

SA Fixed Income Index Portfolio........................... 0.30%SA Fixed Income Intermediate Index Portfolio ..... 0.30%SA Franklin Small Company Value Portfolio ......... 0.97%SA Franklin U.S. Equity Smart Beta Portfolio5 ...... 0.50%SA Global Index Allocation 60/40 Portfolio ........... 0.10%SA Global Index Allocation 75/25 Portfolio ........... 0.10%SA Global Index Allocation 90/10 Portfolio ........... 0.10%SA Goldman Sachs Global Bond Portfolio ........... 0.61%SA Goldman Sachs Multi-Asset Insights

Portfolio ............................................................. 0.70%SA Index Allocation 60/40 Portfolio ...................... 0.10%SA Index Allocation 80/20 Portfolio ...................... 0.10%SA Index Allocation 90/10 Portfolio ...................... 0.10%SA International Index Portfolio ............................ 0.40%SA Invesco Growth Opportunities Portfolio .......... 0.74%SA Invesco VCP Equity-Income Portfolio2 ............ 0.85%SA Janus Focused Growth Portfolio ..................... 0.85%SA JPMorgan Diversified Balanced Portfolio........ 0.64%SA JPMorgan Emerging Market Portfolio ............. 1.12%SA JPMorgan Equity-Income Portfolio.................. 0.55%SA JPMorgan Global Equities Portfolio ................ 0.74%SA JPMorgan MFS Core Bond Portfolio............... 0.60%SA JPMorgan Mid-Cap Growth Portfolio .............. 0.76%SA Large Cap Growth Index Portfolio................... 0.30%SA Large Cap Index Portfolio ............................... 0.39%SA Large Cap Value Index Portfolio ..................... 0.30%SA Legg Mason BW Large Cap Value Portfolio ... 0.72%SA Legg Mason Tactical Opportunities Portfolio .. 0.70%SA MFS Blue Chip Growth Portfolio ..................... 0.65%SA MFS Massachusetts Investors Trust Portfolio . 0.68%SA MFS Total Return Portfolio.............................. 0.65%SA Mid Cap Index Portfolio................................... 0.30%SA Morgan Stanley International Equities

Portfolio ............................................................. 0.83%

MANAGEMENT

- 262 -

Portfolio Fee

SA Oppenheimer Main Street Large CapPortfolio ............................................................. 0.74%

SA PIMCO VCP Tactical Balanced Portfolio......... 0.86%SA PineBridge High-Yield Bond Portfolio ............. 0.62%SA Putnam International Growth and Income

Portfolio3 ............................................................ 0.96%SA Schroders VCP Global Allocation Portfolio ..... 0.83%SA Small Cap Index Portfolio................................ 0.35%SA T. Rowe Price Asset Allocation Growth

Portfolio ............................................................. 0.70%SA T. Rowe Price VCP Balanced Portfolio............ 0.76%SA Templeton Foreign Value Portfolio .................. 0.80%SA VCP Dynamic Allocation Portfolio ................... 0.21%SA VCP Dynamic Strategy Portfolio ..................... 0.22%SA VCP Index Allocation Portfolio ........................ 0.20%SA WellsCap Aggressive Growth Portfolio ........... 0.73%1 The Adviser has voluntarily agreed, until further notice, to waive

0.10% of the investment advisory fees for the SA ColumbiaTechnology Portfolio.

2 Effective through April 30, 2021, the Adviser has voluntarily agreedto waive 0.05% of the investment advisory fees for the SA InvescoVCP Equity-Income Portfolio.

3 The Adviser has voluntarily agreed, until further notice, to waive0.05% of the investment advisory fees for the SA PutnamInternational Growth and Income Portfolio.

4 The Portfolio commenced operations on May 1, 2019.5 The Portfolio commenced operations on October 7, 2019.

Waivers and Reimbursements. SunAmerica is voluntarilywaiving on an annual basis a portion of its managementfees for the Portfolios set forth below:

PortfolioAmount of

Waiver

SA Columbia TechnologyPortfolio...................................................... 0.10%

SA Invesco VCP Equity-Income Portfolio................................ ................................... 0.05%

SA Putnam International Growth andIncome Portfolio ........... ............................. 0.05%

In addition, SunAmerica has voluntarily agreed untilfurther notice to waive its advisory fee in an amount equalto a subadvisory fee waiver SunAmerica receives fromJPMorgan (defined below) with respect to the SAJPMorgan Diversified Balanced Portfolio, and in anamount equal to a subadvisory fee waiver it receives fromAllianceBernstein (defined below) with respect to each ofthe SA VCP Dynamic Allocation Portfolio and the SA VCPDynamic Strategy Portfolio.

For purposes of each Expense Limitation Agreement,“Total Annual Portfolio Operating Expenses” do notinclude extraordinary expenses (i.e., expenses unusual innature and infrequent in occurrence, such as litigation), oracquired fund fees and expenses, brokeragecommissions and other transactional expenses relating to

the purchase and sale of portfolio securities, interest,taxes and governmental fees, and other expenses notincurred in the ordinary course of the Trust’s business onbehalf of the Portfolio. Any waivers and/orreimbursements made by SunAmerica with respect toeach Portfolio are subject to recoupment from the Portfoliowithin two years after the occurrence of the waiver and/orreimbursement, provided that the recoupment does notcause the expense ratio of the applicable share class ofthe Portfolio to exceed the lesser of (a) the expenselimitation in effect at the time the waivers and/orreimbursements occurred, or (b) the current expenselimitation of that share class. Each agreement may bemodified or discontinued prior to April 30, 2021, only withthe approval of the Board of the Trust, including a majorityof the trustees who are not “interested persons” of theTrust as defined in the 1940 Act.

Commission Recapture Program. Through expense offsetarrangements resulting from broker commissionrecapture, a portion of certain Portfolios’ “OtherExpenses” have been reduced. The “Other Expenses”shown in the Portfolios’ Annual Portfolio OperatingExpenses table in the Portfolio Summaries do not take intoaccount this expense reduction and are, therefore, higherthan the actual expenses of these Portfolios. EachPortfolio, other than the SA BlackRock VCP Global MultiAsset, SA DFA Ultra Short Bond, SA Dogs of Wall Street,SA Federated Hermes Corporate Bond, SA Fixed Income,SA Fixed Income Intermediate, SA Franklin SmallCompany Value, SA Franklin U.S. Equity Smart Beta, SAGlobal Index Allocation 60/40, SA Global Index Allocation75/25, SA Global Index Allocation 90/10, SA GoldmanSachs Global Bond, SA Goldman Sachs Multi-AssetsInsights, SA Index Allocation 60/40, SA Index Allocation80/20, SA Index Allocation 90/10, SA International Index,SA JP Morgan MFS Core Bond, SA Large Cap GrowthIndex, SA Large Cap Index, SA Large Cap Value Index,SA MFS Blue Chip, SA MFS Massachusetts InvestorsTrust, SA MFS Total Return, SA Mid Cap Index, SAMorgan Stanley International Equities, SA OppenheimerMain Street Large Cap, SA PIMCO VCP TacticalBalanced, SA PineBridge High-Yield Bond, SA SchrodersVCP Global Allocation, SA Small Cap Index, SA T. RowePrice Asset Allocation Growth, SA T. Rowe Price VCPBalanced, SA VCP Dynamic Allocation, SA VCP DynamicStrategy and SA VCP Index Allocation Portfolios,participated in the commission recapture program for theperiod ended January 31, 2020.

Acquired Fund Fees And Expenses. Acquired fund feesand expenses include fees and expenses incurredindirectly by a Portfolio as a result of investment in sharesof one or more mutual funds, hedge funds, private equityfunds or pooled investment vehicles. The fees and

MANAGEMENT

- 263 -

expenses will vary based on the Portfolio’s allocation ofassets to, and the annualized net expenses of, theparticular acquired fund.

Information about the InvestmentAdviser’s Management of Certain Portfolios

SunAmerica is responsible for making the day-to-dayinvestment decisions for the SA Dogs of Wall Street, SAEmerging Markets Equity Index, SA Fixed Income Index,SA Fixed Income Intermediate Index, SA Global IndexAllocation 60/40, SA Global Index Allocation 75/25, SAGlobal Index Allocation 90/10, SA Index Allocation 60/40,SA Index Allocation 80/20, SA Index Allocation 90/10, SAInternational Index, SA Large Cap Growth Index, SALarge Cap Index, SA Large Cap Value, SA Mid Cap Index,and SA Small Cap Index Portfolios, and the Fund-of-Funds Component of SA VCP Dynamic Allocation, SAVCP Dynamic Strategy, and SA VCP Index AllocationPortfolios.

The SA Dogs of Wall Street Portfolio is managed by ateam consisting of Timothy Pettee, Andrew Sheridan,Timothy Campion and Jane Bayar Algieri, with Mr. Petteeserving as team leader. Mr. Pettee joined SunAmerica in2003. He is Lead Portfolio Manager for SunAmerica’srules-based suite of products and Chief InvestmentStrategist. Mr. Campion joined SunAmerica in February2012, and is Senior Portfolio Manager. Prior to joiningSunAmerica, he held investment-related positions atPineBridge Investments LLC and AIG Investments wherehe was responsible for management and trading of a widevariety of quantitative and index funds, including domesticand international equities. Mr. Sheridan joinedSunAmerica in 2003, and is Senior Portfolio Manager.While at SunAmerica he also served as an equityresearch analyst. Ms. Bayar Algieri joined the firm in 2004and is the Director of Research and a Portfolio Managerin the Investment Department. Prior to her current roles,she served as an investment analyst for both equity andfixed income portfolios.

The SA Emerging Markets Equity Index, SA Fixed IncomeIndex, SA Fixed Income Intermediate Index, SAInternational Index, SA Large Cap Growth Index, SALarge Cap Index, SA Large Cap Value Index, SA Mid CapIndex and SA Small Cap Index Portfolios are managed bya team consisting of Timothy Campion and ElizabethMauro, with Mr. Campion serving as team leader. Seeimmediately above under SA Dogs of Wall Street Portfoliofor the biographical information of Mr. Campion.Ms. Mauro joined SunAmerica in 2017 and is a fixedincome trader and portfolio manager. Prior to joining thefirm, she held several capital markets positions at Bank of

New York Mellon Corporation, with product coverage inthe Commercial Paper, Yankee CD, U.S. Treasuries,Agency Discount Notes, Bullets and short-termCorporates categories.

The SA Global Index Allocation 60/40, SA Global IndexAllocation 75/25, SA Global Index Allocation 90/10, SAIndex Allocation 60/40, SA Index Allocation 80/20 and SAIndex Allocation 90/10 Portfolios and the Fund-of-FundsComponent of the SA VCP Dynamic Allocation, SA VCPDynamic Strategy, and SA VCP Index AllocationPortfolios are managed by Douglas Loeffler, CFA, andManisha Singh, CFA. Mr. Loeffler joined AmericanInternational Group, Inc. (“AIG”) in 2007 as Vice Presidentof the Investment Product Management Group, based inWoodland Hills, California. In this role Mr. Loeffler led themanager review and oversight for affiliated variableannuity portfolios advised by SunAmerica, in addition tobeing responsible for AIG Variable Annuity’s separateaccount investments. In 2015, Mr. Loeffler became SeniorPortfolio Manager. Ms. Singh joined AIG in 2017 as Co-Portfolio Manager for Asset Allocation funds-of-funds.Prior to joining AIG, Ms. Singh served as Director,Manager Research team in Wealth Management atAmeriprise Financial Services, Inc. She joined Ameriprisein 2008, where she served as a portfolio manager for asuite of asset allocation portfolios (discretionary wrapaccounts), and a senior manager research analyst forunaffiliated mutual funds, exchange traded funds andseparately managed accounts.

Information about the Subadvisers

The investment manager(s) and/or management team(s)that have primary responsibility for the day-to-daymanagement of the Portfolios are set forth herein. Unlessotherwise noted, a management team’s members shareresponsibility in making investment decisions on behalf ofa Portfolio and no team member is limited in his/her rolewith respect to the management team.

SunAmerica compensates the various subadvisers out ofthe advisory fees that it receives from the respectivePortfolios. SunAmerica may terminate any agreementwith a subadviser without shareholder approval.

A discussion regarding the basis for the Board’s approvalof subadvisory agreements for the Portfolios is availablein the Trust’s Annual Report to shareholders for the periodended January 31, 2020.

The Statement of Additional Information providesinformation regarding the portfolio managers listed in thisProspectus, including other accounts they manage, their

MANAGEMENT

- 264 -

ownership interest in the Portfolio(s) that they serve asportfolio manager, and the structure and method used bythe adviser/subadviser to determine their compensation.

AllianceBernstein L.P. (AllianceBernstein) is aDelaware limited partnership with principal offices at 1345Avenue of the Americas, New York, NY 10105.AllianceBernstein is a leading global investmentmanagement firm. AllianceBernstein providesmanagement services for many of the largest U.S. publicand private employee benefit plans, endowments,foundations, public employee retirement funds, banks,insurance companies and high net worth individualsworldwide. AllianceBernstein is also one of the largestmutual fund sponsors, with a diverse family of globallydistributed mutual fund portfolios. As of January 31, 2020,AllianceBernstein had approximately $629 billion inassets under management.

AllianceBernstein does business in certaincircumstances, including its role as subadviser to the SAAB Small & Mid Cap Value Portfolio of the Trust, using thename Bernstein Value Equities, a unit ofAllianceBernstein.

The SA AB Growth Portfolio is managed by Frank V.Caruso, John H. Fogarty and Vinay Thapar. Mr. Caruso,Senior Vice President, joined AllianceBernstein in 1993.Mr. Caruso is the Team Leader of U.S. Growth Equities. AsTeam Leader, Mr. Caruso oversees the U.S. Large CapGrowth, U.S. Growth and U.S. Growth & Income services.Mr. Fogarty, Senior Vice President, has been Team Leaderof U.S. Mid Cap Fundamental Growth since 2008.Mr. Fogarty joined the U.S. Growth team in 2009 as aportfolio manager for the U.S. Growth and U.S. Growthand Income services. In 2012, Mr. Fogarty became aportfolio manager for U.S. Large Cap Growth. Mr. Fogartyrejoined AllianceBernstein in 2007 as a fundamentalgrowth research analyst. Mr. Thapar, Senior VicePresident, joined AllianceBernstein in 2011. Mr. Thaparhas been a member of the U.S. Growth team for six yearsas a healthcare analyst. Messrs. Caruso, Fogarty andThapar hold the Chartered Financial Analyst (CFA)designation.

The SA AB Small & Mid Cap Value Portfolio is managedby AllianceBernstein’s North America Value InvestmentPolicy Group, which is comprised of James MacGregorand Erik Turenchalk. Mr. MacGregor joinedAllianceBernstein in 1998 and is currently the ChiefInvestment Officer for Small & Mid-Cap Value Equities.Mr. Turenchalk joined AllianceBernstein in 1999 and iscurrently the Portfolio Manager for Small and Mid-CapValue Equities.

The SA VCP Dynamic Allocation and SA VCP DynamicStrategy Portfolios are managed by Joshua Lisser andBen Sklar. Mr. Lisser joined AllianceBernstein in 1992 andis currently Chief Investment Officer of Index Strategiesand a member of the Core/Blend Services investmentteam. Mr. Sklar joined AllianceBernstein in 2006 and iscurrently a Portfolio Manager of Index Strategies.

BlackRock Investment Management, LLC(BlackRock) is located at 1 University Square Drive,Princeton, NJ 08540-6455. BlackRock is an affiliate ofBlackRock Advisors, LLC, a wholly-owned indirectsubsidiary of BlackRock, Inc., one of the largest publiclytraded investment management firms in the United Stateswith approximately $7.429 trillion in assets undermanagement as of December 31, 2019. BlackRock, Inc.is an affiliate of PNC Financial Services Group, Inc.

The SA BlackRock VCP Global Multi Asset Portfolio ismanaged by Philip J. Green and Michael Pensky.Mr. Green, Managing Director, is head of Global TacticalAsset Allocation (“GTAA”) within BlackRock’s Multi-AssetStrategies group. Mr. Green’s service with the firm datesback to 1999, including his years with Merrill LynchInvestment Managers (“MLIM”), which merged withBlackRock in 2006. At MLIM, he managed global tacticalasset allocation and portable alpha products. Mr. Pensky,CFA, Director, is a researcher and portfolio manager in theGTAA team. The team is responsible for managing globaltactical asset allocation products with custom clientpreferences and constraints. Mr. Pensky’s service with thefirm dates back to 2011. Prior to joining BlackRock,Mr. Pensky held a trading desk strategist position inMorgan Stanley’s Securitized Products Group and hadworked as a senior analyst in Foreign Exchange Sales &Trading at SunTrust Robinson Humphrey.

Brandywine Global Investment Management, LLC(Brandywine) is located at 1735 Market Street, Suite1800, Philadelphia, Pennsylvania 19103. Brandywine actsas adviser or subadviser primarily to individuals, publicfunds, corporations, pension and profit sharing plans,Taft-Hartley Plans, endowments and foundations, as wellas to other investment company portfolios. As ofJanuary 31, 2020, Brandywine’s total assets undermanagement were approximately $72.8 billion.Brandywine is a wholly-owned subsidiary of Legg Mason,Inc. (“Legg Mason”).

The SA Legg Mason BW Large Cap Value Portfolio ismanaged by Henry F. Otto, Steven M. Tonkovich andJoseph J. Kirby. Mr. Otto, Managing Director and PortfolioManager, joined Brandywine in 1988. Prior to joining thefirm, Mr. Otto was with Dimensional Fund Advisors, Inc.,

MANAGEMENT

- 265 -

where he managed and traded small cap portfolios anddeveloped computer systems to structure portfolios andanalyze performance. Mr. Otto is a member of the firm’sexecutive board. Mr. Tonkovich, Managing Director andPortfolio Manager, joined Brandywine in 1989. Prior tojoining the firm, Mr. Tonkovich was with the WhartonSchool of the University of Pennsylvania as a researchanalyst in the Finance Department and the Moore Schoolof Electrical Engineering of the University ofPennsylvania as a research assistant. He is also amember of the firm’s executive board. Mr. Kirby, PortfolioManager, joined Brandywine in 1994. Prior to joining thefirm, Mr. Kirby was with CoreStates Financial Corporationas an auditor.

Columbia Management Investment Advisers, LLC(CMIA) is located at 225 Franklin Street, Boston, MA02110. CMIA is a registered investment adviser and is awholly-owned subsidiary of Ameriprise Financial, Inc.CMIA’s management experience covers all major assetclasses, including equity securities, debt instruments andmoney market instruments. In addition to serving as aninvestment adviser to traditional mutual funds, exchange-traded funds and closed-end funds, CMIA acts as aninvestment adviser for itself, its affiliates, individuals,corporations, retirement plans, private investmentcompanies and financial intermediaries. As ofDecember 31, 2019, CMIA had approximately$345.06 billion in assets under management.

The CMIA portfolio managers responsible for managingthe SA Columbia Technology Portfolio are Paul H. Wick,Shekhar Pramanick, Sanjay Devgan, Jeetil Patel,Christopher Boova and Vimal Patel. Mr. Wick joined oneof the CMIA legacy firms or acquired business lines in1987. Mr. Wick is Team Leader and Portfolio Manager forTechnology. Mr. Wick began his investment career in 1987.Dr. Pramanick joined CMIA in 2012. Prior to joining CMIAas a Portfolio Analyst, Dr. Pramanick was a principal atElemental Capital Partners focusing on globalsemiconductor devices, memory, capital equipment anddisk drives. Prior to that, he was a semiconductor analystat Seasons Capital Management. Mr. Pramanick beganhis investment career in 1993. Mr. Devgan joined CMIA in2012. Prior to joining CMIA as a Portfolio Analyst, he wasa Vice President at Morgan Stanley providing equityresearch on the semiconductor industry. Prior to his workat Morgan Stanley, he was a Senior Financial BusinessAnalyst at Cisco Systems covering operations finance andworldwide sales finance. Mr. Devgan began his investmentcareer in 1995. Mr. Patel joined CMIA in 2012. Prior tojoining CMIA as a Portfolio Analyst, he was a managingdirector and senior internet analyst for Deutsche Bank

Securities. Mr. Patel began his investment career in 1998.Mr. Boova joined one of the CMIA legacy firms or acquiredbusiness lines in 2000. Mr. Boova began his investmentcareer in 1995. Mr. Patel joined CMIA in 2014. Prior tojoining CMIA, Mr. Patel was Vice President at BertramCapital covering technology and business services from2010 to 2014. Mr. Patel began his investment career in2001.

Dimensional Fund Advisors LP (DFA) is a Delawarelimited partnership with principal offices at 6300 Bee CaveRoad, Building One, Austin, TX 78746. DFA has beenengaged in the business of providing investmentmanagement services since May 1981. DFA is controlledand operated by its general partner, DimensionalHoldings, Inc., a Delaware corporation. As of January 31,2020, DFA had approximately $561 billion in assets undermanagement globally across equity, fixed income and realestate securities, with approximately $8.5 billion of that inultrashort bond assets.

The SA DFA Ultra Short Bond Portfolio is managed byDavid A. Plecha, CFA and Joseph F. Kolerich. Mr. Plechais Global Head of Fixed Income and Vice President ofDFA, and a member of the Investment Committee of DFA.Mr. Plecha joined DFA as a portfolio manager in 1989 andhas been responsible for fixed income portfolios since1991. Mr. Kolerich is Head of Fixed Income, Americas andVice President of DFA, and a member of the InvestmentCommittee of DFA. Mr. Kolerich joined DFA as a portfoliomanager in 2001 and has been responsible for fixedincome portfolios since 2012.

Federated Investment Management Company(Federated) is located at 1001 Liberty Avenue,Pittsburgh, PA 15222-3779. Federated Advisory ServicesCompany, an affiliate of Federated, is located at the sameaddress and provides certain support services toFederated. The fee for these services is paid by Federatedand not the Corporate Bond Portfolio. Federated andaffiliated companies serve as investment advisers to anumber of investment companies and private accounts.As of December 31, 2019, Federated and affiliatedcompanies had approximately $575.9 billion in assetsunder management.

The SA Federated Hermes Corporate Bond Portfolio ismanaged by the following portfolio managers: Brian S.Ruffner and Mark E. Durbiano. Mr. Ruffner joinedFederated in 1994 and is currently a Vice President,Senior Investment Analyst and Portfolio Manager.Mr. Durbiano joined Federated in 1982 and is currently aSenior Vice President, Senior Portfolio Manager and

MANAGEMENT

- 266 -

Head of the Domestic High Yield Group. Mr. Durbianoholds the Chartered Financial Analyst designation.

FIAM LLC (FIAM) has its principal offices at 900 SalemStreet, Smithfield, RI 02917. FIAM managesapproximately $199.3 billion in assets worldwide as ofJanuary 31, 2020. FIAM is an indirectly-held subsidiary ofFMR LLC.

The SA Fidelity Institutional AM® International GrowthPortfolio is managed by Sammy Simnegar. Mr. Simnegaris Portfolio Manager of the Portfolio, which he hasmanaged since May 2019. He also manages other funds.Since joining FIAM in 1998, Mr. Simnegar has worked asan equity research analyst and portfolio manager.

The SA Fidelity Institutional AM® Real Estate Portfolio ismanaged by Samuel Wald, CFA. Mr. Wald is PortfolioManager of the Portfolio, which he has managed sinceOctober 2013. He also manages other REIT portfolios.Since joining FIAM in 1996, Mr. Wald has worked as aresearch analyst and portfolio manager.

Franklin Mutual Advisers, LLC (FMA) is a Delawarelimited liability company located at 101 John F. KennedyParkway, Short Hills, NJ 07078. FMA is a wholly-ownedsubsidiary of Franklin Resources, Inc. (referred to asFranklin Templeton Investments), a publicly ownedcompany engaged in the financial services industrythrough its subsidiaries. As of January 31, 2020, FranklinTempleton Investments managed approximately$688.0 billion in assets composed of mutual funds andother investment vehicles for individuals, institutions,pension plans, trusts and partnerships in 128 countries.

The SA Franklin Small Company Value Portfolio ismanaged by Steven B. Raineri, the lead portfolio manager,Christopher M. Meeker, CFA and Nicholas Karzon, CFA.Mr. Raineri joined Franklin Templeton in 2005 and iscurrently a Research Analyst and Portfolio Manager. He isa member of the Franklin Mutual Series Team, where heis the lead manager for the Franklin Small Cap ValueFund. Mr. Meeker joined Franklin Templeton in 2012 andis currently a Research Analyst and a Portfolio Manager.He is a member of the Franklin Mutual Series Team.Mr. Karzon joined Franklin Templeton in 2014 and iscurrently a Research Analyst and Assistant PortfolioManager. He is a member of the Franklin Mutual SeriesTeam.

Goldman Sachs Asset Management International(GSAM International) has its principal place of businessat Plumtree Court, 25 Shoe Lane, London EC4A 4AU,United Kingdom. GSAM International is authorized andregulated by the Financial Conduct Authority and hasbeen a registered investment adviser since 1991 and is an

affiliate of Goldman Sachs & Co. LLC (“Goldman Sachs”).As of December 31, 2019, GSAM International, includingits investment advisory affiliates, had approximately $1.7trillion in total assets under supervision. Assets undersupervision includes assets under management and otherclient assets for which Goldman Sachs does not have fulldiscretion.

The SA Goldman Sachs Global Bond Portfolio ismanaged by Iain Lindsay and Hugh Briscoe. Mr. Lindsayis currently Managing Director, Co-Head of Global LeadPortfolio Management and a member of the Fixed IncomeStrategy Group. Previously, Mr. Lindsay was a seniorportfolio manager for the global fixed income and currencymanagement team. Mr. Lindsay joined GSAMInternational in 2001. Mr. Briscoe is a Managing Directorand Global Fixed Income Portfolio Manager in GSAM. Heis a member of the Investment Committee of the GoldmanSachs UK Defined Benefit Pension Scheme. Previously,Mr. Briscoe was a portfolio manager in GSAM’s GlobalLiquidity Management team. He joined Goldman Sachs in2005 as an executive director and was named managingdirector in 2017. Prior to joining the firm, Mr. Briscoeserved in the British Army for 12 years. Mr. Briscoe serveson the finance committee of the Special Air ServiceAssociation. He earned a BA (Hons) Philosophy fromBristol University in 1992 and a masters degree inDefense Studies from the College Interarmées DeDéfence, Paris in 2003.

Goldman Sachs Asset Management L.P. (GSAM) islocated at 200 West Street, New York, NY 10282. GSAMhas been registered as an investment adviser with theSEC since 1990 and is an affiliate of Goldman Sachs &Co. LLC (“Goldman”). As of December 31, 2019, GSAM,including its investment advisory affiliates, had assetsunder supervision of approximately $1.69 trillion in totalassets under supervision. Assets under supervisioninclude assets under management and other client assetsfor which Goldman does not have full discretion.

The SA Goldman Sachs Multi-Asset Insights Portfolio ismanaged by Neill Nuttall and Christopher Lvoff, CFA. NeillNuttall is a managing director and the chief investmentofficer in the Global Portfolio Solutions (GPS) Group.Mr. Nuttall first joined GSAM in 2014 as a managingdirector. Prior to joining the firm, Mr. Nuttall worked foralmost 30 years at JPMorgan Asset Management(JPMAM) and its heritage firms, based for 14 years inHong Kong and subsequently in London. From 2006,Mr. Nuttall served as chief investment officer and head ofJPMAM’s Global Multi Asset Group (GMAG) and later ashead of Asset Allocation for GMAG. Prior to joiningGMAG, Mr. Nuttall served as a managing director andsenior strategist with JPMAM’s Currency Group.

MANAGEMENT

- 267 -

Christopher Lvoff is a managing director in the GPSGroup, based in New York, where he is a senior portfoliomanager. Previously, Mr. Lvoff was a member of the Multi-Product Investment Group of the InvestmentManagement Division, where he focused on portfoliomanagement and implementation for customized multi-asset institutional portfolios as well as commingledinvestment vehicles. Mr. Lvoff joined GSAM in 2007 andwas named managing director in 2016. The GPS Groupprovides multi-asset class products and solutions,focusing on customized asset allocation, tacticalimplementation, risk management, and portfolioconstruction. The GPS Group serves clients globally fromoffices located in New York, Bengaluru, London, Salt LakeCity, and Tokyo.

Invesco Advisers, Inc. (Invesco) is located at 1555Peachtree Street, N.E., Atlanta, Georgia 30309. Invesco,as successor in interest to multiple investment advisers,has been an investment adviser since 1976. Today,Invesco advises or manages other investment portfoliosthat encompass a broad range of investment objectives.Invesco is an indirect wholly-owned subsidiary of InvescoLtd., a publicly traded company that, through itssubsidiaries, engages in the business of investmentmanagement on an international basis. As of January 31,2020, Invesco Ltd. managed approximately$1,218.7 billion in assets.

The SA Invesco Growth Opportunities Portfolio ismanaged by Juan Hartsfield, Clay Manley and JustinSander. Mr. Hartsfield, Lead Portfolio Manager of Invesco,and Messrs. Manley and Sander, each a PortfolioManager of Invesco, are responsible for the execution ofthe overall strategy of the Portfolio. Mr. Hartsfield hasbeen associated with Invesco and/or its affiliates since2004. Mr. Manley has been associated with Invesco and/orits affiliates since 2001. Mr. Sander has been associatedwith Invesco and/or its affiliates since 2013. Prior to 2013,he was employed by RBC Capital Markets as a vicepresident and equity research analyst.

The SA Invesco VCP Equity-Income Portfolio is managedby Jacob Borbidge, Chuck Burge, Brian Jurkash, SergioMarcheli and Matthew Titus. Messrs. Jurkash and Titusmanage the equity and convertible bond holdings of thePortfolio. Mr. Marcheli manages the cash position in thePortfolio, submits trades and aids in providing research.Mr. Burge is responsible for the management of the fixedincome holdings of the Portfolio. Mr. Borbidge isresponsible for implementing the Portfolio’s volatilitymanagement strategy with investments in S&P 500®

futures and interest rate futures.

Jacob Borbidge, Portfolio Manager, has been associatedwith Invesco and/or its affiliates since 2004. Chuck Burge,

Portfolio Manager, has been associated with Invesco and/or its affiliates since 2002. Brian Jurkash, Co-LeadPortfolio Manager, has been associated with Invesco and/or its affiliates since 2000. Sergio Marcheli, PortfolioManager, has been associated with Invesco and/or itsaffiliates since 2010. From 2002 to 2010, Mr. Marcheli wasa portfolio manager with Van Kampen AssetManagement. Matthew Titus, Co-Lead Portfolio Manager,has been associated with Invesco and/or its affiliatessince 2016. From 2004 to 2016, Mr. Titus was employedby American Century Investments, where he served asco-manager of the firm’s relative value fund and mostrecently served as lead manager of such fund.

The SA Oppenheimer Main Street Large Cap Portfolio ismanaged by Manind Govil, CFA, Benjamin Ram and PaulLarson, who are primarily responsible for the day-to-daymanagement of the Portfolio’s investments.

Mr. Govil has been associated with Invesco and/or itsaffiliates since 2019. Prior to joining Invesco, Mr. Govil wasa Senior Vice President and a portfolio manager ofOppenheimerFunds (Oppenheimer), a global assetmanagement firm since 2009. Prior to joiningOppenheimer, Mr. Govil was a portfolio manager withRS Investment Management Co. LLC from October 2006until March 2009. He served as the head of equityinvestments at The Guardian Life Insurance Company ofAmerica from August 2005 to October 2006 whenGuardian Life Insurance acquired an interest inRS Investment Management Co. LLC. He served as thelead portfolio manager - large cap blend/core equity, co-head of equities and head of equity research, from 2001to July 2005, and was lead portfolio manager - core equity,from April 1996 to July 2005, at Mercantile CapitalAdvisers, Inc.

Mr. Ram has been associated with Invesco and/or itsaffiliates since 2019. Prior to joining Invesco, Mr. Ram wasa Vice President of Oppenheimer since 2009 and a seniorportfolio manager of Oppenheimer since 2011. Prior tojoining Oppenheimer, Mr. Ram was a sector manager forfinancial investments and a co-portfolio manager for mid-cap portfolios with the RS Core Equity Team ofRS Investment Management Co. LLC from October 2006to May 2009. He served as Portfolio Manager Mid CapStrategies, Sector Manager Financials at The GuardianLife Insurance Company of America from January 2006 toOctober 2006 when Guardian Life Insurance acquired aninterest in RS Investment Management Co. LLC. He wasa financial analyst, from 2003 to 2005, and co-portfoliomanager, from 2005 to 2006, at Mercantile CapitalAdvisers, Inc. Mr. Ram was a bank analyst at Legg MasonSecurities from 2000 to 2003 and was a senior financial

MANAGEMENT

- 268 -

analyst at the CitiFinancial division of Citigroup, Inc. from1997 to 2000.

Mr. Larson has been associated with Invesco and/or itsaffiliates since 2019. Prior to joining Invesco, Mr. Larsonwas a Vice President and a portfolio manager ofOppenheimer since 2013. Prior to joining Oppenheimer,he was a portfolio manager and Chief Equity Strategist atMorningstar. He was previously an analyst at Morningstarcovering the energy sector and oversaw the firm’s naturalresources analysts. Prior to joining Morningstar in 2002,Mr. Larson was an analyst with The Motely Fool.

Janus Capital Management LLC (Janus) is a Delawarelimited liability company with principal offices at 151Detroit Street, Denver, Colorado 80206. Janus (togetherwith its predecessors) has served as an investmentadviser since 1969 and currently serves as investmentadviser, or subadviser, to separately managed accounts,mutual funds, as well as commingled pools or privatefunds, and wrap fee accounts. Janus is an indirectsubsidiary of Janus Henderson Group plc (“JHG”), apublicly-traded independent asset management firm,which was formed in May 2017 from the merger of Janus’then-parent company, Janus Capital Group Inc., withHenderson Group plc. As of December 31, 2019, JHGhad approximately $374.8 billion in assets undermanagement.

The SA Janus Focused Growth Portfolio is managed byDoug Rao and Nick Schommer, CFA. Mr. Rao is a PortfolioManager of the Janus concentrated growth andconcentrated all cap growth strategies. Prior to joiningJanus in May 2013, Mr. Rao was a partner and portfoliomanager of Chautauqua Capital since August 2012. From2005 to 2012, he was a portfolio manager at MarsicoCapital, holding several positions during his tenure.Mr. Schommer is a Portfolio Manager at Janus and hasmanaged the Opportunistic Alpha strategy since 2017. Hehas also co-managed the Concentrated Growth andConcentrated All Cap Growth strategies since 2016. Priorto joining Janus in 2013, Mr. Schommer spent a yearworking as an associate portfolio manager at ThornburgInvestment Management. Before that, he was a researchanalyst at Marsico Capital Management for more than fouryears, leading the coverage of the financial servicessector on a global basis. Previous to his investmentmanagement career, Mr. Schommer was a captain in theUnited States Army and served in Iraq and Kuwait. He wasawarded the Bronze Star Medal for exceptionallydistinguished service during Operation Iraqi Freedom.Mr. Schommer received his bachelor of science degree inchemistry from the United States Military Academy atWest Point, where he was recognized as a Distinguished

Cadet and Phi Kappa Phi. He earned his MBA from theUniversity of California – Los Angeles, Anderson Schoolof Management, where he was a Student InvestmentFund Fellow. Mr. Schommer holds the Chartered FinancialAnalyst designation and has 13 years of financial industryexperience.

J.P. Morgan Investment Management Inc. (JPMorgan)is a Delaware corporation and is an indirect, wholly-ownedsubsidiary of JPMorgan Chase & Co. JPMorgan is locatedat 383 Madison Avenue, New York, NY 10179. JPMorganprovides investment advisory services to a substantialnumber of institutional and other investors, including otherregistered investment advisers. As of December 31, 2019,JPMorgan together with its affiliated companies hadapproximately $1.97 trillion in assets under management.

The SA JPMorgan Diversified Balanced Portfolio ismanaged by Michael Feser, Jeffrey Geller, MorganMoriarty and John Speer. Mr. Feser, Managing Director ofJ.P. Morgan Asset Management, joined the firm in 1994and is a Portfolio Manager on the Multi-Asset Solutionsteam based in New York. He is a CFA charterholder.Mr. Geller joined the firm in 2006 and is a managingdirector and Chief Investment Officer of Multi-AssetSolutions, where he is responsible for investmentoversight of all mandates managed in New York. Thisincludes providing oversight with respect to manager andstrategy suitability and fit and ensuring that the team’sasset allocation views are reflected appropriately acrossa diverse set of mandates. Mr. Geller is also a portfoliomanager for less constrained multi-asset class portfoliosas well as portfolios with alternatives exposure. He is aCFA charterholder and is Series 24, 7, and 63 licensed.Ms. Moriarty is a Vice President and a CFA charterholder.She is a portfolio manager in the Multi-Asset Solutionsteam and an employee of the firm since 2011.Ms. Moriarty focuses on asset allocation, portfolioconstruction manager selection and global tactical assetallocation across multi-asset class portfolios. Mr. Speer,Vice President, joined the firm in 2007 and is a PortfolioManager on the Multi-Asset Solutions team in the U.S. Hefocuses on manager selection, portfolio construction, andtactical asset allocation across both traditional andalternative asset classes. Mr. Speer is also a CFAcharterholder.

The SA JPMorgan Emerging Markets Portfolio utilizes ateam-based approach and is managed by Anuj Arora andJoyce Weng. Mr. Arora, a Managing Director andemployee since 2006, is the Lead Portfolio Manager forthe Portfolio and is primarily responsible for portfolioconstruction. Mr. Arora utilizes the research and insightsof Ms. Weng. Ms. Weng, an Executive Director and CFA

MANAGEMENT

- 269 -

charterholder, assists in the day-to-day management ofthe Portfolio. An employee since 2010, she was on theU.S. Equity Behavioral Finance team from 2010 to 2011.

The SA JPMorgan Equity-Income Portfolio is managed byClare Hart, Managing Director of JPMorgan, AndrewBrandon, Managing Director of JPMorgan, and DavidSilberman, Managing Director of JPMorgan. Ms. Hart isthe lead portfolio manager of the Portfolio and is a seniormember of JPMorgan’s U.S. Equity Value portfoliomanagement team. Ms. Hart has been a portfoliomanager since 2002 and also has extensive experienceas an investment analyst covering the financial servicesand real estate sectors. She has been employed byJPMorgan since 1999. As portfolio managers, Messrs.Brandon and Silberman share authority in the day-to-daymanagement of the Portfolio. An employee of JPMorgansince 2000, Mr. Brandon has been an investment analystin JPMorgan’s U.S. Equity Group since 2012. He is a CFAcharterholder. An employee since 1989, Mr. Silbermanassumed his current role in 2019. Prior to his current role,Mr. Silberman was the Head of the JPMorgan’s EquityInvestment Director and Corporate Governance teamsglobally and the lead U.S. Equity Investment Director since2008.

The SA JPMorgan Global Equities Portfolio is managedby Sandeep Bhargava, Zenah Shuhaiber, William Meadonand James Ford, all of whom are Portfolio Managers inJPMorgan’s London-based International BehaviouralFinance Team. Messrs. Bhargava and Meadon, bothManaging Directors, joined the firm in 1997 and 1996,respectively, while Ms. Shuhaiber and Mr. Ford, bothExecutive Directors, joined the firm in 2005 and 2007,respectively.

The portion of the SA JPMorgan MFS Core Bond Portfoliosubadvised by JPMorgan is managed by Richard Figulyand Justin Rucker. Mr. Figuly, Managing Director, is thelead portfolio manager responsible for the day-to-daymanagement of a portion of the Portfolio. An employee ofJPMorgan or its predecessor firms since 1993, Mr. Figulyis a member of JPMorgan’s Global Fixed Income,Currency & Commodities (“GFICC”) group and head ofGFICC’s Core Bond team with responsibility for managingcertain JPMorgan funds and institutional taxable bondportfolios. Mr. Rucker, Executive Director, an employee ofJPMorgan since 2006, is a member of the GFICC groupand a portfolio manager responsible for managing LongDuration and Core Bond institutional taxable bondportfolios.

The SA JPMorgan Mid-Cap Growth Portfolio is managedby Timothy Parton, Managing Director of JPMorgan and aCFA charterholder, and Felise L. Agranoff, ManagingDirector of JPMorgan and a CFA charterholder. Mr. Parton

is a portfolio manager in the U.S. Equity Group and hasbeen an employee since 1986, managing a variety ofsmall and mid cap portfolios. He has managed the U.S.Mid Cap Growth strategy since November 2001.Ms. Agranoff became a co-portfolio manager of the MidCap Growth strategy in 2015 and has been a researchanalyst in the U.S. Equity Group since 2004.

Massachusetts Financial Services Company (MFS) isAmerica’s oldest mutual fund organization and, with itspredecessor organizations, has a history of moneymanagement dating from 1924 and the founding of thefirst mutual fund in the United States. MFS is located at111 Huntington Avenue, Boston, MA 02199. MFS is asubsidiary of Sun Life of Canada (U.S.) FinancialServices Holdings, Inc., which in turn is an indirectmajority-owned subsidiary of Sun Life Financial Inc., (adiversified financial services company). Net assets underthe management of the MFS organization wereapproximately $527 billion as of January 31, 2020. MFSis a registered trademark of Massachusetts FinancialServices Company.

The portion of the SA JPMorgan MFS Core Bond Portfoliosubadvised by MFS is managed by Joshua P. Marston,Robert D. Persons, and Alexander Mackey. Mr. Marstonhas been employed in the investment area of MFS since1999. Mr. Persons has been employed in the investmentarea of MFS since 2000. Mr. Mackey has been employedin the investment area of MFS since 2001.

The SA MFS Blue Chip Growth Portfolio is managed byMatthew Krummell, James C. Fallon, Jonathan W. Sageand John E. Stocks. Mr. Krummell, Investment Officer andLead Portfolio Manager, has been employed in theinvestment area of MFS since 2001. Mr. Fallon,Investment Officer, has been employed in the investmentarea of MFS since 1999. Mr. Sage, Investment Officer, hasbeen employed in the investment area of MFS since 2000.Mr. Stocks, Investment Officer, has been employed in theinvestment area of MFS since 2001.

The SA MFS Massachusetts Investors Trust Portfolio ismanaged by T. Kevin Beatty, Edward M. Maloney andAlison O’Neill Mackey. Mr. Beatty has been employed inthe investment area of MFS since 2002 and is ChiefInvestment Officer – Global Equity. Mr. Maloney, ExecutiveVice President and Chief Investment Officer, has beenemployed in the investment area of MFS since 2005.Ms. O’Neill Mackey, Investment Officer, has beenemployed in the investment area of MFS since 2005.

The SA MFS Total Return Portfolio is managed by aninvestment team led by Brooks A. Taylor. Additional teammembers include Steven R. Gorham, Alexander Mackey,Joshua P. Marston, Johnathan Munko, Henry Peabody,

MANAGEMENT

- 270 -

Robert Persons, and Jonathan W. Sage. Mr. Taylor hasbeen employed in the investment area of MFS since 1996.Mr. Gorham has been employed in the investment area ofMFS since 1992. Mr. Mackey has been employed in theinvestment area of MFS since 2001. Mr. Marston has beenemployed in the investment area of MFS since 1999.Mr. Munko has been employed in the investment area ofMFS since 2010. Mr. Peabody has been employed in theinvestment area of MFS since 2019; prior to that,Mr. Peabody held several positions within investmentmanagement at other firms, including most recently atEaton Vance, where he worked from 2013 to 2019.Mr. Persons has been employed in the investment area ofMFS since 2000. Mr. Sage has been employed in theinvestment area of MFS since 2000. The portfoliomanagers’ primary roles are as follows: Mr. Taylor: Lead/Equity Securities Portfolio Manager; Messrs. Gorham,Munko and Sage: Equity Securities Portfolio Managers;Messrs. Mackey, Peabody and Persons: InvestmentGrade Debt Instruments Portfolio Managers; andMr. Marston: Debt Instruments Portfolio Manager.

Morgan Stanley Investment Management Inc. (MSIM)is a subsidiary of Morgan Stanley and conducts aworldwide portfolio management business providing abroad range of services to customers in the United Statesand abroad. MSIM is located at 522 Fifth Avenue,New York, NY 10036. As of December 31, 2019, MSIMtogether with its affiliated asset management companieshad approximately $551.9 billion in assets undermanagement.

MSIM has entered into an agreement whereby it maydelegate certain of its investment advisory services toMorgan Stanley Investment Management Limited (“MSIMLimited”), an affiliated investment adviser located at 25Cabot Square, Canary Wharf, London, E14 4QA,England.

The SA Morgan Stanley International Equities Portfolio ismanaged by William D. Lock, Bruno Paulson, Vladimir A.Demine, Marcus Watson, Dirk Hoffmann-Becking, NicSochovsky, Alex Gabriele, Nathan Wong and RichardPerrott. Mr. Lock, Managing Director, has been associatedwith MSIM Limited in an investment management capacitysince 1994. Mr. Paulson, Managing Director, has beenassociated with MSIM Limited in an investmentmanagement capacity in 2009. Mr. Demine, ExecutiveDirector, has been associated with MSIM Limited in aninvestment management capacity in 2009. Mr. Watson,Executive Director, has been associated with MSIMLimited in an investment management capacity since2008. Mr. Hoffmann-Becking, Executive Director, hasbeen associated with MSIM Limited or its affiliates in aninvestment capacity since 2013. Prior to 2013,Mr. Hoffmann-Becking was associated with Societe

Generale as a sell side analyst. Prior to 2012,Mr. Hoffmann-Becking was associated with SanfordBernstein as a senior research analyst covering EuropeanBanks. Mr. Sochovsky, Managing Director, has beenassociated with MSIM Limited or its affiliates in aninvestment capacity since 2015. Prior to 2015,Mr. Sochovsky was associated with Credit Suisse within atop industry ranked consumer staples team covering foodmanufacturing, HPC, beverages and tobacco. Prior to2012, Mr. Sochovsky was associated with Unicredit as thehead of the consumer research team. Mr. Gabriele,Executive Director, has been associated with MSIMLimited in an investment management capacity since2012. Mr. Perrott, Executive Director, has been associatedwith MSIM Limited in an investment management capacitysince 2017. Prior to joining MSIM Limited, Mr. Perrott wasan equity research analyst at Autonomous Researchcovering specialty financials from 2013 to 2015 andpreviously covered financials at Berenberg Bank from2011 to 2013. Mr. Wong, Executive Director, has beenassociated with MSIM Limited in an investmentmanagement capacity since 2015. Prior to joining MSIMLimited, Mr. Wong was partner/senior analyst anddeveloped markets equities generalist at Sloane Robinsonfrom 2007 to 2017.

Pacific Investment Management Company, LLC(PIMCO) provides investment management and advisoryservices to private accounts of institutional and individualclients and to mutual funds. PIMCO manages $1.91 trillionin assets as of December 31, 2019. PIMCO’s address is650 Newport Center Drive, Newport Beach, CA 92660.

The SA PIMCO VCP Tactical Balanced Portfolio ismanaged by Graham A. Rennison, Yang Lu, Mohit Mittal,and Mike Cudzil.

Mr. Cudzil is a managing director in the Newport Beachoffice, a senior member of the liability-driven investmentportfolio management team and a generalist portfoliomanager. He has served as chair of the Americas PortfolioCommittee, as a rotating member on the PIMCOInvestment Committee and as co-head of the agencyMBS portfolio management team. Prior to joining PIMCOin 2012, he worked as a managing director and head ofpass-through trading at Nomura. Mr. Cudzil previouslyheld similar roles at Bank of America and LehmanBrothers, as well as a senior trading position at SalomonBrothers. He has 23 years of investment experience andholds a bachelor’s degree in political science from theUniversity of Pennsylvania.

Mr. Lu is a vice president and portfolio manager on thequantitative portfolio management team in the NewportBeach office. Prior to joining PIMCO in 2018, he was ananalyst at Hutchin Hill Capital, responsible for developing

MANAGEMENT

- 271 -

and managing quant equity market neutral strategies. Hehas five years of investment experience and holds anundergraduate degree in mathematics and economicsfrom Williams College.

Mr. Mittal is a managing director and portfolio manager inthe Newport Beach office. He manages multi-sectorportfolios and is a senior member of LDI, Total Return,Dynamic Bond and Credit portfolio management teams.He also serves as the head of the U.S. investment grade,high yield and emerging market credit trading desks.Previously, he was a specialist on PIMCO’s interest ratesand derivatives desk. Mr. Mittal also serves on the boardof Orangewood Foundation. He joined the firm in 2007and holds an MBA from the Wharton School of theUniversity of Pennsylvania and an undergraduate degreein computer science from Indian Institute of Technology(IIT) in Delhi, India.

Mr. Rennison is a senior vice president in the quantitativeportfolio management group in the Newport Beach office,focusing on multi-asset-class systematic strategies. Hewas previously a member of the client analytics group,advising clients on strategic asset allocation. Prior tojoining PIMCO in 2011, Mr. Rennison was a director andhead of systematic strategies research at BarclaysCapital in New York and also spent five years at LehmanBrothers. He has 18 years of investment experience andholds master’s and undergraduate degrees inmathematics from Cambridge University, England.

PineBridge Investments LLC (PineBridge) is aDelaware limited liability company and is located at ParkAvenue Tower, 65 East 55th Street, 6th Floor, New York, NY10022. PineBridge is a wholly-owned subsidiary ofPineBridge Investment Holdings US LLC, which is awholly-owned subsidiary of PineBridge Investments, L.P.,a company owned by Pacific Century Group, an Asia-based private investment group. Pacific Century Group ismajority owned by Mr. Richard Li Tzar Kai. As ofJanuary 31, 2020, PineBridge managed approximately$103.6 billion in assets.

The SA PineBridge High-Yield Bond Portfolio is managedby John Yovanovic, CFA. Mr. Yovanovic is ManagingDirector and Head of High Yield Portfolio Management forPineBridge. Mr. Yovanovic joined PineBridge with theacquisition of American General Investment Managementin 2001. He became a Portfolio Manager of high yieldbonds for PineBridge in September 2005.

Putnam Investment Management, LLC (Putnam) is aDelaware limited liability company with principal offices at100 Federal Street, Boston, MA 02110. Putnam is asubsidiary of Putnam U.S. Holdings I, LLC. Putnam U.S.Holdings I, LLC, an indirect, wholly-owned subsidiary of

Putnam Investments, LLC, which generally conductsbusiness under the name Putnam Investments, is ownedthrough a series of wholly-owned subsidiaries by Great-West Lifeco, Inc., which is a financial services holdingcompany with operations in Canada, the United Statesand Europe and is a member of the Power FinancialCorporation group of companies. Power FinancialCorporation is a majority-owned subsidiary of PowerCorporation of Canada, a majority of whose voting stockis controlled by The Desmarais Family Residuary Trust.As of January 31, 2020, Putnam had approximately$179.9 billion in assets under management.

The SA Putnam International Growth and IncomePortfolio is managed by Darren A. Jaroch, CFA. He isassisted by Lauren B. DeMore, CFA. Mr. Jaroch is aPortfolio Manager at Putnam and also manages otherfunds managed by Putnam or an affiliate. Mr. Jarochjoined Putnam in 1999 and has been in the investmentindustry since 1996. Ms. DeMore is an Assistant PortfolioManager of Putnam’s U.S. large-cap value andinternational value strategies. Ms. DeMore joined Putnamin 2006 and has been in the investment industry since2002.

QS Investors, LLC (QS Investors) is located at 880 ThirdAvenue, 7th Floor, New York, New York 10022. QSInvestors provides asset management services primarilyfor institutional accounts, such as corporate pension andprofit sharing plans; endowments and foundations;investment companies (including mutual funds); andstate, municipal and foreign governmental entities. As ofDecember 31, 2019, QS Investors had assets undermanagement of $18.7 billion, representing the combinedassets of QS Investors, QS Batterymarch FinancialManagement, Inc. and QS Legg Mason Global AssetAllocation, LLC.

The SA Legg Mason Tactical Opportunities Portfolio ismanaged by Thomas Picciochi, CAIA (CharteredAlternative Investment Analyst) and Lisa Wang, CFA.Thomas Picciochi, CAIA, serves as a Portfolio Managerand Head of Multi-Asset Portfolio Management of QSInvestors. Mr. Picciochi has been responsible for multi-asset portfolio management and trading at QS Investorssince 2010. Ms. Wang has been part of the multi-assetportfolio management team at QS Investors since 2014.

QS Investors compensates each of Brandywine,ClearBridge Investments, LLC (“ClearBridge”) andWestern Asset Management Company (“Western Asset”),the Portfolio’s sub-subadvisers, out of the subadvisoryfees that it receives from SunAmerica. NeitherSunAmerica nor the Portfolio compensates the Portfolio’ssubsubadvisers. Brandywine, ClearBridge and Western

MANAGEMENT

- 272 -

Asset are affiliates of QS Investors, which is an indirectwholly-owned subsidiary of Legg Mason, Inc.SunAmerica may terminate the subadvisory agreementwith QS Investors without shareholder approval.

Brandywine is located at 1735 Market Street,Suite 1800, Philadelphia, Pennsylvania 19103.Brandywine acts as adviser or subadviser toindividuals, public funds, corporations, pensionand profit sharing plans, Taft-Hartley Plans,endowments and foundations, as well as toinvestment company portfolios. As of January 31,2020, Brandywine’s total assets undermanagement were approximately $72.8 billion.

ClearBridge is located at 620 Eighth Avenue,New York, New York 10018 and is an investmentadviser that manages U.S. and internationalequity investment strategies for institutional andindividual investors. ClearBridge has beencommitted to delivering long-term results throughactive management for more than 50 years, andbases its investment decisions on fundamentalresearch and the insights of seasoned portfoliomanagement teams. As of January 31, 2020,ClearBridge’s total assets under managementwere approximately $153.1 billion.

Western Asset is located at 385 East ColoradoBoulevard, Pasadena, California 91101 and 620Eighth Avenue, New York, New York 10018.Western Asset acts as investment adviser toinstitutional accounts, such as corporate pensionplans, mutual funds and endowment funds. As ofJanuary 31, 2020, the total assets undermanagement of Western Asset and itssupervised affiliates were approximately$467.4 billion.

The Intermediate Term Bond sleeve is managedby Stephen Sibley, CFA, and Eugene Kirkwood.Stephen Sibley, CFA, is a Portfolio Manager andResearch Analyst at Western Asset and has27 years of experience. He joined the Firm in2005. Eugene Kirkwood is a Portfolio Managerhandling Western Asset’s taxable separatelymanaged strategies. He joined the firm in 2005.

Schroder Investment Management North America Inc.(SIMNA) is located at 7 Bryant Park, New York, NY 10018.SIMNA, through its predecessors, has been an investmentmanager since 1962, and serves as investment adviser tomutual funds and a broad range of institutional investors.Schroders plc, SIMNA’s ultimate parent, is a global assetmanagement company with approximately $662.63 billionunder management as of January 31, 2020. In managingthe SA Schroders VCP Global Allocation Portfolio, SIMNA

has delegated certain investment managementresponsibilities to Schroder Investment ManagementNorth America Ltd, an affiliate of SIMNA, pursuant to asub-subadvisory agreement.

The SA Schroders VCP Global Allocation Portfolio ismanaged by Johanna Kyrklund, CFA and MichaelHodgson, PhD.

Johanna Kyrklund, CFA, is Schroders’ Global ChiefInvestment Officer and Head of Multi-Asset Investments.She has been with Schroders since 2007 and leads theMulti-Asset Investments division and chairs the GlobalAsset Allocation Committee. She is responsible forinvestments on behalf of Multi-Asset clients globally andis the lead portfolio manager of the Schroders DiversifiedGrowth Strategy. Ms. Kyrklund was formerly portfoliomanager of Absolute Insight Tactical Asset AllocationFund, a global macro absolute return fund, at InsightInvestment (2005-2007) and Head of Asset Allocation inthe UK and portfolio manager of the Deutsche TacticalAsset Allocation Fund, Deutsche Asset Management(1997-2005). Ms. Kyrklund is a CFA charterholder andalso holds a degree in Philosophy, Politics & Economicsfrom the University of Oxford.

Michael Hodgson, PhD, joined Schroders in 2011. He isresponsible for Risk Managed Investments and OTCderivatives execution for Multi-Asset. He has over25 years of experience in financial markets. From 2004 to2010, Mr. Hodgson was Global Head of Equity Derivativesand then Head of Fund Derivatives Trading andStructuring at ABN AMRO Bank/NV Royal Bank ofScotland NV. Between 2002 and 2004, he foundedHodgson Global through which he holds U.S. patents inrelation to derivative contracts for trading and hedgingvolatility risk. His investment career started in 1987becoming Principal Interest Rate Derivatives Trader andsubsequently Global Head of Structured Products andEquity Derivatives at J. Henry Schroder & Co. Limited untilits acquisition in 2000 by Citigroup where he becameEuropean Head of New Product Development.Mr. Hodgson holds a BSc in Physics from Imperial College(London) and a PhD in Physics from CambridgeUniversity.

T. Rowe Price Associates, Inc. (T. Rowe Price) islocated at 100 East Pratt Street, Baltimore, MD 21202.T. Rowe Price provides investment management servicesto individual and institutional investors, and sponsors andserves as adviser and sub-adviser to registeredinvestment companies, institutional separate accounts,and common trust funds. As of January 31, 2020, T. RowePrice had approximately $1.21 trillion in assets under

MANAGEMENT

- 273 -

management and provided investment managementservices for more than 9 million individual and institutionalinvestor accounts.

The SA T. Rowe Price Asset Allocation Growth Portfolio ismanaged by Robert A. Panariello, CFA, CAIA, FRM,Charles M. Shriver, CFA and Toby M. Thompson, CFA,CAIA. Robert Panariello is a vice president of T. RowePrice Group, Inc. and T. Rowe Price, and a quantitativeanalyst in the Asset Allocation Group, with research,product development, and portfolio managementresponsibilities. He is an Investment Advisory Committeemember of the Global Allocation Fund. Robert joined thefirm in 2005. Robert has also earned the CFA, FinancialRisk Manager (FRM) and CAIA designations. CharlesShriver is a Vice President of T. Rowe Price Group, Inc.,and T. Rowe Price. He is a portfolio manager for severalasset allocation portfolios within the T. Rowe Price AssetAllocation Group. Mr. Shriver is a Co-Chair of the T. RowePrice Asset Allocation Committee and has been with thefirm since 1991. He has earned the CFA designation. TobyThompson is a Vice President of T. Rowe Price Group, Inc.and T. Rowe Price. He is a portfolio manager within theT. Rowe Price Asset Allocation Group. He serves as co-portfolio manager of the T. Rowe Price Managed VolatilityStrategy. He joined the firm in 2010, He has earned hisCFA and Chartered Alternative Investment Analyst (CAIA)designations and is a Series 7 and 63 registeredrepresentative.

The SA T. Rowe Price VCP Balanced and the OverlayComponent of the SA VCP Index Allocation Portfolios aremanaged by Charles M. Shriver, CFA, Sean McWilliamsand Toby M. Thompson, CFA, CAIA. Charles Shriver is aVice President of T. Rowe Price Group, Inc., and T. RowePrice. He is a portfolio manager for several assetallocation portfolios within the T. Rowe Price AssetAllocation Group. Mr. Shriver is a Co-Chair of the T. RowePrice Asset Allocation Committee and has been with thefirm since 1991. He has earned the CFA designation.Sean McWilliams is a Vice President of T. Rowe Price. Heis a portfolio manager and quantitative investment analystin the Multi-Asset Division with research and portfoliomanagement responsibilities. He is a member of theInvestment Advisory Committee of the T. Rowe PriceGlobal Allocation Fund. He joined the firm in 2009.Mr. McWilliams earned a B.A. in mathematics and appliedmathematics/statistics and an M.S. in applied economicsfrom the John Hopkins University. He also earned an M.S.in applied mathematics from the University of Maryland,Baltimore County. Toby Thompson is a Vice President ofT. Rowe Price Group, Inc., and T. Rowe Price. He is aportfolio manager within the T. Rowe Price AssetAllocation Group. He serves as co-portfolio manager ofthe T. Rowe Price Managed Volatility Strategy. He joined

the firm in 2010, He has earned his CFA and CAIAdesignations and is a Series 7 and 63 registeredrepresentative.

Templeton Investment Counsel, LLC (Templeton) is aDelaware limited liability company located at 300 S.E. 2ndStreet, Ft. Lauderdale, FL 33301. Templeton is a wholly-owned subsidiary of Franklin Resources, Inc. (referred toas Franklin Templeton Investments), a publicly ownedcompany engaged in the financial services industrythrough its subsidiaries. As of January 31, 2020, FranklinTempleton Investments managed approximately$688 billion in assets composed of mutual funds and otherinvestment vehicles for individuals, institutions, pensionplans, trusts and partnerships in 128 countries.

The SA Templeton Foreign Value Portfolio is managed byan investment team led by Antonio T. Docal. Back-upportfolio managers of the Portfolio include HeatherWaddell and Peter A. Nori. Mr. Docal joined Templeton in2001 and is currently the President of TempletonInvestment Counsel, LLC and the Director of PortfolioManagement for the Templeton Global Equity Group. Heholds the CFA designation. Mr. Docal is the lead portfoliomanager of this Portfolio. Ms. Waddell joined Templeton in1996 and is currently Executive Vice President, PortfolioManager/Research Analyst. Ms. Waddell has researchresponsibility for global small capitalization industrials andcommunications services sectors. She holds the CFAdesignation. Mr. Nori joined Franklin Templeton in 1987and is an Executive Vice President and Portfolio Managerfor the Templeton Global Equity Research Group and hasresearch responsibility for the global semiconductor andsemiconductor equipment sectors, is the informationtechnology sector team leader and the Director of GlobalSector Research. In addition, he manages severalinstitutional and sub-advised portfolios across Global,Developed and non-US mandates. He holds the CFAdesignation.

Wells Capital Management Incorporated (WellsCap) isa California corporation located at 525 Market Street, SanFrancisco, CA 94105. WellsCap provides investmentadvisory services for registered mutual funds, companyretirement plans, foundations, endowments, trustcompanies, and high net-worth individuals. As ofDecember 31, 2019, WellsCap managed assetsaggregating in excess of $409.9 billion.

The SA WellsCap Aggressive Growth Portfolio ismanaged by an investment team led by Michael T. Smith,CFA, and Christopher J. Warner, CFA. Mr. Smith ismanaging director and senior portfolio manager for theFundamental Growth Equity team at WellsCap. Mr. Smithhas oversight and portfolio management responsibility for

MANAGEMENT

- 274 -

the team’s Fundamental Small to Mid, Mid Capitalization,Large Capitalization, Large Capitalization Select, and AllCapitalization growth portfolios. Mr. Warner serves asCo-Portfolio Manager for each of the team’saforementioned strategies. Mr. Smith joined WellsCapfrom Strong Capital Management, having joined Strong in2000. Mr. Warner joined WellsCap from a sell sideresearch associate position at Citigroup in 2007. Bothmanagers have earned the right to use the CFAdesignation.

Information about the Distributor

AIG Capital Services, Inc. (the “Distributor”) distributeseach Portfolio’s shares and incurs the expenses of

distributing the Portfolios’ shares under a DistributionAgreement with respect to the Portfolios, none of whichare reimbursed by or paid for by the Portfolios. TheDistributor is located at Harborside 5, 185 Hudson Street,Suite 3300, Jersey City, NJ 07311.

Custodian, Transfer and Dividend PayingAgent

State Street Bank and Trust Company, Boston,Massachusetts, acts as Custodian of the Trust’s assets.VALIC Retirement Services Company is the Trust’sTransfer and Dividend Paying Agent and in so doingperforms certain bookkeeping, data processing andadministrative services.

MANAGEMENT

- 275 -

Shares of the Portfolios are not offered directly to thepublic. Instead, shares are currently issued and redeemedonly in connection with investments in and paymentsunder Variable Contracts offered by life insurancecompanies affiliated with SunAmerica, the Trust’sinvestment adviser and manager. The term “Manager” asused in this Prospectus means either SunAmerica or otherregistered investment advisers that serve as subadvisersto the Trust, as the case may be. All shares of the Trustare owned by “Separate Accounts” of the life insurancecompanies. If you would like to invest in a Portfolio, youmust purchase a Variable Contract from one of the lifeinsurance companies. The Trust offers three classes ofshares: Class 1, Class 2 and Class 3 shares. ThisProspectus offers all three classes of shares. Certainclasses of shares are offered only to existing contractowners and are not available to new investors. In addition,not all Portfolios are available to all contract owners.

You should be aware that the Variable Contracts involvefees and expenses that are not described in thisProspectus, and that the contracts also may involvecertain restrictions and limitations. You will findinformation about purchasing a Variable Contract and thePortfolios available to you in the prospectus that offers theVariable Contracts, which accompanies this Prospectus.

The Trust does not foresee a disadvantage to contractowners arising out of the fact that the Trust offers itsshares for Variable Contracts through the various lifeinsurance companies. Nevertheless, the Board intends tomonitor events in order to identify any materialirreconcilable conflicts that may possibly arise and todetermine what action, if any, should be taken inresponse. If such a conflict were to occur, one or moreinsurance company separate accounts might withdrawtheir investments in the Trust. This might force the Trust tosell portfolio securities at disadvantageous prices.

Service (12b-1) Plan

Class 2 and Class 3 shares of each Portfolio are subjectto a Rule 12b-1 Plan that provides for service fees payableat the annual rate of up to 0.15% and 0.25%, respectively,of the average daily net assets of such class of shares.The service fees will be used to compensate the lifeinsurance companies for costs associated with theservicing of either Class 2 or Class 3 shares, including thecost of reimbursing the life insurance companies forexpenditures made to financial intermediaries forproviding service to contract holders who are the indirectbeneficial owners of the Portfolios’ Class 2 or Class 3shares. Because these fees are paid out of eachPortfolio’s Class 2 or Class 3 assets on an ongoing basis,over time these fees will increase the cost of your

investment and may cost you more than paying othertypes of sales charges.

Transaction Policies

Valuation of shares. The net asset value per share(“NAV”) for each Portfolio and class is determined eachbusiness day at the close of regular trading on theNew York Stock Exchange (“NYSE”) (generally 4:00 p.m.,Eastern time) by dividing the net assets of each class bythe number of such class’s outstanding shares.

Securities for which market quotations are readilyavailable are valued at their market price as of the closeof regular trading on the NYSE for the day, unless, inaccordance with pricing procedures approved by theTrust’s Board, the market quotations are determined to beunreliable.

Securities and other assets for which market quotationsare unavailable or unreliable are valued at fair value inaccordance with pricing procedures periodically approvedand revised by the Board. There is no single standard formaking fair value determinations, which may result in theuse of prices that vary from those used by other funds. Inaddition, there can be no assurance that fair value pricingwill reflect actual market value, and it is possible that thefair value determined for a security may differ materiallyfrom the value that could be realized upon the sale of thesecurity. Investments in registered investment companiesthat do not trade on an exchange are valued at the end ofthe day NAV per share. Investments in registeredinvestment companies that trade on an exchange arevalued at the last sales price or official closing price as ofthe close of the customary trading session on theexchange where the security is principally traded. Theprospectus for any such open-end funds should explainthe circumstances under which these funds use fair valuepricing and the effect of using fair value pricing.

As of the close of regular trading on the NYSE, securitiestraded primarily on security exchanges outside theUnited States are valued at the last sale price on suchexchanges on the day of valuation or if there is no sale onthe day of valuation, at the last reported bid price. If asecurity’s price is available from more than one exchange,a Portfolio will use the exchange that is the primary marketfor the security. However, depending on the foreignmarket, closing prices may be up to 15 hours old whenthey are used to price the Portfolio’s shares, and thePortfolio may determine that certain closing prices do notreflect the fair value of the securities. This determinationwill be based on a review of a number of factors, includingdevelopments in foreign markets, the performance of U.S.securities markets, and the performance of instruments

ACCOUNT INFORMATION

- 276 -

trading in U.S. markets that represent foreign securitiesand baskets of foreign securities. If a Portfolio determinesthat closing prices do not reflect the fair value of thesecurities, the Portfolio will adjust the previous closingprices in accordance with pricing procedures approved bythe Board to reflect what it believes to be the fair value ofthe securities as of the close of regular trading on theNYSE.

A Portfolio may also fair value securities in othersituations, for example, when a particular foreign marketis closed but the Portfolio is open. For foreign equitysecurities and foreign equity futures contracts, the Trustuses an outside pricing service to provide it with closingmarket prices and information used for adjusting thoseprices.

Because Class 2 and Class 3 shares are subject toservice fees, while Class 1 shares are not, the NAV of theClass 2 or Class 3 shares will generally be lower than theNAV of the Class 1 shares of each Portfolio.

Certain of the Portfolios may invest to a large extent insecurities that are primarily listed on foreign exchangesthat trade on weekends or other days when the Trust doesnot price its shares. As a result, the value of thesePortfolios’ securities may change on days when the Trustis not open for purchases or redemptions.

Buy and sell prices. The Separate Accounts buy and sellshares of a Portfolio at NAV, without any sales or othercharges. However, as discussed above, Class 2 andClass 3 shares are subject to service fees pursuant to aRule 12b-1 plan.

Execution of requests. The Trust is open on those dayswhen the NYSE is open for regular trading. Buy and sellrequests are executed at the next NAV to be calculatedafter the request is accepted by the Trust. If the order isreceived and is in good order by the Trust, or the insurancecompany as its authorized agent, before the Trust’s closeof business (generally 4:00 p.m., Eastern time), the orderwill receive that day’s closing price. If the order is receivedafter that time, it will receive the next business day’sclosing price.

Under the 1940 Act, a Portfolio may suspend the right ofredemption or postpone the date of payment for morethan seven days in the following unusual circumstances:

• during any period in which the NYSE is closedother than customary weekend and holidayclosings or during any period in which trading onthe NYSE is deemed to be restricted;

• during any period in which an emergency exists,as a result of which (i) it is not reasonablypracticable for the Portfolio to dispose of

securities owned by it or (ii) it is not reasonablypracticable for the Portfolio to fairly determine thevalue of its net assets; or

• during such other periods as the SEC may byorder permit to protect Portfolio shareholders.

The SEC will determine the conditions under whichtrading shall be deemed to be restricted and the conditionsunder which an emergency shall be deemed to exist.

Your redemption proceeds typically will be sent withinthree business days after your request is submitted, but inany event, within seven days. Under normalcircumstances, the Trust expects to meet redemptionrequests by using cash or cash equivalents in a Portfolioor by selling portfolio assets to generate cash. Duringperiods of stressed market conditions, a Portfolio may bemore likely to limit cash redemptions and may determineto pay redemption proceeds by borrowing under a line ofcredit.

Frequent Purchases and Redemptions ofShares

The Portfolios, which are offered only through VariableContracts, are intended for long-term investment and notas frequent short-term trading (“market timing”) vehicles.Accordingly, organizations or individuals that use markettiming investment strategies and make frequent transfersor redemptions should not acquire Variable Contracts thatrelate to shares of the Portfolios.

The Board has adopted policies and procedures withrespect to market timing activity as discussed below.

The Trust believes that market timing activity is not in thebest interest of the Portfolios’ performance or theirparticipants. Market timing can disrupt the ability ofSunAmerica or a subadviser to invest assets in an orderly,long-term manner, which may have an adverse impact onthe performance of a Portfolio. In addition, market timingmay increase a Portfolio’s expenses through increasedbrokerage, transaction and administrative costs; forcedand unplanned portfolio turnover; and large asset swingsthat decrease a Portfolio’s ability to provide maximuminvestment return to all participants. This in turn can havean adverse effect on Portfolio performance.

Since certain Portfolios invest significantly in foreignsecurities and/or high yield fixed income securities (“junkbonds”), they may be particularly vulnerable to markettiming.

Market timing in Portfolios investing significantly in foreignsecurities may occur because of time zone differencesbetween the foreign markets on which a Portfolio’s

ACCOUNT INFORMATION

- 277 -

international portfolio securities trade and the time as ofwhich the Portfolio’s NAV is calculated. Market timing inPortfolios investing significantly in junk bonds may occur ifmarket prices are not readily available for a Portfolio’s junkbond holdings. Market timers may purchase shares of aPortfolio based on events occurring after foreign marketclosing prices are established but before calculation of thePortfolio’s NAV, or if they believe market prices for junkbonds are not accurately reflected by a Portfolio. One ofthe objectives of the Trust’s fair value pricing proceduresis to minimize the possibilities of this type of market timing(see “Transaction Policies – Valuation of Shares”).

Shares of the Portfolios are generally held throughSeparate Accounts. The ability of the Trust to monitortransfers made by the participants in Separate Accountsmaintained by financial intermediaries is limited by theinstitutional nature of these omnibus accounts. TheBoard’s policy is that the Portfolios must rely on theSeparate Accounts to both monitor market timing within aPortfolio and attempt to prevent it through their ownpolicies and procedures.

The Trust has entered into agreements with the SeparateAccounts that require the Separate Accounts to providecertain information to help identify frequent trading activityand to prohibit further purchases or exchanges by ashareholder identified as having engaged in frequenttrades. In situations in which the Trust becomes aware ofpossible market timing activity, it will notify the SeparateAccount in order to help facilitate the enforcement of suchentity’s market timing policies and procedures.

There is no guarantee that the Trust will be able to detectmarket timing activity or the participants engaged in suchactivity, or, if it is detected, to prevent its recurrence.Whether or not the Trust detects it, if market timing activityoccurs, you may be subject to the disruptions andincreased expenses discussed above. The Trust reservesthe right, in its sole discretion and without prior notice, toreject or refuse purchase orders received from insurancecompany Separate Accounts, whether directly or bytransfer, including orders that have been accepted by afinancial intermediary, that the Trust determines not to bein the best interest of a Portfolio. Such rejections orrefusals will be applied uniformly without exception.

Any restrictions or limitations imposed by the SeparateAccounts may differ from those imposed by the Trust.Please review your Variable Contract prospectus for moreinformation regarding the insurance company’s markettiming policies and procedures, including any restrictionsor limitations that the Separate Accounts may impose withrespect to trades made through a Variable Contract.Please refer to the documents pertaining to your VariableContract prospectus on how to direct investments in or

redemptions from (including making transfers into or outof) the Portfolios and any fees that may apply.

Payments in Connection with Distribution

Certain life insurance companies affiliated withSunAmerica receive revenue sharing payments fromSunAmerica and certain subadvisers in connection withcertain administrative, marketing and other servicingactivities, including payments to help offset costs formarketing activities and training to support sales of thePortfolios, as well as occasional gifts, entertainment orother compensation as incentives. Payments may bederived from 12b-1 (service) fees that are deducteddirectly from the assets of the Portfolios or frominvestment management fees received by SunAmerica orthe subadvisers.

Portfolio Holdings

The Trust’s policies and procedures with respect to thedisclosure of the Portfolios’ securities are described in theStatement of Additional Information.

Dividend Policies and Taxes

Distributions. Each Portfolio annually declares anddistributes substantially all of its net investment income inthe form of dividends. Distributions from net investmentincome and net realized gains, if any, are paid annually forall Portfolios.

Distribution Reinvestments. The dividends anddistributions, if any, will be reinvested automatically inadditional shares of the same Portfolio on which they werepaid. The per share dividends on Class 2 and Class 3shares will generally be lower than the per share dividendson Class 1 shares of the same Portfolio as a result of thefact that Class 2 and Class 3 shares are subject to servicefees, while Class 1 shares are not.

Taxability of a Portfolio. Each Portfolio intends to qualifyas a “regulated investment company” under the Code. Aslong as the Portfolio is qualified as a regulated investmentcompany, it will not be subject to U.S. federal income taxon the earnings that it distributes to its shareholders.

The Portfolios that receive dividend income from U.S.sources will annually report certain amounts of theirdividends paid as eligible for the dividends-receiveddeduction, and the Portfolios incurring foreign taxes willelect to pass-through allowable foreign tax credits. Thesereports and elections will benefit the life insurancecompanies, in potentially material amounts, and will notbeneficially or adversely affect you or the Portfolios. Thebenefits to the life insurance companies will not be passedto you or the Portfolios.

ACCOUNT INFORMATION

- 278 -

Each Portfolio further intends to meet certain additionaldiversification and investor control requirements thatapply to regulated investment companies that underlieVariable Contracts. If a Portfolio were to fail to qualify asa regulated investment company or were to fail to complywith the additional diversification or investor controlrequirements, Variable Contracts invested in the Portfolio

may not be treated as annuity, endowment, or lifeinsurance contracts for U.S. federal income tax purposes,and income and gains earned inside the VariableContracts would be taxed currently to policyholders andwould remain taxable in future years, even if the Portfoliowere to become adequately diversified and otherwisecompliant in the future.

ACCOUNT INFORMATION

- 279 -

The following Financial Highlights tables for the Portfolio are intended to help you understand the Portfolio’s financialperformance since inception. Certain information reflects financial results for a single Portfolio share. The total returns ineach table represent the rate that an investor would have earned on an investment in the Portfolio (assuming reinvestmentof all dividends and distributions). Separate Account charges are not reflected in the total returns. If these amounts werereflected, returns would be less than those shown. This information has been audited by PricewaterhouseCoopers LLP,whose report, along with the Portfolio’s financial statements, is included in the Trust’s Annual Report to shareholders,which is available upon request.

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*

Net realized& unrealizedgain (loss)

oninvestments

Total frominvestmentoperations

Dividendsdeclaredfrom net

investmentincome

Returnof

capital

Dividendsfrom netrealizedgain on

investmentsTotal

distributions

Net AssetValueend ofperiod

TotalReturn**

Net Assetsend of

period (000’s)

Ratio ofexpensesto average

net assets(1)

Ratio of netinvestment

income (loss)to average

net assets(1)Portfolioturnover

SA AB Growth Portfolio — Class 101/31/16 $40.14 $ 0.09 $ 2.11 $ 2.20 $(0.06) $— $(4.31) $(4.37) $37.97 5.24% $ 352,893 0.65% 0.21% 65%01/31/17 37.97 0.04 5.15 5.19 (0.09) — (5.33) (5.42) 37.74 14.06 362,019 0.66 0.10 5401/31/18 37.74 0.03 13.10 13.13 (0.02) — (3.08) (3.10) 47.77 35.78 491,203 0.65 0.06 5301/31/19 47.77 0.01 1.74 1.75(2) (0.00) — (6.14) (6.14) 43.38 4.03 1,054,212 0.64 0.03 56(3)

01/31/20 43.38 (0.02) 10.44 10.42 (0.00) — (3.10) (3.10) 50.70 24.48 1,104,442 0.64 (0.03) 28

SA AB Growth Portfolio — Class 201/31/16 40.01 0.03 2.09 2.12 — — (4.31) (4.31) 37.82 5.06 19,953 0.80 0.07 6501/31/17 37.82 (0.02) 5.13 5.11 (0.02) — (5.33) (5.35) 37.58 13.89 19,507 0.81 (0.05) 5401/31/18 37.58 (0.03) 13.03 13.00 — — (3.08) (3.08) 47.50 35.59 23,394 0.80 (0.08) 5301/31/19 47.50 (0.05) 1.71 1.66(2) — — (6.14) (6.14) 43.02 3.85 76,460 0.79 (0.12) 56(3)

01/31/20 43.02 (0.09) 10.35 10.26 — — (3.10) (3.10) 50.18 24.30 78,983 0.79 (0.18) 28

SA AB Growth Portfolio — Class 301/31/16 39.78 (0.01) 2.09 2.08 — — (4.31) (4.31) 37.55 4.99 119,707 0.90 (0.03) 6501/31/17 37.55 (0.06) 5.09 5.03 — — (5.33) (5.33) 37.25 13.79 119,270 0.91 (0.15) 5401/31/18 37.25 (0.08) 12.91 12.83 — — (3.08) (3.08) 47.00 35.44 136,572 0.90 (0.18) 5301/31/19 47.00 (0.09) 1.68 1.59(2) — — (6.14) (6.14) 42.45 3.74 412,105 0.89 (0.22) 56(3)

01/31/20 42.45 (0.13) 10.20 10.07 — — (3.10) (3.10) 49.42 24.18 439,589 0.89 (0.28) 28

SA AB Small & Mid Cap Value Portfolio — Class 101/31/16 19.11 0.07 (1.44) (1.37) (0.12) — (2.82) (2.94) 14.80 (8.83) 90,372 0.95 0.37 4401/31/17 14.80 0.06 5.13 5.19 (0.07) — (0.87) (0.94) 19.05 35.85 105,585 0.95 0.36 5701/31/18 19.05 0.07 2.56 2.63 (0.08) — (1.86) (1.94) 19.74 14.54 91,640 0.95 0.36 3301/31/19 19.74 0.07 (1.69) (1.62) (0.15) — (4.10) (4.25) 13.87 (7.91) 80,718 0.96 0.39 4301/31/20 13.87 0.11 0.35 0.46 — — (0.23) (0.23) 14.10 3.22 81,549 0.98 0.78 31



* Calculated based upon average shares outstanding.

** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the totalreturn would have been lower for each period presented. Total return does include expense reimbursements and expense reductions.

(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower andthe ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio 01/16 01/17 01/18 01/19 01/20

SA AB Growth Class 1 ............................................................................................................................... 0.00% 0.00% 0.00% 0.00% 0.00%SA AB Growth Class 2 ............................................................................................................................... 0.00 0.00 0.00 0.00 0.00SA AB Growth Class 3 ............................................................................................................................... 0.00 0.00 0.00 0.00 0.00SA AB Small & Mid-Cap Value Class 1 ...................................................................................................... 0.01 0.01 0.01 0.01 0.00SA AB Small & Mid-Cap Value Class 2 ...................................................................................................... 0.01 0.01 0.01 0.01 0.00SA AB Small & Mid-Cap Value Class 3 ...................................................................................................... 0.01 0.01 0.01 0.01 0.00

(2) Includes the effect of a merger.(3) Excludes purchases/sales due to merger.

FINANCIAL HIGHLIGHTS

- 280 -

Periodended

NetAssetValue

beginningof period

Netinvestment

income(loss)*

Netrealized &unrealizedgain (loss)

oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

NetAssetsend ofperiod(000’s)

Ratio ofexpenses

toaverage

netassets(1)

Ratioof net

investmentincome

toaverage

netassets(1)

Portfolioturnover

SA BlackRock VCP Global Multi Asset Portfolio — Class 109/26/16#-01/31/17 $10.67 $ 0.01 $(0.01) $ 0.00 $(0.01) $— $(0.09) $(0.10) $10.57 0.00% $ 100 0.91%† 0.21%† 161%01/31/18 10.57 0.07 1.36 1.43 (0.01) — (0.04) (0.05) 11.95 13.51 120 0.91 0.62 16001/31/19 11.95 0.11 (0.59) (0.48) (0.19) — (0.81) (1.00) 10.47 (3.95) 121 0.91 0.96 16601/31/20 10.47 0.12 1.13 1.25 (0.12) — (0.43) (0.55) 11.17 11.95(2) 137 0.90 1.13 154

SA BlackRock VCP Global Multi Asset Portfolio — Class 301/25/16#-01/31/16 10.00 (0.00) 0.19 0.19 — — — — 10.19 1.90 12,290 1.16† (0.15)† 001/31/17 10.19 0.01 0.46 0.47 (0.01) — (0.09) (0.10) 10.56 4.58 484,730 1.16 0.12 16101/31/18 10.56 0.04 1.36 1.40 (0.00) — (0.04) (0.04) 11.92 13.28 748,085 1.16 0.34 16001/31/19 11.92 0.08 (0.59) (0.51) (0.12) — (0.81) (0.93) 10.48 (4.24) 738,703 1.16 0.71 16601/31/20 10.48 0.10 1.12 1.22 (0.09) — (0.43) (0.52) 11.18 11.67(2) 822,050 1.15 0.88 154


** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had beenincluded, the total return would have been lower for each period presented. Total return does include expense reimbursements and expensereductions.

† Annualized

# Commencement of operations.(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio 01/16 01/17 01/18 01/19 01/20

SA BlackRock VCP Global Multi Asset Class 1....................................................................................... —% 0.07%† (0.00)% (0.00)% 0.01%SA BlackRock VCP Global Multi Asset Class 3....................................................................................... 10.84† 0.12 (0.00) (0.00) 0.01

(2) The Portfolio’s performance figure was increased by 0.02% from gains on the disposal of investments in violation of investment restrictions.


- 281 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)


net assets(1)(2)



net assets(1)(2)Portfolioturnover

SA Columbia Technology Portfolio — Class 101/31/16 $4.55 $(0.01) $ 0.09 $ 0.08 $— $— $ — $ — $4.63 1.76% $10,516 1.08% (0.20)% 59%01/31/17 4.63 (0.01) 1.72 1.71 — — — — 6.34 36.93(3) 12,239 1.06 (0.22) 5601/31/18 6.34 (0.01) 2.07 2.06 — — (0.93) (0.93) 7.47 33.42 15,771 1.04 (0.22) 5601/31/19 7.47 0.00 (0.19) (0.19) — — (1.00) (1.00) 6.28 (2.36) 13,143 1.04 0.04 3501/31/20 6.28 0.06 2.30 2.36 — — (0.75) (0.75) 7.89 38.33 17,108 1.06 0.76 59

SA Columbia Technology Portfolio — Class 201/31/16 4.47 (0.02) 0.09 0.07 — — — — 4.54 1.57 3,258 1.23 (0.35) 5901/31/17 4.54 (0.02) 1.68 1.66 — — — — 6.20 36.56(3) 3,975 1.21 (0.37) 5601/31/18 6.20 (0.02) 2.02 2.00 — — (0.93) (0.93) 7.27 33.21 5,043 1.20 (0.37) 5601/31/19 7.27 (0.01) (0.18) (0.19) — — (1.00) (1.00) 6.08 (2.42) 4,454 1.19 (0.11) 3501/31/20 6.08 0.04 2.22 2.26 — — (0.75) (0.75) 7.59 37.94 5,402 1.21 0.56 59

SA Columbia Technology Portfolio — Class 301/31/16 4.41 (0.02) 0.09 0.07 — — — — 4.48 1.59 36,051 1.33 (0.45) 5901/31/17 4.48 (0.02) 1.66 1.64 — — — — 6.12 36.61(3) 43,656 1.31 (0.47) 5601/31/18 6.12 (0.03) 1.99 1.96 — — (0.93) (0.93) 7.15 32.98 55,756 1.30 (0.47) 5601/31/19 7.15 (0.01) (0.19) (0.20) — — (1.00) (1.00) 5.95 (2.62) 51,259 1.29 (0.21) 3501/31/20 5.95 0.04 2.17 2.21 — — (0.75) (0.75) 7.41 37.93 70,583 1.31 0.53 59



(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio 01/16(2) 01/17(2) 01/18(2) 01/19(2) 01/20(2)

SA Columbia Technology Class 1.............................................................................................. 0.10% 0.10% 0.10% 0.10% 0.10%SA Columbia Technology Class 2 ............................................................................................. 0.10 0.10 0.10 0.10 0.10SA Columbia Technology Class 3 ............................................................................................. 0.10 0.10 0.10 0.10 0.10


Portfolio 01/16 01/17 01/18 01/19 01/20

SA Columbia Technology Class 1 .............................................................................................................. 0.03% 0.02% 0.02% 0.01% 0.01%SA Columbia Technology Class 2 .............................................................................................................. 0.03 0.02 0.02 0.01 0.01SA Columbia Technology Class 3 .............................................................................................................. 0.03 0.02 0.02 0.01 0.01

(3) The Portfolio’s performance figure was increased by less than 0.01% from gains on the disposal of investments in violation of investment restrictions.


- 282 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)

Ratio ofexpensesto averagenet assets


incometo averagenet assets

Portfolioturnover

SA DFA Ultra Short Bond Portfolio — Class 101/31/16 $10.56 $(0.02) $ 0.00 $(0.02)(2) $ — $— $— $ — $10.54 (0.19)% $ 63,380 0.45%(1) (0.19)%(1) —%01/31/17 10.54 0.04 (0.04) 0.00 — — — — 10.54 0.00 304,376 0.50(1) 0.41(1) 12601/31/18 10.54 0.09 (0.04) 0.05 (0.03) — — (0.03) 10.56 0.51 215,125 0.50 0.89 10501/31/19 10.56 0.18 0.02 0.20 (0.12) — — (0.12) 10.64 1.90 208,490 0.50 1.65 8601/31/20 10.64 0.20 0.02 0.22 (0.21) — — (0.21) 10.65 2.08 170,367 0.51 1.85 408

SA DFA Ultra Short Bond Portfolio — Class 201/31/16 10.46 (0.04) 0.00 (0.04)(2) — — — — 10.42 (0.38) 20,166 0.60(1) (0.34)(1) —01/31/17 10.42 0.01 (0.02) (0.01) — — — — 10.41 (0.10) 15,865 0.65(1) 0.14(1) 12601/31/18 10.41 0.08 (0.04) 0.04 (0.01) — — (0.01) 10.44 0.42 14,206 0.65 0.76 10501/31/19 10.44 0.16 0.01 0.17 (0.10) — — (0.10) 10.51 1.68 15,715 0.65 1.52 8601/31/20 10.51 0.18 0.02 0.20 (0.19) — — (0.19) 10.52 1.95 14,150 0.66 1.69 408

SA DFA Ultra Short Bond Portfolio — Class 301/31/16 10.39 (0.04) (0.01) (0.05)(2) — — — — 10.34 (0.48) 249,970 0.70(1) (0.44)(1) —01/31/17 10.34 0.00 (0.02) (0.02) — — — — 10.32 (0.19) 201,194 0.75(1) 0.03(1) 12601/31/18 10.32 0.07 (0.04) 0.03 (0.00) — — (0.00) 10.35 0.32 175,836 0.75 0.66 10501/31/19 10.35 0.15 0.01 0.16 (0.09) — — (0.09) 10.42 1.56 184,763 0.75 1.41 8601/31/20 10.42 0.17 0.02 0.19 (0.19) — — (0.19) 10.42 1.80 190,713 0.76 1.58 408




Portfolio 01/16 01/17

SA DFA Ultra Short Bond Class 1 ......................................................................................................................................................... 0.08% 0.01%SA DFA Ultra Short Bond Class 2 ......................................................................................................................................................... 0.07 0.02SA DFA Ultra Short Bond Class 3 ......................................................................................................................................................... 0.08 0.02

(2) Includes the effect of a merger.


- 283 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)




Portfolioturnover

SA Dogs of Wall Street Portfolio — Class 101/31/16 $12.98 $0.31 $(0.00) $ 0.31 $(0.26) $ — $(0.91) $(1.17) $12.12 2.38% $183,901 0.64% 2.43% 68%01/31/17 12.12 0.34 2.23 2.57 (0.31) — (0.72) (1.03) 13.66 21.56 186,426 0.64 2.51 6101/31/18 13.66 0.34 2.70 3.04 (0.35) — (1.21) (1.56) 15.14 23.41 192,395 0.64 2.37 5601/31/19 15.14 0.34 (0.02) 0.32 (0.37) — (1.76) (2.13) 13.33 1.89 184,706 0.64 2.40 7501/31/20 13.33 0.35 1.40 1.75 (0.38) — (0.92) (1.30) 13.78 13.01 184,213 0.65 2.46 68

SA Dogs of Wall Street Portfolio — Class 201/31/16 12.95 0.30 (0.00) 0.30 (0.24) — (0.91) (1.15) 12.10 2.28 6,464 0.79 2.30 6801/31/17 12.10 0.32 2.22 2.54 (0.29) — (0.72) (1.01) 13.63 21.32 7,293 0.79 2.36 6101/31/18 13.63 0.32 2.70 3.02 (0.33) — (1.21) (1.54) 15.11 23.28 7,666 0.79 2.22 5601/31/19 15.11 0.32 (0.02) 0.30 (0.35) — (1.76) (2.11) 13.30 1.72 6,109 0.79 2.25 7501/31/20 13.30 0.33 1.40 1.73 (0.36) — (0.92) (1.28) 13.75 12.85 5,552 0.80 2.31 68

SA Dogs of Wall Street Portfolio — Class 301/31/16 12.89 0.28 0.01 0.29 (0.23) — (0.91) (1.14) 12.04 2.23 123,619 0.89 2.19 6801/31/17 12.04 0.30 2.20 2.50 (0.28) — (0.72) (1.00) 13.54 21.09 160,177 0.89 2.25 6101/31/18 13.54 0.30 2.69 2.99 (0.32) — (1.21) (1.53) 15.00 23.20 177,980 0.89 2.12 5601/31/19 15.00 0.30 (0.02) 0.28 (0.33) — (1.76) (2.09) 13.19 1.64 156,440 0.89 2.15 7501/31/20 13.19 0.31 1.38 1.69 (0.34) — (0.92) (1.26) 13.62 12.72 169,757 0.90 2.21 68

SA Emerging Markets Equity Index Portfolio — Class 105/01/18#-01/31/19 15.00 0.17 (0.94) (0.77) (0.17) (0.01) — (0.18) 14.05 (5.01) 86,851 0.58†(1) 1.64†(1) 001/31/20 14.05 0.32 (0.12) 0.20 — — — — 14.25 1.42 85,824 0.58(1) 2.27(1) 21

SA Emerging Markets Equity Index Portfolio — Class 305/01/18#-01/31/19 15.00 0.10 (0.90) (0.80) (0.15) (0.01) — (0.16) 14.04 (5.24) 677 0.83†(1) 1.07†(1) 001/31/20 14.04 0.27 (0.10) 0.17 — — — — 14.21 1.21 3,066 0.83(1) 2.01(1) 21



† Annualized


Portfolio 01/19† 01/20

SA Emerging Markets Equity Index Class 1 ........................................................................................................................................ 0.28% 0.25%SA Emerging Markets Equity Index Class 3 ........................................................................................................................................ 0.45 0.24


- 284 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)




Portfolioturnover

SA Federated Corporate Bond Portfolio — Class 101/31/16 $13.81 $0.57 $(1.02) $(0.45) $(0.53) $— $(0.04) $(0.57) $12.79 (3.32)% $962,298 0.54% 4.27% 18%01/31/17 12.79 0.58 0.66 1.24 (0.64) — — (0.64) 13.39 9.67 720,862 0.54 4.23 2201/31/18 13.39 0.55 0.16 0.71 (0.63) — (0.06) (0.69) 13.41 5.30 695,388 0.54 4.01 1701/31/19 13.41 0.54 (0.48) 0.06 (0.57) — (0.10) (0.67) 12.80 0.62 651,912 0.55 4.15 1101/31/20 12.80 0.55 1.17 1.72 (0.73) — — (0.73) 13.79 13.61 474,859 0.55 3.99 13

SA Federated Corporate Bond Portfolio — Class 201/31/16 13.79 0.56 (1.02) (0.46) (0.51) — (0.04) (0.55) 12.78 (3.43) 24,136 0.69 4.12 1801/31/17 12.78 0.55 0.67 1.22 (0.62) — — (0.62) 13.38 9.50 23,588 0.69 4.06 2201/31/18 13.38 0.53 0.15 0.68 (0.60) — (0.06) (0.66) 13.40 5.12 21,287 0.69 3.86 1701/31/19 13.40 0.52 (0.48) 0.04 (0.55) — (0.10) (0.65) 12.79 0.43 17,852 0.70 4.00 1101/31/20 12.79 0.52 1.17 1.69 (0.70) — — (0.70) 13.78 13.44 18,307 0.70 3.82 13

SA Federated Corporate Bond Portfolio — Class 301/31/16 13.72 0.54 (1.02) (0.48) (0.49) — (0.04) (0.53) 12.71 (3.54) 819,716 0.79 4.02 1801/31/17 12.71 0.53 0.67 1.20 (0.60) — — (0.60) 13.31 9.45 886,503 0.79 3.96 2201/31/18 13.31 0.51 0.15 0.66 (0.59) — (0.06) (0.65) 13.32 5.01 904,313 0.79 3.76 1701/31/19 13.32 0.51 (0.48) 0.03 (0.54) — (0.10) (0.64) 12.71 0.34 773,634 0.80 3.90 1101/31/20 12.71 0.50 1.17 1.67 (0.69) — — (0.69) 13.69 13.33 864,347 0.80 3.72 13




- 285 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)




Portfolioturnover

SA Fidelity Institutional AM® International Growth Portfolio — Class 105/01/19# -01/31/20 15.00 0.06 1.69 1.75 (0.06) — (0.02) (0.08) 16.67 11.68 313,927 0.88+(2) 0.56+(2) 90

SA Fidelity Institutional AM® International Growth Portfolio — Class 305/01/19# -01/31/20 15.00 0.01 1.73 1.74 (0.05) — (0.02) (0.07) 16.67 11.59 1,346 1.13+(2) 0.11+(2) 90

SA Fidelity Institutional AM® Real Estate Portfolio — Class 101/31/16 17.68 0.33 (1.71) (1.38) (0.30) — (1.56) (1.86) 14.44 (7.86) 197,728 0.80(1) 2.09(1) 7501/31/17 14.44 0.37 1.39 1.76 (0.37) — (0.79) (1.16) 15.04 12.01 177,817 0.80(1) 2.36(1) 7701/31/18 15.04 0.28 0.03 0.31 (0.45) — (2.12) (2.57) 12.78 1.71 84,195 0.81(1) 1.81(1) 4701/31/19 12.78 0.27 0.80 1.07 (0.33) — (0.91) (1.24) 12.61 8.66 81,478 0.82(1) 2.14(1) 5301/31/20 12.61 0.25 1.64 1.89 (0.32) — (0.04) (0.36) 14.14 15.10 88,455 0.83(1) 1.86(1) 47





† Annualized

# Commencement of operations.(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and

the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio 01/16 01/17 01/18 01/19 01/20

SA Fidelity Institutional AM® Real Estate Class 1 ...................................................................................... 0.01% 0.00% 0.00% 0.00% 0.00%SA Fidelity Institutional AM® Real Estate Class 2 ...................................................................................... 0.01 0.00 0.00 0.00 0.00SA Fidelity Institutional AM® Real Estate Class 3 ...................................................................................... 0.01 0.00 0.00 0.00 0.00


Portfolio 01/20†

SA Fidelity Institutional AM® International Growth Class 1................................................................................................................................ 0.05%SA Fidelity Institutional AM® International Growth Class 3................................................................................................................................ 0.16


- 286 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)


net assets(1)


incometo average


SA Fixed Income Index Portfolio — Class 102/06/17#-01/31/18 $10.00 $0.20 $(0.05) $ 0.15 $ — $— $— $ — $10.15 1.50% $303,097 0.34%† 2.03%† 19%01/31/19 10.15 0.23 (0.07) 0.16 (0.33) — — (0.33) 9.98 1.66(2) 413,644 0.34 2.35 1201/31/20 9.98 0.25 0.78 1.03 (0.02) — — (0.02) 10.99 10.34 508,954 0.34 2.37 24

SA Fixed Income Index Portfolio — Class 302/06/17#-01/31/18 10.00 0.16 (0.04) 0.12 — — — — 10.12 1.20 1,474 0.59† 1.79† 1901/31/19 10.12 0.20 (0.06) 0.14 (0.29) — — (0.29) 9.97 1.41(2) 9,569 0.59 2.12 1201/31/20 9.97 0.21 0.80 1.01 (0.02) — — (0.02) 10.96 10.12 28,244 0.59 2.10 24

SA Fixed Income Intermediate Index Portfolio — Class 110/06/17#-01/31/18 10.00 0.05 (0.19) (0.14) — — — — 9.86 (1.40) 238,098 0.34† 1.58† 801/31/19 9.86 0.20 0.03 0.23 (0.23) — — (0.23) 9.86 2.32 275,675 0.34 2.01 2301/31/20 9.86 0.21 0.46 0.67 (0.02) — — (0.02) 10.51 6.77 355,130 0.34 2.07 24

SA Fixed Income Intermediate Index Portfolio — Class 310/06/17#-01/31/18 10.00 0.04 (0.18) (0.14) — — — — 9.86 (1.40) 1,412 0.59† 1.37† 801/31/19 9.86 0.17 0.03 0.20 (0.20) — — (0.20) 9.86 2.03 10,426 0.59 1.80 2301/31/20 9.86 0.18 0.46 0.64 (0.01) — — (0.01) 10.49 6.54 21,526 0.59 1.81 24



† Annualized


Portfolio 01/18† 01/19 01/20

SA Fixed Income Index Class 1 ............................................................................................................................................ 0.03% 0.04% 0.03%SA Fixed Income Index Class 3 ............................................................................................................................................ 0.10 0.04 0.03SA Fixed Income Intermediate Index Class 1 ....................................................................................................................... 0.09 0.05 0.04SA Fixed Income Intermediate Index Class 3 ....................................................................................................................... 0.75 0.06 0.04

(2) The Portfolio’s performance figure was increased by less than 0.01% from payment by an affiliate.


- 287 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)



income (loss)to averagenet assets

Portfolioturnover

SA Franklin Small Company Value Portfolio — Class 101/31/16 $23.45 $0.14 $(1.56) $(1.42) $(0.08) $— $(1.72) $(1.80) $20.23 (6.66)% $235,150 0.99% 0.60% 41%01/31/17 20.23 0.12 7.18 7.30 (0.17) — (2.60) (2.77) 24.76 37.51 212,319 0.99 0.52 2701/31/18 24.76 0.24 2.22 2.46 (0.16) — (3.15) (3.31) 23.91 10.66 149,189 0.99(1) 0.96(1) 3101/31/19 23.91 0.19 (1.36) (1.17) (0.24) — (3.28) (3.52) 19.22 (5.24) 133,394 0.97(1) 0.84(1) 5701/31/20 19.22 0.24 1.84 2.08 (0.20) — (3.03) (3.23) 18.07 10.42 134,974 0.98(1) 1.21(1) 48

SA Franklin Small Company Value Portfolio — Class 301/31/16 23.28 0.08 (1.55) (1.47) (0.01) — (1.72) (1.73) 20.08 (6.88) 203,532 1.24 0.35 4101/31/17 20.08 0.06 7.12 7.18 (0.11) — (2.60) (2.71) 24.55 37.12 225,663 1.24 0.26 2701/31/18 24.55 0.15 2.23 2.38 (0.10) — (3.15) (3.25) 23.68 10.38 223,129 1.24(1) 0.63(1) 3101/31/19 23.68 0.13 (1.33) (1.20) (0.17) — (3.28) (3.45) 19.03 (5.39) 194,190 1.21(1) 0.59(1) 5701/31/20 19.03 0.19 1.83 2.02 (0.15) — (3.03) (3.18) 17.87 10.18 183,707 1.23(1) 0.97(1) 48

SA Franklin U.S. Equity Smart Beta Portfolio — Class 110/07/19#-01/31/20@ 15.00 0.08 0.98 1.06 (0.06) — — (0.06) 16.00 7.06 129,702 0.70†(1) 1.69†(1) 12

SA Franklin U.S. Equity Smart Beta Portfolio — Class 310/07/19#-01/31/20@ 15.00 0.05 0.99 1.04 (0.05) — — (0.05) 15.99 6.95 316 0.95†(1) 1.10†(1) 12



† Annualized

# Commencement of operations(1) Net of the following expense reimbursements, waivers and (recoupments) (based on average net assets):

Portfolio 01/18 01/19 01/20

SA Franklin Small Company Value Class 1............................................................................................................................. 0.01% 0.05% 0.05%SA Franklin Small Company Value Class 3............................................................................................................................. 0.01 0.05 0.05SA Franklin U.S. Equity Smart Beta Class 1 ........................................................................................................................... — — 0.02SA Franklin U.S. Equity Smart Beta Class 3 ........................................................................................................................... — — 1.14


- 288 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)


net assets(1)


incometo average


SA Global Index Allocation 60/40 Portfolio — Class 105/01/18#-01/31/19 $15.00 $ 0.25 $(0.39) $(0.14) $(0.44) $ — $(0.00) $(0.44) $14.42 (0.73)% $ 99 0.18%† 2.35%† 24%01/31/20 14.42 (0.01) 1.73 1.72 — — (0.04) (0.04) 16.10 11.95 111 0.18 (0.08) 19

SA Global Index Allocation 60/40 Portfolio — Class 305/01/18#-01/31/19 15.00 0.51 (0.68) (0.17) (0.39) — (0.00) (0.39) 14.44 (0.94) 16,244 0.43† 5.14† 2401/31/20 14.44 (0.04) 1.72 1.68 — — (0.04) (0.04) 16.08 11.66 41,422 0.43 (0.30) 19

SA Global Index Allocation 75/25 Portfolio — Class 105/01/18#-01/31/19 15.00 0.33 (0.62) (0.29) (0.42) — (0.01) (0.43) 14.28 (1.72) 114 0.18† 2.97† 2401/31/20 14.28 (0.01) 1.79 1.78 — — (0.06) (0.06) 16.00 12.48 175 0.18 (0.09) 17

SA Global Index Allocation 75/25 Portfolio — Class 305/01/18#-01/31/19 15.00 0.51 (0.81) (0.30) (0.38) — (0.01) (0.39) 14.31 (1.86) 21,080 0.43† 5.20† 2401/31/20 14.31 (0.05) 1.79 1.74 — — (0.06) (0.06) 15.99 12.17 40,319 0.43 (0.32) 17

SA Global Index Allocation 90/10 Portfolio — Class 105/01/18#-01/31/19 15.00 0.30 (0.77) (0.47) (0.42) — (0.00) (0.42) 14.11 (2.87) 114 0.18† 2.73† 1101/31/20 14.11 (0.01) 1.84 1.83 — (0.04) (0.10) (0.14) 15.80 13.00 781 0.18 (0.07) 12

SA Global Index Allocation 90/10 Portfolio — Class 305/01/18#-01/31/19 15.00 0.44 (0.93) (0.49) (0.37) — (0.00) (0.37) 14.14 (3.01) 73,727 0.43† 4.53† 1101/31/20 14.14 (0.05) 1.84 1.79 — (0.04) (0.10) (0.14) 15.79 12.69 152,486 0.43 (0.35) 12



† Annualized



SA Global Index Allocation 60/40 Class 1 ........................................................................................................................................... 1.96% 0.23%SA Global Index Allocation 60/40 Class 3 ........................................................................................................................................... 0.98 0.23SA Global Index Allocation 75/25 Class 1 ........................................................................................................................................... 2.08 0.21SA Global Index Allocation 75/25 Class 3 ........................................................................................................................................... 0.80 0.21SA Global Index Allocation 90/10 Class 1 ........................................................................................................................................... 0.74 0.01SA Global Index Allocation 90/10 Class 3 ........................................................................................................................................... 0.17 0.01


- 289 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)




Portfolioturnover

SA Goldman Sachs Global Bond Portfolio — Class 101/31/16 $11.03 $0.11 $(0.25) $(0.14) $ — $— $(0.05) $(0.05) $10.84 (1.28)% $224,593 0.69% 0.99% 99%01/31/17 10.84 0.08 0.03 0.11 (0.03) — — (0.03) 10.92 1.03 178,675 0.68 0.71 11501/31/18 10.92 0.11 0.70 0.81 (0.34) — — (0.34) 11.39 7.53 133,158 0.71 0.93 12501/31/19 11.39 0.09 (0.37) (0.28) (0.43) — — (0.43) 10.68 (2.27) 118,671 0.75 0.87 13501/31/20 10.68 0.12 0.61 0.73 — — — — 11.41 6.84 101,220 0.73 1.11 288

SA Goldman Sachs Global Bond Portfolio — Class 201/31/16 10.95 0.09 (0.25) (0.16) — — (0.05) (0.05) 10.74 (1.48) 7,169 0.84 0.85 9901/31/17 10.74 0.06 0.03 0.09 (0.01) — — (0.01) 10.82 0.87 6,249 0.83 0.57 11501/31/18 10.82 0.09 0.69 0.78 (0.32) — — (0.32) 11.28 7.31 6,084 0.86 0.78 12501/31/19 11.28 0.08 (0.37) (0.29) (0.41) — — (0.41) 10.58 (2.37) 5,336 0.90 0.72 13501/31/20 10.58 0.10 0.61 0.71 — — — — 11.29 6.71 5,016 0.88 0.95 288

SA Goldman Sachs Global Bond Portfolio — Class 301/31/16 10.86 0.08 (0.24) (0.16) — — (0.05) (0.05) 10.65 (1.49) 262,904 0.94 0.75 9901/31/17 10.65 0.05 0.03 0.08 (0.01) — — (0.01) 10.72 0.73 298,933 0.93 0.46 11501/31/18 10.72 0.07 0.69 0.76 (0.31) — — (0.31) 11.17 7.23 315,873 0.96 0.68 12501/31/19 11.17 0.07 (0.37) (0.30) (0.40) — — (0.40) 10.47 (2.48) 269,700 1.00 0.62 13501/31/20 10.47 0.09 0.60 0.69 — — — — 11.16 6.59 289,824 0.98 0.85 288

SA Goldman Sachs Multi-Asset Insights Portfolio — Class 110/06/17#-01/31/18 10.00 0.02 0.60 0.62 (0.03) — (0.03) (0.06) 10.56 6.23 108 0.81†(1) 0.64†(1) 4601/31/19 10.56 0.10 (0.60) (0.50) (0.12) — (0.10) (0.22) 9.84 (4.60) 108 0.81(1) 0.96(1) 16701/31/20 9.84 0.13 0.92 1.05 (0.22) — (0.04) (0.26) 10.63 10.69 119 0.81(1) 1.23(1) 146

SA Goldman Sachs Multi-Asset Insights Portfolio — Class 310/06/17#-01/31/18 10.00 0.01 0.60 0.61 (0.02) — (0.03) (0.05) 10.56 6.17 11,601 1.06†(1) 0.41†(1) 4601/31/19 10.56 0.07 (0.59) (0.52) (0.10) — (0.10) (0.20) 9.84 (4.86) 21,985 1.06(1) 0.72(1) 16701/31/20 9.84 0.09 0.93 1.02 (0.20) — (0.04) (0.24) 10.62 10.36 33,620 1.06(1) 0.93(1) 146



† Annualized


Portfolio 01/18† 01/19 01/20

SA Goldman Sachs Multi-Asset Insights Class 1.................................................................................................................. 2.09% 0.61% 0.28%SA Goldman Sachs Multi-Asset Insights Class 3.................................................................................................................. 2.10 0.56 0.29


- 290 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)




Portfolioturnover

SA Index Allocation 60/40 Portfolio — Class 102/06/17#-01/31/18 $10.00 $ 0.07 $ 1.40 $ 1.47 $(0.10) $— $(0.08) $(0.18) $11.29 14.73% $ 152 0.18%†(1) 0.63%†(1) 36%01/31/19 11.29 0.23 (0.53) (0.30) (0.36) — (0.06) (0.42) 10.57 (2.36) 148 0.18(1) 2.13(1) 2001/31/20 10.57 (0.01) 1.48 1.47 — — (0.08) (0.08) 11.96 13.97 167 0.18(1) (0.09)(1) 16

SA Index Allocation 60/40 Portfolio — Class 302/06/17#-01/31/18 10.00 0.09 1.36 1.45 (0.08) — (0.08) (0.16) 11.29 14.49 34,950 0.43†(1) 0.94†(1) 3601/31/19 11.29 0.32 (0.65) (0.33) (0.31) — (0.06) (0.37) 10.59 (2.64) 81,977 0.43(1) 3.00(1) 2001/31/20 10.59 (0.04) 1.48 1.44 — — (0.08) (0.08) 11.95 13.66 143,258 0.43(1) (0.31)(1) 16

SA Index Allocation 80/20 Portfolio — Class 102/06/17#-01/31/18 10.00 0.07 1.85 1.92 (0.13) — (0.06) (0.19) 11.73 19.32 119 0.18†(1) 0.70†(1) 2301/31/19 11.73 0.46 (0.96) (0.50) (0.38) — (0.08) (0.46) 10.77 (4.00) 1,099 0.18(1) 4.40(1) 1601/31/20 10.77 (0.01) 1.65 1.64 — — (0.10) (0.10) 12.31 15.28 1,797 0.16(1) (0.08)(1) 13

SA Index Allocation 80/20 Portfolio — Class 302/06/17#-01/31/18 10.00 0.16 1.73 1.89 (0.11) — (0.06) (0.17) 11.72 18.97 79,690 0.43†(1) 1.62†(1) 2301/31/19 11.72 0.31 (0.83) (0.52) (0.33) — (0.08) (0.41) 10.79 (4.24) 166,667 0.43(1) 2.81(1) 1601/31/20 10.79 (0.04) 1.66 1.62 — — (0.10) (0.10) 12.31 15.06 266,559 0.41(1) (0.33)(1) 13

SA Index Allocation 90/10 Portfolio — Class 102/06/17#-01/31/18 10.00 0.15 2.02 2.17 (0.16) — (0.06) (0.22) 11.95 21.78 268 0.18†(1) 1.36†(1) 1801/31/19 11.95 0.33 (0.96) (0.63) (0.39) — (0.08) (0.47) 10.85 (4.96) 1,737 0.13(1) 3.09(1) 1401/31/20 10.85 (0.01) 1.75 1.74 — — (0.12) (0.12) 12.47 16.04 2,645 0.13 (0.04) 12

SA Index Allocation 90/10 Portfolio — Class 302/06/17#-01/31/18 10.00 0.19 1.95 2.14 (0.13) — (0.06) (0.19) 11.95 21.53 222,233 0.43†(1) 1.87†(1) 1801/31/19 11.95 0.31 (0.97) (0.66) (0.33) — (0.08) (0.41) 10.88 (5.20) 457,590 0.39(1) 2.83(1) 1401/31/20 10.88 (0.04) 1.75 1.71 — — (0.12) (0.12) 12.47 15.72 702,768 0.38 (0.31) 12



† Annualized


Portfolio 01/18+ 01/19 01/20

SA Index Allocation 60/40 Class 1 ....................................................................................................................................... 1.26% 0.03% 0.00%SA Index Allocation 60/40 Class 3 ....................................................................................................................................... 0.39 0.02 0.01SA Index Allocation 80/20 Class 1 ....................................................................................................................................... 1.18 (0.02) (0.01)SA Index Allocation 80/20 Class 3 ....................................................................................................................................... 0.13 (0.02) (0.01)SA Index Allocation 90/10 Class 1 ....................................................................................................................................... 0.46 (0.00) —SA Index Allocation 90/10 Class 3 ....................................................................................................................................... 0.01 (0.00) —


- 291 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)




Portfolioturnover

SA International Index Portfolio — Class 102/06/17#-01/31/18 $10.00 $ 0.24 $ 2.15 $ 2.39 $(0.23) $— $(0.03) $(0.26) $12.13 24.09% $389,353 0.52%†(1) 2.23%†(1) 15%01/31/19 12.13 0.26 (1.83) (1.57) (0.23) — (0.02) (0.25) 10.31 (12.86) 404,611 0.52(1) 2.36(1) 801/31/20 10.31 0.27 0.84 1.11 (0.01) — — (0.01) 11.41 10.78 522,664 0.51(1) 2.44(1) 12

SA International Index Portfolio — Class 302/06/17#-01/31/18 10.00 0.18 2.18 2.36 (0.21) — (0.03) (0.24) 12.12 23.73 402 0.77†(1) 1.68†(1) 1501/31/19 12.12 0.18 (1.77) (1.59) (0.20) — (0.02) (0.22) 10.31 (13.03) 1,593 0.77(1) 1.78(1) 801/31/20 10.31 0.18 0.90 1.08 (0.01) — — (0.01) 11.38 10.46 5,136 0.75(1) 1.76(1) 12

SA Invesco Growth Opportunities Portfolio — Class 101/31/16 9.12 (0.04) (0.79) (0.83) — — (1.16) (1.16) 7.13 (10.51) 97,228 0.79(2) (0.44)(2) 6001/31/17 7.13 (0.02) 1.45 1.43 — — (0.66) (0.66) 7.90 20.62 105,375 0.79(2) (0.31)(2) 5701/31/18 7.90 (0.03) 2.03 2.00 — — (0.30) (0.30) 9.60 25.64 121,703 0.79(2) (0.38)(2) 3801/31/19 9.60 (0.03) 0.31 0.28 — — (1.07) (1.07) 8.81 2.50 151,042 0.79(2) (0.37)(2) 6901/31/20 8.81 (0.03) 1.27 1.24 — — (1.29) (1.29) 8.76 14.74 152,418 0.80(2) (0.36)(2) 81





† Annualized


Portfolio 01/18† 01/19 01/20

SA International Index Class 1 ............................................................................................................................................. 0.06% (0.02)% (0.01)%SA International Index Class 3 ............................................................................................................................................. 0.37 (0.02) (0.01)


Portfolio 01/16 01/17 01/18 01/19 01/20

SA Invesco Growth Opportunities Class 1 ................................................................................................. 0.01% 0.01% 0.00% 0.00% 0.00%SA Invesco Growth Opportunities Class 2 ................................................................................................. 0.01 0.01 0.00 0.00 0.00SA Invesco Growth Opportunities Class 3 ................................................................................................. 0.01 0.01 0.00 0.00 0.00


- 292 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)




Portfolioturnover

SA Invesco VCP Equity-Income Portfolio — Class 109/26/16#-01/31/17 $11.70 $0.06 $ 0.79 $ 0.85 $ — $— $ — $ — $12.55 7.26% $ 107 0.86%†(2) 1.31%†(2) 179%01/31/18 12.55 0.20 1.51 1.71 (0.12) — — (0.12) 14.14 13.67 124 0.83(1)(2) 1.50(1)(2) 15101/31/19 14.14 0.21 (1.33) (1.12) (0.43) — (0.36) (0.79) 12.23 (7.79) 130 0.83(1)(2) 1.59(1)(2) 14701/31/20 12.23 0.20 0.79 0.99 (0.22) — (0.11) (0.33) 12.89 8.03 229 0.83(1)(2) 1.55(1)(2) 158

SA Invesco VCP Equity-Income Portfolio — Class 301/31/16 11.41 0.08 (0.60) (0.52) (0.02) — — (0.02) 10.87 (4.56) 718,952 1.23(1)(2) 0.74(1)(2) 13501/31/17 10.87 0.14 1.59 1.73 (0.07) — (0.00) (0.07) 12.53 15.98 1,183,005 1.15(1)(2) 1.18(1)(2) 17901/31/18 12.53 0.16 1.53 1.69 (0.11) — — (0.11) 14.11 13.54 1,610,083 1.08(1)(2) 1.25(1)(2) 15101/31/19 14.11 0.18 (1.34) (1.16) (0.34) — (0.36) (0.70) 12.25 (8.09) 1,484,110 1.08(1)(2) 1.34(1)(2) 14701/31/20 12.25 0.17 0.80 0.97 (0.19) — (0.11) (0.30) 12.92 7.84 1,544,293 1.08(1)(2) 1.31(1)(2) 158



† Annualized


Portfolio 01/16 01/17 01/18(2) 01/19(2) 01/20(2)

SA Invesco VCP Equity-Income Class 1 .......................................................................................... —% —% 0.05% 0.05% 0.05%SA Invesco VCP Equity-Income Class 3 .......................................................................................... (0.03) 0.01(2) 0.05 0.05 0.05


Portfolio 01/16 01/17 01/18 01/19 01/20

SA Invesco VCP Equity-Income Class 1 .................................................................................................... —% 0.00%† 0.00% 0.00% 0.00%SA Invesco VCP Equity-Income Class 3 .................................................................................................... 0.00 0.00 0.00 0.00 0.00


- 293 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)


net assets(1)




SA Janus Focused Growth Portfolio — Class 101/31/16 $13.03 $(0.03) $(0.64) $(0.67) $ — $— $(0.62) $(0.62) $11.74 (5.29)% $114,577 0.90% (0.24)% 70%01/31/17 11.74 (0.00) 1.26 1.26 — — (1.16) (1.16) 11.84 11.16 113,795 0.84(2) (0.04)(2) 12601/31/18 11.84 0.01 3.93 3.94 — — (1.05) (1.05) 14.73 34.31 190,836 0.80(2) 0.04(2) 4801/31/19 14.73 0.02 0.22 0.24 — — (1.10) (1.10) 13.87 1.55 240,132 0.80(2) 0.12(2) 4901/31/20 13.87 0.03 3.87 3.90 (0.00) — (0.84) (0.84) 16.93 28.67 280,597 0.80(2) 0.14(2) 37

SA Janus Focused Growth Portfolio — Class 201/31/16 12.86 (0.05) (0.62) (0.67) — — (0.62) (0.62) 11.57 (5.36) 10,196 1.05 (0.41) 7001/31/17 11.57 (0.02) 1.24 1.22 — — (1.16) (1.16) 11.63 10.98 8,884 0.99(2) (0.19)(2) 12601/31/18 11.63 (0.01) 3.84 3.83 — — (1.05) (1.05) 14.41 33.97 10,096 0.95(2) (0.07)(2) 4801/31/19 14.41 (0.01) 0.24 0.23 — — (1.10) (1.10) 13.54 1.51 8,689 0.95(2) (0.04)(2) 4901/31/20 13.54 0.00 3.78 3.78 — — (0.84) (0.84) 16.48 28.45 9,148 0.95(2) (0.01)(2) 37

SA Janus Focused Growth Portfolio — Class 301/31/16 12.74 (0.07) (0.61) (0.68) — — (0.62) (0.62) 11.44 (5.49) 126,066 1.15 (0.51) 7001/31/17 11.44 (0.03) 1.22 1.19 — — (1.16) (1.16) 11.47 10.84 130,043 1.09(2) (0.29)(2) 12601/31/18 11.47 (0.02) 3.79 3.77 — — (1.05) (1.05) 14.19 33.92 144,926 1.05(2) (0.17)(2) 4801/31/19 14.19 (0.02) 0.23 0.21 — — (1.10) (1.10) 13.30 1.39 123,274 1.05(2) (0.14)(2) 4901/31/20 13.30 (0.01) 3.70 3.69 — — (0.84) (0.84) 16.15 28.28 138,322 1.05(2) (0.11)(2) 37




Portfolio 01/16 01/17 01/18 01/19 01/20

SA Janus Focused Growth Class 1 ............................................................................................................ 0.00% 0.00% 0.00% 0.00% 0.00%SA Janus Focused Growth Class 2 ............................................................................................................ 0.00 0.00 0.00 0.00 0.00SA Janus Focused Growth Class 3 ............................................................................................................ 0.00 0.00 0.00 0.00 0.00


Portfolio 01/17(1) 01/18(1) 01/19(1) 01/20(1)

SA Janus Focused Growth Class 1 ............................................................................................................. 0.06% 0.10% 0.10% 0.10%SA Janus Focused Growth Class 2 ............................................................................................................. 0.06 0.10 0.10 0.10SA Janus Focused Growth Class 3 ............................................................................................................. 0.06 0.10 0.10 0.10


- 294 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)


net assets(1)


incometo average


SA JPMorgan Diversified Balanced Portfolio — Class 101/31/16 $20.58 $0.30 $(0.72) $(0.42) $(0.37) $— $(1.58) $(1.95) $18.21 (2.29)% $ 77,857 0.73% 1.46% 82%01/31/17 18.21 0.27 1.95 2.22 (0.32) — (0.85) (1.17) 19.26 12.49 79,458 0.73 1.40 9901/31/18 19.26 0.29 2.80 3.09 (0.33) — (1.01) (1.34) 21.01 16.50 83,279 0.73(2) 1.45(2) 10801/31/19 21.01 0.39 (1.45) (1.06) (0.31) — (1.25) (1.56) 18.39 (5.04) 71,181 0.70(2) 1.98(2) 14901/31/20 18.39 0.40 1.76 2.16 (0.44) — (1.06) (1.50) 19.05 11.94 71,644 0.65(2) 2.07(2) 124

SA JPMorgan Diversified Balanced Portfolio — Class 201/31/16 20.54 0.27 (0.72) (0.45) (0.34) — (1.58) (1.92) 18.17 (2.47) 9,780 0.88 1.32 8201/31/17 18.17 0.24 1.95 2.19 (0.29) — (0.85) (1.14) 19.22 12.34 10,792 0.88 1.25 9901/31/18 19.22 0.26 2.81 3.07 (0.31) — (1.01) (1.32) 20.97 16.38 12,732 0.88(2) 1.29(2) 10801/31/19 20.97 0.36 (1.45) (1.09) (0.28) — (1.25) (1.53) 18.35 (5.19) 11,098 0.85(2) 1.83(2) 14901/31/20 18.35 0.37 1.75 2.12 (0.40) — (1.06) (1.46) 19.01 11.77 10,305 0.80(2) 1.93(2) 124

SA JPMorgan Diversified Balanced Portfolio — Class 301/31/16 20.49 0.24 (0.71) (0.47) (0.32) — (1.58) (1.90) 18.12 (2.53) 123,752 0.98 1.21 8201/31/17 18.12 0.22 1.95 2.17 (0.28) — (0.85) (1.13) 19.16 12.23 138,697 0.98 1.14 9901/31/18 19.16 0.24 2.79 3.03 (0.29) — (1.01) (1.30) 20.89 16.23 170,049 0.98(2) 1.19(2) 10801/31/19 20.89 0.34 (1.44) (1.10) (0.27) — (1.25) (1.52) 18.27 (5.27) 177,698 0.95(2) 1.74(2) 14901/31/20 18.27 0.34 1.74 2.08 (0.39) — (1.06) (1.45) 18.90 11.60 202,789 0.90(2) 1.81(2) 124



(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower andthe ratio of net investment income to average net assets would have been higher by the following:

Portfolio 01/16 01/17 01/18 01/19 01/20

SA JPMorgan Diversified Balanced Class 1............................................................................................... 0.00% 0.00% 0.00% 0.00% 0.00%SA JPMorgan Diversified Balanced Class 2............................................................................................... 0.00 0.00 0.00 0.00 0.00SA JPMorgan Diversified Balanced Class 3............................................................................................... 0.00 0.00 0.00 0.00 0.00


Portfolio 01/18(1) 01/19(1) 01/20(1)

SA JPMorgan Diversified Balanced Class 1.................................................................................................................. 0.01% 0.06% 0.07%SA JPMorgan Diversified Balanced Class 2.................................................................................................................. 0.01 0.06 0.07SA JPMorgan Diversified Balanced Class 3.................................................................................................................. 0.01 0.06 0.07


- 295 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)


net assets(1)(2)




SA JPMorgan Emerging Markets Portfolio — Class 101/31/16 $ 7.32 $0.12 $(1.55) $(1.43) $(0.12) $— $— $(0.12) $ 5.77 (19.68)% $237,213 1.13% 1.79% 59%01/31/17 5.77 0.13 1.35 1.48 (0.14) — — (0.14) 7.11 25.63 169,400 1.15 1.88 6701/31/18 7.11 0.13 2.99 3.12 (0.16) — — (0.16) 10.07 44.22 200,885 1.12 1.56 4901/31/19 10.07 0.19 (2.05) (1.86) (0.19) — — (0.19) 8.02 (18.39) 118,832 1.14 2.24 7201/31/20 8.02 0.17 0.14 0.31 (0.25) — — (0.25) 8.08 3.84 86,133 1.18 2.05 53

SA JPMorgan Emerging Markets Portfolio — Class 201/31/16 7.27 0.11 (1.53) (1.42) (0.11) — — (0.11) 5.74 (19.70) 3,553 1.28 1.56 5901/31/17 5.74 0.10 1.36 1.46 (0.12) — — (0.12) 7.08 25.42 3,676 1.30 1.46 6701/31/18 7.08 0.12 2.97 3.09 (0.15) — — (0.15) 10.02 43.94 4,487 1.27 1.40 4901/31/19 10.02 0.17 (2.04) (1.87) (0.17) — — (0.17) 7.98 (18.54) 3,272 1.30 2.04 7201/31/20 7.98 0.15 0.14 0.29 (0.23) — — (0.23) 8.04 3.67 2,828 1.33 1.88 53

SA JPMorgan Emerging Markets Portfolio — Class 301/31/16 7.22 0.10 (1.52) (1.42) (0.11) — — (0.11) 5.69 (19.91) 129,174 1.38 1.47 5901/31/17 5.69 0.09 1.35 1.44 (0.11) — — (0.11) 7.02 25.36 146,034 1.40 1.33 6701/31/18 7.02 0.11 2.96 3.07 (0.15) — — (0.15) 9.94 43.91 168,305 1.37 1.31 4901/31/19 9.94 0.16 (2.03) (1.87) (0.16) — — (0.16) 7.91 (18.67) 133,143 1.40 1.90 7201/31/20 7.91 0.15 0.14 0.29 (0.22) — — (0.22) 7.98 3.74 125,014 1.43 1.83 53


** Total return does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had been included, the totalreturn would have been lower for each period presented. Total return does include expense reimbursements and expense deductions.


Portfolio 01/16 01/17 01/18 01/19 01/20

SA JPMorgan Emerging Markets Class 1 .................................................................................................. 0.00% 0.00% 0.00% 0.00% 0.00%SA JPMorgan Emerging Markets Class 2 .................................................................................................. 0.00 0.00 0.00 0.00 0.00SA JPMorgan Emerging Markets Class 3 .................................................................................................. 0.00 0.00 0.00 0.00 0.00


Portfolio 01/16(1) 01/17(1) 01/18(1) 01/19(1) 01/20(1)

SA JPMorgan Emerging Markets Class 1.................................................................................. 0.09% 0.09% 0.10% 0.10% 0.12%SA JPMorgan Emerging Markets Class 2.................................................................................. 0.09 0.10 0.10 0.10 0.12SA JPMorgan Emerging Markets Class 3.................................................................................. 0.09 0.10 0.10 0.10 0.12


- 296 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)


net assets(1)


incometo average


SA JPMorgan Equity-Income Portfolio — Class 101/31/16 $31.27 $0.68 $(1.48) $(0.80) $(0.57) $— $(1.22) $(1.79) $28.68 (2.69)% $764,330 0.58% 2.19% 23%01/31/17 28.68 0.68 5.16 5.84 (0.62) — (1.07) (1.69) 32.83 20.77 898,336 0.57 2.19 2601/31/18 32.83 0.70 6.60 7.30 (0.77) — (1.80) (2.57) 37.56 22.93 950,519 0.57(2) 2.00(2) 1401/31/19 37.56 0.81 (1.83) (1.02) (0.78) — (2.29) (3.07) 33.47 (2.95) 805,291 0.58(2) 2.27(2) 1901/31/20 33.47 0.76 5.13 5.89 (0.96) — (2.63) (3.59) 35.77 17.88 821,452 0.58 2.10 18

SA JPMorgan Equity-Income Portfolio — Class 201/31/16 31.23 0.64 (1.49) (0.85) (0.52) — (1.22) (1.74) 28.64 (2.86) 10,342 0.73 2.06 2301/31/17 28.64 0.64 5.15 5.79 (0.57) — (1.07) (1.64) 32.79 20.61 10,771 0.72 2.05 2601/31/18 32.79 0.65 6.58 7.23 (0.71) — (1.80) (2.51) 37.51 22.74 11,350 0.72(2) 1.86(2) 1401/31/19 37.51 0.76 (1.84) (1.08) (0.72) — (2.29) (3.01) 33.42 (3.11) 9,761 0.73(2) 2.13(2) 1901/31/20 33.42 0.70 5.14 5.84 (0.90) — (2.63) (3.53) 35.73 17.75 10,250 0.73 1.95 18

SA JPMorgan Equity-Income Portfolio — Class 301/31/16 31.13 0.61 (1.48) (0.87) (0.50) — (1.22) (1.72) 28.54 (2.93) 198,631 0.83 1.95 2301/31/17 28.54 0.61 5.13 5.74 (0.54) — (1.07) (1.61) 32.67 20.51 228,252 0.82 1.95 2601/31/18 32.67 0.61 6.54 7.15 (0.68) — (1.80) (2.48) 37.34 22.58 253,011 0.82(2) 1.76(2) 1401/31/19 37.34 0.72 (1.82) (1.10) (0.69) — (2.29) (2.98) 33.26 (3.19) 218,826 0.83(2) 2.03(2) 1901/31/20 33.26 0.66 5.12 5.78 (0.87) — (2.63) (3.50) 35.54 17.63 237,776 0.83 1.85 18




Portfolio 01/16 01/17 01/18 01/19 01/20

SA JPMorgan Equity-Income Class 1 ........................................................................................................ 0.00% 0.00% 0.00% 0.00% 0.00%SA JPMorgan Equity-Income Class 2 ........................................................................................................ 0.00 0.00 0.00 0.00 0.00SA JPMorgan Equity-Income Class 3 ........................................................................................................ 0.00 0.00 0.00 0.00 0.00


Portfolio 01/18(1) 01/19(1)

SA JPMorgan Equity-Income Class 1 ............................................................................................................................................. 0.00% 0.00%SA JPMorgan Equity-Income Class 2 ............................................................................................................................................. 0.00 0.00SA JPMorgan Equity-Income Class 3 ............................................................................................................................................. 0.00 0.00


- 297 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)


net assets(1)




SA JPMorgan Global Equities Portfolio — Class 101/31/16 $18.55 $0.26 $(1.33) $(1.07) $(0.28) $— $(0.04) $(0.32) $17.16 (5.89)% $521,970 0.76% 1.39% 60%01/31/17 17.16 0.29 2.39 2.68 (0.26) — — (0.26) 19.58 15.72 517,220 0.76 1.58 9201/31/18 19.58 0.29 5.08 5.37 (0.40) — — (0.40) 24.55 27.61 538,327 0.76(2) 1.32(2) 8801/31/19 24.55 0.36 (2.38) (2.02) (0.43) — (3.19) (3.62) 18.91 (8.58) 426,558 0.77(2) 1.62(2) 6101/31/20 18.91 0.27 1.41 1.68 (0.46) — (1.61) (2.07) 18.52 9.09 330,323 0.81 1.37 66

SA JPMorgan Global Equities Portfolio — Class 201/31/16 18.50 0.24 (1.34) (1.10) (0.24) — (0.04) (0.28) 17.12 (6.01) 4,392 0.91 1.28 6001/31/17 17.12 0.26 2.38 2.64 (0.23) — — (0.23) 19.53 15.50 4,284 0.91 1.43 9201/31/18 19.53 0.25 5.09 5.34 (0.37) — — (0.37) 24.50 27.50 4,768 0.91(2) 1.17(2) 8801/31/19 24.50 0.33 (2.39) (2.06) (0.39) — (3.19) (3.58) 18.86 (8.76) 3,743 0.93(2) 1.47(2) 6101/31/20 18.86 0.22 1.43 1.65 (0.42) — (1.61) (2.03) 18.48 8.97 3,592 0.96 1.15 66

SA JPMorgan Global Equities Portfolio — Class 301/31/16 18.41 0.22 (1.32) (1.10) (0.23) — (0.04) (0.27) 17.04 (6.07) 33,857 1.01 1.17 6001/31/17 17.04 0.24 2.37 2.61 (0.21) — — (0.21) 19.44 15.39 35,721 1.01 1.31 9201/31/18 19.44 0.23 5.05 5.28 (0.35) — — (0.35) 24.37 27.31 40,255 1.01(2) 1.06(2) 8801/31/19 24.37 0.30 (2.37) (2.07) (0.37) — (3.19) (3.56) 18.74 (8.86) 34,288 1.02(2) 1.36(2) 6101/31/20 18.74 0.19 1.44 1.63 (0.41) — (1.61) (2.02) 18.35 8.89 36,256 1.06 1.03 66




Portfolio 01/16 01/17 01/18 01/19 01/20

SA JPMorgan Global Equities Class 1 ....................................................................................................... 0.00% 0.00% 0.00% 0.00% 0.00%SA JPMorgan Global Equities Class 2 ....................................................................................................... 0.00 0.00 0.00 0.00 0.00SA JPMorgan Global Equities Class 3 ....................................................................................................... 0.00 0.00 0.00 0.00 0.00


Portfolio 01/18(1) 01/19(1)

SA JPMorgan Global Equities Class 1............................................................................................................................................ 0.00% 0.00%SA JPMorgan Global Equities Class 2............................................................................................................................................ 0.00 0.00SA JPMorgan Global Equities Class 3............................................................................................................................................ 0.00 0.00


- 298 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)


net assets(1)


incometo average


SA JPMorgan MFS Core Bond Portfolio — Class 101/31/16 $9.20 $0.16 $(0.23) $(0.07) $(0.11) $— $(0.22) $(0.33) $8.80 (0.78)%$1,065,054 0.54% 1.76% 65%01/31/17 8.80 0.19 0.03 0.22 (0.17) — — (0.17) 8.85 2.52 965,033 0.53 2.13 3301/31/18 8.85 0.20 0.03 0.23 (0.22) — — (0.22) 8.86 2.55 967,278 0.53 2.25 3301/31/19 8.86 0.23 (0.08) 0.15 (0.22) — — (0.22) 8.79 1.76 931,054 0.54 2.60 3501/31/20 8.79 0.25 0.65 0.90 (0.28) — — (0.28) 9.41 10.32 1,085,375 0.53 2.72 61

SA JPMorgan MFS Core Bond Portfolio — Class 201/31/16 9.16 0.14 (0.22) (0.08) (0.09) — (0.22) (0.31) 8.77 (0.90) 10,651 0.69 1.57 6501/31/17 8.77 0.18 0.02 0.20 (0.16) — — (0.16) 8.81 2.21 9,526 0.68 1.98 3301/31/18 8.81 0.19 0.03 0.22 (0.20) — — (0.20) 8.83 2.50 8,619 0.68 2.10 3301/31/19 8.83 0.21 (0.08) 0.13 (0.20) — — (0.20) 8.76 1.59 7,626 0.69 2.44 3501/31/20 8.76 0.24 0.64 0.88 (0.26) — — (0.26) 9.38 10.18 7,594 0.68 2.57 61

SA JPMorgan MFS Core Bond Portfolio — Class 301/31/16 9.11 0.13 (0.21) (0.08) (0.09) — (0.22) (0.31) 8.72 (0.95) 935,363 0.79 1.49 6501/31/17 8.72 0.17 0.02 0.19 (0.15) — — (0.15) 8.76 2.16 958,280 0.78 1.88 3301/31/18 8.76 0.18 0.03 0.21 (0.20) — — (0.20) 8.77 2.33 973,614 0.78 2.00 3301/31/19 8.77 0.20 (0.07) 0.13 (0.20) — — (0.20) 8.70 1.50 840,537 0.79 2.35 3501/31/20 8.70 0.22 0.65 0.87 (0.26) — — (0.26) 9.31 10.03 935,477 0.78 2.47 61




Portfolio 01/16 01/17 01/18 01/19 01/20

SA JPMorgan MFS Core Bond Class 1...................................................................................................... 0.10% 0.10% 0.10% 0.10% 0.10%SA JPMorgan MFS Core Bond Class 2...................................................................................................... 0.10 0.10 0.10 0.10 0.10SA JPMorgan MFS Core Bond Class 3...................................................................................................... 0.10 0.10 0.10 0.10 0.10


- 299 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)


net assets(1)




SA JPMorgan Mid-Cap Growth Portfolio — Class 101/31/16 $17.61 $(0.05) $(1.00) $(1.05) $— $— $(1.42) $(1.42) $15.14 (6.88)% $223,093 0.80% (0.29)% 58%01/31/17 15.14 (0.01) 2.59 2.58 — — (2.03) (2.03) 15.69 17.61 184,053 0.81 (0.08) 4301/31/18 15.69 (0.04) 4.94 4.90 — — (1.00) (1.00) 19.59 31.83 203,680 0.80(2) (0.21)(2) 4701/31/19 19.59 (0.04) 0.04 (0.00) — — (2.37) (2.37) 17.22 0.05 209,126 0.81(2) (0.23)(2) 5701/31/20 17.22 (0.04) 4.77 4.73 — — (1.70) (1.70) 20.25 28.33 235,464 0.81 (0.23) 43

SA JPMorgan Mid-Cap Growth Portfolio — Class 201/31/16 17.25 (0.08) (0.98) (1.06) — — (1.42) (1.42) 14.77 (7.09) 14,163 0.95 (0.43) 5801/31/17 14.77 (0.04) 2.54 2.50 — — (2.03) (2.03) 15.24 17.50 13,824 0.96 (0.24) 4301/31/18 15.24 (0.06) 4.78 4.72 — — (1.00) (1.00) 18.96 31.59 15,783 0.95(2) (0.37)(2) 4701/31/19 18.96 (0.07) 0.04 (0.03) — — (2.37) (2.37) 16.56 (0.11) 14,192 0.96(2) (0.37)(2) 5701/31/20 16.56 (0.07) 4.58 4.51 — — (1.70) (1.70) 19.37 28.12 15,345 0.96 (0.38) 43

SA JPMorgan Mid-Cap Growth Portfolio — Class 301/31/16 17.03 (0.09) (0.97) (1.06) — — (1.42) (1.42) 14.55 (7.18) 128,135 1.05 (0.53) 5801/31/17 14.55 (0.05) 2.50 2.45 — — (2.03) (2.03) 14.97 17.42 144,257 1.06 (0.35) 4301/31/18 14.97 (0.08) 4.69 4.61 — — (1.00) (1.00) 18.58 31.42 162,852 1.05(2) (0.46)(2) 4701/31/19 18.58 (0.08) 0.04 (0.04) — — (2.37) (2.37) 16.17 (0.17) 147,794 1.06(2) (0.47)(2) 5701/31/20 16.17 (0.08) 4.45 4.37 — — (1.70) (1.70) 18.84 27.94 168,978 1.06 (0.48) 43




Portfolio 01/16 01/17 01/18 01/19 01/20

SA JPMorgan Mid-Cap Growth Class 1 ..................................................................................................... 0.00% 0.00% 0.00% 0.00% 0.00%SA JPMorgan Mid-Cap Growth Class 2 ..................................................................................................... 0.00 0.00 0.00 0.00 0.00SA JPMorgan Mid-Cap Growth Class 3 ..................................................................................................... 0.00 0.00 0.00 0.00 0.00


Portfolio 01/18(1) 01/19(1)

SA JPMorgan Mid-Cap Growth Class 1.......................................................................................................................................... 0.00% 0.00%SA JPMorgan Mid-Cap Growth Class 2.......................................................................................................................................... 0.00 0.00SA JPMorgan Mid-Cap Growth Class 3.......................................................................................................................................... 0.00 0.00


- 300 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)


net assets(1)


incometo average


SA Large Cap Growth Index Portfolio — Class 105/01/18#-01/31/19 $15.00 $0.13 $ 0.48 $ 0.61 $(0.12) $— $(0.04) $(0.16) $15.45 4.11% $ 246,649 0.35%† 1.13%† 30%01/31/20 15.45 0.20 3.53 3.73 (0.01) — (0.01) (0.02) 19.16 24.10 271,291 0.35 1.15 33

SA Large Cap Growth Index Portfolio — Class 305/01/18#-01/31/19 15.00 0.09 0.49 0.58 (0.09) — (0.04) (0.13) 15.45 3.92 579 0.60† 0.86† 3001/31/20 15.45 0.14 3.54 3.68 (0.00) — (0.01) (0.01) 19.12 23.81 7,134 0.60 0.85 33

SA Large Cap Index Portfolio — Class 101/31/16 17.10 0.29 (0.47) (0.18) (0.19) — (0.26) (0.45) 16.47 (1.08) 1,320,094 0.38 1.68 2301/31/17 16.47 0.33 2.87 3.20 (0.25) — (0.17) (0.42) 19.25 19.62 1,709,589 0.33 1.81 701/31/18 19.25 0.35 4.58 4.93 (0.33) — (0.24) (0.57) 23.61 25.93 2,168,616 0.33 1.66 1601/31/19 23.61 0.39 (1.04) (0.65) (0.72) — (0.64) (1.36) 21.60 (2.66) 2,068,135 0.33 1.74 1101/31/20 21.60 0.39 4.17 4.56 (0.01) — (0.06) (0.07) 26.09 21.14 2,512,185 0.31 1.62 3

SA Large Cap Index Portfolio — Class 310/06/17#-01/31/18 21.24 0.03 2.32 2.35 — — — — 23.59 11.06 6,660 0.59%† 0.57%† 1601/31/19 23.59 0.33 (1.03) (0.70) (0.64) — (0.64) (1.28) 21.61 (2.93) 11,828 0.59 1.50 1101/31/20 21.61 0.32 4.18 4.50 (0.00) — (0.06) (0.06) 26.05 20.86 21,992 0.56 1.36 3

SA Large Cap Value Index Portfolio — Class 105/01/18#-01/31/19 15.00 0.30 (0.03) 0.27 (0.30) — (0.03) (0.33) 14.94 1.97 235,084 0.35† 2.63† 3101/31/20 14.94 0.36 2.33 2.69 (0.01) — (0.01) (0.02) 17.61 18.00 268,749 0.35 2.21 38

SA Large Cap Value Index Portfolio — Class 305/01/18#-01/31/19 15.00 0.21 0.03 0.24 (0.25) — (0.03) (0.28) 14.96 1.75 1,296 0.60† 2.11† 3101/31/20 14.96 0.30 2.35 2.65 (0.00) — (0.01) (0.01) 17.60 17.74 5,985 0.60 1.90 38



† Annualized


Portfolio 01/16 01/17 01/18 01/19 01/20

SA Large Cap Growth Class 1 ................................................................................................................... —% —% —% 0.05%† 0.05%SA Large Cap Growth Class 3 ................................................................................................................... — — — 0.16† 0.07SA Large Cap Index Class 1 ...................................................................................................................... 0.06 0.11 0.11 0.11 0.12SA Large Cap Index Class 3 ...................................................................................................................... — — 0.11† 0.11 0.12SA Large Cap Value Index Class 1 ............................................................................................................ — — — 0.05† 0.05SA Large Cap Value Index Class 3 ............................................................................................................ — — — 0.14† 0.05


- 301 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)


net assets(1)(2)


incometo average


SA Legg Mason BW Large Cap Value Portfolio — Class 101/31/16 $26.57 $0.26 $(0.41) $(0.15) $(0.14) $— $(4.41) $(4.55) $21.87 (1.55)% $666,660 0.74% 0.98% 126%01/31/17 21.87 0.40 4.05 4.45 (0.22) — (6.26) (6.48) 19.84 23.05 899,493 0.70 1.89 5101/31/18 19.84 0.36 4.62 4.98 (0.40) — (0.77) (1.17) 23.65 25.65 977,480 0.70 1.66 4701/31/19 23.65 0.40 (1.79) (1.39)(3) (0.40) — (1.93) (2.33) 19.93 (6.30) 823,084 0.70 1.82 48(4)

01/31/20 19.93 0.43 2.11 2.54 (0.46) — (1.88) (2.34) 20.13 12.66 863,626 0.70 2.05 49

SA Legg Mason BW Large Cap Value Portfolio — Class 201/31/16 26.55 0.22 (0.40) (0.18) (0.10) — (4.41) (4.51) 21.86 (1.69) 51,134 0.89 0.82 12601/31/17 21.86 0.38 4.04 4.42 (0.18) — (6.26) (6.44) 19.84 22.87 51,509 0.85 1.78 5101/31/18 19.84 0.32 4.62 4.94 (0.36) — (0.77) (1.13) 23.65 25.46 53,260 0.85 1.50 4701/31/19 23.65 0.37 (1.80) (1.43)(3) (0.36) — (1.93) (2.29) 19.93 (6.46) 44,027 0.85 1.67 48(4)

01/31/20 19.93 0.40 2.11 2.51 (0.42) — (1.88) (2.30) 20.14 12.53 43,056 0.85 1.90 49

SA Legg Mason BW Large Cap Value Portfolio — Class 301/31/16 26.46 0.19 (0.39) (0.20) (0.07) — (4.41) (4.48) 21.78 (1.77) 502,927 0.99 0.72 12601/31/17 21.78 0.36 4.01 4.37 (0.15) — (6.26) (6.41) 19.74 22.74 531,460 0.95 1.67 5101/31/18 19.74 0.30 4.59 4.89 (0.34) — (0.77) (1.11) 23.52 25.33 570,935 0.95 1.40 4701/31/19 23.52 0.34 (1.78) (1.44)(3) (0.33) — (1.93) (2.26) 19.82 (6.52) 489,891 0.95 1.57 48(4)

01/31/20 19.82 0.38 2.09 2.47 (0.40) — (1.88) (2.28) 20.01 12.38 466,528 0.95 1.80 49




Portfolio 01/16 01/17 01/18 01/19 01/20

SA Legg Mason BW Large Cap Value Class 1 .......................................................................................... 0.00% 0.00% 0.00% 0.00% 0.00%SA Legg Mason BW Large Cap Value Class 2 .......................................................................................... 0.00 0.00 0.00 0.00 0.00SA Legg Mason BW Large Cap Value Class 3 .......................................................................................... 0.00 0.00 0.00 0.00 0.00


Portfolio 01/16(1) 01/17(1) 01/18(1) 01/19(1) 01/20(1)

SA Legg Mason BW Large Cap Value Class 1 .......................................................................... 0.02% 0.05% 0.05% 0.05% 0.05%SA Legg Mason BW Large Cap Value Class 2 .......................................................................... 0.02 0.06 0.05 0.05 0.05SA Legg Mason BW Large Cap Value Class 3 .......................................................................... 0.02 0.05 0.05 0.05 0.05

(3) Includes the effect of a merger(4) Excludes purchases/sales due to merger


- 302 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)


net assets(1)(2)


incometo average


SA Legg Mason Tactical Opportunities Portfolio — Class 110/06/17#-01/31/18 10.00 0.03 0.61 0.64 (0.04) — — (0.04) 10.60 6.38(3) 133 0.81† 0.93† 501/31/19 10.60 0.18 (0.54) (0.36) (0.14) (0.02) (0.02) (0.18) 10.06 (3.38) 133 0.81 1.80 4501/31/20 10.06 0.20 0.98 1.18 (0.17) — (0.02) (0.19) 11.05 11.75 148 0.81 1.88 42

SA Legg Mason Tactical Opportunities Portfolio — Class 310/06/17#-01/31/18 10.00 0.02 0.61 0.63 (0.03) — — (0.03) 10.60 6.33(3) 14,410 1.06† 0.69† 501/31/19 10.60 0.15 (0.54) (0.39) (0.11) (0.02) (0.02) (0.15) 10.06 (3.63) 34,311 1.06 1.52 4501/31/20 10.06 0.17 0.98 1.15 (0.15) — (0.02) (0.17) 11.04 11.43 55,730 1.06 1.58 42



† Annualized

# Commencement of operations.(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower and

the ratio of net investment income (loss) to average net assets would have been higher by the following:

Portfolio 01/18 01/19 01/20

SA Legg Mason Tactical Opportunities Class 1 ...................................................................................................................... 0.00% 0.00% 0.00%SA Legg Mason Tactical Opportunities Class 3 ...................................................................................................................... 0.00 0.00 0.00


Portfolio 01/18†(1) 01/19(1) 01/20(1)

SA Legg Mason Tactical Opportunities Class 1 .......................................................................................................... 3.00% 1.03% 0.31%SA Legg Mason Tactical Opportunities Class 3 .......................................................................................................... 3.01 0.93 0.32

(3) The Portfolio’s performance figure was decreased by less than 0.01% from losses on the disposal of investments in violation of investmentrestrictions.


- 303 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)




Portfolioturnover

SA MFS Blue Chip Growth Portfolio — Class 101/31/16 $ 9.94 $0.07 $(0.08) $(0.01) $(0.04) $— $(0.18) $(0.22) $ 9.71 (0.18)% $364,443 0.72% 0.64% 48%01/31/17 9.71 0.08 1.60 1.68 (0.06) — (0.33) (0.39) 11.00 17.51 389,551 0.71(1) 0.73(1) 5901/31/18 11.00 0.06 3.35 3.41 (0.09) — (0.26) (0.35) 14.06 31.36 548,669 0.70 0.48 6601/31/19 14.06 0.08 (0.48) (0.40) (0.06) — (1.04) (1.10) 12.56 (3.12)(2) 554,507 0.69 0.59 6601/31/20 12.56 0.08 2.67 2.75 (0.09) — (1.49) (1.58) 13.73 22.80 577,795 0.69 0.59 53

SA MFS Blue Chip Growth Portfolio — Class 201/31/16 9.90 0.05 (0.07) (0.02) (0.03) — (0.18) (0.21) 9.67 (0.33) 3,407 0.87 0.50 4801/31/17 9.67 0.06 1.61 1.67 (0.05) — (0.33) (0.38) 10.96 17.38 3,294 0.86(1) 0.59(1) 5901/31/18 10.96 0.04 3.34 3.38 (0.07) — (0.26) (0.33) 14.01 31.19 3,760 0.85 0.35 6601/31/19 14.01 0.06 (0.49) (0.43) (0.03) — (1.04) (1.07) 12.51 (3.29)(2) 3,208 0.84 0.44 6601/31/20 12.51 0.06 2.66 2.72 (0.06) — (1.49) (1.55) 13.68 22.68 3,204 0.84 0.44 53

SA MFS Blue Chip Growth Portfolio — Class 301/31/16 9.85 0.04 (0.07) (0.03) (0.02) — (0.18) (0.20) 9.62 (0.40) 102,594 0.97 0.40 4801/31/17 9.62 0.05 1.60 1.65 (0.04) — (0.33) (0.37) 10.90 17.29 120,537 0.96(1) 0.48(1) 5901/31/18 10.90 0.03 3.31 3.34 (0.06) — (0.26) (0.32) 13.92 31.00 139,469 0.95 0.25 6601/31/19 13.92 0.05 (0.48) (0.43) (0.02) — (1.04) (1.06) 12.43 (3.33)(2) 124,228 0.94 0.34 6601/31/20 12.43 0.04 2.64 2.68 (0.05) — (1.49) (1.54) 13.57 22.49 135,148 0.94 0.34 53




Portfolio 01/17

SA MFS Blue Chip Growth Class 1...................................................................................................................................................................... 0.00%SA MFS Blue Chip Growth Class 2...................................................................................................................................................................... 0.00SA MFS Blue Chip Growth Class 3...................................................................................................................................................................... 0.00

(2) The Portfolio’s performance figure was increased by less than 0.01% from reimbursement of losses on the disposal of investments in violation ofinvestment restrictions.


- 304 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)




Portfolioturnover

SA MFS Massachusetts Investors Trust Portfolio — Class 101/31/16 $21.00 $0.18 $(0.18) $ 0.00 $(0.19) $— $(1.07) $(1.26) $19.74 (0.23)% $644,192 0.71%(1) 0.83%(1) 23%01/31/17 19.74 0.18 3.00 3.18 (0.19) — (1.87) (2.06) 20.86 16.74 685,288 0.70(1) 0.88(1) 1801/31/18 20.86 0.17 5.35 5.52 (0.24) — (0.60) (0.84) 25.54 26.91 784,894 0.70(1) 0.74(1) 1401/31/19 25.54 0.20 (0.90) (0.70) (0.21) — (2.23) (2.44) 22.40 (2.91) 615,764 0.71 0.81 1201/31/20 22.40 0.19 4.40 4.59 (0.23) — (2.90) (3.13) 23.86 21.17 635,910 0.71 0.76 16

SA MFS Massachusetts Investors Trust Portfolio — Class 201/31/16 20.99 0.15 (0.18) (0.03) (0.15) — (1.07) (1.22) 19.74 (0.36) 9,167 0.86(1) 0.68(1) 2301/31/17 19.74 0.15 3.00 3.15 (0.15) — (1.87) (2.02) 20.87 16.56 9,120 0.85(1) 0.74(1) 1801/31/18 20.87 0.14 5.35 5.49 (0.21) — (0.60) (0.81) 25.55 26.71 10,005 0.85(1) 0.59(1) 1401/31/19 25.55 0.16 (0.89) (0.73) (0.17) — (2.23) (2.40) 22.42 (3.03) 8,075 0.86 0.67 1201/31/20 22.42 0.15 4.40 4.55 (0.19) — (2.90) (3.09) 23.88 20.94 8,180 0.86 0.61 16

SA MFS Massachusetts Investors Trust Portfolio — Class 301/31/16 20.91 0.12 (0.17) (0.05) (0.13) — (1.07) (1.20) 19.66 (0.44) 364,196 0.96(1) 0.58(1) 2301/31/17 19.66 0.13 2.99 3.12 (0.14) — (1.87) (2.01) 20.77 16.44 397,306 0.95(1) 0.63(1) 1801/31/18 20.77 0.11 5.33 5.44 (0.19) — (0.60) (0.79) 25.42 26.58 429,122 0.95(1) 0.49(1) 1401/31/19 25.42 0.14 (0.90) (0.76) (0.14) — (2.23) (2.37) 22.29 (3.16) 363,992 0.96 0.56 1201/31/20 22.29 0.12 4.38 4.50 (0.16) — (2.90) (3.06) 23.73 20.85 364,762 0.96 0.51 16




Portfolio 01/16 01/17 01/18

SA MFS Massachusetts Investors Trust Class 1..................................................................................................................... 0.00% 0.00% 0.00%SA MFS Massachusetts Investors Trust Class 2..................................................................................................................... 0.00 0.00 0.00SA MFS Massachusetts Investors Trust Class 3..................................................................................................................... 0.00 0.00 0.00


- 305 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)




Portfolioturnover

SA MFS Total Return Portfolio — Class 101/31/16 $19.07 $0.40 $(0.64) $(0.24) $(0.48) $— $ — $(0.48) $18.35 (1.31)% $197,724 0.69%(1) 2.05%(1) 38%01/31/17 18.35 0.41 1.89 2.30 (0.46) — (1.16) (1.62) 19.03 12.74 193,053 0.70(1) 2.15(1) 3201/31/18 19.03 0.36 2.17 2.53 (0.51) — (1.11) (1.62) 19.94 13.67 192,656 0.70(1) 1.84(1) 3101/31/19 19.94 0.38 (0.98) (0.60) (0.42) — (1.11) (1.53) 17.81 (3.01) 160,674 0.71 1.99 3001/31/20 17.81 0.38 2.05 2.43 (0.46) — (0.60) (1.06) 19.18 13.79 160,743 0.71 1.99 29

SA MFS Total Return Portfolio — Class 201/31/16 19.06 0.37 (0.63) (0.26) (0.45) — — (0.45) 18.35 (1.44) 31,255 0.84(1) 1.90(1) 3801/31/17 18.35 0.39 1.87 2.26 (0.42) — (1.16) (1.58) 19.03 12.54 29,714 0.85(1) 2.00(1) 3201/31/18 19.03 0.33 2.18 2.51 (0.48) — (1.11) (1.59) 19.95 13.54 29,151 0.85(1) 1.69(1) 3101/31/19 19.95 0.35 (0.98) (0.63) (0.38) — (1.11) (1.49) 17.83 (3.13) 24,003 0.86 1.84 3001/31/20 17.83 0.35 2.05 2.40 (0.43) — (0.60) (1.03) 19.20 13.58 22,761 0.86 1.84 29

SA MFS Total Return Portfolio — Class 301/31/16 19.02 0.35 (0.63) (0.28) (0.43) — — (0.43) 18.31 (1.54) 296,540 0.94(1) 1.80(1) 3801/31/17 18.31 0.36 1.89 2.25 (0.41) — (1.16) (1.57) 18.99 12.47 311,860 0.95(1) 1.90(1) 3201/31/18 18.99 0.31 2.16 2.47 (0.46) — (1.11) (1.57) 19.89 13.38 332,869 0.95(1) 1.59(1) 3101/31/19 19.89 0.33 (0.97) (0.64) (0.37) — (1.11) (1.48) 17.77 (3.22) 299,400 0.96 1.74 3001/31/20 17.77 0.33 2.03 2.36 (0.41) — (0.60) (1.01) 19.12 13.43 325,537 0.96 1.73 29



(1) Excludes expense reductions. If the expense reductions had been applied, the ratio of expenses to average net assets would have been lower andthe ratio of net investment income to average net assets would have been higher by the following:

Portfolio 01/16 01/17 01/18

SA MFS Total Return Class 1.................................................................................................................................................. 0.00% 0.00% 0.00%SA MFS Total Return Class 2.................................................................................................................................................. 0.00 0.00 0.00SA MFS Total Return Class 3.................................................................................................................................................. 0.00 0.00 0.00


- 306 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)




Portfolioturnover

SA Mid Cap Index Portfolio — Class 102/06/17#-01/31/18 $10.00 $0.11 $ 1.57 $ 1.68 $(0.09) $— $(0.07) $(0.16) $11.52 16.94% $175,119 0.40(1)%† 1.08(1)%† 23%01/31/19 11.52 0.11 (0.74) (0.63) (0.10) — (0.31) (0.41) 10.48 (5.13) 242,067 0.40(1) 1.01(1) 2501/31/20 10.48 0.13 0.99 1.12 — — (0.02) (0.02) 11.58 10.69 283,945 0.40 1.16 13

SA Mid Cap Index Portfolio — Class 302/06/17#-01/31/18 10.00 0.08 1.57 1.65 (0.07) — (0.07) (0.14) 11.51 16.60 358 0.65(1)† 0.83(1)† 2301/31/19 11.51 0.08 (0.74) (0.66) (0.07) — (0.31) (0.38) 10.47 (5.39) 2,665 0.65(1) 0.79(1) 2501/31/20 10.47 0.10 0.99 1.09 — — (0.02) (0.02) 11.54 10.42 10,248 0.65 0.90 13

SA Morgan Stanley International Equities Portfolio — Class 101/31/16 9.51 0.12 (0.66) (0.54) (0.20) — — (0.20) 8.77 (5.81) 240,105 0.90(2) 1.30(2) 2701/31/17 8.77 0.16 0.26 0.42 (0.12) — — (0.12) 9.07 4.73 303,787 0.89(2) 1.80(2) 3301/31/18 9.07 0.14 2.24 2.38 (0.12) — — (0.12) 11.33 26.39 419,078 0.87(2) 1.37(2) 3301/31/19 11.33 0.21 (1.63) (1.42) (0.13) — (0.25) (0.38) 9.53 (12.56) 320,376 0.89 2.04 2901/31/20 9.53 0.20 0.95 1.15 (0.26) — (0.40) (0.66) 10.02 12.19 315,398 0.89 1.93 20




** Total return is not annualized and does not reflect expenses that apply to the separate accounts of the Life Companies. If such expenses had beenincluded, the total return would have been lower for each period presented. Total return does include expense reimbursements and expensedeductions.

† Annualized



SA Mid Cap Index Class 1 .................................................................................................................................................................. 0.02% (0.01)%SA Mid Cap Index Class 3 .................................................................................................................................................................. 0.19 (0.01)


Portfolio 01/16 01/17 01/18

SA Morgan Stanley International Equities Class 1.................................................................................................................. 0.01% 0.00% 0.00%SA Morgan Stanley International Equities Class 2.................................................................................................................. 0.01 0.00 0.00SA Morgan Stanley International Equities Class 3.................................................................................................................. 0.01 0.00 0.00


- 307 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)




Portfolioturnover

SA Oppenheimer Main Street Large Cap Portfolio — Class 101/31/16 $18.55 $ 0.20 $ 0.03 $ 0.23 $(0.12) $— $(0.86) $(0.98) $17.80 1.05% $ 225,320 0.80% 1.08% 52%01/31/17 17.80 0.23 3.16 3.39 (0.15) — (0.63) (0.78) 20.41 19.34 299,651 0.78 1.19 3201/31/18 20.41 0.24 3.79 4.03 (0.23) — (0.54) (0.77) 23.67 20.02 364,981 0.77 1.09 4301/31/19 23.67 0.27 (1.17) (0.90) (0.26) — (1.41) (1.67) 21.10 (4.03) 305,771 0.78 1.08 6501/31/20 21.10 0.23 4.12 4.35 (0.29) — (2.60) (2.89) 22.56 21.35 323,843 0.79 1.00 39

SA Oppenheimer Main Street Large Cap Portfolio — Class 201/31/16 18.52 0.18 0.02 0.20 (0.08) — (0.86) (0.94) 17.78 0.93 5,128 0.95 0.92 5201/31/17 17.78 0.21 3.16 3.37 (0.12) — (0.63) (0.75) 20.40 19.21 4,649 0.93 1.05 3201/31/18 20.40 0.21 3.78 3.99 (0.19) — (0.54) (0.73) 23.66 19.82 4,324 0.92 0.97 4301/31/19 23.66 0.23 (1.17) (0.94) (0.22) — (1.41) (1.63) 21.09 (4.21) 3,732 0.93 0.93 6501/31/20 21.09 0.20 4.12 4.32 (0.25) — (2.60) (2.85) 22.56 21.20 3,507 0.94 0.87 39

SA Oppenheimer Main Street Large Cap Portfolio — Class 301/31/16 18.48 0.16 0.02 0.18 (0.07) — (0.86) (0.93) 17.73 0.83 79,840 1.05 0.82 5201/31/17 17.73 0.18 3.16 3.34 (0.11) — (0.63) (0.74) 20.33 19.08 96,682 1.03 0.95 3201/31/18 20.33 0.19 3.76 3.95 (0.18) — (0.54) (0.72) 23.56 19.69 107,322 1.02 0.85 4301/31/19 23.56 0.21 (1.16) (0.95) (0.20) — (1.41) (1.61) 21.00 (4.26) 94,762 1.03 0.83 6501/31/20 21.00 0.17 4.10 4.27 (0.23) — (2.60) (2.83) 22.44 21.05 101,676 1.04 0.76 39

SA PIMCO VCP Tactical Balanced Portfolio — Class 109/26/16#-01/31/17 11.08 0.00 0.21 0.21 — — — — 11.29 1.90 102 0.91† 0.06† 15001/31/18 11.29 0.08 2.05 2.13 (0.03) — (0.60) (0.63) 12.79 19.25 121 0.89 0.66 45801/31/19 12.79 0.17 (0.92) (0.75) (0.38) — (1.74) (2.12) 9.92 (6.13) 114 0.90 1.44 29201/31/20 9.92 0.16 1.22 1.38 — — (0.06) (0.06) 11.24 13.92 130 1.15(2) 1.52 539

SA PIMCO VCP Tactical Balanced Portfolio — Class 301/31/16 10.62 (0.04) (0.49) (0.53) — — (0.00) (0.00) 10.09 (4.97) 572,776 1.16(1) (0.42)(1) 6601/31/17 10.09 (0.01) 1.20 1.19 — — — — 11.28 11.79 1,069,950 1.16(1) (0.12)(1) 15001/31/18 11.28 0.05 2.04 2.09 (0.02) — (0.60) (0.62) 12.75 18.91 1,364,617 1.14(1) 0.41(1) 45801/31/19 12.75 0.14 (0.91) (0.77) (0.35) — (1.74) (2.09) 9.89 (6.30) 1,238,685 1.15 1.18 29201/31/20 9.89 0.13 1.21 1.34 — — (0.06) (0.06) 11.17 13.56 1,317,587 1.40(2) 1.27 539



† Annualized


Portfolio 01/16 01/17 01/18

SA PIMCO VCP Tactical Balanced Class 3............................................................................................................................ 0.00% (0.01)% (0.00)

(2) Includes the effect of interest expenses paid related to reverse repurchase expenses paid (based on average net assets)


- 308 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)




Portfolioturnover

SA PineBridge High-Yield Bond Portfolio — Class 101/31/16 $5.79 $0.35 $(0.72) $(0.37) $(0.31) $— $— $(0.31) $5.11 (6.69)% $307,191 0.64% 6.13% 78%01/31/17 5.11 0.37 0.76 1.13 (0.39) — — (0.39) 5.85 22.47 294,382 0.64 6.67 10801/31/18 5.85 0.35 0.13 0.48 (0.55) — — (0.55) 5.78 8.30 188,572 0.65 5.75 9901/31/19 5.78 0.33 (0.32) 0.01 (0.40) — — (0.40) 5.39 0.14 172,043 0.67 5.91 7401/31/20 5.39 0.33 0.20 0.53 (0.44) — — (0.44) 5.48 9.96 132,092 0.68 5.80 71

SA PineBridge High-Yield Bond Portfolio — Class 201/31/16 5.78 0.34 (0.72) (0.38) (0.30) — — (0.30) 5.10 (6.89) 10,267 0.79 5.97 7801/31/17 5.10 0.36 0.77 1.13 (0.38) — — (0.38) 5.85 22.51 10,121 0.79 6.51 10801/31/18 5.85 0.33 0.13 0.46 (0.54) — — (0.54) 5.77 7.94 9,398 0.80 5.54 9901/31/19 5.77 0.33 (0.33) (0.00) (0.39) — — (0.39) 5.38 (0.05) 7,944 0.82 5.75 7401/31/20 5.38 0.32 0.21 0.53 (0.43) — — (0.43) 5.48 9.98 7,674 0.84 5.62 71

SA PineBridge High-Yield Bond Portfolio — Class 301/31/16 5.75 0.33 (0.70) (0.37) (0.30) — — (0.30) 5.08 (6.82) 191,653 0.89 5.88 7801/31/17 5.08 0.36 0.74 1.10 (0.37) — — (0.37) 5.81 22.08 184,479 0.88 6.42 10801/31/18 5.81 0.32 0.15 0.47 (0.54) — — (0.54) 5.74 8.05 179,644 0.90 5.45 9901/31/19 5.74 0.32 (0.33) (0.01) (0.38) — — (0.38) 5.35 (0.15) 153,660 0.92 5.65 7401/31/20 5.35 0.31 0.20 0.51 (0.42) — — (0.42) 5.44 9.74 149,856 0.94 5.52 71




- 309 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000s)


net assets(1)(2)




SA Putnam International Growth and Income Portfolio — Class 101/31/16 $ 9.52 $0.17 $(0.71) $(0.54) $(0.26) $— $ — $(0.26) $ 8.72 (5.91)% $192,684 0.94% 1.78% 31%01/31/17 8.72 0.19 0.62 0.81 (0.17) — — (0.17) 9.36 9.34 193,538 0.94 2.12 2401/31/18 9.36 0.22 2.37 2.59 (0.16) — — (0.16) 11.79 27.84 185,609 0.95 2.10 1401/31/19 11.79 0.27 (2.27) (2.00) (0.34) — — (0.34) 9.45 (17.07) 132,405 0.99 2.55 2101/31/20 9.45 0.27 0.68 0.95 (0.26) — (0.44) (0.70) 9.70 9.95 139,085 1.00 2.72 17

SA Putnam International Growth and Income Portfolio — Class 201/31/16 9.55 0.17 (0.73) (0.56) (0.24) — — (0.24) 8.75 (6.07) 5,928 1.08 1.70 3101/31/17 8.75 0.18 0.63 0.81 (0.15) — — (0.15) 9.41 9.34 5,764 1.09 1.98 2401/31/18 9.41 0.21 2.37 2.58 (0.15) — — (0.15) 11.84 27.50 6,383 1.10 1.99 1401/31/19 11.84 0.26 (2.28) (2.02) (0.32) — — (0.32) 9.50 (17.16) 4,517 1.14 2.43 2101/31/20 9.50 0.26 0.67 0.93 (0.24) — (0.44) (0.68) 9.75 9.70 4,361 1.15 2.61 17

SA Putnam International Growth and Income Portfolio — Class 301/31/16 9.53 0.16 (0.73) (0.57) (0.23) — — (0.23) 8.73 (6.18) 142,252 1.18 1.59 3101/31/17 8.73 0.17 0.62 0.79 (0.14) — — (0.14) 9.38 9.14 141,664 1.19 1.87 2401/31/18 9.38 0.20 2.37 2.57 (0.14) — — (0.14) 11.81 27.46 145,565 1.20 1.90 1401/31/19 11.81 0.24 (2.27) (2.03) (0.30) — — (0.30) 9.48 (17.22) 109,696 1.24 2.30 2101/31/20 9.48 0.25 0.67 0.92 (0.23) — (0.44) (0.67) 9.73 9.60 103,878 1.25 2.53 17




Portfolio 01/16 01/17 01/18 01/19 01/20

SA Putnam International Growth and Income Class 1 ............................................................................... 0.00% 0.00% 0.00% 0.00% 0.00%SA Putnam International Growth and Income Class 2 ............................................................................... 0.00 0.00 0.00 0.00 0.00SA Putnam International Growth and Income Class 3 ............................................................................... 0.00 0.00 0.00 0.00 0.00


Portfolio 01/16(1) 01/17(1) 01/18(1) 01/19(1) 01/20(1)

SA Putnam International Growth and Income Class 1............................................................... 0.05% 0.05% 0.05% 0.05% 0.05%SA Putnam International Growth and Income Class 2............................................................... 0.05 0.05 0.05 0.05 0.05SA Putnam International Growth and Income Class 3............................................................... 0.05 0.05 0.05 0.05 0.05


- 310 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)


net assets(1)


incometo average


SA Schroders VCP Global Allocation Portfolio — Class 109/26/16#-01/31/17 $10.85 $ 0.03 $ 0.19 $ 0.22 $ — $— $(0.16) $(0.16) $10.91 1.97% $ 102 0.90%† 0.82%† 110%01/31/18 10.91 0.15 1.57 1.72 — — (0.13) (0.13) 12.50 15.82 118 0.90 1.31 10801/31/19 12.50 0.23 (1.06) (0.83) (0.32) — (0.90) (1.22) 10.45 (6.75)(2) 183 0.90 2.07 8501/31/20 10.45 0.22 1.17 1.39 (0.18) — (0.25) (0.43) 11.41 13.28 175 0.90 1.96 104

SA Schroders VCP Global Allocation Portfolio — Class 301/25/16#-01/31/16 10.00 (0.00) 0.15 0.15 — — — — 10.15 1.50 12,374 1.15† (0.73)† 001/31/17 10.15 0.05 0.86 0.91 — — (0.16) (0.16) 10.90 8.95 407,509 1.15 0.46 11001/31/18 10.90 0.12 1.56 1.68 — — (0.13) (0.13) 12.45 15.46 625,739 1.15 1.08 10801/31/19 12.45 0.20 (1.05) (0.85) (0.24) — (0.90) (1.14) 10.46 (6.91)(2) 578,418 1.15 1.75 8501/31/20 10.46 0.19 1.18 1.37 (0.16) — (0.25) (0.41) 11.42 13.00 635,330 1.15 1.71 104

SA Small Cap Index Portfolio — Class 102/06/17#-01/31/18 10.00 0.08 1.71 1.79 (0.07) — (0.07) (0.14) 11.65 17.94 169,759 0.45† 0.76† 1401/31/19 11.65 0.07 (0.60) (0.53) (0.08) — (0.41) (0.49) 10.63 (4.19) 225,538 0.45 0.65 2101/31/20 10.63 0.08 0.83 0.91 — — — — 11.54 8.56 219,182 0.45 0.75 25

SA Small Cap Index Portfolio — Class 302/06/17#-01/31/18 10.00 0.04 1.72 1.76 (0.05) — (0.07) (0.12) 11.64 17.61 335 0.70† 0.40† 1401/31/19 11.64 0.05 (0.61) (0.56) (0.05) — (0.41) (0.46) 10.62 (4.44) 2,705 0.70 0.41 2101/31/20 10.62 0.05 0.83 0.88 — — — — 11.50 8.29 9,217 0.70 0.49 25



† Annualized


Portfolio 01/16 01/17 01/18 01/19 01/20

SA Schroders VCP Global Index Allocation Class 1................................................................................ —% 0.04%† 0.00% 0.01% (0.01)%SA Schroders VCP Global Index Allocation Class 3................................................................................ 10.95+ 0.09 0.00 0.00 (0.01)SA Small Cap Index Class 1 .................................................................................................................... — — 0.11† 0.01 0.04SA Small Cap Index Class 3 .................................................................................................................... — — 0.25† 0.00 0.06



- 311 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)




Portfolioturnover

SA T. Rowe Price Asset Allocation Growth Portfolio — Class 110/06/17#-01/31/18 $10.00 $0.02 $ 0.73 $ 0.75 $(0.03) $ — $ — $(0.03) $10.72 7.56% $ 111 0.81%†(1) 0.69%†(1) 13%01/31/19 10.72 0.16 (0.48) (0.32) (0.12) — (0.04) (0.16) 10.24 (2.93)(3) 185 0.81(1) 1.60(1) 3801/31/20 10.24 0.14 1.55 1.69 (0.12) — (0.08) (0.20) 11.73 16.49 318 0.81(1) 1.32(1) 41

SA T. Rowe Price Asset Allocation Growth Portfolio — Class 310/06/17#-01/31/18 10.00 0.01 0.74 0.75 (0.03) — — (0.03) 10.72 7.51 20,758 1.06†(1) 0.44†(1) 1301/31/19 10.72 0.12 (0.47) (0.35) (0.07) — (0.04) (0.11) 10.26 (3.20)(3) 119,468 1.06(1) 1.28(1) 3801/31/20 10.26 0.12 1.55 1.67 (0.10) — (0.08) (0.18) 11.75 16.24 242,874 1.06(1) 1.06(1) 41

SA T. Rowe Price VCP Balanced Portfolio — Class 109/26/16#-01/31/17 10.68 0.03 0.25 0.28 (0.04) — — (0.04) 10.92 2.65 103 0.90†(1) 0.82†(1) 4501/31/18 10.92 0.15 2.25 2.40 (0.01) — (0.04) (0.05) 13.27 22.00 125 0.88(1)(2) 1.24(1)(2) 5001/31/19 13.27 0.22 (0.95) (0.73) (0.34) (0.03) (0.85) (1.22) 11.32 (5.37) 184 0.82 1.79 5601/31/20 11.32 0.21 1.49 1.70 (0.20) — (0.39) (0.59) 12.43 15.03 89 0.81 1.70 54

SA T. Rowe Price VCP Balanced Portfolio — Class 301/25/16#-01/31/16 10.00 0.00 0.08 0.08 — — — — 10.08 0.80 13,572 1.15†(1) (0.09)†(1) 101/31/17 10.08 0.07 0.80 0.87 (0.04) — — (0.04) 10.91 8.62 686,255 1.15(1) 0.67(1) 4501/31/18 10.91 0.11 2.25 2.36 (0.00) — (0.04) (0.04) 13.23 21.69 1,268,730 1.12(1)(2) 0.96(1)(2) 5001/31/19 13.23 0.19 (0.93) (0.74) (0.27) (0.03) (0.85) (1.15) 11.34 (5.55) 1,382,587 1.07 1.54 5601/31/20 11.34 0.17 1.49 1.66 (0.17) — (0.39) (0.56) 12.44 14.68 1,619,324 1.06 1.41 54



† Annualized


Portfolio 01/16 01/17 01/18 01/19 01/20

SA T. Rowe Price Asset Allocation Growth Class 1 ................................................................................. —% —% 2.32%† 0.49% 0.14%SA T. Rowe Price Asset Allocation Growth Class 3 ................................................................................. — — 2.36† 0.46 0.14SA T. Rowe Price VCP Balanced Class 1 ................................................................................................ — 0.02† (0.05) — —SA T. Rowe Price VCP Balanced Class 3 ................................................................................................ 14.50† 0.12 (0.04) — —


Portfolio 01/18(1)

SA T. Rowe Price VCP Balanced Class 1 ......................................................................................................................................................... 0.00%SA T. Rowe Price VCP Balanced Class 3 ......................................................................................................................................................... 0.00



- 312 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)


net assets(1)




SA Templeton Foreign Value Portfolio — Class 101/31/16 $15.68 $0.27 $(1.95) $(1.68) $(0.35) $ — $ — $(0.35) $13.65 (11.01)% $613,167 0.83% 1.73% 18%01/31/17 13.65 0.36 1.45 1.81 (0.28) — (0.28) (0.56) 14.90 13.53 540,797 0.83 2.54 1901/31/18 14.90 0.30 2.98 3.28 (0.45) — — (0.45) 17.73 22.20 514,253 0.83 1.86 1601/31/19 17.73 0.38 (2.91) (2.53) (0.77) (0.01) (0.35) (1.13) 14.07 (14.07) 301,985 0.85 2.34 2801/31/20 14.07 0.35 (0.25) 0.10 (0.02) — — (0.02) 14.15 0.68 284,337 0.86 2.50 36

SA Templeton Foreign Value Portfolio — Class 201/31/16 15.66 0.27 (1.97) (1.70) (0.32) — — (0.32) 13.64 (11.13) 14,146 0.98 1.69 1801/31/17 13.64 0.32 1.46 1.78 (0.25) — (0.28) (0.53) 14.89 13.31 13,310 0.98 2.25 1901/31/18 14.89 0.28 2.98 3.26 (0.42) — — (0.42) 17.73 22.10 13,992 0.98 1.73 1601/31/19 17.73 0.33 (2.89) (2.56) (0.72) (0.01) (0.35) (1.08) 14.09 (14.25) 10,869 1.00 2.06 2801/31/20 14.09 0.33 (0.25) 0.08 (0.01) — — (0.01) 14.16 0.59 9,769 1.01 2.39 36

SA Templeton Foreign Value Portfolio — Class 301/31/16 15.63 0.25 (1.98) (1.73) (0.30) — — (0.30) 13.60 (11.29) 506,615 1.08 1.56 1801/31/17 13.60 0.29 1.48 1.77 (0.24) — (0.28) (0.52) 14.85 13.26 545,963 1.08 2.09 1901/31/18 14.85 0.27 2.97 3.24 (0.41) — — (0.41) 17.68 21.98 568,413 1.08 1.64 1601/31/19 17.68 0.31 (2.87) (2.56) (0.69) (0.01) (0.35) (1.05) 14.07 (14.30) 460,526 1.10 1.94 2801/31/20 14.07 0.32 (0.26) 0.06 (0.01) — — (0.01) 14.12 0.44 425,811 1.11 2.26 36




Portfolio 01/16 01/17 01/18 01/19 01/20

SA Templeton Foreign Value Class 1 ......................................................................................................... 0.00% 0.00% 0.00% 0.00% 0.00%SA Templeton Foreign Value Class 2 ......................................................................................................... 0.00 0.00 0.00 0.00 0.00SA Templeton Foreign Value Class 3 ......................................................................................................... 0.00 0.00 0.00 0.00 0.00


- 313 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assets endof period (000’s)




Portfolioturnover

SA VCP Dynamic Allocation Portfolio — Class 109/26/16#-01/31/17 $12.20 $ 0.13 $ 0.11 $ 0.24 $ — $— $ — $ — $12.44 1.97% $ 102 0.21%†(1) 3.16%†(1) 20%01/31/18 12.44 0.27 2.63 2.90 (0.16) — (0.29) (0.45) 14.89 23.63 162 0.21(1) 1.97(1) 1801/31/19 14.89 0.40 (1.26) (0.86) (0.58) — (1.58) (2.16) 11.87 (5.68) 196 0.22(1) 2.95(1) 1801/31/20 11.87 0.18 1.57 1.75 — — (0.50) (0.50) 13.12 14.92 220 0.22%(1) 1.41(1) 12

SA VCP Dynamic Allocation Portfolio — Class 301/31/16 12.64 0.13 (1.13) (1.00) (0.12) — (0.10) (0.22) 11.42 (7.99) 10,695,122 0.47 1.03 1001/31/17 11.42 0.12 1.07 1.19 (0.18) — — (0.18) 12.43 10.43 11,332,141 0.47(1) 1.01(1) 2001/31/18 12.43 0.16 2.70 2.86 (0.15) — (0.29) (0.44) 14.85 23.30 13,064,674 0.46(1) 1.17(1) 1801/31/19 14.85 0.21 (1.09) (0.88) (0.49) — (1.58) (2.07) 11.90 (5.87) 11,353,807 0.47(1) 1.56(1) 1801/31/20 11.90 0.13 1.58 1.71 — — (0.50) (0.50) 13.11 14.55 11,697,671 0.47%(1) 1.05(1) 12

SA VCP Dynamic Strategy Portfolio — Class 109/26/16#-01/31/17 12.22 0.10 0.21 0.31 — — — — 12.53 2.54 103 0.22†(1) 2.32†(1) 1401/31/18 12.53 0.28 2.43 2.71 (0.16) — (0.28) (0.44) 14.80 21.90 160 0.22(1) 2.04(1) 2001/31/19 14.80 0.27 (1.16) (0.89) (0.61) — (1.27) (1.88) 12.03 (5.98) 196 0.23(1) 2.00(1) 1801/31/20 12.03 0.17 1.46 1.63 — — (0.43) (0.43) 13.23 13.65 219 0.23%(1) 1.35%(1) 13

SA VCP Dynamic Strategy Portfolio — Class 301/31/16 12.54 0.12 (1.06) (0.94) (0.09) — (0.01) (0.10) 11.50 (7.49) 5,866,925 0.48 0.99 1201/31/17 11.50 0.12 1.06 1.18 (0.17) — — (0.17) 12.51 10.32 6,148,291 0.47(1) 0.98(1) 1401/31/18 12.51 0.16 2.52 2.68 (0.15) — (0.28) (0.43) 14.76 21.67 6,971,863 0.47(1) 1.15(1) 2001/31/19 14.76 0.20 (1.11) (0.91) (0.51) — (1.27) (1.78) 12.07 (6.11) 5,999,288 0.48(1) 1.48(1) 1801/31/20 12.07 0.12 1.47 1.59 — — (0.43) (0.43) 13.23 13.27 6,121,428 0.48%(1) 0.96%(1) 13

SA VCP Index Allocation Portfolio — Class 110/06/17#-01/31/2018 10.00 0.03 0.91 0.94 (0.04) — (0.01) (0.05) 10.89 9.46 109 0.28†(1) 0.79†(1) 201/31/19 10.89 0.23 (0.92) (0.69) (0.31) — (0.02) (0.33) 9.87 (6.12) 103 0.28(1) 2.21(1) 2001/31/20 9.87 0.02 1.49 1.51 (0.03) — (0.07) (0.10) 11.28 15.25 118 0.28(1) 0.17(1) 13

SA VCP Index Allocation Portfolio — Class 310/06/17#-01/31/2018 10.00 0.02 0.91 0.93 (0.03) — (0.01) (0.04) 10.89 9.40 24,048 0.53†(1) 0.78†(1) 201/31/19 10.89 0.37 (1.08) (0.71) (0.26) — (0.02) (0.28) 9.90 (6.32) 226,269 0.53(1) 3.90(1) 2001/31/20 9.90 (0.01) 1.50 1.49 (0.01) — (0.07) (0.08) 11.31 14.97 386,386 0.53(1) (0.08)(1) 13



† Annualized


Portfolio 01/17 01/18 01/19 01/20

SA VCP Dynamic Allocation Class 1........................................................................................................................ 0.01%† 0.01% 0.01% 0.01%SA VCP Dynamic Allocation Class 3........................................................................................................................ 0.00 0.01 0.01 0.01SA VCP Dynamic Strategy Class 1 .......................................................................................................................... 0.01+ 0.01 0.01 0.00SA VCP Dynamic Strategy Class 3 .......................................................................................................................... 0.01 0.01 0.01 0.00SA VCP Index Allocation Class 1 ............................................................................................................................. — 2.25† 0.10 (0.02)SA VCP Index Allocation Class 3 ............................................................................................................................. — 1.81† 0.03 (0.02)


- 314 -

Periodended

Net AssetValue

beginningof period

Netinvestment

income(loss)*


oninvestments



investmentincome

Returnof

capital


investmentsTotal

distributions


TotalReturn**

Net Assetsend of

period (000’s)


net assets(1)




SA WellsCap Aggressive Growth Portfolio — Class 101/31/16 $15.97 $(0.07) $(1.38) $(1.45) $— $— $ — $ — $14.52 (9.08)% $105,081 0.80% (0.45)% 89%01/31/17 14.52 (0.04) 3.41 3.37 — — — — 17.89 23.21 63,155 0.83 (0.25) 7501/31/18 17.89 (0.09) 5.89 5.80 — — — — 23.69 32.42 75,184 0.84 (0.44) 7301/31/19 23.69 (0.09) (0.15) (0.24) — — (3.34) (3.34) 20.11 (1.16) 83,558 0.83 (0.42) 7201/31/20 20.11 (0.13) 5.56 5.43 — — (1.45) (1.45) 24.09 27.61 96,353 0.84 (0.58) 65

SA WellsCap Aggressive Growth Portfolio — Class 201/31/16 15.78 (0.10) (1.35) (1.45) — — — — 14.33 (9.19) 2,918 0.95 (0.60) 8901/31/17 14.33 (0.06) 3.35 3.29 — — — — 17.62 22.96 2,970 0.98 (0.43) 7501/31/18 17.62 (0.12) 5.81 5.69 — — — — 23.31 32.29 3,313 0.99 (0.59) 7301/31/19 23.31 (0.13) (0.15) (0.28) — — (3.34) (3.34) 19.69 (1.36) 2,953 0.98 (0.58) 7201/31/20 19.69 (0.16) 5.44 5.28 — — (1.45) (1.45) 23.52 27.44 3,180 0.99 (0.73) 65

SA WellsCap Aggressive Growth Portfolio — Class 301/31/16 15.62 (0.11) (1.34) (1.45) — — — — 14.17 (9.28) 24,872 1.04 (0.69) 8901/31/17 14.17 (0.08) 3.32 3.24 — — — — 17.41 22.87 26,485 1.08 (0.53) 7501/31/18 17.41 (0.14) 5.73 5.59 — — — — 23.00 32.11 31,441 1.09 (0.69) 7301/31/19 23.00 (0.15) (0.14) (0.29) — — (3.34) (3.34) 19.37 (1.43) 27,979 1.08 (0.67) 7201/31/20 19.37 (0.18) 5.35 5.17 — — (1.45) (1.45) 23.09 27.32 38,514 1.09 (0.83) 65




Portfolio 1/16 1/17 1/18 1/19 1/20

SA WellsCap Aggressive Growth Class 1 ............................................................................................................ 0.01% 0.02% 0.00% 0.01% 0.00%SA WellsCap Aggressive Growth Class 2 ............................................................................................................ 0.01 0.02 0.00 0.01 0.00SA WellsCap Aggressive Growth Class 3 ............................................................................................................ 0.01 0.02 0.00 0.01 0.00


- 315 -

S&P 500 Index is a market capitalization-weighted indexof 500 common stocks chosen for market size, liquidity,and industry group representation to represent U.S. equityperformance.

S&P does not guarantee the accuracy and/or thecompleteness of the S&P 500 Index or any data includedtherein and S&P shall have no liability for any errors,omissions, or interruptions therein. S&P makes nowarranty, express or implied, as to results to be obtainedby licensee, owners of the product, or any other person orentity from the use of the S&P 500 Index or any dataincluded therein. S&P makes no express or impliedwarranties, and expressly disclaims all warranties ofmerchantability or fitness for a particular purpose or usewith respect to the S&P 500 Index or any data includedtherein. Without limiting any of the foregoing, in no eventshall S&P have any liability for any special, punitive,indirect, or consequential damages (including lost profits),even if notified of the possibility of such damages.

The product is not sponsored, endorsed, sold, orpromoted by S&P. S&P makes no representation orwarranty, express or implied, to the owners of the productor any member of the public regarding the advisability ofinvesting in securities generally or in the productparticularly or the ability of the S&P 500 Index to trackgeneral stock market performance. S&P’s onlyrelationship to the licensee is the licensing of certaintrademarks and trade names of S&P and of the S&P 500Index which is determined, composed, and calculated byS&P without regard to the licensee or the product. S&Phas no obligation to take the needs of the licensee or theowners of the product into consideration in determining,composing, or calculating the S&P 500 Index. S&P is notresponsible for and has not participated in thedetermination of the timing of, prices at, or quantities ofthe product to be issued or in the determination orcalculation of the equation by which the product is to beconverted into cash, surrendered or redeemed, as thecase may be. S&P has no obligation or liability inconnection with the administration, marketing, or tradingof the product.

The “S&P 500® Index” is a product of S&P Dow JonesIndices LLC or its affiliates (“SPDJI”) and Standard &Poor’s Financial Services LLC, and has been licensed foruse by SunAmerica Asset Management, LLC. “Standard &Poor’s®,” “S&P®” and “S&P 500®” are registeredtrademarks of Standard & Poor’s Financial Services LLC,and “Dow Jones®” is a registered trademark of Dow JonesTrademark Holdings LLC. The trademarks have beenlicensed to SPDJI and have been sublicensed for use forcertain purposes by SunAmerica Asset Management,LLC.

BLOOMBERG® is a trademark and service mark ofBloomberg Finance L.P. BARCLAYS® is a trademark andservice mark of Barclays Bank Plc, used under license.Bloomberg Finance L.P. and its affiliates, includingBloomberg Index Services Limited (“BISL”) (collectively,“Bloomberg”), or Bloomberg’s licensors own allproprietary rights in the “Bloomberg Barclays U.S.Government/Credit Bond Index.”

Neither Barclays Bank PLC, Barclays Capital Inc., nor anyaffiliate (collectively “Barclays”) nor Bloomberg is theissuer or producer of the Portfolio and neither Bloombergnor Barclays has any responsibilities, obligations or dutiesto investors in the Portfolio. The Bloomberg Barclays U.S.Government/Credit Bond Index is licensed for use bySunAmerica Asset Management, LLC as the Issuer of thePortfolio. The only relationship of Bloomberg andBarclays with the Issuer in respect of Bloomberg BarclaysU.S. Government/Credit Bond Index is the licensing of theBloomberg Barclays U.S. Government/Credit Bond Index,which is determined, composed and calculated by BISL,or any successor thereto, without regard to the Issuer orthe Portfolio or the owners of the Portfolio.

Additionally, Issuer of the Portfolio may for itself executetransaction(s) with Barclays in or relating to theBloomberg Barclays U.S. Government/Credit Bond Indexin connection with the Portfolio. Investors acquire thePortfolio from Issuer and investors neither acquire anyinterest in Bloomberg Barclays U.S. Government/CreditBond Index nor enter into any relationship of any kindwhatsoever with Bloomberg or Barclays upon making aninvestment in this annuity contract. The Portfolio is notsponsored, endorsed, sold or promoted by Bloomberg orBarclays. Neither Bloomberg nor Barclays makes anyrepresentation or warranty, express or implied, regardingthe advisability of investing in the Portfolio or theadvisability of investing in securities generally or the abilityof the Bloomberg Barclays U.S. Government/Credit BondIndex to track corresponding or relative marketperformance. Neither Bloomberg nor Barclays haspassed on the legality or suitability of the Portfolio withrespect to any person or entity. Neither Bloomberg norBarclays is responsible for or has participated in thedetermination of the timing of, prices at, or quantities ofthe Portfolio to be issued. Neither Bloomberg nor Barclayshas any obligation to take the needs of the Issuer or theowners of the Portfolio or any other third party intoconsideration in determining, composing or calculatingthe Bloomberg Barclays U.S. Government/Credit BondIndex. Neither Bloomberg nor Barclays has any obligationor liability in connection with administration, marketing ortrading of the Portfolio.

ADDITIONAL INDEX INFORMATION

- 316 -

The licensing agreement between Bloomberg andBarclays is solely for the benefit of Bloomberg andBarclays and not for the benefit of the owners of thePortfolio, investors or other third parties. In addition, thelicensing agreement between Issuer and Bloomberg issolely for the benefit of Issuer and Bloomberg and not forthe benefit of the owners of the Portfolio, investors orother third parties.

NEITHER BLOOMBERG NOR BARCLAYS SHALL HAVEANY LIABILITY TO THE ISSUER, INVESTORS OROTHER THIRD PARTIES FOR THE QUALITY,ACCURACY AND/OR COMPLETENESS OF THEBLOOMBERG BARCLAYS US GOVERNMENT/CREDITBOND INDEX OR ANY DATA INCLUDED THEREIN ORFOR INTERRUPTIONS IN THE DELIVERY OF THEBLOOMBERG BARCLAYS US GOVERNMENT/CREDITBOND INDEX. NEITHER BLOOMBERG NORBARCLAYS MAKES ANY WARRANTY, EXPRESS ORIMPLIED, AS TO RESULTS TO BE OBTAINED BY THEISSUER, THE INVESTORS OR ANY OTHER PERSONOR ENTITY FROM THE USE OF THE BLOOMBERGBARCLAYS US GOVERNMENT/CREDIT BOND INDEXOR ANY DATA INCLUDED THEREIN. NEITHERBLOOMBERG NOR BARCLAYS MAKES ANY EXPRESSOR IMPLIED WARRANTIES, AND EACH HEREBYEXPRESSLY DISCLAIMS ALL WARRANTIES OFMERCHANTABILITY OR FITNESS FOR A PARTICULARPURPOSE OR USE WITH RESPECT TO THE

BLOOMBERG BARCLAYS US GOVERNMENT/CREDITBOND INDEX OR ANY DATA INCLUDED THEREIN.BLOOMBERG RESERVES THE RIGHT TO CHANGETHE METHODS OF CALCULATION OR PUBLICATION,OR TO CEASE THE CALCULATION OR PUBLICATIONOF THE BLOOMBERG BARCLAYS US GOVERNMENT/CREDIT BOND INDEX, AND NEITHER BLOOMBERGNOR BARCLAYS SHALL BE LIABLE FOR ANYMISCALCULATION OF OR ANY INCORRECT, DELAYEDOR INTERRUPTED PUBLICATION WITH RESPECT TOANY OF THE BLOOMBERG BARCLAYS USGOVERNMENT/CREDIT BOND INDEX. NEITHERBLOOMBERG NOR BARCLAYS SHALL BE LIABLE FORANY DAMAGES, INCLUDING, WITHOUT LIMITATION,ANY SPECIAL, INDIRECT OR CONSEQUENTIALDAMAGES, OR ANY LOST PROFITS, EVEN IF ADVISEDOF THE POSSIBLITY OF SUCH, RESULTING FROMTHE USE OF THE BLOOMBERG BARCLAYS USGOVERNMENT/CREDIT BOND INDEX OR ANY DATAINCLUDED THEREIN OR WITH RESPECT TO THEPORTFOLIO.

None of the information supplied by Bloomberg orBarclays and used in this publication may be reproducedin any manner without the prior written permission of bothBloomberg and Barclays Capital, the investment bankingdivision of Barclays Bank PLC. Barclays Bank PLC isregistered in England No. 1026167, registered office 1Churchill Place London E14 5HP.

ADDITIONAL INDEX INFORMATION

- 317 -

Underlying Portfolio Investments By SA VCP Dynamic Allocation Portfolio and SA VCPDynamic Strategy Portfolio

The below chart lists the investment companies in which SA VCP Dynamic Allocation Portfolio (“SDAP”) and SA VCPDynamic Strategy Portfolio (“SDSP,” and together with SDAP, the “Dynamic Portfolios”) may invest (each, an “UnderlyingPortfolio”), as of the date of this Prospectus. The below chart also provides each Underlying Portfolio’s investment goal,principal strategies, risks and investment techniques. SunAmerica Asset Management, LLC (“SunAmerica”) may add newUnderlying Portfolio investments or replace existing Underlying Portfolio investments for a Dynamic Portfolio at any timewithout notice to shareholders. In addition, the investment goal and principal strategies, risks and investment techniquesof the Underlying Portfolios held by a Dynamic Portfolio may change over time. Additional information regarding theUnderlying Portfolios is included in the summary prospectuses and statutory prospectuses, dated May 1, 2020 for thoseportfolios of SunAmerica Series Trust and Anchor Series Trust, and dated July 26, 2019 for those portfolios of SeasonsSeries Trust (collectively, the “Underlying Trusts”). Copies of the summary prospectuses and statutory prospectuses forthe Underlying Portfolios may be obtained free of charge by calling or writing the Underlying Trusts at the telephonenumber or address on the back cover page of this Prospectus.

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal

PrincipalInvestmentStrategies Principal Risk Factors

Principal InvestmentTechniques

ANCHOR SERIES TRUSTSDAP andSDSP

SAWellingtonCapitalAppreciationPortfolio

Long-termcapitalappreciation

Growth • Equity securities risk Invests in growthequity securities oflarge, mid- and small-cap companies acrossa wide range ofindustries andcompanies. ThePortfolio may alsoinvest in foreign equitysecurities, includingdepositary receipts (upto 30% of total assets).

• Foreign investmentrisk

• Market risk• Management risk• Growth stock risk• Large-cap

companies risk• Small- and medium-

sized companies risk• Depositary receipts

risk• Issuer risk• Active trading risk

SDAP andSDSP

SAWellingtonGovernmentand QualityBondPortfolio

Relativelyhigh currentincome,liquidity andsecurity ofprincipal

U.S. governmentobligations; Fixedincome

• U.S. governmentsecurities risk

Invests, under normalcircumstances, at least80% of net assets inobligations issued,guaranteed or insuredby the U.S.Government, itsagencies orinstrumentalities and inhigh quality corporatefixed incomesecurities.

• Fixed incomesecurities risk

• Credit risk• Mortgage- and

asset-backedsecurities risk

• Management risk• Market risk• Issuer risk• Active trading risk

APPENDIX A

- 318 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SEASONS SERIES TRUSTSDAP andSDSP

SA Multi-ManagedDiversifiedFixed IncomePortfolio

Relativelyhigh currentincome andsecondarilycapitalappreciation

Fixed income • Risk of investing inbonds

Invests, under normalcircumstances, at least80% of net assets infixed incomesecurities, includingU.S. and foreigngovernment securities,asset- and mortgage-backed securities,investment-grade debtsecurities, and lower-rated fixed incomesecurities, or junkbonds (up to 20% ofnet assets). May alsoinvest in foreignsecurities (up to 30%of net assets) and inshort-term investments(up to 20% of netassets). The Portfoliomay also invest indollar rolls and when-issued and delayed-delivery securities.

• Interest ratefluctuations risk

• Risk of investing injunk bonds

• Credit risk• Foreign investment

risk• U.S. government

obligations risk• Foreign sovereign

debt risk• Mortgage- and


• Roll transactions risk• Indexing risk• Affiliated fund

rebalancing risk• Management risk• Market risk• Issuer risk

SDAP andSDSP

SA Multi-ManagedInternationalEquityPortfolio

Long-termgrowth ofcapital

International • Foreign investmentrisk

Invests, under normalcircumstances, at least80% of net assets inequity securities ofissuers in at leastthree countries otherthan the United States.The Portfolio investsprimarily in issuerslocated in developedcountries, and investsprimarily in large-capitalizationcompanies.

• Emerging marketsrisk

• Equity securities risk• Country, sector or

industry focus risk• Currency volatility

risk• Large-cap

companies risk• Small- and mid-cap

companies risk• Hedging risk• Indexing risk• Affiliated fund


APPENDIX A

- 319 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SA Multi-ManagedLarge CapGrowthPortfolio


Growth • Equity securities risk Invests, under normalcircumstances, at least80% of net assets inequity securities oflarge capitalizationcompanies selectedthrough a growthstrategy. May alsoinvest in equitysecurities of medium-capitalizationcompanies, short-terminvestments (up to20%) and foreignsecurities, includingemerging marketsecurities. ThePortfolio may invest upto 10% of its totalassets in fixed incomesecurities, such asgovernment, corporateand bank debtobligations.

• Large-capcompanies risk

• Growth stock risk• Foreign investment

risk• Emerging markets

risk• Indexing risk• Mid-cap companies

risk• Affiliated fund

rebalancing risk• Management risk• Market risk• Issuer risk• Currency Volatility

Risk

SDAP andSDSP

SA Multi-ManagedLarge CapValuePortfolio


Value • Management risk Invests, under normalcircumstances, at least80% of net assets inequity securities oflarge companiesselected through avalue strategy. Mayalso invest in equitysecurities of medium-capitalizationcompanies, foreignsecurities (up to 30%)and short-terminvestments (up to20%).

• Equity securities risk• Large-cap

companies risk• Value investing risk• Foreign investment

risk• Indexing risk• Mid-cap companies


rebalancing risk• Market risk• Issuer risk

APPENDIX A

- 320 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SA Multi-ManagedMid CapGrowthPortfolio


Growth • Management risk Invests, under normalcircumstances, at least80% of net assets inequity securities ofmedium-capitalizationcompanies selectedthrough a growthstrategy. May alsoinvest a substantialportion of its assets inequity securities ofsmall- and large-capitalizationcompanies, short-terminvestments (up to20%) and foreignsecurities (up to 30%).

• Equity securities risk• Mid-cap companies

risk• Growth stock risk• Foreign investment

risk• Indexing risk• Large-cap

companies risk• Small-cap

companies risk• Affiliated fund

rebalancing risk• Market risk• Issuer risk

SDAP andSDSP

SA Multi-ManagedMid CapValuePortfolio


Value • Equity securities risk Invests, under normalcircumstances, at least80% of net assets inequity securities ofmedium-capitalizationcompanies selectedthrough a valuestrategy. May alsoinvest in equitysecurities of large- andsmall-capitalizationcompanies, short-terminvestments (up to20%), foreignsecurities (up to 30%)real estate investmenttrusts and specialsituations.

• Mid-cap companiesrisk

• Value investing risk• Foreign investment

risk• Indexing risk• Real estate industry

risk• Large-cap

companies risk• Small-cap

companies risk• Affiliated fund


APPENDIX A

- 321 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SAWellingtonReal ReturnPortfolio

Total returnthat equalsor exceedsthe rate ofinflation overthe longterm,consistentwith prudentinvestmentmanagement


Invests, under normalcircumstances,primarily in inflation-indexed bonds issuedby the United Statesand foreigngovernments and theiragencies andinstrumentalities, aswell as inflation-indexed securitiesissued by U.S. andforeign corporations.

• Risks of investing ininflation-indexedsecurities


• U.S. governmentobligations risk


• Foreign sovereigndebt risk


• Mortgage- andasset-backedsecurities risk

• Bank loan risk• Prepayment risk• Derivatives risk• Hedging risk• ETF risk• Credit risk• Affiliated fund

rebalancing risk• Management risk• Market risk• Issuer risk• Active trading risk

SDAP andSDSP

SA ColumbiaFocusedValuePortfolio


Value • Equity securities risk Invests in equitysecurities selected onthe basis of valuecriteria. The Portfolioinvests primarily inequity securities oflarge-cap companies.The Portfolio willgenerally hold between30 and 40 securities.The Portfolio investssubstantially insecurities of U.S.issuers. The Portfoliomay invest inadditional financialinstruments.


• Focused portfoliorisk

• Sector risk• Affiliated fund

rebalancing risk• Value investing risk• Management risk• Market risk• Issuer risk

APPENDIX A

- 322 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SA Multi-ManagedSmall CapPortfolio


Equity securities ofsmall-capcompanies

• Equity securities risk Invests, under normalcircumstances, at least80% of net assets inequity securities ofsmall-cap companies.

• Small-capcompanies risk


• Indexing risk• Affiliated fund


SDAP SA T. RowePrice GrowthStockPortfolio

Long-termcapitalappreciation,with asecondaryobjective ofincreasingdividendincome

Growth • Management risk Invests, under normalcircumstances, at least80% of net assets incommon stocks of adiversified group ofgrowth companies.The Portfolio may alsoinvest in short-terminvestments (up to20%) and foreignsecurities (up to 30%).

• Equity securities risk• Growth stock risk• Foreign investment

risk• Investment style risk• Market risk• Technology sector

risk• Issuer risk

SUNAMERICA SERIES TRUSTSDAP SA WellsCap

AggressiveGrowthPortfolio

Capitalappreciation

Growth • Equity securities risk Invests principally inequity securities ofsmall and mid-capitalizationcompanies that offerthe potential for capitalgrowth. May alsoinvest in U.S. dollardenominated and U.S.exchange-tradedforeign equities andAmerican DepositaryReceipts.

• Preferred stock risk• Growth stock risk• Small- and mid-cap

companies risk• Technology company

risk• Depositary receipts

risk• Issuer risk• Market risk• Management risk• Affiliated fund

rebalancing risk

APPENDIX A

- 323 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SA MFS BlueChip GrowthPortfolio

Capitalappreciation

Growth • Equity securities risk Invests, under normalcircumstances, at least80% of net assets incommon stocks thatdemonstrate thepotential for capitalappreciation, issued bylarge-cap companies.May also invest inforeign securities up to20% of net assets,including securities ofissuers located inemerging markets.

• Growth stock risk• Large-cap

companies risk• Management risk• Issuer risk• Foreign investment


risk• Quantitative

investing risk• Active trading risk• Market risk• Affiliated fund

rebalancing risk

SDAP andSDSP

SAFederatedHermesCorporateBondPortfolio

High totalreturn withonlymoderateprice risk


Invests, under normalmarket conditions, atleast 80% of netassets in corporatebonds. The Portfolioinvests primarily ininvestment grade fixedincome securities, butmay invest up to 35%of its assets insecurities rated belowinvestment grade, or“junk bonds” includingloan participations andassignments, whichare rated belowinvestment grade orare deemed by thesubadviser to be belowinvestment grade. ThePortfolio may alsoinvest in foreignsecurities (up to 20%of net assets); andwhen-issued anddelayed deliverytransactions. ThePortfolio may invest inilliquid investments (upto 15% of assets). Theportfolio may also usederivatives: creditdefault swaps andCDX-swaps (up to 5%of total assets and upto 10% of total assetsfor all other derivatives.



• Illiquidity risk• Credit default swap

risk• Derivatives risk• Leverage risk• Hedging risk• Counterparty risk• Call risk• Credit risk• Interest rate

fluctuations risk• Issuer risk• Management risk• Loan participation

and assignments risk• Market risk• When-issued and

delayed deliverytransactions risk

• Affiliated fundrebalancing risk

APPENDIX A

- 324 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDSP SA Dogs ofWall StreetPortfolio

Total return(includingcapitalappreciationand currentincome)

Value • Equity securities risk Employs a “buy andhold” strategy thatquarterly selects thefollowing 30 stocks:(1) the 10 highestyielding commonstocks in the DowJones IndustrialAverage, and (2) the20 other highestyielding stocks of the400 largest industrialcompanies in the U.S.markets that havecapitalizations of atleast $1 billion, andwhich have receivedone of the two highestrankings from anindependentlypublished commonstock ranking serviceon the basis of growthand stability ofearnings anddividends.

• Disciplined strategyrisk

• Sector risk• Market risk• Affiliated fund

rebalancing risk

SDAP andSDSP

SAJPMorganEmergingMarketsPortfolio


International • Emerging marketsrisk

Invests, under normalcircumstances, at least80% of net assets incommon stocks,depositary receiptsand other equitysecurities ofcompanies primarily inemerging marketsoutside the U.S., whichare believed, whencompared todeveloped markets, tohave above-averagegrowth prospects.


• Equity securities risk• Growth stock risk• Small- and mid-cap

companies risk• Currency volatility

risk• Depositary receipts

risk• Value investing risk• Issuer risk• Management risk• Market risk• Active trading risk• Affiliated fund

rebalancing risk

APPENDIX A

- 325 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDSP SAOppenheimerMain StreetLarge CapPortfolio

Long termcapitalappreciation

Growth; Value • Equity securities risk Invests, under normalcircumstances, at least80% of net assets inlarge capitalizationcompanies. ThePortfolio intends toinvest in equityinvestments selectedfor their potential toachieve capitalappreciation over thelong-term. ThePortfolio generallyinvests in commonstocks of U.S.companies and mayinvest in companies ofany marketcapitalization range.Other types of equitysecurities in which thePortfolio may investinclude preferredstocks, warrants andrights. The Portfoliomay also invest inforeign investments,including emergingmarkets.


• Small- and mid-capcompanies risk



• Model risk• Growth stock risk• Value investing risk• Issuer risk• Preferred stock risk• Warrants and rights

risk• Management risk• Market risk• Affiliated fund

rebalancing risk• Industry and Sector

risk

APPENDIX A

- 326 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SATempletonForeignValuePortfolio


Value;International


Invests, under normalcircumstances, at least80% of net assets inequity and debtsecurities ofcompanies andgovernments outsidethe U.S., includingemerging markets. ThePortfolio invests incompanies across allmarket capitalizationranges, including mid-and small-capcompanies. ThePortfolio may invest upto 25% of its assets inemerging marketssecurities and inforeign debt securities,with up to 15% of itsassets in unlistedforeign securities.


• Equity securities risk• Credit risk• Risk of investing in

bonds• Illiquidity risk• Value investing risk• Country, sector or

industry focus risk• Large-cap


companies risk• Currency volatility

risk• Foreign sovereign

debt risk• Depositary receipts

risk• Issuer risk• Management risk• Market risk• Affiliated fund

rebalancing risk

APPENDIX A

- 327 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SA GoldmanSachs GlobalBondPortfolio

High totalreturn,emphasizingcurrentincome and,to a lesserextent,capitalappreciation

Fixed income • Active trading risk Invests, under normalcircumstances, at least80% of net assets inhigh quality fixedincome securities ofU.S. and foreignissuers, includingissuers in emergingmarkets. Fixed incomesecurities in which thePortfolio may investinclude U.S. and non-U.S. governmentsecurities, investmentgrade corporate bondsand mortgage- andasset-backedsecurities. ThePortfolio may alsoinvest in hybridinstruments, inversefloaters, short-terminvestments, passthrough securities,currency transactionsand deferred interestbonds.

• Risk of investing inbonds




• Currency volatilityrisk

• Credit quality risk• Credit risk• Non-diversification


obligations risk• Call risk• Management risk• Market risk• Foreign sovereign

debt risk• Mortgage- and


• Non-hedging foreigncurrency trading risk

• Inverse floaters• Illiquidity risk• Country focus risk• Issuer risk• Sector risk• Affiliated fund

rebalancing risk

APPENDIX A

- 328 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SAJPMorganGlobalEquitiesPortfolio


Growth; Value • Equity securities risk Invests primarily incommon stocks orsecurities withcommon stockcharacteristics of U.S.and foreign issuersthat demonstrate thepotential forappreciation andengaging intransactions in foreigncurrencies. Undernormal circumstances,at least 80% of thePortfolio’s assets willbe invested in equitysecurities of anymarket capitalizationrange. The Portfoliowill invest significantlyin foreign securities,including securities ofissuers located inemerging markets.






• Growth stock risk• Value investing risk• Active trading risk• Issuer risk• Management risk• Market risk• Affiliated fund

rebalancing risk

SDAP andSDSP

SAJPMorganEquity-IncomePortfolio

Growth ofcapital andincome

Value • Equity securities risk Invests primarily incommon stocks ofcorporations(principally large-capand mid-cap) thatdemonstrate thepotential forappreciation and/ordividends, as well asstocks with favorablelong-term fundamentalcharacteristics.


• Mid-cap companiesrisk

• Management risk• Value investing risk• Issuer risk• Market risk• Affiliated fund

rebalancing risk

APPENDIX A

- 329 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SA InvescoGrowthOpportunitiesPortfolio

Capitalappreciation

Growth • Equity securities risk Invests in equitysecurities thatdemonstrate thepotential for capitalappreciation, issuedgenerally by small-capcompanies and inother instruments thathave economiccharacteristics similarto such securities. ThisPortfolio may alsoinvest in foreignsecurities, includingsecurities of issuerslocated in emergingmarkets (up to 25% ofnet assets. ThePortfolio may invest upto 10% of its totalassets in real estateinvestment trusts.




risk• Management risk• Active trading risk• Real estate industry

risk• Issuer risk• Market risk• Affiliated fund

rebalancing risk

SDAP andSDSP

SAPineBridgeHigh-YieldBondPortfolio

High currentincome and,secondarily,capitalappreciation


Invests, under normalcircumstances, at least80% of its net assetsin intermediate andlong-term corporateobligations,emphasizing high-yield, high-risk fixedincome securities (junkbonds) with a primaryfocus on “B” ratedhigh-yield securities.



• Credit quality risk• Loan risk• Foreign investment


obligations risk• Call risk• Active trading risk• Issuer risk• Convertible

securities risk• Preferred stock risk• Management risk• Market risk• Affiliated fund

rebalancing risk

APPENDIX A

- 330 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SA MorganStanleyInternationalEquitiesPortfolio


International;Value


Invests in a diversifiedportfolio of equitysecurities of non-U.S.issuers based onfundamental analysisand individual stockselection. Undernormal marketconditions, thePortfolio will holdinvestments in anumber of differentcountries outside theUnited States. ThePortfolio may also usederivative instruments.


• Equity securities risk• Derivatives risk• Counterparty risk• Hedging risk• Forward currency

contracts risk• Convertible

securities risk• Small- and mid-cap

companies risk• Value investing risk• Illiquidity risk• Issuer risk• Management risk• Market risk• Affiliated fund

rebalancing risk

SDSP SA PutnamInternationalGrowth andIncomePortfolio

Growth ofcapital and,secondarily,currentincome

Value;International

• Equity securities risk Invests primarily incommon stocks ofcompanies outside theU.S. that areconsideredundervalued by themarket and that arebelieved to offer apotential for income.The Portfolio primarilyinvests in large capforeign stocks, and willalso invest in mid-capforeign stocks. ThePortfolio will investmainly in value stocks.In addition, thePortfolio may invest infixed income securities(up to 20% in netassets), including junkbonds.

• Value investing risk• Foreign investment


risk• Large-cap

companies risk• Mid-cap companies

risk• Risk of investing in

bonds• Risk of investing in

junk bonds• Credit quality risk• Credit risk• Interest rate

fluctuations risk• Issuer risk• Management risk• Market risk• Affiliated fund

rebalancing risk

APPENDIX A

- 331 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SAJPMorganMid-CapGrowthPortfolio


Growth • Equity securities risk Invests, under normalcircumstances, at least80% of net assets inequity securities ofmedium-sizedcompanies that arebelieved to haveabove-average growthpotential. The Portfoliomay invest up to 20%of its net assets inforeign securities,including securities ofissuers located inemerging markets. ThePortfolio may invest infixed incomesecurities, principallycorporate securities.

• Convertiblesecurities risk

• Preferred stock risk• Mid-cap companies

risk• Management risk• Growth stock risk• Foreign investment


risk• Risks of investing in

bonds• Interest rate

fluctuations risk• Credit quality risk• Credit risk• Issuer risk• Market risk• Affiliated fund

rebalancing risk

SDAP andSDSP

SA FidelityInstitutionalAM® RealEstatePortfolio

Total returnthrough acombinationof growthand income

Real estate-related securities

• Equity securities risk Invests, under normalcircumstances, at least80% of assets insecurities ofcompanies principallyengaged in the realestate industry andother real estaterelated investments.

• Real estate industryrisk

• Non-diversificationrisk

• Sector or industryfocus risk

• Issuer risk• Management risk• Market risk• Affiliated fund

rebalancing risk

SDAP andSDSP

SA ABGrowthPortfolio


Growth • Equity securities risk Invests primarily inequity securities of alimited number oflarge, carefullyselected, high qualityU.S. companies thatare judged likely toachieve superior long-term earnings growth.The Portfolio may alsoinvest up to 25% of itsassets in foreignsecurities, includingemerging marketsecurities.




risk• Issuer risk• Management risk• Market risk• Country, sector or

industry focus risk• Affiliated fund

rebalancing risk

APPENDIX A

- 332 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SA FixedIncome IndexPortfolio

Results thatcorrespondwith theperformanceof theBloombergBarclaysU.S.Government/Credit BondIndex

Securities includedin the BloombergBarclays U.S.Government/Credit Bond Index


Invests, under normalcircumstances, at least80% of net assets insecurities included inthe BloombergBarclays U.S.Government/CreditBond Index or insecurities determinedto have economiccharacteristics that arecomparable to theeconomiccharacteristics ofsecurities included inthe BloombergBarclays U.S.Government/CreditBond Index.

• Credit risk• Interest rate

fluctuations risk• U.S. government

obligations risk• Failure to match

index performance• Management risk• “Passively managed”

strategy risk• Issuer risk• Market risk• Affiliated fund

rebalancing risk

SDAP andSDSP

SA FixedIncomeIntermediateIndexPortfolio

Results thatcorrespondwith theperformanceof theBloombergBarclaysU.S.IntermediateGovernment/Credit BondIndex

Securities includedin the BloombergBarclays U.S.IntermediateGovernment/Credit Bond Index


Invests, under normalcircumstances, at least80% of its net assetsin securities includedin the BloombergBarclays U.S.IntermediateGovernment/CreditBond Index or insecurities determinedto have economiccharacteristics that arecomparable to theeconomiccharacteristics ofsecurities included inthe BloombergBarclays U.S.IntermediateGovernment/CreditBond Index.



obligations risk• Redemption risk• Management risk• Failure to match

index performance• “Passively managed”


rebalancing risk

APPENDIX A

- 333 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SAInternationalIndexPortfolio

Results thatcorrespondwith theperformanceof the MSCIEAFE Index

Common stocksincluded in theMSCI EAFE Index

• Equity securities risk Invests, under normalcircumstances, at least80% of net assets insecurities included inthe MSCI EAFE Indexor in securitiesdetermined to haveeconomiccharacteristics that arecomparable to theeconomiccharacteristics ofsecurities included inthe MSCI EAFE Index.




• Medium sizedcompanies risk

• Country focus risk• Japan exposure risk• Failure to match

index performance• “Passively managed”


rebalancing risk

SDAP andSDSP

SA JanusFocusedGrowthPortfolio


Growth • Equity securities risk Invests, under normalmarket conditions, atleast 65% of assets inequity securities ofcompanies selected fortheir long-term growthpotential. The Portfoliogenerally holds a coreposition of 30 to 40common stocks, andinvests primarily incommon stocks oflarge-cap companiesbut may also invest insmaller, emerginggrowth companies.The Portfolio mayinvest up to 25% of itsassets in foreignsecurities which mayinclude emergingmarket securities.

• Issuer risk• Market risk• Growth stock risk• Large-cap


companies risk• Management risk• Foreign investment


risk• Non-diversification


rebalancing risk

APPENDIX A

- 334 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SAJPMorganMFS CoreBondPortfolio

Maximumtotal return,consistentwithpreservationof capitaland prudentinvestmentmanagement


Invests, under normalcircumstances, at least80% of net assets in adiversified portfolio ofbonds, including U.S.and foreign fixed-income investmentswith varying maturities.The Portfolio investsprimarily in investmentgrade debt securities,but may invest up to15% of its total assetsin securities ratedbelow investmentgrade (“high yieldsecurities” or “junkbonds”). The Portfoliomay invest up to 15%of its total assets insecurities of issuersbased in countries withdeveloping (or“emerging market”)economies. Theportfolio may invest upto 30% of its totalassets in securitiesdenominated in foreigncurrencies and mayinvest byond this limitin U.S. dollar-denominated securitiesof foreign issuers. ThePortfolio will normallylimit its foreigncurrency exposure(from non-U.S. dollardenominated securitiesor currencies) to 20%of its total assets. ThePortfolio may alsoinvest up to 10% of itstotal assets inpreferred stocks,convertible securitiesand other equityrelated securities. ThePortfolio expects toinvest no more than10% of its assets insub-prime mortgagerelated securities atthe time of purchase.

• When-issued anddelayed deliverytransactions risk





• Equity securities risk• Convertible

securities risk• Preferred stock risk• Credit quality risk• Credit risk• Value investing risk• Derivatives risk• Counterparty risk• Hedging risk• Currency volatility

risk• Issuer risk• Management risk• Leverage risk• Market risk• Mortgage- and


• Loan participationsand assignments risk

• Prepayment risk• Insurer risk• Extension risk• U.S. government

obligations risk• Roll transactions risk• Risk of investing in

sub-prime debtsecurities

• Risk of investing inmunicipal securities

• Active trading risk• Affiliated fund

rebalancing risk

APPENDIX A

- 335 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SA LargeCap IndexPortfolio

Results thatcorrespondwith theperformanceof thestocksincluded intheS&P 500®

CompositeStock PriceIndex

Common stocksincluded in theS&P 500®

Composite StockPrice Index

• Equity securities risk Invests, under normalcircumstances, at least90% of net assets incommon stocksincluded in theS&P 500® CompositeStock Price Index. ThePortfolio also mayinvest up to 10% of itstotal assets inderivatives such asstock index futurescontracts, options onstock indices andoptions on stock indexfutures but mayexceed the 10%threshold for thelimited purpose ofmanaging cash flows.

• Failure to matchindex performancerisk

• “Passively managed”strategy risk

• Derivatives risk• Hedging risk• Counterparty risk• Issuer risk• Market risk• Affiliated fund

rebalancing risk

SDAP andSDSP

SA LeggMason BWLarge CapValuePortfolio

Growth ofcapital

Value • Equity securities risk Invests, under normalcircumstances, at least80% of its net assetsin equity securities oflarge capitalizationcompanies. ThePortfolio holds equitysecurities ofapproximately 150-250companies undernormal marketconditions. ThePortfolio may invest inforeign securities,including emergingmarket securities,either directly orthrough depositaryreceipts.

• Value investing risk• Large-cap

companies risk• Foreign investment



rebalancing risk• Active trading risk

APPENDIX A

- 336 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SA MFSMassachusettsInvestorsTrustPortfolio

Reasonablegrowth ofincome andlong termgrowth andappreciation

Growth; Value • Equity securities risk Invests, under normalmarket conditions, atleast 65% of its assetsin equity securities.The Portfolio’s assetsmay be invested in thestocks of growthcompanies, valuecompanies, or acombination of growthand value companies.The Portfolio primarilyinvests in companieswith largecapitalizations. ThePortfolio may invest upto 25% of its netassets in foreignsecurities.


• Preferred stock risk• Depositary receipts

risk• Large-cap

companies risk• Growth stock risk• Value investing risk• Issuer risk• Market risk• Management risk• Foreign investment


rebalancing risk• Equity securities risk

SDAP andSDSP

SA Mid CapIndexPortfolio

Results thatcorrespondwith theperformanceof the S&PMidCap400® Index

Common stocksincluded in theS&P MidCap 400®

Index


Invests, under normalcircumstances, at least80% of net assets insecurities included inthe S&P MidCap 400®

Index or in securitiesdetermined to haveeconomiccharacteristics that arecomparable to theeconomiccharacteristics ofsecurities included inthe S&P MidCap 400®

Index.

• REIT (real estateinvestment trusts)risk

• Failure to matchindex performance


• Issuer risk• Market risk• Affiliated fund


SDAP andSDSP

SA SmallCap IndexPortfolio

Results thatcorrespondwith theperformanceof theRussell2000® Index

Common stocksincluded in theRussell 2000®

Index

• Small sizedcompanies risk

Invests, under normalcircumstances, at least80% of net assets insecurities included inthe Russell 2000®

Index or in securitiesdetermined to haveeconomiccharacteristics that arecomparable to theeconomiccharacteristics ofsecurities included inthe Russell 2000®

Index.


• Failure to matchindex performance




APPENDIX A

- 337 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SA AB Small& Mid CapValuePortfolio


Value • Value investing risk Invests, under normalcircumstances, at least80% of net assets inequity securities ofcompanies with smalland medium marketcapitalizations that arebelieved to beundervalued. ThePortfolio may invest inconvertible securities(up to 20% of netassets), rights andwarrants (up to 10% ofnet assets) and foreignsecurities (up to 15%of net assets).




• Issuer risk• Management risk• Market risk• Warrants and rights



SDAP andSDSP

SA FranklinSmallCompanyValuePortfolio


Value • Value investing risk Invests, under normalcircumstances, at least80% of net assets in adiversified portfolio ofequity securities ofsmall companies thatare believed to beundervalued and havethe potential for capitalappreciation. ThePortfolio may alsoinvest in foreignsecurities (up to 15%of net assets) and realestate investmenttrusts (up to 15% ofnet assets).



• Preferred stock risk• Foreign investment

risk• Real estate industry


rebalancing risk• Sector or Industry

Focus Risk

SDAP andSDSP

SA LargeCap GrowthIndexPortfolio

Growth • Equity securities risk Invests, under normalcircumstances, at least80% of net assets insecurities included inthe S&P 500® GrowthIndex or in securitiesdetermined to haveeconomiccharacteristics that arecomparable to theeconomiccharacteristics ofsecurities included inthe S&P 500® GrowthIndex.

• Large-Capcompanies risk

• Growth stock risk• Failure to match

index performancerisk

• ”Passively managed”strategy risk

• Issuer risk• Market risk• Non-diversification


rebalancing risk

APPENDIX A

- 338 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SA LargeCap ValueIndexPortfolio

Value • Equity securities risk Invests, under normalcircumstances, at least80% of net assets insecurities included inthe S&P 500® ValueIndex or in securitiesdetermined to haveeconomiccharacteristics that arecomparable to theeconomiccharacteristics ofsecurities included inthe S&P 500® ValueIndex.


• Value investing risk• Failure to match


• ”Passively managed”strategy risk


rebalancing risk

SDAP andSDSP

SA FranklinSmart BetaPortfolio

Growth; Value • Affiliated fundrebalancing risk

Seeks to achieve alower level of risk andhigher risk-adjustedperformance than theRussell 1000® Indexover the long termthrough a rules-basedmulti-factor selectionprocess employed bythe Portfolio’ssubadviser. Undernormal circumstances,the Portfolio invests atleast 80% of its netassets in equitysecurities of U.S.issuers.

• Equity securities risk• Large-Cap

companies risk• Factor-based

investing risk• Disciplined Strategy

risk• Market risk• Securities selection

risk

APPENDIX A

- 339 -

DynamicPortfolio(s)

UnderlyingPortfolio

InvestmentGoal



SDAP andSDSP

SA FidelityInst. AMInternationalGrowthPortfolio

Growth;International

• Equity securities risk Attempts to achieve itsgoal by investingprimarily in non-U.S.securities, includingsecurities of issuerslocated in emergingmarkets, thatdemonstrate thepotential for capitalappreciation. Undernormal circumstances,the Portfolio’s assetswill be investedprimarily in commonstocks, which mayinclude stocks tradingin local markets underlocal currencies,American DepositaryReceipts or GlobalDepositary Receipts.The Portfolio mayinvest in equitysecurities ofcompanies in anymarket capitalizationrange.





risk• Currency volatility

risk• Issuer risk• Management risk• Market risk• Country, sector or

industry focus risk• Active trading risk• Affiliated fund

rebalancing risk

SDAP andSDSP

SA DFA UltraShort BondPortfolio

Currentincomeconsistentwith liquidityandpreservationof capital

Short-termsecurities

• Active trading risk Invests, under normalcircumstances, at least80% of its net assetsin bonds. The Portfoliowill invest only in fixedincome securities thatare investment gradeat the time ofpurchase. Undernormal circumstances,the Portfolio maintainsa dollar-weightedaverage effectivematurity of one year orless from the date ofsettlement.

• Affiliated fundrebalancing risk

• Counterparty risk• Credit risk• Foreign investment

risk• Foreign sovereign

debt risk• Hedging risk• Income risk• Interest rate

fluctuations risk• Issuer risk• Management risk• Market risk• Repurchase

agreements risk• Risk of investing in

bonds• Risk of investing in

money marketsecurities

• U.S. governmentobligations risk

APPENDIX A

- 340 -

Underlying Portfolio Investments By SA Global Index Allocation Portfolios and SA IndexAllocation Portfolios

The below chart lists the investment companies in which SA Global Index Allocation 60/40 Portfolio, SA Global IndexAllocation 75/25 Portfolio, SA Global Index Allocation 90/10 Portfolio (collectively, the “SA Global Index AllocationPortfolios” or “SAGIAP”) and SA Index Allocation 60/40 Portfolio, SA Index Allocation 80/20 Portfolio, SA Index Allocation90/10 Portfolio and SA VCP Index Allocation Portfolio (collectively, the “SA Index Allocation Portfolios” or “SAIAP andtogether with SAGIAP, the ”Index Allocation Portfolios“) may invest (each, an ”Underlying Portfolio“), as of the date of thisProspectus. The below chart also provides each Underlying Portfolio’s investment goal, principal strategies, risks andinvestment techniques. SunAmerica Asset Management, LLC (”SunAmerica“) may add new Underlying Portfolioinvestments or replace existing Underlying Portfolio investments for an Index Allocation Portfolio at any time without noticeto shareholders.

In addition, the investment goal and principal strategies, risks and investment techniques of the Underlying Portfolios heldby an Index Allocation Portfolio may change over time. Additional information regarding the Underlying Portfolios isincluded in the summary prospectuses and statutory prospectuses of SunAmerica Series Trust, dated May 1, 2020 (the”Underlying Trust“). Copies of the summary prospectuses and statutory prospectuses for the Underlying Portfolios maybe obtained free of charge by calling or writing the Underlying Trust at the telephone number or address on the back coverpage of this Prospectus.

IndexAllocationPortfolio

UnderlyingPortfolio

InvestmentGoal

Principal InvestmentStrategies Principal Risk Factors


SAGIAP andSAIAP

SA LargeCap IndexPortfolio

Results thatcorrespondwith theperformanceof thestocksincluded intheS&P 500®

CompositeStock PriceIndex

Common stocksincluded in theS&P 500® CompositeStock Price Index

• Equity securitiesrisk

Invests, under normalcircumstances, atleast 90% of netassets in commonstocks included in theS&P 500® CompositeStock Price Index.The Portfolio alsomay invest up to 10%of its total assets inderivatives such asstock index futurescontracts, options onstock indices andoptions on stockindex futures but mayexceed the 10%threshold for thelimited purpose ofmanaging cash flows.


• “Passivelymanaged” strategyrisk

• Derivatives risk• Issuer risk• Market Risk• Affiliated fund

rebalancing risk

APPENDIX B

- 341 -


UnderlyingPortfolio

InvestmentGoal



SAGIAP andSAIAP

SA Mid CapIndexPortfolio

Results thatcorrespondwith theperformanceof the S&PMidCap400® Index

Common stocksincluded in the S&PMidCap 400® Index


Invests, under normalcircumstances,substantially all, butat least 80%, of netassets in securitiesincluded in the S&PMidCap 400® Indexor in securities thatSunAmericadetermines to haveeconomiccharacteristics thatare comparable tothe economiccharacteristics ofsecurities included inthe S&P MidCap400® Index.






rebalancing risk

SAGIAP andSAIAP

SA SmallCap IndexPortfolio

Results thatcorrespondwith theperformanceof theRussell2000® Index

Common stocksincluded in theRussell 2000® Index


Invests, under normalcircumstances,substantially all, butat least 80%, of netassets in securitiesincluded in theRussell 2000® Indexor in securities thatSunAmericadetermines to haveeconomiccharacteristics thatare comparable tothe economiccharacteristics ofsecurities included inthe Russell 2000®

Index.

• Small sizedcompanies risk

• REIT (real estateinvestment trusts)risks




rebalancing risk

APPENDIX B

- 342 -


UnderlyingPortfolio

InvestmentGoal



SAGIAP andSAIAP

SAInternationalIndexPortfolio

Results thatcorrespondwith theperformanceof the MSCIEAFE Index

Common stocksincluded in the MSCIEAFE Index


Invests, under normalcircumstances,substantially all, butat least 80%, of netassets in securitiesincluded in the MSCIEAFE Index or insecurities thatSunAmericadetermines to haveeconomiccharacteristics thatare comparable tothe economiccharacteristics ofsecurities included inthe MSCI EAFEIndex.





• Country focus risk• Japan exposure

risk• Failure to match

performance risk• “Passively

managed” strategyrisk


rebalancing risk

SAGIAP SA EmergingMarketsEquity IndexPortfolio

Results thatcorrespondwith theperformanceof the MSCIEmergingMarketsIndex

Common stocksincluded in the MSCIEmerging MarketsIndex


Under normalcircumstances, allinvestments will beselected through theoptimization process,and at least 80% ofnet assets will beinvested in securitiesincluded in the MSCIEmerging MarketsIndex or in securitiesthat SunAmericadetermines haveeconomiccharacteristics thatare comparable tothe economiccharacteristics ofsecurities included inthe MSCI EmergingMarkets Index. ThePortfolio may investin exchange-tradedfunds.




• Country focus risk• ETF risk• Failure to match


• Management risk• “Passively



rebalancing risk

APPENDIX B

- 343 -


UnderlyingPortfolio

InvestmentGoal



SAGIAP andSAIAP

SA FixedIncome IndexPortfolio

Results thatcorrespondwith theperformanceof theBloombergBarclaysU.S.Government/Credit BondIndex

Securities included inthe BloombergBarclays U.S.Government/CreditBond Index


Under normalcircumstances, allinvestments will beselected through theoptimization process,and at least 80% ofnet assets will beinvested in securitiesincluded in theBloomberg BarclaysU.S. Government/Credit Bond Index orin securities thatSunAmericadetermines haveeconomiccharacteristics thatare comparable tothe economiccharacteristics ofsecurities included inthe BloombergBarclays U.S.Government/CreditBond Index.



obligations risk• Failure to match

indes performancerisk

• Management Risk• “Passively



rebalancing risk

SAGIAP andSAIAP

SA FixedIncomeIntermediateIndexPortfolio

Results thatcorrespondwith theperformanceof theBloombergBarclaysU.S.IntermediateGovernment/Credit BondIndex

Securities included inthe BloombergBarclays U.S.IntermediateGovernment/CreditBond Index


Under normalcircumstances, allinvestments will beselected through theoptimization process,and at least 80% ofnet assets will beinvested in securitiesincluded in theBloomberg BarclaysU.S. IntermediateGovernment/CreditBond Index or insecurities thatSunAmericadetermines haveeconomiccharacteristics thatare comparable tothe economiccharacteristics ofsecurities included inthe BloombergBarclays U.S.IntermediateGovernment/CreditBond Index.



obligations risk• Redemption risk• Management risk• Failure to match




rebalancing risk

APPENDIX B

- 344 -

The following documents contain more information about the Portfolios’ investments and are available free of charge uponrequest:

• Annual and Semi-annual Reports contain financial statements, performance data and information on portfolioholdings. The annual report also contains a written analysis of market conditions and investment strategies thatsignificantly affected a Portfolio’s performance for the most recently completed fiscal year.

• Statement of Additional Information (SAI) contains additional information about the Portfolios’ policies,investment restrictions and business structure. This Prospectus incorporates the SAI by reference.

The Trust’s Prospectus(es), SAIs and semi-annual and annual reports are available at www.aig.com/getprospectus oronline through the internet websites of the life insurance companies offering the Portfolios as investment options. Youmay obtain copies of these documents or ask questions about the Portfolios at no charge by calling (800) 445-7862 orby writing the Trust at P.O. Box 15570, Amarillo, Texas 79105-5570.

Reports and other information about the Portfolios(including the SAI) are available on the EDGAR Database on theSecurities and Exchange Commission’s website at http://www.sec.gov and copies of this information may be obtainedupon payment of a duplicating fee by electronic request at the following e-mail address: [email protected].

You should rely only on the information contained in this Prospectus. No one is authorized to provide you with any differentinformation.

The Trust’s Investment Company ActFile No: 811-7238

FOR MORE INFORMATION

- 345 -M3179ST.10 (5/20)

prospectus may 1, 2020 sunamerica series trustfile/ag0… · prospectus may 1, 2020 sunamerica...

Documents