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0000892538 sst:S000000003Member 2025-12-31 2025-12-31 0000892538 sst:S000000003Member sst:C000000003Member 2025-12-31 2025-12-31 0000892538 sst:S000000003Member sst:C000000004Member 2025-12-31 2025-12-31 iso4217:USD pure 0000892538 false 2025-12-31 485APOS 0.2863 -0.0118 0.3954 0.3641 0.2039 -0.3151 0.4188 0.2884 0.1695 -0.1419 0.1630 0.1243 0.1034 0.0552 0.0148 0.0661 N-1A SUNAMERICA SERIES TRUST 2026-07-29 PORTFOLIO SUMMARY: SA FRANKLIN LARGE CAP DISCIPLINED GROWTH PORTFOLIO Investment Goal <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio’s investment goal is to provide long-term capital growth.</div> Fees and Expenses of the Portfolio <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. <span style="font-weight: bold;">The table and example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered.</span> If separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.</div> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0068 0.0025 0.0006 0.0099 0.0012 0.0087 “Other Expenses” are based on estimated amounts for the current fiscal year. April 30, 2029 Expense Example <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable expense limitation arrangements for only the first two years). The Example does not reflect charges imposed by the Variable Contract. If the separate account fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</div> 89 89 291 291 523 523 1191 1191 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio has not commenced operations as of the date of this Prospectus, but it is expected that the Predecessor fund (as defined below) will be reorganized into the Portfolio. During the most recent fiscal year, the Predecessor fund’s portfolio turnover rate was 42% of the average value of its portfolio.</div> 0.42 Principal Investment Strategies of the Portfolio <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio attempts to achieve its investment goal by investing, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in securities of large capitalization growth companies.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">For purposes of the Portfolio’s 80% investment policy, a company is considered to be a large capitalization company if its market capitalization is equal to or greater than the market capitalization of the smallest company in the Russell<sup style="font-size: 75%; vertical-align: top;">®</sup> 1000 Index during the most recent 12-month period. As of May 31, 2026, the market capitalization range of the companies in the Russell<sup style="font-size: 75%; vertical-align: top;">®</sup> 1000 Index was between approximately $17.107 million and $5.15 trillion. Also for purposes of the Portfolio’s 80% investment policy, a company is considered to be a growth company if it (i) issues securities that are represented in a third-party growth-style index; or (ii) is above the relevant equity market median in at least two growth metrics similar to those commonly used by third-party growth index providers or third-party vendors in growth classifications, such as earnings growth, price-to-earnings or sales growth, among others. The third-party growth-style indexes the Portfolio currently expects to use to identify growth companies are the Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index and the MSCI All Country World Investable Market Growth Index, although the Portfolio may change the referenced indexes without prior notice.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Equity securities in which the Portfolio invests include common stocks and preferred stocks. In lieu of, or in addition to, direct investments in equity securities, the Portfolio may invest in derivatives and other equity-equivalent, equity-linked or synthetic instruments whose values are based on, or are otherwise tied to, common stocks, equity securities, baskets of equity securities, or equity indexes. These instruments may include convertible securities, rights, warrants, equity-linked notes, participatory notes, options on individual stocks, stock indexes or exchange-traded funds, futures contracts on individual stocks or stock indexes, forward contracts on equity securities, baskets or indexes, total return swaps, equity index swaps, contracts for difference, and other swaps or similar instruments.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio may use these instruments as a substitute for direct investments in equity securities or to obtain, adjust, or manage exposure to particular issuers, markets, sectors, industries, countries, regions, capitalization ranges, styles, or equity indexes.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio is non-diversified, which means that it may invest its assets in a smaller number of issuers than a diversified portfolio.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio may, from time to time, invest a significant portion of its total assets in securities of companies in a particular sector or sectors. As of the date of this Prospectus, the Portfolio expects to invest a significant portion of its assets in securities of companies in the information technology sector.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio has three sleeves, each with a different US large cap growth investment strategy. Each sleeve uses one or more of the following investment strategies:</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Systematic</span>: This strategy uses a systematic process that applies a factor-scoring methodology to stocks based on factors such as quality, value, sentiment, and alternatives that have historically been rewarded by the market over the long term. This strategy also employs tracking error targets and constraints on beta, sector, industry, and style exposures. Final security selection is determined through an optimization process designed to construct a custom portfolio while preserving the characteristics of the Russell<sup style="font-size: 75%; vertical-align: top;">®</sup> 1000 Growth Index.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Diversified Growth</span>: This strategy seeks diversification to help manage risk. It emphasizes security selection and fundamental, bottom-up analysis to identify companies with the potential to grow market share and earnings. It invests primarily in high-quality, large-cap companies that are determined to be leaders in their industries.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Fundamental Growth</span>: This strategy combines investment themes with fundamental research to identify durable growth companies that have the potential to outperform across a range of economic environments. As used here, durable companies are companies determined to have long-term growth prospects, high and/or improving capital returns, and a strong ownership culture that enable them to outperform in a variety of economic environments. There are approximately 12 current investment themes, including A Healthier Tomorrow, Subscriptions and Consumables, Closer to Home, Digital Marketing and others. These themes will change over time.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">SunAmerica has engaged Franklin Advisers, Inc. (the “Subadviser”) to make the day to day investment decisions for the Portfolio pursuant to investment guidelines provided by SunAmerica. In accordance with those guidelines, the Subadviser allocates assets among the sleeves and makes the Portfolio’s investments. For two of the sleeves, the Subadviser purchases and sells securities based on model portfolios provided by its investment advisory affiliates (the “sub-sub-advisers”) that provide recommendations to the Subadviser but do not have the authority to make the investments.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The number of sleeves and sub-sub-advisers, the particular sub-sub-advisers, and each sleeve’s strategy may change at any time.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio attempts to achieve its investment goal by investing, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in securities of large capitalization growth companies.</div> For purposes of the Portfolio’s 80% investment policy, a company is considered to be a large capitalization company if its market capitalization is equal to or greater than the market capitalization of the smallest company in the Russell<sup style="font-size: 75%; vertical-align: top;">®</sup> 1000 Index during the most recent 12-month period. As of May 31, 2026, the market capitalization range of the companies in the Russell<sup style="font-size: 75%; vertical-align: top;">®</sup> 1000 Index was between approximately $17.107 million and $5.15 trillion. Also for purposes of the Portfolio’s 80% investment policy, a company is considered to be a growth company if it (i) issues securities that are represented in a third-party growth-style index; or (ii) is above the relevant equity market median in at least two growth metrics similar to those commonly used by third-party growth index providers or third-party vendors in growth classifications, such as earnings growth, price-to-earnings or sales growth, among others. The third-party growth-style indexes the Portfolio currently expects to use to identify growth companies are the Russell 3000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index and the MSCI All Country World Investable Market Growth Index, although the Portfolio may change the referenced indexes without prior notice. Equity securities in which the Portfolio invests include common stocks and preferred stocks. In lieu of, or in addition to, direct investments in equity securities, the Portfolio may invest in derivatives and other equity-equivalent, equity-linked or synthetic instruments whose values are based on, or are otherwise tied to, common stocks, equity securities, baskets of equity securities, or equity indexes. These instruments may include convertible securities, rights, warrants, equity-linked notes, participatory notes, options on individual stocks, stock indexes or exchange-traded funds, futures contracts on individual stocks or stock indexes, forward contracts on equity securities, baskets or indexes, total return swaps, equity index swaps, contracts for difference, and other swaps or similar instruments. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Portfolio goes down, you could lose money. <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Market Risk</span>. The Portfolio’s share price or the market as a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse social, political, regulatory or economic developments in the United States or abroad; changes in investor psychology; technological disruptions; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, trade wars and sanctions, disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Equity Securities Risk</span>. The Portfolio invests principally in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day to day and may decline significantly.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Growth Stock Risk</span>. The Portfolio invests substantially in growth style stocks. Growth stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not met, the market price of growth stocks will often decline more than other stocks.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Large-Cap Companies Risk</span>. Large-cap companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Portfolio’s value may not rise as much as the value of portfolios that emphasize smaller companies. Larger, more established companies may be unable to respond quickly to new competitive challenges, such as changes in technology and consumer tastes. Larger companies also may not be able to attain the high growth rate of successful smaller companies, particularly during extended periods of economic expansion.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Non-Diversification Risk</span>. The Portfolio is organized as a “non-diversified” fund. A non-diversified fund may invest a larger portion of assets in the securities of a single company than a diversified fund. By concentrating in a smaller number of issuers, the Portfolio’s risk may</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">be increased because the effect of each security on the Portfolio’s performance is greater.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Sector Risk</span>. Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. As a Portfolio allocates more of its portfolio holdings to a particular sector, the Portfolio’s performance will be more susceptible to any economic, business or other developments which generally affect that sector.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-style: italic;">Information Technology Sector Risk</span>. To the extent that the Portfolio invests significantly in the information technology sector, the Portfolio will be sensitive to changes in, and the Portfolio’s performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Fundamental Investing Risk</span>. A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Portfolio to underperform other funds with similar investment objectives and investment strategies even in a rising market.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Quantitative Investing Risk</span>. The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments from the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Active Trading Risk</span>. The Portfolio may engage in frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more pronounced.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Non-Discretionary Implementation Risk</span>. With respect to the portion of the Portfolio that is managed by the Subadviser pursuant to model portfolios provided by sub-</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">sub-advisers, it is expected that trades will be effected on a periodic basis and, therefore, less frequently than would typically be the case if the sub-sub-advisers managed that portion of the Portfolio directly on a discretionary basis. Given that values of investments change with market conditions, this could cause the Portfolio’s return to be lower than if that portion of the Portfolio were managed directly by a sub-sub-adviser.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Affiliated Fund Rebalancing Risk. </span>The Portfolio may be an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when it is not advantageous to do so.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Multi-Manager Approach Risk</span>. While the investment styles employed by the Subadviser and sub-sub-advisers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Preferred Stock Risk</span>. Preferred stockholders’ liquidation rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may cause the preferred stock to lose substantial value.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Derivatives Risk</span>. A derivative is any financial instrument whose value is based on, and determined by, another security, index, rate, currency or benchmark (i.e., stock options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used with the goal of enhancing return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for unlimited loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty risk and hedging risk.</div> Performance Information <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio has not commenced operations as of the date of this Prospectus. The returns presented for the Portfolio reflect the performance of the Predecessor fund. It is anticipated that on or about December 4, 2026, the Portfolio will acquire all of the assets and liabilities of the Guardian Large Cap Disciplined Growth VIP Fund, a series of Guardian Variable Products Trust (the “Predecessor fund”) through a reorganization (the “Reorganization”). As a result of the Reorganization, the Portfolio will adopt the performance and financial history of the Predecessor fund. The Portfolio has a different investment goal, strategies, portfolio management team and contractual fees and expenses than the Predecessor fund. The performance figures have not been adjusted to reflect the Portfolio’s expenses. If the Predecessor fund’s performance information had been adjusted to reflect the Portfolio’s expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by the Predecessor fund for that period.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Predecessor fund’s performance from calendar year to calendar year, and the table compares the Predecessor fund’s average annual returns to those of the Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Index (a broad-based securities market index) and Russell 1000<sup style="font-size: 75%; vertical-align: top;">®</sup> Growth Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown. Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</div> The Portfolio has not commenced operations as of the date of this Prospectus. The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Predecessor fund’s performance from calendar year to calendar year, and the table compares the Predecessor fund’s average annual returns to those of the Russell 1000® Index (a broad-based securities market index) and Russell 1000® Growth Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown. Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future. Annual Returns (by calendar year) <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">During the period shown in the bar chart:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 62%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Highest Quarterly Return:</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">June 30, 2020</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">27.86</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Lowest Quarterly Return:</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">June 30, 2022</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">-21.93</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> </table> Highest Quarterly Return: 2020-06-30 0.2786 Lowest Quarterly Return: 2022-06-30 -0.2193 Average Annual Total Returns (For the periods ended December 31, 2025) 0.1695 0.1201 0.1662 2016-09-01 0.1738 0.1359 0.1478 0.1857 0.1532 0.1883 PORTFOLIO SUMMARY: SA FRANKLIN MID CAP CORE PORTFOLIO Investment Goal <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio’s investment goal is to provide long-term capital growth.</div> Fees and Expenses of the Portfolio <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. <span style="font-weight: bold;">The table and example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered</span>. If separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.</div> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0076 0.0025 0.0004 0.0105 0.0009 0.0096 “Other Expenses” are based on estimated amounts for the current fiscal year. April 30, 2029 Expense Example <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable expense limitation arrangements for only the first two years). The Example does not reflect charges imposed by the Variable Contract. If the separate account fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</div> 98 98 316 316 561 561 1266 1266 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio has not commenced operations as of the date of this Prospectus, but it is expected that the Survivor fund (as defined below) will be reorganized into the Portfolio. During the most recent fiscal year, the Survivor fund’s portfolio turnover rate was 60% of the average value of its portfolio.</div> 0.60 Principal Investment Strategies of the Portfolio <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio attempts to achieve its investment goal by investing, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of mid-capitalization companies economically tied to the U.S. and in derivatives that have economic characteristics similar to such securities. For purposes of the Portfolio’s 80% investment policy, a company is considered to be a mid-capitalization company if it is included in the Russell Midcap<sup style="font-size: 75%; vertical-align: top;">®</sup> Index (the “Index”). Medium capitalization, or mid-cap, companies will generally include companies whose market capitalizations range from the market capitalization of the smallest company included in the Index to the market capitalization of the largest company in the Index during the most recent 12-month period. As of May 31, 2026, the market capitalization range of the companies in the Index was between approximately $874.27 million and $250.12 billion. Equity securities in which the Portfolio invests include common stocks and preferred stocks.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">In lieu of, or in addition to, direct investments in equity securities, the Portfolio may invest in derivatives and other equity-equivalent, equity-linked or synthetic instruments whose values are based on, or are otherwise tied to, common stocks, equity securities, baskets of equity securities, or equity indexes. These instruments may include convertible securities, rights, warrants, equity-linked notes, participatory notes, options on individual stocks, stock indexes or exchange-traded funds, futures contracts on individual stocks or stock indexes, forward contracts on equity securities, baskets or indexes, total return swaps, equity index swaps, contracts for difference, and other swaps or similar instruments. The Portfolio may use these instruments as a substitute for direct investments in equity securities or to obtain, adjust, or manage exposure to particular issuers, markets, sectors, industries, countries, regions, capitalization ranges, styles, or equity indexes.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio may, from time to time, invest a significant portion of its total assets in securities of companies in a particular sector or sectors. As of the date of this Prospectus, the Portfolio expects to invest a significant portion of its assets in securities of companies in the financials, industrials and information technology sectors.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio has three sleeves, each with a different US mid cap investment strategy. Each sleeve uses one or more of the following investment strategies:</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Systematic</span>: This strategy uses a systematic, factor-based process to evaluate stocks based on factors such as quality, value, sentiment, and alternatives that have historically been rewarded by the market over the long term. Final security selection is determined through an optimization process designed to construct a custom portfolio while preserving the characteristics of the Index.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Value Strategy</span>: This strategy seeks to invest in undervalued mid-cap stocks through a combination of quantitative screening and fundamental and qualitative analysis. The strategy may rotate among segments of the opportunity set based on the SunAmerica’s assessment of relative risk and return potential.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Growth Strategy</span>: This strategy uses a concentrated, high-conviction mid-cap growth approach focused on quality companies with durable secular growth characteristics. The strategy applies fundamental research and valuation discipline in selecting investments. As used here, durable companies are companies determined to have growth that will be sustainable over many years and can compound earnings at attractive rates over 5-10 years or longer.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">SunAmerica has engaged Franklin Advisers, Inc. (the “Subadviser”) to make the day to day investment decisions for the Portfolio pursuant to investment guidelines provided by SunAmerica. In accordance with those guidelines, the Subadviser allocates assets among the sleeves and makes the Portfolio’s investments. For two of the sleeves, the Subadviser purchases and sells securities based on model portfolios provided by its investment advisory affiliates (the “sub-sub-advisers”) that provide recommendations to the Subadviser but do not have the authority to make the investments.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The number of sleeves and sub-sub-advisers, the particular sub-sub-advisers, and each sleeve’s strategy may change at any time.</div> The Portfolio attempts to achieve its investment goal by investing, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of mid-capitalization companies economically tied to the U.S. and in derivatives that have economic characteristics similar to such securities. For purposes of the Portfolio’s 80% investment policy, a company is considered to be a mid-capitalization company if it is included in the Russell Midcap<sup style="font-size: 75%; vertical-align: top;">®</sup> Index (the “Index”). Medium capitalization, or mid-cap, companies will generally include companies whose market capitalizations range from the market capitalization of the smallest company included in the Index to the market capitalization of the largest company in the Index during the most recent 12-month period. As of May 31, 2026, the market capitalization range of the companies in the Index was between approximately $874.27 million and $250.12 billion. Equity securities in which the Portfolio invests include common stocks and preferred stocks. In lieu of, or in addition to, direct investments in equity securities, the Portfolio may invest in derivatives and other equity-equivalent, equity-linked or synthetic instruments whose values are based on, or are otherwise tied to, common stocks, equity securities, baskets of equity securities, or equity indexes. These instruments may include convertible securities, rights, warrants, equity-linked notes, participatory notes, options on individual stocks, stock indexes or exchange-traded funds, futures contracts on individual stocks or stock indexes, forward contracts on equity securities, baskets or indexes, total return swaps, equity index swaps, contracts for difference, and other swaps or similar instruments. The Portfolio may use these instruments as a substitute for direct investments in equity securities or to obtain, adjust, or manage exposure to particular issuers, markets, sectors, industries, countries, regions, capitalization ranges, styles, or equity indexes. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Portfolio goes down, you could lose money. <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Market Risk</span>. The Portfolio’s share price or the market as a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse social, political, regulatory or economic developments in the United States or abroad; changes in investor psychology; technological disruptions; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, trade wars and sanctions, disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Equity Securities Risk</span>. The Portfolio invests principally in equity securities and is therefore subject to the risk that stock prices will fall and may underperform other asset classes. Individual stock prices fluctuate from day to day and may decline significantly.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Medium Capitalization Companies Risk</span>. The risk that medium capitalization companies in which the Portfolio may invest may be more vulnerable to adverse business or economic events than larger, more established companies. In particular, medium capitalization companies may have limited product lines, markets and financial resources and may depend upon a relatively small management group. Therefore, medium capitalization stocks may be more volatile than those of larger companies. Medium capitalization stocks may be traded over-the-counter (OTC). OTC stocks may trade less frequently and in smaller volume than exchange listed stocks and may have more price volatility than that of exchange-listed stocks.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Sector Risk</span>. Companies with similar characteristics may be grouped together in broad categories called sectors. Sector risk is the possibility that a certain sector may underperform other sectors or the market as a whole. As a Portfolio allocates more of its portfolio holdings to a particular sector, the Portfolio’s performance will be more susceptible to any economic, business or other developments which generally affect that sector.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-style: italic;">Financials Sector Risk</span>. The Portfolio may be susceptible to adverse economic or regulatory occurrences affecting the financial sector, including with respect to U.S. and foreign banks, broker-dealers, insurance companies, finance companies (e.g., automobile finance) and related asset-backed securities. These developments may affect the value of the Portfolio’s investments more than if the Portfolio were not invested to such a degree in this sector. Companies in the financials sector may be particularly susceptible to factors such as interest rate, fiscal, regulatory, and monetary policy changes.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-style: italic;">Industrials Sector Risk</span>. Industrials companies are affected by supply and demand both for their specific product or service and for industrials sector products in general. Government regulation, world events, exchange rates and economic conditions, technological developments and liabilities for environmental damage and general civil liabilities will likewise affect the performance of these companies. Aerospace and defense companies, a component of the industrials sector, can be significantly affected by government spending policies because companies involved in this industry rely, to a significant extent, on U.S. and foreign government demand for their products and services. Thus, the financial condition of, and investor interest in, aerospace and defense companies are heavily influenced by governmental defense spending policies which are typically under pressure from efforts to control the U.S. (and other) government budgets. Transportation securities, a component of the industrials sector, are cyclical and have occasional sharp price movements, which may result from changes in the economy, fuel prices, labor agreements and insurance costs.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-style: italic;">Information Technology Sector Risk</span>. To the extent that the Portfolio invests significantly in the information technology sector, the Portfolio will be sensitive to changes in, and the Portfolio’s performance may depend to a greater extent on, the overall condition of the information technology sector. Companies in the information technology sector can be significantly affected by short product cycles, obsolescence of existing technology, impairment or loss of intellectual property rights, falling prices and profits, competition from new market entrants, government regulation and other factors.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Fundamental Investing Risk</span>. A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the Portfolio to underperform other funds with similar investment objectives and investment strategies even in a rising market.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Quantitative Investing Risk</span>. The value of securities selected using quantitative analysis can react differently to issuer, political, market, and economic developments from the market as a whole or securities selected using only fundamental analysis. The factors used in quantitative analysis and the weight placed on those factors may not be predictive of a security’s value. In addition, factors that affect a security’s value can change over time and these changes may not be reflected in the quantitative model.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Active Trading Risk</span>. The Portfolio may engage in frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more pronounced.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Non-Discretionary Implementation Risk</span>. With respect to the portion of the Portfolio that is managed by the Subadviser pursuant to model portfolios provided by sub-sub-advisers, it is expected that trades will be effected on a periodic basis and, therefore, less frequently than would typically be the case if the sub-sub-advisers managed that portion of the Portfolio directly on a discretionary basis. Given that values of investments change with market conditions, this could cause the Portfolio’s return to be lower than if that portion of the Portfolio were managed directly by a sub-sub-adviser.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Affiliated Fund Rebalancing Risk</span>. The Portfolio may be an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when it is not advantageous to do so.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Multi-Manager Approach Risk</span>. While the investment styles employed by the Subadviser and sub-sub-advisers are intended to be complementary, they may not in fact be complementary. A multi-manager approach could result in more exposure to certain types of securities and higher portfolio turnover.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Preferred Stock Risk</span>. Preferred stockholders’ liquidation rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Deferred dividend payments by an issuer of preferred stock could have adverse tax consequences for the Portfolio and may cause the preferred stock to lose substantial value.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Derivatives Risk</span>. A derivative is any financial instrument whose value is based on, and determined by, another security, index, rate, currency or benchmark (i.e., stock options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used with the goal of enhancing return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for unlimited loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty risk and hedging risk.</div> Performance Information <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio has not commenced operations as of the date of this Prospectus. The returns presented for the Portfolio reflect the performance of the Survivor fund (as defined below). It is anticipated that on or about December 4, 2026, the Portfolio will acquire all of the assets and liabilities of the Guardian Small-Mid Cap Core VIP Fund, Guardian Select Mid Cap Core VIP Fund, Guardian Mid Cap Relative Value VIP Fund, and Guardian Mid Cap Traditional Growth VIP Fund, each a series of Guardian Variable Products Trust (each, a “Predecessor fund” and collectively, the “Predecessor funds”), through a reorganization (the “Reorganization”). As a result of the Reorganization, the Portfolio will adopt the performance and financial history of the Guardian Select Mid Cap Core VIP Fund (the “Survivor fund”). The Portfolio has a different investment goal, strategies, portfolio management team, and contractual fees and expenses than the Survivor fund. The performance figures have not been adjusted to reflect the Portfolio’s expenses. If the Survivor fund’s performance information had been adjusted to reflect the Portfolio’s expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by the Survivor fund for that period. The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Survivor fund’s performance from calendar year to calendar year, and the table compares the Survivor fund’s average annual returns to those of the Russell 3000 Index (a broad-based securities market index) and the Russell Midcap<sup style="font-size: 75%; vertical-align: top;">®</sup> Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown. Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</div> The Portfolio has not commenced operations as of the date of this Prospectus. The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Survivor fund’s performance from calendar year to calendar year, and the table compares the Survivor fund’s average annual returns to those of the Russell 3000 Index (a broad-based securities market index) and the Russell Midcap® Index, which is relevant to the Portfolio because it has characteristics similar to the Portfolio’s investment strategies. Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown. Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future. Annual Returns (by calendar year) <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">During the period shown in the bar chart:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 53%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Highest Quarterly Return:</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">December 31, 2023</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">12.28</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Lowest Quarterly Return:</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">June 30, 2022</td> <td style="white-space: nowrap; vertical-align: bottom;"> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: right;">-15.86</td> <td style="white-space: nowrap; vertical-align: bottom;">% </td> </tr> </table> Highest Quarterly Return: 2023-12-31 0.1228 Lowest Quarterly Return: 2022-06-30 -0.1586 Average Annual Total Returns (For the periods ended December 31, 2025) 0.1034 0.0543 2021-10-25 0.1716 0.1052 0.1060 0.0522 PORTFOLIO SUMMARY: SA FRANKLIN CORE FIXED INCOME PORTFOLIO Investment Goal <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio’s investment goal is to maximize total return consistent with prudent risk.</div> Fees and Expenses of the Portfolio <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Portfolio. <span style="font-weight: bold;">The table and example below do not reflect the separate account fees charged in the variable annuity or variable life insurance policy (“Variable Contracts”) in which the Portfolio is offered. </span>If separate account fees were shown, the Portfolio’s annual operating expenses would be higher. Please see your Variable Contract prospectus for more details on the separate account fees.</div> Annual Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0055 0.0055 0 0.0025 0.0006 0.0006 0.0061 0.0086 0.0013 0.0013 0.0048 0.0073 “Other Expenses” are based on estimated amounts for the current fiscal year. April 30, 2029 Expense Example <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated and then redeem or hold all of your shares at the end of those periods. The Example also assumes that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same (except that the Example incorporates any applicable expense limitation arrangements for only the first two years). The Example does not reflect charges imposed by the Variable Contract. If the separate account fees were reflected, the expenses would be higher. See the Variable Contract prospectus for information on such charges. Although your actual costs may be higher or lower, based on these assumptions and the net expenses shown in the fee table, your costs would be:</div> 49 49 168 168 314 314 737 737 75 75 248 248 451 451 1036 1036 Portfolio Turnover <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolio’s performance.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio has not commenced operations as of the date of this Prospectus, but it is expected that the Survivor fund (as defined below) will be reorganized into the Portfolio. During the most recent fiscal year, the Survivor fund’s portfolio turnover rate was 116% of the average value of its portfolio.</div> 1.16 Principal Investment Strategies of the Portfolio <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio attempts to achieve its investment goal by investing, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in debt and fixed income securities.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">SunAmerica has engaged Franklin Advisers, Inc. (the “Subadviser”) to make the day to day investment decisions for the Portfolio pursuant to investment guidelines provided by SunAmerica.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Although the Portfolio may invest in debt and fixed income securities of any maturity, under normal market circumstances, the target dollar-weighted average effective duration for the Portfolio is expected to range within 20% of the average duration of the domestic bond market as a whole as estimated by Subadviser based on the Bloomberg U.S. Aggregate Bond Index. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer).</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio presently intends to limit its investments to U.S. dollar denominated securities and currently anticipates that it will generally only purchase debt securities rated, at the time of purchase, at least Baa3 by Moody’s Investors Service or BBB- by S&amp;P Global Ratings, or have an equivalent rating by a nationally recognized statistical rating organization, or are of comparable quality if unrated (as determined by the Subadviser). These securities are known as investment grade securities. The Portfolio may invest in securities issued or guaranteed by the U.S. government, non-U.S. governments, or by any U.S. government or non-U.S. government agency or instrumentality. The Portfolio may invest up to 15% of its total assets in the securities of non-U.S. issuers and may invest a substantial portion of its assets in mortgage-backed and asset-backed securities. The Portfolio may purchase loans and other direct indebtedness, including bank loans (also called “leveraged loans”). The Portfolio may acquire securities on a when-issued, delayed delivery or to-be-announced basis. These transactions are arrangements under which the Portfolio buys securities that have been authorized but not yet issued, with payment for and delivery of the security scheduled for a future time.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio may also enter into various exchange-traded and over-the-counter derivative transactions for both hedging and non-hedging purposes, including for purposes of enhancing returns. These derivative transactions may include, but are not limited to, futures contracts on securities, securities indexes, currencies, interest rates or other financial instruments; options, including call and put options, purchased or written options, and options on securities, securities indexes, currencies, futures contracts, swaps or other instruments; and swaps, including total return swaps, equity swaps, index swaps, interest rate swaps, currency swaps, credit default swaps, volatility swaps and other swap agreements or similar instruments. In particular, the Portfolio may use interest rate swaps, credit default swaps (including buying and selling credit default swaps on individual securities and/or baskets of securities), credit default swap indices, options (including options on credit default swaps) and futures contracts. Other instruments may also be used from time to time.</div> <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio attempts to achieve its investment goal by investing, under normal circumstances, at least 80% of its net assets (plus borrowings for investment purposes) in debt and fixed income securities.</div> Although the Portfolio may invest in debt and fixed income securities of any maturity, under normal market circumstances, the target dollar-weighted average effective duration for the Portfolio is expected to range within 20% of the average duration of the domestic bond market as a whole as estimated by Subadviser based on the Bloomberg U.S. Aggregate Bond Index. Effective duration seeks to measure the expected sensitivity of market price to changes in interest rates, taking into account the anticipated effects of structural complexities (for example, some bonds can be prepaid by the issuer). The Portfolio presently intends to limit its investments to U.S. dollar denominated securities and currently anticipates that it will generally only purchase debt securities rated, at the time of purchase, at least Baa3 by Moody’s Investors Service or BBB- by S&amp;P Global Ratings, or have an equivalent rating by a nationally recognized statistical rating organization, or are of comparable quality if unrated (as determined by the Subadviser). These securities are known as investment grade securities. The Portfolio may invest in securities issued or guaranteed by the U.S. government, non-U.S. governments, or by any U.S. government or non-U.S. government agency or instrumentality. The Portfolio may invest up to 15% of its total assets in the securities of non-U.S. issuers and may invest a substantial portion of its assets in mortgage-backed and asset-backed securities. The Portfolio may purchase loans and other direct indebtedness, including bank loans (also called “leveraged loans”). The Portfolio may acquire securities on a when-issued, delayed delivery or to-be-announced basis. These transactions are arrangements under which the Portfolio buys securities that have been authorized but not yet issued, with payment for and delivery of the security scheduled for a future time. Shares of the Portfolio are not bank deposits and are not guaranteed or insured by any bank, government entity or the Federal Deposit Insurance Corporation. If the value of the assets of the Portfolio goes down, you could lose money. <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Market Risk</span>. The Portfolio’s share price or the market as a whole can decline for many reasons or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse social, political, regulatory or economic developments in the United States or abroad; changes in investor psychology; technological disruptions; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, trade wars and sanctions, disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Fixed Income Securities Risk</span>. Prices of fixed income securities generally rise and fall in response to, among other things, interest rate changes. Volatility in interest rates and in fixed income markets may increase the risk that the Portfolio’s investments in fixed income securities could lose money. In addition, the Portfolio could lose money if the issuer or guarantor of a fixed income security or other issuer of credit support is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations. Fixed income securities may be downgraded in credit rating or go into default.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Interest Rate Risk</span>. Fixed income securities may be subject to volatility due to changes in interest rates. The value of fixed-income securities may decline when interest rates go up or increase when interest rates go down. The interest earned on fixed-income securities may decline when interest rates go down or increase when interest rates go up. Duration is a measure of interest rate risk that indicates how price-sensitive a bond is to changes in interest rates. Longer-term and lower coupon bonds tend to be more sensitive to changes in interest rates. For example, a bond with a duration of three years will decrease in value by approximately 3% if interest rates increase by 1%. Changing interest rates may have unpredictable effects on markets, may result in heightened market volatility, and could negatively impact the Portfolio’s performance. Any future changes in monetary policy made by central banks and/or their governments are likely to affect the level of interest rates.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Credit Risk</span>. The risk that an issuer will default on interest or principal payments. The Portfolio could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or to repay principal when it becomes due. Various factors could affect the issuer’s actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer’s financial condition or in general economic conditions. Debt securities backed by an issuer’s taxing authority may be subject to legal limits on the issuer’s power to increase taxes or otherwise raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer’s taxing authority, and thus may have a greater risk of default. Credit risk applies to most debt securities, but is generally not a factor for obligations backed by the “full faith and credit” of the U.S. Government.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">An issuer with a lower credit rating will be more likely than a higher rated issuer to default or otherwise become unable to honor its financial obligations. Issuers with low credit ratings typically issue junk bonds. In addition to the risk of default, junk bonds may be more volatile, less liquid, more difficult to value and more susceptible to adverse economic conditions or investor perceptions than other bonds.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Derivatives Risk</span>. A derivative is any financial instrument whose value is based on, and determined by, another security, index, rate, currency or benchmark (i.e., stock options, futures, caps, floors, etc.). To the extent a derivative contract is used to hedge another position in the Portfolio, the Portfolio will be exposed to the risks associated with hedging described below. To the extent an option, futures contract, swap, or other derivative is used with the goal of enhancing return, rather than as a hedge, the Portfolio will be directly exposed to the risks of the contract. Unfavorable changes in the value of the underlying security, index, rate or benchmark may cause sudden losses. Gains or losses from the Portfolio’s use of derivatives may be substantially greater than the amount of the Portfolio’s investment. Certain derivatives have the potential for unlimited loss. Derivatives are also associated with various other risks, including market risk, leverage risk, hedging risk, counterparty risk, valuation risk, regulatory risk, illiquidity risk and interest rate fluctuations risk. The primary risks associated with the Portfolio’s use of derivatives are market risk, counterparty risk and hedging risk.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Fundamental Investing Risk</span>. A fundamental investment approach uses research and analysis of a variety of factors to create a forecast of company results, which is used to select securities. The process may result in an evaluation of a security’s value that may be incorrect or, if correct, may not be reflected by the market. Security or instrument selection using a fundamental investment approach may also cause the</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">Portfolio to underperform other funds with similar investment objectives and investment strategies even in a rising market.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">When-Issued Securities, Delayed Delivery and Forward Commitment Transactions Risk</span>. A Portfolio may purchase or sell when-issued securities that have been authorized but not yet issued in the market. A firm commitment is a buy order for delayed delivery in which a Portfolio agrees to purchase a security from a seller at a future date, stated price, and fixed yield.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">U.S. and Non-U.S. Corporate Debt Securities Risk</span>. Investments in U.S. and non-U.S. corporate debt securities are subject to interest rate risk and market risk and are affected by perceptions of the creditworthiness and business prospects of individual issuers. Non-U.S. corporate debt securities may expose the Portfolio to greater risk than investments in U.S. corporate debt securities.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Mortgage- and Asset-Backed Securities Risk</span>. The characteristics of mortgage-backed and asset-backed securities differ from traditional fixed income securities. Mortgage-backed securities are subject to “prepayment risk” and “extension risk.” Prepayment risk is the risk that, when interest rates fall, certain types of obligations will be paid off by the obligor more quickly than originally anticipated and the Portfolio may have to invest the proceeds in securities with lower yields. Extension risk is the risk that, when interest rates rise, certain obligations will be paid off by the obligor more slowly than anticipated, causing the value of these securities to fall. Small movements in interest rates (both increases and decreases) may quickly and significantly reduce the value of certain mortgage-backed and asset-backed securities. Mortgage-backed and asset-backed securities are also subject to credit risk.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Loan Risk</span>. Loans are subject to the credit risk of nonpayment of principal or interest. Economic downturns or increases in interest rates may cause an increase in defaults, interest rate risk and illiquidity risk. Loans may or may not be collateralized at the time of acquisition, and any collateral may lack liquidity or lose all or substantially all of its value subsequent to investment. In the event of bankruptcy of a borrower, the Portfolio could experience delays or limitations with respect to its ability to realize the benefits of any collateral securing a loan.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Non-U.S. Debt Risk</span>. The value of an investment in non-U.S. debt, even when U.S. dollar denominated, may be affected by political, economic or social conditions. Non-U.S. debt may also be subject to risk of loss because of more or less foreign government regulation, less public information and less stringent investor protections and disclosure standards.</div> <div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">U.S. Government Obligations Risk</span>. U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government and generally have negligible credit risk. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Affiliated Fund Rebalancing Risk. </span>The Portfolio may be an investment option for other mutual funds for which SunAmerica serves as investment adviser that are managed as “funds of funds.” From time to time, the Portfolio may experience relatively large redemptions or investments due to the rebalancing of a fund of funds. In the event of such redemptions or investments, the Portfolio could be required to sell securities or to invest cash at a time when it is not advantageous to do so.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;"><span style="font-weight: bold;">Active Trading Risk</span>. The Portfolio may engage in frequent trading of securities to achieve its investment goal. Active trading may result in high portfolio turnover and correspondingly greater brokerage commissions and other transaction costs, which will be borne directly by the Portfolio and could affect its performance. During periods of increased market volatility, active trading may be more pronounced.</div> Performance Information <div style="margin-top: 6pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The Portfolio has not commenced operations as of the date of this Prospectus. The returns presented for the Portfolio reflect the performance of the Survivor fund (as defined below). It is anticipated that on or about December 4, 2026, the Portfolio will acquire all of the assets and liabilities of the Guardian Core Fixed Income VIP Fund and Guardian U.S. Government/Credit VIP Fund, each a series of Guardian Variable Products Trust (each, a “Predecessor fund,” and collectively, the “Predecessor funds”), through a reorganization (the “Reorganization”). As a result of the Reorganization, the Portfolio will adopt the performance and financial history of the Guardian Core Fixed Income VIP Fund (the “Survivor fund”). The Portfolio has a different investment goal, strategies, portfolio management team and contractual fees and expenses than the Survivor fund. The performance figures have not been adjusted to reflect the Portfolio’s expenses. If the Survivor fund’s performance information had been adjusted to reflect the Portfolio’s expenses, the performance may have been higher or lower for a given period depending on the expenses incurred by the Survivor fund for that period.</div> <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman; text-align: justify;">The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Survivor fund’s performance from calendar year to calendar year, and the table compares the Survivor fund’s average annual returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index). Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown. Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future.</div> The Portfolio has not commenced operations as of the date of this Prospectus. The following bar chart illustrates the risks of investing in the Portfolio by showing changes in the Survivor fund’s performance from calendar year to calendar year, and the table compares the Survivor fund’s average annual returns to those of the Bloomberg U.S. Aggregate Bond Index (a broad-based securities market index). Fees and expenses incurred at the contract level are not reflected in the bar chart or table. If these amounts were reflected, returns would be less than those shown. Of course, past performance is not necessarily an indication of how the Portfolio will perform in the future. Annual Returns (by calendar year) <div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: times new roman;">During the period shown in the bar chart:</div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; font-family: times new roman; font-size: 10pt; width: 100%; border-spacing: 0px; margin: 0 auto;"> <tr> <td style="width: 54%;"></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td style="vertical-align: bottom; width: 4%;"></td> <td></td> <td></td> <td></td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt; background-color: #cceeff;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Highest Quarterly Return:</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">December 31, 2023</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">6.62</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> <tr style="page-break-inside: avoid; font-family: times new roman; font-size: 10pt;"> <td style="vertical-align: top;"> <div style="margin-top: 0pt; margin-bottom: 0pt; margin-left: 1.00em; text-indent: -1.00em; font-size: 10pt; font-family: times new roman;">Lowest Quarterly Return:</div> </td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;">September 30, 2022</td> <td style="vertical-align: bottom;">  </td> <td style="vertical-align: top;"> </td> <td style="vertical-align: top; text-align: right;">-4.44</td> <td style="white-space: nowrap; vertical-align: top;">% </td> </tr> </table> Highest Quarterly Return: 2023-12-31 0.0662 Lowest Quarterly Return: 2022-09-30 -0.0444 Average Annual Total Returns (For the periods ended December 31, 2025) 0.0661 0.0256 2022-05-02 0.0731 0.0285 “Other Expenses” are based on estimated amounts for the current fiscal year. “Other Expenses” are based on estimated amounts for the current fiscal year. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management, LLC (“SunAmerica”) has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses of Class 3 shares exceed 0.96% of the Portfolio’s average daily net assets. For purposes of the Expense Limitation Agreement, “Total 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 business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio are subject to recoupment from the Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2029, only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management, LLC (“SunAmerica”) has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses of Class 3 shares exceed 0.87% of the Portfolio’s average daily net assets. For purposes of the Expense Limitation Agreement, “Total 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 business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio are subject to recoupment from the Portfolio within two years after the occurrence of the waivers and/or reimbursements, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. This agreement may be modified or discontinued prior to April 30, 2029, only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the Investment Company Act of 1940, as amended. “Other Expenses” are based on estimated amounts for the current fiscal year. Pursuant to an Expense Limitation Agreement, SunAmerica Asset Management, LLC (“SunAmerica”) has contractually agreed to waive its fees and/or reimburse expenses to the extent that the Total Annual Portfolio Operating Expenses exceed 0.48%, and 0.73% of the average daily net assets of the Portfolio’s Class 1 and Class 3 shares, respectively. For purposes of the Expense Limitation Agreement, “Total Annual Portfolio Operating Expenses” shall not 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 business of SunAmerica Series Trust (the “Trust”) on behalf of the Portfolio. Any waivers and/or reimbursements made by SunAmerica with respect to the Portfolio under the Expense Limitation Agreement are subject to recoupment from the Portfolio within two years after the occurrence of the waiver and/or reimbursement, provided that the recoupment does not cause the expense ratio of the share class to exceed the lesser of (a) the expense limitation in effect at the time the waivers and/or reimbursements occurred, or (b) the current expense limitation of that share class. The agreement may be modified or discontinued prior to April 30, 2029 only with the approval of the Board of Trustees of the Trust, including a majority of the trustees who are not “interested persons” of the Trust as defined in the 1940 Act, as amended.