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SUNAMERICA SERIES TRUST

ANNUAL REPORTJANUARY 31, 2020

Table of ContentsShareholder Letter . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1Expense Example . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3SA AB Growth Portfolio (AllianceBernstein L.P.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8SA AB Small & Mid Cap Value Portfolio (AllianceBernstein L.P.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11SA BlackRock VCP Global Multi Asset Portfolio (BlackRock Investment, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14SA Columbia Technology Portfolio (Columbia Management Investment Advisors, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30SA DFA Ultra Short Bond Portfolio (Dimensional Fund Advisers, L.P.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33SA Dogs of Wall Street Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38SA Emerging Markets Equity Index Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40SA Federated Corporate Bond Portfolio (Federated Investment Management Company) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52SA Fidelity Institutional AM® International Growth Portfolio (FIAM LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 79SA Fidelity Institutional AM® Real Estate Portfolio (FIAM LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 82SA Fixed Income Index Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84SA Fixed Income Intermediate Index Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92SA Franklin Small Company Value Portfolio (Franklin Advisory Services, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99SA Franklin U. S. Equity Smart Beta Portfolio (Franklin Advisory Services, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102SA Global Index Allocation 60/40 Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108SA Global Index Allocation 75/25 Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110SA Global Index Allocation 90/10 Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112SA Goldman Sachs Global Bond Portfolio (Goldman Sachs Asset Management International) . . . . . . . . . . . . . . . . . . . . . . . . . . . 114SA Goldman Sachs Multi-Asset Insights Portfolio (Goldman Sachs Asset Management International) . . . . . . . . . . . . . . . . . . . . 134SA Index Allocation 60/40 Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 141SA Index Allocation 80/20 Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 143SA Index Allocation 90/10 Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145SA International Index Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 147SA Invesco Growth Opportunities Portfolio (Invesco Advisers, Inc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 159SA Invesco VCP Equity-Income Portfolio (Invesco Advisers, Inc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 163SA Janus Focused Growth Portfolio (Janus Capital Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 175SA JPMorgan Diversified Balanced Portfolio (J.P. Morgan Investment Management Inc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 177SA JPMorgan Emerging Markets Portfolio (J.P. Morgan Investment Management Inc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211SA JPMorgan Equity-Income Portfolio (J.P. Morgan Investment Management Inc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 214SA JPMorgan Global Equities Portfolio (J.P. Morgan Investment Management Inc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 217SA JPMorgan MFS Core Bond Portfolio (Massachusetts Financial Services Company and J.P. Morgan Investment

Management Inc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 221SA JPMorgan Mid-Cap Growth Portfolio (J.P. Morgan Investment Management Inc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 264SA Large Cap Growth Index Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 268SA Large Cap Index Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 274SA Large Cap Value Index Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 284SA Legg Mason BW Large Cap Value Portfolio (Brandywine Global Investment Management, LLC) . . . . . . . . . . . . . . . . . . . . . 293SA Legg Mason Tactical Opportunities Portfolio (QS Investors, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298SA MFS Blue Chip Growth Portfolio (Massachusetts Financial Services Company) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 316SA MFS Massachusetts Investors Trust Portfolio (Massachusetts Financial Services Company) . . . . . . . . . . . . . . . . . . . . . . . . . . 319SA MFS Total Return Portfolio (Massachusetts Financial Services Company) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 322SA Mid Cap Index Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336SA Morgan Stanley International Equities Portfolio (Morgan Stanley Investment Management, Inc.) . . . . . . . . . . . . . . . . . . . . . 345SA Oppenheimer Main Street Large Cap Portfolio (OppenheimerFunds, Inc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 348SA PIMCO VCP Tactical Balanced Portfolio (Pacific Investment Management Company, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . 351SA PineBridge High-Yield Bond Portfolio (PineBridge Investments, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 369SA Putnam International Growth and Income Portfolio (Putnam Investment Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . 378SA Schroders VCP Global Allocation Portfolio (Schroders Investment Management North America, Inc.) . . . . . . . . . . . . . . . . . . 383SA Small Cap Index Portfolio (SunAmerica Asset Management, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 400SA T. Rowe Price Asset Allocation Growth Portfolio (T. Rowe Price Associates, Inc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 426SA T. Rowe Price VCP Balanced Portfolio (T. Rowe Price Associates, Inc.) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 453SA Templeton Foreign Value Portfolio (Templeton Investment Counsel, LLC) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 486SA VCP Dynamic Allocation Portfolio (SunAmerica Asset Management, LLC and AllianceBernstein L.P.) . . . . . . . . . . . . . . . . . 489SA VCP Dynamic Strategy Portfolio (SunAmerica Asset Management, LLC and AllianceBernstein L.P.) . . . . . . . . . . . . . . . . . . . 493SA VCP Index Allocation Portfolio (SunAmerica Asset Management, LLC and T. Rowe Price Associates, Inc.) . . . . . . . . . . . . . . 497SA WellsCap Aggressive Growth Portfolio (Wells Capital Management Incorporated) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 500Statement of Assets and Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 503Statement of Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 525Statement of Changes in Net Assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 536Notes to Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 555Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 621Report of Independent Registered Public Accounting Firm . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 657Approval of Advisory Agreements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 659Trustee and Officer Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 675Shareholder Tax Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 677Comparisons Portfolio Indexes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 681Supplements to the Prospectus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 751

Dear SunAmerica Series Trust Investor:

We are pleased to present our annual report for the SunAmerica Series Trust, theunderlying investment portfolios for the series of variable products issued by our affiliatedlife insurance companies.

The following report contains the investment portfolio information and the financialstatements of the SunAmerica Series Trust portfolios for the reporting period endedJanuary 31, 2020. The report may also contain information on portfolios not currentlyavailable in your variable product.

We believe this information will give you some insight into the performance of yourunderlying investments. If you have any questions, please contact your investmentrepresentative, or you may contact us directly at 1-800-445-7862.

Thank you for the confidence you place in us with your financial future, and we lookforward to reporting to you again in six months.

Sincerely,

John T. GenoyPresidentSunAmerica Series Trust

Note: All performance figures quoted are for the SunAmerica Series Trust. They do not reflect fees and charges associatedwith the variable annuity. Past performance is no guarantee of future results. Annuities are long-term investment vehiclesdesigned for retirement purposes. Early withdrawal may be subject to withdrawal charges and if taken prior to age 59 1⁄2, a10% federal tax penalty may apply. An investment in a variable annuity involves investment risk, including possible loss ofprincipal. The contract, when redeemed, may be worth more or less than the total amount invested.

See reverse side for additional information.

1

Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. Investments ingrowth stocks as well as small and mid-cap company stocks may be subject to volatile price swings and therefore present agreater potential for loss than other investments. Investments in non-U.S. stocks and bonds are subject to additional riskssuch as fluctuations in foreign currencies, political and economic instability, differences in securities regulation andaccounting standards, foreign tax laws, and limited availability of public information. Income seeking investment strategiesmay not be realized due to changes in dividend policies or the availability of capital resources.

Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility thanmore diverse investments. Investments in real estate investment trusts (REITs) involve risks such as refinancing, economicconditions in the real estate industry, changes in property values, dependency on real estate management, and other risksassociated with a concentration in one sector or geographic region. Investments in securities related to gold and otherprecious metals and minerals are speculative and impacted by a host of worldwide economic, financial and political factors.

Investments in debt securities are subject to credit risk (i.e., the risk that an issuer might not pay interest when due or repayprincipal at maturity of the obligation). Investments in lower-rated bonds and “junk bonds” are considered speculative dueto the heightened risk of default and are subject to unpredictable losses as a result of changes in the issuer’s creditworthiness.

Investments in derivatives are subject to heightened risk; gains or losses from non-hedging positions may be substantiallygreater than the cost of the position. Active trading may result in high portfolio turnover and correspondingly greatertransaction costs for the portfolio and underlying portfolios.

There can be no assurance that the Portfolios will meet their investment objectives. A full description of the investment goals,principal strategies, and risks for each Portfolio are provided in the prospectus.

Investments are not guaranteed or endorsed by any bank, is not a deposit or obligation of any bank, and is not federallyinsured by Federal Deposit Corporation (FDIC), the Federal Reserve Board or any other federal government agency.

* Not FDIC or NCUA/NCUSIF Insured* May Lose Value * No Bank of Credit Union Guarantee

* Not a Deposit * Not insured by any Federal Government Agency

2

SUNAMERICA SERIES TRUSTEXPENSE EXAMPLE January 31, 2020

(unaudited)Disclosure of Portfolio Expenses in Shareholder Reports

As a shareholder of a separate series (a “Portfolio”) in SunAmerica Series Trust (the “Trust”), you incurongoing costs, including management fees, or service (12b-1) fees, and other expenses. The Example is intendedto help you understand your ongoing costs (in dollars) of investing in the Portfolios and to compare these costswith the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000invested at August 1, 2019 and held until January 31, 2020. Shares of the Trust are not offered directly to thepublic. Instead, shares are currently issued and redeemed only in connection with investments in andpayments under variable annuity contracts and variable life insurance policies (“Variable Contracts”) offeredby life insurance companies affiliated with SunAmerica Asset Management, LLC, the Trust’s investmentadviser and manager. The fees and expenses associated with the Variable Contracts are not included in theseExamples, and had such fees and expenses been included your costs would have been higher. Please see yourvariable contract prospectus for more details on the fees associated with the variable contract.

Actual Expenses

The “Actual” section of the table provides information about your actual account values and actual expenses.You may use the information in these columns, together with the amount you invested, to estimate theexpenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600account value divided by $1,000 = 8.6), then multiply the result by the number in the column under theheading entitled “Expenses Paid During The Period Ended January 31, 2020” to estimate the expenses you paidon your account during this period. The “Expenses Paid During The Period Ended January 31, 2020” columnand the “Annualized Expense Ratio” column do not include fees and expenses that may be charged by theVariable Contracts, in which the Portfolios are offered. Had these fees and expenses been included, the“Expenses Paid During The Period Ended January 31, 2020” column would have been higher and the “EndingAccount Value” column would have been lower.

Hypothetical Example for Comparison Purposes

The “Hypothetical” section of the table provides information about hypothetical account values andhypothetical expenses based on the Portfolio’s actual expense ratio and an annual rate of return of 5% beforeexpenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not beused to estimate the actual ending account balance or expenses you paid for the period. You may use thisinformation to compare the ongoing costs of investing in the Portfolios and other funds. To do so, compare this5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of otherfunds. The “Expenses Paid During The Period Ended January 31, 2020” column and the “Annualized ExpenseRatio” column do not include fees and expenses that may be charged by the Variable Contracts, in which thePortfolios are offered. Had these fees and expenses been included, the “Expenses Paid During The PeriodEnded January 31, 2020” would have been higher and the “Ending Account Value” would have been lower.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do notreflect any fees and expenses that may be charged by the Variable Contracts. Please refer to your variablecontract prospectus for more information. Therefore, the “Hypothetical” example is useful in comparingongoing costs and will not help you determine the relative total costs of owning different funds. In addition, ifthese fees and expenses were included, your costs would have been higher.

3

SUNAMERICA SERIES TRUSTEXPENSE EXAMPLE (continued) January 31, 2020

(unaudited)Actual Hypothetical

Portfolio

BeginningAccount Value

at August 1,2019

EndingAccount ValueUsing Actual

Return atJanuary 31,

2020

Expenses PaidDuring the

PeriodEnded

January 31,2020*


at August 1,2019

EndingAccount Value

Using aHypothetical5% AnnualReturn at

January 31,2020


PeriodEnded

January 31,2020*

AnnualizedExpenseRatio*

SA AB GrowthClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,099.30 $3.44 $1,000.00 $1,021.93 $3.31 0.65%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,098.29 $4.23 $1,000.00 $1,021.17 $4.08 0.80%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,097.78 $4.76 $1,000.00 $1,020.67 $4.58 0.90%

SA Small & Mid Cap ValueClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,005.38 $4.95 $1,000.00 $1,020.27 $4.99 0.98%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,004.67 $5.71 $1,000.00 $1,019.51 $5.75 1.13%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,004.72 $6.22 $1,000.00 $1,019.00 $6.26 1.23%

SA BlackRock VCP Global MultiAsset#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,053.14 $4.61 $1,000.00 $1,020.72 $4.53 0.89%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,051.49 $5.89 $1,000.00 $1,019.46 $5.80 1.14%

SA Columbia Technology#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,155.21 $5.81 $1,000.00 $1,019.81 $5.45 1.07%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,153.63 $6.62 $1,000.00 $1,019.06 $6.21 1.22%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,152.67 $7.16 $1,000.00 $1,018.55 $6.72 1.32%

SA DFA Ultra Short BondClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,008.46 $2.58 $1,000.00 $1,022.63 $2.60 0.51%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,008.03 $3.34 $1,000.00 $1,021.88 $3.36 0.66%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,006.37 $3.84 $1,000.00 $1,021.37 $3.87 0.76%

SA Dogs of Wall StreetClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,039.62 $3.39 $1,000.00 $1,021.88 $3.36 0.66%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,038.70 $4.16 $1,000.00 $1,021.12 $4.13 0.81%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,038.25 $4.68 $1,000.00 $1,020.62 $4.63 0.91%

SA Emerging Markets Equity Index#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,031.86 $2.97 $1,000.00 $1,022.28 $2.96 0.58%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,030.46 $4.25 $1,000.00 $1,021.02 $4.23 0.83%

SA Federated Corporate BondClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,056.09 $2.85 $1,000.00 $1,022.43 $2.80 0.55%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,055.16 $3.63 $1,000.00 $1,021.68 $3.57 0.70%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,054.53 $4.14 $1,000.00 $1,021.17 $4.08 0.80%

SA Fidelity Institutional AM®International Growth@#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,084.28 $4.62 $1,000.00 $1,020.77 $4.48 0.88%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,083.44 $5.93 $1,000.00 $1,019.51 $5.75 1.13%

SA Fidelity Institutional AM® RealEstateClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,064.09 $4.37 $1,000.00 $1,020.97 $4.28 0.84%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,063.41 $5.15 $1,000.00 $1,020.21 $5.04 0.99%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,063.34 $5.67 $1,000.00 $1,019.71 $5.55 1.09%

SA Fixed Income Index#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,045.78 $1.75 $1,000.00 $1,023.49 $1.73 0.34%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,043.63 $3.04 $1,000.00 $1,022.23 $3.01 0.59%

SA Fixed Income Intermediate Index#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,029.13 $1.74 $1,000.00 $1,023.49 $1.73 0.34%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,028.89 $3.02 $1,000.00 $1,022.23 $3.01 0.59%

SA Franklin Small Company Value#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,060.08 $5.14 $1,000.00 $1,020.21 $5.04 0.99%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,059.47 $6.44 $1,000.00 $1,018.95 $6.31 1.24%

SA Franklin U.S. Equity Smart Beta@#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,070.65 $2.32 $1,000.00 $1,021.68 $3.57 0.70%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,069.47 $3.15 $1,000.00 $1,020.42 $4.84 0.95%

SA Global Index Allocation 60/40#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,055.12 $0.93 $1,000.00 $1,024.30 $0.92 0.18%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,053.82 $2.23 $1,000.00 $1,023.04 $2.19 0.43%


4



Portfolio


at August 1,2019



2020


PeriodEnded

January 31,2020*


at August 1,2019

EndingAccount Value


January 31,2020


PeriodEnded

January 31,2020*



SA Global Sachs Global BondClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,030.71 $3.58 $1,000.00 $1,021.68 $3.57 0.70%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,030.11 $4.35 $1,000.00 $1,020.92 $4.33 0.85%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,029.52 $4.86 $1,000.00 $1,020.42 $4.84 0.95%

SA Global Sachs Multi-AssetInsights#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,045.31 $4.18 $1,000.00 $1,021.12 $4.13 0.81%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,043.16 $5.46 $1,000.00 $1,019.86 $5.40 1.06%

SA Index Allocation 60/40#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,060.46 $0.93 $1,000.00 $1,024.30 $0.92 0.18%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,058.64 $2.23 $1,000.00 $1,023.04 $2.19 0.43%

SA Index Allocation 80/20#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,064.79 $0.83 $1,000.00 $1,024.40 $0.82 0.16%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,063.88 $2.13 $1,000.00 $1,023.14 $2.09 0.41%

SA Index Allocation 90/10Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,068.80 $0.68 $1,000.00 $1,024.55 $0.66 0.13%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,066.98 $1.98 $1,000.00 $1,023.29 $1.94 0.38%

SA International Index#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,059.47 $2.54 $1,000.00 $1,022.74 $2.50 0.49%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,058.38 $3.84 $1,000.00 $1,021.48 $3.77 0.74%

SA Invesco Growth OpportunitiesClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $ 995.93 $4.13 $1,000.00 $1,021.07 $4.18 0.82%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $ 994.74 $4.88 $1,000.00 $1,020.32 $4.94 0.97%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $ 994.64 $5.38 $1,000.00 $1,019.81 $5.45 1.07%

SA Invesco VCP Equity-Income#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,018.66 $4.22 $1,000.00 $1,021.02 $4.23 0.83%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,017.75 $5.49 $1,000.00 $1,019.76 $5.50 1.08%

SA Janus Focused Growth#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,111.91 $4.31 $1,000.00 $1,021.12 $4.13 0.81%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,111.29 $5.11 $1,000.00 $1,020.37 $4.89 0.96%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,110.77 $5.64 $1,000.00 $1,019.86 $5.40 1.06%

SA JPMorgan Diversified Balanced#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,058.41 $3.27 $1,000.00 $1,022.03 $3.21 0.63%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,057.77 $4.05 $1,000.00 $1,021.27 $3.97 0.78%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,057.00 $4.56 $1,000.00 $1,020.77 $4.48 0.88%

SA JPMorgan Emerging Markets#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,034.49 $6.00 $1,000.00 $1,019.31 $5.96 1.17%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,034.10 $6.77 $1,000.00 $1,018.55 $6.72 1.32%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,034.77 $7.28 $1,000.00 $1,018.05 $7.22 1.42%

SA JPMorgan Equity-IncomeClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,062.57 $3.02 $1,000.00 $1,022.28 $2.96 0.58%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,061.81 $3.79 $1,000.00 $1,021.53 $3.72 0.73%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,061.45 $4.31 $1,000.00 $1,021.02 $4.23 0.83%

SA JPMorgan Global EquitiesClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,062.24 $4.21 $1,000.00 $1,021.12 $4.13 0.81%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,061.53 $4.99 $1,000.00 $1,020.37 $4.89 0.96%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,061.15 $5.51 $1,000.00 $1,019.86 $5.40 1.06%

SA JPMorgan MFS Core Bond#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,043.87 $2.68 $1,000.00 $1,022.58 $2.65 0.52%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,043.40 $3.50 $1,000.00 $1,021.78 $3.47 0.68%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,042.73 $4.02 $1,000.00 $1,021.27 $3.97 0.78%

SA JPMorgan Mid-Cap GrowthClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,088.59 $4.32 $1,000.00 $1,021.07 $4.18 0.82%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,087.51 $5.10 $1,000.00 $1,020.32 $4.94 0.97%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,086.52 $5.63 $1,000.00 $1,019.81 $5.45 1.07%

5



Portfolio


at August 1,2019



2020


PeriodEnded

January 31,2020*


at August 1,2019

EndingAccount Value


January 31,2020


PeriodEnded

January 31,2020*


SA Large Cap Growth Index#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,099.36 $1.85 $1,000.00 $1,023.44 $1.79 0.35%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,098.05 $3.17 $1,000.00 $1,022.18 $3.06 0.60%

SA Large Cap Index#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,090.67 $1.58 $1,000.00 $1,023.69 $1.53 0.30%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,089.19 $2.90 $1,000.00 $1,022.43 $2.80 0.55%

SA Large Cap Value Index#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,080.86 $1.84 $1,000.00 $1,023.44 $1.79 0.35%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,079.32 $3.14 $1,000.00 $1,022.18 $3.06 0.60%

SA Legg Mason BW Large CapValue#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,051.67 $3.62 $1,000.00 $1,021.68 $3.57 0.70%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,050.97 $4.39 $1,000.00 $1,020.92 $4.33 0.85%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,050.64 $4.91 $1,000.00 $1,020.42 $4.84 0.95%

SA Legg Mason TacticalOpportunities#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,057.61 $4.20 $1,000.00 $1,021.12 $4.13 0.81%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,055.58 $5.49 $1,000.00 $1,019.86 $5.40 1.06%

SA MFS Blue Chip GrowthClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,103.28 $3.71 $1,000.00 $1,021.68 $3.57 0.70%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,102.52 $4.50 $1,000.00 $1,020.92 $4.33 0.85%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,101.67 $5.03 $1,000.00 $1,020.42 $4.84 0.95%

SA MFS Massachusetts InvestorsTrustClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,062.71 $3.69 $1,000.00 $1,021.63 $3.62 0.71%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,062.12 $4.47 $1,000.00 $1,020.87 $4.38 0.86%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,061.37 $4.99 $1,000.00 $1,020.37 $4.89 0.96%

SA MFS Total ReturnClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,055.01 $3.68 $1,000.00 $1,021.63 $3.62 0.71%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,054.23 $4.45 $1,000.00 $1,020.87 $4.38 0.86%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,053.14 $4.97 $1,000.00 $1,020.37 $4.89 0.96%

SA Mid Cap IndexClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,026.60 $2.09 $1,000.00 $1,023.14 $2.09 0.41%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,024.87 $3.37 $1,000.00 $1,021.88 $3.36 0.66%

SA Morgan Stanley InternationalEquitiesClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,063.84 $4.58 $1,000.00 $1,020.77 $4.48 0.88%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,063.26 $5.36 $1,000.00 $1,020.01 $5.24 1.03%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,063.50 $5.88 $1,000.00 $1,019.51 $5.75 1.13%

SA Oppenheimer Main Street LargeCapClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,071.35 $4.12 $1,000.00 $1,021.22 $4.02 0.79%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,070.44 $4.91 $1,000.00 $1,020.47 $4.79 0.94%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,069.88 $5.43 $1,000.00 $1,019.96 $5.30 1.04%

SA PIMCO VCP Tactical BalancedClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,057.19 $4.67 $1,000.00 $1,020.67 $4.58 0.90%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,055.57 $5.96 $1,000.00 $1,019.41 $5.85 1.15%

SA PineBridge High-Yield BondClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,030.78 $3.58 $1,000.00 $1,021.68 $3.57 0.70%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,030.81 $4.35 $1,000.00 $1,020.92 $4.33 0.85%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,028.23 $4.86 $1,000.00 $1,020.42 $4.84 0.95%

SA Putnam International Growth andIncome#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,071.12 $5.22 $1,000.00 $1,020.16 $5.09 1.00%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,068.89 $6.00 $1,000.00 $1,019.41 $5.85 1.15%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,068.96 $6.52 $1,000.00 $1,018.90 $6.36 1.25%

SA Schroders VCP Global Allocation#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,056.97 $4.67 $1,000.00 $1,020.67 $4.58 0.90%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,056.32 $5.96 $1,000.00 $1,019.41 $5.85 1.15%

6



Portfolio


at August 1,2019



2020


PeriodEnded

January 31,2020*


at August 1,2019

EndingAccount Value


January 31,2020


PeriodEnded

January 31,2020*


SA Small Cap Index#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,030.36 $2.30 $1,000.00 $1,022.94 $2.29 0.45%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,028.62 $3.58 $1,000.00 $1,021.68 $3.57 0.70%

SA T. Rowe Price Asset AllocationGrowth#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,073.69 $4.23 $1,000.00 $1,021.12 $4.13 0.81%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,072.52 $5.54 $1,000.00 $1,019.86 $5.40 1.06%

SA T. Rowe Price VCP BalancedClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,069.10 $4.22 $1,000.00 $1,021.12 $4.13 0.81%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,066.85 $5.52 $1,000.00 $1,019.86 $5.40 1.06%

SA Templeton Foreign ValueClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,048.53 $4.39 $1,000.00 $1,020.92 $4.33 0.85%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,047.52 $5.16 $1,000.00 $1,020.16 $5.09 1.00%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,047.55 $5.68 $1,000.00 $1,019.66 $5.60 1.10%

SA VCP Dynamic Allocation#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,056.65 $1.14 $1,000.00 $1,024.10 $1.12 0.22%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,055.02 $2.43 $1,000.00 $1,022.84 $2.40 0.47%

SA VCP Dynamic Strategy#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,050.93 $1.19 $1,000.00 $1,024.05 $1.17 0.23%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,049.29 $2.48 $1,000.00 $1,022.79 $2.45 0.48%

SA VCP Allocation Index#Class 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,065.06 $1.46 $1,000.00 $1,023.79 $1.43 0.28%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,064.76 $2.76 $1,000.00 $1,022.53 $2.70 0.53%

SA WellsCap Aggressive GrowthClass 1 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,023.25 $4.39 $1,000.00 $1,020.87 $4.38 0.86%Class 2 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,022.08 $5.15 $1,000.00 $1,020.11 $5.14 1.01%Class 3 . . . . . . . . . . . . . . . . . . . . . . . . . $1,000.00 $1,021.63 $5.66 $1,000.00 $1,019.61 $5.65 1.11%

@ See Note 1 in Notes to Financial Statements* Expenses are equal to the Portfolio’s annualized expense ratio multiplied by the average account value over the period, multiplied by 184 days

divided by 365 days (to reflect the one-half year period) except for SA Franklin U.S. Equity Smart Beta Portfolio, “Actual Return” Informationwhich were multiplied by 116 days divided by 365 days. These ratios do not reflect expenses associated with the Variable Contracts. If such feesand expenses had been included, the expenses would have been higher. Please refer to your Variable Contract prospectus for details on theexpenses that apply to the Variable Contracts of the insurance companies.

# During the stated period, the investment adviser either waived fees or reimbursed expenses for the Portfolios or through recoupmentprovisions, recovered a portion of or all fees and expenses waived or reimbursed in the previous two fiscal years. As a result, if these fees andexpenses had not been waived, the “Actual/Hypothetical Ending Account Value” would have been lower and the “Actual/HypotheticalExpenses Paid During the Period Ended January 31, 2020” and “Annualized Expense Ratios” would have been higher. If these fees and expenseshad not been recouped, the “Actual/Hypothetical Ending Account Value” would have been higher and the “Actual/Hypothetical ExpensesPaid During the Period Ended January 31, 2020” and the “Annualized Expense Ratio” would have been lower.

7

SunAmerica Series Trust SA AB Growth PortfolioPORTFOLIO PROFILE — January 31, 2020 — (unaudited)

Industry Allocation*

Web Portals/ISP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.7%Applications Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.5Medical-Biomedical/Gene . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.2Medical Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1Internet Content-Entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.1Finance-Credit Card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.9Medical-HMO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.8Beverages-Non-alcoholic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.1Medical-Drugs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.0Commercial Services-Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Retail-Building Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Athletic Footwear . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Retail-Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Electronic Components-Semiconductors . . . . . . . . . . . . . . . . . . . . . . 2.2Entertainment Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Coatings/Paint . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.0Medical Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8E-Commerce/Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Electronic Security Devices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Electronic Forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Electronic Measurement Instruments . . . . . . . . . . . . . . . . . . . . . . . . . 1.7Retail-Apparel/Shoe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6E-Commerce/Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.6Retail-Perfume & Cosmetics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Retail-Major Department Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Distribution/Wholesale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Networking Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Enterprise Software/Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Semiconductor Components-Integrated Circuits . . . . . . . . . . . . . . . . 0.9Dental Supplies & Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Electric Products-Misc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Retail-Misc./Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Machinery-General Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Retail-Restaurants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Communications Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Instruments-Controls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Semiconductor Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Brewery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Electronic Connectors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Industrial Automated/Robotic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Diversified Manufacturing Operations . . . . . . . . . . . . . . . . . . . . . . . . 0.3Computer Aided Design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

92.9%

* Calculated as a percentage of net assets

8

SunAmerica Series Trust SA AB Growth PortfolioPORTFOLIO OF INVESTMENTS — January 31, 2020

Security Description SharesValue

(Note 2)

COMMON STOCKS — 92.9%Applications Software — 7.5%

Microsoft Corp. . . . . . . . . . . . . . . . . . . . . . . . . 711,110 $ 121,052,255

Athletic Footwear — 2.6%NIKE, Inc., Class B . . . . . . . . . . . . . . . . . . . . . 430,650 41,471,595

Beverages-Non-alcoholic — 4.1%Monster Beverage Corp.† . . . . . . . . . . . . . . . 994,951 66,263,737

Brewery — 0.4%Constellation Brands, Inc., Class A . . . . . . . 31,920 6,010,536

Coatings/Paint — 2.0%Sherwin-Williams Co. . . . . . . . . . . . . . . . . . . . 57,350 31,943,376

Commercial Services-Finance — 3.9%Euronet Worldwide, Inc.† . . . . . . . . . . . . . . . 49,194 7,754,942PayPal Holdings, Inc.† . . . . . . . . . . . . . . . . . . 412,080 46,931,791S&P Global, Inc. . . . . . . . . . . . . . . . . . . . . . . . . 27,220 7,995,331

62,682,064

Communications Software — 0.4%Slack Technologies, Inc., Class A† . . . . . . . . 309,199 6,409,695

Computer Aided Design — 0.1%ANSYS, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 4,069 1,116,249

Dental Supplies & Equipment — 0.8%Align Technology, Inc.† . . . . . . . . . . . . . . . . . 51,750 13,304,925

Distribution/Wholesale — 1.2%Copart, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 197,118 19,999,592

Diversified Manufacturing Operations — 0.3%A.O. Smith Corp. . . . . . . . . . . . . . . . . . . . . . . . 119,474 5,100,345

E-Commerce/Products — 1.6%Amazon.com, Inc.† . . . . . . . . . . . . . . . . . . . . . 12,240 24,586,733Etsy, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20,496 1,000,410

25,587,143

E-Commerce/Services — 1.8%Booking Holdings, Inc.† . . . . . . . . . . . . . . . . . 15,659 28,664,582

Electric Products-Misc. — 0.7%AMETEK, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 113,470 11,023,610

Electronic Components-Semiconductors — 2.2%IPG Photonics Corp.† . . . . . . . . . . . . . . . . . . . 46,345 5,916,866Texas Instruments, Inc. . . . . . . . . . . . . . . . . . 60,950 7,353,618Xilinx, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 262,602 22,184,617

35,455,101

Electronic Connectors — 0.4%Amphenol Corp., Class A . . . . . . . . . . . . . . . 60,030 5,971,184

Electronic Forms — 1.7%Adobe, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,980 27,733,037

Electronic Measurement Instruments — 1.7%Roper Technologies, Inc. . . . . . . . . . . . . . . . . 71,420 27,258,157

Electronic Security Devices — 1.7%Allegion PLC . . . . . . . . . . . . . . . . . . . . . . . . . . 216,190 27,957,691

Enterprise Software/Service — 1.0%Paycom Software, Inc.† . . . . . . . . . . . . . . . . . 19,889 6,327,884Tyler Technologies, Inc.† . . . . . . . . . . . . . . . . 20,000 6,473,600Veeva Systems, Inc., Class A† . . . . . . . . . . . . 23,844 3,495,769

16,297,253

Entertainment Software — 2.2%Electronic Arts, Inc.† . . . . . . . . . . . . . . . . . . . . 301,318 32,518,239


(Note 2)

Entertainment Software (continued)Take-Two Interactive Software, Inc.† . . . . . . 23,439 $ 2,921,437

35,439,676

Finance-Credit Card — 4.9%Visa, Inc., Class A . . . . . . . . . . . . . . . . . . . . . . 396,980 78,987,111

Industrial Automated/Robotic — 0.3%Cognex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 112,140 5,715,776

Instruments-Controls — 0.4%Mettler-Toledo International, Inc.† . . . . . . . 8,070 6,110,443

Internet Content-Entertainment — 5.1%Facebook, Inc., Class A† . . . . . . . . . . . . . . . . . 410,190 82,821,463

Machinery-General Industrial — 0.5%IDEX Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53,131 8,705,514

Medical Instruments — 5.1%Edwards Lifesciences Corp.† . . . . . . . . . . . . 146,600 32,231,476Intuitive Surgical, Inc.† . . . . . . . . . . . . . . . . . 90,799 50,827,464

83,058,940

Medical Products — 1.8%ABIOMED, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 61,334 11,425,911Stryker Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . 84,960 17,901,072

29,326,983

Medical-Biomedical/Gene — 7.2%Illumina, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 95,980 27,840,919Regeneron Pharmaceuticals, Inc.† . . . . . . . . 88,886 30,038,135Vertex Pharmaceuticals, Inc.† . . . . . . . . . . . . 261,844 59,451,680

117,330,734

Medical-Drugs — 4.0%Zoetis, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 487,810 65,468,980

Medical-HMO — 4.8%UnitedHealth Group, Inc. . . . . . . . . . . . . . . . 287,470 78,321,201

Networking Products — 1.0%Arista Networks, Inc.† . . . . . . . . . . . . . . . . . . 74,193 16,570,265

Retail-Apparel/Shoe — 1.6%Burlington Stores, Inc.† . . . . . . . . . . . . . . . . . 119,916 26,078,133

Retail-Building Products — 2.6%Home Depot, Inc. . . . . . . . . . . . . . . . . . . . . . . 186,310 42,497,311

Retail-Discount — 2.5%Costco Wholesale Corp. . . . . . . . . . . . . . . . . . 133,500 40,786,920

Retail-Major Department Stores — 1.3%TJX Cos., Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . 371,210 21,916,238

Retail-Misc./Diversified — 0.6%Five Below, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 91,433 10,352,044

Retail-Perfume & Cosmetics — 1.5%Ulta Beauty, Inc.† . . . . . . . . . . . . . . . . . . . . . . 88,074 23,595,905

Retail-Restaurants — 0.4%Domino’s Pizza, Inc. . . . . . . . . . . . . . . . . . . . . 24,680 6,953,590

Semiconductor Components-Integrated Circuits — 0.9%QUALCOMM, Inc. . . . . . . . . . . . . . . . . . . . . . 166,220 14,180,228

Semiconductor Equipment — 0.4%ASML Holding NV . . . . . . . . . . . . . . . . . . . . . 21,430 6,014,544

9

SunAmerica Series Trust SA AB Growth PortfolioPORTFOLIO OF INVESTMENTS — January 31, 2020 — (continued)


(Note 2)

COMMON STOCKS (continued)Web Portals/ISP — 7.7%

Alphabet, Inc., Class C† . . . . . . . . . . . . . . . . . 87,530 $ 125,538,152

TOTAL INVESTMENTS(cost $1,172,850,094)(1) . . . . . . . . . . . . . . . . . . 92.9% 1,507,072,278

Other assets less liabilities . . . . . . . . . . . . . . . . . 7.1 115,941,694

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $1,623,013,972

† Non-income producing security(1) See Note 3 for cost of investments on a tax basis.

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2020 (see Note 2):

Level 1 - UnadjustedQuoted Prices

Level 2 - OtherObservable Inputs

Level 3 - SignificantUnobservable Inputs Total

ASSETS:Investments at Value:*Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,507,072,278 $— $— $1,507,072,278

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

10

SunAmerica Series Trust SA AB Small & Mid Cap Value PortfolioPORTFOLIO PROFILE — January 31, 2020 — (unaudited)


Real Estate Investment Trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.3%Banks-Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9.2Insurance-Reinsurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.9Electric-Integrated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.7Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.4Food-Misc./Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Building-Residential/Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.8Insurance-Property/Casualty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.6Insurance-Multi-line . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.5Auto/Truck Parts & Equipment-Original . . . . . . . . . . . . . . . . . . . . . . 2.4Retail-Restaurants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.4Computers-Integrated Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3Computer Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.2Semiconductor Components-Integrated Circuits . . . . . . . . . . . . . . . . 2.1Containers-Paper/Plastic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Applications Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Food-Wholesale/Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Chemicals-Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Building Products-Doors & Windows . . . . . . . . . . . . . . . . . . . . . . . . . 1.5Recreational Vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Oil-Field Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Beverages-Non-alcoholic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4Data Processing/Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Semiconductor Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Enterprise Software/Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Medical Labs & Testing Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Batteries/Battery Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Retail-Home Furnishings . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.2Wire & Cable Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Savings & Loans/Thrifts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Medical-HMO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Aerospace/Defense-Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Banks-Super Regional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Transport-Truck . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Retail-Apparel/Shoe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Circuit Boards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Transport-Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Golf . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Oil Refining & Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Steel-Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Machine Tools & Related Products . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Finance-Consumer Loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Retail-Jewelry . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Machinery-Electrical . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Oil Field Machinery & Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Machinery-Construction & Mining . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7E-Marketing/Info . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Oil Companies-Exploration & Production . . . . . . . . . . . . . . . . . . . . . 0.6Building-Heavy Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Footwear & Related Apparel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Gas-Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Apparel Manufacturers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Rubber/Plastic Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Oil & Gas Drilling . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Electronic Parts Distribution . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Publishing-Books . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Electronic Components-Misc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Metal-Aluminum . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2

99.1%


11

SunAmerica Series Trust SA AB Small & Mid Cap Value PortfolioPORTFOLIO OF INVESTMENTS — January 31, 2020


(Note 2)

COMMON STOCKS — 99.1%Aerospace/Defense-Equipment — 1.1%

AAR Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,084 $ 5,240,917

Airlines — 3.4%Alaska Air Group, Inc. . . . . . . . . . . . . . . . . . . . 106,228 6,861,267Hawaiian Holdings, Inc. . . . . . . . . . . . . . . . . . . 180,299 5,026,736SkyWest, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,424 4,657,672

16,545,675

Apparel Manufacturers — 0.6%Capri Holdings, Ltd.† . . . . . . . . . . . . . . . . . . . . 98,341 2,946,296

Applications Software — 1.8%Cerence, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . . 50,998 1,088,807Nuance Communications, Inc.† . . . . . . . . . . . . 392,365 7,423,546

8,512,353

Auto/Truck Parts & Equipment-Original — 2.4%Cooper-Standard Holdings, Inc.† . . . . . . . . . . 84,408 2,238,500Dana, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 291,271 4,488,486Lear Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41,485 5,110,123

11,837,109

Banks-Commercial — 9.2%Associated Banc-Corp . . . . . . . . . . . . . . . . . . . . 328,845 6,553,881BankUnited, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 212,596 7,015,668Synovus Financial Corp. . . . . . . . . . . . . . . . . . . 182,011 6,374,025Texas Capital Bancshares, Inc.† . . . . . . . . . . . . 101,086 5,555,686Umpqua Holdings Corp. . . . . . . . . . . . . . . . . . 367,614 6,212,677Webster Financial Corp. . . . . . . . . . . . . . . . . . . 123,263 5,529,578Zions Bancorp NA . . . . . . . . . . . . . . . . . . . . . . . 155,116 7,056,227

44,297,742

Banks-Super Regional — 1.0%Comerica, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 82,440 5,042,030

Batteries/Battery Systems — 1.2%EnerSys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 80,043 5,759,894

Beverages-Non-alcoholic — 1.4%Cott Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 429,280 6,563,691

Building Products-Doors & Windows — 1.5%Masonite International Corp.† . . . . . . . . . . . . . 94,452 7,094,290

Building-Heavy Construction — 0.6%Tutor Perini Corp.† . . . . . . . . . . . . . . . . . . . . . . 271,262 3,054,410

Building-Residential/Commercial — 2.8%Lennar Corp., Class A . . . . . . . . . . . . . . . . . . . . 100,346 6,658,961Taylor Morrison Home Corp., Class A† . . . . . 258,181 6,681,724

13,340,685

Chemicals-Diversified — 1.5%Orion Engineered Carbons SA . . . . . . . . . . . . . 231,445 3,633,686Westlake Chemical Corp. . . . . . . . . . . . . . . . . . 60,274 3,688,769

7,322,455

Circuit Boards — 1.0%TTM Technologies, Inc.† . . . . . . . . . . . . . . . . . . 324,291 4,666,548

Commercial Services — 1.2%Quanta Services, Inc. . . . . . . . . . . . . . . . . . . . . . 150,555 5,894,228

Computer Services — 2.2%Amdocs, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 77,208 5,555,115Genpact, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,206 4,923,090

10,478,205


(Note 2)

Computers-Integrated Systems — 2.3%NCR Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 181,394 $ 6,116,605NetScout Systems, Inc.† . . . . . . . . . . . . . . . . . . 189,480 4,871,531

10,988,136

Containers-Paper/Plastic — 1.8%Graphic Packaging Holding Co. . . . . . . . . . . . 282,452 4,414,725Sealed Air Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 127,855 4,538,852

8,953,577

Data Processing/Management — 1.3%CommVault Systems, Inc.† . . . . . . . . . . . . . . . . 135,541 6,102,056

E-Marketing/Info — 0.6%Criteo SA ADR† . . . . . . . . . . . . . . . . . . . . . . . . . 205,029 3,155,396

Electric-Integrated — 3.7%Alliant Energy Corp. . . . . . . . . . . . . . . . . . . . . . 141,866 8,421,166Black Hills Corp. . . . . . . . . . . . . . . . . . . . . . . . . 58,406 4,849,450PNM Resources, Inc. . . . . . . . . . . . . . . . . . . . . . 87,074 4,722,023

17,992,639

Electronic Components-Misc. — 0.3%Vishay Intertechnology, Inc. . . . . . . . . . . . . . . . 71,110 1,442,822

Electronic Parts Distribution — 0.4%Avnet, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 57,196 2,087,082

Enterprise Software/Service — 1.2%Verint Systems, Inc.† . . . . . . . . . . . . . . . . . . . . . 101,372 5,879,576

Finance-Consumer Loans — 0.8%OneMain Holdings, Inc. . . . . . . . . . . . . . . . . . . 92,227 3,907,658

Food-Misc./Diversified — 2.8%Hain Celestial Group, Inc.† . . . . . . . . . . . . . . . 261,273 6,325,419Nomad Foods, Ltd.† . . . . . . . . . . . . . . . . . . . . . 365,898 7,383,822

13,709,241

Food-Wholesale/Distribution — 1.8%US Foods Holding Corp.† . . . . . . . . . . . . . . . . . 211,631 8,501,217

Footwear & Related Apparel — 0.6%Skechers U.S.A., Inc., Class A† . . . . . . . . . . . . . 80,668 3,016,177

Gas-Distribution — 0.6%Southwest Gas Holdings, Inc. . . . . . . . . . . . . . 39,060 2,949,421

Golf — 0.9%Callaway Golf Co. . . . . . . . . . . . . . . . . . . . . . . . 195,079 4,178,592

Insurance-Multi-line — 2.5%American Financial Group, Inc. . . . . . . . . . . . . 60,318 6,561,995Kemper Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . 76,164 5,668,125

12,230,120

Insurance-Property/Casualty — 2.6%First American Financial Corp. . . . . . . . . . . . . 81,666 5,061,658Hanover Insurance Group, Inc. . . . . . . . . . . . . 29,960 4,151,857Selective Insurance Group, Inc. . . . . . . . . . . . . 52,120 3,452,950

12,666,465

Insurance-Reinsurance — 3.9%Essent Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 108,920 5,403,521Everest Re Group, Ltd. . . . . . . . . . . . . . . . . . . . 23,223 6,422,785Reinsurance Group of America, Inc. . . . . . . . . 50,487 7,272,653

19,098,959

Machine Tools & Related Products — 0.8%Kennametal, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 129,581 4,054,590

12

SunAmerica Series Trust SA AB Small & Mid Cap Value PortfolioPORTFOLIO OF INVESTMENTS — January 31, 2020 — (continued)


(Note 2)

COMMON STOCKS (continued)Machinery-Construction & Mining — 0.7%

Terex Corp. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 127,776 $ 3,239,122

Machinery-Electrical — 0.7%Regal Beloit Corp. . . . . . . . . . . . . . . . . . . . . . . . 43,141 3,384,843

Medical Labs & Testing Services — 1.2%ICON PLC† . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 34,227 5,771,357

Medical-HMO — 1.1%Molina Healthcare, Inc.† . . . . . . . . . . . . . . . . . . 42,962 5,283,037

Metal-Aluminum — 0.2%Alcoa Corp.† . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,492 1,053,113

Oil & Gas Drilling — 0.5%Patterson-UTI Energy, Inc. . . . . . . . . . . . . . . . . 313,272 2,487,380

Oil Companies-Exploration & Production — 0.6%Cimarex Energy Co. . . . . . . . . . . . . . . . . . . . . . . 32,377 1,421,026QEP Resources, Inc. . . . . . . . . . . . . . . . . . . . . . . 526,082 1,667,680

3,088,706

Oil Field Machinery & Equipment — 0.7%Dril-Quip, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . . 80,968 3,311,591

Oil Refining & Marketing — 0.9%HollyFrontier Corp. . . . . . . . . . . . . . . . . . . . . . . 91,864 4,126,531

Oil-Field Services — 1.4%MRC Global, Inc.† . . . . . . . . . . . . . . . . . . . . . . . 269,083 3,029,874Oil States International, Inc.† . . . . . . . . . . . . . . 216,770 2,336,781RPC, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 271,990 1,232,115

6,598,770

Publishing-Books — 0.4%Houghton Mifflin Harcourt Co.† . . . . . . . . . . . 350,951 1,937,250

Real Estate Investment Trusts — 13.3%American Campus Communities, Inc. . . . . . . 136,770 6,273,640Americold Realty Trust . . . . . . . . . . . . . . . . . . . 154,018 5,309,000Camden Property Trust . . . . . . . . . . . . . . . . . . 63,549 7,144,814Cousins Properties, Inc. . . . . . . . . . . . . . . . . . . . 149,079 6,101,803CubeSmart . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 219,488 6,951,185Easterly Government Properties, Inc. . . . . . . . 193,195 4,677,251Empire State Realty Trust, Inc., Class A . . . . . 251,786 3,414,218MGM Growth Properties LLC, Class A . . . . . 198,488 6,339,707Park Hotels & Resorts, Inc. . . . . . . . . . . . . . . . . 193,425 4,243,745STAG Industrial, Inc. . . . . . . . . . . . . . . . . . . . . . 223,510 7,205,962Sun Communities, Inc. . . . . . . . . . . . . . . . . . . . 39,987 6,484,692

64,146,017


(Note 2)

Recreational Vehicles — 1.4%Brunswick Corp. . . . . . . . . . . . . . . . . . . . . . . . . . 106,309 $ 6,681,521

Retail-Apparel/Shoe — 1.0%Foot Locker, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . 125,222 4,754,679

Retail-Home Furnishings — 1.2%Williams-Sonoma, Inc. . . . . . . . . . . . . . . . . . . . . 80,460 5,638,637

Retail-Jewelry — 0.7%Signet Jewelers, Ltd. . . . . . . . . . . . . . . . . . . . . . 141,839 3,448,106

Retail-Restaurants — 2.4%Bloomin’ Brands, Inc. . . . . . . . . . . . . . . . . . . . . 255,041 5,297,202Papa John’s International, Inc. . . . . . . . . . . . . . 98,752 6,397,154

11,694,356

Rubber/Plastic Products — 0.6%Trinseo SA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97,430 2,798,190

Savings & Loans/Thrifts — 1.1%Sterling Bancorp . . . . . . . . . . . . . . . . . . . . . . . . . 267,580 5,351,600

Semiconductor Components-Integrated Circuits — 2.1%Cypress Semiconductor Corp. . . . . . . . . . . . . . 233,487 5,447,252MaxLinear, Inc.† . . . . . . . . . . . . . . . . . . . . . . . . . 234,442 4,569,274

10,016,526

Semiconductor Equipment — 1.3%Kulicke & Soffa Industries, Inc. . . . . . . . . . . . . 234,530 6,071,982

Steel-Producers — 0.8%Carpenter Technology Corp. . . . . . . . . . . . . . . 103,238 4,102,678

Transport-Services — 0.9%Hub Group, Inc., Class A† . . . . . . . . . . . . . . . . 84,111 4,446,949

Transport-Truck — 1.0%Knight-Swift Transportation Holdings,

Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 135,516 5,024,933

Wire & Cable Products — 1.1%Belden, Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111,326 5,485,032

TOTAL INVESTMENTS(cost $461,760,161)(1) . . . . . . . . . . . . . . . . . . . . . 99.1% 479,453,158

Other assets less liabilities . . . . . . . . . . . . . . . . . . 0.9 4,486,007

NET ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0% $483,939,165

† Non-income producing security(1) See Note 3 for cost of investments on a tax basis.ADR — American Depositary Receipt

The following is a summary of the inputs used to value the Portfolio’s net assets as of January 31, 2020 (see Note 2):

Level 1 - UnadjustedQuoted Prices

Level 2 - OtherObservable Inputs

Level 3 - SignificantUnobservable Inputs Total

ASSETS:Investments at Value:*Common Stocks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $479,453,158 $— $— $479,453,158

* For a detailed presentation of investments, please refer to the Portfolio of Investments.

13

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset PortfolioPORTFOLIO PROFILE — January 31, 2020 — (unaudited)


United States Treasury Notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.4%U.S. Government Treasuries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.8Medical-Drugs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.7Applications Software . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8Banks-Commercial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Insurance-Life/Health . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Diversified Banking Institutions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Computers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9Medical Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.9E-Commerce/Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Finance-Credit Card . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.8Commercial Services-Finance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Cosmetics & Toiletries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Oil Companies-Integrated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Electric-Integrated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Web Portals/ISP . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Options Purchased . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Internet Content-Entertainment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Aerospace/Defense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Cable/Satellite TV . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Medical-Biomedical/Gene . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6Beverages-Non-alcoholic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Telephone-Integrated . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Auto-Cars/Light Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5Real Estate Investment Trusts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Insurance-Multi-line . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Chemicals-Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Beverages-Wine/Spirits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Tobacco . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Retail-Discount . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Airlines . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Machinery-General Industrial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Cellular Telecom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Electronic Components-Semiconductors . . . . . . . . . . . . . . . . . . . . . . 0.3Medical Instruments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Retail-Restaurants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Chemicals-Specialty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Transport-Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Insurance-Property/Casualty . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Medical-HMO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Instruments-Controls . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Retail-Apparel/Shoe . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Retail-Building Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Retail-Auto Parts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Brewery . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Food-Misc./Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Pharmacy Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Finance-Other Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Data Processing/Management . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Web Hosting/Design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Textile-Apparel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Coatings/Paint . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Medical-Hospitals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Food-Retail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Casino Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Electronic Forms . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Electronic Security Devices . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Semiconductor Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Advertising Agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Aerospace/Defense-Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Steel-Producers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2

Commercial Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2%Athletic Footwear . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Semiconductor Components-Integrated Circuits . . . . . . . . . . . . . . . . 0.2Diversified Minerals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Medical Labs & Testing Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Industrial Gases . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Telecom Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Computer Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Enterprise Software/Service . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Banks-Super Regional . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Distribution/Wholesale . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Oil Refining & Marketing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Wireless Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Diversified Manufacturing Operations . . . . . . . . . . . . . . . . . . . . . . . . 0.1E-Commerce/Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Computer Aided Design . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Real Estate Operations & Development . . . . . . . . . . . . . . . . . . . . . . . 0.1Agricultural Chemicals . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Building Products-Cement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Oil-Field Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Transport-Rail . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Computer Data Security . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Containers-Paper/Plastic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Investment Management/Advisor Services . . . . . . . . . . . . . . . . . . . . 0.1Auto-Heavy Duty Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Apparel Manufacturers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Computers-Periphery Equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Machinery-Pumps . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Electric-Generation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Electronic Measurement Instruments . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Investment Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Insurance Brokers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Metal-Diversified . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Human Resources . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Computers-Integrated Systems . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Tools-Hand Held . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Building-Heavy Construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Diversified Operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Diagnostic Kits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Retail-Drug Store . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Retail-Consumer Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Paper & Related Products . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1E-Services/Consulting . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Theaters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Retail-Catalog Shopping . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Auction Houses/Art Dealers . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Security Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

86.0%

Country Allocation*

United States . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73.7%Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2.3United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.5France . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Switzerland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.3Canada . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.1Australia . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0Germany . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7Ireland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.6

14

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset PortfolioPORTFOLIO PROFILE — January 31, 2020 — (unaudited) — (continued)

Country Allocation* (continued)

Netherlands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.5%Finland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.4Bermuda . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3Denmark . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Jersey . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Spain . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.2Hong Kong . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Belgium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Sweden . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Italy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Cayman Islands . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Singapore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1Luxembourg . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.1

86.0%


15

SunAmerica Series Trust SA Blackrock VCP Global Multi Asset PortfolioPORTFOLIO OF INVESTMENTS — January 31, 2020


(Note 2)

COMMON STOCKS — 34.2%Australia — 1.0%

Adelaide Brighton, Ltd. . . . . . . . . . . . . . . . . . . . 10,558 $ 25,314AGL Energy, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 29,676 391,509ALS, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,189 71,207Altium, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,749 71,519Ansell, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,750 58,162APA Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,581 19,241Aristocrat Leisure, Ltd. . . . . . . . . . . . . . . . . . . . 68,672 1,622,682Aurizon Holdings, Ltd. . . . . . . . . . . . . . . . . . . . 8,345 29,679AusNet Services . . . . . . . . . . . . . . . . . . . . . . . . . 57,571 67,383Australia & New Zealand Banking Group,

Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,255 38,282BHP Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . 20,426 526,011BlueScope Steel, Ltd. . . . . . . . . . . . . . . . . . . . . . 2,502 23,436Brambles, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,969 91,252carsales.com, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 934 10,525CIMIC Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . . 5,076 97,283Coca-Cola Amatil, Ltd. . . . . . . . . . . . . . . . . . . . 2,433 19,184Cochlear, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,096 490,715Coles Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 4,702 50,974Commonwealth Bank of Australia . . . . . . . . . 1,940 108,723Computershare, Ltd. . . . . . . . . . . . . . . . . . . . . . 883 10,492Crown Resorts, Ltd. . . . . . . . . . . . . . . . . . . . . . . 7,050 54,623CSL, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,466 504,223Dexus . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,536 38,057Domino’s Pizza Enterprises, Ltd. . . . . . . . . . . 1,163 42,139Flight Centre Travel Group, Ltd. . . . . . . . . . . . 262 6,849Fortescue Metals Group, Ltd. . . . . . . . . . . . . . . 12,190 91,337Goodman Group . . . . . . . . . . . . . . . . . . . . . . . . 6,757 66,268GPT Group . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11,193 44,424Harvey Norman Holdings, Ltd. . . . . . . . . . . . . 2,809 7,831IDP Education, Ltd. . . . . . . . . . . . . . . . . . . . . . . 6,294 72,928Insurance Australia Group, Ltd. . . . . . . . . . . . 5,222 24,354LendLease Group . . . . . . . . . . . . . . . . . . . . . . . . 2,333 27,866Macquarie Group, Ltd. . . . . . . . . . . . . . . . . . . . 6,903 657,450Magellan Financial Group, Ltd. . . . . . . . . . . . . 2,312 101,254Medibank Private, Ltd. . . . . . . . . . . . . . . . . . . . 11,388 23,164Mirvac Group . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,268 36,405National Australia Bank, Ltd. . . . . . . . . . . . . . 2,315 39,423Newcrest Mining, Ltd. . . . . . . . . . . . . . . . . . . . 3,167 63,759Orica, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,597 54,136Orora, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,924 12,606Qantas Airways, Ltd. . . . . . . . . . . . . . . . . . . . . . 3,021 12,837REA Group, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . 1,327 99,361Rio Tinto, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,984 129,225Santos, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,648 9,409Scentre Group . . . . . . . . . . . . . . . . . . . . . . . . . . . 212,898 543,100SEEK, Ltd. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,696 25,306Sonic Healthcare, Ltd. . . . . . . . . . . . . . . . . . . . . 13,192 275,013Spark Infrastructure Group . . . . . . . . . . . . . . . 21,013 30,484Stockland . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,860 31,987Tabcorp Holdings, Ltd. . . . . . . . . . . . . . . . . . . . 47,063 145,995Telstra Corp., Ltd. . . . . . . . . . . . . . . . . . . . . . . . 17,214 43,401Transurban Group . . . . . . . . . . . . . . . . . . . . . . . 1,205 12,478Treasury Wine Estates, Ltd. . . . . . . . . . . . . . . . 79,464 678,413Vicinity Centres . . . . . . . . . . . . . . . . . . . . . . . . . 13,258 22,274Westpac Banking Corp. . . . . . . . . . . . . . . . . . . . 3,330 55,200Woodside Petroleum, Ltd. . . . . . . . . . . . . . . . . 4,414 101,019Woolworths Group, Ltd. . . . . . . . . . . . . . . . . . . 11,178 306,516

8,314,687

Austria — 0.0%ANDRITZ AG . . . . . . . . . . . . . . . . . . . . . . . . . . . 121 4,769


(Note 2)

Austria (continued)Erste Group Bank AG . . . . . . . . . . . . . . . . . . . . 652 $ 23,945OMV AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 329 16,391Raiffeisen Bank International AG . . . . . . . . . . 819 18,678Verbund AG . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 4,910

68,693

Belgium — 0.1%Ageas . . . . . . .

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