Form 497K SEASONS SERIES TRUST
July 29, 2021 1:15 PM EDTSummary Prospectus
July 29, 2021
Seasons Series Trust
SA Multi-Managed Mid Cap Growth Portfolio
(Class 1, Class 2 and Class 3 Shares)
Seasons Series Trust’s Statutory
Prospectus and Statement of Additional Information, each dated July 29, 2021, as amended and supplemented from time to time, and the most
recent shareholder reports are incorporated into and made part of this Summary Prospectus by reference. The Portfolio is offered only to the separate accounts of certain affiliated and unaffiliated life insurance companies and is not
intended for use by other investors.
Before you
invest, you may want to review Seasons Series Trust’s Statutory Prospectus, which contains more information about the Portfolio and its risks. You can find the Statutory Prospectus and the above-incorporated information online at
www.aig.com/getprospectus. You can also get this information at no cost by calling (800) 445-7862 or by sending an e-mail request to [email protected].
The Securities and Exchange Commission has not approved or
disapproved these securities, nor has it determined that this Summary Prospectus is accurate or complete. It is a criminal offense to state otherwise.
Investment Goal
The Portfolio’s investment goal is long-term growth of
capital.
Fees and Expenses of the Portfolio
This table describes the fees and expenses that you may pay
if you buy, hold and sell shares of the Portfolio. The table and the 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. 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.
Annual
Portfolio Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Class 1 | Class 2 | Class 3 | |||
Management
Fees |
0.85% | 0.85% | 0.85% | ||
Service (12b-1)
Fees |
None | 0.15% | 0.25% | ||
Other
Expenses |
0.09% | 0.09% | 0.09% | ||
Total Annual Portfolio Operating
Expenses |
0.94% | 1.09% | 1.19% |
Expense Example
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.
The Example does not reflect charges imposed by the Variable Contract. If the Variable Contract 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:
1 Year | 3 Years | 5 Years | 10 Years | ||||
Class 1
Shares |
$96 | $300 | $520 | $1,155 | |||
Class 2
Shares |
111 | 347 | 601 | 1,329 | |||
Class 3
Shares |
121 | 378 | 654 | 1,443 |
Portfolio Turnover
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.
During the
most recent fiscal year, the Portfolio’s portfolio turnover rate was 65% of the average value of its portfolio.
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SA
Multi-Managed Mid Cap Growth Portfolio
Principal Investment Strategies of the Portfolio
The Portfolio attempts to achieve its investment goal by
investing, under normal circumstances, at least 80% of net assets in equity securities of medium-capitalization companies selected through a growth strategy. 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 Russell Midcap® Index to the market capitalization of
the largest company in the Russell Midcap® Index during the most recent 12-month period. As of May 31, 2021, the market capitalization range of the
companies in the Russell Midcap® Index was between approximately $3.13 billion and $60.8 billion.
The Portfolio may invest a substantial portion of its
assets in equity securities of small- and large-capitalization companies, short-term investments (up to 20%) and foreign securities (up to 30%).
The Portfolio is actively managed by two subadvisers. To
balance the risks of the Portfolio, a portion of the Portfolio is passively managed by SunAmerica Asset Management, LLC (“SunAmerica”) which invests in all or substantially all of the stocks included in the Russell Midcap® Growth Index (the “Index”), a strategy known as “replication.” SunAmerica may, however, utilize an “optimization”
strategy in circumstances in which replication is difficult or impossible, such as if the Portfolio has low asset levels and cannot replicate, to reduce trading costs or to gain exposure to securities that the Portfolio cannot access directly. The
goal of optimization is to select stocks which ensure that characteristics such as industry weightings, average market capitalizations and fundamental characteristics (e.g., price-to-book, price-to-earnings, debt-to-asset ratios and dividend yields)
closely approximate those of the Index. Stocks not in the Index may be held before or after changes in the composition of the Index or if they have characteristics similar to stocks in the Index.
Principal Risks of Investing in the Portfolio
As with any mutual fund, there can be no assurance that the
Portfolio’s investment goal will be met or that the net return on an investment in the Portfolio will exceed what could have been obtained through other investment or savings vehicles. 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.
The following is a summary of the principal risks of investing in the
Portfolio.
Management Risk. The Portfolio is subject to management risk because it is an actively-managed investment portfolio. The Portfolio’s portfolio managers apply investment techniques and risk analyses in making investment decisions,
but there can be no guarantee that these decisions or the individual securities selected by the portfolio managers will produce the desired results.
Equity Securities Risk. 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.
Small- and Mid-Cap Companies
Risk. Securities of small- and mid-cap companies are usually more volatile and entail greater risks than securities of large companies.
Growth Stock Risk. Growth
stocks may lack the dividend yield associated with value stocks that can cushion total return in a bear market. Also, growth stocks normally carry a higher price/earnings ratio than many other stocks. Consequently, if earnings expectations are not
met, the market price of growth stocks will often decline more than other stocks.
Foreign Investment Risk.
The Portfolio’s investments in the securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. Foreign countries in which the Portfolio invests may have markets that are less liquid, less
regulated and more volatile than U.S. markets. The value of the Portfolio’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions,
and political or financial instability and other conditions or events (including, for example, military confrontations, war, terrorism, disease/virus, outbreaks and epidemics). Lack of information may also affect the value of these securities. The
risks of foreign investments are heightened when investing in issuers in emerging market countries.
Failure to Match Index Performance Risk. The ability of the Portfolio to match the performance of the Index may be affected by, among other things, changes in securities markets, the manner in which performance of the Index is calculated, changes in the
composition of the Index, the amount and timing of cash flows into and out of the Portfolio, commissions, portfolio expenses, and any
Seasons Series Trust
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Multi-Managed Mid Cap Growth Portfolio
differences in the pricing of securities by the Portfolio
and the Index. When the Portfolio employs an “optimization” strategy, the Portfolio is subject to an increased risk of tracking error, in that the securities selected in the aggregate for the Portfolio may perform differently than the
underlying index.
Index Risk. The passively-managed index portion of the Portfolio generally will not sell securities in its portfolio and buy different securities over the course of a year other than in conjunction with changes in its target index,
even if there are adverse developments concerning a particular security, company or industry. As a result, you may suffer losses that you would not experience with an actively-managed mutual fund.
Large-Cap Companies Risk.
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.
Affiliated Fund Rebalancing Risk. 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.
Market Risk. The Portfolio’s share price can fall because of weakness in the broad market, a particular industry, or specific holdings. The market as a whole can decline for many reasons, including adverse political or
economic developments in the United States or abroad, changes in investor psychology, or heavy institutional selling and other conditions or events (including, for example, military confrontations, war, terrorism, disease/virus, outbreaks and
epidemics). In addition, the adviser’s or a subadviser’s assessment of securities held in the Portfolio may prove incorrect, resulting in losses or poor performance even in a rising market.
The coronavirus pandemic and the related governmental and
public responses have had and may continue to have an impact on the Portfolio’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain
classes of securities and sectors of the market. Preventative or
protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted
operations for the issuers in which the Portfolio invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the
economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.
Issuer Risk. The value of a
security may decline for a number of reasons directly related to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services.
Performance Information
The following bar chart illustrates the risks of investing
in the Portfolio by showing changes in the Portfolio’s performance from calendar year to calendar year and the table compares the Portfolio’s average annual returns to those of the Russell Midcap® Growth 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.
(Class 1 Shares)
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SA
Multi-Managed Mid Cap Growth Portfolio
During the period shown in the bar chart:
Highest
Quarterly Return: |
June 30, 2020 | 34.20% |
Lowest
Quarterly Return: |
September 30, 2011 | -20.63% |
Year
to Date Most Recent Quarter: |
June 30, 2021 | 8.75% |
Average Annual Total Returns (For the periods ended December 31, 2020)
1
Year |
5
Years |
10
Years | |||
Class 1
Shares |
43.46% | 20.05% | 15.15% | ||
Class 2
Shares |
43.23% | 19.88% | 14.97% | ||
Class 3
Shares |
43.10% | 19.76% | 14.85% | ||
Russell Midcap® Growth Index (reflects no deduction for fees, expenses or
taxes) |
35.59% | 18.66% | 15.04% |
Investment Adviser
The Portfolio’s investment adviser is SunAmerica. The
Portfolio is subadvised by T. Rowe Price Associates, Inc. (“T. Rowe Price”) and Wellington Management Company LLP (“Wellington Management”). SunAmerica passively manages a portion of the Portfolio. The
portfolio managers are noted below.
Portfolio Managers
Name and Title | Portfolio
Manager of the Portfolio Since | |
SunAmerica | ||
Timothy Campion Senior Vice President and Lead Portfolio
Manager |
2012 | |
Elizabeth Mauro Co-Portfolio
Manager |
2019 | |
T. Rowe Price | ||
Donald J. Peters Vice President and Portfolio
Manager |
2003 | |
Wellington Management | ||
Stephen C. Mortimer Senior Managing Director and Equity Portfolio
Manager |
2002 |
Purchases and Sales of Portfolio
Shares
Shares of the Portfolios may only be purchased or redeemed
through Variable Contracts offered by the
separate accounts of participating life insurance companies. Shares of a
Portfolio may be purchased and redeemed each day the New York Stock Exchange is open, at the Portfolio’s net asset value determined after receipt of a request in good order.
The Portfolios do not have any initial or subsequent
investment minimums. However, your insurance company may impose investment or account minimums. Please consult the prospectus (or other offering document) for your Variable Contract which may contain additional information about purchases and
redemptions of Portfolio shares.
Tax Information
The Portfolios will not be subject to U.S. federal income
tax so long as they qualify as regulated investment companies and distribute their income and gains each year to their shareholders. However, contractholders may be subject to U.S. federal income tax (and a U.S. federal Medicare tax of 3.8% that
applies to net investment income, including taxable annuity payments, if applicable) upon withdrawal from a Variable Contract. Contractholders should consult the prospectus (or other offering document) for the Variable Contract for additional
information regarding taxation.
Payments to
Broker-Dealers and
Other Financial Intermediaries
Other Financial Intermediaries
The Portfolios are not sold directly to the general public
but instead are offered as an underlying investment option for Variable Contracts. A Portfolio and its related companies may make payments to the sponsoring insurance company (or its affiliates) for distribution and/or other services. These payments
may create a conflict of interest as they may be a factor that the insurance company considers in including a Portfolio as an underlying investment option in the Variable Contract. The prospectus (or other offering document) for your Variable
Contract may contain additional information about these payments.
CSP-812546489_497_877.5 (7/21)
Seasons Series Trust
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