SunAmerica Series Trust
03/04/2026 | Press release | Distributed by Public on 03/04/2026 14:11
Annual Report by Investment Company (Form N-CSR)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number
811-07238
SUNAMERICA SERIES TRUST
(Exact name of registrant as specified in charter)
5300 Memorial Drive, Suite 1150 Houston, TX 77007
(Address of principal executive offices)
John T. Genoy, President
SunAmerica Asset Management, LLC
One World Trade Center, 285 Fulton Street, Suite 49M
New York, NY 10007
(Name and address of agent for service)
Registrant's telephone number, including area code:
(800) 366-0066
Date of fiscal year end:
December 31
Date of reporting period:
December 31, 2025
Item 1. Reports to Stockholders.
(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:
SunAmerica Series Trust
SA Goldman Sachs Government and Quality Bond
(formerly SA Wellington Government and Quality Bond)
SA Goldman Sachs Government and Quality Bond
(formerly SA Wellington Government and Quality Bond)
Class 1
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA Goldman Sachs Government and Quality Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.
This report describes changes to the Portfolio that occurred during the reporting period.
Fund Expenses
What were the Portfolio costs for the last year ?
(Based on a hypothetical $10,000 investment)
| Portfolio (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| SA Goldman Sachs Government and Quality Bond Portfolio (Class 1)* | $61 | 0.59% |
| * |
The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Portfolio.
|
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
The Class 1 shares posted a return of 6.57% for the year ended December 31, 2025, compared to 7.30% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), 7.09% for the Bloomberg U.S. Government/Mortgage Index (the "Performance Index"), and 7.18% for the Bloomberg U.S. Aggregate A or Better Index (prior Performance Index). 2025 was a solid year for fixed income investments with major asset classes delivering high single-digit total returns. Strong GDP prints and easing monetary policy supported risk sentiment.
The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Goldman Sachs Asset Management L.P. - see Material Fund Changes for the time period covered | Allocations in the following sectors: mortgage-backed securities. Security selection in the following sectors: securitized credit. In aggregate: none
Wellington Management Company LLP - see Material Fund Changes for the time period covered | Allocations in the following sectors: none. Security selection in the following sectors: agency mortgage-backed securities; investment grade credit. In aggregate: duration positioning
TOP PERFORMANCE DETRACTORS
Goldman Sachs Asset Management L.P. - see Material Fund Changes for the time period covered | Allocations in the following sectors: none. Security selection in the following sectors: government securities; agency MBS securities. In aggregate: duration (using interest rate swaps)
Wellington Management Company LLP - see Material Fund Changes for the time period covered | Allocations in the following sectors: agency mortgage-backed securities; investment grade credit. Security selection in the following sectors: asset-backed securities. In aggregate: yield curve positioning
Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
|
SA Goldman Sachs Government and Quality Bond Portfolio (Class 1) |
6.57% | (0.78)% | 1.45% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Government/Mortgage Index | 7.09% | (0.53)% | 1.46% |
| Bloomberg U.S. Aggregate A or Better Index | 7.18% | (0.46)% | 1.72% |
The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.
Key Fund Statistics
The following table outlines key fund statistics.
| Net assets | $1,162M |
| Total number of portfolio holdings | 532 |
| Total net advisory fee paid | $6.3M |
| Portfolio turnover rate during the reporting period | 75% |
Graphical Representation of Holdings
The information below represents the composition of the Portfolio as of the end of the period.
Top Industries*
(% of net assets)
(% of net assets)
| U.S. Government & Agency Obligations | 78.2% |
| Short-Term Investments | 41.5% |
| Collateralized Mortgage Obligations | 7.3% |
| Other Asset Backed Securities | 3.8% |
| Banks | 0.5% |
| Auto Loan Receivables | 0.5% |
| Credit Card Receivables | 0.2% |
Portfolio Composition
(% of net assets)
(% of net assets)
Credit Quality **
(% of total debt issues)
(% of total debt issues)
* Percentages exclude derivatives (other than purchased options), if any.
** Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.
Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective July 28, 2025, Goldman Sachs Asset Management L.P. was appointed as subadviser replacing the existing subadviser, Wellington Management Company LLP. In connection with this change, the Portfolio's name was changed to the SA Goldman Sachs Government and Quality Bond Portfolio, and its investment goal was changed to: "The Portfolio's investment goal is to seek a high degree of income and total return, consistent with safety of principal and the high credit quality of U.S. Government securities." Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk, futures risk, swaps risk, swaptions risk, reverse repurchase agreements risk, leverage risk, call risk, collateralized loan obligation risk, short position risk, municipal securities risk, floating rate securities risk, roll transactions risk, and when-issued, delayed delivery and forward commitment transactions risk were added as principal risks. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.
86704H746 (02/26)
SunAmerica Series Trust
SunAmerica Series Trust
SA Goldman Sachs Government and Quality Bond
(formerly SA Wellington Government and Quality Bond)
SA Goldman Sachs Government and Quality Bond
(formerly SA Wellington Government and Quality Bond)
Class 2
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA Goldman Sachs Government and Quality Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.
This report describes changes to the Portfolio that occurred during the reporting period.
Fund Expenses
What were the Portfolio costs for the last year ?
(Based on a hypothetical $10,000 investment)
| Portfolio (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| SA Goldman Sachs Government and Quality Bond Portfolio (Class 2)* | $76 | 0.74% |
| * |
The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Portfolio.
|
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
The Class 2 shares posted a return of 6.45% for the year ended December 31, 2025, compared to 7.30% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), 7.09% for the Bloomberg U.S. Government/Mortgage Index (the "Performance Index"), and 7.18% for the Bloomberg U.S. Aggregate A or Better Index (prior Performance Index). 2025 was a solid year for fixed income investments with major asset classes delivering high single-digit total returns. Strong GDP prints and easing monetary policy supported risk sentiment.
The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Goldman Sachs Asset Management L.P. - see Material Fund Changes for the time period covered | Allocations in the following sectors: mortgage-backed securities. Security selection in the following sectors: securitized credit. In aggregate: none
Wellington Management Company LLP - see Material Fund Changes for the time period covered | Allocations in the following sectors: none. Security selection in the following sectors: agency mortgage-backed securities; investment grade credit. In aggregate: duration positioning
TOP PERFORMANCE DETRACTORS
Goldman Sachs Asset Management L.P. - see Material Fund Changes for the time period covered | Allocations in the following sectors: none. Security selection in the following sectors: government securities; agency MBS securities. In aggregate: duration (using interest rate swaps)
Wellington Management Company LLP - see Material Fund Changes for the time period covered | Allocations in the following sectors: agency mortgage-backed securities; investment grade credit. Security selection in the following sectors: asset-backed securities. In aggregate: yield curve positioning
Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
|
SA Goldman Sachs Government and Quality Bond Portfolio (Class 2) |
6.45% | (0.92)% | 1.31% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Government/Mortgage Index | 7.09% | (0.53)% | 1.46% |
| Bloomberg U.S. Aggregate A or Better Index | 7.18% | (0.46)% | 1.72% |
The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.
Key Fund Statistics
The following table outlines key fund statistics.
| Net assets | $1,162M |
| Total number of portfolio holdings | 532 |
| Total net advisory fee paid | $6.3M |
| Portfolio turnover rate during the reporting period | 75% |
Graphical Representation of Holdings
The information below represents the composition of the Portfolio as of the end of the period.
Top Industries*
(% of net assets)
(% of net assets)
| U.S. Government & Agency Obligations | 78.2% |
| Short-Term Investments | 41.5% |
| Collateralized Mortgage Obligations | 7.3% |
| Other Asset Backed Securities | 3.8% |
| Banks | 0.5% |
| Auto Loan Receivables | 0.5% |
| Credit Card Receivables | 0.2% |
Portfolio Composition
(% of net assets)
(% of net assets)
Credit Quality **
(% of total debt issues)
(% of total debt issues)
* Percentages exclude derivatives (other than purchased options), if any.
** Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.
Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective July 28, 2025, Goldman Sachs Asset Management L.P. was appointed as subadviser replacing the existing subadviser, Wellington Management Company LLP. In connection with this change, the Portfolio's name was changed to the SA Goldman Sachs Government and Quality Bond Portfolio, and its investment goal was changed to: "The Portfolio's investment goal is to seek a high degree of income and total return, consistent with safety of principal and the high credit quality of U.S. Government securities." Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk, futures risk, swaps risk, swaptions risk, reverse repurchase agreements risk, leverage risk, call risk, collateralized loan obligation risk, short position risk, municipal securities risk, floating rate securities risk, roll transactions risk, and when-issued, delayed delivery and forward commitment transactions risk were added as principal risks. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.
86704H738 (02/26)
SunAmerica Series Trust
SunAmerica Series Trust
SA Goldman Sachs Government and Quality Bond
(formerly SA Wellington Government and Quality Bond)
SA Goldman Sachs Government and Quality Bond
(formerly SA Wellington Government and Quality Bond)
Class 3
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA Goldman Sachs Government and Quality Bond Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.
This report describes changes to the Portfolio that occurred during the reporting period.
Fund Expenses
What were the Portfolio costs for the last year ?
(Based on a hypothetical $10,000 investment)
| Portfolio (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| SA Goldman Sachs Government and Quality Bond Portfolio (Class 3)* | $87 | 0.84% |
| * |
The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Portfolio.
|
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
The Class 3 shares posted a return of 6.31% for the year ended December 31, 2025, compared to 7.30% for the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index), 7.09% for the Bloomberg U.S. Government/Mortgage Index (the "Performance Index"), and 7.18% for the Bloomberg U.S. Aggregate A or Better Index (prior Performance Index). 2025 was a solid year for fixed income investments with major asset classes delivering high single-digit total returns. Strong GDP prints and easing monetary policy supported risk sentiment.
The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Goldman Sachs Asset Management L.P. - see Material Fund Changes for the time period covered | Allocations in the following sectors: mortgage-backed securities. Security selection in the following sectors: securitized credit. In aggregate: none
Wellington Management Company LLP - see Material Fund Changes for the time period covered | Allocations in the following sectors: none. Security selection in the following sectors: agency mortgage-backed securities; investment grade credit. In aggregate: duration positioning
TOP PERFORMANCE DETRACTORS
Goldman Sachs Asset Management L.P. - see Material Fund Changes for the time period covered | Allocations in the following sectors: none. Security selection in the following sectors: government securities; agency MBS securities. In aggregate: duration (using interest rate swaps)
Wellington Management Company LLP - see Material Fund Changes for the time period covered | Allocations in the following sectors: agency mortgage-backed securities; investment grade credit. Security selection in the following sectors: asset-backed securities. In aggregate: yield curve positioning
Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
|
SA Goldman Sachs Government and Quality Bond Portfolio (Class 3) |
6.31% | (1.02)% | 1.21% |
| Bloomberg U.S. Aggregate Bond Index | 7.30% | (0.36)% | 2.01% |
| Bloomberg U.S. Government/Mortgage Index | 7.09% | (0.53)% | 1.46% |
| Bloomberg U.S. Aggregate A or Better Index | 7.18% | (0.46)% | 1.72% |
The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.
Key Fund Statistics
The following table outlines key fund statistics.
| Net assets | $1,162M |
| Total number of portfolio holdings | 532 |
| Total net advisory fee paid | $6.3M |
| Portfolio turnover rate during the reporting period | 75% |
Graphical Representation of Holdings
The information below represents the composition of the Portfolio as of the end of the period.
Top Industries*
(% of net assets)
(% of net assets)
| U.S. Government & Agency Obligations | 78.2% |
| Short-Term Investments | 41.5% |
| Collateralized Mortgage Obligations | 7.3% |
| Other Asset Backed Securities | 3.8% |
| Banks | 0.5% |
| Auto Loan Receivables | 0.5% |
| Credit Card Receivables | 0.2% |
Portfolio Composition
(% of net assets)
(% of net assets)
Credit Quality **
(% of total debt issues)
(% of total debt issues)
* Percentages exclude derivatives (other than purchased options), if any.
** Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.
Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. Effective July 28, 2025, Goldman Sachs Asset Management L.P. was appointed as subadviser replacing the existing subadviser, Wellington Management Company LLP. In connection with this change, the Portfolio's name was changed to the SA Goldman Sachs Government and Quality Bond Portfolio, and its investment goal was changed to: "The Portfolio's investment goal is to seek a high degree of income and total return, consistent with safety of principal and the high credit quality of U.S. Government securities." Additionally, changes to the Portfolio's investment strategies and techniques were adjusted to match the investment processes and techniques used by the subadviser. As a result of these changes, derivatives risk, futures risk, swaps risk, swaptions risk, reverse repurchase agreements risk, leverage risk, call risk, collateralized loan obligation risk, short position risk, municipal securities risk, floating rate securities risk, roll transactions risk, and when-issued, delayed delivery and forward commitment transactions risk were added as principal risks. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.
86704H720 (02/26)
SunAmerica Series Trust
SunAmerica Series Trust
SA Wellington Capital Appreciation
SA Wellington Capital Appreciation
Class 1
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.
This report describes changes to the Portfolio that occurred during the reporting period.
Fund Expenses
What were the Portfolio costs for the last year ?
(Based on a hypothetical $10,000 investment)
| Portfolio (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| SA Wellington Capital Appreciation Portfolio (Class 1)* | $78 | 0.73% |
| * |
The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Portfolio.
|
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
The Class 1 shares posted a return of 14.53% for the year ended December 31, 2025, compared to 17.15% for the Russell 3000® Index (a broad-based securities market index) and 18.15% for the Russell 3000® Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed small- and mid-cap equities, according to the Russell® family of indices. Growth stocks outperformed value stocks within large- and small-cap equities, according to the Russell® family of indices.
The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Allocations in the following sectors | communication services; consumer staples
Security selection in the following sectors | health care; industrials
Position weightings | Celestica, Inc.; Alphabet, Inc.; Exact Sciences Corp.
TOP PERFORMANCE DETRACTORS
Allocations in the following sectors | health care; consumer discretionary; information technology
Security selection in the following sectors | information technology; consumer discretionary; utilities
Position weightings | Apple, Inc.; Marvell Technology, Inc.; ARM Holdings PLC ADR
Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
|
SA Wellington Capital Appreciation Portfolio (Class 1) |
14.53% | 8.81% | 16.03% |
| Russell 3000® Index | 17.15% | 13.15% | 14.29% |
| Russell 3000® Growth Index | 18.15% | 14.59% | 17.59% |
The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.
Key Fund Statistics
The following table outlines key fund statistics.
| Net assets | $2,454M |
| Total number of portfolio holdings | 55 |
| Total net advisory fee paid | $16.6M |
| Portfolio turnover rate during the reporting period | 89% |
Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.
Top Industries*
| Internet | 27.6% |
| Semiconductors | 22.1% |
| Software | 10.1% |
| Computers | 6.3% |
| Pharmaceuticals | 4.3% |
| Electronics | 3.7% |
| Auto Manufacturers | 3.7% |
| Media | 2.5% |
| Diversified Financial Services | 2.5% |
| Healthcare-Products | 2.4% |
| Telecommunications | 2.1% |
| Private Equity | 1.7% |
| Retail | 1.3% |
| Beverages | 1.3% |
| Lodging | 1.3% |
Portfolio Composition
* Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.
86704H779 (02/26)
SunAmerica Series Trust
SunAmerica Series Trust
SA Wellington Capital Appreciation
SA Wellington Capital Appreciation
Class 2
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.
This report describes changes to the Portfolio that occurred during the reporting period.
Fund Expenses
What were the Portfolio costs for the last year ?
(Based on a hypothetical $10,000 investment)
| Portfolio (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| SA Wellington Capital Appreciation Portfolio (Class 2)* | $94 | 0.88% |
| * |
The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Portfolio.
|
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
The Class 2 shares posted a return of 14.38% for the year ended December 31, 2025, compared to 17.15% for the Russell 3000® Index (a broad-based securities market index) and 18.15% for the Russell 3000® Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed small- and mid-cap equities, according to the Russell® family of indices. Growth stocks outperformed value stocks within large- and small-cap equities, according to the Russell® family of indices.
The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Allocations in the following sectors | communication services; consumer staples
Security selection in the following sectors | health care; industrials
Position weightings | Celestica, Inc.; Alphabet, Inc.; Exact Sciences Corp.
TOP PERFORMANCE DETRACTORS
Allocations in the following sectors | health care; consumer discretionary; information technology
Security selection in the following sectors | information technology; consumer discretionary; utilities
Position weightings | Apple, Inc.; Marvell Technology, Inc.; ARM Holdings PLC ADR
Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
|
SA Wellington Capital Appreciation Portfolio (Class 2) |
14.38% | 8.65% | 15.86% |
| Russell 3000® Index | 17.15% | 13.15% | 14.29% |
| Russell 3000® Growth Index | 18.15% | 14.59% | 17.59% |
The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.
Key Fund Statistics
The following table outlines key fund statistics.
| Net assets | $2,454M |
| Total number of portfolio holdings | 55 |
| Total net advisory fee paid | $16.6M |
| Portfolio turnover rate during the reporting period | 89% |
Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.
Top Industries*
| Internet | 27.6% |
| Semiconductors | 22.1% |
| Software | 10.1% |
| Computers | 6.3% |
| Pharmaceuticals | 4.3% |
| Electronics | 3.7% |
| Auto Manufacturers | 3.7% |
| Media | 2.5% |
| Diversified Financial Services | 2.5% |
| Healthcare-Products | 2.4% |
| Telecommunications | 2.1% |
| Private Equity | 1.7% |
| Retail | 1.3% |
| Beverages | 1.3% |
| Lodging | 1.3% |
Portfolio Composition
* Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.
86704H761 (02/26)
SunAmerica Series Trust
SunAmerica Series Trust
SA Wellington Capital Appreciation
SA Wellington Capital Appreciation
Class 3
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.
This report describes changes to the Portfolio that occurred during the reporting period.
Fund Expenses
What were the Portfolio costs for the last year ?
(Based on a hypothetical $10,000 investment)
| Portfolio (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| SA Wellington Capital Appreciation Portfolio (Class 3)* | $105 | 0.98% |
| * |
The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Portfolio.
|
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
The Class 3 shares posted a return of 14.26% for the year ended December 31, 2025, compared to 17.15% for the Russell 3000® Index (a broad-based securities market index) and 18.15% for the Russell 3000® Growth Index (the "Performance Index"). Over the period, U.S. large-cap equities outperformed small- and mid-cap equities, according to the Russell® family of indices. Growth stocks outperformed value stocks within large- and small-cap equities, according to the Russell® family of indices.
The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
Allocations in the following sectors | communication services; consumer staples
Security selection in the following sectors | health care; industrials
Position weightings | Celestica, Inc.; Alphabet, Inc.; Exact Sciences Corp.
TOP PERFORMANCE DETRACTORS
Allocations in the following sectors | health care; consumer discretionary; information technology
Security selection in the following sectors | information technology; consumer discretionary; utilities
Position weightings | Apple, Inc.; Marvell Technology, Inc.; ARM Holdings PLC ADR
Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
|
SA Wellington Capital Appreciation Portfolio (Class 3) |
14.26% | 8.54% | 15.75% |
| Russell 3000® Index | 17.15% | 13.15% | 14.29% |
| Russell 3000® Growth Index | 18.15% | 14.59% | 17.59% |
The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.
Key Fund Statistics
The following table outlines key fund statistics.
| Net assets | $2,454M |
| Total number of portfolio holdings | 55 |
| Total net advisory fee paid | $16.6M |
| Portfolio turnover rate during the reporting period | 89% |
Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.
Top Industries*
| Internet | 27.6% |
| Semiconductors | 22.1% |
| Software | 10.1% |
| Computers | 6.3% |
| Pharmaceuticals | 4.3% |
| Electronics | 3.7% |
| Auto Manufacturers | 3.7% |
| Media | 2.5% |
| Diversified Financial Services | 2.5% |
| Healthcare-Products | 2.4% |
| Telecommunications | 2.1% |
| Private Equity | 1.7% |
| Retail | 1.3% |
| Beverages | 1.3% |
| Lodging | 1.3% |
Portfolio Composition
* Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.
86704H753 (02/26)
SunAmerica Series Trust
SunAmerica Series Trust
SA Wellington Strategic Multi-Asset
SA Wellington Strategic Multi-Asset
Class 1
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA Wellington Strategic Multi-Asset Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.
This report describes changes to the Portfolio that occurred during the reporting period.
Fund Expenses
What were the Portfolio costs for the last year ?
(Based on a hypothetical $10,000 investment)
| Portfolio (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| SA Wellington Strategic Multi-Asset Portfolio (Class 1)* | $87 | 0.81% |
| * |
The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Portfolio.
|
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
The Class 1 shares posted a return of 14.33% for the year ended December 31, 2025, compared to 22.34% for the MSCI ACWI Index (net) (a broad-based securities market index) and 15.62% for the Blended Index (the "Performance Index") comprised of 65% MSCI ACWI Index (net); 35% FTSE World Government Bond Index (U.S. $ Hedged). Over the period, U.S. equities underperformed international developed and emerging markets equities. The bond market witnessed positive returns over the last 12 months.
The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
For the equity segment of the fund | Allocations in the following sectors: health care; consumer staples; information technology. Security selection in the following sectors: communication services; health care. Position weightings: SK Hynix, Inc.; Societe Generale SA, Teva Pharmaceutical Industries, Ltd. Exposure to the following countries: France; Israel; Netherlands
For the fixed income segment of the fund | Allocations in the following strategies: currency; duration; yield curve; credit
TOP PERFORMANCE DETRACTORS
For the equity segment of the fund | Allocations in the following sectors: cash; consumer discretionary; financials. Security selection in the following sectors: financials, consumer discretionary, utilities. Position weightings: UnitedHealth Group, Inc.; ServiceNow, Inc.; adidas AG. Exposure to the following countries: United States; Italy; United Kingdom
For the fixed income segment of the fund | Allocations in the following strategies: country
Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below for the last 10 fiscal years of the Portfolio.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year | 10 Year |
|
SA Wellington Strategic Multi-Asset Portfolio (Class 1) |
14.33% | 5.86% | 7.44% |
| MSCI ACWI Index (net) | 22.34% | 11.19% | 11.72% |
| 65% MSCI ACWI Index (net); 35% FTSE WGBI (U.S.$ Hedged) | 15.62% | 7.02% | 8.39% |
The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.
Key Fund Statistics
The following table outlines key fund statistics.
| Net assets | $175M |
| Total number of portfolio holdings | 511 |
| Total net advisory fee paid | $1.1M |
| Portfolio turnover rate during the reporting period | 69% |
Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.
Top Industries*
| U.S. Government & Agency Obligations | 14.4% |
| Foreign Government Obligations | 14.1% |
| Internet | 11.0% |
| Semiconductors | 8.9% |
| Banks | 4.9% |
| Pharmaceuticals | 4.4% |
| Software | 3.1% |
| Insurance | 2.9% |
| Short-Term Investments | 2.4% |
| Unaffiliated Investment Companies | 2.2% |
| Distribution/Wholesale | 2.1% |
| Aerospace/Defense | 2.0% |
| Diversified Financial Services | 2.0% |
| Computers | 1.9% |
| Healthcare-Products | 1.7% |
Portfolio Composition
* Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.
86704H712 (02/26)
SunAmerica Series Trust
SunAmerica Series Trust
SA Wellington Strategic Multi-Asset
SA Wellington Strategic Multi-Asset
Class 3
ANNUAL SHAREHOLDER REPORT | December 31, 2025
This annual shareholder report contains important information about the SunAmerica Series Trust SA Wellington Strategic Multi-Asset Portfolio (the "Portfolio") for the period of January 1, 2025 to December 31, 2025. You can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the variable annuity contracts and/or variable life policies in which you are invested (collectively, the "Variable Contracts") at 1-800-448-2542.
This report describes changes to the Portfolio that occurred during the reporting period.
Fund Expenses
What were the Portfolio costs for the last year ?
(Based on a hypothetical $10,000 investment)
| Portfolio (Class) | Costs of a $10,000 investment |
Costs paid as a percentage of a $10,000 investment |
| SA Wellington Strategic Multi-Asset Portfolio (Class 3)* | $113 | 1.06% |
| * |
The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies ("Variable Contracts") that invest in the Portfolio.
|
Management's Discussion of Fund Performance
SUMMARY OF RESULTS
The Class 3 shares posted a return of 14.09% for the year ended December 31, 2025, compared to 22.34% for the MSCI ACWI Index (net) (a broad-based securities market index) and 15.62% for the Blended Index (the "Performance Index") comprised of 65% MSCI ACWI Index (net); 35% FTSE World Government Bond Index (U.S. $ Hedged). Over the period, U.S. equities underperformed international developed and emerging markets equities. The bond market witnessed positive returns over the last 12 months.
The following is a summary of the top contributors and detractors that impacted the Portfolio's performance during the year relative to the Performance Index.
TOP PERFORMANCE CONTRIBUTORS
For the equity segment of the fund | Allocations in the following sectors: health care; consumer staples; information technology. Security selection in the following sectors: communication services; health care. Position weightings: SK Hynix, Inc.; Societe Generale SA, Teva Pharmaceutical Industries, Ltd. Exposure to the following countries: France; Israel; Netherlands
For the fixed income segment of the fund | Allocations in the following strategies: currency; duration; yield curve; credit
TOP PERFORMANCE DETRACTORS
For the equity segment of the fund | Allocations in the following sectors: cash; consumer discretionary; financials. Security selection in the following sectors: financials, consumer discretionary, utilities. Position weightings: UnitedHealth Group, Inc.; ServiceNow, Inc.; adidas AG. Exposure to the following countries: United States; Italy; United Kingdom
For the fixed income segment of the fund | Allocations in the following strategies: country
Fund Performance
The following graph compares a $10,000 initial investment in the Portfolio to the index(es) listed below since inception of the Portfolio.
GROWTH OF $10,000
| AVERAGE ANNUAL TOTAL RETURN | 1 Year | 5 Year |
Since Inception 9/26/2016 |
|
SA Wellington Strategic Multi-Asset Portfolio (Class 3) |
14.09% | 5.60% | 7.45% |
| MSCI ACWI Index (net) | 22.34% | 11.19% | 11.90% |
| 65% MSCI ACWI Index (net); 35% FTSE WGBI (U.S.$ Hedged) | 15.62% | 7.02% | 8.30% |
The Portfolio 's past performance is not a good predictor of how the Portfolio will perform in the future.
The graph and table do not reflect the deduction of taxes that a shareholder would pay on Portfolio distributions or redemption of Portfolio shares. The Portfolio's returns reflect investment management fees and other Portfolio expenses. Charges imposed by the Variable Contracts that invest in the Portfolio are not included in the Portfolio's returns.
Key Fund Statistics
The following table outlines key fund statistics.
| Net assets | $175M |
| Total number of portfolio holdings | 511 |
| Total net advisory fee paid | $1.1M |
| Portfolio turnover rate during the reporting period | 69% |
Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.
Top Industries*
| U.S. Government & Agency Obligations | 14.4% |
| Foreign Government Obligations | 14.1% |
| Internet | 11.0% |
| Semiconductors | 8.9% |
| Banks | 4.9% |
| Pharmaceuticals | 4.4% |
| Software | 3.1% |
| Insurance | 2.9% |
| Short-Term Investments | 2.4% |
| Unaffiliated Investment Companies | 2.2% |
| Distribution/Wholesale | 2.1% |
| Aerospace/Defense | 2.0% |
| Diversified Financial Services | 2.0% |
| Computers | 1.9% |
| Healthcare-Products | 1.7% |
Portfolio Composition
* Percentages exclude derivatives (other than purchased options), if any.
Material Fund Changes
This is a summary of certain changes to the Portfolio since the beginning of the period. In addition, effective January 1, 2026, SunAmerica Asset Management, LLC ("SunAmerica"), the investment adviser to the Portfolio, was acquired by Venerable Holdings, Inc. from SunAmerica's prior owner, Corebridge Financial, Inc., which resulted in a change of control of SunAmerica and termination of its investment advisory agreement with the Portfolio. A new investment advisory agreement effective January 1, 2026 was approved by shareholders of the Portfolio at a December 8, 2025 shareholder meeting. For more comprehensive information, you can find additional information about the Portfolio at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542.
Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.
Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at venerable.onlineprospectus.net/funds/sast_sst/. You can also request this information by calling Corebridge Financial, Inc., the indirect owner of the issuers of the Variable Contracts in which you are invested at 1-800-448-2542. For additional information, please scan the QR code at the bottom to navigate to additional hosted material.
86704H696 (02/26)
SunAmerica Series Trust
(b) Not applicable.
Item 2. Code of Ethics.
SunAmerica Series Trust (the "registrant") has adopted a Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 (the "Code"). During the fiscal year ended December 31, 2025, there were no reportable waivers or implicit waivers to a provision of the Code that applies to the registrant's Principal Executive and Principal Financial Officers (the "Covered Officers").
Item 3. Audit Committee Financial Expert.
The registrant's Board of Trustees has determined that Tracey C. Doi, Jane Jelenko and Charles H. Self III each qualify as an audit committee financial expert, as defined in Item 3(b) of Form N-CSR. Ms. Doi, Ms. Jelenko and Mr. Self III are considered "independent" for purposes of Item3(a)(2) of Form N-CSR.
Item 4. Principal Accountant Fees and Services.
(a) - (d) Aggregate fees billed to the registrant for the last two fiscal years for professional services rendered by the registrant's principal accountant were as follows:
| 2025 | 2024 | |
| (a) Audit Fees | $156,363 | $156,362 |
| (b) Audit-Related Fees | $0 | $0 |
| (c) Tax Fees | $43,621 | $43,621 |
| (d) All Other Fees | $0 | $0 |
Audit Fees include amounts related to the audit of the registrant's annual financial statements and services normally provided by the principal accountant in connection with statutory and regulatory filings.
Aggregate fees billed to the investment adviser and Adviser Affiliates (as defined below in Item 4(e)) that are required to be pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X for the last two fiscal years for services rendered by the registrant's principal accountant were as follows:
| 2025 | 2024 | |
| (b) Audit-Related Fees | $0 | $103,488 |
| (c) Tax Fees | $0 | $0 |
| (d) All Other Fees | $488,000 | $786,000 |
All other fees are for professional services rendered by the registrant's principal accountant for services associated with issuing a SSAE18 report.
(e) (1) The registrant's audit committee pre-approves all audit services provided by the registrant's principal accountant for the registrant and all non-audit services provided by the registrant's principal accountant for the registrant, its investment adviser and any entities controlling, controlled by, or under common control with the investment adviser ("Adviser Affiliates") that provide ongoing services to the registrant, if the engagement by the investment adviser or Adviser Affiliate relates directly to the operations and financial reporting of the registrant. The audit committee has not presently established any pre-approval policies and procedures that permit the preapproval of the above services other than by the full audit committee. Certain de minimis exceptions are allowed for non-audit services in accordance with Rule 2-01(c)(7)(i)(C) of Regulation S-X as set forth in the registrant's audit committee charter .
(2) No services included in (b)-(d) above in connection with fees billed to the registrant or the investment adviser or Adviser Affiliates were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.
(f) Not applicable.
(g) The aggregate fees billed for the most recent fiscal year and the preceding fiscal year by the registrant's principal accountant for non-audit services rendered to the registrant, its investment adviser, and Adviser Affiliates that provide ongoing services to the registrant for 2025 and 2024 were $531,621 and $933,109 respectively.
(h) Non-audit services rendered to the registrant's investment adviser and any Adviser Affiliates that provide ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X were considered by the registrant's audit committee as to whether they were compatible with maintaining the principal accountant's independence.
(i) Not applicable.
(j) Not Applicable.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Included in Item 7 to the Form.
(b) Not applicable.
Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.
SunAmerica Series Trust
Annual Financial Statements and Other Information
December 31, 2025
SunAmerica Series Trust
Annual Financial Statements and Other Information December 31, 2025
| TABLE OF CONTENTS | |
| Portfolio of Investments: | |
|
SA Goldman Sachs Government and Quality Bond Portfolio (formerly SA Wellington Government and Quality Bond Portfolio)
|
3 |
|
SA Wellington Capital Appreciation Portfolio
|
7 |
|
SA Wellington Strategic Multi-Asset Portfolio
|
9 |
|
Statements of Assets and Liabilities
|
19 |
|
Statements of Operations
|
20 |
|
Statements of Changes in Net Assets
|
21 |
|
Notes to Financial Statements
|
22 |
|
Financial Highlights
|
35 |
|
Report of Independent Registered Public Accounting Firm
|
37 |
|
Shareholder Tax Information
|
38 |
|
Changes in and Disagreements with Accountants (Item 8 Form N-CSR)
|
39 |
|
Results of Special Shareholder Meeting (Item 9 Form N-CSR)
|
40 |
|
Remuneration Paid to Directors, Officers, and Others (Item 10 Form N-CSR)
|
41 |
|
Approval of Advisory and Subadvisory Agreements (Item 11 Form N-CSR)
|
42 |
Table of Contents
SunAmerica Series Trust SA Goldman Sachs Government and Quality Bond Portfolio^
PORTFOLIO OF INVESTMENTS - December 31, 2025
| Security Description |
Shares or Principal Amount |
Value | |
| CORPORATE BONDS & NOTES - 0.5% | |||
| Banks - 0.5% | |||
| Commonwealth Bank of Australia | |||
|
5.07%, 09/14/2028* (cost $9,863,274) |
$ 5,890,000 | $ 6,086,773 | |
| ASSET BACKED SECURITIES - 4.5% | |||
| Auto Loan Receivables - 0.5% | |||
| SFS Auto Receivables Securitization Trust | |||
|
Series 2024-2A, Class A3 5.33%, 11/20/2029* |
5,484,690 | 5,543,904 | |
| Credit Card Receivables - 0.2% | |||
| Capital One Multi-Asset Execution Trust | |||
|
Series 2025-A3, Class A 4.65%, 10/15/2037 |
1,900,000 | 1,899,901 | |
| Other Asset Backed Securities - 3.8% | |||
| 720 East CLO VIII, Ltd. FRS | |||
|
Series 2025-8A, Class A1 5.39%, (TSFR3M+1.31%), 07/20/2038* |
6,080,000 | 6,095,011 | |
| AGL CLO, Ltd. FRS | |||
|
Series 2025-44A, Class A 5.10%, (TSFR3M+1.15%), 10/22/2037* |
5,400,000 | 5,395,016 | |
| Arini US CLO III, Ltd. FRS | |||
|
Series 3A, Class A 5.19%, (TSFR3M+1.27%), 01/15/2039* |
3,630,000 | 3,631,739 | |
| CARLYLE US CLO, Ltd. FRS | |||
|
Series 2021-8A, Class A1R 5.25%, (TSFR3M+1.27%), 10/15/2038* |
5,825,000 | 5,835,368 | |
| Diameter Capital CLO 10, Ltd. FRS | |||
|
Series 2025-10A, Class A 5.19%, (TSFR3M+1.31%), 04/20/2038* |
3,760,000 | 3,767,136 | |
| Diameter Capital Clo 2, Ltd. FRS | |||
|
Series 2021-2A, Class A1R 5.29%, (TSFR3M+1.39%), 10/15/2037* |
4,860,000 | 4,876,242 | |
| Madison Park Funding XL-R, Ltd. FRS | |||
|
Series 2025-40RA, Class A 5.25%, (TSFR3M+1.29%), 10/16/2038* |
4,725,000 | 4,737,276 | |
| Retained Vantage Data Centers Issuer LLC | |||
|
Series 2023-1A, Class A2A 5.00%, 09/15/2048* |
6,098,000 | 6,078,982 | |
| Symphony CLO 36, Ltd. FRS | |||
|
Series 2025-52A, Class AR 1.00%, (TSFR3M+1.15%), 01/20/2036* |
4,300,000 | 4,300,000 | |
| 44,716,770 | |||
|
Total Asset Backed Securities (cost $51,552,161) |
52,160,575 | ||
| COLLATERALIZED MORTGAGE OBLIGATIONS - 7.3% | |||
| Commercial and Residential - 4.6% | |||
| Angel Oak Mtg. Trust VRS | |||
|
Series 2019-6, Class A1 2.62%, 11/25/2059*(1) |
35,080 | 34,754 | |
| BANK5 | |||
|
Series 2024-5YR7, Class A3 5.77%, 06/15/2057 |
1,000,000 | 1,043,689 | |
|
Series 2024-5YR11, Class A3 5.89%, 11/15/2057 |
1,133,564 | 1,191,560 | |
| BMARK VRS | |||
|
Series 2023-V4, Class A3 6.84%, 11/15/2056(1) |
5,525,000 | 5,849,630 | |
| BRAVO Residential Funding Trust | |||
|
Series 2025-NQM7, Class A1A 5.46%, 07/25/2065*(2) |
3,993,434 | 4,029,822 | |
| Security Description |
Shares or Principal Amount |
Value | |
| Commercial and Residential (continued) | |||
| BSTN Commercial Mtg. Trust VRS | |||
|
Series 2025-1C, Class A 5.37%, 06/15/2044*(1) |
$ 3,500,000 | $ 3,594,024 | |
| BX Commercial Mtg. Trust FRS | |||
|
Series 2025-BCAT, Class A 5.13%, (TSFR1M+1.38%), 08/15/2042* |
2,874,854 | 2,878,436 | |
| BX Trust FRS | |||
|
Series 2025-ROIC, Class A 4.89%, (TSFR1M+1.14%), 03/15/2030* |
3,984,460 | 3,979,482 | |
| COLT Mtg. Loan Trust | |||
|
Series 2025-7, Class A1 5.47%, 06/25/2070*(2) |
3,901,838 | 3,940,390 | |
| COMM Mtg. Trust | |||
|
Series 2024-277P, Class A 6.34%, 08/10/2044* |
4,000,000 | 4,213,773 | |
| Durst Commercial Mtg. Trust VRS | |||
|
Series 2025-151, Class A 5.15%, 08/10/2042*(1) |
3,650,000 | 3,723,157 | |
|
Series 2025-151, Class B 5.58%, 08/10/2042*(1) |
1,850,000 | 1,888,098 | |
| Flagstar Mtg. Trust VRS | |||
|
Series 2018-3INV, Class A3 4.00%, 05/25/2048*(1) |
597,014 | 558,091 | |
| Houston Galleria Mall Trust VRS | |||
|
Series 2025-HGLR, Class A 5.46%, 02/05/2045*(1) |
1,155,000 | 1,196,797 | |
| IRV Trust VRS | |||
|
Series 2025-200P, Class A 5.29%, 03/14/2047*(1) |
4,000,000 | 4,104,186 | |
| KRE Commercial Mtg. Trust FRS | |||
|
Series 2025-AIP4, Class A 5.05%, (TSFR1M+1.30%), 03/15/2042* |
5,175,000 | 5,168,537 | |
| MetLife Securitization Trust VRS | |||
|
Series 2017-1A, Class A 3.00%, 04/25/2055*(1) |
267,981 | 259,332 | |
| ROCK Trust | |||
|
Series 2024-CNTR, Class B 5.93%, 11/13/2041* |
2,700,000 | 2,789,863 | |
| Towd Point Mtg. Trust VRS | |||
|
Series 2017-4, Class A1 2.75%, 06/25/2057*(1) |
272,893 | 268,228 | |
|
Series 2018-1, Class A1 3.00%, 01/25/2058*(1) |
48,943 | 48,647 | |
| Verus Securitization Trust VRS | |||
|
Series 2025-1, Class A1 5.62%, 01/25/2070*(1) |
3,164,789 | 3,194,079 | |
| 53,954,575 | |||
| U.S. Government Agency - 2.7% | |||
| Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. | |||
|
Series K516, Class A2 5.48%, 01/25/2029 |
6,000,000 | 6,247,649 | |
| Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS | |||
|
Series K157, Class A2 3.99%, 05/25/2033(1) |
1,950,000 | 1,942,360 | |
|
Series K758, Class A2 4.68%, 10/25/2031(1) |
1,775,000 | 1,816,842 | |
| Federal Home Loan Mtg. Corp. REMIC | |||
|
Series 4146, Class AB 1.13%, 12/15/2027 |
176,952 | 173,432 | |
3
Table of Contents
SunAmerica Series Trust SA Goldman Sachs Government and Quality Bond Portfolio^
PORTFOLIO OF INVESTMENTS - December 31, 2025 - (continued)
| Security Description |
Shares or Principal Amount |
Value | |
| COLLATERALIZED MORTGAGE OBLIGATIONS (continued) | |||
| U.S. Government Agency (continued) | |||
|
Series 4142, Class PT 1.25%, 12/15/2027 |
$ 152,469 | $ 149,279 | |
|
Series 5170, Class DP 2.00%, 07/25/2050 |
3,378,997 | 3,005,421 | |
|
Series 4654, Class KA 3.00%, 06/15/2045 |
1,488,528 | 1,446,285 | |
|
Series 3967, Class ZP 4.00%, 09/15/2041 |
1,416,363 | 1,380,904 | |
|
Series 4809, Class CZ 4.00%, 07/15/2048 |
1,292,073 | 1,242,354 | |
| Federal Home Loan Mtg. Corp. SCRT | |||
|
Series 2021-1, Class MTU 2.50%, 09/25/2060 |
6,162,760 | 5,057,215 | |
|
Series 2019-3, Class MA 3.50%, 10/25/2058 |
637,562 | 624,849 | |
| Federal National Mtg. Assoc. REMIC | |||
|
Series 2013-9, Class PT 1.25%, 02/25/2028 |
134,027 | 130,998 | |
|
Series 2012-103, Class HB 1.50%, 09/25/2027 |
370,005 | 363,852 | |
|
Series 2020-27, Class HC 1.50%, 10/25/2049 |
2,899,556 | 2,313,733 | |
|
Series 2014-95, Class ZC 3.00%, 01/25/2045 |
1,431,080 | 1,325,549 | |
|
Series 2019-6, Class GJ 3.00%, 02/25/2049 |
196,651 | 192,568 | |
| Government National Mtg. Assoc. REMIC | |||
|
Series 2021-215, Class KA 2.50%, 10/20/2049 |
4,089,213 | 3,681,803 | |
|
Series 2005-74, Class HA 7.50%, 09/16/2035 |
75 | 75 | |
|
Series 2005-74, Class HB 7.50%, 09/16/2035 |
5,396 | 5,383 | |
|
Series 2005-74, Class HC 7.50%, 09/16/2035 |
12,987 | 12,956 | |
| 31,113,507 | |||
|
Total Collateralized Mortgage Obligations (cost $86,423,231) |
85,068,082 | ||
| U.S. GOVERNMENT & AGENCY OBLIGATIONS - 78.2% | |||
| U.S. Government - 17.4% | |||
| United States Treasury Bonds | |||
| 1.75%, 08/15/2041 | 570,000 | 384,594 | |
| 1.88%, 02/15/2041 | 45,000 | 31,437 | |
| 2.25%, 02/15/2052 | 1,427,100 | 865,848 | |
| 2.38%, 05/15/2051 | 4,133,500 | 2,604,912 | |
| 2.50%, 02/15/2045 to 05/15/2046 | 7,271,000 | 5,135,977 | |
| 2.75%, 08/15/2047 to 11/15/2047 | 5,488,500 | 3,913,194 | |
| 2.88%, 08/15/2045 to 05/15/2052 | 18,563,100 | 13,299,739 | |
| 3.38%, 08/15/2042 | 9,620,400 | 8,129,238 | |
| 3.63%, 02/15/2053 to 05/15/2053 | 9,303,400 | 7,529,099 | |
| 3.88%, 02/15/2043 to 05/15/2043 | 17,407,600 | 15,638,246 | |
| 4.00%, 11/15/2042 to 11/15/2052 | 11,914,200 | 10,694,569 | |
| 4.13%, 08/15/2044 to 08/15/2053 | 6,132,200 | 5,447,366 | |
| 4.25%, 02/15/2054 to 08/15/2054 | 7,438,300 | 6,725,027 | |
| 4.38%, 08/15/2043 | 9,089,100 | 8,681,866 | |
| 4.50%, 02/15/2044 to 11/15/2054 | 7,754,200 | 7,377,094 | |
| 4.63%, 05/15/2044 to 02/15/2055 | 17,999,200 | 17,444,522 | |
| 4.75%, 11/15/2043 to 05/15/2055 | 36,123,200 | 35,801,940 | |
| 5.00%, 05/15/2045 | 8,537,000 | 8,763,764 | |
| United States Treasury Bonds TIPS | |||
| 1.50%, 02/15/2053 | 23,450,159 | 18,277,456 | |
| Security Description |
Shares or Principal Amount |
Value | |
| U.S. Government (continued) | |||
| United States Treasury Notes | |||
| 3.63%, 09/30/2031 | $ 2,021,200 | $ 2,000,988 | |
| 4.00%, 04/30/2032 to 06/30/2032 | 3,852,800 | 3,876,374 | |
| 4.13%, 03/31/2032 | 1,345,900 | 1,364,354 | |
| 4.25%, 11/15/2034 to 05/15/2035 | 17,263,800 | 17,416,968 | |
| 4.50%, 12/31/2031 | 1,124,300 | 1,163,475 | |
| 202,568,047 | |||
| U.S. Government Agency - 60.8% | |||
| Federal Home Loan Mtg. Corp. | |||
| 2.00%, 11/01/2041 to 04/01/2052 | 29,014,690 | 23,872,670 | |
| 2.50%, 10/01/2031 to 10/01/2051 | 20,871,744 | 18,287,657 | |
| 3.00%, 11/01/2046 to 12/01/2046 | 13,120,959 | 11,954,314 | |
| 4.00%, 09/01/2026 to 05/01/2049 | 1,383,322 | 1,353,066 | |
| 4.50%, 01/01/2038 to 08/01/2052 | 6,235,214 | 6,140,359 | |
| 5.00%, 08/01/2052 to 01/01/2053 | 12,076,528 | 12,110,964 | |
| 5.50%, 02/01/2053 to 09/01/2053 | 13,212,052 | 13,438,929 | |
| 6.00%, 12/01/2039 to 06/01/2054 | 15,439,062 | 15,861,854 | |
| 6.50%, 11/01/2053 | 6,130,933 | 6,384,988 | |
| 7.50%, 05/01/2027 | 40 | 40 | |
| Federal National Mtg. Assoc. | |||
| 1.50%, 11/01/2041 | 4,226,352 | 3,563,935 | |
| 2.00%, 04/01/2041 to 09/01/2051 | 26,768,953 | 22,112,462 | |
| 2.50%, 03/01/2030 to 07/01/2053 | 29,367,360 | 25,412,223 | |
| 3.00%, 05/01/2027 to 11/01/2053 | 21,757,854 | 19,591,345 | |
| 3.12%, 05/01/2033 | 2,301,983 | 2,151,690 | |
| 3.50%, 08/01/2043 to 07/01/2051 | 9,924,433 | 9,302,409 | |
| 4.00%, 09/01/2026 to 10/01/2052 | 3,775,762 | 3,657,368 | |
| 4.50%, 05/01/2039 to 11/01/2052 | 4,129,382 | 4,087,731 | |
| 5.00%, 08/01/2052 to 10/01/2052 | 1,693,390 | 1,699,285 | |
| 5.50%, 03/01/2038 to 11/01/2055 | 22,554,043 | 23,034,724 | |
| 6.00%, 09/01/2053 | 9,706,848 | 9,991,974 | |
| 6.50%, 02/01/2038 to 10/01/2039 | 37,387 | 39,853 | |
| Government National Mtg. Assoc. | |||
| 2.00%, 12/20/2050 to 02/20/2051 | 13,342,737 | 11,053,782 | |
| 2.00%, January 30 TBA | 16,000,000 | 13,247,436 | |
| 2.50%, 08/20/2051 to 12/20/2052 | 15,971,311 | 13,787,156 | |
| 2.50%, January 30 TBA | 13,000,000 | 11,211,484 | |
| 3.00%, 07/20/2051 to 03/20/2052 | 19,592,047 | 17,626,941 | |
| 3.50%, 01/20/2052 to 03/20/2052 | 13,525,841 | 12,452,360 | |
| 3.50%, January 30 TBA | 4,000,000 | 3,639,529 | |
| 4.00%, 02/15/2041 to 05/20/2052 | 2,694,043 | 2,576,757 | |
| 4.00%, January 30 TBA | 16,000,000 | 15,111,875 | |
| 4.50%, 05/15/2040 to 08/20/2052 | 7,837,316 | 7,700,693 | |
| 4.50%, January 30 TBA | 6,000,000 | 5,843,437 | |
| 5.00%, 07/15/2033 to 04/15/2041 | 576,747 | 586,783 | |
| 5.00%, January 30 TBA | 19,000,000 | 18,955,092 | |
| 5.50%, 10/15/2032 to 04/15/2036 | 337,135 | 341,799 | |
| 5.50%, January 30 TBA | 26,000,000 | 26,252,106 | |
| 6.00%, 06/15/2028 to 06/15/2041 | 1,676,488 | 1,750,047 | |
| 6.00%, January 30 TBA | 12,000,000 | 12,228,281 | |
| 6.50%, 02/15/2027 to 05/15/2032 | 159,998 | 163,905 | |
| 6.50%, January 30 TBA | 2,000,000 | 2,067,344 | |
| 7.00%, 11/15/2031 to 11/15/2033 | 23,757 | 24,566 | |
| 8.00%, 10/15/2029 to 03/15/2031 | 28,614 | 29,262 | |
| Uniform Mtg. Backed Securities | |||
| 1.50%, January 15 TBA | 10,000,000 | 9,046,094 | |
| 2.00%, January 15 TBA | 18,000,000 | 16,661,250 | |
| 2.00%, January 30 TBA | 7,000,000 | 5,656,847 | |
| 2.50%, January 30 TBA | 33,000,000 | 27,892,735 | |
| 4.50%, January 30 TBA | 15,000,000 | 14,642,133 | |
| 5.00%, January 15 TBA | 1,000,000 | 1,012,728 | |
| 5.00%, January 30 TBA | 19,000,000 | 18,946,562 | |
4
Table of Contents
SunAmerica Series Trust SA Goldman Sachs Government and Quality Bond Portfolio^
PORTFOLIO OF INVESTMENTS - December 31, 2025 - (continued)
| Security Description |
Shares or Principal Amount |
Value | ||
| U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued) | ||||
| U.S. Government Agency (continued) | ||||
| 5.50%, January 15 TBA | $ 1,000,000 | $ 1,025,168 | ||
| 5.50%, January 30 TBA | 131,000,000 | 132,831,719 | ||
| 6.00%, January 30 TBA | 27,000,000 | 27,721,642 | ||
| 7.00%, January 30 TBA | 38,000,000 | 39,984,411 | ||
| 706,121,764 | ||||
|
Total U.S. Government & Agency Obligations (cost $930,103,609) |
908,689,811 | |||
|
Total Long-Term Investment Securities (cost $1,077,942,275) |
1,052,005,241 | |||
| SHORT-TERM INVESTMENTS - 41.5% | ||||
| U.S. Government Agency - 27.0% | ||||
| Federal Home Loan Bank Disc. Notes | ||||
| 3.79%, 02/25/2026 | 127,000,000 | 126,303,617 | ||
| 3.80%, 03/18/2026 | 89,000,000 | 88,329,929 | ||
| 3.80%, 03/20/2026 | 100,000,000 | 99,227,556 | ||
| 313,861,102 | ||||
| U.S. Government - 14.5% | ||||
| United States Treasury Bills | ||||
| 3.55%, 07/09/2026 | 25,000,000 | 24,556,141 | ||
| 3.56%, 02/12/2026 | 69,500,000 | 69,215,892 | ||
| 3.72%, 05/21/2026 | 25,000,000 | 24,661,841 | ||
| 3.76%, 03/19/2026 | 25,000,000 | 24,813,872 | ||
| 3.83%, 01/20/2026 | 25,000,000 | 24,955,821 | ||
| 168,203,567 | ||||
|
Total Short-Term Investments (cost $479,388,858) |
482,064,669 | |||
|
TOTAL INVESTMENTS (cost $1,557,331,133)(3) |
132.0% | 1,534,069,910 | ||
| Other assets less liabilities | (32.0) | (371,793,140) | ||
| NET ASSETS | 100.0% | $1,162,276,770 | ||
| Security Description |
Shares or Principal Amount |
Value | |
| FORWARD SALES CONTRACTS - (7.8)% | |||
| U.S. Government Agencies - (7.8)% | |||
| Uniform Mtg. Backed Securities - (7.8%) | |||
| 3.00%, January 30 TBA | $(44,000,000) | $ (38,910,782) | |
| 3.50%, January 30 TBA | (19,000,000) | (17,563,867) | |
| 6.50%, January 30 TBA | (33,000,000) | (34,294,939) | |
|
Total Forward Sales Contracts (proceeds $(90,758,086)) |
$(90,769,588) | ||
| ^ | Prior to July 28, 2025, the Portfolio was known as SA Wellington Government and Quality Bond Portfolio. |
| * | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The SA Goldman Sachs Government and Quality Bond Portfolio has no right to demand registration of these securities. At December 31, 2025, the aggregate value of these securities was $102,217,143 representing 8.8% of net assets. |
| (1) | Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| (2) | "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of December 31, 2025. |
| (3) | See Note 4 for cost of investments on a tax basis. |
| CLO-Collateralized Loan Obligation |
| FRS-Floating Rate Security |
| REMIC-Real Estate Mortgage Investment Conduit |
| SCRT-Structured Credit Risk Transfer |
| TBA-Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date. |
| TIPS-Treasury Inflation Protected Securities |
| TSFR1M-Term Secured Overnight Financing Rate 1 Month |
| TSFR3M-Term Secured Overnight Financing Rate 3 Month |
| VRS-Variable Rate Security |
The rates shown on FRS and/or VRS are the current interest rates at December 31, 2025 and unless noted otherwise, the dates shown are the original maturity dates.
Futures Contracts
|
Number of Contracts |
Type | Description |
Expiration Month |
Notional Basis* |
Notional Value* |
Unrealized Appreciation |
| 964 | Long | U.S. Treasury 2 Year Notes | March 2026 | $201,205,017 | $201,272,656 | $ 67,639 |
| 1,145 | Short | U.S. Treasury Ultra 10 Year Notes | March 2026 | 132,494,280 | 131,692,891 | 801,389 |
| 451 | Short | U.S. Treasury Ultra Bonds | March 2026 | 53,919,261 | 53,218,000 | 701,261 |
| $1,570,289 |
|
Unrealized (Depreciation) |
||||||
| 1,212 | Long | U.S. Treasury 10 Year Notes | March 2026 | $137,157,701 | $136,274,250 | $ (883,451) |
| 2,613 | Long | U.S. Treasury 5 Year Notes | March 2026 | 286,480,273 | 285,601,912 | (878,361) |
| 212 | Long | U.S. Treasury Long Bonds | March 2026 | 24,576,917 | 24,505,875 | (71,042) |
| $(1,832,854) | ||||||
| Net Unrealized Appreciation (Depreciation) | $(262,565) | |||||
| * | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
5
Table of Contents
SunAmerica Series Trust SA Goldman Sachs Government and Quality Bond Portfolio^
PORTFOLIO OF INVESTMENTS - December 31, 2025 - (continued)
The following is a summary of the inputs used to value the Portfolio's net assets as of December 31, 2025 (see Note 2):
|
Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||
| ASSETS: | |||||||
| Investments at Value:* | |||||||
| Corporate Bonds & Notes | $- | $6,086,773 | $- | $6,086,773 | |||
| Asset Backed Securities | - | 52,160,575 | - | 52,160,575 | |||
| Collateralized Mortgage Obligations | - | 85,068,082 | - | 85,068,082 | |||
| U.S. Government & Agency Obligations | - | 908,689,811 | - | 908,689,811 | |||
| Short-Term Investments | - | 482,064,669 | - | 482,064,669 | |||
| Total Investments at Value | $- | $1,534,069,910 | $- | $1,534,069,910 | |||
| Other Financial Instruments:† | |||||||
| Futures Contracts | $1,570,289 | $- | $- | $1,570,289 | |||
| LIABILITIES: | |||||||
| Forward Sales Contracts: | |||||||
| U.S. Government Agencies | $- | $90,769,588 | $- | $90,769,588 | |||
| Other Financial Instruments:† | |||||||
| Futures Contracts | $1,832,854 | $- | $- | $1,832,854 |
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
6
Table of Contents
SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio
PORTFOLIO OF INVESTMENTS - December 31, 2025
| Security Description |
Shares or Principal Amount |
Value | |
| COMMON STOCKS - 99.7% | |||
| Aerospace/Defense - 0.9% | |||
| RTX Corp. | 115,558 | $ 21,193,337 | |
| Apparel - 0.7% | |||
| On Holding AG, Class A† | 394,178 | 18,321,393 | |
| Auto Manufacturers - 3.7% | |||
| Tesla, Inc.† | 201,799 | 90,753,046 | |
| Beverages - 1.3% | |||
| Monster Beverage Corp.† | 411,839 | 31,575,696 | |
| Biotechnology - 0.2% | |||
| Structure Therapeutics, Inc.† | 72,676 | 5,054,616 | |
| Commercial Services - 0.6% | |||
| Quanta Services, Inc. | 37,685 | 15,905,331 | |
| Computers - 6.3% | |||
| Apple, Inc. | 450,883 | 122,577,052 | |
| Crowdstrike Holdings, Inc., Class A† | 67,968 | 31,860,680 | |
| 154,437,732 | |||
| Diversified Financial Services - 2.5% | |||
| Evercore, Inc., Class A | 82,153 | 27,952,558 | |
| Tradeweb Markets, Inc., Class A | 309,175 | 33,248,680 | |
| 61,201,238 | |||
| Electronics - 3.7% | |||
| Celestica, Inc.† | 118,879 | 35,141,821 | |
| Flex, Ltd.† | 560,516 | 33,866,377 | |
| Trimble, Inc.† | 290,595 | 22,768,118 | |
| 91,776,316 | |||
| Entertainment - 0.8% | |||
| DraftKings, Inc., Class A† | 38,063 | 1,311,651 | |
| Live Nation Entertainment, Inc.† | 127,574 | 18,179,295 | |
| 19,490,946 | |||
| Healthcare-Products - 2.4% | |||
| Natera, Inc.† | 259,043 | 59,344,161 | |
| Internet - 27.6% | |||
| Alphabet, Inc., Class A | 659,003 | 206,267,939 | |
| Amazon.com, Inc.† | 710,490 | 163,995,302 | |
| AppLovin Corp., Class A† | 35,946 | 24,221,134 | |
| DoorDash, Inc., Class A† | 149,655 | 33,893,864 | |
| Meta Platforms, Inc., Class A | 124,767 | 82,357,449 | |
| Netflix, Inc.† | 848,233 | 79,530,326 | |
| Reddit, Inc., Class A† | 72,901 | 16,757,753 | |
| Shopify, Inc., Class A† | 74,077 | 11,924,175 | |
| Spotify Technology SA† | 70,506 | 40,943,539 | |
| Zillow Group, Inc., Class C† | 275,293 | 18,780,488 | |
| 678,671,969 | |||
| Lodging - 1.3% | |||
| Marriott International, Inc., Class A | 100,476 | 31,171,674 | |
| Machinery-Construction & Mining - 1.1% | |||
| GE Vernova, Inc. | 21,482 | 14,039,991 | |
| Vertiv Holdings Co., Class A | 85,499 | 13,851,693 | |
| 27,891,684 | |||
| Media - 2.5% | |||
| Liberty Media Corp.-Liberty Formula One, Class C† | 431,164 | 42,473,966 | |
| Warner Bros. Discovery, Inc.† | 679,432 | 19,581,230 | |
| 62,055,196 | |||
| Security Description |
Shares or Principal Amount |
Value | |
| Miscellaneous Manufacturing - 0.6% | |||
| Axon Enterprise, Inc.† | 26,997 | $ 15,332,406 | |
| Pharmaceuticals - 4.3% | |||
| AbbVie, Inc. | 47,022 | 10,744,057 | |
| Eli Lilly & Co. | 87,144 | 93,651,914 | |
| 104,395,971 | |||
| Pipelines - 0.9% | |||
| Targa Resources Corp. | 116,281 | 21,453,845 | |
| Private Equity - 1.7% | |||
| KKR & Co., Inc. | 328,666 | 41,898,342 | |
| Retail - 1.3% | |||
| Dick's Sporting Goods, Inc. | 80,911 | 16,017,951 | |
| Home Depot, Inc. | 46,105 | 15,864,730 | |
| 31,882,681 | |||
| Semiconductors - 22.1% | |||
| ARM Holdings PLC ADR† | 338,998 | 37,055,872 | |
| Broadcom, Inc. | 483,272 | 167,260,439 | |
| NVIDIA Corp. | 1,806,572 | 336,925,678 | |
| 541,241,989 | |||
| Software - 10.1% | |||
| Cloudflare, Inc., Class A† | 85,364 | 16,829,513 | |
| Magic Leap, Inc., Class A† (1)(2) | 186 | 89 | |
| Microsoft Corp. | 208,816 | 100,987,594 | |
| Oracle Corp. | 227,459 | 44,334,034 | |
| Palantir Technologies, Inc., Class A† | 354,975 | 63,096,806 | |
| Veeva Systems, Inc., Class A† | 98,443 | 21,975,431 | |
| 247,223,467 | |||
| Telecommunications - 2.1% | |||
| Arista Networks, Inc.† | 179,048 | 23,460,659 | |
| Corning, Inc. | 322,755 | 28,260,428 | |
| 51,721,087 | |||
| Transportation - 1.0% | |||
| C.H. Robinson Worldwide, Inc. | 146,908 | 23,616,930 | |
|
Total Long-Term Investment Securities (cost $1,677,799,933) |
2,447,611,053 | ||
| REPURCHASE AGREEMENTS - 0.2% | |||
| Bank of America Securities LLC Joint Repurchase Agreement(3) | $ 855,000 | 855,000 | |
| Barclays Capital, Inc. Joint Repurchase Agreement(3) | 770,000 | 770,000 | |
| BNP Paribas SA Joint Repurchase Agreement(3) | 770,000 | 770,000 | |
| Deutsche Bank AG Joint Repurchase Agreement(3) | 845,000 | 845,000 | |
7
Table of Contents
SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio
PORTFOLIO OF INVESTMENTS - December 31, 2025 - (continued)
| Security Description |
Shares or Principal Amount |
Value | ||
| REPURCHASE AGREEMENTS (continued) | ||||
| RBS Securities, Inc. Joint Repurchase Agreement(3) | $ 845,000 | $ 845,000 | ||
|
Total Repurchase Agreements (cost $4,085,000) |
4,085,000 | |||
|
TOTAL INVESTMENTS (cost $1,681,884,933)(4) |
99.9% | 2,451,696,053 | ||
| Other assets less liabilities | 0.1 | 2,483,161 | ||
| NET ASSETS | 100.0% | $2,454,179,214 | ||
| † | Non-income producing security |
| (1) | Securities classified as Level 3 (see Note 2). |
| (2) | Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of December 31, 2025, the Portfolio held the following restricted securities: |
| Description |
Acquisition Date |
Shares or Principal Amount |
Acquisition Cost |
Value |
Value Per Share |
% of Net Assets |
||||||
| Common Stocks | ||||||||||||
| Magic Leap, Inc., Class A | 12/28/15 | 186 | $2,157,962 | $89 | $0.48 | 0.0% | ||||||
| (3) | See Note 2 for details of Joint Repurchase Agreements. |
| (4) | See Note 4 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 December 31, 2025 (see Note 2):
|
Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||
| ASSETS: | |||||||
| Investments at Value:* | |||||||
| Common Stocks: | |||||||
| Software | $247,223,378 | $- | $89 | $247,223,467 | |||
| Other Industries | 2,200,387,586 | - | - | 2,200,387,586 | |||
| Repurchase Agreements | - | 4,085,000 | - | 4,085,000 | |||
| Total Investments at Value | $2,447,610,964 | $4,085,000 | $89 | $2,451,696,053 |
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.
See Notes to Financial Statements
8
Table of Contents
SunAmerica Series Trust SA Wellington Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS - December 31, 2025
| Security Description |
Shares or Principal Amount |
Value | |
| COMMON STOCKS - 64.7% | |||
| Aerospace/Defense - 2.0% | |||
| BAE Systems PLC | 38,489 | $ 884,825 | |
| Boeing Co.† | 7,726 | 1,677,469 | |
| Rheinmetall AG | 482 | 883,844 | |
| 3,446,138 | |||
| Agriculture - 1.0% | |||
| British American Tobacco PLC | 31,340 | 1,776,278 | |
| Apparel - 0.9% | |||
| adidas AG | 5,492 | 1,081,093 | |
| VF Corp. | 30,835 | 557,497 | |
| 1,638,590 | |||
| Auto Manufacturers - 1.1% | |||
| Ferrari NV | 2,524 | 939,772 | |
| Tesla, Inc.† | 2,183 | 981,739 | |
| 1,921,511 | |||
| Banks - 4.6% | |||
| Citizens Financial Group, Inc. | 20,544 | 1,199,975 | |
| HDFC Bank, Ltd. ADR | 33,160 | 1,211,666 | |
| Societe Generale SA | 22,593 | 1,820,270 | |
| Sumitomo Mitsui Trust Group, Inc. | 40,200 | 1,221,521 | |
| Wells Fargo & Co. | 28,356 | 2,642,779 | |
| 8,096,211 | |||
| Biotechnology - 0.3% | |||
| Structure Therapeutics, Inc.† | 7,901 | 549,515 | |
| Building Materials - 1.3% | |||
| Cemex SAB de CV ADR (Participation Certificate) | 90,784 | 1,043,108 | |
| Cie de Saint-Gobain SA | 12,365 | 1,255,209 | |
| 2,298,317 | |||
| Computers - 1.9% | |||
| Apple, Inc. | 12,513 | 3,401,784 | |
| Cosmetics/Personal Care - 0.9% | |||
| Unilever PLC | 23,461 | 1,533,912 | |
| Distribution/Wholesale - 2.1% | |||
| ITOCHU Corp. | 100,000 | 1,262,264 | |
| RB Global, Inc. | 12,748 | 1,312,462 | |
| WESCO International, Inc. | 4,217 | 1,031,647 | |
| 3,606,373 | |||
| Diversified Financial Services - 1.9% | |||
| Mastercard, Inc., Class A | 3,581 | 2,044,321 | |
| Nasdaq, Inc. | 13,599 | 1,320,871 | |
| 3,365,192 | |||
| Electric - 0.7% | |||
| E.ON SE | 66,195 | 1,254,852 | |
| Entertainment - 0.6% | |||
| Live Nation Entertainment, Inc.† | 7,827 | 1,115,347 | |
| Environmental Control - 1.2% | |||
| Clean Harbors, Inc.† | 5,787 | 1,356,936 | |
| GFL Environmental, Inc. | 16,280 | 699,226 | |
| 2,056,162 | |||
| Food - 0.7% | |||
| US Foods Holding Corp.† | 15,746 | 1,185,989 | |
| Security Description |
Shares or Principal Amount |
Value | |
| Gas - 0.7% | |||
| Atmos Energy Corp. | 7,561 | $ 1,267,450 | |
| Hand/Machine Tools - 0.6% | |||
| Stanley Black & Decker, Inc. | 13,119 | 974,479 | |
| Healthcare-Products - 1.7% | |||
| IDEXX Laboratories, Inc.† | 1,707 | 1,154,837 | |
| Thermo Fisher Scientific, Inc. | 3,074 | 1,781,229 | |
| 2,936,066 | |||
| Healthcare-Services - 0.5% | |||
| Elevance Health, Inc. | 2,558 | 896,707 | |
| Home Furnishings - 0.7% | |||
| Sony Group Corp. | 47,900 | 1,224,332 | |
| Insurance - 2.8% | |||
| AIA Group, Ltd. | 137,600 | 1,413,358 | |
| Allianz SE | 3,424 | 1,570,480 | |
| Berkshire Hathaway, Inc., Class B† | 3,682 | 1,850,757 | |
| 4,834,595 | |||
| Internet - 11.0% | |||
| Alphabet, Inc., Class C | 18,347 | 5,757,289 | |
| Amazon.com, Inc.† | 21,666 | 5,000,946 | |
| DoorDash, Inc., Class A† | 4,836 | 1,095,257 | |
| Full Truck Alliance Co., Ltd. ADR | 70,028 | 751,400 | |
| MercadoLibre, Inc.† | 587 | 1,182,371 | |
| Meta Platforms, Inc., Class A | 2,317 | 1,529,429 | |
| Rakuten Group, Inc.† | 188,900 | 1,212,000 | |
| Shopify, Inc., Class A† | 7,370 | 1,186,674 | |
| Tencent Holdings, Ltd. | 20,644 | 1,581,893 | |
| 19,297,259 | |||
| Lodging - 0.8% | |||
| Accor SA | 23,608 | 1,337,653 | |
| Machinery-Construction & Mining - 0.6% | |||
| Siemens Energy AG† | 6,838 | 966,399 | |
| Machinery-Diversified - 1.2% | |||
| Ingersoll Rand, Inc. | 15,714 | 1,244,863 | |
| Keyence Corp. | 2,522 | 913,733 | |
| 2,158,596 | |||
| Media - 0.7% | |||
| Walt Disney Co. | 10,000 | 1,137,700 | |
| Mining - 0.7% | |||
| Anglo American PLC | 29,923 | 1,233,109 | |
| Miscellaneous Manufacturing - 0.8% | |||
| Siemens AG | 4,984 | 1,399,687 | |
| Oil & Gas Services - 0.6% | |||
| Saipem SpA | 347,025 | 989,416 | |
| Pharmaceuticals - 4.3% | |||
| AstraZeneca PLC | 8,365 | 1,540,766 | |
| CVS Health Corp. | 11,285 | 895,578 | |
| Eli Lilly & Co. | 1,856 | 1,994,606 | |
| Merck & Co., Inc. | 15,444 | 1,625,635 | |
| Teva Pharmaceutical Industries, Ltd. ADR† | 44,770 | 1,397,272 | |
| 7,453,857 | |||
| Pipelines - 0.8% | |||
| Targa Resources Corp. | 7,765 | 1,432,642 | |
| Real Estate - 0.6% | |||
| Mitsui Fudosan Co., Ltd. | 99,500 | 1,132,051 | |
9
Table of Contents
SunAmerica Series Trust SA Wellington Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS - December 31, 2025 - (continued)
| Security Description |
Shares or Principal Amount |
Value | |
| COMMON STOCKS (continued) | |||
| REITS - 0.6% | |||
| American Tower Corp. | 6,121 | $ 1,074,664 | |
| Retail - 0.5% | |||
| Fast Retailing Co., Ltd. | 2,561 | 928,752 | |
| Semiconductors - 8.9% | |||
| ASML Holding NV | 1,549 | 1,655,751 | |
| Broadcom, Inc. | 5,288 | 1,830,177 | |
| NVIDIA Corp. | 37,038 | 6,907,587 | |
| SK Hynix, Inc. | 4,467 | 2,022,771 | |
| Taiwan Semiconductor Manufacturing Co., Ltd. | 64,198 | 3,136,289 | |
| 15,552,575 | |||
| Software - 3.1% | |||
| Microsoft Corp. | 11,030 | 5,334,329 | |
| Telecommunications - 1.3% | |||
| KT Corp. ADR | 60,693 | 1,151,346 | |
| Orange SA | 72,213 | 1,204,886 | |
| 2,356,232 | |||
|
Total Common Stocks (cost $81,557,090) |
113,164,721 | ||
| CORPORATE BONDS & NOTES - 1.5% | |||
| Banks - 0.3% | |||
| Bank of America Corp. | |||
| 4.62%, 05/09/2029 | $ 115,000 | 116,526 | |
| Bank of New York Mellon Corp. | |||
| 4.44%, 06/09/2028 | 175,000 | 176,321 | |
| Canadian Imperial Bank of Commerce | |||
| 4.51%, 09/11/2027 | 125,000 | 125,394 | |
| Goldman Sachs Group, Inc. | |||
| 4.48%, 08/23/2028 | 25,000 | 25,175 | |
| JPMorgan Chase & Co. | |||
| 4.85%, 07/25/2028 | 95,000 | 96,221 | |
| State Street Corp. | |||
| 5.27%, 08/03/2026 | 55,000 | 55,350 | |
| 594,987 | |||
| Biotechnology - 0.0% | |||
| Amgen, Inc. | |||
| 5.15%, 03/02/2028 | 50,000 | 51,170 | |
| Diversified Financial Services - 0.1% | |||
| American Express Co. | |||
| 4.73%, 04/25/2029 | 75,000 | 76,151 | |
| Electric - 0.1% | |||
| Eversource Energy | |||
| 4.75%, 05/15/2026 | 25,000 | 25,063 | |
| Pacific Gas & Electric Co. | |||
| 6.15%, 03/01/2055 | 46,000 | 45,506 | |
| Southern California Edison Co. | |||
| 5.90%, 03/01/2055 | 61,000 | 58,891 | |
| 6.20%, 09/15/2055 | 9,000 | 9,042 | |
| Southern Co. | |||
| 5.50%, 03/15/2029 | 80,000 | 83,028 | |
| 221,530 | |||
| Environmental Control - 0.1% | |||
| Veralto Corp. | |||
| 5.50%, 09/18/2026 | 80,000 | 80,679 | |
| Security Description |
Shares or Principal Amount |
Value | |
| Healthcare-Services - 0.0% | |||
| UnitedHealth Group, Inc. | |||
| 1.25%, 01/15/2026 | $ 15,000 | $ 14,985 | |
| 5.25%, 02/15/2028 | 40,000 | 41,093 | |
| 56,078 | |||
| Insurance - 0.1% | |||
| New York Life Global Funding | |||
| 5.00%, 06/06/2029* | 125,000 | 128,273 | |
| Machinery-Diversified - 0.0% | |||
| John Deere Capital Corp. | |||
| 4.75%, 06/08/2026 | 50,000 | 50,196 | |
| Media - 0.1% | |||
| Comcast Corp. | |||
| Zero Coupon, 09/14/2026 | EUR | 100,000 | 115,661 |
| Oil & Gas - 0.1% | |||
| Diamondback Energy, Inc. | |||
| 5.20%, 04/18/2027 | 115,000 | 116,662 | |
| Shell Finance US, Inc. | |||
| 4.13%, 11/06/2030 | 85,000 | 84,989 | |
| 201,651 | |||
| Pharmaceuticals - 0.1% | |||
| Eli Lilly & Co. | |||
| 5.00%, 02/27/2026 | 150,000 | 150,007 | |
| Pipelines - 0.2% | |||
| Columbia Pipelines Holding Co. LLC | |||
| 6.06%, 08/15/2026* | 50,000 | 50,459 | |
| Enbridge, Inc. | |||
| 5.25%, 04/05/2027 | 85,000 | 86,173 | |
| Energy Transfer LP | |||
| 5.20%, 04/01/2030 | 25,000 | 25,751 | |
| ONEOK, Inc. | |||
| 4.25%, 09/24/2027 | 200,000 | 200,658 | |
| 363,041 | |||
| Semiconductors - 0.0% | |||
| Intel Corp. | |||
| 4.88%, 02/10/2026 | 60,000 | 60,038 | |
| Telecommunications - 0.3% | |||
| AT&T, Inc. | |||
| 1.65%, 02/01/2028 | 80,000 | 76,258 | |
| Cisco Systems, Inc. | |||
| 4.80%, 02/26/2027 | 80,000 | 80,897 | |
| NTT Finance Corp. | |||
| 4.57%, 07/16/2027* | 200,000 | 201,688 | |
| Verizon Communications, Inc. | |||
| 2.10%, 03/22/2028 | 105,000 | 100,810 | |
| 459,653 | |||
|
Total Corporate Bonds & Notes (cost $2,593,633) |
2,609,115 | ||
| U.S. GOVERNMENT & AGENCY OBLIGATIONS - 14.4% | |||
| U.S. Government - 14.4% | |||
| United States Treasury Bonds | |||
| 1.38%, 11/15/2040 | 573,000 | 371,913 | |
| 1.75%, 08/15/2041 | 1,733,000 | 1,169,301 | |
| 2.00%, 11/15/2041 to 08/15/2051 | 3,940,000 | 2,270,668 | |
| 3.00%, 02/15/2048 | 575,500 | 428,253 | |
| 3.13%, 11/15/2041 | 251,000 | 207,575 | |
| 3.50%, 02/15/2039 | 260,000 | 236,905 | |
| 3.75%, 08/15/2041 | 403,000 | 363,204 | |
10
Table of Contents
SunAmerica Series Trust SA Wellington Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS - December 31, 2025 - (continued)
| Security Description |
Shares or Principal Amount |
Value | |
| U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued) | |||
| U.S. Government (continued) | |||
| 5.00%, 05/15/2037 | $ 399,000 | $ 427,023 | |
| United States Treasury Bonds TIPS | |||
| 2.38%, 02/15/2055(1) | 71,193 | 67,533 | |
| United States Treasury Notes | |||
| 1.25%, 08/15/2031 | 853,000 | 743,143 | |
| 1.63%, 10/31/2026(2) | 346,000 | 340,512 | |
| 2.38%, 05/15/2029 | 807,000 | 775,918 | |
| 3.50%, 01/31/2030(2) | 2,486,000 | 2,471,725 | |
| 3.75%, 05/15/2028 | 749,000 | 753,067 | |
| 3.88%, 05/31/2027 to 06/30/2030 | 6,805,000 | 6,848,311 | |
| 4.13%, 02/28/2027 to 11/15/2032 | 2,193,000 | 2,212,040 | |
| 4.25%, 11/15/2034 to 05/15/2035 | 2,336,000 | 2,359,934 | |
| 4.50%, 05/31/2029 | 1,883,000 | 1,937,136 | |
| 4.63%, 02/15/2035 | 1,109,000 | 1,151,151 | |
|
Total U.S. Government & Agency Obligations (cost $25,764,475) |
25,135,312 | ||
| FOREIGN GOVERNMENT OBLIGATIONS - 14.1% | |||
| Sovereign - 14.1% | |||
| Commonwealth of Australia | |||
| 1.00%, 12/21/2030 | AUD | 359,000 | 204,569 |
| 1.75%, 06/21/2051 | AUD | 694,000 | 236,804 |
| 1.75%, 06/21/2051 | AUD | 94,000 | 32,074 |
| 2.75%, 06/21/2035 | AUD | 34,000 | 19,282 |
| 4.75%, 06/21/2054 | AUD | 636,000 | 394,881 |
| Czech Republic | |||
| 1.50%, 04/24/2040 | CZK | 2,670,000 | 85,267 |
| 1.75%, 06/23/2032 | CZK | 710,000 | 29,685 |
| 1.75%, 06/23/2032 | CZK | 730,000 | 30,521 |
| 3.50%, 05/30/2035 | CZK | 1,240,000 | 55,644 |
| 3.50%, 05/30/2035 | CZK | 690,000 | 30,963 |
| Federal Republic of Germany | |||
| Zero Coupon, 08/15/2052 | EUR | 486,000 | 229,297 |
| 1.00%, 05/15/2038 | EUR | 440,000 | 406,986 |
| 2.20%, 02/15/2034 | EUR | 100,000 | 112,852 |
| 2.60%, 05/15/2041 | EUR | 514,000 | 557,683 |
| Government of Canada | |||
| 1.75%, 12/01/2053 | CAD | 311,000 | 145,429 |
| 2.75%, 03/01/2030 | CAD | 902,000 | 653,175 |
| 3.25%, 06/01/2035 | CAD | 255,000 | 183,751 |
| Government of France | |||
| 0.50%, 05/25/2072* | EUR | 92,000 | 26,777 |
| 2.50%, 09/24/2027* | EUR | 559,000 | 659,860 |
| 2.70%, 02/25/2031* | EUR | 771,000 | 899,664 |
| 2.75%, 02/25/2029* | EUR | 628,000 | 743,518 |
| 3.25%, 05/25/2055* | EUR | 362,000 | 342,513 |
| 3.50%, 11/25/2035* | EUR | 309,000 | 361,357 |
| 3.60%, 05/25/2042* | EUR | 526,000 | 584,038 |
| Government of Japan | |||
| 0.40%, 12/20/2049 | JPY | 99,350,000 | 337,780 |
| 0.40%, 03/20/2056 | JPY | 37,200,000 | 106,461 |
| 0.50%, 12/20/2032 | JPY | 39,100,000 | 229,136 |
| 0.70%, 03/20/2051 | JPY | 52,700,000 | 186,267 |
| 0.80%, 09/20/2047 | JPY | 88,350,000 | 363,068 |
| 1.00%, 03/20/2062 | JPY | 46,700,000 | 151,033 |
| 1.40%, 03/20/2035 | JPY | 27,950,000 | 169,499 |
| 2.30%, 03/20/2040 | JPY | 238,900,000 | 1,483,379 |
| Government of Malaysia | |||
| 3.34%, 05/15/2030 | MYR | 311,000 | 76,826 |
| 3.52%, 04/20/2028 | MYR | 313,000 | 77,977 |
| 3.83%, 07/05/2034 | MYR | 132,000 | 33,309 |
| 3.89%, 08/15/2029 | MYR | 172,000 | 43,355 |
| Security Description |
Shares or Principal Amount |
Value | |
| Sovereign (continued) | |||
| 4.46%, 03/31/2053 | MYR | 144,000 | $ 38,318 |
| Government of New Zealand | |||
| 1.50%, 05/15/2031 | NZD | 395,000 | 201,186 |
| 2.75%, 05/15/2051 | NZD | 178,000 | 67,794 |
| 4.25%, 05/15/2036 | NZD | 155,000 | 87,316 |
| 4.50%, 05/15/2030 | NZD | 131,000 | 77,889 |
| 4.50%, 05/15/2035 | NZD | 328,000 | 190,164 |
| 5.00%, 05/15/2054 | NZD | 229,000 | 128,618 |
| Kingdom of Belgium | |||
| 2.60%, 10/22/2030* | EUR | 223,000 | 260,775 |
| 3.10%, 06/22/2035* | EUR | 231,000 | 266,084 |
| 3.45%, 06/22/2043* | EUR | 123,000 | 135,129 |
| 3.50%, 06/22/2055* | EUR | 93,000 | 94,330 |
| Kingdom of Denmark | |||
| 4.50%, 11/15/2039 | DKK | 532,000 | 98,470 |
| Kingdom of Norway | |||
| 3.63%, 05/31/2039* | NOK | 165,000 | 15,448 |
| 3.75%, 06/12/2035* | NOK | 238,000 | 22,867 |
| Kingdom of Spain | |||
| 1.45%, 10/31/2071* | EUR | 31,000 | 16,393 |
| 1.90%, 10/31/2052* | EUR | 191,000 | 146,530 |
| 2.40%, 05/31/2028 | EUR | 346,000 | 407,872 |
| 2.70%, 01/31/2030 | EUR | 719,000 | 849,878 |
| 3.20%, 10/31/2035* | EUR | 447,000 | 521,879 |
| 3.45%, 07/30/2043* | EUR | 165,000 | 184,654 |
| 3.50%, 01/31/2041* | EUR | 142,000 | 162,372 |
| Kingdom of Sweden | |||
| 2.25%, 05/11/2035 | SEK | 555,000 | 57,814 |
| Kingdom of the Netherlands | |||
| Zero Coupon, 01/15/2038* | EUR | 283,000 | 227,011 |
| 2.50%, 01/15/2030* | EUR | 250,000 | 294,495 |
| 3.50%, 01/15/2056* | EUR | 84,000 | 97,057 |
| People's Republic of China | |||
| 1.63%, 10/25/2030 | CNY | 2,740,000 | 392,034 |
| 1.83%, 08/25/2035 | CNY | 2,440,000 | 348,114 |
| 2.15%, 08/25/2055 | CNY | 400,000 | 55,582 |
| Republic of Austria | |||
| 1.85%, 05/23/2049* | EUR | 116,000 | 96,601 |
| 2.10%, 09/20/2117* | EUR | 48,000 | 32,262 |
| 2.95%, 02/20/2035* | EUR | 111,000 | 128,919 |
| 3.45%, 10/20/2030* | EUR | 175,000 | 213,496 |
| Republic of Colombia | |||
| 5.63%, 02/19/2036 | EUR | 100,000 | 110,003 |
| Republic of Finland | |||
| 2.88%, 04/15/2029* | EUR | 99,000 | 118,098 |
| 2.95%, 04/15/2055* | EUR | 22,000 | 21,642 |
| 3.00%, 09/15/2035* | EUR | 120,000 | 139,106 |
| Republic of Hungary | |||
| 4.50%, 03/23/2028 | HUF | 9,630,000 | 28,406 |
| 7.00%, 10/24/2035 | HUF | 16,910,000 | 52,381 |
| 7.00%, 10/24/2035 | HUF | 9,570,000 | 29,644 |
| Republic of Ireland | |||
| Zero Coupon, 10/18/2031 | EUR | 165,000 | 166,456 |
| 3.15%, 10/18/2055 | EUR | 44,000 | 46,063 |
| Republic of Italy | |||
| 2.65%, 06/15/2028 | EUR | 368,000 | 435,289 |
| 2.70%, 10/01/2030* | EUR | 715,000 | 837,831 |
| 3.25%, 11/15/2032* | EUR | 268,000 | 317,505 |
| 3.85%, 10/01/2040* | EUR | 793,000 | 927,181 |
| 4.10%, 04/30/2046* | EUR | 30,000 | 35,163 |
| 4.65%, 10/01/2055* | EUR | 134,000 | 164,201 |
| Republic of Korea | |||
| 2.63%, 06/10/2035 | KRW | 713,790,000 | 465,010 |
11
Table of Contents
SunAmerica Series Trust SA Wellington Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS - December 31, 2025 - (continued)
| Security Description |
Shares or Principal Amount |
Value | |
| FOREIGN GOVERNMENT OBLIGATIONS (continued) | |||
| Sovereign (continued) | |||
| Republic of Poland | |||
| 5.00%, 10/25/2034 | PLN | 114,000 | $ 31,611 |
| 5.00%, 10/25/2035 | PLN | 141,000 | 38,773 |
| 6.00%, 10/25/2033 | PLN | 223,000 | 66,402 |
| Republic of Portugal | |||
| 3.00%, 06/15/2035* | EUR | 89,000 | 103,370 |
| 3.63%, 06/12/2054* | EUR | 28,000 | 30,763 |
| 3.88%, 02/15/2030* | EUR | 138,000 | 171,504 |
| Republic of Singapore | |||
| 2.75%, 04/01/2042 | SGD | 77,000 | 64,152 |
| State of Israel | |||
| 1.30%, 04/30/2032 | ILS | 122,000 | 33,360 |
| United Kingdom Gilt Treasury | |||
| 1.13%, 10/22/2073 | GBP | 376,000 | 162,856 |
| 3.25%, 01/31/2033 | GBP | 57,000 | 72,171 |
| 3.75%, 01/29/2038 | GBP | 170,000 | 208,194 |
| 4.00%, 10/22/2063 | GBP | 198,000 | 214,991 |
| 4.38%, 03/07/2028 | GBP | 464,000 | 633,368 |
| 4.38%, 07/31/2054 | GBP | 738,400 | 872,568 |
| 4.75%, 10/22/2035 | GBP | 286,000 | 391,603 |
| 4.75%, 10/22/2043 | GBP | 346,000 | 448,207 |
| United Kingdom Gilt Treasury TIPS | |||
| 1.13%, 09/22/2035(1) | GBP | 242,821 | 312,899 |
| 1.13%, 11/22/2037(1) | GBP | 50,355 | 63,142 |
| 1.75%, 09/22/2038(1) | GBP | 91,184 | 121,375 |
| United Mexican States | |||
| 7.50%, 05/26/2033 | MXN | 2,077,900 | 107,322 |
| 7.75%, 11/23/2034 | MXN | 1,393,500 | 71,771 |
| 7.75%, 11/13/2042 | MXN | 437,000 | 20,743 |
| 8.00%, 02/21/2036 | MXN | 690,400 | 35,497 |
| 8.00%, 07/31/2053 | MXN | 3,287,100 | 155,588 |
| 8.00%, 07/31/2053 | MXN | 576,900 | 27,306 |
| 8.00%, 04/29/2055 | MXN | 968,000 | 45,630 |
| 8.50%, 02/28/2030 | MXN | 1,252,300 | 69,719 |
|
Total Foreign Government Obligations (cost $25,674,553) |
24,670,895 | ||
| UNAFFILIATED INVESTMENT COMPANIES - 2.2% | |||
|
iShares China CNY Bond UCITS ETF (cost $3,816,314) |
660,000 | 3,802,869 | |
|
Total Long-Term Investment Securities (cost $139,406,065) |
169,382,912 | ||
| SHORT-TERM INVESTMENTS - 2.4% | |||
| Sovereign - 2.0% | |||
| Government of Canada | |||
| 2.13%, 03/11/2026 | CAD | 1,261,000 | 914,897 |
| Government of Japan | |||
| 0.46%, 02/09/2026 | JPY | 150,500,000 | 960,142 |
| 0.48%, 01/19/2026 | JPY | 165,000,000 | 1,053,047 |
| 0.62%, 03/23/2026 | JPY | 100,000,000 | 637,484 |
| 3,565,570 | |||
| U.S. Government - 0.4% | |||
| United States Treasury Bills | |||
| 3.50%, 02/10/2026 | $ 615,000 | 612,643 | |
|
Total Short-Term Investments (cost $4,234,353) |
4,178,213 | ||
| Security Description |
Shares or Principal Amount |
Value | ||
| REPURCHASE AGREEMENTS - 0.8% | ||||
| Bank of America Securities LLC Joint Repurchase Agreement(3) | $ 315,000 | $ 315,000 | ||
| Barclays Capital, Inc. Joint Repurchase Agreement(3) | 280,000 | 280,000 | ||
| BNP Paribas SA Joint Repurchase Agreement(3) | 280,000 | 280,000 | ||
| Deutsche Bank AG Joint Repurchase Agreement(3) | 305,000 | 305,000 | ||
| RBS Securities, Inc. Joint Repurchase Agreement(3) | 305,000 | 305,000 | ||
|
Total Repurchase Agreements (cost $1,485,000) |
1,485,000 | |||
|
TOTAL INVESTMENTS (cost $145,125,418)(4) |
100.1% | 175,046,125 | ||
| Other assets less liabilities | (0.1) | (224,180) | ||
| NET ASSETS | 100.0% | $174,821,945 | ||
| † | Non-income producing security |
| * | Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The SA Wellington Strategic Multi-Asset Portfolio has no right to demand registration of these securities. At December 31, 2025, the aggregate value of these securities was $9,780,813 representing 5.6% of net assets. |
| (1) | Principal amount of security is adjusted for inflation. |
| (2) | The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
| (3) | See Note 2 for details of Joint Repurchase Agreements. |
| (4) | See Note 4 for cost of investments on a tax basis. |
| ADR-American Depositary Receipt |
| ETF-Exchange Traded Fund |
| TIPS-Treasury Inflation Protected Securities |
| AUD-Australian Dollar |
| CAD-Canadian Dollar |
| CNY-Chinese Yuan |
| CZK-Czech Koruna |
| DKK-Danish Krone |
| EUR-Euro Currency |
| GBP-British Pound |
| HUF-Hungarian Forint |
| ILS-Israeli New Sheqel |
| JPY-Japanese Yen |
| KRW-South Korean Won |
| MXN-Mexican Peso |
| MYR-Malaysian Ringgit |
| NOK-Norwegian Krone |
| NZD-New Zealand Dollar |
| PLN-Polish Zloty |
| SEK-Swedish Krona |
| SGD-Singapore Dollar |
12
Table of Contents
SunAmerica Series Trust SA Wellington Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS - December 31, 2025 - (continued)
Futures Contracts
|
Number of Contracts |
Type | Description |
Expiration Month |
Notional Basis* |
Notional Value* |
Unrealized Appreciation |
| 19 | Long | Australian 10 Year Bonds | March 2026 | $1,382,344 | $1,388,220 | $ 5,876 |
| 19 | Short | Canada 10 Year Bonds | March 2026 | 1,691,822 | 1,673,739 | 18,083 |
| 5 | Short | Euro Buxl 30 Year Bonds | March 2026 | 654,752 | 647,065 | 7,687 |
| 10 | Short | Euro-BUND | March 2026 | 1,502,054 | 1,499,203 | 2,851 |
| 1 | Short | Japan 10 Year Bonds | March 2026 | 850,501 | 845,314 | 5,187 |
| 27 | Short | U.S. Treasury Ultra 10 Year Notes | March 2026 | 3,122,484 | 3,105,421 | 17,063 |
| 14 | Short | U.S. Treasury Ultra Bonds | March 2026 | 1,681,206 | 1,652,000 | 29,206 |
| $85,953 |
|
Unrealized (Depreciation) |
||||||
| 20 | Long | Euro-BOBL | March 2026 | $2,740,096 | $2,730,133 | $ (9,963) |
| 10 | Long | Euro-Schatz | March 2026 | 1,256,700 | 1,254,996 | (1,704) |
| 9 | Long | Mini Japan 10 Year Bonds | March 2026 | 764,866 | 759,863 | (5,003) |
| 3 | Long | Short-Term Euro-BTP | March 2026 | 378,896 | 378,402 | (494) |
| 37 | Long | U.S. Treasury 5 Year Notes | March 2026 | 4,054,546 | 4,044,273 | (10,273) |
| 2 | Long | U.S. Treasury Long Bonds | March 2026 | 234,530 | 231,188 | (3,342) |
| 13 | Short | Australian 3 Year Bonds | March 2026 | 908,735 | 910,894 | (2,159) |
| 14 | Short | Long Gilt | March 2026 | 1,719,077 | 1,724,271 | (5,194) |
| $(38,132) | ||||||
| Net Unrealized Appreciation (Depreciation) | $47,821 | |||||
| * | Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract. |
| Forward Foreign Currency Contracts | ||||||||
| Counterparty |
Contract to Deliver |
In Exchange For |
Delivery Date |
Unrealized Appreciation |
Unrealized (Depreciation) |
|||
| Australia & New Zealand Banking Group | NZD | 835,000 | USD | 469,547 | 01/07/2026 | $ - | $ (11,224) | |
| USD | 303,766 | NZD | 540,189 | 01/07/2026 | 7,261 | - | ||
| 7,261 | (11,224) | |||||||
| Bank of America, N.A. | BRL | 165,000 | USD | 30,062 | 01/05/2026 | - | (49) | |
| EUR | 150,000 | USD | 174,530 | 01/07/2026 | - | (1,767) | ||
| KRW | 22,370,000 | USD | 15,274 | 01/07/2026 | - | (246) | ||
| USD | 29,935 | AUD | 45,000 | 01/07/2026 | 96 | - | ||
| USD | 29,987 | BRL | 165,000 | 01/05/2026 | 124 | - | ||
| USD | 24,498 | CLP | 22,500,000 | 01/07/2026 | 481 | - | ||
| USD | 77,827 | GBP | 58,000 | 01/07/2026 | 354 | - | ||
| USD | 324,325 | KRW | 475,900,000 | 01/07/2026 | 5,835 | - | ||
| USD | 32,177 | NZD | 55,000 | 01/07/2026 | - | (510) | ||
| 6,890 | (2,572) | |||||||
| Barclays Bank PLC | AUD | 110,000 | USD | 73,419 | 01/07/2026 | 9 | - | |
| CAD | 165,000 | USD | 119,648 | 01/07/2026 | - | (594) | ||
| CHF | 55,000 | USD | 69,037 | 01/07/2026 | - | (407) | ||
| CZK | 460,000 | USD | 22,033 | 01/07/2026 | - | (344) | ||
| EUR | 487,000 | USD | 570,567 | 01/07/2026 | - | (1,810) | ||
| GBP | 55,000 | USD | 72,952 | 01/07/2026 | - | (1,186) | ||
| HUF | 14,100,000 | USD | 42,617 | 01/07/2026 | - | (495) | ||
| HUF | 40,364,000 | USD | 122,835 | 02/02/2026 | - | (360) | ||
| ILS | 105,000 | USD | 33,045 | 02/02/2026 | 77 | - | ||
| JPY | 49,700,000 | USD | 319,004 | 01/07/2026 | 1,686 | - | ||
| MXN | 664,000 | USD | 36,242 | 01/07/2026 | - | (625) | ||
| NOK | 2,270,000 | USD | 225,906 | 01/07/2026 | 701 | - | ||
| NOK | 332,000 | USD | 33,156 | 02/02/2026 | 216 | - | ||
| NZD | 325,000 | USD | 186,993 | 01/07/2026 | - | (134) | ||
| PLN | 756,000 | USD | 205,805 | 01/07/2026 | - | (4,779) | ||
| SEK | 520,000 | USD | 55,085 | 01/07/2026 | - | (1,403) | ||
| SEK | 784,000 | USD | 85,521 | 02/02/2026 | 237 | - | ||
| USD | 93,002 | AUD | 140,000 | 01/07/2026 | 428 | - | ||
13
Table of Contents
SunAmerica Series Trust SA Wellington Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS - December 31, 2025 - (continued)
| Forward Foreign Currency Contracts - (continued) | ||||||||
| Counterparty |
Contract to Deliver |
In Exchange For |
Delivery Date |
Unrealized Appreciation |
Unrealized (Depreciation) |
|||
| USD | 46,801 | CAD | 65,000 | 01/07/2026 | $ 567 | $ - | ||
| USD | 80,756 | CHF | 65,000 | 01/07/2026 | 1,313 | - | ||
| USD | 469,879 | EUR | 401,000 | 01/07/2026 | 1,421 | - | ||
| USD | 18,668 | GBP | 14,000 | 01/07/2026 | 204 | - | ||
| USD | 153,839 | HUF | 50,464,000 | 01/07/2026 | 460 | - | ||
| USD | 33,043 | ILS | 105,000 | 01/07/2026 | - | (72) | ||
| USD | 385,088 | JPY | 59,900,000 | 01/07/2026 | - | (2,647) | ||
| USD | 31,133 | MXN | 568,000 | 01/07/2026 | 403 | - | ||
| USD | 33,157 | NOK | 332,000 | 01/07/2026 | - | (219) | ||
| USD | 152,798 | NOK | 1,530,000 | 02/02/2026 | - | (998) | ||
| USD | 112,902 | NZD | 195,000 | 01/07/2026 | - | (626) | ||
| USD | 85,403 | SEK | 784,000 | 01/07/2026 | - | (237) | ||
| 7,722 | (16,936) | |||||||
| BNP Paribas SA | CAD | 1,428,190 | USD | 1,014,981 | 01/07/2026 | - | (25,801) | |
| CAD | 1,424,190 | USD | 1,041,140 | 02/02/2026 | 2,062 | - | ||
| CHF | 50,000 | USD | 62,840 | 01/07/2026 | - | (290) | ||
| EUR | 78,000 | USD | 91,734 | 01/07/2026 | 59 | - | ||
| GBP | 218,000 | USD | 288,225 | 01/07/2026 | - | (5,628) | ||
| HUF | 15,372,000 | USD | 46,273 | 01/07/2026 | - | (728) | ||
| JPY | 478,261,000 | USD | 3,063,776 | 01/07/2026 | 10,243 | - | ||
| MXN | 680,000 | USD | 36,844 | 01/07/2026 | - | (911) | ||
| MYR | 1,199,000 | USD | 290,024 | 01/07/2026 | - | (5,505) | ||
| NZD | 158,000 | USD | 90,635 | 01/07/2026 | - | (337) | ||
| SEK | 420,000 | USD | 45,765 | 01/07/2026 | 140 | - | ||
| SGD | 191,000 | USD | 149,076 | 02/02/2026 | 205 | - | ||
| USD | 134,453 | AUD | 205,000 | 01/07/2026 | 2,357 | - | ||
| USD | 1,147,934 | CAD | 1,574,190 | 01/07/2026 | - | (756) | ||
| USD | 43,698 | CHF | 35,000 | 01/07/2026 | 494 | - | ||
| USD | 168,867 | EUR | 145,000 | 01/07/2026 | 1,553 | - | ||
| USD | 197,275 | GBP | 147,000 | 01/07/2026 | 874 | - | ||
| USD | 233,738 | JPY | 36,366,000 | 01/07/2026 | - | (1,554) | ||
| USD | 68,308 | NZD | 120,000 | 01/07/2026 | 785 | - | ||
| USD | 148,819 | SGD | 191,000 | 01/07/2026 | - | (207) | ||
| 18,772 | (41,717) | |||||||
| Citibank, N.A. | AUD | 124,000 | USD | 80,068 | 01/07/2026 | - | (2,685) | |
| CAD | 105,000 | USD | 74,563 | 01/07/2026 | - | (1,955) | ||
| CHF | 30,000 | USD | 37,792 | 01/07/2026 | - | (86) | ||
| CZK | 440,000 | USD | 21,075 | 01/07/2026 | - | (330) | ||
| EUR | 83,000 | USD | 97,801 | 01/07/2026 | 250 | - | ||
| GBP | 206,000 | USD | 274,965 | 01/07/2026 | - | (2,713) | ||
| MXN | 660,000 | USD | 36,647 | 01/07/2026 | 2 | - | ||
| NZD | 84,000 | USD | 48,553 | 01/07/2026 | 188 | - | ||
| SEK | 280,000 | USD | 30,483 | 02/02/2026 | 25 | - | ||
| USD | 24,009 | CZK | 500,000 | 01/07/2026 | 314 | - | ||
| USD | 210,658 | EUR | 181,000 | 01/07/2026 | 2,073 | - | ||
| USD | 30,434 | GBP | 23,000 | 01/07/2026 | 569 | - | ||
| USD | 15,298 | HUF | 5,000,000 | 01/07/2026 | - | (10) | ||
| USD | 94,744 | MXN | 1,730,000 | 01/07/2026 | 1,310 | - | ||
| USD | 37,600 | NZD | 65,000 | 01/07/2026 | - | (174) | ||
| USD | 61,124 | SEK | 560,000 | 01/07/2026 | - | (291) | ||
| USD | 30,984 | SGD | 40,000 | 01/07/2026 | 139 | - | ||
| 4,870 | (8,244) | |||||||
| Credit Agricole SA | EUR | 63,000 | USD | 73,617 | 01/07/2026 | - | (427) | |
| USD | 74,235 | EUR | 64,000 | 01/07/2026 | 985 | - | ||
| USD | 37,000 | GBP | 28,000 | 01/07/2026 | 743 | - | ||
| USD | 36,440 | JPY | 5,700,000 | 01/07/2026 | - | (48) | ||
| 1,728 | (475) | |||||||
| Deutsche Bank AG | AUD | 170,000 | USD | 112,106 | 01/07/2026 | - | (1,346) | |
| CHF | 45,000 | USD | 56,499 | 01/07/2026 | - | (318) | ||
| CNH | 108,000 | USD | 15,319 | 01/07/2026 | - | (164) | ||
14
Table of Contents
SunAmerica Series Trust SA Wellington Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS - December 31, 2025 - (continued)
| Forward Foreign Currency Contracts - (continued) | ||||||||
| Counterparty |
Contract to Deliver |
In Exchange For |
Delivery Date |
Unrealized Appreciation |
Unrealized (Depreciation) |
|||
| EUR | 340,000 | USD | 399,073 | 01/07/2026 | $ - | $ (533) | ||
| EUR | 11,417,000 | USD | 13,407,549 | 02/02/2026 | - | (27,516) | ||
| JPY | 2,800,000 | USD | 17,950 | 01/07/2026 | 73 | - | ||
| MXN | 670,000 | USD | 36,638 | 01/07/2026 | - | (562) | ||
| NOK | 830,000 | USD | 82,225 | 01/07/2026 | - | (119) | ||
| NZD | 385,189 | USD | 220,848 | 01/07/2026 | - | (933) | ||
| NZD | 1,268,000 | USD | 735,883 | 02/02/2026 | 5,056 | - | ||
| SEK | 2,274,000 | USD | 241,593 | 01/07/2026 | - | (5,432) | ||
| USD | 148,707 | AUD | 225,000 | 01/07/2026 | 1,450 | - | ||
| USD | 35,544 | CAD | 50,000 | 01/07/2026 | 893 | - | ||
| USD | 156,859 | CHF | 125,000 | 01/07/2026 | 967 | - | ||
| USD | 43,914 | CZK | 910,000 | 01/07/2026 | 354 | - | ||
| USD | 13,499,950 | EUR | 11,510,000 | 01/07/2026 | 27,884 | - | ||
| USD | 306,505 | EUR | 261,000 | 02/02/2026 | 629 | - | ||
| USD | 128,482 | JPY | 20,100,000 | 01/07/2026 | - | (150) | ||
| USD | 12,033 | MXN | 220,000 | 01/07/2026 | 182 | - | ||
| USD | 17,019 | MYR | 70,000 | 01/07/2026 | 234 | - | ||
| USD | 36,573 | NOK | 370,000 | 01/07/2026 | 134 | - | ||
| USD | 882,551 | NZD | 1,528,000 | 01/07/2026 | - | (2,769) | ||
| USD | 107,474 | NZD | 185,189 | 02/02/2026 | - | (738) | ||
| USD | 107,345 | SEK | 1,010,000 | 01/07/2026 | 2,372 | - | ||
| 40,228 | (40,580) | |||||||
| Goldman Sachs International | AUD | 345,000 | USD | 227,071 | 01/07/2026 | - | (3,169) | |
| BRL | 80,000 | USD | 14,690 | 01/05/2026 | 91 | - | ||
| CAD | 131,000 | USD | 93,125 | 01/07/2026 | - | (2,340) | ||
| CHF | 130,000 | USD | 162,594 | 01/07/2026 | - | (1,544) | ||
| CZK | 4,048,000 | USD | 192,762 | 01/07/2026 | - | (4,157) | ||
| CZK | 4,812,000 | USD | 233,621 | 02/02/2026 | - | (562) | ||
| EUR | 12,209,000 | USD | 14,124,442 | 01/07/2026 | - | (224,935) | ||
| GBP | 28,000 | USD | 37,030 | 01/07/2026 | - | (712) | ||
| ILS | 105,000 | USD | 32,158 | 01/07/2026 | - | (813) | ||
| JPY | 61,666,000 | USD | 395,461 | 01/07/2026 | 1,744 | - | ||
| JPY | 487,928,000 | USD | 3,122,929 | 02/02/2026 | 452 | - | ||
| KRW | 1,198,059,000 | USD | 817,439 | 01/07/2026 | - | (13,726) | ||
| MXN | 4,529,000 | USD | 248,556 | 01/07/2026 | - | (2,904) | ||
| NOK | 332,000 | USD | 32,403 | 01/07/2026 | - | (535) | ||
| NZD | 55,000 | USD | 31,319 | 01/07/2026 | - | (349) | ||
| PLN | 165,000 | USD | 45,418 | 01/07/2026 | - | (543) | ||
| PLN | 500,000 | USD | 139,163 | 02/02/2026 | - | (87) | ||
| SEK | 2,110,000 | USD | 227,147 | 01/07/2026 | - | (2,063) | ||
| SEK | 560,000 | USD | 60,929 | 02/02/2026 | 12 | - | ||
| USD | 96,490 | AUD | 145,000 | 01/07/2026 | 277 | - | ||
| USD | 14,539 | BRL | 80,000 | 01/05/2026 | 60 | - | ||
| USD | 163,265 | CHF | 130,000 | 01/07/2026 | 874 | - | ||
| USD | 233,524 | CZK | 4,812,000 | 01/07/2026 | 560 | - | ||
| USD | 357,551 | EUR | 308,000 | 01/07/2026 | 4,445 | - | ||
| USD | 61,124 | EUR | 52,000 | 02/02/2026 | 67 | - | ||
| USD | 36,991 | GBP | 28,000 | 01/07/2026 | 751 | - | ||
| USD | 3,243,264 | JPY | 507,728,000 | 01/07/2026 | - | (1,594) | ||
| USD | 157,872 | JPY | 24,666,000 | 02/02/2026 | - | (23) | ||
| USD | 201,602 | KRW | 295,520,000 | 01/07/2026 | 3,417 | - | ||
| USD | 196,587 | MXN | 3,607,000 | 01/07/2026 | 3,681 | - | ||
| USD | 195,935 | NOK | 1,990,000 | 01/07/2026 | 1,491 | - | ||
| USD | 101,218 | NZD | 175,000 | 01/07/2026 | - | (458) | ||
| USD | 193,061 | PLN | 695,000 | 01/07/2026 | 531 | - | ||
| USD | 269,063 | SEK | 2,510,000 | 01/07/2026 | 3,599 | - | ||
| 22,052 | (260,514) | |||||||
| HSBC Bank PLC | CZK | 644,000 | USD | 31,146 | 01/07/2026 | - | (182) | |
| JPY | 9,500,000 | USD | 60,615 | 01/07/2026 | - | (39) | ||
| MXN | 11,303,000 | USD | 610,382 | 01/07/2026 | - | (17,186) | ||
| MYR | 1,032,000 | USD | 255,300 | 02/04/2026 | 499 | - | ||
| USD | 30,249 | GBP | 23,000 | 01/07/2026 | 754 | - | ||
15
Table of Contents
SunAmerica Series Trust SA Wellington Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS - December 31, 2025 - (continued)
| Forward Foreign Currency Contracts - (continued) | ||||||||
| Counterparty |
Contract to Deliver |
In Exchange For |
Delivery Date |
Unrealized Appreciation |
Unrealized (Depreciation) |
|||
| USD | 278,663 | MYR | 1,129,000 | 01/07/2026 | $ - | $ (388) | ||
| USD | 30,554 | PLN | 111,000 | 01/07/2026 | 365 | - | ||
| 1,618 | (17,795) | |||||||
| JPMorgan Chase Bank, N.A. | CAD | 65,000 | USD | 46,169 | 01/07/2026 | - | (1,199) | |
| DKK | 628,000 | USD | 97,224 | 01/07/2026 | - | (1,597) | ||
| DKK | 628,000 | USD | 99,131 | 02/02/2026 | 157 | - | ||
| HUF | 11,203,000 | USD | 33,869 | 01/07/2026 | - | (385) | ||
| JPY | 100,000,000 | USD | 647,768 | 03/23/2026 | 5,124 | - | ||
| USD | 98,980 | DKK | 628,000 | 01/07/2026 | - | (158) | ||
| USD | 46,276 | SEK | 440,000 | 01/07/2026 | 1,522 | - | ||
| 6,803 | (3,339) | |||||||
| Morgan Stanley & Co. International PLC | AUD | 1,518,000 | USD | 982,776 | 01/07/2026 | - | (30,278) | |
| CHF | 215,000 | USD | 269,316 | 01/07/2026 | - | (2,144) | ||
| CZK | 630,000 | USD | 30,180 | 01/07/2026 | - | (467) | ||
| EUR | 314,000 | USD | 366,341 | 01/07/2026 | - | (2,707) | ||
| GBP | 23,000 | USD | 30,419 | 01/07/2026 | - | (584) | ||
| GBP | 2,640,000 | USD | 3,568,340 | 02/02/2026 | 9,878 | - | ||
| HUF | 9,789,000 | USD | 29,631 | 01/07/2026 | - | (300) | ||
| JPY | 36,200,000 | USD | 233,518 | 01/07/2026 | 2,394 | - | ||
| NOK | 380,000 | USD | 37,219 | 01/07/2026 | - | (481) | ||
| NZD | 392,000 | USD | 224,688 | 01/07/2026 | - | (1,015) | ||
| SEK | 1,710,000 | USD | 182,512 | 01/07/2026 | - | (3,245) | ||
| SGD | 80,000 | USD | 61,810 | 01/07/2026 | - | (437) | ||
| USD | 385,813 | AUD | 588,000 | 01/07/2026 | 6,596 | - | ||
| USD | 202,620 | CAD | 280,000 | 01/07/2026 | 1,428 | - | ||
| USD | 464,455 | EUR | 397,000 | 01/07/2026 | 2,144 | - | ||
| USD | 143,476 | EUR | 122,000 | 02/02/2026 | 89 | - | ||
| USD | 3,689,476 | GBP | 2,730,000 | 01/07/2026 | - | (9,577) | ||
| USD | 54,888 | JPY | 8,500,000 | 01/07/2026 | - | (618) | ||
| USD | 66,510 | JPY | 10,400,000 | 02/02/2026 | 44 | - | ||
| USD | 121,601 | MXN | 2,230,000 | 01/07/2026 | 2,214 | - | ||
| USD | 74,124 | NOK | 750,000 | 01/07/2026 | 283 | - | ||
| USD | 37,876 | NZD | 65,000 | 01/07/2026 | - | (451) | ||
| USD | 121,771 | SEK | 1,130,000 | 01/07/2026 | 981 | - | ||
| USD | 30,528 | ZAR | 530,000 | 01/07/2026 | 1,473 | - | ||
| USD | 32,476 | ZAR | 540,000 | 02/02/2026 | 69 | - | ||
| ZAR | 800,000 | USD | 47,721 | 01/07/2026 | - | (582) | ||
| 27,593 | (52,886) | |||||||
| Natwest Markets PLC | NZD | 349,000 | USD | 202,328 | 01/07/2026 | 1,383 | - | |
| Royal Bank of Canada | AUD | 130,000 | USD | 86,899 | 01/07/2026 | 142 | - | |
| CAD | 25,000 | USD | 17,802 | 01/07/2026 | - | (416) | ||
| CHF | 90,000 | USD | 114,293 | 01/07/2026 | 659 | - | ||
| EUR | 128,000 | USD | 149,630 | 01/07/2026 | - | (809) | ||
| GBP | 14,000 | USD | 18,677 | 01/07/2026 | - | (194) | ||
| JPY | 165,000,000 | USD | 1,090,865 | 01/20/2026 | 36,161 | - | ||
| NOK | 370,000 | USD | 36,551 | 01/07/2026 | - | (157) | ||
| SEK | 340,000 | USD | 37,033 | 01/07/2026 | 99 | - | ||
| USD | 110,088 | EUR | 94,000 | 01/07/2026 | 391 | - | ||
| USD | 36,056 | GBP | 27,000 | 01/07/2026 | 339 | - | ||
| USD | 60,931 | JPY | 9,500,000 | 01/07/2026 | - | (276) | ||
| USD | 48,856 | MXN | 900,000 | 01/07/2026 | 1,114 | - | ||
| USD | 72,845 | NOK | 740,000 | 01/07/2026 | 570 | - | ||
| USD | 138,558 | SEK | 1,290,000 | 01/07/2026 | 1,576 | - | ||
| 41,051 | (1,852) | |||||||
| Societe Generale | GBP | 256,000 | USD | 340,929 | 01/07/2026 | - | (4,146) | |
| MXN | 660,000 | USD | 36,507 | 01/07/2026 | - | (137) | ||
| USD | 30,507 | EUR | 26,000 | 01/07/2026 | 52 | - | ||
| 52 | (4,283) | |||||||
| Standard Chartered Bank | EUR | 26,000 | USD | 30,363 | 01/07/2026 | - | (195) | |
16
Table of Contents
SunAmerica Series Trust SA Wellington Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS - December 31, 2025 - (continued)
| Forward Foreign Currency Contracts - (continued) | ||||||||
| Counterparty |
Contract to Deliver |
In Exchange For |
Delivery Date |
Unrealized Appreciation |
Unrealized (Depreciation) |
|||
| GBP | 23,000 | USD | 30,469 | 01/07/2026 | $ - | $ (534) | ||
| MXN | 280,000 | USD | 15,106 | 01/07/2026 | - | (440) | ||
| USD | 15,635 | ZAR | 270,000 | 01/07/2026 | 668 | - | ||
| 668 | (1,169) | |||||||
| State Street Bank & Trust Co. | CAD | 50,000 | USD | 36,235 | 01/07/2026 | - | (202) | |
| CHF | 30,000 | USD | 38,060 | 01/07/2026 | 181 | - | ||
| CLP | 22,500,000 | USD | 24,230 | 01/07/2026 | - | (749) | ||
| CNY | 5,584,000 | USD | 789,756 | 01/07/2026 | - | (8,897) | ||
| CNY | 5,584,000 | USD | 799,966 | 02/02/2026 | 2,128 | - | ||
| EUR | 31,000 | USD | 36,193 | 01/07/2026 | - | (241) | ||
| KRW | 187,710,000 | USD | 127,546 | 01/07/2026 | - | (2,680) | ||
| KRW | 686,309,000 | USD | 474,262 | 02/02/2026 | - | (1,470) | ||
| MXN | 1,680,000 | USD | 91,495 | 01/07/2026 | - | (1,783) | ||
| MXN | 8,841,000 | USD | 491,240 | 02/03/2026 | 1,648 | - | ||
| NZD | 125,000 | USD | 72,161 | 01/07/2026 | 189 | - | ||
| USD | 45,624 | BRL | 245,000 | 01/05/2026 | - | (914) | ||
| USD | 31,218 | EUR | 27,000 | 01/07/2026 | 515 | - | ||
| USD | 110,627 | JPY | 17,200,000 | 01/07/2026 | - | (811) | ||
| USD | 109,613 | KRW | 161,490,000 | 01/07/2026 | 2,422 | - | ||
| USD | 145,863 | KRW | 211,080,000 | 02/02/2026 | 452 | - | ||
| USD | 182,350 | MXN | 3,310,000 | 01/07/2026 | 1,429 | - | ||
| 8,964 | (17,747) | |||||||
| Toronto Dominion Bank | AUD | 413,000 | USD | 276,545 | 01/07/2026 | 925 | - | |
| AUD | 1,387,000 | USD | 928,836 | 02/02/2026 | 3,074 | - | ||
| CHF | 35,000 | USD | 44,424 | 02/02/2026 | 108 | - | ||
| EUR | 32,000 | USD | 37,136 | 01/07/2026 | - | (474) | ||
| JPY | 26,867,000 | USD | 172,883 | 01/07/2026 | 1,347 | - | ||
| SEK | 350,000 | USD | 36,786 | 01/07/2026 | - | (1,234) | ||
| USD | 948,396 | AUD | 1,417,000 | 01/07/2026 | - | (2,745) | ||
| USD | 276,575 | AUD | 413,000 | 02/02/2026 | - | (915) | ||
| USD | 86,826 | EUR | 75,000 | 01/07/2026 | 1,322 | - | ||
| USD | 143,085 | GBP | 107,000 | 01/07/2026 | 1,146 | - | ||
| 7,922 | (5,368) | |||||||
| UBS AG | CHF | 25,000 | USD | 31,464 | 01/07/2026 | - | (101) | |
| CHF | 260,000 | USD | 328,582 | 02/02/2026 | - | (618) | ||
| CNH | 110,000 | USD | 15,703 | 01/07/2026 | - | (67) | ||
| HUF | 5,000,000 | USD | 15,170 | 01/07/2026 | - | (118) | ||
| JPY | 150,500,000 | USD | 984,683 | 02/09/2026 | 20,976 | - | ||
| MXN | 280,000 | USD | 15,501 | 01/07/2026 | - | (45) | ||
| NZD | 65,000 | USD | 37,624 | 01/07/2026 | 199 | - | ||
| SGD | 151,000 | USD | 116,141 | 01/07/2026 | - | (1,348) | ||
| USD | 29,963 | AUD | 45,000 | 01/07/2026 | 68 | - | ||
| USD | 396,795 | CHF | 315,000 | 01/07/2026 | 925 | - | ||
| USD | 831,185 | EUR | 713,000 | 01/07/2026 | 6,812 | - | ||
| USD | 190,367 | GBP | 142,000 | 01/07/2026 | 1,041 | - | ||
| USD | 17,423 | NZD | 30,000 | 01/07/2026 | - | (150) | ||
| USD | 31,382 | PLN | 115,000 | 01/07/2026 | 651 | - | ||
| 30,672 | (2,447) | |||||||
| Wells Fargo & Co. | CAD | 1,261,000 | USD | 924,347 | 03/11/2026 | 2,893 | - | |
| USD | 30,771 | CNH | 218,000 | 01/07/2026 | 482 | - | ||
| USD | 83,616 | EUR | 71,000 | 02/02/2026 | - | (66) | ||
| 3,375 | (66) | |||||||
| Westpac Banking Corp. | GBP | 2,504,000 | USD | 3,280,283 | 01/07/2026 | - | (94,980) | |
| Unrealized Appreciation (Depreciation) | $239,624 | $(584,194) | ||||||
| AUD-Australian Dollar |
| BRL-Brazilian Real |
| CAD-Canadian Dollar |
| CHF-Swiss Franc |
| CLP-Chilean Peso |
| CNH-Yuan Renminbi Offshore |
17
Table of Contents
SunAmerica Series Trust SA Wellington Strategic Multi-Asset Portfolio
PORTFOLIO OF INVESTMENTS - December 31, 2025 - (continued)
| CNY-Chinese Yuan |
| CZK-Czech Koruna |
| DKK-Danish Krone |
| EUR-Euro Currency |
| GBP-British Pound |
| HUF-Hungarian Forint |
| ILS-Israeli New Sheqel |
| JPY-Japanese Yen |
| KRW-South Korean Won |
| MXN-Mexican Peso |
| MYR-Malaysian Ringgit |
| NOK-Norwegian Krone |
| NZD-New Zealand Dollar |
| PLN-Polish Zloty |
| SEK-Swedish Krona |
| SGD-Singapore Dollar |
| USD-United States Dollar |
| ZAR-South African Rand |
The following is a summary of the inputs used to value the Portfolio's net assets as of December 31, 2025 (see Note 2):
|
Level 1 - Unadjusted Quoted Prices |
Level 2 - Other Observable Inputs |
Level 3 - Significant Unobservable Inputs |
Total | ||||
| ASSETS: | |||||||
| Investments at Value:* | |||||||
| Common Stocks: | |||||||
| Aerospace/Defense | $1,677,469 | $1,768,669 | $- | $3,446,138 | |||
| Agriculture | - | 1,776,278 | - | 1,776,278 | |||
| Apparel | 557,497 | 1,081,093 | - | 1,638,590 | |||
| Auto Manufacturers | 981,739 | 939,772 | - | 1,921,511 | |||
| Banks | 5,054,420 | 3,041,791 | - | 8,096,211 | |||
| Building Materials | 1,043,108 | 1,255,209 | - | 2,298,317 | |||
| Cosmetics/Personal Care | - | 1,533,912 | - | 1,533,912 | |||
| Distribution/Wholesale | 2,344,109 | 1,262,264 | - | 3,606,373 | |||
| Electric | - | 1,254,852 | - | 1,254,852 | |||
| Home Furnishings | - | 1,224,332 | - | 1,224,332 | |||
| Insurance | 1,850,757 | 2,983,838 | - | 4,834,595 | |||
| Internet | 16,503,366 | 2,793,893 | - | 19,297,259 | |||
| Lodging | - | 1,337,653 | - | 1,337,653 | |||
| Machinery-Construction & Mining | - | 966,399 | - | 966,399 | |||
| Machinery-Diversified | 1,244,863 | 913,733 | - | 2,158,596 | |||
| Mining | - | 1,233,109 | - | 1,233,109 | |||
| Miscellaneous Manufacturing | - | 1,399,687 | - | 1,399,687 | |||
| Oil & Gas Services | - | 989,416 | - | 989,416 | |||
| Pharmaceuticals | 5,913,091 | 1,540,766 | - | 7,453,857 | |||
| Real Estate | - | 1,132,051 | - | 1,132,051 | |||
| Retail | - | 928,752 | - | 928,752 | |||
| Semiconductors | 8,737,764 | 6,814,811 | - | 15,552,575 | |||
| Telecommunications | 1,151,346 | 1,204,886 | - | 2,356,232 | |||
| Other Industries | 26,728,026 | - | - | 26,728,026 | |||
| Corporate Bonds & Notes | - | 2,609,115 | - | 2,609,115 | |||
| U.S. Government & Agency Obligations | - | 25,135,312 | - | 25,135,312 | |||
| Foreign Government Obligations | - | 24,670,895 | - | 24,670,895 | |||
| Unaffiliated Investment Companies | - | 3,802,869 | - | 3,802,869 | |||
| Short-Term Investments | - | 4,178,213 | - | 4,178,213 | |||
| Repurchase Agreements | - | 1,485,000 | - | 1,485,000 | |||
| Total Investments at Value | $73,787,555 | $101,258,570 | $- | $175,046,125 | |||
| Other Financial Instruments:† | |||||||
| Futures Contracts | $85,953 | $- | $- | $85,953 | |||
| Forward Foreign Currency Contracts | - | 239,624 | - | 239,624 | |||
| Total Other Financial Instruments | $85,953 | $239,624 | $- | $325,577 | |||
| LIABILITIES: | |||||||
| Other Financial Instruments:† | |||||||
| Futures Contracts | $38,132 | $- | $- | $38,132 | |||
| Forward Foreign Currency Contracts | - | 584,194 | - | 584,194 | |||
| Total Other Financial Instruments | $38,132 | $584,194 | $- | $622,326 |
| * | For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |
See Notes to Financial Statements
18
Table of Contents
SunAmerica Series Trust
STATEMENTS OF ASSETS AND LIABILITIES - December 31, 2025
|
SA Goldman Sachs Government and Quality Bond(1) |
SA Wellington Capital Appreciation |
SA Wellington Strategic Multi-Asset |
|||
| ASSETS: | |||||
|
Investments at value (unaffiliated)*
|
$1,534,069,910 | $2,447,611,053 | $173,561,125 | ||
|
Repurchase agreements (cost approximates value)
|
- | 4,085,000 | 1,485,000 | ||
|
Cash
|
21,190,681 | 1,184 | 7,039 | ||
|
Foreign cash*
|
6 | 22 | 177,449 | ||
|
Cash collateral on futures contracts
|
4,479,629 | - | - | ||
|
Cash collateral for Forward sales contracts
|
1,110,000 | - | - | ||
|
Receivable for variation margin on futures contracts
|
1,374,294 | - | - | ||
| Receivable for: | |||||
|
Fund shares sold
|
5,710,029 | 5,098,663 | - | ||
|
Dividends and interest
|
3,825,928 | 97,953 | 600,994 | ||
|
Investments sold
|
133,197,305 | - | 906,971 | ||
|
Due from investment adviser for expense reimbursements/fee waivers
|
- | - | 87,430 | ||
|
Unrealized appreciation on forward foreign currency contracts
|
- | - | 239,624 | ||
|
Total assets
|
1,704,957,782 | 2,456,893,875 | 177,065,632 | ||
| LIABILITIES: | |||||
| Payable for: | |||||
|
Fund shares redeemed
|
106,897 | 657,237 | 1,302,446 | ||
|
Investments purchased
|
449,913,574 | - | 21,843 | ||
|
Investment advisory and management fees
|
530,392 | 1,483,269 | 149,543 | ||
|
Service fees-Class 2
|
1,623 | 6,734 | - | ||
|
Service fees-Class 3
|
107,649 | 346,360 | 34,652 | ||
|
Transfer agent fees
|
2,128 | 2,128 | 681 | ||
|
Trustees' fees and expenses
|
7,882 | 16,507 | 1,591 | ||
|
Other accrued expenses
|
131,279 | 202,426 | 148,515 | ||
|
Payable for variation margin on futures contracts
|
- | - | 222 | ||
|
Forward sales contracts, at value*
|
90,769,588 | - | - | ||
|
Unrealized depreciation on forward foreign currency contracts
|
- | - | 584,194 | ||
|
Payable for collateral on Forward sales contracts
|
1,110,000 | - | - | ||
|
Total liabilities
|
542,681,012 | 2,714,661 | 2,243,687 | ||
| Commitments and contingent liabilities (Note 5) | |||||
|
Net assets
|
$1,162,276,770 | $2,454,179,214 | $174,821,945 | ||
| NET ASSETS REPRESENTED BY: | |||||
|
Paid in capital
|
$1,351,339,276 | $1,441,469,583 | $138,911,238 | ||
|
Total accumulated earnings (loss)
|
(189,062,506) | 1,012,709,631 | 35,910,707 | ||
|
Net assets
|
$1,162,276,770 | $2,454,179,214 | $174,821,945 | ||
|
Class 1 (unlimited shares authorized):
|
|||||
|
Net assets
|
$639,467,620 | $789,798,199 | $12,865,026 | ||
|
Shares of beneficial interest issued and outstanding
|
48,744,698 | 15,270,169 | 1,220,966 | ||
|
Net asset value, offering and redemption price per share
|
$13.12 | $51.72 | $10.54 | ||
|
Class 2 (unlimited shares authorized):
|
|||||
|
Net assets
|
$12,876,158 | $52,139,376 | $- | ||
|
Shares of beneficial interest issued and outstanding
|
976,375 | 1,171,790 | - | ||
|
Net asset value, offering and redemption price per share
|
$13.19 | $44.50 | $- | ||
|
Class 3 (unlimited shares authorized):
|
|||||
|
Net assets
|
$509,932,992 | $1,612,241,639 | $161,956,919 | ||
|
Shares of beneficial interest issued and outstanding
|
38,933,998 | 40,380,657 | 15,516,376 | ||
|
Net asset value, offering and redemption price per share
|
$13.10 | $39.93 | $10.44 | ||
| * Cost | |||||
|
Investments (unaffiliated)
|
$1,557,331,133 | $1,677,799,933 | $143,640,418 | ||
|
Foreign cash
|
$6 | $22 | $177,892 | ||
|
Proceeds from forward sales contracts
|
$90,758,086 | $- | $- |
| (1) | Prior to July 28, 2025, the Portfolio was known as SA Wellington Government and Quality Bond Portfolio. |
See Notes to Financial Statements
19
Table of Contents
SunAmerica Series Trust
STATEMENTS OF OPERATIONS - For the Year Ended December 31, 2025
|
SA Goldman Sachs Government and Quality Bond(1) |
SA Wellington Capital Appreciation |
SA Wellington Strategic Multi-Asset |
|||
| INVESTMENT INCOME: | |||||
|
Dividends (unaffiliated)
|
$- | $8,859,740 | $1,559,226 | ||
|
Interest (unaffiliated)
|
50,669,028 | 1,059,193 | 2,144,139 | ||
|
Total investment income*
|
50,669,028 | 9,918,933 | 3,703,365 | ||
| EXPENSES: | |||||
|
Investment advisory and management fees
|
6,259,242 | 16,569,028 | 1,691,074 | ||
| Service Fees: | |||||
|
Class 2
|
19,716 | 75,520 | - | ||
|
Class 3
|
1,278,846 | 3,860,655 | 390,990 | ||
|
Transfer agent fees and expenses
|
9,193 | 9,247 | 2,953 | ||
|
Custodian and accounting fees
|
166,034 | 251,034 | 223,808 | ||
|
Reports to shareholders
|
125,235 | 130,030 | 15,014 | ||
|
Audit and tax fees
|
91,219 | 61,106 | 80,691 | ||
|
Legal fees
|
123,941 | 40,153 | 12,164 | ||
|
Trustees' fees and expenses
|
41,382 | 85,012 | 6,153 | ||
|
Interest expense
|
2,458 | 17,884 | 109 | ||
|
License fee
|
4,768 | - | 63,083 | ||
|
Other expenses
|
50,108 | 63,820 | 61,064 | ||
|
Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly
|
8,172,142 | 21,163,489 | 2,547,103 | ||
|
Net (fees waived and expenses reimbursed)/ recouped by investment adviser (Note 5)
|
- | - | (786,233) | ||
|
Fees paid indirectly (Note 2)
|
- | (11,025) | (641) | ||
|
Net expenses
|
8,172,142 | 21,152,464 | 1,760,229 | ||
|
Net investment income (loss)
|
42,496,886 | (11,233,531) | 1,943,136 | ||
| REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES: | |||||
| Net realized gain (loss) on: | |||||
|
Investments (unaffiliated)
|
3,876,714 | 297,531,034 | 14,253,742 | ||
|
Futures contracts
|
(3,078,114) | - | (105,963) | ||
|
Forward contracts
|
- | - | (1,171,137) | ||
|
Net realized foreign exchange gain (loss) on other assets and liabilities
|
1 | - | 100,399 | ||
|
Net realized gain (loss) on investments and foreign currencies
|
798,601 | 297,531,034 | 13,077,041 | ||
| Change in unrealized appreciation (depreciation) on: | |||||
|
Investments (unaffiliated)
|
29,599,034 | 52,855,967 | 8,159,897 | ||
|
Futures contracts
|
(273,698) | - | 5,230 | ||
|
Forward contracts
|
- | - | (873,934) | ||
|
Forward sales contracts
|
(446,492) | - | - | ||
|
Change in unrealized foreign exchange gain (loss) on other assets and liabilities
|
- | 194 | 19,190 | ||
|
Net unrealized gain (loss) on investments and foreign currencies
|
28,878,844 | 52,856,161 | 7,310,383 | ||
|
Net realized and unrealized gain (loss) on investments and foreign currencies
|
29,677,445 | 350,387,195 | 20,387,424 | ||
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
$72,174,331 | $339,153,664 | $22,330,560 | ||
|
* Net of foreign withholding taxes on interest and dividends of
|
$- | $396 | $182,643 |
| (1) | Prior to July 28, 2025, the Portfolio was known as SA Wellington Government and Quality Bond Portfolio. |
See Notes to Financial Statements
20
Table of Contents
SunAmerica Series Trust
STATEMENTS OF CHANGES IN NET ASSETS
|
SA Goldman Sachs Government and Quality Bond (1) |
SA Wellington Capital Appreciation |
SA Wellington Strategic Multi-Asset |
|||||||||
|
For the Year Ended December 31, 2025 |
For the Year Ended December 31, 2024 |
For the Year Ended December 31, 2025 |
For the Year Ended December 31, 2024 |
For the Year Ended December 31, 2025 |
For the Year Ended December 31, 2024 |
||||||
| INCREASE (DECREASE) IN NET ASSETS | |||||||||||
| OPERATIONS: | |||||||||||
|
Net investment income (loss)
|
$42,496,886 | $45,210,705 | $(11,233,531) | $(11,775,542) | $1,943,136 | $1,742,278 | |||||
|
Net realized gain (loss) on investments and foreign currencies
|
798,601 | (10,520,589) | 297,531,034 | 343,734,743 | 13,077,041 | 11,743,553 | |||||
|
Net unrealized gain (loss) on investments and foreign currencies
|
28,878,844 | (22,066,090) | 52,856,161 | 408,938,463 | 7,310,383 | 6,417,883 | |||||
|
Net increase (decrease) in net assets resulting from operations
|
72,174,331 | 12,624,026 | 339,153,664 | 740,897,664 | 22,330,560 | 19,903,714 | |||||
| DISTRIBUTIONS TO SHAREHOLDERS FROM: | |||||||||||
|
Distributable earnings - Class 1
|
(25,557,800) | (24,643,460) | (3,568,793) | - | (244,725) | (160,608) | |||||
|
Distributable earnings - Class 2
|
(500,582) | (505,233) | (265,844) | - | - | - | |||||
|
Distributable earnings - Class 3
|
(19,285,387) | (19,402,397) | (9,130,448) | - | (2,608,727) | (1,639,123) | |||||
|
Total distributions to shareholders
|
(45,343,769) | (44,551,090) | (12,965,085) | - | (2,853,452) | (1,799,731) | |||||
|
CAPITAL SHARE TRANSACTIONS (Note 7)
|
(2,167,086) | (113,039,469) | (199,688,044) | (294,991,608) | (11,840,953) | (10,680,964) | |||||
|
TOTAL INCREASE (DECREASE) IN NET ASSETS
|
24,663,476 | (144,966,533) | 126,500,535 | 445,906,056 | 7,636,155 | 7,423,019 | |||||
| NET ASSETS: | |||||||||||
|
Beginning of period
|
1,137,613,294 | 1,282,579,827 | 2,327,678,679 | 1,881,772,623 | 167,185,790 | 159,762,771 | |||||
|
End of period
|
$1,162,276,770 | $1,137,613,294 | $2,454,179,214 | $2,327,678,679 | $174,821,945 | $167,185,790 | |||||
| (1) | Prior to July 28, 2025, the Portfolio was known as SA Wellington Government and Quality Bond Portfolio. |
See Notes to Financial Statements
21
Table of Contents
SunAmerica Series Trust
NOTES TO FINANCIAL STATEMENTS
Note 1 - Organization
SunAmerica Series Trust (the "Trust" or "SAST"), a Massachusetts business trust, is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The Trust is comprised of 59 portfolios (each, a "Portfolio," and collectively, the "Portfolios"), 3 of which are included in this report. SunAmerica Asset Management, LLC ("SAAMCo" or the "Adviser"), which as of December 31, 2025, was an indirect wholly-owned subsidiary of Corebridge Financial Inc. ("Corebridge"), serves as investment adviser for all the Portfolios of the Trust. Corebridge and Venerable Holdings, Inc. ("Venerable") entered into a definitive agreement pursuant to which Venerable would acquire SAAMCo (the "Transaction"). The Transaction closed on January 1, 2026. Following the completion of the Transaction, SAAMCo became a wholly-owned subsidiary of Venerable.
Shares of the Portfolios are issued and redeemed in connection with investments in and payments under variable annuity contracts and variable life policies (collectively, the "Variable Contracts") offered by American General Life Insurance Company, a Texas life insurer ("AGL"), The United States Life Insurance Company in the City of New York, a New York life insurer ("USL"), The Variable Annuity Life Insurance Company, a Texas life insurer ("VALIC") (collectively, the "Life Companies"), and variable annuity contracts issued by Nassau Life Insurance Company ("Nassau"), and are also offered to certain affiliated mutual funds. AGL, USL and VALIC are indirect, wholly-owned subsidiaries of Corebridge. All shares may be purchased or redeemed at net asset value without any sales or redemption charges.
Class 1 shares, Class 2 shares and Class 3 shares of each Portfolio may be offered in connection with certain variable contracts. Class 2 and 3 shares of a given Portfolio are identical in all respects to Class 1 shares of the same Portfolio, except that (i) each class may bear differing amounts of certain class-specific expenses; (ii) Class 2 shares and Class 3 shares are subject to service fees while Class 1 shares are not; and (iii) Class 2 shares and Class 3 shares have voting rights on matters that pertain to the Rule 12b-1 plan adopted with respect to Class 2 shares and Class 3 shares. Class 2 and Class 3 shares of each Portfolio pay service fees at an annual rate of 0.15% and 0.25%, respectively, of each class's average daily net assets. The Board of Trustees may establish additional portfolios or classes in the future.
Each Portfolio is diversified as defined by the 1940 Act.
Effective July 28, 2025, the SA Wellington Government and Quality Bond Portfolio changed its name to SA Goldman Sachs Government and Quality Bond Portfolio.
The investment goal for each Portfolio is as follows:
The SA Goldman Sachs Government and Quality Bond Portfolioseeks a high degree of income and total return, consistent with safety of principal and the high credit quality of U.S. Government securities.
The SA Wellington Capital Appreciation Portfolioseeks long-term capital appreciation. Its strategy is to invest in growth equity securities across a wide range of industries and companies, using a wide-ranging and flexible stock selection approach.
The SA Wellington Strategic Multi-Asset Portfolioseeks high long-term total investment return. Its strategy is to invest the Portfolio's assets among global equity and global fixed income securities to achieve total investment return.
Indemnifications:The Trust's organizational documents provide current and former officers and trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust. In addition, pursuant to Indemnification Agreements between the Trust and each of the current (and certain former) trustees who is not an "interested person," as defined in Section 2(a)(19) of the 1940 Act, of the Trust (collectively, the "Disinterested Trustees"), the Trust provides the Disinterested Trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust, whether such liabilities are asserted during or after their service as trustees. In addition, in the normal course of business the Trust enters into contracts that contain the obligation to indemnify others. The Trust's maximum exposure under these arrangements is unknown. Currently, however, the Trust expects the risk of loss to be remote.
Note 2 - Significant Accounting Policies
The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. Each Portfolio is an investment company and accordingly, follows the investment company accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The following is a summary of significant accounting policies consistently followed by the Trust, in the preparation of its financial statements:
Security Valuation:In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Portfolios would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:
Level 1 - Unadjusted quoted prices in active markets for identical securities
Level 2 - Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures adopted by the Board of Trustees (the "Board")
22
Table of Contents
SunAmerica Series Trust
NOTES TO FINANCIAL STATEMENTS - (continued)
Level 3 - Significant unobservable inputs (includes inputs that reflect the Portfolios' own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)
Changes in valuation techniques may result in transfers in or out of an investment's assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The summary of the Portfolios' assets and liabilities classified in the fair value hierarchy as of December 31, 2025, is reported on a schedule at the end of each Portfolio's Portfolio of Investments.
Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price ("NOCP"). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.
As of the close of regular trading on the New York Stock Exchange ("NYSE"), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security's price is available from more than one exchange, the Portfolios use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Portfolio's shares, and the Portfolio may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on the review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Portfolio determines that closing prices do not reflect the fair value of the securities, the Portfolio will adjust the previous closing prices in accordance with pricing procedures adopted by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Portfolios may also fair value securities in other situations, for example, when a particular foreign market is closed but a Portfolio is open. For foreign equity securities, the Portfolios use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities are generally categorized as Level 2.
Bonds, debentures, and other debt securities are valued at evaluated bid prices obtained for the day of valuation from an independent pricing service and are generally categorized as Level 2. The pricing services may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. Typically, these securities are valued assuming orderly transactions of institutional round lot sizes, but a Portfolio may hold or, from time to time, transact in such securities in smaller, odd lot sizes in which case they may be fair valued in accordance with pricing procedures adopted by the Board.
Senior floating rate loans ("Loans") are valued at the average of available bids in the market for such Loans, as provided by an independent loan pricing service, and are generally categorized as Level 2.
Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in registered investment companies are generally categorized as Level 1.
Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by an independent pricing service, and are generally categorized as Level 1. Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services, which are derived using daily swap curves and models that incorporate market data and discounted cash flows and are generally categorized as Level 2. Total return and contracts for difference swap agreements are valued utilizing quotes received daily by independent pricing services, which are derived using models that incorporate market trades and fair value of the underlying reference instrument and are generally categorized as Level 2. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by an independent pricing service as of the close of the exchange on which they are traded, and are generally categorized as Level 1. Option contracts traded in the over-the-counter ("OTC") market are valued at the mid valuation provided by an independent pricing service, and are generally categorized as Level 2. Forward foreign currency contracts ("forward contracts") are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.
Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or OTC market, and are generally categorized as Level 1 or Level 2. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. Because there is no single standard for making fair value determinations, the Portfolios' fair determinations may vary from fair value determinations made by other funds for the same securities.
The Board must determine fair value in good faith for portfolio holdings for which market quotations are not readily available or are unreliable. The Board has designated SAAMCo as the valuation designee ("Valuation Designee") to perform the fair valuation determinations relating to any or all portfolio investments. SAAMCo, as the Valuation Designee, has adopted policies and procedures and has established a pricing review committee to determine the fair value of the designated portfolio holdings on its behalf.
23
Table of Contents
SunAmerica Series Trust
NOTES TO FINANCIAL STATEMENTS - (continued)
Mortgage-Backed Dollar Rolls:Certain Portfolios may enter into dollar rolls using "to be announced" ("TBA") mortgage-backed securities ("TBA Rolls"). TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Portfolios' policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. TBA Roll transactions involve the risk that the market value of the securities held by a Portfolio may decline below the price of the securities that the Portfolio has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Portfolio's use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Portfolio's obligation to repurchase the securities.
Repurchase Agreements: The Portfolios, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission ("SEC"), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Trust's custodian takes possession of the collateral pledged for investments in such repurchase agreements ("repo" or collectively "repos"). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Portfolio may be delayed or limited.
As of December 31, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with Bank of America Securities LLC:
| Portfolio |
Percentage Ownership |
Principal Amount |
||
| SA Wellington Capital Appreciation Portfolio | 38.97% | $855,000 | ||
| SA Wellington Strategic Multi-Asset Portfolio | 14.36 | 315,000 |
As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:
Bank of America Securities LLC, dated December 31, 2025, bearing interest at a rate of 3.81% per annum, with a principal amount of $2,194,000, a repurchase price of $2,194,464, and a maturity date of January 2, 2026. The repurchase agreement is collateralized by the following:
| Type of Collateral |
Interest Rate |
Maturity Date |
Principal Amount |
Value | ||||
| U.S. Treasury Bonds | 3.75% | 08/15/2041 | $2,440,000 | $2,246,192 |
As of December 31, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with Barclays Capital, Inc.:
| Portfolio |
Percentage Ownership |
Principal Amount |
||
| SA Wellington Capital Appreciation Portfolio | 38.50% | $770,000 | ||
| SA Wellington Strategic Multi-Asset Portfolio | 14.00 | 280,000 |
As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:
Barclays Capital, Inc., dated December 31, 2025, bearing interest at a rate of 3.82% per annum, with a principal amount of $2,000,000, a repurchase price of $2,000,424, and a maturity date of January 2, 2026. The repurchase agreement is collateralized by the following:
| Type of Collateral |
Interest Rate |
Maturity Date |
Principal Amount |
Value | ||||
| U.S. Treasury Notes | 4.13% | 03/31/2032 | $1,987,000 | $2,041,317 |
As of December 31, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with BNP Paribas SA:
| Portfolio |
Percentage Ownership |
Principal Amount |
||
| SA Wellington Capital Appreciation Portfolio | 38.50% | $770,000 | ||
| SA Wellington Strategic Multi-Asset Portfolio | 14.00 | 280,000 |
As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:
24
Table of Contents
SunAmerica Series Trust
NOTES TO FINANCIAL STATEMENTS - (continued)
BNP Paribas SA, dated December 31, 2025, bearing interest at a rate of 3.82% per annum, with a principal amount of $2,000,000, a repurchase price of $2,000,424, and a maturity date of January 2, 2026. The repurchase agreement is collateralized by the following:
| Type of Collateral |
Interest Rate |
Maturity Date |
Principal Amount |
Value | ||||
| U.S. Treasury Bonds | 3.38% | 08/15/2042 | $2,371,700 | $2,045,809 |
As of December 31, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with Deutsche Bank AG:
| Portfolio |
Percentage Ownership |
Principal Amount |
||
| SA Wellington Capital Appreciation Portfolio | 38.53% | $845,000 | ||
| SA Wellington Strategic Multi-Asset Portfolio | 13.91 | 305,000 |
As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:
Deutsche Bank AG, dated December 31, 2025, bearing interest at a rate of 3.83% per annum, with a principal amount of $2,193,000, a repurchase price of $2,193,467, and a maturity date of January 2, 2026. The repurchase agreement is collateralized by the following:
| Type of Collateral |
Interest Rate |
Maturity Date |
Principal Amount |
Value | ||||
| U.S. Treasury Notes | 4.13% | 10/31/2031 | $2,200,000 | $2,255,590 |
As of December 31, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with RBS Securities, Inc.:
| Portfolio |
Percentage Ownership |
Principal Amount |
||
| SA Wellington Capital Appreciation Portfolio | 38.53% | $845,000 | ||
| SA Wellington Strategic Multi-Asset Portfolio | 13.91 | 305,000 |
As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:
RBS Securities, Inc., dated December 31, 2025, bearing interest at a rate of 3.84% per annum, with a principal amount of $2,193,000 a repurchase price of $2,193,468, and a maturity date of January 2, 2026. The repurchase agreement is collateralized by the following:
| Type of Collateral |
Interest Rate |
Maturity Date |
Principal Amount |
Value | ||||
| U.S. Treasury Notes | 2.38% | 03/31/2029 | $2,305,000 | $2,237,411 |
Stripped Mortgage-Backed Securities: Stripped Mortgage-Backed Securities ("SMBS") are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Portfolio invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the "principal only" class) from the mortgage pool, while the other class will receive all or most of the interest (the "interest only" class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Portfolio's yield.
When-Issued Securities and Forward Commitments:Certain Portfolios may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Portfolio may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Portfolios may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date.
Foreign Currency Translation: The books and records of the Portfolios are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.
The Portfolios do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.
Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities
25
Table of Contents
SunAmerica Series Trust
NOTES TO FINANCIAL STATEMENTS - (continued)
transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.
Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders: Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations. For financial statement purposes, the Portfolios amortize all premiums and accrete all discounts on fixed income securities. Distributions from income from underlying mutual fund investments, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from underlying mutual fund investments, if any, are recorded to realized gains on the ex-dividend date.
Portfolios which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and certain other countries' tax regulations require that taxes be paid on capital gains realized by a Portfolio.
Distributions received from Real Estate Investment Trust ("REIT") investments are recharacterized based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The amount recharacterized as ordinary income is recorded as dividend income and the amount recharacterized as capital gain is recorded as realized gain in the Statement of Operations. The amount recharacterized as return of capital is recorded as a reduction to the cost of investments in the Statement of Assets and Liabilities. These recharacterizations are reflected in the accompanying financial statements.
Income, expenses other than class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares of each class of shares at the beginning of the day (after adjusting for current capital share activity of the respective class).
Expenses common to all Portfolios are allocated among the Portfolios based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Portfolio as incurred on a specific identification basis. The expenses included in the accompanying financial statements reflect the expenses of each of the respective funds and do not include indirect expenses associated with the investments in the Underlying Portfolios. "Fees paid indirectly" in the Statement of Operations represents expense reductions used to offset non-affiliated expenses resulting from participation in a commission recapture program.
Dividends from net investment income and capital gain distributions, if any, are paid annually. The Portfolios record dividends and distributions to their shareholders on the ex-dividend date.
The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.
Each Portfolio is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Portfolio also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.
Each Portfolio recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Portfolio's tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Portfolios file U.S. federal and certain state income tax returns. The Portfolios federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Operating Segments:An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available.
Per Topic 280, the Portfolios' Principal Executive Officer and Principal Financial Officer act as the Portfolios' CODM and have determined that the Portfolios have a single operating segment. The financial information provided to and reviewed by the CODM to assess segment performance and to make resource allocations is consistent with that presented within the Portfolios' financial statements.
Recent Accounting and Regulatory Developments
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures". ASU 2023-09 requires public entities to enhance the transparency and decision usefulness of income tax disclosures for investors. ASU2023-09 became effective for fiscal years beginning after December 15, 2024. Adoption of the Rule had no material impact on the Portfolios' financial statements.
During the period ended December 31, 2025 the Portfolios did not pay a significant amount of foreign or U.S federal, state or local income taxes and, therefore, did not include any additional disclosures in these financial statements.
26
Table of Contents
SunAmerica Series Trust
NOTES TO FINANCIAL STATEMENTS - (continued)
Note 3 - Derivative Instruments
Forward Foreign Currency Contracts: A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Portfolio as unrealized appreciation or depreciation. On the settlement date, a Portfolio records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Risks to a Portfolio of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Portfolio's loss will generally consist of the net amount of contractual payments that the Portfolio has not yet received though the Portfolio's maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.
Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.
Futures:A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Portfolio will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the "broker"). Subsequent payments are made or received by the Portfolio as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statements of Assets and Liabilities as receivable/payable for variation margin on futures contracts and as cash collateral on futures contracts for the changes in the value of the initial margin requirement. When a contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
The primary risk to a Portfolio of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security or securities. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While a Portfolio will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, the Portfolio may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Portfolio has insufficient cash to meet margin requirements, the Portfolio may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to a Portfolio since the futures contracts are generally exchange-traded.
Futures contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.
Options:An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Portfolio writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Portfolio purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Portfolio's Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Portfolio has written either expires on its stipulated expiration date, or if the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Portfolio has written is exercised, the Portfolio realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Portfolio has written is exercised, the amount of the premium originally received reduces the cost of the security which the Portfolio purchased upon exercise of the option. Options may be traded on a national securities exchange or in the OTC market.
Risks to a Portfolio of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Portfolio's loss will consist of the net amount of contractual payments that the Portfolio has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities, and for written options, may result in losses in excess of the amounts shown on the statement of assets and liabilities. There is also the risk a Portfolio may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.
Option contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.
Master Agreements:Certain Portfolios that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements ("Master Agreements") with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Portfolio and applicable counterparty. Collateral requirements are generally determined based on a Portfolio's net position with each counterparty. Master Agreements may also include certain provisions that require a Portfolio to post additional collateral upon the occurrence of certain events, such as when a Portfolio's net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Portfolio may also occur upon a decline in a Portfolio's net assets below a specified
27
Table of Contents
SunAmerica Series Trust
NOTES TO FINANCIAL STATEMENTS - (continued)
level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty's long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty's credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Portfolio's counterparties to elect early termination could cause the Portfolio to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Portfolio's financial statements. The Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.
The following tables represent the value of derivatives held as of December 31, 2025, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the year ended December 31, 2025. For a detailed presentation of derivatives held as of December 31, 2025, please refer to the schedule at the end of each Portfolio's Portfolio of Investments.
| Asset Derivatives | Liability Derivatives | ||||||||||||||||
|
Futures Contracts(1) |
Swap Contracts |
Options Purchased |
Forward Foreign Currency Contracts(2) |
Futures Contracts(1) |
Swap Contracts |
Options Written |
Forward Foreign Currency Contracts(3) |
||||||||||
| Portfolio | Interest Rate Contracts | ||||||||||||||||
|
SA Goldman Sachs Government and Quality Bond
|
$1,570,289 | $- | $- | $- | $1,832,854 | $- | $- | $- | |||||||||
|
SA Wellington Strategic Multi-Asset
|
85,953 | - | - | - | 38,132 | - | - | - | |||||||||
| Foreign Exchange Contracts | |||||||||||||||||
|
SA Wellington Strategic Multi-Asset
|
- | - | - | 239,624 | - | - | - | 584,194 | |||||||||
| (1) | Amount represents cumulative appreciation/depreciation on futures contracts as disclosed in the Portfolio of Investments. Only the current day's variation margin is separately disclosed within the Statements of Assets and Liabilities. |
| (2) | Unrealized appreciation on forward foreign currency contracts |
| (3) | Unrealized depreciation on forward foreign currency contracts |
| Realized Gain (Loss) on Derivatives Recognized in Statement of Operations | |||||||||||
|
Futures Contracts(1) |
Swap Contracts |
Written Options |
Purchased Options |
Forward Foreign Currency Contracts(2) |
|||||||
| Portfolio | Interest Rate Contracts | ||||||||||
|
SA Goldman Sachs Government and Quality Bond
|
$(3,078,114) | $- | $- | $- | $- | ||||||
|
SA Wellington Strategic Multi-Asset
|
(105,963) | - | - | - | - | ||||||
| Foreign Forward Exchange Contracts | |||||||||||
|
SA Wellington Strategic Multi-Asset
|
- | - | - | - | (1,171,137) | ||||||
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations | |||||||||||
|
Futures Contracts(3) |
Swap Contracts |
Written Options |
Purchased Options |
Forward Foreign Currency Contracts(4) |
|||||||
| Portfolio | Interest Rate Contracts | ||||||||||
|
SA Goldman Sachs Government and Quality Bond
|
$(273,698) | $- | $- | $- | $- | ||||||
|
SA Wellington Strategic Multi-Asset
|
5,230 | - | - | - | - | ||||||
| Foreign Forward Exchange Contracts | |||||||||||
|
SA Wellington Strategic Multi-Asset
|
- | - | - | - | (873,934) | ||||||
| (1) | Net realized gain (loss) on futures contracts |
| (2) | Net realized gain (loss) on forward contracts |
| (3) | Change in unrealized appreciation (depreciation) on futures contracts |
| (4) | Change in unrealized appreciation (depreciation) on forward contracts |
28
Table of Contents
SunAmerica Series Trust
NOTES TO FINANCIAL STATEMENTS - (continued)
The following table represents the average monthly balances of derivatives held during the year ended December 31, 2025.
| Average Amount Outstanding During the Period | ||||
| Portfolio |
Futures Contracts(1) |
Forward Foreign Currency Contracts(1) |
||
|
SA Goldman Sachs Government and Quality Bond
|
$339,652,101 | $- | ||
|
SA Wellington Strategic Multi-Asset
|
16,348,614 | 97,896,122 | ||
| (1) | Amounts represent notional amounts in US dollars. |
The following table represents the Portfolio's objectives for using derivative instruments for the year ended December 31, 2025:
| Objectives for Using Derivatives | ||||||||
| Portfolio |
Futures Contracts |
Forward Foreign Currency Contracts |
||||||
|
SA Goldman Sachs Government and Quality Bond
|
1 | - | ||||||
|
SA Wellington Strategic Multi-Asset
|
1 | 2 | ||||||
| (1) | To manage interest rate risk and the duration of the portfolio. |
| (2) | To manage foreign currency exchange rate risk. |
The following tables set forth the Portfolios' derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged (received) as of December 31, 2025. The repurchase agreements held by the Portfolios as of December 31, 2025, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments and the Notes to the Financial Statements for more information about the Portfolios' holdings in repurchase agreements.
| SA Wellington Strategic Multi-Asset Portfolio | ||||||||||||||||||||||
| Derivative Assets(1) | Derivative Liabilities(1) | |||||||||||||||||||||
| Counterparty |
Forward Foreign Currency Contracts |
OTC Swaps |
Options Purchased |
Total |
Forward Foreign Currency Contracts |
OTC Swaps |
Options Written |
Total |
Net Derivative Assets (Liabilities) |
Collateral Pledged/ (Received)(2) |
Net Amount(3) |
|||||||||||
|
Australia & New Zealand Banking Group
|
$7,261 | $- | $- | $7,261 | $11,224 | $- | $- | $11,224 | $(3,963) | $- | $(3,963) | |||||||||||
|
Bank of America, N.A.
|
6,890 | - | - | 6,890 | 2,572 | - | - | 2,572 | 4,318 | - | 4,318 | |||||||||||
|
Barclays Bank PLC
|
7,722 | - | - | 7,722 | 16,936 | - | - | 16,936 | (9,214) | - | (9,214) | |||||||||||
|
BNP Paribas SA
|
18,772 | - | - | 18,772 | 41,717 | - | - | 41,717 | (22,945) | - | (22,945) | |||||||||||
|
Citibank, N.A.
|
4,870 | - | - | 4,870 | 8,244 | - | - | 8,244 | (3,374) | - | (3,374) | |||||||||||
|
Credit Agricole SA
|
1,728 | - | - | 1,728 | 475 | - | - | 475 | 1,253 | - | 1,253 | |||||||||||
|
Deutsche Bank AG
|
40,228 | - | - | 40,228 | 40,580 | - | - | 40,580 | (352) | - | (352) | |||||||||||
|
Goldman Sachs International
|
22,052 | - | - | 22,052 | 260,514 | - | - | 260,514 | (238,462) | - | (238,462) | |||||||||||
|
HSBC Bank PLC
|
1,618 | - | - | 1,618 | 17,795 | - | - | 17,795 | (16,177) | - | (16,177) | |||||||||||
|
JPMorgan Chase Bank, N.A.
|
6,803 | - | - | 6,803 | 3,339 | - | - | 3,339 | 3,464 | - | 3,464 | |||||||||||
|
Morgan Stanley & Co. International PLC
|
27,593 | - | - | 27,593 | 52,886 | - | - | 52,886 | (25,293) | - | (25,293) | |||||||||||
|
Natwest Markets PLC
|
1,383 | - | - | 1,383 | - | - | - | - | 1,383 | - | 1,383 | |||||||||||
|
Royal Bank of Canada
|
41,051 | - | - | 41,051 | 1,852 | - | - | 1,852 | 39,199 | - | 39,199 | |||||||||||
|
Societe Generale
|
52 | - | - | 52 | 4,283 | - | - | 4,283 | (4,231) | - | (4,231) | |||||||||||
|
Standard Chartered Bank
|
668 | - | - | 668 | 1,169 | - | - | 1,169 | (501) | - | (501) | |||||||||||
|
State Street Bank & Trust Co.
|
8,964 | - | - | 8,964 | 17,747 | - | - | 17,747 | (8,783) | - | (8,783) | |||||||||||
|
Toronto Dominion Bank
|
7,922 | - | - | 7,922 | 5,368 | - | - | 5,368 | 2,554 | - | 2,554 | |||||||||||
|
UBS AG
|
30,672 | - | - | 30,672 | 2,447 | - | - | 2,447 | 28,225 | - | 28,225 | |||||||||||
|
Wells Fargo & Co.
|
3,375 | - | - | 3,375 | 66 | - | - | 66 | 3,309 | - | 3,309 | |||||||||||
|
Westpac Banking Corp.
|
- | - | - | - | 94,980 | - | - | 94,980 | (94,980) | - | (94,980) | |||||||||||
|
Total
|
$239,624 | $- | $- | $239,624 | $584,194 | $- | $- | $584,194 | $(344,570) | $- | $(344,570) | |||||||||||
| (1) | Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities. |
| (2) | For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above. |
| (3) | Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement. |
29
Table of Contents
SunAmerica Series Trust
NOTES TO FINANCIAL STATEMENTS - (continued)
Note 4 - Federal Income Taxes
The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, straddles loss deferrals, amortization for premiums/discounts and derivative transactions.
| Distributable Earnings | Tax Distributions | |||||||||
| For the year ended December 31, 2025 | ||||||||||
| Portfolio |
Ordinary Income |
Long-term Gains/Capital Loss Carryover |
Unrealized Appreciation (Depreciation)* |
Ordinary Income |
Long-Term Capital Gains |
|||||
|
SA Goldman Sachs Government and Quality Bond
|
$35,984,634 | $(200,088,307) | $(23,939,462) | $45,343,769 | $- | |||||
|
SA Wellington Capital Appreciation
|
- | 247,970,725 | 764,738,906 | - | 12,965,085 | |||||
|
SA Wellington Strategic Multi-Asset
|
1,307,449 | 6,398,344 | 29,349,837 | 2,631,630 | 221,822 | |||||
| * | Unrealized appreciation (depreciation) includes amounts for derivatives and other assets and liabilities denominated in foreign currency. |
| Tax Distributions | ||||
|
For the year ended December 31, 2024 |
||||
| Portfolio |
Ordinary Income |
Long-Term Capital Gains |
||
|
SA Goldman Sachs Government and Quality Bond
|
$44,551,090 | $- | ||
|
SA Wellington Strategic Multi-Asset
|
1,799,731 | - | ||
As of December 31, 2025, for Federal income tax purposes, the Portfolios indicated below have capital loss carryforwards, which are available to offset future capital gains, if any:
|
Capital Loss Carryforward Unlimited |
||||
| Portfolio | ST | LT | ||
|
SA Goldman Sachs Government and Quality Bond*
|
$78,471,300 | $121,617,007 | ||
| * | The Portfolios had a change in ownership as defined in the Internal Revenue Code section 382 during the year ended December 31, 2024. The capital loss carryforwards may be subject to limitations pursuant to applicable federal income tax regulations. |
The Portfolios indicated below, utilized capital loss carryforwards, which offset net realized taxable gains in the year ended December 31, 2025.
| Portfolio |
Capital Loss Carryforward Utilized |
|
|
SA Goldman Sachs Government and Quality Bond
|
$13,636,138 | |
|
SA Wellington Capital Appreciation
|
53,300,717 | |
|
SA Wellington Strategic Multi-Asset
|
7,349,327 |
For the year ended December 31, 2025, the reclassifications between total accumulated earnings (loss) and paid-in capital resulting from book/tax differences were as follows:
| Portfolio |
Accumulated Earnings(Loss) |
Paid-In Capital |
||
|
SA Wellington Capital Appreciation
|
$11,233,531 | $(11,233,531) |
The amounts of aggregate unrealized gain (loss) and the cost of investment securities for Federal tax purposes, including short-term securities and repurchase agreements, were as follows:
| Portfolio |
Aggregate Unrealized Gain |
Aggregate Unrealized Loss |
Net Unrealized Gain (Loss) |
Cost of Investments |
||||
|
SA Goldman Sachs Government and Quality Bond
|
$14,036,198 | $(37,975,660) | $(23,939,462) | $1,557,997,870 | ||||
|
SA Wellington Capital Appreciation
|
804,641,275 | (39,902,518) | 764,738,757 | 1,686,957,296 | ||||
|
SA Wellington Strategic Multi-Asset
|
34,224,967 | (4,878,519) | 29,346,448 | 145,696,780 |
30
Table of Contents
SunAmerica Series Trust
NOTES TO FINANCIAL STATEMENTS - (continued)
Note 5 - Investment Advisory and Management Agreement, and Service Plan (12b-1 Plan)
SAAMCo serves as investment adviser to the Trust and employs investment subadvisers that make investment decisions for all or portions of certain of the Portfolios. The Portfolios pay SAAMCo a monthly fee, calculated daily based on net assets at the annual rates set forth in the table below. SAAMCo has contractually (unless otherwise indicated) agreed to waive a portion of its advisory fee for certain Portfolios. The subadvisers are compensated for their services by SAAMCo.
| Portfolio | Subadviser | Advisory Fee | Advisory Fee after Waiver | |||
| SA Goldman Sachs Government and Quality Bond | Goldman Sachs Asset Management International(1) |
0.625% on the first $200 million 0.575% on the next $300 million 0.500% on assets over $500 million |
No fee waiver | |||
| SA Wellington Capital Appreciation | Wellington Management Company LLP |
0.750% on the first $50 million 0.725% on the next $50 million 0.700% on assets over $100 million |
No fee waiver | |||
| SA Wellington Strategic Multi-Asset | Wellington Management Company LLP |
1.00% on the first $200 million 0.875% on the next $300 million 0.800% on assets over $500 million |
0.650% on the first $200 million 0.525% on the next $300 million 0.450% on assets over $500 million |
| (1) | On July 28, 2025, Goldman Sachs Asset Management International was appointed as subadviser replacing Wellington Management Company LLP. |
For the year ended December 31, 2025, advisory fees waived were as follows:
| Portfolio | Amount | |
|
SA Wellington Strategic Multi-Asset
|
$591,876 |
The Adviser has contractually agreed to waive its fees and/or reimburse expenses, if necessary, to keep annual operating expenses at or below certain percentages of the following Portfolios' average net assets. This agreement may be modified or discontinued prior to April 30, 2027, only with the approval of the Board, including a majority of the trustees who are not "interested persons" of the Trust as defined in the 1940 Act. For purposes of the waived fees and reimbursed expense calculations, annual Portfolio operating expenses shall not include extraordinary expenses (i.e., expenses that are unusual in nature and infrequent in occurrence such as litigation), or acquired fund fees and expenses, brokerage commissions and other transactional expenses relating to the purchase and sale of portfolio securities, interest, taxes and governmental fees, and other expenses not incurred in the ordinary course of the Portfolio's business. During the period ended December 31, 2025, the Adviser waived its fees and/or reimbursed expenses, if necessary, to keep annual operating expenses at or below the following percentages:
| Portfolio | Class 1 | Class 3 | ||
|
SA Wellington Strategic Multi-Asset
|
0.81% | 1.06% |
The Adviser may also voluntarily waive additional fees and/or reimburse additional expenses. The Adviser may terminate all such voluntary waivers and/or reimbursements at any time.
For the year ended December 31, 2025, expenses reimbursed were as follows:
| Portfolio | Amount | |
|
SA Wellington Strategic Multi-Asset
|
$194,357 |
Waivers or reimbursements made by the Adviser with respect to a Portfolio, with the exception of advisory fee waivers, are subject to recoupment from that Portfolio within the following two years, provided that the Portfolio is able to effect such payment to the Adviser without exceeding the applicable expense limitations in effect at the time such waivers and/or reimbursements occurred or the current expense limitation of that share class.
At December 31, 2025, expenses previously reimbursed by the Adviser that are subject to recoupment and expire during the time period indicated below are as follows:
|
Balance Subject to Recoupment |
||||
| Portfolio | December 31, 2026 | December 31, 2027 | ||
|
SA Wellington Strategic Multi-Asset
|
$129,521 | $194,357 | ||
The Trust has entered into a Master Transfer Agency and Service Agreement with VALIC Retirement Services Company ("VRSCO"), a wholly-owned subsidiary of VALIC. Effective October 1, 2025, VRSCO receives from the Trust and Seasons Series Trust, collectively, an annual fee of $1,000,000, which is allocated to each Portfolio of the Trust and Seasons Series Trust based on shareholder accounts. Prior to that date, the annual fee was $150,000. Under the agreement, VRSCO provides services, which include the issuance and redemption of shares, payment of dividends between the Trust and their "institutional" shareholders and certain shareholder reporting services including confirmation of transactions and tax reporting. Accordingly, for the year ended December 31, 2025, transfer agent fees were paid (see Statement of Operations) based on the annual fee at the old rate until September 30, 2025 and at the new rate on and after October 1, 2025.
31
Table of Contents
SunAmerica Series Trust
NOTES TO FINANCIAL STATEMENTS - (continued)
Class 2 and Class 3 shares of each Portfolio are subject to Rule 12b-1 plans that provide for service fees payable at the annual rate of 0.15% and 0.25%, respectively, of the average daily net assets of Class 2 and Class 3 shares. The service fees will be used to compensate the Life Companies for expenditures made to financial intermediaries for providing services to contract holders who are the indirect beneficial owners of the Portfolios' Class 2 and Class 3 shares. Accordingly, for the year ended December 31, 2025, service fees were paid (see Statement of Operations) based on the aforementioned rates.
On September 29, 2025, the SA Goldman Sachs Government and Quality Bond Portfolio's delivery of cash collateral was not consistent with the requirements of Section 17(f) of the Investment Company Act of 1940. The error was corrected on September 30, 2025, and the error resulted in a $50 loss to the Portfolio which was reimbursed by the subadviser.
Note 6 - Purchases and Sales of Investment Securities
The cost of purchases and proceeds from sales and maturities of long-term investments during the year ended December 31, 2025 were as follows:
| Portfolio |
Purchases of Investment Securities (excluding U.S. Government Securities) |
Sales of Investment Securities (excluding U.S. Government Securities) |
Purchase of U.S. Government Securities |
Sales of U.S. Government Securities |
||||
|
SA Goldman Sachs Government and Quality Bond
|
$284,744,410 | $452,469,649 | $698,495,835 | $1,016,307,796 | ||||
|
SA Wellington Capital Appreciation
|
2,104,700,350 | 2,385,527,500 | - | - | ||||
|
SA Wellington Strategic Multi-Asset
|
90,023,844 | 100,953,553 | 20,644,543 | 17,063,857 |
Note 7 - Capital Share Transactions
Transactions in capital shares of each class of each Portfolio were as follows:
| SA Goldman Sachs Government and Quality Bond Portfolio | SA Wellington Capital Appreciation Portfolio | ||||||||||||||
| Year Ended 12/31/25 | Year Ended 12/31/24 | Year Ended 12/31/25 | Year Ended 12/31/24 | ||||||||||||
| Shares | Amount | Shares | Amount | Shares | Amount | Shares | Amount | ||||||||
| Class 1 | |||||||||||||||
|
Shares sold
|
10,559,091 | $138,668,828 | 426,687 | $5,608,841 | 1,026,657 | $41,948,605 | 1,557,428 | $62,227,385 | |||||||
|
Reinvested dividends
|
1,964,473 | 25,557,800 | 1,889,836 | 24,643,460 | 68,289 | 3,568,793 | - | - | |||||||
|
Shares redeemed
|
(10,305,126) | (135,438,373) | (10,561,458) | (139,260,230) | (2,582,479) | (123,275,226) | (2,892,051) | (113,553,047) | |||||||
|
Total
|
2,218,438 | $28,788,255 | (8,244,935) | $(109,007,929) | (1,487,533) | $(77,757,828) | (1,334,623) | $(51,325,662) | |||||||
| Class 2 | |||||||||||||||
|
Shares sold
|
36,797 | $483,845 | 137,727 | $1,805,181 | 11,937 | $456,820 | 4,918 | $170,801 | |||||||
|
Reinvested dividends
|
38,242 | 500,582 | 38,538 | 505,233 | 5,910 | 265,844 | - | - | |||||||
|
Shares redeemed
|
(143,994) | (1,894,521) | (165,617) | (2,181,178) | (181,857) | (7,273,513) | (297,118) | (10,193,560) | |||||||
|
Total
|
(68,955) | $(910,094) | 10,648 | $129,236 | (164,010) | $(6,550,849) | (292,200) | $(10,022,759) | |||||||
| Class 3 | |||||||||||||||
|
Shares sold
|
3,401,282 | $45,128,197 | 3,994,193 | $52,163,055 | 2,804,570 | $89,603,356 | 1,548,219 | $48,751,668 | |||||||
|
Reinvested dividends
|
1,483,491 | 19,285,387 | 1,489,056 | 19,402,397 | 226,169 | 9,130,448 | - | - | |||||||
|
Shares redeemed
|
(7,199,452) | (94,458,831) | (5,766,305) | (75,726,228) | (5,776,608) | (214,113,171) | (9,042,441) | (282,394,855) | |||||||
|
Total
|
(2,314,679) | $(30,045,247) | (283,056) | $(4,160,776) | (2,745,869) | $(115,379,367) | (7,494,222) | $(233,643,187) | |||||||
|
Net increase (decrease)
|
(165,196) | $(2,167,086) | (8,517,343) | $(113,039,469) | (4,397,412) | $(199,688,044) | (9,121,045) | $(294,991,608) | |||||||
| SA Wellington Strategic Multi-Asset Portfolio | |||||||||||||||
| Year Ended 12/31/25 | Year Ended 12/31/24 | ||||||||||||||
| Shares | Amount | Shares | Amount | ||||||||||||
| Class 1 | |||||||||||||||
|
Shares sold
|
78,000 | $793,126 | 44,521 | $376,837 | |||||||||||
|
Reinvested dividends
|
23,806 | 244,726 | 17,122 | 160,608 | |||||||||||
|
Shares redeemed
|
(213,716) | (2,149,482) | (171,919) | (1,548,992) | |||||||||||
|
Total
|
(111,910) | $(1,111,630) | (110,276) | $(1,011,547) | |||||||||||
32
Table of Contents
SunAmerica Series Trust
NOTES TO FINANCIAL STATEMENTS - (continued)
| SA Wellington Strategic Multi-Asset Portfolio | ||||||||||||
| Year Ended 12/31/25 | Year Ended 12/31/24 | |||||||||||
| Shares | Amount | Shares | Amount | |||||||||
| Class 3 | ||||||||||||
|
Shares sold
|
897,877 | $8,832,179 | 827,186 | $7,503,415 | ||||||||
|
Reinvested dividends
|
256,008 | 2,608,726 | 176,250 | 1,639,123 | ||||||||
|
Shares redeemed
|
(2,268,038) | (22,170,228) | (2,081,316) | (18,811,955) | ||||||||
|
Total
|
(1,114,153) | $(10,729,323) | (1,077,880) | $(9,669,417) | ||||||||
|
Net increase (decrease)
|
(1,226,063) | $(11,840,953) | (1,188,156) | $(10,680,964) | ||||||||
Note 8 - Transactions with Affiliates
At December 31, 2025, the following affiliates owned outstanding shares of the following Portfolios:
| Portfolio |
American General Life Insurance Co. |
The United States Life Insurance Co. |
VALIC |
SST SA Allocation Aggressive Portfolio |
SST SA Allocation Balanced Portfolio |
SST SA Allocation Moderate Portfolio |
SST SA Allocation Moderately Aggressive Portfolio |
SAST SA VCP Dynamic Strategy Portfolio |
SAST SA VCP Dynamic Allocation Portfolio |
|||||||||
|
SA Goldman Sachs Government and Quality Bond
|
46.44% | 2.59% | 0.35% | 1.20% | 1.80% | 1.56% | 2.10% | 10.73% | 33.18% | |||||||||
|
SA Wellington Capital Appreciation
|
86.90 | 4.27 | 0.47 | 0.43 | 0.11 | 0.18 | 0.37 | 1.47 | 5.59 | |||||||||
|
SA Wellington Strategic Multi-Asset
|
90.35 | 7.71 | 1.16 | - | - | - | - | - | - |
The Portfolios are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Trustees, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the 1940 Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the year ended December 31, 2025, the following Portfolios engaged in security transactions with affiliated funds:
| Portfolio |
Cost of Purchases |
Proceeds from Sales |
Realized Gain (Loss) |
|||
|
SA Wellington Capital Appreciation
|
$- | $22,627,080 | $1,869,268 |
Note 9 - Investment Concentration and Other Risks
Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. Investment prices can fall or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse political, regulatory or economic developments here or abroad; changes in investor psychology; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. Investments in growth stocks as well as small and mid-cap company stocks may be subject to volatile price swings and therefore present a greater potential for loss than other investments. Investments in non-U.S. stocks and bonds are subject to additional risks such as fluctuations in foreign currencies, political and economic instability, differences in securities regulation and accounting standards, foreign tax laws, and limited availability of public information. Income seeking investment strategies may 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 than more diverse investments.
Certain Portfolios invest internationally, including in "emerging market" countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed countries. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the SA Wellington Strategic Multi-Asset Portfolio.
Each Portfolio may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a portfolio holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the SA Goldman Sachs Government and Quality Bond Portfolio concentration in such investments, this fund may be subject to risks associated with the U.S. Government, its agencies or instrumentalities.
Note 10 - Line of Credit
The Trust, along with certain other funds managed by the Adviser, has access to a $75 million committed unsecured line of credit and a $100 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company ("State Street"), the Trust's custodian. Interest on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent
33
Table of Contents
SunAmerica Series Trust
NOTES TO FINANCIAL STATEMENTS - (continued)
(1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the federal funds effective rate on such date and (b) the overnight bank funding rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the federal funds effective rate or the overnight bank funding rate shall be less than zero, then the federal funds effective rate or the overnight bank funding rate, shall be deemed to be zero for the purposes of determining the rate. The Trust, on behalf of each of the Portfolios, has paid State Street, such Portfolio's ratable portion of an upfront fee in an amount equal to $90,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit. Borrowings under the line of credit will commence when the respective Portfolio's cash shortfall exceeds $100,000. For the year ended December 31, 2025, the following Portfolios had borrowings:
| Portfolio |
Days Outstanding |
Interest Charges |
Average Debt Utilized |
Weighted Average Interest |
Balance Outstanding at 12/31/25 |
|||||
|
SA Goldman Sachs Government and Quality Bond
|
3 | $2,430 | $5,475,000 | 5.38% | $- | |||||
|
SA Wellington Capital Appreciation
|
4 | 17,884 | 28,400,000 | 5.62 | - |
Note 11 - Interfund Lending Agreement
Pursuant to the exemptive relief granted by the SEC, the Portfolios are permitted to participate in an interfund lending program among investment companies advised by SAAMCo or an affiliate. The interfund lending program allows the participating Portfolios to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Portfolios receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the year ended December 31, 2025, none of the Portfolios participated in this program.
34
Table of Contents
SunAmerica Series Trust
FINANCIAL HIGHLIGHTS
| Selected Data for a Share Outstanding Throughout each Period | Ratios and Supplemental Data | ||||||||||||||
| Investment Operations |
Distributions to Shareholders From |
Ratios to Average Net Assets | |||||||||||||
|
Period ended |
Net Asset Value beginning of period |
Net investment income (loss)(1) |
Net realized & unrealized gain (loss) on investments |
Total from investment operations |
Net investment income |
Net realized gain on investments |
Total distributions |
Net Asset Value end of period |
Total Return(2) |
Net Assets end of period (000's) |
Total expenses before waivers and/or reimburse- ments |
Total expenses after waivers and/or reimburse- ments |
Net investment income (loss) |
Portfolio turnover |
|
| SA Goldman Sachs Government and Quality Bond Portfolio - Class 1(3) | |||||||||||||||
| 12/31/21 | $16.13 | $0.15 | $(0.45) | $(0.30) | $(0.26) | $(0.26) | $(0.52) | $15.31 | (1.86)% | $1,041,985 | 0.56% | 0.56% | 0.99% | 65% | |
| 12/31/22 | 15.31 | 0.24 | (2.30) | (2.06) | (0.18) | (0.22) | (0.40) | 12.85 | (13.41) | 816,210 | 0.56 | 0.56 | 1.74 | 91 | |
| 12/31/23 | 12.85 | 0.45 | 0.18 | 0.63 | (0.29) | - | (0.29) | 13.19 | 5.07 | 722,171 | 0.58 | 0.58 | 3.41 | 107 | |
| 12/31/24 | 13.19 | 0.50 | (0.35) | 0.15 | (0.52) | - | (0.52) | 12.82 | 1.08 | 596,340 | 0.57 | 0.57 | 3.83 | 90(4) | |
| 12/31/25 | 12.82 | 0.50 | 0.34 | 0.84 | (0.54) | - | (0.54) | 13.12 | 6.57 | 639,468 | 0.59 | 0.59 | 3.78 | 75(4) | |
| SA Goldman Sachs Government and Quality Bond Portfolio - Class 2(3) | |||||||||||||||
| 12/31/21 | 16.18 | 0.13 | (0.46) | (0.33) | (0.23) | (0.26) | (0.49) | 15.36 | (2.03) | 19,762 | 0.71 | 0.71 | 0.84 | 65 | |
| 12/31/22 | 15.36 | 0.22 | (2.31) | (2.09) | (0.15) | (0.22) | (0.37) | 12.90 | (13.54) | 14,605 | 0.71 | 0.71 | 1.59 | 91 | |
| 12/31/23 | 12.90 | 0.43 | 0.19 | 0.62 | (0.27) | - | (0.27) | 13.25 | 4.93 | 13,707 | 0.73 | 0.73 | 3.27 | 107 | |
| 12/31/24 | 13.25 | 0.49 | (0.36) | 0.13 | (0.50) | - | (0.50) | 12.88 | 0.92 | 13,465 | 0.72 | 0.72 | 3.68 | 90(4) | |
| 12/31/25 | 12.88 | 0.48 | 0.35 | 0.83 | (0.52) | - | (0.52) | 13.19 | 6.45 | 12,876 | 0.74 | 0.74 | 3.65 | 75(4) | |
| SA Goldman Sachs Government and Quality Bond Portfolio - Class 3(3) | |||||||||||||||
| 12/31/21 | 16.09 | 0.12 | (0.46) | (0.34) | (0.22) | (0.26) | (0.48) | 15.27 | (2.10) | 705,351 | 0.81 | 0.81 | 0.74 | 65 | |
| 12/31/22 | 15.27 | 0.21 | (2.30) | (2.09) | (0.14) | (0.22) | (0.36) | 12.82 | (13.67) | 538,872 | 0.81 | 0.81 | 1.48 | 91 | |
| 12/31/23 | 12.82 | 0.41 | 0.18 | 0.59 | (0.25) | - | (0.25) | 13.16 | 4.78 | 546,702 | 0.83 | 0.83 | 3.17 | 107 | |
| 12/31/24 | 13.16 | 0.47 | (0.34) | 0.13 | (0.49) | - | (0.49) | 12.80 | 0.90 | 527,808 | 0.82 | 0.82 | 3.58 | 90(4) | |
| 12/31/25 | 12.80 | 0.46 | 0.34 | 0.80 | (0.50) | - | (0.50) | 13.10 | 6.31 | 509,933 | 0.84 | 0.84 | 3.54 | 75(4) | |
| SA Wellington Capital Appreciation Portfolio - Class 1 | |||||||||||||||
| 12/31/21 | 64.80 | (0.34) | 4.29 | 3.95(5) | - | (15.42) | (15.42) | 53.33 | 5.63 | 812,818 | 0.73 | 0.73 | (0.53) | 110(6) | |
| 12/31/22 | 53.33 | (0.13) | (19.79) | (19.92) | - | (10.51) | (10.51) | 22.90 | (36.34) | 461,751 | 0.73 | 0.73 | (0.37) | 97 | |
| 12/31/23 | 22.90 | (0.11) | 9.20 | 9.09 | - | - | - | 31.99 | 39.69 | 578,820 | 0.74 | 0.74 | (0.39) | 95 | |
| 12/31/24 | 31.99 | (0.15) | 13.51 | 13.36 | - | - | - | 45.35 | 41.76 | 759,983 | 0.72 | 0.72 | (0.38) | 114 | |
| 12/31/25 | 45.35 | (0.15) | 6.74 | 6.59 | - | (0.22) | (0.22) | 51.72 | 14.53 | 789,798 | 0.73 | 0.73 | (0.31) | 89 | |
| SA Wellington Capital Appreciation Portfolio - Class 2 | |||||||||||||||
| 12/31/21 | 60.34 | (0.40) | 4.02 | 3.62(5) | - | (15.42) | (15.42) | 48.54 | 5.49 | 66,092 | 0.88 | 0.88 | (0.68) | 110(6) | |
| 12/31/22 | 48.54 | (0.16) | (18.06) | (18.22) | - | (10.51) | (10.51) | 19.81 | (36.42) | 37,293 | 0.88 | 0.88 | (0.52) | 97 | |
| 12/31/23 | 19.81 | (0.13) | 7.94 | 7.81 | - | - | - | 27.62 | 39.42 | 44,973 | 0.89 | 0.89 | (0.54) | 95 | |
| 12/31/24 | 27.62 | (0.18) | 11.66 | 11.48 | - | - | - | 39.10 | 41.56 | 52,231 | 0.87 | 0.87 | (0.53) | 114 | |
| 12/31/25 | 39.10 | (0.19) | 5.81 | 5.62 | - | (0.22) | (0.22) | 44.50 | 14.38 | 52,139 | 0.88 | 0.88 | (0.46) | 89 | |
| SA Wellington Capital Appreciation Portfolio - Class 3 | |||||||||||||||
| 12/31/21 | 57.50 | (0.43) | 3.83 | 3.40(5) | - | (15.42) | (15.42) | 45.48 | 5.37 | 1,375,583 | 0.98 | 0.98 | (0.79) | 110(6) | |
| 12/31/22 | 45.48 | (0.17) | (16.96) | (17.13) | - | (10.51) | (10.51) | 17.84 | (36.48) | 1,006,995 | 0.98 | 0.98 | (0.60) | 97 | |
| 12/31/23 | 17.84 | (0.14) | 7.15 | 7.01 | - | - | - | 24.85 | 39.29 | 1,257,980 | 0.99 | 0.99 | (0.64) | 95 | |
| 12/31/24 | 24.85 | (0.19) | 10.48 | 10.29 | - | - | - | 35.14 | 41.41 | 1,515,465 | 0.97 | 0.97 | (0.63) | 114 | |
| 12/31/25 | 35.14 | (0.20) | 5.21 | 5.01 | - | (0.22) | (0.22) | 39.93 | 14.26 | 1,612,242 | 0.98 | 0.98 | (0.56) | 89 | |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | Prior to July 28, 2025, the Portfolio was known as SA Wellington Government and Quality Bond Portfolio. |
| (4) | Excludes TBA transactions. Beginning with the period ended December 31, 2024, portfolio turnover rates including TBA transactions are being added as Supplemental Ratios in the table below. |
| Supplemental Ratios | ||||||||||
| Portfolio Turnover (including TBA transactions) | 12/21 | 12/22 | 12/23 | 12/24 | 12/25 | |||||
|
SA Goldman Sachs Government and Quality Bond Portfolio
|
N/A | N/A | N/A | 166% | 500% |
| (5) | Includes the effect of a merger. |
| (6) | Excludes purchases/sales due to merger. |
See Notes to Financial Statements
35
Table of Contents
SunAmerica Series Trust
FINANCIAL HIGHLIGHTS - (continued)
| Selected Data for a Share Outstanding Throughout each Period | Ratios and Supplemental Data | ||||||||||||||
| Investment Operations |
Distributions to Shareholders From |
Ratios to Average Net Assets | |||||||||||||
|
Period ended |
Net Asset Value beginning of period |
Net investment income (loss)(1) |
Net realized & unrealized gain (loss) on investments |
Total from investment operations |
Net investment income |
Net realized gain on investments |
Total distributions |
Net Asset Value end of period |
Total Return(2) |
Net Assets end of period (000's) |
Total expenses before waivers and/or reimburse- ments |
Total expenses after waivers and/or reimburse- ments |
Net investment income (loss) |
Portfolio turnover |
|
| SA Wellington Strategic Multi-Asset Portfolio - Class 1 | |||||||||||||||
| 12/31/21 | $9.79 | $(0.00) | $0.74 | $0.74 | $(0.03) | $(0.37) | $(0.40) | $10.13 | 7.65% | $16,357 | 1.18% | 0.86% | (0.01)% | 85% | |
| 12/31/22 | 10.13 | 0.05 | (1.84) | (1.79) | (0.08) | (0.84) | (0.92) | 7.42 | (16.99) | 12,241 | 1.19 | 0.86 | 0.54 | 81 | |
| 12/31/23 | 7.42 | 0.08 | 1.03 | 1.11 | (0.12) | - | (0.12) | 8.41 | 15.12 | 12,136 | 1.19 | 0.85 | 1.01 | 63 | |
| 12/31/24 | 8.41 | 0.12 | 0.98 | 1.10 | (0.12) | - | (0.12) | 9.39 | 13.05 | 12,511 | 1.24 | 0.81 | 1.27 | 48 | |
| 12/31/25 | 9.39 | 0.14 | 1.20 | 1.34 | (0.18) | (0.01) | (0.19) | 10.54 | 14.33 | 12,865 | 1.27 | 0.81 | 1.38 | 69 | |
| SA Wellington Strategic Multi-Asset Portfolio - Class 3 | |||||||||||||||
| 12/31/21 | 9.73 | (0.03) | 0.75 | 0.72 | (0.02) | (0.37) | (0.39) | 10.06 | 7.47 | 138,205 | 1.43 | 1.11 | (0.27) | 85 | |
| 12/31/22 | 10.06 | 0.02 | (1.82) | (1.80) | (0.06) | (0.84) | (0.90) | 7.36 | (17.22) | 127,518 | 1.45 | 1.11 | 0.29 | 81 | |
| 12/31/23 | 7.36 | 0.06 | 1.02 | 1.08 | (0.10) | - | (0.10) | 8.34 | 14.84 | 147,627 | 1.44 | 1.10 | 0.76 | 63 | |
| 12/31/24 | 8.34 | 0.09 | 0.97 | 1.06 | (0.10) | - | (0.10) | 9.30 | 12.67 | 154,675 | 1.49 | 1.06 | 1.03 | 48 | |
| 12/31/25 | 9.30 | 0.11 | 1.19 | 1.30 | (0.15) | (0.01) | (0.16) | 10.44 | 14.09 | 161,957 | 1.53 | 1.06 | 1.13 | 69 | |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
See Notes to Financial Statements
36
Table of Contents
SunAmerica Series Trust
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To the Board of Trustees of SunAmerica Series Trust and Shareholders of SA Goldman Sachs Government and Quality Bond Portfolio, SA Wellington Capital Appreciation Portfolio and SA Wellington Strategic Multi-Asset Portfolio
Opinions on the Financial Statements
We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of SA Goldman Sachs Government and Quality Bond Portfolio, SA Wellington Capital Appreciation Portfolio and SA Wellington Strategic Multi-Asset Portfolio (three of the portfolios constituting SunAmerica Series Trust, hereafter collectively referred to as the "Portfolios") as of December 31, 2025, the related statements of operations for the year ended December 31, 2025, the statements of changes in net assets for each of the two years in the period ended December 31, 2025, including the related notes, and the financial highlights for each of the five years in the period ended December 31, 2025 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Portfolios as of December 31, 2025, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2025 and each of the financial highlights for each of the five years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinions
These financial statements are the responsibility of the Portfolios' management. Our responsibility is to express an opinion on the Portfolios' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Portfolios in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.
/s/ PricewaterhouseCoopers LLP
Houston, Texas
February 23, 2026
We have served as the auditor of one or more investment companies in the SunAmerica annuity family of funds (consisting of SunAmerica Series Trust and Seasons Series Trust) since at least 1986. We have not been able to determine the specific year we began serving as auditor.
37
Table of Contents
SunAmerica Series Trust
SHAREHOLDERS TAX INFORMATION (unaudited)
Certain tax information regarding SunAmerica Series Trust is required to be provided to the shareholders based upon each Portfolio's income and distributions for the taxable year ended December 31, 2025.
During the year ended December 31, 2025, the Portfolio paid the following long-term capital gains dividends along with the percentage of ordinary income dividends that qualified for the dividends received deductions for corporations:
| Portfolio |
Net Long-Term Capital Gains |
Foreign Taxes Credit |
Foreign Source Income |
Qualifying % for the Dividends Received Deduction |
||||
|
SA Goldman Sachs Government and Quality Bond Portfolio
|
$- | $- | $- | -% | ||||
|
SA Wellington Capital Appreciation Portfolio
|
12,965,085 | - | - | - | ||||
|
SA Wellington Strategic Multi-Asset Portfolio
|
221,822 | - | - | 18.31 |
38
Table of Contents
SunAmerica Series Trust
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS(unaudited)
Item 8(Form N-CSR) - Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Not applicable.
39
Table of Contents
SunAmerica Series Trust
RESULTS OF SPECIAL SHAREHOLDER MEETING (unaudited)
Item 9(Form N-CSR) - Proxy Disclosure for Open-End Management Investment Companies.
On December 8, 2025, a joint special meeting of shareholders (the "Special Meeting") of each of the Portfolios of the Trust was held to consider the proposal listed below. The proposal was approved on behalf of each respective Portfolio and the results of the Special Meeting were as follows:
With respect to each Portfolio of the Trust, to approve a new investment advisory and management agreement between SunAmerica and such Trust, on behalf of such Portfolio, each to take effect upon the Change of Control Event resulting from the Transaction. The material terms of the proposed investment advisory and management agreements are identical to the material terms of the current investment advisory and management agreements (With respect to each Portfolio, to be voted on by shareholders of the Portfolio, voting separately):
| Name of Portfolio | FOR | AGAINST | ABSTAIN | |||
| SA Goldman Sachs Government and Quality Bond Portfolio | 82,282,150.218 | 585,953.881 | 2,816,068.469 | |||
| SA Wellington Capital Appreciation Portfolio | 54,717,654.916 | 1,143,187.052 | 2,683,137.778 | |||
| SA Wellington Strategic Multi-Asset Portfolio | 15,682,081.650 | 389,490.353 | 583,991.490 |
40
Table of Contents
SunAmerica Series Trust
REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS (unaudited)
Item 10(Form N-CSR) - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Remuneration paid to Directors is included in the Statement of Operations.
41
Table of Contents
SunAmerica Series Trust
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited)
Item 11(Form N-CSR) - Statement Regarding Basis for Approval of Investment Advisory Contract.
At a meeting held on September 18, 2025, the Board of Trustees (the "Board") of SunAmerica Series Trust (the "Trust"), including the Trustees who are not interested persons of the Trust, as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved the continuation of the Investment Advisory and Management Agreement between SunAmerica Asset Management, LLC ("SunAmerica" or the "Adviser") and the Trust (the "Advisory Agreement") on behalf of the SA Wellington Capital Appreciation Portfolio, SA Goldman Sachs Government and Quality Bond Portfolio (previously, SA Wellington Government and Quality Bond Portfolio) and SA Wellington Strategic Multi-Asset Portfolio (each, a "Portfolio" and collectively, the "Portfolios), and the Subadvisory Agreement between SunAmerica and Wellington Management Company LLP ("Wellington" or the "Subadviser") with respect to the Portfolios. The Board was not asked to consider the continuation of the subadvisory agreement between SunAmerica and Goldman Sachs Asset Management L.P. ("GSAM") with respect to the SA Goldman Sachs Government and Quality Bond Portfolio because that agreement was in its initial two-year term and was not up for renewal at the Meeting. The Advisory Agreement and Subadvisory Agreement are referred to together herein as the "Advisory Contracts."
| (1) | In connection with the approval of the Advisory Contracts, the Board received materials related to certain factors used in its consideration whether to renew or approve the Advisory Contracts. Those factors included: |
| (2) | the requirements of the Trust in the areas of investment supervisory and administrative services; |
| (3) | the nature, extent and quality of the investment advisory, administrative, operational and compliance services provided by SunAmerica, including a review of the investment performance of the Portfolios and oversight of Wellington; |
| (4) | the size and structure of the investment advisory fee and any other material payments to the Adviser and Wellington and, in connection therewith, a review of the costs of services provided and the profits realized by the Adviser and its affiliates from the relationship with the Trust; |
| (5) | the expenses paid by each of the Portfolios, including their total operating expenses and any applicable expense limitation; |
| (6) | the extent to which the Adviser realizes economies of scale and shares them with the Trust; |
| (7) | the organizational capability, resources, personnel and financial condition of the Adviser and Wellington and their affiliates; and |
| (8) | the fees paid by the Adviser to Wellington for managing the Portfolios. |
In addition, the Board considered (a) the historical relationship between the Trust and SunAmerica; (b) the conditions and trends prevailing in the economy, the securities markets and the investment company industry; and (c) the reasonableness of the amount of the fee retained by the Adviser in light of the services provided by the Adviser and Wellington.
The Independent Trustees were separately represented by counsel that is independent of SunAmerica in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Trustees in executive sessions during which their independent counsel provided guidance to the Independent Trustees.
The Board received information regarding each Portfolio's advisory and subadvisory fees compared to advisory and subadvisory fee rates of a group of funds with similar investment strategies and/or objectives, as applicable (respectively, the "Expense Group/Universe" and the "Subadvised Expense Group/Universe"), as selected and prepared by an independent third-party provider of investment company data. The Board also received performance data and expense information prepared by management. In addition, the Board considered the expenses and performance of SunAmerica and Wellington with respect to accounts and mutual funds managed by each that have comparable investment objectives and strategies to each of the Portfolios that they manage.
Nature, Extent and Quality of Services.
The Board, including the Independent Trustees, considered the nature, quality and extent of services provided by SunAmerica and Wellington. In making its evaluation, the Board considered that SunAmerica acts as adviser for each Portfolio, manages the daily business affairs of the Trust, obtains and evaluates economic, statistical and financial information to formulate and implement investment policies, and provides oversight with respect to the daily management of the Portfolios' assets allocated to Wellington, subject to the Trustees' oversight and control. It was also noted that SunAmerica's advisory fees compensate SunAmerica for services such as monitoring Portfolio performance, selecting and replacing subadvisers and ensuring that Wellington's style adheres to the prospectus and statement of additional information as well as other administrative, compliance and legal services.
The Board noted that SunAmerica is responsible for overseeing the performance of services by the Trust's custodian, transfer agent and dividend disbursing agent. The Board also noted that SunAmerica is responsible for the financial, legal and accounting records required to be maintained by the Portfolios and for the administration of the Trust's business affairs, including providing such office space, bookkeeping, accounting, clerical, secretarial and administrative services (exclusive of, and in addition to, any such service provided by any others retained by the Trust or any of the Trust's portfolios) and such executive and other personnel as may be necessary for the operations of the Portfolios. The Board considered that SunAmerica monitors and reviews the activities of third-party service providers that may provide additional administrative services.
In addition, the Board considered the key personnel of SunAmerica who are involved in the investment management, administration, compliance and risk management activities with respect to the Portfolios. The Board also considered the compensation program for SunAmerica's investment professionals.
With respect to the Subadviser, the Board noted that Wellington is responsible for providing investment management services on a day-to-day basis. In such role, Wellington (i) determines the securities to be purchased or sold and executes such documents on behalf of the Portfolios as may be necessary in connection therewith; (ii) provides SunAmerica with records concerning their activities; and (iii) renders regular reports to SunAmerica and to officers and Trustees of the Trust concerning their discharge of the foregoing responsibilities. The Board reviewed Wellington's history, structure and size, and investment experience. The Board considered Wellington's personnel who are
42
Table of Contents
SunAmerica Series Trust
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited) - (continued)
involved in the investment management, administration, compliance and risk management activities with respect to the Portfolios, as well as current and projected staffing levels and compensation practices. The Board was informed that in management's judgment, Wellington has the size, viability and resources to attract and retain highly qualified investment professionals.
The Board reviewed the qualifications, background and responsibilities of SunAmerica's staff and Wellington's staff who are responsible for providing investment management services to the Portfolios and other key personnel of SunAmerica in addition to current and projected staffing levels and compensation practices.
The Board considered SunAmerica's reputation and long-standing relationship with the Trust and considered the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of types of mutual funds and shareholder services. The Board also considered the Trust's relationship with affiliated life insurance companies that offer the Portfolios through variable annuity and variable life insurance products. The Board considered SunAmerica's experience in providing management and investment advisory and administrative services to advisory clients. The Board also considered SunAmerica's code of ethics and its risk management process, and that SunAmerica has developed internal procedures, adopted by the Board, for monitoring compliance with the investment objectives, policies and restrictions of the Trust's portfolios as set forth in the Trust's registration statement.
The Board also reviewed and considered SunAmerica's and Wellington's compliance and regulatory history, including information about whether any were involved in any litigation, regulatory actions or investigations that could impair their ability to serve as an adviser or subadviser to the Portfolios. The Board considered SunAmerica's and Wellington's risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on SunAmerica's or Wellington's ability to provide services to the Trust.
The Board concluded that it was satisfied with the nature, quality and extent of the services provided by or to be provided by SunAmerica and Wellington and that there was a reasonable basis on which to conclude that they would provide high quality services to the Trust.
Portfolio Fees and Expenses; Investment Performance.
The Board, including the Independent Trustees, received and reviewed information regarding the Portfolios' fees (actual or contractual management fees, subadvisory fees, non-management fees, and 12b-1 fees, if applicable), and expense ratios compared against such fees and expense ratios of the Expense Group/Universe for each Portfolio. Such fees and expense ratios were compared both before and after expense waivers, caps and reimbursements, if any. It was noted that with respect to subadvisory fees, SunAmerica negotiates such fees at arm's length. The Board also considered that the subadvisory fees are paid by SunAmerica out of its advisory fee and not by the Portfolios, and that subadvisory fees may vary widely within a Subadvised Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board further considered the amount of subadvisory fees paid by SunAmerica and the amount of the management fees that it retained and determined that these amounts were reasonable in light of the services performed by SunAmerica and Wellington, respectively.
To assist in analyzing the reasonableness of the advisory and subadvisory fees, the Board received a report prepared independently by Broadridge Financial Solutions, Inc. ("Broadridge") as well as information provided by management. The Board also considered advisory fees received by the Adviser and Wellington with respect to other mutual funds and accounts with similar investment strategies to the Portfolios each advises. Based on the information from Broadridge, the Board reviewed detailed information about peer groups of comparable mutual funds based on various factors such as the type of fund (those underlying variable insurance products), comparable investment objectives and strategies, among other factors. Referred to herein are Expense Groups and Performance Groups/Universes that represent those peer groups of funds used to compare expenses and performance, respectively.
The Trustees noted that the expense information as a whole was useful in assessing whether SunAmerica and Wellington were providing services at a cost that was competitive with other similar funds. The performance information included annualized returns for the period since inception and the one-, three-, five- and ten-year periods, as applicable, ended June 30, 2024 from Broadridge and performance information as of June 30, 2024 from management. On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to each Portfolio's overall performance, performance relative to each Portfolio's relevant benchmark and Morningstar and/or Broadridge peer groups, as applicable, and Wellington's performance within the Portfolio. The Board considered that management makes particular note of any of the Trust's portfolios that may require closer monitoring or potential corrective action by the Board.
As part of its review of the Portfolios' fees and expenses and performance, the Board considered information, including but not limited to the following expense and performance information, provided by Broadridge and management in making its determinations. It was noted that actual advisory and subadvisory fees and total expenses were calculated as of each Portfolio's most recent fiscal year end, which may vary among the Portfolio's Expense Group/Universe.
| • | SA Wellington Capital Appreciation Portfolio.The Board noted that both actual management fees were slightly above and total expenses were below the medians of its Expense Group. The Board took account of management's discussion of the Portfolio's fees. |
| The Board considered that the Portfolio performed above its benchmark index for the three-year period and below that index for the one-, five- and ten-year periods. The Board also considered that the Portfolio performed above the medians of its Performance Group for the three- and ten-year periods and below the medians for the one- and five-year periods. The Board took account of management's discussion of the Portfolio's performance. | |
| • | SA Goldman Sachs Government and Quality Bond Portfolio.The Board noted that both actual management fees and total expenses were slightly above the medians of its Expense Group. The Board took account of management's discussion of the Portfolio's fees and expenses. |
| The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed above the median of its Performance Group for the ten-year period and below the medians for the one-, three- and five-year periods. The Board took account of management's discussion of the Portfolio's performance and noted that GSAM replaced Wellington as Subadviser to the Portfolio effective July 28, 2025, and that therefore performance before that time is not reflective of GSAM's track record. |
43
Table of Contents
SunAmerica Series Trust
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited) - (continued)
| • | SA Wellington Strategic Multi-Asset Portfolio.The Board noted that both actual management fees and total expenses were above the medians of its Expense Group. The Board further noted that there is an expense limitation of 0.81% and 1.06% on Class1 and Class3 shares, respectively. The Board also considered that SunAmerica has contractually agreed to a fee waiver that lowers the advisory fee with respect to the Portfolio by 35 basis points at each applicable breakpoint. |
| The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed below the medians of its Performance Group for the same periods. The Board took account of management's discussion of the Portfolio's performance. |
The Trustees noted that the expense and performance information as a whole was useful in assessing whether Wellington was providing services at a cost that was competitive with other similar funds.
Cost of Services & Benefits Derived.
With respect to indirect costs and benefits, the Board was informed, based on management's judgment, that any indirect costs incurred by SunAmerica in connection with rendering investment advisory services to the Portfolios were inconsequential to the analysis of the adequacy of the advisory fees, and that any collateral benefits derived as a result of providing advisory services to the Portfolios did not impact the reasonableness of the advisory fee. The Board considered that SunAmerica is paid an administrative services fee of up to 0.04% of the average daily net asset value of the Trust's portfolios pursuant to an arrangement between SunAmerica and certain affiliated life insurance companies (the "Life Companies"). The Board considered that the Trust also pays VALIC Retirement Services Company, an affiliate of SunAmerica, a fee for the provision of recordkeeping and shareholder services to contract owners and participants.
In connection with benefits derived from the Trust, the Board considered that the Life Companies may benefit as a result of their direct ownership of the Portfolios' shares, which amounts may be significant. It was noted that in calculating their corporate income tax liability as insurance companies, the Life Companies, as corporate mutual fund shareholders, may exclude a portion of the ordinary dividends paid by underlying U.S. equities in the Portfolios to the same extent the Portfolios receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Life Companies may also rely on foreign tax credits with respect to certain foreign securities held by the Portfolios. The Board considered that the Life Companies receive financial support from SunAmerica for distribution-related activities, including administrative, marketing and other servicing activities, including payments to help offset costs for marketing activities and training (including training of registered representatives of Corebridge Capital Services, Inc., an affiliate of SunAmerica) to support sales of the Portfolios, as well as occasional gifts, entertainment or other compensation as incentives. It was noted that such payments may be derived from 12b-1 (service) fees that are deducted directly from the assets of the Portfolios or from investment management fees received by SunAmerica or Wellington. In addition, the Board considered that, because shares of the Portfolios are offered as investment options through variable annuity or life contracts issued by the Life Companies (the "Variable Contracts"), the investment objectives, strategies and performance of the Portfolios may positively or negatively impact a Life Company's ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts.
The Board concluded that any benefits that SunAmerica and its affiliates could be expected to receive with regard to providing investment advisory and other services to the Portfolios were reasonable.
Profitability and Economies of Scale.
The Board received information related to SunAmerica's profitability as well as the profitability of certain affiliates with respect to the services they provide to the Trust's portfolios. The profitability analysis reflected the relationship between SunAmerica and the affiliated Life Companies. The Board considered that, pursuant to administrative services agreements between SunAmerica and each of the Life Companies, SunAmerica pays a fee to each Life Company at an annual rate of 25 basis points of the average daily net assets of the Portfolios that are held by the corresponding separate accounts of each Life Company, in exchange for certain administrative services provided to the Portfolios. The Board determined that the profitability to SunAmerica in connection with its relationship to the Trust was reasonable. In addition, the Board considered the Investment Management Profitability Analysis prepared by an independent information service, Broadridge, and noted that SunAmerica's profitability was generally in the range of the profitability of companies contained in the report.
It was noted that the subadvisory fees paid pursuant to the Subadvisory Agreement are paid by SunAmerica out of the advisory fees that it receives under the Advisory Agreement. The Trustees also relied on the ability of SunAmerica to negotiate the Subadvisory Agreement and the fees thereunder at arm's length. It was noted that SunAmerica reviewed a number of factors in determining appropriate subadvisory fees payable to Wellington. Such factors include a review of (1) style class peers primarily within the variable annuity universe; (2) key competitor analysis; (3) portfolio analysis; and (4) special considerations such as competitor subaccount characteristics, uniqueness of the product and the manager's prestige. The Board determined that the profitability to Wellington in connection with its relationship with the Portfolios is therefore not a material factor in its consideration of the Subadvisory Agreement.
The Board also received and considered information regarding the ability of the Portfolios to achieve economies of scale. It was noted that the advisory fees of the Portfolios contain breakpoints that will reduce the fees paid by each Portfolio as its assets increase. It was noted that as a result of being part of a complex of mutual funds advised or administered by SunAmerica, the Trust is able to share common resources and may share certain expenses, which could result in the Portfolios experiencing lower expenses than they otherwise would achieve if the Trust were a stand-alone entity. The Board considered that management believed that the Portfolios' existing fee schedules reflect the economies of scale inherent in providing investment advice to a Portfolio in its particular asset category and asset size. The Board concluded that any potential economies of scale are currently being shared between the Trust and SunAmerica in an appropriate manner.
The Board considered that the Subadvisory Agreement also contains breakpoints in the fee schedules, however, since SunAmerica, and not the Trust, is responsible for the payment of the fees pursuant to the Subadvisory Agreement, the Trust does not directly benefit from any reduction in subadvisory fee rates. For similar reasons as stated above with respect to Wellington's profitability and its costs of providing services, the Board concluded that the potential for economies of scale in Wellington's management of the Portfolios are not a material factor in its consideration at this time.
44
Table of Contents
SunAmerica Series Trust
APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited) - (continued)
Terms of Advisory Contracts.
The Board, including the Independent Trustees, reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken by SunAmerica and Wellington as discussed above. The Board considered that SunAmerica pays all of its own expenses in connection with the performance of its duties, as well as the salaries, fees and expenses of the officers of the Trust who are employees of SunAmerica. The Board also reviewed the terms of payment for services rendered and noted that SunAmerica compensates Wellington out of the fees it receives from the Trust. The Board noted that the Subadvisory Agreement provides that Wellington will pay all of its own expenses in connection with the performance of its duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered other terms and conditions of the Advisory Contracts.
Conclusions.
In reaching its decision to recommend the renewal of the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered and each Trustee attributes different weight to the various factors. Based upon the materials it reviewed, the representations made to it and the considerations described above, and as part of their deliberations, the Board, including the Independent Trustees, concluded that SunAmerica and Wellington each possesses the capability and resources to perform the duties required of it under its respective Advisory Contract.
Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that: (1) the terms of the Advisory Contracts are reasonable, fair and in the best interest of the Portfolios and their shareholders, and (2) the advisory fee rates and subadvisory fee rates are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.
45
Table of Contents
Annuity Service Center
P.O. Box 15570
Amarillo, TX 79105-5570
P.O. Box 15570
Amarillo, TX 79105-5570
(02/26)
Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included in Item 7 above.
Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included in Item 7 above.
Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included in Item 7 above.
Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included in Item 7 above.
Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 15.
Item 16. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant's management, including the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined under Rule30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant's management, including the Principal Executive Officer and Principal Financial Officer, concluded that the registrant's disclosure controls and procedures are effective.
(b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.
Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.
(b) Not applicable.
Item 19. Exhibits.
(a)(1) Code of Ethics ()
(a)(2) Not applicable.
(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as
(a)(4) Not applicable.
(a)(5) Not applicable.
(b) The certifications of each principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b)) are attached hereto as
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
SunAmerica Series Trust
By: /s/ John T. Genoy
John T. Genoy
Principal Executive Officer
Date: March 4, 2026
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: /s/ John T. Genoy
John T. Genoy
Principal Executive Officer
Date: March 4, 2026
By: /s/ Gregory R. Kingston
Gregory R. Kingston
Principal Financial Officer
Date: March 4, 2026
SunAmerica Series Trust published this content on March 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 04, 2026 at 20:12 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]