SA American Funds VCP Managed Allocation Portfolio

C000118754 Fund Overview

SA American Funds VCP Managed Allocation Portfolio is a US mutual fund managed by Sunamerica Series Trust, categorised as United States Multi-Cap / All-Cap Blend / Core Equity. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Sunamerica Series Trust
• Category: United States Multi-Cap / All-Cap Blend / Core Equity
• Assets under management: $1.82B
• 1-year return: 14.4%
• SEC CIK: 0000892538
• SEC series ID: S000038491
• Share class ID: C000118754

C000118754 Investment Objective and Strategy

SA American Funds VCP Managed Allocation Portfolio describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Sunamerica Series Trust.

Investment objective

The Portfolios investment goal is to achieve long-term capital growth and income while seeking to manage volatility and provide downside protection.

Principal investment strategy

The Portfolio described in this Prospectus operates as a feeder fund and attempts to achieve its investment goal by investing all or substantially all of its assets in Class P1 shares of the American Funds Insurance Series (AFIS) Managed Risk Growth-Income Fund (the Master Managed Risk Fund), a portfolio offered by AFIS, a registered open-end investment company. In turn, the Master Managed Risk Fund pursues its investment objective by investing in shares of two underlying funds, the AFIS Growth-Income Fund (the Growth-Income Fund) and the AFIS The Bond Fund of America (the Bond Fund and together with the Growth-Income Fund, the Underlying Funds and each an Underlying Fund), while seeking to manage portfolio volatility and provide downside protection primarily through the use of exchange-traded options and futures contracts.

The Master Managed Risk Fund normally seeks to invest 80% of its assets in the Growth-Income Fund. The investment objectives of the Growth-Income Fund are to achieve long-term growth of capital and income. The Growth-Income Fund invests primarily in common stocks or other equity type securities, such as preferred stocks, convertible preferred stocks and convertible bonds, that Capital Research, the Growth-Income Funds investment adviser, believes demonstrate the potential for appreciation and/or dividends. Although the Growth-Income Fund focuses on investments in medium to larger capitalization companies, its investments are not limited to a particular capitalization size. The Growth-Income Fund may invest up to 15% of its assets outside the United States, including, to a more limited extent, in emerging markets.

The Master Managed Risk Fund invests the remainder of its assets in the Bond Fund and in cash, financial futures and options as part of the managed risk strategy. The investment objective of the Bond Fund is to provide as high a level of current income as is consistent with the preservation of capital. The Bond Fund seeks to maximize your level of current income and preserve your capital by investing primarily in bonds. Normally, the Bond Fund invests at least 80% of its assets in bonds and other debt securities, which may be represented by derivatives. The Bond Fund invests at least 60% of its assets in debt securities (excluding derivatives) rated A3 or better or A- or better by Nationally Recognized Statistical Ratings Organizations, or NRSROs, designated by Capital Research, the Bond Funds investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by the adviser, and in U.S.

government securities, money market instruments, cash or cash equivalents. The Bond Fund may invest in debt securities and mortgage-backed securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government. The Bond Fund may invest in debt securities of any maturity or duration. Duration is a measure used to determine the sensitivity of a securitys price to changes in interest rates. The longer a securitys duration, the more sensitive it will be to changes in interest rates. The Bond Fund may invest in inflation-linked bonds issued by U.S. and non-U.S. governments, their agencies or instrumentalities and corporations. Inflation-linked bonds are structured to protect against inflation by linking the bonds principal and interest payments to an inflation index, such as the Consumer Price Index for Urban Consumers, so that principal and interest adjust to reflect changes in the index.

The Bond Fund may invest in certain derivative instruments. A derivative is a financial contract, the value of which is based on the value of an underlying financial asset (such as a stock, bond or currency), a reference rate or a market index. The Bond Fund may invest in futures contracts and interest rate swaps in order to seek to manage the Bond Funds sensitivity to interest rates, and in credit default swap indices, or CDSIs, in order to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks. A futures contract is a standardized exchange-traded agreement to buy or sell a specific quantity of an underlying asset, rate or index at an agreed-upon price at a stipulated future date. An interest rate swap is an agreement between two parties to exchange or swap payments based on changes in one or more interest rates, one of which is typically fixed and the other of which is typically a floating rate based on a designated short-term interest rate, such as the Secured Overnight Financing Rate, prime rate or other benchmark.

A CDSI is based on a portfolio of credit default swaps with similar characteristics, such as credit default swaps on high-yield bonds. In a typical CDSI transaction, one party the protection buyer is obligated to pay the other party the protection seller a stream of periodic payments over the term of the contract, provided generally that no credit event on an underlying reference obligation has occurred. If such a credit event has occurred, the protection seller must pay the protection buyer the loss on those credits. The Bond Fund may also enter into currency transactions to provide for the purchase or sale of a currency needed to purchase a security denominated in that currency. In addition, the Bond Fund may enter into forward currency contracts to protect against changes in currency exchange rates.

The Bond Fund may also enter into forward currency contracts to seek to increase total return. A forward currency contract is an agreement to purchase or sell a specific currency at a future date at a fixed price. The Bond Fund may invest up to 5% of its assets in debt securities rated Ba1 or below and BB+ or below by NRSROs designated by its investment adviser, or in debt securities that are unrated but determined to be of equivalent quality by its investment adviser. Such securities are sometimes referred to as junk bonds. The Master Managed Risk Fund investment in the Bond Fund seeks to provide a level of diversification across asset classes. Because different asset classes often react differently to changes in market conditions, such diversification seeks to manage the Master Managed Risk Funds risk to market changes, including stock market declines.

Additionally, the Master Managed Risk Fund employs a risk-management overlay or managed risk strategy. The managed risk strategy consists of using hedge instruments primarily exchange-traded futures contracts and/or exchange-traded put options to attempt to stabilize the volatility of the Master Managed Risk Fund around a target volatility level and to seek to reduce the downside exposure of the Master Managed Risk Fund. Volatility in this context means variance in the Master Managed Risk Funds investment results. The Master Managed Risk Fund employs a subadviser to select individual put options and futures contracts on equity indexes of U.S. markets and markets outside the United States that the subadviser believes are correlated to the Underlying Funds equity exposure. These instruments are selected based on the subadvisers analysis of the relation of various equity indexes to the Underlying Funds portfolio.

In addition, the subadviser will monitor liquidity levels of relevant options and futures contracts and transparency provided by exchanges as the counterparties in hedging transactions. The target volatility level will be set from time to time by the investment adviser and the subadviser and may be adjusted if deemed advisable in the judgment of the investment adviser and the subadviser. The subadviser may also seek to hedge the Master Managed Risk Funds currency risk related to its exposure to equity index options and futures denominated in currencies other than the U.S. dollar. The subadviser regularly adjusts the level of exchange-traded options and futures contracts held by the Master Managed Risk Fund to seek to manage the Master Managed Risk Funds overall net risk level. During periods of generally rising equity security prices, the subadviser will normally increase the target level of protection in the Master Managed Risk Fund to seek to protect the growing value of the Master Managed Risk Funds portfolio.

During or after severe market downturns, however, the Master Managed Risk Funds subadviser is expected to realize gains for the Master Managed Risk Fund on the Master Managed Risk Funds put options and short futures positions and the amount of options and futures held by the Master Managed Risk Fund will likely decrease. Even in periods of low volatility in the equity markets, the subadviser will continue to employ exchange-traded equity index put options to seek to preserve gains in favorable market conditions and to reduce losses in adverse market conditions. During such periods of low equity market volatility, the subadviser may also continue to use exchange-traded equity index futures contracts for hedging purposes, though it need not necessarily do so. In the event of a sudden market dislocation, the managed risk strategy may not provide the same downside protection as in other periods.

Accordingly, in certain market conditions, the fund may also purchase exchange-traded equity index call options, write (or sell) exchange-traded equity index put and call options and/or take net long positions in exchange-traded equity index futures contracts. In addition, under certain market conditions (including during periods of low equity market volatility, when the subadviser may employ exchange-traded equity index futures to a lesser degree or not at all), the subadviser reserves the right to purchase or sell exchange-traded interest rate futures, including futures contracts on U.S. Treasury bonds, to seek to manage interest rate risk. From time to time, including during severe market dislocations, the Master Managed Risk Fund may adjust its managed risk strategy if advisable in the judgment of the Master Managed Risk Funds investment adviser and subadviser.

For example, if the market for swaps moves, as is expected, from a largely over-the-counter market to an exchange-traded market as a result of recent regulatory changes, the subadviser may use exchange-traded swaps to seek to hedge interest rate risk if the Master Managed Risk Funds investment adviser and subadviser determine that the exchange-traded swaps market has become similar in depth and substance to that of the exchange-traded options and futures markets. Before adjusting the Master Managed Risk Funds managed risk strategy, the Master Managed Risk Funds investment adviser and subadviser may consult with insurance companies that offer the Master Managed Risk Fund as an underlying investment option for variable contracts; provided, however that any adjustment will be made in the judgment of the Master Managed Risk Funds investment adviser and the subadviser.

Any such adjustment may not have the desired positive effect, and could potentially have further adverse effects, on the Master Managed Risk Funds investment results. The subadviser will purchase or sell futures contracts through a futures commission merchant, or FCM. The Master Managed Risk Fund may be required to own cash or other liquid assets, including U.S. Treasury securities, and post these assets with an FCM or broker as collateral to cover the Master Managed Risk Funds obligations under its futures contracts. Upon entering into a futures contract, for example, the Master Managed Risk Fund will be required to deposit with the FCM an amount of cash (or other liquid assets, including U.S. Treasury securities ) for collateral, or initial margin, that will be held at the clearinghouse or exchange in the name of the FCM.

On a daily basis, the Master Managed Risk Fund will be required to post additional cash with the FCM if a futures contract loses value or will receive cash if a futures contract gains in value.

C000118754 Holdings

Top 1 holdings of SA American Funds VCP Managed Allocation Portfolio by percentage of net assets, from the fund's latest SEC N-PORT filing.

View all C000118754 holdings

C000118754 Portfolio Allocation

Asset-class allocation of SA American Funds VCP Managed Allocation Portfolio by percentage of net assets, from the latest SEC N-PORT filing.

C000118754 Performance

Total returns for C000118754 (as of 2026-10-01), from SEC filings.

C000118754 Risk Information

Risk metrics for C000118754, derived from monthly returns in SEC filings.

• 1-year volatility (annualised): 10.3%

C000118754 Costs and Fees

C000118754 costs about $115 per $10,000 invested per year in fund expenses.

• Net expense ratio: 1.15%
• Gross expense ratio: 1.85%
• Portfolio turnover: 1%
• Brokerage commissions: 0.00 bps of average net assets (SEC N-CEN)

C000118754 Cashflows

Over the 12 months to 2026-06, SA American Funds VCP Managed Allocation Portfolio had net outflows of $177.86M, from monthly SEC N-PORT filings.

C000118754 Debt Constituents

No individual debt constituents are reported in SA American Funds VCP Managed Allocation Portfolio's latest SEC N-PORT filing.

C000118754 Prospectus and SEC Filings

Official SA American Funds VCP Managed Allocation Portfolio filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2026-04-27
• Prospectus (485BPOS) — filed 2025-04-28
• Prospectus (485BPOS) — filed 2024-04-26
• Portfolio holdings (N-PORT) — filed 2026-08-28
• Portfolio holdings (N-PORT) — filed 2026-05-29
• Portfolio holdings (N-PORT) — filed 2026-02-27
• Annual census (N-CEN) — filed 2026-03-12
• Annual census (N-CEN) — filed 2025-03-13

Related Funds

Other United States Multi-Cap / All-Cap Blend / Core Equity funds tracked on ABC INVEST:

• MFS International Diversification Fund (MDIDX)
• Vanguard Lifestrategy Growth Fund (VASGX)
• Vanguard Lifestrategy Moderate Growth Fund (VSMGX)
• Vanguard Star Fund (VGSTX)
• Eaton Vance Short Duration Strategic Income Fund (ETSIX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.