497

Filed under Rules 497(e) and 497(k)
Registration No. 033‑52742
SUNAMERICA SERIES TRUST
SA Franklin Tactical Opportunities Portfolio
(the “Portfolio”)
Supplement dated April 8, 2025 to the Portfolio’s Summary Prospectus and Prospectus,
each dated May 1, 2024, as supplemented and amended to date
Effective April 30, 2025 (the “Effective Date”), Western Asset Management Company no longer serves as the Portfolio’s sub-subadviser and certain changes were made to the Portfolio’s principal investments.
The following changes are made to the Summary Prospectus and Prospectus, effective as of the Effective Date:
The table following the second paragraph of the subsection of the Summary Prospectus entitled “Principal Investment Strategies of the Portfolio” and of the subsection of the Prospectus entitled “Portfolio Summary: SA Franklin Tactical Opportunities Portfolio – Principal Investment Strategies of the Portfolio” and the table following the third paragraph of the subsection of the Prospectus entitled “Additional Information About the Portfolios’ Investment Strategies and Investment Risks –SA Franklin Tactical Opportunities Portfolio” are deleted in their entirety and replaced with the following:
 
Subadviser    Sleeve
Franklin    Foreign Large Blend
   Global Equity
   Tactical U.S. Equity – Exchange- Traded Funds (“ETFs”)
   U.S. Small Cap Blend
   Intermediate Term Bond
Brandywine Global Investment Management, LLC    U.S. Large- Cap Value
ClearBridge Investments, LLC    Foreign Large Value
   U.S. Large- Cap Blend
   U.S. Large- Cap Growth
The fifth paragraph of the subsection of the Summary Prospectus entitled “Principal Investment Strategies of the Portfolio” and of the subsection of the Prospectus entitled “Portfolio Summary: SA Franklin Tactical Opportunities Portfolio – Principal Investment Strategies of the Portfolio” and the sixth paragraph of the subsection of the Prospectus entitled “Additional Information About the Portfolios’ Investment Strategies and Investment Risks –SA Franklin Tactical Opportunities Portfolio” are deleted in their entirety and replaced with the following:
The fixed income securities in which the Portfolio intends to invest, or obtain exposure to, include corporate debt instruments, U.S. government securities, mortgage-backed securities (specifically collateralized mortgage obligations (“CMOs”) and commercial mortgage-backed securities (“CMBS”)), asset-backed securities, money market instruments and/or cash or cash equivalents. The Portfolio may also utilize U.S. Treasury bond options within the Intermediate Term Bond sleeve for hedging purposes and to adjust the sleeve’s exposure to interest rate risk.
“Convertible Securities Risk” and “CDOs Risk” are deleted from the subsection of the Summary Prospectus entitled “Principal Risks of Investing in the Portfolio” and from the subsection of the Prospectus entitled “Portfolio Summary: SA Franklin Tactical Opportunities Portfolio – Principal Risks of Investing in the Portfolio.”
The second paragraph of the subsection of the Summary Prospectus entitled “Investment Adviser” and of the subsection of the Prospectus entitled “Portfolio Summary: SA Franklin Tactical Opportunities Portfolio – Investment Adviser” is deleted in its entirety and replaced with the following:
The Portfolio is subadvised by Franklin, along with its affiliates, Brandywine Global Asset Management, LLC and Clearbridge Investments, LLC.
The portfolio managers from Western Asset Management Company are deleted from the subsection of the Summary Prospectus entitled “Portfolio Managers” and from the subsection of the Prospectus entitled “Portfolio Summary: SA Franklin Tactical Opportunities Portfolio – Portfolio Managers.”
The third paragraph of the subsection of the Prospectus entitled “Management – Information about the Subadvisers – Franklin Advisers, Inc.” is deleted in its entirety and replaced with the following, and the subparagraph to that paragraph regarding Western Asset Management Company is deleted in its entirety:
Franklin compensates each of Brandywine, ClearBridge Investments, LLC (“ClearBridge”), the Portfolio’s sub-subadviser, out of the subadvisory fees that it receives from SunAmerica. Neither SunAmerica nor the Portfolio compensates the Portfolio’s sub-subadvisers. Brandywine and ClearBridge are affiliates of Franklin. SunAmerica may terminate the subadvisory agreement with Franklin without shareholder approval.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
 
- 2 -