SunAmerica Series Trust
Supplement to the Prospectus dated December 10, 1998
On January 1, 1999, SunAmerica Inc., pursuant to the terms of an
agreement entered into with American International Group, Inc.
("AIG"), merged with and into AIG, and consequently, SunAmerica
Asset Management Corp. ("SAAMCo"), which acts as investment
adviser of SunAmerica Series Trust (the "Trust"), became an
indirect wholly owned subsidiary of AIG. In connection
therewith, on December 30, 1998, shareholders approved a new
investment advisory and management agreement with SAAMCo, and new
subadvisory agreements, where applicable, all to take effect on
January 1st. The new agreements have no effect on the fees or
expenses payable by the Trust or its shareholders.
At the December 30, 1998 meeting, shareholders also approved,
with respect to the Alliance Growth Portfolio, an increase in the
subadvisory fee payable to Alliance Capital Management L.P.
("Alliance") by SAAMCo and a corresponding increase in the
advisory fee payable to SAAMCo by the Portfolio. Effective
January 1, 1999, the annual advisory and subadvisory fees for the
Alliance Growth Portfolio, based on average daily net assets, are
as follows:
Advisory Fee to SAAMCo Subadvisory Fee to Alliance
.70% on first $50 million .35% on first $50 million
.65% on next $100 million .30% on next $100 million
.60% thereafter .25% thereafter
Further, at the December 30, 1998 meeting, shareholders
approved,
effective January 1, 1999, the replacement of
Phoenix Investment
Counsel, Inc. ("Phoenix") with Massachusetts Financial
Services
Company ("MFS") as subadviser to the Balanced/Phoenix
Investment
Counsel and Growth/Phoenix Investment Counsel
Portfolios, and a
corresponding renaming of the Portfolios to the
MFS Total Return
Portfolio and the MFS Growth and Income
Portfolio, respectively.
The investment objective of the MFS Growth and
Income Portfolio
has been amended and is restated
as follows:
The MFS Growth and Income Portfolio (formerly the Growth/Phoenix
Investment Counsel Portfolio) seeks reasonable current income and
long term growth of capital and income by normally investing in
equity securities.
In connection with MFS's replacement of Phoenix, shareholders
also approved a new investment advisory and management agreement
with SAAMCo and a new subadvisory agreement between SAAMCo and
MFS which reflect an increase in the advisory and subadvisory
fees for the MFS Total Return the MFS Growth and Income
Portfolios. Effective January 1, 1999, the respective annual advisory
and subadvisory
fees for the MFS Total Return Portfolio and the MFS Growth and
Income Portfolio, based on average daily net assets, are as follows:
MFS Total Return Portfolio
Advisory Fee to SAAMCo Subadvisory Fee to MFS
.70% on first $50 million .375%
.65% thereafter
MFS Growth and Income Portfolio
Advisory Fee to SAAMCo Subadvisory Fee to MFS
.70% on first $600 million .40% on first $300 million
.65% on next $900 million .375% on next $300 million
.60% thereafter .35% on next $300 million
.325% on next $600 million
.25% thereafter
The following is information concerning MFS and the portfolio
managers for the MFS Total Return Portfolio and the MFS Growth
and Income Portfolio.
Massachusetts Financial Services Company. MFS, a Massachusetts
corporation, is America's oldest mutual fund organization. MFS,
with its predecessors organizations, has a history of money
management dating from 1924 and founded the first mutual fund in
the U.S. MFS is located at 500 Boylston Street, Boston,
Massachusetts, 02116. MFS is an indirect, wholly owned
subsidiary of Sun Life Assurance Company of Canada. As of
November 30, 1998, MFS managed approximately $92 billion in
assets.
David M. Calabro, Geoffrey L. Kurinsky, Constantinos G. Mokas,
Lisa B. Nurme, Maura A. Shaughnessy and Kenneth J. Enright serve
as co-portfolio managers of the MFS Total Return Portfolio. Mr.
Calabro is the head of the portfolio management team and manager
of the Portfolio's common stock investments. He is a Senior Vice
President and has been a portfolio manager with MFS since 1992.
Mr. Kurinsky manages the Portfolio's fixed income securities. He
is a Senior Vice President and has been employed by MFS as a
portfolio manager since 1987. Mr. Mokas manages convertible
securities for the Portfolio. He is a Vice President and has
been a portfolio manager with MFS since 1990. Ms. Nurme, Ms.
Shaughnessy and Mr. Enright also manage common stock investments
for the Portfolio. Ms. Nurme and Ms. Shaughnessy are Senior Vice
Presidents and have been employed by MFS as portfolio managers
since 1987 and 1991, respectively. Mr. Enright is a Vice
President and has been employed by MFS as a portfolio manager
since 1986.
John D. Laupheimer Jr. and Mitchell D. Dynan serve as co-
portfolio managers of the MFS Growth and Income Portfolio. Mr.
Laupheimer is a Senior Vice President and has been employed by
MFS as a portfolio manager since 1981. Mr. Dynan is a Vice
President and has been employed by MFS as a portfolio manager
since 1986.
Dated: January 4, 1999
