# EDGAR Filing Document

**Accession Number:** 0001003239
**File Stem:** 0001193125-25-311105
**Filing Date:** 2025-12
**Character Count:** 2102892
**Document Hash:** 945646ba09fc5bd4856d8434599fae18
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-311105.hdr.sgml**: 20251208

**ACCESSION NUMBER**: 0001193125-25-311105

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 61

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251208

**DATE AS OF CHANGE**: 20251208

**EFFECTIVENESS DATE**: 20251208

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SEASONS SERIES TRUST
- **CENTRAL INDEX KEY:** 0001003239

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07725
- **FILM NUMBER:** 251555843

**BUSINESS ADDRESS:**
- **STREET 1:** 21650 OXNARD STREET, 10TH FLOOR
- **CITY:** WOODLAND HILLS
- **STATE:** CA
- **ZIP:** 91367
- **BUSINESS PHONE:** 551-235-3560

**MAIL ADDRESS:**
- **STREET 1:** 30 HUDSON STREET
- **STREET 2:** 16TH FLOOR
- **CITY:** JERSEY CITY
- **STATE:** NJ
- **ZIP:** 07302

## Series and Classes Contracts Data

### SA Multi-Managed Mid Cap Growth Portfolio (Series ID: S000008036)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021811 | Class 1      |  |
| C000021812 | Class 2      |  |
| C000021813 | Class 3      |  |

### SA Multi-Managed Mid Cap Value Portfolio (Series ID: S000008037)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021814 | Class 1      |  |
| C000021815 | Class 2      |  |
| C000021816 | Class 3      |  |

### SA Multi-Managed Small Cap Portfolio (Series ID: S000008038)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021817 | Class 1      |  |
| C000021818 | Class 2      |  |
| C000021819 | Class 3      |  |

### SA Multi-Managed International Equity Portfolio (Series ID: S000008039)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021820 | Class 1      |  |
| C000021821 | Class 2      |  |
| C000021822 | Class 3      |  |

### SA Multi-Managed Diversified Fixed Income Portfolio (Series ID: S000008040)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021823 | Class 1      |  |
| C000021824 | Class 2      |  |
| C000021825 | Class 3      |  |

### SA American Century Inflation Managed Portfolio (Series ID: S000008041)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021826 | Class 3      |  |
| C000109742 | CLASS 1      |  |

### SA Columbia Focused Value Portfolio (Series ID: S000008047)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021840 | Class 2      |  |
| C000021841 | Class 3      |  |
| C000109743 | CLASS 1      |  |

### SA Allocation Aggressive Portfolio (Series ID: S000008048)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021842 | Class 3      |  |
| C000171551 | Class 1      |  |

### SA Allocation Moderately Aggressive Portfolio (Series ID: S000008049)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021843 | Class 3      |  |
| C000171552 | Class 1      |  |

### SA Allocation Moderate Portfolio (Series ID: S000008050)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021844 | Class 3      |  |
| C000171553 | Class 1      |  |

### SA Allocation Balanced Portfolio (Series ID: S000008051)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021845 | Class 3      |  |
| C000171554 | Class 1      |  |

### SA Franklin Allocation Moderately Aggressive Portfolio (Series ID: S000008054)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021852 | Class 1      |  |
| C000021853 | Class 2      |  |
| C000021854 | Class 3      |  |

### SA Multi-Managed Large Cap Growth Portfolio (Series ID: S000008056)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021858 | Class 1      |  |
| C000021859 | Class 2      |  |
| C000021860 | Class 3      |  |

### SA Multi-Managed Large Cap Value Portfolio (Series ID: S000008058)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000021864 | Class 1      |  |
| C000021865 | Class 2      |  |
| C000021866 | Class 3      |  |

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#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-07725

#### SEASONS SERIES TRUST
(Exact name of registrant as specified in charter)

------

21650 Oxnard Street, Woodland Hills, CA 91367

(Address of principal executive offices)

John T. Genoy, President

SunAmerica Asset Management, LLC

30 Hudson Street, 16th Floor

Jersey City, NJ 07302

(Name and address of agent for service)

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(201) 324-6414

#### Date of fiscal year end:

#### March 31

#### Date of reporting period:

#### September 30, 2025

#### Item 1. Reports to Stockholders.
(a) The following is a copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Investment Company Act of 1940:

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Allocation Aggressive

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Allocation Aggressive Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

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| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Aggressive Portfolio (Class 1)\* | $6 | 0.12%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$538M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022471.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546281 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Allocation Aggressive

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Allocation Aggressive Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Aggressive Portfolio (Class 3)\* | $20 | 0.37%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$538M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022472.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546786 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Allocation Balanced

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Allocation Balanced Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Balanced Portfolio (Class 1)\* | $7 | 0.14%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$264M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022421.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546299 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Allocation Balanced

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Allocation Balanced Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Balanced Portfolio (Class 3)\* | $20 | 0.39%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$264M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022422.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546752 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Allocation Moderate

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Allocation Moderate Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Moderate Portfolio (Class 1)\* | $7 | 0.13%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$314M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022423.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546265 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Allocation Moderate

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Allocation Moderate Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Moderate Portfolio (Class 3)\* | $20 | 0.38%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$314M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022470.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546760 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Allocation Moderately Aggressive

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Allocation Moderately Aggressive Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Moderately Aggressive Portfolio (Class 1)\* | $6 | 0.12%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$551M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022467.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546273 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Allocation Moderately Aggressive

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Allocation Moderately Aggressive Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Allocation Moderately Aggressive Portfolio (Class 3)\* | $20 | 0.37%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$551M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;45 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;9% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022468.jpg)

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546778 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA American Century Inflation Managed

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA American Century Inflation Managed Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Century Inflation Managed Portfolio (Class 1)\* | $31 | 0.61%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$546M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;184 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio as of the end of the period.

**Top Industries\* (% of net assets)**

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 58.4% |
| Foreign Government Obligations | 9.8% |
| Collateralized Mortgage Obligations | 8.7% |
| Short-Term Investments | 6.3% |
| Other Asset Backed Securities | 3.2% |
| Banks | 2.8% |
| Electric | 1.8% |
| Diversified Financial Services | 1.5% |
| Insurance | 1.2% |
| REITS | 0.7% |
| Pharmaceuticals | 0.6% |
| Healthcare-Services | 0.6% |
| Biotechnology | 0.6% |
| Software | 0.5% |
| Computers | 0.4% |

---

**Portfolio Composition (% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_1022442.jpg)

**Credit Quality <sup>\*\*</sup> (% of total debt issues)**

![Graphical Representation - Allocation 2 Chart](chartimages_1022386.jpg)

*\* Percentages exclude derivatives (other than purchased options), if any.*

*\*\* Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.*

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546315 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA American Century Inflation Managed

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA American Century Inflation Managed Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA American Century Inflation Managed Portfolio (Class 3)\* | $44 | 0.86%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$546M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;184 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.4M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio as of the end of the period.

**Top Industries\* (% of net assets)**

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 58.4% |
| Foreign Government Obligations | 9.8% |
| Collateralized Mortgage Obligations | 8.7% |
| Short-Term Investments | 6.3% |
| Other Asset Backed Securities | 3.2% |
| Banks | 2.8% |
| Electric | 1.8% |
| Diversified Financial Services | 1.5% |
| Insurance | 1.2% |
| REITS | 0.7% |
| Pharmaceuticals | 0.6% |
| Healthcare-Services | 0.6% |
| Biotechnology | 0.6% |
| Software | 0.5% |
| Computers | 0.4% |

---

**Portfolio Composition (% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_1022437.jpg)

**Credit Quality <sup>\*\*</sup> (% of total debt issues)**

![Graphical Representation - Allocation 2 Chart](chartimages_1022375.jpg)

*\* Percentages exclude derivatives (other than purchased options), if any.*

*\*\* Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.*

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546794 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Columbia Focused Value

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Columbia Focused Value Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Columbia Focused Value Portfolio (Class 1)\* | $39 | 0.72%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$301M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 15.2% |
| Healthcare-Services | 7.6% |
| Telecommunications | 6.9% |
| Semiconductors | 6.6% |
| Electric | 6.2% |
| Aerospace/Defense | 5.8% |
| Pharmaceuticals | 5.6% |
| Mining | 5.3% |
| Oil & Gas | 4.5% |
| Computers | 3.3% |
| REITS | 3.2% |
| Beverages | 3.0% |
| Pipelines | 2.9% |
| Insurance | 2.8% |
| Oil & Gas Services | 2.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022469.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546323 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Columbia Focused Value

### Class 2

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Columbia Focused Value Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Columbia Focused Value Portfolio (Class 2)\* | $47 | 0.87%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$301M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 15.2% |
| Healthcare-Services | 7.6% |
| Telecommunications | 6.9% |
| Semiconductors | 6.6% |
| Electric | 6.2% |
| Aerospace/Defense | 5.8% |
| Pharmaceuticals | 5.6% |
| Mining | 5.3% |
| Oil & Gas | 4.5% |
| Computers | 3.3% |
| REITS | 3.2% |
| Beverages | 3.0% |
| Pipelines | 2.9% |
| Insurance | 2.8% |
| Oil & Gas Services | 2.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022464.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546612 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Columbia Focused Value

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Columbia Focused Value Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Columbia Focused Value Portfolio (Class 3)\* | $52 | 0.97%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$301M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;36 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.9M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;22% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 15.2% |
| Healthcare-Services | 7.6% |
| Telecommunications | 6.9% |
| Semiconductors | 6.6% |
| Electric | 6.2% |
| Aerospace/Defense | 5.8% |
| Pharmaceuticals | 5.6% |
| Mining | 5.3% |
| Oil & Gas | 4.5% |
| Computers | 3.3% |
| REITS | 3.2% |
| Beverages | 3.0% |
| Pipelines | 2.9% |
| Insurance | 2.8% |
| Oil & Gas Services | 2.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022465.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546596 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Franklin Allocation Moderately Aggressive

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Franklin Allocation Moderately Aggressive Portfolio (Class 1)\* | $48 | 0.88%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$214M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 11.2% |
| Semiconductors | 8.6% |
| Software | 7.2% |
| Banks | 7.2% |
| U.S. Government & Agency Obligations | 6.7% |
| Computers | 5.2% |
| Pharmaceuticals | 4.4% |
| Insurance | 3.3% |
| Retail | 3.0% |
| Diversified Financial Services | 2.9% |
| Electric | 2.5% |
| Aerospace/Defense | 2.1% |
| Telecommunications | 2.0% |
| Commercial Services | 2.0% |
| REITS | 1.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022445.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546505 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Franklin Allocation Moderately Aggressive

### Class 2

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Franklin Allocation Moderately Aggressive Portfolio (Class 2)\* | $56 | 1.03%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$214M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 11.2% |
| Semiconductors | 8.6% |
| Software | 7.2% |
| Banks | 7.2% |
| U.S. Government & Agency Obligations | 6.7% |
| Computers | 5.2% |
| Pharmaceuticals | 4.4% |
| Insurance | 3.3% |
| Retail | 3.0% |
| Diversified Financial Services | 2.9% |
| Electric | 2.5% |
| Aerospace/Defense | 2.1% |
| Telecommunications | 2.0% |
| Commercial Services | 2.0% |
| REITS | 1.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022440.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546745 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Franklin Allocation Moderately Aggressive

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Franklin Allocation Moderately Aggressive Portfolio (Class 3)\* | $62 | 1.14%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$214M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1788 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 11.2% |
| Semiconductors | 8.6% |
| Software | 7.2% |
| Banks | 7.2% |
| U.S. Government & Agency Obligations | 6.7% |
| Computers | 5.2% |
| Pharmaceuticals | 4.4% |
| Insurance | 3.3% |
| Retail | 3.0% |
| Diversified Financial Services | 2.9% |
| Electric | 2.5% |
| Aerospace/Defense | 2.1% |
| Telecommunications | 2.0% |
| Commercial Services | 2.0% |
| REITS | 1.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022441.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546737 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Diversified Fixed Income

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Diversified Fixed Income Portfolio (Class 1)\* | $37 | 0.72%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$709M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio as of the end of the period.

**Top Industries\* (% of net assets)**

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 74.3% |
| Collateralized Mortgage Obligations | 7.4% |
| Banks | 5.5% |
| Electric | 5.1% |
| Other Asset Backed Securities | 3.0% |
| Oil & Gas | 2.1% |
| Pipelines | 2.0% |
| Foreign Government Obligations | 1.8% |
| Semiconductors | 1.4% |
| Food | 1.2% |
| Media | 1.1% |
| Telecommunications | 1.0% |
| Insurance | 0.9% |
| Healthcare-Services | 0.9% |
| Pharmaceuticals | 0.9% |

---

**Portfolio Composition (% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_1022466.jpg)

**Credit Quality <sup>\*\*</sup> (% of total debt issues)**

![Graphical Representation - Allocation 2 Chart](chartimages_1022410.jpg)

*\* Percentages exclude derivatives (other than purchased options), if any.*

*\*\* Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.*

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546828 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Diversified Fixed Income

### Class 2

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Diversified Fixed Income Portfolio (Class 2)\* | $44 | 0.87%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$709M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio as of the end of the period.

**Top Industries\* (% of net assets)**

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 74.3% |
| Collateralized Mortgage Obligations | 7.4% |
| Banks | 5.5% |
| Electric | 5.1% |
| Other Asset Backed Securities | 3.0% |
| Oil & Gas | 2.1% |
| Pipelines | 2.0% |
| Foreign Government Obligations | 1.8% |
| Semiconductors | 1.4% |
| Food | 1.2% |
| Media | 1.1% |
| Telecommunications | 1.0% |
| Insurance | 0.9% |
| Healthcare-Services | 0.9% |
| Pharmaceuticals | 0.9% |

---

**Portfolio Composition (% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_1022461.jpg)

**Credit Quality <sup>\*\*</sup> (% of total debt issues)**

![Graphical Representation - Allocation 2 Chart](chartimages_1022399.jpg)

*\* Percentages exclude derivatives (other than purchased options), if any.*

*\*\* Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.*

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546695 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Diversified Fixed Income

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Diversified Fixed Income Portfolio (Class 3)\* | $49 | 0.97%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$709M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1935 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$2.2M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;26% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio as of the end of the period.

**Top Industries\* (% of net assets)**

---

| | |
|:---|:---|
| U.S. Government & Agency Obligations | 74.3% |
| Collateralized Mortgage Obligations | 7.4% |
| Banks | 5.5% |
| Electric | 5.1% |
| Other Asset Backed Securities | 3.0% |
| Oil & Gas | 2.1% |
| Pipelines | 2.0% |
| Foreign Government Obligations | 1.8% |
| Semiconductors | 1.4% |
| Food | 1.2% |
| Media | 1.1% |
| Telecommunications | 1.0% |
| Insurance | 0.9% |
| Healthcare-Services | 0.9% |
| Pharmaceuticals | 0.9% |

---

**Portfolio Composition (% of net assets)**

![Graphical Representation - Allocation 1 Chart](chartimages_1022462.jpg)

**Credit Quality <sup>\*\*</sup> (% of total debt issues)**

![Graphical Representation - Allocation 2 Chart](chartimages_1022400.jpg)

*\* Percentages exclude derivatives (other than purchased options), if any.*

*\*\* Credit quality ratings shown above reflect the rating assigned by Moody's Investors Service, Inc. Where Moody's ratings are not available, we have used Standard & Poor's ratings. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. Percentages exclude short-term securities.*

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546687 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed International Equity

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed International Equity Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed International Equity Portfolio (Class 1)\* | $58 | 1.07%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$292M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;747 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 16.2% |
| Pharmaceuticals | 7.8% |
| Insurance | 5.7% |
| Semiconductors | 5.5% |
| Aerospace/Defense | 3.6% |
| Retail | 3.2% |
| Oil & Gas | 3.2% |
| Healthcare-Products | 2.9% |
| Telecommunications | 2.9% |
| Cosmetics/Personal Care | 2.9% |
| Food | 2.8% |
| Electrical Components & Equipment | 2.8% |
| Software | 2.3% |
| Internet | 2.2% |
| Auto Manufacturers | 2.2% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022463.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_1022401.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546844 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed International Equity

### Class 2

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed International Equity Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed International Equity Portfolio (Class 2)\* | $66 | 1.22%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$292M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;747 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 16.2% |
| Pharmaceuticals | 7.8% |
| Insurance | 5.7% |
| Semiconductors | 5.5% |
| Aerospace/Defense | 3.6% |
| Retail | 3.2% |
| Oil & Gas | 3.2% |
| Healthcare-Products | 2.9% |
| Telecommunications | 2.9% |
| Cosmetics/Personal Care | 2.9% |
| Food | 2.8% |
| Electrical Components & Equipment | 2.8% |
| Software | 2.3% |
| Internet | 2.2% |
| Auto Manufacturers | 2.2% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022458.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_1022402.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546588 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed International Equity

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed International Equity Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed International Equity Portfolio (Class 3)\* | $71 | 1.32%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$292M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;747 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 16.2% |
| Pharmaceuticals | 7.8% |
| Insurance | 5.7% |
| Semiconductors | 5.5% |
| Aerospace/Defense | 3.6% |
| Retail | 3.2% |
| Oil & Gas | 3.2% |
| Healthcare-Products | 2.9% |
| Telecommunications | 2.9% |
| Cosmetics/Personal Care | 2.9% |
| Food | 2.8% |
| Electrical Components & Equipment | 2.8% |
| Software | 2.3% |
| Internet | 2.2% |
| Auto Manufacturers | 2.2% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022459.jpg)

**Country**

![Graphical Representation - Allocation 2 Chart](chartimages_1022403.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546570 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Large Cap Growth

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Large Cap Growth Portfolio (Class 1)\* | $46 | 0.79%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$331M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;262 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 21.4% |
| Software | 21.1% |
| Semiconductors | 15.3% |
| Computers | 7.5% |
| Auto Manufacturers | 4.9% |
| Diversified Financial Services | 4.0% |
| Retail | 3.1% |
| Biotechnology | 2.6% |
| Pharmaceuticals | 2.5% |
| Commercial Services | 2.0% |
| Healthcare-Products | 1.5% |
| Banks | 1.3% |
| Apparel | 1.0% |
| Aerospace/Defense | 1.0% |
| Insurance | 0.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022460.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546703 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Large Cap Growth

### Class 2

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Large Cap Growth Portfolio (Class 2)\* | $55 | 0.94%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$331M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;262 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 21.4% |
| Software | 21.1% |
| Semiconductors | 15.3% |
| Computers | 7.5% |
| Auto Manufacturers | 4.9% |
| Diversified Financial Services | 4.0% |
| Retail | 3.1% |
| Biotechnology | 2.6% |
| Pharmaceuticals | 2.5% |
| Commercial Services | 2.0% |
| Healthcare-Products | 1.5% |
| Banks | 1.3% |
| Apparel | 1.0% |
| Aerospace/Defense | 1.0% |
| Insurance | 0.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022455.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546547 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Large Cap Growth

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Large Cap Growth Portfolio (Class 3)\* | $60 | 1.04%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$331M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;262 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.1M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Internet | 21.4% |
| Software | 21.1% |
| Semiconductors | 15.3% |
| Computers | 7.5% |
| Auto Manufacturers | 4.9% |
| Diversified Financial Services | 4.0% |
| Retail | 3.1% |
| Biotechnology | 2.6% |
| Pharmaceuticals | 2.5% |
| Commercial Services | 2.0% |
| Healthcare-Products | 1.5% |
| Banks | 1.3% |
| Apparel | 1.0% |
| Aerospace/Defense | 1.0% |
| Insurance | 0.9% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022456.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546539 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Large Cap Value

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Large Cap Value Portfolio (Class 1)\* | $45 | 0.87%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$327M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;453 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Pharmaceuticals | 9.0% |
| Banks | 9.0% |
| Software | 6.9% |
| Oil & Gas | 5.1% |
| Computers | 4.9% |
| Insurance | 4.4% |
| Diversified Financial Services | 4.2% |
| Electric | 4.0% |
| Semiconductors | 3.8% |
| Telecommunications | 3.6% |
| Healthcare-Services | 3.5% |
| Internet | 3.5% |
| Retail | 3.2% |
| REITS | 3.0% |
| Healthcare-Products | 2.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022457.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546885 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Large Cap Value

### Class 2

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Large Cap Value Portfolio (Class 2)\* | $53 | 1.02%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$327M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;453 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Pharmaceuticals | 9.0% |
| Banks | 9.0% |
| Software | 6.9% |
| Oil & Gas | 5.1% |
| Computers | 4.9% |
| Insurance | 4.4% |
| Diversified Financial Services | 4.2% |
| Electric | 4.0% |
| Semiconductors | 3.8% |
| Telecommunications | 3.6% |
| Healthcare-Services | 3.5% |
| Internet | 3.5% |
| Retail | 3.2% |
| REITS | 3.0% |
| Healthcare-Products | 2.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022452.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546521 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Large Cap Value

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Large Cap Value Portfolio (Class 3)\* | $58 | 1.12%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$327M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;453 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$1.3M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;18% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Pharmaceuticals | 9.0% |
| Banks | 9.0% |
| Software | 6.9% |
| Oil & Gas | 5.1% |
| Computers | 4.9% |
| Insurance | 4.4% |
| Diversified Financial Services | 4.2% |
| Electric | 4.0% |
| Semiconductors | 3.8% |
| Telecommunications | 3.6% |
| Healthcare-Services | 3.5% |
| Internet | 3.5% |
| Retail | 3.2% |
| REITS | 3.0% |
| Healthcare-Products | 2.8% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022453.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546513 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Mid Cap Growth

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Mid Cap Growth Portfolio (Class 1)\* | $54 | 0.98%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$177M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;423 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Software | 18.3% |
| Retail | 6.1% |
| Internet | 5.5% |
| Diversified Financial Services | 5.1% |
| Aerospace/Defense | 5.1% |
| Commercial Services | 4.8% |
| Leisure Time | 4.6% |
| Healthcare-Products | 4.5% |
| Entertainment | 4.1% |
| Biotechnology | 3.1% |
| Electric | 2.9% |
| Pharmaceuticals | 2.8% |
| Electronics | 2.8% |
| Lodging | 2.6% |
| Machinery-Construction & Mining | 2.3% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022454.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546877 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Mid Cap Growth

### Class 2

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Mid Cap Growth Portfolio (Class 2)\* | $63 | 1.13%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$177M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;423 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Software | 18.3% |
| Retail | 6.1% |
| Internet | 5.5% |
| Diversified Financial Services | 5.1% |
| Aerospace/Defense | 5.1% |
| Commercial Services | 4.8% |
| Leisure Time | 4.6% |
| Healthcare-Products | 4.5% |
| Entertainment | 4.1% |
| Biotechnology | 3.1% |
| Electric | 2.9% |
| Pharmaceuticals | 2.8% |
| Electronics | 2.8% |
| Lodging | 2.6% |
| Machinery-Construction & Mining | 2.3% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022449.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546497 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Mid Cap Growth

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Mid Cap Growth Portfolio (Class 3)\* | $68 | 1.23%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$177M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;423 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.7M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;55% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Software | 18.3% |
| Retail | 6.1% |
| Internet | 5.5% |
| Diversified Financial Services | 5.1% |
| Aerospace/Defense | 5.1% |
| Commercial Services | 4.8% |
| Leisure Time | 4.6% |
| Healthcare-Products | 4.5% |
| Entertainment | 4.1% |
| Biotechnology | 3.1% |
| Electric | 2.9% |
| Pharmaceuticals | 2.8% |
| Electronics | 2.8% |
| Lodging | 2.6% |
| Machinery-Construction & Mining | 2.3% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022450.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546489 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Mid Cap Value

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Mid Cap Value Portfolio (Class 1)\* | $51 | 0.98%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$201M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;780 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| REITS | 7.5% |
| Insurance | 6.7% |
| Electric | 6.6% |
| Banks | 5.0% |
| Oil & Gas | 4.4% |
| Electronics | 4.1% |
| Diversified Financial Services | 3.9% |
| Machinery-Diversified | 3.8% |
| Healthcare-Products | 3.5% |
| Software | 3.3% |
| Commercial Services | 3.2% |
| Retail | 2.9% |
| Food | 2.8% |
| Healthcare-Services | 2.5% |
| Computers | 2.5% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022451.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546869 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Mid Cap Value

### Class 2

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Mid Cap Value Portfolio (Class 2)\* | $59 | 1.13%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$201M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;780 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| REITS | 7.5% |
| Insurance | 6.7% |
| Electric | 6.6% |
| Banks | 5.0% |
| Oil & Gas | 4.4% |
| Electronics | 4.1% |
| Diversified Financial Services | 3.9% |
| Machinery-Diversified | 3.8% |
| Healthcare-Products | 3.5% |
| Software | 3.3% |
| Commercial Services | 3.2% |
| Retail | 2.9% |
| Food | 2.8% |
| Healthcare-Services | 2.5% |
| Computers | 2.5% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022446.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546471 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Mid Cap Value

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Mid Cap Value Portfolio (Class 3)\* | $64 | 1.23%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$201M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;780 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.8M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;23% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| REITS | 7.5% |
| Insurance | 6.7% |
| Electric | 6.6% |
| Banks | 5.0% |
| Oil & Gas | 4.4% |
| Electronics | 4.1% |
| Diversified Financial Services | 3.9% |
| Machinery-Diversified | 3.8% |
| Healthcare-Products | 3.5% |
| Software | 3.3% |
| Commercial Services | 3.2% |
| Retail | 2.9% |
| Food | 2.8% |
| Healthcare-Services | 2.5% |
| Computers | 2.5% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022447.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546463 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Small Cap

### Class 1

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Small Cap Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Small Cap Portfolio (Class 1)\* | $56 | 1.04%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$137M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 9.1% |
| REITS | 5.6% |
| Software | 5.1% |
| Healthcare-Products | 4.5% |
| Diversified Financial Services | 4.2% |
| Commercial Services | 4.0% |
| Retail | 3.7% |
| Telecommunications | 3.6% |
| Biotechnology | 3.4% |
| Electronics | 3.3% |
| Engineering & Construction | 3.1% |
| Semiconductors | 3.0% |
| Chemicals | 2.9% |
| Computers | 2.8% |
| Insurance | 2.4% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022448.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546851 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Small Cap

### Class 2

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Small Cap Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Small Cap Portfolio (Class 2)\* | $64 | 1.19%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$137M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 9.1% |
| REITS | 5.6% |
| Software | 5.1% |
| Healthcare-Products | 4.5% |
| Diversified Financial Services | 4.2% |
| Commercial Services | 4.0% |
| Retail | 3.7% |
| Telecommunications | 3.6% |
| Biotechnology | 3.4% |
| Electronics | 3.3% |
| Engineering & Construction | 3.1% |
| Semiconductors | 3.0% |
| Chemicals | 2.9% |
| Computers | 2.8% |
| Insurance | 2.4% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022443.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546364 (11/25)

Seasons Series Trust

![Corebridge Logo_NEW](images_438.jpg)

### Seasons Series Trust SA Multi-Managed Small Cap

### Class 3

#### SEMI-ANNUAL SHAREHOLDER REPORT \| September 30, 2025
This semi-annual shareholder report contains important information about the Seasons Series Trust SA Multi-Managed Small Cap Portfolio (the "Portfolio") for the period of April 1, 2025 to September 30, 2025. You can find additional information about the Portfolio at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

#### Fund Expenses
**What were the Portfolio costs for the last six months ?**

*(Based on a hypothetical $10,000 investment)*

---

| | | |
|:---|:---|:---|
| **Portfolio (Class)** | **Costs of a $10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| SA Multi-Managed Small Cap Portfolio (Class 3)\* | $69 | 1.29%\*\* |

---

*\** *The expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any fees and expenses that may be charged by the variable annuity contracts and variable life insurance policies that invest in the Portfolio.* 

*\*\** *Annualized* 

#### Key Fund Statistics
The following table outlines key fund statistics.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Net assets** | &nbsp;&nbsp;&nbsp;&nbsp;$137M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;1005 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total net advisory fee paid** | &nbsp;&nbsp;&nbsp;&nbsp;$0.6M |
| &nbsp;&nbsp;&nbsp;&nbsp;**Portfolio turnover rate during the reporting period** | &nbsp;&nbsp;&nbsp;&nbsp;39% |

---

#### Graphical Representation of Holdings
The information below represents the composition of the Portfolio's net assets as of the end of the period.

**Top Industries\***

---

| | |
|:---|:---|
| Banks | 9.1% |
| REITS | 5.6% |
| Software | 5.1% |
| Healthcare-Products | 4.5% |
| Diversified Financial Services | 4.2% |
| Commercial Services | 4.0% |
| Retail | 3.7% |
| Telecommunications | 3.6% |
| Biotechnology | 3.4% |
| Electronics | 3.3% |
| Engineering & Construction | 3.1% |
| Semiconductors | 3.0% |
| Chemicals | 2.9% |
| Computers | 2.8% |
| Insurance | 2.4% |

---

**Portfolio Composition**![Graphical Representation - Allocation 1 Chart](chartimages_1022444.jpg)

\* Percentages exclude derivatives (other than purchased options), if any.

#### Changes in and Disagreements with Accountants
There were no disagreements with the accountants during the period.

#### Availability of Additional Information
You can find additional information about the Portfolio such as the prospectus, financial information, fund holdings and proxy voting information at corebridgefinancial.com/getprospectus. You can also request this information by contacting us at 1-800-448-2542.

![QR Code_LA Annuity](images_439.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at corebridgefinancial.com/getprospectus.

812546356 (11/25)

Seasons Series Trust

------

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 2. Code of Ethics.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 3. Audit Committee Financial Expert.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 4. Principal Accountant Fees and Services.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 5. Audit Committee of Listed Registrants.
Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 6. Investments.
(a) Included in Item 7 to the Form.

(b) Not applicable.

------

#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

------

## Seasons Series Trust

------

Semi-Annual Financial Statements and Other Information

September 30, 2025

------

#### Semi-Annual Financial Statements and Other Information September 30, 2025

------

---

| | |
|:---|:---|
| **TABLE OF CONTENTS** | **TABLE OF CONTENTS** |
| [Portfolio of Investments:](#xx_ff659753-d429-42cd-a2c7-222158e56692_1) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Allocation Aggressive Portfolio](#xx_ff659753-d429-42cd-a2c7-222158e56692_1)<br>| &nbsp;&nbsp;3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Allocation Balanced Portfolio](#xx_ff659753-d429-42cd-a2c7-222158e56692_3)<br>| &nbsp;&nbsp;5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Allocation Moderate Portfolio](#xx_ff659753-d429-42cd-a2c7-222158e56692_5)<br>| &nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Allocation Moderately Aggressive Portfolio](#xx_ff659753-d429-42cd-a2c7-222158e56692_7)<br>| &nbsp;&nbsp;9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA American Century Inflation Managed Portfolio](#xx_ff659753-d429-42cd-a2c7-222158e56692_9)<br>| &nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Columbia Focused Value Portfolio](#xx_ff659753-d429-42cd-a2c7-222158e56692_14)<br>| &nbsp;&nbsp;16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Franklin Allocation Moderately Aggressive Portfolio](#xx_ff659753-d429-42cd-a2c7-222158e56692_16)<br>| &nbsp;&nbsp;18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Diversified Fixed Income Portfolio](#xx_ff659753-d429-42cd-a2c7-222158e56692_42)<br>| &nbsp;&nbsp;44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed International Equity Portfolio](#xx_ff659753-d429-42cd-a2c7-222158e56692_67)<br>| &nbsp;&nbsp;69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Large Cap Growth Portfolio](#xx_ff659753-d429-42cd-a2c7-222158e56692_77)<br>| &nbsp;&nbsp;79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Large Cap Value Portfolio](#xx_ff659753-d429-42cd-a2c7-222158e56692_81)<br>| &nbsp;&nbsp;83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Mid Cap Growth Portfolio](#xx_ff659753-d429-42cd-a2c7-222158e56692_87)<br>| &nbsp;&nbsp;89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Mid Cap Value Portfolio](#xx_ff659753-d429-42cd-a2c7-222158e56692_94)<br>| &nbsp;&nbsp;96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[SA Multi-Managed Small Cap Portfolio](#xx_ff659753-d429-42cd-a2c7-222158e56692_103)<br>| &nbsp;&nbsp;105 |
| [Statements of Assets and Liabilities](#xx_0815ffc1-eeb7-4aac-ad0b-d6906c65f53d_1)<br>| &nbsp;&nbsp;116 |
| [Statements of Operations](#xx_0815ffc1-eeb7-4aac-ad0b-d6906c65f53d_7)<br>| &nbsp;&nbsp;122 |
| [Statements of Changes in Net Assets](#xx_0815ffc1-eeb7-4aac-ad0b-d6906c65f53d_10)<br>| &nbsp;&nbsp;125 |
| [Notes to Financial Statements](#xx_d1f12f57-85b7-4db8-a2e9-eb0a9c77e6de_1)<br>| &nbsp;&nbsp;128 |
| [Financial Highlights](#xx_f9a0d5da-8b25-4631-90d4-c65e8af4e5b6_1)<br>| &nbsp;&nbsp;156 |
| [Changes in and Disagreements with Accountants (Item 8 Form N-CSR)](#xx_ca39e668-109b-4027-ae83-b237ecacacc0_1)<br>| &nbsp;&nbsp;164 |
| [Results of Special Shareholder Meeting (Item 9 Form N-CSR)](#xx_1be47765-6ba8-4b91-aed4-9ed22f06ebd9_1)<br>| &nbsp;&nbsp;165 |
| [Remuneration Paid to Directors, Officers, and Others (Item 10 Form N-CSR)](#xx_1dec1dca-7837-4640-92b5-ef53a869bb51_1)<br>| &nbsp;&nbsp;166 |
| [Approval of Advisory and Subadvisory Agreements (Item 11 Form N-CSR)](#xx_72492ca2-147f-4742-a1cf-c3af4bc6bd54_1)<br>| &nbsp;&nbsp;167 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Allocation Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** |
| **Domestic Equity Investment Companies — 60.5%** | **Domestic Equity Investment Companies — 60.5%** | **Domestic Equity Investment Companies — 60.5%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;471620 | &nbsp;&nbsp;$10389779 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;746666 | &nbsp;&nbsp;&nbsp;&nbsp; 12611194 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;829272 | &nbsp;&nbsp;&nbsp;&nbsp; 10896629 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;315405 | &nbsp;&nbsp;&nbsp;&nbsp; 5295656 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;270511 | &nbsp;&nbsp;&nbsp;&nbsp; 4823218 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;370809 | &nbsp;&nbsp;&nbsp;&nbsp; 4427464 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;331485 | &nbsp;&nbsp;&nbsp;&nbsp; 23134363 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;163410 | &nbsp;&nbsp;&nbsp;&nbsp; 2181524 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;559277 | &nbsp;&nbsp;&nbsp;&nbsp; 7242635 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;836827 | &nbsp;&nbsp;&nbsp;&nbsp; 19581760 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;55817 | &nbsp;&nbsp;&nbsp;&nbsp; 984610 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;365954 | &nbsp;&nbsp;&nbsp;&nbsp; 9470884 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | 1117416 | &nbsp;&nbsp;&nbsp;&nbsp; 16213699 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;406578 | &nbsp;&nbsp;&nbsp;&nbsp; 3069662 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;396630 | &nbsp;&nbsp;&nbsp;&nbsp; 9646034 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;402345 | &nbsp;&nbsp;&nbsp;&nbsp; 14705713 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;549638 | &nbsp;&nbsp;&nbsp;&nbsp; 14482971 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;290058 | &nbsp;&nbsp;&nbsp;&nbsp; 6268157 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;838777 | &nbsp;&nbsp;&nbsp;&nbsp; 28971360 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;950096 | &nbsp;&nbsp;&nbsp;&nbsp; 42944343 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1 | 1151617 | &nbsp;&nbsp;&nbsp;&nbsp; 23619658 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Large Cap Growth, Class 1 | 1316377 | &nbsp;&nbsp;&nbsp;&nbsp; 25761494 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;292448 | &nbsp;&nbsp;&nbsp;&nbsp; 6951494 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;313477 | &nbsp;&nbsp;&nbsp;&nbsp; 5094006 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;252156 | &nbsp;&nbsp;&nbsp;&nbsp; 3658775 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;256520 | &nbsp;&nbsp;&nbsp;&nbsp; 13236433 |
| **Total Domestic Equity Investment Companies<br> (cost $268,007,394)** |  | &nbsp;&nbsp;&nbsp;&nbsp;325663515 |
| **International Equity Investment Companies — 22.6%** | **International Equity Investment Companies — 22.6%** | **International Equity Investment Companies — 22.6%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1 | 2881781 | &nbsp;&nbsp;&nbsp;&nbsp; 29999341 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **International Equity Investment Companies (continued)** | **International Equity Investment Companies (continued)** |  |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;283007 | &nbsp;&nbsp;$5147902 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;930717 | &nbsp;&nbsp;&nbsp;&nbsp; 20103491 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA International Index Portfolio, Class 1 | 1378064 | &nbsp;&nbsp;&nbsp;&nbsp; 22117923 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;670113 | &nbsp;&nbsp;&nbsp;&nbsp; 6801646 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1 | 1431754 | &nbsp;&nbsp;&nbsp;&nbsp; 16393584 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;451439 | &nbsp;&nbsp;&nbsp;&nbsp; 7539023 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;908959 | &nbsp;&nbsp;&nbsp;&nbsp; 13479868 |
| **Total International Equity Investment Companies<br> (cost $101,158,858)** |  | &nbsp;&nbsp;&nbsp;&nbsp;121582778 |
| **Domestic Fixed Income Investment Companies — 16.8%** | **Domestic Fixed Income Investment Companies — 16.8%** |  |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA American Century Inflation Managed Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;489546 | &nbsp;&nbsp;&nbsp;&nbsp; 4435288 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | 1831194 | &nbsp;&nbsp;&nbsp;&nbsp; 19172605 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;872373 | &nbsp;&nbsp;&nbsp;&nbsp; 10608057 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1 | 1008689 | &nbsp;&nbsp;&nbsp;&nbsp; 9925496 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;312203 | &nbsp;&nbsp;&nbsp;&nbsp; 3253154 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Goldman Sachs Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;909410 | &nbsp;&nbsp;&nbsp;&nbsp; 12304314 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1 | 2781800 | &nbsp;&nbsp;&nbsp;&nbsp; 23645301 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;132991 | &nbsp;&nbsp;&nbsp;&nbsp; 1482845 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;990009 | &nbsp;&nbsp;&nbsp;&nbsp; 5494549 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $90,099,351)** |  | &nbsp;&nbsp;&nbsp;&nbsp;90321609 |
| **International Fixed Income Investment Companies — 0.2%** | **International Fixed Income Investment Companies — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO Global Bond Opportunities Portfolio, Class 1<br> (cost $1,130,513) | &nbsp;&nbsp;&nbsp;&nbsp;123976 | &nbsp;&nbsp;&nbsp;&nbsp; 1211247 |
| **TOTAL INVESTMENTS<br> (cost $460,396,116)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;538779149 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(291104) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$538488045 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The Seasons Series Trust SA Allocation Aggressive Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of SunAmerica Series Trust and Seasons Series Trust, some of which are not presented in this report. Additional information on the underlying Portfolios, including such portfolios' prospectuses and shareholder reports are available on our website, www.corebridgefinancial.com/getprospectus. |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;See Note 8. |
| (2) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Allocation Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp;$538779149 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$538779149 |

---

\* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Allocation Balanced Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** |
| **Domestic Fixed Income Investment Companies — 56.7%** | **Domestic Fixed Income Investment Companies — 56.7%** | **Domestic Fixed Income Investment Companies — 56.7%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA American Century Inflation Managed Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;828727 | &nbsp;&nbsp;$7508270 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | 3186735 | &nbsp;&nbsp;&nbsp;&nbsp; 33365114 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1 | 1389544 | &nbsp;&nbsp;&nbsp;&nbsp; 16896848 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1 | 1583243 | &nbsp;&nbsp;&nbsp;&nbsp; 15579112 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;623036 | &nbsp;&nbsp;&nbsp;&nbsp; 6492030 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Goldman Sachs Government & Quality Bond Portfolio, Class 1 | 1467663 | &nbsp;&nbsp;&nbsp;&nbsp; 19857483 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1 | 4587250 | &nbsp;&nbsp;&nbsp;&nbsp; 38991627 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;223047 | &nbsp;&nbsp;&nbsp;&nbsp; 2486976 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1 | 1519403 | &nbsp;&nbsp;&nbsp;&nbsp; 8432685 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $153,038,841)** |  | &nbsp;&nbsp;&nbsp;&nbsp;149610145 |
| **Domestic Equity Investment Companies — 32.8%** | **Domestic Equity Investment Companies — 32.8%** | **Domestic Equity Investment Companies — 32.8%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;124542 | &nbsp;&nbsp;&nbsp;&nbsp; 2743665 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;203197 | &nbsp;&nbsp;&nbsp;&nbsp; 3431992 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;222254 | &nbsp;&nbsp;&nbsp;&nbsp; 2920421 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;77435 | &nbsp;&nbsp;&nbsp;&nbsp; 1300138 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;72615 | &nbsp;&nbsp;&nbsp;&nbsp; 1294718 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;107048 | &nbsp;&nbsp;&nbsp;&nbsp; 1278158 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;74629 | &nbsp;&nbsp;&nbsp;&nbsp; 5208339 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;76487 | &nbsp;&nbsp;&nbsp;&nbsp; 1021103 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;179627 | &nbsp;&nbsp;&nbsp;&nbsp; 2326173 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;210825 | &nbsp;&nbsp;&nbsp;&nbsp; 4933301 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;19571 | &nbsp;&nbsp;&nbsp;&nbsp; 345223 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;115658 | &nbsp;&nbsp;&nbsp;&nbsp; 2993235 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;254993 | &nbsp;&nbsp;&nbsp;&nbsp; 3699948 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;62427 | &nbsp;&nbsp;&nbsp;&nbsp; 471324 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;117355 | &nbsp;&nbsp;&nbsp;&nbsp; 2854079 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;112518 | &nbsp;&nbsp;&nbsp;&nbsp; 4112536 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;130179 | &nbsp;&nbsp;&nbsp;&nbsp; 3430209 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;94611 | &nbsp;&nbsp;&nbsp;&nbsp; 2044532 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Domestic Equity Investment Companies (continued)** | **Domestic Equity Investment Companies (continued)** |  |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;206611 | &nbsp;&nbsp;$7136355 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;251850 | &nbsp;&nbsp;&nbsp;&nbsp; 11383611 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;350494 | &nbsp;&nbsp;&nbsp;&nbsp; 7188639 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Large Cap Growth, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;304349 | &nbsp;&nbsp;&nbsp;&nbsp; 5956102 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;109226 | &nbsp;&nbsp;&nbsp;&nbsp; 2596307 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;102331 | &nbsp;&nbsp;&nbsp;&nbsp; 1662873 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;61063 | &nbsp;&nbsp;&nbsp;&nbsp; 886027 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;65809 | &nbsp;&nbsp;&nbsp;&nbsp; 3395748 |
| **Total Domestic Equity Investment Companies<br> (cost $70,606,335)** |  | &nbsp;&nbsp;&nbsp;&nbsp;86614756 |
| **International Equity Investment Companies — 10.3%** | **International Equity Investment Companies — 10.3%** |  |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;678880 | &nbsp;&nbsp;&nbsp;&nbsp; 7067144 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;36690 | &nbsp;&nbsp;&nbsp;&nbsp; 667387 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;195431 | &nbsp;&nbsp;&nbsp;&nbsp; 4221312 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;292827 | &nbsp;&nbsp;&nbsp;&nbsp; 4699875 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;105280 | &nbsp;&nbsp;&nbsp;&nbsp; 1068591 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;317521 | &nbsp;&nbsp;&nbsp;&nbsp; 3635613 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;147980 | &nbsp;&nbsp;&nbsp;&nbsp; 2471262 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;234652 | &nbsp;&nbsp;&nbsp;&nbsp; 3479894 |
| **Total International Equity Investment Companies<br> (cost $22,737,202)** |  | &nbsp;&nbsp;&nbsp;&nbsp;27311078 |
| **International Fixed Income Investment Companies — 0.3%** | **International Fixed Income Investment Companies — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO Global Bond Opportunities Portfolio, Class 1<br> (cost $619,608) | &nbsp;&nbsp;&nbsp;&nbsp;67939 | &nbsp;&nbsp;&nbsp;&nbsp; 663767 |
| **TOTAL INVESTMENTS<br> (cost $247,001,986)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;264199746 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189726) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$264010020 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The Seasons Series Trust SA Allocation Balanced Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of SunAmerica Series Trust and Seasons Series Trust, some of which are not presented in this report. Additional information on the underlying Portfolios, including such portfolios' prospectuses and shareholder reports are available on our website, www.corebridgefinancial.com/getprospectus. |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;See Note 8. |
| (2) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Allocation Balanced Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp;$264199746 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$264199746 |

---

\* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Allocation Moderate Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** |
| **Domestic Equity Investment Companies — 44.0%** | **Domestic Equity Investment Companies — 44.0%** | **Domestic Equity Investment Companies — 44.0%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;218447 | &nbsp;&nbsp;$4812380 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;266918 | &nbsp;&nbsp;&nbsp;&nbsp; 4508247 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;357249 | &nbsp;&nbsp;&nbsp;&nbsp; 4694252 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;110152 | &nbsp;&nbsp;&nbsp;&nbsp; 1849446 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;117828 | &nbsp;&nbsp;&nbsp;&nbsp; 2100868 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;193464 | &nbsp;&nbsp;&nbsp;&nbsp; 2309962 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;143028 | &nbsp;&nbsp;&nbsp;&nbsp; 9981934 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;110703 | &nbsp;&nbsp;&nbsp;&nbsp; 1477888 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;253471 | &nbsp;&nbsp;&nbsp;&nbsp; 3282453 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;357518 | &nbsp;&nbsp;&nbsp;&nbsp; 8365929 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;18862 | &nbsp;&nbsp;&nbsp;&nbsp; 332718 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;181144 | &nbsp;&nbsp;&nbsp;&nbsp; 4688001 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;468575 | &nbsp;&nbsp;&nbsp;&nbsp; 6799023 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;152305 | &nbsp;&nbsp;&nbsp;&nbsp; 1149903 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;198365 | &nbsp;&nbsp;&nbsp;&nbsp; 4824244 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;187694 | &nbsp;&nbsp;&nbsp;&nbsp; 6860210 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;228495 | &nbsp;&nbsp;&nbsp;&nbsp; 6020843 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;141339 | &nbsp;&nbsp;&nbsp;&nbsp; 3054338 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;338434 | &nbsp;&nbsp;&nbsp;&nbsp; 11689515 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;368496 | &nbsp;&nbsp;&nbsp;&nbsp; 16656037 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;477237 | &nbsp;&nbsp;&nbsp;&nbsp; 9788137 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Large Cap Growth, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;478358 | &nbsp;&nbsp;&nbsp;&nbsp; 9361454 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;166369 | &nbsp;&nbsp;&nbsp;&nbsp; 3954594 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;152399 | &nbsp;&nbsp;&nbsp;&nbsp; 2476487 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;80119 | &nbsp;&nbsp;&nbsp;&nbsp; 1162519 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;112459 | &nbsp;&nbsp;&nbsp;&nbsp; 5802887 |
| **Total Domestic Equity Investment Companies<br> (cost $112,200,441)** |  | &nbsp;&nbsp;&nbsp;&nbsp;138004269 |
| **Domestic Fixed Income Investment Companies — 41.6%** | **Domestic Fixed Income Investment Companies — 41.6%** | **Domestic Fixed Income Investment Companies — 41.6%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA American Century Inflation Managed Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;687461 | &nbsp;&nbsp;&nbsp;&nbsp; 6228395 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Domestic Fixed Income Investment Companies (continued)** | **Domestic Fixed Income Investment Companies (continued)** |  |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | 2790197 | &nbsp;&nbsp;$29213362 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1 | 1245193 | &nbsp;&nbsp;&nbsp;&nbsp; 15141544 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1 | 1412403 | &nbsp;&nbsp;&nbsp;&nbsp; 13898046 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;474666 | &nbsp;&nbsp;&nbsp;&nbsp; 4946022 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Goldman Sachs Government & Quality Bond Portfolio, Class 1 | 1250504 | &nbsp;&nbsp;&nbsp;&nbsp; 16919314 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1 | 4007705 | &nbsp;&nbsp;&nbsp;&nbsp; 34065495 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;247858 | &nbsp;&nbsp;&nbsp;&nbsp; 2763615 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1 | 1320192 | &nbsp;&nbsp;&nbsp;&nbsp; 7327068 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $133,788,896)** |  | &nbsp;&nbsp;&nbsp;&nbsp;130502861 |
| **International Equity Investment Companies — 14.2%** | **International Equity Investment Companies — 14.2%** |  |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1 | 1000310 | &nbsp;&nbsp;&nbsp;&nbsp; 10413224 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;64470 | &nbsp;&nbsp;&nbsp;&nbsp; 1172715 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;312646 | &nbsp;&nbsp;&nbsp;&nbsp; 6753153 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;530029 | &nbsp;&nbsp;&nbsp;&nbsp; 8506971 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;204387 | &nbsp;&nbsp;&nbsp;&nbsp; 2074524 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;508341 | &nbsp;&nbsp;&nbsp;&nbsp; 5820498 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;216318 | &nbsp;&nbsp;&nbsp;&nbsp; 3612514 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;410105 | &nbsp;&nbsp;&nbsp;&nbsp; 6081859 |
| **Total International Equity Investment Companies<br> (cost $37,477,458)** |  | &nbsp;&nbsp;&nbsp;&nbsp;44435458 |
| **International Fixed Income Investment Companies — 0.3%** | **International Fixed Income Investment Companies — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO Global Bond Opportunities Portfolio, Class 1<br> (cost $720,810) | &nbsp;&nbsp;&nbsp;&nbsp;79046 | &nbsp;&nbsp;&nbsp;&nbsp; 772285 |
| **TOTAL INVESTMENTS<br> (cost $284,187,605)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;313714873 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(206385) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$313508488 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The Seasons Series Trust SA Allocation Moderate Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of SunAmerica Series Trust and Seasons Series Trust, some of which are not presented in this report. Additional information on the underlying Portfolios, including such portfolios' prospectuses and shareholder reports are available on our website, www.corebridgefinancial.com/getprospectus. |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;See Note 8. |
| (2) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Allocation Moderate Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp;$313714873 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$313714873 |

---

\* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** | **AFFILIATED INVESTMENT COMPANIES#(1) — 100.1%** |
| **Domestic Equity Investment Companies — 50.0%** | **Domestic Equity Investment Companies — 50.0%** | **Domestic Equity Investment Companies — 50.0%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;406960 | &nbsp;&nbsp;$8965337 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;517931 | &nbsp;&nbsp;&nbsp;&nbsp; 8747850 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;761920 | &nbsp;&nbsp;&nbsp;&nbsp; 10011629 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;244086 | &nbsp;&nbsp;&nbsp;&nbsp; 4098203 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;235557 | &nbsp;&nbsp;&nbsp;&nbsp; 4199974 |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;284880 | &nbsp;&nbsp;&nbsp;&nbsp; 3401465 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;295463 | &nbsp;&nbsp;&nbsp;&nbsp; 20620356 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;193549 | &nbsp;&nbsp;&nbsp;&nbsp; 2583883 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;508283 | &nbsp;&nbsp;&nbsp;&nbsp; 6582263 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;683315 | &nbsp;&nbsp;&nbsp;&nbsp; 15989567 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;110320 | &nbsp;&nbsp;&nbsp;&nbsp; 1946037 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;325629 | &nbsp;&nbsp;&nbsp;&nbsp; 8427271 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;919604 | &nbsp;&nbsp;&nbsp;&nbsp; 13343447 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Invesco Growth Opportunities Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;315336 | &nbsp;&nbsp;&nbsp;&nbsp; 2380791 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;338450 | &nbsp;&nbsp;&nbsp;&nbsp; 8231105 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;378452 | &nbsp;&nbsp;&nbsp;&nbsp; 13832426 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;470111 | &nbsp;&nbsp;&nbsp;&nbsp; 12387434 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Mid Cap Growth Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;258929 | &nbsp;&nbsp;&nbsp;&nbsp; 5595452 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;699335 | &nbsp;&nbsp;&nbsp;&nbsp; 24155027 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;780496 | &nbsp;&nbsp;&nbsp;&nbsp; 35278443 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;981751 | &nbsp;&nbsp;&nbsp;&nbsp; 20135714 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Large Cap Growth, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;966285 | &nbsp;&nbsp;&nbsp;&nbsp; 18910196 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;296416 | &nbsp;&nbsp;&nbsp;&nbsp; 7045819 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;265826 | &nbsp;&nbsp;&nbsp;&nbsp; 4319676 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;213394 | &nbsp;&nbsp;&nbsp;&nbsp; 3096346 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Wellington Capital Appreciation Portfolio, Class 1† | &nbsp;&nbsp;&nbsp;&nbsp;216871 | &nbsp;&nbsp;&nbsp;&nbsp; 11190559 |
| **Total Domestic Equity Investment Companies<br> (cost $222,514,474)** |  | &nbsp;&nbsp;&nbsp;&nbsp;275476270 |
| **Domestic Fixed Income Investment Companies — 31.8%** | **Domestic Fixed Income Investment Companies — 31.8%** | **Domestic Fixed Income Investment Companies — 31.8%** |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA American Century Inflation Managed Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;918485 | &nbsp;&nbsp;&nbsp;&nbsp; 8321473 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Domestic Fixed Income Investment Companies (continued)** | **Domestic Fixed Income Investment Companies (continued)** |  |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | 3695035 | &nbsp;&nbsp;$38687012 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Federated Hermes Corporate Bond Portfolio, Class 1 | 1648119 | &nbsp;&nbsp;&nbsp;&nbsp; 20041126 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Index Portfolio, Class 1 | 1900348 | &nbsp;&nbsp;&nbsp;&nbsp; 18699421 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;632631 | &nbsp;&nbsp;&nbsp;&nbsp; 6592015 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Goldman Sachs Government & Quality Bond Portfolio, Class 1 | 1660881 | &nbsp;&nbsp;&nbsp;&nbsp; 22471716 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan MFS Core Bond Portfolio, Class 1 | 5603054 | &nbsp;&nbsp;&nbsp;&nbsp; 47625962 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;281347 | &nbsp;&nbsp;&nbsp;&nbsp; 3137021 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PineBridge High-Yield Bond Portfolio, Class 1 | 1761562 | &nbsp;&nbsp;&nbsp;&nbsp; 9776671 |
| **Total Domestic Fixed Income Investment Companies<br> (cost $180,517,525)** |  | &nbsp;&nbsp;&nbsp;&nbsp;175352417 |
| **International Equity Investment Companies — 18.1%** | **International Equity Investment Companies — 18.1%** |  |
| &nbsp;&nbsp;&nbsp;Seasons Series Trust SA Multi-Managed International Equity Portfolio, Class 1 | 2318920 | &nbsp;&nbsp;&nbsp;&nbsp; 24139962 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;200794 | &nbsp;&nbsp;&nbsp;&nbsp; 3652441 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;734830 | &nbsp;&nbsp;&nbsp;&nbsp; 15872331 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA International Index Portfolio, Class 1 | 1123416 | &nbsp;&nbsp;&nbsp;&nbsp; 18030827 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;533537 | &nbsp;&nbsp;&nbsp;&nbsp; 5415398 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Morgan Stanley International Equities Portfolio, Class 1 | 1155913 | &nbsp;&nbsp;&nbsp;&nbsp; 13235204 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;418918 | &nbsp;&nbsp;&nbsp;&nbsp; 6995925 |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;&nbsp;824807 | &nbsp;&nbsp;&nbsp;&nbsp; 12231882 |
| **Total International Equity Investment Companies<br> (cost $81,913,910)** |  | &nbsp;&nbsp;&nbsp;&nbsp;99573970 |
| **International Fixed Income Investment Companies — 0.2%** | **International Fixed Income Investment Companies — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;SunAmerica Series Trust SA PIMCO Global Bond Opportunities Portfolio, Class 1<br> (cost $1,236,813) | &nbsp;&nbsp;&nbsp;&nbsp;135633 | &nbsp;&nbsp;&nbsp;&nbsp; 1325138 |
| **TOTAL INVESTMENTS<br> (cost $486,182,722)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;551727795 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(294127) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$551433668 |

---

---

| | |
|:---|:---|
| # | &nbsp;&nbsp;The Seasons Series Trust SA Allocation Moderately Aggressive Portfolio invests in Class 1 shares of the underlying Portfolios, which are Portfolios of SunAmerica Series Trust and Seasons Series Trust, some of which are not presented in this report. Additional information on the underlying Portfolios, including such portfolios' prospectuses and shareholder reports are available on our website, www.corebridgefinancial.com/getprospectus. |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;See Note 8. |
| (2) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Affiliated Investment Companies | &nbsp;&nbsp;$551727795 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$551727795 |

---

\* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA American Century Inflation Managed Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 12.5%** | **CORPORATE BONDS & NOTES — 12.5%** | **CORPORATE BONDS & NOTES — 12.5%** |
| **Banks — 2.8%** | **Banks — 2.8%** | **Banks — 2.8%** |
| &nbsp;&nbsp;&nbsp;Citibank, N.A. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/19/2027 | $2300000 | &nbsp;&nbsp;$2317917 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83%, 02/13/2035 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 679334 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, 10/22/2028 | &nbsp;&nbsp; 569000 | &nbsp;&nbsp;&nbsp;&nbsp; 573862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/22/2030 | &nbsp;&nbsp; 1500000 | &nbsp;&nbsp;&nbsp;&nbsp; 1538615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/24/2029 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 731534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.09%, 10/23/2029 | &nbsp;&nbsp; 1482000 | &nbsp;&nbsp;&nbsp;&nbsp; 1563917 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/01/2026(1) | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 58742 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99%, 04/12/2029 | &nbsp;&nbsp; 676000 | &nbsp;&nbsp;&nbsp;&nbsp; 689502 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 08/06/2031 | &nbsp;&nbsp; 553000 | &nbsp;&nbsp;&nbsp;&nbsp; 560239 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12%, 10/28/2033 | &nbsp;&nbsp; 1975000 | &nbsp;&nbsp;&nbsp;&nbsp; 2127890 |
| &nbsp;&nbsp;&nbsp;US Bank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, 10/22/2027 | &nbsp;&nbsp; 1380000 | &nbsp;&nbsp;&nbsp;&nbsp; 1384468 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 03/15/2026(1) | &nbsp;&nbsp; 1640000 | &nbsp;&nbsp;&nbsp;&nbsp; 1624073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97%, 04/23/2029 | &nbsp;&nbsp; 1025000 | &nbsp;&nbsp;&nbsp;&nbsp; 1044518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 04/23/2036 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 178407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 10/23/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 264791 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15337809 |
| **Biotechnology — 0.6%** | **Biotechnology — 0.6%** | **Biotechnology — 0.6%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2033 | &nbsp;&nbsp; 1110000 | &nbsp;&nbsp;&nbsp;&nbsp; 1149783 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/25/2031 | &nbsp;&nbsp; 1864000 | &nbsp;&nbsp;&nbsp;&nbsp; 1848465 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2998248 |
| **Computers — 0.4%** | **Computers — 0.4%** | **Computers — 0.4%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/12/2030 | &nbsp;&nbsp; 1475000 | &nbsp;&nbsp;&nbsp;&nbsp; 1490905 |
| &nbsp;&nbsp;&nbsp;Dell International LLC / EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 02/15/2029 | &nbsp;&nbsp; 865000 | &nbsp;&nbsp;&nbsp;&nbsp; 862930 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353835 |
| **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** | **Diversified Financial Services — 1.5%** |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 07/20/2029 | &nbsp;&nbsp; 1375000 | &nbsp;&nbsp;&nbsp;&nbsp; 1383112 |
| &nbsp;&nbsp;&nbsp;Atlas Warehouse Lending Co. LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2030\* | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089899 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36%, 07/29/2032 | &nbsp;&nbsp; 1285000 | &nbsp;&nbsp;&nbsp;&nbsp; 1109156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 10/30/2031 | &nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1832208 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/01/2026(1) | &nbsp;&nbsp; 1670000 | &nbsp;&nbsp;&nbsp;&nbsp; 1651214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2027(1) | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1089870 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8155459 |
| **Electric — 1.8%** | **Electric — 1.8%** | **Electric — 1.8%** |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 01/31/2031 | &nbsp;&nbsp; 2088000 | &nbsp;&nbsp;&nbsp;&nbsp; 2087901 |
| &nbsp;&nbsp;&nbsp;Consumers Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/15/2031 | &nbsp;&nbsp; 1853000 | &nbsp;&nbsp;&nbsp;&nbsp; 1871933 |
| &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 03/13/2028 | &nbsp;&nbsp; 1320000 | &nbsp;&nbsp;&nbsp;&nbsp; 1336122 |
| &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 01/15/2031\* | &nbsp;&nbsp; 1492000 | &nbsp;&nbsp;&nbsp;&nbsp; 1486734 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 05/15/2028 | $2175000 | &nbsp;&nbsp;$2188588 |
| &nbsp;&nbsp;&nbsp;Wisconsin Electric Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 10/15/2030 | &nbsp;&nbsp; 1112000 | &nbsp;&nbsp;&nbsp;&nbsp; 1107303 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10078581 |
| **Food — 0.3%** | **Food — 0.3%** | **Food — 0.3%** |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035\* | &nbsp;&nbsp; 1815000 | &nbsp;&nbsp;&nbsp;&nbsp; 1855178 |
| **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** | **Healthcare-Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/01/2030 | &nbsp;&nbsp; 1310000 | &nbsp;&nbsp;&nbsp;&nbsp; 1352472 |
| &nbsp;&nbsp;&nbsp;Roche Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31%, 03/10/2027\* | &nbsp;&nbsp; 1820000 | &nbsp;&nbsp;&nbsp;&nbsp; 1782089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3134561 |
| **Insurance — 1.2%** | **Insurance — 1.2%** | **Insurance — 1.2%** |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 03/27/2033 | &nbsp;&nbsp; 1850000 | &nbsp;&nbsp;&nbsp;&nbsp; 1903141 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86%, 08/27/2026\* | &nbsp;&nbsp; 1370000 | &nbsp;&nbsp;&nbsp;&nbsp; 1378887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 07/09/2027\* | &nbsp;&nbsp; 1056000 | &nbsp;&nbsp;&nbsp;&nbsp; 1075761 |
| &nbsp;&nbsp;&nbsp;Fortitude Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/06/2028\* | &nbsp;&nbsp; 902000 | &nbsp;&nbsp;&nbsp;&nbsp; 902570 |
| &nbsp;&nbsp;&nbsp;GA Global Funding Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 09/23/2027\* | &nbsp;&nbsp; 1395000 | &nbsp;&nbsp;&nbsp;&nbsp; 1397825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6658184 |
| **Investment Companies — 0.3%** | **Investment Companies — 0.3%** | **Investment Companies — 0.3%** |
| &nbsp;&nbsp;&nbsp;HPS Corp. Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 09/11/2028\* | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 586963 |
| &nbsp;&nbsp;&nbsp;North Haven Private Income Fund LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/25/2028\* | &nbsp;&nbsp; 965000 | &nbsp;&nbsp;&nbsp;&nbsp; 960014 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546977 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/30/2032 | &nbsp;&nbsp; 262000 | &nbsp;&nbsp;&nbsp;&nbsp; 273245 |
| **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** | **Pharmaceuticals — 0.6%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 11/21/2026 | &nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1166453 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/21/2030 | &nbsp;&nbsp; 1325000 | &nbsp;&nbsp;&nbsp;&nbsp; 1358236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/21/2033 | &nbsp;&nbsp; 805000 | &nbsp;&nbsp;&nbsp;&nbsp; 823633 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348322 |
| **REITS — 0.7%** | **REITS — 0.7%** | **REITS — 0.7%** |
| &nbsp;&nbsp;&nbsp;Highwoods Realty LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/01/2027 | &nbsp;&nbsp; 1410000 | &nbsp;&nbsp;&nbsp;&nbsp; 1395774 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/2027\* | &nbsp;&nbsp; 1620000 | &nbsp;&nbsp;&nbsp;&nbsp; 1605693 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 02/01/2029 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 786084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787551 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp;Lowe's Cos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 03/15/2031 | &nbsp;&nbsp; 1855000 | &nbsp;&nbsp;&nbsp;&nbsp; 1842995 |
| **Savings & Loans — 0.3%** | **Savings & Loans — 0.3%** | **Savings & Loans — 0.3%** |
| &nbsp;&nbsp;&nbsp;Nationwide Building Society |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 09/30/2030\* | &nbsp;&nbsp; 1415000 | &nbsp;&nbsp;&nbsp;&nbsp; 1409693 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA American Century Inflation Managed Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Semiconductors — 0.2%** | **Semiconductors — 0.2%** | **Semiconductors — 0.2%** |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 11/15/2029 | $1070000 | &nbsp;&nbsp;$993625 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/26/2030 | &nbsp;&nbsp; 1360000 | &nbsp;&nbsp;&nbsp;&nbsp; 1359333 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/01/2028 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 803898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 04/01/2030 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 804671 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2967902 |
| **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
| &nbsp;&nbsp;&nbsp;Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 11/15/2028 | &nbsp;&nbsp; 1280000 | &nbsp;&nbsp;&nbsp;&nbsp; 1376830 |
| **Total Corporate Bonds & Notes<br> (cost $67,473,723)** |  | &nbsp;&nbsp;&nbsp;&nbsp;68118995 |
| **ASSET BACKED SECURITIES — 3.4%** | **ASSET BACKED SECURITIES — 3.4%** | **ASSET BACKED SECURITIES — 3.4%** |
| **Home Equity — 0.2%** | **Home Equity — 0.2%** | **Home Equity — 0.2%** |
| &nbsp;&nbsp;&nbsp;RCKT Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES3, Class A1A<br> 6.59%, 05/25/2044\*(2) | &nbsp;&nbsp; 475783 | &nbsp;&nbsp;&nbsp;&nbsp; 483496 |
| &nbsp;&nbsp;&nbsp;Towd Point Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CES3, Class A1<br> 6.29%, 05/25/2064\*(2) | &nbsp;&nbsp; 645356 | &nbsp;&nbsp;&nbsp;&nbsp; 653473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136969 |
| **Other Asset Backed Securities — 3.2%** | **Other Asset Backed Securities — 3.2%** | **Other Asset Backed Securities — 3.2%** |
| &nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class B<br> 2.48%, 08/15/2046\* | &nbsp;&nbsp; 1400000 | &nbsp;&nbsp;&nbsp;&nbsp; 1364321 |
| &nbsp;&nbsp;&nbsp;Cedar Funding VIII CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-8A, Class ARR<br> 5.54%, (TSFR3M+1.22%), 01/17/2038\* | &nbsp;&nbsp; 2225000 | &nbsp;&nbsp;&nbsp;&nbsp; 2225029 |
| &nbsp;&nbsp;&nbsp;Cologix Data Centers US Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2<br> 3.30%, 12/26/2051\* | &nbsp;&nbsp; 2175000 | &nbsp;&nbsp;&nbsp;&nbsp; 2122664 |
| &nbsp;&nbsp;&nbsp;Elmwood CLO 39, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class A1<br> 5.42%, (TSFR3M+1.14%), 04/17/2038\* | &nbsp;&nbsp; 2775000 | &nbsp;&nbsp;&nbsp;&nbsp; 2775111 |
| &nbsp;&nbsp;&nbsp;Palmer Square CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A, Class A2<br> 5.82%, (TSFR3M+1.50%), 01/15/2038\* | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 776018 |
| &nbsp;&nbsp;&nbsp;Rockford Tower CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2A, Class BR<br> 6.08%, (TSFR3M+1.76%), 10/15/2029\* | &nbsp;&nbsp; 3053000 | &nbsp;&nbsp;&nbsp;&nbsp; 3053986 |
| &nbsp;&nbsp;&nbsp;SCF Equipment Leasing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A3<br> 5.52%, 01/20/2032\* | &nbsp;&nbsp; 1150000 | &nbsp;&nbsp;&nbsp;&nbsp; 1181053 |
| &nbsp;&nbsp;&nbsp;Sierra Timeshare Receivables Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class C<br> 3.94%, 10/20/2038\* | &nbsp;&nbsp; 216407 | &nbsp;&nbsp;&nbsp;&nbsp; 213669 |
| &nbsp;&nbsp;&nbsp;Stonepeak |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class AA<br> 2.30%, 02/28/2033\* | &nbsp;&nbsp; 598117 | &nbsp;&nbsp;&nbsp;&nbsp; 577890 |
| &nbsp;&nbsp;&nbsp;Subway Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2II<br> 6.27%, 07/30/2054\* | &nbsp;&nbsp; 735442 | &nbsp;&nbsp;&nbsp;&nbsp; 754360 |
| &nbsp;&nbsp;&nbsp;Switch ABS Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2A, Class A2<br> 5.44%, 06/25/2054\* | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 829165 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;Verdant Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2<br> 5.68%, 12/12/2031\* | $1611187 | &nbsp;&nbsp;$1641594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17514860 |
| **Total Asset Backed Securities<br> (cost $18,450,014)** |  | &nbsp;&nbsp;&nbsp;&nbsp;18651829 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 8.7%** |
| **Commercial and Residential — 8.7%** | **Commercial and Residential — 8.7%** | **Commercial and Residential — 8.7%** |
| &nbsp;&nbsp;&nbsp;BANK VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN29, Class XA<br> 1.41%, 11/15/2053(2)(3) | &nbsp;&nbsp; 6867099 | &nbsp;&nbsp;&nbsp;&nbsp; 365125 |
| &nbsp;&nbsp;&nbsp;BANK5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR7, Class A3<br> 5.77%, 06/15/2057 | &nbsp;&nbsp; 2032000 | &nbsp;&nbsp;&nbsp;&nbsp; 2120738 |
| &nbsp;&nbsp;&nbsp;BANK5 Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5YR6, Class A3<br> 6.23%, 05/15/2057 | &nbsp;&nbsp; 1090000 | &nbsp;&nbsp;&nbsp;&nbsp; 1151249 |
| &nbsp;&nbsp;&nbsp;BBCMS Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-5C27, Class A3<br> 6.01%, 07/15/2057 | &nbsp;&nbsp; 533000 | &nbsp;&nbsp;&nbsp;&nbsp; 560799 |
| &nbsp;&nbsp;&nbsp;Benchmark Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-V8, Class A3<br> 6.19%, 07/15/2057(2) | &nbsp;&nbsp; 1886000 | &nbsp;&nbsp;&nbsp;&nbsp; 1992372 |
| &nbsp;&nbsp;&nbsp;BFLD Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-FPM, Class A<br> 5.01%, 10/10/2030\*(2) | &nbsp;&nbsp; 2240000 | &nbsp;&nbsp;&nbsp;&nbsp; 2256400 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-9, Class A4<br> 5.50%, 09/25/2055\*(2) | &nbsp;&nbsp; 1336781 | &nbsp;&nbsp;&nbsp;&nbsp; 1343065 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-9, Class A6<br> 5.50%, 09/25/2055\*(2) | &nbsp;&nbsp; 526050 | &nbsp;&nbsp;&nbsp;&nbsp; 527118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-9, Class A4A<br> 5.50%, 06/25/2056\*(2) | &nbsp;&nbsp; 2685837 | &nbsp;&nbsp;&nbsp;&nbsp; 2702250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-10, Class A4A<br> 5.50%, 07/25/2056\*(2) | &nbsp;&nbsp; 1900000 | &nbsp;&nbsp;&nbsp;&nbsp; 1914115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-2, Class A4A<br> 6.00%, 02/25/2055\*(2) | &nbsp;&nbsp; 518214 | &nbsp;&nbsp;&nbsp;&nbsp; 524036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A4<br> 6.00%, 10/25/2055\*(2) | &nbsp;&nbsp; 1242685 | &nbsp;&nbsp;&nbsp;&nbsp; 1258481 |
| &nbsp;&nbsp;&nbsp;Citigroup Mtg. Loan Trust, Inc. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-CMI1, Class A11<br> 5.50%, 06/25/2054\*(2) | &nbsp;&nbsp; 1996864 | &nbsp;&nbsp;&nbsp;&nbsp; 2003771 |
| &nbsp;&nbsp;&nbsp;Cross Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-H5, Class A2<br> 5.76%, 07/25/2070\*(4) | &nbsp;&nbsp; 2077308 | &nbsp;&nbsp;&nbsp;&nbsp; 2093108 |
| &nbsp;&nbsp;&nbsp;DBJPM Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C1, Class AM<br> 3.54%, 05/10/2049 | &nbsp;&nbsp; 2961000 | &nbsp;&nbsp;&nbsp;&nbsp; 2908707 |
| &nbsp;&nbsp;&nbsp;GCAT Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-INV3, Class A6<br> 5.50%, 09/25/2054\*(2) | &nbsp;&nbsp; 872309 | &nbsp;&nbsp;&nbsp;&nbsp; 878649 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mtg. Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-AON, Class A<br> 4.13%, 07/05/2031\* | &nbsp;&nbsp; 2899000 | &nbsp;&nbsp;&nbsp;&nbsp; 2653094 |
| &nbsp;&nbsp;&nbsp;JPMorgan Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-7MPR, Class A1D<br> 5.32%, 02/25/2056\*(4) | &nbsp;&nbsp; 1441509 | &nbsp;&nbsp;&nbsp;&nbsp; 1442425 |
| &nbsp;&nbsp;&nbsp;JPMorgan Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-9, Class A6<br> 5.50%, 02/25/2055\*(2) | &nbsp;&nbsp; 897657 | &nbsp;&nbsp;&nbsp;&nbsp; 898358 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA American Century Inflation Managed Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A4<br> 5.50%, 03/25/2055\*(2) | $1244750 | &nbsp;&nbsp;$1249439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A6<br> 5.50%, 03/25/2055\*(2) | &nbsp;&nbsp; 890894 | &nbsp;&nbsp;&nbsp;&nbsp; 892641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-6, Class A6<br> 6.00%, 12/25/2054\*(2) | &nbsp;&nbsp; 569436 | &nbsp;&nbsp;&nbsp;&nbsp; 572459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-11, Class A4<br> 6.00%, 04/25/2055\*(2) | &nbsp;&nbsp; 1945037 | &nbsp;&nbsp;&nbsp;&nbsp; 1971296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-11, Class A6<br> 6.00%, 04/25/2055\*(2) | &nbsp;&nbsp; 784179 | &nbsp;&nbsp;&nbsp;&nbsp; 790662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-INV1, Class A4<br> 6.00%, 04/25/2055\*(2) | &nbsp;&nbsp; 1136258 | &nbsp;&nbsp;&nbsp;&nbsp; 1152303 |
| &nbsp;&nbsp;&nbsp;OBX Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-J1, Class A5<br> 5.50%, 09/25/2054\*(2) | &nbsp;&nbsp; 772544 | &nbsp;&nbsp;&nbsp;&nbsp; 774989 |
| &nbsp;&nbsp;&nbsp;PMT Loan Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-J2, Class A9<br> 5.50%, 08/25/2056\*(2) | &nbsp;&nbsp; 3036849 | &nbsp;&nbsp;&nbsp;&nbsp; 3056334 |
| &nbsp;&nbsp;&nbsp;Provident Funding Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1, Class A3<br> 5.50%, 12/25/2054\*(2) | &nbsp;&nbsp; 1953197 | &nbsp;&nbsp;&nbsp;&nbsp; 1963152 |
| &nbsp;&nbsp;&nbsp;Rate Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-J3, Class A8<br> 5.50%, 10/25/2054\*(2) | &nbsp;&nbsp; 458482 | &nbsp;&nbsp;&nbsp;&nbsp; 459345 |
| &nbsp;&nbsp;&nbsp;Sequoia Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-9, Class A5<br> 5.50%, 10/25/2054\*(2) | &nbsp;&nbsp; 1010596 | &nbsp;&nbsp;&nbsp;&nbsp; 1014645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A11<br> 5.50%, 11/25/2054\*(2) | &nbsp;&nbsp; 823149 | &nbsp;&nbsp;&nbsp;&nbsp; 824189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-10, Class A5<br> 5.50%, 11/25/2054\*(2) | &nbsp;&nbsp; 720649 | &nbsp;&nbsp;&nbsp;&nbsp; 723496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-8, Class A4<br> 5.50%, 09/25/2055\*(2) | &nbsp;&nbsp; 1602797 | &nbsp;&nbsp;&nbsp;&nbsp; 1613678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-6, Class A11<br> 6.00%, 07/27/2054\*(2) | &nbsp;&nbsp; 439974 | &nbsp;&nbsp;&nbsp;&nbsp; 443085 |
| &nbsp;&nbsp;&nbsp;Starwood Mtg. Residential Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-3, Class A1<br> 1.49%, 04/25/2065\*(2) | &nbsp;&nbsp; 330855 | &nbsp;&nbsp;&nbsp;&nbsp; 322645 |
| **Total Collateralized Mortgage Obligations<br> (cost $47,519,977)** |  | &nbsp;&nbsp;&nbsp;&nbsp;47418218 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 58.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 58.4%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 58.4%** |
| **U.S. Government — 50.6%** | **U.S. Government — 50.6%** | **U.S. Government — 50.6%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 02/15/2052(5) | &nbsp;&nbsp; 6202445 | &nbsp;&nbsp;&nbsp;&nbsp; 3358201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050(5) | &nbsp;&nbsp; 6783682 | &nbsp;&nbsp;&nbsp;&nbsp; 4008630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043(5) | &nbsp;&nbsp; 9596355 | &nbsp;&nbsp;&nbsp;&nbsp; 7283110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2042 to 02/15/2045(5) | &nbsp;&nbsp;22943341 | &nbsp;&nbsp;&nbsp;&nbsp; 17473260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 02/15/2047(5) | &nbsp;&nbsp;13455601 | &nbsp;&nbsp;&nbsp;&nbsp; 9928831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 02/15/2046 to 02/15/2049(5) | &nbsp;&nbsp;26787137 | &nbsp;&nbsp;&nbsp;&nbsp; 20249629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044(5) | &nbsp;&nbsp; 2772100 | &nbsp;&nbsp;&nbsp;&nbsp; 2369143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2053(5) | &nbsp;&nbsp; 4401216 | &nbsp;&nbsp;&nbsp;&nbsp; 3520888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 02/15/2041(5) | &nbsp;&nbsp;12317001 | &nbsp;&nbsp;&nbsp;&nbsp; 12300061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/15/2029(5) | &nbsp;&nbsp; 601828 | &nbsp;&nbsp;&nbsp;&nbsp; 628806 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 07/15/2030 to 07/15/2031(5) | &nbsp;&nbsp;42758671 | &nbsp;&nbsp;&nbsp;&nbsp; 40227738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 01/15/2032(5)(6) | &nbsp;&nbsp; 7842671 | &nbsp;&nbsp;&nbsp;&nbsp; 7220762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 07/15/2029(5)(6)(7) | &nbsp;&nbsp;21973764 | &nbsp;&nbsp;&nbsp;&nbsp; 21314203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 07/15/2032(5) | &nbsp;&nbsp;19345320 | &nbsp;&nbsp;&nbsp;&nbsp; 18308062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 01/15/2029(5) | &nbsp;&nbsp;11833710 | &nbsp;&nbsp;&nbsp;&nbsp; 11743017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 01/15/2033(5) | &nbsp;&nbsp;12210907 | &nbsp;&nbsp;&nbsp;&nbsp; 11834214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 07/15/2033(5) | &nbsp;&nbsp;29728458 | &nbsp;&nbsp;&nbsp;&nbsp; 29268802 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government (continued)** | **U.S. Government (continued)** | **U.S. Government (continued)** | **U.S. Government (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 10/15/2029(5) |  | $2053240 | &nbsp;&nbsp;$2093852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/15/2034(5) |  | &nbsp;&nbsp; 1418688 | &nbsp;&nbsp;&nbsp;&nbsp; 1425293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/15/2034 to 07/15/2035(5) |  | &nbsp;&nbsp;44090728 | &nbsp;&nbsp;&nbsp;&nbsp; 44662149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 04/15/2029 to 01/15/2035(5) |  | &nbsp;&nbsp; 7146507 | &nbsp;&nbsp;&nbsp;&nbsp; 7374104 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;276592755 |
| **U.S. Government Agency — 7.8%** | **U.S. Government Agency — 7.8%** | **U.S. Government Agency — 7.8%** | **U.S. Government Agency — 7.8%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/01/2052 |  | &nbsp;&nbsp; 3141124 | &nbsp;&nbsp;&nbsp;&nbsp; 2985441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2053 |  | &nbsp;&nbsp; 3202086 | &nbsp;&nbsp;&nbsp;&nbsp; 3182916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/01/2054 |  | &nbsp;&nbsp; 3745428 | &nbsp;&nbsp;&nbsp;&nbsp; 3786956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2053 |  | &nbsp;&nbsp; 2234559 | &nbsp;&nbsp;&nbsp;&nbsp; 2296751 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/01/2053 |  | &nbsp;&nbsp; 2473246 | &nbsp;&nbsp;&nbsp;&nbsp; 2543808 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 11/15/2030 |  | &nbsp;&nbsp; 4974000 | &nbsp;&nbsp;&nbsp;&nbsp; 5621930 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/20/2052 to 04/20/2054 |  | &nbsp;&nbsp;11028114 | &nbsp;&nbsp;&nbsp;&nbsp; 10415861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/20/2053 |  | &nbsp;&nbsp; 7602672 | &nbsp;&nbsp;&nbsp;&nbsp; 7579552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/20/2052 to 12/20/2052 |  | &nbsp;&nbsp; 4256521 | &nbsp;&nbsp;&nbsp;&nbsp; 4307614 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;42720829 |
| **Total U.S. Government & Agency Obligations<br> (cost $350,796,709)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;319313584 |
| **FOREIGN GOVERNMENT OBLIGATIONS — 9.8%** | **FOREIGN GOVERNMENT OBLIGATIONS — 9.8%** | **FOREIGN GOVERNMENT OBLIGATIONS — 9.8%** | **FOREIGN GOVERNMENT OBLIGATIONS — 9.8%** |
| **Sovereign — 9.8%** | **Sovereign — 9.8%** | **Sovereign — 9.8%** | **Sovereign — 9.8%** |
| &nbsp;&nbsp;&nbsp;Eagle Funding Luxco Sarl |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/17/2030\* |  | &nbsp;&nbsp; 816000 | &nbsp;&nbsp;&nbsp;&nbsp; 827881 |
| &nbsp;&nbsp;&nbsp;Government of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 06/01/2031 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;11950000 | &nbsp;&nbsp;&nbsp;&nbsp; 7994487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 12/01/2031 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;10720000 | &nbsp;&nbsp;&nbsp;&nbsp; 7107460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 09/01/2030 | &nbsp;&nbsp;CAD | &nbsp;&nbsp; 5970000 | &nbsp;&nbsp;&nbsp;&nbsp; 4291691 |
| &nbsp;&nbsp;&nbsp;Government of New Zealand |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 05/15/2031 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;10300000 | &nbsp;&nbsp;&nbsp;&nbsp; 5339907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/15/2032 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;10300000 | &nbsp;&nbsp;&nbsp;&nbsp; 5349074 |
| &nbsp;&nbsp;&nbsp;United Kingdom Treasury Gilt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/07/2030 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;12750000 | &nbsp;&nbsp;&nbsp;&nbsp; 17308422 |
| &nbsp;&nbsp;&nbsp;United Kingdom Treasury Gilt TIPS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13%, 03/22/2026(5) | &nbsp;&nbsp;GBP | &nbsp;&nbsp; 4089072 | &nbsp;&nbsp;&nbsp;&nbsp; 5433880 |
| **Total Foreign Government Obligations<br> (cost $53,869,029)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;53652802 |
| **MUNICIPAL SECURITIES — 0.3%** | **MUNICIPAL SECURITIES — 0.3%** | **MUNICIPAL SECURITIES — 0.3%** | **MUNICIPAL SECURITIES — 0.3%** |
| &nbsp;&nbsp;&nbsp;University of California<br> Revenue Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32%, 05/15/2027<br> (cost $1,501,465) |  | &nbsp;&nbsp; 1570000 | &nbsp;&nbsp;&nbsp;&nbsp; 1512359 |
| **Total Long-Term Investment Securities<br> (cost $539,610,917)** |  |  | &nbsp;&nbsp;&nbsp;&nbsp;508667787 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA American Century Inflation Managed Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS — 6.3%** | **SHORT-TERM INVESTMENTS — 6.3%** | **SHORT-TERM INVESTMENTS — 6.3%** |
| **Unaffiliated Investment Companies — 6.3%** | **Unaffiliated Investment Companies — 6.3%** | **Unaffiliated Investment Companies — 6.3%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.09%(8)<br> (cost $34,216,652) | 34216652 | &nbsp;&nbsp;$34216652 |
| **TOTAL INVESTMENTS<br> (cost $573,827,569)(9)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.4% | &nbsp;&nbsp;&nbsp;&nbsp;542884439 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3296713 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$546181152 |

---

\* Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The SA American Century Inflation Managed Portfolio has no right to demand registration of these securities. At September 30, 2025, the aggregate value of these securities was $73,330,244 representing 13.4% of net assets.

(1) Perpetual maturity - maturity date reflects the next call date.

(2) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(3) Interest Only

(4) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of September 30, 2025.

(5) Principal amount of security is adjusted for inflation.

(6) The security or a portion thereof was pledged as collateral to cover margin requirements for open swap contracts.

(7) The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts.

(8) The rate shown is the 7-day yield as of September 30, 2025.

(9) See Note 4 for cost of investments on a tax basis.

---

| |
|:---|
| CLO—Collateralized Loan Obligation |
| FRS—Floating Rate Security |
| TIPS—Treasury Inflation Protected Securities |
| TSFR3M—Term Secured Overnight Financing Rate 3 Month |
| VRS—Variable Rate Security |

---

CAD—Canadian Dollar <br> GBP—British Pound <br> NZD—New Zealand Dollar

The rates shown on FRS and/or VRS are the current interest rates at September 30, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** | **Inflation Swaps** |
| **Counterparty (OTC)/<br> Centrally cleared** | **Notional<br> amount** | &nbsp;&nbsp;&nbsp;**Currency** | **Payments<br> made** | **Payments<br> received** | **Fixed<br> payment<br> frequency** | **Floating<br> payment<br> frequency** | **Maturity<br> date** | **Upfront<br> payment paid<br> (received)** | **Unrealized<br> appreciation<br> (depreciation)** | **Value** |
| Centrally Cleared | 10000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.445% | 12-Month USA CPI | Maturity | Maturity | Apr 2027 | $172 | $69973 | $70145 |
| Centrally Cleared | 50000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.537 | 12-Month USA CPI | Maturity | Maturity | Mar 2027 | &nbsp;&nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp; 338682 | &nbsp;&nbsp;&nbsp;&nbsp; 338916 |
| Centrally Cleared | 50000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.540 | 12-Month USA CPI | Maturity | Maturity | Mar 2027 | &nbsp;&nbsp;&nbsp;&nbsp; 234 | &nbsp;&nbsp;&nbsp;&nbsp; 331854 | &nbsp;&nbsp;&nbsp;&nbsp; 332088 |
| Centrally Cleared | 10000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.060 | 12-Month USA CPI | Maturity | Maturity | Mar 2032 | &nbsp;&nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp;&nbsp; (5090) | &nbsp;&nbsp;&nbsp;&nbsp; (4697) |
| Centrally Cleared | 20000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.040 | 12-Month USA CPI | Maturity | Maturity | Mar 2032 | &nbsp;&nbsp;&nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp;&nbsp; 45830 | &nbsp;&nbsp;&nbsp;&nbsp; 46292 |
| Centrally Cleared | 12500000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.415 | 12-Month USA CPI | Maturity | Maturity | Feb 2028 | &nbsp;&nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp;&nbsp; 296213 | &nbsp;&nbsp;&nbsp;&nbsp; 296483 |
| Centrally Cleared | 10000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.438 | 12-Month USA CPI | Maturity | Maturity | Feb 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 360 | &nbsp;&nbsp;&nbsp;&nbsp; 228258 | &nbsp;&nbsp;&nbsp;&nbsp; 228618 |
| Centrally Cleared | 3800000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.619 | 12-Month USA CPI | Maturity | Maturity | Mar 2033 | &nbsp;&nbsp;&nbsp;&nbsp; 401 | &nbsp;&nbsp;&nbsp;&nbsp; 26051 | &nbsp;&nbsp;&nbsp;&nbsp; 26452 |
| Centrally Cleared | 3000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.495 | 12-Month USA CPI | Maturity | Maturity | May 2033 | &nbsp;&nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp;&nbsp; 39285 | &nbsp;&nbsp;&nbsp;&nbsp; 39689 |
| Centrally Cleared | 8000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.662 | 12-Month USA CPI | Maturity | Maturity | Aug 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 390 | &nbsp;&nbsp;&nbsp;&nbsp; 28152 | &nbsp;&nbsp;&nbsp;&nbsp; 28542 |
| Centrally Cleared | 5800000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.650 | 12-Month USA CPI | Maturity | Maturity | Aug 2033 | &nbsp;&nbsp;&nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp;&nbsp; (11651) | &nbsp;&nbsp;&nbsp;&nbsp; (11210) |
| Centrally Cleared | 18300000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.370 | 12-Month USA CPI | Maturity | Maturity | Feb 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 612 | &nbsp;&nbsp;&nbsp;&nbsp; 336149 | &nbsp;&nbsp;&nbsp;&nbsp; 336761 |
| Centrally Cleared | 1700000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.485 | 12-Month USA CPI | Maturity | Maturity | Feb 2034 | &nbsp;&nbsp;&nbsp;&nbsp; 432 | &nbsp;&nbsp;&nbsp;&nbsp; 17419 | &nbsp;&nbsp;&nbsp;&nbsp; 17851 |
| Centrally Cleared | 4000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.433 | 12-Month USA CPI | Maturity | Maturity | Feb 2031 | &nbsp;&nbsp;&nbsp;&nbsp; 406 | &nbsp;&nbsp;&nbsp;&nbsp; 62825 | &nbsp;&nbsp;&nbsp;&nbsp; 63231 |
| Centrally Cleared | 12000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.389 | 12-Month USA CPI | Maturity | Maturity | Aug 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 441 | &nbsp;&nbsp;&nbsp;&nbsp; 152931 | &nbsp;&nbsp;&nbsp;&nbsp; 153372 |
| Centrally Cleared | 12000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.446 | 12-Month USA CPI | Maturity | Maturity | Oct 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp;&nbsp; 142692 | &nbsp;&nbsp;&nbsp;&nbsp; 143153 |
| Centrally Cleared | 1500000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.523 | 12-Month USA CPI | Maturity | Maturity | Nov 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp;&nbsp; 12792 | &nbsp;&nbsp;&nbsp;&nbsp; 13209 |
| Centrally Cleared | 1500000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.523 | 12-Month USA CPI | Maturity | Maturity | Nov 2029 | &nbsp;&nbsp;&nbsp;&nbsp; 417 | &nbsp;&nbsp;&nbsp;&nbsp; 12792 | &nbsp;&nbsp;&nbsp;&nbsp; 13209 |
| Centrally Cleared | 10700000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.562 | 12-Month USA CPI | Maturity | Maturity | Feb 2030 | &nbsp;&nbsp;&nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp;&nbsp; 62384 | &nbsp;&nbsp;&nbsp;&nbsp; 62875 |
| Centrally Cleared | 3000000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.420 | 12-Month USA CPI | Maturity | Maturity | May 2032 | &nbsp;&nbsp;&nbsp;&nbsp; 493 | &nbsp;&nbsp;&nbsp;&nbsp; 26729 | &nbsp;&nbsp;&nbsp;&nbsp; 27222 |
| Centrally Cleared | 2400000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.575 | 12-Month USA CPI | Maturity | Maturity | Aug 2035 | &nbsp;&nbsp;&nbsp;&nbsp; 518 | &nbsp;&nbsp;&nbsp;&nbsp; (2161) | &nbsp;&nbsp;&nbsp;&nbsp; (1643) |
| Centrally Cleared | 4100000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.599 | 12-Month USA CPI | Maturity | Maturity | Sep 2035 | &nbsp;&nbsp;&nbsp;&nbsp; 540 | &nbsp;&nbsp;&nbsp;&nbsp; (16305) | &nbsp;&nbsp;&nbsp;&nbsp; (15765) |
|  |  |  |  |  |  |  |  | $8989 | $2195804 | $2204793 |

---

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 23 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$2607295 | &nbsp;&nbsp;&nbsp;&nbsp;$2587500 | &nbsp;&nbsp;&nbsp;&nbsp;$(19795) |

---

\* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA American Century Inflation Managed Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| Bank of America, N.A. | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;3269176 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2385383 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;$27881 | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;NZD | &nbsp;&nbsp;18098660 | &nbsp;&nbsp;USD | &nbsp;&nbsp;10688037 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;164717 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685123 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949269 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (576) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;192598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(576) |
| Goldman Sachs International | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;1968831 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;2650527 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2379 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497711 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686990 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(2302) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379 | &nbsp;&nbsp;&nbsp;&nbsp;(2302) |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;CAD | &nbsp;&nbsp;31908985 | &nbsp;&nbsp;USD | &nbsp;&nbsp;23168246 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;157719 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;GBP | &nbsp;&nbsp;14642725 | &nbsp;&nbsp;USD | &nbsp;&nbsp;19848770 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp;153784 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;5080647 | &nbsp;&nbsp;CAD | &nbsp;&nbsp;&nbsp;&nbsp;7042632 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;(1993) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;311503 | &nbsp;&nbsp;&nbsp;&nbsp;(1993) |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$506480 | &nbsp;&nbsp;$(4871) |

---

---

| |
|:---|
| CAD—Canadian Dollar |
| GBP—British Pound |
| NZD—New Zealand Dollar |
| USD—United States Dollar |

---

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;$68118995 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$68118995 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18651829 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18651829 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47418218 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;47418218 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;319313584 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;319313584 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;53652802 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;53652802 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512359 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1512359 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;34216652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34216652 |
| **Total Investments at Value** | &nbsp;&nbsp;$34216652 | &nbsp;&nbsp;$508667787 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$542884439 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2231011 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2231011 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506480 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506480 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2737491 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2737491 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$35207 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$35207 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19795 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$19795 | &nbsp;&nbsp;$40078 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$59873 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Columbia Focused Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.3%** | **COMMON STOCKS — 97.3%** | **COMMON STOCKS — 97.3%** |
| **Aerospace/Defense — 5.8%** | **Aerospace/Defense — 5.8%** | **Aerospace/Defense — 5.8%** |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;41249 | &nbsp;&nbsp;$8902772 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;50245 | &nbsp;&nbsp;&nbsp;&nbsp; 8407496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;17310268 |
| **Agriculture — 2.5%** | **Agriculture — 2.5%** | **Agriculture — 2.5%** |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;45859 | &nbsp;&nbsp;&nbsp;&nbsp; 7438330 |
| **Airlines — 2.8%** | **Airlines — 2.8%** | **Airlines — 2.8%** |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;261866 | &nbsp;&nbsp;&nbsp;&nbsp; 8356144 |
| **Banks — 15.2%** | **Banks — 15.2%** | **Banks — 15.2%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;178432 | &nbsp;&nbsp;&nbsp;&nbsp; 9205307 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;96186 | &nbsp;&nbsp;&nbsp;&nbsp; 9762879 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;26728 | &nbsp;&nbsp;&nbsp;&nbsp; 8430813 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;60452 | &nbsp;&nbsp;&nbsp;&nbsp; 9609450 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;102723 | &nbsp;&nbsp;&nbsp;&nbsp; 8610242 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;45618691 |
| **Beverages — 3.0%** | **Beverages — 3.0%** | **Beverages — 3.0%** |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;67751 | &nbsp;&nbsp;&nbsp;&nbsp; 9124027 |
| **Computers — 3.3%** | **Computers — 3.3%** | **Computers — 3.3%** |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;65636 | &nbsp;&nbsp;&nbsp;&nbsp; 9897252 |
| **Electric — 6.2%** | **Electric — 6.2%** | **Electric — 6.2%** |
| &nbsp;&nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;743686 | &nbsp;&nbsp;&nbsp;&nbsp; 9786908 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;598414 | &nbsp;&nbsp;&nbsp;&nbsp; 9024083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18810991 |
| **Healthcare-Services — 7.6%** | **Healthcare-Services — 7.6%** | **Healthcare-Services — 7.6%** |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;174697 | &nbsp;&nbsp;&nbsp;&nbsp; 6233189 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;29040 | &nbsp;&nbsp;&nbsp;&nbsp; 8370780 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;41237 | &nbsp;&nbsp;&nbsp;&nbsp; 8372760 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22976729 |
| **Insurance — 2.8%** | **Insurance — 2.8%** | **Insurance — 2.8%** |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;103192 | &nbsp;&nbsp;&nbsp;&nbsp; 8499925 |
| **Internet — 2.8%** | **Internet — 2.8%** | **Internet — 2.8%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;34056 | &nbsp;&nbsp;&nbsp;&nbsp; 8279014 |
| **Machinery-Construction & Mining — 2.0%** | **Machinery-Construction & Mining — 2.0%** | **Machinery-Construction & Mining — 2.0%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12921 | &nbsp;&nbsp;&nbsp;&nbsp; 6165255 |
| **Mining — 5.3%** | **Mining — 5.3%** | **Mining — 5.3%** |
| &nbsp;&nbsp;&nbsp;Barrick Mining Corp. | &nbsp;&nbsp;&nbsp;&nbsp;194077 | &nbsp;&nbsp;&nbsp;&nbsp; 6359903 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;246450 | &nbsp;&nbsp;&nbsp;&nbsp; 9665769 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16025672 |
| **Oil & Gas — 4.5%** | **Oil & Gas — 4.5%** | **Oil & Gas — 4.5%** |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;46634 | &nbsp;&nbsp;&nbsp;&nbsp; 7241794 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32683 | &nbsp;&nbsp;&nbsp;&nbsp; 6299321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13541115 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas Services — 2.8%** | **Oil & Gas Services — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp; 214292 | &nbsp;&nbsp;$8453819 |
| **Pharmaceuticals — 5.6%** | **Pharmaceuticals — 5.6%** |  |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp; 160112 | &nbsp;&nbsp;&nbsp;&nbsp; 7221051 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | &nbsp;&nbsp; 126481 | &nbsp;&nbsp;&nbsp;&nbsp; 9535403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16756454 |
| **Pipelines — 2.9%** | **Pipelines — 2.9%** |  |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp; 137968 | &nbsp;&nbsp;&nbsp;&nbsp; 8740273 |
| **REITS — 3.2%** | **REITS — 3.2%** |  |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp; 50791 | &nbsp;&nbsp;&nbsp;&nbsp; 9768125 |
| **Retail — 2.8%** | **Retail — 2.8%** |  |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp; 33088 | &nbsp;&nbsp;&nbsp;&nbsp; 8315345 |
| **Semiconductors — 6.6%** | **Semiconductors — 6.6%** |  |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp; 57374 | &nbsp;&nbsp;&nbsp;&nbsp; 11746753 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp; 49489 | &nbsp;&nbsp;&nbsp;&nbsp; 8232990 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;19979743 |
| **Software — 0.9%** | **Software — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp; 122246 | &nbsp;&nbsp;&nbsp;&nbsp; 2629512 |
| **Telecommunications — 6.9%** | **Telecommunications — 6.9%** |  |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp; 117668 | &nbsp;&nbsp;&nbsp;&nbsp; 9652306 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp; 251982 | &nbsp;&nbsp;&nbsp;&nbsp; 11074609 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;20726915 |
| **Transportation — 1.8%** | **Transportation — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp; 154910 | &nbsp;&nbsp;&nbsp;&nbsp; 5500854 |
| **Total Long-Term Investment Securities<br> (cost $228,693,780)** |  | &nbsp;&nbsp;&nbsp;&nbsp;292914453 |
| **REPURCHASE AGREEMENTS — 1.8%** | **REPURCHASE AGREEMENTS — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Fixed Income Clearing Corp., bearing interest at 1.26% dated 09/30/2025, to be repurchased 10/01/2025 in the amount of $5,575,329 and collateralized by $5,593,100 of United States Treasury Notes, bearing interest at 3.75% due 04/30/2027 and having an approximate value of $5,686,640<br> (cost $5,575,134) | $5575134 | &nbsp;&nbsp;&nbsp;&nbsp; 5575134 |
| **TOTAL INVESTMENTS<br> (cost $234,268,914)(1)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1% | &nbsp;&nbsp;&nbsp;&nbsp;298489587 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2597419 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$301087006 |

---

† Non-income producing security

(1) See Note 4 for cost of investments on a tax basis.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Columbia Focused Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$292914453 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$292914453 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5575134 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575134 |
| **Total Investments at Value** | &nbsp;&nbsp;$292914453 | &nbsp;&nbsp;$5575134 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$298489587 |

---

\* For a detailed presentation of investments, please refer to the Portfolio of Investments.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 80.2%** | **COMMON STOCKS — 80.2%** | **COMMON STOCKS — 80.2%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| &nbsp;&nbsp;&nbsp;Nexxen International, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182 | &nbsp;&nbsp;$10934 |
| **Aerospace/Defense — 1.8%** | **Aerospace/Defense — 1.8%** | **Aerospace/Defense — 1.8%** |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 17949 |
| &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138 | &nbsp;&nbsp;&nbsp;&nbsp; 495498 |
| &nbsp;&nbsp;&nbsp;Astronics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp; 20251 |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;&nbsp; 119570 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 133020 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 281325 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 181996 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2143 | &nbsp;&nbsp;&nbsp;&nbsp; 34588 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2884 | &nbsp;&nbsp;&nbsp;&nbsp; 130934 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3551 | &nbsp;&nbsp;&nbsp;&nbsp; 1772695 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42 | &nbsp;&nbsp;&nbsp;&nbsp; 8722 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp; 126129 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp; 129513 |
| &nbsp;&nbsp;&nbsp;Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073 | &nbsp;&nbsp;&nbsp;&nbsp; 335851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3788041 |
| **Agriculture — 0.8%** | **Agriculture — 0.8%** | **Agriculture — 0.8%** |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070 | &nbsp;&nbsp;&nbsp;&nbsp; 123662 |
| &nbsp;&nbsp;&nbsp;Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957 | &nbsp;&nbsp;&nbsp;&nbsp; 26302 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637 | &nbsp;&nbsp;&nbsp;&nbsp; 22117 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7991 | &nbsp;&nbsp;&nbsp;&nbsp; 339393 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7466 | &nbsp;&nbsp;&nbsp;&nbsp; 1210985 |
| &nbsp;&nbsp;&nbsp;Turning Point Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417 | &nbsp;&nbsp;&nbsp;&nbsp; 41225 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763684 |
| **Airlines — 0.4%** | **Airlines — 0.4%** | **Airlines — 0.4%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2073 | &nbsp;&nbsp;&nbsp;&nbsp; 117643 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;37815 | &nbsp;&nbsp;&nbsp;&nbsp; 273242 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;10664 | &nbsp;&nbsp;&nbsp;&nbsp; 309246 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp; 49706 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908 | &nbsp;&nbsp;&nbsp;&nbsp; 10723 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp; 112423 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872983 |
| **Apparel — 0.3%** | **Apparel — 0.3%** | **Apparel — 0.3%** |
| &nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp; 52235 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 112585 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp; 27119 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1429 | &nbsp;&nbsp;&nbsp;&nbsp; 9417 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107 | &nbsp;&nbsp;&nbsp;&nbsp; 261674 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp; 7339 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp; 28110 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165 | &nbsp;&nbsp;&nbsp;&nbsp; 131901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;630380 |
| **Auto Manufacturers — 1.8%** | **Auto Manufacturers — 1.8%** | **Auto Manufacturers — 1.8%** |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp; 25552 |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp; 131357 |
| &nbsp;&nbsp;&nbsp;Mahindra & Mahindra, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4957 | &nbsp;&nbsp;&nbsp;&nbsp; 191773 |
| &nbsp;&nbsp;&nbsp;REV Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;505 | &nbsp;&nbsp;&nbsp;&nbsp; 28618 |
| &nbsp;&nbsp;&nbsp;Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5677 | &nbsp;&nbsp;&nbsp;&nbsp; 52414 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 104494 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7439 | &nbsp;&nbsp;&nbsp;&nbsp; 3308272 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 65513 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907993 |
| **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** | **Auto Parts & Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Adient PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798 | &nbsp;&nbsp;&nbsp;&nbsp; 19216 |
| &nbsp;&nbsp;&nbsp;Aeva Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp; 9309 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 225040 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** | **Auto Parts & Equipment (continued)** |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364 | &nbsp;&nbsp;$115776 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319 | &nbsp;&nbsp;&nbsp;&nbsp; 25957 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2838 | &nbsp;&nbsp;&nbsp;&nbsp; 124758 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 | &nbsp;&nbsp;&nbsp;&nbsp; 44208 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52 | &nbsp;&nbsp;&nbsp;&nbsp; 8106 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp; 7936 |
| &nbsp;&nbsp;&nbsp;Microvast Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10343 | &nbsp;&nbsp;&nbsp;&nbsp; 39821 |
| &nbsp;&nbsp;&nbsp;Visteon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp; 46865 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666992 |
| **Banks — 6.6%** | **Banks — 6.6%** | **Banks — 6.6%** |
| &nbsp;&nbsp;&nbsp;Abu Dhabi Islamic Bank PJSC | &nbsp;&nbsp;&nbsp;&nbsp;40306 | &nbsp;&nbsp;&nbsp;&nbsp; 239002 |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;16066 | &nbsp;&nbsp;&nbsp;&nbsp; 145523 |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp; 14362 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp; 8211 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp; 8021 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;13208 | &nbsp;&nbsp;&nbsp;&nbsp; 253382 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;18551 | &nbsp;&nbsp;&nbsp;&nbsp; 71873 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;56063 | &nbsp;&nbsp;&nbsp;&nbsp; 584094 |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;144800 | &nbsp;&nbsp;&nbsp;&nbsp; 66253 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;10894 | &nbsp;&nbsp;&nbsp;&nbsp; 221419 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;16819 | &nbsp;&nbsp;&nbsp;&nbsp; 331536 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873 | &nbsp;&nbsp;&nbsp;&nbsp; 406168 |
| &nbsp;&nbsp;&nbsp;Bank of China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;497000 | &nbsp;&nbsp;&nbsp;&nbsp; 272068 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd.(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 18670 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1229 | &nbsp;&nbsp;&nbsp;&nbsp; 133912 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 8711 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;73610 | &nbsp;&nbsp;&nbsp;&nbsp; 375797 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1388 | &nbsp;&nbsp;&nbsp;&nbsp; 126016 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 39912 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;893 | &nbsp;&nbsp;&nbsp;&nbsp; 42873 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp; 14958 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19331 | &nbsp;&nbsp;&nbsp;&nbsp; 1962096 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394 | &nbsp;&nbsp;&nbsp;&nbsp; 127265 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp; 15240 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994 | &nbsp;&nbsp;&nbsp;&nbsp; 78403 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616 | &nbsp;&nbsp;&nbsp;&nbsp; 40268 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419 | &nbsp;&nbsp;&nbsp;&nbsp; 24294 |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp; 167914 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp; 8249 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 7290 |
| &nbsp;&nbsp;&nbsp;First BanCorp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2098 | &nbsp;&nbsp;&nbsp;&nbsp; 46261 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 7619 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5398 | &nbsp;&nbsp;&nbsp;&nbsp; 122049 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp; 3732 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2608 | &nbsp;&nbsp;&nbsp;&nbsp; 2076881 |
| &nbsp;&nbsp;&nbsp;Grupo Financiero Banorte SAB de CV, Class O | &nbsp;&nbsp;&nbsp;&nbsp;12340 | &nbsp;&nbsp;&nbsp;&nbsp; 123936 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp; 49587 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp; 12246 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp; 7587 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911 | &nbsp;&nbsp;&nbsp;&nbsp; 30446 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1093 | &nbsp;&nbsp;&nbsp;&nbsp; 11772 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476 | &nbsp;&nbsp;&nbsp;&nbsp; 7621 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;44143 | &nbsp;&nbsp;&nbsp;&nbsp; 620395 |
| &nbsp;&nbsp;&nbsp;ICICI Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21325 | &nbsp;&nbsp;&nbsp;&nbsp; 323974 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp; 7682 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;32630 | &nbsp;&nbsp;&nbsp;&nbsp; 215068 |
| &nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp; 188661 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp; 201875 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;359915 | &nbsp;&nbsp;&nbsp;&nbsp; 405730 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp; 7155 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 8754 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18600 | &nbsp;&nbsp;&nbsp;&nbsp; 301102 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854 | &nbsp;&nbsp;$135752 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 8887 |
| &nbsp;&nbsp;&nbsp;National Bank of Greece SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8391 | &nbsp;&nbsp;&nbsp;&nbsp; 121813 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;42839 | &nbsp;&nbsp;&nbsp;&nbsp; 300515 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 | &nbsp;&nbsp;&nbsp;&nbsp; 123294 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp; 8317 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 26050 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 7594 |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521 | &nbsp;&nbsp;&nbsp;&nbsp; 44998 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp; 32416 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;631 | &nbsp;&nbsp;&nbsp;&nbsp; 126787 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1005 | &nbsp;&nbsp;&nbsp;&nbsp; 127645 |
| &nbsp;&nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 21422 |
| &nbsp;&nbsp;&nbsp;Shore Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 5235 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;991 | &nbsp;&nbsp;&nbsp;&nbsp; 18997 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10878 | &nbsp;&nbsp;&nbsp;&nbsp; 1261957 |
| &nbsp;&nbsp;&nbsp;Third Coast Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp; 8239 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228 | &nbsp;&nbsp;&nbsp;&nbsp; 7882 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp; 29819 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4631 | &nbsp;&nbsp;&nbsp;&nbsp; 189126 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5067 | &nbsp;&nbsp;&nbsp;&nbsp; 383527 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 9456 |
| &nbsp;&nbsp;&nbsp;US Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2524 | &nbsp;&nbsp;&nbsp;&nbsp; 121985 |
| &nbsp;&nbsp;&nbsp;Valley National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp; 7706 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp; 36715 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2018 | &nbsp;&nbsp;&nbsp;&nbsp; 119950 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1975 | &nbsp;&nbsp;&nbsp;&nbsp; 165544 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 8498 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124 | &nbsp;&nbsp;&nbsp;&nbsp; 120176 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14174215 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp; 116492 |
| &nbsp;&nbsp;&nbsp;Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp; 39392 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1851 | &nbsp;&nbsp;&nbsp;&nbsp; 122758 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1038 | &nbsp;&nbsp;&nbsp;&nbsp; 121612 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3489 | &nbsp;&nbsp;&nbsp;&nbsp; 164420 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554 | &nbsp;&nbsp;&nbsp;&nbsp; 116173 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149 | &nbsp;&nbsp;&nbsp;&nbsp; 144649 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp; 123306 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948802 |
| **Biotechnology — 1.1%** | **Biotechnology — 1.1%** | **Biotechnology — 1.1%** |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911 | &nbsp;&nbsp;&nbsp;&nbsp; 40781 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;&nbsp; 7358 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;&nbsp; 41023 |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp; 124944 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp; 126708 |
| &nbsp;&nbsp;&nbsp;Arcturus Therapeutics Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp; 11666 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp; 9588 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4896 | &nbsp;&nbsp;&nbsp;&nbsp; 37161 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;13323 | &nbsp;&nbsp;&nbsp;&nbsp; 550240 |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp; 142182 |
| &nbsp;&nbsp;&nbsp;Icosavax, Inc. CVR(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8805 | &nbsp;&nbsp;&nbsp;&nbsp; 746752 |
| &nbsp;&nbsp;&nbsp;Inhibrx Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp; 10845 |
| &nbsp;&nbsp;&nbsp;Keros Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096 | &nbsp;&nbsp;&nbsp;&nbsp; 17339 |
| &nbsp;&nbsp;&nbsp;Kura Oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207 | &nbsp;&nbsp;&nbsp;&nbsp; 28382 |
| &nbsp;&nbsp;&nbsp;Maze Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp; 8635 |
| &nbsp;&nbsp;&nbsp;Mineralys Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 20287 |
| &nbsp;&nbsp;&nbsp;Precigen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10785 | &nbsp;&nbsp;&nbsp;&nbsp; 35483 |
| &nbsp;&nbsp;&nbsp;Prothena Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1136 | &nbsp;&nbsp;&nbsp;&nbsp; 11087 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;$46027 |
| &nbsp;&nbsp;&nbsp;Puma Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1669 | &nbsp;&nbsp;&nbsp;&nbsp; 8862 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp; 124824 |
| &nbsp;&nbsp;&nbsp;Relay Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5484 | &nbsp;&nbsp;&nbsp;&nbsp; 28626 |
| &nbsp;&nbsp;&nbsp;Replimune Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471 | &nbsp;&nbsp;&nbsp;&nbsp; 6163 |
| &nbsp;&nbsp;&nbsp;Rigel Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp; 5836 |
| &nbsp;&nbsp;&nbsp;Sage Therapeutics, Inc. CVR(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2828 | &nbsp;&nbsp;&nbsp;&nbsp; 509 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp; 8602 |
| &nbsp;&nbsp;&nbsp;Stoke Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273 | &nbsp;&nbsp;&nbsp;&nbsp; 29916 |
| &nbsp;&nbsp;&nbsp;Tango Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132 | &nbsp;&nbsp;&nbsp;&nbsp; 9509 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;459 | &nbsp;&nbsp;&nbsp;&nbsp; 10970 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp; 128066 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3832 | &nbsp;&nbsp;&nbsp;&nbsp; 21881 |
| &nbsp;&nbsp;&nbsp;Wave Life Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 | &nbsp;&nbsp;&nbsp;&nbsp; 7884 |
| &nbsp;&nbsp;&nbsp;Zymeworks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp; 9343 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2417645 |
| **Building Materials — 0.7%** | **Building Materials — 0.7%** | **Building Materials — 0.7%** |
| &nbsp;&nbsp;&nbsp;Amber Enterprises India, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1001 | &nbsp;&nbsp;&nbsp;&nbsp; 91544 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp; 18430 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 24201 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057 | &nbsp;&nbsp;&nbsp;&nbsp; 328974 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 7976 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp; 118966 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3664 | &nbsp;&nbsp;&nbsp;&nbsp; 309948 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294 | &nbsp;&nbsp;&nbsp;&nbsp; 114959 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;844 | &nbsp;&nbsp;&nbsp;&nbsp; 119392 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 13075 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 127854 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414 | &nbsp;&nbsp;&nbsp;&nbsp; 38705 |
| &nbsp;&nbsp;&nbsp;UltraTech Cement, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804 | &nbsp;&nbsp;&nbsp;&nbsp; 110836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424860 |
| **Chemicals — 1.2%** | **Chemicals — 1.2%** | **Chemicals — 1.2%** |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp; 204113 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp; 11104 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3980 | &nbsp;&nbsp;&nbsp;&nbsp; 113908 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp; 7653 |
| &nbsp;&nbsp;&nbsp;Cabot Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 7225 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7676 | &nbsp;&nbsp;&nbsp;&nbsp; 688537 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1606 | &nbsp;&nbsp;&nbsp;&nbsp; 125107 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426 | &nbsp;&nbsp;&nbsp;&nbsp; 116664 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp; 8444 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp; 17978 |
| &nbsp;&nbsp;&nbsp;Intrepid Potash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp; 7920 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp; 123025 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc.(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 8324 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp; 33359 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3742 | &nbsp;&nbsp;&nbsp;&nbsp; 129773 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp; 295671 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2105 | &nbsp;&nbsp;&nbsp;&nbsp; 47131 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1119 | &nbsp;&nbsp;&nbsp;&nbsp; 117618 |
| &nbsp;&nbsp;&nbsp;Rayonier Advanced Materials, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1692 | &nbsp;&nbsp;&nbsp;&nbsp; 12216 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp; 117382 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900 | &nbsp;&nbsp;&nbsp;&nbsp; 324879 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2518031 |
| **Coal — 0.1%** | **Coal — 0.1%** | **Coal — 0.1%** |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 26254 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;&nbsp; 13524 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp.(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2458 | &nbsp;&nbsp;&nbsp;&nbsp; 65186 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp; 9017 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113981 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Commercial Services — 1.9%** | **Commercial Services — 1.9%** | **Commercial Services — 1.9%** |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14211 | &nbsp;&nbsp;$123778 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp; 7325 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1385 | &nbsp;&nbsp;&nbsp;&nbsp; 23476 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5577 | &nbsp;&nbsp;&nbsp;&nbsp; 1636849 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp; 46978 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149 | &nbsp;&nbsp;&nbsp;&nbsp; 9393 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;596 | &nbsp;&nbsp;&nbsp;&nbsp; 12129 |
| &nbsp;&nbsp;&nbsp;Coursera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4007 | &nbsp;&nbsp;&nbsp;&nbsp; 46922 |
| &nbsp;&nbsp;&nbsp;Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439 | &nbsp;&nbsp;&nbsp;&nbsp; 122089 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 6864 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;223 | &nbsp;&nbsp;&nbsp;&nbsp; 11099 |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17310 | &nbsp;&nbsp;&nbsp;&nbsp; 140264 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp; 23653 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713 | &nbsp;&nbsp;&nbsp;&nbsp; 54028 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3660 | &nbsp;&nbsp;&nbsp;&nbsp; 37991 |
| &nbsp;&nbsp;&nbsp;NPK International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp; 7793 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 116267 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp; 7478 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16953 | &nbsp;&nbsp;&nbsp;&nbsp; 1136868 |
| &nbsp;&nbsp;&nbsp;Paysafe, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp; 7067 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp; 25661 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp; 236922 |
| &nbsp;&nbsp;&nbsp;StoneCo., Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp; 8850 |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 151405 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp; 8118 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp; 6758 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp; 113682 |
| &nbsp;&nbsp;&nbsp;ZipRecruiter, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1857 | &nbsp;&nbsp;&nbsp;&nbsp; 7837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137544 |
| **Computers — 5.1%** | **Computers — 5.1%** | **Computers — 5.1%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp; 123547 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36715 | &nbsp;&nbsp;&nbsp;&nbsp; 9348740 |
| &nbsp;&nbsp;&nbsp;Asia Vital Components Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 64374 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 103455 |
| &nbsp;&nbsp;&nbsp;Coforge, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1660 | &nbsp;&nbsp;&nbsp;&nbsp; 29727 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp; 138287 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp; 135285 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 37694 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 139669 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 127548 |
| &nbsp;&nbsp;&nbsp;Maximus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp; 9502 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3400 | &nbsp;&nbsp;&nbsp;&nbsp; 108954 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 118460 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp; 8576 |
| &nbsp;&nbsp;&nbsp;OneSpan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp; 7754 |
| &nbsp;&nbsp;&nbsp;Rapid7, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1993 | &nbsp;&nbsp;&nbsp;&nbsp; 37369 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 15491 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831 | &nbsp;&nbsp;&nbsp;&nbsp; 150600 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 17136 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 133349 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10855517 |
| **Cosmetics/Personal Care — 0.8%** | **Cosmetics/Personal Care — 0.8%** | **Cosmetics/Personal Care — 0.8%** |
| &nbsp;&nbsp;&nbsp;APR Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp; 56484 |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;17423 | &nbsp;&nbsp;&nbsp;&nbsp; 1392795 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 119847 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395 | &nbsp;&nbsp;&nbsp;&nbsp; 200901 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1770027 |
| **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** | **Distribution/Wholesale — 0.3%** |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1024 | &nbsp;&nbsp;&nbsp;&nbsp; 32309 |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp; 10404 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Distribution/Wholesale (continued)** | **Distribution/Wholesale (continued)** | **Distribution/Wholesale (continued)** |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1306 | &nbsp;&nbsp;$12969 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 191013 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16900 | &nbsp;&nbsp;&nbsp;&nbsp; 420543 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 8346 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 20813 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183 | &nbsp;&nbsp;&nbsp;&nbsp; 8050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704447 |
| **Diversified Financial Services — 2.3%** | **Diversified Financial Services — 2.3%** | **Diversified Financial Services — 2.3%** |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 96800 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938 | &nbsp;&nbsp;&nbsp;&nbsp; 115170 |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp; 126885 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 116426 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 41047 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp; 116069 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp;&nbsp;&nbsp; 126593 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp; 121856 |
| &nbsp;&nbsp;&nbsp;CTBC Financial Holding Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;85000 | &nbsp;&nbsp;&nbsp;&nbsp; 119644 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;879 | &nbsp;&nbsp;&nbsp;&nbsp; 235397 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 43159 |
| &nbsp;&nbsp;&nbsp;Euronext NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 116668 |
| &nbsp;&nbsp;&nbsp;HDFC Asset Management Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2046 | &nbsp;&nbsp;&nbsp;&nbsp; 127292 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 62478 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp; 120126 |
| &nbsp;&nbsp;&nbsp;KB Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1715 | &nbsp;&nbsp;&nbsp;&nbsp; 141180 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2582 | &nbsp;&nbsp;&nbsp;&nbsp; 39220 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4338 | &nbsp;&nbsp;&nbsp;&nbsp; 2467498 |
| &nbsp;&nbsp;&nbsp;Meritz Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp; 60348 |
| &nbsp;&nbsp;&nbsp;Pagseguro Digital, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4472 | &nbsp;&nbsp;&nbsp;&nbsp; 44720 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp; 24280 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4409 | &nbsp;&nbsp;&nbsp;&nbsp; 122041 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp; 46827 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646 | &nbsp;&nbsp;&nbsp;&nbsp; 116948 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3355 | &nbsp;&nbsp;&nbsp;&nbsp; 119102 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125 | &nbsp;&nbsp;&nbsp;&nbsp; 23754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4891528 |
| **Electric — 1.8%** | **Electric — 1.8%** | **Electric — 1.8%** |
| &nbsp;&nbsp;&nbsp;ALLETE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 11421 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp; 120038 |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp; 32176 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;610 | &nbsp;&nbsp;&nbsp;&nbsp; 37570 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271 | &nbsp;&nbsp;&nbsp;&nbsp; 127761 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;907 | &nbsp;&nbsp;&nbsp;&nbsp; 128277 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp; 125854 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;11461 | &nbsp;&nbsp;&nbsp;&nbsp; 215495 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;17580 | &nbsp;&nbsp;&nbsp;&nbsp; 971822 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;14434 | &nbsp;&nbsp;&nbsp;&nbsp; 309354 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2860 | &nbsp;&nbsp;&nbsp;&nbsp; 128729 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;22218 | &nbsp;&nbsp;&nbsp;&nbsp; 420100 |
| &nbsp;&nbsp;&nbsp;Korea Electric Power Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195 | &nbsp;&nbsp;&nbsp;&nbsp; 107786 |
| &nbsp;&nbsp;&nbsp;Northwestern Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp; 8381 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295 | &nbsp;&nbsp;&nbsp;&nbsp; 533625 |
| &nbsp;&nbsp;&nbsp;NTPC, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;42788 | &nbsp;&nbsp;&nbsp;&nbsp; 164186 |
| &nbsp;&nbsp;&nbsp;Oklo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp; 21879 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7979 | &nbsp;&nbsp;&nbsp;&nbsp; 120323 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 11660 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 125190 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;&nbsp; 69446 |
| &nbsp;&nbsp;&nbsp;TXNM Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp; 8313 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 117552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3921938 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6767 | &nbsp;&nbsp;$487261 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653 | &nbsp;&nbsp;&nbsp;&nbsp; 122764 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp; 122380 |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp; 8413 |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 47443 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672 | &nbsp;&nbsp;&nbsp;&nbsp; 112493 |
| &nbsp;&nbsp;&nbsp;Harbin Electric Co, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 658 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp; 14637 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 10668 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926717 |
| **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp; 129820 |
| &nbsp;&nbsp;&nbsp;Allient, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;&nbsp; 16065 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp; 47164 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 11611 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp; 127050 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp; 123353 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 373821 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp; 46336 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 125741 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;727 | &nbsp;&nbsp;&nbsp;&nbsp; 127167 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 8103 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp; 11281 |
| &nbsp;&nbsp;&nbsp;SCREEN Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 109220 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1040 | &nbsp;&nbsp;&nbsp;&nbsp; 59904 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp; 7657 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324293 |
| **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp; 33222 |
| **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** | **Engineering & Construction — 0.4%** |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp; 31775 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6038 | &nbsp;&nbsp;&nbsp;&nbsp; 164959 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp; 52553 |
| &nbsp;&nbsp;&nbsp;Gamuda Bhd | &nbsp;&nbsp;&nbsp;&nbsp;67879 | &nbsp;&nbsp;&nbsp;&nbsp; 89194 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478 | &nbsp;&nbsp;&nbsp;&nbsp; 65644 |
| &nbsp;&nbsp;&nbsp;Samsung C&T Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp; 85389 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp; 69974 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;&nbsp;&nbsp; 46700 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166 | &nbsp;&nbsp;&nbsp;&nbsp; 299946 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906134 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6853 | &nbsp;&nbsp;&nbsp;&nbsp; 317333 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp; 40003 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp; 14795 |
| &nbsp;&nbsp;&nbsp;FDJ United | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 17901 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp; 7333 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp; 9632 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp; 9403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416400 |
| **Environmental Control — 0.2%** | **Environmental Control — 0.2%** | **Environmental Control — 0.2%** |
| &nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp; 125159 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;&nbsp; 124608 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148 | &nbsp;&nbsp;&nbsp;&nbsp; 122388 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp; 125431 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497586 |
| **Food — 0.7%** | **Food — 0.7%** | **Food — 0.7%** |
| &nbsp;&nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 86135 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| &nbsp;&nbsp;&nbsp;Calavo Growers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;$7233 |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp; 46391 |
| &nbsp;&nbsp;&nbsp;Coles Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp; 17569 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;949 | &nbsp;&nbsp;&nbsp;&nbsp; 115882 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6447 | &nbsp;&nbsp;&nbsp;&nbsp; 260756 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855 | &nbsp;&nbsp;&nbsp;&nbsp; 13996 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1935 | &nbsp;&nbsp;&nbsp;&nbsp; 120879 |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;953 | &nbsp;&nbsp;&nbsp;&nbsp; 87477 |
| &nbsp;&nbsp;&nbsp;Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 37678 |
| &nbsp;&nbsp;&nbsp;Seneca Foods Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp; 8203 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 3450 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5077 | &nbsp;&nbsp;&nbsp;&nbsp; 119208 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;18145 | &nbsp;&nbsp;&nbsp;&nbsp; 108716 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 122175 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp; 11436 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;286000 | &nbsp;&nbsp;&nbsp;&nbsp; 309817 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477001 |
| **Food Service — 0.1%** | **Food Service — 0.1%** | **Food Service — 0.1%** |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8923 | &nbsp;&nbsp;&nbsp;&nbsp; 303494 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp; 22022 |
| **Gas — 0.1%** | **Gas — 0.1%** | **Gas — 0.1%** |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp; 125623 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;860 | &nbsp;&nbsp;&nbsp;&nbsp; 41409 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp; 8582 |
| &nbsp;&nbsp;&nbsp;Sembcorp Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 44335 |
| &nbsp;&nbsp;&nbsp;Spire, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp; 8804 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228753 |
| **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** | **Hand/Machine Tools — 0.2%** |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp; 8473 |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;&nbsp; 118386 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;573 | &nbsp;&nbsp;&nbsp;&nbsp; 216805 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343664 |
| **Healthcare-Products — 0.9%** | **Healthcare-Products — 0.9%** | **Healthcare-Products — 0.9%** |
| &nbsp;&nbsp;&nbsp;10X Genomics, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081 | &nbsp;&nbsp;&nbsp;&nbsp; 36017 |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;892 | &nbsp;&nbsp;&nbsp;&nbsp; 119474 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222 | &nbsp;&nbsp;&nbsp;&nbsp; 7825 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp; 7202 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 | &nbsp;&nbsp;&nbsp;&nbsp; 15325 |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1161 | &nbsp;&nbsp;&nbsp;&nbsp; 113348 |
| &nbsp;&nbsp;&nbsp;CareDx, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp; 7939 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp; 34269 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1528 | &nbsp;&nbsp;&nbsp;&nbsp; 118833 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 21855 |
| &nbsp;&nbsp;&nbsp;Guardant Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp;&nbsp;&nbsp; 65104 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp; 129851 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp; 123306 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 114230 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp; 31851 |
| &nbsp;&nbsp;&nbsp;LivaNova PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp; 27080 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4917 | &nbsp;&nbsp;&nbsp;&nbsp; 468295 |
| &nbsp;&nbsp;&nbsp;MiMedx Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1096 | &nbsp;&nbsp;&nbsp;&nbsp; 7650 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp; 118635 |
| &nbsp;&nbsp;&nbsp;Novocure, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3250 | &nbsp;&nbsp;&nbsp;&nbsp; 41990 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;17800 | &nbsp;&nbsp;&nbsp;&nbsp; 225201 |
| &nbsp;&nbsp;&nbsp;Surmodics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 7084 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1842364 |
| **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** | **Healthcare-Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;Apollo Hospitals Enterprise, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527 | &nbsp;&nbsp;&nbsp;&nbsp; 127868 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| &nbsp;&nbsp;&nbsp;BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;$66536 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp; 118471 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp; 27435 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp; 10343 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;&nbsp;&nbsp; 14728 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7285 | &nbsp;&nbsp;&nbsp;&nbsp; 103351 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5491 | &nbsp;&nbsp;&nbsp;&nbsp; 42445 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;644 | &nbsp;&nbsp;&nbsp;&nbsp; 130758 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp; 121891 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;&nbsp;&nbsp; 132273 |
| &nbsp;&nbsp;&nbsp;WuXi AppTec Co., Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5376 | &nbsp;&nbsp;&nbsp;&nbsp; 82001 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978100 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hovnanian Enterprises, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp; 9765 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp; 8146 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 40443 |
| &nbsp;&nbsp;&nbsp;Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 80106 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp; 50300 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298 | &nbsp;&nbsp;&nbsp;&nbsp; 44093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232853 |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hoshizaki Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 37570 |
| &nbsp;&nbsp;&nbsp;Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp; 38860 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2808 | &nbsp;&nbsp;&nbsp;&nbsp; 44366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120796 |
| **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** | **Household Products/Wares — 0.3%** |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2607 | &nbsp;&nbsp;&nbsp;&nbsp; 324155 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2231 | &nbsp;&nbsp;&nbsp;&nbsp; 171567 |
| &nbsp;&nbsp;&nbsp;Unilever Indonesia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;235100 | &nbsp;&nbsp;&nbsp;&nbsp; 25111 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520833 |
| **Insurance — 3.0%** | **Insurance — 3.0%** | **Insurance — 3.0%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157 | &nbsp;&nbsp;&nbsp;&nbsp; 129237 |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;33600 | &nbsp;&nbsp;&nbsp;&nbsp; 322315 |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 | &nbsp;&nbsp;&nbsp;&nbsp; 432613 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp; 132868 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1532 | &nbsp;&nbsp;&nbsp;&nbsp; 120323 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp; 38839 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209 | &nbsp;&nbsp;&nbsp;&nbsp; 115822 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp; 378563 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 | &nbsp;&nbsp;&nbsp;&nbsp; 134452 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp; 124755 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1127 | &nbsp;&nbsp;&nbsp;&nbsp; 44573 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 47307 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14253 | &nbsp;&nbsp;&nbsp;&nbsp; 723767 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp; 9089 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp; 127484 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp; 9039 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc.,† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5350 | &nbsp;&nbsp;&nbsp;&nbsp; 47615 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2261 | &nbsp;&nbsp;&nbsp;&nbsp; 323255 |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1603 | &nbsp;&nbsp;&nbsp;&nbsp; 39754 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 64479 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp; 29964 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 22585 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604 | &nbsp;&nbsp;&nbsp;&nbsp; 61143 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12708 | &nbsp;&nbsp;&nbsp;&nbsp; 1046758 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404 | &nbsp;&nbsp;&nbsp;&nbsp; 124941 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;&nbsp; 229035 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;691 | &nbsp;&nbsp;&nbsp;&nbsp; 26493 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3073 | &nbsp;&nbsp;&nbsp;&nbsp; 130510 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;PICC Property & Casualty Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;88000 | &nbsp;&nbsp;$198572 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp; 128802 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp; 120018 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp; 120235 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543 | &nbsp;&nbsp;&nbsp;&nbsp; 48271 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp; 123347 |
| &nbsp;&nbsp;&nbsp;SiriusPoint, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501 | &nbsp;&nbsp;&nbsp;&nbsp; 9063 |
| &nbsp;&nbsp;&nbsp;Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp; 155496 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp; 121740 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148 | &nbsp;&nbsp;&nbsp;&nbsp; 24611 |
| &nbsp;&nbsp;&nbsp;Universal Insurance Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp; 12019 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1725 | &nbsp;&nbsp;&nbsp;&nbsp; 134171 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238 | &nbsp;&nbsp;&nbsp;&nbsp; 169400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6403323 |
| **Internet — 11.1%** | **Internet — 11.1%** | **Internet — 11.1%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 120206 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23000 | &nbsp;&nbsp;&nbsp;&nbsp; 523134 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;21218 | &nbsp;&nbsp;&nbsp;&nbsp; 5158096 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;22676 | &nbsp;&nbsp;&nbsp;&nbsp; 4978969 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 153768 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339 | &nbsp;&nbsp;&nbsp;&nbsp; 45996 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp; 361751 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1122 | &nbsp;&nbsp;&nbsp;&nbsp; 41772 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578 | &nbsp;&nbsp;&nbsp;&nbsp; 144730 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4793 | &nbsp;&nbsp;&nbsp;&nbsp; 1303648 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1583 | &nbsp;&nbsp;&nbsp;&nbsp; 143974 |
| &nbsp;&nbsp;&nbsp;Eternal, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;19621 | &nbsp;&nbsp;&nbsp;&nbsp; 71997 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2104 | &nbsp;&nbsp;&nbsp;&nbsp; 139685 |
| &nbsp;&nbsp;&nbsp;EverQuote, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1251 | &nbsp;&nbsp;&nbsp;&nbsp; 28610 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp; 125075 |
| &nbsp;&nbsp;&nbsp;fuboTV, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8594 | &nbsp;&nbsp;&nbsp;&nbsp; 35665 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp; 117126 |
| &nbsp;&nbsp;&nbsp;Grindr, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp; 11175 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307 | &nbsp;&nbsp;&nbsp;&nbsp; 8670 |
| &nbsp;&nbsp;&nbsp;Hims & Hers Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934 | &nbsp;&nbsp;&nbsp;&nbsp; 52976 |
| &nbsp;&nbsp;&nbsp;Kakao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1699 | &nbsp;&nbsp;&nbsp;&nbsp; 72172 |
| &nbsp;&nbsp;&nbsp;Kuaishou Technology\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp; 78273 |
| &nbsp;&nbsp;&nbsp;LifeMD, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp; 9207 |
| &nbsp;&nbsp;&nbsp;LY Corp. | &nbsp;&nbsp;&nbsp;&nbsp;56500 | &nbsp;&nbsp;&nbsp;&nbsp; 181896 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6661 | &nbsp;&nbsp;&nbsp;&nbsp; 146609 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp; 18165 |
| &nbsp;&nbsp;&nbsp;MakeMyTrip, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 31824 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2675 | &nbsp;&nbsp;&nbsp;&nbsp; 98333 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp; 58423 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6319 | &nbsp;&nbsp;&nbsp;&nbsp; 4640547 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2108 | &nbsp;&nbsp;&nbsp;&nbsp; 2527323 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6609 | &nbsp;&nbsp;&nbsp;&nbsp; 465092 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 14478 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556 | &nbsp;&nbsp;&nbsp;&nbsp; 127874 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;539 | &nbsp;&nbsp;&nbsp;&nbsp; 77174 |
| &nbsp;&nbsp;&nbsp;Scout24 SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp; 59198 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;&nbsp; 119392 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 118660 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12106 | &nbsp;&nbsp;&nbsp;&nbsp; 1031397 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294 | &nbsp;&nbsp;&nbsp;&nbsp; 126773 |
| &nbsp;&nbsp;&nbsp;Upwork, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618 | &nbsp;&nbsp;&nbsp;&nbsp; 48616 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441 | &nbsp;&nbsp;&nbsp;&nbsp; 123290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;23741739 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371 | &nbsp;&nbsp;&nbsp;&nbsp; 9076 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Investment Companies (continued)** | **Investment Companies (continued)** | **Investment Companies (continued)** |
| &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 | &nbsp;&nbsp;$140563 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;11510 | &nbsp;&nbsp;&nbsp;&nbsp; 359504 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509143 |
| **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** | **Iron/Steel — 0.2%** |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1628 | &nbsp;&nbsp;&nbsp;&nbsp; 58449 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4403 | &nbsp;&nbsp;&nbsp;&nbsp; 66106 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 8592 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19028 | &nbsp;&nbsp;&nbsp;&nbsp; 235197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368344 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp; 7783 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp; 45690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53473 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| &nbsp;&nbsp;&nbsp;Indian Hotels Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14272 | &nbsp;&nbsp;&nbsp;&nbsp; 115846 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;654 | &nbsp;&nbsp;&nbsp;&nbsp; 78932 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194778 |
| **Machinery-Construction & Mining — 1.2%** | **Machinery-Construction & Mining — 1.2%** | **Machinery-Construction & Mining — 1.2%** |
| &nbsp;&nbsp;&nbsp;Argan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp; 52390 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116 | &nbsp;&nbsp;&nbsp;&nbsp; 9810 |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360 | &nbsp;&nbsp;&nbsp;&nbsp; 171774 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2120 | &nbsp;&nbsp;&nbsp;&nbsp; 1303588 |
| &nbsp;&nbsp;&nbsp;Hyster-Yale, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 8109 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 45360 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp; 378024 |
| &nbsp;&nbsp;&nbsp;NANO Nuclear Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp; 27686 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp; 11772 |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp; 40620 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2944 | &nbsp;&nbsp;&nbsp;&nbsp; 444132 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2493265 |
| **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** | **Machinery-Diversified — 0.4%** |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp; 8781 |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 7462 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5652 | &nbsp;&nbsp;&nbsp;&nbsp; 61324 |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp; 120717 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2078 | &nbsp;&nbsp;&nbsp;&nbsp; 153334 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 | &nbsp;&nbsp;&nbsp;&nbsp; 121833 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp; 9366 |
| &nbsp;&nbsp;&nbsp;Power Solutions International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415 | &nbsp;&nbsp;&nbsp;&nbsp; 40761 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 122336 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp; 8187 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp; 58090 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;626 | &nbsp;&nbsp;&nbsp;&nbsp; 125494 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837685 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778 | &nbsp;&nbsp;&nbsp;&nbsp; 118705 |
| &nbsp;&nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5233 | &nbsp;&nbsp;&nbsp;&nbsp; 64579 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122 | &nbsp;&nbsp;&nbsp;&nbsp; 121803 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305087 |
| **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp; 12908 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp; 9489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22397 |
| **Mining — 0.8%** | **Mining — 0.8%** | **Mining — 0.8%** |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp; 102170 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (ASX) | &nbsp;&nbsp;&nbsp;&nbsp;16481 | &nbsp;&nbsp;$463810 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (LSE) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1004 | &nbsp;&nbsp;&nbsp;&nbsp; 27721 |
| &nbsp;&nbsp;&nbsp;Boliden AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 | &nbsp;&nbsp;&nbsp;&nbsp; 33456 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 11256 |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2926 | &nbsp;&nbsp;&nbsp;&nbsp; 43539 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2815 | &nbsp;&nbsp;&nbsp;&nbsp; 110404 |
| &nbsp;&nbsp;&nbsp;Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;27492 | &nbsp;&nbsp;&nbsp;&nbsp; 126303 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770 | &nbsp;&nbsp;&nbsp;&nbsp; 33517 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7517 | &nbsp;&nbsp;&nbsp;&nbsp; 50919 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2450 | &nbsp;&nbsp;&nbsp;&nbsp; 38470 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429 | &nbsp;&nbsp;&nbsp;&nbsp; 225395 |
| &nbsp;&nbsp;&nbsp;Southern Copper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158 | &nbsp;&nbsp;&nbsp;&nbsp; 140535 |
| &nbsp;&nbsp;&nbsp;Zijin Mining Group Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;44000 | &nbsp;&nbsp;&nbsp;&nbsp; 184324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591819 |
| **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** |
| &nbsp;&nbsp;&nbsp;3M Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781 | &nbsp;&nbsp;&nbsp;&nbsp; 121195 |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp; 54541 |
| &nbsp;&nbsp;&nbsp;Elite Material Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 80386 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;&nbsp;&nbsp; 9757 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 93252 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2971 | &nbsp;&nbsp;&nbsp;&nbsp; 93979 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453110 |
| **Multi-National — 0.0%** | **Multi-National — 0.0%** | **Multi-National — 0.0%** |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 13423 |
| **Office Furnishings — 0.0%** | **Office Furnishings — 0.0%** | **Office Furnishings — 0.0%** |
| &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 8058 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp; 27551 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 11438 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47047 |
| **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** | **Office/Business Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 111435 |
| **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** | **Oil & Gas — 1.2%** |
| &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2506 | &nbsp;&nbsp;&nbsp;&nbsp; 9473 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp; 7339 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp; 120039 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1342 | &nbsp;&nbsp;&nbsp;&nbsp; 126940 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4982 | &nbsp;&nbsp;&nbsp;&nbsp; 117824 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 63858 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;36300 | &nbsp;&nbsp;&nbsp;&nbsp; 230709 |
| &nbsp;&nbsp;&nbsp;Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3398 | &nbsp;&nbsp;&nbsp;&nbsp; 59307 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;11449 | &nbsp;&nbsp;&nbsp;&nbsp; 279240 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 | &nbsp;&nbsp;&nbsp;&nbsp; 121432 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp; 8325 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;19600 | &nbsp;&nbsp;&nbsp;&nbsp; 354267 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp; 132798 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 | &nbsp;&nbsp;&nbsp;&nbsp; 32472 |
| &nbsp;&nbsp;&nbsp;PetroChina Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;226000 | &nbsp;&nbsp;&nbsp;&nbsp; 205614 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4282 | &nbsp;&nbsp;&nbsp;&nbsp; 75736 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2811 | &nbsp;&nbsp;&nbsp;&nbsp; 100051 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7245 | &nbsp;&nbsp;&nbsp;&nbsp; 440015 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp; 135016 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2620455 |
| **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1893 | &nbsp;&nbsp;&nbsp;&nbsp; 28868 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5684 | &nbsp;&nbsp;&nbsp;&nbsp; 139826 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp; 7986 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp; 8564 |
| &nbsp;&nbsp;&nbsp;National Energy Services Reunited Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp; 10558 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1431 | &nbsp;&nbsp;&nbsp;&nbsp; 35460 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1724 | &nbsp;&nbsp;$10447 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;16813 | &nbsp;&nbsp;&nbsp;&nbsp; 663273 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904982 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1286 | &nbsp;&nbsp;&nbsp;&nbsp; 124215 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559 | &nbsp;&nbsp;&nbsp;&nbsp; 7250 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp; 125746 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257211 |
| **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** | **Pharmaceuticals — 4.1%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3409 | &nbsp;&nbsp;&nbsp;&nbsp; 789320 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655 | &nbsp;&nbsp;&nbsp;&nbsp; 49650 |
| &nbsp;&nbsp;&nbsp;Arvinas, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4007 | &nbsp;&nbsp;&nbsp;&nbsp; 34140 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp; 52184 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;20132 | &nbsp;&nbsp;&nbsp;&nbsp; 907953 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp; 127922 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp; 9298 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 131263 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 130804 |
| &nbsp;&nbsp;&nbsp;CinCor Pharma Inc. CVR(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;279 | &nbsp;&nbsp;&nbsp;&nbsp; 854 |
| &nbsp;&nbsp;&nbsp;Contra Blueprint Medic(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp; 120 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655 | &nbsp;&nbsp;&nbsp;&nbsp; 137547 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7600 | &nbsp;&nbsp;&nbsp;&nbsp; 170362 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1627 | &nbsp;&nbsp;&nbsp;&nbsp; 109481 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp; 402101 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6331 | &nbsp;&nbsp;&nbsp;&nbsp; 134062 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;593 | &nbsp;&nbsp;&nbsp;&nbsp; 79090 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | &nbsp;&nbsp;&nbsp;&nbsp;13344 | &nbsp;&nbsp;&nbsp;&nbsp; 2474244 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 139057 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6230 | &nbsp;&nbsp;&nbsp;&nbsp; 522884 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp; 37779 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4793 | &nbsp;&nbsp;&nbsp;&nbsp; 672841 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4959 | &nbsp;&nbsp;&nbsp;&nbsp; 623698 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5278 | &nbsp;&nbsp;&nbsp;&nbsp; 286104 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 19432 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 138171 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5195 | &nbsp;&nbsp;&nbsp;&nbsp; 132369 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp; 49557 |
| &nbsp;&nbsp;&nbsp;Rhythm Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;518 | &nbsp;&nbsp;&nbsp;&nbsp; 52313 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp; 80316 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566 | &nbsp;&nbsp;&nbsp;&nbsp; 236641 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1002 | &nbsp;&nbsp;&nbsp;&nbsp; 47886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8779443 |
| **Pipelines — 0.8%** | **Pipelines — 0.8%** | **Pipelines — 0.8%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6489 | &nbsp;&nbsp;&nbsp;&nbsp; 126146 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5280 | &nbsp;&nbsp;&nbsp;&nbsp; 1240694 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp; 7960 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4496 | &nbsp;&nbsp;&nbsp;&nbsp; 127282 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2068 | &nbsp;&nbsp;&nbsp;&nbsp; 131008 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633090 |
| **Private Equity — 0.2%** | **Private Equity — 0.2%** | **Private Equity — 0.2%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6180 | &nbsp;&nbsp;&nbsp;&nbsp; 339856 |
| **Real Estate — 0.2%** | **Real Estate — 0.2%** | **Real Estate — 0.2%** |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1927 | &nbsp;&nbsp;&nbsp;&nbsp; 20407 |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772 | &nbsp;&nbsp;&nbsp;&nbsp; 121636 |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2951 | &nbsp;&nbsp;&nbsp;&nbsp; 46980 |
| &nbsp;&nbsp;&nbsp;Emaar Properties PJSC | &nbsp;&nbsp;&nbsp;&nbsp;32473 | &nbsp;&nbsp;&nbsp;&nbsp; 115373 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92 | &nbsp;&nbsp;&nbsp;&nbsp; 10792 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315188 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS — 1.6%** | **REITS — 1.6%** | **REITS — 1.6%** |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;$13479 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 11259 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;&nbsp;&nbsp; 136932 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 7086 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118 | &nbsp;&nbsp;&nbsp;&nbsp; 11501 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4432 | &nbsp;&nbsp;&nbsp;&nbsp; 122678 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;&nbsp;&nbsp; 8578 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp; 121088 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1601 | &nbsp;&nbsp;&nbsp;&nbsp; 55523 |
| &nbsp;&nbsp;&nbsp;CBL & Associates Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 8104 |
| &nbsp;&nbsp;&nbsp;Chimera Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp; 7284 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245 | &nbsp;&nbsp;&nbsp;&nbsp; 7120 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp; 15454 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946 | &nbsp;&nbsp;&nbsp;&nbsp; 7530 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;952 | &nbsp;&nbsp;&nbsp;&nbsp; 7292 |
| &nbsp;&nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2222 | &nbsp;&nbsp;&nbsp;&nbsp; 128898 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1990 | &nbsp;&nbsp;&nbsp;&nbsp; 120793 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1894 | &nbsp;&nbsp;&nbsp;&nbsp; 122599 |
| &nbsp;&nbsp;&nbsp;Farmland Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp;&nbsp;&nbsp; 7322 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3994 | &nbsp;&nbsp;&nbsp;&nbsp; 117144 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;847 | &nbsp;&nbsp;&nbsp;&nbsp; 18888 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp; 7604 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 4239 |
| &nbsp;&nbsp;&nbsp;MFA Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp; 6314 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp; 119050 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 8109 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp; 8119 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2996 | &nbsp;&nbsp;&nbsp;&nbsp; 126491 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276 | &nbsp;&nbsp;&nbsp;&nbsp; 41696 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp; 7824 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 122761 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9752 | &nbsp;&nbsp;&nbsp;&nbsp; 111075 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;385 | &nbsp;&nbsp;&nbsp;&nbsp; 34492 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp; 7158 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6195 | &nbsp;&nbsp;&nbsp;&nbsp; 1162616 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113 | &nbsp;&nbsp;&nbsp;&nbsp; 28048 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp; 123066 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230 | &nbsp;&nbsp;&nbsp;&nbsp; 7783 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839 | &nbsp;&nbsp;&nbsp;&nbsp; 37644 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3739 | &nbsp;&nbsp;&nbsp;&nbsp; 121929 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4981 | &nbsp;&nbsp;&nbsp;&nbsp; 123479 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1810 | &nbsp;&nbsp;&nbsp;&nbsp; 122302 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp; 3992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392343 |
| **Retail — 2.7%** | **Retail — 2.7%** | **Retail — 2.7%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;484 | &nbsp;&nbsp;&nbsp;&nbsp; 41406 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 12234 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8707 | &nbsp;&nbsp;&nbsp;&nbsp; 240173 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp; 132997 |
| &nbsp;&nbsp;&nbsp;Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp; 40244 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 47505 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179 | &nbsp;&nbsp;&nbsp;&nbsp; 10500 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;&nbsp;&nbsp; 15426 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp; 118481 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp; 122676 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1272 | &nbsp;&nbsp;&nbsp;&nbsp; 120039 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 304561 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5416 | &nbsp;&nbsp;&nbsp;&nbsp; 115848 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp; 119126 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp; 40366 |
| &nbsp;&nbsp;&nbsp;JUMBO SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337 | &nbsp;&nbsp;&nbsp;&nbsp; 45867 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp; 67904 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;$174591 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 125722 |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp; 12601 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1378 | &nbsp;&nbsp;&nbsp;&nbsp; 123606 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12146 | &nbsp;&nbsp;&nbsp;&nbsp; 1755583 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 138821 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp; 131767 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp; 13714 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp; 30967 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15579 | &nbsp;&nbsp;&nbsp;&nbsp; 1605572 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp; 117661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5825958 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| &nbsp;&nbsp;&nbsp;Beacon Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp; 9057 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp; 46642 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp; 8041 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603 | &nbsp;&nbsp;&nbsp;&nbsp; 10595 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp; 7982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82317 |
| **Semiconductors — 8.6%** | **Semiconductors — 8.6%** | **Semiconductors — 8.6%** |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590 | &nbsp;&nbsp;&nbsp;&nbsp; 48687 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp; 151303 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;896 | &nbsp;&nbsp;&nbsp;&nbsp; 871119 |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp; 148220 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5911 | &nbsp;&nbsp;&nbsp;&nbsp; 1950098 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp; 4041 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1063 | &nbsp;&nbsp;&nbsp;&nbsp; 133183 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp; 50248 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp; 141296 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940 | &nbsp;&nbsp;&nbsp;&nbsp; 393666 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574 | &nbsp;&nbsp;&nbsp;&nbsp; 9230 |
| &nbsp;&nbsp;&nbsp;MediaTek, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 129438 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;55303 | &nbsp;&nbsp;&nbsp;&nbsp; 10318434 |
| &nbsp;&nbsp;&nbsp;Ouster, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp; 20991 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11063 | &nbsp;&nbsp;&nbsp;&nbsp; 1840441 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp; 74295 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp; 147661 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6044 | &nbsp;&nbsp;&nbsp;&nbsp; 361421 |
| &nbsp;&nbsp;&nbsp;SK Hynix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp; 126809 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;779 | &nbsp;&nbsp;&nbsp;&nbsp; 59967 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31039 | &nbsp;&nbsp;&nbsp;&nbsp; 1329021 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18309569 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| &nbsp;&nbsp;&nbsp;Samsung Heavy Industries Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112 | &nbsp;&nbsp;&nbsp;&nbsp; 64184 |
| **Software — 7.0%** | **Software — 7.0%** | **Software — 7.0%** |
| &nbsp;&nbsp;&nbsp;8x8, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2879 | &nbsp;&nbsp;&nbsp;&nbsp; 6103 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 23747 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp; 8686 |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5289 | &nbsp;&nbsp;&nbsp;&nbsp; 1865695 |
| &nbsp;&nbsp;&nbsp;Atlassian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;710 | &nbsp;&nbsp;&nbsp;&nbsp; 113387 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3294 | &nbsp;&nbsp;&nbsp;&nbsp; 1046405 |
| &nbsp;&nbsp;&nbsp;Bandwidth, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp; 11369 |
| &nbsp;&nbsp;&nbsp;Blend Labs, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9095 | &nbsp;&nbsp;&nbsp;&nbsp; 33197 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;492 | &nbsp;&nbsp;&nbsp;&nbsp; 117180 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp; 127156 |
| &nbsp;&nbsp;&nbsp;Cerence, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 9719 |
| &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp; 58333 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1730 | &nbsp;&nbsp;&nbsp;&nbsp; 124716 |
| &nbsp;&nbsp;&nbsp;Domo, Inc., Class B†(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1798 | &nbsp;&nbsp;&nbsp;&nbsp; 28480 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1747 | &nbsp;&nbsp;$127793 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013 | &nbsp;&nbsp;&nbsp;&nbsp; 121233 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp; 129702 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp; 115908 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp; 7043 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;&nbsp; 112861 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp; 13331 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192 | &nbsp;&nbsp;&nbsp;&nbsp; 131119 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1304 | &nbsp;&nbsp;&nbsp;&nbsp; 80196 |
| &nbsp;&nbsp;&nbsp;Life360, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 13075 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1133 | &nbsp;&nbsp;&nbsp;&nbsp; 30750 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp; 119503 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12719 | &nbsp;&nbsp;&nbsp;&nbsp; 6587806 |
| &nbsp;&nbsp;&nbsp;Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 105390 |
| &nbsp;&nbsp;&nbsp;Nice, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 59670 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 119527 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 71474 |
| &nbsp;&nbsp;&nbsp;PagerDuty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037 | &nbsp;&nbsp;&nbsp;&nbsp; 33651 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2137 | &nbsp;&nbsp;&nbsp;&nbsp; 122877 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1019 | &nbsp;&nbsp;&nbsp;&nbsp; 23967 |
| &nbsp;&nbsp;&nbsp;PROS Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;541 | &nbsp;&nbsp;&nbsp;&nbsp; 12394 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977 | &nbsp;&nbsp;&nbsp;&nbsp; 8090 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4085 | &nbsp;&nbsp;&nbsp;&nbsp; 115769 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5578 | &nbsp;&nbsp;&nbsp;&nbsp; 772665 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp; 118026 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1262 | &nbsp;&nbsp;&nbsp;&nbsp; 337668 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp; 355228 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 164651 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723 | &nbsp;&nbsp;&nbsp;&nbsp; 1109119 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp; 18467 |
| &nbsp;&nbsp;&nbsp;Weave Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1062 | &nbsp;&nbsp;&nbsp;&nbsp; 7094 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 129994 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp; 8436 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477 | &nbsp;&nbsp;&nbsp;&nbsp; 121853 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14980503 |
| **Telecommunications — 1.8%** | **Telecommunications — 1.8%** | **Telecommunications — 1.8%** |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 7714 |
| &nbsp;&nbsp;&nbsp;Accton Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 68574 |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4627 | &nbsp;&nbsp;&nbsp;&nbsp; 674200 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;25162 | &nbsp;&nbsp;&nbsp;&nbsp; 710575 |
| &nbsp;&nbsp;&nbsp;Bharti Airtel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10039 | &nbsp;&nbsp;&nbsp;&nbsp; 212904 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp; 30440 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 137658 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp;&nbsp;&nbsp; 89014 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821 | &nbsp;&nbsp;&nbsp;&nbsp; 12709 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp; 94355 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3207 | &nbsp;&nbsp;&nbsp;&nbsp; 109228 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2145 | &nbsp;&nbsp;&nbsp;&nbsp; 44294 |
| &nbsp;&nbsp;&nbsp;Far EasTone Telecommunications Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;24000 | &nbsp;&nbsp;&nbsp;&nbsp; 69611 |
| &nbsp;&nbsp;&nbsp;IDT Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp; 16844 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp; 66975 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15500 | &nbsp;&nbsp;&nbsp;&nbsp; 247407 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9246 | &nbsp;&nbsp;&nbsp;&nbsp; 56586 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp; 121639 |
| &nbsp;&nbsp;&nbsp;MTN Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8130 | &nbsp;&nbsp;&nbsp;&nbsp; 68260 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1326 | &nbsp;&nbsp;&nbsp;&nbsp; 42949 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;17893 | &nbsp;&nbsp;&nbsp;&nbsp; 147943 |
| &nbsp;&nbsp;&nbsp;Telstra Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;56174 | &nbsp;&nbsp;&nbsp;&nbsp; 179161 |
| &nbsp;&nbsp;&nbsp;TIM SA | &nbsp;&nbsp;&nbsp;&nbsp;48500 | &nbsp;&nbsp;&nbsp;&nbsp; 214148 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206 | &nbsp;&nbsp;&nbsp;&nbsp; 136079 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp;&nbsp;&nbsp; 117654 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.† | &nbsp;&nbsp; 680 | &nbsp;&nbsp;$8629 |
| &nbsp;&nbsp;&nbsp;Xiaomi Corp., Class B\*† | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 222052 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3907602 |
| **Textiles — 0.0%** | **Textiles — 0.0%** | **Textiles — 0.0%** |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; 8025 |
| **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** | **Toys/Games/Hobbies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp; 3700 | &nbsp;&nbsp;&nbsp;&nbsp; 123221 |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp; 1618 | &nbsp;&nbsp;&nbsp;&nbsp; 122725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;245946 |
| **Transportation — 1.2%** | **Transportation — 1.2%** | **Transportation — 1.2%** |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp; 614 | &nbsp;&nbsp;&nbsp;&nbsp; 7313 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp; 3590 | &nbsp;&nbsp;&nbsp;&nbsp; 127481 |
| &nbsp;&nbsp;&nbsp;Dorian LPG, Ltd. | &nbsp;&nbsp; 323 | &nbsp;&nbsp;&nbsp;&nbsp; 9625 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp; 972 | &nbsp;&nbsp;&nbsp;&nbsp; 119158 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp; 541 | &nbsp;&nbsp;&nbsp;&nbsp; 127573 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc., Class A | &nbsp;&nbsp; 521 | &nbsp;&nbsp;&nbsp;&nbsp; 17943 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | &nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 8387 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 858 | &nbsp;&nbsp;&nbsp;&nbsp; 115118 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp;&nbsp; 39633 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp;&nbsp; 135785 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\* | &nbsp;&nbsp; 1399 | &nbsp;&nbsp;&nbsp;&nbsp; 33162 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp; 1292 | &nbsp;&nbsp;&nbsp;&nbsp; 5736 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp; 771 | &nbsp;&nbsp;&nbsp;&nbsp; 43215 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 119348 |
| &nbsp;&nbsp;&nbsp;Teekay Corp., Ltd. | &nbsp;&nbsp; 2508 | &nbsp;&nbsp;&nbsp;&nbsp; 20515 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A | &nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp;&nbsp; 38671 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp; 6174 | &nbsp;&nbsp;&nbsp;&nbsp; 1459348 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp; 1470 | &nbsp;&nbsp;&nbsp;&nbsp; 122789 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp;&nbsp; 7993 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2558793 |
| **Water — 0.1%** | **Water — 0.1%** | **Water — 0.1%** |
| &nbsp;&nbsp;&nbsp;H2O America | &nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; 8815 |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp;&nbsp; 7772 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp;&nbsp; 8352 |
| &nbsp;&nbsp;&nbsp;Cia de Saneamento Basico do Estado de Sao Paulo | &nbsp;&nbsp; 5600 | &nbsp;&nbsp;&nbsp;&nbsp; 139067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164006 |
| **Total Common Stocks<br> (cost $121,901,768)** |  | &nbsp;&nbsp;&nbsp;&nbsp;171229313 |
| **CONVERTIBLE PREFERRED STOCKS — 0.0%** | **CONVERTIBLE PREFERRED STOCKS — 0.0%** | **CONVERTIBLE PREFERRED STOCKS — 0.0%** |
| **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** | **Aerospace/Defense — 0.0%** |
| &nbsp;&nbsp;&nbsp;Boeing Co. | &nbsp;&nbsp; 508 | &nbsp;&nbsp;&nbsp;&nbsp; 35342 |
| **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** | **Diversified Financial Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp;&nbsp; 15462 |
| **Electric — 0.0%** | **Electric — 0.0%** | **Electric — 0.0%** |
| &nbsp;&nbsp;&nbsp;PG&E Corp.† | &nbsp;&nbsp; 277 | &nbsp;&nbsp;&nbsp;&nbsp; 10908 |
| **Total Convertible Preferred Stocks<br> (cost $50,250)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61712 |
| **CORPORATE BONDS & NOTES — 7.9%** | **CORPORATE BONDS & NOTES — 7.9%** | **CORPORATE BONDS & NOTES — 7.9%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 03/15/2033\* | $35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 04/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/01/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10500 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Advertising (continued)** | **Advertising (continued)** | **Advertising (continued)** |
| &nbsp;&nbsp;&nbsp;Outfront Media Capital LLC/Outfront Media Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/15/2030\* | $10000 | &nbsp;&nbsp;$9611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 02/15/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15824 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82512 |
| **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** | **Aerospace/Defense — 0.3%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2027 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/15/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26242 |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 02/04/2026 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 46644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 02/01/2027 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 36246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 02/01/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4707 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/01/2035 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/15/2046 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 20660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2039 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8096 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 05/01/2034 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 12663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 05/01/2049 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 6782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 08/01/2059 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 17961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/15/2040 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 35503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 05/01/2027 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30%, 05/01/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/15/2039 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 22648 |
| &nbsp;&nbsp;&nbsp;Bombardier, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 06/15/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/01/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 11/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21568 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 01/15/2029 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 02/01/2037 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 40069 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/15/2028 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 11/30/2029\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 11/15/2030\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 38493 |
| &nbsp;&nbsp;&nbsp;TransDigm, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2033\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/31/2034\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5142 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/01/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/31/2034\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 12/15/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 12/01/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589240 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/22/2033 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34635 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding LUX SARL/JBS USA Food Co./JBS LUX Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/20/2035\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15758 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/30/2030 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2030 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 57872 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158805 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc./AAdvantage Loyalty IP, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/20/2026\* | &nbsp;&nbsp; 3750 | &nbsp;&nbsp;&nbsp;&nbsp; 3752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/20/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15057 |
| &nbsp;&nbsp;&nbsp;AS Mileage Plan IP, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 10/20/2029\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45023 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| &nbsp;&nbsp;&nbsp;OneSky Flight LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 12/15/2029\* | $30000 | &nbsp;&nbsp;$31547 |
| &nbsp;&nbsp;&nbsp;United Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/15/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119996 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Crocs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 03/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14375 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37044 |
| &nbsp;&nbsp;&nbsp;Levi Strauss & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27853 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 03/15/2032 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/11/2030 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/11/2035 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24516 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14981 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147512 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 10/06/2029 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 01/07/2029 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 29099 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 09/26/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/19/2029\* | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 01/08/2031\* | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/23/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/08/2030\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/16/2029\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148956 |
| **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** | **Auto Parts & Equipment — 0.1%** |
| &nbsp;&nbsp;&nbsp;Adient Global Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/15/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 04/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36707 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/15/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19966 |
| &nbsp;&nbsp;&nbsp;Clarios Global LP / Clarios US Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15333 |
| &nbsp;&nbsp;&nbsp;Dornoch Debt Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 10/15/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 21501 |
| &nbsp;&nbsp;&nbsp;Qnity Electronics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/15/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 08/15/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129188 |
| **Banks — 0.6%** | **Banks — 0.6%** | **Banks — 0.6%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/13/2031 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 38871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 03/08/2037 | &nbsp;&nbsp; 121000 | &nbsp;&nbsp;&nbsp;&nbsp; 113049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 08/15/2035 | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 52026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47%, 01/23/2035 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16708 |
| &nbsp;&nbsp;&nbsp;Bank of Montreal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 12/15/2032 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 12770 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/29/2027 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 67273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/11/2031 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25013 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 05/25/2034 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/15/2030(3) | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/15/2029(3) | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 34093 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.34%, 07/27/2029 | $33000 | &nbsp;&nbsp;$34771 |
| &nbsp;&nbsp;&nbsp;First-Citizens Bank & Trust Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/09/2028 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41502 |
| &nbsp;&nbsp;&nbsp;Freedom Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25%, 10/01/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 22311 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 08/10/2026(3) | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5877 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 06/01/2026(3) | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14%, 01/24/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/24/2036 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 07/23/2036 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 09/14/2033 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 49704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07%, 10/22/2027 | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 93829 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47%, (TSFR3M+1.26%), 05/15/2077 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 27164 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 02/01/2029 | &nbsp;&nbsp; 166000 | &nbsp;&nbsp;&nbsp;&nbsp; 169577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 01/15/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/20/2037 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 02/07/2039 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 30363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/19/2038 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8388 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/06/2033 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 56567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 07/21/2036 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10291 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71%, 01/24/2035 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 38827 |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%, 11/03/2036 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 50002 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 03/15/2026(3) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19806 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96%, 11/16/2040 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 17605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42%, 07/24/2039 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269611 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 11/02/2027 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 21644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2030 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 37318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/02/2053 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16957 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 09/09/2026 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22101 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 09/02/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/25/2035 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 09/02/2034 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27573 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171226 |
| **Building Materials — 0.1%** | **Building Materials — 0.1%** | **Building Materials — 0.1%** |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/01/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29359 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/01/2034\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2035\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10441 |
| &nbsp;&nbsp;&nbsp;Camelot Return Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 08/01/2028\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19350 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/15/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15181 |
| &nbsp;&nbsp;&nbsp;JH North America Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/31/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/31/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15364 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp;Miter Brands Acquisition Holdco, Inc./MIWD Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/01/2032\* | $30000 | &nbsp;&nbsp;$30818 |
| &nbsp;&nbsp;&nbsp;MIWD Holdco II LLC/MIWD Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/01/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24353 |
| &nbsp;&nbsp;&nbsp;Quikrete Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/01/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15595 |
| &nbsp;&nbsp;&nbsp;Smyrna Ready Mix Concrete LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 11/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26398 |
| &nbsp;&nbsp;&nbsp;Standard Building Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 08/01/2033\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/15/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25650 |
| &nbsp;&nbsp;&nbsp;Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 01/15/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;307202 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| &nbsp;&nbsp;&nbsp;Avient Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10155 |
| &nbsp;&nbsp;&nbsp;Celanese US Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/05/2026 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.67%, 07/15/2027 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18463 |
| &nbsp;&nbsp;&nbsp;Cerdia Finanz GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 10/03/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21175 |
| &nbsp;&nbsp;&nbsp;CF Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/01/2043 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 32195 |
| &nbsp;&nbsp;&nbsp;FMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.45%, 11/01/2055 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 68600 |
| &nbsp;&nbsp;&nbsp;Huntsman International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2029 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 64121 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 12/15/2026 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7983 |
| &nbsp;&nbsp;&nbsp;Rain Carbon, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25%, 09/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21417 |
| &nbsp;&nbsp;&nbsp;SCIH Salt Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/01/2028\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19609 |
| &nbsp;&nbsp;&nbsp;Solstice Advanced Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/30/2033\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35116 |
| &nbsp;&nbsp;&nbsp;Vibrantz Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 02/15/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 14125 |
| &nbsp;&nbsp;&nbsp;WR Grace Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 08/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13942 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372685 |
| **Commercial Services — 0.1%** | **Commercial Services — 0.1%** | **Commercial Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Allied Universal Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 02/15/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31455 |
| &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 05/15/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 05/15/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26456 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 07/15/2027\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 06/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15412 |
| &nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2028\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29974 |
| &nbsp;&nbsp;&nbsp;RR Donnelley & Sons Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 08/01/2029\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56368 |
| &nbsp;&nbsp;&nbsp;Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2030 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4633 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;United Rentals North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2034\* | $20000 | &nbsp;&nbsp;$20796 |
| &nbsp;&nbsp;&nbsp;Veritiv Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 11/30/2030\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5366 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221617 |
| **Computers — 0.1%** | **Computers — 0.1%** | **Computers — 0.1%** |
| &nbsp;&nbsp;&nbsp;Ahead DB Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/01/2028\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5001 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 06/15/2033\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30946 |
| &nbsp;&nbsp;&nbsp;Fortress Intermediate 3, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/01/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20941 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 06/15/2029\* | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 10/01/2030\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 37774 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 10/15/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 10/15/2031 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24251 |
| &nbsp;&nbsp;&nbsp;McAfee Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 02/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 27828 |
| &nbsp;&nbsp;&nbsp;Seagate Data Storage Technology Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 07/15/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25435 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 07/15/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8661 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;206694 |
| **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** | **Cosmetics/Personal Care — 0.1%** |
| &nbsp;&nbsp;&nbsp;Coty, Inc./HFC Prestige Products, Inc./HFC Prestige International US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/15/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 07/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15326 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 05/22/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/22/2033 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 66076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;106049 |
| **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** | **Distribution/Wholesale — 0.0%** |
| &nbsp;&nbsp;&nbsp;American Builders & Contractors Supply Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/15/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9799 |
| &nbsp;&nbsp;&nbsp;Ritchie Bros. Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 03/15/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44463 |
| **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** | **Diversified Financial Services — 0.6%** |
| &nbsp;&nbsp;&nbsp;AerCap Ireland Capital DAC / AerCap Global Aviation Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 01/19/2029 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 153534 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 12/15/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5150 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/01/2031 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 52439 |
| &nbsp;&nbsp;&nbsp;Aretec Escrow Issuer 2, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 08/15/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10895 |
| &nbsp;&nbsp;&nbsp;Aviation Capital Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 04/10/2030\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 07/15/2029\* | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 41996 |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2029\* | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 39476 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49%, 09/11/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.62%, 10/30/2031 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 32799 |
| &nbsp;&nbsp;&nbsp;CrossCountry Intermediate HoldCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25092 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/15/2030\* | $20000 | &nbsp;&nbsp;$21239 |
| &nbsp;&nbsp;&nbsp;Freedom Mtg. Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/01/2032\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41926 |
| &nbsp;&nbsp;&nbsp;GGAM Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 02/15/2027\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10235 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85%, 09/15/2032 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 10128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 06/15/2029 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23200 |
| &nbsp;&nbsp;&nbsp;Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 11/01/2032\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55746 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2033\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62318 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2026 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 04/14/2034 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 18074 |
| &nbsp;&nbsp;&nbsp;Jefferson Capital Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 05/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 02/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31597 |
| &nbsp;&nbsp;&nbsp;LPL Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2030 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 11/17/2028 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 23482 |
| &nbsp;&nbsp;&nbsp;Macquarie Airfinance Holdings, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/17/2030\* | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/26/2031\* | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 27851 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/15/2034 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7350 |
| &nbsp;&nbsp;&nbsp;Nationstar Mtg. Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/01/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26095 |
| &nbsp;&nbsp;&nbsp;Nationstar Mortgage Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35368 |
| &nbsp;&nbsp;&nbsp;OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2029 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/15/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 11/15/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/15/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20907 |
| &nbsp;&nbsp;&nbsp;Osaic Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/01/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2033\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62184 |
| &nbsp;&nbsp;&nbsp;PHH Escrow Issuer LLC/PHH Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 11/01/2029\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50681 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 01/31/2030\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56757 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/01/2033\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41284 |
| &nbsp;&nbsp;&nbsp;Stonex Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/15/2032\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36026 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1279147 |
| **Electric — 0.7%** | **Electric — 0.7%** | **Electric — 0.7%** |
| &nbsp;&nbsp;&nbsp;American Electric Power Co, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/15/2056 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 03/15/2056 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15021 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 12/01/2028 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 36149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/01/2033 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8410 |
| &nbsp;&nbsp;&nbsp;American Transmission Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 01/15/2032\* | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 10766 |
| &nbsp;&nbsp;&nbsp;Appalachian Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 10/01/2035 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17555 |
| &nbsp;&nbsp;&nbsp;Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9971 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/01/2033 | $20000 | &nbsp;&nbsp;$21406 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 03/15/2042 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 9582 |
| &nbsp;&nbsp;&nbsp;Constellation Energy Generation LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/01/2028 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 57874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 01/15/2034 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 17412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2053 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 44577 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 02/15/2056 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20131 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 06/01/2034 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 24438 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/05/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2054 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 34349 |
| &nbsp;&nbsp;&nbsp;Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 02/01/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14821 |
| &nbsp;&nbsp;&nbsp;Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2028 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18489 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2029 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 65830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/15/2035 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8341 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 01/15/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10064 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2034 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24757 |
| &nbsp;&nbsp;&nbsp;IPALCO Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 05/01/2030 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 40131 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/15/2032 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 83078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/15/2055 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25765 |
| &nbsp;&nbsp;&nbsp;Northern States Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 05/15/2035 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45896 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 12/02/2025\* | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 36805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 12/02/2027\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 26841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2036\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 11/01/2034\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25%, 03/15/2028\*(3) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21807 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/15/2052 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 50104 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10%, 08/01/2027 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/01/2050 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 11158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/15/2029 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 06/15/2032 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2029 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2053 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/15/2034 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 23293 |
| &nbsp;&nbsp;&nbsp;PacifiCorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 09/15/2030 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2037 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11777 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2030 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/15/2055 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15410 |
| &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2053 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20548 |
| &nbsp;&nbsp;&nbsp;Sempra |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2033 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21888 |
| &nbsp;&nbsp;&nbsp;Southern Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2029 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/15/2034 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 30628 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Southern Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 10/01/2030 | $10000 | &nbsp;&nbsp;$9940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 10/01/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14793 |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 09/15/2035 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 08/15/2034 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 33450 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 12/15/2026\*(3) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 10/15/2026\*(3) | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15343 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/30/2027\* | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 40618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 07/15/2029\* | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 26793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/31/2027\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/30/2034\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2034\* | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 35846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/15/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 10/15/2033\* | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 23422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26455 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521789 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/31/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9591 |
| &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/15/2029\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/15/2033\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25980 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82184 |
| **Electronics — 0.0%** | **Electronics — 0.0%** | **Electronics — 0.0%** |
| &nbsp;&nbsp;&nbsp;Imola Merger Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24316 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2031\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 36915 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2029\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33650 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94881 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/15/2032\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36557 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 06/15/2029 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 48147 |
| &nbsp;&nbsp;&nbsp;Weekley Homes LLC/Weekley Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 09/15/2028\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19583 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104287 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/15/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15429 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/01/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19982 |
| &nbsp;&nbsp;&nbsp;Cinemark USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/15/2028\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19890 |
| &nbsp;&nbsp;&nbsp;Great Canadian Gaming Corp./Raptor LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 11/15/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19777 |
| &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 11/15/2029\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 09/01/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5200 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2027\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10092 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Entertainment (continued)** | **Entertainment (continued)** | **Entertainment (continued)** |
| &nbsp;&nbsp;&nbsp;Mohegan Tribal Gaming Authority/MS Digital Entertainment Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 04/15/2030\* | $25000 | &nbsp;&nbsp;$25976 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/15/2027\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24985 |
| &nbsp;&nbsp;&nbsp;Rivers Enterprise Lender LLC/Rivers Enterprise Lender Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15134 |
| &nbsp;&nbsp;&nbsp;Scientific Games Holdings LP/Scientific Games US FinCo., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/01/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23243 |
| &nbsp;&nbsp;&nbsp;Warnermedia Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2042 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 23949 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts Finance LLC/Wynn Resorts Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 02/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37672 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315788 |
| **Environmental Control — 0.0%** | **Environmental Control — 0.0%** | **Environmental Control — 0.0%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 02/01/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10240 |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2031\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5232 |
| &nbsp;&nbsp;&nbsp;Madison IAQ LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 06/30/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9760 |
| &nbsp;&nbsp;&nbsp;Waste Pro USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/01/2033\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20716 |
| &nbsp;&nbsp;&nbsp;Wrangler Holdco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 04/01/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56375 |
| **Food — 0.1%** | **Food — 0.1%** | **Food — 0.1%** |
| &nbsp;&nbsp;&nbsp;Chobani Holdco II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 10/01/2029\*(4) | &nbsp;&nbsp; 10419 | &nbsp;&nbsp;&nbsp;&nbsp; 11042 |
| &nbsp;&nbsp;&nbsp;Chobani LLC/Chobani Finance Corp., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 07/01/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31282 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding LUX SARL/JBS USA Food Co./JBS LUX Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/02/2029 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 44093 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2034 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 42009 |
| &nbsp;&nbsp;&nbsp;Kellanova |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2046 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 04/01/2031 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6874 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 10/01/2039 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/26/2039 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 11157 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/20/2031\* | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/01/2055\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/01/2065\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10197 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2032 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9153 |
| &nbsp;&nbsp;&nbsp;US Foods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/15/2033\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/15/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5235 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278961 |
| **Food Service — 0.0%** | **Food Service — 0.0%** | **Food Service — 0.0%** |
| &nbsp;&nbsp;&nbsp;Aramark Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24882 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/30/2032\* | $40000 | &nbsp;&nbsp;$41038 |
| &nbsp;&nbsp;&nbsp;Magnera Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 8853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 11/15/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9410 |
| &nbsp;&nbsp;&nbsp;Mercer International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/01/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 11056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.88%, 10/01/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13651 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84008 |
| **Gas — 0.0%** | **Gas — 0.0%** | **Gas — 0.0%** |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/01/2034 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21680 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/01/2029 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 42283 |
| &nbsp;&nbsp;&nbsp;Souther Co. Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/15/2034 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25073 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89036 |
| **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** | **Healthcare-Products — 0.0%** |
| &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 10/01/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10422 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/14/2029 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23452 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5198 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/01/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 10/01/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29741 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92924 |
| **Healthcare-Services — 0.2%** | **Healthcare-Services — 0.2%** | **Healthcare-Services — 0.2%** |
| &nbsp;&nbsp;&nbsp;Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 08/01/2031 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 30066 |
| &nbsp;&nbsp;&nbsp;CHS/Community Health Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2030\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 40709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 01/15/2034\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.88%, 01/15/2032\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31773 |
| &nbsp;&nbsp;&nbsp;Concentra Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/15/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25960 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/15/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 09/01/2032\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 61982 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 03/15/2032 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 10320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2027 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2034 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2054 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19037 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2028 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47452 |
| &nbsp;&nbsp;&nbsp;IQVIA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 06/01/2032\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56548 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/01/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14649 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 06/15/2030 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;426274 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC / Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/01/2033\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25214 |
| &nbsp;&nbsp;&nbsp;DR Horton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2034 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2035 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 88128 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Home Builders (continued)** | **Home Builders (continued)** | **Home Builders (continued)** |
| &nbsp;&nbsp;&nbsp;K Hovnanian Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 04/01/2031\* | $10000 | &nbsp;&nbsp;$10254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 10/01/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15379 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 12/15/2028\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31495 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Communities, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 08/01/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/15/2027\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10121 |
| &nbsp;&nbsp;&nbsp;Toll Brothers Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/01/2029 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 02/15/2028 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20059 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288639 |
| **Housewares — 0.0%** | **Housewares — 0.0%** | **Housewares — 0.0%** |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 05/15/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2032 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19777 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 11/06/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 06/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31496 |
| &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/01/2029\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 10/01/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20609 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20409 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 11/13/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53%, 07/11/2031\* | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.54%, 08/22/2035\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15201 |
| &nbsp;&nbsp;&nbsp;Athene Holding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/15/2034 | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2054 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11214 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 10/15/2050 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 7872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 05/15/2043 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22549 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 06/23/2030 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 36484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/23/2032 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 06/23/2035 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17487 |
| &nbsp;&nbsp;&nbsp;CNA Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2034 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24219 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/30/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15259 |
| &nbsp;&nbsp;&nbsp;CNO Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/09/2029\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5099 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/04/2029 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 29193 |
| &nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/15/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10506 |
| &nbsp;&nbsp;&nbsp;Massachusetts Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 10/15/2070\* | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 39008 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 12/15/2066 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 38936 |
| &nbsp;&nbsp;&nbsp;Teachers Insurance & Annuity Assoc. of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85%, 12/16/2039\* | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 18325 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574268 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Internet — 0.1%** | **Internet — 0.1%** | **Internet — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cogent Communications Group LLC/Cogent Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2032\* | $50000 | &nbsp;&nbsp;$48574 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 08/15/2054 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 46435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2064 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22831 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 11/15/2028 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10545 |
| &nbsp;&nbsp;&nbsp;Wayfair LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 10/31/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 09/15/2030\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41950 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196111 |
| **Investment Companies — 0.1%** | **Investment Companies — 0.1%** | **Investment Companies — 0.1%** |
| &nbsp;&nbsp;&nbsp;Ares Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 01/15/2026 | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 81856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 01/15/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5147 |
| &nbsp;&nbsp;&nbsp;Blackstone Private Credit Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/15/2027 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109564 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;ArcelorMittal |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/15/2039 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 41553 |
| &nbsp;&nbsp;&nbsp;Big River Steel LLC/BRS Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/31/2029\* | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22009 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/15/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 01/15/2034\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15456 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4719 |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/01/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10129 |
| &nbsp;&nbsp;&nbsp;United States Steel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 06/01/2037 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10365 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124430 |
| **Leisure Time — 0.3%** | **Leisure Time — 0.3%** | **Leisure Time — 0.3%** |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 08/18/2031 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 23475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 03/18/2029 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23799 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp./DE |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/01/2052 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 25657 |
| &nbsp;&nbsp;&nbsp;Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 08/01/2028\* | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 71956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/01/2029\* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 70000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/15/2030\* | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 46965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/01/2032\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76326 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35876 |
| &nbsp;&nbsp;&nbsp;NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/15/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10052 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15971 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/15/2036 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/30/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2033\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5162 |
| &nbsp;&nbsp;&nbsp;Viking Cruises, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 02/15/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13%, 07/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554457 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2031\* | $35000 | &nbsp;&nbsp;$33740 |
| &nbsp;&nbsp;&nbsp;Hilton Domestic Operating Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/15/2033\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45601 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/30/2029(1) | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25640 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/15/2031(1) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20450 |
| &nbsp;&nbsp;&nbsp;Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15409 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140840 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 03/01/2030 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 05/15/2028 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 36284 |
| &nbsp;&nbsp;&nbsp;Terex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14772 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25467 |
| &nbsp;&nbsp;&nbsp;Vertiv Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/15/2028\* | &nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp; 75189 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159257 |
| **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** | **Machinery-Diversified — 0.0%** |
| &nbsp;&nbsp;&nbsp;Chart Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 01/01/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10713 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 04/15/2028 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 87927 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98640 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2030\* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 81563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 06/01/2029\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 49667 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 01/15/2029 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 34412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 12/01/2035 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15143 |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 02/01/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 02/01/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19754 |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC/Directv Financing Co.-Obligor, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 08/15/2027\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 02/15/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19971 |
| &nbsp;&nbsp;&nbsp;Discovery Communications LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 05/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24063 |
| &nbsp;&nbsp;&nbsp;EW Scripps Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 08/15/2030\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 42239 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/15/2031\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 18779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/15/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 07/15/2032\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35757 |
| &nbsp;&nbsp;&nbsp;McGraw-Hill Education, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/01/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 09/01/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30553 |
| &nbsp;&nbsp;&nbsp;Nexstar Media, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14641 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/01/2028 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 06/01/2029 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 03/15/2043 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 18525 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/15/2031 | $20000 | &nbsp;&nbsp;$19772 |
| &nbsp;&nbsp;&nbsp;Sinclair Television Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 02/15/2033\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56445 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/01/2031\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 40783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4831 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 07/15/2033 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 83296 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 08/01/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21313 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/15/2044 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 18524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 12/01/2045 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3917 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;798482 |
| **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** | **Metal Fabricate/Hardware — 0.0%** |
| &nbsp;&nbsp;&nbsp;TMS International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/15/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24243 |
| **Mining — 0.1%** | **Mining — 0.1%** | **Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/15/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20667 |
| &nbsp;&nbsp;&nbsp;Glencore Finance Canada, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/15/2041\* | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7236 |
| &nbsp;&nbsp;&nbsp;Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 09/01/2030\* | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 21894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/04/2034\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 31302 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20163 |
| &nbsp;&nbsp;&nbsp;Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/30/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/15/2033\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 01/30/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20740 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222087 |
| **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** | **Miscellaneous Manufacturing — 0.0%** |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30845 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;CDW LLC/CDW Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/15/2029 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23945 |
| **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** | **Oil & Gas — 0.3%** |
| &nbsp;&nbsp;&nbsp;Aker BP ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 10/01/2054\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 69533 |
| &nbsp;&nbsp;&nbsp;Canadian Natural Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2029\* | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 01/15/2032 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 41651 |
| &nbsp;&nbsp;&nbsp;Cenovus Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 11/15/2039 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2210 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/15/2034\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35462 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95%, 04/15/2032 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 23289 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/15/2029\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55574 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 11/01/2033\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21006 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/15/2032\* | $30000 | &nbsp;&nbsp;$30287 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 08/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 32596 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 08/01/2029 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 03/15/2040 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2031 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 12355 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2026 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9997 |
| &nbsp;&nbsp;&nbsp;Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/01/2033\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35624 |
| &nbsp;&nbsp;&nbsp;TGNR Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2029\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34249 |
| &nbsp;&nbsp;&nbsp;Transocean Aquila, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 09/30/2028\* | &nbsp;&nbsp; 3615 | &nbsp;&nbsp;&nbsp;&nbsp; 3719 |
| &nbsp;&nbsp;&nbsp;Transocean International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.80%, 03/15/2038 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 25410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/15/2032\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/15/2030\* | &nbsp;&nbsp; 7500 | &nbsp;&nbsp;&nbsp;&nbsp; 7891 |
| &nbsp;&nbsp;&nbsp;Transocean Poseidon, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/01/2027\* | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8992 |
| &nbsp;&nbsp;&nbsp;Transocean Titan Financing, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 02/01/2028\* | &nbsp;&nbsp; 12143 | &nbsp;&nbsp;&nbsp;&nbsp; 12442 |
| &nbsp;&nbsp;&nbsp;Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/01/2030 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 08/01/2035 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 31518 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 11/01/2027\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20003 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 24268 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664833 |
| **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** | **Oil & Gas Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/01/2035\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2029\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25942 |
| &nbsp;&nbsp;&nbsp;Weatherford International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/15/2033\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25017 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 04/30/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30667 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107167 |
| **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** | **Packaging & Containers — 0.1%** |
| &nbsp;&nbsp;&nbsp;Berry Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57%, 01/15/2026 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29742 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65%, 01/15/2027 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 46497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2028 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4113 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/15/2032\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25647 |
| &nbsp;&nbsp;&nbsp;Graham Packaging Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/15/2028\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30053 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging International LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9480 |
| &nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2027\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 04/15/2027\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25057 |
| &nbsp;&nbsp;&nbsp;WestRock MWV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.95%, 02/15/2031 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp;&nbsp;&nbsp; 1156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.20%, 01/15/2030 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 22907 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214848 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2034 | $12000 | &nbsp;&nbsp;$12348 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78%, 03/25/2038 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 44987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2032 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 39477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/10/2055 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57736 |
| &nbsp;&nbsp;&nbsp;Endo Finance Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 04/15/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 16093 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/19/2033 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 63646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/19/2053 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 25126 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Finance Netherlands III BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/09/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201063 |
| &nbsp;&nbsp;&nbsp;Wyeth LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/01/2037 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8666 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 05/15/2030 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 77293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 08/17/2035 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 75749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622184 |
| **Pipelines — 0.4%** | **Pipelines — 0.4%** | **Pipelines — 0.4%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/31/2032 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 30063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/01/2029 | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 50837 |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 08/15/2030\* | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 22217 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 12/15/2034\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46395 |
| &nbsp;&nbsp;&nbsp;Eastern Energy Gas Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 10/15/2054 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 01/15/2035 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18937 |
| &nbsp;&nbsp;&nbsp;El Paso Natural Gas Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/15/2032 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 25153 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 12/01/2026 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11001 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2030 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 07/01/2029 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 62770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/01/2042 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 02/15/2028(3) | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 79847 |
| &nbsp;&nbsp;&nbsp;Global Partners LP/GLP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 07/01/2033\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40999 |
| &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/2029\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5157 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 09/01/2044 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5723 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 01/15/2032 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 13953 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/15/2030\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45262 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 11/15/2032 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42862 |
| &nbsp;&nbsp;&nbsp;South Bow USA Infrastructure Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03%, 10/01/2029 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 33379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 10/01/2034 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18097 |
| &nbsp;&nbsp;&nbsp;Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/01/2031 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17050 |
| &nbsp;&nbsp;&nbsp;Venture Global Calcasieu Pass LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2030\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 78191 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/01/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36749 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/30/2029\*(3) | $25000 | &nbsp;&nbsp;$24777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 02/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 22041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88%, 02/01/2032\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 21774 |
| &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 01/15/2034\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2036\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/01/2035\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5644 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/15/2035 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31133 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861221 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| &nbsp;&nbsp;&nbsp;KKR Group Finance Co. VI LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 07/01/2029\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28486 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| &nbsp;&nbsp;&nbsp;Anywhere Real Estate Group LLC/Anywhere Co.-Issuer Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/15/2030\* | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16192 |
| **REITS — 0.3%** | **REITS — 0.3%** | **REITS — 0.3%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 01/15/2030 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 32046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 01/15/2027 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 74946 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/15/2029\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33635 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 09/01/2027 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 02/15/2028 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 30640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2047 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 09/01/2029 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23330 |
| &nbsp;&nbsp;&nbsp;EPR Properties |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2027 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11006 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 11/18/2029 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 45968 |
| &nbsp;&nbsp;&nbsp;GLP Capital LP/GLP Financing II, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 01/15/2032 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 15294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 12/01/2033 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 31423 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51001 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/01/2030\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50850 |
| &nbsp;&nbsp;&nbsp;MPT Operating Partnership LP/MPT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 02/15/2032\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53128 |
| &nbsp;&nbsp;&nbsp;RHP Hotel Properties LP/RHP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2032\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/15/2033\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 07/15/2028\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10316 |
| &nbsp;&nbsp;&nbsp;VICI Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2028 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 26219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 11/15/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/01/2034 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 35307 |
| &nbsp;&nbsp;&nbsp;VICI Properties LP/VICI Note Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2027\* | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 11868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2029\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 27338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/15/2028\* | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 32932 |
| &nbsp;&nbsp;&nbsp;XHR LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2030\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10275 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677142 |
| **Retail — 0.2%** | **Retail — 0.2%** | **Retail — 0.2%** |
| &nbsp;&nbsp;&nbsp;1011778 BC ULC/New Red Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/15/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 23561 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;7-Eleven, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30%, 02/10/2028\* | $68000 | &nbsp;&nbsp;$63582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80%, 02/10/2031\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 6953 |
| &nbsp;&nbsp;&nbsp;Alimentation Couche-Tard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 01/25/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 07/26/2027\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29717 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 11/01/2035 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41601 |
| &nbsp;&nbsp;&nbsp;Carvana Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 06/01/2031\*(4) | &nbsp;&nbsp; 21400 | &nbsp;&nbsp;&nbsp;&nbsp; 24230 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 01/15/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 01/15/2052 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 22336 |
| &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC/Fertitta Entertainment Finance Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2030\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 32845 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/2032\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56848 |
| &nbsp;&nbsp;&nbsp;Foundation Building Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30408 |
| &nbsp;&nbsp;&nbsp;QXO Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/30/2032\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46593 |
| &nbsp;&nbsp;&nbsp;Specialty Building Products Holdings LLC/SBP Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10158 |
| &nbsp;&nbsp;&nbsp;White Cap Buyer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 10/15/2028\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 34896 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474967 |
| **Semiconductors — 0.0%** | **Semiconductors — 0.0%** | **Semiconductors — 0.0%** |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 29868 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/05/2032 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 53054 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 07/15/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10131 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93053 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| &nbsp;&nbsp;&nbsp;AthenaHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29754 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/31/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 09/30/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15558 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2030\* | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 63949 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 03/25/2031 | &nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 76214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65%, 03/25/2041 | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 47253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/26/2030 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/26/2032 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25030 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/15/2030 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46306 |
| &nbsp;&nbsp;&nbsp;Rocket Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19477 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 09/01/2030 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 30649 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/01/2035 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2055 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5046 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;UKG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/01/2031\* | $30000 | &nbsp;&nbsp;$30955 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460968 |
| **Telecommunications — 0.2%** | **Telecommunications — 0.2%** | **Telecommunications — 0.2%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 12/01/2033 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 39169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2046 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4465 |
| &nbsp;&nbsp;&nbsp;CommScope LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 07/01/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15055 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.75%, 11/30/2029 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 38506 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/15/2027\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 05/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15670 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 11/15/2030 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 08/15/2030 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 08/15/2032 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32979 |
| &nbsp;&nbsp;&nbsp;Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 03/15/2032 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 22671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/15/2029 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 46878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/15/2055 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/15/2055 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26504 |
| &nbsp;&nbsp;&nbsp;Sprint Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 11/15/2028 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 45177 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 02/15/2031 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/15/2029 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 32041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/15/2027 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/15/2030 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 6864 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/15/2033 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 12/15/2033 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 39138 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 03/22/2061 | &nbsp;&nbsp; 33000 | &nbsp;&nbsp;&nbsp;&nbsp; 23245 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/30/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14076 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520198 |
| **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** |
| &nbsp;&nbsp;&nbsp;Mattel, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2026\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4964 |
| **Transportation — 0.0%** | **Transportation — 0.0%** | **Transportation — 0.0%** |
| &nbsp;&nbsp;&nbsp;Beacon Mobility Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 08/01/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15595 |
| &nbsp;&nbsp;&nbsp;Watco Cos. LLC/Watco Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 08/01/2032\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41403 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56998 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| &nbsp;&nbsp;&nbsp;Avolon Holdings Funding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 10/10/2030\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40219 |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 11/15/2026\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/2027\* | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85215 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135330 |
| **Total Corporate Bonds & Notes<br> (cost $16,627,663)** |  | &nbsp;&nbsp;&nbsp;&nbsp;16830428 |
| **CONVERTIBLE BONDS & NOTES — 0.0%** | **CONVERTIBLE BONDS & NOTES — 0.0%** | **CONVERTIBLE BONDS & NOTES — 0.0%** |
| **Food — 0.0%** | **Food — 0.0%** | **Food — 0.0%** |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 12/15/2028 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 21645 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CONVERTIBLE BONDS & NOTES (continued)** | **CONVERTIBLE BONDS & NOTES (continued)** | **CONVERTIBLE BONDS & NOTES (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 08/15/2027 | $15000 | &nbsp;&nbsp;$16830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38475 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 06/15/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7600 |
| **Software — 0.0%** | **Software — 0.0%** | **Software — 0.0%** |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 11/01/2029\* | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 25586 |
| **Total Convertible Bonds & Notes<br> (cost $66,953)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71661 |
| **LOANS(5)(6)(7) — 0.2%** |  |  |
| **Advertising — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Clear Channel Outdoor Holdings, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28%, (TSFR1M+4.00%), 08/23/2028 | &nbsp;&nbsp; 10853 | &nbsp;&nbsp;&nbsp;&nbsp; 10864 |
| **Apparel — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Beach Acquisition Bidco LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.31%, (TSFR1M+3.25%), 09/13/2032 | &nbsp;&nbsp; 1264 | &nbsp;&nbsp;&nbsp;&nbsp; 1269 |
| **Auto Parts & Equipment — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Dexko Global, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.03%, (TSFR1M+3.75%), 10/04/2028 | &nbsp;&nbsp; 14834 | &nbsp;&nbsp;&nbsp;&nbsp; 14555 |
| **Chemicals — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Hexion Holdings Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.70% , (TSFR1M+7.44%), 03/15/2030 | &nbsp;&nbsp; 17647 | &nbsp;&nbsp;&nbsp;&nbsp; 17405 |
| &nbsp;&nbsp;&nbsp;Nouryon Finance BV FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.42% , (TSFR3M+3.25%), 04/03/2028 | &nbsp;&nbsp; 9826 | &nbsp;&nbsp;&nbsp;&nbsp; 9826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50% , (TSFR1M+3.25%), 04/03/2028 | &nbsp;&nbsp; 20642 | &nbsp;&nbsp;&nbsp;&nbsp; 20608 |
| &nbsp;&nbsp;&nbsp;Vibrantz Technologies, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.73% , (TSFR3M+4.25%), 04/23/2029 | &nbsp;&nbsp; 9684 | &nbsp;&nbsp;&nbsp;&nbsp; 7797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55636 |
| **Commercial Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Veritiv Operating Co. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, (TSFR3M+4.00%), 11/29/2030 | &nbsp;&nbsp; 17043 | &nbsp;&nbsp;&nbsp;&nbsp; 16891 |
| **Computers — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fortress Intermediate 3, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, (TSFR1M+3.00%), 06/27/2031 | &nbsp;&nbsp; 14888 | &nbsp;&nbsp;&nbsp;&nbsp; 14906 |
| **E-Commerce/Services — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, (TSFR1M+2.50%), 06/30/2032 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5039 |
| **Entertainment — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Scientific Games Holdings LP FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.29%, (TSFR3M+3.00%), 04/04/2029 | &nbsp;&nbsp; 9875 | &nbsp;&nbsp;&nbsp;&nbsp; 9786 |
| **Environmental Control — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Filtration Group Corp, FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.91%, (TSFR1M+2.75%), 10/23/2028 | &nbsp;&nbsp; 9974 | &nbsp;&nbsp;&nbsp;&nbsp; 10014 |
| **Food — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Froneri Lux FinCo SARL FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37%, (TSFR1M+2.50%), 07/16/2032 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9978 |
| **Healthcare-Products — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bausch & Lomb Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.41% , (TSFR1M+4.25%), 01/15/2031 | &nbsp;&nbsp; 23569 | &nbsp;&nbsp;&nbsp;&nbsp; 23569 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16% , (TSFR1M+2.00%), 10/23/2028 | &nbsp;&nbsp; 13081 | &nbsp;&nbsp;&nbsp;&nbsp; 13081 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36650 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Lodging — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Fertitta Entertainment LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41%, (TSFR1M+3.25%), 01/29/2029 | $5000 | &nbsp;&nbsp;$4991 |
| **Media — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Directv Financing LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.82%, (TSFR3M+5.25%), 08/02/2029 | &nbsp;&nbsp; 23098 | &nbsp;&nbsp;&nbsp;&nbsp; 23121 |
| **Packaging & Containers — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Klockner Pentaplast of America, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.02%, (TSFR6M+4.73%), 02/09/2026 | &nbsp;&nbsp; 14497 | &nbsp;&nbsp;&nbsp;&nbsp; 7370 |
| **Pharmaceuticals — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Bausch Health Cos., Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.41% , (TSFR1M+6.25%), 10/08/2030 | &nbsp;&nbsp; 14963 | &nbsp;&nbsp;&nbsp;&nbsp; 14738 |
| &nbsp;&nbsp;&nbsp;Endo Finance Holdings, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.16% , (TSFR1M+4.00%), 04/23/2031 | &nbsp;&nbsp; 29700 | &nbsp;&nbsp;&nbsp;&nbsp; 29737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44475 |
| **REITS — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40%, (TSFR1M+3.25%), 06/13/2030 | &nbsp;&nbsp; 2993 | &nbsp;&nbsp;&nbsp;&nbsp; 3011 |
| **Retail — 0.1%** |  |  |
| &nbsp;&nbsp;&nbsp;Foundation Building Materials, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.31% , (TSFR3M+4.00%), 01/29/2031 | &nbsp;&nbsp; 24687 | &nbsp;&nbsp;&nbsp;&nbsp; 24709 |
| &nbsp;&nbsp;&nbsp;IRB Holding Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66% , (TSFR1M+2.50%), 12/15/2027 | &nbsp;&nbsp; 14603 | &nbsp;&nbsp;&nbsp;&nbsp; 14603 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.99% , (TSFR1M+3.75%), 06/06/2031 | &nbsp;&nbsp; 9849 | &nbsp;&nbsp;&nbsp;&nbsp; 9595 |
| &nbsp;&nbsp;&nbsp;White Cap Buyer LLC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.42% , (TSFR1M+3.25%), 10/29/2029 | &nbsp;&nbsp; 19333 | &nbsp;&nbsp;&nbsp;&nbsp; 19330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68237 |
| **Software — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25% , (TSFR3M+3.25%), 08/13/2032 | &nbsp;&nbsp; 1516 | &nbsp;&nbsp;&nbsp;&nbsp; 1521 |
| &nbsp;&nbsp;&nbsp;Idera, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.80% , (TSFR3M+3.50%), 03/02/2028 | &nbsp;&nbsp; 19749 | &nbsp;&nbsp;&nbsp;&nbsp; 17330 |
| &nbsp;&nbsp;&nbsp;Rocket Software, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.91% , (TSFR1M+3.75%), 11/28/2028 | &nbsp;&nbsp; 18716 | &nbsp;&nbsp;&nbsp;&nbsp; 18725 |
| &nbsp;&nbsp;&nbsp;UKG, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.81% , (TSFR1M+2.50%), 02/10/2031 | &nbsp;&nbsp; 4950 | &nbsp;&nbsp;&nbsp;&nbsp; 4944 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42520 |
| **Telecommunications — 0.0%** |  |  |
| &nbsp;&nbsp;&nbsp;CommScope, Inc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.91% , (TSFR1M+4.75%), 12/17/2029 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20220 |
| &nbsp;&nbsp;&nbsp;Connect Finco SARL FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.66% , (TSFR1M+4.50%), 09/28/2029 | &nbsp;&nbsp; 9788 | &nbsp;&nbsp;&nbsp;&nbsp; 9657 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29877 |
| **Total Loans<br> (cost $417,930)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409190 |
| **ASSET BACKED SECURITIES — 0.1%** | **ASSET BACKED SECURITIES — 0.1%** | **ASSET BACKED SECURITIES — 0.1%** |
| **Auto Loan Receivables — 0.1%** | **Auto Loan Receivables — 0.1%** | **Auto Loan Receivables — 0.1%** |
| &nbsp;&nbsp;&nbsp;Ford Credit Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-B, Class A3<br> 5.10%, 04/15/2029 | &nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp; 92342 |
| **Commercial and Residential — 0.0%** | **Commercial and Residential — 0.0%** | **Commercial and Residential — 0.0%** |
| &nbsp;&nbsp;&nbsp;JPMorgan Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HE3, Class A1<br> 5.99%, (SOFR30A+1.60%), 05/20/2054\* | &nbsp;&nbsp; 32941 | &nbsp;&nbsp;&nbsp;&nbsp; 33086 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| **Home Equity — 0.0%** | **Home Equity — 0.0%** | **Home Equity — 0.0%** |
| &nbsp;&nbsp;&nbsp;JP Morgan Mtg. Trust Series VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-CES2, Class A1<br> 5.59%, 06/25/2055\*(8) | $58940 | &nbsp;&nbsp;$59453 |
| **Total Asset Backed Securities<br> (cost $183,147)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184881 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.3%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 1.3%** |
| **Commercial and Residential — 1.0%** | **Commercial and Residential — 1.0%** | **Commercial and Residential — 1.0%** |
| &nbsp;&nbsp;&nbsp;Barclays Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C3, Class C<br> 4.18%, 05/15/2052 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 23894 |
| &nbsp;&nbsp;&nbsp;BBCMS Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5C34, Class XA<br> 1.39%, 05/15/2058(8)(9) | &nbsp;&nbsp;1549797 | &nbsp;&nbsp;&nbsp;&nbsp; 74019 |
| &nbsp;&nbsp;&nbsp;BMO Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5C10, Class XA<br> 1.58%, 05/15/2058(8)(9) | &nbsp;&nbsp;1065945 | &nbsp;&nbsp;&nbsp;&nbsp; 56356 |
| &nbsp;&nbsp;&nbsp;CD Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-CD1, Class XA<br> 1.47%, 08/10/2049(8)(9) | &nbsp;&nbsp; 222833 | &nbsp;&nbsp;&nbsp;&nbsp; 756 |
| &nbsp;&nbsp;&nbsp;Chase Home Lending Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-7, Class A11<br> 5.76%, (SOFR30A+1.40%), 05/25/2056\* | &nbsp;&nbsp; 23947 | &nbsp;&nbsp;&nbsp;&nbsp; 24006 |
| &nbsp;&nbsp;&nbsp;Citigroup Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-P6, Class A5<br> 3.72%, 12/10/2049(8) | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 37139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-GC21, Class C<br> 4.78%, 05/10/2047(8) | &nbsp;&nbsp; 9708 | &nbsp;&nbsp;&nbsp;&nbsp; 9485 |
| &nbsp;&nbsp;&nbsp;Citigroup Mtg. Loan Trust, Inc. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2005-2, Class 1A2A<br> 6.13%, 05/25/2035(8) | &nbsp;&nbsp; 2743 | &nbsp;&nbsp;&nbsp;&nbsp; 2707 |
| &nbsp;&nbsp;&nbsp;Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-UBS4, Class AM<br> 3.97%, 08/10/2047 | &nbsp;&nbsp; 53712 | &nbsp;&nbsp;&nbsp;&nbsp; 51107 |
| &nbsp;&nbsp;&nbsp;Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-UBS4, Class XA<br> 0.90%, 08/10/2047(8)(9) | &nbsp;&nbsp; 114293 | &nbsp;&nbsp;&nbsp;&nbsp; 396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR15, Class B<br> 4.02%, 02/10/2047(8) | &nbsp;&nbsp; 34440 | &nbsp;&nbsp;&nbsp;&nbsp; 33668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-LC21, Class B<br> 4.44%, 07/10/2048(8) | &nbsp;&nbsp; 5212 | &nbsp;&nbsp;&nbsp;&nbsp; 5160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-UBS6, Class C<br> 4.56%, 12/10/2047(8) | &nbsp;&nbsp; 7400 | &nbsp;&nbsp;&nbsp;&nbsp; 7307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-CR17, Class C<br> 4.94%, 05/10/2047(8) | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 62560 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R01, Class 1A1<br> 5.31%, (SOFR30A+0.95%), 01/25/2045\* | &nbsp;&nbsp; 25185 | &nbsp;&nbsp;&nbsp;&nbsp; 25200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1M1<br> 5.36%, (SOFR30A+1.00%), 12/25/2041\* | &nbsp;&nbsp; 1494 | &nbsp;&nbsp;&nbsp;&nbsp; 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R02, Class 1A1<br> 5.36%, (SOFR30A+1.00%), 02/25/2045\* | &nbsp;&nbsp; 16517 | &nbsp;&nbsp;&nbsp;&nbsp; 16538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04, Class 1A1<br> 5.36%, (SOFR30A+1.00%), 05/25/2045\* | &nbsp;&nbsp; 20465 | &nbsp;&nbsp;&nbsp;&nbsp; 20487 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R06, Class 1M1<br> 5.41%, (SOFR30A+1.05%), 09/25/2044\* | &nbsp;&nbsp; 2928 | &nbsp;&nbsp;&nbsp;&nbsp; 2926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R01, Class 1M1<br> 5.46%, (SOFR30A+1.10%), 01/25/2045\* | &nbsp;&nbsp; 19756 | &nbsp;&nbsp;&nbsp;&nbsp; 19762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R06, Class 1A1<br> 5.51%, (SOFR30A+1.15%), 09/25/2044\* | &nbsp;&nbsp; 23794 | &nbsp;&nbsp;&nbsp;&nbsp; 23872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R02, Class 1M1<br> 5.51%, (SOFR30A+1.15%), 02/25/2045\* | &nbsp;&nbsp; 42884 | &nbsp;&nbsp;&nbsp;&nbsp; 42884 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R04, Class 1M1<br> 5.56%, (SOFR30A+1.20%), 05/25/2045\* | $55290 | &nbsp;&nbsp;$55418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-R03, Class 2A1<br> 5.81%, (SOFR30A+1.45%), 03/25/2045\* | &nbsp;&nbsp; 10724 | &nbsp;&nbsp;&nbsp;&nbsp; 10791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1M2<br> 6.26%, (SOFR30A+1.90%), 12/25/2041\* | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 26362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R05, Class 2M1<br> 6.26%, (SOFR30A+1.90%), 04/25/2042\* | &nbsp;&nbsp; 2609 | &nbsp;&nbsp;&nbsp;&nbsp; 2615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R09, Class 2M1<br> 6.86%, (SOFR30A+2.50%), 09/25/2042\* | &nbsp;&nbsp; 3969 | &nbsp;&nbsp;&nbsp;&nbsp; 4025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R08, Class 1M1<br> 6.91%, (SOFR30A+2.55%), 07/25/2042\* | &nbsp;&nbsp; 9152 | &nbsp;&nbsp;&nbsp;&nbsp; 9385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-C04, Class 2M2<br> 7.02%, (SOFR30A+2.66%), 12/25/2030 | &nbsp;&nbsp; 17667 | &nbsp;&nbsp;&nbsp;&nbsp; 18169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R06, Class 1M1<br> 7.11%, (SOFR30A+2.75%), 05/25/2042\* | &nbsp;&nbsp; 12519 | &nbsp;&nbsp;&nbsp;&nbsp; 12812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R07, Class 1M1<br> 7.31%, (SOFR30A+2.95%), 06/25/2042\* | &nbsp;&nbsp; 16239 | &nbsp;&nbsp;&nbsp;&nbsp; 16660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C02, Class 2M2C<br> 8.12%, (SOFR30A+3.76%), 09/25/2029 | &nbsp;&nbsp; 14746 | &nbsp;&nbsp;&nbsp;&nbsp; 14927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C04, Class 1M2<br> 8.72%, (SOFR30A+4.36%), 01/25/2029 | &nbsp;&nbsp; 40963 | &nbsp;&nbsp;&nbsp;&nbsp; 41765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C07, Class 2M2<br> 8.82%, (SOFR30A+4.46%), 05/25/2029 | &nbsp;&nbsp; 44605 | &nbsp;&nbsp;&nbsp;&nbsp; 45841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C05, Class 2M2<br> 8.92%, (SOFR30A+4.56%), 01/25/2029 | &nbsp;&nbsp; 38521 | &nbsp;&nbsp;&nbsp;&nbsp; 39136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C04, Class 1M2<br> 10.17%, (SOFR30A+5.81%), 04/25/2028 | &nbsp;&nbsp; 9252 | &nbsp;&nbsp;&nbsp;&nbsp; 9286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C03, Class 2M2<br> 10.37%, (SOFR30A+6.01%), 10/25/2028 | &nbsp;&nbsp; 686 | &nbsp;&nbsp;&nbsp;&nbsp; 697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C02, Class 1M2<br> 10.47%, (SOFR30A+6.11%), 09/25/2028 | &nbsp;&nbsp; 5980 | &nbsp;&nbsp;&nbsp;&nbsp; 6049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C01, Class 1M2<br> 11.22%, (SOFR30A+6.86%), 08/25/2028 | &nbsp;&nbsp; 2720 | &nbsp;&nbsp;&nbsp;&nbsp; 2776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C01, Class 2M2<br> 11.42%, (SOFR30A+7.06%), 08/25/2028 | &nbsp;&nbsp; 4204 | &nbsp;&nbsp;&nbsp;&nbsp; 4290 |
| &nbsp;&nbsp;&nbsp;Credit Suisse Mtg. Capital Certs. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2006-C4, Class AX<br> 1.09%, 09/15/2039\*(8)(9) | &nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;CSAIL Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C17, Class AS<br> 3.28%, 09/15/2052 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 44090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C6, Class AS<br> 3.35%, 01/15/2049 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 42166 |
| &nbsp;&nbsp;&nbsp;CSAIL Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C1, Class XA<br> 0.17%, 04/15/2050(8)(9) | &nbsp;&nbsp; 57083 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C1, Class AS<br> 3.79%, 04/15/2050(8) | &nbsp;&nbsp; 30420 | &nbsp;&nbsp;&nbsp;&nbsp; 30162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C7, Class AS<br> 3.96%, 11/15/2049(8) | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 62849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C1, Class C<br> 3.96%, 04/15/2050(8) | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 30872 |
| &nbsp;&nbsp;&nbsp;CSMC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-NXSR, Class AS<br> 4.05%, 12/15/2049(8) | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 52768 |
| &nbsp;&nbsp;&nbsp;DBUBS Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-LC3A, Class D<br> 5.53%, 08/10/2044\*(8) | &nbsp;&nbsp; 90682 | &nbsp;&nbsp;&nbsp;&nbsp; 87481 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA3, Class M1<br> 5.47%, (SOFR30A+1.10%), 09/25/2045\* | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 57036 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C06, Class 2M2<br> 7.27%, (SOFR30A+2.91%), 02/25/2030 | $15736 | &nbsp;&nbsp;$15994 |
| &nbsp;&nbsp;&nbsp;JPMBB Commercial Mtg. Securities Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12, Class C<br> 4.07%, 07/15/2045(8) | &nbsp;&nbsp; 18069 | &nbsp;&nbsp;&nbsp;&nbsp; 17346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2014-C23, Class B<br> 4.69%, 09/15/2047(8) | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 93886 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mtg. Securities Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-C6, Class D<br> 5.13%, 05/15/2045(8) | &nbsp;&nbsp; 14974 | &nbsp;&nbsp;&nbsp;&nbsp; 14883 |
| &nbsp;&nbsp;&nbsp;JPMorgan Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A11<br> 5.61%, (SOFR30A+1.25%), 06/25/2055\* | &nbsp;&nbsp; 26279 | &nbsp;&nbsp;&nbsp;&nbsp; 26244 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Bank of America Merrill Lynch Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-C22, Class B<br> 3.88%, 04/15/2048(8) | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 42244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C32, Class AS<br> 3.99%, 12/15/2049(8) | &nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp; 89908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-C5, Class E<br> 4.79%, 08/15/2045\*(8) | &nbsp;&nbsp; 58086 | &nbsp;&nbsp;&nbsp;&nbsp; 56852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C12, Class C<br> 4.86%, 10/15/2046(8) | &nbsp;&nbsp; 12034 | &nbsp;&nbsp;&nbsp;&nbsp; 11432 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-BNK2, Class C<br> 4.00%, 11/15/2049(8) | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 13305 |
| &nbsp;&nbsp;&nbsp;OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-NQM8, Class A1<br> 7.05%, 09/25/2063\*(10) | &nbsp;&nbsp; 78333 | &nbsp;&nbsp;&nbsp;&nbsp; 79467 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-BNK1, Class AS<br> 2.81%, 08/15/2049 | &nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 79183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-RC1, Class AS<br> 3.84%, 01/15/2060 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 27530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-C39, Class B<br> 4.03%, 09/15/2050 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 36770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C50, Class B<br> 4.19%, 05/15/2052 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 46889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-C49, Class B<br> 4.55%, 03/15/2052 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 45820 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-LC20, Class C<br> 4.06%, 04/15/2050(8) | &nbsp;&nbsp; 14117 | &nbsp;&nbsp;&nbsp;&nbsp; 13623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-C57, Class C<br> 4.16%, 08/15/2053(8) | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 40055 |
| &nbsp;&nbsp;&nbsp;WF-RBS Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2013-C11, Class B<br> 3.71%, 03/15/2045(8) | &nbsp;&nbsp; 20673 | &nbsp;&nbsp;&nbsp;&nbsp; 20474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-C10, Class C<br> 4.46%, 12/15/2045(8) | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 15624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2011-C3, Class D<br> 6.05%, 03/15/2044\*(8) | &nbsp;&nbsp; 8560 | &nbsp;&nbsp;&nbsp;&nbsp; 3082 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060761 |
| **U.S. Government Agency — 0.3%** | **U.S. Government Agency — 0.3%** | **U.S. Government Agency — 0.3%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, (-3.00\*SOFR30A+19.52%), 03/15/2035(11) | &nbsp;&nbsp; 5369 | &nbsp;&nbsp;&nbsp;&nbsp; 5586 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-DNA1, Class A1<br> 5.31%, (SOFR30A+0.95%), 01/25/2045\* | &nbsp;&nbsp; 58963 | &nbsp;&nbsp;&nbsp;&nbsp; 58999 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA2, Class M1A<br> 5.66%, (SOFR30A+1.30%), 02/25/2042\* | $20665 | &nbsp;&nbsp;$20665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class M2<br> 5.86%, (SOFR30A+1.50%), 10/25/2041\* | &nbsp;&nbsp; 11128 | &nbsp;&nbsp;&nbsp;&nbsp; 11157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA5, Class M2<br> 6.01%, (SOFR30A+1.65%), 01/25/2034\* | &nbsp;&nbsp; 4788 | &nbsp;&nbsp;&nbsp;&nbsp; 4802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class M2<br> 6.16%, (SOFR30A+1.80%), 11/25/2041\* | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 51430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3, Class A1<br> 6.21%, (SOFR30A+1.85%), 11/25/2043\* | &nbsp;&nbsp; 13298 | &nbsp;&nbsp;&nbsp;&nbsp; 13448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA3, Class M1<br> 6.21%, (SOFR30A+1.85%), 11/25/2043\* | &nbsp;&nbsp; 5177 | &nbsp;&nbsp;&nbsp;&nbsp; 5208 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA2, Class M1A<br> 6.36%, (SOFR30A+2.00%), 06/25/2043\* | &nbsp;&nbsp; 4381 | &nbsp;&nbsp;&nbsp;&nbsp; 4401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA6, Class M1A<br> 6.51%, (SOFR30A+2.15%), 09/25/2042\* | &nbsp;&nbsp; 3269 | &nbsp;&nbsp;&nbsp;&nbsp; 3287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA3, Class M1A<br> 6.66%, (SOFR30A+2.30%), 08/25/2042\* | &nbsp;&nbsp; 18201 | &nbsp;&nbsp;&nbsp;&nbsp; 18472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA2, Class M1A<br> 7.01%, (SOFR30A+2.65%), 07/25/2042\* | &nbsp;&nbsp; 12342 | &nbsp;&nbsp;&nbsp;&nbsp; 12592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1A<br> 7.31%, (SOFR30A+2.95%), 06/25/2042\* | &nbsp;&nbsp; 49446 | &nbsp;&nbsp;&nbsp;&nbsp; 50431 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-98, Class FA<br> 5.51%, (SOFR30A+1.15%), 12/25/2053 | &nbsp;&nbsp; 116693 | &nbsp;&nbsp;&nbsp;&nbsp; 117117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-89, Class FA<br> 5.56%, (SOFR30A+1.20%), 12/25/2054 | &nbsp;&nbsp; 173574 | &nbsp;&nbsp;&nbsp;&nbsp; 174396 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-189, Class IO<br> 0.88%, 06/16/2061(8)(9) | &nbsp;&nbsp; 725400 | &nbsp;&nbsp;&nbsp;&nbsp; 46003 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. REMIC FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-78, Class QF<br> 5.49%, (SOFR30A+1.10%), 05/20/2054 | &nbsp;&nbsp; 164429 | &nbsp;&nbsp;&nbsp;&nbsp; 164886 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762880 |
| **Total Collateralized Mortgage Obligations<br> (cost $2,877,345)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823641 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 6.7%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 6.7%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 6.7%** |
| **U.S. Government — 3.1%** | **U.S. Government — 3.1%** | **U.S. Government — 3.1%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2051 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 274181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/15/2051 | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 222627 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 08/15/2042 | &nbsp;&nbsp;1790000 | &nbsp;&nbsp;&nbsp;&nbsp; 1393054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2052 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 64223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2049 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 239600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 11/15/2048 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 80332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2053 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 82676 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 02/28/2026 | &nbsp;&nbsp; 650000 | &nbsp;&nbsp;&nbsp;&nbsp; 640981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2030 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 601863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 05/15/2026 to 09/30/2026 | &nbsp;&nbsp;1710000 | &nbsp;&nbsp;&nbsp;&nbsp; 1680601 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/31/2029 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 450355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2033 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 96055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2033 | &nbsp;&nbsp; 710000 | &nbsp;&nbsp;&nbsp;&nbsp; 704120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6530668 |
| **U.S. Government Agency — 3.6%** | **U.S. Government Agency — 3.6%** | **U.S. Government Agency — 3.6%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2052 | &nbsp;&nbsp; 871351 | &nbsp;&nbsp;&nbsp;&nbsp; 747460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2052 | &nbsp;&nbsp; 873777 | &nbsp;&nbsp;&nbsp;&nbsp; 780181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2052 | &nbsp;&nbsp; 877818 | &nbsp;&nbsp;&nbsp;&nbsp; 810606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2035 | &nbsp;&nbsp; 818 | &nbsp;&nbsp;&nbsp;&nbsp; 848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 10/01/2029 | &nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp;&nbsp; 475 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 11/01/2041 | $506564 | &nbsp;&nbsp;$426873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2050 | &nbsp;&nbsp; 890536 | &nbsp;&nbsp;&nbsp;&nbsp; 724512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 11/01/2051 | &nbsp;&nbsp;1805871 | &nbsp;&nbsp;&nbsp;&nbsp; 1540241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/01/2046 to 10/01/2046 | &nbsp;&nbsp; 196250 | &nbsp;&nbsp;&nbsp;&nbsp; 177353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28%, 12/01/2028 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/01/2036 | &nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp;&nbsp; 308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2036 to 11/01/2036 | &nbsp;&nbsp; 17915 | &nbsp;&nbsp;&nbsp;&nbsp; 18800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/01/2033 to 04/01/2035 | &nbsp;&nbsp; 2363 | &nbsp;&nbsp;&nbsp;&nbsp; 2467 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/2051 | &nbsp;&nbsp; 768877 | &nbsp;&nbsp;&nbsp;&nbsp; 681936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/20/2052 | &nbsp;&nbsp; 940145 | &nbsp;&nbsp;&nbsp;&nbsp; 852576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/20/2053 | &nbsp;&nbsp; 870636 | &nbsp;&nbsp;&nbsp;&nbsp; 825696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/20/2053 | &nbsp;&nbsp; 19275 | &nbsp;&nbsp;&nbsp;&nbsp; 19953 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/20/2037 to 09/20/2037 | &nbsp;&nbsp; 5041 | &nbsp;&nbsp;&nbsp;&nbsp; 5411 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7657004 |
| **Total U.S. Government & Agency Obligations<br> (cost $14,479,230)** |  | &nbsp;&nbsp;&nbsp;&nbsp;14187672 |
| **MUNICIPAL SECURITIES — 0.0%** | **MUNICIPAL SECURITIES — 0.0%** | **MUNICIPAL SECURITIES — 0.0%** |
| &nbsp;&nbsp;&nbsp;North Texas Tollway Authority<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.72%, 01/01/2049 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 27848 |
| &nbsp;&nbsp;&nbsp;Ohio State University<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 06/01/2040 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14946 |
| &nbsp;&nbsp;&nbsp;State of California<br> General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 04/01/2034 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 35200 |
| **Total Municipal Securities<br> (cost $70,122)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77994 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.5%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.5%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.5%** |
| &nbsp;&nbsp;&nbsp;iShares Core MSCI Emerging Markets ETF | &nbsp;&nbsp; 4345 | &nbsp;&nbsp;&nbsp;&nbsp; 286422 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 Trust ETF | &nbsp;&nbsp; 839 | &nbsp;&nbsp;&nbsp;&nbsp; 558925 |
| &nbsp;&nbsp;&nbsp;SPDR S&P MidCap 400 Trust ETF | &nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp;&nbsp; 75696 |
| &nbsp;&nbsp;&nbsp;Xtrackers Harvest CSI 300 China A-Shares ETF | &nbsp;&nbsp; 3160 | &nbsp;&nbsp;&nbsp;&nbsp; 104217 |
| **Total Unaffiliated Investment Companies<br> (cost $958,734)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025260 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;Seventy Seven Energy, Inc. 6.63%, 11/15/2019(2)<br> (cost $4) | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| **Total Long-Term Investment Securities<br> (cost $157,633,146)** |  | &nbsp;&nbsp;&nbsp;&nbsp;206901754 |
| **SHORT-TERM INVESTMENTS — 1.4%** | **SHORT-TERM INVESTMENTS — 1.4%** | **SHORT-TERM INVESTMENTS — 1.4%** |
| **U.S. Government Agency — 1.4%** | **U.S. Government Agency — 1.4%** | **U.S. Government Agency — 1.4%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Bank Disc. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 10/01/2025<br> (cost $3,052,000) | &nbsp;&nbsp;3052000 | &nbsp;&nbsp;&nbsp;&nbsp; 3051658 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REPURCHASE AGREEMENTS — 1.9%** | **REPURCHASE AGREEMENTS — 1.9%** |  |
| &nbsp;&nbsp;&nbsp;Agreement with Bank of America Securities, Inc., bearing interest at 4.20% dated 09/30/2025, to be repurchased 10/01/2025 in the amount of $4,000,467 and collateralized by $4,284,000 of United States Treasury Notes, bearing interest at 2.88% due 05/15/2032 and having an approximate value of $4,095,236<br> (cost $4,000,000) | $4000000 | &nbsp;&nbsp;$4000000 |
| **TOTAL INVESTMENTS<br> (cost $164,685,146)(12)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.2% | &nbsp;&nbsp;&nbsp;&nbsp;213953412 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(418537) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$213534875 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The SA Franklin Allocation Moderately Aggressive Portfolio has no right to demand registration of these securities. At September 30, 2025, the aggregate value of these securities was $10,675,788 representing 5.0% of net assets. |
| (1) | &nbsp;&nbsp;Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of September 30, 2025, the Portfolio held the following restricted securities: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| Bank of N.T. Butterfield & Son, Ltd. | 02/28/2023, 05/07/2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | $15499 | $18670 | $42.92 | 0.0% |
| Domo, Inc., Class B | 07/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;1798 | &nbsp;&nbsp;27153 | &nbsp;&nbsp;&nbsp;&nbsp;28480 | &nbsp;&nbsp;&nbsp;&nbsp;15.84 | 0.0 |
| Mativ Holdings, Inc. | 12/10/24, 01/14/25,<br> 02/13/2025, 03/21/2025,<br> 04/25/2025, 08/13/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp;5941 | &nbsp;&nbsp;&nbsp;&nbsp;8324 | &nbsp;&nbsp;&nbsp;&nbsp;11.31 | 0.0 |
| Peabody Energy Corp. | 07/07/2025 | &nbsp;&nbsp;&nbsp;&nbsp;2458 | &nbsp;&nbsp;35546 | &nbsp;&nbsp;&nbsp;&nbsp;65186 | &nbsp;&nbsp;&nbsp;&nbsp;26.52 | 0.1 |
| Reckitt Benckiser Group PLC | 04/16/25, 02/19/25 | &nbsp;&nbsp;&nbsp;&nbsp;2231 | 149233 | &nbsp;&nbsp;171567 | &nbsp;&nbsp;&nbsp;&nbsp;76.90 | 0.1 |
| **<u>Corporate Bonds & Notes</u>** | **<u>Corporate Bonds & Notes</u>** | **<u>Corporate Bonds & Notes</u>** | **<u>Corporate Bonds & Notes</u>** | **<u>Corporate Bonds & Notes</u>** | **<u>Corporate Bonds & Notes</u>** | **<u>Corporate Bonds & Notes</u>** |
| Hyatt Hotels Corp. 5.25%, 06/30/2029 |  | $25000 | &nbsp;&nbsp;25059 | &nbsp;&nbsp;&nbsp;&nbsp;25640 | &nbsp;&nbsp;102.56 | 0.0 |
| Hyatt Hotels Corp. 5.38%, 12/15/2031 |  | &nbsp;&nbsp;20000 | &nbsp;&nbsp;19954 | &nbsp;&nbsp;&nbsp;&nbsp;20450 | &nbsp;&nbsp;102.25 | 0.0 |
|  |  |  |  | $338317 |  | 0.2%\*\* |

---

\*\* Amount represents the total value of the restricted securities divided by the net assets of the Portfolio and may not equal the sum of the individual percentages shown due to rounding.

(2) Securities classified as Level 3 (see Note 2).

(3) Perpetual maturity - maturity date reflects the next call date.

(4) PIK ("Payment-in-Kind") security – Income may be paid in additional securities and/or cash at the discretion of the issuer.

(5) All loans in the Portfolio were purchased through assignment agreements unless otherwise indicated.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

(6) The Portfolio invests in senior loans which generally pay interest at rates which are periodically re-determined by reference to a base lending rate plus a premium. The rate shown represents the rate at
the end of the period. Senior loans are generally considered to be restrictive in that the Portfolio is ordinarily contractually obligated to receive approval from the Agent Bank and/or borrower prior to the
disposition of a senior loan.

(7) Senior loans in the Portfolio are generally subject to mandatory and/or optional prepayment. Because of these mandatory prepayment conditions and because there may be
significant economic incentives for a borrower to prepay, prepayments may occur. As a result, the actual remaining maturity may be substantially less than the stated maturities shown.

(8) Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These
securities do not indicate a reference rate and spread in their description above.

(9) Interest Only

(10) "Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of September 30, 2025.

(11) Inverse Floating Rate Security that pays interest that varies inversely to changes in the market interest rates. The interest rate shown is the current interest
rate at September 30, 2025.

(12) See Note 4 for cost of investments on a tax basis.

---

| |
|:---|
| ADR—American Depositary Receipt |
| ASX—Australian Stock Exchange |
| CVR—Contingent Value Rights |
| DAC—Designated Activity Company |
| ETF—Exchange Traded Fund |
| FRS—Floating Rate Security |
| LSE—London Stock Exchange |
| REMIC—Real Estate Mortgage Investment Conduit |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| TSFR1M—Term Secured Overnight Financing Rate 1 Month |
| TSFR3M—Term Secured Overnight Financing Rate 3 Month |
| TSFR6M—Term Secured Overnight Financing Rate 6 Month |
| VRS—Variable Rate Security |

---

The rates shown on FRS and/or VRS are the current interest rates at September 30, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Equity Swaps** | **Equity Swaps** | **Equity Swaps** | **Equity Swaps** | **Equity Swaps** | **Equity Swaps** | **Equity Swaps** | **Equity Swaps** | **Equity Swaps** | **Equity Swaps** |
| **Counterparty (OTC)/<br> Centrally Cleared** | &nbsp;&nbsp;**Pay/<br> Receive** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Premiums<br> Paid/<br> (Received)** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| Bank of America, N.A. | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Etihad Etisalat Co. | &nbsp;&nbsp;Less than 1-Month SOFR + 1.000% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;06/23/2026 | &nbsp;&nbsp;$136044 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1077) | &nbsp;&nbsp;$(1077) |
| Bank of America, N.A. | &nbsp;&nbsp;Pay | &nbsp;&nbsp;Al Rajhi Bank | &nbsp;&nbsp;Less than 1-Month SOFR + 1.000 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;06/23/2026 | &nbsp;&nbsp;&nbsp;230716 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp; 9914 | &nbsp;&nbsp;&nbsp; 9914 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$8837 | &nbsp;&nbsp;$8837 |

---

SOFR—Secured Overnight Financing Rate

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 19 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;MSCI Emerging Markets Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$1283232 | &nbsp;&nbsp;&nbsp;&nbsp;$1291715 | &nbsp;&nbsp;&nbsp;&nbsp;$8483 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;S&P 500 E-Mini Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1674475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10213 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bonds | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 114116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116594 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2478 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 582129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 600312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18183 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$39357 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 17 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;MSCI EAFE Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$2376592 | &nbsp;&nbsp;&nbsp;&nbsp;$2367505 | &nbsp;&nbsp;&nbsp;&nbsp;$(9087) |
| 11 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1031) |
| 18 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1967625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1965516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2109) |
| 19 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2304190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2332725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28535) |
| 81 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9097641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9112500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14859) |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 570156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 575390 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5234) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(60855) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(21498) |

---

\* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| Bank of America, N.A. | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44081 | &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(637) |
|  | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9400 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1) |
|  | &nbsp;&nbsp;HUF | &nbsp;&nbsp;10306600 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30581 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (303) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42137 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;238000 | &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2581 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30153 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164700 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228959 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180500 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (194) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137848 | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871700 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41) |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231499 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196300 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(22) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217649 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;31653300 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2557) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6533 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123400 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 195 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4616 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16800 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87975 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;1572000 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2968 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713500 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39763 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1515) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5270) |
| Barclays Bank PLC | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756200 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5200 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43900 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26441 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 978 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30352 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46100 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52014 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (51) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15858 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11700 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (121) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18598 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144800 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11696 | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38900 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5215 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98500 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 157 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159779 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;1479300 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1900) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4165 | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107831 | &nbsp;&nbsp;TWD | &nbsp;&nbsp;&nbsp;&nbsp;3202800 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2342) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11177 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;198000 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4455) |
| Citibank, N.A. | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;272400 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43072 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241200 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284452 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495500 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671586 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 5120 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9986 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645 | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46300 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7637 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71500 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (6) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) |
| Goldman Sachs International | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258100 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46367 | &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2128) |
|  | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258100 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47239 | &nbsp;&nbsp;01/05/2026 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (182) |
|  | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42300 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53657 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341300 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102613 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (428) |
|  | &nbsp;&nbsp;INR | &nbsp;&nbsp;25029800 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284931 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 3974 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24714 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37300 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48263 | &nbsp;&nbsp;BRL | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258100 | &nbsp;&nbsp;10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29010 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24600 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81435 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633600 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111783 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;16417800 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (220) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75100 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;1417600 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2201 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25278 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;92000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33975 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611200 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1385 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2988) |
| HSBC Bank PLC | &nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343100 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48050 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (221) |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;1802200 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231609 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (238) |
|  | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671700 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200444 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2347) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84356 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66500 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (73) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8678 | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54900 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161175 | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119300 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (712) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57282 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445200 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (9) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119824 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;17597900 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (242) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11868 | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117300 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (111) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233892 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;2165500 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2778) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202596 | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258400 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1538) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8269) |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;765200 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77416 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 723 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361943 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285300 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (354) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(354) |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** | **Forward Foreign Currency Contracts — (continued)** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90700 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58828 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(1199) |
|  | &nbsp;&nbsp;CNH | &nbsp;&nbsp;&nbsp;&nbsp;1571500 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221210 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453600 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71708 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2) |
|  | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45300 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61429 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 499 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43300 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2292 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (69) |
|  | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826700 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89147 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 916 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98156 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151300 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1979 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45339 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35700 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (93) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174733 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148200 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142256 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;20842900 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (623) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10941 | &nbsp;&nbsp;NOK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108100 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (106) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24999 | &nbsp;&nbsp;NZD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41500 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (927) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22011 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10663 | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13600 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (81) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30507 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549100 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;1239000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69116 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2563) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5692) |
| State Street Bank & Trust Co. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22239 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;HUF | &nbsp;&nbsp;&nbsp;&nbsp;5269200 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15677 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (112) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122841 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187100 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 987 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136331 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107400 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (212) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13485 | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85300 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127810 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108400 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123005 | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956200 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146032 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;21397200 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (633) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37257 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135400 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (52) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91582 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849300 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (940) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117448 | &nbsp;&nbsp;SGD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149800 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (890) |
|  | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846400 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47007 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1959) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4798) |
| Toronto Dominion Bank | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8247 | &nbsp;&nbsp;EUR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283263 | &nbsp;&nbsp;SEK | &nbsp;&nbsp;&nbsp;&nbsp;2626900 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (2906) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9728 | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169100 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2906) |
| UBS AG | &nbsp;&nbsp;HKD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553600 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71140 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (78) |
|  | &nbsp;&nbsp;ILS | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80100 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23906 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (277) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167223 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254700 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1344 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41657 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (86) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10719 | &nbsp;&nbsp;DKK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67800 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15852 | &nbsp;&nbsp;JPY | &nbsp;&nbsp;&nbsp;&nbsp;2322600 | &nbsp;&nbsp;11/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (69) |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50839 | &nbsp;&nbsp;MXN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963400 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 1695 | &nbsp;&nbsp;&nbsp;&nbsp; — |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15077 | &nbsp;&nbsp;PLN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54800 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (19) |
|  | &nbsp;&nbsp;ZAR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152200 | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8458 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (348) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(878) |
| Westpac Banking Corp. | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21994 | &nbsp;&nbsp;AUD | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33500 | &nbsp;&nbsp;10/15/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$30657 | &nbsp;&nbsp;$(35621) |

---

---

| |
|:---|
| AUD—Australian Dollar |
| BRL—Brazilian Real |
| CHF—Swiss Franc |
| CNH—Yuan Renminbi Offshore |
| DKK—Danish Krone |
| EUR—Euro Currency |
| GBP—British Pound |

---

---

| |
|:---|
| HKD—Hong Kong Dollar |
| HUF—Hungarian Forint |
| ILS—Israeli New Sheqel |
| INR—Indian Rupee |
| JPY—Japanese Yen |
| MXN—Mexican Peso |
| NOK—Norwegian Krone |

---

---

| |
|:---|
| NZD—New Zealand Dollar |
| PLN—Polish Zloty |
| SEK—Swedish Krona |
| SGD—Singapore Dollar |
| TWD—New Taiwan Dollar |
| USD—United States Dollar |
| ZAR—South African Rand |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Franklin Allocation Moderately Aggressive Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Biotechnology | &nbsp;&nbsp;$2416970 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$675 | &nbsp;&nbsp;$2417645 |
| &nbsp;&nbsp;&nbsp;Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8778469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8779443 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;160032225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;160032225 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61712 |
| Corporate Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16830428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;16830428 |
| Convertible Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71661 |
| Loans | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;409190 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184881 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2823641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2823641 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14187672 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14187672 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77994 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025260 |
| Escrows and Litigation Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3051658 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051658 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 |
| **Total Investments at Value** | &nbsp;&nbsp;$172314636 | &nbsp;&nbsp;$41637125 | &nbsp;&nbsp;$1651 | &nbsp;&nbsp;$213953412 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9914 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$9914 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39357 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30657 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$39357 | &nbsp;&nbsp;$40571 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$79928 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1077 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1077 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60855 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35621 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$60855 | &nbsp;&nbsp;$36698 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$97553 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES — 31.8%** | **CORPORATE BONDS & NOTES — 31.8%** | **CORPORATE BONDS & NOTES — 31.8%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Lamar Media Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 01/15/2031 | $565000 | &nbsp;&nbsp;$525693 |
| &nbsp;&nbsp;&nbsp;Neptune Bidco US, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.29%, 04/15/2029\* | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 77553 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603246 |
| **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** | **Aerospace/Defense — 0.5%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2029 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 38344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/01/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19682 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 03/26/2029\* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 437676 |
| &nbsp;&nbsp;&nbsp;Boeing Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 02/01/2030 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 268325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 03/01/2029 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 101316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/15/2046 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 30634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 05/01/2034 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 22613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/01/2050 | &nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp; 68710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/01/2030 | &nbsp;&nbsp; 297000 | &nbsp;&nbsp;&nbsp;&nbsp; 304768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71%, 05/01/2040 | &nbsp;&nbsp; 1040000 | &nbsp;&nbsp;&nbsp;&nbsp; 1061197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/01/2050 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 30971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93%, 05/01/2060 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 56943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26%, 05/01/2027 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 40128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39%, 05/01/2031 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 141585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53%, 05/01/2034 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 414550 |
| &nbsp;&nbsp;&nbsp;Embraer Netherlands Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 01/09/2038 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 37834 |
| &nbsp;&nbsp;&nbsp;General Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 01/29/2036 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19265 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 06/01/2029 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 328993 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/01/2031 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/31/2033 | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 53159 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 12/15/2031 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 55243 |
| &nbsp;&nbsp;&nbsp;RTX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/27/2053 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 68414 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3652400 |
| **Agriculture — 0.5%** | **Agriculture — 0.5%** | **Agriculture — 0.5%** |
| &nbsp;&nbsp;&nbsp;BAT Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 08/15/2035 | &nbsp;&nbsp; 555000 | &nbsp;&nbsp;&nbsp;&nbsp; 576647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83%, 02/20/2031 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 417775 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding LUX SARL/JBS USA Food Co./JBS LUX Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/20/2035\* | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 220606 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/01/2031 | &nbsp;&nbsp; 695000 | &nbsp;&nbsp;&nbsp;&nbsp; 706913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2030 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 93009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/13/2031 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 305294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/2033 | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 814566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 09/07/2033 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 137876 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3272686 |
| **Airlines — 0.0%** | **Airlines — 0.0%** | **Airlines — 0.0%** |
| &nbsp;&nbsp;&nbsp;Air Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/15/2026\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 31710 |
| &nbsp;&nbsp;&nbsp;American Airlines, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2028\* | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/15/2029\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46942 |
| &nbsp;&nbsp;&nbsp;British Airways Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 09/15/2036\* | &nbsp;&nbsp; 71722 | &nbsp;&nbsp;&nbsp;&nbsp; 65089 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** | **Airlines (continued)** |
| &nbsp;&nbsp;&nbsp;United Airlines, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 04/15/2029\* |  | $29000 | &nbsp;&nbsp;$28556 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199957 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Gildan Activewear, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/07/2035\* |  | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 445062 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/11/2030 |  | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 296596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/11/2035 |  | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 209405 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;951063 |
| **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** | **Auto Manufacturers — 0.4%** |
| &nbsp;&nbsp;&nbsp;BMW US Capital LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/11/2030\* |  | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20028 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Finance North America LLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/12/2032\* |  | &nbsp;&nbsp; 945000 | &nbsp;&nbsp;&nbsp;&nbsp; 949559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 01/13/2032\* |  | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 473081 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/12/2032 |  | &nbsp;&nbsp; 1385000 | &nbsp;&nbsp;&nbsp;&nbsp; 1211839 |
| &nbsp;&nbsp;&nbsp;General Motors Co. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/15/2028 |  | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 48088 |
| &nbsp;&nbsp;&nbsp;General Motors Financial Co., Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 06/10/2031 |  | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 50958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/18/2031 |  | &nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 131431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/08/2031 |  | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22921 |
| &nbsp;&nbsp;&nbsp;Hyundai Capital America |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/18/2030\* |  | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 51752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 03/25/2027\* |  | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 39294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 11/01/2027\* |  | &nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 83927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/23/2032\* |  | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46331 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3129209 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/15/2032\* |  | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 33942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2033\* |  | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20156 |
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54098 |
| **Banks — 5.5%** | **Banks — 5.5%** | **Banks — 5.5%** | **Banks — 5.5%** |
| &nbsp;&nbsp;&nbsp;Banca Comerciala Romana SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 05/19/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 241351 |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90%, 07/23/2031 |  | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 585053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92%, 10/24/2031 |  | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 461848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 07/21/2032 |  | &nbsp;&nbsp; 1610000 | &nbsp;&nbsp;&nbsp;&nbsp; 1428074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/21/2036 |  | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 177976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59%, 04/29/2031 |  | &nbsp;&nbsp; 585000 | &nbsp;&nbsp;&nbsp;&nbsp; 542112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 04/22/2032 |  | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 136647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31%, 04/22/2042 |  | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 46006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42%, 12/20/2028 |  | &nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp; 91581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 03/08/2037 |  | &nbsp;&nbsp; 226000 | &nbsp;&nbsp;&nbsp;&nbsp; 211149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08%, 04/23/2040 |  | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp;&nbsp; 109574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57%, 04/27/2033 |  | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 41991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16%, 01/24/2031 |  | &nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp; 105273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 08/15/2035 |  | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 47945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52%, 10/25/2035 |  | &nbsp;&nbsp; 393000 | &nbsp;&nbsp;&nbsp;&nbsp; 402549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11%, 01/29/2037 |  | &nbsp;&nbsp; 119000 | &nbsp;&nbsp;&nbsp;&nbsp; 128362 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94%, 02/11/2031 |  | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 82171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06%, 07/22/2032 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 309967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19%, 03/14/2035 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 206159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32%, 10/25/2029 |  | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 234118 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59%, 05/04/2037 | $124000 | &nbsp;&nbsp;$119999 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/11/2030 | &nbsp;&nbsp; 129000 | &nbsp;&nbsp;&nbsp;&nbsp; 129594 |
| &nbsp;&nbsp;&nbsp;Barclays PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.56%, 09/23/2035 | &nbsp;&nbsp; 208000 | &nbsp;&nbsp;&nbsp;&nbsp; 194475 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28%, 11/19/2030\* | &nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 131477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91%, 11/19/2035\* | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 248690 |
| &nbsp;&nbsp;&nbsp;BPCE SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39%, 05/28/2031\* | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 846404 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/14/2031\* | &nbsp;&nbsp; 615000 | &nbsp;&nbsp;&nbsp;&nbsp; 642293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.51%, 01/18/2035\* | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 265639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71%, 10/19/2029\* | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 297248 |
| &nbsp;&nbsp;&nbsp;Citibank NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 05/29/2030 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 477756 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 11/03/2042 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 16856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 09/29/2027 | &nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp; 91370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/11/2031 | &nbsp;&nbsp; 1290000 | &nbsp;&nbsp;&nbsp;&nbsp; 1290697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54%, 09/19/2030 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 71330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/07/2031 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 672541 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 09/11/2036 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 44447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 09/19/2039 | &nbsp;&nbsp; 123000 | &nbsp;&nbsp;&nbsp;&nbsp; 123417 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 02/22/2033 | &nbsp;&nbsp; 83000 | &nbsp;&nbsp;&nbsp;&nbsp; 88512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 10/31/2033 | &nbsp;&nbsp; 301000 | &nbsp;&nbsp;&nbsp;&nbsp; 323541 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/05/2031 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 486814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 07/23/2032 | &nbsp;&nbsp; 161000 | &nbsp;&nbsp;&nbsp;&nbsp; 168106 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 04/25/2035 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 154043 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82%, 09/25/2033\* | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 790114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22%, 05/27/2031\* | &nbsp;&nbsp; 1205000 | &nbsp;&nbsp;&nbsp;&nbsp; 1236126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/10/2035\* | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 385145 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 09/18/2031 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 142198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74%, 01/07/2033 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 184213 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/12/2040 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27353 |
| &nbsp;&nbsp;&nbsp;FNB Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 12/11/2030 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 68035 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 09/10/2027 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 59494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99%, 01/27/2032 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 70594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 07/21/2032 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 72292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21%, 04/22/2042 | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 56441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22%, 05/01/2029 | &nbsp;&nbsp; 101000 | &nbsp;&nbsp;&nbsp;&nbsp; 101118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41%, 04/23/2039 | &nbsp;&nbsp; 210000 | &nbsp;&nbsp;&nbsp;&nbsp; 194218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 10/23/2030 | &nbsp;&nbsp; 391000 | &nbsp;&nbsp;&nbsp;&nbsp; 395983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/23/2030 | &nbsp;&nbsp; 1095000 | &nbsp;&nbsp;&nbsp;&nbsp; 1122444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22%, 04/23/2031 | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 263697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 01/28/2056 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 39397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/01/2037 | &nbsp;&nbsp; 223000 | &nbsp;&nbsp;&nbsp;&nbsp; 249849 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 06/04/2031 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 325431 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 03/03/2031 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 271398 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.21%, 08/11/2028 | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 228843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24%, 05/13/2031 | &nbsp;&nbsp; 920000 | &nbsp;&nbsp;&nbsp;&nbsp; 946727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33%, 03/09/2044 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 274964 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07%, 06/01/2029 | &nbsp;&nbsp; 276000 | &nbsp;&nbsp;&nbsp;&nbsp; 261891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53%, 11/19/2041 | &nbsp;&nbsp; 194000 | &nbsp;&nbsp;&nbsp;&nbsp; 140412 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 11/08/2032 |  | $1064000 | &nbsp;&nbsp;$954323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58%, 04/22/2032 |  | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 286276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 05/01/2028 |  | &nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp;&nbsp; 210147 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51%, 10/22/2028 |  | &nbsp;&nbsp; 514000 | &nbsp;&nbsp;&nbsp;&nbsp; 518392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/25/2028 |  | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 329297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91%, 07/25/2033 |  | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 10/22/2035 |  | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 287421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/22/2030 |  | &nbsp;&nbsp; 1060000 | &nbsp;&nbsp;&nbsp;&nbsp; 1087288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/22/2031 |  | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 470070 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 07/24/2029 |  | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 597592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 01/23/2035 |  | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 275435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.53%, 11/29/2045 |  | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22624 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 04/22/2030 |  | &nbsp;&nbsp; 830000 | &nbsp;&nbsp;&nbsp;&nbsp; 866924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 07/23/2036 |  | &nbsp;&nbsp; 798000 | &nbsp;&nbsp;&nbsp;&nbsp; 827272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.09%, 10/23/2029 |  | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 385175 |
| &nbsp;&nbsp;&nbsp;KeyCorp |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12%, 04/04/2031 |  | &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 144778 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 07/30/2035 |  | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 42319 |
| &nbsp;&nbsp;&nbsp;mBank SA |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97%, 09/21/2027 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 345389 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78%, 07/06/2029 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 208425 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79%, 02/13/2032 |  | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 392480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93%, 04/28/2032 |  | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 235636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48%, 09/16/2036 |  | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 54723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 01/22/2031 |  | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 644760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22%, 04/22/2042 |  | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 67246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62%, 04/01/2031 |  | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 27168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/18/2030 |  | &nbsp;&nbsp; 697000 | &nbsp;&nbsp;&nbsp;&nbsp; 704619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 01/16/2030 |  | &nbsp;&nbsp; 117000 | &nbsp;&nbsp;&nbsp;&nbsp; 120250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23%, 01/15/2031 |  | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 170305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 04/20/2037 |  | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 95365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 07/19/2035 |  | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 40242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 07/20/2029 |  | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 227328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.66%, 04/18/2030 |  | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 553434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.94%, 02/07/2039 |  | &nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 113076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.41%, 11/01/2029 |  | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 329488 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley VRS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59%, 07/22/2028(1) |  | &nbsp;&nbsp; 192000 | &nbsp;&nbsp;&nbsp;&nbsp; 189979 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03%, 11/28/2035 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 182923 |
| &nbsp;&nbsp;&nbsp;OTP Bank Nyrt |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/25/2027 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203363 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/06/2035 |  | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 45235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72%, 06/06/2030 |  | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 58365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 12/10/2037 |  | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 109565 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72%, 03/27/2028 |  | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 89862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/04/2031 |  | &nbsp;&nbsp; 760000 | &nbsp;&nbsp;&nbsp;&nbsp; 782981 |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.77%, 11/16/2028\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 214156 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/08/2033 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203555 |
| &nbsp;&nbsp;&nbsp;Swedbank AB |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54%, 11/16/2026\* |  | &nbsp;&nbsp; 254000 | &nbsp;&nbsp;&nbsp;&nbsp; 247186 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 05/06/2031 |  | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 36465 |
| &nbsp;&nbsp;&nbsp;UBS Group AG |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.44%, 08/11/2028\* |  | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 758497 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;US Bancorp |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49%, 11/03/2036 | $239000 | &nbsp;&nbsp;$206042 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 04/01/2033\* | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 36815 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78%, 09/11/2035 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22003 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.57%, 02/11/2031 | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 47396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 10/30/2030 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 61542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07%, 04/30/2041 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 52788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35%, 03/02/2033 | &nbsp;&nbsp; 985000 | &nbsp;&nbsp;&nbsp;&nbsp; 916912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08%, 09/15/2029 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 89719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 12/07/2046 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 15974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/25/2033 | &nbsp;&nbsp; 828000 | &nbsp;&nbsp;&nbsp;&nbsp; 841189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 04/23/2031 | &nbsp;&nbsp; 360000 | &nbsp;&nbsp;&nbsp;&nbsp; 371268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24%, 01/24/2031 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 150018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/23/2035 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22948 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.57%, 07/25/2029 | &nbsp;&nbsp; 230000 | &nbsp;&nbsp;&nbsp;&nbsp; 238361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61%, 01/15/2044 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49%, 10/23/2034 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 405549 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/29/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 234806 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38936946 |
| **Beverages — 0.4%** | **Beverages — 0.4%** | **Beverages — 0.4%** |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 02/01/2046 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 107735 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev Worldwide, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 01/23/2039 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 165315 |
| &nbsp;&nbsp;&nbsp;Bacardi, Ltd./Bacardi-Martini BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2029\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 102043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/15/2033\* | &nbsp;&nbsp; 221000 | &nbsp;&nbsp;&nbsp;&nbsp; 223270 |
| &nbsp;&nbsp;&nbsp;Bacardi-Martini BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2035\* | &nbsp;&nbsp; 380000 | &nbsp;&nbsp;&nbsp;&nbsp; 395154 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 08/01/2029 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 331788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 05/09/2027 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 05/01/2030 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 324541 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 03/15/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 88177 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/15/2035 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 321908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2031 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 173756 |
| &nbsp;&nbsp;&nbsp;Keurig Dr. Pepper, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/15/2052 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 432200 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 02/18/2028 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 43786 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/05/2042 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 17310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 02/07/2028 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 52723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 07/23/2032 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 43635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2855433 |
| **Biotechnology — 0.3%** | **Biotechnology — 0.3%** | **Biotechnology — 0.3%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 02/21/2040 | &nbsp;&nbsp; 136000 | &nbsp;&nbsp;&nbsp;&nbsp; 107041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 05/01/2045 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 19103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/02/2028 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 53214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/02/2030 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/02/2053 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 75806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2063 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 36912 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 05/15/2055 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 43962 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 11/15/2029 | $55000 | &nbsp;&nbsp;$56444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/15/2035 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35959 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15%, 09/02/2031 | &nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp; 88810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 09/02/2029 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 31807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 09/25/2035 | &nbsp;&nbsp; 1245000 | &nbsp;&nbsp;&nbsp;&nbsp; 1243943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/25/2055 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20086 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835893 |
| **Building Materials — 0.3%** | **Building Materials — 0.3%** | **Building Materials — 0.3%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2030\* | &nbsp;&nbsp; 745000 | &nbsp;&nbsp;&nbsp;&nbsp; 737425 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 09/15/2040 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17208 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/05/2040 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 71044 |
| &nbsp;&nbsp;&nbsp;CRH SMW Finance DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 05/21/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 206198 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/15/2028 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 66161 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40%, 07/15/2031 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 42085 |
| &nbsp;&nbsp;&nbsp;Owens Corning |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2027 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30648 |
| &nbsp;&nbsp;&nbsp;Standard Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 01/15/2031\* | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 23545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 07/15/2030\* | &nbsp;&nbsp; 733000 | &nbsp;&nbsp;&nbsp;&nbsp; 702786 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1897100 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| &nbsp;&nbsp;&nbsp;CF Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/15/2044 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 84853 |
| &nbsp;&nbsp;&nbsp;Consolidated Energy Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 10/15/2028\* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 124949 |
| &nbsp;&nbsp;&nbsp;Dow Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/15/2036 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 57284 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/08/2033 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 66152 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 12/15/2051 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 54231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 06/15/2028 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23183 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2035 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 31619 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 01/15/2028 | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 57519 |
| &nbsp;&nbsp;&nbsp;Methanex Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/15/2027 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25029 |
| &nbsp;&nbsp;&nbsp;Methanex US Operations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2032\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55961 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/01/2028\* | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 46060 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/21/2027 | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 28450 |
| &nbsp;&nbsp;&nbsp;OCP SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 03/01/2036\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 214259 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 01/15/2032 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 12635 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/01/2031 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 26545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 08/15/2035 | &nbsp;&nbsp; 1145000 | &nbsp;&nbsp;&nbsp;&nbsp; 1165042 |
| &nbsp;&nbsp;&nbsp;Trinseo Luxco Finance SPV SARL/Trinseo NA Finance SPV LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 05/03/2029\*(2) | &nbsp;&nbsp; 26777 | &nbsp;&nbsp;&nbsp;&nbsp; 10041 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp;Westlake Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2061 | $76000 | &nbsp;&nbsp;$45800 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2129612 |
| **Coal — 0.0%** | **Coal — 0.0%** | **Coal — 0.0%** |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 12/01/2028\* | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16239 |
| **Commercial Services — 0.5%** | **Commercial Services — 0.5%** | **Commercial Services — 0.5%** |
| &nbsp;&nbsp;&nbsp;Ashtead Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 08/12/2031\* | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 385826 |
| &nbsp;&nbsp;&nbsp;Avis Budget Car Rental LLC/Avis Budget Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/01/2029\* | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 25354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/15/2030\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/15/2032\* | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18827 |
| &nbsp;&nbsp;&nbsp;Block, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2031 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 200084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 08/15/2030\* | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 136779 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 08/15/2033\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/15/2032 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36225 |
| &nbsp;&nbsp;&nbsp;Champions Financing, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 02/15/2029\* | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 56980 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/01/2029\* | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 70834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 09/15/2029\* | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11486 |
| &nbsp;&nbsp;&nbsp;EquipmentShare.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/15/2033\* | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 51300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 05/15/2032\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 31310 |
| &nbsp;&nbsp;&nbsp;Ford Foundation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82%, 06/01/2070 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 37533 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 05/06/2029 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47257 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 06/15/2030\* | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 06/15/2033\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41756 |
| &nbsp;&nbsp;&nbsp;Hertz Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 12/01/2026\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.63%, 07/15/2029\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 29684 |
| &nbsp;&nbsp;&nbsp;Howard University |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29%, 10/01/2026 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 97664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 10/01/2029 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 231468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 10/01/2030 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 90992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 10/01/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 89115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48%, 10/01/2041 | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 72040 |
| &nbsp;&nbsp;&nbsp;Mobius Merger Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.00%, 06/01/2030\* | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 62016 |
| &nbsp;&nbsp;&nbsp;Prime Security Services Borrower LLC/Prime Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2028\* | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 75934 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35%, 01/15/2032 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 52665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90%, 10/01/2030 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 54146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05%, 10/01/2041 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 31968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/09/2034 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 62537 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 03/01/2029 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 77386 |
| &nbsp;&nbsp;&nbsp;Service Corp. International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 08/15/2030 | &nbsp;&nbsp; 405000 | &nbsp;&nbsp;&nbsp;&nbsp; 375260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/01/2029 | &nbsp;&nbsp; 289000 | &nbsp;&nbsp;&nbsp;&nbsp; 288980 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments LLC/Shift4 Payments Finance Sub, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/15/2032\* | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 45491 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Triton Container International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 06/15/2031\* | $180000 | &nbsp;&nbsp;$160519 |
| &nbsp;&nbsp;&nbsp;Triton Container International, Ltd./TAL International Container Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/15/2032 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 43752 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2036 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24222 |
| &nbsp;&nbsp;&nbsp;Veritiv Operating Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 11/30/2030\* | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 51515 |
| &nbsp;&nbsp;&nbsp;VM Consolidated, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2029\* | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 58689 |
| &nbsp;&nbsp;&nbsp;WEX, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/15/2033\* | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 42894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343521 |
| **Computers — 0.5%** | **Computers — 0.5%** | **Computers — 0.5%** |
| &nbsp;&nbsp;&nbsp;Accenture Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/04/2034 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 37477 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40%, 08/05/2028 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 131249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 05/11/2050 | &nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 63432 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 08/05/2051 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 20423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/13/2045 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 40707 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 04/15/2035 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 84443 |
| &nbsp;&nbsp;&nbsp;Dell International LLC/EMC Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 12/15/2041 | &nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp; 73614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 02/01/2030 | &nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp; 92702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 04/01/2028 | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 75085 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.10%, 07/15/2036 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 81643 |
| &nbsp;&nbsp;&nbsp;Fortress Intermediate 3, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/01/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36647 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 10/15/2030 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 10/15/2034 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 218289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 10/15/2054 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp;&nbsp;&nbsp; 765091 |
| &nbsp;&nbsp;&nbsp;IBM International Capital Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/05/2031 | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 173382 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/15/2032\* | &nbsp;&nbsp; 566000 | &nbsp;&nbsp;&nbsp;&nbsp; 580320 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/10/2030 | &nbsp;&nbsp; 655000 | &nbsp;&nbsp;&nbsp;&nbsp; 670281 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15%, 10/15/2031 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 40006 |
| &nbsp;&nbsp;&nbsp;Leidos, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 05/15/2030 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 70777 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 04/15/2029\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 7871 |
| &nbsp;&nbsp;&nbsp;Seagate Data Storage Technology Pte, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09%, 06/01/2029\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 43534 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3351700 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 04/01/2029\* | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 58020 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 05/22/2032 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 44635 |
| &nbsp;&nbsp;&nbsp;Perrigo Finance Unlimited Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/30/2032 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 68456 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171111 |
| **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** | **Diversified Financial Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/15/2026(3) | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 33553 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Aircastle, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2026\*(3) | $89000 | &nbsp;&nbsp;$88512 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 01/17/2040 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 54981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/14/2033 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 43749 |
| &nbsp;&nbsp;&nbsp;American Express Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92%, 07/20/2033 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02%, 04/25/2031 | &nbsp;&nbsp; 775000 | &nbsp;&nbsp;&nbsp;&nbsp; 796908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09%, 01/30/2031 | &nbsp;&nbsp; 674000 | &nbsp;&nbsp;&nbsp;&nbsp; 694884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/16/2028 | &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 142892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.67%, 04/25/2036 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 36978 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/15/2035 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 488958 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.75%, 03/15/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 32022 |
| &nbsp;&nbsp;&nbsp;Brookfield Asset Management, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.08%, 09/15/2055 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 28016 |
| &nbsp;&nbsp;&nbsp;Burford Capital Global Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/15/2028\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30053 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49%, 09/11/2031 | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 530673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18%, 01/30/2036 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 212658 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.96%, 11/02/2034 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 650282 |
| &nbsp;&nbsp;&nbsp;Cobra AcquisitionCo LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 11/01/2029\* | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 66315 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2030\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 12/15/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26266 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 04/01/2032\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31964 |
| &nbsp;&nbsp;&nbsp;Focus Financial Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/15/2031\* | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 55302 |
| &nbsp;&nbsp;&nbsp;goeasy, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 29850 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 02/15/2031\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 07/01/2029\* | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22295 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/15/2052 | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 68346 |
| &nbsp;&nbsp;&nbsp;Jane Street Group/JSG Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 11/01/2032\* | &nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 72976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/01/2033\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/30/2031\* | &nbsp;&nbsp; 28000 | &nbsp;&nbsp;&nbsp;&nbsp; 29369 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 01/15/2032 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 69311 |
| &nbsp;&nbsp;&nbsp;Phoenix Aviation Capital, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 07/15/2030\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 42557 |
| &nbsp;&nbsp;&nbsp;Planet Financial Group LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.50%, 12/15/2029\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 58880 |
| &nbsp;&nbsp;&nbsp;Rocket Mtg. LLC/Rocket Mtg. Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/01/2031\* | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 415560 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/19/2029 | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 90121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/06/2031 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 07/29/2036 | &nbsp;&nbsp; 563000 | &nbsp;&nbsp;&nbsp;&nbsp; 575860 |
| &nbsp;&nbsp;&nbsp;VFH Parent LLC/Valor Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 06/15/2031\* | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 55851 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5681531 |
| **Electric — 5.1%** | **Electric — 5.1%** | **Electric — 5.1%** |
| &nbsp;&nbsp;&nbsp;AEP Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 10/15/2055 | &nbsp;&nbsp; 66000 | &nbsp;&nbsp;&nbsp;&nbsp; 65705 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;AEP Transmission Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/15/2052 | $24000 | &nbsp;&nbsp;$20698 |
| &nbsp;&nbsp;&nbsp;AES Andes SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/14/2032\* | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 246027 |
| &nbsp;&nbsp;&nbsp;AES Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 01/15/2031 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 57315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2028 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 55307 |
| &nbsp;&nbsp;&nbsp;Alabama Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/01/2049 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 172195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/15/2044 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 377670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 04/02/2035 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 86863 |
| &nbsp;&nbsp;&nbsp;Algonquin Power & Utilities Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 06/15/2026(4) | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24173 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2026 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30470 |
| &nbsp;&nbsp;&nbsp;Arizona Public Service Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 08/15/2034 | &nbsp;&nbsp; 410000 | &nbsp;&nbsp;&nbsp;&nbsp; 429577 |
| &nbsp;&nbsp;&nbsp;Baltimore Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2035 | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 462234 |
| &nbsp;&nbsp;&nbsp;Calpine Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2031\* | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 53842 |
| &nbsp;&nbsp;&nbsp;Clearway Energy Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/2032\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 53858 |
| &nbsp;&nbsp;&nbsp;Cleco Corporate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 09/15/2029 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 630712 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 12/01/2050 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 46161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/01/2050 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 67293 |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/01/2055 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 14882 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison Co. of New York, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 12/01/2051 | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 331825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 05/15/2049 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 52687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2044 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 27321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2045 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 34191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/15/2055 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 479542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/15/2054 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 112742 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2030 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 543359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/15/2056 | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1636626 |
| &nbsp;&nbsp;&nbsp;DTE Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/01/2049 | &nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp; 77300 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2028 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 64092 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55%, 03/15/2052 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 21348 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/30/2042 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 123079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 01/15/2054 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 01/15/2038 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 43275 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 06/15/2031 | &nbsp;&nbsp; 865000 | &nbsp;&nbsp;&nbsp;&nbsp; 782002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 09/15/2035 | &nbsp;&nbsp; 495000 | &nbsp;&nbsp;&nbsp;&nbsp; 491752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/15/2034 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 114416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 06/15/2054 | &nbsp;&nbsp; 166000 | &nbsp;&nbsp;&nbsp;&nbsp; 167706 |
| &nbsp;&nbsp;&nbsp;Duke Energy Florida LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 06/15/2030 | &nbsp;&nbsp; 395000 | &nbsp;&nbsp;&nbsp;&nbsp; 353576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/15/2052 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 32606 |
| &nbsp;&nbsp;&nbsp;Duke Energy Indiana LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/01/2050 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 428749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/01/2049 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 76651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/15/2043 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 126573 |
| &nbsp;&nbsp;&nbsp;Duke Energy Ohio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2054 | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 349628 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 04/01/2053 | $22000 | &nbsp;&nbsp;$22174 |
| &nbsp;&nbsp;&nbsp;Duke Energy Progress LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2052 | &nbsp;&nbsp; 458000 | &nbsp;&nbsp;&nbsp;&nbsp; 360908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 12/01/2044 | &nbsp;&nbsp; 900000 | &nbsp;&nbsp;&nbsp;&nbsp; 763900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/15/2035 | &nbsp;&nbsp; 340000 | &nbsp;&nbsp;&nbsp;&nbsp; 345479 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 03/15/2055 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 165660 |
| &nbsp;&nbsp;&nbsp;Edison International |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2032 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 138672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2030 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 540714 |
| &nbsp;&nbsp;&nbsp;Emera US Finance LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2046 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 50046 |
| &nbsp;&nbsp;&nbsp;Entergy Mississippi LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/2049 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 23176 |
| &nbsp;&nbsp;&nbsp;Entergy Texas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 03/30/2039 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 102290 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/15/2035 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22547 |
| &nbsp;&nbsp;&nbsp;Evergy Kansas Central, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 03/13/2028 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18220 |
| &nbsp;&nbsp;&nbsp;Eversource Energy |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2033 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 268690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2034 | &nbsp;&nbsp; 1087000 | &nbsp;&nbsp;&nbsp;&nbsp; 1122451 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 07/15/2047 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 56650 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Pennsylvania Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 04/01/2028\* | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 91011 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Transmission LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 04/01/2049\* | &nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp; 71705 |
| &nbsp;&nbsp;&nbsp;Florida Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 06/15/2029 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 73678 |
| &nbsp;&nbsp;&nbsp;Georgia Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 03/15/2051 | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 67805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 03/15/2042 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 264810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 03/15/2030 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 309719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/01/2040 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 185654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 03/15/2031 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 87277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2035 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 292050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 03/15/2034 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 165047 |
| &nbsp;&nbsp;&nbsp;Interstate Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/30/2049 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 54455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/29/2035 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 493495 |
| &nbsp;&nbsp;&nbsp;Investment Energy Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/26/2029\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199196 |
| &nbsp;&nbsp;&nbsp;Jersey Central Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 01/15/2035 | &nbsp;&nbsp; 125000 | &nbsp;&nbsp;&nbsp;&nbsp; 126685 |
| &nbsp;&nbsp;&nbsp;Kentucky Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 11/15/2033\* | &nbsp;&nbsp; 106000 | &nbsp;&nbsp;&nbsp;&nbsp; 116100 |
| &nbsp;&nbsp;&nbsp;Kentucky Utilities Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 08/15/2055 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18495 |
| &nbsp;&nbsp;&nbsp;Liberty Utilities Finance GP 1 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 09/15/2030\* | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 51758 |
| &nbsp;&nbsp;&nbsp;Narragansett Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 05/01/2034\* | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 48371 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12%, 09/16/2027 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 76271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/25/2028 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22059 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/07/2028 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25369 |
| &nbsp;&nbsp;&nbsp;New York State Electric & Gas Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 08/15/2033\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53258 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 09/01/2027 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29315 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/15/2032 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 72693 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/15/2055 | $57000 | &nbsp;&nbsp;$58743 |
| &nbsp;&nbsp;&nbsp;Niagara Mohawk Power Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29%, 01/17/2034\* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 152714 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 02/15/2031\* | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 79509 |
| &nbsp;&nbsp;&nbsp;NSTAR Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/01/2034 | &nbsp;&nbsp; 295000 | &nbsp;&nbsp;&nbsp;&nbsp; 307088 |
| &nbsp;&nbsp;&nbsp;Ohio Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2033\* | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 327307 |
| &nbsp;&nbsp;&nbsp;Oncor Electric Delivery Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 06/01/2032 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 50852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 04/01/2035\* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 465434 |
| &nbsp;&nbsp;&nbsp;Pacific Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/01/2031 | &nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp;&nbsp; 1118082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 08/01/2040 | &nbsp;&nbsp; 209000 | &nbsp;&nbsp;&nbsp;&nbsp; 158350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 12/01/2047 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 78472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 07/01/2040 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 34791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2044 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 132606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/01/2050 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 150200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 10/15/2032 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 558936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/15/2034 | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 88074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 10/01/2054 | &nbsp;&nbsp; 599000 | &nbsp;&nbsp;&nbsp;&nbsp; 583488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/15/2029 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 711353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/15/2055 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 80887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/15/2033 | &nbsp;&nbsp; 212000 | &nbsp;&nbsp;&nbsp;&nbsp; 224379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 03/01/2055 | &nbsp;&nbsp; 124000 | &nbsp;&nbsp;&nbsp;&nbsp; 124705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 04/01/2053 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 74853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 01/15/2053 | &nbsp;&nbsp; 884000 | &nbsp;&nbsp;&nbsp;&nbsp; 952464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95%, 03/15/2034 | &nbsp;&nbsp; 808000 | &nbsp;&nbsp;&nbsp;&nbsp; 896227 |
| &nbsp;&nbsp;&nbsp;Pattern Energy Operations LP/Pattern Energy Operations, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/15/2028\* | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 91615 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/15/2028 | &nbsp;&nbsp; 171000 | &nbsp;&nbsp;&nbsp;&nbsp; 173719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 05/15/2030 | &nbsp;&nbsp; 478000 | &nbsp;&nbsp;&nbsp;&nbsp; 491570 |
| &nbsp;&nbsp;&nbsp;PPL Capital Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 09/01/2034 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23523 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Colorado |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 01/15/2051 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 98553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 06/15/2028 | &nbsp;&nbsp; 116000 | &nbsp;&nbsp;&nbsp;&nbsp; 115262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 06/15/2048 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 39309 |
| &nbsp;&nbsp;&nbsp;Public Service Co. of Oklahoma |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 08/15/2031 | &nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp; 73964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/2035 | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 617531 |
| &nbsp;&nbsp;&nbsp;Public Service Electric & Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 08/01/2034 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23214 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/15/2030 | &nbsp;&nbsp; 795000 | &nbsp;&nbsp;&nbsp;&nbsp; 812615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2034 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 113857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 10/15/2033 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 188918 |
| &nbsp;&nbsp;&nbsp;Puget Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22%, 03/15/2032 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 153229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.73%, 03/15/2035 | &nbsp;&nbsp; 1180000 | &nbsp;&nbsp;&nbsp;&nbsp; 1217668 |
| &nbsp;&nbsp;&nbsp;Puget Sound Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.69%, 06/15/2054 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 39545 |
| &nbsp;&nbsp;&nbsp;RWE Finance US LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/16/2054\* | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 155647 |
| &nbsp;&nbsp;&nbsp;San Diego Gas & Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 04/15/2035 | &nbsp;&nbsp; 375000 | &nbsp;&nbsp;&nbsp;&nbsp; 387269 |
| &nbsp;&nbsp;&nbsp;Southern California Edison Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 02/01/2032 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 131895 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 03/15/2043 | &nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp; 71203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 04/01/2047 | &nbsp;&nbsp; 103000 | &nbsp;&nbsp;&nbsp;&nbsp; 77922 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 03/01/2048 | $637000 | &nbsp;&nbsp;$486705 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 10/01/2043 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 76654 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 06/01/2034 | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 273355 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/01/2035 | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 485791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 06/01/2052 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 59010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/01/2053 | &nbsp;&nbsp; 267000 | &nbsp;&nbsp;&nbsp;&nbsp; 250721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 12/01/2053 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 251102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/01/2055 | &nbsp;&nbsp; 182000 | &nbsp;&nbsp;&nbsp;&nbsp; 176623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 11/01/2032 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 590175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 09/15/2055 | &nbsp;&nbsp; 158000 | &nbsp;&nbsp;&nbsp;&nbsp; 159283 |
| &nbsp;&nbsp;&nbsp;Southern Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 10/01/2035 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 202171 |
| &nbsp;&nbsp;&nbsp;Trans-Allegheny Interstate Line Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2031\* | &nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 150719 |
| &nbsp;&nbsp;&nbsp;Union Electric Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 04/01/2052 | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 32048 |
| &nbsp;&nbsp;&nbsp;Virginia Electric & Power Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 12/15/2050 | &nbsp;&nbsp; 159000 | &nbsp;&nbsp;&nbsp;&nbsp; 92565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 05/15/2045 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 33435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 09/15/2035 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 278535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 04/01/2033 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 615704 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2034 | &nbsp;&nbsp; 735000 | &nbsp;&nbsp;&nbsp;&nbsp; 743264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 08/15/2034 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 162181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 03/15/2035 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 269844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/2054 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 153755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2054 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 03/15/2055 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 165960 |
| &nbsp;&nbsp;&nbsp;Vistra Operations Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/31/2027\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 10/15/2031\* | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6349 |
| &nbsp;&nbsp;&nbsp;Wisconsin Power & Light Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 09/01/2032 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 34554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/30/2034 | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 456896 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/01/2032 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 446462 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/21/2028 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 222713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/15/2035 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 523502 |
| &nbsp;&nbsp;&nbsp;XPLR Infrastructure Operating Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 01/15/2029\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/15/2031\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62880 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36461117 |
| **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** | **Electrical Components & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;EnerSys |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 12/15/2027\* | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 18732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/15/2032\* | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17494 |
| &nbsp;&nbsp;&nbsp;WESCO Distribution, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/15/2033\* | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 42502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78728 |
| **Electronics — 0.1%** | **Electronics — 0.1%** | **Electronics — 0.1%** |
| &nbsp;&nbsp;&nbsp;Allegion US Holding Co., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41%, 07/01/2032 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 05/29/2034 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 40705 |
| &nbsp;&nbsp;&nbsp;Imola Merger Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2029\* | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 52522 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 03/15/2033 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 38699 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/01/2029\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 53840 |
| &nbsp;&nbsp;&nbsp;Tyco Electronics Group SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/09/2035 | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 75082 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| &nbsp;&nbsp;&nbsp;Vontier Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/2031 | $109000 | &nbsp;&nbsp;$99560 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412615 |
| **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** | **Engineering & Construction — 0.1%** |
| &nbsp;&nbsp;&nbsp;International Airport Finance SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.00%, 03/15/2033\* | &nbsp;&nbsp; 831089 | &nbsp;&nbsp;&nbsp;&nbsp; 885567 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 06/15/2029 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 47100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932667 |
| **Entertainment — 0.0%** | **Entertainment — 0.0%** | **Entertainment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Light & Wonder International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/01/2033\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40068 |
| &nbsp;&nbsp;&nbsp;Ontario Gaming GTA LP/OTG Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 08/01/2030\* | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 68563 |
| &nbsp;&nbsp;&nbsp;SeaWorld Parks & Entertainment, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/15/2029\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59002 |
| &nbsp;&nbsp;&nbsp;Voyager Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 07/01/2032\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 68737 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236370 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/15/2027\* | &nbsp;&nbsp; 344000 | &nbsp;&nbsp;&nbsp;&nbsp; 343712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 10/15/2033\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25218 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20%, 01/15/2032 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 77352 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/03/2027 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 70202 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516484 |
| **Food — 1.2%** | **Food — 1.2%** | **Food — 1.2%** |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc./Safeway, Inc./New Albertsons LP/Albertsons LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2033\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 76703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 02/15/2028\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40630 |
| &nbsp;&nbsp;&nbsp;C&S Group Enterprises LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2028\* | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 57893 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 11/01/2048 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 12787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 10/01/2028 | &nbsp;&nbsp; 108000 | &nbsp;&nbsp;&nbsp;&nbsp; 115542 |
| &nbsp;&nbsp;&nbsp;Hershey Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 02/24/2028 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37587 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/30/2027 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65730 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Food Co./JBS Lux Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/01/2033 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 276748 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding LUX SARL/JBS USA Food Co./JBS LUX Co. SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2034 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 370344 |
| &nbsp;&nbsp;&nbsp;JBS USA Holding Lux SARL/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2036\* | &nbsp;&nbsp; 540000 | &nbsp;&nbsp;&nbsp;&nbsp; 551453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 04/15/2066\* | &nbsp;&nbsp; 1020000 | &nbsp;&nbsp;&nbsp;&nbsp; 1048601 |
| &nbsp;&nbsp;&nbsp;Kellanova |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.45%, 04/01/2031 | &nbsp;&nbsp; 107000 | &nbsp;&nbsp;&nbsp;&nbsp; 122577 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Foods Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 06/01/2046 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 49931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 10/01/2049 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 33243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/15/2032 | &nbsp;&nbsp; 617000 | &nbsp;&nbsp;&nbsp;&nbsp; 632224 |
| &nbsp;&nbsp;&nbsp;Kroger Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2046 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 14005 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Food (continued)** | **Food (continued)** | **Food (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/15/2034 | $31000 | &nbsp;&nbsp;$31263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/15/2054 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 56530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 09/15/2064 | &nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 95592 |
| &nbsp;&nbsp;&nbsp;Mars, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 04/20/2031\* | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 95389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/01/2032\* | &nbsp;&nbsp; 1445000 | &nbsp;&nbsp;&nbsp;&nbsp; 1478333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/01/2035\* | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 592839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 05/01/2045\* | &nbsp;&nbsp; 1352000 | &nbsp;&nbsp;&nbsp;&nbsp; 1371504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 05/01/2055\* | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 36466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 05/01/2065\* | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 244721 |
| &nbsp;&nbsp;&nbsp;Performance Food Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 08/01/2029\* | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 22342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 10/15/2027\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28928 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 04/15/2031 | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 492936 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2048 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 16190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/01/2046 | &nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp; 78633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/23/2030 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 67015 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8214679 |
| **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** | **Forest Products & Paper — 0.1%** |
| &nbsp;&nbsp;&nbsp;Georgia-Pacific LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95%, 05/15/2026\* | &nbsp;&nbsp; 173000 | &nbsp;&nbsp;&nbsp;&nbsp; 169735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 06/30/2028\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20171 |
| &nbsp;&nbsp;&nbsp;Magnera Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 11/15/2029\* | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 46036 |
| &nbsp;&nbsp;&nbsp;Suzano Austria GmbH |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 01/15/2031 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 113526 |
| &nbsp;&nbsp;&nbsp;Suzano Netherlands BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/15/2036 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 38038 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387506 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
| &nbsp;&nbsp;&nbsp;Brooklyn Union Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42%, 07/18/2054\* | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 35828 |
| &nbsp;&nbsp;&nbsp;KeySpan Gas East Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.99%, 03/06/2033\* | &nbsp;&nbsp; 227000 | &nbsp;&nbsp;&nbsp;&nbsp; 240384 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 07/15/2035 | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 331834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 06/30/2033 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 331739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 04/01/2055 | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 17240 |
| &nbsp;&nbsp;&nbsp;Southern California Gas Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 04/01/2054 | &nbsp;&nbsp; 324000 | &nbsp;&nbsp;&nbsp;&nbsp; 325126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/2055 | &nbsp;&nbsp; 725000 | &nbsp;&nbsp;&nbsp;&nbsp; 759122 |
| &nbsp;&nbsp;&nbsp;Southern Co. Gas Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 09/15/2035 | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 145379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2186652 |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71%, 03/15/2060 | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 79262 |
| **Healthcare-Products — 0.4%** | **Healthcare-Products — 0.4%** | **Healthcare-Products — 0.4%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/12/2031 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 107706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 09/15/2029 | &nbsp;&nbsp; 87000 | &nbsp;&nbsp;&nbsp;&nbsp; 82293 |
| &nbsp;&nbsp;&nbsp;Alcon Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 09/23/2026\* | &nbsp;&nbsp; 270000 | &nbsp;&nbsp;&nbsp;&nbsp; 266484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 12/06/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 208541 |
| &nbsp;&nbsp;&nbsp;Avantor Funding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 11/01/2029\* | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 713224 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/15/2035 | $101000 | &nbsp;&nbsp;$104695 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/15/2027 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 103064 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 02/15/2029\* | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 313817 |
| &nbsp;&nbsp;&nbsp;Insulet Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 04/01/2033\* | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 53021 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/01/2029\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 54009 |
| &nbsp;&nbsp;&nbsp;Medline Borrower LP/Medline Co.-Issuer, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2029\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10254 |
| &nbsp;&nbsp;&nbsp;Solventum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/01/2029 | &nbsp;&nbsp; 283000 | &nbsp;&nbsp;&nbsp;&nbsp; 292053 |
| &nbsp;&nbsp;&nbsp;STERIS PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 03/15/2051 | &nbsp;&nbsp; 154000 | &nbsp;&nbsp;&nbsp;&nbsp; 113344 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47%, 10/07/2032 | &nbsp;&nbsp; 644000 | &nbsp;&nbsp;&nbsp;&nbsp; 644099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/31/2029 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 43223 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3109827 |
| **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** | **Healthcare-Services — 0.9%** |
| &nbsp;&nbsp;&nbsp;Centene Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 03/01/2031 | &nbsp;&nbsp; 740000 | &nbsp;&nbsp;&nbsp;&nbsp; 637446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 08/01/2031 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 365086 |
| &nbsp;&nbsp;&nbsp;Cigna Group |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 03/15/2031 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 31490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/15/2050 | &nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 85640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 10/15/2047 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 23982 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 09/15/2032 | &nbsp;&nbsp; 915000 | &nbsp;&nbsp;&nbsp;&nbsp; 924226 |
| &nbsp;&nbsp;&nbsp;Concentra Health Services, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 07/15/2032\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 62303 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/15/2033\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 56716 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2055 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 25770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 10/15/2052 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11441 |
| &nbsp;&nbsp;&nbsp;HCA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 03/15/2029 | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 31033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2030 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 66861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 07/15/2051 | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 60886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/15/2052 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 72666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/15/2049 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 38472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 04/01/2031 | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 53014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2032 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 51050 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 04/01/2030 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/15/2031 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15429 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 05/01/2035 | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 718225 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/01/2033 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 26303 |
| &nbsp;&nbsp;&nbsp;Icon Investments Six DAC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.81%, 05/08/2027 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204053 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/08/2034 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 246680 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 12/15/2034 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 58706 |
| &nbsp;&nbsp;&nbsp;Select Medical Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 12/01/2032\* | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 62026 |
| &nbsp;&nbsp;&nbsp;Sotera Health Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/01/2031\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57751 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 05/15/2040 | &nbsp;&nbsp; 875000 | &nbsp;&nbsp;&nbsp;&nbsp; 651987 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/15/2039 | &nbsp;&nbsp; 285000 | &nbsp;&nbsp;&nbsp;&nbsp; 237720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/15/2048 | &nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp; 63655 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2052 | $57000 | &nbsp;&nbsp;$50251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/15/2031 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 46140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2062 | &nbsp;&nbsp; 138000 | &nbsp;&nbsp;&nbsp;&nbsp; 121343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 06/15/2035 | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 222250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 04/15/2054 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 436969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 07/15/2064 | &nbsp;&nbsp; 240000 | &nbsp;&nbsp;&nbsp;&nbsp; 238946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 02/15/2063 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57450 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6214933 |
| **Home Builders — 0.0%** | **Home Builders — 0.0%** | **Home Builders — 0.0%** |
| &nbsp;&nbsp;&nbsp;Ashton Woods USA LLC / Ashton Woods Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/01/2033\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55472 |
| &nbsp;&nbsp;&nbsp;Lennar Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/30/2030 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30899 |
| &nbsp;&nbsp;&nbsp;Mattamy Group Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 03/01/2030\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 54048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 12/15/2027\* | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13909 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154328 |
| **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** |
| &nbsp;&nbsp;&nbsp;Acrisure LLC/Acrisure Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 07/01/2032\* | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 59722 |
| &nbsp;&nbsp;&nbsp;Alliant Holdings Intermediate LLC/Alliant Holdings Co.-Issuer |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2031\* | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 48054 |
| &nbsp;&nbsp;&nbsp;Aon North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2031 | &nbsp;&nbsp; 91000 | &nbsp;&nbsp;&nbsp;&nbsp; 94781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/01/2054 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29205 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 31633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/15/2035 | &nbsp;&nbsp; 1165000 | &nbsp;&nbsp;&nbsp;&nbsp; 1178774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/02/2053 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 45798 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/15/2036 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13175 |
| &nbsp;&nbsp;&nbsp;Athene Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73%, 10/02/2026\* | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 83992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65%, 10/04/2031\* | &nbsp;&nbsp; 2130000 | &nbsp;&nbsp;&nbsp;&nbsp; 1897027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86%, 08/27/2026\* | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 57370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.32%, 11/13/2031\* | &nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 100281 |
| &nbsp;&nbsp;&nbsp;Athene Holding, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 05/15/2052 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 17727 |
| &nbsp;&nbsp;&nbsp;Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 05/15/2031\* | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 37370 |
| &nbsp;&nbsp;&nbsp;Chubb INA Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 08/15/2029 | &nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp; 97888 |
| &nbsp;&nbsp;&nbsp;Equitable America Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 09/15/2032\* | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 840540 |
| &nbsp;&nbsp;&nbsp;Equitable Financial Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 03/27/2030\* | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 317635 |
| &nbsp;&nbsp;&nbsp;F&G Annuities & Life, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/04/2034 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18357 |
| &nbsp;&nbsp;&nbsp;F&G Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 04/11/2027\* | &nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 96027 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2035 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 26307 |
| &nbsp;&nbsp;&nbsp;Howden UK Refinance PLC/Howden UK Refinance 2 PLC/Howden US Refinance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30887 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Jones Deslauriers Insurance Management, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 03/15/2030\* | $31000 | &nbsp;&nbsp;$32569 |
| &nbsp;&nbsp;&nbsp;Liberty Mutual Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 02/01/2061\* | &nbsp;&nbsp; 106000 | &nbsp;&nbsp;&nbsp;&nbsp; 66742 |
| &nbsp;&nbsp;&nbsp;Lincoln Financial Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/28/2028\* | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 535443 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 11/08/2027 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 03/15/2055 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 274518 |
| &nbsp;&nbsp;&nbsp;New York Life Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/09/2028\* | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 42752 |
| &nbsp;&nbsp;&nbsp;Northwestern Mutual Global Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 09/15/2027\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 50405 |
| &nbsp;&nbsp;&nbsp;Northwestern Mutual Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17%, 05/29/2055\* | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 25818 |
| &nbsp;&nbsp;&nbsp;Pacific Life Insurance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/15/2055\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 57869 |
| &nbsp;&nbsp;&nbsp;Panther Escrow Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 06/01/2031\* | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47846 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2048 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 52963 |
| &nbsp;&nbsp;&nbsp;Willis North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 06/15/2027 | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 97744 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 03/05/2054 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 53992 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6511768 |
| **Internet — 0.4%** | **Internet — 0.4%** | **Internet — 0.4%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 05/15/2055 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/15/2065 | &nbsp;&nbsp; 1387000 | &nbsp;&nbsp;&nbsp;&nbsp; 1380110 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 04/13/2027 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 26802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/13/2032 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 26098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 08/22/2037 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 21206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 08/22/2047 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 30455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65%, 12/01/2029 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 50266 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2033\* | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 09/30/2027\* | &nbsp;&nbsp; 332000 | &nbsp;&nbsp;&nbsp;&nbsp; 337088 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 09/30/2030\* | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 38099 |
| &nbsp;&nbsp;&nbsp;GrubHub Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.00%, 07/31/2030\*(2) | &nbsp;&nbsp; 65975 | &nbsp;&nbsp;&nbsp;&nbsp; 65948 |
| &nbsp;&nbsp;&nbsp;Match Group Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 10/01/2031\* | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 11782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/01/2030\* | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 36835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/15/2033\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20176 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2064 | &nbsp;&nbsp; 903000 | &nbsp;&nbsp;&nbsp;&nbsp; 896365 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/15/2035 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 20809 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3005245 |
| **Investment Companies — 0.5%** | **Investment Companies — 0.5%** | **Investment Companies — 0.5%** |
| &nbsp;&nbsp;&nbsp;Ares Strategic Income Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 01/15/2031\* | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 464403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 09/09/2030\* | &nbsp;&nbsp; 1210000 | &nbsp;&nbsp;&nbsp;&nbsp; 1229617 |
| &nbsp;&nbsp;&nbsp;Gaci First Investment Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 02/14/2035 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199233 |
| &nbsp;&nbsp;&nbsp;HAT Holdings I LLC/HAT Holdings II LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 06/15/2026\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 4951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/15/2027\* | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19781 |
| &nbsp;&nbsp;&nbsp;HPS Corporate Lending Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 06/05/2030\* | &nbsp;&nbsp; 480000 | &nbsp;&nbsp;&nbsp;&nbsp; 488538 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Investment Companies (continued)** | **Investment Companies (continued)** | **Investment Companies (continued)** |
| &nbsp;&nbsp;&nbsp;Sixth Street Lending Partners |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 07/15/2030\* | $980000 | &nbsp;&nbsp;$1013197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3419720 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/01/2027 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/01/2040 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 5103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 03/15/2032\* | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 76757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/01/2033\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 01/15/2034\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25760 |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2031 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 48476 |
| &nbsp;&nbsp;&nbsp;Mineral Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/01/2031\* | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 11/01/2027\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15289 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 05/01/2027\* | &nbsp;&nbsp; 41000 | &nbsp;&nbsp;&nbsp;&nbsp; 40999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 05/01/2030\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 10/01/2028\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 30387 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 05/23/2027 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 62282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/01/2035 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 58969 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 08/15/2034 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 32048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 05/15/2055 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37724 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;476856 |
| **Leisure Time — 0.0%** | **Leisure Time — 0.0%** | **Leisure Time — 0.0%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 08/01/2032\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/01/2029\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 56836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 02/15/2033\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30751 |
| &nbsp;&nbsp;&nbsp;NCL Corp, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/15/2031\* | &nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; 6000 |
| &nbsp;&nbsp;&nbsp;NCL Corp., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 09/15/2033\* | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/01/2032\* | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 75076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/15/2029\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 34070 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2033\* | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 84089 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334628 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations Borrower Escrow LLC/Hilton Grand Vacations Borrower Escrow, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/01/2031\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 55994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/01/2029\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19233 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 06/15/2028 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 337376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/14/2030 | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 588359 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 04/15/2031 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 61656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 10/15/2032 | &nbsp;&nbsp; 74000 | &nbsp;&nbsp;&nbsp;&nbsp; 68576 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 04/15/2037 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25548 |
| &nbsp;&nbsp;&nbsp;Station Casinos LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 03/15/2032\* | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 44172 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 12/01/2029\* | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 36712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/01/2027 | &nbsp;&nbsp; 7000 | &nbsp;&nbsp;&nbsp;&nbsp; 7100 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Lodging (continued)** | **Lodging (continued)** | **Lodging (continued)** |
| &nbsp;&nbsp;&nbsp;Travel + Leisure Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/01/2033\* | $25000 | &nbsp;&nbsp;$24924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269650 |
| **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** | **Machinery-Construction & Mining — 0.0%** |
| &nbsp;&nbsp;&nbsp;Caterpillar Financial Services Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 08/15/2028 | &nbsp;&nbsp; 102000 | &nbsp;&nbsp;&nbsp;&nbsp; 102458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/03/2028 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 43456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 11/15/2029 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 49165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/14/2027 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 22381 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217460 |
| **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** | **Machinery-Diversified — 0.2%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 03/21/2027 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 82179 |
| &nbsp;&nbsp;&nbsp;CNH Industrial Capital LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 10/16/2030 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 47900 |
| &nbsp;&nbsp;&nbsp;Deere & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 01/16/2035 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 45263 |
| &nbsp;&nbsp;&nbsp;John Deere Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 09/08/2031 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 69469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55%, 06/05/2030 | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 58902 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/07/2031 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 39175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 07/14/2028 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 39023 |
| &nbsp;&nbsp;&nbsp;nVent Finance SARL |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/15/2031 | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 67813 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 09/04/2035 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 31366 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 04/15/2028 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 481011 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 05/29/2030 | &nbsp;&nbsp; 505000 | &nbsp;&nbsp;&nbsp;&nbsp; 516091 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1478192 |
| **Media — 1.1%** | **Media — 1.1%** | **Media — 1.1%** |
| &nbsp;&nbsp;&nbsp;Belo Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 06/01/2027 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 54278 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2030\* | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 59308 |
| &nbsp;&nbsp;&nbsp;CCO Holdings LLC/CCO Holdings Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 01/15/2034\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 51874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 02/01/2028\* | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 35653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2029\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 56769 |
| &nbsp;&nbsp;&nbsp;Charter Communications Operating LLC/Charter Communications Operating Capital |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 02/01/2032 | &nbsp;&nbsp; 188000 | &nbsp;&nbsp;&nbsp;&nbsp; 160854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80%, 04/01/2031 | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 491727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 06/01/2041 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 51802 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/01/2042 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1440 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2061 | &nbsp;&nbsp; 61000 | &nbsp;&nbsp;&nbsp;&nbsp; 38020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 03/01/2050 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 74451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 03/30/2029 | &nbsp;&nbsp; 420000 | &nbsp;&nbsp;&nbsp;&nbsp; 425499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2053 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 125340 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/01/2047 | &nbsp;&nbsp; 605000 | &nbsp;&nbsp;&nbsp;&nbsp; 522922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 12/01/2035 | &nbsp;&nbsp; 345000 | &nbsp;&nbsp;&nbsp;&nbsp; 348295 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 06/01/2029 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 49321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/23/2035 | &nbsp;&nbsp; 356000 | &nbsp;&nbsp;&nbsp;&nbsp; 372956 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48%, 10/23/2045 | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 444558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 12/01/2055 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27323 |
| &nbsp;&nbsp;&nbsp;Comcast Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89%, 11/01/2051 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 101635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20%, 07/15/2036 | &nbsp;&nbsp; 895000 | &nbsp;&nbsp;&nbsp;&nbsp; 762555 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/01/2039 | $320000 | &nbsp;&nbsp;$255503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 07/15/2046 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 148379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 10/15/2028 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65191 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 10/15/2038 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 76319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2064 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 53722 |
| &nbsp;&nbsp;&nbsp;Cox Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60%, 06/15/2031\* | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 347554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2028\* | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 55656 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/01/2034\* | &nbsp;&nbsp; 457000 | &nbsp;&nbsp;&nbsp;&nbsp; 455346 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/01/2054\* | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 394932 |
| &nbsp;&nbsp;&nbsp;CSC Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 12/01/2030\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 130971 |
| &nbsp;&nbsp;&nbsp;Fox Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58%, 01/25/2049 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 55495 |
| &nbsp;&nbsp;&nbsp;Paramount Global |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2044 | &nbsp;&nbsp; 646000 | &nbsp;&nbsp;&nbsp;&nbsp; 530853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85%, 09/01/2043 | &nbsp;&nbsp; 138000 | &nbsp;&nbsp;&nbsp;&nbsp; 126042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 02/28/2057 | &nbsp;&nbsp; 54000 | &nbsp;&nbsp;&nbsp;&nbsp; 53227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 03/30/2062 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19967 |
| &nbsp;&nbsp;&nbsp;Sirius XM Radio, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 09/01/2031\* | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 60721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 07/15/2028\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 38651 |
| &nbsp;&nbsp;&nbsp;Time Warner Cable LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/01/2041 | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 187871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 05/01/2037 | &nbsp;&nbsp; 96000 | &nbsp;&nbsp;&nbsp;&nbsp; 99865 |
| &nbsp;&nbsp;&nbsp;Univision Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/30/2030\* | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 39187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 07/31/2031\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 08/01/2032\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37298 |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 09/01/2029 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 63997 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7568817 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;BHP Billiton Finance USA, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 09/05/2055 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 38457 |
| &nbsp;&nbsp;&nbsp;Capstone Copper Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/31/2033\* | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 82402 |
| &nbsp;&nbsp;&nbsp;FMG Resources August 2006 Pty, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 04/01/2031\* | &nbsp;&nbsp; 93000 | &nbsp;&nbsp;&nbsp;&nbsp; 88791 |
| &nbsp;&nbsp;&nbsp;Glencore Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37%, 04/04/2029\* | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 525502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/04/2034\* | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 322634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/06/2030\* | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp; 685399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/06/2033\* | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 236929 |
| &nbsp;&nbsp;&nbsp;Hudbay Minerals, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 04/01/2029\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 32261 |
| &nbsp;&nbsp;&nbsp;Novelis Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/15/2033\* | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 42434 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Alcan, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 12/15/2033 | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 548883 |
| &nbsp;&nbsp;&nbsp;Rio Tinto Finance USA PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/14/2065 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 442746 |
| &nbsp;&nbsp;&nbsp;South32 Treasury, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 04/14/2032\* | &nbsp;&nbsp; 97000 | &nbsp;&nbsp;&nbsp;&nbsp; 93120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3139558 |
| **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** | **Miscellaneous Manufacturing — 0.1%** |
| &nbsp;&nbsp;&nbsp;Siemens Funding BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 05/28/2030\* | &nbsp;&nbsp; 500000 | &nbsp;&nbsp;&nbsp;&nbsp; 508996 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas — 2.1%** | **Oil & Gas — 2.1%** | **Oil & Gas — 2.1%** |
| &nbsp;&nbsp;&nbsp;Aker BP ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 07/15/2031\* | $200000 | &nbsp;&nbsp;$182893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2031\* | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 424041 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 10/01/2054\* | &nbsp;&nbsp; 705000 | &nbsp;&nbsp;&nbsp;&nbsp; 653613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/13/2033\* | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 351511 |
| &nbsp;&nbsp;&nbsp;APA Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 10/15/2028 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 41919 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 07/01/2049 | &nbsp;&nbsp; 192000 | &nbsp;&nbsp;&nbsp;&nbsp; 160458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 02/15/2035 | &nbsp;&nbsp; 465000 | &nbsp;&nbsp;&nbsp;&nbsp; 475230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 02/15/2055 | &nbsp;&nbsp; 330000 | &nbsp;&nbsp;&nbsp;&nbsp; 332655 |
| &nbsp;&nbsp;&nbsp;Azule Energy Finance Plc |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 01/23/2030\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 201678 |
| &nbsp;&nbsp;&nbsp;Baytex Energy Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 03/15/2032\* | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 49934 |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.54%, 04/06/2027 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 139066 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24%, 05/11/2030 | &nbsp;&nbsp; 122000 | &nbsp;&nbsp;&nbsp;&nbsp; 112819 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 11/01/2030\* | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 26927 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63%, 06/15/2033\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31686 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 01/15/2030\* | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 49116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/01/2029\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 3993 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 03/15/2052 | &nbsp;&nbsp; 183000 | &nbsp;&nbsp;&nbsp;&nbsp; 137497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03%, 03/15/2062 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 362064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 01/15/2065 | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 299174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/15/2063 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 654413 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 02/15/2035 | &nbsp;&nbsp; 141000 | &nbsp;&nbsp;&nbsp;&nbsp; 142125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 03/15/2034 | &nbsp;&nbsp; 694000 | &nbsp;&nbsp;&nbsp;&nbsp; 713412 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 01/15/2033\* | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 33105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 04/01/2032\* | &nbsp;&nbsp; 17000 | &nbsp;&nbsp;&nbsp;&nbsp; 16883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/15/2034\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20264 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 03/24/2051 | &nbsp;&nbsp; 63000 | &nbsp;&nbsp;&nbsp;&nbsp; 50858 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 04/01/2035 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 133458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 04/18/2054 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 86633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 04/18/2064 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 211790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 03/15/2053 | &nbsp;&nbsp; 198000 | &nbsp;&nbsp;&nbsp;&nbsp; 202776 |
| &nbsp;&nbsp;&nbsp;Ecopetrol SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 02/01/2032 | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 429447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 01/19/2036 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 268524 |
| &nbsp;&nbsp;&nbsp;Energean Israel Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/30/2031\* | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 167464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.50%, 09/30/2033\* | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 184732 |
| &nbsp;&nbsp;&nbsp;Eni SpA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 05/15/2034\* | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 699531 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/2032 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 322306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 01/15/2036 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 482575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 12/01/2054 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 160178 |
| &nbsp;&nbsp;&nbsp;EQT Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 01/15/2029 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 475068 |
| &nbsp;&nbsp;&nbsp;Hess Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 03/15/2033 | &nbsp;&nbsp; 694000 | &nbsp;&nbsp;&nbsp;&nbsp; 805373 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2035 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 38676 |
| &nbsp;&nbsp;&nbsp;Hilcorp Energy I LP/Hilcorp Finance Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 02/01/2031\* | &nbsp;&nbsp; 79000 | &nbsp;&nbsp;&nbsp;&nbsp; 76082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2035\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 14659 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Leviathan Bond, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/30/2027\* | $330000 | &nbsp;&nbsp;$330742 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 03/01/2035 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 70192 |
| &nbsp;&nbsp;&nbsp;Nabors Industries, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/15/2027\* | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 31468 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 10/15/2033\* | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 41834 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 04/15/2046 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 11767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 01/01/2031 | &nbsp;&nbsp; 70000 | &nbsp;&nbsp;&nbsp;&nbsp; 73736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 09/01/2028 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 71112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45%, 09/15/2036 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 40381 |
| &nbsp;&nbsp;&nbsp;Petrobras Global Finance BV |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/10/2036 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 197370 |
| &nbsp;&nbsp;&nbsp;Petroleos Mexicanos |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/12/2028 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 01/23/2045 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 48769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.70%, 02/16/2032 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 89190 |
| &nbsp;&nbsp;&nbsp;Pioneer Natural Resources Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/29/2026 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 44215 |
| &nbsp;&nbsp;&nbsp;Southwestern Energy Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2032 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 63880 |
| &nbsp;&nbsp;&nbsp;Strathcona Resources, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 08/01/2026\* | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 71044 |
| &nbsp;&nbsp;&nbsp;Sunoco LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 03/15/2031\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 9926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 03/15/2034\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39654 |
| &nbsp;&nbsp;&nbsp;Talos Production, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 02/01/2031\* | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 49993 |
| &nbsp;&nbsp;&nbsp;TotalEnergies Capital SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.43%, 09/10/2064 | &nbsp;&nbsp; 266000 | &nbsp;&nbsp;&nbsp;&nbsp; 256121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64%, 04/05/2064 | &nbsp;&nbsp; 620000 | &nbsp;&nbsp;&nbsp;&nbsp; 617708 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 04/30/2030\* | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 53968 |
| &nbsp;&nbsp;&nbsp;Var Energi ASA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 05/22/2030\* | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 857832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 05/22/2035\* | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 260510 |
| &nbsp;&nbsp;&nbsp;Viper Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 08/01/2035 | &nbsp;&nbsp; 715000 | &nbsp;&nbsp;&nbsp;&nbsp; 726955 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2032\* | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 63098 |
| &nbsp;&nbsp;&nbsp;Wildfire Intermediate Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 10/15/2029\* | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 48498 |
| &nbsp;&nbsp;&nbsp;Woodside Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 05/19/2030 | &nbsp;&nbsp; 127000 | &nbsp;&nbsp;&nbsp;&nbsp; 130421 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14826564 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Archrock Partners LP/Archrock Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 04/01/2028\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15021 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 09/01/2032\* | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 58470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 04/01/2027\* | &nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp; 4000 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2033\* | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 10/01/2035\* | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 12321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 02/15/2029\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 51883 |
| &nbsp;&nbsp;&nbsp;WBI Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 10/15/2030\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/15/2033\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19950 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| &nbsp;&nbsp;&nbsp;Weatherford International, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 04/30/2030\* | $62000 | &nbsp;&nbsp;$63379 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267242 |
| **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** | **Packaging & Containers — 0.2%** |
| &nbsp;&nbsp;&nbsp;Amcor Flexibles North America, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69%, 05/25/2031 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 43632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 03/17/2030 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24544 |
| &nbsp;&nbsp;&nbsp;Ball Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 06/15/2029 | &nbsp;&nbsp; 885000 | &nbsp;&nbsp;&nbsp;&nbsp; 905926 |
| &nbsp;&nbsp;&nbsp;Clydesdale Acquisition Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/15/2032\* | &nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp;&nbsp; 5129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.75%, 04/15/2030\* | &nbsp;&nbsp; 59000 | &nbsp;&nbsp;&nbsp;&nbsp; 60607 |
| &nbsp;&nbsp;&nbsp;Crown Americas LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/01/2030 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 37495 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/01/2033\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20202 |
| &nbsp;&nbsp;&nbsp;Iris Holding, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00%, 12/15/2028\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 50574 |
| &nbsp;&nbsp;&nbsp;Mauser Packaging Solutions Holding Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 08/15/2026\* | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 19883 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 04/15/2027\* | &nbsp;&nbsp; 11000 | &nbsp;&nbsp;&nbsp;&nbsp; 11108 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 12/01/2033 | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 73062 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 02/01/2028 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 48803 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 09/01/2029 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 80475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2034 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425950 |
| **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** | **Pharmaceuticals — 0.9%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05%, 11/21/2039 | &nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 114552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 11/21/2049 | &nbsp;&nbsp; 106000 | &nbsp;&nbsp;&nbsp;&nbsp; 89303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 03/15/2031 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 58917 |
| &nbsp;&nbsp;&nbsp;Astrazeneca Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 02/26/2029 | &nbsp;&nbsp; 90000 | &nbsp;&nbsp;&nbsp;&nbsp; 92318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 03/03/2028 | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 83797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 03/03/2030 | &nbsp;&nbsp; 86000 | &nbsp;&nbsp;&nbsp;&nbsp; 88587 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 08/22/2032 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 33472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69%, 02/13/2028 | &nbsp;&nbsp; 82000 | &nbsp;&nbsp;&nbsp;&nbsp; 83034 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/01/2042 | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 19288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/01/2031 | &nbsp;&nbsp; 84000 | &nbsp;&nbsp;&nbsp;&nbsp; 89843 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2030 | &nbsp;&nbsp; 530000 | &nbsp;&nbsp;&nbsp;&nbsp; 531615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 11/15/2044 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp;&nbsp;&nbsp; 10291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 03/15/2043 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 130886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 11/15/2029 | &nbsp;&nbsp; 1125000 | &nbsp;&nbsp;&nbsp;&nbsp; 1153566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/15/2054 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27079 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 12/15/2047 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 41633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 12/15/2029 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 704035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 02/15/2034 | &nbsp;&nbsp; 72000 | &nbsp;&nbsp;&nbsp;&nbsp; 73716 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/28/2031 | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 278117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13%, 09/15/2031 | &nbsp;&nbsp; 575000 | &nbsp;&nbsp;&nbsp;&nbsp; 499107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 08/15/2029 | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 110244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 07/20/2045 | &nbsp;&nbsp; 172000 | &nbsp;&nbsp;&nbsp;&nbsp; 156135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45%, 09/15/2035 | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 442657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 06/01/2031 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 23012 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 05/15/2027 | $21000 | &nbsp;&nbsp;$20760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 08/14/2034 | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 55206 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/12/2030 | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 47184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 10/15/2065 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27879 |
| &nbsp;&nbsp;&nbsp;GlaxoSmithKline Capital, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/15/2030 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 44532 |
| &nbsp;&nbsp;&nbsp;HLF Financing Sarl LLC/Herbalife International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2029\* | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 71219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.25%, 04/15/2029\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 65088 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/30/2032 | &nbsp;&nbsp; 78000 | &nbsp;&nbsp;&nbsp;&nbsp; 79871 |
| &nbsp;&nbsp;&nbsp;Novartis Capital Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/18/2031 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 44753 |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte., Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/19/2033 | &nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; 65666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11%, 05/19/2043 | &nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp; 74622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 05/19/2053 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 61849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34%, 05/19/2063 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28475 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/22/2040 | &nbsp;&nbsp; 550000 | &nbsp;&nbsp;&nbsp;&nbsp; 419421 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 11/16/2032 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 37224 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6078953 |
| **Pipelines — 2.0%** | **Pipelines — 2.0%** | **Pipelines — 2.0%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Partners LP/Antero Midstream Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2028\* | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 28943 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 10/30/2035\* | &nbsp;&nbsp; 859000 | &nbsp;&nbsp;&nbsp;&nbsp; 877565 |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Holding Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 10/01/2031\* | &nbsp;&nbsp; 283000 | &nbsp;&nbsp;&nbsp;&nbsp; 287367 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68%, 01/15/2034\* | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 200887 |
| &nbsp;&nbsp;&nbsp;Columbia Pipelines Operating Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.04%, 11/15/2033\* | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 426815 |
| &nbsp;&nbsp;&nbsp;Delek Logistics Partners LP/Delek Logistics Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 06/30/2033\* | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63%, 03/15/2029\* | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 32327 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 12/15/2034\* | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 242283 |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 06/20/2028 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 06/20/2035 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 180471 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/05/2034 | &nbsp;&nbsp; 80000 | &nbsp;&nbsp;&nbsp;&nbsp; 83504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20%, 06/27/2054 | &nbsp;&nbsp; 321000 | &nbsp;&nbsp;&nbsp;&nbsp; 340397 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 05/15/2028 | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 51842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 02/01/2043 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 64449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/01/2047 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 100689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 04/01/2035 | &nbsp;&nbsp; 790000 | &nbsp;&nbsp;&nbsp;&nbsp; 815738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 12/01/2030 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 498555 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30%, 02/15/2053 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 91901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 01/31/2051 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 14877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 01/15/2031 | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 293008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 01/15/2036 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/16/2055 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 479368 |
| &nbsp;&nbsp;&nbsp;Excelerate Energy LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2030\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53223 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;Genesis Energy LP/Genesis Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 05/15/2032 | $46000 | &nbsp;&nbsp;$47976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 05/15/2033 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 27195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 01/15/2029 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15644 |
| &nbsp;&nbsp;&nbsp;Gray Oak Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 10/15/2027\* | &nbsp;&nbsp; 134000 | &nbsp;&nbsp;&nbsp;&nbsp; 132092 |
| &nbsp;&nbsp;&nbsp;Harvest Midstream I LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 09/01/2028\* | &nbsp;&nbsp; 25000 | &nbsp;&nbsp;&nbsp;&nbsp; 25269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/15/2032\* | &nbsp;&nbsp; 99000 | &nbsp;&nbsp;&nbsp;&nbsp; 101129 |
| &nbsp;&nbsp;&nbsp;Hess Midstream Operations LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2030\* | &nbsp;&nbsp; 600000 | &nbsp;&nbsp;&nbsp;&nbsp; 581543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 06/01/2029\* | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 536294 |
| &nbsp;&nbsp;&nbsp;Howard Midstream Energy Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/15/2034\* | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 10196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 07/15/2032\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57091 |
| &nbsp;&nbsp;&nbsp;ITT Holdings LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 08/01/2029\* | &nbsp;&nbsp; 92000 | &nbsp;&nbsp;&nbsp;&nbsp; 90448 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2044 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 50197 |
| &nbsp;&nbsp;&nbsp;MPLX LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 02/15/2031 | &nbsp;&nbsp; 659000 | &nbsp;&nbsp;&nbsp;&nbsp; 662977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2033 | &nbsp;&nbsp; 815000 | &nbsp;&nbsp;&nbsp;&nbsp; 813014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 09/15/2035 | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 365793 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 06/01/2034 | &nbsp;&nbsp; 310000 | &nbsp;&nbsp;&nbsp;&nbsp; 315918 |
| &nbsp;&nbsp;&nbsp;NGL Energy Operating LLC/NGL Energy Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13%, 02/15/2029\* | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 50241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 02/15/2032\* | &nbsp;&nbsp; 16000 | &nbsp;&nbsp;&nbsp;&nbsp; 16394 |
| &nbsp;&nbsp;&nbsp;NuStar Logistics LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 10/01/2030 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 37281 |
| &nbsp;&nbsp;&nbsp;ONEOK Partners LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.65%, 10/01/2036 | &nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 139866 |
| &nbsp;&nbsp;&nbsp;Oneok, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 10/15/2031 | &nbsp;&nbsp; 132000 | &nbsp;&nbsp;&nbsp;&nbsp; 132042 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 11/01/2034 | &nbsp;&nbsp; 625000 | &nbsp;&nbsp;&nbsp;&nbsp; 616362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 10/15/2035 | &nbsp;&nbsp; 635000 | &nbsp;&nbsp;&nbsp;&nbsp; 637387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 09/01/2033 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 11/15/2032 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 321469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 09/01/2053 | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 175525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15%, 01/15/2051 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 44817 |
| &nbsp;&nbsp;&nbsp;Plains All American Pipeline LP/PAA Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30%, 01/31/2043 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 35852 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 01/15/2036 | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 26327 |
| &nbsp;&nbsp;&nbsp;Sabine Pass Liquefaction LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 09/15/2037 | &nbsp;&nbsp; 41813 | &nbsp;&nbsp;&nbsp;&nbsp; 43967 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 703745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 02/15/2036 | &nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp;&nbsp; 266218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 03/15/2033 | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 170154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/30/2034 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 108887 |
| &nbsp;&nbsp;&nbsp;Targa Resources Partners LP/Targa Resources Partners Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2032 | &nbsp;&nbsp; 580000 | &nbsp;&nbsp;&nbsp;&nbsp; 550040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 03/01/2030 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 42722 |
| &nbsp;&nbsp;&nbsp;Venture Global LNG, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.38%, 06/01/2031\* | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 110247 |
| &nbsp;&nbsp;&nbsp;Venture Global Plaquemines LNG LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/01/2033\* | &nbsp;&nbsp; 8000 | &nbsp;&nbsp;&nbsp;&nbsp; 8840 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 05/01/2035\* | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 47406 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Pipelines (continued)** | **Pipelines (continued)** | **Pipelines (continued)** |
| &nbsp;&nbsp;&nbsp;Western Midstream Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30%, 03/01/2048 | $22000 | &nbsp;&nbsp;$19137 |
| &nbsp;&nbsp;&nbsp;Whistler Pipeline LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.40%, 09/30/2029\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 09/30/2031\* | &nbsp;&nbsp; 325000 | &nbsp;&nbsp;&nbsp;&nbsp; 337866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/30/2034\* | &nbsp;&nbsp; 232000 | &nbsp;&nbsp;&nbsp;&nbsp; 239122 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/30/2030 | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 48409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/24/2044 | &nbsp;&nbsp; 88000 | &nbsp;&nbsp;&nbsp;&nbsp; 88793 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14255216 |
| **Real Estate — 0.0%** | **Real Estate — 0.0%** | **Real Estate — 0.0%** |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield US Borrower LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 05/15/2028\* | &nbsp;&nbsp; 48000 | &nbsp;&nbsp;&nbsp;&nbsp; 48437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 09/01/2031\* | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 2135 |
| &nbsp;&nbsp;&nbsp;Greystar Real Estate Partners LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 09/01/2030\* | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 41227 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/01/2029 | &nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp; 73571 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165370 |
| **REITS — 0.6%** | **REITS — 0.6%** | **REITS — 0.6%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 09/15/2031 | &nbsp;&nbsp; 71000 | &nbsp;&nbsp;&nbsp;&nbsp; 62733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70%, 04/15/2031 | &nbsp;&nbsp; 690000 | &nbsp;&nbsp;&nbsp;&nbsp; 629515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 01/15/2027 | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 48321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 02/15/2029 | &nbsp;&nbsp; 94000 | &nbsp;&nbsp;&nbsp;&nbsp; 96725 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 06/15/2029\* | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 65349 |
| &nbsp;&nbsp;&nbsp;Arbor Realty SR, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.88%, 07/15/2030\* | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 78858 |
| &nbsp;&nbsp;&nbsp;Blackstone Mtg. Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 12/01/2029\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 52754 |
| &nbsp;&nbsp;&nbsp;Cousins Properties LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/2032 | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 692058 |
| &nbsp;&nbsp;&nbsp;Crown Castle International Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 11/15/2029 | &nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 646857 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 01/15/2031 | &nbsp;&nbsp; 730000 | &nbsp;&nbsp;&nbsp;&nbsp; 649688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/11/2028 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 57801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60%, 06/01/2029 | &nbsp;&nbsp; 44000 | &nbsp;&nbsp;&nbsp;&nbsp; 45720 |
| &nbsp;&nbsp;&nbsp;ERP Operating LP |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 06/15/2032 | &nbsp;&nbsp; 13000 | &nbsp;&nbsp;&nbsp;&nbsp; 13325 |
| &nbsp;&nbsp;&nbsp;Goodman US Finance Six LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 10/07/2034\* | &nbsp;&nbsp; 23000 | &nbsp;&nbsp;&nbsp;&nbsp; 23217 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2033\* | &nbsp;&nbsp; 390000 | &nbsp;&nbsp;&nbsp;&nbsp; 397806 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Finance Holdings LLLP/Ladder Capital Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/01/2027\* | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 23788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 06/15/2029\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 39252 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 10/01/2031 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 32097 |
| &nbsp;&nbsp;&nbsp;National Health Investors, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/01/2031 | &nbsp;&nbsp; 57000 | &nbsp;&nbsp;&nbsp;&nbsp; 51575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 02/01/2033 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp;&nbsp;&nbsp; 13887 |
| &nbsp;&nbsp;&nbsp;Service Properties Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Zero Coupon, 09/30/2027\* | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 2644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.88%, 06/15/2032 | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 52292 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/01/2030\* | &nbsp;&nbsp; 52000 | &nbsp;&nbsp;&nbsp;&nbsp; 53786 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/09/2052 | $38000 | &nbsp;&nbsp;$29521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/15/2026 | &nbsp;&nbsp; 27000 | &nbsp;&nbsp;&nbsp;&nbsp; 27072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3886641 |
| **Retail — 0.3%** | **Retail — 0.3%** | **Retail — 0.3%** |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.89%, 03/15/2035 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21701 |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 08/01/2032 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/01/2033 | &nbsp;&nbsp; 245000 | &nbsp;&nbsp;&nbsp;&nbsp; 245374 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 07/15/2029 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 18512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 11/01/2033 | &nbsp;&nbsp; 195000 | &nbsp;&nbsp;&nbsp;&nbsp; 217685 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 07/15/2030\* | &nbsp;&nbsp; 49000 | &nbsp;&nbsp;&nbsp;&nbsp; 51836 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.35%, 10/15/2027 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35134 |
| &nbsp;&nbsp;&nbsp;FirstCash, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/01/2028\* | &nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 321589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 01/01/2030\* | &nbsp;&nbsp; 32000 | &nbsp;&nbsp;&nbsp;&nbsp; 31954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 03/01/2032\* | &nbsp;&nbsp; 3000 | &nbsp;&nbsp;&nbsp;&nbsp; 3101 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 04/15/2052 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 164821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 04/15/2029 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 44236 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/01/2031 | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 57630 |
| &nbsp;&nbsp;&nbsp;LBM Acquisition LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 01/15/2029\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 50909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50%, 06/15/2031\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31525 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70%, 04/15/2046 | &nbsp;&nbsp; 36000 | &nbsp;&nbsp;&nbsp;&nbsp; 27658 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 09/01/2049 | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 50190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 08/14/2028 | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 137876 |
| &nbsp;&nbsp;&nbsp;Murphy Oil USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 02/15/2031\* | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 37202 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/15/2029 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 8874 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 09/01/2027 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 80278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/20/2026 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 43741 |
| &nbsp;&nbsp;&nbsp;Park River Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 08/01/2029\* | &nbsp;&nbsp; 26000 | &nbsp;&nbsp;&nbsp;&nbsp; 25732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 03/15/2031\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35444 |
| &nbsp;&nbsp;&nbsp;QXO Building Products, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 04/30/2032\* | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 32097 |
| &nbsp;&nbsp;&nbsp;Raising Cane's Restaurants LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38%, 05/01/2029\* | &nbsp;&nbsp; 46000 | &nbsp;&nbsp;&nbsp;&nbsp; 48288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858681 |
| **Semiconductors — 1.4%** | **Semiconductors — 1.4%** | **Semiconductors — 1.4%** |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 10/01/2033\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35356 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 01/15/2036 | &nbsp;&nbsp; 622000 | &nbsp;&nbsp;&nbsp;&nbsp; 615561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 06/15/2029 | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 31781 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45%, 02/15/2031\* | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 127332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19%, 11/15/2036\* | &nbsp;&nbsp; 153000 | &nbsp;&nbsp;&nbsp;&nbsp; 130567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 02/15/2028 | &nbsp;&nbsp; 475000 | &nbsp;&nbsp;&nbsp;&nbsp; 476239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 10/15/2030 | &nbsp;&nbsp; 425000 | &nbsp;&nbsp;&nbsp;&nbsp; 424275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 07/15/2032 | &nbsp;&nbsp; 42000 | &nbsp;&nbsp;&nbsp;&nbsp; 42965 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05%, 07/12/2029 | &nbsp;&nbsp; 355000 | &nbsp;&nbsp;&nbsp;&nbsp; 365681 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 07/15/2035 | &nbsp;&nbsp; 950000 | &nbsp;&nbsp;&nbsp;&nbsp; 979071 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Semiconductors (continued)** | **Semiconductors (continued)** | **Semiconductors (continued)** |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 06/15/2030\* | $35000 | &nbsp;&nbsp;$35491 |
| &nbsp;&nbsp;&nbsp;Foundry JV Holdco LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 01/25/2033\* | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 495608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, 01/25/2036\* | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 371841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15%, 01/25/2032\* | &nbsp;&nbsp; 940000 | &nbsp;&nbsp;&nbsp;&nbsp; 1004704 |
| &nbsp;&nbsp;&nbsp;Intel Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10%, 02/15/2060 | &nbsp;&nbsp; 280000 | &nbsp;&nbsp;&nbsp;&nbsp; 165924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 11/15/2049 | &nbsp;&nbsp; 222000 | &nbsp;&nbsp;&nbsp;&nbsp; 147516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73%, 12/08/2047 | &nbsp;&nbsp; 949000 | &nbsp;&nbsp;&nbsp;&nbsp; 700945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10%, 05/11/2047 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 156169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 08/05/2032 | &nbsp;&nbsp; 384000 | &nbsp;&nbsp;&nbsp;&nbsp; 370414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 03/25/2050 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 84712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 02/10/2053 | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 33848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90%, 02/10/2063 | &nbsp;&nbsp; 265000 | &nbsp;&nbsp;&nbsp;&nbsp; 258108 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/15/2031 | &nbsp;&nbsp; 750000 | &nbsp;&nbsp;&nbsp;&nbsp; 692659 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.65%, 11/01/2032 | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 703119 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 04/01/2031\* | &nbsp;&nbsp; 955000 | &nbsp;&nbsp;&nbsp;&nbsp; 877437 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 05/20/2032 | &nbsp;&nbsp; 477000 | &nbsp;&nbsp;&nbsp;&nbsp; 485838 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60%, 02/15/2028 | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 53913 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9867074 |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 01/17/2028 | &nbsp;&nbsp; 73000 | &nbsp;&nbsp;&nbsp;&nbsp; 74395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 04/04/2027 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 29425 |
| &nbsp;&nbsp;&nbsp;Capstone Borrower, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.00%, 06/15/2030\* | &nbsp;&nbsp; 55000 | &nbsp;&nbsp;&nbsp;&nbsp; 57518 |
| &nbsp;&nbsp;&nbsp;Cloud Software Group, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 03/31/2029\* | &nbsp;&nbsp; 53000 | &nbsp;&nbsp;&nbsp;&nbsp; 53478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 08/15/2033\* | &nbsp;&nbsp; 35000 | &nbsp;&nbsp;&nbsp;&nbsp; 35629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25%, 06/30/2032\* | &nbsp;&nbsp; 15000 | &nbsp;&nbsp;&nbsp;&nbsp; 15911 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 07/01/2049 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 66784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15%, 08/12/2034 | &nbsp;&nbsp; 45000 | &nbsp;&nbsp;&nbsp;&nbsp; 45538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 08/11/2035 | &nbsp;&nbsp; 24000 | &nbsp;&nbsp;&nbsp;&nbsp; 24255 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 11/01/2031\* | &nbsp;&nbsp; 352000 | &nbsp;&nbsp;&nbsp;&nbsp; 330617 |
| &nbsp;&nbsp;&nbsp;Open Text Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 02/15/2028\* | &nbsp;&nbsp; 2000 | &nbsp;&nbsp;&nbsp;&nbsp; 1945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 12/01/2029\* | &nbsp;&nbsp; 31000 | &nbsp;&nbsp;&nbsp;&nbsp; 29303 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90%, 12/01/2027\* | &nbsp;&nbsp; 825000 | &nbsp;&nbsp;&nbsp;&nbsp; 858344 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30%, 03/25/2028 | &nbsp;&nbsp; 147000 | &nbsp;&nbsp;&nbsp;&nbsp; 140544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 03/25/2031 | &nbsp;&nbsp; 180000 | &nbsp;&nbsp;&nbsp;&nbsp; 165283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95%, 04/01/2030 | &nbsp;&nbsp; 560000 | &nbsp;&nbsp;&nbsp;&nbsp; 527652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 04/01/2040 | &nbsp;&nbsp; 763000 | &nbsp;&nbsp;&nbsp;&nbsp; 612797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 11/15/2037 | &nbsp;&nbsp; 134000 | &nbsp;&nbsp;&nbsp;&nbsp; 115847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 04/01/2060 | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 72205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95%, 03/25/2051 | &nbsp;&nbsp; 220000 | &nbsp;&nbsp;&nbsp;&nbsp; 163572 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 11/15/2047 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 62775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80%, 09/26/2032 | &nbsp;&nbsp; 1655000 | &nbsp;&nbsp;&nbsp;&nbsp; 1656990 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/03/2032 | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 123714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/03/2035 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 41148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 09/27/2064 | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 444180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 02/06/2053 | &nbsp;&nbsp; 18000 | &nbsp;&nbsp;&nbsp;&nbsp; 17032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 09/26/2045 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 38103 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 09/26/2055 | $77000 | &nbsp;&nbsp;$76763 |
| &nbsp;&nbsp;&nbsp;Rackspace Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 05/15/2028\* | &nbsp;&nbsp; 80460 | &nbsp;&nbsp;&nbsp;&nbsp; 33306 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/15/2028 | &nbsp;&nbsp; 34000 | &nbsp;&nbsp;&nbsp;&nbsp; 34159 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5949212 |
| **Telecommunications — 1.0%** | **Telecommunications — 1.0%** | **Telecommunications — 1.0%** |
| &nbsp;&nbsp;&nbsp;Altice Financing SA |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/15/2028\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 155500 |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80%, 12/01/2057 | &nbsp;&nbsp; 460000 | &nbsp;&nbsp;&nbsp;&nbsp; 328002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85%, 06/01/2060 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 20620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/15/2035 | &nbsp;&nbsp; 204000 | &nbsp;&nbsp;&nbsp;&nbsp; 197111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90%, 08/15/2037 | &nbsp;&nbsp; 167000 | &nbsp;&nbsp;&nbsp;&nbsp; 162855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70%, 11/01/2054 | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 08/15/2056 | &nbsp;&nbsp; 19000 | &nbsp;&nbsp;&nbsp;&nbsp; 19694 |
| &nbsp;&nbsp;&nbsp;Bell Telephone Co. of Canada or Bell Canada |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 09/15/2055 | &nbsp;&nbsp; 37000 | &nbsp;&nbsp;&nbsp;&nbsp; 38385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 09/15/2055 | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 31353 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 02/24/2035 | &nbsp;&nbsp; 98000 | &nbsp;&nbsp;&nbsp;&nbsp; 101355 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 11/15/2049 | &nbsp;&nbsp; 39000 | &nbsp;&nbsp;&nbsp;&nbsp; 30534 |
| &nbsp;&nbsp;&nbsp;Iliad Holding SASU |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/15/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203961 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.55%, 08/15/2035 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 44796 |
| &nbsp;&nbsp;&nbsp;NTT Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 07/16/2030\* | &nbsp;&nbsp; 545000 | &nbsp;&nbsp;&nbsp;&nbsp; 553759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17%, 07/16/2032\* | &nbsp;&nbsp; 1935000 | &nbsp;&nbsp;&nbsp;&nbsp; 1981764 |
| &nbsp;&nbsp;&nbsp;Rogers Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00%, 04/15/2055 | &nbsp;&nbsp; 9000 | &nbsp;&nbsp;&nbsp;&nbsp; 9383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 04/15/2055 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 45587 |
| &nbsp;&nbsp;&nbsp;Sable International Finance, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13%, 10/15/2032\* | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203078 |
| &nbsp;&nbsp;&nbsp;Telesat Canada/Telesat LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 06/01/2027\* | &nbsp;&nbsp; 51000 | &nbsp;&nbsp;&nbsp;&nbsp; 39015 |
| &nbsp;&nbsp;&nbsp;T-Mobile USA, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05%, 02/15/2028 | &nbsp;&nbsp; 315000 | &nbsp;&nbsp;&nbsp;&nbsp; 300325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55%, 02/15/2031 | &nbsp;&nbsp; 155000 | &nbsp;&nbsp;&nbsp;&nbsp; 140836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/15/2041 | &nbsp;&nbsp; 231000 | &nbsp;&nbsp;&nbsp;&nbsp; 173579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.60%, 11/15/2060 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 40758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/15/2030 | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 127477 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70%, 01/15/2035 | &nbsp;&nbsp; 520000 | &nbsp;&nbsp;&nbsp;&nbsp; 510692 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 05/15/2032 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 205832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 01/15/2034 | &nbsp;&nbsp; 362000 | &nbsp;&nbsp;&nbsp;&nbsp; 383582 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85%, 09/03/2041 | &nbsp;&nbsp; 131000 | &nbsp;&nbsp;&nbsp;&nbsp; 95420 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 11/20/2060 | &nbsp;&nbsp; 89000 | &nbsp;&nbsp;&nbsp;&nbsp; 53915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40%, 03/22/2041 | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 47407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 03/01/2052 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp;&nbsp; 7676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 08/10/2033 | &nbsp;&nbsp; 81000 | &nbsp;&nbsp;&nbsp;&nbsp; 79828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 04/02/2035 | &nbsp;&nbsp; 77000 | &nbsp;&nbsp;&nbsp;&nbsp; 78302 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63%, 04/15/2027\* | &nbsp;&nbsp; 58000 | &nbsp;&nbsp;&nbsp;&nbsp; 57766 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 05/30/2031\* | &nbsp;&nbsp; 76000 | &nbsp;&nbsp;&nbsp;&nbsp; 71318 |
| &nbsp;&nbsp;&nbsp;Vmed O2 UK Financing I PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.75%, 04/15/2032\* | &nbsp;&nbsp; 202000 | &nbsp;&nbsp;&nbsp;&nbsp; 212229 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.13%, 06/04/2081 | &nbsp;&nbsp; 29000 | &nbsp;&nbsp;&nbsp;&nbsp; 22856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 06/28/2054 | &nbsp;&nbsp; 38000 | &nbsp;&nbsp;&nbsp;&nbsp; 37412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 02/10/2063 | &nbsp;&nbsp; 43000 | &nbsp;&nbsp;&nbsp;&nbsp; 41879 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** | **CORPORATE BONDS & NOTES (continued)** |
| **Telecommunications (continued)** | **Telecommunications (continued)** | **Telecommunications (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88%, 06/28/2064 | $87000 | &nbsp;&nbsp;$86598 |
| &nbsp;&nbsp;&nbsp;Zayo Group Holdings, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.25%, 03/09/2030\*(2) | &nbsp;&nbsp; 12372 | &nbsp;&nbsp;&nbsp;&nbsp; 11846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.75%, 09/09/2030\*(2) | &nbsp;&nbsp; 52953 | &nbsp;&nbsp;&nbsp;&nbsp; 50173 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7078585 |
| **Transportation — 0.1%** | **Transportation — 0.1%** | **Transportation — 0.1%** |
| &nbsp;&nbsp;&nbsp;Burlington Northern Santa Fe LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15%, 12/15/2048 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 56497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45%, 03/15/2043 | &nbsp;&nbsp; 62000 | &nbsp;&nbsp;&nbsp;&nbsp; 55914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.80%, 03/15/2056 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp;&nbsp;&nbsp; 20926 |
| &nbsp;&nbsp;&nbsp;Canadian Pacific Railway Co. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.20%, 03/30/2035 | &nbsp;&nbsp; 21000 | &nbsp;&nbsp;&nbsp;&nbsp; 21643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13%, 09/15/2115 | &nbsp;&nbsp; 47000 | &nbsp;&nbsp;&nbsp;&nbsp; 48489 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. Pass Through Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 08/20/2035 | &nbsp;&nbsp; 148725 | &nbsp;&nbsp;&nbsp;&nbsp; 128705 |
| &nbsp;&nbsp;&nbsp;Star Leasing Co. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 02/15/2030\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 54417 |
| &nbsp;&nbsp;&nbsp;Stonepeak Nile Parent LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 03/15/2032\* | &nbsp;&nbsp; 56000 | &nbsp;&nbsp;&nbsp;&nbsp; 58970 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445561 |
| **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** | **Trucking & Leasing — 0.0%** |
| &nbsp;&nbsp;&nbsp;GATX Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 09/15/2026 | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 67472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 06/30/2030 | &nbsp;&nbsp; 22000 | &nbsp;&nbsp;&nbsp;&nbsp; 21631 |
| &nbsp;&nbsp;&nbsp;Penske Truck Leasing Co. LP/PTL Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 02/01/2030\* | &nbsp;&nbsp; 69000 | &nbsp;&nbsp;&nbsp;&nbsp; 71166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35%, 03/30/2029\* | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 30853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05%, 08/01/2028\* | &nbsp;&nbsp; 68000 | &nbsp;&nbsp;&nbsp;&nbsp; 71002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20%, 06/15/2030\* | &nbsp;&nbsp; 50000 | &nbsp;&nbsp;&nbsp;&nbsp; 53493 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315617 |
| **Total Corporate Bonds & Notes<br> (cost $224,219,456)** |  | &nbsp;&nbsp;&nbsp;&nbsp;225418469 |
| **ASSET BACKED SECURITIES — 3.5%** | **ASSET BACKED SECURITIES — 3.5%** | **ASSET BACKED SECURITIES — 3.5%** |
| **Auto Loan Receivables — 0.4%** | **Auto Loan Receivables — 0.4%** | **Auto Loan Receivables — 0.4%** |
| &nbsp;&nbsp;&nbsp;Avis Budget Rental Car Funding AESOP LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-3A, Class B<br> 5.58%, 12/20/2030\* | &nbsp;&nbsp; 130000 | &nbsp;&nbsp;&nbsp;&nbsp; 134016 |
| &nbsp;&nbsp;&nbsp;Bridgecrest Lending Auto Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2, Class B<br> 4.81%, 08/15/2029 | &nbsp;&nbsp; 1030000 | &nbsp;&nbsp;&nbsp;&nbsp; 1035507 |
| &nbsp;&nbsp;&nbsp;Carmax Auto Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A3<br> 4.84%, 01/15/2030 | &nbsp;&nbsp; 267000 | &nbsp;&nbsp;&nbsp;&nbsp; 271059 |
| &nbsp;&nbsp;&nbsp;Exeter Automobile Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4A, Class B<br> 4.40%, 05/15/2030 | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 190719 |
| &nbsp;&nbsp;&nbsp;Ford Credit Floorplan Master Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-4, Class A<br> 4.06%, 11/15/2030 | &nbsp;&nbsp; 175000 | &nbsp;&nbsp;&nbsp;&nbsp; 175023 |
| &nbsp;&nbsp;&nbsp;GLS Auto Receivables Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-4A, Class B<br> 4.89%, 04/16/2029\* | &nbsp;&nbsp; 275000 | &nbsp;&nbsp;&nbsp;&nbsp; 277082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class B<br> 4.98%, 07/16/2029\* | &nbsp;&nbsp; 435000 | &nbsp;&nbsp;&nbsp;&nbsp; 439695 |
| &nbsp;&nbsp;&nbsp;Honda Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2, Class A4<br> 4.91%, 09/17/2029 | &nbsp;&nbsp; 64000 | &nbsp;&nbsp;&nbsp;&nbsp; 64641 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Auto Loan Receivables (continued)** | **Auto Loan Receivables (continued)** | **Auto Loan Receivables (continued)** |
| &nbsp;&nbsp;&nbsp;Santander Drive Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class B<br> 4.98%, 02/15/2028 | $13823 | &nbsp;&nbsp;$13826 |
| &nbsp;&nbsp;&nbsp;Securitized Term Auto Receivables Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-A, Class B<br> 5.04%, 07/25/2031\* | &nbsp;&nbsp; 85052 | &nbsp;&nbsp;&nbsp;&nbsp; 85847 |
| &nbsp;&nbsp;&nbsp;SFS Auto Receivables Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class B<br> 5.71%, 01/22/2030\* | &nbsp;&nbsp; 215000 | &nbsp;&nbsp;&nbsp;&nbsp; 220518 |
| &nbsp;&nbsp;&nbsp;Toyota Auto Receivables Owner Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-B, Class A4<br> 4.66%, 09/15/2028 | &nbsp;&nbsp; 140000 | &nbsp;&nbsp;&nbsp;&nbsp; 141275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A, Class A4<br> 4.77%, 04/16/2029 | &nbsp;&nbsp; 40000 | &nbsp;&nbsp;&nbsp;&nbsp; 40598 |
| &nbsp;&nbsp;&nbsp;Volkswagen Auto Loan Enhanced Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1, Class A4<br> 4.61%, 07/21/2031 | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 253617 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3343423 |
| **Credit Card Receivables — 0.1%** | **Credit Card Receivables — 0.1%** | **Credit Card Receivables — 0.1%** |
| &nbsp;&nbsp;&nbsp;American Express Credit Account Master Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-4, Class A<br> 4.30%, 07/15/2030 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 202147 |
| &nbsp;&nbsp;&nbsp;BA Credit Card Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A2, Class A2<br> 4.98%, 11/15/2028 | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151841 |
| &nbsp;&nbsp;&nbsp;Chase Issuance Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-A2, Class A<br> 4.63%, 01/15/2031 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558406 |
| **Other Asset Backed Securities — 3.0%** | **Other Asset Backed Securities — 3.0%** | **Other Asset Backed Securities — 3.0%** |
| &nbsp;&nbsp;&nbsp;AASET Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A<br> 3.35%, 01/16/2040\* | &nbsp;&nbsp; 46557 | &nbsp;&nbsp;&nbsp;&nbsp; 45810 |
| &nbsp;&nbsp;&nbsp;Aligned Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2<br> 6.00%, 08/17/2048\* | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 490043 |
| &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO X, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-10A, Class A1R3<br> 5.63%, (TSFR3M+1.30%), 07/20/2038\* | &nbsp;&nbsp; 1580000 | &nbsp;&nbsp;&nbsp;&nbsp; 1586190 |
| &nbsp;&nbsp;&nbsp;Benefit Street Partners CLO XXXI, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-31A, Class BR<br> 6.07%, (TSFR3M+1.75%), 04/25/2038\* | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 517944 |
| &nbsp;&nbsp;&nbsp;Blue Owl Asset Leasing Trust LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class B<br> 5.41%, 03/15/2030\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101238 |
| &nbsp;&nbsp;&nbsp;CF Hippolyta Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A1<br> 1.53%, 03/15/2061\* | &nbsp;&nbsp; 93809 | &nbsp;&nbsp;&nbsp;&nbsp; 78098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A1<br> 1.69%, 07/15/2060\* | &nbsp;&nbsp; 196033 | &nbsp;&nbsp;&nbsp;&nbsp; 168381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class B1<br> 1.98%, 03/15/2061\* | &nbsp;&nbsp; 108381 | &nbsp;&nbsp;&nbsp;&nbsp; 83727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class A2<br> 1.99%, 07/15/2060\* | &nbsp;&nbsp; 221292 | &nbsp;&nbsp;&nbsp;&nbsp; 186249 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1A, Class A1<br> 5.97%, 08/15/2062\* | &nbsp;&nbsp; 125467 | &nbsp;&nbsp;&nbsp;&nbsp; 121274 |
| &nbsp;&nbsp;&nbsp;Columbia Cent CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-27A, Class AR<br> 5.77%, (TSFR3M+1.45%), 01/25/2035\* | &nbsp;&nbsp; 720000 | &nbsp;&nbsp;&nbsp;&nbsp; 720848 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** | **ASSET BACKED SECURITIES (continued)** |
| **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;DB Master Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A23<br> 2.79%, 11/20/2051\* | $1342687 | &nbsp;&nbsp;$1191648 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza Master Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1A, Class A2I<br> 2.66%, 04/25/2051\* | &nbsp;&nbsp; 486250 | &nbsp;&nbsp;&nbsp;&nbsp; 459680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-1A, Class A2<br> 3.67%, 10/25/2049\* | &nbsp;&nbsp; 326400 | &nbsp;&nbsp;&nbsp;&nbsp; 313965 |
| &nbsp;&nbsp;&nbsp;Elmwood CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class BR<br> 6.07%, (TSFR3M+1.75%), 04/16/2036\* | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 450914 |
| &nbsp;&nbsp;&nbsp;GreenSky Home Improvement Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class A3<br> 5.02%, 06/25/2060\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-2A, Class B<br> 5.07%, 06/25/2060\* | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 146298 |
| &nbsp;&nbsp;&nbsp;Navient Private Education Refi Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-FA, Class A<br> 1.11%, 02/18/2070\* | &nbsp;&nbsp; 291397 | &nbsp;&nbsp;&nbsp;&nbsp; 259873 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-A, Class A<br> 5.51%, 10/15/2071\* | &nbsp;&nbsp; 365186 | &nbsp;&nbsp;&nbsp;&nbsp; 374085 |
| &nbsp;&nbsp;&nbsp;Navient Refinance Loan Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-B, Class A<br> 4.72%, 09/15/2055\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99777 |
| &nbsp;&nbsp;&nbsp;NMEF Funding |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-B, Class A2<br> 4.64%, 01/18/2033\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100393 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-B, Class B<br> 4.73%, 01/18/2033\* | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 290753 |
| &nbsp;&nbsp;&nbsp;NRZ Excess Spread-Collateralized Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-PLS1, Class A<br> 3.84%, 12/25/2025\* | &nbsp;&nbsp; 40854 | &nbsp;&nbsp;&nbsp;&nbsp; 40708 |
| &nbsp;&nbsp;&nbsp;PEAC Solutions Receivables LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A3<br> 5.04%, 07/20/2032\* | &nbsp;&nbsp; 415000 | &nbsp;&nbsp;&nbsp;&nbsp; 422453 |
| &nbsp;&nbsp;&nbsp;Post Road Equipment Finance LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2<br> 4.90%, 05/15/2031\* | &nbsp;&nbsp; 115000 | &nbsp;&nbsp;&nbsp;&nbsp; 115900 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class B<br> 5.04%, 05/15/2031\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 101373 |
| &nbsp;&nbsp;&nbsp;Pret LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL7, Class A1<br> 5.66%, 07/25/2055\*(4) | &nbsp;&nbsp; 562410 | &nbsp;&nbsp;&nbsp;&nbsp; 564080 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL8, Class A1<br> 5.73%, 08/25/2055\*(4) | &nbsp;&nbsp; 513349 | &nbsp;&nbsp;&nbsp;&nbsp; 514631 |
| &nbsp;&nbsp;&nbsp;PRET LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RN2, Class A1<br> 4.74%, 07/25/2051\*(4) | &nbsp;&nbsp; 208337 | &nbsp;&nbsp;&nbsp;&nbsp; 208162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL9, Class A1<br> 5.39%, 08/25/2055\*(4) | &nbsp;&nbsp; 709975 | &nbsp;&nbsp;&nbsp;&nbsp; 710512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL6, Class A1<br> 5.74%, 06/25/2055\*(4) | &nbsp;&nbsp; 869494 | &nbsp;&nbsp;&nbsp;&nbsp; 873790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-NPL5, Class A1<br> 5.96%, 09/25/2054\*(4) | &nbsp;&nbsp; 519192 | &nbsp;&nbsp;&nbsp;&nbsp; 519516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-NPL3, Class A1<br> 6.71%, 04/25/2055\*(4) | &nbsp;&nbsp; 519869 | &nbsp;&nbsp;&nbsp;&nbsp; 524565 |
| &nbsp;&nbsp;&nbsp;Progress Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR2, Class A<br> 3.30%, 04/17/2041\* | &nbsp;&nbsp; 297259 | &nbsp;&nbsp;&nbsp;&nbsp; 285812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-SFR1, Class A<br> 4.30%, 03/17/2040\* | &nbsp;&nbsp; 396337 | &nbsp;&nbsp;&nbsp;&nbsp; 395290 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** | **Other Asset Backed Securities (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR5, Class A<br> 4.45%, 06/17/2039\* | $180172 | &nbsp;&nbsp;$180181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-SFR7, Class A<br> 4.75%, 10/27/2039\* | &nbsp;&nbsp; 303828 | &nbsp;&nbsp;&nbsp;&nbsp; 305281 |
| &nbsp;&nbsp;&nbsp;QTS Issuer ABS I LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2<br> 5.44%, 05/25/2055\* | &nbsp;&nbsp; 1465000 | &nbsp;&nbsp;&nbsp;&nbsp; 1496274 |
| &nbsp;&nbsp;&nbsp;Rad CLO 12, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-12A, Class A1AR<br> 5.63%, (TSFR3M+1.32%), 07/30/2040\* | &nbsp;&nbsp; 685000 | &nbsp;&nbsp;&nbsp;&nbsp; 686617 |
| &nbsp;&nbsp;&nbsp;Retained Vantage Data Centers Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class A2A<br> 5.00%, 09/15/2048\* | &nbsp;&nbsp; 675000 | &nbsp;&nbsp;&nbsp;&nbsp; 675658 |
| &nbsp;&nbsp;&nbsp;RR 23, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-23A, Class A2R2<br> 5.97%, (TSFR3M+1.65%), 07/15/2037\* | &nbsp;&nbsp; 990000 | &nbsp;&nbsp;&nbsp;&nbsp; 994248 |
| &nbsp;&nbsp;&nbsp;Sapphire Aviation Finance II, Ltd. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A<br> 3.23%, 03/15/2040\* | &nbsp;&nbsp; 123046 | &nbsp;&nbsp;&nbsp;&nbsp; 117541 |
| &nbsp;&nbsp;&nbsp;Stack Infrastructure Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-2A, Class A2<br> 5.90%, 07/25/2048\* | &nbsp;&nbsp; 385000 | &nbsp;&nbsp;&nbsp;&nbsp; 388188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2<br> 5.90%, 03/25/2049\* | &nbsp;&nbsp; 205000 | &nbsp;&nbsp;&nbsp;&nbsp; 208367 |
| &nbsp;&nbsp;&nbsp;Stream Innovations Issuer Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A<br> 5.05%, 09/15/2045\* | &nbsp;&nbsp; 253060 | &nbsp;&nbsp;&nbsp;&nbsp; 255412 |
| &nbsp;&nbsp;&nbsp;Summit Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A2<br> 2.29%, 12/20/2050\* | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 288368 |
| &nbsp;&nbsp;&nbsp;Texas Debt Capital CLO, Ltd. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1A, Class BR<br> 5.97%, (TSFR3M+1.65%), 07/20/2038\* | &nbsp;&nbsp; 565000 | &nbsp;&nbsp;&nbsp;&nbsp; 567241 |
| &nbsp;&nbsp;&nbsp;Tricon Residential Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR1, Class A<br> 4.65%, 04/17/2041\* | &nbsp;&nbsp; 164767 | &nbsp;&nbsp;&nbsp;&nbsp; 164394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-SFR2, Class A<br> 4.75%, 06/17/2040\* | &nbsp;&nbsp; 134739 | &nbsp;&nbsp;&nbsp;&nbsp; 135162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-SFR1, Class A<br> 5.10%, 07/17/2040\* | &nbsp;&nbsp; 263903 | &nbsp;&nbsp;&nbsp;&nbsp; 266124 |
| &nbsp;&nbsp;&nbsp;Wendy's Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-1A, Class A2II<br> 3.88%, 03/15/2048\* | &nbsp;&nbsp; 415015 | &nbsp;&nbsp;&nbsp;&nbsp; 408908 |
| &nbsp;&nbsp;&nbsp;Wingstop Funding LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1A, Class A2<br> 2.84%, 12/05/2050\* | &nbsp;&nbsp; 280725 | &nbsp;&nbsp;&nbsp;&nbsp; 271012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-1A, Class A2<br> 5.86%, 12/05/2054\* | &nbsp;&nbsp; 170000 | &nbsp;&nbsp;&nbsp;&nbsp; 175925 |
| &nbsp;&nbsp;&nbsp;Zayo Issuer LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1A, Class A2<br> 5.65%, 03/20/2055\* | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 448112 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21198352 |
| **Total Asset Backed Securities<br> (cost $24,783,553)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25100181 |
| **COLLATERALIZED MORTGAGE OBLIGATIONS — 7.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 7.4%** | **COLLATERALIZED MORTGAGE OBLIGATIONS — 7.4%** |
| **Commercial and Residential — 6.0%** | **Commercial and Residential — 6.0%** | **Commercial and Residential — 6.0%** |
| &nbsp;&nbsp;&nbsp;1211 Avenue of the Americas Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-1211, Class A1A2<br> 3.90%, 08/10/2035\* | &nbsp;&nbsp; 1440000 | &nbsp;&nbsp;&nbsp;&nbsp; 1386000 |
| &nbsp;&nbsp;&nbsp;280 Park Avenue Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-280P, Class E<br> 6.64%, (TSFR1M+2.42%), 09/15/2034\* | &nbsp;&nbsp; 339000 | &nbsp;&nbsp;&nbsp;&nbsp; 328406 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;ALA Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-OANA, Class A<br> 5.89%, (TSFR1M+1.74%), 06/15/2040\* | $235000 | &nbsp;&nbsp;$236175 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-R1, Class A1<br> 0.99%, 04/25/2053\*(1) | &nbsp;&nbsp; 101268 | &nbsp;&nbsp;&nbsp;&nbsp; 96201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A1<br> 0.99%, 04/25/2066\*(1) | &nbsp;&nbsp; 196291 | &nbsp;&nbsp;&nbsp;&nbsp; 170391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class A1<br> 1.07%, 05/25/2066\*(1) | &nbsp;&nbsp; 367913 | &nbsp;&nbsp;&nbsp;&nbsp; 319448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8, Class A1<br> 1.82%, 11/25/2066\*(1) | &nbsp;&nbsp; 320540 | &nbsp;&nbsp;&nbsp;&nbsp; 287227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-5, Class A1<br> 2.59%, 10/25/2049\*(1) | &nbsp;&nbsp; 27631 | &nbsp;&nbsp;&nbsp;&nbsp; 27316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-2, Class A1<br> 3.35%, 01/25/2067\*(1) | &nbsp;&nbsp; 88207 | &nbsp;&nbsp;&nbsp;&nbsp; 83656 |
| &nbsp;&nbsp;&nbsp;Angel Oak Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A1<br> 4.00%, 01/25/2067\* | &nbsp;&nbsp; 791298 | &nbsp;&nbsp;&nbsp;&nbsp; 772744 |
| &nbsp;&nbsp;&nbsp;Arroyo Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class A1A<br> 2.50%, 12/25/2056\*(4) | &nbsp;&nbsp; 389855 | &nbsp;&nbsp;&nbsp;&nbsp; 376052 |
| &nbsp;&nbsp;&nbsp;BANK |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK8, Class A4<br> 3.49%, 11/15/2050 | &nbsp;&nbsp; 470000 | &nbsp;&nbsp;&nbsp;&nbsp; 456916 |
| &nbsp;&nbsp;&nbsp;BANK VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-BN14, Class XA<br> 0.65%, 09/15/2060(1)(5) | &nbsp;&nbsp; 8176635 | &nbsp;&nbsp;&nbsp;&nbsp; 91172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN24, Class XA<br> 0.75%, 11/15/2062(1)(5) | &nbsp;&nbsp; 2204717 | &nbsp;&nbsp;&nbsp;&nbsp; 52067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN23, Class XA<br> 0.80%, 12/15/2052(1)(5) | &nbsp;&nbsp; 6680988 | &nbsp;&nbsp;&nbsp;&nbsp; 159138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-BNK8, Class XA<br> 0.84%, 11/15/2050(1)(5) | &nbsp;&nbsp; 6887646 | &nbsp;&nbsp;&nbsp;&nbsp; 75235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN20, Class XA<br> 0.92%, 09/15/2062(1)(5) | &nbsp;&nbsp; 4030833 | &nbsp;&nbsp;&nbsp;&nbsp; 110309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-BN18, Class XA<br> 1.03%, 05/15/2062(1)(5) | &nbsp;&nbsp; 2818815 | &nbsp;&nbsp;&nbsp;&nbsp; 73971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-BNK45, Class XA<br> 1.21%, 02/15/2056(1)(5) | &nbsp;&nbsp; 1200364 | &nbsp;&nbsp;&nbsp;&nbsp; 64004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-BN28, Class XA<br> 1.87%, 03/15/2063(1)(5) | &nbsp;&nbsp; 4645560 | &nbsp;&nbsp;&nbsp;&nbsp; 322466 |
| &nbsp;&nbsp;&nbsp;BBCMS Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-C32, Class XA<br> 1.36%, 02/15/2062(1)(5) | &nbsp;&nbsp; 1263833 | &nbsp;&nbsp;&nbsp;&nbsp; 106201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-C24, Class XA<br> 1.86%, 02/15/2057(1)(5) | &nbsp;&nbsp; 1603760 | &nbsp;&nbsp;&nbsp;&nbsp; 153312 |
| &nbsp;&nbsp;&nbsp;Benchmark Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B11, Class A2<br> 3.41%, 05/15/2052 | &nbsp;&nbsp; 7970 | &nbsp;&nbsp;&nbsp;&nbsp; 7931 |
| &nbsp;&nbsp;&nbsp;Benchmark Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B4, Class XA<br> 0.61%, 07/15/2051(1)(5) | &nbsp;&nbsp; 3800355 | &nbsp;&nbsp;&nbsp;&nbsp; 36394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B1, Class XA<br> 0.67%, 01/15/2051(1)(5) | &nbsp;&nbsp; 1658722 | &nbsp;&nbsp;&nbsp;&nbsp; 15686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-B8, Class XA<br> 0.78%, 01/15/2052(1)(5) | &nbsp;&nbsp; 8081649 | &nbsp;&nbsp;&nbsp;&nbsp; 123577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B12, Class XA<br> 1.20%, 08/15/2052(1)(5) | &nbsp;&nbsp; 1820982 | &nbsp;&nbsp;&nbsp;&nbsp; 48062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-B10, Class XA<br> 1.38%, 03/15/2062(1)(5) | &nbsp;&nbsp; 4731900 | &nbsp;&nbsp;&nbsp;&nbsp; 167309 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B22, Class XA<br> 1.61%, 01/15/2054(1)(5) | $2141772 | &nbsp;&nbsp;$134081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-B18, Class XA<br> 1.85%, 07/15/2053(1)(5) | &nbsp;&nbsp; 1020549 | &nbsp;&nbsp;&nbsp;&nbsp; 53318 |
| &nbsp;&nbsp;&nbsp;BOCA Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-BOCA, Class B<br> 6.49%, (TSFR1M+2.34%), 08/15/2041\* | &nbsp;&nbsp; 320000 | &nbsp;&nbsp;&nbsp;&nbsp; 321600 |
| &nbsp;&nbsp;&nbsp;BPR Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-STAR, Class A<br> 7.38%, (TSFR1M+3.23%), 08/15/2039\* | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 509938 |
| &nbsp;&nbsp;&nbsp;BPR Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-PMDW, Class B<br> 5.85%, 11/05/2041\*(1) | &nbsp;&nbsp; 160000 | &nbsp;&nbsp;&nbsp;&nbsp; 163567 |
| &nbsp;&nbsp;&nbsp;BRAVO Residential Funding Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A1<br> 0.94%, 02/25/2049\*(1) | &nbsp;&nbsp; 102086 | &nbsp;&nbsp;&nbsp;&nbsp; 95778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 0.97%, 03/25/2060\*(1) | &nbsp;&nbsp; 54061 | &nbsp;&nbsp;&nbsp;&nbsp; 52803 |
| &nbsp;&nbsp;&nbsp;Bunker Hill Loan Depositary Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-2, Class A1<br> 2.88%, 07/25/2049\*(4) | &nbsp;&nbsp; 141700 | &nbsp;&nbsp;&nbsp;&nbsp; 138920 |
| &nbsp;&nbsp;&nbsp;BWAY Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-1535, Class B<br> 7.71%, 05/05/2042\*(1) | &nbsp;&nbsp; 445000 | &nbsp;&nbsp;&nbsp;&nbsp; 465637 |
| &nbsp;&nbsp;&nbsp;BX Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-IMC, Class A<br> 5.20%, (TSFR1M+1.05%), 04/15/2034\* | &nbsp;&nbsp; 94196 | &nbsp;&nbsp;&nbsp;&nbsp; 93725 |
| &nbsp;&nbsp;&nbsp;BX Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-PAT, Class B<br> 7.19%, (TSFR1M+3.04%), 03/15/2041\* | &nbsp;&nbsp; 67000 | &nbsp;&nbsp;&nbsp;&nbsp; 67000 |
| &nbsp;&nbsp;&nbsp;CD Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-CD2, Class A4<br> 3.53%, 11/10/2049(1) | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1264731 |
| &nbsp;&nbsp;&nbsp;Chase Mtg. Finance Corp. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-SH2, Class M2<br> 3.75%, 12/25/2045\*(1) | &nbsp;&nbsp; 73749 | &nbsp;&nbsp;&nbsp;&nbsp; 69140 |
| &nbsp;&nbsp;&nbsp;Citigroup Mtg. Loan Trust, Inc. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-RP3, Class A1<br> 3.25%, 03/25/2061\*(1) | &nbsp;&nbsp; 171996 | &nbsp;&nbsp;&nbsp;&nbsp; 169154 |
| &nbsp;&nbsp;&nbsp;COLT Mtg. Loan Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A1<br> 0.91%, 06/25/2066\*(1) | &nbsp;&nbsp; 300507 | &nbsp;&nbsp;&nbsp;&nbsp; 260835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-3, Class A1<br> 0.96%, 09/27/2066\*(1) | &nbsp;&nbsp; 553510 | &nbsp;&nbsp;&nbsp;&nbsp; 464910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-5, Class A1<br> 4.55%, 04/25/2067\*(1) | &nbsp;&nbsp; 677552 | &nbsp;&nbsp;&nbsp;&nbsp; 675120 |
| &nbsp;&nbsp;&nbsp;Commercial Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HC, Class A<br> 2.82%, 01/10/2039\* | &nbsp;&nbsp; 186000 | &nbsp;&nbsp;&nbsp;&nbsp; 178177 |
| &nbsp;&nbsp;&nbsp;Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HC, Class D<br> 4.08%, 01/10/2039\*(1) | &nbsp;&nbsp; 190000 | &nbsp;&nbsp;&nbsp;&nbsp; 177510 |
| &nbsp;&nbsp;&nbsp;Connecticut Avenue Securities Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R01, Class 1M2<br> 6.16%, (SOFR30A+1.80%), 01/25/2044\* | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 110898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-R02, Class 1M2<br> 6.16%, (SOFR30A+1.80%), 02/25/2044\* | &nbsp;&nbsp; 146000 | &nbsp;&nbsp;&nbsp;&nbsp; 147201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R01, Class 1B1<br> 7.46%, (SOFR30A+3.10%), 10/25/2041\* | &nbsp;&nbsp; 782000 | &nbsp;&nbsp;&nbsp;&nbsp; 796754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-R01, Class 1B1<br> 7.51%, (SOFR30A+3.15%), 12/25/2041\* | &nbsp;&nbsp; 311000 | &nbsp;&nbsp;&nbsp;&nbsp; 318483 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;CSAIL Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C6, Class XA<br> 2.01%, 01/15/2049(1)(5) | $1450384 | &nbsp;&nbsp;$1273 |
| &nbsp;&nbsp;&nbsp;CSMC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM5, Class A1<br> 0.94%, 05/25/2066\*(1) | &nbsp;&nbsp; 300871 | &nbsp;&nbsp;&nbsp;&nbsp; 251010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 1.18%, 02/25/2066\*(1) | &nbsp;&nbsp; 398869 | &nbsp;&nbsp;&nbsp;&nbsp; 357940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM8, Class A1<br> 1.84%, 10/25/2066\*(1) | &nbsp;&nbsp; 359325 | &nbsp;&nbsp;&nbsp;&nbsp; 328116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM1, Class A1<br> 2.27%, 11/25/2066\*(1) | &nbsp;&nbsp; 632104 | &nbsp;&nbsp;&nbsp;&nbsp; 578645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-FHA1, Class A1<br> 3.25%, 04/25/2047\*(1) | &nbsp;&nbsp; 257118 | &nbsp;&nbsp;&nbsp;&nbsp; 236626 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-NXSR, Class A4<br> 3.79%, 12/15/2049(1) | &nbsp;&nbsp; 1536000 | &nbsp;&nbsp;&nbsp;&nbsp; 1524060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-RPL4, Class A1<br> 4.14%, 12/27/2060\*(1) | &nbsp;&nbsp; 214360 | &nbsp;&nbsp;&nbsp;&nbsp; 213491 |
| &nbsp;&nbsp;&nbsp;DBJPM Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C3, Class A5<br> 2.89%, 08/10/2049 | &nbsp;&nbsp; 1625000 | &nbsp;&nbsp;&nbsp;&nbsp; 1605450 |
| &nbsp;&nbsp;&nbsp;DBJPM Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-C9, Class XA<br> 1.70%, 09/15/2053(1)(5) | &nbsp;&nbsp; 756911 | &nbsp;&nbsp;&nbsp;&nbsp; 34382 |
| &nbsp;&nbsp;&nbsp;DC Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HLTN, Class A<br> 5.93%, 04/13/2040\*(1) | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp;&nbsp; 151639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-HLTN, Class C<br> 7.29%, 04/13/2040\*(1) | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 74989 |
| &nbsp;&nbsp;&nbsp;Deephaven Residential Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A1<br> 0.90%, 04/25/2066\*(1) | &nbsp;&nbsp; 127318 | &nbsp;&nbsp;&nbsp;&nbsp; 113120 |
| &nbsp;&nbsp;&nbsp;Durst Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-151, Class A<br> 5.32%, 08/10/2042\*(1) | &nbsp;&nbsp; 145000 | &nbsp;&nbsp;&nbsp;&nbsp; 147685 |
| &nbsp;&nbsp;&nbsp;Ellington Financial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A1<br> 0.93%, 06/25/2066\*(1) | &nbsp;&nbsp; 141312 | &nbsp;&nbsp;&nbsp;&nbsp; 118842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class A1<br> 2.21%, 01/25/2067\*(1) | &nbsp;&nbsp; 960323 | &nbsp;&nbsp;&nbsp;&nbsp; 848857 |
| &nbsp;&nbsp;&nbsp;Extended Stay America Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-ESH, Class B<br> 5.75%, (TSFR1M+1.60%), 10/15/2042\* | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 100187 |
| &nbsp;&nbsp;&nbsp;GCAT Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A1<br> 0.87%, 01/25/2066\*(1) | &nbsp;&nbsp; 314439 | &nbsp;&nbsp;&nbsp;&nbsp; 281276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 1.04%, 05/25/2066\*(1) | &nbsp;&nbsp; 278798 | &nbsp;&nbsp;&nbsp;&nbsp; 240173 |
| &nbsp;&nbsp;&nbsp;GS Mtg. Securities Corp. II |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-BWTR, Class A<br> 2.95%, 11/05/2034\* | &nbsp;&nbsp; 1225972 | &nbsp;&nbsp;&nbsp;&nbsp; 1051138 |
| &nbsp;&nbsp;&nbsp;GS Mtg. Securities Corp. II VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-70P, Class B<br> 5.89%, 03/10/2041\*(1) | &nbsp;&nbsp; 485000 | &nbsp;&nbsp;&nbsp;&nbsp; 486532 |
| &nbsp;&nbsp;&nbsp;GS Mtg. Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-GS7, Class A4<br> 3.43%, 08/10/2050 | &nbsp;&nbsp; 1255000 | &nbsp;&nbsp;&nbsp;&nbsp; 1228763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-GS1, Class A3<br> 3.73%, 11/10/2048 | &nbsp;&nbsp; 146177 | &nbsp;&nbsp;&nbsp;&nbsp; 145908 |
| &nbsp;&nbsp;&nbsp;GS Mtg. Securities Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-GC45, Class XA<br> 0.73%, 02/13/2053(1)(5) | &nbsp;&nbsp; 4684639 | &nbsp;&nbsp;&nbsp;&nbsp; 99850 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;JPMDB Commercial Mtg. Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-C4, Class A3<br> 3.14%, 12/15/2049 | $1110000 | &nbsp;&nbsp;$1090028 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase Commercial Mtg. Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NNN, Class AFX<br> 2.81%, 01/16/2037\* | &nbsp;&nbsp; 305000 | &nbsp;&nbsp;&nbsp;&nbsp; 272975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-JP5, Class A5<br> 3.72%, 03/15/2050 | &nbsp;&nbsp; 1355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1341945 |
| &nbsp;&nbsp;&nbsp;Legacy Mtg. Asset Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS2, Class A1<br> 5.75%, 04/25/2061\*(4) | &nbsp;&nbsp; 195308 | &nbsp;&nbsp;&nbsp;&nbsp; 195156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-GS3, Class A1<br> 5.75%, 07/25/2061\*(4) | &nbsp;&nbsp; 279536 | &nbsp;&nbsp;&nbsp;&nbsp; 279513 |
| &nbsp;&nbsp;&nbsp;MAD Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-11MD, Class B<br> 5.10%, 10/15/2042\*(1) | &nbsp;&nbsp; 490000 | &nbsp;&nbsp;&nbsp;&nbsp; 489722 |
| &nbsp;&nbsp;&nbsp;MetLife Securitization Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-1A, Class A<br> 3.00%, 04/25/2055\*(1) | &nbsp;&nbsp; 86700 | &nbsp;&nbsp;&nbsp;&nbsp; 83553 |
| &nbsp;&nbsp;&nbsp;MFA Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-NQM3, Class A1<br> 1.01%, 01/26/2065\*(1) | &nbsp;&nbsp; 22855 | &nbsp;&nbsp;&nbsp;&nbsp; 21719 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 1.03%, 11/25/2064\*(1) | &nbsp;&nbsp; 189520 | &nbsp;&nbsp;&nbsp;&nbsp; 167663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A1<br> 1.15%, 04/25/2065\*(1) | &nbsp;&nbsp; 115792 | &nbsp;&nbsp;&nbsp;&nbsp; 109072 |
| &nbsp;&nbsp;&nbsp;Mill City Mtg. Loan Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-GS1, Class A1<br> 2.75%, 07/25/2059\*(1) | &nbsp;&nbsp; 300525 | &nbsp;&nbsp;&nbsp;&nbsp; 294527 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Capital I Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-H1, Class XA<br> 1.45%, 06/15/2050(1)(5) | &nbsp;&nbsp; 1367730 | &nbsp;&nbsp;&nbsp;&nbsp; 20359 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley Residential Mtg. Loan Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SPL1, Class A1<br> 4.25%, 02/25/2065\*(1) | &nbsp;&nbsp; 700000 | &nbsp;&nbsp;&nbsp;&nbsp; 683360 |
| &nbsp;&nbsp;&nbsp;New Residential Mtg. Loan Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-5A, Class A1<br> 5.77%, (TSFR1M+1.61%), 06/25/2057\* | &nbsp;&nbsp; 205947 | &nbsp;&nbsp;&nbsp;&nbsp; 208488 |
| &nbsp;&nbsp;&nbsp;New Residential Mtg. Loan Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQ2R, Class A1<br> 0.94%, 10/25/2058\*(1) | &nbsp;&nbsp; 86214 | &nbsp;&nbsp;&nbsp;&nbsp; 82456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-NQM4, Class A1<br> 2.49%, 09/25/2059\*(1) | &nbsp;&nbsp; 48746 | &nbsp;&nbsp;&nbsp;&nbsp; 46839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM2, Class A1<br> 3.08%, 03/27/2062\*(1) | &nbsp;&nbsp; 447655 | &nbsp;&nbsp;&nbsp;&nbsp; 424989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-5A, Class A1B<br> 3.50%, 08/25/2059\*(1) | &nbsp;&nbsp; 202690 | &nbsp;&nbsp;&nbsp;&nbsp; 193051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-2A, Class A1<br> 3.75%, 11/26/2035\*(1) | &nbsp;&nbsp; 231139 | &nbsp;&nbsp;&nbsp;&nbsp; 224486 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2016-4A, Class A1<br> 3.75%, 11/25/2056\*(1) | &nbsp;&nbsp; 232682 | &nbsp;&nbsp;&nbsp;&nbsp; 223675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-4A, Class A1<br> 4.00%, 05/25/2057\*(1) | &nbsp;&nbsp; 255142 | &nbsp;&nbsp;&nbsp;&nbsp; 245842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-5A, Class A1<br> 4.75%, 12/25/2057\*(1) | &nbsp;&nbsp; 168671 | &nbsp;&nbsp;&nbsp;&nbsp; 168449 |
| &nbsp;&nbsp;&nbsp;NJ VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-WBRK, Class A<br> 5.87%, 03/05/2035\*(1) | &nbsp;&nbsp; 225000 | &nbsp;&nbsp;&nbsp;&nbsp; 233562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-WBRK, Class B<br> 6.28%, 03/05/2035\*(1) | &nbsp;&nbsp; 450000 | &nbsp;&nbsp;&nbsp;&nbsp; 462383 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;NMLT Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-INV1, Class A1<br> 1.19%, 05/25/2056\*(1) | $556272 | &nbsp;&nbsp;$490793 |
| &nbsp;&nbsp;&nbsp;NRTH Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-PARK, Class B<br> 5.79%, (TSFR1M+1.64%), 10/15/2040\* | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 59850 |
| &nbsp;&nbsp;&nbsp;NYC Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3BP, Class B<br> 5.84%, (TSFR1M+1.69%), 02/15/2042\* | &nbsp;&nbsp; 590000 | &nbsp;&nbsp;&nbsp;&nbsp; 589500 |
| &nbsp;&nbsp;&nbsp;OBX Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-NQM6, Class A1<br> 4.70%, 07/25/2062\*(4) | &nbsp;&nbsp; 218686 | &nbsp;&nbsp;&nbsp;&nbsp; 218358 |
| &nbsp;&nbsp;&nbsp;OBX Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM3, Class A1<br> 1.05%, 07/25/2061\*(1) | &nbsp;&nbsp; 818779 | &nbsp;&nbsp;&nbsp;&nbsp; 674362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM1, Class A1<br> 1.07%, 02/25/2066\*(1) | &nbsp;&nbsp; 383340 | &nbsp;&nbsp;&nbsp;&nbsp; 334725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM2, Class A1<br> 1.10%, 05/25/2061\*(1) | &nbsp;&nbsp; 471604 | &nbsp;&nbsp;&nbsp;&nbsp; 391449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-NQM4, Class A1<br> 1.96%, 10/25/2061\*(1) | &nbsp;&nbsp; 169985 | &nbsp;&nbsp;&nbsp;&nbsp; 145752 |
| &nbsp;&nbsp;&nbsp;One Bryant Park Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-OBP, Class A<br> 2.52%, 09/15/2054\* | &nbsp;&nbsp; 670000 | &nbsp;&nbsp;&nbsp;&nbsp; 617060 |
| &nbsp;&nbsp;&nbsp;PRPM LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-RPL4, Class A1<br> 3.00%, 05/25/2055\*(4) | &nbsp;&nbsp; 1106805 | &nbsp;&nbsp;&nbsp;&nbsp; 1047351 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-7, Class A1<br> 5.50%, 08/25/2030\*(4) | &nbsp;&nbsp; 338795 | &nbsp;&nbsp;&nbsp;&nbsp; 339287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2024-6, Class A1<br> 5.70%, 11/25/2029\*(4) | &nbsp;&nbsp; 100886 | &nbsp;&nbsp;&nbsp;&nbsp; 100941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-5, Class A1<br> 5.73%, 07/25/2030\*(4) | &nbsp;&nbsp; 191986 | &nbsp;&nbsp;&nbsp;&nbsp; 192166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3, Class A1<br> 6.26%, 05/25/2030\*(4) | &nbsp;&nbsp; 97826 | &nbsp;&nbsp;&nbsp;&nbsp; 98047 |
| &nbsp;&nbsp;&nbsp;PRPM LLC VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-6, Class A1<br> 5.77%, 08/25/2028\*(4) | &nbsp;&nbsp; 466709 | &nbsp;&nbsp;&nbsp;&nbsp; 467194 |
| &nbsp;&nbsp;&nbsp;RCO VIII Mtg. LLC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-3, Class A1<br> 6.43%, 05/25/2030\*(4) | &nbsp;&nbsp; 86372 | &nbsp;&nbsp;&nbsp;&nbsp; 86568 |
| &nbsp;&nbsp;&nbsp;RFR Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SGRM, Class A<br> 5.56%, 03/11/2041\*(1) | &nbsp;&nbsp; 177130 | &nbsp;&nbsp;&nbsp;&nbsp; 181113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-SGRM, Class B<br> 5.86%, 03/11/2041\*(1) | &nbsp;&nbsp; 510000 | &nbsp;&nbsp;&nbsp;&nbsp; 521860 |
| &nbsp;&nbsp;&nbsp;SG Commercial Mtg. Securities Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-COVE, Class A<br> 2.63%, 03/15/2037\* | &nbsp;&nbsp; 975000 | &nbsp;&nbsp;&nbsp;&nbsp; 910389 |
| &nbsp;&nbsp;&nbsp;SG Residential Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-1, Class A1<br> 3.17%, 03/27/2062\*(1) | &nbsp;&nbsp; 382384 | &nbsp;&nbsp;&nbsp;&nbsp; 359461 |
| &nbsp;&nbsp;&nbsp;Shellpoint Co.-Originator Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-2, Class A1<br> 3.50%, 10/25/2047\*(1) | &nbsp;&nbsp; 19147 | &nbsp;&nbsp;&nbsp;&nbsp; 17583 |
| &nbsp;&nbsp;&nbsp;STAR Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-1, Class A1<br> 1.22%, 05/25/2065\*(1) | &nbsp;&nbsp; 220422 | &nbsp;&nbsp;&nbsp;&nbsp; 207030 |
| &nbsp;&nbsp;&nbsp;Starwood Mtg. Residential Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A1<br> 0.94%, 05/25/2065\*(1) | &nbsp;&nbsp; 71174 | &nbsp;&nbsp;&nbsp;&nbsp; 67146 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial and Residential (continued)** | **Commercial and Residential (continued)** | **Commercial and Residential (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-6, Class A1<br> 1.92%, 11/25/2066\*(1) | $540300 | &nbsp;&nbsp;$476990 |
| &nbsp;&nbsp;&nbsp;TEXAS Commercial Mtg. Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2025-TWR, Class B<br> 5.74%, (TSFR1M+1.59%), 04/15/2042\* | &nbsp;&nbsp; 105000 | &nbsp;&nbsp;&nbsp;&nbsp; 104476 |
| &nbsp;&nbsp;&nbsp;Towd Point Mtg. Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-1, Class A1<br> 3.75%, 01/25/2063\* | &nbsp;&nbsp; 360153 | &nbsp;&nbsp;&nbsp;&nbsp; 349373 |
| &nbsp;&nbsp;&nbsp;Towd Point Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R1, Class A1<br> 2.92%, 11/30/2060\*(1) | &nbsp;&nbsp; 1005414 | &nbsp;&nbsp;&nbsp;&nbsp; 902816 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-7, Class A1<br> 1.83%, 10/25/2066\*(4) | &nbsp;&nbsp; 777277 | &nbsp;&nbsp;&nbsp;&nbsp; 710219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-3, Class A1<br> 4.13%, 02/25/2067\*(4) | &nbsp;&nbsp; 308486 | &nbsp;&nbsp;&nbsp;&nbsp; 296959 |
| &nbsp;&nbsp;&nbsp;Verus Securitization Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-R2, Class A1<br> 0.92%, 02/25/2064\*(1) | &nbsp;&nbsp; 148543 | &nbsp;&nbsp;&nbsp;&nbsp; 138595 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-4, Class A1<br> 0.94%, 07/25/2066\*(1) | &nbsp;&nbsp; 250463 | &nbsp;&nbsp;&nbsp;&nbsp; 212913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-2, Class A1<br> 1.03%, 02/25/2066\*(1) | &nbsp;&nbsp; 135336 | &nbsp;&nbsp;&nbsp;&nbsp; 120976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-8, Class A1<br> 1.82%, 11/25/2066\*(1) | &nbsp;&nbsp; 356395 | &nbsp;&nbsp;&nbsp;&nbsp; 329868 |
| &nbsp;&nbsp;&nbsp;Wells Fargo Commercial Mtg. Trust VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-NXS1, Class D<br> 3.99%, 05/15/2048(1) | &nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp;&nbsp; 69825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42491405 |
| **U.S. Government Agency — 1.4%** | **U.S. Government Agency — 1.4%** | **U.S. Government Agency — 1.4%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Multifamily Structured Pass Through Certs. VRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K064, Class X1<br> 0.72%, 03/25/2027(1)(5) | &nbsp;&nbsp; 4494507 | &nbsp;&nbsp;&nbsp;&nbsp; 30804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K124, Class X1<br> 0.81%, 12/25/2030(1)(5) | &nbsp;&nbsp; 3458210 | &nbsp;&nbsp;&nbsp;&nbsp; 107964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K122, Class X1<br> 0.96%, 11/25/2030(1)(5) | &nbsp;&nbsp; 871112 | &nbsp;&nbsp;&nbsp;&nbsp; 32048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K121, Class X1<br> 1.11%, 10/25/2030(1)(5) | &nbsp;&nbsp; 1586770 | &nbsp;&nbsp;&nbsp;&nbsp; 65009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K114, Class X1<br> 1.21%, 06/25/2030(1)(5) | &nbsp;&nbsp; 2861820 | &nbsp;&nbsp;&nbsp;&nbsp; 126662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K104, Class X1<br> 1.23%, 01/25/2030(1)(5) | &nbsp;&nbsp; 2375898 | &nbsp;&nbsp;&nbsp;&nbsp; 95006 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series K111, Class X1<br> 1.67%, 05/25/2030(1)(5) | &nbsp;&nbsp; 1102795 | &nbsp;&nbsp;&nbsp;&nbsp; 66916 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 5055, Class DG<br> 1.50%, 12/25/2050 | &nbsp;&nbsp; 625195 | &nbsp;&nbsp;&nbsp;&nbsp; 512385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4961, Class JB<br> 2.50%, 12/15/2042 | &nbsp;&nbsp; 267727 | &nbsp;&nbsp;&nbsp;&nbsp; 246308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 3883, Class PB<br> 3.00%, 05/15/2041 | &nbsp;&nbsp; 76311 | &nbsp;&nbsp;&nbsp;&nbsp; 73248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 4740, Class BA<br> 3.00%, 09/15/2045 | &nbsp;&nbsp; 19038 | &nbsp;&nbsp;&nbsp;&nbsp; 18758 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. SCRT |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-3, Class MV<br> 3.50%, 10/25/2058 | &nbsp;&nbsp; 189874 | &nbsp;&nbsp;&nbsp;&nbsp; 180216 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Seasoned Credit Risk TransferTrust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2020-1, Class MA<br> 2.50%, 08/25/2059 | &nbsp;&nbsp; 226671 | &nbsp;&nbsp;&nbsp;&nbsp; 210452 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** | **COLLATERALIZED MORTGAGE OBLIGATIONS (continued)** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. Structured Agency Credit Risk REMIC Trust FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA5, Class M2<br> 6.01%, (SOFR30A+1.65%), 01/25/2034\* | $36610 | &nbsp;&nbsp;$36724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA3, Class M1B<br> 7.26%, (SOFR30A+2.90%), 04/25/2042\* | &nbsp;&nbsp; 780000 | &nbsp;&nbsp;&nbsp;&nbsp; 802425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-HQA3, Class B1<br> 7.71%, (SOFR30A+3.35%), 09/25/2041\* | &nbsp;&nbsp; 845000 | &nbsp;&nbsp;&nbsp;&nbsp; 859526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA4, Class M1B<br> 7.71%, (SOFR30A+3.35%), 05/25/2042\* | &nbsp;&nbsp; 440000 | &nbsp;&nbsp;&nbsp;&nbsp; 456636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA6, Class B1<br> 7.76%, (SOFR30A+3.40%), 10/25/2041\* | &nbsp;&nbsp; 860000 | &nbsp;&nbsp;&nbsp;&nbsp; 879343 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2023-HQA1, Class M1B<br> 7.86%, (SOFR30A+3.50%), 05/25/2043\* | &nbsp;&nbsp; 840000 | &nbsp;&nbsp;&nbsp;&nbsp; 885687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA3, Class M1B<br> 7.91%, (SOFR30A+3.55%), 08/25/2042\* | &nbsp;&nbsp; 135000 | &nbsp;&nbsp;&nbsp;&nbsp; 141322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2021-DNA7, Class B1<br> 8.01%, (SOFR30A+3.65%), 11/25/2041\* | &nbsp;&nbsp; 328000 | &nbsp;&nbsp;&nbsp;&nbsp; 336691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-HQA2, Class M1B<br> 8.36%, (SOFR30A+4.00%), 07/25/2042\* | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 352670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-DNA5, Class M1B<br> 8.86%, (SOFR30A+4.50%), 06/25/2042\* | &nbsp;&nbsp; 535000 | &nbsp;&nbsp;&nbsp;&nbsp; 565894 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. REMIC |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-21, Class PQ<br> 2.00%, 09/25/2041 | &nbsp;&nbsp; 42391 | &nbsp;&nbsp;&nbsp;&nbsp; 40230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-18, Class GA<br> 2.00%, 12/25/2041 | &nbsp;&nbsp; 79947 | &nbsp;&nbsp;&nbsp;&nbsp; 75288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2015-48, Class QB<br> 3.00%, 02/25/2043 | &nbsp;&nbsp; 61365 | &nbsp;&nbsp;&nbsp;&nbsp; 60304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2017-16, Class PB<br> 3.00%, 03/25/2047 | &nbsp;&nbsp; 515000 | &nbsp;&nbsp;&nbsp;&nbsp; 461851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-27, Class EA<br> 3.00%, 05/25/2048 | &nbsp;&nbsp; 223166 | &nbsp;&nbsp;&nbsp;&nbsp; 201590 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-35, Class CD<br> 3.00%, 05/25/2048 | &nbsp;&nbsp; 140653 | &nbsp;&nbsp;&nbsp;&nbsp; 126924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2019-45, Class PT<br> 3.00%, 08/25/2049 | &nbsp;&nbsp; 180464 | &nbsp;&nbsp;&nbsp;&nbsp; 165042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2012-52, Class PA<br> 3.50%, 05/25/2042 | &nbsp;&nbsp; 64989 | &nbsp;&nbsp;&nbsp;&nbsp; 62825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2018-23, Class LA<br> 3.50%, 04/25/2048 | &nbsp;&nbsp; 190488 | &nbsp;&nbsp;&nbsp;&nbsp; 182724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Series 2022-90, Class AY<br> 4.50%, 12/25/2041 | &nbsp;&nbsp; 1215000 | &nbsp;&nbsp;&nbsp;&nbsp; 1203830 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9663302 |
| **Total Collateralized Mortgage Obligations<br> (cost $54,555,305)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52154707 |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 74.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 74.3%** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS — 74.3%** |
| **U.S. Government — 42.5%** | **U.S. Government — 42.5%** | **U.S. Government — 42.5%** |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 05/15/2040 | &nbsp;&nbsp; 2018000 | &nbsp;&nbsp;&nbsp;&nbsp; 1285135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 05/15/2050 | &nbsp;&nbsp; 7240000 | &nbsp;&nbsp;&nbsp;&nbsp; 3551277 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2040(6) | &nbsp;&nbsp; 4996000 | &nbsp;&nbsp;&nbsp;&nbsp; 3259500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 08/15/2050 | &nbsp;&nbsp; 2349000 | &nbsp;&nbsp;&nbsp;&nbsp; 1181107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 08/15/2041 | &nbsp;&nbsp; 1543000 | &nbsp;&nbsp;&nbsp;&nbsp; 1046950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 02/15/2041 to 11/15/2051 | &nbsp;&nbsp; 2054000 | &nbsp;&nbsp;&nbsp;&nbsp; 1349501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 08/15/2051 | &nbsp;&nbsp; 1700000 | &nbsp;&nbsp;&nbsp;&nbsp; 995961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 05/15/2041 to 08/15/2046 | &nbsp;&nbsp; 3796000 | &nbsp;&nbsp;&nbsp;&nbsp; 2566182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 02/15/2042 to 05/15/2051 | &nbsp;&nbsp;13142000 | &nbsp;&nbsp;&nbsp;&nbsp; 8657538 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 02/15/2046 to 05/15/2046 | &nbsp;&nbsp; 5532000 | &nbsp;&nbsp;&nbsp;&nbsp; 3901521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 11/15/2042 to 08/15/2047 | &nbsp;&nbsp; 981000 | &nbsp;&nbsp;&nbsp;&nbsp; 731621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2043 to 05/15/2049 | &nbsp;&nbsp; 4079000 | &nbsp;&nbsp;&nbsp;&nbsp; 3062895 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. Government (continued)** | **U.S. Government (continued)** | **U.S. Government (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 05/15/2042 to 02/15/2049 | $7609000 | &nbsp;&nbsp;$5848379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/15/2052(6)(7) | &nbsp;&nbsp;11421000 | &nbsp;&nbsp;&nbsp;&nbsp; 8353391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13%, 02/15/2043 to 05/15/2048 | &nbsp;&nbsp; 2355000 | &nbsp;&nbsp;&nbsp;&nbsp; 1892050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38%, 05/15/2044 to 11/15/2048 | &nbsp;&nbsp; 3512000 | &nbsp;&nbsp;&nbsp;&nbsp; 2906311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 08/15/2043 to 02/15/2044 | &nbsp;&nbsp; 1311000 | &nbsp;&nbsp;&nbsp;&nbsp; 1139777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/15/2053(7) | &nbsp;&nbsp; 4849000 | &nbsp;&nbsp;&nbsp;&nbsp; 4004971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 08/15/2044 to 08/15/2053 | &nbsp;&nbsp; 3098000 | &nbsp;&nbsp;&nbsp;&nbsp; 2847514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 02/15/2054 to 08/15/2054 | &nbsp;&nbsp; 5921000 | &nbsp;&nbsp;&nbsp;&nbsp; 5465504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 11/15/2039 to 05/15/2040 | &nbsp;&nbsp; 2035000 | &nbsp;&nbsp;&nbsp;&nbsp; 2016269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 02/15/2044 to 11/15/2054 | &nbsp;&nbsp; 1099000 | &nbsp;&nbsp;&nbsp;&nbsp; 1065791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 05/15/2044 to 02/15/2055 | &nbsp;&nbsp; 799000 | &nbsp;&nbsp;&nbsp;&nbsp; 787580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 02/15/2037 to 05/15/2055 | &nbsp;&nbsp; 5882000 | &nbsp;&nbsp;&nbsp;&nbsp; 6021458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 08/15/2045 | &nbsp;&nbsp; 1641000 | &nbsp;&nbsp;&nbsp;&nbsp; 1677666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/15/2045 | &nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 132920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 11/15/2028 to 02/15/2029 | &nbsp;&nbsp; 5086000 | &nbsp;&nbsp;&nbsp;&nbsp; 5335036 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 02/15/2031 | &nbsp;&nbsp; 1289000 | &nbsp;&nbsp;&nbsp;&nbsp; 1387689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38%, 08/15/2027 | &nbsp;&nbsp; 1817000 | &nbsp;&nbsp;&nbsp;&nbsp; 1907921 |
| &nbsp;&nbsp;&nbsp;United States Treasury Bonds TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2050(8) | &nbsp;&nbsp; 2506658 | &nbsp;&nbsp;&nbsp;&nbsp; 1481240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 02/15/2043(8) | &nbsp;&nbsp; 1074848 | &nbsp;&nbsp;&nbsp;&nbsp; 815751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 02/15/2042 to 02/15/2045(8) | &nbsp;&nbsp; 6581624 | &nbsp;&nbsp;&nbsp;&nbsp; 5133551 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00%, 02/15/2046(8) | &nbsp;&nbsp; 620311 | &nbsp;&nbsp;&nbsp;&nbsp; 477997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 02/15/2044(8) | &nbsp;&nbsp; 1857307 | &nbsp;&nbsp;&nbsp;&nbsp; 1587326 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38%, 07/31/2027 to 09/30/2027 | &nbsp;&nbsp;10573000 | &nbsp;&nbsp;&nbsp;&nbsp; 9941712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50%, 05/31/2027 to 10/31/2027 | &nbsp;&nbsp; 9803000 | &nbsp;&nbsp;&nbsp;&nbsp; 9248063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63%, 07/31/2026 to 08/15/2030 | &nbsp;&nbsp;12931000 | &nbsp;&nbsp;&nbsp;&nbsp; 11686004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75%, 01/31/2028 | &nbsp;&nbsp; 4300000 | &nbsp;&nbsp;&nbsp;&nbsp; 4026547 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88%, 06/30/2026 to 11/15/2030 | &nbsp;&nbsp; 3504000 | &nbsp;&nbsp;&nbsp;&nbsp; 3094358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13%, 02/29/2028 to 02/15/2031 | &nbsp;&nbsp; 5313000 | &nbsp;&nbsp;&nbsp;&nbsp; 4807273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25%, 12/31/2026 to 08/15/2031 | &nbsp;&nbsp;11357000 | &nbsp;&nbsp;&nbsp;&nbsp; 10544887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 11/15/2031 | &nbsp;&nbsp; 2820000 | &nbsp;&nbsp;&nbsp;&nbsp; 2440842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 02/15/2030 | &nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp; 100311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 08/15/2029 to 05/15/2031 | &nbsp;&nbsp;10238000 | &nbsp;&nbsp;&nbsp;&nbsp; 9272428 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 11/15/2029 | &nbsp;&nbsp; 5825000 | &nbsp;&nbsp;&nbsp;&nbsp; 5402915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 07/31/2026 | &nbsp;&nbsp; 1087000 | &nbsp;&nbsp;&nbsp;&nbsp; 1070281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/15/2026 | &nbsp;&nbsp; 3840000 | &nbsp;&nbsp;&nbsp;&nbsp; 3767700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25%, 02/15/2027 to 11/15/2027 | &nbsp;&nbsp; 9479000 | &nbsp;&nbsp;&nbsp;&nbsp; 9271155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 05/15/2027 to 05/15/2029 | &nbsp;&nbsp; 4144000 | &nbsp;&nbsp;&nbsp;&nbsp; 3990273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 02/15/2029 to 07/31/2029 | &nbsp;&nbsp;15966000 | &nbsp;&nbsp;&nbsp;&nbsp; 15397192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 07/31/2027 to 08/15/2032 | &nbsp;&nbsp; 6698000 | &nbsp;&nbsp;&nbsp;&nbsp; 6372832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88%, 05/15/2028 to 05/15/2032 | &nbsp;&nbsp; 8301000 | &nbsp;&nbsp;&nbsp;&nbsp; 7935204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 06/30/2029 | &nbsp;&nbsp; 5150000 | &nbsp;&nbsp;&nbsp;&nbsp; 5072951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63%, 05/31/2028 to 08/15/2028 | &nbsp;&nbsp; 3815000 | &nbsp;&nbsp;&nbsp;&nbsp; 3815557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75%, 04/30/2027 to 05/15/2028 | &nbsp;&nbsp; 5745000 | &nbsp;&nbsp;&nbsp;&nbsp; 5763207 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88%, 04/30/2030 to 08/15/2034 | &nbsp;&nbsp; 9822000 | &nbsp;&nbsp;&nbsp;&nbsp; 9797709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 01/15/2027 to 02/15/2034 | &nbsp;&nbsp;15173000 | &nbsp;&nbsp;&nbsp;&nbsp; 15235465 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13%, 11/30/2031 to 11/15/2032 | &nbsp;&nbsp;12871000 | &nbsp;&nbsp;&nbsp;&nbsp; 13043810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 06/30/2029 to 08/15/2035 | &nbsp;&nbsp; 9479000 | &nbsp;&nbsp;&nbsp;&nbsp; 9645103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38%, 08/31/2028 to 05/15/2034 | &nbsp;&nbsp; 6764000 | &nbsp;&nbsp;&nbsp;&nbsp; 6913814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 04/15/2027 to 11/15/2033 | &nbsp;&nbsp; 9258000 | &nbsp;&nbsp;&nbsp;&nbsp; 9479623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63%, 09/15/2026 to 02/15/2035 | &nbsp;&nbsp; 5677000 | &nbsp;&nbsp;&nbsp;&nbsp; 5892222 |
| &nbsp;&nbsp;&nbsp;United States Treasury Notes TIPS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 01/15/2034(8) | &nbsp;&nbsp; 4581837 | &nbsp;&nbsp;&nbsp;&nbsp; 4603170 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;301507888 |
| **U.S. Government Agency — 31.8%** | **U.S. Government Agency — 31.8%** | **U.S. Government Agency — 31.8%** |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 04/01/2037 | &nbsp;&nbsp; 818822 | &nbsp;&nbsp;&nbsp;&nbsp; 732611 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 02/01/2036 to 08/01/2052 | &nbsp;&nbsp; 6076722 | &nbsp;&nbsp;&nbsp;&nbsp; 5031954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 01/01/2028 to 09/01/2051 | &nbsp;&nbsp; 816095 | &nbsp;&nbsp;&nbsp;&nbsp; 728735 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 08/01/2027 to 06/01/2052 | &nbsp;&nbsp; 2362642 | &nbsp;&nbsp;&nbsp;&nbsp; 2123628 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 11/01/2041 to 02/01/2052 | &nbsp;&nbsp; 1246167 | &nbsp;&nbsp;&nbsp;&nbsp; 1161990 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** | **U.S. GOVERNMENT & AGENCY OBLIGATIONS (continued)** |
| **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** | **U.S. Government Agency (continued)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 09/01/2040 to 01/01/2050 | $777914 | &nbsp;&nbsp;$748954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 05/01/2048 to 06/01/2052 | &nbsp;&nbsp; 656184 | &nbsp;&nbsp;&nbsp;&nbsp; 640763 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 09/01/2031 to 06/01/2055 | &nbsp;&nbsp; 1613309 | &nbsp;&nbsp;&nbsp;&nbsp; 1606686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 01/01/2036 to 05/01/2055 | &nbsp;&nbsp;10410508 | &nbsp;&nbsp;&nbsp;&nbsp; 10532032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 03/01/2040 to 03/01/2055 | &nbsp;&nbsp; 1734995 | &nbsp;&nbsp;&nbsp;&nbsp; 1775051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25%, 07/15/2032 | &nbsp;&nbsp; 206000 | &nbsp;&nbsp;&nbsp;&nbsp; 233838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75%, 03/15/2031 | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 114302 |
| &nbsp;&nbsp;&nbsp;Federal Home Loan Mtg. Corp. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10%, (RFUCCT6M+1.49%), 02/01/2037 | &nbsp;&nbsp; 3705 | &nbsp;&nbsp;&nbsp;&nbsp; 3758 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50%, 12/01/2050 | &nbsp;&nbsp; 1303271 | &nbsp;&nbsp;&nbsp;&nbsp; 1001653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 09/24/2026 | &nbsp;&nbsp; 837000 | &nbsp;&nbsp;&nbsp;&nbsp; 822184 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/01/2035 to 05/01/2052 | &nbsp;&nbsp;22491106 | &nbsp;&nbsp;&nbsp;&nbsp; 18327237 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 04/01/2028 to 04/01/2052 | &nbsp;&nbsp; 9067325 | &nbsp;&nbsp;&nbsp;&nbsp; 7823711 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 10/01/2027 to 03/01/2050 | &nbsp;&nbsp; 2374902 | &nbsp;&nbsp;&nbsp;&nbsp; 2195791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 08/01/2026 to 02/01/2052 | &nbsp;&nbsp; 3328965 | &nbsp;&nbsp;&nbsp;&nbsp; 3104313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 10/01/2040 to 03/01/2049 | &nbsp;&nbsp; 1712268 | &nbsp;&nbsp;&nbsp;&nbsp; 1649488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 06/01/2048 to 10/01/2052 | &nbsp;&nbsp; 1845992 | &nbsp;&nbsp;&nbsp;&nbsp; 1804937 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 05/01/2040 to 11/01/2054 | &nbsp;&nbsp; 1461265 | &nbsp;&nbsp;&nbsp;&nbsp; 1455284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 08/01/2037 to 01/01/2054 | &nbsp;&nbsp; 8770816 | &nbsp;&nbsp;&nbsp;&nbsp; 8878637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 11/01/2038 to 11/01/2053 | &nbsp;&nbsp; 1231557 | &nbsp;&nbsp;&nbsp;&nbsp; 1262131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 10/01/2037 to 07/01/2054 | &nbsp;&nbsp; 1742728 | &nbsp;&nbsp;&nbsp;&nbsp; 1802161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 11/15/2030 | &nbsp;&nbsp; 871000 | &nbsp;&nbsp;&nbsp;&nbsp; 984459 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25%, 05/15/2030 | &nbsp;&nbsp; 2260000 | &nbsp;&nbsp;&nbsp;&nbsp; 2594599 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. FRS |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.39%, (H15T1Y+2.27%), 11/01/2036 | &nbsp;&nbsp; 14046 | &nbsp;&nbsp;&nbsp;&nbsp; 14560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42%, (RFUCCT1Y+1.57%), 05/01/2037 | &nbsp;&nbsp; 5472 | &nbsp;&nbsp;&nbsp;&nbsp; 5648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.87%, (RFUCCT1Y+1.83%), 10/01/2040 | &nbsp;&nbsp; 24445 | &nbsp;&nbsp;&nbsp;&nbsp; 25252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.28%, (RFUCCT1Y+1.83%), 10/01/2040 | &nbsp;&nbsp; 5299 | &nbsp;&nbsp;&nbsp;&nbsp; 5500 |
| &nbsp;&nbsp;&nbsp;Government National Mtg. Assoc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, 11/20/2050 | &nbsp;&nbsp; 1160733 | &nbsp;&nbsp;&nbsp;&nbsp; 959991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, October 30 TBA | &nbsp;&nbsp; 4500000 | &nbsp;&nbsp;&nbsp;&nbsp; 3718752 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, 07/20/2051 | &nbsp;&nbsp; 863991 | &nbsp;&nbsp;&nbsp;&nbsp; 744444 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 02/20/2045 to 03/20/2052 | &nbsp;&nbsp; 907907 | &nbsp;&nbsp;&nbsp;&nbsp; 818110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, October 30 TBA | &nbsp;&nbsp;20300000 | &nbsp;&nbsp;&nbsp;&nbsp; 18119296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 03/20/2045 to 07/20/2045 | &nbsp;&nbsp; 105235 | &nbsp;&nbsp;&nbsp;&nbsp; 98229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, October 30 TBA | &nbsp;&nbsp;14300000 | &nbsp;&nbsp;&nbsp;&nbsp; 13036110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/15/2039 to 05/20/2048 | &nbsp;&nbsp; 487993 | &nbsp;&nbsp;&nbsp;&nbsp; 469979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, 09/15/2033 to 04/20/2047 | &nbsp;&nbsp; 225193 | &nbsp;&nbsp;&nbsp;&nbsp; 223555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, October 30 TBA | &nbsp;&nbsp; 6800000 | &nbsp;&nbsp;&nbsp;&nbsp; 6593291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 06/15/2033 to 08/15/2038 | &nbsp;&nbsp; 147811 | &nbsp;&nbsp;&nbsp;&nbsp; 150918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 02/15/2032 to 05/20/2053 | &nbsp;&nbsp; 1060142 | &nbsp;&nbsp;&nbsp;&nbsp; 1078078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 04/15/2028 to 12/15/2036 | &nbsp;&nbsp; 321766 | &nbsp;&nbsp;&nbsp;&nbsp; 333448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 09/15/2031 to 12/15/2031 | &nbsp;&nbsp; 3391 | &nbsp;&nbsp;&nbsp;&nbsp; 3471 |
| &nbsp;&nbsp;&nbsp;Tennessee Valley Authority |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25%, 09/15/2065 | &nbsp;&nbsp; 577000 | &nbsp;&nbsp;&nbsp;&nbsp; 477721 |
| &nbsp;&nbsp;&nbsp;Uniform Mtg. Backed Securities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00%, October 30 TBA | &nbsp;&nbsp; 9200000 | &nbsp;&nbsp;&nbsp;&nbsp; 7413032 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50%, October 30 TBA | &nbsp;&nbsp;16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 13477434 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, October 30 TBA | &nbsp;&nbsp;16000000 | &nbsp;&nbsp;&nbsp;&nbsp; 14051219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, October 30 TBA | &nbsp;&nbsp;12300000 | &nbsp;&nbsp;&nbsp;&nbsp; 11236311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, October 30 TBA | &nbsp;&nbsp;10300000 | &nbsp;&nbsp;&nbsp;&nbsp; 9706333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.50%, October 30 TBA | &nbsp;&nbsp; 1300000 | &nbsp;&nbsp;&nbsp;&nbsp; 1260815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, October 30 TBA | &nbsp;&nbsp;17810000 | &nbsp;&nbsp;&nbsp;&nbsp; 17956718 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, November 30 TBA | &nbsp;&nbsp; 8900000 | &nbsp;&nbsp;&nbsp;&nbsp; 8967408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, October 30 TBA | &nbsp;&nbsp; 7415000 | &nbsp;&nbsp;&nbsp;&nbsp; 7575073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, November 30 TBA | &nbsp;&nbsp; 7410000 | &nbsp;&nbsp;&nbsp;&nbsp; 7568517 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;225230100 |
| **Total U.S. Government & Agency Obligations<br> (cost $551,577,418)** |  | &nbsp;&nbsp;&nbsp;&nbsp;526737988 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Security Description** | | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS — 1.8%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.8%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.8%** | **FOREIGN GOVERNMENT OBLIGATIONS — 1.8%** |
| **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** | **Banks — 0.0%** |
| &nbsp;&nbsp;&nbsp;Bank Gospodarstwa Krajowego |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 05/22/2033\* |  | $200000 | &nbsp;&nbsp;$206411 |
| **Regional(State/Province) — 0.0%** | **Regional(State/Province) — 0.0%** | **Regional(State/Province) — 0.0%** | **Regional(State/Province) — 0.0%** |
| &nbsp;&nbsp;&nbsp;Province of British Columbia Canada |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20%, 07/06/2033 |  | &nbsp;&nbsp; 128000 | &nbsp;&nbsp;&nbsp;&nbsp; 127109 |
| **Sovereign — 1.8%** | **Sovereign — 1.8%** | **Sovereign — 1.8%** | **Sovereign — 1.8%** |
| &nbsp;&nbsp;&nbsp;Brazilian Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50%, 11/06/2030 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204000 |
| &nbsp;&nbsp;&nbsp;Chile Government International Bond |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85%, 01/22/2029 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204480 |
| &nbsp;&nbsp;&nbsp;Dominican Republic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.95%, 01/25/2027 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203250 |
| &nbsp;&nbsp;&nbsp;Emirate of Abu Dhabi |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 06/02/2028 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 188908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00%, 09/15/2051 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 139041 |
| &nbsp;&nbsp;&nbsp;Government of Bermuda |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38%, 08/20/2030\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 182200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 07/15/2032\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204736 |
| &nbsp;&nbsp;&nbsp;Government of Bulgaria |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38%, 09/23/2050 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 165000 | &nbsp;&nbsp;&nbsp;&nbsp; 110598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88%, 05/13/2036 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 303837 |
| &nbsp;&nbsp;&nbsp;Government of Macedonia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.68%, 06/03/2026\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 340615 |
| &nbsp;&nbsp;&nbsp;Government of Romania |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.63%, 12/02/2040\* | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 645000 | &nbsp;&nbsp;&nbsp;&nbsp; 484511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75%, 04/14/2041 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 1240000 | &nbsp;&nbsp;&nbsp;&nbsp; 937955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 03/24/2035\* |  | &nbsp;&nbsp; 528000 | &nbsp;&nbsp;&nbsp;&nbsp; 508425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 05/25/2034 |  | &nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp;&nbsp; 99308 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 05/16/2036\* |  | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.50%, 02/10/2037\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 214648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.63%, 01/17/2053 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 213141 |
| &nbsp;&nbsp;&nbsp;Kingdom of Saudi Arabia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25%, 10/22/2030 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 190622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.45%, 02/02/2061 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 130725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00%, 01/18/2053 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 180836 |
| &nbsp;&nbsp;&nbsp;Oriental Republic of Uruguay |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10%, 06/18/2050 |  | &nbsp;&nbsp; 30000 | &nbsp;&nbsp;&nbsp;&nbsp; 28365 |
| &nbsp;&nbsp;&nbsp;Republic of Azerbaijan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50%, 09/01/2032 |  | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 371866 |
| &nbsp;&nbsp;&nbsp;Republic of Chile |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95%, 01/05/2036 |  | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 301065 |
| &nbsp;&nbsp;&nbsp;Republic of Hungary |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63%, 04/28/2032 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 363650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25%, 06/16/2029 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 204554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 09/26/2030\* |  | &nbsp;&nbsp; 290000 | &nbsp;&nbsp;&nbsp;&nbsp; 298328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00%, 09/26/2035\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 209229 |
| &nbsp;&nbsp;&nbsp;Republic of Indonesia |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10%, 03/12/2033 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 610000 | &nbsp;&nbsp;&nbsp;&nbsp; 596423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75%, 09/10/2034 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 199522 |
| &nbsp;&nbsp;&nbsp;Republic of Kazakhstan |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71%, 04/09/2035\* |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 198476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50%, 07/21/2045 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 224958 |
| &nbsp;&nbsp;&nbsp;Republic of Peru |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84%, 06/20/2030 |  | &nbsp;&nbsp; 120000 | &nbsp;&nbsp;&nbsp;&nbsp; 112440 |
| &nbsp;&nbsp;&nbsp;Republic of Philippines |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.75%, 04/28/2041 | &nbsp;&nbsp;EUR | &nbsp;&nbsp; 300000 | &nbsp;&nbsp;&nbsp;&nbsp; 257889 |
| &nbsp;&nbsp;&nbsp;Republic of Poland |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75%, 11/16/2032 |  | &nbsp;&nbsp; 250000 | &nbsp;&nbsp;&nbsp;&nbsp; 267852 |
| &nbsp;&nbsp;&nbsp;Republic of Trinidad & Tobago |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40%, 06/26/2034 |  | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 203980 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** | **FOREIGN GOVERNMENT OBLIGATIONS (continued)** |
| **Sovereign (continued)** | **Sovereign (continued)** | **Sovereign (continued)** |
| &nbsp;&nbsp;&nbsp;State of Kuwait |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14%, 10/09/2030\* | $400000 | &nbsp;&nbsp;$400000 |
| &nbsp;&nbsp;&nbsp;State of Qatar |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00%, 03/14/2029 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 200737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40%, 04/16/2050 | &nbsp;&nbsp; 200000 | &nbsp;&nbsp;&nbsp;&nbsp; 178661 |
| &nbsp;&nbsp;&nbsp;United Mexican States |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38%, 03/22/2033 | &nbsp;&nbsp; 455000 | &nbsp;&nbsp;&nbsp;&nbsp; 453635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63%, 01/29/2038 | &nbsp;&nbsp; 660000 | &nbsp;&nbsp;&nbsp;&nbsp; 693667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.88%, 05/13/2037 | &nbsp;&nbsp; 1170000 | &nbsp;&nbsp;&nbsp;&nbsp; 1261845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.38%, 05/13/2055 | &nbsp;&nbsp; 400000 | &nbsp;&nbsp;&nbsp;&nbsp; 439004 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12568886 |
| **Total Foreign Government Obligations<br> (cost $13,129,664)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12902406 |
| **MUNICIPAL SECURITIES — 0.3%** | **MUNICIPAL SECURITIES — 0.3%** | **MUNICIPAL SECURITIES — 0.3%** |
| &nbsp;&nbsp;&nbsp;Chicago Board of Education<br> General Obligation Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14%, 12/01/2039 | &nbsp;&nbsp; 335000 | &nbsp;&nbsp;&nbsp;&nbsp; 318472 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32%, 11/01/2029 | &nbsp;&nbsp; 235000 | &nbsp;&nbsp;&nbsp;&nbsp; 232846 |
| &nbsp;&nbsp;&nbsp;Philadelphia Authority for Industrial Development<br> Revenue Bonds |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55%, 10/15/2028 | &nbsp;&nbsp; 1260000 | &nbsp;&nbsp;&nbsp;&nbsp; 1337998 |
| **Total Municipal Securities<br> (cost $1,964,187)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889316 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |
| &nbsp;&nbsp;&nbsp;Paragon Offshore Finance Co. 07/18/2026†(9)<br> (cost $587) | &nbsp;&nbsp; 587 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Long-Term Investment Securities<br> (cost $870,230,170)** |  | &nbsp;&nbsp;&nbsp;&nbsp;844203067 |
| **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |
| **Unaffiliated Investment Companies — 0.2%** | **Unaffiliated Investment Companies — 0.2%** | **Unaffiliated Investment Companies — 0.2%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.09%(10)<br> (cost $1,759,280) | &nbsp;&nbsp; 1759280 | &nbsp;&nbsp;&nbsp;&nbsp; 1759280 |
| **REPURCHASE AGREEMENTS — 0.2%** | **REPURCHASE AGREEMENTS — 0.2%** | **REPURCHASE AGREEMENTS — 0.2%** |
| &nbsp;&nbsp;&nbsp;Bank of America Securities LLC Joint Repurchase Agreement(11) | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. Joint Repurchase Agreement(11) | &nbsp;&nbsp; 365000 | &nbsp;&nbsp;&nbsp;&nbsp; 365000 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA Joint Repurchase Agreement(11) | &nbsp;&nbsp; 350000 | &nbsp;&nbsp;&nbsp;&nbsp; 350000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG Joint Repurchase Agreement(11) | &nbsp;&nbsp; 255000 | &nbsp;&nbsp;&nbsp;&nbsp; 255000 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| &nbsp;&nbsp;&nbsp;RBS Securities, Inc. Joint Repurchase Agreement(11) | $255000 | &nbsp;&nbsp;$255000 |
| **Total Repurchase Agreements<br> (cost $1,480,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000 |
| **TOTAL INVESTMENTS<br> (cost $873,469,450)(12)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119.5% | &nbsp;&nbsp;&nbsp;&nbsp;847442347 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(19.5) | &nbsp;&nbsp;&nbsp;&nbsp;(138463968) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$708978379 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The SA Multi-Managed Diversified Fixed Income Portfolio has no right to demand registration of these securities. At September 30, 2025, the aggregate value of these securities was $123,643,661 representing 17.4% of net assets. |
| † | &nbsp;&nbsp;Non-income producing security |
| (1) | &nbsp;&nbsp;Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. |
| (2) | &nbsp;&nbsp;PIK ("Payment-in-Kind") security – Income may be paid in additional securities and/or cash at the discretion of the issuer. |
| (3) | &nbsp;&nbsp;Perpetual maturity - maturity date reflects the next call date. |
| (4) | &nbsp;&nbsp;"Step-up" security where the rate increases ("steps-up") at a predetermined rate. The rate reflected is as of September 30, 2025. |
| (5) | &nbsp;&nbsp;Interest Only |
| (6) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open swap contracts. |
| (7) | &nbsp;&nbsp;The security or a portion thereof was pledged as collateral to cover margin requirements for open futures contracts. |
| (8) | &nbsp;&nbsp;Principal amount of security is adjusted for inflation. |
| (9) | &nbsp;&nbsp;Securities classified as Level 3 (see Note 2). |
| (10) | &nbsp;&nbsp;The rate shown is the 7-day yield as of September 30, 2025. |
| (11) | &nbsp;&nbsp;See Note 2 for details of Joint Repurchase Agreements. |
| (12) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

---

| |
|:---|
| CLO—Collateralized Loan Obligation |
| DAC—Designated Activity Company |
| FRS—Floating Rate Security |
| H15T1Y—US Treasury Yield Curve Rate Note Constant Maturity 1 Year |
| REMIC—Real Estate Mortgage Investment Conduit |
| RFUCCT1Y—Refinitiv USD IBOR Consumer Cash Fallbacks Term 1 Year |
| RFUCCT6M—Refinitiv USD IBOR Consumer Cash Fallbacks Term 6 Month |
| SCRT—Structured Credit Risk Transfer |
| SOFR30A—US 30 Day Average Secured Overnight Financing Rate |
| TBA—Securities purchased on a forward commitment basis with an approximate principal amount and no definite maturity date. The actual principal amount and maturity date will be determined upon settlement date. |
| TIPS—Treasury Inflation Protected Securities |
| TSFR1M—Term Secured Overnight Financing Rate 1 Month |
| TSFR3M—Term Secured Overnight Financing Rate 3 Month |
| VRS—Variable Rate Security |

---

EUR—Euro Currency

The rates shown on FRS and/or VRS are the current interest rates at September 30, 2025 and unless noted otherwise, the dates shown are the original maturity dates.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** | **Interest Rate Swaps** |
| **Counterparty (OTC)/<br> Centrally cleared** | **Notional<br> amount** | &nbsp;&nbsp;&nbsp;**Currency** | **Payments<br> made** | **Payments<br> received** | **Fixed<br> payment<br> frequency** | **Floating<br> payment<br> frequency** | **Maturity<br> date** | **Upfront<br> payment paid<br> (received)** | **Unrealized<br> appreciation<br> (depreciation)** | **Value** |
| Centrally Cleared | &nbsp;&nbsp;&nbsp;&nbsp;830000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.880% | 12-Month SOFR | Annual | Annual | Mar 2053 | $8866 | $140834 | $149700 |
| Centrally Cleared | 2225000 | &nbsp;&nbsp;&nbsp;USD | Fixed 2.970 | 12-Month SOFR | Annual | Annual | Mar 2053 | &nbsp;&nbsp;&nbsp; 3439 | &nbsp;&nbsp;&nbsp; 364167 | &nbsp;&nbsp;&nbsp; 367606 |
| Centrally Cleared | 1380000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.250 | 12-Month SOFR | Annual | Annual | Jun 2053 | &nbsp;&nbsp;&nbsp;(13964) | &nbsp;&nbsp;&nbsp; 177286 | &nbsp;&nbsp;&nbsp; 163322 |
| Centrally Cleared | 1530000 | &nbsp;&nbsp;&nbsp;USD | Fixed 3.590 | 12-Month SOFR | Annual | Annual | Sep 2053 | &nbsp;&nbsp;&nbsp; 6129 | &nbsp;&nbsp;&nbsp; 86690 | &nbsp;&nbsp;&nbsp; 92819 |
| Centrally Cleared | 5995000 | &nbsp;&nbsp;&nbsp;USD | Fixed 4.160 | 12-Month SOFR | Annual | Annual | Mar 2045 | &nbsp;&nbsp;&nbsp;(11595) | &nbsp;&nbsp;&nbsp;(153577) | &nbsp;&nbsp;&nbsp;(165172) |
|  |  |  |  |  |  |  |  | $(7125) | $615400 | $608275 |

---

SOFR—Secured Overnight Financing Rate

USD—United States Dollar

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 119 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Canada 10 Year Bonds | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$10238679 | &nbsp;&nbsp;&nbsp;&nbsp;$10471179 | &nbsp;&nbsp;&nbsp;&nbsp;$232500 |
| 30 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Long Gilt | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3659980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3665120 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5140 |
| 40 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;U.S. Treasury Long Bonds | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4653406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4663750 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10344 |
| 70 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BUND | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10566852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10566339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 513 |
| 83 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-Schatz | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10433078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10424795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8283 |
| 133 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 2 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27733394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27716992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16402 |
| 291 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 5 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31923858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31775836 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148022 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$421204 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 124 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Australian 10 Year Bonds | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$9314854 | &nbsp;&nbsp;&nbsp;&nbsp;$9300593 | &nbsp;&nbsp;&nbsp;&nbsp;$(14261) |
| 15 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro Buxl 30 Year Bonds | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1976785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2016080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (39295) |
| 18 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-BTP | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2506136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2532568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (26432) |
| 32 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;Euro-OAT | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4510104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4559074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (48970) |
| 355 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury 10 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39872344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39937500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (65156) |
| 97 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra 10 Year Notes | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11041328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11162578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121250) |
| 42 | &nbsp;&nbsp;&nbsp;&nbsp;Short | &nbsp;&nbsp;&nbsp;U.S. Treasury Ultra Bonds | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4913344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5042625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(129281) |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$(444645) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$(23441) |

---

\* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| Deutsche Bank AG | &nbsp;&nbsp;EUR | &nbsp;&nbsp;3755000 | &nbsp;&nbsp;USD | &nbsp;&nbsp;4422924 | &nbsp;&nbsp;12/17/2025 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$(4967) |

---

EUR—Euro Currency <br> USD—United States Dollar

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Diversified Fixed Income Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Corporate Bonds & Notes | &nbsp;&nbsp;$— | &nbsp;&nbsp;$225418469 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$225418469 |
| Asset Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25100181 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25100181 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;52154707 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;52154707 |
| U.S. Government & Agency Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;526737988 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;526737988 |
| Foreign Government Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12902406 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12902406 |
| Municipal Securities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889316 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1889316 |
| Escrows and Litigation Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;1759280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1759280 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000 |
| **Total Investments at Value** | &nbsp;&nbsp;$1759280 | &nbsp;&nbsp;$845683067 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$847442347 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$768977 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$768977 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421204 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$421204 | &nbsp;&nbsp;$768977 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1190181 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$153577 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$153577 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444645 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4967 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4967 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$444645 | &nbsp;&nbsp;$158544 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$603189 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** |
| **Australia — 3.4%** | **Australia — 3.4%** | **Australia — 3.4%** |
| &nbsp;&nbsp;&nbsp;ANZ Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;38903 | &nbsp;&nbsp;$854896 |
| &nbsp;&nbsp;&nbsp;APA Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6536 | &nbsp;&nbsp;&nbsp;&nbsp; 38405 |
| &nbsp;&nbsp;&nbsp;Aristocrat Leisure, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 | &nbsp;&nbsp;&nbsp;&nbsp; 126924 |
| &nbsp;&nbsp;&nbsp;ASX, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp; 34388 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (ASX) | &nbsp;&nbsp;&nbsp;&nbsp;36720 | &nbsp;&nbsp;&nbsp;&nbsp; 1033378 |
| &nbsp;&nbsp;&nbsp;BHP Group, Ltd. (LSE) | &nbsp;&nbsp;&nbsp;&nbsp;10745 | &nbsp;&nbsp;&nbsp;&nbsp; 296678 |
| &nbsp;&nbsp;&nbsp;BlueScope Steel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197 | &nbsp;&nbsp;&nbsp;&nbsp; 32986 |
| &nbsp;&nbsp;&nbsp;Brambles, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6663 | &nbsp;&nbsp;&nbsp;&nbsp; 109341 |
| &nbsp;&nbsp;&nbsp;CAR Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872 | &nbsp;&nbsp;&nbsp;&nbsp; 45559 |
| &nbsp;&nbsp;&nbsp;Cochlear, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 57282 |
| &nbsp;&nbsp;&nbsp;Coles Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6450 | &nbsp;&nbsp;&nbsp;&nbsp; 99401 |
| &nbsp;&nbsp;&nbsp;Commonwealth Bank of Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8224 | &nbsp;&nbsp;&nbsp;&nbsp; 908240 |
| &nbsp;&nbsp;&nbsp;Computershare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2650 | &nbsp;&nbsp;&nbsp;&nbsp; 63635 |
| &nbsp;&nbsp;&nbsp;CSL, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2382 | &nbsp;&nbsp;&nbsp;&nbsp; 312397 |
| &nbsp;&nbsp;&nbsp;Evolution Mining, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9449 | &nbsp;&nbsp;&nbsp;&nbsp; 67714 |
| &nbsp;&nbsp;&nbsp;Fortescue, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8151 | &nbsp;&nbsp;&nbsp;&nbsp; 100751 |
| &nbsp;&nbsp;&nbsp;Goodman Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9970 | &nbsp;&nbsp;&nbsp;&nbsp; 216255 |
| &nbsp;&nbsp;&nbsp;Insurance Australia Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11912 | &nbsp;&nbsp;&nbsp;&nbsp; 64634 |
| &nbsp;&nbsp;&nbsp;Lottery Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10133 | &nbsp;&nbsp;&nbsp;&nbsp; 39425 |
| &nbsp;&nbsp;&nbsp;Macquarie Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5691 | &nbsp;&nbsp;&nbsp;&nbsp; 825939 |
| &nbsp;&nbsp;&nbsp;Medibank Private, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14108 | &nbsp;&nbsp;&nbsp;&nbsp; 44996 |
| &nbsp;&nbsp;&nbsp;National Australia Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;14957 | &nbsp;&nbsp;&nbsp;&nbsp; 436955 |
| &nbsp;&nbsp;&nbsp;Northern Star Resources, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6779 | &nbsp;&nbsp;&nbsp;&nbsp; 106445 |
| &nbsp;&nbsp;&nbsp;Origin Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8676 | &nbsp;&nbsp;&nbsp;&nbsp; 71761 |
| &nbsp;&nbsp;&nbsp;Pro Medicus, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 59567 |
| &nbsp;&nbsp;&nbsp;Qantas Airways, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891 | &nbsp;&nbsp;&nbsp;&nbsp; 28115 |
| &nbsp;&nbsp;&nbsp;QBE Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7540 | &nbsp;&nbsp;&nbsp;&nbsp; 102728 |
| &nbsp;&nbsp;&nbsp;REA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 40516 |
| &nbsp;&nbsp;&nbsp;Rio Tinto, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10899 | &nbsp;&nbsp;&nbsp;&nbsp; 880064 |
| &nbsp;&nbsp;&nbsp;Santos, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;16096 | &nbsp;&nbsp;&nbsp;&nbsp; 71679 |
| &nbsp;&nbsp;&nbsp;Scentre Group | &nbsp;&nbsp;&nbsp;&nbsp;250278 | &nbsp;&nbsp;&nbsp;&nbsp; 675684 |
| &nbsp;&nbsp;&nbsp;SGH, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1025 | &nbsp;&nbsp;&nbsp;&nbsp; 33865 |
| &nbsp;&nbsp;&nbsp;Sigma Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;21523 | &nbsp;&nbsp;&nbsp;&nbsp; 42298 |
| &nbsp;&nbsp;&nbsp;Sonic Healthcare, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2166 | &nbsp;&nbsp;&nbsp;&nbsp; 30729 |
| &nbsp;&nbsp;&nbsp;South32, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;22609 | &nbsp;&nbsp;&nbsp;&nbsp; 40991 |
| &nbsp;&nbsp;&nbsp;Stockland | &nbsp;&nbsp;&nbsp;&nbsp;11055 | &nbsp;&nbsp;&nbsp;&nbsp; 44768 |
| &nbsp;&nbsp;&nbsp;Suncorp Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5404 | &nbsp;&nbsp;&nbsp;&nbsp; 72446 |
| &nbsp;&nbsp;&nbsp;Telstra Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;137324 | &nbsp;&nbsp;&nbsp;&nbsp; 437980 |
| &nbsp;&nbsp;&nbsp;Transurban Group | &nbsp;&nbsp;&nbsp;&nbsp;15605 | &nbsp;&nbsp;&nbsp;&nbsp; 142496 |
| &nbsp;&nbsp;&nbsp;Vicinity, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17041 | &nbsp;&nbsp;&nbsp;&nbsp; 28416 |
| &nbsp;&nbsp;&nbsp;Washington H. Soul Pattinson & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1745 | &nbsp;&nbsp;&nbsp;&nbsp; 44443 |
| &nbsp;&nbsp;&nbsp;Wesfarmers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5587 | &nbsp;&nbsp;&nbsp;&nbsp; 340190 |
| &nbsp;&nbsp;&nbsp;Westpac Banking Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16757 | &nbsp;&nbsp;&nbsp;&nbsp; 432104 |
| &nbsp;&nbsp;&nbsp;WiseTech Global, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp; 57389 |
| &nbsp;&nbsp;&nbsp;Woodside Energy Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9542 | &nbsp;&nbsp;&nbsp;&nbsp; 145410 |
| &nbsp;&nbsp;&nbsp;Woolworths Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6100 | &nbsp;&nbsp;&nbsp;&nbsp; 107771 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9848034 |
| **Austria — 0.7%** | **Austria — 0.7%** | **Austria — 0.7%** |
| &nbsp;&nbsp;&nbsp;Erste Group Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;20068 | &nbsp;&nbsp;&nbsp;&nbsp; 1960262 |
| &nbsp;&nbsp;&nbsp;OMV AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp; 38981 |
| &nbsp;&nbsp;&nbsp;Verbund AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp; 24782 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2024025 |
| **Belgium — 0.7%** | **Belgium — 0.7%** | **Belgium — 0.7%** |
| &nbsp;&nbsp;&nbsp;Ageas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;745 | &nbsp;&nbsp;&nbsp;&nbsp; 51518 |
| &nbsp;&nbsp;&nbsp;Anheuser-Busch InBev SA NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4842 | &nbsp;&nbsp;&nbsp;&nbsp; 288785 |
| &nbsp;&nbsp;&nbsp;D'ieteren Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp; 17383 |
| &nbsp;&nbsp;&nbsp;Elia Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 24199 |
| &nbsp;&nbsp;&nbsp;Groupe Bruxelles Lambert NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 33482 |
| &nbsp;&nbsp;&nbsp;KBC Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1147 | &nbsp;&nbsp;&nbsp;&nbsp; 136616 |
| &nbsp;&nbsp;&nbsp;Lotus Bakeries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp; 18832 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Belgium (continued)** | **Belgium (continued)** | **Belgium (continued)** |
| &nbsp;&nbsp;&nbsp;Sofina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | &nbsp;&nbsp;$24164 |
| &nbsp;&nbsp;&nbsp;Syensqo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377 | &nbsp;&nbsp;&nbsp;&nbsp; 30408 |
| &nbsp;&nbsp;&nbsp;UCB SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4705 | &nbsp;&nbsp;&nbsp;&nbsp; 1298119 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923506 |
| **Bermuda — 0.1%** | **Bermuda — 0.1%** | **Bermuda — 0.1%** |
| &nbsp;&nbsp;&nbsp;Aegon, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6603 | &nbsp;&nbsp;&nbsp;&nbsp; 52963 |
| &nbsp;&nbsp;&nbsp;CK Infrastructure Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 19700 |
| &nbsp;&nbsp;&nbsp;Hongkong Land Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 36081 |
| &nbsp;&nbsp;&nbsp;Jardine Matheson Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 50400 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159144 |
| **Brazil — 0.1%** | **Brazil — 0.1%** | **Brazil — 0.1%** |
| &nbsp;&nbsp;&nbsp;NU Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;19971 | &nbsp;&nbsp;&nbsp;&nbsp; 319736 |
| **Canada — 1.4%** | **Canada — 1.4%** | **Canada — 1.4%** |
| &nbsp;&nbsp;&nbsp;Brookfield Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8394 | &nbsp;&nbsp;&nbsp;&nbsp; 575945 |
| &nbsp;&nbsp;&nbsp;Definity Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10913 | &nbsp;&nbsp;&nbsp;&nbsp; 560902 |
| &nbsp;&nbsp;&nbsp;Definity Financial Corp.(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp; 34130 |
| &nbsp;&nbsp;&nbsp;Element Fleet Management Corp. | &nbsp;&nbsp;&nbsp;&nbsp;28025 | &nbsp;&nbsp;&nbsp;&nbsp; 725746 |
| &nbsp;&nbsp;&nbsp;Great-West Lifeco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13010 | &nbsp;&nbsp;&nbsp;&nbsp; 527991 |
| &nbsp;&nbsp;&nbsp;National Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339 | &nbsp;&nbsp;&nbsp;&nbsp; 460900 |
| &nbsp;&nbsp;&nbsp;Nutrien, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9226 | &nbsp;&nbsp;&nbsp;&nbsp; 541813 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank | &nbsp;&nbsp;&nbsp;&nbsp;10117 | &nbsp;&nbsp;&nbsp;&nbsp; 808953 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4236380 |
| **China — 0.5%** | **China — 0.5%** | **China — 0.5%** |
| &nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co., Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8500 | &nbsp;&nbsp;&nbsp;&nbsp; 480020 |
| &nbsp;&nbsp;&nbsp;Tencent Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 332269 |
| &nbsp;&nbsp;&nbsp;Tencent Music Entertainment Group ADR | &nbsp;&nbsp;&nbsp;&nbsp;23513 | &nbsp;&nbsp;&nbsp;&nbsp; 548794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1361083 |
| **Denmark — 1.6%** | **Denmark — 1.6%** | **Denmark — 1.6%** |
| &nbsp;&nbsp;&nbsp;AP Moller-Maersk A/S, Series A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp; 23460 |
| &nbsp;&nbsp;&nbsp;AP Moller-Maersk A/S, Series B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp; 37250 |
| &nbsp;&nbsp;&nbsp;Carlsberg A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;481 | &nbsp;&nbsp;&nbsp;&nbsp; 55892 |
| &nbsp;&nbsp;&nbsp;Coloplast A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620 | &nbsp;&nbsp;&nbsp;&nbsp; 52950 |
| &nbsp;&nbsp;&nbsp;Danske Bank A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3329 | &nbsp;&nbsp;&nbsp;&nbsp; 141840 |
| &nbsp;&nbsp;&nbsp;Demant A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 12814 |
| &nbsp;&nbsp;&nbsp;DSV A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp; 203058 |
| &nbsp;&nbsp;&nbsp;Genmab A/S† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302 | &nbsp;&nbsp;&nbsp;&nbsp; 91554 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;44618 | &nbsp;&nbsp;&nbsp;&nbsp; 2418602 |
| &nbsp;&nbsp;&nbsp;Novonesis (Novozymes), Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1704 | &nbsp;&nbsp;&nbsp;&nbsp; 104281 |
| &nbsp;&nbsp;&nbsp;Orsted A/S\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp; 10930 |
| &nbsp;&nbsp;&nbsp;Pandora A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4101 | &nbsp;&nbsp;&nbsp;&nbsp; 534326 |
| &nbsp;&nbsp;&nbsp;ROCKWOOL A/S, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 18010 |
| &nbsp;&nbsp;&nbsp;Tryg A/S | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 | &nbsp;&nbsp;&nbsp;&nbsp; 42164 |
| &nbsp;&nbsp;&nbsp;Vestas Wind Systems A/S | &nbsp;&nbsp;&nbsp;&nbsp;43901 | &nbsp;&nbsp;&nbsp;&nbsp; 827194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4574325 |
| **Finland — 0.8%** | **Finland — 0.8%** | **Finland — 0.8%** |
| &nbsp;&nbsp;&nbsp;Elisa Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 36179 |
| &nbsp;&nbsp;&nbsp;Fortum Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2301 | &nbsp;&nbsp;&nbsp;&nbsp; 43507 |
| &nbsp;&nbsp;&nbsp;Kesko Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1394 | &nbsp;&nbsp;&nbsp;&nbsp; 29623 |
| &nbsp;&nbsp;&nbsp;Kone Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703 | &nbsp;&nbsp;&nbsp;&nbsp; 115966 |
| &nbsp;&nbsp;&nbsp;Mandatum Oyj | &nbsp;&nbsp;&nbsp;&nbsp;49650 | &nbsp;&nbsp;&nbsp;&nbsp; 332728 |
| &nbsp;&nbsp;&nbsp;Metso Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3195 | &nbsp;&nbsp;&nbsp;&nbsp; 43831 |
| &nbsp;&nbsp;&nbsp;Neste Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2113 | &nbsp;&nbsp;&nbsp;&nbsp; 38663 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj | &nbsp;&nbsp;&nbsp;&nbsp;25762 | &nbsp;&nbsp;&nbsp;&nbsp; 123373 |
| &nbsp;&nbsp;&nbsp;Nordea Bank Abp | &nbsp;&nbsp;&nbsp;&nbsp;15384 | &nbsp;&nbsp;&nbsp;&nbsp; 252411 |
| &nbsp;&nbsp;&nbsp;Orion Oyj, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp; 41763 |
| &nbsp;&nbsp;&nbsp;Sampo Oyj, Class A | &nbsp;&nbsp;&nbsp;&nbsp;79761 | &nbsp;&nbsp;&nbsp;&nbsp; 915646 |
| &nbsp;&nbsp;&nbsp;Stora Enso Oyj, Class R | &nbsp;&nbsp;&nbsp;&nbsp;31144 | &nbsp;&nbsp;&nbsp;&nbsp; 341367 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Finland (continued)** | **Finland (continued)** | **Finland (continued)** |
| &nbsp;&nbsp;&nbsp;UPM-Kymmene Oyj | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 | &nbsp;&nbsp;$68492 |
| &nbsp;&nbsp;&nbsp;Wartsila OYJ Abp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2577 | &nbsp;&nbsp;&nbsp;&nbsp; 77000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460549 |
| **France — 9.0%** | **France — 9.0%** | **France — 9.0%** |
| &nbsp;&nbsp;&nbsp;Accor SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp; 45611 |
| &nbsp;&nbsp;&nbsp;Aeroports de Paris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;166 | &nbsp;&nbsp;&nbsp;&nbsp; 21886 |
| &nbsp;&nbsp;&nbsp;Air Liquide SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7178 | &nbsp;&nbsp;&nbsp;&nbsp; 1490459 |
| &nbsp;&nbsp;&nbsp;Alstom SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1734 | &nbsp;&nbsp;&nbsp;&nbsp; 45032 |
| &nbsp;&nbsp;&nbsp;Amundi SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 25243 |
| &nbsp;&nbsp;&nbsp;Arkema SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240 | &nbsp;&nbsp;&nbsp;&nbsp; 15103 |
| &nbsp;&nbsp;&nbsp;AXA SA | &nbsp;&nbsp;&nbsp;&nbsp;26797 | &nbsp;&nbsp;&nbsp;&nbsp; 1278577 |
| &nbsp;&nbsp;&nbsp;BioMerieux | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp; 28458 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4974 | &nbsp;&nbsp;&nbsp;&nbsp; 451586 |
| &nbsp;&nbsp;&nbsp;Bollore SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543 | &nbsp;&nbsp;&nbsp;&nbsp; 20033 |
| &nbsp;&nbsp;&nbsp;Bouygues SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp; 39501 |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1567 | &nbsp;&nbsp;&nbsp;&nbsp; 49011 |
| &nbsp;&nbsp;&nbsp;Capgemini SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp; 116188 |
| &nbsp;&nbsp;&nbsp;Carrefour SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2665 | &nbsp;&nbsp;&nbsp;&nbsp; 40347 |
| &nbsp;&nbsp;&nbsp;Cie de Saint-Gobain SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5471 | &nbsp;&nbsp;&nbsp;&nbsp; 588753 |
| &nbsp;&nbsp;&nbsp;Cie Generale des Etablissements Michelin SCA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3274 | &nbsp;&nbsp;&nbsp;&nbsp; 117391 |
| &nbsp;&nbsp;&nbsp;Covivio SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp; 14237 |
| &nbsp;&nbsp;&nbsp;Credit Agricole SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5080 | &nbsp;&nbsp;&nbsp;&nbsp; 99721 |
| &nbsp;&nbsp;&nbsp;Danone SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp;&nbsp;&nbsp; 277920 |
| &nbsp;&nbsp;&nbsp;Dassault Aviation SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98 | &nbsp;&nbsp;&nbsp;&nbsp; 32745 |
| &nbsp;&nbsp;&nbsp;Dassault Systemes SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3388 | &nbsp;&nbsp;&nbsp;&nbsp; 113404 |
| &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7494 | &nbsp;&nbsp;&nbsp;&nbsp; 177726 |
| &nbsp;&nbsp;&nbsp;Eiffage SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345 | &nbsp;&nbsp;&nbsp;&nbsp; 44029 |
| &nbsp;&nbsp;&nbsp;Engie SA | &nbsp;&nbsp;&nbsp;&nbsp;41525 | &nbsp;&nbsp;&nbsp;&nbsp; 889976 |
| &nbsp;&nbsp;&nbsp;EssilorLuxottica SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6532 | &nbsp;&nbsp;&nbsp;&nbsp; 2116616 |
| &nbsp;&nbsp;&nbsp;FDJ United | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp; 15827 |
| &nbsp;&nbsp;&nbsp;Gecina SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 19529 |
| &nbsp;&nbsp;&nbsp;Getlink SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1375 | &nbsp;&nbsp;&nbsp;&nbsp; 25280 |
| &nbsp;&nbsp;&nbsp;Hermes International S.C.A. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp; 381505 |
| &nbsp;&nbsp;&nbsp;Ipsen SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;194 | &nbsp;&nbsp;&nbsp;&nbsp; 25874 |
| &nbsp;&nbsp;&nbsp;Kering SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027 | &nbsp;&nbsp;&nbsp;&nbsp; 672413 |
| &nbsp;&nbsp;&nbsp;Klepierre SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;989 | &nbsp;&nbsp;&nbsp;&nbsp; 38503 |
| &nbsp;&nbsp;&nbsp;Legrand SA | &nbsp;&nbsp;&nbsp;&nbsp;14795 | &nbsp;&nbsp;&nbsp;&nbsp; 2442233 |
| &nbsp;&nbsp;&nbsp;L'Oreal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2752 | &nbsp;&nbsp;&nbsp;&nbsp; 1190619 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2869 | &nbsp;&nbsp;&nbsp;&nbsp; 1753227 |
| &nbsp;&nbsp;&nbsp;Orange SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9349 | &nbsp;&nbsp;&nbsp;&nbsp; 151581 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1020 | &nbsp;&nbsp;&nbsp;&nbsp; 100042 |
| &nbsp;&nbsp;&nbsp;Publicis Groupe SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1157 | &nbsp;&nbsp;&nbsp;&nbsp; 110952 |
| &nbsp;&nbsp;&nbsp;Renault SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937 | &nbsp;&nbsp;&nbsp;&nbsp; 38283 |
| &nbsp;&nbsp;&nbsp;Rexel SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp; 36085 |
| &nbsp;&nbsp;&nbsp;Safran SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4706 | &nbsp;&nbsp;&nbsp;&nbsp; 1658077 |
| &nbsp;&nbsp;&nbsp;Sanofi SA | &nbsp;&nbsp;&nbsp;&nbsp;26150 | &nbsp;&nbsp;&nbsp;&nbsp; 2411597 |
| &nbsp;&nbsp;&nbsp;Sartorius Stedim Biotech | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | &nbsp;&nbsp;&nbsp;&nbsp; 30703 |
| &nbsp;&nbsp;&nbsp;Schneider Electric SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8490 | &nbsp;&nbsp;&nbsp;&nbsp; 2368323 |
| &nbsp;&nbsp;&nbsp;Societe Generale SA | &nbsp;&nbsp;&nbsp;&nbsp;16332 | &nbsp;&nbsp;&nbsp;&nbsp; 1080680 |
| &nbsp;&nbsp;&nbsp;Sodexo SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435 | &nbsp;&nbsp;&nbsp;&nbsp; 27349 |
| &nbsp;&nbsp;&nbsp;Teleperformance SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295 | &nbsp;&nbsp;&nbsp;&nbsp; 170666 |
| &nbsp;&nbsp;&nbsp;Thales SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703 | &nbsp;&nbsp;&nbsp;&nbsp; 533042 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | &nbsp;&nbsp;&nbsp;&nbsp;31398 | &nbsp;&nbsp;&nbsp;&nbsp; 1906915 |
| &nbsp;&nbsp;&nbsp;Veolia Environnement SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3182 | &nbsp;&nbsp;&nbsp;&nbsp; 108264 |
| &nbsp;&nbsp;&nbsp;Vinci SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6253 | &nbsp;&nbsp;&nbsp;&nbsp; 865911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26303033 |
| **Germany — 9.2%** | **Germany — 9.2%** | **Germany — 9.2%** |
| &nbsp;&nbsp;&nbsp;adidas AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp; 175661 |
| &nbsp;&nbsp;&nbsp;Allianz SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6369 | &nbsp;&nbsp;&nbsp;&nbsp; 2672469 |
| &nbsp;&nbsp;&nbsp;Aumovio SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 21 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Germany (continued)** | **Germany (continued)** | **Germany (continued)** |
| &nbsp;&nbsp;&nbsp;BASF SE | &nbsp;&nbsp;&nbsp;&nbsp;10197 | &nbsp;&nbsp;$507484 |
| &nbsp;&nbsp;&nbsp;Bayer AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4937 | &nbsp;&nbsp;&nbsp;&nbsp; 163629 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG | &nbsp;&nbsp;&nbsp;&nbsp;13256 | &nbsp;&nbsp;&nbsp;&nbsp; 1329721 |
| &nbsp;&nbsp;&nbsp;Bayerische Motoren Werke AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 26232 |
| &nbsp;&nbsp;&nbsp;Beiersdorf AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9821 | &nbsp;&nbsp;&nbsp;&nbsp; 1026201 |
| &nbsp;&nbsp;&nbsp;Brenntag SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625 | &nbsp;&nbsp;&nbsp;&nbsp; 37349 |
| &nbsp;&nbsp;&nbsp;Commerzbank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3838 | &nbsp;&nbsp;&nbsp;&nbsp; 144598 |
| &nbsp;&nbsp;&nbsp;Continental AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 33800 |
| &nbsp;&nbsp;&nbsp;Covestro AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5702 | &nbsp;&nbsp;&nbsp;&nbsp; 390286 |
| &nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320 | &nbsp;&nbsp;&nbsp;&nbsp; 31333 |
| &nbsp;&nbsp;&nbsp;Daimler Truck Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2291 | &nbsp;&nbsp;&nbsp;&nbsp; 94195 |
| &nbsp;&nbsp;&nbsp;Delivery Hero SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;983 | &nbsp;&nbsp;&nbsp;&nbsp; 28171 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9108 | &nbsp;&nbsp;&nbsp;&nbsp; 320263 |
| &nbsp;&nbsp;&nbsp;Deutsche Boerse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp; 247180 |
| &nbsp;&nbsp;&nbsp;Deutsche Lufthansa AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992 | &nbsp;&nbsp;&nbsp;&nbsp; 25320 |
| &nbsp;&nbsp;&nbsp;Deutsche Post AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4690 | &nbsp;&nbsp;&nbsp;&nbsp; 208909 |
| &nbsp;&nbsp;&nbsp;Deutsche Telekom AG | &nbsp;&nbsp;&nbsp;&nbsp;17167 | &nbsp;&nbsp;&nbsp;&nbsp; 584694 |
| &nbsp;&nbsp;&nbsp;Dr. Ing. h.c. F. Porsche AG (Preference Shares)\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp; 28449 |
| &nbsp;&nbsp;&nbsp;E.ON SE | &nbsp;&nbsp;&nbsp;&nbsp;10957 | &nbsp;&nbsp;&nbsp;&nbsp; 206018 |
| &nbsp;&nbsp;&nbsp;Evonik Industries AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1280 | &nbsp;&nbsp;&nbsp;&nbsp; 22196 |
| &nbsp;&nbsp;&nbsp;Fresenius Medical Care AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1032 | &nbsp;&nbsp;&nbsp;&nbsp; 54111 |
| &nbsp;&nbsp;&nbsp;Fresenius SE & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2116 | &nbsp;&nbsp;&nbsp;&nbsp; 117755 |
| &nbsp;&nbsp;&nbsp;GEA Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;757 | &nbsp;&nbsp;&nbsp;&nbsp; 55858 |
| &nbsp;&nbsp;&nbsp;Hannover Rueck SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 87366 |
| &nbsp;&nbsp;&nbsp;Heidelberg Materials AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp; 147527 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;475 | &nbsp;&nbsp;&nbsp;&nbsp; 35217 |
| &nbsp;&nbsp;&nbsp;Henkel AG & Co. KGaA (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp; 65655 |
| &nbsp;&nbsp;&nbsp;Hensoldt AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;317 | &nbsp;&nbsp;&nbsp;&nbsp; 41051 |
| &nbsp;&nbsp;&nbsp;Infineon Technologies AG | &nbsp;&nbsp;&nbsp;&nbsp;37450 | &nbsp;&nbsp;&nbsp;&nbsp; 1459744 |
| &nbsp;&nbsp;&nbsp;KION Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6831 | &nbsp;&nbsp;&nbsp;&nbsp; 460746 |
| &nbsp;&nbsp;&nbsp;Knorr-Bremse AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp; 35062 |
| &nbsp;&nbsp;&nbsp;LEG Immobilien SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp; 28932 |
| &nbsp;&nbsp;&nbsp;Mercedes-Benz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529 | &nbsp;&nbsp;&nbsp;&nbsp; 221538 |
| &nbsp;&nbsp;&nbsp;Merck KGaA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651 | &nbsp;&nbsp;&nbsp;&nbsp; 83653 |
| &nbsp;&nbsp;&nbsp;MTU Aero Engines AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;259 | &nbsp;&nbsp;&nbsp;&nbsp; 118864 |
| &nbsp;&nbsp;&nbsp;Muenchener Rueckversicherungs-Gesellschaft AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2160 | &nbsp;&nbsp;&nbsp;&nbsp; 1378035 |
| &nbsp;&nbsp;&nbsp;Nemetschek SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp; 37855 |
| &nbsp;&nbsp;&nbsp;Porsche Automobil Holding SE (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp; 28237 |
| &nbsp;&nbsp;&nbsp;Rational AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp; 19811 |
| &nbsp;&nbsp;&nbsp;Rheinmetall AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542 | &nbsp;&nbsp;&nbsp;&nbsp; 1262808 |
| &nbsp;&nbsp;&nbsp;RWE AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3077 | &nbsp;&nbsp;&nbsp;&nbsp; 136627 |
| &nbsp;&nbsp;&nbsp;SAP SE | &nbsp;&nbsp;&nbsp;&nbsp;20874 | &nbsp;&nbsp;&nbsp;&nbsp; 5585176 |
| &nbsp;&nbsp;&nbsp;Sartorius AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 27184 |
| &nbsp;&nbsp;&nbsp;Scout24 SE\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp; 47058 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;18556 | &nbsp;&nbsp;&nbsp;&nbsp; 4993279 |
| &nbsp;&nbsp;&nbsp;Siemens Energy AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3335 | &nbsp;&nbsp;&nbsp;&nbsp; 389275 |
| &nbsp;&nbsp;&nbsp;Siemens Healthineers AG\* | &nbsp;&nbsp;&nbsp;&nbsp;24934 | &nbsp;&nbsp;&nbsp;&nbsp; 1347179 |
| &nbsp;&nbsp;&nbsp;Symrise AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp; 58328 |
| &nbsp;&nbsp;&nbsp;Talanx AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp; 42795 |
| &nbsp;&nbsp;&nbsp;Volkswagen AG (Preference Shares) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 107966 |
| &nbsp;&nbsp;&nbsp;Vonovia SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3710 | &nbsp;&nbsp;&nbsp;&nbsp; 115645 |
| &nbsp;&nbsp;&nbsp;Zalando SE\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1189 | &nbsp;&nbsp;&nbsp;&nbsp; 36309 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;26930825 |
| **Hong Kong — 1.3%** | **Hong Kong — 1.3%** | **Hong Kong — 1.3%** |
| &nbsp;&nbsp;&nbsp;AIA Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;114000 | &nbsp;&nbsp;&nbsp;&nbsp; 1093569 |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13140 | &nbsp;&nbsp;&nbsp;&nbsp; 298869 |
| &nbsp;&nbsp;&nbsp;BOC Hong Kong Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;148000 | &nbsp;&nbsp;&nbsp;&nbsp; 694931 |
| &nbsp;&nbsp;&nbsp;CK Asset Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9000 | &nbsp;&nbsp;&nbsp;&nbsp; 43624 |
| &nbsp;&nbsp;&nbsp;CK Hutchison Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13000 | &nbsp;&nbsp;&nbsp;&nbsp; 85615 |
| &nbsp;&nbsp;&nbsp;CLP Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 66256 |
| &nbsp;&nbsp;&nbsp;Futu Holdings, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp; 50608 |
| &nbsp;&nbsp;&nbsp;Galaxy Entertainment Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp; 55102 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hong Kong (continued)** | **Hong Kong (continued)** | **Hong Kong (continued)** |
| &nbsp;&nbsp;&nbsp;Hang Seng Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;$57865 |
| &nbsp;&nbsp;&nbsp;Henderson Land Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 24683 |
| &nbsp;&nbsp;&nbsp;HKT Trust & HKT, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19000 | &nbsp;&nbsp;&nbsp;&nbsp; 28127 |
| &nbsp;&nbsp;&nbsp;Hong Kong & China Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;58000 | &nbsp;&nbsp;&nbsp;&nbsp; 50383 |
| &nbsp;&nbsp;&nbsp;Hong Kong Exchanges & Clearing, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 335109 |
| &nbsp;&nbsp;&nbsp;Link REIT | &nbsp;&nbsp;&nbsp;&nbsp;12600 | &nbsp;&nbsp;&nbsp;&nbsp; 64765 |
| &nbsp;&nbsp;&nbsp;MTR Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8000 | &nbsp;&nbsp;&nbsp;&nbsp; 27119 |
| &nbsp;&nbsp;&nbsp;Power Assets Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 44328 |
| &nbsp;&nbsp;&nbsp;Sino Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18000 | &nbsp;&nbsp;&nbsp;&nbsp; 22783 |
| &nbsp;&nbsp;&nbsp;SITC International Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 26950 |
| &nbsp;&nbsp;&nbsp;Sun Hung Kai Properties, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 83835 |
| &nbsp;&nbsp;&nbsp;Swire Pacific, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 16949 |
| &nbsp;&nbsp;&nbsp;Techtronic Industries Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 447735 |
| &nbsp;&nbsp;&nbsp;WH Group, Ltd.\* | &nbsp;&nbsp;&nbsp;&nbsp;37000 | &nbsp;&nbsp;&nbsp;&nbsp; 40081 |
| &nbsp;&nbsp;&nbsp;Wharf Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5000 | &nbsp;&nbsp;&nbsp;&nbsp; 14302 |
| &nbsp;&nbsp;&nbsp;Wharf Real Estate Investment Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7000 | &nbsp;&nbsp;&nbsp;&nbsp; 20689 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3694277 |
| **India — 0.3%** | **India — 0.3%** | **India — 0.3%** |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;49817 | &nbsp;&nbsp;&nbsp;&nbsp; 534422 |
| &nbsp;&nbsp;&nbsp;HDFC Bank, Ltd. ADR | &nbsp;&nbsp;&nbsp;&nbsp;10694 | &nbsp;&nbsp;&nbsp;&nbsp; 365307 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899729 |
| **Indonesia — 0.1%** | **Indonesia — 0.1%** | **Indonesia — 0.1%** |
| &nbsp;&nbsp;&nbsp;Bank Central Asia Tbk PT | &nbsp;&nbsp;&nbsp;&nbsp;793800 | &nbsp;&nbsp;&nbsp;&nbsp; 363200 |
| **Ireland — 0.8%** | **Ireland — 0.8%** | **Ireland — 0.8%** |
| &nbsp;&nbsp;&nbsp;AIB Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;10221 | &nbsp;&nbsp;&nbsp;&nbsp; 92580 |
| &nbsp;&nbsp;&nbsp;Bank of Ireland Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4601 | &nbsp;&nbsp;&nbsp;&nbsp; 75706 |
| &nbsp;&nbsp;&nbsp;DCC PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4627 | &nbsp;&nbsp;&nbsp;&nbsp; 296955 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC CDI† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2889 | &nbsp;&nbsp;&nbsp;&nbsp; 53679 |
| &nbsp;&nbsp;&nbsp;Kerry Group PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp; 70014 |
| &nbsp;&nbsp;&nbsp;Kingspan Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;14018 | &nbsp;&nbsp;&nbsp;&nbsp; 1165215 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4298 | &nbsp;&nbsp;&nbsp;&nbsp; 124638 |
| &nbsp;&nbsp;&nbsp;Ryanair Holdings PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6800 | &nbsp;&nbsp;&nbsp;&nbsp; 409496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288283 |
| **Isle of Man — 0.0%** | **Isle of Man — 0.0%** | **Isle of Man — 0.0%** |
| &nbsp;&nbsp;&nbsp;Entain PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2962 | &nbsp;&nbsp;&nbsp;&nbsp; 34809 |
| **Israel — 0.8%** | **Israel — 0.8%** | **Israel — 0.8%** |
| &nbsp;&nbsp;&nbsp;Azrieli Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 17466 |
| &nbsp;&nbsp;&nbsp;Bank Hapoalim BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6266 | &nbsp;&nbsp;&nbsp;&nbsp; 127356 |
| &nbsp;&nbsp;&nbsp;Bank Leumi Le-Israel BM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7266 | &nbsp;&nbsp;&nbsp;&nbsp; 143227 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363 | &nbsp;&nbsp;&nbsp;&nbsp; 695838 |
| &nbsp;&nbsp;&nbsp;CyberArk Software, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 114507 |
| &nbsp;&nbsp;&nbsp;Elbit Systems, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp; 68858 |
| &nbsp;&nbsp;&nbsp;ICL Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3429 | &nbsp;&nbsp;&nbsp;&nbsp; 21430 |
| &nbsp;&nbsp;&nbsp;Israel Discount Bank, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6215 | &nbsp;&nbsp;&nbsp;&nbsp; 61433 |
| &nbsp;&nbsp;&nbsp;Mizrahi Tefahot Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp;&nbsp;&nbsp; 51511 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 39319 |
| &nbsp;&nbsp;&nbsp;Nice, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;293 | &nbsp;&nbsp;&nbsp;&nbsp; 43169 |
| &nbsp;&nbsp;&nbsp;Nova, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp; 46261 |
| &nbsp;&nbsp;&nbsp;Phoenix Financial, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126 | &nbsp;&nbsp;&nbsp;&nbsp; 42155 |
| &nbsp;&nbsp;&nbsp;Teva Pharmaceutical Industries, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;38187 | &nbsp;&nbsp;&nbsp;&nbsp; 771377 |
| &nbsp;&nbsp;&nbsp;Wix.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277 | &nbsp;&nbsp;&nbsp;&nbsp; 49204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2293111 |
| **Italy — 2.9%** | **Italy — 2.9%** | **Italy — 2.9%** |
| &nbsp;&nbsp;&nbsp;Banca Mediolanum SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1159 | &nbsp;&nbsp;&nbsp;&nbsp; 23200 |
| &nbsp;&nbsp;&nbsp;Banca Monte dei Paschi di Siena SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9705 | &nbsp;&nbsp;&nbsp;&nbsp; 85912 |
| &nbsp;&nbsp;&nbsp;Banco BPM SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5672 | &nbsp;&nbsp;&nbsp;&nbsp; 84739 |
| &nbsp;&nbsp;&nbsp;BPER Banca SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6933 | &nbsp;&nbsp;&nbsp;&nbsp; 76806 |
| &nbsp;&nbsp;&nbsp;Enel SpA | &nbsp;&nbsp;&nbsp;&nbsp;39957 | &nbsp;&nbsp;&nbsp;&nbsp; 378389 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Italy (continued)** | **Italy (continued)** | **Italy (continued)** |
| &nbsp;&nbsp;&nbsp;Eni SpA | &nbsp;&nbsp;&nbsp;&nbsp;10194 | &nbsp;&nbsp;$177920 |
| &nbsp;&nbsp;&nbsp;FinecoBank Banca Fineco SpA | &nbsp;&nbsp;&nbsp;&nbsp;56177 | &nbsp;&nbsp;&nbsp;&nbsp; 1213895 |
| &nbsp;&nbsp;&nbsp;Generali | &nbsp;&nbsp;&nbsp;&nbsp;12821 | &nbsp;&nbsp;&nbsp;&nbsp; 502904 |
| &nbsp;&nbsp;&nbsp;Infrastrutture Wireless Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1408 | &nbsp;&nbsp;&nbsp;&nbsp; 16547 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA | &nbsp;&nbsp;&nbsp;&nbsp;317543 | &nbsp;&nbsp;&nbsp;&nbsp; 2092964 |
| &nbsp;&nbsp;&nbsp;Leonardo SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1957 | &nbsp;&nbsp;&nbsp;&nbsp; 124117 |
| &nbsp;&nbsp;&nbsp;Moncler SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9444 | &nbsp;&nbsp;&nbsp;&nbsp; 552945 |
| &nbsp;&nbsp;&nbsp;Nexi SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp; 13910 |
| &nbsp;&nbsp;&nbsp;Poste Italiane SpA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2290 | &nbsp;&nbsp;&nbsp;&nbsp; 54282 |
| &nbsp;&nbsp;&nbsp;Prysmian SpA | &nbsp;&nbsp;&nbsp;&nbsp;13798 | &nbsp;&nbsp;&nbsp;&nbsp; 1363678 |
| &nbsp;&nbsp;&nbsp;Recordati Industria Chimica e Farmaceutica SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 34295 |
| &nbsp;&nbsp;&nbsp;Snam SpA | &nbsp;&nbsp;&nbsp;&nbsp;10085 | &nbsp;&nbsp;&nbsp;&nbsp; 60599 |
| &nbsp;&nbsp;&nbsp;Telecom Italia SpA† | &nbsp;&nbsp;&nbsp;&nbsp;55559 | &nbsp;&nbsp;&nbsp;&nbsp; 29047 |
| &nbsp;&nbsp;&nbsp;Terna - Rete Elettrica Nazionale | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6881 | &nbsp;&nbsp;&nbsp;&nbsp; 69783 |
| &nbsp;&nbsp;&nbsp;UniCredit SpA | &nbsp;&nbsp;&nbsp;&nbsp;18227 | &nbsp;&nbsp;&nbsp;&nbsp; 1379621 |
| &nbsp;&nbsp;&nbsp;Unipol Assicurazioni SpA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1791 | &nbsp;&nbsp;&nbsp;&nbsp; 38396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8373949 |
| **Japan — 20.8%** | **Japan — 20.8%** | **Japan — 20.8%** |
| &nbsp;&nbsp;&nbsp;Advantest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 376441 |
| &nbsp;&nbsp;&nbsp;Aeon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;10800 | &nbsp;&nbsp;&nbsp;&nbsp; 131088 |
| &nbsp;&nbsp;&nbsp;AGC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 29364 |
| &nbsp;&nbsp;&nbsp;Aisin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2400 | &nbsp;&nbsp;&nbsp;&nbsp; 41546 |
| &nbsp;&nbsp;&nbsp;Ajinomoto Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22700 | &nbsp;&nbsp;&nbsp;&nbsp; 651751 |
| &nbsp;&nbsp;&nbsp;ANA Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 13542 |
| &nbsp;&nbsp;&nbsp;Asahi Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp; 85242 |
| &nbsp;&nbsp;&nbsp;Asahi Kasei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 46459 |
| &nbsp;&nbsp;&nbsp;Asics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23800 | &nbsp;&nbsp;&nbsp;&nbsp; 623144 |
| &nbsp;&nbsp;&nbsp;Astellas Pharma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 94157 |
| &nbsp;&nbsp;&nbsp;Bandai Namco Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 93248 |
| &nbsp;&nbsp;&nbsp;Bridgestone Corp. | &nbsp;&nbsp;&nbsp;&nbsp;18300 | &nbsp;&nbsp;&nbsp;&nbsp; 847404 |
| &nbsp;&nbsp;&nbsp;Canon, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 126105 |
| &nbsp;&nbsp;&nbsp;Capcom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 48966 |
| &nbsp;&nbsp;&nbsp;Central Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 111896 |
| &nbsp;&nbsp;&nbsp;Chiba Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 32586 |
| &nbsp;&nbsp;&nbsp;Chubu Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3000 | &nbsp;&nbsp;&nbsp;&nbsp; 41759 |
| &nbsp;&nbsp;&nbsp;Chugai Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17900 | &nbsp;&nbsp;&nbsp;&nbsp; 780466 |
| &nbsp;&nbsp;&nbsp;Concordia Financial Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 42286 |
| &nbsp;&nbsp;&nbsp;Dai Nippon Printing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 34020 |
| &nbsp;&nbsp;&nbsp;Daifuku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 54523 |
| &nbsp;&nbsp;&nbsp;Dai-ichi Life Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;17200 | &nbsp;&nbsp;&nbsp;&nbsp; 135613 |
| &nbsp;&nbsp;&nbsp;Daiichi Sankyo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31100 | &nbsp;&nbsp;&nbsp;&nbsp; 697140 |
| &nbsp;&nbsp;&nbsp;Daikin Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 727619 |
| &nbsp;&nbsp;&nbsp;Daito Trust Construction Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 32914 |
| &nbsp;&nbsp;&nbsp;Daiwa House Industry Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2800 | &nbsp;&nbsp;&nbsp;&nbsp; 100727 |
| &nbsp;&nbsp;&nbsp;Daiwa Securities Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp; 56106 |
| &nbsp;&nbsp;&nbsp;Denso Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 125630 |
| &nbsp;&nbsp;&nbsp;Disco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 125800 |
| &nbsp;&nbsp;&nbsp;East Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 112601 |
| &nbsp;&nbsp;&nbsp;Eisai Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 40369 |
| &nbsp;&nbsp;&nbsp;ENEOS Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13500 | &nbsp;&nbsp;&nbsp;&nbsp; 85801 |
| &nbsp;&nbsp;&nbsp;FANUC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 132571 |
| &nbsp;&nbsp;&nbsp;Fast Retailing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000 | &nbsp;&nbsp;&nbsp;&nbsp; 1218244 |
| &nbsp;&nbsp;&nbsp;Fuji Electric Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 47069 |
| &nbsp;&nbsp;&nbsp;FUJIFILM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;49800 | &nbsp;&nbsp;&nbsp;&nbsp; 1239570 |
| &nbsp;&nbsp;&nbsp;Fujikura, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 117294 |
| &nbsp;&nbsp;&nbsp;Fujitsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 204962 |
| &nbsp;&nbsp;&nbsp;Hamamatsu Photonics KK | &nbsp;&nbsp;&nbsp;&nbsp;20600 | &nbsp;&nbsp;&nbsp;&nbsp; 223572 |
| &nbsp;&nbsp;&nbsp;Hankyu Hanshin Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 32460 |
| &nbsp;&nbsp;&nbsp;Hitachi, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;104100 | &nbsp;&nbsp;&nbsp;&nbsp; 2766427 |
| &nbsp;&nbsp;&nbsp;Honda Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;19700 | &nbsp;&nbsp;&nbsp;&nbsp; 203947 |
| &nbsp;&nbsp;&nbsp;Hoya Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp; 983010 |
| &nbsp;&nbsp;&nbsp;Hulic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 21909 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Idemitsu Kosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4200 | &nbsp;&nbsp;$28855 |
| &nbsp;&nbsp;&nbsp;IHI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 91449 |
| &nbsp;&nbsp;&nbsp;Inpex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 77722 |
| &nbsp;&nbsp;&nbsp;Isetan Mitsukoshi Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35400 | &nbsp;&nbsp;&nbsp;&nbsp; 654212 |
| &nbsp;&nbsp;&nbsp;Isuzu Motors, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 34132 |
| &nbsp;&nbsp;&nbsp;ITOCHU Corp. | &nbsp;&nbsp;&nbsp;&nbsp;23700 | &nbsp;&nbsp;&nbsp;&nbsp; 1350348 |
| &nbsp;&nbsp;&nbsp;Japan Airlines Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 16137 |
| &nbsp;&nbsp;&nbsp;Japan Exchange Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;76100 | &nbsp;&nbsp;&nbsp;&nbsp; 850358 |
| &nbsp;&nbsp;&nbsp;Japan Post Bank Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 106746 |
| &nbsp;&nbsp;&nbsp;Japan Post Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8700 | &nbsp;&nbsp;&nbsp;&nbsp; 86479 |
| &nbsp;&nbsp;&nbsp;Japan Post Insurance Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 28353 |
| &nbsp;&nbsp;&nbsp;Japan Tobacco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6000 | &nbsp;&nbsp;&nbsp;&nbsp; 197261 |
| &nbsp;&nbsp;&nbsp;JFE Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 33165 |
| &nbsp;&nbsp;&nbsp;Kajima Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 58370 |
| &nbsp;&nbsp;&nbsp;Kansai Electric Power Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 68762 |
| &nbsp;&nbsp;&nbsp;Kao Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 95968 |
| &nbsp;&nbsp;&nbsp;Kawasaki Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 46245 |
| &nbsp;&nbsp;&nbsp;Kawasaki Kisen Kaisha, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 25633 |
| &nbsp;&nbsp;&nbsp;KDDI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;113000 | &nbsp;&nbsp;&nbsp;&nbsp; 1803675 |
| &nbsp;&nbsp;&nbsp;Keyence Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3100 | &nbsp;&nbsp;&nbsp;&nbsp; 1156696 |
| &nbsp;&nbsp;&nbsp;Kikkoman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;&nbsp;&nbsp; 28005 |
| &nbsp;&nbsp;&nbsp;Kirin Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 57161 |
| &nbsp;&nbsp;&nbsp;Kobe Bussan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 21985 |
| &nbsp;&nbsp;&nbsp;Komatsu, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 157014 |
| &nbsp;&nbsp;&nbsp;Konami Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 72184 |
| &nbsp;&nbsp;&nbsp;Kubota Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 60469 |
| &nbsp;&nbsp;&nbsp;Kyocera Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6400 | &nbsp;&nbsp;&nbsp;&nbsp; 86099 |
| &nbsp;&nbsp;&nbsp;Kyowa Kirin Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 18651 |
| &nbsp;&nbsp;&nbsp;Lasertec Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 617862 |
| &nbsp;&nbsp;&nbsp;LY Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14700 | &nbsp;&nbsp;&nbsp;&nbsp; 47325 |
| &nbsp;&nbsp;&nbsp;M3, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2300 | &nbsp;&nbsp;&nbsp;&nbsp; 37109 |
| &nbsp;&nbsp;&nbsp;Makita Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 32498 |
| &nbsp;&nbsp;&nbsp;Marubeni Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6900 | &nbsp;&nbsp;&nbsp;&nbsp; 172541 |
| &nbsp;&nbsp;&nbsp;MatsukiyoCocokara & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 30470 |
| &nbsp;&nbsp;&nbsp;MEIJI Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 24879 |
| &nbsp;&nbsp;&nbsp;Minebea Mitsumi, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 35839 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Chemical Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 36266 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;34500 | &nbsp;&nbsp;&nbsp;&nbsp; 823745 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;51500 | &nbsp;&nbsp;&nbsp;&nbsp; 1324370 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Estate Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;35000 | &nbsp;&nbsp;&nbsp;&nbsp; 805389 |
| &nbsp;&nbsp;&nbsp;Mitsubishi HC Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 38026 |
| &nbsp;&nbsp;&nbsp;Mitsubishi Heavy Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;15900 | &nbsp;&nbsp;&nbsp;&nbsp; 417054 |
| &nbsp;&nbsp;&nbsp;Mitsubishi UFJ Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;301900 | &nbsp;&nbsp;&nbsp;&nbsp; 4887234 |
| &nbsp;&nbsp;&nbsp;Mitsui & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp; 303587 |
| &nbsp;&nbsp;&nbsp;Mitsui Fudosan Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;73200 | &nbsp;&nbsp;&nbsp;&nbsp; 798401 |
| &nbsp;&nbsp;&nbsp;Mitsui OSK Lines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 54699 |
| &nbsp;&nbsp;&nbsp;Mizuho Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12300 | &nbsp;&nbsp;&nbsp;&nbsp; 414866 |
| &nbsp;&nbsp;&nbsp;MonotaRO Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 18953 |
| &nbsp;&nbsp;&nbsp;MS&AD Insurance Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;64000 | &nbsp;&nbsp;&nbsp;&nbsp; 1452372 |
| &nbsp;&nbsp;&nbsp;Murata Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8400 | &nbsp;&nbsp;&nbsp;&nbsp; 159923 |
| &nbsp;&nbsp;&nbsp;NEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;27100 | &nbsp;&nbsp;&nbsp;&nbsp; 868424 |
| &nbsp;&nbsp;&nbsp;Nexon Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 37326 |
| &nbsp;&nbsp;&nbsp;NIDEC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 76573 |
| &nbsp;&nbsp;&nbsp;Nintendo Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;18800 | &nbsp;&nbsp;&nbsp;&nbsp; 1627846 |
| &nbsp;&nbsp;&nbsp;Nippon Building Fund, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 33016 |
| &nbsp;&nbsp;&nbsp;Nippon Paint Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4900 | &nbsp;&nbsp;&nbsp;&nbsp; 33465 |
| &nbsp;&nbsp;&nbsp;Nippon Sanso Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 31932 |
| &nbsp;&nbsp;&nbsp;Nippon Steel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;24500 | &nbsp;&nbsp;&nbsp;&nbsp; 100975 |
| &nbsp;&nbsp;&nbsp;Nippon Yusen KK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 75141 |
| &nbsp;&nbsp;&nbsp;Nissan Motor Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;11500 | &nbsp;&nbsp;&nbsp;&nbsp; 28290 |
| &nbsp;&nbsp;&nbsp;Nissin Foods Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 18839 |
| &nbsp;&nbsp;&nbsp;Nitori Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 38591 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Nitto Denko Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;$83237 |
| &nbsp;&nbsp;&nbsp;Nomura Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14800 | &nbsp;&nbsp;&nbsp;&nbsp; 108634 |
| &nbsp;&nbsp;&nbsp;Nomura Research Institute, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11800 | &nbsp;&nbsp;&nbsp;&nbsp; 452659 |
| &nbsp;&nbsp;&nbsp;NTT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;146600 | &nbsp;&nbsp;&nbsp;&nbsp; 153356 |
| &nbsp;&nbsp;&nbsp;Obayashi Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 52560 |
| &nbsp;&nbsp;&nbsp;Obic Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 52277 |
| &nbsp;&nbsp;&nbsp;Olympus Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5500 | &nbsp;&nbsp;&nbsp;&nbsp; 69584 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. Japan | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp; 20421 |
| &nbsp;&nbsp;&nbsp;Oriental Land Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5300 | &nbsp;&nbsp;&nbsp;&nbsp; 127837 |
| &nbsp;&nbsp;&nbsp;ORIX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16500 | &nbsp;&nbsp;&nbsp;&nbsp; 433127 |
| &nbsp;&nbsp;&nbsp;Osaka Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1800 | &nbsp;&nbsp;&nbsp;&nbsp; 52204 |
| &nbsp;&nbsp;&nbsp;Otsuka Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 22969 |
| &nbsp;&nbsp;&nbsp;Otsuka Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 111600 |
| &nbsp;&nbsp;&nbsp;Pan Pacific International Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500 | &nbsp;&nbsp;&nbsp;&nbsp; 62633 |
| &nbsp;&nbsp;&nbsp;Panasonic Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;47600 | &nbsp;&nbsp;&nbsp;&nbsp; 518214 |
| &nbsp;&nbsp;&nbsp;Rakuten Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp; 50629 |
| &nbsp;&nbsp;&nbsp;Recruit Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;29000 | &nbsp;&nbsp;&nbsp;&nbsp; 1561531 |
| &nbsp;&nbsp;&nbsp;Renesas Electronics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;31500 | &nbsp;&nbsp;&nbsp;&nbsp; 363384 |
| &nbsp;&nbsp;&nbsp;Resona Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10300 | &nbsp;&nbsp;&nbsp;&nbsp; 105204 |
| &nbsp;&nbsp;&nbsp;Ryohin Keikaku Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600 | &nbsp;&nbsp;&nbsp;&nbsp; 51777 |
| &nbsp;&nbsp;&nbsp;Sanrio Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 42302 |
| &nbsp;&nbsp;&nbsp;SBI Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1400 | &nbsp;&nbsp;&nbsp;&nbsp; 60928 |
| &nbsp;&nbsp;&nbsp;SCREEN Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 36407 |
| &nbsp;&nbsp;&nbsp;SCSK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 23959 |
| &nbsp;&nbsp;&nbsp;Secom Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 77036 |
| &nbsp;&nbsp;&nbsp;Sekisui Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 31670 |
| &nbsp;&nbsp;&nbsp;Sekisui House, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 66026 |
| &nbsp;&nbsp;&nbsp;Seven & i Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;45700 | &nbsp;&nbsp;&nbsp;&nbsp; 615267 |
| &nbsp;&nbsp;&nbsp;SG Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1700 | &nbsp;&nbsp;&nbsp;&nbsp; 17577 |
| &nbsp;&nbsp;&nbsp;Shimadzu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 27782 |
| &nbsp;&nbsp;&nbsp;Shimano, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 | &nbsp;&nbsp;&nbsp;&nbsp; 426548 |
| &nbsp;&nbsp;&nbsp;Shimizu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;26900 | &nbsp;&nbsp;&nbsp;&nbsp; 378257 |
| &nbsp;&nbsp;&nbsp;Shin-Etsu Chemical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;27000 | &nbsp;&nbsp;&nbsp;&nbsp; 886033 |
| &nbsp;&nbsp;&nbsp;Shionogi & Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp; 68343 |
| &nbsp;&nbsp;&nbsp;Shiseido Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100 | &nbsp;&nbsp;&nbsp;&nbsp; 35884 |
| &nbsp;&nbsp;&nbsp;SMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 460797 |
| &nbsp;&nbsp;&nbsp;SoftBank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;140900 | &nbsp;&nbsp;&nbsp;&nbsp; 207417 |
| &nbsp;&nbsp;&nbsp;SoftBank Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14600 | &nbsp;&nbsp;&nbsp;&nbsp; 1844683 |
| &nbsp;&nbsp;&nbsp;Sompo Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4400 | &nbsp;&nbsp;&nbsp;&nbsp; 136119 |
| &nbsp;&nbsp;&nbsp;Sony Financial Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;148400 | &nbsp;&nbsp;&nbsp;&nbsp; 164571 |
| &nbsp;&nbsp;&nbsp;Sony Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;148400 | &nbsp;&nbsp;&nbsp;&nbsp; 4273832 |
| &nbsp;&nbsp;&nbsp;Subaru Corp. | &nbsp;&nbsp;&nbsp;&nbsp;20000 | &nbsp;&nbsp;&nbsp;&nbsp; 409778 |
| &nbsp;&nbsp;&nbsp;Sumitomo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32800 | &nbsp;&nbsp;&nbsp;&nbsp; 951053 |
| &nbsp;&nbsp;&nbsp;Sumitomo Electric Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3500 | &nbsp;&nbsp;&nbsp;&nbsp; 99828 |
| &nbsp;&nbsp;&nbsp;Sumitomo Metal Mining Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 35458 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18100 | &nbsp;&nbsp;&nbsp;&nbsp; 511111 |
| &nbsp;&nbsp;&nbsp;Sumitomo Mitsui Trust Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20300 | &nbsp;&nbsp;&nbsp;&nbsp; 590119 |
| &nbsp;&nbsp;&nbsp;Sumitomo Realty & Development Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 70671 |
| &nbsp;&nbsp;&nbsp;Suntory Beverage & Food, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 21892 |
| &nbsp;&nbsp;&nbsp;Suzuki Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;43800 | &nbsp;&nbsp;&nbsp;&nbsp; 639888 |
| &nbsp;&nbsp;&nbsp;Sysmex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16400 | &nbsp;&nbsp;&nbsp;&nbsp; 202332 |
| &nbsp;&nbsp;&nbsp;T&D Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 61230 |
| &nbsp;&nbsp;&nbsp;Taisei Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 55016 |
| &nbsp;&nbsp;&nbsp;Takeda Pharmaceutical Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7800 | &nbsp;&nbsp;&nbsp;&nbsp; 227589 |
| &nbsp;&nbsp;&nbsp;TDK Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp; 139471 |
| &nbsp;&nbsp;&nbsp;Terumo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;42100 | &nbsp;&nbsp;&nbsp;&nbsp; 695475 |
| &nbsp;&nbsp;&nbsp;TIS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 36328 |
| &nbsp;&nbsp;&nbsp;Toho Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 32120 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;31600 | &nbsp;&nbsp;&nbsp;&nbsp; 1339557 |
| &nbsp;&nbsp;&nbsp;Tokyo Electron, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5900 | &nbsp;&nbsp;&nbsp;&nbsp; 1051655 |
| &nbsp;&nbsp;&nbsp;Tokyo Gas Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 53393 |
| &nbsp;&nbsp;&nbsp;Tokyo Metro Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 17187 |
| &nbsp;&nbsp;&nbsp;Tokyu Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 30497 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Japan (continued)** | **Japan (continued)** | **Japan (continued)** |
| &nbsp;&nbsp;&nbsp;Toppan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;$30794 |
| &nbsp;&nbsp;&nbsp;Toray Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7200 | &nbsp;&nbsp;&nbsp;&nbsp; 46023 |
| &nbsp;&nbsp;&nbsp;Toyota Industries Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800 | &nbsp;&nbsp;&nbsp;&nbsp; 90016 |
| &nbsp;&nbsp;&nbsp;Toyota Motor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;102400 | &nbsp;&nbsp;&nbsp;&nbsp; 1973079 |
| &nbsp;&nbsp;&nbsp;Toyota Tsusho Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3200 | &nbsp;&nbsp;&nbsp;&nbsp; 88761 |
| &nbsp;&nbsp;&nbsp;Trend Micro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 32863 |
| &nbsp;&nbsp;&nbsp;Unicharm Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 36979 |
| &nbsp;&nbsp;&nbsp;West Japan Railway Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;&nbsp;&nbsp; 48244 |
| &nbsp;&nbsp;&nbsp;Yakult Honsha Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 16307 |
| &nbsp;&nbsp;&nbsp;Yamaha Motor Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4800 | &nbsp;&nbsp;&nbsp;&nbsp; 36028 |
| &nbsp;&nbsp;&nbsp;Yokogawa Electric Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 34527 |
| &nbsp;&nbsp;&nbsp;Zensho Holdings Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 32701 |
| &nbsp;&nbsp;&nbsp;ZOZO, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1900 | &nbsp;&nbsp;&nbsp;&nbsp; 17473 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;60644026 |
| **Jersey — 0.3%** | **Jersey — 0.3%** | **Jersey — 0.3%** |
| &nbsp;&nbsp;&nbsp;CVC Capital Partners PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;18936 | &nbsp;&nbsp;&nbsp;&nbsp; 329476 |
| &nbsp;&nbsp;&nbsp;Experian PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4508 | &nbsp;&nbsp;&nbsp;&nbsp; 225658 |
| &nbsp;&nbsp;&nbsp;Glencore PLC | &nbsp;&nbsp;&nbsp;&nbsp;49336 | &nbsp;&nbsp;&nbsp;&nbsp; 226658 |
| &nbsp;&nbsp;&nbsp;WPP PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5473 | &nbsp;&nbsp;&nbsp;&nbsp; 27072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;808864 |
| **Luxembourg — 0.7%** | **Luxembourg — 0.7%** | **Luxembourg — 0.7%** |
| &nbsp;&nbsp;&nbsp;ArcelorMittal SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2342 | &nbsp;&nbsp;&nbsp;&nbsp; 84084 |
| &nbsp;&nbsp;&nbsp;Eurofins Scientific SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp; 44390 |
| &nbsp;&nbsp;&nbsp;InPost SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp; 13913 |
| &nbsp;&nbsp;&nbsp;Samsonite Group SA\* | &nbsp;&nbsp;&nbsp;&nbsp;103200 | &nbsp;&nbsp;&nbsp;&nbsp; 220936 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2379 | &nbsp;&nbsp;&nbsp;&nbsp; 1660542 |
| &nbsp;&nbsp;&nbsp;Tenaris SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp; 32564 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2056429 |
| **Macau — 0.0%** | **Macau — 0.0%** | **Macau — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sands China, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12800 | &nbsp;&nbsp;&nbsp;&nbsp; 35693 |
| **Netherlands — 6.3%** | **Netherlands — 6.3%** | **Netherlands — 6.3%** |
| &nbsp;&nbsp;&nbsp;ABN AMRO Bank NV CVA\* | &nbsp;&nbsp;&nbsp;&nbsp;12172 | &nbsp;&nbsp;&nbsp;&nbsp; 389417 |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285 | &nbsp;&nbsp;&nbsp;&nbsp; 456735 |
| &nbsp;&nbsp;&nbsp;AerCap Holdings NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5277 | &nbsp;&nbsp;&nbsp;&nbsp; 638517 |
| &nbsp;&nbsp;&nbsp;Airbus SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8885 | &nbsp;&nbsp;&nbsp;&nbsp; 2059166 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4294 | &nbsp;&nbsp;&nbsp;&nbsp; 305507 |
| &nbsp;&nbsp;&nbsp;Argenx SE† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 217387 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp; 540632 |
| &nbsp;&nbsp;&nbsp;ASM International NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 | &nbsp;&nbsp;&nbsp;&nbsp; 551129 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6363 | &nbsp;&nbsp;&nbsp;&nbsp; 6186308 |
| &nbsp;&nbsp;&nbsp;ASR Nederland NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp; 50131 |
| &nbsp;&nbsp;&nbsp;BE Semiconductor Industries NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2567 | &nbsp;&nbsp;&nbsp;&nbsp; 382299 |
| &nbsp;&nbsp;&nbsp;Davide Campari-Milano NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3172 | &nbsp;&nbsp;&nbsp;&nbsp; 19998 |
| &nbsp;&nbsp;&nbsp;Euronext NV\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394 | &nbsp;&nbsp;&nbsp;&nbsp; 58932 |
| &nbsp;&nbsp;&nbsp;EXOR NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;457 | &nbsp;&nbsp;&nbsp;&nbsp; 44640 |
| &nbsp;&nbsp;&nbsp;Ferrari NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp; 298642 |
| &nbsp;&nbsp;&nbsp;Ferrovial SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2461 | &nbsp;&nbsp;&nbsp;&nbsp; 140942 |
| &nbsp;&nbsp;&nbsp;Heineken Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647 | &nbsp;&nbsp;&nbsp;&nbsp; 44323 |
| &nbsp;&nbsp;&nbsp;Heineken NV | &nbsp;&nbsp;&nbsp;&nbsp;23097 | &nbsp;&nbsp;&nbsp;&nbsp; 1801114 |
| &nbsp;&nbsp;&nbsp;IMCD NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp; 30685 |
| &nbsp;&nbsp;&nbsp;ING Groep NV | &nbsp;&nbsp;&nbsp;&nbsp;50352 | &nbsp;&nbsp;&nbsp;&nbsp; 1304981 |
| &nbsp;&nbsp;&nbsp;JDE Peet's NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864 | &nbsp;&nbsp;&nbsp;&nbsp; 31649 |
| &nbsp;&nbsp;&nbsp;Koninklijke Ahold Delhaize NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4472 | &nbsp;&nbsp;&nbsp;&nbsp; 180875 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV | &nbsp;&nbsp;&nbsp;&nbsp;18554 | &nbsp;&nbsp;&nbsp;&nbsp; 89029 |
| &nbsp;&nbsp;&nbsp;Koninklijke Philips NV | &nbsp;&nbsp;&nbsp;&nbsp;30343 | &nbsp;&nbsp;&nbsp;&nbsp; 820782 |
| &nbsp;&nbsp;&nbsp;NN Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp; 90369 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2686 | &nbsp;&nbsp;&nbsp;&nbsp; 611683 |
| &nbsp;&nbsp;&nbsp;Prosus NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6434 | &nbsp;&nbsp;&nbsp;&nbsp; 452777 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1088 | &nbsp;&nbsp;&nbsp;&nbsp; 48150 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Netherlands (continued)** | **Netherlands (continued)** | **Netherlands (continued)** |
| &nbsp;&nbsp;&nbsp;Randstad NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;$23399 |
| &nbsp;&nbsp;&nbsp;Stellantis NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9630 | &nbsp;&nbsp;&nbsp;&nbsp; 88911 |
| &nbsp;&nbsp;&nbsp;STMicroelectronics NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3436 | &nbsp;&nbsp;&nbsp;&nbsp; 96212 |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5360 | &nbsp;&nbsp;&nbsp;&nbsp; 154554 |
| &nbsp;&nbsp;&nbsp;Wolters Kluwer NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1199 | &nbsp;&nbsp;&nbsp;&nbsp; 163503 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;18373378 |
| **New Zealand — 0.1%** | **New Zealand — 0.1%** | **New Zealand — 0.1%** |
| &nbsp;&nbsp;&nbsp;Contact Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp; 21894 |
| &nbsp;&nbsp;&nbsp;Fisher & Paykel Healthcare Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3030 | &nbsp;&nbsp;&nbsp;&nbsp; 65084 |
| &nbsp;&nbsp;&nbsp;Infratil, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4754 | &nbsp;&nbsp;&nbsp;&nbsp; 34038 |
| &nbsp;&nbsp;&nbsp;Meridian Energy, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6741 | &nbsp;&nbsp;&nbsp;&nbsp; 21768 |
| &nbsp;&nbsp;&nbsp;Xero, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;827 | &nbsp;&nbsp;&nbsp;&nbsp; 86188 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;228972 |
| **Norway — 1.4%** | **Norway — 1.4%** | **Norway — 1.4%** |
| &nbsp;&nbsp;&nbsp;Aker BP ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1521 | &nbsp;&nbsp;&nbsp;&nbsp; 38575 |
| &nbsp;&nbsp;&nbsp;DNB Bank ASA | &nbsp;&nbsp;&nbsp;&nbsp;83221 | &nbsp;&nbsp;&nbsp;&nbsp; 2264080 |
| &nbsp;&nbsp;&nbsp;Equinor ASA | &nbsp;&nbsp;&nbsp;&nbsp;33202 | &nbsp;&nbsp;&nbsp;&nbsp; 809793 |
| &nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1037 | &nbsp;&nbsp;&nbsp;&nbsp; 30405 |
| &nbsp;&nbsp;&nbsp;Kongsberg Gruppen ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2232 | &nbsp;&nbsp;&nbsp;&nbsp; 71336 |
| &nbsp;&nbsp;&nbsp;Mowi ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2302 | &nbsp;&nbsp;&nbsp;&nbsp; 48626 |
| &nbsp;&nbsp;&nbsp;Norsk Hydro ASA | &nbsp;&nbsp;&nbsp;&nbsp;66884 | &nbsp;&nbsp;&nbsp;&nbsp; 453062 |
| &nbsp;&nbsp;&nbsp;Orkla ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105 | &nbsp;&nbsp;&nbsp;&nbsp; 32420 |
| &nbsp;&nbsp;&nbsp;Salmar ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp; 18052 |
| &nbsp;&nbsp;&nbsp;Storebrand ASA | &nbsp;&nbsp;&nbsp;&nbsp;24659 | &nbsp;&nbsp;&nbsp;&nbsp; 376079 |
| &nbsp;&nbsp;&nbsp;Telenor ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2888 | &nbsp;&nbsp;&nbsp;&nbsp; 47866 |
| &nbsp;&nbsp;&nbsp;Yara International ASA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 30324 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4220618 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| &nbsp;&nbsp;&nbsp;Banco Comercial Portugues SA | &nbsp;&nbsp;&nbsp;&nbsp;41428 | &nbsp;&nbsp;&nbsp;&nbsp; 36635 |
| &nbsp;&nbsp;&nbsp;EDP SA | &nbsp;&nbsp;&nbsp;&nbsp;15804 | &nbsp;&nbsp;&nbsp;&nbsp; 74905 |
| &nbsp;&nbsp;&nbsp;Galp Energia SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1901 | &nbsp;&nbsp;&nbsp;&nbsp; 35933 |
| &nbsp;&nbsp;&nbsp;Jeronimo Martins SGPS SA | &nbsp;&nbsp;&nbsp;&nbsp;34142 | &nbsp;&nbsp;&nbsp;&nbsp; 829748 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;977221 |
| **Singapore — 1.8%** | **Singapore — 1.8%** | **Singapore — 1.8%** |
| &nbsp;&nbsp;&nbsp;CapitaLand Ascendas REIT | &nbsp;&nbsp;&nbsp;&nbsp;19300 | &nbsp;&nbsp;&nbsp;&nbsp; 41743 |
| &nbsp;&nbsp;&nbsp;CapitaLand Integrated Commercial Trust | &nbsp;&nbsp;&nbsp;&nbsp;30312 | &nbsp;&nbsp;&nbsp;&nbsp; 53812 |
| &nbsp;&nbsp;&nbsp;CapitaLand Investment, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;12200 | &nbsp;&nbsp;&nbsp;&nbsp; 25441 |
| &nbsp;&nbsp;&nbsp;DBS Group Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;55130 | &nbsp;&nbsp;&nbsp;&nbsp; 2186053 |
| &nbsp;&nbsp;&nbsp;Genting Singapore, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;31300 | &nbsp;&nbsp;&nbsp;&nbsp; 17834 |
| &nbsp;&nbsp;&nbsp;Grab Holdings, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11848 | &nbsp;&nbsp;&nbsp;&nbsp; 71325 |
| &nbsp;&nbsp;&nbsp;Keppel, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 51862 |
| &nbsp;&nbsp;&nbsp;Oversea-Chinese Banking Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;17000 | &nbsp;&nbsp;&nbsp;&nbsp; 216660 |
| &nbsp;&nbsp;&nbsp;Sea, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8801 | &nbsp;&nbsp;&nbsp;&nbsp; 1573003 |
| &nbsp;&nbsp;&nbsp;Sembcorp Industries, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4600 | &nbsp;&nbsp;&nbsp;&nbsp; 21468 |
| &nbsp;&nbsp;&nbsp;Singapore Airlines, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 37908 |
| &nbsp;&nbsp;&nbsp;Singapore Exchange, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 55102 |
| &nbsp;&nbsp;&nbsp;Singapore Technologies Engineering, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7900 | &nbsp;&nbsp;&nbsp;&nbsp; 52730 |
| &nbsp;&nbsp;&nbsp;Singapore Telecommunications, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;188700 | &nbsp;&nbsp;&nbsp;&nbsp; 604156 |
| &nbsp;&nbsp;&nbsp;United Overseas Bank, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6300 | &nbsp;&nbsp;&nbsp;&nbsp; 168886 |
| &nbsp;&nbsp;&nbsp;Wilmar International, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7700 | &nbsp;&nbsp;&nbsp;&nbsp; 17012 |
| &nbsp;&nbsp;&nbsp;Yangzijiang Shipbuilding Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;13400 | &nbsp;&nbsp;&nbsp;&nbsp; 35008 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5230003 |
| **South Korea — 0.7%** | **South Korea — 0.7%** | **South Korea — 0.7%** |
| &nbsp;&nbsp;&nbsp;Kia Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8640 | &nbsp;&nbsp;&nbsp;&nbsp; 620112 |
| &nbsp;&nbsp;&nbsp;KT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13531 | &nbsp;&nbsp;&nbsp;&nbsp; 487021 |
| &nbsp;&nbsp;&nbsp;Samsung Electronics Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11010 | &nbsp;&nbsp;&nbsp;&nbsp; 658379 |
| &nbsp;&nbsp;&nbsp;SK Square Co., Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2483 | &nbsp;&nbsp;&nbsp;&nbsp; 356598 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2122110 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Spain — 3.8%** | **Spain — 3.8%** | **Spain — 3.8%** |
| &nbsp;&nbsp;&nbsp;Acciona SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;$25883 |
| &nbsp;&nbsp;&nbsp;ACS Actividades de Construccion y Servicios SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853 | &nbsp;&nbsp;&nbsp;&nbsp; 68100 |
| &nbsp;&nbsp;&nbsp;Aena SME SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3679 | &nbsp;&nbsp;&nbsp;&nbsp; 100511 |
| &nbsp;&nbsp;&nbsp;Amadeus IT Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9718 | &nbsp;&nbsp;&nbsp;&nbsp; 770136 |
| &nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria SA | &nbsp;&nbsp;&nbsp;&nbsp;165453 | &nbsp;&nbsp;&nbsp;&nbsp; 3174048 |
| &nbsp;&nbsp;&nbsp;Banco de Sabadell SA | &nbsp;&nbsp;&nbsp;&nbsp;25037 | &nbsp;&nbsp;&nbsp;&nbsp; 97002 |
| &nbsp;&nbsp;&nbsp;Banco Santander SA | &nbsp;&nbsp;&nbsp;&nbsp;174372 | &nbsp;&nbsp;&nbsp;&nbsp; 1816699 |
| &nbsp;&nbsp;&nbsp;Bankinter SA | &nbsp;&nbsp;&nbsp;&nbsp;58644 | &nbsp;&nbsp;&nbsp;&nbsp; 922948 |
| &nbsp;&nbsp;&nbsp;CaixaBank SA | &nbsp;&nbsp;&nbsp;&nbsp;19376 | &nbsp;&nbsp;&nbsp;&nbsp; 203507 |
| &nbsp;&nbsp;&nbsp;Cellnex Telecom SA\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484 | &nbsp;&nbsp;&nbsp;&nbsp; 86003 |
| &nbsp;&nbsp;&nbsp;EDP Renovaveis SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp; 21433 |
| &nbsp;&nbsp;&nbsp;Endesa SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1483 | &nbsp;&nbsp;&nbsp;&nbsp; 47376 |
| &nbsp;&nbsp;&nbsp;Grifols SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1541 | &nbsp;&nbsp;&nbsp;&nbsp; 22299 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA | &nbsp;&nbsp;&nbsp;&nbsp;97393 | &nbsp;&nbsp;&nbsp;&nbsp; 1841515 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA | &nbsp;&nbsp;&nbsp;&nbsp;24096 | &nbsp;&nbsp;&nbsp;&nbsp; 1328778 |
| &nbsp;&nbsp;&nbsp;International Consolidated Airlines Group SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp; 28629 |
| &nbsp;&nbsp;&nbsp;Puig Brands SA, Class B | &nbsp;&nbsp;&nbsp;&nbsp;13719 | &nbsp;&nbsp;&nbsp;&nbsp; 220341 |
| &nbsp;&nbsp;&nbsp;Repsol SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5779 | &nbsp;&nbsp;&nbsp;&nbsp; 102214 |
| &nbsp;&nbsp;&nbsp;Telefonica SA | &nbsp;&nbsp;&nbsp;&nbsp;18404 | &nbsp;&nbsp;&nbsp;&nbsp; 95029 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10972451 |
| **SupraNational — 0.0%** | **SupraNational — 0.0%** | **SupraNational — 0.0%** |
| &nbsp;&nbsp;&nbsp;Unibail-Rodamco-Westfield | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;589 | &nbsp;&nbsp;&nbsp;&nbsp; 61849 |
| **Sweden — 1.9%** | **Sweden — 1.9%** | **Sweden — 1.9%** |
| &nbsp;&nbsp;&nbsp;AddTech AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1298 | &nbsp;&nbsp;&nbsp;&nbsp; 42079 |
| &nbsp;&nbsp;&nbsp;Alfa Laval AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387 | &nbsp;&nbsp;&nbsp;&nbsp; 63115 |
| &nbsp;&nbsp;&nbsp;Assa Abloy AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5037 | &nbsp;&nbsp;&nbsp;&nbsp; 174741 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;13104 | &nbsp;&nbsp;&nbsp;&nbsp; 221175 |
| &nbsp;&nbsp;&nbsp;Atlas Copco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7778 | &nbsp;&nbsp;&nbsp;&nbsp; 116450 |
| &nbsp;&nbsp;&nbsp;Beijer Ref AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839 | &nbsp;&nbsp;&nbsp;&nbsp; 28646 |
| &nbsp;&nbsp;&nbsp;Boliden AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419 | &nbsp;&nbsp;&nbsp;&nbsp; 57683 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3331 | &nbsp;&nbsp;&nbsp;&nbsp; 70198 |
| &nbsp;&nbsp;&nbsp;Epiroc AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1784 | &nbsp;&nbsp;&nbsp;&nbsp; 33617 |
| &nbsp;&nbsp;&nbsp;EQT AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1859 | &nbsp;&nbsp;&nbsp;&nbsp; 64294 |
| &nbsp;&nbsp;&nbsp;Essity AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034 | &nbsp;&nbsp;&nbsp;&nbsp; 79215 |
| &nbsp;&nbsp;&nbsp;Evolution AB\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;687 | &nbsp;&nbsp;&nbsp;&nbsp; 56438 |
| &nbsp;&nbsp;&nbsp;Fastighets AB Balder, Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3675 | &nbsp;&nbsp;&nbsp;&nbsp; 26287 |
| &nbsp;&nbsp;&nbsp;H & M Hennes & Mauritz AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2819 | &nbsp;&nbsp;&nbsp;&nbsp; 52476 |
| &nbsp;&nbsp;&nbsp;Hexagon AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;10105 | &nbsp;&nbsp;&nbsp;&nbsp; 120108 |
| &nbsp;&nbsp;&nbsp;Holmen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390 | &nbsp;&nbsp;&nbsp;&nbsp; 14806 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp; 19305 |
| &nbsp;&nbsp;&nbsp;Industrivarden AB, Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp; 26776 |
| &nbsp;&nbsp;&nbsp;Indutrade AB | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1368 | &nbsp;&nbsp;&nbsp;&nbsp; 31358 |
| &nbsp;&nbsp;&nbsp;Investment AB Latour, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;&nbsp;&nbsp; 18018 |
| &nbsp;&nbsp;&nbsp;Investor AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8485 | &nbsp;&nbsp;&nbsp;&nbsp; 265021 |
| &nbsp;&nbsp;&nbsp;L E Lundbergforetagen AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 19714 |
| &nbsp;&nbsp;&nbsp;Lifco AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1092 | &nbsp;&nbsp;&nbsp;&nbsp; 36862 |
| &nbsp;&nbsp;&nbsp;Nibe Industrier AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7754 | &nbsp;&nbsp;&nbsp;&nbsp; 30507 |
| &nbsp;&nbsp;&nbsp;Saab AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599 | &nbsp;&nbsp;&nbsp;&nbsp; 97577 |
| &nbsp;&nbsp;&nbsp;Sagax AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1120 | &nbsp;&nbsp;&nbsp;&nbsp; 23353 |
| &nbsp;&nbsp;&nbsp;Sandvik AB | &nbsp;&nbsp;&nbsp;&nbsp;30616 | &nbsp;&nbsp;&nbsp;&nbsp; 851384 |
| &nbsp;&nbsp;&nbsp;Securitas AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2363 | &nbsp;&nbsp;&nbsp;&nbsp; 35541 |
| &nbsp;&nbsp;&nbsp;Skandinaviska Enskilda Banken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;41969 | &nbsp;&nbsp;&nbsp;&nbsp; 819818 |
| &nbsp;&nbsp;&nbsp;Skanska AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1639 | &nbsp;&nbsp;&nbsp;&nbsp; 42462 |
| &nbsp;&nbsp;&nbsp;SKF AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1703 | &nbsp;&nbsp;&nbsp;&nbsp; 42184 |
| &nbsp;&nbsp;&nbsp;Svenska Cellulosa AB SCA, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3140 | &nbsp;&nbsp;&nbsp;&nbsp; 41475 |
| &nbsp;&nbsp;&nbsp;Svenska Handelsbanken AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;60449 | &nbsp;&nbsp;&nbsp;&nbsp; 785919 |
| &nbsp;&nbsp;&nbsp;Swedbank AB, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076 | &nbsp;&nbsp;&nbsp;&nbsp; 122612 |
| &nbsp;&nbsp;&nbsp;Swedish Orphan Biovitrum AB† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;978 | &nbsp;&nbsp;&nbsp;&nbsp; 29794 |
| &nbsp;&nbsp;&nbsp;Tele2 AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2734 | &nbsp;&nbsp;&nbsp;&nbsp; 46625 |
| &nbsp;&nbsp;&nbsp;Telefonaktiebolaget LM Ericsson, Class B | &nbsp;&nbsp;&nbsp;&nbsp;74519 | &nbsp;&nbsp;&nbsp;&nbsp; 616137 |
| &nbsp;&nbsp;&nbsp;Telia Co. AB | &nbsp;&nbsp;&nbsp;&nbsp;11820 | &nbsp;&nbsp;&nbsp;&nbsp; 45061 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Sweden (continued)** | **Sweden (continued)** | **Sweden (continued)** |
| &nbsp;&nbsp;&nbsp;Trelleborg AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;$35518 |
| &nbsp;&nbsp;&nbsp;Volvo AB, Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7796 | &nbsp;&nbsp;&nbsp;&nbsp; 223171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5527520 |
| **Switzerland — 7.8%** | **Switzerland — 7.8%** | **Switzerland — 7.8%** |
| &nbsp;&nbsp;&nbsp;ABB, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;23757 | &nbsp;&nbsp;&nbsp;&nbsp; 1710635 |
| &nbsp;&nbsp;&nbsp;Alcon AG | &nbsp;&nbsp;&nbsp;&nbsp;18708 | &nbsp;&nbsp;&nbsp;&nbsp; 1392671 |
| &nbsp;&nbsp;&nbsp;Amrize, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2522 | &nbsp;&nbsp;&nbsp;&nbsp; 121625 |
| &nbsp;&nbsp;&nbsp;Avolta AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;444 | &nbsp;&nbsp;&nbsp;&nbsp; 24017 |
| &nbsp;&nbsp;&nbsp;Baloise Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp; 51317 |
| &nbsp;&nbsp;&nbsp;Banque Cantonale Vaudoise | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134 | &nbsp;&nbsp;&nbsp;&nbsp; 15806 |
| &nbsp;&nbsp;&nbsp;Barry Callebaut AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18 | &nbsp;&nbsp;&nbsp;&nbsp; 24647 |
| &nbsp;&nbsp;&nbsp;Belimo Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp; 51182 |
| &nbsp;&nbsp;&nbsp;BKW AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 22410 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 150242 |
| &nbsp;&nbsp;&nbsp;Chocoladefabriken Lindt & Spruengli AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53 | &nbsp;&nbsp;&nbsp;&nbsp; 809597 |
| &nbsp;&nbsp;&nbsp;Cie Financiere Richemont SA, Class A | &nbsp;&nbsp;&nbsp;&nbsp;10994 | &nbsp;&nbsp;&nbsp;&nbsp; 2093701 |
| &nbsp;&nbsp;&nbsp;Coca-Cola HBC AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 52309 |
| &nbsp;&nbsp;&nbsp;DSM-Firmenich AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp; 74670 |
| &nbsp;&nbsp;&nbsp;EMS-Chemie Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 24732 |
| &nbsp;&nbsp;&nbsp;Galderma Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp; 106151 |
| &nbsp;&nbsp;&nbsp;Geberit AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 125284 |
| &nbsp;&nbsp;&nbsp;Givaudan SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp; 186762 |
| &nbsp;&nbsp;&nbsp;Helvetia Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp; 45003 |
| &nbsp;&nbsp;&nbsp;Holcim AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7768 | &nbsp;&nbsp;&nbsp;&nbsp; 657116 |
| &nbsp;&nbsp;&nbsp;Julius Baer Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5391 | &nbsp;&nbsp;&nbsp;&nbsp; 372199 |
| &nbsp;&nbsp;&nbsp;Kuehne & Nagel International AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243 | &nbsp;&nbsp;&nbsp;&nbsp; 45224 |
| &nbsp;&nbsp;&nbsp;Logitech International SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp; 82741 |
| &nbsp;&nbsp;&nbsp;Lonza Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853 | &nbsp;&nbsp;&nbsp;&nbsp; 1227186 |
| &nbsp;&nbsp;&nbsp;Nestle SA | &nbsp;&nbsp;&nbsp;&nbsp;31967 | &nbsp;&nbsp;&nbsp;&nbsp; 2934274 |
| &nbsp;&nbsp;&nbsp;Novartis AG | &nbsp;&nbsp;&nbsp;&nbsp;17719 | &nbsp;&nbsp;&nbsp;&nbsp; 2228536 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;110 | &nbsp;&nbsp;&nbsp;&nbsp; 142811 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;13753 | &nbsp;&nbsp;&nbsp;&nbsp; 4490176 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG (BR) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;&nbsp;&nbsp; 54368 |
| &nbsp;&nbsp;&nbsp;Sandoz Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096 | &nbsp;&nbsp;&nbsp;&nbsp; 124199 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp; 42828 |
| &nbsp;&nbsp;&nbsp;Schindler Holding AG (Participation Certificate) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 76809 |
| &nbsp;&nbsp;&nbsp;SGS SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;775 | &nbsp;&nbsp;&nbsp;&nbsp; 80299 |
| &nbsp;&nbsp;&nbsp;SIG Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1546 | &nbsp;&nbsp;&nbsp;&nbsp; 15935 |
| &nbsp;&nbsp;&nbsp;Sika AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746 | &nbsp;&nbsp;&nbsp;&nbsp; 165965 |
| &nbsp;&nbsp;&nbsp;Sonova Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018 | &nbsp;&nbsp;&nbsp;&nbsp; 276991 |
| &nbsp;&nbsp;&nbsp;Straumann Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 60152 |
| &nbsp;&nbsp;&nbsp;Swatch Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146 | &nbsp;&nbsp;&nbsp;&nbsp; 27410 |
| &nbsp;&nbsp;&nbsp;Swiss Life Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 149398 |
| &nbsp;&nbsp;&nbsp;Swiss Prime Site AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp; 56206 |
| &nbsp;&nbsp;&nbsp;Swiss Re AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp; 270622 |
| &nbsp;&nbsp;&nbsp;Swisscom AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp; 93584 |
| &nbsp;&nbsp;&nbsp;UBS Group AG | &nbsp;&nbsp;&nbsp;&nbsp;34262 | &nbsp;&nbsp;&nbsp;&nbsp; 1399231 |
| &nbsp;&nbsp;&nbsp;VAT Group AG\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp; 53713 |
| &nbsp;&nbsp;&nbsp;Zurich Insurance Group AG | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp; 513894 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22724628 |
| **Taiwan — 0.9%** | **Taiwan — 0.9%** | **Taiwan — 0.9%** |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;65000 | &nbsp;&nbsp;&nbsp;&nbsp; 2783155 |
| **United Kingdom — 17.0%** | **United Kingdom — 17.0%** | **United Kingdom — 17.0%** |
| &nbsp;&nbsp;&nbsp;3i Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4768 | &nbsp;&nbsp;&nbsp;&nbsp; 262206 |
| &nbsp;&nbsp;&nbsp;Admiral Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;11336 | &nbsp;&nbsp;&nbsp;&nbsp; 511039 |
| &nbsp;&nbsp;&nbsp;Anglo American PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5492 | &nbsp;&nbsp;&nbsp;&nbsp; 205705 |
| &nbsp;&nbsp;&nbsp;Antofagasta PLC | &nbsp;&nbsp;&nbsp;&nbsp;52921 | &nbsp;&nbsp;&nbsp;&nbsp; 1957981 |
| &nbsp;&nbsp;&nbsp;ARM Holdings PLC ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2047 | &nbsp;&nbsp;&nbsp;&nbsp; 289630 |
| &nbsp;&nbsp;&nbsp;Ashtead Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4783 | &nbsp;&nbsp;&nbsp;&nbsp; 319381 |
| &nbsp;&nbsp;&nbsp;Associated British Foods PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp; 44548 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC | &nbsp;&nbsp;&nbsp;&nbsp;20743 | &nbsp;&nbsp;$3119470 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;21589 | &nbsp;&nbsp;&nbsp;&nbsp; 1656308 |
| &nbsp;&nbsp;&nbsp;Auto Trader Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4428 | &nbsp;&nbsp;&nbsp;&nbsp; 46939 |
| &nbsp;&nbsp;&nbsp;Aviva PLC | &nbsp;&nbsp;&nbsp;&nbsp;73913 | &nbsp;&nbsp;&nbsp;&nbsp; 681723 |
| &nbsp;&nbsp;&nbsp;BAE Systems PLC | &nbsp;&nbsp;&nbsp;&nbsp;66583 | &nbsp;&nbsp;&nbsp;&nbsp; 1843782 |
| &nbsp;&nbsp;&nbsp;Barclays PLC | &nbsp;&nbsp;&nbsp;&nbsp;185122 | &nbsp;&nbsp;&nbsp;&nbsp; 945092 |
| &nbsp;&nbsp;&nbsp;Barratt Redrow PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7051 | &nbsp;&nbsp;&nbsp;&nbsp; 36974 |
| &nbsp;&nbsp;&nbsp;BP PLC | &nbsp;&nbsp;&nbsp;&nbsp;78222 | &nbsp;&nbsp;&nbsp;&nbsp; 447892 |
| &nbsp;&nbsp;&nbsp;Bridgepoint Group PLC\* | &nbsp;&nbsp;&nbsp;&nbsp;71922 | &nbsp;&nbsp;&nbsp;&nbsp; 295020 |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC | &nbsp;&nbsp;&nbsp;&nbsp;10213 | &nbsp;&nbsp;&nbsp;&nbsp; 542139 |
| &nbsp;&nbsp;&nbsp;BT Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;294256 | &nbsp;&nbsp;&nbsp;&nbsp; 756466 |
| &nbsp;&nbsp;&nbsp;Bunzl PLC | &nbsp;&nbsp;&nbsp;&nbsp;34587 | &nbsp;&nbsp;&nbsp;&nbsp; 1091266 |
| &nbsp;&nbsp;&nbsp;Centrica PLC | &nbsp;&nbsp;&nbsp;&nbsp;22837 | &nbsp;&nbsp;&nbsp;&nbsp; 51169 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1148 | &nbsp;&nbsp;&nbsp;&nbsp; 103791 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;41440 | &nbsp;&nbsp;&nbsp;&nbsp; 1409478 |
| &nbsp;&nbsp;&nbsp;Diageo PLC | &nbsp;&nbsp;&nbsp;&nbsp;54482 | &nbsp;&nbsp;&nbsp;&nbsp; 1300959 |
| &nbsp;&nbsp;&nbsp;Dowlais Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;98023 | &nbsp;&nbsp;&nbsp;&nbsp; 105333 |
| &nbsp;&nbsp;&nbsp;Fresnillo PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1102 | &nbsp;&nbsp;&nbsp;&nbsp; 34977 |
| &nbsp;&nbsp;&nbsp;GSK PLC | &nbsp;&nbsp;&nbsp;&nbsp;53332 | &nbsp;&nbsp;&nbsp;&nbsp; 1129329 |
| &nbsp;&nbsp;&nbsp;Haleon PLC | &nbsp;&nbsp;&nbsp;&nbsp;297270 | &nbsp;&nbsp;&nbsp;&nbsp; 1328929 |
| &nbsp;&nbsp;&nbsp;Halma PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; 85374 |
| &nbsp;&nbsp;&nbsp;Hikma Pharmaceuticals PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp; 17972 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;85447 | &nbsp;&nbsp;&nbsp;&nbsp; 1200889 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3813 | &nbsp;&nbsp;&nbsp;&nbsp; 161945 |
| &nbsp;&nbsp;&nbsp;Informa PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6256 | &nbsp;&nbsp;&nbsp;&nbsp; 77204 |
| &nbsp;&nbsp;&nbsp;InterContinental Hotels Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;708 | &nbsp;&nbsp;&nbsp;&nbsp; 85449 |
| &nbsp;&nbsp;&nbsp;Intertek Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 47630 |
| &nbsp;&nbsp;&nbsp;J Sainsbury PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8518 | &nbsp;&nbsp;&nbsp;&nbsp; 38263 |
| &nbsp;&nbsp;&nbsp;JD Sports Fashion PLC | &nbsp;&nbsp;&nbsp;&nbsp;13312 | &nbsp;&nbsp;&nbsp;&nbsp; 17062 |
| &nbsp;&nbsp;&nbsp;Kingfisher PLC | &nbsp;&nbsp;&nbsp;&nbsp;334563 | &nbsp;&nbsp;&nbsp;&nbsp; 1389007 |
| &nbsp;&nbsp;&nbsp;Klarna Group PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 33352 |
| &nbsp;&nbsp;&nbsp;Land Securities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3086 | &nbsp;&nbsp;&nbsp;&nbsp; 24155 |
| &nbsp;&nbsp;&nbsp;Legal & General Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;27828 | &nbsp;&nbsp;&nbsp;&nbsp; 89074 |
| &nbsp;&nbsp;&nbsp;Lloyds Banking Group PLC | 2350738 | &nbsp;&nbsp;&nbsp;&nbsp; 2649975 |
| &nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8629 | &nbsp;&nbsp;&nbsp;&nbsp; 988294 |
| &nbsp;&nbsp;&nbsp;M&G PLC | &nbsp;&nbsp;&nbsp;&nbsp;11444 | &nbsp;&nbsp;&nbsp;&nbsp; 38939 |
| &nbsp;&nbsp;&nbsp;Marks & Spencer Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;10263 | &nbsp;&nbsp;&nbsp;&nbsp; 50311 |
| &nbsp;&nbsp;&nbsp;Melrose Industries PLC | &nbsp;&nbsp;&nbsp;&nbsp;86522 | &nbsp;&nbsp;&nbsp;&nbsp; 708420 |
| &nbsp;&nbsp;&nbsp;Mondi PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2211 | &nbsp;&nbsp;&nbsp;&nbsp; 30449 |
| &nbsp;&nbsp;&nbsp;National Grid PLC | &nbsp;&nbsp;&nbsp;&nbsp;148301 | &nbsp;&nbsp;&nbsp;&nbsp; 2129128 |
| &nbsp;&nbsp;&nbsp;NatWest Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;39683 | &nbsp;&nbsp;&nbsp;&nbsp; 278376 |
| &nbsp;&nbsp;&nbsp;Next PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4715 | &nbsp;&nbsp;&nbsp;&nbsp; 784724 |
| &nbsp;&nbsp;&nbsp;Pearson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2872 | &nbsp;&nbsp;&nbsp;&nbsp; 40808 |
| &nbsp;&nbsp;&nbsp;Persimmon PLC | &nbsp;&nbsp;&nbsp;&nbsp;16341 | &nbsp;&nbsp;&nbsp;&nbsp; 254713 |
| &nbsp;&nbsp;&nbsp;Phoenix Group Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3372 | &nbsp;&nbsp;&nbsp;&nbsp; 29183 |
| &nbsp;&nbsp;&nbsp;Prudential PLC | &nbsp;&nbsp;&nbsp;&nbsp;12756 | &nbsp;&nbsp;&nbsp;&nbsp; 178589 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;16542 | &nbsp;&nbsp;&nbsp;&nbsp; 1272102 |
| &nbsp;&nbsp;&nbsp;RELX PLC | &nbsp;&nbsp;&nbsp;&nbsp;36013 | &nbsp;&nbsp;&nbsp;&nbsp; 1722793 |
| &nbsp;&nbsp;&nbsp;Rentokil Initial PLC | &nbsp;&nbsp;&nbsp;&nbsp;12606 | &nbsp;&nbsp;&nbsp;&nbsp; 63712 |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5528 | &nbsp;&nbsp;&nbsp;&nbsp; 363366 |
| &nbsp;&nbsp;&nbsp;Rolls-Royce Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;87842 | &nbsp;&nbsp;&nbsp;&nbsp; 1405850 |
| &nbsp;&nbsp;&nbsp;Sage Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;47296 | &nbsp;&nbsp;&nbsp;&nbsp; 699692 |
| &nbsp;&nbsp;&nbsp;Schroders PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3746 | &nbsp;&nbsp;&nbsp;&nbsp; 18943 |
| &nbsp;&nbsp;&nbsp;Segro PLC | &nbsp;&nbsp;&nbsp;&nbsp;31966 | &nbsp;&nbsp;&nbsp;&nbsp; 281763 |
| &nbsp;&nbsp;&nbsp;Severn Trent PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1354 | &nbsp;&nbsp;&nbsp;&nbsp; 47127 |
| &nbsp;&nbsp;&nbsp;Shell PLC | &nbsp;&nbsp;&nbsp;&nbsp;28958 | &nbsp;&nbsp;&nbsp;&nbsp; 1030695 |
| &nbsp;&nbsp;&nbsp;Shell PLC (XAMS) | &nbsp;&nbsp;&nbsp;&nbsp;64421 | &nbsp;&nbsp;&nbsp;&nbsp; 2304175 |
| &nbsp;&nbsp;&nbsp;Shell PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;16839 | &nbsp;&nbsp;&nbsp;&nbsp; 1204494 |
| &nbsp;&nbsp;&nbsp;Smith & Nephew PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195 | &nbsp;&nbsp;&nbsp;&nbsp; 75460 |
| &nbsp;&nbsp;&nbsp;Smiths Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1594 | &nbsp;&nbsp;&nbsp;&nbsp; 50421 |
| &nbsp;&nbsp;&nbsp;Spirax Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp; 34462 |
| &nbsp;&nbsp;&nbsp;SSE PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5343 | &nbsp;&nbsp;&nbsp;&nbsp; 125141 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **United Kingdom (continued)** | **United Kingdom (continued)** | **United Kingdom (continued)** |
| &nbsp;&nbsp;&nbsp;Standard Chartered PLC | &nbsp;&nbsp;&nbsp;&nbsp;53233 | &nbsp;&nbsp;$1027718 |
| &nbsp;&nbsp;&nbsp;Tesco PLC | &nbsp;&nbsp;&nbsp;&nbsp;129810 | &nbsp;&nbsp;&nbsp;&nbsp; 777760 |
| &nbsp;&nbsp;&nbsp;Unilever PLC | &nbsp;&nbsp;&nbsp;&nbsp;71541 | &nbsp;&nbsp;&nbsp;&nbsp; 4233480 |
| &nbsp;&nbsp;&nbsp;United Utilities Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3437 | &nbsp;&nbsp;&nbsp;&nbsp; 52996 |
| &nbsp;&nbsp;&nbsp;Vodafone Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;95585 | &nbsp;&nbsp;&nbsp;&nbsp; 110761 |
| &nbsp;&nbsp;&nbsp;Whitbread PLC | &nbsp;&nbsp;&nbsp;&nbsp;15341 | &nbsp;&nbsp;&nbsp;&nbsp; 664354 |
| &nbsp;&nbsp;&nbsp;Wise PLC, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3113 | &nbsp;&nbsp;&nbsp;&nbsp; 43332 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;49557408 |
| **United States — 1.1%** | **United States — 1.1%** | **United States — 1.1%** |
| &nbsp;&nbsp;&nbsp;Autoliv, Inc. SDR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5145 | &nbsp;&nbsp;&nbsp;&nbsp; 632851 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp; 842286 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp; 706667 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7460 | &nbsp;&nbsp;&nbsp;&nbsp; 779197 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp; 282770 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243771 |
| **Total Common Stocks<br> (cost $209,846,838)** |  | &nbsp;&nbsp;&nbsp;&nbsp;287656094 |
| **RIGHTS — 0.0%** | **RIGHTS — 0.0%** | **RIGHTS — 0.0%** |
| **Belgium — 0.0%** | **Belgium — 0.0%** | **Belgium — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sofina SA†<br> Expires 10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60 | &nbsp;&nbsp;&nbsp;&nbsp; 134 |
| **Denmark — 0.0%** | **Denmark — 0.0%** | **Denmark — 0.0%** |
| &nbsp;&nbsp;&nbsp;Orsted AS†<br> Expires 10/02/2025 | &nbsp;&nbsp;&nbsp;&nbsp;13305 | &nbsp;&nbsp;&nbsp;&nbsp; 13246 |
| **Total Rights<br> (cost $22,994)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13380 |
| **Total Long-Term Investment Securities<br> (cost $209,869,832)** |  | &nbsp;&nbsp;&nbsp;&nbsp;287669474 |
| **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** | **SHORT-TERM INVESTMENTS — 0.3%** |
| **Unaffiliated Investment Companies — 0.3%** | **Unaffiliated Investment Companies — 0.3%** | **Unaffiliated Investment Companies — 0.3%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.09%(2) | &nbsp;&nbsp;&nbsp;&nbsp;754144 | &nbsp;&nbsp;&nbsp;&nbsp; 754144 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **SHORT-TERM INVESTMENTS (continued)** | **SHORT-TERM INVESTMENTS (continued)** |  |
| **Unaffiliated Investment Companies (continued)** | **Unaffiliated Investment Companies (continued)** |  |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Government Reserve Fund 4.16%(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480 | &nbsp;&nbsp;$480 |
| **Total Short-Term Investments<br> (cost $754,624)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754624 |
| **TOTAL INVESTMENTS<br> (cost $210,624,456)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98.9% | &nbsp;&nbsp;&nbsp;&nbsp;288424098 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3264192 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$291688290 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The SA Multi-Managed International Equity Portfolio has no right to demand registration of these securities. At September 30, 2025, the aggregate value of these securities was $3,742,279 representing 1.3% of net assets. |
| (1) | &nbsp;&nbsp;Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering registered under the 1933 Act. The Portfolio has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held, publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Portfolio to sell a security at a fair price and may substantially delay the sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of September 30, 2025, the Portfolio held the following restricted securities: |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| Definity Financial Corp. | 05/28/2025 | 699 | $33674 | $34130 | $48.83 | 0.0% |

---

(2) The rate shown is the 7-day yield as of September 30, 2025.

(3) See Note 4 for cost of investments on a tax basis.

---

| |
|:---|
| ADR—American Depositary Receipt |
| ASX—Australian Stock Exchange |
| BR—Bearer Shares |
| CDI—CHESS Depositary Interest |
| CVA—Certification Van Aandelen (Dutch Cert.) |
| LSE—London Stock Exchange |
| SDR—Swedish Depositary Receipt |
| XAMS—Euronext Amsterdam Stock Exchange |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| **Spain** |  |  |  |  |  |  |  |  |
| BNP Paribas SA | &nbsp;&nbsp;Redeia Corp. SA | &nbsp;&nbsp;1861 | &nbsp;&nbsp;2.19% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/19/2027 | &nbsp;&nbsp;$36542 | &nbsp;&nbsp;$(546) | &nbsp;&nbsp;$(546) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$(546) | &nbsp;&nbsp;$(546) |

---

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 6 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Euro STOXX 50 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$388826 | &nbsp;&nbsp;&nbsp;&nbsp;$390325 | &nbsp;&nbsp;&nbsp;&nbsp;$1499 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;FTSE 100 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 799 |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;SGX Nikkei 225 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5528 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$7826 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

#### Futures Contracts — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Numberof<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**ExpirationMonth** | &nbsp;&nbsp;&nbsp;&nbsp;**NotionalBasis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**NotionalValue\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 1 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;SPI 200 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$146965 | &nbsp;&nbsp;&nbsp;&nbsp;$146781 | &nbsp;&nbsp;&nbsp;&nbsp;$(184) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$7642 |

---

\* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

---

| | |
|:---|:---|
| **Industry Allocation\*** |  |
| Banks | &nbsp;&nbsp;16.2% |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp;7.8 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |
| Semiconductors | &nbsp;&nbsp;&nbsp;&nbsp;5.5 |
| Aerospace/Defense | &nbsp;&nbsp;&nbsp;&nbsp;3.6 |
| Retail | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Oil & Gas | &nbsp;&nbsp;&nbsp;&nbsp;3.2 |
| Healthcare-Products | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Telecommunications | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Cosmetics/Personal Care | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Food | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Electrical Components & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Internet | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Auto Manufacturers | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Machinery-Construction & Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Electric | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Commercial Services | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Mining | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Miscellaneous Manufacturing | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Distribution/Wholesale | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Home Furnishings | &nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp;1.6 |
| Building Materials | &nbsp;&nbsp;&nbsp;&nbsp;1.5 |
| Diversified Financial Services | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Apparel | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Machinery-Diversified | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Computers | &nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Auto Parts & Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Engineering & Construction | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Electronics | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Toys/Games/Hobbies | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Private Equity | &nbsp;&nbsp;&nbsp;&nbsp;0.6 |
| Food Service | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| Leisure Time | &nbsp;&nbsp;&nbsp;&nbsp;0.5 |
| REITS | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Healthcare-Services | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Household Products/Wares | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Transportation | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Agriculture | &nbsp;&nbsp;&nbsp;&nbsp;0.4 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Energy-Alternate Sources | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Airlines | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp;0.3 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Lodging | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Hand/Machine Tools | &nbsp;&nbsp;&nbsp;&nbsp;0.2 |
| Home Builders | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed International Equity Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | |
|:---|:---|
| **Industry Allocation\*(continued)** |  |
| Packaging & Containers | &nbsp;&nbsp;&nbsp;&nbsp;0.1% |
| Office/Business Equipment | &nbsp;&nbsp;&nbsp;&nbsp;0.1 |
|  | &nbsp;&nbsp;98.9% |

---

\* Calculated as a percentage of net assets

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Canada | &nbsp;&nbsp;$4202250 | &nbsp;&nbsp;$34130 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4236380 |
| &nbsp;&nbsp;&nbsp;Other Countries | &nbsp;&nbsp;&nbsp;&nbsp;283419714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;283419714 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13380 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754624 |
| **Total Investments at Value** | &nbsp;&nbsp;$288389968 | &nbsp;&nbsp;$34130 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$288424098 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$7826 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$7826 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$546 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$546 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$184 | &nbsp;&nbsp;$546 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$730 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 99.2%** | **COMMON STOCKS — 99.2%** | **COMMON STOCKS — 99.2%** |
| **Advertising — 0.5%** | **Advertising — 0.5%** | **Advertising — 0.5%** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35412 | &nbsp;&nbsp;$1735542 |
| **Aerospace/Defense — 1.0%** | **Aerospace/Defense — 1.0%** | **Aerospace/Defense — 1.0%** |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7278 | &nbsp;&nbsp;&nbsp;&nbsp; 2189368 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1486 | &nbsp;&nbsp;&nbsp;&nbsp; 291598 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2791 | &nbsp;&nbsp;&nbsp;&nbsp; 467018 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205 | &nbsp;&nbsp;&nbsp;&nbsp; 270194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3218178 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2820 | &nbsp;&nbsp;&nbsp;&nbsp; 186289 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3098 | &nbsp;&nbsp;&nbsp;&nbsp; 502496 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688785 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2391 | &nbsp;&nbsp;&nbsp;&nbsp; 135689 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1187 | &nbsp;&nbsp;&nbsp;&nbsp; 114546 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250235 |
| **Apparel — 1.0%** | **Apparel — 1.0%** | **Apparel — 1.0%** |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp; 55855 |
| &nbsp;&nbsp;&nbsp;LVMH Moet Hennessy Louis Vuitton SE | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4349 | &nbsp;&nbsp;&nbsp;&nbsp; 2657645 |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12169 | &nbsp;&nbsp;&nbsp;&nbsp; 515357 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp; 44212 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759 | &nbsp;&nbsp;&nbsp;&nbsp; 85934 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3359003 |
| **Auto Manufacturers — 4.9%** | **Auto Manufacturers — 4.9%** | **Auto Manufacturers — 4.9%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp; 213719 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068 | &nbsp;&nbsp;&nbsp;&nbsp; 105006 |
| &nbsp;&nbsp;&nbsp;Tesla, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35924 | &nbsp;&nbsp;&nbsp;&nbsp; 15976121 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16294846 |
| **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17424 | &nbsp;&nbsp;&nbsp;&nbsp; 898904 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1404 | &nbsp;&nbsp;&nbsp;&nbsp; 152980 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9313 | &nbsp;&nbsp;&nbsp;&nbsp; 2937600 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2012 | &nbsp;&nbsp;&nbsp;&nbsp; 319827 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4309311 |
| **Beverages — 0.0%** | **Beverages — 0.0%** | **Beverages — 0.0%** |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1177 | &nbsp;&nbsp;&nbsp;&nbsp; 79224 |
| **Biotechnology — 2.6%** | **Biotechnology — 2.6%** | **Biotechnology — 2.6%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1924 | &nbsp;&nbsp;&nbsp;&nbsp; 877344 |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp; 238741 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;&nbsp;&nbsp; 603324 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp; 31210 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;108416 | &nbsp;&nbsp;&nbsp;&nbsp; 1640334 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;135049 | &nbsp;&nbsp;&nbsp;&nbsp; 4764529 |
| &nbsp;&nbsp;&nbsp;Vertex Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;945 | &nbsp;&nbsp;&nbsp;&nbsp; 370100 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8525582 |
| **Building Materials — 0.4%** | **Building Materials — 0.4%** | **Building Materials — 0.4%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp; 24371 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438 | &nbsp;&nbsp;&nbsp;&nbsp; 85849 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 61935 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp; 840793 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332 | &nbsp;&nbsp;&nbsp;&nbsp; 23369 |
| &nbsp;&nbsp;&nbsp;Trane Technologies PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811 | &nbsp;&nbsp;&nbsp;&nbsp; 342210 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp; 92594 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1471121 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Chemicals — 0.4%** | **Chemicals — 0.4%** | **Chemicals — 0.4%** |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460 | &nbsp;&nbsp;$125976 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471 | &nbsp;&nbsp;&nbsp;&nbsp; 1201868 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1327844 |
| **Commercial Services — 2.0%** | **Commercial Services — 2.0%** | **Commercial Services — 2.0%** |
| &nbsp;&nbsp;&nbsp;Adyen NV\*† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2587 | &nbsp;&nbsp;&nbsp;&nbsp; 4145872 |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp; 249769 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp; 53046 |
| &nbsp;&nbsp;&nbsp;Cintas Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 | &nbsp;&nbsp;&nbsp;&nbsp; 258833 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;254 | &nbsp;&nbsp;&nbsp;&nbsp; 73167 |
| &nbsp;&nbsp;&nbsp;Klarna Group PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4592 | &nbsp;&nbsp;&nbsp;&nbsp; 168297 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294 | &nbsp;&nbsp;&nbsp;&nbsp; 140085 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2359 | &nbsp;&nbsp;&nbsp;&nbsp; 158195 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 225859 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp; 36536 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp; 713030 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;237 | &nbsp;&nbsp;&nbsp;&nbsp; 226254 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp; 57093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6506036 |
| **Computers — 7.5%** | **Computers — 7.5%** | **Computers — 7.5%** |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67319 | &nbsp;&nbsp;&nbsp;&nbsp; 17141437 |
| &nbsp;&nbsp;&nbsp;Crowdstrike Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11082 | &nbsp;&nbsp;&nbsp;&nbsp; 5434391 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp; 75422 |
| &nbsp;&nbsp;&nbsp;Fortinet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2356 | &nbsp;&nbsp;&nbsp;&nbsp; 198093 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp; 74655 |
| &nbsp;&nbsp;&nbsp;International Business Machines Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3420 | &nbsp;&nbsp;&nbsp;&nbsp; 964987 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp; 45539 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337 | &nbsp;&nbsp;&nbsp;&nbsp; 39921 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846 | &nbsp;&nbsp;&nbsp;&nbsp; 88497 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109 | &nbsp;&nbsp;&nbsp;&nbsp; 631983 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;24694925 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1324 | &nbsp;&nbsp;&nbsp;&nbsp; 105841 |
| **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** | **Distribution/Wholesale — 0.9%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3281 | &nbsp;&nbsp;&nbsp;&nbsp; 147547 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46944 | &nbsp;&nbsp;&nbsp;&nbsp; 2526995 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2430 | &nbsp;&nbsp;&nbsp;&nbsp; 119167 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;161 | &nbsp;&nbsp;&nbsp;&nbsp; 153427 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2947136 |
| **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** | **Diversified Financial Services — 4.0%** |
| &nbsp;&nbsp;&nbsp;American Express Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1991 | &nbsp;&nbsp;&nbsp;&nbsp; 661331 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp; 169972 |
| &nbsp;&nbsp;&nbsp;Apollo Global Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | &nbsp;&nbsp;&nbsp;&nbsp; 224160 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5616 | &nbsp;&nbsp;&nbsp;&nbsp; 1193849 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785 | &nbsp;&nbsp;&nbsp;&nbsp; 1277400 |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc.† | &nbsp;&nbsp;&nbsp;&nbsp;215552 | &nbsp;&nbsp;&nbsp;&nbsp; 2597402 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1637 | &nbsp;&nbsp;&nbsp;&nbsp; 112642 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 | &nbsp;&nbsp;&nbsp;&nbsp; 185833 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8082 | &nbsp;&nbsp;&nbsp;&nbsp; 4597122 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp; 57316 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;396 | &nbsp;&nbsp;&nbsp;&nbsp; 68350 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1371 | &nbsp;&nbsp;&nbsp;&nbsp; 97410 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6238 | &nbsp;&nbsp;&nbsp;&nbsp; 2129528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13372315 |
| **Electric — 0.4%** | **Electric — 0.4%** | **Electric — 0.4%** |
| &nbsp;&nbsp;&nbsp;Constellation Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151 | &nbsp;&nbsp;&nbsp;&nbsp; 378759 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5081 | &nbsp;&nbsp;&nbsp;&nbsp; 383565 |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;&nbsp;&nbsp; 114337 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1374 | &nbsp;&nbsp;&nbsp;&nbsp; 51058 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;$71108 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp; 230010 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1228837 |
| **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** | **Electrical Components & Equipment — 0.8%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3541 | &nbsp;&nbsp;&nbsp;&nbsp; 665708 |
| &nbsp;&nbsp;&nbsp;Eaton Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4531 | &nbsp;&nbsp;&nbsp;&nbsp; 1695727 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1417 | &nbsp;&nbsp;&nbsp;&nbsp; 185882 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp; 23603 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2570920 |
| **Electronics — 0.3%** | **Electronics — 0.3%** | **Electronics — 0.3%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 31214 |
| &nbsp;&nbsp;&nbsp;Amphenol Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4500 | &nbsp;&nbsp;&nbsp;&nbsp; 556875 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;587 | &nbsp;&nbsp;&nbsp;&nbsp; 144531 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 84771 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30 | &nbsp;&nbsp;&nbsp;&nbsp; 36828 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp; 30537 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884756 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp; 47634 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 107174 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp; 94445 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3562 | &nbsp;&nbsp;&nbsp;&nbsp; 719382 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813827 |
| **Environmental Control — 0.3%** | **Environmental Control — 0.3%** | **Environmental Control — 0.3%** |
| &nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp; 41978 |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;744 | &nbsp;&nbsp;&nbsp;&nbsp; 170733 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;421 | &nbsp;&nbsp;&nbsp;&nbsp; 44883 |
| &nbsp;&nbsp;&nbsp;Waste Connections, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2484 | &nbsp;&nbsp;&nbsp;&nbsp; 436687 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp; 159881 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854162 |
| **Healthcare-Products — 1.5%** | **Healthcare-Products — 1.5%** | **Healthcare-Products — 1.5%** |
| &nbsp;&nbsp;&nbsp;Boston Scientific Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13019 | &nbsp;&nbsp;&nbsp;&nbsp; 1271045 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7503 | &nbsp;&nbsp;&nbsp;&nbsp; 1487545 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;258 | &nbsp;&nbsp;&nbsp;&nbsp; 79652 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3434 | &nbsp;&nbsp;&nbsp;&nbsp; 1535788 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 146445 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667 | &nbsp;&nbsp;&nbsp;&nbsp; 246570 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105 | &nbsp;&nbsp;&nbsp;&nbsp; 31480 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4798525 |
| **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** | **Healthcare-Services — 0.1%** |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp; 15679 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;356 | &nbsp;&nbsp;&nbsp;&nbsp; 151727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167406 |
| **Home Builders — 0.1%** | **Home Builders — 0.1%** | **Home Builders — 0.1%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1994 | &nbsp;&nbsp;&nbsp;&nbsp; 337923 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6 | &nbsp;&nbsp;&nbsp;&nbsp; 48208 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 94605 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480736 |
| **Insurance — 0.9%** | **Insurance — 0.9%** | **Insurance — 0.9%** |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401 | &nbsp;&nbsp;&nbsp;&nbsp; 142989 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp; 126568 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425 | &nbsp;&nbsp;&nbsp;&nbsp; 131640 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3300 | &nbsp;&nbsp;$1659042 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1034 | &nbsp;&nbsp;&nbsp;&nbsp; 96979 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 46640 |
| &nbsp;&nbsp;&nbsp;Erie Indemnity Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp; 30543 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp; 77099 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;791 | &nbsp;&nbsp;&nbsp;&nbsp; 159410 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2161 | &nbsp;&nbsp;&nbsp;&nbsp; 533659 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;586 | &nbsp;&nbsp;&nbsp;&nbsp; 44899 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 59417 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3108885 |
| **Internet — 21.4%** | **Internet — 21.4%** | **Internet — 21.4%** |
| &nbsp;&nbsp;&nbsp;Airbnb, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30441 | &nbsp;&nbsp;&nbsp;&nbsp; 3696146 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28731 | &nbsp;&nbsp;&nbsp;&nbsp; 6984506 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27498 | &nbsp;&nbsp;&nbsp;&nbsp; 6697138 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46851 | &nbsp;&nbsp;&nbsp;&nbsp; 10287074 |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3954 | &nbsp;&nbsp;&nbsp;&nbsp; 2841107 |
| &nbsp;&nbsp;&nbsp;Booking Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119 | &nbsp;&nbsp;&nbsp;&nbsp; 642513 |
| &nbsp;&nbsp;&nbsp;DoorDash, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29949 | &nbsp;&nbsp;&nbsp;&nbsp; 8145828 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1108 | &nbsp;&nbsp;&nbsp;&nbsp; 100773 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp; 93195 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101 | &nbsp;&nbsp;&nbsp;&nbsp; 32642 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp; 34125 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 69783 |
| &nbsp;&nbsp;&nbsp;MercadoLibre, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp; 5456755 |
| &nbsp;&nbsp;&nbsp;Meta Platforms, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14986 | &nbsp;&nbsp;&nbsp;&nbsp; 11005419 |
| &nbsp;&nbsp;&nbsp;Netflix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3892 | &nbsp;&nbsp;&nbsp;&nbsp; 4666197 |
| &nbsp;&nbsp;&nbsp;Palo Alto Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2459 | &nbsp;&nbsp;&nbsp;&nbsp; 500702 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1911 | &nbsp;&nbsp;&nbsp;&nbsp; 273617 |
| &nbsp;&nbsp;&nbsp;Shopify, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50118 | &nbsp;&nbsp;&nbsp;&nbsp; 7448036 |
| &nbsp;&nbsp;&nbsp;Spotify Technology SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | &nbsp;&nbsp;&nbsp;&nbsp; 1086786 |
| &nbsp;&nbsp;&nbsp;Uber Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7651 | &nbsp;&nbsp;&nbsp;&nbsp; 749568 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;70811910 |
| **Leisure Time — 0.1%** | **Leisure Time — 0.1%** | **Leisure Time — 0.1%** |
| &nbsp;&nbsp;&nbsp;Carnival Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3891 | &nbsp;&nbsp;&nbsp;&nbsp; 112489 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp; 41378 |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925 | &nbsp;&nbsp;&nbsp;&nbsp; 299312 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453179 |
| **Lodging — 0.2%** | **Lodging — 0.2%** | **Lodging — 0.2%** |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;&nbsp; 224935 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138 | &nbsp;&nbsp;&nbsp;&nbsp; 61213 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 216165 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;&nbsp;&nbsp; 40533 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;542846 |
| **Machinery-Construction & Mining — 0.9%** | **Machinery-Construction & Mining — 0.9%** | **Machinery-Construction & Mining — 0.9%** |
| &nbsp;&nbsp;&nbsp;Caterpillar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp; 820221 |
| &nbsp;&nbsp;&nbsp;GE Vernova, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3339 | &nbsp;&nbsp;&nbsp;&nbsp; 2053151 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2873372 |
| **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** | **Machinery-Diversified — 0.5%** |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp; 184276 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp; 39205 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 | &nbsp;&nbsp;&nbsp;&nbsp; 110132 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3307 | &nbsp;&nbsp;&nbsp;&nbsp; 1155896 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;634 | &nbsp;&nbsp;&nbsp;&nbsp; 127098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616607 |
| **Media — 0.0%** | **Media — 0.0%** | **Media — 0.0%** |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;&nbsp;&nbsp; 18622 |
| **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** | **Miscellaneous Manufacturing — 0.2%** |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;289 | &nbsp;&nbsp;&nbsp;&nbsp; 207398 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** | **Miscellaneous Manufacturing (continued)** |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;$105608 |
| &nbsp;&nbsp;&nbsp;Parker-Hannifin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp; 353298 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;666304 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;88 | &nbsp;&nbsp;&nbsp;&nbsp; 26150 |
| **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** | **Oil & Gas — 0.0%** |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72 | &nbsp;&nbsp;&nbsp;&nbsp; 67222 |
| **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** | **Packaging & Containers — 0.0%** |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 37048 |
| **Pharmaceuticals — 2.5%** | **Pharmaceuticals — 2.5%** | **Pharmaceuticals — 2.5%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11582 | &nbsp;&nbsp;&nbsp;&nbsp; 2681695 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6902 | &nbsp;&nbsp;&nbsp;&nbsp; 529522 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;642 | &nbsp;&nbsp;&nbsp;&nbsp; 43200 |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6608 | &nbsp;&nbsp;&nbsp;&nbsp; 5041904 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8296321 |
| **Pipelines — 0.5%** | **Pipelines — 0.5%** | **Pipelines — 0.5%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5296 | &nbsp;&nbsp;&nbsp;&nbsp; 1244454 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1281 | &nbsp;&nbsp;&nbsp;&nbsp; 93475 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;793 | &nbsp;&nbsp;&nbsp;&nbsp; 132859 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2312 | &nbsp;&nbsp;&nbsp;&nbsp; 146465 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1617253 |
| **Private Equity — 0.0%** | **Private Equity — 0.0%** | **Private Equity — 0.0%** |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 | &nbsp;&nbsp;&nbsp;&nbsp; 144504 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1080 | &nbsp;&nbsp;&nbsp;&nbsp; 170165 |
| **REITS — 0.8%** | **REITS — 0.8%** | **REITS — 0.8%** |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8010 | &nbsp;&nbsp;&nbsp;&nbsp; 1540483 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp; 42691 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208 | &nbsp;&nbsp;&nbsp;&nbsp; 22210 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;170 | &nbsp;&nbsp;&nbsp;&nbsp; 133151 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp; 31584 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339 | &nbsp;&nbsp;&nbsp;&nbsp; 47779 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485 | &nbsp;&nbsp;&nbsp;&nbsp; 25275 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp; 110707 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp; 25710 |
| &nbsp;&nbsp;&nbsp;Public Storage | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp; 166955 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp; 225767 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp; 19263 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331 | &nbsp;&nbsp;&nbsp;&nbsp; 237104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628679 |
| **Retail — 3.1%** | **Retail — 3.1%** | **Retail — 3.1%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61 | &nbsp;&nbsp;&nbsp;&nbsp; 261705 |
| &nbsp;&nbsp;&nbsp;Chipotle Mexican Grill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4942 | &nbsp;&nbsp;&nbsp;&nbsp; 193677 |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4239 | &nbsp;&nbsp;&nbsp;&nbsp; 3923746 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp; 36739 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47 | &nbsp;&nbsp;&nbsp;&nbsp; 20290 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24986 | &nbsp;&nbsp;&nbsp;&nbsp; 1841468 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781 | &nbsp;&nbsp;&nbsp;&nbsp; 1532023 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 35052 |
| &nbsp;&nbsp;&nbsp;O'Reilly Automotive, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3127 | &nbsp;&nbsp;&nbsp;&nbsp; 337122 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3310 | &nbsp;&nbsp;&nbsp;&nbsp; 504411 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2426 | &nbsp;&nbsp;&nbsp;&nbsp; 350654 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 | &nbsp;&nbsp;&nbsp;&nbsp; 59657 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10801 | &nbsp;&nbsp;&nbsp;&nbsp; 1113151 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;$88539 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413 | &nbsp;&nbsp;&nbsp;&nbsp; 62776 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10361010 |
| **Semiconductors — 15.3%** | **Semiconductors — 15.3%** | **Semiconductors — 15.3%** |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp; 254287 |
| &nbsp;&nbsp;&nbsp;ASML Holding NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;&nbsp; 2702907 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32787 | &nbsp;&nbsp;&nbsp;&nbsp; 10816759 |
| &nbsp;&nbsp;&nbsp;KLA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1839 | &nbsp;&nbsp;&nbsp;&nbsp; 1983546 |
| &nbsp;&nbsp;&nbsp;Marvell Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14071 | &nbsp;&nbsp;&nbsp;&nbsp; 1182949 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044 | &nbsp;&nbsp;&nbsp;&nbsp; 676642 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;174 | &nbsp;&nbsp;&nbsp;&nbsp; 160191 |
| &nbsp;&nbsp;&nbsp;NVIDIA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;175032 | &nbsp;&nbsp;&nbsp;&nbsp; 32657471 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp; 85171 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;50519923 |
| **Software — 21.1%** | **Software — 21.1%** | **Software — 21.1%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;653 | &nbsp;&nbsp;&nbsp;&nbsp; 230346 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 | &nbsp;&nbsp;&nbsp;&nbsp; 250006 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 46919 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp; 193896 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68658 | &nbsp;&nbsp;&nbsp;&nbsp; 14733320 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8610 | &nbsp;&nbsp;&nbsp;&nbsp; 1226064 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp; 41816 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11876 | &nbsp;&nbsp;&nbsp;&nbsp; 575392 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;322 | &nbsp;&nbsp;&nbsp;&nbsp; 64947 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp; 133191 |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2003 | &nbsp;&nbsp;&nbsp;&nbsp; 258247 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp; 565102 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp; 698617 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp; 16680 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40855 | &nbsp;&nbsp;&nbsp;&nbsp; 21160847 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 160577 |
| &nbsp;&nbsp;&nbsp;Oracle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10486 | &nbsp;&nbsp;&nbsp;&nbsp; 2949083 |
| &nbsp;&nbsp;&nbsp;Palantir Technologies, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8352 | &nbsp;&nbsp;&nbsp;&nbsp; 1523572 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;551 | &nbsp;&nbsp;&nbsp;&nbsp; 69845 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180 | &nbsp;&nbsp;&nbsp;&nbsp; 37465 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;216 | &nbsp;&nbsp;&nbsp;&nbsp; 43852 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58234 | &nbsp;&nbsp;&nbsp;&nbsp; 8066574 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7894 | &nbsp;&nbsp;&nbsp;&nbsp; 1870878 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75190 | &nbsp;&nbsp;&nbsp;&nbsp; 2800828 |
| &nbsp;&nbsp;&nbsp;ServiceNow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 | &nbsp;&nbsp;&nbsp;&nbsp; 702174 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28046 | &nbsp;&nbsp;&nbsp;&nbsp; 6325775 |
| &nbsp;&nbsp;&nbsp;Strategy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14837 | &nbsp;&nbsp;&nbsp;&nbsp; 4780630 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 172687 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156 | &nbsp;&nbsp;&nbsp;&nbsp; 81613 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp; 88589 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;69869532 |
| **Telecommunications — 0.3%** | **Telecommunications — 0.3%** | **Telecommunications — 0.3%** |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3775 | &nbsp;&nbsp;&nbsp;&nbsp; 550055 |
| &nbsp;&nbsp;&nbsp;Motorola Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;614 | &nbsp;&nbsp;&nbsp;&nbsp; 280776 |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp; 225736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056567 |
| **Transportation — 0.7%** | **Transportation — 0.7%** | **Transportation — 0.7%** |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3203 | &nbsp;&nbsp;&nbsp;&nbsp; 113739 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3472 | &nbsp;&nbsp;&nbsp;&nbsp; 488788 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7131 | &nbsp;&nbsp;&nbsp;&nbsp; 1685554 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2288081 |
| **Total Common Stocks<br> (cost $203,040,488)** |  | &nbsp;&nbsp;&nbsp;&nbsp;328014081 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Large Cap Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio S&P 500 Growth ETF<br> (cost $45,520) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561 | &nbsp;&nbsp;$58630 |
| **PURCHASED OPTIONS† — 0.0%** | **PURCHASED OPTIONS† — 0.0%** | **PURCHASED OPTIONS† — 0.0%** |
| **Purchased Options - Calls — 0.0%** | **Purchased Options - Calls — 0.0%** | **Purchased Options - Calls — 0.0%** |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 02/25/2026; Strike Price: USD 7.82; Counterparty: JPMorgan Chase Bank, N.A.) | 24243084 | &nbsp;&nbsp;&nbsp;&nbsp; 1818 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 04/01/2026; Strike Price: USD 7.90; Counterparty: Standard Chartered Bank) | 14837364 | &nbsp;&nbsp;&nbsp;&nbsp; 1603 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 05/13/2026; Strike Price: USD 7.71; Counterparty: Goldman Sachs International) | 23427474 | &nbsp;&nbsp;&nbsp;&nbsp; 4873 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 08/11/2026; Strike Price: USD 7.58; Counterparty: Standard Chartered Bank) | 31640559 | &nbsp;&nbsp;&nbsp;&nbsp; 33792 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 10/16/2025; Strike Price: USD 7.76; Counterparty: Standard Chartered Bank) | 24302865 | &nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;Over the Counter call option on the USD vs. CNY (Expiration Date: 12/02/2025; Strike Price: USD 8.02; Counterparty: Goldman Sachs International) | 26728004 | &nbsp;&nbsp;&nbsp;&nbsp; 27 |
| **Total Purchased Options<br> (cost $605,706)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42137 |
| **Total Long-Term Investment Securities<br> (cost $203,691,714)** |  | &nbsp;&nbsp;&nbsp;&nbsp;328114848 |
| **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |
| **Unaffiliated Investment Companies — 0.4%** | **Unaffiliated Investment Companies — 0.4%** | **Unaffiliated Investment Companies — 0.4%** |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Administration Class<br> 3.84%(1) | &nbsp;&nbsp;&nbsp;&nbsp;979119 | &nbsp;&nbsp;&nbsp;&nbsp; 979119 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Unaffiliated Investment Companies (continued)** | **Unaffiliated Investment Companies (continued)** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.09%(1) | &nbsp;&nbsp;&nbsp;&nbsp;279498 | &nbsp;&nbsp;$279498 |
| **Total Short-Term Investments<br> (cost $1,258,617)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258617 |
| **TOTAL INVESTMENTS<br> (cost $204,950,331)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.6% | &nbsp;&nbsp;&nbsp;&nbsp;329373465 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1311250 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$330684715 |

---

---

| | |
|:---|:---|
| † | &nbsp;&nbsp;Non-income producing security |
| \* | &nbsp;&nbsp;Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be sold in transactions exempt from registration, normally to qualified institutional buyers. The SA Multi-Managed Large Cap Growth Portfolio has no right to demand registration of these securities. At September 30, 2025, the aggregate value of these securities was $4,145,872 representing 1.3% of net assets. |
| (1) | &nbsp;&nbsp;The rate shown is the 7-day yield as of September 30, 2025. |
| (2) | &nbsp;&nbsp;See Note 4 for cost of investments on a tax basis. |

---

ADR—American Depositary Receipt <br> ETF—Exchange Traded Fund

CNY—Chinese Yuan

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 3 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 1000 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$710274 | &nbsp;&nbsp;&nbsp;&nbsp;$714045 | &nbsp;&nbsp;&nbsp;&nbsp;$3771 |

---

\* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$328014081 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$328014081 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58630 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58630 |
| Purchased Options | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;42137 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42137 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1258617 |
| **Total Investments at Value** | &nbsp;&nbsp;$329331328 | &nbsp;&nbsp;$42137 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$329373465 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$3771 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3771 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** | **COMMON STOCKS — 98.5%** |
| **Advertising — 0.0%** | **Advertising — 0.0%** | **Advertising — 0.0%** |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1679 | &nbsp;&nbsp;$46861 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 68567 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115428 |
| **Aerospace/Defense — 2.2%** | **Aerospace/Defense — 2.2%** | **Aerospace/Defense — 2.2%** |
| &nbsp;&nbsp;&nbsp;Boeing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;3373 | &nbsp;&nbsp;&nbsp;&nbsp; 727995 |
| &nbsp;&nbsp;&nbsp;General Dynamics Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1129 | &nbsp;&nbsp;&nbsp;&nbsp; 384989 |
| &nbsp;&nbsp;&nbsp;General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;2782 | &nbsp;&nbsp;&nbsp;&nbsp; 836881 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8501 | &nbsp;&nbsp;&nbsp;&nbsp; 2596290 |
| &nbsp;&nbsp;&nbsp;Lockheed Martin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 454281 |
| &nbsp;&nbsp;&nbsp;Northrop Grumman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;598 | &nbsp;&nbsp;&nbsp;&nbsp; 364373 |
| &nbsp;&nbsp;&nbsp;RTX Corp. | 11023 | &nbsp;&nbsp;&nbsp;&nbsp; 1844479 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7209288 |
| **Agriculture — 0.8%** | **Agriculture — 0.8%** | **Agriculture — 0.8%** |
| &nbsp;&nbsp;&nbsp;Altria Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4030 | &nbsp;&nbsp;&nbsp;&nbsp; 266222 |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | 32117 | &nbsp;&nbsp;&nbsp;&nbsp; 1918670 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp; 48912 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3192 | &nbsp;&nbsp;&nbsp;&nbsp; 517742 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2751546 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | 18546 | &nbsp;&nbsp;&nbsp;&nbsp; 591803 |
| **Apparel — 0.1%** | **Apparel — 0.1%** | **Apparel — 0.1%** |
| &nbsp;&nbsp;&nbsp;NIKE, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;5275 | &nbsp;&nbsp;&nbsp;&nbsp; 367826 |
| **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** | **Auto Manufacturers — 1.3%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2295 | &nbsp;&nbsp;&nbsp;&nbsp; 969339 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | 17554 | &nbsp;&nbsp;&nbsp;&nbsp; 209946 |
| &nbsp;&nbsp;&nbsp;General Motors Co. | &nbsp;&nbsp;&nbsp;&nbsp;4233 | &nbsp;&nbsp;&nbsp;&nbsp; 258086 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | 29217 | &nbsp;&nbsp;&nbsp;&nbsp; 2872615 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4309986 |
| **Auto Parts & Equipment — 0.7%** | **Auto Parts & Equipment — 0.7%** | **Auto Parts & Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;8143 | &nbsp;&nbsp;&nbsp;&nbsp; 702090 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 56458 | &nbsp;&nbsp;&nbsp;&nbsp; 1597761 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299851 |
| **Banks — 9.0%** | **Banks — 9.0%** | **Banks — 9.0%** |
| &nbsp;&nbsp;&nbsp;Bank of America Corp. | 30329 | &nbsp;&nbsp;&nbsp;&nbsp; 1564673 |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | 12960 | &nbsp;&nbsp;&nbsp;&nbsp; 1412122 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8189 | &nbsp;&nbsp;&nbsp;&nbsp; 831183 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp; 101536 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;2948 | &nbsp;&nbsp;&nbsp;&nbsp; 131333 |
| &nbsp;&nbsp;&nbsp;Goldman Sachs Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1347 | &nbsp;&nbsp;&nbsp;&nbsp; 1072683 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6554 | &nbsp;&nbsp;&nbsp;&nbsp; 113188 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co. | 27520 | &nbsp;&nbsp;&nbsp;&nbsp; 8680634 |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;4163 | &nbsp;&nbsp;&nbsp;&nbsp; 77806 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8849 | &nbsp;&nbsp;&nbsp;&nbsp; 1748739 |
| &nbsp;&nbsp;&nbsp;Morgan Stanley | 14483 | &nbsp;&nbsp;&nbsp;&nbsp; 2302218 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8601 | &nbsp;&nbsp;&nbsp;&nbsp; 1157695 |
| &nbsp;&nbsp;&nbsp;PNC Financial Services Group, Inc. | 10630 | &nbsp;&nbsp;&nbsp;&nbsp; 2135886 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | 68381 | &nbsp;&nbsp;&nbsp;&nbsp; 1803207 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1271 | &nbsp;&nbsp;&nbsp;&nbsp; 147449 |
| &nbsp;&nbsp;&nbsp;Truist Financial Corp. | 51595 | &nbsp;&nbsp;&nbsp;&nbsp; 2358923 |
| &nbsp;&nbsp;&nbsp;US Bancorp | 52628 | &nbsp;&nbsp;&nbsp;&nbsp; 2543511 |
| &nbsp;&nbsp;&nbsp;Wells Fargo & Co. | 14257 | &nbsp;&nbsp;&nbsp;&nbsp; 1195022 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29377808 |
| **Beverages — 2.4%** | **Beverages — 2.4%** | **Beverages — 2.4%** |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;822 | &nbsp;&nbsp;&nbsp;&nbsp; 22260 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Co. | 17239 | &nbsp;&nbsp;&nbsp;&nbsp; 1143291 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp; 85919 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Beverages (continued)** | **Beverages (continued)** | **Beverages (continued)** |
| &nbsp;&nbsp;&nbsp;Heineken Holding NV | 15372 | &nbsp;&nbsp;$1053072 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc. | 49592 | &nbsp;&nbsp;&nbsp;&nbsp; 1265092 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp; 35114 |
| &nbsp;&nbsp;&nbsp;Monster Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1768 | &nbsp;&nbsp;&nbsp;&nbsp; 119004 |
| &nbsp;&nbsp;&nbsp;PepsiCo, Inc. | 22300 | &nbsp;&nbsp;&nbsp;&nbsp; 3131812 |
| &nbsp;&nbsp;&nbsp;Pernod Ricard SA | 10841 | &nbsp;&nbsp;&nbsp;&nbsp; 1063287 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7918851 |
| **Biotechnology — 1.1%** | **Biotechnology — 1.1%** | **Biotechnology — 1.1%** |
| &nbsp;&nbsp;&nbsp;Amgen, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1366 | &nbsp;&nbsp;&nbsp;&nbsp; 385485 |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 92453 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3050 | &nbsp;&nbsp;&nbsp;&nbsp; 206272 |
| &nbsp;&nbsp;&nbsp;Gilead Sciences, Inc. | 24302 | &nbsp;&nbsp;&nbsp;&nbsp; 2697522 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | &nbsp;&nbsp;&nbsp;&nbsp; 24595 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1527 | &nbsp;&nbsp;&nbsp;&nbsp; 39442 |
| &nbsp;&nbsp;&nbsp;Regeneron Pharmaceuticals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455 | &nbsp;&nbsp;&nbsp;&nbsp; 255833 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3701602 |
| **Building Materials — 1.3%** | **Building Materials — 1.3%** | **Building Materials — 1.3%** |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp; 27160 |
| &nbsp;&nbsp;&nbsp;Carrier Global Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; 109848 |
| &nbsp;&nbsp;&nbsp;CRH PLC | &nbsp;&nbsp;&nbsp;&nbsp;6942 | &nbsp;&nbsp;&nbsp;&nbsp; 832346 |
| &nbsp;&nbsp;&nbsp;Johnson Controls International PLC | 19309 | &nbsp;&nbsp;&nbsp;&nbsp; 2123025 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 80046 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;564 | &nbsp;&nbsp;&nbsp;&nbsp; 39700 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7556 | &nbsp;&nbsp;&nbsp;&nbsp; 974119 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;226 | &nbsp;&nbsp;&nbsp;&nbsp; 69522 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4255766 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| &nbsp;&nbsp;&nbsp;Air Products & Chemicals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;995 | &nbsp;&nbsp;&nbsp;&nbsp; 271356 |
| &nbsp;&nbsp;&nbsp;Akzo Nobel NV | &nbsp;&nbsp;&nbsp;&nbsp;7693 | &nbsp;&nbsp;&nbsp;&nbsp; 547337 |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 42972 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | 39331 | &nbsp;&nbsp;&nbsp;&nbsp; 1125653 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;699 | &nbsp;&nbsp;&nbsp;&nbsp; 62700 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3134 | &nbsp;&nbsp;&nbsp;&nbsp; 71863 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; 143336 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519 | &nbsp;&nbsp;&nbsp;&nbsp; 32723 |
| &nbsp;&nbsp;&nbsp;Ecolab, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 158565 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1153 | &nbsp;&nbsp;&nbsp;&nbsp; 70956 |
| &nbsp;&nbsp;&nbsp;Linde PLC | &nbsp;&nbsp;&nbsp;&nbsp;2086 | &nbsp;&nbsp;&nbsp;&nbsp; 990850 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;1168 | &nbsp;&nbsp;&nbsp;&nbsp; 57279 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;1432 | &nbsp;&nbsp;&nbsp;&nbsp; 49662 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8324 | &nbsp;&nbsp;&nbsp;&nbsp; 874936 |
| &nbsp;&nbsp;&nbsp;Sherwin-Williams Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp; 152008 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4652196 |
| **Commercial Services — 0.8%** | **Commercial Services — 0.8%** | **Commercial Services — 0.8%** |
| &nbsp;&nbsp;&nbsp;Automatic Data Processing, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp; 228049 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1548 | &nbsp;&nbsp;&nbsp;&nbsp; 111874 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557 | &nbsp;&nbsp;&nbsp;&nbsp; 142887 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1074 | &nbsp;&nbsp;&nbsp;&nbsp; 89228 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | 25529 | &nbsp;&nbsp;&nbsp;&nbsp; 1291002 |
| &nbsp;&nbsp;&nbsp;Moody's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328 | &nbsp;&nbsp;&nbsp;&nbsp; 156285 |
| &nbsp;&nbsp;&nbsp;PayPal Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp; 94957 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp; 31191 |
| &nbsp;&nbsp;&nbsp;S&P Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 358219 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp; 85765 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589457 |
| **Computers — 4.9%** | **Computers — 4.9%** | **Computers — 4.9%** |
| &nbsp;&nbsp;&nbsp;Accenture PLC, Class A | 10969 | &nbsp;&nbsp;&nbsp;&nbsp; 2704955 |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | 31994 | &nbsp;&nbsp;&nbsp;&nbsp; 2625108 |
| &nbsp;&nbsp;&nbsp;Apple, Inc. | 35667 | &nbsp;&nbsp;&nbsp;&nbsp; 9081888 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | 11477 | &nbsp;&nbsp;$769762 |
| &nbsp;&nbsp;&nbsp;Dell Technologies, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp; 98814 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255 | &nbsp;&nbsp;&nbsp;&nbsp; 38451 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;5780 | &nbsp;&nbsp;&nbsp;&nbsp; 141957 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4213 | &nbsp;&nbsp;&nbsp;&nbsp; 114720 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;265 | &nbsp;&nbsp;&nbsp;&nbsp; 50074 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp; 57572 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943 | &nbsp;&nbsp;&nbsp;&nbsp; 222605 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp; 184412 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16090318 |
| **Cosmetics/Personal Care — 2.3%** | **Cosmetics/Personal Care — 2.3%** | **Cosmetics/Personal Care — 2.3%** |
| &nbsp;&nbsp;&nbsp;Colgate-Palmolive Co. | &nbsp;&nbsp;&nbsp;&nbsp;2003 | &nbsp;&nbsp;&nbsp;&nbsp; 160120 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | 13921 | &nbsp;&nbsp;&nbsp;&nbsp; 1226719 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | 97937 | &nbsp;&nbsp;&nbsp;&nbsp; 1589517 |
| &nbsp;&nbsp;&nbsp;Procter & Gamble Co. | 10425 | &nbsp;&nbsp;&nbsp;&nbsp; 1601801 |
| &nbsp;&nbsp;&nbsp;Unilever PLC ADR | 47162 | &nbsp;&nbsp;&nbsp;&nbsp; 2795763 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7373920 |
| **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** | **Distribution/Wholesale — 0.1%** |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;2161 | &nbsp;&nbsp;&nbsp;&nbsp; 105976 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1171 | &nbsp;&nbsp;&nbsp;&nbsp; 35762 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp; 45580 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187318 |
| **Diversified Financial Services — 4.2%** | **Diversified Financial Services — 4.2%** | **Diversified Financial Services — 4.2%** |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;6269 | &nbsp;&nbsp;&nbsp;&nbsp; 1002350 |
| &nbsp;&nbsp;&nbsp;Blackrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2560 | &nbsp;&nbsp;&nbsp;&nbsp; 2984627 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2851 | &nbsp;&nbsp;&nbsp;&nbsp; 606066 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472 | &nbsp;&nbsp;&nbsp;&nbsp; 115758 |
| &nbsp;&nbsp;&nbsp;Charles Schwab Corp. | 31482 | &nbsp;&nbsp;&nbsp;&nbsp; 3005586 |
| &nbsp;&nbsp;&nbsp;CME Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1598 | &nbsp;&nbsp;&nbsp;&nbsp; 431764 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;515 | &nbsp;&nbsp;&nbsp;&nbsp; 173807 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1397 | &nbsp;&nbsp;&nbsp;&nbsp; 32313 |
| &nbsp;&nbsp;&nbsp;Intercontinental Exchange, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 206388 |
| &nbsp;&nbsp;&nbsp;Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;2020 | &nbsp;&nbsp;&nbsp;&nbsp; 46339 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4943 | &nbsp;&nbsp;&nbsp;&nbsp; 1644487 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | 17415 | &nbsp;&nbsp;&nbsp;&nbsp; 1540357 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9715 | &nbsp;&nbsp;&nbsp;&nbsp; 1676809 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972 | &nbsp;&nbsp;&nbsp;&nbsp; 99766 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13566417 |
| **Electric — 4.0%** | **Electric — 4.0%** | **Electric — 4.0%** |
| &nbsp;&nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3206 | &nbsp;&nbsp;&nbsp;&nbsp; 42191 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1156 | &nbsp;&nbsp;&nbsp;&nbsp; 77926 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1216 | &nbsp;&nbsp;&nbsp;&nbsp; 126926 |
| &nbsp;&nbsp;&nbsp;American Electric Power Co., Inc. | 18172 | &nbsp;&nbsp;&nbsp;&nbsp; 2044350 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2938 | &nbsp;&nbsp;&nbsp;&nbsp; 113994 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1347 | &nbsp;&nbsp;&nbsp;&nbsp; 98681 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1585 | &nbsp;&nbsp;&nbsp;&nbsp; 159324 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3791 | &nbsp;&nbsp;&nbsp;&nbsp; 231895 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 128701 |
| &nbsp;&nbsp;&nbsp;Duke Energy Corp. | 19397 | &nbsp;&nbsp;&nbsp;&nbsp; 2400379 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;1738 | &nbsp;&nbsp;&nbsp;&nbsp; 96077 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1973 | &nbsp;&nbsp;&nbsp;&nbsp; 183864 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1037 | &nbsp;&nbsp;&nbsp;&nbsp; 78833 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | 13760 | &nbsp;&nbsp;&nbsp;&nbsp; 978886 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4531 | &nbsp;&nbsp;&nbsp;&nbsp; 203940 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2314 | &nbsp;&nbsp;&nbsp;&nbsp; 106028 |
| &nbsp;&nbsp;&nbsp;NextEra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3012 | &nbsp;&nbsp;&nbsp;&nbsp; 227376 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9852 | &nbsp;&nbsp;&nbsp;&nbsp; 148568 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 45996 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1597 | &nbsp;&nbsp;&nbsp;&nbsp; 59345 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1192 | &nbsp;&nbsp;$99484 |
| &nbsp;&nbsp;&nbsp;Sempra | 26058 | &nbsp;&nbsp;&nbsp;&nbsp; 2344699 |
| &nbsp;&nbsp;&nbsp;Southern Co. | &nbsp;&nbsp;&nbsp;&nbsp;4907 | &nbsp;&nbsp;&nbsp;&nbsp; 465036 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1432 | &nbsp;&nbsp;&nbsp;&nbsp; 164093 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | 28386 | &nbsp;&nbsp;&nbsp;&nbsp; 2289331 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12915923 |
| **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** | **Electrical Components & Equipment — 0.7%** |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552 | &nbsp;&nbsp;&nbsp;&nbsp; 103776 |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co. | 15706 | &nbsp;&nbsp;&nbsp;&nbsp; 2060313 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;102 | &nbsp;&nbsp;&nbsp;&nbsp; 17075 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181164 |
| **Electronics — 0.6%** | **Electronics — 0.6%** | **Electronics — 0.6%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp; 32632 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1512 | &nbsp;&nbsp;&nbsp;&nbsp; 74073 |
| &nbsp;&nbsp;&nbsp;Honeywell International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2819 | &nbsp;&nbsp;&nbsp;&nbsp; 593399 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;473 | &nbsp;&nbsp;&nbsp;&nbsp; 102721 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;&nbsp; 132589 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55 | &nbsp;&nbsp;&nbsp;&nbsp; 67519 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;4354 | &nbsp;&nbsp;&nbsp;&nbsp; 955834 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;578 | &nbsp;&nbsp;&nbsp;&nbsp; 47194 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2005961 |
| **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** | **Energy-Alternate Sources — 0.0%** |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp; 50060 |
| **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** | **Engineering & Construction — 0.0%** |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528 | &nbsp;&nbsp;&nbsp;&nbsp; 79126 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261 | &nbsp;&nbsp;&nbsp;&nbsp; 28908 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 61727 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773 | &nbsp;&nbsp;&nbsp;&nbsp; 170702 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;261337 |
| **Food — 1.7%** | **Food — 1.7%** | **Food — 1.7%** |
| &nbsp;&nbsp;&nbsp;Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;887 | &nbsp;&nbsp;&nbsp;&nbsp; 28012 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | 28929 | &nbsp;&nbsp;&nbsp;&nbsp; 529690 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | 15546 | &nbsp;&nbsp;&nbsp;&nbsp; 783829 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp; 121396 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1312 | &nbsp;&nbsp;&nbsp;&nbsp; 32459 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479 | &nbsp;&nbsp;&nbsp;&nbsp; 52019 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;1210 | &nbsp;&nbsp;&nbsp;&nbsp; 99244 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;3808 | &nbsp;&nbsp;&nbsp;&nbsp; 99160 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;2713 | &nbsp;&nbsp;&nbsp;&nbsp; 182883 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp; 37345 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1136 | &nbsp;&nbsp;&nbsp;&nbsp; 76010 |
| &nbsp;&nbsp;&nbsp;Mondelez International, Inc., Class A | 26714 | &nbsp;&nbsp;&nbsp;&nbsp; 1668824 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2123 | &nbsp;&nbsp;&nbsp;&nbsp; 174808 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1290 | &nbsp;&nbsp;&nbsp;&nbsp; 70047 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | 21450 | &nbsp;&nbsp;&nbsp;&nbsp; 1643499 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5599225 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| &nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;2380 | &nbsp;&nbsp;&nbsp;&nbsp; 110432 |
| **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9462 | &nbsp;&nbsp;&nbsp;&nbsp; 1615636 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2119 | &nbsp;&nbsp;&nbsp;&nbsp; 91753 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707389 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** | **Hand/Machine Tools — 0.0%** |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;$81435 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 51659 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133094 |
| **Healthcare-Products — 2.8%** | **Healthcare-Products — 2.8%** | **Healthcare-Products — 2.8%** |
| &nbsp;&nbsp;&nbsp;Abbott Laboratories | &nbsp;&nbsp;&nbsp;&nbsp;7745 | &nbsp;&nbsp;&nbsp;&nbsp; 1037365 |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1261 | &nbsp;&nbsp;&nbsp;&nbsp; 161849 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291 | &nbsp;&nbsp;&nbsp;&nbsp; 36439 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2302 | &nbsp;&nbsp;&nbsp;&nbsp; 52417 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp; 39664 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 61704 |
| &nbsp;&nbsp;&nbsp;Danaher Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2840 | &nbsp;&nbsp;&nbsp;&nbsp; 563058 |
| &nbsp;&nbsp;&nbsp;Edwards Lifesciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2615 | &nbsp;&nbsp;&nbsp;&nbsp; 203369 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2010 | &nbsp;&nbsp;&nbsp;&nbsp; 150951 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1012 | &nbsp;&nbsp;&nbsp;&nbsp; 68300 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 226806 |
| &nbsp;&nbsp;&nbsp;Medtronic PLC | 29251 | &nbsp;&nbsp;&nbsp;&nbsp; 2785865 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp; 44789 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623 | &nbsp;&nbsp;&nbsp;&nbsp; 45479 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp; 109369 |
| &nbsp;&nbsp;&nbsp;Stryker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp; 266902 |
| &nbsp;&nbsp;&nbsp;Thermo Fisher Scientific, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1684 | &nbsp;&nbsp;&nbsp;&nbsp; 816774 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 43472 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp; 85520 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | 22456 | &nbsp;&nbsp;&nbsp;&nbsp; 2211916 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9012008 |
| **Healthcare-Services — 3.5%** | **Healthcare-Services — 3.5%** | **Healthcare-Services — 3.5%** |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2063 | &nbsp;&nbsp;&nbsp;&nbsp; 73608 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;209 | &nbsp;&nbsp;&nbsp;&nbsp; 32700 |
| &nbsp;&nbsp;&nbsp;Cigna Group | &nbsp;&nbsp;&nbsp;&nbsp;1191 | &nbsp;&nbsp;&nbsp;&nbsp; 343306 |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7010 | &nbsp;&nbsp;&nbsp;&nbsp; 2265071 |
| &nbsp;&nbsp;&nbsp;HCA Healthcare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 127860 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 137890 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8867 | &nbsp;&nbsp;&nbsp;&nbsp; 1684198 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp; 104490 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250 | &nbsp;&nbsp;&nbsp;&nbsp; 47840 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3347 | &nbsp;&nbsp;&nbsp;&nbsp; 637871 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 15516 | &nbsp;&nbsp;&nbsp;&nbsp; 5357675 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;3447 | &nbsp;&nbsp;&nbsp;&nbsp; 704705 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11517214 |
| **Home Builders — 0.4%** | **Home Builders — 0.4%** | **Home Builders — 0.4%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1226 | &nbsp;&nbsp;&nbsp;&nbsp; 207770 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1028 | &nbsp;&nbsp;&nbsp;&nbsp; 129569 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp; 32139 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5916 | &nbsp;&nbsp;&nbsp;&nbsp; 781681 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1151159 |
| **Household Products/Wares — 0.5%** | **Household Products/Wares — 0.5%** | **Household Products/Wares — 0.5%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342 | &nbsp;&nbsp;&nbsp;&nbsp; 55462 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1070 | &nbsp;&nbsp;&nbsp;&nbsp; 93764 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 68432 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;6723 | &nbsp;&nbsp;&nbsp;&nbsp; 835938 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;7803 | &nbsp;&nbsp;&nbsp;&nbsp; 600061 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653657 |
| **Insurance — 4.4%** | **Insurance — 4.4%** | **Insurance — 4.4%** |
| &nbsp;&nbsp;&nbsp;Aflac, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2150 | &nbsp;&nbsp;&nbsp;&nbsp; 240155 |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4692 | &nbsp;&nbsp;&nbsp;&nbsp; 1007138 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2674 | &nbsp;&nbsp;&nbsp;&nbsp; 210016 |
| &nbsp;&nbsp;&nbsp;Aon PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp; 166879 |
| &nbsp;&nbsp;&nbsp;Arthur J. Gallagher & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp; 194826 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215 | &nbsp;&nbsp;$46569 |
| &nbsp;&nbsp;&nbsp;Berkshire Hathaway, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;7745 | &nbsp;&nbsp;&nbsp;&nbsp; 3893721 |
| &nbsp;&nbsp;&nbsp;Chubb, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;1642 | &nbsp;&nbsp;&nbsp;&nbsp; 463454 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp; 52331 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;&nbsp;&nbsp; 63392 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353 | &nbsp;&nbsp;&nbsp;&nbsp; 50468 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;&nbsp; 74432 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;&nbsp;&nbsp; 76397 |
| &nbsp;&nbsp;&nbsp;Marsh & McLennan Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;9597 | &nbsp;&nbsp;&nbsp;&nbsp; 1934083 |
| &nbsp;&nbsp;&nbsp;MetLife, Inc. | 22435 | &nbsp;&nbsp;&nbsp;&nbsp; 1847971 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900 | &nbsp;&nbsp;&nbsp;&nbsp; 74619 |
| &nbsp;&nbsp;&nbsp;Progressive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1644 | &nbsp;&nbsp;&nbsp;&nbsp; 405986 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1562 | &nbsp;&nbsp;&nbsp;&nbsp; 162042 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5525 | &nbsp;&nbsp;&nbsp;&nbsp; 1061518 |
| &nbsp;&nbsp;&nbsp;Travelers Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp; 278941 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp; 46662 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;6255 | &nbsp;&nbsp;&nbsp;&nbsp; 2160790 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;14512390 |
| **Internet — 3.5%** | **Internet — 3.5%** | **Internet — 3.5%** |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class A | 11554 | &nbsp;&nbsp;&nbsp;&nbsp; 2808778 |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;6151 | &nbsp;&nbsp;&nbsp;&nbsp; 1498076 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.† | 18141 | &nbsp;&nbsp;&nbsp;&nbsp; 3983219 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 92223 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676 | &nbsp;&nbsp;&nbsp;&nbsp; 61482 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7777 | &nbsp;&nbsp;&nbsp;&nbsp; 2513449 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1027 | &nbsp;&nbsp;&nbsp;&nbsp; 29157 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp; 36768 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp; 163368 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 102043 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11288563 |
| **Iron/Steel — 0.3%** | **Iron/Steel — 0.3%** | **Iron/Steel — 0.3%** |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp; 139493 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2094 | &nbsp;&nbsp;&nbsp;&nbsp; 588058 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;605 | &nbsp;&nbsp;&nbsp;&nbsp; 84355 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811906 |
| **Lodging — 0.0%** | **Lodging — 0.0%** | **Lodging — 0.0%** |
| &nbsp;&nbsp;&nbsp;MGM Resorts International† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;&nbsp;&nbsp; 31818 |
| **Machinery-Diversified — 1.2%** | **Machinery-Diversified — 1.2%** | **Machinery-Diversified — 1.2%** |
| &nbsp;&nbsp;&nbsp;Deere & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp; 287159 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4928 | &nbsp;&nbsp;&nbsp;&nbsp; 822138 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;341 | &nbsp;&nbsp;&nbsp;&nbsp; 55501 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;9187 | &nbsp;&nbsp;&nbsp;&nbsp; 1221228 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229 | &nbsp;&nbsp;&nbsp;&nbsp; 51972 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1748 | &nbsp;&nbsp;&nbsp;&nbsp; 159820 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;500 | &nbsp;&nbsp;&nbsp;&nbsp; 174765 |
| &nbsp;&nbsp;&nbsp;Toro Co. | 11662 | &nbsp;&nbsp;&nbsp;&nbsp; 888644 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1072 | &nbsp;&nbsp;&nbsp;&nbsp; 158120 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3819347 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 115544 |
| &nbsp;&nbsp;&nbsp;Comcast Corp., Class A | 16450 | &nbsp;&nbsp;&nbsp;&nbsp; 516859 |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 27217 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 | &nbsp;&nbsp;&nbsp;&nbsp; 58141 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594 | &nbsp;&nbsp;&nbsp;&nbsp; 34030 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1705 | &nbsp;&nbsp;&nbsp;&nbsp; 52361 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp; 17379 |
| &nbsp;&nbsp;&nbsp;Paramount Skydance Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1395 | &nbsp;&nbsp;&nbsp;&nbsp; 26393 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;Walt Disney Co. | 20353 | &nbsp;&nbsp;$2330419 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | 11059 | &nbsp;&nbsp;&nbsp;&nbsp; 215982 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3394325 |
| **Mining — 0.2%** | **Mining — 0.2%** | **Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6429 | &nbsp;&nbsp;&nbsp;&nbsp; 252145 |
| &nbsp;&nbsp;&nbsp;Newmont Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4906 | &nbsp;&nbsp;&nbsp;&nbsp; 413625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665770 |
| **Miscellaneous Manufacturing — 1.3%** | **Miscellaneous Manufacturing — 1.3%** | **Miscellaneous Manufacturing — 1.3%** |
| &nbsp;&nbsp;&nbsp;3M Co. | 11633 | &nbsp;&nbsp;&nbsp;&nbsp; 1805209 |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | 15172 | &nbsp;&nbsp;&nbsp;&nbsp; 1113777 |
| &nbsp;&nbsp;&nbsp;Illinois Tool Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;697 | &nbsp;&nbsp;&nbsp;&nbsp; 181750 |
| &nbsp;&nbsp;&nbsp;Siemens AG | &nbsp;&nbsp;&nbsp;&nbsp;3213 | &nbsp;&nbsp;&nbsp;&nbsp; 864594 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;&nbsp;&nbsp; 123068 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782 | &nbsp;&nbsp;&nbsp;&nbsp; 66071 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4154469 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127 | &nbsp;&nbsp;&nbsp;&nbsp; 37739 |
| **Oil & Gas — 5.1%** | **Oil & Gas — 5.1%** | **Oil & Gas — 5.1%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | 51591 | &nbsp;&nbsp;&nbsp;&nbsp; 1731394 |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1668 | &nbsp;&nbsp;&nbsp;&nbsp; 40499 |
| &nbsp;&nbsp;&nbsp;Chevron Corp. | 18545 | &nbsp;&nbsp;&nbsp;&nbsp; 2879853 |
| &nbsp;&nbsp;&nbsp;ConocoPhillips | 24070 | &nbsp;&nbsp;&nbsp;&nbsp; 2276781 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 87642 | &nbsp;&nbsp;&nbsp;&nbsp; 2072733 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2837 | &nbsp;&nbsp;&nbsp;&nbsp; 99465 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 120347 |
| &nbsp;&nbsp;&nbsp;EOG Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2419 | &nbsp;&nbsp;&nbsp;&nbsp; 271218 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2683 | &nbsp;&nbsp;&nbsp;&nbsp; 146036 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1064 | &nbsp;&nbsp;&nbsp;&nbsp; 113040 |
| &nbsp;&nbsp;&nbsp;Exxon Mobil Corp. | 25623 | &nbsp;&nbsp;&nbsp;&nbsp; 2888993 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | 10563 | &nbsp;&nbsp;&nbsp;&nbsp; 2035913 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3176 | &nbsp;&nbsp;&nbsp;&nbsp; 150066 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp; 245516 |
| &nbsp;&nbsp;&nbsp;Shell PLC | 27788 | &nbsp;&nbsp;&nbsp;&nbsp; 989052 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE ADR | &nbsp;&nbsp;&nbsp;&nbsp;8519 | &nbsp;&nbsp;&nbsp;&nbsp; 508499 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1383 | &nbsp;&nbsp;&nbsp;&nbsp; 235470 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;16804875 |
| **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** | **Oil & Gas Services — 0.4%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | 17266 | &nbsp;&nbsp;&nbsp;&nbsp; 841199 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;3758 | &nbsp;&nbsp;&nbsp;&nbsp; 92447 |
| &nbsp;&nbsp;&nbsp;Schlumberger NV | &nbsp;&nbsp;&nbsp;&nbsp;6597 | &nbsp;&nbsp;&nbsp;&nbsp; 226739 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1160385 |
| **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** | **Packaging & Containers — 0.4%** |
| &nbsp;&nbsp;&nbsp;Amcor PLC | 10062 | &nbsp;&nbsp;&nbsp;&nbsp; 82307 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;&nbsp;&nbsp; 60403 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | 58735 | &nbsp;&nbsp;&nbsp;&nbsp; 1149444 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp; 43804 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;2229 | &nbsp;&nbsp;&nbsp;&nbsp; 94889 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1430847 |
| **Pharmaceuticals — 9.0%** | **Pharmaceuticals — 9.0%** | **Pharmaceuticals — 9.0%** |
| &nbsp;&nbsp;&nbsp;AbbVie, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4560 | &nbsp;&nbsp;&nbsp;&nbsp; 1055822 |
| &nbsp;&nbsp;&nbsp;AstraZeneca PLC ADR | 20070 | &nbsp;&nbsp;&nbsp;&nbsp; 1539770 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | 15010 | &nbsp;&nbsp;&nbsp;&nbsp; 2809422 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co. | &nbsp;&nbsp;&nbsp;&nbsp;9076 | &nbsp;&nbsp;&nbsp;&nbsp; 409328 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1066 | &nbsp;&nbsp;&nbsp;&nbsp; 167319 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;866 | &nbsp;&nbsp;&nbsp;&nbsp; 270651 |
| &nbsp;&nbsp;&nbsp;CVS Health Corp. | 12934 | &nbsp;&nbsp;&nbsp;&nbsp; 975094 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 67290 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** | **Pharmaceuticals (continued)** |
| &nbsp;&nbsp;&nbsp;Eli Lilly & Co. | &nbsp;&nbsp;&nbsp;&nbsp;1815 | &nbsp;&nbsp;$1384845 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.† | 17629 | &nbsp;&nbsp;&nbsp;&nbsp; 1170037 |
| &nbsp;&nbsp;&nbsp;Johnson & Johnson | 47677 | &nbsp;&nbsp;&nbsp;&nbsp; 8840269 |
| &nbsp;&nbsp;&nbsp;McKesson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554 | &nbsp;&nbsp;&nbsp;&nbsp; 427987 |
| &nbsp;&nbsp;&nbsp;Merck & Co., Inc. | 58897 | &nbsp;&nbsp;&nbsp;&nbsp; 4943225 |
| &nbsp;&nbsp;&nbsp;Pfizer, Inc. | 118953 | &nbsp;&nbsp;&nbsp;&nbsp; 3030923 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG | &nbsp;&nbsp;&nbsp;&nbsp;2944 | &nbsp;&nbsp;&nbsp;&nbsp; 961178 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG ADR | 27844 | &nbsp;&nbsp;&nbsp;&nbsp; 1164158 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5021 | &nbsp;&nbsp;&nbsp;&nbsp; 49708 |
| &nbsp;&nbsp;&nbsp;Zoetis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1984 | &nbsp;&nbsp;&nbsp;&nbsp; 290299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;29557325 |
| **Pipelines — 1.1%** | **Pipelines — 1.1%** | **Pipelines — 1.1%** |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8610 | &nbsp;&nbsp;&nbsp;&nbsp; 243749 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | 18995 | &nbsp;&nbsp;&nbsp;&nbsp; 1386065 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9661 | &nbsp;&nbsp;&nbsp;&nbsp; 1618604 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2638 | &nbsp;&nbsp;&nbsp;&nbsp; 167117 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3415535 |
| **Private Equity — 0.7%** | **Private Equity — 0.7%** | **Private Equity — 0.7%** |
| &nbsp;&nbsp;&nbsp;Blackstone, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3266 | &nbsp;&nbsp;&nbsp;&nbsp; 557996 |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 13369 | &nbsp;&nbsp;&nbsp;&nbsp; 1737302 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2295298 |
| **Real Estate — 0.1%** | **Real Estate — 0.1%** | **Real Estate — 0.1%** |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1867 | &nbsp;&nbsp;&nbsp;&nbsp; 157519 |
| **REITS — 3.0%** | **REITS — 3.0%** | **REITS — 3.0%** |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp; 57838 |
| &nbsp;&nbsp;&nbsp;American Tower Corp. | &nbsp;&nbsp;&nbsp;&nbsp;8603 | &nbsp;&nbsp;&nbsp;&nbsp; 1654529 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359 | &nbsp;&nbsp;&nbsp;&nbsp; 69348 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp; 48767 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp; 25200 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | 20209 | &nbsp;&nbsp;&nbsp;&nbsp; 1949966 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp; 243588 |
| &nbsp;&nbsp;&nbsp;Equinix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp; 181712 |
| &nbsp;&nbsp;&nbsp;Equity Residential | 25204 | &nbsp;&nbsp;&nbsp;&nbsp; 1631455 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151 | &nbsp;&nbsp;&nbsp;&nbsp; 40417 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526 | &nbsp;&nbsp;&nbsp;&nbsp; 74135 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp; 35256 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | 28791 | &nbsp;&nbsp;&nbsp;&nbsp; 1341949 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3154 | &nbsp;&nbsp;&nbsp;&nbsp; 60399 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;&nbsp; 16492 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2555 | &nbsp;&nbsp;&nbsp;&nbsp; 74938 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3063 | &nbsp;&nbsp;&nbsp;&nbsp; 66927 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp; 43456 |
| &nbsp;&nbsp;&nbsp;Prologis, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4121 | &nbsp;&nbsp;&nbsp;&nbsp; 471937 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | 13332 | &nbsp;&nbsp;&nbsp;&nbsp; 810452 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 53654 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485 | &nbsp;&nbsp;&nbsp;&nbsp; 93775 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp; 27833 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;&nbsp; 141450 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4756 | &nbsp;&nbsp;&nbsp;&nbsp; 155093 |
| &nbsp;&nbsp;&nbsp;Welltower, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1374 | &nbsp;&nbsp;&nbsp;&nbsp; 244764 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;3266 | &nbsp;&nbsp;&nbsp;&nbsp; 80964 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9696294 |
| **Retail — 3.2%** | **Retail — 3.2%** | **Retail — 3.2%** |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877 | &nbsp;&nbsp;&nbsp;&nbsp; 66319 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp; 31095 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp; 57298 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7131 | &nbsp;&nbsp;&nbsp;&nbsp; 1584651 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965 | &nbsp;&nbsp;&nbsp;&nbsp; 99733 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp; 79837 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81 | &nbsp;&nbsp;$34968 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp; 86902 |
| &nbsp;&nbsp;&nbsp;Home Depot, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2484 | &nbsp;&nbsp;&nbsp;&nbsp; 1006492 |
| &nbsp;&nbsp;&nbsp;Industria de Diseno Textil SA ADR | 115069 | &nbsp;&nbsp;&nbsp;&nbsp; 1589103 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2496 | &nbsp;&nbsp;&nbsp;&nbsp; 627270 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp; 47329 |
| &nbsp;&nbsp;&nbsp;McDonald's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3176 | &nbsp;&nbsp;&nbsp;&nbsp; 965155 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | 10864 | &nbsp;&nbsp;&nbsp;&nbsp; 1001009 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1464 | &nbsp;&nbsp;&nbsp;&nbsp; 223099 |
| &nbsp;&nbsp;&nbsp;Starbucks Corp. | 19621 | &nbsp;&nbsp;&nbsp;&nbsp; 1659936 |
| &nbsp;&nbsp;&nbsp;Target Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2031 | &nbsp;&nbsp;&nbsp;&nbsp; 182181 |
| &nbsp;&nbsp;&nbsp;TJX Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2033 | &nbsp;&nbsp;&nbsp;&nbsp; 293850 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | &nbsp;&nbsp;&nbsp;&nbsp;1107 | &nbsp;&nbsp;&nbsp;&nbsp; 62955 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199 | &nbsp;&nbsp;&nbsp;&nbsp; 108803 |
| &nbsp;&nbsp;&nbsp;Walmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6436 | &nbsp;&nbsp;&nbsp;&nbsp; 663294 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp; 109288 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10580567 |
| **Semiconductors — 3.8%** | **Semiconductors — 3.8%** | **Semiconductors — 3.8%** |
| &nbsp;&nbsp;&nbsp;Advanced Micro Devices, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7220 | &nbsp;&nbsp;&nbsp;&nbsp; 1168124 |
| &nbsp;&nbsp;&nbsp;Analog Devices, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8347 | &nbsp;&nbsp;&nbsp;&nbsp; 2050858 |
| &nbsp;&nbsp;&nbsp;Applied Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2079 | &nbsp;&nbsp;&nbsp;&nbsp; 425655 |
| &nbsp;&nbsp;&nbsp;Broadcom, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3259 | &nbsp;&nbsp;&nbsp;&nbsp; 1075177 |
| &nbsp;&nbsp;&nbsp;Intel Corp.† | 19456 | &nbsp;&nbsp;&nbsp;&nbsp; 652749 |
| &nbsp;&nbsp;&nbsp;Lam Research Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5626 | &nbsp;&nbsp;&nbsp;&nbsp; 753321 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2428 | &nbsp;&nbsp;&nbsp;&nbsp; 155926 |
| &nbsp;&nbsp;&nbsp;Micron Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4991 | &nbsp;&nbsp;&nbsp;&nbsp; 835094 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;8009 | &nbsp;&nbsp;&nbsp;&nbsp; 1823890 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | 10669 | &nbsp;&nbsp;&nbsp;&nbsp; 526088 |
| &nbsp;&nbsp;&nbsp;QUALCOMM, Inc. | 12365 | &nbsp;&nbsp;&nbsp;&nbsp; 2057041 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp; 49113 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 97036 |
| &nbsp;&nbsp;&nbsp;Texas Instruments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4046 | &nbsp;&nbsp;&nbsp;&nbsp; 743372 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12413444 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 50672 |
| **Software — 6.9%** | **Software — 6.9%** | **Software — 6.9%** |
| &nbsp;&nbsp;&nbsp;Adobe, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp; 386261 |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;633 | &nbsp;&nbsp;&nbsp;&nbsp; 47956 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp; 70498 |
| &nbsp;&nbsp;&nbsp;Cadence Design Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp; 191788 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp; 122835 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | 14209 | &nbsp;&nbsp;&nbsp;&nbsp; 936942 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197 | &nbsp;&nbsp;&nbsp;&nbsp; 29339 |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 35158 | &nbsp;&nbsp;&nbsp;&nbsp; 18210086 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp; 96845 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288 | &nbsp;&nbsp;&nbsp;&nbsp; 58470 |
| &nbsp;&nbsp;&nbsp;Roper Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477 | &nbsp;&nbsp;&nbsp;&nbsp; 237875 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6379 | &nbsp;&nbsp;&nbsp;&nbsp; 1511823 |
| &nbsp;&nbsp;&nbsp;Synopsys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;398 | &nbsp;&nbsp;&nbsp;&nbsp; 196369 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763 | &nbsp;&nbsp;&nbsp;&nbsp; 197129 |
| &nbsp;&nbsp;&nbsp;Workday, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;508 | &nbsp;&nbsp;&nbsp;&nbsp; 122291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;22416507 |
| **Telecommunications — 3.6%** | **Telecommunications — 3.6%** | **Telecommunications — 3.6%** |
| &nbsp;&nbsp;&nbsp;AT&T, Inc. | 31818 | &nbsp;&nbsp;&nbsp;&nbsp; 898540 |
| &nbsp;&nbsp;&nbsp;Cisco Systems, Inc. | 80441 | &nbsp;&nbsp;&nbsp;&nbsp; 5503773 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | 27748 | &nbsp;&nbsp;&nbsp;&nbsp; 2276169 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Telecommunications (continued)** | **Telecommunications (continued)** |  |
| &nbsp;&nbsp;&nbsp;T-Mobile US, Inc. | &nbsp;&nbsp; 1004 | &nbsp;&nbsp;$240338 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc. | &nbsp;&nbsp; 61356 | &nbsp;&nbsp;&nbsp;&nbsp; 2696596 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;11615416 |
| **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp;&nbsp; 44827 |
| **Transportation — 1.7%** | **Transportation — 1.7%** |  |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp; 70834 |
| &nbsp;&nbsp;&nbsp;CSX Corp. | &nbsp;&nbsp; 21730 | &nbsp;&nbsp;&nbsp;&nbsp; 771632 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp; 602 | &nbsp;&nbsp;&nbsp;&nbsp; 73799 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp; 966 | &nbsp;&nbsp;&nbsp;&nbsp; 227792 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp; 44813 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp; 25437 | &nbsp;&nbsp;&nbsp;&nbsp; 1005016 |
| &nbsp;&nbsp;&nbsp;Norfolk Southern Corp. | &nbsp;&nbsp; 8443 | &nbsp;&nbsp;&nbsp;&nbsp; 2536362 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 456 | &nbsp;&nbsp;&nbsp;&nbsp; 64196 |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp. | &nbsp;&nbsp; 2639 | &nbsp;&nbsp;&nbsp;&nbsp; 623780 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., Class B | &nbsp;&nbsp; 3270 | &nbsp;&nbsp;&nbsp;&nbsp; 273143 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5691367 |
| **Water — 0.0%** | **Water — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp; 878 | &nbsp;&nbsp;&nbsp;&nbsp; 122209 |
| **Total Common Stocks<br> (cost $282,362,136)** |  | &nbsp;&nbsp;&nbsp;&nbsp;321906544 |
| **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** | **UNAFFILIATED INVESTMENT COMPANIES — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;iShares S&P 500 Value ETF<br> (cost $55,848) | &nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp;&nbsp; 58442 |
| **Total Long-Term Investment Securities<br> (cost $282,417,984)** |  | &nbsp;&nbsp;&nbsp;&nbsp;321964986 |
| **SHORT-TERM INVESTMENTS — 0.2%** | **SHORT-TERM INVESTMENTS — 0.2%** |  |
| **Unaffiliated Investment Companies — 0.2%** | **Unaffiliated Investment Companies — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.09%(1)<br> (cost $560,968) | &nbsp;&nbsp;560968 | &nbsp;&nbsp;&nbsp;&nbsp; 560968 |
| **REPURCHASE AGREEMENTS — 0.8%** | **REPURCHASE AGREEMENTS — 0.8%** |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities LLC Joint Repurchase Agreement(2) | $455000 | &nbsp;&nbsp;&nbsp;&nbsp; 455000 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. Joint Repurchase Agreement(2) | &nbsp;&nbsp;640000 | &nbsp;&nbsp;&nbsp;&nbsp; 640000 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA Joint Repurchase Agreement(2) | &nbsp;&nbsp;625000 | &nbsp;&nbsp;&nbsp;&nbsp; 625000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG Joint Repurchase Agreement(2) | &nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp; 455000 |
| &nbsp;&nbsp;&nbsp;RBS Securities, Inc. Joint Repurchase Agreement(2) | &nbsp;&nbsp;455000 | &nbsp;&nbsp;&nbsp;&nbsp; 455000 |
| **Total Repurchase Agreements<br> (cost $2,630,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630000 |
| **TOTAL INVESTMENTS<br> (cost $285,608,952)(3)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.5% | &nbsp;&nbsp;&nbsp;&nbsp;325155954 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790791 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$326946745 |

---

† Non-income producing security

(1) The rate shown is the 7-day yield as of September 30, 2025.

(2) See Note 2 for details of Joint Repurchase Agreements.

(3) See Note 4 for cost of investments on a tax basis.

ADR—American Depositary Receipt <br> ETF—Exchange Traded Fund

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Large Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 1000 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$501893 | &nbsp;&nbsp;&nbsp;&nbsp;$504300 | &nbsp;&nbsp;&nbsp;&nbsp;$2407 |
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Micro E-mini S&P 500 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1031 |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;$3438 |

---

\* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Counterparty** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**Contract to<br> Deliver** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**In<br> Exchange For** | &nbsp;&nbsp;**Delivery<br> Date** | &nbsp;&nbsp;**Unrealized<br> Appreciation** | &nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| Bank of America, N.A. | &nbsp;&nbsp;GBP | &nbsp;&nbsp;658341 | &nbsp;&nbsp;USD | &nbsp;&nbsp;889935 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;$4450 | &nbsp;&nbsp;$— |
| Citibank, N.A. | &nbsp;&nbsp;EUR | &nbsp;&nbsp;745411 | &nbsp;&nbsp;USD | &nbsp;&nbsp;883937 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4851 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;GBP | &nbsp;&nbsp;658341 | &nbsp;&nbsp;USD | &nbsp;&nbsp;889783 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4299 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;9150 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Goldman Sachs International | &nbsp;&nbsp;EUR | &nbsp;&nbsp;745411 | &nbsp;&nbsp;USD | &nbsp;&nbsp;883642 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4556 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;GBP | &nbsp;&nbsp;658340 | &nbsp;&nbsp;USD | &nbsp;&nbsp;889609 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4125 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;8681 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;CHF | &nbsp;&nbsp;339200 | &nbsp;&nbsp;USD | &nbsp;&nbsp;432422 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2421 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Morgan Stanley & Co. International PLC | &nbsp;&nbsp;EUR | &nbsp;&nbsp;745411 | &nbsp;&nbsp;USD | &nbsp;&nbsp;883799 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4713 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| UBS AG | &nbsp;&nbsp;CHF | &nbsp;&nbsp;339200 | &nbsp;&nbsp;USD | &nbsp;&nbsp;432361 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 2360 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;EUR | &nbsp;&nbsp;745411 | &nbsp;&nbsp;USD | &nbsp;&nbsp;883864 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 4778 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;USD | &nbsp;&nbsp;&nbsp;&nbsp;55616 | &nbsp;&nbsp;CHF | &nbsp;&nbsp;&nbsp;&nbsp;44042 | &nbsp;&nbsp;12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;7354 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized Appreciation (Depreciation) |  |  |  |  |  | &nbsp;&nbsp;$36769 | &nbsp;&nbsp;$— |

---

---

| |
|:---|
| CHF—Swiss Franc |
| EUR—Euro Currency |
| GBP—British Pound |
| USD—United States Dollar |

---

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$321906544 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$321906544 |
| Unaffiliated Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58442 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560968 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2630000 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630000 |
| **Total Investments at Value** | &nbsp;&nbsp;$322525954 | &nbsp;&nbsp;$2630000 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$325155954 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$3438 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3438 |
| Forward Foreign Currency Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36769 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36769 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$3438 | &nbsp;&nbsp;$36769 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$40207 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.4%** | **COMMON STOCKS — 98.4%** | **COMMON STOCKS — 98.4%** |
| **Advertising — 0.4%** | **Advertising — 0.4%** | **Advertising — 0.4%** |
| &nbsp;&nbsp;&nbsp;Trade Desk, Inc., Class A† | 14450 | &nbsp;&nbsp;$708195 |
| **Aerospace/Defense — 5.1%** | **Aerospace/Defense — 5.1%** | **Aerospace/Defense — 5.1%** |
| &nbsp;&nbsp;&nbsp;Firefly Aerospace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp; 21081 |
| &nbsp;&nbsp;&nbsp;FTAI Aviation, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;7197 | &nbsp;&nbsp;&nbsp;&nbsp; 1200891 |
| &nbsp;&nbsp;&nbsp;HEICO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2932 | &nbsp;&nbsp;&nbsp;&nbsp; 946508 |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1456 | &nbsp;&nbsp;&nbsp;&nbsp; 369955 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | 24322 | &nbsp;&nbsp;&nbsp;&nbsp; 4772706 |
| &nbsp;&nbsp;&nbsp;Karman Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp; 123462 |
| &nbsp;&nbsp;&nbsp;Kratos Defense & Security Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5133 | &nbsp;&nbsp;&nbsp;&nbsp; 469002 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1894 | &nbsp;&nbsp;&nbsp;&nbsp; 85988 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2047 | &nbsp;&nbsp;&nbsp;&nbsp; 163760 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp.† | 14512 | &nbsp;&nbsp;&nbsp;&nbsp; 695270 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233 | &nbsp;&nbsp;&nbsp;&nbsp; 8994 |
| &nbsp;&nbsp;&nbsp;StandardAero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3902 | &nbsp;&nbsp;&nbsp;&nbsp; 106486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8964103 |
| **Agriculture — 0.0%** | **Agriculture — 0.0%** | **Agriculture — 0.0%** |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp; 11051 |
| **Airlines — 0.1%** | **Airlines — 0.1%** | **Airlines — 0.1%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386 | &nbsp;&nbsp;&nbsp;&nbsp; 19215 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825 | &nbsp;&nbsp;&nbsp;&nbsp; 9273 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp; 30761 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675 | &nbsp;&nbsp;&nbsp;&nbsp; 65138 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124387 |
| **Apparel — 1.9%** | **Apparel — 1.9%** | **Apparel — 1.9%** |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding PLC† | &nbsp;&nbsp;&nbsp;&nbsp;1413 | &nbsp;&nbsp;&nbsp;&nbsp; 63938 |
| &nbsp;&nbsp;&nbsp;Deckers Outdoor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;5495 | &nbsp;&nbsp;&nbsp;&nbsp; 557028 |
| &nbsp;&nbsp;&nbsp;On Holding AG, Class A† | 32288 | &nbsp;&nbsp;&nbsp;&nbsp; 1367397 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;&nbsp; 282518 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | 10282 | &nbsp;&nbsp;&nbsp;&nbsp; 1164128 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3435009 |
| **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** | **Auto Parts & Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp; 22408 |
| **Banks — 0.2%** | **Banks — 0.2%** | **Banks — 0.2%** |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2297 | &nbsp;&nbsp;&nbsp;&nbsp; 250281 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;108 | &nbsp;&nbsp;&nbsp;&nbsp; 10130 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;118 | &nbsp;&nbsp;&nbsp;&nbsp; 14987 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp; 37463 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312861 |
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5242 | &nbsp;&nbsp;&nbsp;&nbsp; 301363 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;139 | &nbsp;&nbsp;&nbsp;&nbsp; 16285 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2491 | &nbsp;&nbsp;&nbsp;&nbsp; 55051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372699 |
| **Biotechnology — 3.1%** | **Biotechnology — 3.1%** | **Biotechnology — 3.1%** |
| &nbsp;&nbsp;&nbsp;Alnylam Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4688 | &nbsp;&nbsp;&nbsp;&nbsp; 2137728 |
| &nbsp;&nbsp;&nbsp;Apellis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2089 | &nbsp;&nbsp;&nbsp;&nbsp; 47274 |
| &nbsp;&nbsp;&nbsp;Argenx SE ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp; 733135 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 53373 |
| &nbsp;&nbsp;&nbsp;BeOne Medicines, Ltd. ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203 | &nbsp;&nbsp;&nbsp;&nbsp; 69162 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4146 | &nbsp;&nbsp;&nbsp;&nbsp; 171230 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2367 | &nbsp;&nbsp;&nbsp;&nbsp; 173596 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 67424 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5732 | &nbsp;&nbsp;&nbsp;&nbsp; 825465 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;7249 | &nbsp;&nbsp;&nbsp;&nbsp; 474230 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 49726 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1200 | &nbsp;&nbsp;&nbsp;&nbsp; 56040 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp; 27749 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Structure Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2569 | &nbsp;&nbsp;$71932 |
| &nbsp;&nbsp;&nbsp;Summit Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4372 | &nbsp;&nbsp;&nbsp;&nbsp; 90326 |
| &nbsp;&nbsp;&nbsp;Ultragenyx Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3317 | &nbsp;&nbsp;&nbsp;&nbsp; 99775 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963 | &nbsp;&nbsp;&nbsp;&nbsp; 403699 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;176 | &nbsp;&nbsp;&nbsp;&nbsp; 4625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5556489 |
| **Building Materials — 0.6%** | **Building Materials — 0.6%** | **Building Materials — 0.6%** |
| &nbsp;&nbsp;&nbsp;AAON, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp; 121098 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;244 | &nbsp;&nbsp;&nbsp;&nbsp; 47826 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96 | &nbsp;&nbsp;&nbsp;&nbsp; 31580 |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 9555 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC† | &nbsp;&nbsp;&nbsp;&nbsp;1767 | &nbsp;&nbsp;&nbsp;&nbsp; 33944 |
| &nbsp;&nbsp;&nbsp;Lennox International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp; 680228 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615 | &nbsp;&nbsp;&nbsp;&nbsp; 54637 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp; 11387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990255 |
| **Chemicals — 0.0%** | **Chemicals — 0.0%** | **Chemicals — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583 | &nbsp;&nbsp;&nbsp;&nbsp; 54715 |
| **Commercial Services — 4.8%** | **Commercial Services — 4.8%** | **Commercial Services — 4.8%** |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5292 | &nbsp;&nbsp;&nbsp;&nbsp; 386739 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1723 | &nbsp;&nbsp;&nbsp;&nbsp; 59220 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117 | &nbsp;&nbsp;&nbsp;&nbsp; 18787 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8549 | &nbsp;&nbsp;&nbsp;&nbsp; 617836 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;4719 | &nbsp;&nbsp;&nbsp;&nbsp; 471664 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 113999 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2652 | &nbsp;&nbsp;&nbsp;&nbsp; 763935 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836 | &nbsp;&nbsp;&nbsp;&nbsp; 214459 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp; 32269 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1275 | &nbsp;&nbsp;&nbsp;&nbsp; 67435 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 22504 |
| &nbsp;&nbsp;&nbsp;Klarna Group PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 21990 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304 | &nbsp;&nbsp;&nbsp;&nbsp; 70531 |
| &nbsp;&nbsp;&nbsp;NIQ Global Intelligence PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461 | &nbsp;&nbsp;&nbsp;&nbsp; 7238 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1871 | &nbsp;&nbsp;&nbsp;&nbsp; 297994 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7211 | &nbsp;&nbsp;&nbsp;&nbsp; 2988383 |
| &nbsp;&nbsp;&nbsp;Rollins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6377 | &nbsp;&nbsp;&nbsp;&nbsp; 374585 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682 | &nbsp;&nbsp;&nbsp;&nbsp; 56756 |
| &nbsp;&nbsp;&nbsp;Shift4 Payments, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2211 | &nbsp;&nbsp;&nbsp;&nbsp; 171131 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;375 | &nbsp;&nbsp;&nbsp;&nbsp; 55853 |
| &nbsp;&nbsp;&nbsp;Toast, Inc., Class A† | 16899 | &nbsp;&nbsp;&nbsp;&nbsp; 616983 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; 3538 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728 | &nbsp;&nbsp;&nbsp;&nbsp; 37055 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5256 | &nbsp;&nbsp;&nbsp;&nbsp; 188743 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3220 | &nbsp;&nbsp;&nbsp;&nbsp; 809862 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 49400 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56 | &nbsp;&nbsp;&nbsp;&nbsp; 8822 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp; 19083 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8546794 |
| **Computer Data Security — 0.0%** | **Computer Data Security — 0.0%** | **Computer Data Security — 0.0%** |
| &nbsp;&nbsp;&nbsp;Snyk, Ltd.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;4274 | &nbsp;&nbsp;&nbsp;&nbsp; 33850 |
| **Computer Graphics — 0.0%** | **Computer Graphics — 0.0%** | **Computer Graphics — 0.0%** |
| &nbsp;&nbsp;&nbsp;Canva, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 60396 |
| **Computers — 2.3%** | **Computers — 2.3%** | **Computers — 2.3%** |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121 | &nbsp;&nbsp;&nbsp;&nbsp; 60352 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4275 | &nbsp;&nbsp;&nbsp;&nbsp; 188228 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2214 | &nbsp;&nbsp;&nbsp;&nbsp; 581994 |
| &nbsp;&nbsp;&nbsp;Globant SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;86 | &nbsp;&nbsp;&nbsp;&nbsp; 4935 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;195 | &nbsp;&nbsp;&nbsp;&nbsp; 9221 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp; 9189 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94 | &nbsp;&nbsp;$15295 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1534 | &nbsp;&nbsp;&nbsp;&nbsp; 181718 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3344 | &nbsp;&nbsp;&nbsp;&nbsp; 306645 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;796 | &nbsp;&nbsp;&nbsp;&nbsp; 66004 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | 10198 | &nbsp;&nbsp;&nbsp;&nbsp; 854694 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2568 | &nbsp;&nbsp;&nbsp;&nbsp; 211218 |
| &nbsp;&nbsp;&nbsp;SailPoint, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3784 | &nbsp;&nbsp;&nbsp;&nbsp; 83551 |
| &nbsp;&nbsp;&nbsp;Seagate Technology Holdings PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 94188 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4553 | &nbsp;&nbsp;&nbsp;&nbsp; 218271 |
| &nbsp;&nbsp;&nbsp;Zscaler, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3818 | &nbsp;&nbsp;&nbsp;&nbsp; 1144102 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4029605 |
| **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** | **Cosmetics/Personal Care — 0.0%** |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp; 75381 |
| **Distribution/Wholesale — 1.8%** | **Distribution/Wholesale — 1.8%** | **Distribution/Wholesale — 1.8%** |
| &nbsp;&nbsp;&nbsp;Copart, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1091 | &nbsp;&nbsp;&nbsp;&nbsp; 49062 |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;3421 | &nbsp;&nbsp;&nbsp;&nbsp; 184152 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | 37539 | &nbsp;&nbsp;&nbsp;&nbsp; 1840912 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;128 | &nbsp;&nbsp;&nbsp;&nbsp; 39689 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224 | &nbsp;&nbsp;&nbsp;&nbsp; 24273 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282 | &nbsp;&nbsp;&nbsp;&nbsp; 36322 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1051 | &nbsp;&nbsp;&nbsp;&nbsp; 1001561 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3175971 |
| **Diversified Financial Services — 5.1%** | **Diversified Financial Services — 5.1%** | **Diversified Financial Services — 5.1%** |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648 | &nbsp;&nbsp;&nbsp;&nbsp; 25402 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3463 | &nbsp;&nbsp;&nbsp;&nbsp; 1701199 |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;7386 | &nbsp;&nbsp;&nbsp;&nbsp; 1180948 |
| &nbsp;&nbsp;&nbsp;Blue Owl Capital, Inc. | 22059 | &nbsp;&nbsp;&nbsp;&nbsp; 373459 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;&nbsp; 69339 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905 | &nbsp;&nbsp;&nbsp;&nbsp; 305429 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp; 4202 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2832 | &nbsp;&nbsp;&nbsp;&nbsp; 955290 |
| &nbsp;&nbsp;&nbsp;Freedom Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287 | &nbsp;&nbsp;&nbsp;&nbsp; 49401 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp; 66991 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp; 82539 |
| &nbsp;&nbsp;&nbsp;Interactive Brokers Group, Inc., Class A | 20096 | &nbsp;&nbsp;&nbsp;&nbsp; 1382806 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 46775 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp; 18315 |
| &nbsp;&nbsp;&nbsp;LPL Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3244 | &nbsp;&nbsp;&nbsp;&nbsp; 1079246 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;570 | &nbsp;&nbsp;&nbsp;&nbsp; 15778 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3028 | &nbsp;&nbsp;&nbsp;&nbsp; 80000 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp; 68771 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579 | &nbsp;&nbsp;&nbsp;&nbsp; 65699 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3456 | &nbsp;&nbsp;&nbsp;&nbsp; 198547 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | 11138 | &nbsp;&nbsp;&nbsp;&nbsp; 1236095 |
| &nbsp;&nbsp;&nbsp;UWM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp; 2174 |
| &nbsp;&nbsp;&nbsp;XP, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp; 13585 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9021990 |
| **Electric — 2.9%** | **Electric — 2.9%** | **Electric — 2.9%** |
| &nbsp;&nbsp;&nbsp;NRG Energy, Inc. | 14318 | &nbsp;&nbsp;&nbsp;&nbsp; 2318800 |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491 | &nbsp;&nbsp;&nbsp;&nbsp; 208861 |
| &nbsp;&nbsp;&nbsp;Vistra Corp. | 13291 | &nbsp;&nbsp;&nbsp;&nbsp; 2603973 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5131634 |
| **Electronics — 2.8%** | **Electronics — 2.8%** | **Electronics — 2.8%** |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp; 39466 |
| &nbsp;&nbsp;&nbsp;Celestica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;8157 | &nbsp;&nbsp;&nbsp;&nbsp; 2009722 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 77128 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | 20124 | &nbsp;&nbsp;&nbsp;&nbsp; 1166588 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp; 89074 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electronics (continued)** | **Electronics (continued)** | **Electronics (continued)** |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1337 | &nbsp;&nbsp;$290356 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 63496 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46 | &nbsp;&nbsp;&nbsp;&nbsp; 56470 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1696 | &nbsp;&nbsp;&nbsp;&nbsp; 277720 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp; 71567 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;9999 | &nbsp;&nbsp;&nbsp;&nbsp; 816418 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4958005 |
| **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2489 | &nbsp;&nbsp;&nbsp;&nbsp; 88086 |
| **Engineering & Construction — 0.9%** | **Engineering & Construction — 0.9%** | **Engineering & Construction — 0.9%** |
| &nbsp;&nbsp;&nbsp;Comfort Systems USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp; 1211364 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp; 192264 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp; 53628 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171 | &nbsp;&nbsp;&nbsp;&nbsp; 66837 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524093 |
| **Enterprise Software / Services — 0.0%** | **Enterprise Software / Services — 0.0%** | **Enterprise Software / Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Socure, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;&nbsp;&nbsp; 5060 |
| **Entertainment — 4.1%** | **Entertainment — 4.1%** | **Entertainment — 4.1%** |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1577 | &nbsp;&nbsp;&nbsp;&nbsp; 152985 |
| &nbsp;&nbsp;&nbsp;DraftKings, Inc., Class A† | 55265 | &nbsp;&nbsp;&nbsp;&nbsp; 2066911 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC† | &nbsp;&nbsp;&nbsp;&nbsp;8375 | &nbsp;&nbsp;&nbsp;&nbsp; 2127250 |
| &nbsp;&nbsp;&nbsp;Light & Wonder, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp; 135060 |
| &nbsp;&nbsp;&nbsp;Live Nation Entertainment, Inc.† | 14541 | &nbsp;&nbsp;&nbsp;&nbsp; 2375999 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1618 | &nbsp;&nbsp;&nbsp;&nbsp; 326771 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569 | &nbsp;&nbsp;&nbsp;&nbsp; 85105 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7270081 |
| **Environmental Control — 0.8%** | **Environmental Control — 0.8%** | **Environmental Control — 0.8%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3688 | &nbsp;&nbsp;&nbsp;&nbsp; 856427 |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp; 51455 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2468 | &nbsp;&nbsp;&nbsp;&nbsp; 82382 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3492 | &nbsp;&nbsp;&nbsp;&nbsp; 372282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1362546 |
| **Food — 1.1%** | **Food — 1.1%** | **Food — 1.1%** |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 63597 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;1084 | &nbsp;&nbsp;&nbsp;&nbsp; 112779 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3695 | &nbsp;&nbsp;&nbsp;&nbsp; 402016 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5034 | &nbsp;&nbsp;&nbsp;&nbsp; 414500 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | 11967 | &nbsp;&nbsp;&nbsp;&nbsp; 916911 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909803 |
| **Gas — 0.3%** | **Gas — 0.3%** | **Gas — 0.3%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2700 | &nbsp;&nbsp;&nbsp;&nbsp; 461025 |
| **Healthcare-Products — 4.5%** | **Healthcare-Products — 4.5%** | **Healthcare-Products — 4.5%** |
| &nbsp;&nbsp;&nbsp;Caris Life Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp; 37389 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.† | 18400 | &nbsp;&nbsp;&nbsp;&nbsp; 1006664 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;6201 | &nbsp;&nbsp;&nbsp;&nbsp; 505691 |
| &nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2986 | &nbsp;&nbsp;&nbsp;&nbsp; 1907725 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558 | &nbsp;&nbsp;&nbsp;&nbsp; 41404 |
| &nbsp;&nbsp;&nbsp;Insulet Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;2477 | &nbsp;&nbsp;&nbsp;&nbsp; 764724 |
| &nbsp;&nbsp;&nbsp;Masimo Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874 | &nbsp;&nbsp;&nbsp;&nbsp; 128959 |
| &nbsp;&nbsp;&nbsp;Natera, Inc.† | 14320 | &nbsp;&nbsp;&nbsp;&nbsp; 2305090 |
| &nbsp;&nbsp;&nbsp;Penumbra, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1627 | &nbsp;&nbsp;&nbsp;&nbsp; 412152 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584 | &nbsp;&nbsp;&nbsp;&nbsp; 78063 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1411 | &nbsp;&nbsp;&nbsp;&nbsp; 386233 |
| &nbsp;&nbsp;&nbsp;Tempus AI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1587 | &nbsp;&nbsp;&nbsp;&nbsp; 128087 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp; 181985 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7884166 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** | **Healthcare-Services — 1.1%** |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2200 | &nbsp;&nbsp;$65032 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26 | &nbsp;&nbsp;&nbsp;&nbsp; 11641 |
| &nbsp;&nbsp;&nbsp;DaVita, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731 | &nbsp;&nbsp;&nbsp;&nbsp; 97128 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;1621 | &nbsp;&nbsp;&nbsp;&nbsp; 205900 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5041 | &nbsp;&nbsp;&nbsp;&nbsp; 870934 |
| &nbsp;&nbsp;&nbsp;HealthEquity, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 49754 |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;606 | &nbsp;&nbsp;&nbsp;&nbsp; 311581 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565 | &nbsp;&nbsp;&nbsp;&nbsp; 108118 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp; 81378 |
| &nbsp;&nbsp;&nbsp;Sotera Health Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305 | &nbsp;&nbsp;&nbsp;&nbsp; 4798 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;510 | &nbsp;&nbsp;&nbsp;&nbsp; 103550 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1909814 |
| **Home Furnishings — 0.5%** | **Home Furnishings — 0.5%** | **Home Furnishings — 0.5%** |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1467 | &nbsp;&nbsp;&nbsp;&nbsp; 151321 |
| &nbsp;&nbsp;&nbsp;Somnigroup International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8341 | &nbsp;&nbsp;&nbsp;&nbsp; 703397 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;854718 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp; 63751 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp; 187767 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113 | &nbsp;&nbsp;&nbsp;&nbsp; 39576 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665 | &nbsp;&nbsp;&nbsp;&nbsp; 120784 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429 | &nbsp;&nbsp;&nbsp;&nbsp; 57224 |
| &nbsp;&nbsp;&nbsp;Kinsale Capital Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp; 243249 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp; 93657 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp; 5805 |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3339 | &nbsp;&nbsp;&nbsp;&nbsp; 188186 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999999 |
| **Internet — 5.5%** | **Internet — 5.5%** | **Internet — 5.5%** |
| &nbsp;&nbsp;&nbsp;AppLovin Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1178 | &nbsp;&nbsp;&nbsp;&nbsp; 846440 |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp; 101302 |
| &nbsp;&nbsp;&nbsp;Chewy, Inc., Class A† | 31401 | &nbsp;&nbsp;&nbsp;&nbsp; 1270170 |
| &nbsp;&nbsp;&nbsp;Coupang, Inc.† | 43279 | &nbsp;&nbsp;&nbsp;&nbsp; 1393584 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1250 | &nbsp;&nbsp;&nbsp;&nbsp; 113688 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1095 | &nbsp;&nbsp;&nbsp;&nbsp; 72697 |
| &nbsp;&nbsp;&nbsp;Expedia Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4647 | &nbsp;&nbsp;&nbsp;&nbsp; 993296 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1136 | &nbsp;&nbsp;&nbsp;&nbsp; 32251 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;5757 | &nbsp;&nbsp;&nbsp;&nbsp; 787730 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4937 | &nbsp;&nbsp;&nbsp;&nbsp; 108663 |
| &nbsp;&nbsp;&nbsp;MakeMyTrip, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 56160 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | 13083 | &nbsp;&nbsp;&nbsp;&nbsp; 420880 |
| &nbsp;&nbsp;&nbsp;Reddit, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;9118 | &nbsp;&nbsp;&nbsp;&nbsp; 2097049 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4064 | &nbsp;&nbsp;&nbsp;&nbsp; 581884 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp; 33143 |
| &nbsp;&nbsp;&nbsp;Trump Media & Technology Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1692 | &nbsp;&nbsp;&nbsp;&nbsp; 27783 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp; 29747 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;9833 | &nbsp;&nbsp;&nbsp;&nbsp; 757633 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9724100 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389 | &nbsp;&nbsp;&nbsp;&nbsp; 95515 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp; 127160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222675 |
| **Leisure Time — 4.6%** | **Leisure Time — 4.6%** | **Leisure Time — 4.6%** |
| &nbsp;&nbsp;&nbsp;Amer Sports, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1600 | &nbsp;&nbsp;&nbsp;&nbsp; 55600 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.† | 42249 | &nbsp;&nbsp;&nbsp;&nbsp; 1221419 |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | 27568 | &nbsp;&nbsp;&nbsp;&nbsp; 760877 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;7751 | &nbsp;&nbsp;&nbsp;&nbsp; 190907 |
| &nbsp;&nbsp;&nbsp;Planet Fitness, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4473 | &nbsp;&nbsp;&nbsp;&nbsp; 464297 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| &nbsp;&nbsp;&nbsp;Royal Caribbean Cruises, Ltd. | 15057 | &nbsp;&nbsp;$4872144 |
| &nbsp;&nbsp;&nbsp;Viking Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;9651 | &nbsp;&nbsp;&nbsp;&nbsp; 599906 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8165150 |
| **Lodging — 2.6%** | **Lodging — 2.6%** | **Lodging — 2.6%** |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;163 | &nbsp;&nbsp;&nbsp;&nbsp; 17426 |
| &nbsp;&nbsp;&nbsp;Hilton Worldwide Holdings, Inc. | 10022 | &nbsp;&nbsp;&nbsp;&nbsp; 2600108 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 56772 |
| &nbsp;&nbsp;&nbsp;Las Vegas Sands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;9261 | &nbsp;&nbsp;&nbsp;&nbsp; 498149 |
| &nbsp;&nbsp;&nbsp;Marriott International, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;4636 | &nbsp;&nbsp;&nbsp;&nbsp; 1207400 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 22606 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1303 | &nbsp;&nbsp;&nbsp;&nbsp; 104110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4506571 |
| **Machinery-Construction & Mining — 2.3%** | **Machinery-Construction & Mining — 2.3%** | **Machinery-Construction & Mining — 2.3%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;689 | &nbsp;&nbsp;&nbsp;&nbsp; 127031 |
| &nbsp;&nbsp;&nbsp;Vertiv Holdings Co., Class A | 26178 | &nbsp;&nbsp;&nbsp;&nbsp; 3949213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4076244 |
| **Machinery-Diversified — 0.6%** | **Machinery-Diversified — 0.6%** | **Machinery-Diversified — 0.6%** |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 15943 | &nbsp;&nbsp;&nbsp;&nbsp; 722218 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458 | &nbsp;&nbsp;&nbsp;&nbsp; 51177 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp; 125132 |
| &nbsp;&nbsp;&nbsp;Symbotic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1688 | &nbsp;&nbsp;&nbsp;&nbsp; 90983 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264 | &nbsp;&nbsp;&nbsp;&nbsp; 52924 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042434 |
| **Media — 1.2%** | **Media — 1.2%** | **Media — 1.2%** |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49 | &nbsp;&nbsp;&nbsp;&nbsp; 14038 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | &nbsp;&nbsp;&nbsp;&nbsp; 4370 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp; 28339 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | &nbsp;&nbsp;&nbsp;&nbsp; 13521 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | 19666 | &nbsp;&nbsp;&nbsp;&nbsp; 2054113 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35 | &nbsp;&nbsp;&nbsp;&nbsp; 6921 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2121302 |
| **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp; 136211 |
| **Mining — 0.4%** | **Mining — 0.4%** | **Mining — 0.4%** |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC† | &nbsp;&nbsp;&nbsp;&nbsp;2087 | &nbsp;&nbsp;&nbsp;&nbsp; 146779 |
| &nbsp;&nbsp;&nbsp;Cameco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;3441 | &nbsp;&nbsp;&nbsp;&nbsp; 288562 |
| &nbsp;&nbsp;&nbsp;Kinross Gold Corp. | &nbsp;&nbsp;&nbsp;&nbsp;2550 | &nbsp;&nbsp;&nbsp;&nbsp; 63368 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;1214 | &nbsp;&nbsp;&nbsp;&nbsp; 81423 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;5053 | &nbsp;&nbsp;&nbsp;&nbsp; 67407 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;647539 |
| **Miscellaneous Manufacturing — 1.8%** | **Miscellaneous Manufacturing — 1.8%** | **Miscellaneous Manufacturing — 1.8%** |
| &nbsp;&nbsp;&nbsp;Axon Enterprise, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4401 | &nbsp;&nbsp;&nbsp;&nbsp; 3158334 |
| &nbsp;&nbsp;&nbsp;Fabrinet† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 58339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3216673 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 83205 |
| **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** | **Oil & Gas — 0.8%** |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 10620 | &nbsp;&nbsp;&nbsp;&nbsp; 251163 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2370 | &nbsp;&nbsp;&nbsp;&nbsp; 339147 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;899 | &nbsp;&nbsp;&nbsp;&nbsp; 48933 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp; 47064 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp; 16958 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;1143 | &nbsp;&nbsp;&nbsp;&nbsp; 51355 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 52494 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;5622 | &nbsp;&nbsp;&nbsp;&nbsp; 71962 |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568 | &nbsp;&nbsp;&nbsp;&nbsp; 77259 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Texas Pacific Land Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;$347314 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;2188 | &nbsp;&nbsp;&nbsp;&nbsp; 83625 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1387274 |
| **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** | **Oil & Gas Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;1968 | &nbsp;&nbsp;&nbsp;&nbsp; 77638 |
| **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** | **Pharmaceuticals — 2.8%** |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;1750 | &nbsp;&nbsp;&nbsp;&nbsp; 52500 |
| &nbsp;&nbsp;&nbsp;Ascendis Pharma A/S ADR† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 64613 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5246 | &nbsp;&nbsp;&nbsp;&nbsp; 823412 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;7347 | &nbsp;&nbsp;&nbsp;&nbsp; 2296158 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2574 | &nbsp;&nbsp;&nbsp;&nbsp; 213925 |
| &nbsp;&nbsp;&nbsp;Dexcom, Inc.† | 14504 | &nbsp;&nbsp;&nbsp;&nbsp; 975974 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3389 | &nbsp;&nbsp;&nbsp;&nbsp; 475748 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1684 | &nbsp;&nbsp;&nbsp;&nbsp; 46748 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 39622 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4988700 |
| **Pipelines — 1.9%** | **Pipelines — 1.9%** | **Pipelines — 1.9%** |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp;&nbsp;&nbsp; 832299 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | 15269 | &nbsp;&nbsp;&nbsp;&nbsp; 2558168 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3390467 |
| **Private Equity — 0.4%** | **Private Equity — 0.4%** | **Private Equity — 0.4%** |
| &nbsp;&nbsp;&nbsp;KKR & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;6014 | &nbsp;&nbsp;&nbsp;&nbsp; 781519 |
| **Real Estate — 0.3%** | **Real Estate — 0.3%** | **Real Estate — 0.3%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp; 202465 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3030 | &nbsp;&nbsp;&nbsp;&nbsp; 255641 |
| &nbsp;&nbsp;&nbsp;FirstService Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;372 | &nbsp;&nbsp;&nbsp;&nbsp; 70862 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp; 73675 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602643 |
| **REITS — 0.6%** | **REITS — 0.6%** | **REITS — 0.6%** |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp; 51899 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 81042 |
| &nbsp;&nbsp;&nbsp;Lamar Advertising Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;3407 | &nbsp;&nbsp;&nbsp;&nbsp; 417085 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2461 | &nbsp;&nbsp;&nbsp;&nbsp; 461856 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;469 | &nbsp;&nbsp;&nbsp;&nbsp; 60501 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp; 13749 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086132 |
| **Retail — 6.1%** | **Retail — 6.1%** | **Retail — 6.1%** |
| &nbsp;&nbsp;&nbsp;AutoZone, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp; 64354 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2327 | &nbsp;&nbsp;&nbsp;&nbsp; 216993 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2761 | &nbsp;&nbsp;&nbsp;&nbsp; 702674 |
| &nbsp;&nbsp;&nbsp;Carvana Co.† | &nbsp;&nbsp;&nbsp;&nbsp;5282 | &nbsp;&nbsp;&nbsp;&nbsp; 1992582 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371 | &nbsp;&nbsp;&nbsp;&nbsp; 209734 |
| &nbsp;&nbsp;&nbsp;Cava Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6604 | &nbsp;&nbsp;&nbsp;&nbsp; 398948 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4212 | &nbsp;&nbsp;&nbsp;&nbsp; 801796 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2567 | &nbsp;&nbsp;&nbsp;&nbsp; 570439 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;321 | &nbsp;&nbsp;&nbsp;&nbsp; 138579 |
| &nbsp;&nbsp;&nbsp;Dutch Bros, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4261 | &nbsp;&nbsp;&nbsp;&nbsp; 223021 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp; 111392 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3909 | &nbsp;&nbsp;&nbsp;&nbsp; 604722 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp; 48052 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp; 42104 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 18012 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1170 | &nbsp;&nbsp;&nbsp;&nbsp; 208178 |
| &nbsp;&nbsp;&nbsp;Murphy USA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp; 135503 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5735 | &nbsp;&nbsp;&nbsp;&nbsp; 736374 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;4006 | &nbsp;&nbsp;&nbsp;&nbsp; 256945 |
| &nbsp;&nbsp;&nbsp;RH† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;242 | &nbsp;&nbsp;&nbsp;&nbsp; 49165 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3014 | &nbsp;&nbsp;$459303 |
| &nbsp;&nbsp;&nbsp;Texas Roadhouse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2801 | &nbsp;&nbsp;&nbsp;&nbsp; 465386 |
| &nbsp;&nbsp;&nbsp;Tractor Supply Co. | 18942 | &nbsp;&nbsp;&nbsp;&nbsp; 1077231 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 327503 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;1399 | &nbsp;&nbsp;&nbsp;&nbsp; 12815 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;741 | &nbsp;&nbsp;&nbsp;&nbsp; 144828 |
| &nbsp;&nbsp;&nbsp;Wingstop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1366 | &nbsp;&nbsp;&nbsp;&nbsp; 343795 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3218 | &nbsp;&nbsp;&nbsp;&nbsp; 489136 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10849564 |
| **Semiconductors — 2.0%** | **Semiconductors — 2.0%** | **Semiconductors — 2.0%** |
| &nbsp;&nbsp;&nbsp;Astera Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;5189 | &nbsp;&nbsp;&nbsp;&nbsp; 1016006 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp; 43271 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 72300 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;4116 | &nbsp;&nbsp;&nbsp;&nbsp; 301785 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;&nbsp; 85151 |
| &nbsp;&nbsp;&nbsp;Monolithic Power Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1786 | &nbsp;&nbsp;&nbsp;&nbsp; 1644263 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 | &nbsp;&nbsp;&nbsp;&nbsp; 90842 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1240 | &nbsp;&nbsp;&nbsp;&nbsp; 129208 |
| &nbsp;&nbsp;&nbsp;Tower Semiconductor, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;1213 | &nbsp;&nbsp;&nbsp;&nbsp; 87700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3470526 |
| **Software — 17.6%** | **Software — 17.6%** | **Software — 17.6%** |
| &nbsp;&nbsp;&nbsp;Appfolio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880 | &nbsp;&nbsp;&nbsp;&nbsp; 242581 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 55592 |
| &nbsp;&nbsp;&nbsp;Bentley Systems, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;3042 | &nbsp;&nbsp;&nbsp;&nbsp; 156602 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3998 | &nbsp;&nbsp;&nbsp;&nbsp; 952204 |
| &nbsp;&nbsp;&nbsp;Chime Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;846 | &nbsp;&nbsp;&nbsp;&nbsp; 17064 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;6015 | &nbsp;&nbsp;&nbsp;&nbsp; 108390 |
| &nbsp;&nbsp;&nbsp;Cloudflare, Inc., Class A† | 20131 | &nbsp;&nbsp;&nbsp;&nbsp; 4319911 |
| &nbsp;&nbsp;&nbsp;Confluent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;5321 | &nbsp;&nbsp;&nbsp;&nbsp; 105356 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;2067 | &nbsp;&nbsp;&nbsp;&nbsp; 310050 |
| &nbsp;&nbsp;&nbsp;Datadog, Inc., Class A† | 12227 | &nbsp;&nbsp;&nbsp;&nbsp; 1741125 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283 | &nbsp;&nbsp;&nbsp;&nbsp; 19496 |
| &nbsp;&nbsp;&nbsp;Descartes Systems Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;525 | &nbsp;&nbsp;&nbsp;&nbsp; 49471 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | 20908 | &nbsp;&nbsp;&nbsp;&nbsp; 1507258 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1296 | &nbsp;&nbsp;&nbsp;&nbsp; 15526 |
| &nbsp;&nbsp;&nbsp;Doximity, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;2597 | &nbsp;&nbsp;&nbsp;&nbsp; 189971 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;956 | &nbsp;&nbsp;&nbsp;&nbsp; 28881 |
| &nbsp;&nbsp;&nbsp;Duolingo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1595 | &nbsp;&nbsp;&nbsp;&nbsp; 513335 |
| &nbsp;&nbsp;&nbsp;Dynatrace, Inc.† | 10830 | &nbsp;&nbsp;&nbsp;&nbsp; 524714 |
| &nbsp;&nbsp;&nbsp;Elastic NV† | &nbsp;&nbsp;&nbsp;&nbsp;3445 | &nbsp;&nbsp;&nbsp;&nbsp; 291068 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;748 | &nbsp;&nbsp;&nbsp;&nbsp; 1119404 |
| &nbsp;&nbsp;&nbsp;Figma, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;8014 | &nbsp;&nbsp;&nbsp;&nbsp; 415686 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;7080 | &nbsp;&nbsp;&nbsp;&nbsp; 319166 |
| &nbsp;&nbsp;&nbsp;Guidewire Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;6449 | &nbsp;&nbsp;&nbsp;&nbsp; 1482367 |
| &nbsp;&nbsp;&nbsp;HubSpot, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3347 | &nbsp;&nbsp;&nbsp;&nbsp; 1565727 |
| &nbsp;&nbsp;&nbsp;Magic Leap, Inc., Class A†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| &nbsp;&nbsp;&nbsp;Manhattan Associates, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;2406 | &nbsp;&nbsp;&nbsp;&nbsp; 493182 |
| &nbsp;&nbsp;&nbsp;Monday.com, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300 | &nbsp;&nbsp;&nbsp;&nbsp; 58107 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;504 | &nbsp;&nbsp;&nbsp;&nbsp; 156432 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;1510 | &nbsp;&nbsp;&nbsp;&nbsp; 856789 |
| &nbsp;&nbsp;&nbsp;nCino, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;306 | &nbsp;&nbsp;&nbsp;&nbsp; 8296 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;3121 | &nbsp;&nbsp;&nbsp;&nbsp; 232171 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;2916 | &nbsp;&nbsp;&nbsp;&nbsp; 369632 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;3377 | &nbsp;&nbsp;&nbsp;&nbsp; 702889 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544 | &nbsp;&nbsp;&nbsp;&nbsp; 31280 |
| &nbsp;&nbsp;&nbsp;Procore Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3027 | &nbsp;&nbsp;&nbsp;&nbsp; 220729 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923 | &nbsp;&nbsp;&nbsp;&nbsp; 187387 |
| &nbsp;&nbsp;&nbsp;RingCentral, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;1534 | &nbsp;&nbsp;&nbsp;&nbsp; 43474 |
| &nbsp;&nbsp;&nbsp;ROBLOX Corp., Class A† | 36220 | &nbsp;&nbsp;&nbsp;&nbsp; 5017194 |
| &nbsp;&nbsp;&nbsp;Samsara, Inc., Class A† | 31792 | &nbsp;&nbsp;&nbsp;&nbsp; 1184252 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;4118 | &nbsp;&nbsp;&nbsp;&nbsp; 72518 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;ServiceTitan, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;5533 | &nbsp;&nbsp;$557892 |
| &nbsp;&nbsp;&nbsp;Snowflake, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;3186 | &nbsp;&nbsp;&nbsp;&nbsp; 718602 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1906 | &nbsp;&nbsp;&nbsp;&nbsp; 492434 |
| &nbsp;&nbsp;&nbsp;Tanium<br> Class B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;1910 | &nbsp;&nbsp;&nbsp;&nbsp; 10180 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp; 9529 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868 | &nbsp;&nbsp;&nbsp;&nbsp; 86878 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1443 | &nbsp;&nbsp;&nbsp;&nbsp; 754920 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1960 | &nbsp;&nbsp;&nbsp;&nbsp; 78478 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;8798 | &nbsp;&nbsp;&nbsp;&nbsp; 2621012 |
| &nbsp;&nbsp;&nbsp;Via Transportation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 52888 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;31068094 |
| **Telecommunications — 0.8%** | **Telecommunications — 0.8%** | **Telecommunications — 0.8%** |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;4975 | &nbsp;&nbsp;&nbsp;&nbsp; 244173 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;8251 | &nbsp;&nbsp;&nbsp;&nbsp; 676830 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;1151 | &nbsp;&nbsp;&nbsp;&nbsp; 167597 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13 | &nbsp;&nbsp;&nbsp;&nbsp; 488 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp; 3541 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;683 | &nbsp;&nbsp;&nbsp;&nbsp; 235792 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;&nbsp;&nbsp; 2270 |
| &nbsp;&nbsp;&nbsp;Ubiquiti, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 52846 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1383537 |
| **Transportation — 0.6%** | **Transportation — 0.6%** | **Transportation — 0.6%** |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;5873 | &nbsp;&nbsp;&nbsp;&nbsp; 777585 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;738 | &nbsp;&nbsp;&nbsp;&nbsp; 103896 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp; 135216 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1016697 |
| **Total Common Stocks<br> (cost $141,864,324)** |  | &nbsp;&nbsp;&nbsp;&nbsp;173900084 |
| **CONVERTIBLE PREFERRED STOCKS — 0.7%** | **CONVERTIBLE PREFERRED STOCKS — 0.7%** | **CONVERTIBLE PREFERRED STOCKS — 0.7%** |
| **Computer Data Security — 0.0%** | **Computer Data Security — 0.0%** | **Computer Data Security — 0.0%** |
| &nbsp;&nbsp;&nbsp;Snyk, Ltd.<br> Series F†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;7164 | &nbsp;&nbsp;&nbsp;&nbsp; 56739 |
| **Computer Graphics — 0.0%** | **Computer Graphics — 0.0%** | **Computer Graphics — 0.0%** |
| &nbsp;&nbsp;&nbsp;Canva, Inc.<br> Series A †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp; 2946 |
| **E-Commerce/Services — 0.0%** | **E-Commerce/Services — 0.0%** | **E-Commerce/Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Rappi, Inc.<br> Series E †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;1959 | &nbsp;&nbsp;&nbsp;&nbsp; 63877 |
| **Enterprise Software / Services — 0.0%** | **Enterprise Software / Services — 0.0%** | **Enterprise Software / Services — 0.0%** |
| &nbsp;&nbsp;&nbsp;Socure, Inc.<br> Series A †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;1118 | &nbsp;&nbsp;&nbsp;&nbsp; 6149 |
| &nbsp;&nbsp;&nbsp;Socure, Inc.<br> Series A1†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;&nbsp;&nbsp; 5049 |
| &nbsp;&nbsp;&nbsp;Socure, Inc.<br> Series B†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| &nbsp;&nbsp;&nbsp;Socure, Inc.<br> Series E†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp; 11698 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22990 |
| **Internet — 0.0%** | **Internet — 0.0%** | **Internet — 0.0%** |
| &nbsp;&nbsp;&nbsp;DataRobot, Inc.<br> Series G†(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;2952 | &nbsp;&nbsp;&nbsp;&nbsp; 8443 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series F †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;5040 | &nbsp;&nbsp;&nbsp;&nbsp; 756000 |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series G †(1)(2) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp; 72900 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** |  |
| &nbsp;&nbsp;&nbsp;Databricks, Inc.<br> Series H†(1)(2) | &nbsp;&nbsp; 1092 | &nbsp;&nbsp;$163800 |
| &nbsp;&nbsp;&nbsp;Tanium, Inc.<br> Series G†(1)(2) | &nbsp;&nbsp; 32619 | &nbsp;&nbsp;&nbsp;&nbsp; 173859 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166559 |
| **Total Convertible Preferred Stocks<br> (cost $713,654)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321554 |
| **Total Long-Term Investment Securities<br> (cost $142,577,978)** |  | &nbsp;&nbsp;&nbsp;&nbsp;175221638 |
| **SHORT-TERM INVESTMENTS — 0.4%** | **SHORT-TERM INVESTMENTS — 0.4%** |  |
| **Unaffiliated Investment Companies — 0.4%** | **Unaffiliated Investment Companies — 0.4%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.09%(3) | &nbsp;&nbsp;627047 | &nbsp;&nbsp;&nbsp;&nbsp; 627047 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Government Reserve Fund<br> 4.16%(3) | &nbsp;&nbsp; 102 | &nbsp;&nbsp;&nbsp;&nbsp; 102 |
| **Total Short-Term Investments<br> (cost $627,149)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627149 |
| **REPURCHASE AGREEMENTS — 0.2%** | **REPURCHASE AGREEMENTS — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Bank of America Securities LLC Joint Repurchase Agreement(4) | $60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp;Barclays Capital, Inc. Joint Repurchase Agreement(4) | &nbsp;&nbsp; 95000 | &nbsp;&nbsp;&nbsp;&nbsp; 95000 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA Joint Repurchase Agreement(4) | &nbsp;&nbsp; 85000 | &nbsp;&nbsp;&nbsp;&nbsp; 85000 |
| &nbsp;&nbsp;&nbsp;Deutsche Bank AG Joint Repurchase Agreement(4) | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| &nbsp;&nbsp;&nbsp;RBS Securities, Inc. Joint Repurchase Agreement(4) | &nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| **Total Repurchase Agreements<br> (cost $360,000)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 |
| **TOTAL INVESTMENTS<br> (cost $143,565,127)(5)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.7% | &nbsp;&nbsp;&nbsp;&nbsp;176208787 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528773 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$176737560 |

---

† Non-income producing security

(1) Securities classified as Level 3 (see Note 2).

(2) Denotes a restricted security that: (a) cannot be offered for public sale without first being registered, or being able to take advantage of an exemption from
registration, under the Securities Act of 1933, as amended (the "1933 Act"); (b) is subject to a contractual restriction on public sales; or (c) is otherwise subject to a restriction on sales by operation
of applicable law. Restricted securities are valued pursuant to Note 2. Certain restricted securities held by the Portfolio may not be sold except in exempt transactions or in a public offering registered
under the 1933 Act. The Portfolio has no right to demand registration of these securities. The risk of investing in certain restricted securities is greater than the risk of investing in the securities of widely held,
publicly traded companies. To the extent applicable, lack of a secondary market and resale restrictions may result in the inability of a Portfolio to sell a security at a fair price and may substantially delay the
sale of the security. In addition, certain restricted securities may exhibit greater price volatility than securities for which secondary markets exist. As of September 30, 2025, the Portfolio held the following
restricted securities:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** | **<u>Common Stocks</u>** |
| Canva, Inc. | 08/16/21, 11/04/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | $69887 | $60396 | $1473.07 | 0.0% |
| Databricks, Inc. | 07/24/20, 08/28/20 | &nbsp;&nbsp;2067 | &nbsp;&nbsp;33089 | &nbsp;&nbsp;&nbsp;&nbsp;310050 | &nbsp;&nbsp;&nbsp;&nbsp;150.00 | 0.2 |
| Magic Leap, Inc., Class A | 12/28/15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9 | 114566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | 0.0 |
| Snyk, Ltd. | 09/03/21 | &nbsp;&nbsp;4274 | &nbsp;&nbsp;61309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.92 | 0.0 |
| Socure, Inc. | 12/22/21 | &nbsp;&nbsp;&nbsp;&nbsp;920 | &nbsp;&nbsp;14783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50 | 0.0 |
| Tanium<br> Class B | 09/24/20 | &nbsp;&nbsp;1910 | &nbsp;&nbsp;21765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 | 0.0 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** | **<u>Convertible Preferred Stocks</u>** |
| Canva, Inc.<br> Series A | 11/04/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;$3410 | $2946 | $1473.07 | 0.0% |
| Databricks, Inc.<br> Series F | 10/22/19 | &nbsp;&nbsp;5040 | &nbsp;&nbsp;72153 | &nbsp;&nbsp;&nbsp;&nbsp;756000 | &nbsp;&nbsp;&nbsp;&nbsp;150.00 | 0.4 |
| Databricks, Inc.<br> Series G | 02/01/21 | &nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;28734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72900 | &nbsp;&nbsp;&nbsp;&nbsp;150.00 | 0.1 |
| Databricks, Inc.<br> Series H | 08/31/21 | &nbsp;&nbsp;1092 | &nbsp;&nbsp;80245 | &nbsp;&nbsp;&nbsp;&nbsp;163800 | &nbsp;&nbsp;&nbsp;&nbsp;150.00 | 0.1 |
| DataRobot, Inc.<br> Series G | 06/11/21 | &nbsp;&nbsp;2952 | &nbsp;&nbsp;80768 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86 | 0.0 |
| Rappi, Inc.<br> Series E | 09/08/20 | &nbsp;&nbsp;1959 | 117042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.61 | 0.0 |
| Snyk, Ltd.<br> Series F | 09/03/21 | &nbsp;&nbsp;7164 | 102205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.92 | 0.0 |
| Socure, Inc.<br> Series A | 12/22/21 | &nbsp;&nbsp;1118 | &nbsp;&nbsp;17965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50 | 0.0 |
| Socure, Inc.<br> Series A1 | 12/22/21 | &nbsp;&nbsp;&nbsp;&nbsp;918 | &nbsp;&nbsp;14751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50 | 0.0 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Description** | **Acquisition<br> Date** | **Shares or<br> Principal<br> Amount** | **Acquisition<br> Cost** | **Value** | **Value<br> Per Share** | **% of<br> Net Assets** |
| **<u>Convertible Preferred Stocks (continued)</u>** | **<u>Convertible Preferred Stocks (continued)</u>** | **<u>Convertible Preferred Stocks (continued)</u>** | **<u>Convertible Preferred Stocks (continued)</u>** | **<u>Convertible Preferred Stocks (continued)</u>** | **<u>Convertible Preferred Stocks (continued)</u>** | **<u>Convertible Preferred Stocks (continued)</u>** |
| Socure, Inc.<br> Series B | 12/22/21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;$273 | $94 | $5.50 | 0.0% |
| Socure, Inc.<br> Series E | 10/27/21 | &nbsp;&nbsp;2127 | &nbsp;&nbsp;34178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.50 | 0.0 |
| Tanium, Inc.<br> Series G | 08/26/15 | 32619 | 161930 | &nbsp;&nbsp;&nbsp;&nbsp;173859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 | 0.1 |
|  |  |  |  | $1741094 |  | 0.9%\*\* |

---

\*\* Amount represents the total value of the restricted securities divided by the net assets of the Portfolio and may not equal the sum of the individual percentages shown due to rounding.

(3) The rate shown is the 7-day yield as of September 30, 2025.

(4) See Note 2 for details of Joint Repurchase Agreements.

(5) See Note 4 for cost of investments on a tax basis.

ADR—American Depositary Receipt

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| **Insurance** |  |  |  |  |  |  |  |  |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp; 497 | &nbsp;&nbsp;4.29% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;$26495 | &nbsp;&nbsp;$(1257) | &nbsp;&nbsp;$(1257) |
| HSBC Holdings | &nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;5317 | &nbsp;&nbsp;4.49 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp;282971 | &nbsp;&nbsp;&nbsp;(12974) | &nbsp;&nbsp;&nbsp;(12974) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$(14231) | &nbsp;&nbsp;$(14231) |

---

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 2 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$245421 | &nbsp;&nbsp;&nbsp;&nbsp;$245550 | &nbsp;&nbsp;&nbsp;&nbsp;$129 |

---

\* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Growth Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Computer Data Security | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$33850 | &nbsp;&nbsp;$33850 |
| &nbsp;&nbsp;&nbsp;Computer Graphics | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60396 |
| &nbsp;&nbsp;&nbsp;Enterprise Software / Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060 |
| &nbsp;&nbsp;&nbsp;Software | &nbsp;&nbsp;&nbsp;&nbsp;30747860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;320234 | &nbsp;&nbsp;&nbsp;&nbsp;31068094 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;142732684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;142732684 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1321554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321554 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627149 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 |
| **Total Investments at Value** | &nbsp;&nbsp;$174107693 | &nbsp;&nbsp;$360000 | &nbsp;&nbsp;$1741094 | &nbsp;&nbsp;$176208787 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;$129 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$129 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14231 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14231 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** | **COMMON STOCKS — 98.6%** |
| **Advertising — 0.3%** | **Advertising — 0.3%** | **Advertising — 0.3%** |
| &nbsp;&nbsp;&nbsp;Interpublic Group of Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2594 | &nbsp;&nbsp;$72399 |
| &nbsp;&nbsp;&nbsp;Omnicom Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6091 | &nbsp;&nbsp;&nbsp;&nbsp; 496599 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;568998 |
| **Aerospace/Defense — 1.8%** | **Aerospace/Defense — 1.8%** | **Aerospace/Defense — 1.8%** |
| &nbsp;&nbsp;&nbsp;ATI, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984 | &nbsp;&nbsp;&nbsp;&nbsp; 80038 |
| &nbsp;&nbsp;&nbsp;Curtiss-Wright Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp; 142250 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9849 | &nbsp;&nbsp;&nbsp;&nbsp; 617532 |
| &nbsp;&nbsp;&nbsp;Howmet Aerospace, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1491 | &nbsp;&nbsp;&nbsp;&nbsp; 292579 |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5693 | &nbsp;&nbsp;&nbsp;&nbsp; 1738699 |
| &nbsp;&nbsp;&nbsp;Leonardo DRS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp; 14937 |
| &nbsp;&nbsp;&nbsp;Loar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp; 1840 |
| &nbsp;&nbsp;&nbsp;Spirit AeroSystems Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 28410 |
| &nbsp;&nbsp;&nbsp;StandardAero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;29507 | &nbsp;&nbsp;&nbsp;&nbsp; 805246 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3721531 |
| **Agriculture — 0.1%** | **Agriculture — 0.1%** | **Agriculture — 0.1%** |
| &nbsp;&nbsp;&nbsp;Archer-Daniels-Midland Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3347 | &nbsp;&nbsp;&nbsp;&nbsp; 199950 |
| &nbsp;&nbsp;&nbsp;Bunge Global SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;935 | &nbsp;&nbsp;&nbsp;&nbsp; 75969 |
| &nbsp;&nbsp;&nbsp;Darling Ingredients, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;974 | &nbsp;&nbsp;&nbsp;&nbsp; 30067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305986 |
| **Airlines — 1.1%** | **Airlines — 1.1%** | **Airlines — 1.1%** |
| &nbsp;&nbsp;&nbsp;Alaska Air Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7620 | &nbsp;&nbsp;&nbsp;&nbsp; 379323 |
| &nbsp;&nbsp;&nbsp;American Airlines Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4311 | &nbsp;&nbsp;&nbsp;&nbsp; 48456 |
| &nbsp;&nbsp;&nbsp;Delta Air Lines, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14521 | &nbsp;&nbsp;&nbsp;&nbsp; 824067 |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co. | &nbsp;&nbsp;&nbsp;&nbsp;23447 | &nbsp;&nbsp;&nbsp;&nbsp; 748194 |
| &nbsp;&nbsp;&nbsp;United Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282 | &nbsp;&nbsp;&nbsp;&nbsp; 220213 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2220253 |
| **Apparel — 0.6%** | **Apparel — 0.6%** | **Apparel — 0.6%** |
| &nbsp;&nbsp;&nbsp;Birkenstock Holding PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 12127 |
| &nbsp;&nbsp;&nbsp;Columbia Sportswear Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp; 9780 |
| &nbsp;&nbsp;&nbsp;Crocs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp; 32000 |
| &nbsp;&nbsp;&nbsp;PVH Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;335 | &nbsp;&nbsp;&nbsp;&nbsp; 28063 |
| &nbsp;&nbsp;&nbsp;Ralph Lauren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213 | &nbsp;&nbsp;&nbsp;&nbsp; 693908 |
| &nbsp;&nbsp;&nbsp;Tapestry, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 13926 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1299 | &nbsp;&nbsp;&nbsp;&nbsp; 6482 |
| &nbsp;&nbsp;&nbsp;Under Armour, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1346 | &nbsp;&nbsp;&nbsp;&nbsp; 6501 |
| &nbsp;&nbsp;&nbsp;VF Corp. | &nbsp;&nbsp;&nbsp;&nbsp;32622 | &nbsp;&nbsp;&nbsp;&nbsp; 470736 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1273523 |
| **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** | **Auto Manufacturers — 0.6%** |
| &nbsp;&nbsp;&nbsp;Cummins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967 | &nbsp;&nbsp;&nbsp;&nbsp; 408432 |
| &nbsp;&nbsp;&nbsp;Ford Motor Co. | &nbsp;&nbsp;&nbsp;&nbsp;27429 | &nbsp;&nbsp;&nbsp;&nbsp; 328051 |
| &nbsp;&nbsp;&nbsp;Lucid Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;891 | &nbsp;&nbsp;&nbsp;&nbsp; 21197 |
| &nbsp;&nbsp;&nbsp;PACCAR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3779 | &nbsp;&nbsp;&nbsp;&nbsp; 371551 |
| &nbsp;&nbsp;&nbsp;Rivian Automotive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5453 | &nbsp;&nbsp;&nbsp;&nbsp; 80050 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1209281 |
| **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** | **Auto Parts & Equipment — 0.6%** |
| &nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp; 42355 |
| &nbsp;&nbsp;&nbsp;Aptiv PLC† | &nbsp;&nbsp;&nbsp;&nbsp;10174 | &nbsp;&nbsp;&nbsp;&nbsp; 877202 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6958 | &nbsp;&nbsp;&nbsp;&nbsp; 37504 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp; 65940 |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1591 | &nbsp;&nbsp;&nbsp;&nbsp; 45026 |
| &nbsp;&nbsp;&nbsp;Lear Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp; 37628 |
| &nbsp;&nbsp;&nbsp;QuantumScape Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2954 | &nbsp;&nbsp;&nbsp;&nbsp; 36393 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1142048 |
| **Banks — 5.0%** | **Banks — 5.0%** | **Banks — 5.0%** |
| &nbsp;&nbsp;&nbsp;Bank of New York Mellon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4591 | &nbsp;&nbsp;&nbsp;&nbsp; 500235 |
| &nbsp;&nbsp;&nbsp;Bank OZK | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp; 38286 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;BOK Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159 | &nbsp;&nbsp;$17719 |
| &nbsp;&nbsp;&nbsp;Citizens Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3036 | &nbsp;&nbsp;&nbsp;&nbsp; 161394 |
| &nbsp;&nbsp;&nbsp;Columbia Banking System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13917 | &nbsp;&nbsp;&nbsp;&nbsp; 358224 |
| &nbsp;&nbsp;&nbsp;Comerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;895 | &nbsp;&nbsp;&nbsp;&nbsp; 61325 |
| &nbsp;&nbsp;&nbsp;Commerce Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869 | &nbsp;&nbsp;&nbsp;&nbsp; 51931 |
| &nbsp;&nbsp;&nbsp;Cullen/Frost Bankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 53243 |
| &nbsp;&nbsp;&nbsp;East West Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6356 | &nbsp;&nbsp;&nbsp;&nbsp; 676596 |
| &nbsp;&nbsp;&nbsp;Fifth Third Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;30037 | &nbsp;&nbsp;&nbsp;&nbsp; 1338148 |
| &nbsp;&nbsp;&nbsp;First Citizens BancShares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67 | &nbsp;&nbsp;&nbsp;&nbsp; 119874 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;898 | &nbsp;&nbsp;&nbsp;&nbsp; 22297 |
| &nbsp;&nbsp;&nbsp;First Horizon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3546 | &nbsp;&nbsp;&nbsp;&nbsp; 80175 |
| &nbsp;&nbsp;&nbsp;FNB Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502 | &nbsp;&nbsp;&nbsp;&nbsp; 40307 |
| &nbsp;&nbsp;&nbsp;Huntington Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10112 | &nbsp;&nbsp;&nbsp;&nbsp; 174634 |
| &nbsp;&nbsp;&nbsp;KeyCorp | &nbsp;&nbsp;&nbsp;&nbsp;38101 | &nbsp;&nbsp;&nbsp;&nbsp; 712108 |
| &nbsp;&nbsp;&nbsp;M&T Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4048 | &nbsp;&nbsp;&nbsp;&nbsp; 799966 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6692 | &nbsp;&nbsp;&nbsp;&nbsp; 900743 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;502 | &nbsp;&nbsp;&nbsp;&nbsp; 47083 |
| &nbsp;&nbsp;&nbsp;Popular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7562 | &nbsp;&nbsp;&nbsp;&nbsp; 960450 |
| &nbsp;&nbsp;&nbsp;Prosperity Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5199 | &nbsp;&nbsp;&nbsp;&nbsp; 344954 |
| &nbsp;&nbsp;&nbsp;Regions Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;30149 | &nbsp;&nbsp;&nbsp;&nbsp; 795029 |
| &nbsp;&nbsp;&nbsp;SouthState Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692 | &nbsp;&nbsp;&nbsp;&nbsp; 68418 |
| &nbsp;&nbsp;&nbsp;State Street Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1985 | &nbsp;&nbsp;&nbsp;&nbsp; 230280 |
| &nbsp;&nbsp;&nbsp;Synovus Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 | &nbsp;&nbsp;&nbsp;&nbsp; 48147 |
| &nbsp;&nbsp;&nbsp;Webster Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10032 | &nbsp;&nbsp;&nbsp;&nbsp; 596302 |
| &nbsp;&nbsp;&nbsp;Western Alliance Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8412 | &nbsp;&nbsp;&nbsp;&nbsp; 729489 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 61585 |
| &nbsp;&nbsp;&nbsp;Zions Bancorp NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1022 | &nbsp;&nbsp;&nbsp;&nbsp; 57825 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;10046767 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| &nbsp;&nbsp;&nbsp;Boston Beer Co., Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59 | &nbsp;&nbsp;&nbsp;&nbsp; 12474 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp; 8315 |
| &nbsp;&nbsp;&nbsp;Brown-Forman Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8136 | &nbsp;&nbsp;&nbsp;&nbsp; 220323 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Consolidated, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp; 36788 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Europacific Partners PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4850 | &nbsp;&nbsp;&nbsp;&nbsp; 438488 |
| &nbsp;&nbsp;&nbsp;Constellation Brands, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014 | &nbsp;&nbsp;&nbsp;&nbsp; 136555 |
| &nbsp;&nbsp;&nbsp;Molson Coors Beverage Co., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp; 53848 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1816 | &nbsp;&nbsp;&nbsp;&nbsp; 40134 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;946925 |
| **Biotechnology — 0.7%** | **Biotechnology — 0.7%** | **Biotechnology — 0.7%** |
| &nbsp;&nbsp;&nbsp;Biogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2781 | &nbsp;&nbsp;&nbsp;&nbsp; 389562 |
| &nbsp;&nbsp;&nbsp;BioMarin Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp; 72574 |
| &nbsp;&nbsp;&nbsp;Bio-Rad Laboratories, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131 | &nbsp;&nbsp;&nbsp;&nbsp; 36731 |
| &nbsp;&nbsp;&nbsp;Certara, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;890 | &nbsp;&nbsp;&nbsp;&nbsp; 10876 |
| &nbsp;&nbsp;&nbsp;Corteva, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4808 | &nbsp;&nbsp;&nbsp;&nbsp; 325165 |
| &nbsp;&nbsp;&nbsp;Exelixis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp; 15240 |
| &nbsp;&nbsp;&nbsp;Illumina, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1100 | &nbsp;&nbsp;&nbsp;&nbsp; 104467 |
| &nbsp;&nbsp;&nbsp;Incyte Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;809 | &nbsp;&nbsp;&nbsp;&nbsp; 68611 |
| &nbsp;&nbsp;&nbsp;Insmed, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp; 11521 |
| &nbsp;&nbsp;&nbsp;Ionis Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp; 5168 |
| &nbsp;&nbsp;&nbsp;Moderna, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2496 | &nbsp;&nbsp;&nbsp;&nbsp; 64472 |
| &nbsp;&nbsp;&nbsp;Revolution Medicines, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 57207 |
| &nbsp;&nbsp;&nbsp;Roivant Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2661 | &nbsp;&nbsp;&nbsp;&nbsp; 40261 |
| &nbsp;&nbsp;&nbsp;Royalty Pharma PLC, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2659 | &nbsp;&nbsp;&nbsp;&nbsp; 93810 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;112 | &nbsp;&nbsp;&nbsp;&nbsp; 2158 |
| &nbsp;&nbsp;&nbsp;United Therapeutics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314 | &nbsp;&nbsp;&nbsp;&nbsp; 131632 |
| &nbsp;&nbsp;&nbsp;Viking Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720 | &nbsp;&nbsp;&nbsp;&nbsp; 18922 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1448377 |
| **Building Materials — 1.3%** | **Building Materials — 1.3%** | **Building Materials — 1.3%** |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 41946 |
| &nbsp;&nbsp;&nbsp;Builders FirstSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3269 | &nbsp;&nbsp;&nbsp;&nbsp; 396366 |
| &nbsp;&nbsp;&nbsp;Carlisle Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267 | &nbsp;&nbsp;&nbsp;&nbsp; 87832 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Building Materials (continued)** | **Building Materials (continued)** | **Building Materials (continued)** |
| &nbsp;&nbsp;&nbsp;Eagle Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210 | &nbsp;&nbsp;$48938 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp; 45702 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1423 | &nbsp;&nbsp;&nbsp;&nbsp; 21516 |
| &nbsp;&nbsp;&nbsp;James Hardie Industries PLC† | &nbsp;&nbsp;&nbsp;&nbsp;14626 | &nbsp;&nbsp;&nbsp;&nbsp; 280966 |
| &nbsp;&nbsp;&nbsp;Knife River Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5174 | &nbsp;&nbsp;&nbsp;&nbsp; 397725 |
| &nbsp;&nbsp;&nbsp;Louisiana-Pacific Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;445 | &nbsp;&nbsp;&nbsp;&nbsp; 39534 |
| &nbsp;&nbsp;&nbsp;Martin Marietta Materials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420 | &nbsp;&nbsp;&nbsp;&nbsp; 264718 |
| &nbsp;&nbsp;&nbsp;Masco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1492 | &nbsp;&nbsp;&nbsp;&nbsp; 105022 |
| &nbsp;&nbsp;&nbsp;Mohawk Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3570 | &nbsp;&nbsp;&nbsp;&nbsp; 460245 |
| &nbsp;&nbsp;&nbsp;Owens Corning | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 84735 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 45214 |
| &nbsp;&nbsp;&nbsp;Trex Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;754 | &nbsp;&nbsp;&nbsp;&nbsp; 38959 |
| &nbsp;&nbsp;&nbsp;Vulcan Materials Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928 | &nbsp;&nbsp;&nbsp;&nbsp; 285471 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2644889 |
| **Chemicals — 2.0%** | **Chemicals — 2.0%** | **Chemicals — 2.0%** |
| &nbsp;&nbsp;&nbsp;Albemarle Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830 | &nbsp;&nbsp;&nbsp;&nbsp; 67296 |
| &nbsp;&nbsp;&nbsp;Ashland, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7005 | &nbsp;&nbsp;&nbsp;&nbsp; 335609 |
| &nbsp;&nbsp;&nbsp;Axalta Coating Systems, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1536 | &nbsp;&nbsp;&nbsp;&nbsp; 43960 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp; 33075 |
| &nbsp;&nbsp;&nbsp;CF Industries Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1131 | &nbsp;&nbsp;&nbsp;&nbsp; 101451 |
| &nbsp;&nbsp;&nbsp;Dow, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4934 | &nbsp;&nbsp;&nbsp;&nbsp; 113137 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;18069 | &nbsp;&nbsp;&nbsp;&nbsp; 1407575 |
| &nbsp;&nbsp;&nbsp;Eastman Chemical Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7573 | &nbsp;&nbsp;&nbsp;&nbsp; 477478 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 39769 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886 | &nbsp;&nbsp;&nbsp;&nbsp; 29796 |
| &nbsp;&nbsp;&nbsp;Huntsman Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp; 10183 |
| &nbsp;&nbsp;&nbsp;International Flavors & Fragrances, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7384 | &nbsp;&nbsp;&nbsp;&nbsp; 454411 |
| &nbsp;&nbsp;&nbsp;LyondellBasell Industries NV, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 | &nbsp;&nbsp;&nbsp;&nbsp; 88811 |
| &nbsp;&nbsp;&nbsp;Mosaic Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2223 | &nbsp;&nbsp;&nbsp;&nbsp; 77094 |
| &nbsp;&nbsp;&nbsp;NewMarket Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41 | &nbsp;&nbsp;&nbsp;&nbsp; 33957 |
| &nbsp;&nbsp;&nbsp;Olin Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820 | &nbsp;&nbsp;&nbsp;&nbsp; 20492 |
| &nbsp;&nbsp;&nbsp;PPG Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589 | &nbsp;&nbsp;&nbsp;&nbsp; 167020 |
| &nbsp;&nbsp;&nbsp;RPM International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp; 104206 |
| &nbsp;&nbsp;&nbsp;Westlake Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5737 | &nbsp;&nbsp;&nbsp;&nbsp; 442093 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047413 |
| **Commercial Services — 3.2%** | **Commercial Services — 3.2%** | **Commercial Services — 3.2%** |
| &nbsp;&nbsp;&nbsp;ADT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3580 | &nbsp;&nbsp;&nbsp;&nbsp; 31182 |
| &nbsp;&nbsp;&nbsp;Affirm Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp; 56345 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;28413 | &nbsp;&nbsp;&nbsp;&nbsp; 976555 |
| &nbsp;&nbsp;&nbsp;Avis Budget Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79 | &nbsp;&nbsp;&nbsp;&nbsp; 12685 |
| &nbsp;&nbsp;&nbsp;Block, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2399 | &nbsp;&nbsp;&nbsp;&nbsp; 173376 |
| &nbsp;&nbsp;&nbsp;Booz Allen Hamilton Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300 | &nbsp;&nbsp;&nbsp;&nbsp; 129935 |
| &nbsp;&nbsp;&nbsp;Bright Horizons Family Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp; 37674 |
| &nbsp;&nbsp;&nbsp;Clarivate PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2527 | &nbsp;&nbsp;&nbsp;&nbsp; 9678 |
| &nbsp;&nbsp;&nbsp;Corpay, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2766 | &nbsp;&nbsp;&nbsp;&nbsp; 796774 |
| &nbsp;&nbsp;&nbsp;Edenred SE | &nbsp;&nbsp;&nbsp;&nbsp;10211 | &nbsp;&nbsp;&nbsp;&nbsp; 242162 |
| &nbsp;&nbsp;&nbsp;Equifax, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 183419 |
| &nbsp;&nbsp;&nbsp;Euronet Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284 | &nbsp;&nbsp;&nbsp;&nbsp; 24938 |
| &nbsp;&nbsp;&nbsp;First Advantage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;30632 | &nbsp;&nbsp;&nbsp;&nbsp; 471427 |
| &nbsp;&nbsp;&nbsp;FTI Consulting, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp; 35725 |
| &nbsp;&nbsp;&nbsp;Global Payments, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7614 | &nbsp;&nbsp;&nbsp;&nbsp; 632571 |
| &nbsp;&nbsp;&nbsp;Grand Canyon Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143 | &nbsp;&nbsp;&nbsp;&nbsp; 31391 |
| &nbsp;&nbsp;&nbsp;GXO Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 | &nbsp;&nbsp;&nbsp;&nbsp; 40778 |
| &nbsp;&nbsp;&nbsp;H&R Block, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774 | &nbsp;&nbsp;&nbsp;&nbsp; 39141 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326 | &nbsp;&nbsp;&nbsp;&nbsp; 12355 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | &nbsp;&nbsp;&nbsp;&nbsp; 44782 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;88397 | &nbsp;&nbsp;&nbsp;&nbsp; 466736 |
| &nbsp;&nbsp;&nbsp;Morningstar, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54 | &nbsp;&nbsp;&nbsp;&nbsp; 12529 |
| &nbsp;&nbsp;&nbsp;Paylocity Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27 | &nbsp;&nbsp;&nbsp;&nbsp; 4300 |
| &nbsp;&nbsp;&nbsp;Quanta Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;234 | &nbsp;&nbsp;&nbsp;&nbsp; 96974 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Commercial Services (continued)** | **Commercial Services (continued)** | **Commercial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;706 | &nbsp;&nbsp;$23990 |
| &nbsp;&nbsp;&nbsp;Service Corp. International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981 | &nbsp;&nbsp;&nbsp;&nbsp; 81639 |
| &nbsp;&nbsp;&nbsp;TransUnion | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7376 | &nbsp;&nbsp;&nbsp;&nbsp; 617961 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;&nbsp;&nbsp; 1940 |
| &nbsp;&nbsp;&nbsp;U-Haul Holding Co. (Non-Voting) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449 | &nbsp;&nbsp;&nbsp;&nbsp; 22854 |
| &nbsp;&nbsp;&nbsp;United Rentals, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450 | &nbsp;&nbsp;&nbsp;&nbsp; 429597 |
| &nbsp;&nbsp;&nbsp;Valvoline, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;104 | &nbsp;&nbsp;&nbsp;&nbsp; 3735 |
| &nbsp;&nbsp;&nbsp;Verisk Analytics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395 | &nbsp;&nbsp;&nbsp;&nbsp; 99347 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;20443 | &nbsp;&nbsp;&nbsp;&nbsp; 504942 |
| &nbsp;&nbsp;&nbsp;WEX, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;220 | &nbsp;&nbsp;&nbsp;&nbsp; 34657 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp; 19991 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6404085 |
| **Computers — 2.5%** | **Computers — 2.5%** | **Computers — 2.5%** |
| &nbsp;&nbsp;&nbsp;Amdocs, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp; 62358 |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp; 27327 |
| &nbsp;&nbsp;&nbsp;CACI International, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154 | &nbsp;&nbsp;&nbsp;&nbsp; 76812 |
| &nbsp;&nbsp;&nbsp;Check Point Software Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2142 | &nbsp;&nbsp;&nbsp;&nbsp; 443201 |
| &nbsp;&nbsp;&nbsp;Cognizant Technology Solutions Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7613 | &nbsp;&nbsp;&nbsp;&nbsp; 510604 |
| &nbsp;&nbsp;&nbsp;Crane NXT Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;350 | &nbsp;&nbsp;&nbsp;&nbsp; 23475 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1269 | &nbsp;&nbsp;&nbsp;&nbsp; 17296 |
| &nbsp;&nbsp;&nbsp;EPAM Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp; 58356 |
| &nbsp;&nbsp;&nbsp;Genpact, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1138 | &nbsp;&nbsp;&nbsp;&nbsp; 47671 |
| &nbsp;&nbsp;&nbsp;Globant SA† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 16066 |
| &nbsp;&nbsp;&nbsp;Hewlett Packard Enterprise Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9184 | &nbsp;&nbsp;&nbsp;&nbsp; 225559 |
| &nbsp;&nbsp;&nbsp;HP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6599 | &nbsp;&nbsp;&nbsp;&nbsp; 179691 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10180 | &nbsp;&nbsp;&nbsp;&nbsp; 481412 |
| &nbsp;&nbsp;&nbsp;Kyndryl Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1529 | &nbsp;&nbsp;&nbsp;&nbsp; 45916 |
| &nbsp;&nbsp;&nbsp;Leidos Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341 | &nbsp;&nbsp;&nbsp;&nbsp; 820275 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438 | &nbsp;&nbsp;&nbsp;&nbsp; 71267 |
| &nbsp;&nbsp;&nbsp;NetApp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;&nbsp; 100454 |
| &nbsp;&nbsp;&nbsp;Okta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;701 | &nbsp;&nbsp;&nbsp;&nbsp; 64282 |
| &nbsp;&nbsp;&nbsp;Parsons Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;&nbsp;&nbsp; 30598 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp; 26652 |
| &nbsp;&nbsp;&nbsp;Rubrik, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;329 | &nbsp;&nbsp;&nbsp;&nbsp; 27060 |
| &nbsp;&nbsp;&nbsp;SailPoint, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431 | &nbsp;&nbsp;&nbsp;&nbsp; 9517 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7092 | &nbsp;&nbsp;&nbsp;&nbsp; 795722 |
| &nbsp;&nbsp;&nbsp;Science Applications International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp; 32891 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1966 | &nbsp;&nbsp;&nbsp;&nbsp; 94250 |
| &nbsp;&nbsp;&nbsp;Western Digital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5641 | &nbsp;&nbsp;&nbsp;&nbsp; 677258 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4965970 |
| **Cosmetics/Personal Care — 1.3%** | **Cosmetics/Personal Care — 1.3%** | **Cosmetics/Personal Care — 1.3%** |
| &nbsp;&nbsp;&nbsp;Coty, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2464 | &nbsp;&nbsp;&nbsp;&nbsp; 9955 |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;387 | &nbsp;&nbsp;&nbsp;&nbsp; 51270 |
| &nbsp;&nbsp;&nbsp;Estee Lauder Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1629 | &nbsp;&nbsp;&nbsp;&nbsp; 143547 |
| &nbsp;&nbsp;&nbsp;Kenvue, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;90581 | &nbsp;&nbsp;&nbsp;&nbsp; 1470130 |
| &nbsp;&nbsp;&nbsp;Perrigo Co. PLC | &nbsp;&nbsp;&nbsp;&nbsp;42357 | &nbsp;&nbsp;&nbsp;&nbsp; 943290 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2618192 |
| **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** |
| &nbsp;&nbsp;&nbsp;Core & Main, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;560 | &nbsp;&nbsp;&nbsp;&nbsp; 30145 |
| &nbsp;&nbsp;&nbsp;Fastenal Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1443 | &nbsp;&nbsp;&nbsp;&nbsp; 70765 |
| &nbsp;&nbsp;&nbsp;LKQ Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15853 | &nbsp;&nbsp;&nbsp;&nbsp; 484150 |
| &nbsp;&nbsp;&nbsp;Pool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207 | &nbsp;&nbsp;&nbsp;&nbsp; 64184 |
| &nbsp;&nbsp;&nbsp;RB Global, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 | &nbsp;&nbsp;&nbsp;&nbsp; 131549 |
| &nbsp;&nbsp;&nbsp;SiteOne Landscape Supply, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3956 | &nbsp;&nbsp;&nbsp;&nbsp; 509533 |
| &nbsp;&nbsp;&nbsp;Watsco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;246 | &nbsp;&nbsp;&nbsp;&nbsp; 99458 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp; 71064 |
| &nbsp;&nbsp;&nbsp;WW Grainger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;&nbsp;&nbsp; 42883 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1503731 |
| **Diversified Financial Services — 3.9%** | **Diversified Financial Services — 3.9%** | **Diversified Financial Services — 3.9%** |
| &nbsp;&nbsp;&nbsp;Affiliated Managers Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;196 | &nbsp;&nbsp;&nbsp;&nbsp; 46732 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;712 | &nbsp;&nbsp;$45319 |
| &nbsp;&nbsp;&nbsp;Ally Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1680 | &nbsp;&nbsp;&nbsp;&nbsp; 65856 |
| &nbsp;&nbsp;&nbsp;Ameriprise Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp; 30457 |
| &nbsp;&nbsp;&nbsp;Cboe Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732 | &nbsp;&nbsp;&nbsp;&nbsp; 179523 |
| &nbsp;&nbsp;&nbsp;Circle Internet Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280 | &nbsp;&nbsp;&nbsp;&nbsp; 37122 |
| &nbsp;&nbsp;&nbsp;Coinbase Global, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1330 | &nbsp;&nbsp;&nbsp;&nbsp; 448862 |
| &nbsp;&nbsp;&nbsp;Credit Acceptance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;&nbsp;&nbsp; 13074 |
| &nbsp;&nbsp;&nbsp;Evercore, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 87703 |
| &nbsp;&nbsp;&nbsp;Franklin Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2178 | &nbsp;&nbsp;&nbsp;&nbsp; 50377 |
| &nbsp;&nbsp;&nbsp;Freedom Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19 | &nbsp;&nbsp;&nbsp;&nbsp; 3270 |
| &nbsp;&nbsp;&nbsp;Hamilton Lane, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp; 13344 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp; 48456 |
| &nbsp;&nbsp;&nbsp;Invesco, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2566 | &nbsp;&nbsp;&nbsp;&nbsp; 58864 |
| &nbsp;&nbsp;&nbsp;Janus Henderson Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851 | &nbsp;&nbsp;&nbsp;&nbsp; 37878 |
| &nbsp;&nbsp;&nbsp;Jefferies Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;818 | &nbsp;&nbsp;&nbsp;&nbsp; 53514 |
| &nbsp;&nbsp;&nbsp;Lazard, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19553 | &nbsp;&nbsp;&nbsp;&nbsp; 1032007 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp; 93169 |
| &nbsp;&nbsp;&nbsp;Nasdaq, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2894 | &nbsp;&nbsp;&nbsp;&nbsp; 255974 |
| &nbsp;&nbsp;&nbsp;OneMain Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6565 | &nbsp;&nbsp;&nbsp;&nbsp; 370660 |
| &nbsp;&nbsp;&nbsp;Raymond James Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6255 | &nbsp;&nbsp;&nbsp;&nbsp; 1079613 |
| &nbsp;&nbsp;&nbsp;Rocket Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1620 | &nbsp;&nbsp;&nbsp;&nbsp; 31396 |
| &nbsp;&nbsp;&nbsp;SEI Investments Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 60668 |
| &nbsp;&nbsp;&nbsp;SLM Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21347 | &nbsp;&nbsp;&nbsp;&nbsp; 590885 |
| &nbsp;&nbsp;&nbsp;SoFi Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6828 | &nbsp;&nbsp;&nbsp;&nbsp; 180396 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5750 | &nbsp;&nbsp;&nbsp;&nbsp; 375532 |
| &nbsp;&nbsp;&nbsp;Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;707 | &nbsp;&nbsp;&nbsp;&nbsp; 80223 |
| &nbsp;&nbsp;&nbsp;Synchrony Financial | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7738 | &nbsp;&nbsp;&nbsp;&nbsp; 549785 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1526 | &nbsp;&nbsp;&nbsp;&nbsp; 156629 |
| &nbsp;&nbsp;&nbsp;TPG, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6446 | &nbsp;&nbsp;&nbsp;&nbsp; 370323 |
| &nbsp;&nbsp;&nbsp;Tradeweb Markets, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;755 | &nbsp;&nbsp;&nbsp;&nbsp; 83790 |
| &nbsp;&nbsp;&nbsp;UWM Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp; 6084 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp; 20306 |
| &nbsp;&nbsp;&nbsp;Voya Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;16786 | &nbsp;&nbsp;&nbsp;&nbsp; 1255593 |
| &nbsp;&nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2027 | &nbsp;&nbsp;&nbsp;&nbsp; 16196 |
| &nbsp;&nbsp;&nbsp;XP, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596 | &nbsp;&nbsp;&nbsp;&nbsp; 48779 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7878359 |
| **Electric — 6.6%** | **Electric — 6.6%** | **Electric — 6.6%** |
| &nbsp;&nbsp;&nbsp;AES Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5018 | &nbsp;&nbsp;&nbsp;&nbsp; 66037 |
| &nbsp;&nbsp;&nbsp;Alliant Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11617 | &nbsp;&nbsp;&nbsp;&nbsp; 783102 |
| &nbsp;&nbsp;&nbsp;Ameren Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10470 | &nbsp;&nbsp;&nbsp;&nbsp; 1092859 |
| &nbsp;&nbsp;&nbsp;Brookfield Renewable Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp; 33181 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;34599 | &nbsp;&nbsp;&nbsp;&nbsp; 1342441 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253 | &nbsp;&nbsp;&nbsp;&nbsp; 6813 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp; 16413 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;11331 | &nbsp;&nbsp;&nbsp;&nbsp; 830109 |
| &nbsp;&nbsp;&nbsp;Consolidated Edison, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8258 | &nbsp;&nbsp;&nbsp;&nbsp; 830094 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14255 | &nbsp;&nbsp;&nbsp;&nbsp; 871978 |
| &nbsp;&nbsp;&nbsp;DTE Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 205074 |
| &nbsp;&nbsp;&nbsp;Edison International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2658 | &nbsp;&nbsp;&nbsp;&nbsp; 146934 |
| &nbsp;&nbsp;&nbsp;Entergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3132 | &nbsp;&nbsp;&nbsp;&nbsp; 291871 |
| &nbsp;&nbsp;&nbsp;Evergy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6328 | &nbsp;&nbsp;&nbsp;&nbsp; 481055 |
| &nbsp;&nbsp;&nbsp;Eversource Energy | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2565 | &nbsp;&nbsp;&nbsp;&nbsp; 182474 |
| &nbsp;&nbsp;&nbsp;Exelon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7100 | &nbsp;&nbsp;&nbsp;&nbsp; 319571 |
| &nbsp;&nbsp;&nbsp;FirstEnergy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;21059 | &nbsp;&nbsp;&nbsp;&nbsp; 964924 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp; 50085 |
| &nbsp;&nbsp;&nbsp;OGE Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1419 | &nbsp;&nbsp;&nbsp;&nbsp; 65657 |
| &nbsp;&nbsp;&nbsp;PG&E Corp. | &nbsp;&nbsp;&nbsp;&nbsp;111178 | &nbsp;&nbsp;&nbsp;&nbsp; 1676564 |
| &nbsp;&nbsp;&nbsp;Pinnacle West Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6672 | &nbsp;&nbsp;&nbsp;&nbsp; 598212 |
| &nbsp;&nbsp;&nbsp;PPL Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5177 | &nbsp;&nbsp;&nbsp;&nbsp; 192377 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12207 | &nbsp;&nbsp;&nbsp;&nbsp; 1018796 |
| &nbsp;&nbsp;&nbsp;Sempra | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6182 | &nbsp;&nbsp;&nbsp;&nbsp; 556256 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Electric (continued)** | **Electric (continued)** | **Electric (continued)** |
| &nbsp;&nbsp;&nbsp;Talen Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316 | &nbsp;&nbsp;$134420 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2239 | &nbsp;&nbsp;&nbsp;&nbsp; 256567 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4151 | &nbsp;&nbsp;&nbsp;&nbsp; 334778 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13348642 |
| **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp;Acuity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217 | &nbsp;&nbsp;&nbsp;&nbsp; 74733 |
| &nbsp;&nbsp;&nbsp;AMETEK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618 | &nbsp;&nbsp;&nbsp;&nbsp; 304184 |
| &nbsp;&nbsp;&nbsp;Belden, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2900 | &nbsp;&nbsp;&nbsp;&nbsp; 348783 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp; 68801 |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167 | &nbsp;&nbsp;&nbsp;&nbsp; 43255 |
| &nbsp;&nbsp;&nbsp;Universal Display Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310 | &nbsp;&nbsp;&nbsp;&nbsp; 44525 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884281 |
| **Electronics — 4.1%** | **Electronics — 4.1%** | **Electronics — 4.1%** |
| &nbsp;&nbsp;&nbsp;Allegion PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4922 | &nbsp;&nbsp;&nbsp;&nbsp; 872917 |
| &nbsp;&nbsp;&nbsp;Arrow Electronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364 | &nbsp;&nbsp;&nbsp;&nbsp; 44044 |
| &nbsp;&nbsp;&nbsp;Avnet, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;575 | &nbsp;&nbsp;&nbsp;&nbsp; 30061 |
| &nbsp;&nbsp;&nbsp;Coherent Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1084 | &nbsp;&nbsp;&nbsp;&nbsp; 116768 |
| &nbsp;&nbsp;&nbsp;Flex, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;17401 | &nbsp;&nbsp;&nbsp;&nbsp; 1008736 |
| &nbsp;&nbsp;&nbsp;Fortive Corp. | &nbsp;&nbsp;&nbsp;&nbsp;13604 | &nbsp;&nbsp;&nbsp;&nbsp; 666460 |
| &nbsp;&nbsp;&nbsp;Garmin, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 | &nbsp;&nbsp;&nbsp;&nbsp; 281429 |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283 | &nbsp;&nbsp;&nbsp;&nbsp; 552088 |
| &nbsp;&nbsp;&nbsp;Ingram Micro Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | &nbsp;&nbsp;&nbsp;&nbsp; 3159 |
| &nbsp;&nbsp;&nbsp;Jabil, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 56464 |
| &nbsp;&nbsp;&nbsp;Keysight Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7707 | &nbsp;&nbsp;&nbsp;&nbsp; 1348108 |
| &nbsp;&nbsp;&nbsp;Mettler-Toledo International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp; 178003 |
| &nbsp;&nbsp;&nbsp;nVent Electric PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6332 | &nbsp;&nbsp;&nbsp;&nbsp; 624589 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795 | &nbsp;&nbsp;&nbsp;&nbsp; 34765 |
| &nbsp;&nbsp;&nbsp;Sensata Technologies Holding PLC | &nbsp;&nbsp;&nbsp;&nbsp;21702 | &nbsp;&nbsp;&nbsp;&nbsp; 662996 |
| &nbsp;&nbsp;&nbsp;TD SYNNEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540 | &nbsp;&nbsp;&nbsp;&nbsp; 88425 |
| &nbsp;&nbsp;&nbsp;TE Connectivity PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5926 | &nbsp;&nbsp;&nbsp;&nbsp; 1300935 |
| &nbsp;&nbsp;&nbsp;Trimble, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1658 | &nbsp;&nbsp;&nbsp;&nbsp; 135376 |
| &nbsp;&nbsp;&nbsp;Vontier Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1044 | &nbsp;&nbsp;&nbsp;&nbsp; 43817 |
| &nbsp;&nbsp;&nbsp;Woodward, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp; 103864 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8153004 |
| **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** | **Energy-Alternate Sources — 0.1%** |
| &nbsp;&nbsp;&nbsp;First Solar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;716 | &nbsp;&nbsp;&nbsp;&nbsp; 157899 |
| **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** | **Engineering & Construction — 0.6%** |
| &nbsp;&nbsp;&nbsp;AECOM | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;921 | &nbsp;&nbsp;&nbsp;&nbsp; 120163 |
| &nbsp;&nbsp;&nbsp;EMCOR Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp; 130557 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 31127 |
| &nbsp;&nbsp;&nbsp;Jacobs Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5060 | &nbsp;&nbsp;&nbsp;&nbsp; 758292 |
| &nbsp;&nbsp;&nbsp;MasTec, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348 | &nbsp;&nbsp;&nbsp;&nbsp; 74058 |
| &nbsp;&nbsp;&nbsp;TopBuild Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;&nbsp;&nbsp; 72700 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186897 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC | &nbsp;&nbsp;&nbsp;&nbsp;18099 | &nbsp;&nbsp;&nbsp;&nbsp; 312208 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp; 39294 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73 | &nbsp;&nbsp;&nbsp;&nbsp; 7082 |
| &nbsp;&nbsp;&nbsp;Flutter Entertainment PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214 | &nbsp;&nbsp;&nbsp;&nbsp; 54356 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141 | &nbsp;&nbsp;&nbsp;&nbsp; 13296 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Live, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | &nbsp;&nbsp;&nbsp;&nbsp; 30933 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115 | &nbsp;&nbsp;&nbsp;&nbsp; 26105 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1049 | &nbsp;&nbsp;&nbsp;&nbsp; 20204 |
| &nbsp;&nbsp;&nbsp;TKO Group Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278 | &nbsp;&nbsp;&nbsp;&nbsp; 56145 |
| &nbsp;&nbsp;&nbsp;Vail Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43 | &nbsp;&nbsp;&nbsp;&nbsp; 6432 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566055 |
| **Environmental Control — 0.8%** | **Environmental Control — 0.8%** | **Environmental Control — 0.8%** |
| &nbsp;&nbsp;&nbsp;Clean Harbors, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;357 | &nbsp;&nbsp;&nbsp;&nbsp; 82903 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Environmental Control (continued)** | **Environmental Control (continued)** | **Environmental Control (continued)** |
| &nbsp;&nbsp;&nbsp;GFL Environmental, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11290 | &nbsp;&nbsp;$534920 |
| &nbsp;&nbsp;&nbsp;Pentair PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6769 | &nbsp;&nbsp;&nbsp;&nbsp; 749734 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1475 | &nbsp;&nbsp;&nbsp;&nbsp; 49236 |
| &nbsp;&nbsp;&nbsp;Veralto Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp; 108422 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1525215 |
| **Food — 2.8%** | **Food — 2.8%** | **Food — 2.8%** |
| &nbsp;&nbsp;&nbsp;Albertsons Cos., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;25928 | &nbsp;&nbsp;&nbsp;&nbsp; 453999 |
| &nbsp;&nbsp;&nbsp;Campbell's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8523 | &nbsp;&nbsp;&nbsp;&nbsp; 269156 |
| &nbsp;&nbsp;&nbsp;Conagra Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp; 59965 |
| &nbsp;&nbsp;&nbsp;Flowers Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1333 | &nbsp;&nbsp;&nbsp;&nbsp; 17396 |
| &nbsp;&nbsp;&nbsp;General Mills, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3831 | &nbsp;&nbsp;&nbsp;&nbsp; 193159 |
| &nbsp;&nbsp;&nbsp;Hershey Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3040 | &nbsp;&nbsp;&nbsp;&nbsp; 568632 |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051 | &nbsp;&nbsp;&nbsp;&nbsp; 50742 |
| &nbsp;&nbsp;&nbsp;Ingredion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3829 | &nbsp;&nbsp;&nbsp;&nbsp; 467559 |
| &nbsp;&nbsp;&nbsp;J.M. Smucker Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 79278 |
| &nbsp;&nbsp;&nbsp;Kellanova | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1939 | &nbsp;&nbsp;&nbsp;&nbsp; 159037 |
| &nbsp;&nbsp;&nbsp;Kraft Heinz Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5959 | &nbsp;&nbsp;&nbsp;&nbsp; 155172 |
| &nbsp;&nbsp;&nbsp;Kroger Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4258 | &nbsp;&nbsp;&nbsp;&nbsp; 287032 |
| &nbsp;&nbsp;&nbsp;Lamb Weston Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;19285 | &nbsp;&nbsp;&nbsp;&nbsp; 1120073 |
| &nbsp;&nbsp;&nbsp;McCormick & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786 | &nbsp;&nbsp;&nbsp;&nbsp; 119501 |
| &nbsp;&nbsp;&nbsp;Performance Food Group Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;929 | &nbsp;&nbsp;&nbsp;&nbsp; 96653 |
| &nbsp;&nbsp;&nbsp;Pilgrim's Pride Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296 | &nbsp;&nbsp;&nbsp;&nbsp; 12053 |
| &nbsp;&nbsp;&nbsp;Post Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 38155 |
| &nbsp;&nbsp;&nbsp;Seaboard Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp; 3647 |
| &nbsp;&nbsp;&nbsp;Smithfield Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;295 | &nbsp;&nbsp;&nbsp;&nbsp; 6927 |
| &nbsp;&nbsp;&nbsp;Sysco Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7784 | &nbsp;&nbsp;&nbsp;&nbsp; 640935 |
| &nbsp;&nbsp;&nbsp;Tyson Foods, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1947 | &nbsp;&nbsp;&nbsp;&nbsp; 105722 |
| &nbsp;&nbsp;&nbsp;US Foods Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;10824 | &nbsp;&nbsp;&nbsp;&nbsp; 829335 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5734128 |
| **Food Service — 0.6%** | **Food Service — 0.6%** | **Food Service — 0.6%** |
| &nbsp;&nbsp;&nbsp;Aramark | &nbsp;&nbsp;&nbsp;&nbsp;29092 | &nbsp;&nbsp;&nbsp;&nbsp; 1117133 |
| &nbsp;&nbsp;&nbsp;Compass Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2197 | &nbsp;&nbsp;&nbsp;&nbsp; 74725 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191858 |
| **Forest Products & Paper — 0.7%** | **Forest Products & Paper — 0.7%** | **Forest Products & Paper — 0.7%** |
| &nbsp;&nbsp;&nbsp;International Paper Co. | &nbsp;&nbsp;&nbsp;&nbsp;31538 | &nbsp;&nbsp;&nbsp;&nbsp; 1463363 |
| **Gas — 0.5%** | **Gas — 0.5%** | **Gas — 0.5%** |
| &nbsp;&nbsp;&nbsp;Atmos Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3935 | &nbsp;&nbsp;&nbsp;&nbsp; 671901 |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1447 | &nbsp;&nbsp;&nbsp;&nbsp; 25771 |
| &nbsp;&nbsp;&nbsp;National Fuel Gas Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;632 | &nbsp;&nbsp;&nbsp;&nbsp; 58378 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3275 | &nbsp;&nbsp;&nbsp;&nbsp; 141808 |
| &nbsp;&nbsp;&nbsp;UGI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524 | &nbsp;&nbsp;&nbsp;&nbsp; 50688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948546 |
| **Hand/Machine Tools — 0.4%** | **Hand/Machine Tools — 0.4%** | **Hand/Machine Tools — 0.4%** |
| &nbsp;&nbsp;&nbsp;Lincoln Electric Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp; 90323 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260 | &nbsp;&nbsp;&nbsp;&nbsp; 44738 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;361 | &nbsp;&nbsp;&nbsp;&nbsp; 125097 |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6397 | &nbsp;&nbsp;&nbsp;&nbsp; 475489 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735647 |
| **Healthcare-Products — 3.5%** | **Healthcare-Products — 3.5%** | **Healthcare-Products — 3.5%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8009 | &nbsp;&nbsp;&nbsp;&nbsp; 1027955 |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;486 | &nbsp;&nbsp;&nbsp;&nbsp; 60857 |
| &nbsp;&nbsp;&nbsp;Avantor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;26374 | &nbsp;&nbsp;&nbsp;&nbsp; 329148 |
| &nbsp;&nbsp;&nbsp;Baxter International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;23054 | &nbsp;&nbsp;&nbsp;&nbsp; 524940 |
| &nbsp;&nbsp;&nbsp;Bio-Techne Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1112 | &nbsp;&nbsp;&nbsp;&nbsp; 61861 |
| &nbsp;&nbsp;&nbsp;Bruker Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;721 | &nbsp;&nbsp;&nbsp;&nbsp; 23425 |
| &nbsp;&nbsp;&nbsp;Cooper Cos., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14066 | &nbsp;&nbsp;&nbsp;&nbsp; 964365 |
| &nbsp;&nbsp;&nbsp;Dentsply Sirona, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421 | &nbsp;&nbsp;&nbsp;&nbsp; 18032 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Products (continued)** | **Healthcare-Products (continued)** | **Healthcare-Products (continued)** |
| &nbsp;&nbsp;&nbsp;Envista Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1198 | &nbsp;&nbsp;$24403 |
| &nbsp;&nbsp;&nbsp;Exact Sciences Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1248 | &nbsp;&nbsp;&nbsp;&nbsp; 68278 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7178 | &nbsp;&nbsp;&nbsp;&nbsp; 539068 |
| &nbsp;&nbsp;&nbsp;Globus Medical, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp; 45186 |
| &nbsp;&nbsp;&nbsp;Hologic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1548 | &nbsp;&nbsp;&nbsp;&nbsp; 104475 |
| &nbsp;&nbsp;&nbsp;QIAGEN NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1501 | &nbsp;&nbsp;&nbsp;&nbsp; 67065 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 43443 |
| &nbsp;&nbsp;&nbsp;ResMed, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 213509 |
| &nbsp;&nbsp;&nbsp;Revvity, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4150 | &nbsp;&nbsp;&nbsp;&nbsp; 363748 |
| &nbsp;&nbsp;&nbsp;Solventum Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1041 | &nbsp;&nbsp;&nbsp;&nbsp; 75993 |
| &nbsp;&nbsp;&nbsp;STERIS PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2619 | &nbsp;&nbsp;&nbsp;&nbsp; 648045 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2118 | &nbsp;&nbsp;&nbsp;&nbsp; 259158 |
| &nbsp;&nbsp;&nbsp;Waters Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201 | &nbsp;&nbsp;&nbsp;&nbsp; 60262 |
| &nbsp;&nbsp;&nbsp;West Pharmaceutical Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp; 130640 |
| &nbsp;&nbsp;&nbsp;Zimmer Biomet Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13892 | &nbsp;&nbsp;&nbsp;&nbsp; 1368362 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7022218 |
| **Healthcare-Services — 2.5%** | **Healthcare-Services — 2.5%** | **Healthcare-Services — 2.5%** |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;649 | &nbsp;&nbsp;&nbsp;&nbsp; 16069 |
| &nbsp;&nbsp;&nbsp;Centene Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;12204 | &nbsp;&nbsp;&nbsp;&nbsp; 435439 |
| &nbsp;&nbsp;&nbsp;Charles River Laboratories International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp; 54135 |
| &nbsp;&nbsp;&nbsp;Chemed Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp; 41640 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33959 | &nbsp;&nbsp;&nbsp;&nbsp; 710762 |
| &nbsp;&nbsp;&nbsp;Encompass Health Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp; 89168 |
| &nbsp;&nbsp;&nbsp;Humana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2977 | &nbsp;&nbsp;&nbsp;&nbsp; 774526 |
| &nbsp;&nbsp;&nbsp;ICON PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1861 | &nbsp;&nbsp;&nbsp;&nbsp; 325675 |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp; 225079 |
| &nbsp;&nbsp;&nbsp;Labcorp Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2353 | &nbsp;&nbsp;&nbsp;&nbsp; 675452 |
| &nbsp;&nbsp;&nbsp;Molina Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427 | &nbsp;&nbsp;&nbsp;&nbsp; 273071 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;777 | &nbsp;&nbsp;&nbsp;&nbsp; 148081 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;39001 | &nbsp;&nbsp;&nbsp;&nbsp; 500773 |
| &nbsp;&nbsp;&nbsp;Sotera Health Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999 | &nbsp;&nbsp;&nbsp;&nbsp; 15714 |
| &nbsp;&nbsp;&nbsp;Tenet Healthcare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611 | &nbsp;&nbsp;&nbsp;&nbsp; 124057 |
| &nbsp;&nbsp;&nbsp;Universal Health Services, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2737 | &nbsp;&nbsp;&nbsp;&nbsp; 559552 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4969193 |
| **Home Builders — 1.3%** | **Home Builders — 1.3%** | **Home Builders — 1.3%** |
| &nbsp;&nbsp;&nbsp;D.R. Horton, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp; 316570 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1584 | &nbsp;&nbsp;&nbsp;&nbsp; 390709 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1570 | &nbsp;&nbsp;&nbsp;&nbsp; 197883 |
| &nbsp;&nbsp;&nbsp;Lennar Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68 | &nbsp;&nbsp;&nbsp;&nbsp; 8159 |
| &nbsp;&nbsp;&nbsp;NVR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20 | &nbsp;&nbsp;&nbsp;&nbsp; 160693 |
| &nbsp;&nbsp;&nbsp;PulteGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11073 | &nbsp;&nbsp;&nbsp;&nbsp; 1463076 |
| &nbsp;&nbsp;&nbsp;Thor Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;363 | &nbsp;&nbsp;&nbsp;&nbsp; 37639 |
| &nbsp;&nbsp;&nbsp;Toll Brothers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;684 | &nbsp;&nbsp;&nbsp;&nbsp; 94488 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669217 |
| **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** | **Home Furnishings — 0.1%** |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp; 31264 |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 49718 |
| &nbsp;&nbsp;&nbsp;Whirlpool Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;383 | &nbsp;&nbsp;&nbsp;&nbsp; 30104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111086 |
| **Household Products/Wares — 0.4%** | **Household Products/Wares — 0.4%** | **Household Products/Wares — 0.4%** |
| &nbsp;&nbsp;&nbsp;Avery Dennison Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3033 | &nbsp;&nbsp;&nbsp;&nbsp; 491862 |
| &nbsp;&nbsp;&nbsp;Church & Dwight Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp; 150636 |
| &nbsp;&nbsp;&nbsp;Clorox Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;871 | &nbsp;&nbsp;&nbsp;&nbsp; 107394 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp; 9396 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;759288 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;41054 | &nbsp;&nbsp;$215123 |
| &nbsp;&nbsp;&nbsp;Scotts Miracle-Gro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312 | &nbsp;&nbsp;&nbsp;&nbsp; 17768 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232891 |
| **Insurance — 6.7%** | **Insurance — 6.7%** | **Insurance — 6.7%** |
| &nbsp;&nbsp;&nbsp;Allstate Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4545 | &nbsp;&nbsp;&nbsp;&nbsp; 975584 |
| &nbsp;&nbsp;&nbsp;American Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468 | &nbsp;&nbsp;&nbsp;&nbsp; 68197 |
| &nbsp;&nbsp;&nbsp;American International Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11915 | &nbsp;&nbsp;&nbsp;&nbsp; 935804 |
| &nbsp;&nbsp;&nbsp;Arch Capital Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2557 | &nbsp;&nbsp;&nbsp;&nbsp; 231997 |
| &nbsp;&nbsp;&nbsp;Assurant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5875 | &nbsp;&nbsp;&nbsp;&nbsp; 1272525 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 27511 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;530 | &nbsp;&nbsp;&nbsp;&nbsp; 50774 |
| &nbsp;&nbsp;&nbsp;Brighthouse Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408 | &nbsp;&nbsp;&nbsp;&nbsp; 21657 |
| &nbsp;&nbsp;&nbsp;Brown & Brown, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1721 | &nbsp;&nbsp;&nbsp;&nbsp; 161413 |
| &nbsp;&nbsp;&nbsp;Cincinnati Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1076 | &nbsp;&nbsp;&nbsp;&nbsp; 170116 |
| &nbsp;&nbsp;&nbsp;CNA Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148 | &nbsp;&nbsp;&nbsp;&nbsp; 6876 |
| &nbsp;&nbsp;&nbsp;Equitable Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6357 | &nbsp;&nbsp;&nbsp;&nbsp; 322808 |
| &nbsp;&nbsp;&nbsp;Everest Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1497 | &nbsp;&nbsp;&nbsp;&nbsp; 524294 |
| &nbsp;&nbsp;&nbsp;Fidelity National Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1828 | &nbsp;&nbsp;&nbsp;&nbsp; 110576 |
| &nbsp;&nbsp;&nbsp;First American Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp; 42655 |
| &nbsp;&nbsp;&nbsp;Globe Life, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;572 | &nbsp;&nbsp;&nbsp;&nbsp; 81779 |
| &nbsp;&nbsp;&nbsp;Hanover Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6829 | &nbsp;&nbsp;&nbsp;&nbsp; 1240351 |
| &nbsp;&nbsp;&nbsp;Hartford Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8189 | &nbsp;&nbsp;&nbsp;&nbsp; 1092331 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6392 | &nbsp;&nbsp;&nbsp;&nbsp; 288727 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6201 | &nbsp;&nbsp;&nbsp;&nbsp; 627727 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436 | &nbsp;&nbsp;&nbsp;&nbsp; 22476 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;25269 | &nbsp;&nbsp;&nbsp;&nbsp; 1019099 |
| &nbsp;&nbsp;&nbsp;Loews Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1208 | &nbsp;&nbsp;&nbsp;&nbsp; 121271 |
| &nbsp;&nbsp;&nbsp;Markel Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70 | &nbsp;&nbsp;&nbsp;&nbsp; 133795 |
| &nbsp;&nbsp;&nbsp;MGIC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1649 | &nbsp;&nbsp;&nbsp;&nbsp; 46782 |
| &nbsp;&nbsp;&nbsp;Old Republic International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604 | &nbsp;&nbsp;&nbsp;&nbsp; 68122 |
| &nbsp;&nbsp;&nbsp;Primerica, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;232 | &nbsp;&nbsp;&nbsp;&nbsp; 64401 |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1550 | &nbsp;&nbsp;&nbsp;&nbsp; 128510 |
| &nbsp;&nbsp;&nbsp;Prudential Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2488 | &nbsp;&nbsp;&nbsp;&nbsp; 258105 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465 | &nbsp;&nbsp;&nbsp;&nbsp; 89340 |
| &nbsp;&nbsp;&nbsp;RenaissanceRe Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4645 | &nbsp;&nbsp;&nbsp;&nbsp; 1179505 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;545 | &nbsp;&nbsp;&nbsp;&nbsp; 35545 |
| &nbsp;&nbsp;&nbsp;Unum Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1186 | &nbsp;&nbsp;&nbsp;&nbsp; 92247 |
| &nbsp;&nbsp;&nbsp;W.R. Berkley Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035 | &nbsp;&nbsp;&nbsp;&nbsp; 155922 |
| &nbsp;&nbsp;&nbsp;White Mountains Insurance Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp; 28416 |
| &nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4918 | &nbsp;&nbsp;&nbsp;&nbsp; 1698923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;13396161 |
| **Internet — 2.2%** | **Internet — 2.2%** | **Internet — 2.2%** |
| &nbsp;&nbsp;&nbsp;CDW Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5850 | &nbsp;&nbsp;&nbsp;&nbsp; 931788 |
| &nbsp;&nbsp;&nbsp;eBay, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7481 | &nbsp;&nbsp;&nbsp;&nbsp; 680397 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp; 18656 |
| &nbsp;&nbsp;&nbsp;F5, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;400 | &nbsp;&nbsp;&nbsp;&nbsp; 129276 |
| &nbsp;&nbsp;&nbsp;Gen Digital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3466 | &nbsp;&nbsp;&nbsp;&nbsp; 98400 |
| &nbsp;&nbsp;&nbsp;GoDaddy, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4215 | &nbsp;&nbsp;&nbsp;&nbsp; 576738 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 16422 |
| &nbsp;&nbsp;&nbsp;Lyft, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2350 | &nbsp;&nbsp;&nbsp;&nbsp; 51723 |
| &nbsp;&nbsp;&nbsp;Maplebear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1215 | &nbsp;&nbsp;&nbsp;&nbsp; 44663 |
| &nbsp;&nbsp;&nbsp;Match Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1682 | &nbsp;&nbsp;&nbsp;&nbsp; 59408 |
| &nbsp;&nbsp;&nbsp;Pinterest, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;23189 | &nbsp;&nbsp;&nbsp;&nbsp; 745990 |
| &nbsp;&nbsp;&nbsp;Robinhood Markets, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4492 | &nbsp;&nbsp;&nbsp;&nbsp; 643165 |
| &nbsp;&nbsp;&nbsp;Roku, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;776 | &nbsp;&nbsp;&nbsp;&nbsp; 77701 |
| &nbsp;&nbsp;&nbsp;Trump Media & Technology Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;340 | &nbsp;&nbsp;&nbsp;&nbsp; 5583 |
| &nbsp;&nbsp;&nbsp;VeriSign, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;588 | &nbsp;&nbsp;&nbsp;&nbsp; 164387 |
| &nbsp;&nbsp;&nbsp;Wayfair, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;&nbsp; 48506 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Internet (continued)** | **Internet (continued)** | **Internet (continued)** |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;$26650 |
| &nbsp;&nbsp;&nbsp;Zillow Group, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1146 | &nbsp;&nbsp;&nbsp;&nbsp; 88299 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4407752 |
| **Investment Companies — 0.2%** | **Investment Companies — 0.2%** | **Investment Companies — 0.2%** |
| &nbsp;&nbsp;&nbsp;Main Street Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6470 | &nbsp;&nbsp;&nbsp;&nbsp; 411427 |
| **Iron/Steel — 0.4%** | **Iron/Steel — 0.4%** | **Iron/Steel — 0.4%** |
| &nbsp;&nbsp;&nbsp;Carpenter Technology Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp; 68997 |
| &nbsp;&nbsp;&nbsp;Cleveland-Cliffs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3426 | &nbsp;&nbsp;&nbsp;&nbsp; 41797 |
| &nbsp;&nbsp;&nbsp;Nucor Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4197 | &nbsp;&nbsp;&nbsp;&nbsp; 568400 |
| &nbsp;&nbsp;&nbsp;Reliance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;367 | &nbsp;&nbsp;&nbsp;&nbsp; 103064 |
| &nbsp;&nbsp;&nbsp;Steel Dynamics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;884 | &nbsp;&nbsp;&nbsp;&nbsp; 123256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905514 |
| **Leisure Time — 0.6%** | **Leisure Time — 0.6%** | **Leisure Time — 0.6%** |
| &nbsp;&nbsp;&nbsp;Amer Sports, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1053 | &nbsp;&nbsp;&nbsp;&nbsp; 36592 |
| &nbsp;&nbsp;&nbsp;Brunswick Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7976 | &nbsp;&nbsp;&nbsp;&nbsp; 504402 |
| &nbsp;&nbsp;&nbsp;Carnival Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5221 | &nbsp;&nbsp;&nbsp;&nbsp; 150939 |
| &nbsp;&nbsp;&nbsp;Harley-Davidson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 20367 |
| &nbsp;&nbsp;&nbsp;Norwegian Cruise Line Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp; 7611 |
| &nbsp;&nbsp;&nbsp;Viking Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7789 | &nbsp;&nbsp;&nbsp;&nbsp; 484164 |
| &nbsp;&nbsp;&nbsp;YETI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592 | &nbsp;&nbsp;&nbsp;&nbsp; 19643 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1223718 |
| **Lodging — 0.4%** | **Lodging — 0.4%** | **Lodging — 0.4%** |
| &nbsp;&nbsp;&nbsp;Boyd Gaming Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;384 | &nbsp;&nbsp;&nbsp;&nbsp; 33197 |
| &nbsp;&nbsp;&nbsp;Choice Hotels International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp; 14433 |
| &nbsp;&nbsp;&nbsp;Hyatt Hotels Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723 | &nbsp;&nbsp;&nbsp;&nbsp; 528405 |
| &nbsp;&nbsp;&nbsp;MGM Resorts International† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 50257 |
| &nbsp;&nbsp;&nbsp;Travel & Leisure Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;303 | &nbsp;&nbsp;&nbsp;&nbsp; 18026 |
| &nbsp;&nbsp;&nbsp;Wyndham Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57 | &nbsp;&nbsp;&nbsp;&nbsp; 4554 |
| &nbsp;&nbsp;&nbsp;Wynn Resorts, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp; 74012 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722884 |
| **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** | **Machinery-Construction & Mining — 0.1%** |
| &nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;531 | &nbsp;&nbsp;&nbsp;&nbsp; 97901 |
| &nbsp;&nbsp;&nbsp;Oshkosh Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;453 | &nbsp;&nbsp;&nbsp;&nbsp; 58754 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156655 |
| **Machinery-Diversified — 3.8%** | **Machinery-Diversified — 3.8%** | **Machinery-Diversified — 3.8%** |
| &nbsp;&nbsp;&nbsp;AGCO Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10684 | &nbsp;&nbsp;&nbsp;&nbsp; 1143936 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262 | &nbsp;&nbsp;&nbsp;&nbsp; 68395 |
| &nbsp;&nbsp;&nbsp;CNH Industrial NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6190 | &nbsp;&nbsp;&nbsp;&nbsp; 67161 |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1192 | &nbsp;&nbsp;&nbsp;&nbsp; 53998 |
| &nbsp;&nbsp;&nbsp;Crane Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347 | &nbsp;&nbsp;&nbsp;&nbsp; 63896 |
| &nbsp;&nbsp;&nbsp;Dover Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;947 | &nbsp;&nbsp;&nbsp;&nbsp; 157988 |
| &nbsp;&nbsp;&nbsp;Esab Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5231 | &nbsp;&nbsp;&nbsp;&nbsp; 584512 |
| &nbsp;&nbsp;&nbsp;Flowserve Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7054 | &nbsp;&nbsp;&nbsp;&nbsp; 374849 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1790 | &nbsp;&nbsp;&nbsp;&nbsp; 44428 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp; 99743 |
| &nbsp;&nbsp;&nbsp;IDEX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp; 86751 |
| &nbsp;&nbsp;&nbsp;Ingersoll Rand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2827 | &nbsp;&nbsp;&nbsp;&nbsp; 233567 |
| &nbsp;&nbsp;&nbsp;Middleby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6357 | &nbsp;&nbsp;&nbsp;&nbsp; 845036 |
| &nbsp;&nbsp;&nbsp;Nordson Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2028 | &nbsp;&nbsp;&nbsp;&nbsp; 460255 |
| &nbsp;&nbsp;&nbsp;Otis Worldwide Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7765 | &nbsp;&nbsp;&nbsp;&nbsp; 709954 |
| &nbsp;&nbsp;&nbsp;Regal Rexnord Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3870 | &nbsp;&nbsp;&nbsp;&nbsp; 555113 |
| &nbsp;&nbsp;&nbsp;Rockwell Automation, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730 | &nbsp;&nbsp;&nbsp;&nbsp; 255157 |
| &nbsp;&nbsp;&nbsp;Toro Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;681 | &nbsp;&nbsp;&nbsp;&nbsp; 51892 |
| &nbsp;&nbsp;&nbsp;Westinghouse Air Brake Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463 | &nbsp;&nbsp;&nbsp;&nbsp; 894698 |
| &nbsp;&nbsp;&nbsp;Xylem, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5600 | &nbsp;&nbsp;&nbsp;&nbsp; 826000 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7577329 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| &nbsp;&nbsp;&nbsp;Charter Communications, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;619 | &nbsp;&nbsp;&nbsp;&nbsp; 170290 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Media (continued)** | **Media (continued)** | **Media (continued)** |
| &nbsp;&nbsp;&nbsp;FactSet Research Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251 | &nbsp;&nbsp;$71909 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1487 | &nbsp;&nbsp;&nbsp;&nbsp; 93770 |
| &nbsp;&nbsp;&nbsp;Fox Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 60154 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp; 5890 |
| &nbsp;&nbsp;&nbsp;Liberty Broadband Corp., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;622 | &nbsp;&nbsp;&nbsp;&nbsp; 39522 |
| &nbsp;&nbsp;&nbsp;Liberty Global, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1175 | &nbsp;&nbsp;&nbsp;&nbsp; 13466 |
| &nbsp;&nbsp;&nbsp;Liberty Global, Ltd., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 11750 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109 | &nbsp;&nbsp;&nbsp;&nbsp; 10379 |
| &nbsp;&nbsp;&nbsp;Liberty Media Corp.-Liberty Formula One, Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp; 106852 |
| &nbsp;&nbsp;&nbsp;New York Times Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1134 | &nbsp;&nbsp;&nbsp;&nbsp; 65092 |
| &nbsp;&nbsp;&nbsp;News Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2666 | &nbsp;&nbsp;&nbsp;&nbsp; 81873 |
| &nbsp;&nbsp;&nbsp;News Corp., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;799 | &nbsp;&nbsp;&nbsp;&nbsp; 27605 |
| &nbsp;&nbsp;&nbsp;Nexstar Media Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1543 | &nbsp;&nbsp;&nbsp;&nbsp; 305113 |
| &nbsp;&nbsp;&nbsp;Sirius XM Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331 | &nbsp;&nbsp;&nbsp;&nbsp; 30979 |
| &nbsp;&nbsp;&nbsp;Warner Bros. Discovery, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16337 | &nbsp;&nbsp;&nbsp;&nbsp; 319062 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413706 |
| **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** | **Metal Fabricate/Hardware — 0.1%** |
| &nbsp;&nbsp;&nbsp;Advanced Drainage Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;487 | &nbsp;&nbsp;&nbsp;&nbsp; 67547 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;762 | &nbsp;&nbsp;&nbsp;&nbsp; 77046 |
| &nbsp;&nbsp;&nbsp;RBC Bearings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;175 | &nbsp;&nbsp;&nbsp;&nbsp; 68301 |
| &nbsp;&nbsp;&nbsp;Timken Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440 | &nbsp;&nbsp;&nbsp;&nbsp; 33079 |
| &nbsp;&nbsp;&nbsp;Valmont Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140 | &nbsp;&nbsp;&nbsp;&nbsp; 54282 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300255 |
| **Mining — 0.8%** | **Mining — 0.8%** | **Mining — 0.8%** |
| &nbsp;&nbsp;&nbsp;Alcoa Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1777 | &nbsp;&nbsp;&nbsp;&nbsp; 58445 |
| &nbsp;&nbsp;&nbsp;Anglogold Ashanti PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3095 | &nbsp;&nbsp;&nbsp;&nbsp; 217671 |
| &nbsp;&nbsp;&nbsp;Franco-Nevada Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490 | &nbsp;&nbsp;&nbsp;&nbsp; 776818 |
| &nbsp;&nbsp;&nbsp;Freeport-McMoRan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1919 | &nbsp;&nbsp;&nbsp;&nbsp; 75263 |
| &nbsp;&nbsp;&nbsp;MP Materials Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917 | &nbsp;&nbsp;&nbsp;&nbsp; 61503 |
| &nbsp;&nbsp;&nbsp;OR Royalties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9700 | &nbsp;&nbsp;&nbsp;&nbsp; 388781 |
| &nbsp;&nbsp;&nbsp;Royal Gold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;463 | &nbsp;&nbsp;&nbsp;&nbsp; 92869 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1671350 |
| **Miscellaneous Manufacturing — 0.9%** | **Miscellaneous Manufacturing — 0.9%** | **Miscellaneous Manufacturing — 0.9%** |
| &nbsp;&nbsp;&nbsp;A.O. Smith Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792 | &nbsp;&nbsp;&nbsp;&nbsp; 58141 |
| &nbsp;&nbsp;&nbsp;Donaldson Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;814 | &nbsp;&nbsp;&nbsp;&nbsp; 66626 |
| &nbsp;&nbsp;&nbsp;ITT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3326 | &nbsp;&nbsp;&nbsp;&nbsp; 594556 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476 | &nbsp;&nbsp;&nbsp;&nbsp; 347754 |
| &nbsp;&nbsp;&nbsp;Teledyne Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325 | &nbsp;&nbsp;&nbsp;&nbsp; 190463 |
| &nbsp;&nbsp;&nbsp;Textron, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5697 | &nbsp;&nbsp;&nbsp;&nbsp; 481339 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1738879 |
| **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** | **Office/Business Equipment — 0.3%** |
| &nbsp;&nbsp;&nbsp;Zebra Technologies Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1805 | &nbsp;&nbsp;&nbsp;&nbsp; 536374 |
| **Oil & Gas — 4.4%** | **Oil & Gas — 4.4%** | **Oil & Gas — 4.4%** |
| &nbsp;&nbsp;&nbsp;Antero Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2037 | &nbsp;&nbsp;&nbsp;&nbsp; 68362 |
| &nbsp;&nbsp;&nbsp;APA Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2507 | &nbsp;&nbsp;&nbsp;&nbsp; 60870 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3075 | &nbsp;&nbsp;&nbsp;&nbsp; 305563 |
| &nbsp;&nbsp;&nbsp;Civitas Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;662 | &nbsp;&nbsp;&nbsp;&nbsp; 21515 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5328 | &nbsp;&nbsp;&nbsp;&nbsp; 126007 |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4339 | &nbsp;&nbsp;&nbsp;&nbsp; 152125 |
| &nbsp;&nbsp;&nbsp;Diamondback Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5053 | &nbsp;&nbsp;&nbsp;&nbsp; 723084 |
| &nbsp;&nbsp;&nbsp;EQT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4359 | &nbsp;&nbsp;&nbsp;&nbsp; 237260 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14044 | &nbsp;&nbsp;&nbsp;&nbsp; 1492035 |
| &nbsp;&nbsp;&nbsp;HF Sinclair Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1017 | &nbsp;&nbsp;&nbsp;&nbsp; 53230 |
| &nbsp;&nbsp;&nbsp;Marathon Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5844 | &nbsp;&nbsp;&nbsp;&nbsp; 1126373 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;823 | &nbsp;&nbsp;&nbsp;&nbsp; 36977 |
| &nbsp;&nbsp;&nbsp;Occidental Petroleum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4947 | &nbsp;&nbsp;&nbsp;&nbsp; 233746 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9982 | &nbsp;&nbsp;&nbsp;&nbsp; 403073 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;72954 | &nbsp;&nbsp;&nbsp;&nbsp; 933811 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas (continued)** | **Oil & Gas (continued)** | **Oil & Gas (continued)** |
| &nbsp;&nbsp;&nbsp;Phillips 66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8103 | &nbsp;&nbsp;$1102170 |
| &nbsp;&nbsp;&nbsp;Range Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp; 62671 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6085 | &nbsp;&nbsp;&nbsp;&nbsp; 1036032 |
| &nbsp;&nbsp;&nbsp;Viper Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;14777 | &nbsp;&nbsp;&nbsp;&nbsp; 564777 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498 | &nbsp;&nbsp;&nbsp;&nbsp; 34078 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8773759 |
| **Oil & Gas Services — 1.3%** | **Oil & Gas Services — 1.3%** | **Oil & Gas Services — 1.3%** |
| &nbsp;&nbsp;&nbsp;Baker Hughes Co. | &nbsp;&nbsp;&nbsp;&nbsp;14935 | &nbsp;&nbsp;&nbsp;&nbsp; 727633 |
| &nbsp;&nbsp;&nbsp;Halliburton Co. | &nbsp;&nbsp;&nbsp;&nbsp;15405 | &nbsp;&nbsp;&nbsp;&nbsp; 378963 |
| &nbsp;&nbsp;&nbsp;NOV, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2626 | &nbsp;&nbsp;&nbsp;&nbsp; 34794 |
| &nbsp;&nbsp;&nbsp;TechnipFMC PLC | &nbsp;&nbsp;&nbsp;&nbsp;27155 | &nbsp;&nbsp;&nbsp;&nbsp; 1071265 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9126 | &nbsp;&nbsp;&nbsp;&nbsp; 486690 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2699345 |
| **Packaging & Containers — 1.2%** | **Packaging & Containers — 1.2%** | **Packaging & Containers — 1.2%** |
| &nbsp;&nbsp;&nbsp;Amcor PLC | &nbsp;&nbsp;&nbsp;&nbsp;61933 | &nbsp;&nbsp;&nbsp;&nbsp; 506612 |
| &nbsp;&nbsp;&nbsp;AptarGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;&nbsp;&nbsp; 62018 |
| &nbsp;&nbsp;&nbsp;Ball Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946 | &nbsp;&nbsp;&nbsp;&nbsp; 98117 |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp; 78818 |
| &nbsp;&nbsp;&nbsp;Graphic Packaging Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;30527 | &nbsp;&nbsp;&nbsp;&nbsp; 597414 |
| &nbsp;&nbsp;&nbsp;Packaging Corp. of America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 | &nbsp;&nbsp;&nbsp;&nbsp; 135988 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8599 | &nbsp;&nbsp;&nbsp;&nbsp; 303975 |
| &nbsp;&nbsp;&nbsp;Silgan Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp; 26580 |
| &nbsp;&nbsp;&nbsp;Smurfit WestRock PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3641 | &nbsp;&nbsp;&nbsp;&nbsp; 154997 |
| &nbsp;&nbsp;&nbsp;Sonoco Products Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703 | &nbsp;&nbsp;&nbsp;&nbsp; 30292 |
| &nbsp;&nbsp;&nbsp;Stora Enso Oyj, Class R | &nbsp;&nbsp;&nbsp;&nbsp;40887 | &nbsp;&nbsp;&nbsp;&nbsp; 448160 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2442971 |
| **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;18954 | &nbsp;&nbsp;&nbsp;&nbsp; 568620 |
| &nbsp;&nbsp;&nbsp;Becton Dickinson & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2633 | &nbsp;&nbsp;&nbsp;&nbsp; 492819 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906 | &nbsp;&nbsp;&nbsp;&nbsp; 32933 |
| &nbsp;&nbsp;&nbsp;Cardinal Health, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838 | &nbsp;&nbsp;&nbsp;&nbsp; 131532 |
| &nbsp;&nbsp;&nbsp;Cencora, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1923 | &nbsp;&nbsp;&nbsp;&nbsp; 600995 |
| &nbsp;&nbsp;&nbsp;Elanco Animal Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3475 | &nbsp;&nbsp;&nbsp;&nbsp; 69987 |
| &nbsp;&nbsp;&nbsp;Henry Schein, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;747 | &nbsp;&nbsp;&nbsp;&nbsp; 49578 |
| &nbsp;&nbsp;&nbsp;Jazz Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;403 | &nbsp;&nbsp;&nbsp;&nbsp; 53115 |
| &nbsp;&nbsp;&nbsp;Neurocrine Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4598 | &nbsp;&nbsp;&nbsp;&nbsp; 645467 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;16951 | &nbsp;&nbsp;&nbsp;&nbsp; 181037 |
| &nbsp;&nbsp;&nbsp;Viatris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;65535 | &nbsp;&nbsp;&nbsp;&nbsp; 648797 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3474880 |
| **Pipelines — 1.1%** | **Pipelines — 1.1%** | **Pipelines — 1.1%** |
| &nbsp;&nbsp;&nbsp;Antero Midstream Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2364 | &nbsp;&nbsp;&nbsp;&nbsp; 45956 |
| &nbsp;&nbsp;&nbsp;Cheniere Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;848 | &nbsp;&nbsp;&nbsp;&nbsp; 199263 |
| &nbsp;&nbsp;&nbsp;DT Midstream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;717 | &nbsp;&nbsp;&nbsp;&nbsp; 81064 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13673 | &nbsp;&nbsp;&nbsp;&nbsp; 387083 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4391 | &nbsp;&nbsp;&nbsp;&nbsp; 320411 |
| &nbsp;&nbsp;&nbsp;Plains GP Holdings LP, Class A | &nbsp;&nbsp;&nbsp;&nbsp;22587 | &nbsp;&nbsp;&nbsp;&nbsp; 411987 |
| &nbsp;&nbsp;&nbsp;South Bow Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4878 | &nbsp;&nbsp;&nbsp;&nbsp; 138029 |
| &nbsp;&nbsp;&nbsp;Targa Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4201 | &nbsp;&nbsp;&nbsp;&nbsp; 703836 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2287629 |
| **Private Equity — 0.3%** | **Private Equity — 0.3%** | **Private Equity — 0.3%** |
| &nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9005 | &nbsp;&nbsp;&nbsp;&nbsp; 564614 |
| **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** |
| &nbsp;&nbsp;&nbsp;CBRE Group, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858 | &nbsp;&nbsp;&nbsp;&nbsp; 292746 |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2563 | &nbsp;&nbsp;&nbsp;&nbsp; 216240 |
| &nbsp;&nbsp;&nbsp;Howard Hughes Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221 | &nbsp;&nbsp;&nbsp;&nbsp; 18160 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3621 | &nbsp;&nbsp;&nbsp;&nbsp; 1080072 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607218 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **REITS — 7.5%** | **REITS — 7.5%** | **REITS — 7.5%** |
| &nbsp;&nbsp;&nbsp;AGNC Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7295 | &nbsp;&nbsp;$71418 |
| &nbsp;&nbsp;&nbsp;Agree Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;767 | &nbsp;&nbsp;&nbsp;&nbsp; 54488 |
| &nbsp;&nbsp;&nbsp;Alexandria Real Estate Equities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1212 | &nbsp;&nbsp;&nbsp;&nbsp; 101008 |
| &nbsp;&nbsp;&nbsp;American Homes 4 Rent, Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2412 | &nbsp;&nbsp;&nbsp;&nbsp; 80199 |
| &nbsp;&nbsp;&nbsp;Americold Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2035 | &nbsp;&nbsp;&nbsp;&nbsp; 24908 |
| &nbsp;&nbsp;&nbsp;Annaly Capital Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;29608 | &nbsp;&nbsp;&nbsp;&nbsp; 598378 |
| &nbsp;&nbsp;&nbsp;Apartment Investment & Management Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;41478 | &nbsp;&nbsp;&nbsp;&nbsp; 328921 |
| &nbsp;&nbsp;&nbsp;AvalonBay Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994 | &nbsp;&nbsp;&nbsp;&nbsp; 192011 |
| &nbsp;&nbsp;&nbsp;Brixmor Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22708 | &nbsp;&nbsp;&nbsp;&nbsp; 628557 |
| &nbsp;&nbsp;&nbsp;BXP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1116 | &nbsp;&nbsp;&nbsp;&nbsp; 82963 |
| &nbsp;&nbsp;&nbsp;Camden Property Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756 | &nbsp;&nbsp;&nbsp;&nbsp; 80726 |
| &nbsp;&nbsp;&nbsp;Cousins Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1191 | &nbsp;&nbsp;&nbsp;&nbsp; 34468 |
| &nbsp;&nbsp;&nbsp;Crown Castle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3046 | &nbsp;&nbsp;&nbsp;&nbsp; 293909 |
| &nbsp;&nbsp;&nbsp;CubeSmart | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1599 | &nbsp;&nbsp;&nbsp;&nbsp; 65015 |
| &nbsp;&nbsp;&nbsp;Digital Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2371 | &nbsp;&nbsp;&nbsp;&nbsp; 409898 |
| &nbsp;&nbsp;&nbsp;EastGroup Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;370 | &nbsp;&nbsp;&nbsp;&nbsp; 62626 |
| &nbsp;&nbsp;&nbsp;EPR Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533 | &nbsp;&nbsp;&nbsp;&nbsp; 30919 |
| &nbsp;&nbsp;&nbsp;Equity LifeStyle Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9529 | &nbsp;&nbsp;&nbsp;&nbsp; 578410 |
| &nbsp;&nbsp;&nbsp;Equity Residential | &nbsp;&nbsp;&nbsp;&nbsp;12541 | &nbsp;&nbsp;&nbsp;&nbsp; 811779 |
| &nbsp;&nbsp;&nbsp;Essex Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp; 590190 |
| &nbsp;&nbsp;&nbsp;Extra Space Storage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5762 | &nbsp;&nbsp;&nbsp;&nbsp; 812096 |
| &nbsp;&nbsp;&nbsp;Federal Realty Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600 | &nbsp;&nbsp;&nbsp;&nbsp; 60786 |
| &nbsp;&nbsp;&nbsp;First Industrial Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;904 | &nbsp;&nbsp;&nbsp;&nbsp; 46529 |
| &nbsp;&nbsp;&nbsp;Gaming & Leisure Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1869 | &nbsp;&nbsp;&nbsp;&nbsp; 87114 |
| &nbsp;&nbsp;&nbsp;Healthcare Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;27414 | &nbsp;&nbsp;&nbsp;&nbsp; 494274 |
| &nbsp;&nbsp;&nbsp;Healthpeak Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4893 | &nbsp;&nbsp;&nbsp;&nbsp; 93701 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;750 | &nbsp;&nbsp;&nbsp;&nbsp; 23865 |
| &nbsp;&nbsp;&nbsp;Host Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4835 | &nbsp;&nbsp;&nbsp;&nbsp; 82292 |
| &nbsp;&nbsp;&nbsp;Invitation Homes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4322 | &nbsp;&nbsp;&nbsp;&nbsp; 126764 |
| &nbsp;&nbsp;&nbsp;Iron Mountain, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2052 | &nbsp;&nbsp;&nbsp;&nbsp; 209181 |
| &nbsp;&nbsp;&nbsp;Kilroy Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp; 35363 |
| &nbsp;&nbsp;&nbsp;Kimco Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4708 | &nbsp;&nbsp;&nbsp;&nbsp; 102870 |
| &nbsp;&nbsp;&nbsp;Lineage, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp; 19552 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3578 | &nbsp;&nbsp;&nbsp;&nbsp; 18140 |
| &nbsp;&nbsp;&nbsp;Mid-America Apartment Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4131 | &nbsp;&nbsp;&nbsp;&nbsp; 577225 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;839 | &nbsp;&nbsp;&nbsp;&nbsp; 28199 |
| &nbsp;&nbsp;&nbsp;National Storage Affiliates Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 14959 |
| &nbsp;&nbsp;&nbsp;NNN REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp; 56405 |
| &nbsp;&nbsp;&nbsp;Omega Healthcare Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp; 85495 |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp; 15534 |
| &nbsp;&nbsp;&nbsp;Rayonier, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105 | &nbsp;&nbsp;&nbsp;&nbsp; 29327 |
| &nbsp;&nbsp;&nbsp;Realty Income Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6344 | &nbsp;&nbsp;&nbsp;&nbsp; 385652 |
| &nbsp;&nbsp;&nbsp;Regency Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;10823 | &nbsp;&nbsp;&nbsp;&nbsp; 788997 |
| &nbsp;&nbsp;&nbsp;Rexford Industrial Realty, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;22789 | &nbsp;&nbsp;&nbsp;&nbsp; 936856 |
| &nbsp;&nbsp;&nbsp;Rithm Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3723 | &nbsp;&nbsp;&nbsp;&nbsp; 42405 |
| &nbsp;&nbsp;&nbsp;SBA Communications Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp; 144819 |
| &nbsp;&nbsp;&nbsp;Simon Property Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771 | &nbsp;&nbsp;&nbsp;&nbsp; 332364 |
| &nbsp;&nbsp;&nbsp;STAG Industrial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1321 | &nbsp;&nbsp;&nbsp;&nbsp; 46618 |
| &nbsp;&nbsp;&nbsp;Starwood Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2408 | &nbsp;&nbsp;&nbsp;&nbsp; 46643 |
| &nbsp;&nbsp;&nbsp;Sun Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8186 | &nbsp;&nbsp;&nbsp;&nbsp; 1055994 |
| &nbsp;&nbsp;&nbsp;UDR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2206 | &nbsp;&nbsp;&nbsp;&nbsp; 82196 |
| &nbsp;&nbsp;&nbsp;Ventas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10148 | &nbsp;&nbsp;&nbsp;&nbsp; 710259 |
| &nbsp;&nbsp;&nbsp;VICI Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;26226 | &nbsp;&nbsp;&nbsp;&nbsp; 855230 |
| &nbsp;&nbsp;&nbsp;Vornado Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;12583 | &nbsp;&nbsp;&nbsp;&nbsp; 509989 |
| &nbsp;&nbsp;&nbsp;Weyerhaeuser Co. | &nbsp;&nbsp;&nbsp;&nbsp;12103 | &nbsp;&nbsp;&nbsp;&nbsp; 300033 |
| &nbsp;&nbsp;&nbsp;WP Carey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9866 | &nbsp;&nbsp;&nbsp;&nbsp; 666646 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;15045163 |
| **Retail — 2.9%** | **Retail — 2.9%** | **Retail — 2.9%** |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15755 | &nbsp;&nbsp;&nbsp;&nbsp; 967357 |
| &nbsp;&nbsp;&nbsp;AutoNation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | &nbsp;&nbsp;&nbsp;&nbsp; 42223 |
| &nbsp;&nbsp;&nbsp;Bath & Body Works, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1504 | &nbsp;&nbsp;&nbsp;&nbsp; 38743 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Best Buy Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1365 | &nbsp;&nbsp;$103221 |
| &nbsp;&nbsp;&nbsp;BJ's Wholesale Club Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4404 | &nbsp;&nbsp;&nbsp;&nbsp; 410673 |
| &nbsp;&nbsp;&nbsp;Burlington Stores, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1225 | &nbsp;&nbsp;&nbsp;&nbsp; 311763 |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1048 | &nbsp;&nbsp;&nbsp;&nbsp; 47024 |
| &nbsp;&nbsp;&nbsp;Casey's General Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 | &nbsp;&nbsp;&nbsp;&nbsp; 123240 |
| &nbsp;&nbsp;&nbsp;Darden Restaurants, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1815 | &nbsp;&nbsp;&nbsp;&nbsp; 345503 |
| &nbsp;&nbsp;&nbsp;Dick's Sporting Goods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;439 | &nbsp;&nbsp;&nbsp;&nbsp; 97555 |
| &nbsp;&nbsp;&nbsp;Dillard's, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21 | &nbsp;&nbsp;&nbsp;&nbsp; 12904 |
| &nbsp;&nbsp;&nbsp;Dollar General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1535 | &nbsp;&nbsp;&nbsp;&nbsp; 158642 |
| &nbsp;&nbsp;&nbsp;Dollar Tree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1382 | &nbsp;&nbsp;&nbsp;&nbsp; 130419 |
| &nbsp;&nbsp;&nbsp;Domino's Pizza, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;157 | &nbsp;&nbsp;&nbsp;&nbsp; 67779 |
| &nbsp;&nbsp;&nbsp;Ferguson Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2938 | &nbsp;&nbsp;&nbsp;&nbsp; 659816 |
| &nbsp;&nbsp;&nbsp;Five Below, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381 | &nbsp;&nbsp;&nbsp;&nbsp; 58941 |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;512 | &nbsp;&nbsp;&nbsp;&nbsp; 37734 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;247 | &nbsp;&nbsp;&nbsp;&nbsp; 13612 |
| &nbsp;&nbsp;&nbsp;GameStop Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2832 | &nbsp;&nbsp;&nbsp;&nbsp; 77257 |
| &nbsp;&nbsp;&nbsp;Gap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1618 | &nbsp;&nbsp;&nbsp;&nbsp; 34609 |
| &nbsp;&nbsp;&nbsp;Genuine Parts Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 | &nbsp;&nbsp;&nbsp;&nbsp; 135689 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp; 158379 |
| &nbsp;&nbsp;&nbsp;Lithia Motors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160 | &nbsp;&nbsp;&nbsp;&nbsp; 50560 |
| &nbsp;&nbsp;&nbsp;Lululemon Athletica, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;313 | &nbsp;&nbsp;&nbsp;&nbsp; 55692 |
| &nbsp;&nbsp;&nbsp;Macy's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863 | &nbsp;&nbsp;&nbsp;&nbsp; 33404 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co., Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;315 | &nbsp;&nbsp;&nbsp;&nbsp; 29024 |
| &nbsp;&nbsp;&nbsp;Ollie's Bargain Outlet Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;432 | &nbsp;&nbsp;&nbsp;&nbsp; 55469 |
| &nbsp;&nbsp;&nbsp;Penske Automotive Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp; 22434 |
| &nbsp;&nbsp;&nbsp;QXO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4201 | &nbsp;&nbsp;&nbsp;&nbsp; 80071 |
| &nbsp;&nbsp;&nbsp;Restaurant Brands International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp; 53300 |
| &nbsp;&nbsp;&nbsp;RH† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91 | &nbsp;&nbsp;&nbsp;&nbsp; 18488 |
| &nbsp;&nbsp;&nbsp;Ross Stores, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5535 | &nbsp;&nbsp;&nbsp;&nbsp; 843479 |
| &nbsp;&nbsp;&nbsp;Ulta Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp; 130673 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646 | &nbsp;&nbsp;&nbsp;&nbsp; 5917 |
| &nbsp;&nbsp;&nbsp;Williams-Sonoma, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp; 138965 |
| &nbsp;&nbsp;&nbsp;Yum! Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294 | &nbsp;&nbsp;&nbsp;&nbsp; 196688 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5747247 |
| **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** | **Savings & Loans — 0.0%** |
| &nbsp;&nbsp;&nbsp;TFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366 | &nbsp;&nbsp;&nbsp;&nbsp; 4822 |
| **Semiconductors — 2.2%** | **Semiconductors — 2.2%** | **Semiconductors — 2.2%** |
| &nbsp;&nbsp;&nbsp;Allegro MicroSystems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;&nbsp; 25316 |
| &nbsp;&nbsp;&nbsp;Amkor Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;815 | &nbsp;&nbsp;&nbsp;&nbsp; 23146 |
| &nbsp;&nbsp;&nbsp;Cirrus Logic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;355 | &nbsp;&nbsp;&nbsp;&nbsp; 44478 |
| &nbsp;&nbsp;&nbsp;Entegris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5187 | &nbsp;&nbsp;&nbsp;&nbsp; 479590 |
| &nbsp;&nbsp;&nbsp;GlobalFoundries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736 | &nbsp;&nbsp;&nbsp;&nbsp; 26378 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178 | &nbsp;&nbsp;&nbsp;&nbsp; 14096 |
| &nbsp;&nbsp;&nbsp;Lattice Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;133 | &nbsp;&nbsp;&nbsp;&nbsp; 9752 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;336 | &nbsp;&nbsp;&nbsp;&nbsp; 41829 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699 | &nbsp;&nbsp;&nbsp;&nbsp; 237550 |
| &nbsp;&nbsp;&nbsp;MKS, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8212 | &nbsp;&nbsp;&nbsp;&nbsp; 1016399 |
| &nbsp;&nbsp;&nbsp;NXP Semiconductors NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2066 | &nbsp;&nbsp;&nbsp;&nbsp; 470490 |
| &nbsp;&nbsp;&nbsp;ON Semiconductor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2940 | &nbsp;&nbsp;&nbsp;&nbsp; 144971 |
| &nbsp;&nbsp;&nbsp;Onto Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 | &nbsp;&nbsp;&nbsp;&nbsp; 34631 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;595 | &nbsp;&nbsp;&nbsp;&nbsp; 54193 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3817 | &nbsp;&nbsp;&nbsp;&nbsp; 397732 |
| &nbsp;&nbsp;&nbsp;Skyworks Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4693 | &nbsp;&nbsp;&nbsp;&nbsp; 361267 |
| &nbsp;&nbsp;&nbsp;Teradyne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7619 | &nbsp;&nbsp;&nbsp;&nbsp; 1048679 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4430497 |
| **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** | **Shipbuilding — 0.0%** |
| &nbsp;&nbsp;&nbsp;Huntington Ingalls Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274 | &nbsp;&nbsp;&nbsp;&nbsp; 78887 |
| **Software — 3.3%** | **Software — 3.3%** | **Software — 3.3%** |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1011 | &nbsp;&nbsp;&nbsp;&nbsp; 76593 |
| &nbsp;&nbsp;&nbsp;BILL Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618 | &nbsp;&nbsp;&nbsp;&nbsp; 32735 |
| &nbsp;&nbsp;&nbsp;Broadridge Financial Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp; 18101 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;57247 | &nbsp;&nbsp;$521520 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;18900 | &nbsp;&nbsp;&nbsp;&nbsp; 340578 |
| &nbsp;&nbsp;&nbsp;Concentrix Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;324 | &nbsp;&nbsp;&nbsp;&nbsp; 14953 |
| &nbsp;&nbsp;&nbsp;Dayforce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6043 | &nbsp;&nbsp;&nbsp;&nbsp; 416302 |
| &nbsp;&nbsp;&nbsp;DocuSign, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8664 | &nbsp;&nbsp;&nbsp;&nbsp; 624588 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;466 | &nbsp;&nbsp;&nbsp;&nbsp; 5583 |
| &nbsp;&nbsp;&nbsp;Dropbox, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;957 | &nbsp;&nbsp;&nbsp;&nbsp; 28911 |
| &nbsp;&nbsp;&nbsp;Electronic Arts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3181 | &nbsp;&nbsp;&nbsp;&nbsp; 641608 |
| &nbsp;&nbsp;&nbsp;Fair Isaac Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp; 43399 |
| &nbsp;&nbsp;&nbsp;Fidelity National Information Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11809 | &nbsp;&nbsp;&nbsp;&nbsp; 778685 |
| &nbsp;&nbsp;&nbsp;Gitlab, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7421 | &nbsp;&nbsp;&nbsp;&nbsp; 334539 |
| &nbsp;&nbsp;&nbsp;Global-e Online, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7500 | &nbsp;&nbsp;&nbsp;&nbsp; 268200 |
| &nbsp;&nbsp;&nbsp;Informatica, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp; 18680 |
| &nbsp;&nbsp;&nbsp;Jack Henry & Associates, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513 | &nbsp;&nbsp;&nbsp;&nbsp; 76401 |
| &nbsp;&nbsp;&nbsp;MongoDB, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499 | &nbsp;&nbsp;&nbsp;&nbsp; 154880 |
| &nbsp;&nbsp;&nbsp;MSCI, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266 | &nbsp;&nbsp;&nbsp;&nbsp; 150931 |
| &nbsp;&nbsp;&nbsp;nCino, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;657 | &nbsp;&nbsp;&nbsp;&nbsp; 17811 |
| &nbsp;&nbsp;&nbsp;Nutanix, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360 | &nbsp;&nbsp;&nbsp;&nbsp; 101170 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1552 | &nbsp;&nbsp;&nbsp;&nbsp; 196732 |
| &nbsp;&nbsp;&nbsp;Paycom Software, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp; 34135 |
| &nbsp;&nbsp;&nbsp;Pegasystems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4097 | &nbsp;&nbsp;&nbsp;&nbsp; 235577 |
| &nbsp;&nbsp;&nbsp;PTC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 149220 |
| &nbsp;&nbsp;&nbsp;SentinelOne, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;582 | &nbsp;&nbsp;&nbsp;&nbsp; 10249 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8132 | &nbsp;&nbsp;&nbsp;&nbsp; 721796 |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;845 | &nbsp;&nbsp;&nbsp;&nbsp; 218314 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp; 11336 |
| &nbsp;&nbsp;&nbsp;Twilio, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp; 82875 |
| &nbsp;&nbsp;&nbsp;Tyler Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51 | &nbsp;&nbsp;&nbsp;&nbsp; 26681 |
| &nbsp;&nbsp;&nbsp;UiPath, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2821 | &nbsp;&nbsp;&nbsp;&nbsp; 37745 |
| &nbsp;&nbsp;&nbsp;Unity Software, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2099 | &nbsp;&nbsp;&nbsp;&nbsp; 84044 |
| &nbsp;&nbsp;&nbsp;Veeva Systems, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213 | &nbsp;&nbsp;&nbsp;&nbsp; 63455 |
| &nbsp;&nbsp;&nbsp;Zoom Communications, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1832 | &nbsp;&nbsp;&nbsp;&nbsp; 151140 |
| &nbsp;&nbsp;&nbsp;ZoomInfo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063 | &nbsp;&nbsp;&nbsp;&nbsp; 22507 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6711974 |
| **Telecommunications — 1.5%** | **Telecommunications — 1.5%** | **Telecommunications — 1.5%** |
| &nbsp;&nbsp;&nbsp;AST SpaceMobile, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp; 4565 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;996 | &nbsp;&nbsp;&nbsp;&nbsp; 145087 |
| &nbsp;&nbsp;&nbsp;Corning, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32670 | &nbsp;&nbsp;&nbsp;&nbsp; 2679920 |
| &nbsp;&nbsp;&nbsp;Frontier Communications Parent, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1664 | &nbsp;&nbsp;&nbsp;&nbsp; 62150 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12 | &nbsp;&nbsp;&nbsp;&nbsp; 451 |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc., Class C† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 4584 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;627 | &nbsp;&nbsp;&nbsp;&nbsp; 10947 |
| &nbsp;&nbsp;&nbsp;Millicom International Cellular SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;722 | &nbsp;&nbsp;&nbsp;&nbsp; 35046 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2942750 |
| **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** | **Toys/Games/Hobbies — 0.2%** |
| &nbsp;&nbsp;&nbsp;Hasbro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp; 70541 |
| &nbsp;&nbsp;&nbsp;Mattel, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;18550 | &nbsp;&nbsp;&nbsp;&nbsp; 312196 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382737 |
| **Transportation — 0.9%** | **Transportation — 0.9%** | **Transportation — 0.9%** |
| &nbsp;&nbsp;&nbsp;C.H. Robinson Worldwide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp; 108038 |
| &nbsp;&nbsp;&nbsp;Expeditors International of Washington, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp; 116951 |
| &nbsp;&nbsp;&nbsp;FedEx Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663 | &nbsp;&nbsp;&nbsp;&nbsp; 156342 |
| &nbsp;&nbsp;&nbsp;JB Hunt Transport Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2606 | &nbsp;&nbsp;&nbsp;&nbsp; 349647 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;380 | &nbsp;&nbsp;&nbsp;&nbsp; 31711 |
| &nbsp;&nbsp;&nbsp;Knight-Swift Transportation Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2282 | &nbsp;&nbsp;&nbsp;&nbsp; 90162 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Transportation (continued)** | **Transportation (continued)** |  |
| &nbsp;&nbsp;&nbsp;Landstar System, Inc. | &nbsp;&nbsp; 246 | &nbsp;&nbsp;$30150 |
| &nbsp;&nbsp;&nbsp;Old Dominion Freight Line, Inc. | &nbsp;&nbsp; 1229 | &nbsp;&nbsp;&nbsp;&nbsp; 173019 |
| &nbsp;&nbsp;&nbsp;Ryder System, Inc. | &nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp;&nbsp; 51499 |
| &nbsp;&nbsp;&nbsp;Saia, Inc.† | &nbsp;&nbsp; 2256 | &nbsp;&nbsp;&nbsp;&nbsp; 675356 |
| &nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | &nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp;&nbsp; 7829 |
| &nbsp;&nbsp;&nbsp;XPO, Inc.† | &nbsp;&nbsp; 641 | &nbsp;&nbsp;&nbsp;&nbsp; 82862 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1873566 |
| **Water — 0.1%** | **Water — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;American Water Works Co., Inc. | &nbsp;&nbsp; 1363 | &nbsp;&nbsp;&nbsp;&nbsp; 189716 |
| &nbsp;&nbsp;&nbsp;Essential Utilities, Inc. | &nbsp;&nbsp; 1942 | &nbsp;&nbsp;&nbsp;&nbsp; 77486 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;267202 |
| **Total Common Stocks<br> (cost $164,561,523)** |  | &nbsp;&nbsp;&nbsp;&nbsp;198403021 |
| **CONVERTIBLE PREFERRED STOCKS — 0.2%** | **CONVERTIBLE PREFERRED STOCKS — 0.2%** |  |
| **Aerospace/Defense — 0.2%** | **Aerospace/Defense — 0.2%** |  |
| &nbsp;&nbsp;&nbsp;Boeing Co.<br> (cost $287,150) | &nbsp;&nbsp; 5743 | &nbsp;&nbsp;&nbsp;&nbsp; 399541 |
| **CONVERTIBLE BONDS & NOTES — 0.1%** | **CONVERTIBLE BONDS & NOTES — 0.1%** |  |
| **Semiconductors — 0.1%** | **Semiconductors — 0.1%** |  |
| &nbsp;&nbsp;&nbsp;Wolfspeed, Inc. |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25%, 02/15/2028†(1) | $109000 | &nbsp;&nbsp;&nbsp;&nbsp; 49050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88%, 12/01/2029†(1) | &nbsp;&nbsp; 384000 | &nbsp;&nbsp;&nbsp;&nbsp; 172800 |
| **Total Convertible Bonds & Notes<br> (cost $320,907)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221850 |
| **ESCROWS AND LITIGATION TRUSTS — 0.0%** | **ESCROWS AND LITIGATION TRUSTS — 0.0%** |  |
| &nbsp;&nbsp;&nbsp;GCI Liberty, Inc. †(2)<br> (cost $0) | &nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp;&nbsp; 0 |
| **Total Long-Term Investment Securities<br> (cost $165,169,580)** |  | &nbsp;&nbsp;&nbsp;&nbsp;199024412 |
| **SHORT-TERM INVESTMENTS — 1.2%** | **SHORT-TERM INVESTMENTS — 1.2%** |  |
| **U.S. Government Agency — 0.3%** | **U.S. Government Agency — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;Federal National Mtg. Assoc. Disc. Notes |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90%, 10/01/2025 | &nbsp;&nbsp; 533000 | &nbsp;&nbsp;&nbsp;&nbsp; 532940 |
| **Unaffiliated Investment Companies — 0.9%** | **Unaffiliated Investment Companies — 0.9%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.09%(3) | &nbsp;&nbsp;1771545 | &nbsp;&nbsp;&nbsp;&nbsp; 1771545 |
| &nbsp;&nbsp;&nbsp;T. Rowe Price Government Reserve Fund<br> 4.16%(3) | &nbsp;&nbsp; 823 | &nbsp;&nbsp;&nbsp;&nbsp; 823 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772368 |
| **Total Short-Term Investments<br> (cost $2,305,368)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2305308 |
| **TOTAL INVESTMENTS<br> (cost $167,474,948)(4)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.1% | &nbsp;&nbsp;&nbsp;&nbsp;201329720 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(0.1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(157456) |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$201172264 |

---

† Non-income producing security

(1) Security in default

(2) Securities classified as Level 3 (see Note 2).

(3) The rate shown is the 7-day yield as of September 30, 2025.

(4) See Note 4 for cost of investments on a tax basis.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Mid Cap Value Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Western Union Co. | &nbsp;&nbsp; 98 | &nbsp;&nbsp;4.29% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;$822 | &nbsp;&nbsp;$(39) | &nbsp;&nbsp;$(39) |
| **Packaging & Containers** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp; 55 | &nbsp;&nbsp;4.29 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 1851 | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 93 |
| **Insurance** |  |  |  |  |  |  |  |  |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;1200 | &nbsp;&nbsp;4.29 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp;49500 | &nbsp;&nbsp;&nbsp;&nbsp;(1104) | &nbsp;&nbsp;&nbsp;&nbsp;(1104) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$(1050) | &nbsp;&nbsp;$(1050) |

---

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 2 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 1000 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$201080 | &nbsp;&nbsp;&nbsp;&nbsp;$201720 | &nbsp;&nbsp;&nbsp;&nbsp;$640 |

---

\* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks | &nbsp;&nbsp;$198403021 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$198403021 |
| Convertible Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399541 |
| Convertible Bonds & Notes | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;221850 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221850 |
| Escrows and Litigation Trusts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 |
| Short-Term Investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;U.S. Government Agency | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;532940 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532940 |
| &nbsp;&nbsp;&nbsp;Other Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1772368 |
| **Total Investments at Value** | &nbsp;&nbsp;$200574930 | &nbsp;&nbsp;$754790 | &nbsp;&nbsp;$0 | &nbsp;&nbsp;$201329720 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$93 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$93 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$640 | &nbsp;&nbsp;$93 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$733 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1143 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$1143 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

Level 3 investments in securities were not considered a significant portion of the Portfolio's net assets.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS — 97.3%** | **COMMON STOCKS — 97.3%** | **COMMON STOCKS — 97.3%** |
| **Advertising — 0.1%** | **Advertising — 0.1%** | **Advertising — 0.1%** |
| &nbsp;&nbsp;&nbsp;Stagwell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8863 | &nbsp;&nbsp;$49899 |
| &nbsp;&nbsp;&nbsp;TechTarget, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2945 | &nbsp;&nbsp;&nbsp;&nbsp; 17110 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67009 |
| **Aerospace/Defense — 2.0%** | **Aerospace/Defense — 2.0%** | **Aerospace/Defense — 2.0%** |
| &nbsp;&nbsp;&nbsp;AAR Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1097 | &nbsp;&nbsp;&nbsp;&nbsp; 98368 |
| &nbsp;&nbsp;&nbsp;AeroVironment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;402 | &nbsp;&nbsp;&nbsp;&nbsp; 126586 |
| &nbsp;&nbsp;&nbsp;Archer Aviation, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8555 | &nbsp;&nbsp;&nbsp;&nbsp; 81957 |
| &nbsp;&nbsp;&nbsp;Firefly Aerospace, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097 | &nbsp;&nbsp;&nbsp;&nbsp; 90804 |
| &nbsp;&nbsp;&nbsp;Hexcel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;15781 | &nbsp;&nbsp;&nbsp;&nbsp; 989469 |
| &nbsp;&nbsp;&nbsp;Joby Aviation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10552 | &nbsp;&nbsp;&nbsp;&nbsp; 170309 |
| &nbsp;&nbsp;&nbsp;Mercury Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp; 126394 |
| &nbsp;&nbsp;&nbsp;Moog, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4432 | &nbsp;&nbsp;&nbsp;&nbsp; 920393 |
| &nbsp;&nbsp;&nbsp;National Presto Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164 | &nbsp;&nbsp;&nbsp;&nbsp; 18393 |
| &nbsp;&nbsp;&nbsp;Rocket Lab Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1533 | &nbsp;&nbsp;&nbsp;&nbsp; 73446 |
| &nbsp;&nbsp;&nbsp;StandardAero, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1489 | &nbsp;&nbsp;&nbsp;&nbsp; 40635 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2736754 |
| **Agriculture — 0.2%** | **Agriculture — 0.2%** | **Agriculture — 0.2%** |
| &nbsp;&nbsp;&nbsp;Andersons, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115 | &nbsp;&nbsp;&nbsp;&nbsp; 84198 |
| &nbsp;&nbsp;&nbsp;Dole PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4325 | &nbsp;&nbsp;&nbsp;&nbsp; 58128 |
| &nbsp;&nbsp;&nbsp;Fresh Del Monte Produce, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2162 | &nbsp;&nbsp;&nbsp;&nbsp; 75065 |
| &nbsp;&nbsp;&nbsp;Universal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;780 | &nbsp;&nbsp;&nbsp;&nbsp; 43579 |
| &nbsp;&nbsp;&nbsp;Vital Farms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;523 | &nbsp;&nbsp;&nbsp;&nbsp; 21521 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282491 |
| **Airlines — 0.2%** | **Airlines — 0.2%** | **Airlines — 0.2%** |
| &nbsp;&nbsp;&nbsp;Allegiant Travel Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp; 25402 |
| &nbsp;&nbsp;&nbsp;JetBlue Airways Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9012 | &nbsp;&nbsp;&nbsp;&nbsp; 44339 |
| &nbsp;&nbsp;&nbsp;SkyWest, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2360 | &nbsp;&nbsp;&nbsp;&nbsp; 237463 |
| &nbsp;&nbsp;&nbsp;Sun Country Airlines Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1652 | &nbsp;&nbsp;&nbsp;&nbsp; 19510 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;326714 |
| **Apparel — 0.7%** | **Apparel — 0.7%** | **Apparel — 0.7%** |
| &nbsp;&nbsp;&nbsp;Capri Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6102 | &nbsp;&nbsp;&nbsp;&nbsp; 121552 |
| &nbsp;&nbsp;&nbsp;Carter's, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1155 | &nbsp;&nbsp;&nbsp;&nbsp; 32594 |
| &nbsp;&nbsp;&nbsp;Hanesbrands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10958 | &nbsp;&nbsp;&nbsp;&nbsp; 72213 |
| &nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1578 | &nbsp;&nbsp;&nbsp;&nbsp; 125877 |
| &nbsp;&nbsp;&nbsp;Oxford Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9097 | &nbsp;&nbsp;&nbsp;&nbsp; 368793 |
| &nbsp;&nbsp;&nbsp;Steven Madden, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2250 | &nbsp;&nbsp;&nbsp;&nbsp; 75330 |
| &nbsp;&nbsp;&nbsp;Wolverine World Wide, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6928 | &nbsp;&nbsp;&nbsp;&nbsp; 190104 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986463 |
| **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** | **Auto Manufacturers — 0.1%** |
| &nbsp;&nbsp;&nbsp;Blue Bird Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 | &nbsp;&nbsp;&nbsp;&nbsp; 72571 |
| **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** | **Auto Parts & Equipment — 1.0%** |
| &nbsp;&nbsp;&nbsp;Adient PLC† | &nbsp;&nbsp;&nbsp;&nbsp;10291 | &nbsp;&nbsp;&nbsp;&nbsp; 247807 |
| &nbsp;&nbsp;&nbsp;American Axle & Manufacturing Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642 | &nbsp;&nbsp;&nbsp;&nbsp; 21888 |
| &nbsp;&nbsp;&nbsp;Aurora Innovation, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2711 | &nbsp;&nbsp;&nbsp;&nbsp; 14612 |
| &nbsp;&nbsp;&nbsp;BorgWarner, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6703 | &nbsp;&nbsp;&nbsp;&nbsp; 294664 |
| &nbsp;&nbsp;&nbsp;Dana, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9443 | &nbsp;&nbsp;&nbsp;&nbsp; 189238 |
| &nbsp;&nbsp;&nbsp;Dorman Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp; 134369 |
| &nbsp;&nbsp;&nbsp;Fox Factory Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp; 31213 |
| &nbsp;&nbsp;&nbsp;Garrett Motion, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8971 | &nbsp;&nbsp;&nbsp;&nbsp; 122185 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;942 | &nbsp;&nbsp;&nbsp;&nbsp; 32085 |
| &nbsp;&nbsp;&nbsp;Phinia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3042 | &nbsp;&nbsp;&nbsp;&nbsp; 174854 |
| &nbsp;&nbsp;&nbsp;Standard Motor Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;659 | &nbsp;&nbsp;&nbsp;&nbsp; 26900 |
| &nbsp;&nbsp;&nbsp;Titan International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6246 | &nbsp;&nbsp;&nbsp;&nbsp; 47220 |
| &nbsp;&nbsp;&nbsp;XPEL, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;715 | &nbsp;&nbsp;&nbsp;&nbsp; 23645 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1360680 |
| **Banks — 9.1%** | **Banks — 9.1%** | **Banks — 9.1%** |
| &nbsp;&nbsp;&nbsp;Amalgamated Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;318 | &nbsp;&nbsp;&nbsp;&nbsp; 8634 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Amerant Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1613 | &nbsp;&nbsp;$31083 |
| &nbsp;&nbsp;&nbsp;Ameris Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4473 | &nbsp;&nbsp;&nbsp;&nbsp; 327916 |
| &nbsp;&nbsp;&nbsp;Associated Banc-Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;758 | &nbsp;&nbsp;&nbsp;&nbsp; 19488 |
| &nbsp;&nbsp;&nbsp;Atlantic Union Bankshares Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4894 | &nbsp;&nbsp;&nbsp;&nbsp; 172709 |
| &nbsp;&nbsp;&nbsp;BancFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;636 | &nbsp;&nbsp;&nbsp;&nbsp; 80422 |
| &nbsp;&nbsp;&nbsp;Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427 | &nbsp;&nbsp;&nbsp;&nbsp; 106868 |
| &nbsp;&nbsp;&nbsp;Bank of Hawaii Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232 | &nbsp;&nbsp;&nbsp;&nbsp; 80868 |
| &nbsp;&nbsp;&nbsp;Bank of N.T. Butterfield & Son, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5320 | &nbsp;&nbsp;&nbsp;&nbsp; 228334 |
| &nbsp;&nbsp;&nbsp;BankUnited, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3295 | &nbsp;&nbsp;&nbsp;&nbsp; 125737 |
| &nbsp;&nbsp;&nbsp;Banner Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067 | &nbsp;&nbsp;&nbsp;&nbsp; 69889 |
| &nbsp;&nbsp;&nbsp;BayCom Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153 | &nbsp;&nbsp;&nbsp;&nbsp; 4399 |
| &nbsp;&nbsp;&nbsp;Bridgewater Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;950 | &nbsp;&nbsp;&nbsp;&nbsp; 16720 |
| &nbsp;&nbsp;&nbsp;Burke & Herbert Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;189 | &nbsp;&nbsp;&nbsp;&nbsp; 11659 |
| &nbsp;&nbsp;&nbsp;Business First Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1868 | &nbsp;&nbsp;&nbsp;&nbsp; 44103 |
| &nbsp;&nbsp;&nbsp;Byline Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4307 | &nbsp;&nbsp;&nbsp;&nbsp; 119433 |
| &nbsp;&nbsp;&nbsp;Cadence Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;859 | &nbsp;&nbsp;&nbsp;&nbsp; 32247 |
| &nbsp;&nbsp;&nbsp;Capital City Bank Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227 | &nbsp;&nbsp;&nbsp;&nbsp; 9486 |
| &nbsp;&nbsp;&nbsp;Cathay General Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2140 | &nbsp;&nbsp;&nbsp;&nbsp; 102741 |
| &nbsp;&nbsp;&nbsp;Central Pacific Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1437 | &nbsp;&nbsp;&nbsp;&nbsp; 43599 |
| &nbsp;&nbsp;&nbsp;ChoiceOne Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;397 | &nbsp;&nbsp;&nbsp;&nbsp; 11497 |
| &nbsp;&nbsp;&nbsp;City Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446 | &nbsp;&nbsp;&nbsp;&nbsp; 55246 |
| &nbsp;&nbsp;&nbsp;CNB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298 | &nbsp;&nbsp;&nbsp;&nbsp; 55612 |
| &nbsp;&nbsp;&nbsp;Community Financial System, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1632 | &nbsp;&nbsp;&nbsp;&nbsp; 95700 |
| &nbsp;&nbsp;&nbsp;ConnectOne Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3998 | &nbsp;&nbsp;&nbsp;&nbsp; 99190 |
| &nbsp;&nbsp;&nbsp;Customers Bancorp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4271 | &nbsp;&nbsp;&nbsp;&nbsp; 279195 |
| &nbsp;&nbsp;&nbsp;CVB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4013 | &nbsp;&nbsp;&nbsp;&nbsp; 75886 |
| &nbsp;&nbsp;&nbsp;Dime Community Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1722 | &nbsp;&nbsp;&nbsp;&nbsp; 51367 |
| &nbsp;&nbsp;&nbsp;Eagle Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;856 | &nbsp;&nbsp;&nbsp;&nbsp; 17308 |
| &nbsp;&nbsp;&nbsp;Eastern Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11174 | &nbsp;&nbsp;&nbsp;&nbsp; 202808 |
| &nbsp;&nbsp;&nbsp;Enterprise Financial Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2348 | &nbsp;&nbsp;&nbsp;&nbsp; 136137 |
| &nbsp;&nbsp;&nbsp;Equity Bancshares, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2555 | &nbsp;&nbsp;&nbsp;&nbsp; 103989 |
| &nbsp;&nbsp;&nbsp;FB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8731 | &nbsp;&nbsp;&nbsp;&nbsp; 486666 |
| &nbsp;&nbsp;&nbsp;Financial Institutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2649 | &nbsp;&nbsp;&nbsp;&nbsp; 72053 |
| &nbsp;&nbsp;&nbsp;First Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;15954 | &nbsp;&nbsp;&nbsp;&nbsp; 843807 |
| &nbsp;&nbsp;&nbsp;First BanCorp. | &nbsp;&nbsp;&nbsp;&nbsp;44168 | &nbsp;&nbsp;&nbsp;&nbsp; 973904 |
| &nbsp;&nbsp;&nbsp;First Commonwealth Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3217 | &nbsp;&nbsp;&nbsp;&nbsp; 54850 |
| &nbsp;&nbsp;&nbsp;First Financial Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3632 | &nbsp;&nbsp;&nbsp;&nbsp; 91708 |
| &nbsp;&nbsp;&nbsp;First Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp; 49780 |
| &nbsp;&nbsp;&nbsp;First Hawaiian, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3860 | &nbsp;&nbsp;&nbsp;&nbsp; 95844 |
| &nbsp;&nbsp;&nbsp;First Interstate BancSystem, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368 | &nbsp;&nbsp;&nbsp;&nbsp; 11728 |
| &nbsp;&nbsp;&nbsp;First Merchants Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2213 | &nbsp;&nbsp;&nbsp;&nbsp; 83430 |
| &nbsp;&nbsp;&nbsp;First Mid Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421 | &nbsp;&nbsp;&nbsp;&nbsp; 53827 |
| &nbsp;&nbsp;&nbsp;Fulton Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5641 | &nbsp;&nbsp;&nbsp;&nbsp; 105092 |
| &nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1128 | &nbsp;&nbsp;&nbsp;&nbsp; 70624 |
| &nbsp;&nbsp;&nbsp;Hanmi Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3878 | &nbsp;&nbsp;&nbsp;&nbsp; 95748 |
| &nbsp;&nbsp;&nbsp;HBT Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;172 | &nbsp;&nbsp;&nbsp;&nbsp; 4334 |
| &nbsp;&nbsp;&nbsp;Heritage Commerce Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8113 | &nbsp;&nbsp;&nbsp;&nbsp; 80562 |
| &nbsp;&nbsp;&nbsp;Heritage Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp; 24988 |
| &nbsp;&nbsp;&nbsp;Hilltop Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3057 | &nbsp;&nbsp;&nbsp;&nbsp; 102165 |
| &nbsp;&nbsp;&nbsp;Hope Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3957 | &nbsp;&nbsp;&nbsp;&nbsp; 42617 |
| &nbsp;&nbsp;&nbsp;Horizon Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2196 | &nbsp;&nbsp;&nbsp;&nbsp; 35158 |
| &nbsp;&nbsp;&nbsp;Independent Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2082 | &nbsp;&nbsp;&nbsp;&nbsp; 144012 |
| &nbsp;&nbsp;&nbsp;Lakeland Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785 | &nbsp;&nbsp;&nbsp;&nbsp; 50397 |
| &nbsp;&nbsp;&nbsp;Mercantile Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673 | &nbsp;&nbsp;&nbsp;&nbsp; 75285 |
| &nbsp;&nbsp;&nbsp;Merchants Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427 | &nbsp;&nbsp;&nbsp;&nbsp; 13579 |
| &nbsp;&nbsp;&nbsp;Metropolitan Bank Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp; 90008 |
| &nbsp;&nbsp;&nbsp;Mid Penn Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150 | &nbsp;&nbsp;&nbsp;&nbsp; 4296 |
| &nbsp;&nbsp;&nbsp;MidWestOne Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;909 | &nbsp;&nbsp;&nbsp;&nbsp; 25716 |
| &nbsp;&nbsp;&nbsp;National Bank Holdings Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1778 | &nbsp;&nbsp;&nbsp;&nbsp; 68702 |
| &nbsp;&nbsp;&nbsp;NBT Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1614 | &nbsp;&nbsp;&nbsp;&nbsp; 67401 |
| &nbsp;&nbsp;&nbsp;Northrim BanCorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1183 | &nbsp;&nbsp;&nbsp;&nbsp; 25624 |
| &nbsp;&nbsp;&nbsp;OFG Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3422 | &nbsp;&nbsp;&nbsp;&nbsp; 148823 |
| &nbsp;&nbsp;&nbsp;Old National Bancorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7530 | &nbsp;&nbsp;&nbsp;&nbsp; 165283 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Banks (continued)** | **Banks (continued)** | **Banks (continued)** |
| &nbsp;&nbsp;&nbsp;Old Second Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4501 | &nbsp;&nbsp;$77800 |
| &nbsp;&nbsp;&nbsp;Origin Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp; 31482 |
| &nbsp;&nbsp;&nbsp;Park National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;443 | &nbsp;&nbsp;&nbsp;&nbsp; 72001 |
| &nbsp;&nbsp;&nbsp;Pathward Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3262 | &nbsp;&nbsp;&nbsp;&nbsp; 241421 |
| &nbsp;&nbsp;&nbsp;Peapack-Gladstone Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;496 | &nbsp;&nbsp;&nbsp;&nbsp; 13690 |
| &nbsp;&nbsp;&nbsp;Pinnacle Financial Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;136 | &nbsp;&nbsp;&nbsp;&nbsp; 12755 |
| &nbsp;&nbsp;&nbsp;QCR Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9993 | &nbsp;&nbsp;&nbsp;&nbsp; 755871 |
| &nbsp;&nbsp;&nbsp;Renasant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3733 | &nbsp;&nbsp;&nbsp;&nbsp; 137710 |
| &nbsp;&nbsp;&nbsp;S&T Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp; 45183 |
| &nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | &nbsp;&nbsp;&nbsp;&nbsp;30741 | &nbsp;&nbsp;&nbsp;&nbsp; 935449 |
| &nbsp;&nbsp;&nbsp;ServisFirst Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1557 | &nbsp;&nbsp;&nbsp;&nbsp; 125385 |
| &nbsp;&nbsp;&nbsp;Simmons First National Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6793 | &nbsp;&nbsp;&nbsp;&nbsp; 130222 |
| &nbsp;&nbsp;&nbsp;SmartFinancial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | &nbsp;&nbsp;&nbsp;&nbsp; 9147 |
| &nbsp;&nbsp;&nbsp;South Plains Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3447 | &nbsp;&nbsp;&nbsp;&nbsp; 133227 |
| &nbsp;&nbsp;&nbsp;Southside Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1713 | &nbsp;&nbsp;&nbsp;&nbsp; 48392 |
| &nbsp;&nbsp;&nbsp;SouthState Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6511 | &nbsp;&nbsp;&nbsp;&nbsp; 643743 |
| &nbsp;&nbsp;&nbsp;Stellar Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1427 | &nbsp;&nbsp;&nbsp;&nbsp; 43295 |
| &nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;497 | &nbsp;&nbsp;&nbsp;&nbsp; 42011 |
| &nbsp;&nbsp;&nbsp;Tompkins Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;399 | &nbsp;&nbsp;&nbsp;&nbsp; 26418 |
| &nbsp;&nbsp;&nbsp;Towne Bank | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1495 | &nbsp;&nbsp;&nbsp;&nbsp; 51682 |
| &nbsp;&nbsp;&nbsp;TriCo Bancshares | &nbsp;&nbsp;&nbsp;&nbsp;11390 | &nbsp;&nbsp;&nbsp;&nbsp; 505830 |
| &nbsp;&nbsp;&nbsp;Triumph Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688 | &nbsp;&nbsp;&nbsp;&nbsp; 34428 |
| &nbsp;&nbsp;&nbsp;TrustCo Bank Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599 | &nbsp;&nbsp;&nbsp;&nbsp; 21744 |
| &nbsp;&nbsp;&nbsp;Trustmark Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183 | &nbsp;&nbsp;&nbsp;&nbsp; 86447 |
| &nbsp;&nbsp;&nbsp;UMB Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828 | &nbsp;&nbsp;&nbsp;&nbsp; 97994 |
| &nbsp;&nbsp;&nbsp;United Bankshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660 | &nbsp;&nbsp;&nbsp;&nbsp; 24559 |
| &nbsp;&nbsp;&nbsp;United Community Banks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;20148 | &nbsp;&nbsp;&nbsp;&nbsp; 631640 |
| &nbsp;&nbsp;&nbsp;Unity Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;537 | &nbsp;&nbsp;&nbsp;&nbsp; 26243 |
| &nbsp;&nbsp;&nbsp;Univest Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1073 | &nbsp;&nbsp;&nbsp;&nbsp; 32211 |
| &nbsp;&nbsp;&nbsp;Veritex Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2546 | &nbsp;&nbsp;&nbsp;&nbsp; 85367 |
| &nbsp;&nbsp;&nbsp;Walker & Dunlop, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167 | &nbsp;&nbsp;&nbsp;&nbsp; 181205 |
| &nbsp;&nbsp;&nbsp;WesBanco, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1056 | &nbsp;&nbsp;&nbsp;&nbsp; 33718 |
| &nbsp;&nbsp;&nbsp;Westamerica BanCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;789 | &nbsp;&nbsp;&nbsp;&nbsp; 39442 |
| &nbsp;&nbsp;&nbsp;Wintrust Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp; 80391 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;12536384 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| &nbsp;&nbsp;&nbsp;MGP Ingredients, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423 | &nbsp;&nbsp;&nbsp;&nbsp; 10232 |
| &nbsp;&nbsp;&nbsp;National Beverage Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp; 26508 |
| &nbsp;&nbsp;&nbsp;Primo Brands Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1247 | &nbsp;&nbsp;&nbsp;&nbsp; 27559 |
| &nbsp;&nbsp;&nbsp;Vita Coco Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1714 | &nbsp;&nbsp;&nbsp;&nbsp; 72794 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137093 |
| **Biotechnology — 3.4%** | **Biotechnology — 3.4%** | **Biotechnology — 3.4%** |
| &nbsp;&nbsp;&nbsp;ACADIA Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7321 | &nbsp;&nbsp;&nbsp;&nbsp; 156230 |
| &nbsp;&nbsp;&nbsp;ADMA Biologics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7392 | &nbsp;&nbsp;&nbsp;&nbsp; 108367 |
| &nbsp;&nbsp;&nbsp;Akero Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424 | &nbsp;&nbsp;&nbsp;&nbsp; 162572 |
| &nbsp;&nbsp;&nbsp;Amicus Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10636 | &nbsp;&nbsp;&nbsp;&nbsp; 83812 |
| &nbsp;&nbsp;&nbsp;ANI Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 | &nbsp;&nbsp;&nbsp;&nbsp; 131812 |
| &nbsp;&nbsp;&nbsp;Arcus Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109 | &nbsp;&nbsp;&nbsp;&nbsp; 28682 |
| &nbsp;&nbsp;&nbsp;Arrowhead Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11607 | &nbsp;&nbsp;&nbsp;&nbsp; 400325 |
| &nbsp;&nbsp;&nbsp;Atea Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4555 | &nbsp;&nbsp;&nbsp;&nbsp; 13210 |
| &nbsp;&nbsp;&nbsp;Avidity Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3604 | &nbsp;&nbsp;&nbsp;&nbsp; 157026 |
| &nbsp;&nbsp;&nbsp;Axsome Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp; 49916 |
| &nbsp;&nbsp;&nbsp;BioCryst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7858 | &nbsp;&nbsp;&nbsp;&nbsp; 59642 |
| &nbsp;&nbsp;&nbsp;Bridgebio Pharma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645 | &nbsp;&nbsp;&nbsp;&nbsp; 137381 |
| &nbsp;&nbsp;&nbsp;Celldex Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1000 | &nbsp;&nbsp;&nbsp;&nbsp; 25870 |
| &nbsp;&nbsp;&nbsp;Certara, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3732 | &nbsp;&nbsp;&nbsp;&nbsp; 45605 |
| &nbsp;&nbsp;&nbsp;CG oncology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3459 | &nbsp;&nbsp;&nbsp;&nbsp; 139329 |
| &nbsp;&nbsp;&nbsp;Crinetics Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2895 | &nbsp;&nbsp;&nbsp;&nbsp; 120577 |
| &nbsp;&nbsp;&nbsp;CRISPR Therapeutics AG† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2357 | &nbsp;&nbsp;&nbsp;&nbsp; 152757 |
| &nbsp;&nbsp;&nbsp;Cytek Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3126 | &nbsp;&nbsp;&nbsp;&nbsp; 10847 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Biotechnology (continued)** | **Biotechnology (continued)** | **Biotechnology (continued)** |
| &nbsp;&nbsp;&nbsp;Dynavax Technologies Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8710 | &nbsp;&nbsp;$86490 |
| &nbsp;&nbsp;&nbsp;Evolus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;36217 | &nbsp;&nbsp;&nbsp;&nbsp; 222372 |
| &nbsp;&nbsp;&nbsp;Halozyme Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1214 | &nbsp;&nbsp;&nbsp;&nbsp; 89035 |
| &nbsp;&nbsp;&nbsp;Innoviva, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1762 | &nbsp;&nbsp;&nbsp;&nbsp; 32157 |
| &nbsp;&nbsp;&nbsp;Janux Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2679 | &nbsp;&nbsp;&nbsp;&nbsp; 65475 |
| &nbsp;&nbsp;&nbsp;Korro Bio, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3834 | &nbsp;&nbsp;&nbsp;&nbsp; 183610 |
| &nbsp;&nbsp;&nbsp;Krystal Biotech, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1454 | &nbsp;&nbsp;&nbsp;&nbsp; 256675 |
| &nbsp;&nbsp;&nbsp;Kymera Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852 | &nbsp;&nbsp;&nbsp;&nbsp; 161423 |
| &nbsp;&nbsp;&nbsp;Ligand Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602 | &nbsp;&nbsp;&nbsp;&nbsp; 106638 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2881 | &nbsp;&nbsp;&nbsp;&nbsp; 20830 |
| &nbsp;&nbsp;&nbsp;NeoGenomics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;45143 | &nbsp;&nbsp;&nbsp;&nbsp; 348504 |
| &nbsp;&nbsp;&nbsp;Nuvalent, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;514 | &nbsp;&nbsp;&nbsp;&nbsp; 44451 |
| &nbsp;&nbsp;&nbsp;Prothena Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8467 | &nbsp;&nbsp;&nbsp;&nbsp; 82638 |
| &nbsp;&nbsp;&nbsp;PTC Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1089 | &nbsp;&nbsp;&nbsp;&nbsp; 66832 |
| &nbsp;&nbsp;&nbsp;Sarepta Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3027 | &nbsp;&nbsp;&nbsp;&nbsp; 58330 |
| &nbsp;&nbsp;&nbsp;Scholar Rock Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3471 | &nbsp;&nbsp;&nbsp;&nbsp; 129260 |
| &nbsp;&nbsp;&nbsp;Terns Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12566 | &nbsp;&nbsp;&nbsp;&nbsp; 94371 |
| &nbsp;&nbsp;&nbsp;TG Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4203 | &nbsp;&nbsp;&nbsp;&nbsp; 151833 |
| &nbsp;&nbsp;&nbsp;Travere Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4047 | &nbsp;&nbsp;&nbsp;&nbsp; 96723 |
| &nbsp;&nbsp;&nbsp;Tyra Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169 | &nbsp;&nbsp;&nbsp;&nbsp; 16354 |
| &nbsp;&nbsp;&nbsp;Veracyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7150 | &nbsp;&nbsp;&nbsp;&nbsp; 245460 |
| &nbsp;&nbsp;&nbsp;Vericel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1590 | &nbsp;&nbsp;&nbsp;&nbsp; 50037 |
| &nbsp;&nbsp;&nbsp;Vir Biotechnology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2814 | &nbsp;&nbsp;&nbsp;&nbsp; 16068 |
| &nbsp;&nbsp;&nbsp;Wave Life Sciences, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2547 | &nbsp;&nbsp;&nbsp;&nbsp; 18644 |
| &nbsp;&nbsp;&nbsp;Xencor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2230 | &nbsp;&nbsp;&nbsp;&nbsp; 26158 |
| &nbsp;&nbsp;&nbsp;Zevra Therapeutics, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8032 | &nbsp;&nbsp;&nbsp;&nbsp; 76384 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4730712 |
| **Building Materials — 2.2%** | **Building Materials — 2.2%** | **Building Materials — 2.2%** |
| &nbsp;&nbsp;&nbsp;NWPX Infrastructure, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;379 | &nbsp;&nbsp;&nbsp;&nbsp; 20061 |
| &nbsp;&nbsp;&nbsp;American Woodmark Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451 | &nbsp;&nbsp;&nbsp;&nbsp; 30109 |
| &nbsp;&nbsp;&nbsp;Apogee Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1193 | &nbsp;&nbsp;&nbsp;&nbsp; 51979 |
| &nbsp;&nbsp;&nbsp;Armstrong World Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1340 | &nbsp;&nbsp;&nbsp;&nbsp; 262653 |
| &nbsp;&nbsp;&nbsp;Boise Cascade Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962 | &nbsp;&nbsp;&nbsp;&nbsp; 151702 |
| &nbsp;&nbsp;&nbsp;Gibraltar Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;910 | &nbsp;&nbsp;&nbsp;&nbsp; 57148 |
| &nbsp;&nbsp;&nbsp;Griffon Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112 | &nbsp;&nbsp;&nbsp;&nbsp; 313129 |
| &nbsp;&nbsp;&nbsp;Hayward Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;46937 | &nbsp;&nbsp;&nbsp;&nbsp; 709687 |
| &nbsp;&nbsp;&nbsp;Masterbrand, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6315 | &nbsp;&nbsp;&nbsp;&nbsp; 83169 |
| &nbsp;&nbsp;&nbsp;Modine Manufacturing Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2381 | &nbsp;&nbsp;&nbsp;&nbsp; 338483 |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3327 | &nbsp;&nbsp;&nbsp;&nbsp; 557139 |
| &nbsp;&nbsp;&nbsp;SPX Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1522 | &nbsp;&nbsp;&nbsp;&nbsp; 284279 |
| &nbsp;&nbsp;&nbsp;UFP Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418 | &nbsp;&nbsp;&nbsp;&nbsp; 132569 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992107 |
| **Chemicals — 2.9%** | **Chemicals — 2.9%** | **Chemicals — 2.9%** |
| &nbsp;&nbsp;&nbsp;AdvanSix, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;831 | &nbsp;&nbsp;&nbsp;&nbsp; 16105 |
| &nbsp;&nbsp;&nbsp;Avient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1707 | &nbsp;&nbsp;&nbsp;&nbsp; 56246 |
| &nbsp;&nbsp;&nbsp;Balchem Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6233 | &nbsp;&nbsp;&nbsp;&nbsp; 935324 |
| &nbsp;&nbsp;&nbsp;Celanese Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3392 | &nbsp;&nbsp;&nbsp;&nbsp; 142735 |
| &nbsp;&nbsp;&nbsp;Chemours Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7027 | &nbsp;&nbsp;&nbsp;&nbsp; 111308 |
| &nbsp;&nbsp;&nbsp;Ecovyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;739 | &nbsp;&nbsp;&nbsp;&nbsp; 6474 |
| &nbsp;&nbsp;&nbsp;Element Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;33619 | &nbsp;&nbsp;&nbsp;&nbsp; 846190 |
| &nbsp;&nbsp;&nbsp;FMC Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3869 | &nbsp;&nbsp;&nbsp;&nbsp; 130114 |
| &nbsp;&nbsp;&nbsp;H.B. Fuller Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4305 | &nbsp;&nbsp;&nbsp;&nbsp; 255200 |
| &nbsp;&nbsp;&nbsp;Hawkins, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3125 | &nbsp;&nbsp;&nbsp;&nbsp; 571000 |
| &nbsp;&nbsp;&nbsp;Ingevity Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126 | &nbsp;&nbsp;&nbsp;&nbsp; 62144 |
| &nbsp;&nbsp;&nbsp;Innospec, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684 | &nbsp;&nbsp;&nbsp;&nbsp; 129937 |
| &nbsp;&nbsp;&nbsp;Koppers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638 | &nbsp;&nbsp;&nbsp;&nbsp; 17864 |
| &nbsp;&nbsp;&nbsp;Mativ Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4070 | &nbsp;&nbsp;&nbsp;&nbsp; 46032 |
| &nbsp;&nbsp;&nbsp;Minerals Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;969 | &nbsp;&nbsp;&nbsp;&nbsp; 60194 |
| &nbsp;&nbsp;&nbsp;Orion SA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942 | &nbsp;&nbsp;&nbsp;&nbsp; 29880 |
| &nbsp;&nbsp;&nbsp;Perimeter Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9222 | &nbsp;&nbsp;&nbsp;&nbsp; 206481 |
| &nbsp;&nbsp;&nbsp;Quaker Chemical Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;816 | &nbsp;&nbsp;&nbsp;&nbsp; 107508 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Chemicals (continued)** | **Chemicals (continued)** | **Chemicals (continued)** |
| &nbsp;&nbsp;&nbsp;Rogers Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;$41598 |
| &nbsp;&nbsp;&nbsp;Sensient Technologies Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1315 | &nbsp;&nbsp;&nbsp;&nbsp; 123413 |
| &nbsp;&nbsp;&nbsp;Stepan Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp; 31291 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3927038 |
| **Coal — 0.5%** | **Coal — 0.5%** | **Coal — 0.5%** |
| &nbsp;&nbsp;&nbsp;Alpha Metallurgical Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;617 | &nbsp;&nbsp;&nbsp;&nbsp; 101244 |
| &nbsp;&nbsp;&nbsp;Core Natural Resources, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1886 | &nbsp;&nbsp;&nbsp;&nbsp; 157443 |
| &nbsp;&nbsp;&nbsp;Peabody Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8796 | &nbsp;&nbsp;&nbsp;&nbsp; 233270 |
| &nbsp;&nbsp;&nbsp;Ramaco Resources, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;535 | &nbsp;&nbsp;&nbsp;&nbsp; 17757 |
| &nbsp;&nbsp;&nbsp;SunCoke Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2625 | &nbsp;&nbsp;&nbsp;&nbsp; 21420 |
| &nbsp;&nbsp;&nbsp;Warrior Met Coal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 | &nbsp;&nbsp;&nbsp;&nbsp; 174437 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705571 |
| **Commercial Services — 4.0%** | **Commercial Services — 4.0%** | **Commercial Services — 4.0%** |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6670 | &nbsp;&nbsp;&nbsp;&nbsp; 307620 |
| &nbsp;&nbsp;&nbsp;Adtalem Global Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2126 | &nbsp;&nbsp;&nbsp;&nbsp; 328361 |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1540 | &nbsp;&nbsp;&nbsp;&nbsp; 81743 |
| &nbsp;&nbsp;&nbsp;AMN Healthcare Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1202 | &nbsp;&nbsp;&nbsp;&nbsp; 23271 |
| &nbsp;&nbsp;&nbsp;API Group Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8082 | &nbsp;&nbsp;&nbsp;&nbsp; 277778 |
| &nbsp;&nbsp;&nbsp;Arlo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10996 | &nbsp;&nbsp;&nbsp;&nbsp; 186382 |
| &nbsp;&nbsp;&nbsp;Barrett Business Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484 | &nbsp;&nbsp;&nbsp;&nbsp; 65771 |
| &nbsp;&nbsp;&nbsp;Brink's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;850 | &nbsp;&nbsp;&nbsp;&nbsp; 99331 |
| &nbsp;&nbsp;&nbsp;Cimpress PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;346 | &nbsp;&nbsp;&nbsp;&nbsp; 21812 |
| &nbsp;&nbsp;&nbsp;CoreCivic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3316 | &nbsp;&nbsp;&nbsp;&nbsp; 67481 |
| &nbsp;&nbsp;&nbsp;Deluxe Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1414 | &nbsp;&nbsp;&nbsp;&nbsp; 27375 |
| &nbsp;&nbsp;&nbsp;EVERTEC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4978 | &nbsp;&nbsp;&nbsp;&nbsp; 168157 |
| &nbsp;&nbsp;&nbsp;GEO Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4300 | &nbsp;&nbsp;&nbsp;&nbsp; 88107 |
| &nbsp;&nbsp;&nbsp;Healthcare Services Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp; 38457 |
| &nbsp;&nbsp;&nbsp;Heidrick & Struggles International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2839 | &nbsp;&nbsp;&nbsp;&nbsp; 141297 |
| &nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511 | &nbsp;&nbsp;&nbsp;&nbsp; 59613 |
| &nbsp;&nbsp;&nbsp;Hertz Global Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5534 | &nbsp;&nbsp;&nbsp;&nbsp; 37631 |
| &nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854 | &nbsp;&nbsp;&nbsp;&nbsp; 115501 |
| &nbsp;&nbsp;&nbsp;Kelly Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3383 | &nbsp;&nbsp;&nbsp;&nbsp; 44385 |
| &nbsp;&nbsp;&nbsp;Korn Ferry | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1633 | &nbsp;&nbsp;&nbsp;&nbsp; 114277 |
| &nbsp;&nbsp;&nbsp;Laureate Education, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4210 | &nbsp;&nbsp;&nbsp;&nbsp; 132783 |
| &nbsp;&nbsp;&nbsp;Legalzoom.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245 | &nbsp;&nbsp;&nbsp;&nbsp; 44063 |
| &nbsp;&nbsp;&nbsp;ManpowerGroup, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1434 | &nbsp;&nbsp;&nbsp;&nbsp; 54349 |
| &nbsp;&nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165 | &nbsp;&nbsp;&nbsp;&nbsp; 28751 |
| &nbsp;&nbsp;&nbsp;Marqeta, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;19650 | &nbsp;&nbsp;&nbsp;&nbsp; 103752 |
| &nbsp;&nbsp;&nbsp;Matthews International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;964 | &nbsp;&nbsp;&nbsp;&nbsp; 23406 |
| &nbsp;&nbsp;&nbsp;Mister Car Wash, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3091 | &nbsp;&nbsp;&nbsp;&nbsp; 16475 |
| &nbsp;&nbsp;&nbsp;Monro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp; 17269 |
| &nbsp;&nbsp;&nbsp;Payoneer Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8806 | &nbsp;&nbsp;&nbsp;&nbsp; 53276 |
| &nbsp;&nbsp;&nbsp;Perdoceo Education Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1891 | &nbsp;&nbsp;&nbsp;&nbsp; 71215 |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2544 | &nbsp;&nbsp;&nbsp;&nbsp; 82324 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7769 | &nbsp;&nbsp;&nbsp;&nbsp; 167189 |
| &nbsp;&nbsp;&nbsp;Robert Half, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3097 | &nbsp;&nbsp;&nbsp;&nbsp; 105236 |
| &nbsp;&nbsp;&nbsp;Sezzle, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp; 52808 |
| &nbsp;&nbsp;&nbsp;Strategic Education, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733 | &nbsp;&nbsp;&nbsp;&nbsp; 63045 |
| &nbsp;&nbsp;&nbsp;Stride, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2460 | &nbsp;&nbsp;&nbsp;&nbsp; 366392 |
| &nbsp;&nbsp;&nbsp;TriNet Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp; 33646 |
| &nbsp;&nbsp;&nbsp;Udemy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14475 | &nbsp;&nbsp;&nbsp;&nbsp; 101470 |
| &nbsp;&nbsp;&nbsp;UL Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8365 | &nbsp;&nbsp;&nbsp;&nbsp; 592744 |
| &nbsp;&nbsp;&nbsp;Upbound Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1644 | &nbsp;&nbsp;&nbsp;&nbsp; 38848 |
| &nbsp;&nbsp;&nbsp;Verra Mobility Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;29118 | &nbsp;&nbsp;&nbsp;&nbsp; 719215 |
| &nbsp;&nbsp;&nbsp;Vestis Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3445 | &nbsp;&nbsp;&nbsp;&nbsp; 15606 |
| &nbsp;&nbsp;&nbsp;WillScot Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;14090 | &nbsp;&nbsp;&nbsp;&nbsp; 297440 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5475652 |
| **Computers — 2.8%** | **Computers — 2.8%** | **Computers — 2.8%** |
| &nbsp;&nbsp;&nbsp;Amentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4771 | &nbsp;&nbsp;&nbsp;&nbsp; 114266 |
| &nbsp;&nbsp;&nbsp;ASGN, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10221 | &nbsp;&nbsp;&nbsp;&nbsp; 483964 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Computers (continued)** | **Computers (continued)** | **Computers (continued)** |
| &nbsp;&nbsp;&nbsp;Corsair Gaming, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1493 | &nbsp;&nbsp;$13318 |
| &nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172 | &nbsp;&nbsp;&nbsp;&nbsp; 66839 |
| &nbsp;&nbsp;&nbsp;D-Wave Quantum, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3878 | &nbsp;&nbsp;&nbsp;&nbsp; 95825 |
| &nbsp;&nbsp;&nbsp;DXC Technology Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5545 | &nbsp;&nbsp;&nbsp;&nbsp; 75578 |
| &nbsp;&nbsp;&nbsp;ExlService Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1380 | &nbsp;&nbsp;&nbsp;&nbsp; 60761 |
| &nbsp;&nbsp;&nbsp;Grid Dynamics Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2053 | &nbsp;&nbsp;&nbsp;&nbsp; 15829 |
| &nbsp;&nbsp;&nbsp;Insight Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1973 | &nbsp;&nbsp;&nbsp;&nbsp; 223758 |
| &nbsp;&nbsp;&nbsp;KBR, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1449 | &nbsp;&nbsp;&nbsp;&nbsp; 68523 |
| &nbsp;&nbsp;&nbsp;Lumentum Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5131 | &nbsp;&nbsp;&nbsp;&nbsp; 834865 |
| &nbsp;&nbsp;&nbsp;NCR Atleos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279 | &nbsp;&nbsp;&nbsp;&nbsp; 89588 |
| &nbsp;&nbsp;&nbsp;NCR Voyix Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4255 | &nbsp;&nbsp;&nbsp;&nbsp; 53400 |
| &nbsp;&nbsp;&nbsp;NetScout Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115 | &nbsp;&nbsp;&nbsp;&nbsp; 54630 |
| &nbsp;&nbsp;&nbsp;Qualys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;737 | &nbsp;&nbsp;&nbsp;&nbsp; 97527 |
| &nbsp;&nbsp;&nbsp;Rigetti Computing, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4226 | &nbsp;&nbsp;&nbsp;&nbsp; 125893 |
| &nbsp;&nbsp;&nbsp;Sandisk Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4260 | &nbsp;&nbsp;&nbsp;&nbsp; 477972 |
| &nbsp;&nbsp;&nbsp;Tenable Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2589 | &nbsp;&nbsp;&nbsp;&nbsp; 75495 |
| &nbsp;&nbsp;&nbsp;Unisys Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;15648 | &nbsp;&nbsp;&nbsp;&nbsp; 61027 |
| &nbsp;&nbsp;&nbsp;V2X, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10381 | &nbsp;&nbsp;&nbsp;&nbsp; 603032 |
| &nbsp;&nbsp;&nbsp;WhiteFiber, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1987 | &nbsp;&nbsp;&nbsp;&nbsp; 53987 |
| &nbsp;&nbsp;&nbsp;WNS Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1998 | &nbsp;&nbsp;&nbsp;&nbsp; 152388 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3898465 |
| **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** | **Cosmetics/Personal Care — 0.4%** |
| &nbsp;&nbsp;&nbsp;e.l.f. Beauty, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2526 | &nbsp;&nbsp;&nbsp;&nbsp; 334644 |
| &nbsp;&nbsp;&nbsp;Edgewell Personal Care Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 | &nbsp;&nbsp;&nbsp;&nbsp; 29298 |
| &nbsp;&nbsp;&nbsp;Interparfums, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571 | &nbsp;&nbsp;&nbsp;&nbsp; 56175 |
| &nbsp;&nbsp;&nbsp;Oddity Tech, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418 | &nbsp;&nbsp;&nbsp;&nbsp; 88341 |
| &nbsp;&nbsp;&nbsp;Prestige Consumer Healthcare, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1524 | &nbsp;&nbsp;&nbsp;&nbsp; 95098 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;603556 |
| **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** | **Distribution/Wholesale — 0.7%** |
| &nbsp;&nbsp;&nbsp;G-III Apparel Group, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1180 | &nbsp;&nbsp;&nbsp;&nbsp; 31400 |
| &nbsp;&nbsp;&nbsp;Hudson Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411 | &nbsp;&nbsp;&nbsp;&nbsp; 4081 |
| &nbsp;&nbsp;&nbsp;MRC Global, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5021 | &nbsp;&nbsp;&nbsp;&nbsp; 72403 |
| &nbsp;&nbsp;&nbsp;OPENLANE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3293 | &nbsp;&nbsp;&nbsp;&nbsp; 94773 |
| &nbsp;&nbsp;&nbsp;Resideo Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8267 | &nbsp;&nbsp;&nbsp;&nbsp; 356969 |
| &nbsp;&nbsp;&nbsp;Rush Enterprises, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4833 | &nbsp;&nbsp;&nbsp;&nbsp; 258421 |
| &nbsp;&nbsp;&nbsp;ScanSource, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1954 | &nbsp;&nbsp;&nbsp;&nbsp; 85956 |
| &nbsp;&nbsp;&nbsp;WESCO International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517 | &nbsp;&nbsp;&nbsp;&nbsp; 109345 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1013348 |
| **Diversified Financial Services — 4.2%** | **Diversified Financial Services — 4.2%** | **Diversified Financial Services — 4.2%** |
| &nbsp;&nbsp;&nbsp;Acadian Asset Management, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1301 | &nbsp;&nbsp;&nbsp;&nbsp; 62656 |
| &nbsp;&nbsp;&nbsp;Air Lease Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3254 | &nbsp;&nbsp;&nbsp;&nbsp; 207117 |
| &nbsp;&nbsp;&nbsp;Artisan Partners Asset Management, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183 | &nbsp;&nbsp;&nbsp;&nbsp; 94742 |
| &nbsp;&nbsp;&nbsp;BGC Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;24873 | &nbsp;&nbsp;&nbsp;&nbsp; 235299 |
| &nbsp;&nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;990 | &nbsp;&nbsp;&nbsp;&nbsp; 55212 |
| &nbsp;&nbsp;&nbsp;Burford Capital, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6709 | &nbsp;&nbsp;&nbsp;&nbsp; 80240 |
| &nbsp;&nbsp;&nbsp;Cohen & Steers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;862 | &nbsp;&nbsp;&nbsp;&nbsp; 56556 |
| &nbsp;&nbsp;&nbsp;Enact Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2573 | &nbsp;&nbsp;&nbsp;&nbsp; 98649 |
| &nbsp;&nbsp;&nbsp;Encore Capital Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;713 | &nbsp;&nbsp;&nbsp;&nbsp; 29761 |
| &nbsp;&nbsp;&nbsp;Enova International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2741 | &nbsp;&nbsp;&nbsp;&nbsp; 315462 |
| &nbsp;&nbsp;&nbsp;EZCORP, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1794 | &nbsp;&nbsp;&nbsp;&nbsp; 34158 |
| &nbsp;&nbsp;&nbsp;Houlihan Lokey, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3787 | &nbsp;&nbsp;&nbsp;&nbsp; 777547 |
| &nbsp;&nbsp;&nbsp;LendingClub Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1831 | &nbsp;&nbsp;&nbsp;&nbsp; 27813 |
| &nbsp;&nbsp;&nbsp;LendingTree, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;187 | &nbsp;&nbsp;&nbsp;&nbsp; 12104 |
| &nbsp;&nbsp;&nbsp;Marex Group PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2235 | &nbsp;&nbsp;&nbsp;&nbsp; 75141 |
| &nbsp;&nbsp;&nbsp;Moelis & Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2581 | &nbsp;&nbsp;&nbsp;&nbsp; 184077 |
| &nbsp;&nbsp;&nbsp;Mr. Cooper Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471 | &nbsp;&nbsp;&nbsp;&nbsp; 520862 |
| &nbsp;&nbsp;&nbsp;Navient Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3165 | &nbsp;&nbsp;&nbsp;&nbsp; 41620 |
| &nbsp;&nbsp;&nbsp;Nelnet, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191 | &nbsp;&nbsp;&nbsp;&nbsp; 23948 |
| &nbsp;&nbsp;&nbsp;NerdWallet, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;833 | &nbsp;&nbsp;&nbsp;&nbsp; 8963 |
| &nbsp;&nbsp;&nbsp;PennyMac Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1046 | &nbsp;&nbsp;&nbsp;&nbsp; 129578 |
| &nbsp;&nbsp;&nbsp;Perella Weinberg Partners | &nbsp;&nbsp;&nbsp;&nbsp;24542 | &nbsp;&nbsp;&nbsp;&nbsp; 523235 |

---

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[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** | **Diversified Financial Services (continued)** |
| &nbsp;&nbsp;&nbsp;Piper Sandler Cos. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;$254691 |
| &nbsp;&nbsp;&nbsp;PJT Partners, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3413 | &nbsp;&nbsp;&nbsp;&nbsp; 606592 |
| &nbsp;&nbsp;&nbsp;PRA Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1242 | &nbsp;&nbsp;&nbsp;&nbsp; 19176 |
| &nbsp;&nbsp;&nbsp;Radian Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7243 | &nbsp;&nbsp;&nbsp;&nbsp; 262341 |
| &nbsp;&nbsp;&nbsp;StepStone Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2514 | &nbsp;&nbsp;&nbsp;&nbsp; 164189 |
| &nbsp;&nbsp;&nbsp;StoneX Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3403 | &nbsp;&nbsp;&nbsp;&nbsp; 343431 |
| &nbsp;&nbsp;&nbsp;Upstart Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1646 | &nbsp;&nbsp;&nbsp;&nbsp; 83617 |
| &nbsp;&nbsp;&nbsp;Victory Capital Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2275 | &nbsp;&nbsp;&nbsp;&nbsp; 147329 |
| &nbsp;&nbsp;&nbsp;Virtu Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2463 | &nbsp;&nbsp;&nbsp;&nbsp; 87436 |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;532 | &nbsp;&nbsp;&nbsp;&nbsp; 101096 |
| &nbsp;&nbsp;&nbsp;WisdomTree, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3659 | &nbsp;&nbsp;&nbsp;&nbsp; 50860 |
| &nbsp;&nbsp;&nbsp;World Acceptance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99 | &nbsp;&nbsp;&nbsp;&nbsp; 16745 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5732243 |
| **Electric — 1.4%** | **Electric — 1.4%** | **Electric — 1.4%** |
| &nbsp;&nbsp;&nbsp;Avista Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2826 | &nbsp;&nbsp;&nbsp;&nbsp; 106851 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2365 | &nbsp;&nbsp;&nbsp;&nbsp; 145660 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1743 | &nbsp;&nbsp;&nbsp;&nbsp; 46939 |
| &nbsp;&nbsp;&nbsp;Clearway Energy, Inc., Class C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4336 | &nbsp;&nbsp;&nbsp;&nbsp; 122492 |
| &nbsp;&nbsp;&nbsp;Genie Energy, Ltd., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 14726 |
| &nbsp;&nbsp;&nbsp;IDACORP, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5734 | &nbsp;&nbsp;&nbsp;&nbsp; 757748 |
| &nbsp;&nbsp;&nbsp;MGE Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1132 | &nbsp;&nbsp;&nbsp;&nbsp; 95292 |
| &nbsp;&nbsp;&nbsp;Oklo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624 | &nbsp;&nbsp;&nbsp;&nbsp; 69657 |
| &nbsp;&nbsp;&nbsp;Otter Tail Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3015 | &nbsp;&nbsp;&nbsp;&nbsp; 247140 |
| &nbsp;&nbsp;&nbsp;Portland General Electric Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677 | &nbsp;&nbsp;&nbsp;&nbsp; 117788 |
| &nbsp;&nbsp;&nbsp;Unitil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3401 | &nbsp;&nbsp;&nbsp;&nbsp; 162772 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1887065 |
| **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** | **Electrical Components & Equipment — 0.4%** |
| &nbsp;&nbsp;&nbsp;Energizer Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1882 | &nbsp;&nbsp;&nbsp;&nbsp; 46843 |
| &nbsp;&nbsp;&nbsp;EnerSys | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2134 | &nbsp;&nbsp;&nbsp;&nbsp; 241057 |
| &nbsp;&nbsp;&nbsp;Insteel Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;607 | &nbsp;&nbsp;&nbsp;&nbsp; 23272 |
| &nbsp;&nbsp;&nbsp;nLight, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2629 | &nbsp;&nbsp;&nbsp;&nbsp; 77897 |
| &nbsp;&nbsp;&nbsp;Powell Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292 | &nbsp;&nbsp;&nbsp;&nbsp; 89005 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478074 |
| **Electronics — 3.3%** | **Electronics — 3.3%** | **Electronics — 3.3%** |
| &nbsp;&nbsp;&nbsp;Advanced Energy Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1166 | &nbsp;&nbsp;&nbsp;&nbsp; 198383 |
| &nbsp;&nbsp;&nbsp;Atkore, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1421 | &nbsp;&nbsp;&nbsp;&nbsp; 89153 |
| &nbsp;&nbsp;&nbsp;Atmus Filtration Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1968 | &nbsp;&nbsp;&nbsp;&nbsp; 88737 |
| &nbsp;&nbsp;&nbsp;Badger Meter, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;913 | &nbsp;&nbsp;&nbsp;&nbsp; 163043 |
| &nbsp;&nbsp;&nbsp;Benchmark Electronics, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1103 | &nbsp;&nbsp;&nbsp;&nbsp; 42521 |
| &nbsp;&nbsp;&nbsp;Brady Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1356 | &nbsp;&nbsp;&nbsp;&nbsp; 105809 |
| &nbsp;&nbsp;&nbsp;CTS Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912 | &nbsp;&nbsp;&nbsp;&nbsp; 36425 |
| &nbsp;&nbsp;&nbsp;ESCO Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4144 | &nbsp;&nbsp;&nbsp;&nbsp; 874840 |
| &nbsp;&nbsp;&nbsp;Itron, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp; 176377 |
| &nbsp;&nbsp;&nbsp;Knowles Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7452 | &nbsp;&nbsp;&nbsp;&nbsp; 173706 |
| &nbsp;&nbsp;&nbsp;Mirion Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;41071 | &nbsp;&nbsp;&nbsp;&nbsp; 955311 |
| &nbsp;&nbsp;&nbsp;NVE Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp; 57568 |
| &nbsp;&nbsp;&nbsp;OSI Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494 | &nbsp;&nbsp;&nbsp;&nbsp; 123125 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2000 | &nbsp;&nbsp;&nbsp;&nbsp; 289380 |
| &nbsp;&nbsp;&nbsp;Ralliant Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3492 | &nbsp;&nbsp;&nbsp;&nbsp; 152705 |
| &nbsp;&nbsp;&nbsp;Sanmina Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5106 | &nbsp;&nbsp;&nbsp;&nbsp; 587752 |
| &nbsp;&nbsp;&nbsp;TTM Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3180 | &nbsp;&nbsp;&nbsp;&nbsp; 183168 |
| &nbsp;&nbsp;&nbsp;Vicor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;705 | &nbsp;&nbsp;&nbsp;&nbsp; 35053 |
| &nbsp;&nbsp;&nbsp;Vishay Intertechnology, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9949 | &nbsp;&nbsp;&nbsp;&nbsp; 152220 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4485276 |
| **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** | **Energy - Alternate Sources — 0.0%** |
| &nbsp;&nbsp;&nbsp;NEXTracker, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;872 | &nbsp;&nbsp;&nbsp;&nbsp; 64519 |
| **Energy-Alternate Sources — 0.3%** | **Energy-Alternate Sources — 0.3%** | **Energy-Alternate Sources — 0.3%** |
| &nbsp;&nbsp;&nbsp;Enphase Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4050 | &nbsp;&nbsp;&nbsp;&nbsp; 143329 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Energy-Alternate Sources (continued)** | **Energy-Alternate Sources (continued)** | **Energy-Alternate Sources (continued)** |
| &nbsp;&nbsp;&nbsp;Fluence Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1912 | &nbsp;&nbsp;$20650 |
| &nbsp;&nbsp;&nbsp;REX American Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;922 | &nbsp;&nbsp;&nbsp;&nbsp; 28232 |
| &nbsp;&nbsp;&nbsp;SolarEdge Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1827 | &nbsp;&nbsp;&nbsp;&nbsp; 67599 |
| &nbsp;&nbsp;&nbsp;Sunrun, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10163 | &nbsp;&nbsp;&nbsp;&nbsp; 175718 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435528 |
| **Engineering & Construction — 3.1%** | **Engineering & Construction — 3.1%** | **Engineering & Construction — 3.1%** |
| &nbsp;&nbsp;&nbsp;Arcosa, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3148 | &nbsp;&nbsp;&nbsp;&nbsp; 294999 |
| &nbsp;&nbsp;&nbsp;Dycom Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2051 | &nbsp;&nbsp;&nbsp;&nbsp; 598400 |
| &nbsp;&nbsp;&nbsp;Everus Construction Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1580 | &nbsp;&nbsp;&nbsp;&nbsp; 135485 |
| &nbsp;&nbsp;&nbsp;Fluor Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3646 | &nbsp;&nbsp;&nbsp;&nbsp; 153387 |
| &nbsp;&nbsp;&nbsp;Frontdoor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2257 | &nbsp;&nbsp;&nbsp;&nbsp; 151874 |
| &nbsp;&nbsp;&nbsp;Granite Construction, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1902 | &nbsp;&nbsp;&nbsp;&nbsp; 208554 |
| &nbsp;&nbsp;&nbsp;IES Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;344 | &nbsp;&nbsp;&nbsp;&nbsp; 136792 |
| &nbsp;&nbsp;&nbsp;MYR Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2094 | &nbsp;&nbsp;&nbsp;&nbsp; 435615 |
| &nbsp;&nbsp;&nbsp;Orion Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3630 | &nbsp;&nbsp;&nbsp;&nbsp; 30202 |
| &nbsp;&nbsp;&nbsp;Primoris Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9483 | &nbsp;&nbsp;&nbsp;&nbsp; 1302300 |
| &nbsp;&nbsp;&nbsp;Sterling Infrastructure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1931 | &nbsp;&nbsp;&nbsp;&nbsp; 655922 |
| &nbsp;&nbsp;&nbsp;Tutor Perini Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1619 | &nbsp;&nbsp;&nbsp;&nbsp; 106190 |
| &nbsp;&nbsp;&nbsp;Uniti Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5543 | &nbsp;&nbsp;&nbsp;&nbsp; 33923 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4243643 |
| **Entertainment — 1.0%** | **Entertainment — 1.0%** | **Entertainment — 1.0%** |
| &nbsp;&nbsp;&nbsp;Accel Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589 | &nbsp;&nbsp;&nbsp;&nbsp; 39730 |
| &nbsp;&nbsp;&nbsp;AMC Entertainment Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11259 | &nbsp;&nbsp;&nbsp;&nbsp; 32651 |
| &nbsp;&nbsp;&nbsp;Brightstar Lottery PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3717 | &nbsp;&nbsp;&nbsp;&nbsp; 64118 |
| &nbsp;&nbsp;&nbsp;Caesars Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1389 | &nbsp;&nbsp;&nbsp;&nbsp; 37538 |
| &nbsp;&nbsp;&nbsp;Churchill Downs, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5085 | &nbsp;&nbsp;&nbsp;&nbsp; 493296 |
| &nbsp;&nbsp;&nbsp;Cinemark Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3179 | &nbsp;&nbsp;&nbsp;&nbsp; 89076 |
| &nbsp;&nbsp;&nbsp;Golden Entertainment, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp; 15162 |
| &nbsp;&nbsp;&nbsp;IMAX Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664 | &nbsp;&nbsp;&nbsp;&nbsp; 21746 |
| &nbsp;&nbsp;&nbsp;Madison Square Garden Sports Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;555 | &nbsp;&nbsp;&nbsp;&nbsp; 125985 |
| &nbsp;&nbsp;&nbsp;Monarch Casino & Resort, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468 | &nbsp;&nbsp;&nbsp;&nbsp; 155373 |
| &nbsp;&nbsp;&nbsp;Penn Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4352 | &nbsp;&nbsp;&nbsp;&nbsp; 83819 |
| &nbsp;&nbsp;&nbsp;Pursuit Attractions & Hospitality, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;668 | &nbsp;&nbsp;&nbsp;&nbsp; 24168 |
| &nbsp;&nbsp;&nbsp;Red Rock Resorts, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp; 49642 |
| &nbsp;&nbsp;&nbsp;Six Flags Entertainment Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3137 | &nbsp;&nbsp;&nbsp;&nbsp; 71273 |
| &nbsp;&nbsp;&nbsp;United Parks & Resorts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2215 | &nbsp;&nbsp;&nbsp;&nbsp; 114515 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418092 |
| **Environmental Control — 0.1%** | **Environmental Control — 0.1%** | **Environmental Control — 0.1%** |
| &nbsp;&nbsp;&nbsp;Enviri Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2494 | &nbsp;&nbsp;&nbsp;&nbsp; 31649 |
| &nbsp;&nbsp;&nbsp;Tetra Tech, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3511 | &nbsp;&nbsp;&nbsp;&nbsp; 117197 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148846 |
| **Food — 1.1%** | **Food — 1.1%** | **Food — 1.1%** |
| &nbsp;&nbsp;&nbsp;Cal-Maine Foods, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2510 | &nbsp;&nbsp;&nbsp;&nbsp; 236191 |
| &nbsp;&nbsp;&nbsp;Chefs' Warehouse, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12966 | &nbsp;&nbsp;&nbsp;&nbsp; 756307 |
| &nbsp;&nbsp;&nbsp;Grocery Outlet Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039 | &nbsp;&nbsp;&nbsp;&nbsp; 48776 |
| &nbsp;&nbsp;&nbsp;J&J Snack Foods Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;482 | &nbsp;&nbsp;&nbsp;&nbsp; 46315 |
| &nbsp;&nbsp;&nbsp;John B. Sanfilippo & Son, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;281 | &nbsp;&nbsp;&nbsp;&nbsp; 18062 |
| &nbsp;&nbsp;&nbsp;Simply Good Foods Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5799 | &nbsp;&nbsp;&nbsp;&nbsp; 143931 |
| &nbsp;&nbsp;&nbsp;Sprouts Farmers Market, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516 | &nbsp;&nbsp;&nbsp;&nbsp; 56141 |
| &nbsp;&nbsp;&nbsp;SunOpta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6259 | &nbsp;&nbsp;&nbsp;&nbsp; 36678 |
| &nbsp;&nbsp;&nbsp;Tootsie Roll Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;609 | &nbsp;&nbsp;&nbsp;&nbsp; 25529 |
| &nbsp;&nbsp;&nbsp;TreeHouse Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1351 | &nbsp;&nbsp;&nbsp;&nbsp; 27304 |
| &nbsp;&nbsp;&nbsp;United Natural Foods, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1906 | &nbsp;&nbsp;&nbsp;&nbsp; 71704 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1466938 |
| **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** | **Forest Products & Paper — 0.0%** |
| &nbsp;&nbsp;&nbsp;Sylvamo Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp; 46431 |
| **Gas — 1.1%** | **Gas — 1.1%** | **Gas — 1.1%** |
| &nbsp;&nbsp;&nbsp;Chesapeake Utilities Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6079 | &nbsp;&nbsp;&nbsp;&nbsp; 818780 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Gas (continued)** | **Gas (continued)** | **Gas (continued)** |
| &nbsp;&nbsp;&nbsp;MDU Resources Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6329 | &nbsp;&nbsp;$112719 |
| &nbsp;&nbsp;&nbsp;New Jersey Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3081 | &nbsp;&nbsp;&nbsp;&nbsp; 148350 |
| &nbsp;&nbsp;&nbsp;Northwest Natural Holding Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278 | &nbsp;&nbsp;&nbsp;&nbsp; 57421 |
| &nbsp;&nbsp;&nbsp;ONE Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2002 | &nbsp;&nbsp;&nbsp;&nbsp; 162042 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2164 | &nbsp;&nbsp;&nbsp;&nbsp; 169528 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1468840 |
| **Hand/Machine Tools — 0.6%** | **Hand/Machine Tools — 0.6%** | **Hand/Machine Tools — 0.6%** |
| &nbsp;&nbsp;&nbsp;Enerpac Tool Group Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1665 | &nbsp;&nbsp;&nbsp;&nbsp; 68265 |
| &nbsp;&nbsp;&nbsp;Franklin Electric Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1185 | &nbsp;&nbsp;&nbsp;&nbsp; 112812 |
| &nbsp;&nbsp;&nbsp;Kennametal, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4486 | &nbsp;&nbsp;&nbsp;&nbsp; 93892 |
| &nbsp;&nbsp;&nbsp;MSA Safety, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3455 | &nbsp;&nbsp;&nbsp;&nbsp; 594502 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869471 |
| **Healthcare-Products — 4.5%** | **Healthcare-Products — 4.5%** | **Healthcare-Products — 4.5%** |
| &nbsp;&nbsp;&nbsp;10X Genomics, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6976 | &nbsp;&nbsp;&nbsp;&nbsp; 81549 |
| &nbsp;&nbsp;&nbsp;Artivion, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1232 | &nbsp;&nbsp;&nbsp;&nbsp; 52163 |
| &nbsp;&nbsp;&nbsp;AtriCure, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2852 | &nbsp;&nbsp;&nbsp;&nbsp; 100533 |
| &nbsp;&nbsp;&nbsp;Avanos Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8468 | &nbsp;&nbsp;&nbsp;&nbsp; 97890 |
| &nbsp;&nbsp;&nbsp;Axogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3629 | &nbsp;&nbsp;&nbsp;&nbsp; 64741 |
| &nbsp;&nbsp;&nbsp;Azenta, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;14308 | &nbsp;&nbsp;&nbsp;&nbsp; 410926 |
| &nbsp;&nbsp;&nbsp;BioLife Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1201 | &nbsp;&nbsp;&nbsp;&nbsp; 30637 |
| &nbsp;&nbsp;&nbsp;Castle Biosciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11144 | &nbsp;&nbsp;&nbsp;&nbsp; 253749 |
| &nbsp;&nbsp;&nbsp;Ceribell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5516 | &nbsp;&nbsp;&nbsp;&nbsp; 63379 |
| &nbsp;&nbsp;&nbsp;CONMED Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;954 | &nbsp;&nbsp;&nbsp;&nbsp; 44867 |
| &nbsp;&nbsp;&nbsp;Embecta Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3597 | &nbsp;&nbsp;&nbsp;&nbsp; 50754 |
| &nbsp;&nbsp;&nbsp;Enovis Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1771 | &nbsp;&nbsp;&nbsp;&nbsp; 53732 |
| &nbsp;&nbsp;&nbsp;Glaukos Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3090 | &nbsp;&nbsp;&nbsp;&nbsp; 251989 |
| &nbsp;&nbsp;&nbsp;Haemonetics Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7576 | &nbsp;&nbsp;&nbsp;&nbsp; 369254 |
| &nbsp;&nbsp;&nbsp;ICU Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9858 | &nbsp;&nbsp;&nbsp;&nbsp; 1182566 |
| &nbsp;&nbsp;&nbsp;Inogen, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5946 | &nbsp;&nbsp;&nbsp;&nbsp; 48579 |
| &nbsp;&nbsp;&nbsp;Inspire Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp; 61883 |
| &nbsp;&nbsp;&nbsp;Integer Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1085 | &nbsp;&nbsp;&nbsp;&nbsp; 112113 |
| &nbsp;&nbsp;&nbsp;Integra LifeSciences Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5561 | &nbsp;&nbsp;&nbsp;&nbsp; 79689 |
| &nbsp;&nbsp;&nbsp;iRhythm Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2748 | &nbsp;&nbsp;&nbsp;&nbsp; 472629 |
| &nbsp;&nbsp;&nbsp;Kestra Medical Technologies, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;17309 | &nbsp;&nbsp;&nbsp;&nbsp; 411262 |
| &nbsp;&nbsp;&nbsp;Lantheus Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp; 55701 |
| &nbsp;&nbsp;&nbsp;LeMaitre Vascular, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;639 | &nbsp;&nbsp;&nbsp;&nbsp; 55919 |
| &nbsp;&nbsp;&nbsp;Merit Medical Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1834 | &nbsp;&nbsp;&nbsp;&nbsp; 152644 |
| &nbsp;&nbsp;&nbsp;Neogen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6298 | &nbsp;&nbsp;&nbsp;&nbsp; 35962 |
| &nbsp;&nbsp;&nbsp;OmniAb, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2339 | &nbsp;&nbsp;&nbsp;&nbsp; 3742 |
| &nbsp;&nbsp;&nbsp;Omnicell, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3616 | &nbsp;&nbsp;&nbsp;&nbsp; 110107 |
| &nbsp;&nbsp;&nbsp;OraSure Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;21692 | &nbsp;&nbsp;&nbsp;&nbsp; 69631 |
| &nbsp;&nbsp;&nbsp;Outset Medical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2138 | &nbsp;&nbsp;&nbsp;&nbsp; 30189 |
| &nbsp;&nbsp;&nbsp;Pulmonx Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8526 | &nbsp;&nbsp;&nbsp;&nbsp; 13812 |
| &nbsp;&nbsp;&nbsp;QuidelOrtho Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2112 | &nbsp;&nbsp;&nbsp;&nbsp; 62198 |
| &nbsp;&nbsp;&nbsp;Repligen Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4866 | &nbsp;&nbsp;&nbsp;&nbsp; 650438 |
| &nbsp;&nbsp;&nbsp;SI-BONE, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846 | &nbsp;&nbsp;&nbsp;&nbsp; 27173 |
| &nbsp;&nbsp;&nbsp;STAAR Surgical Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1530 | &nbsp;&nbsp;&nbsp;&nbsp; 41111 |
| &nbsp;&nbsp;&nbsp;Tandem Diabetes Care, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115 | &nbsp;&nbsp;&nbsp;&nbsp; 25676 |
| &nbsp;&nbsp;&nbsp;Teleflex, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1369 | &nbsp;&nbsp;&nbsp;&nbsp; 167511 |
| &nbsp;&nbsp;&nbsp;TransMedics Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1904 | &nbsp;&nbsp;&nbsp;&nbsp; 213629 |
| &nbsp;&nbsp;&nbsp;Treace Medical Concepts, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;24536 | &nbsp;&nbsp;&nbsp;&nbsp; 164637 |
| &nbsp;&nbsp;&nbsp;Twist Bioscience Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309 | &nbsp;&nbsp;&nbsp;&nbsp; 8695 |
| &nbsp;&nbsp;&nbsp;UFP Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp; 46108 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6229767 |
| **Healthcare-Services — 1.4%** | **Healthcare-Services — 1.4%** | **Healthcare-Services — 1.4%** |
| &nbsp;&nbsp;&nbsp;Acadia Healthcare Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2861 | &nbsp;&nbsp;&nbsp;&nbsp; 70838 |
| &nbsp;&nbsp;&nbsp;Addus HomeCare Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761 | &nbsp;&nbsp;&nbsp;&nbsp; 89790 |
| &nbsp;&nbsp;&nbsp;Astrana Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325 | &nbsp;&nbsp;&nbsp;&nbsp; 37564 |
| &nbsp;&nbsp;&nbsp;BrightSpring Health Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1744 | &nbsp;&nbsp;&nbsp;&nbsp; 51553 |
| &nbsp;&nbsp;&nbsp;Concentra Group Holdings Parent, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6854 | &nbsp;&nbsp;&nbsp;&nbsp; 143454 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Healthcare-Services (continued)** | **Healthcare-Services (continued)** | **Healthcare-Services (continued)** |
| &nbsp;&nbsp;&nbsp;CorVel Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970 | &nbsp;&nbsp;$75097 |
| &nbsp;&nbsp;&nbsp;Ensign Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1118 | &nbsp;&nbsp;&nbsp;&nbsp; 193157 |
| &nbsp;&nbsp;&nbsp;Fortrea Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2775 | &nbsp;&nbsp;&nbsp;&nbsp; 23365 |
| &nbsp;&nbsp;&nbsp;GeneDx Holdings Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236 | &nbsp;&nbsp;&nbsp;&nbsp; 25427 |
| &nbsp;&nbsp;&nbsp;National HealthCare Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;709 | &nbsp;&nbsp;&nbsp;&nbsp; 86151 |
| &nbsp;&nbsp;&nbsp;Oscar Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4832 | &nbsp;&nbsp;&nbsp;&nbsp; 91470 |
| &nbsp;&nbsp;&nbsp;Pediatrix Medical Group, Inc. † | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4470 | &nbsp;&nbsp;&nbsp;&nbsp; 74872 |
| &nbsp;&nbsp;&nbsp;Privia Health Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3574 | &nbsp;&nbsp;&nbsp;&nbsp; 88993 |
| &nbsp;&nbsp;&nbsp;RadNet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2135 | &nbsp;&nbsp;&nbsp;&nbsp; 162708 |
| &nbsp;&nbsp;&nbsp;Select Medical Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3312 | &nbsp;&nbsp;&nbsp;&nbsp; 42526 |
| &nbsp;&nbsp;&nbsp;Surgery Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693 | &nbsp;&nbsp;&nbsp;&nbsp; 14997 |
| &nbsp;&nbsp;&nbsp;Teladoc Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9600 | &nbsp;&nbsp;&nbsp;&nbsp; 74208 |
| &nbsp;&nbsp;&nbsp;U.S. Physical Therapy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7460 | &nbsp;&nbsp;&nbsp;&nbsp; 633727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1979897 |
| **Home Builders — 2.0%** | **Home Builders — 2.0%** | **Home Builders — 2.0%** |
| &nbsp;&nbsp;&nbsp;Beazer Homes USA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp; 21555 |
| &nbsp;&nbsp;&nbsp;Cavco Industries, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1758 | &nbsp;&nbsp;&nbsp;&nbsp; 1020923 |
| &nbsp;&nbsp;&nbsp;Century Communities, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1339 | &nbsp;&nbsp;&nbsp;&nbsp; 84852 |
| &nbsp;&nbsp;&nbsp;Champion Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1751 | &nbsp;&nbsp;&nbsp;&nbsp; 133724 |
| &nbsp;&nbsp;&nbsp;Dream Finders Homes, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901 | &nbsp;&nbsp;&nbsp;&nbsp; 23354 |
| &nbsp;&nbsp;&nbsp;Green Brick Partners, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1802 | &nbsp;&nbsp;&nbsp;&nbsp; 133096 |
| &nbsp;&nbsp;&nbsp;Installed Building Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1110 | &nbsp;&nbsp;&nbsp;&nbsp; 273793 |
| &nbsp;&nbsp;&nbsp;KB Home | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 | &nbsp;&nbsp;&nbsp;&nbsp; 86741 |
| &nbsp;&nbsp;&nbsp;LCI Industries | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751 | &nbsp;&nbsp;&nbsp;&nbsp; 69956 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621 | &nbsp;&nbsp;&nbsp;&nbsp; 32112 |
| &nbsp;&nbsp;&nbsp;M/I Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1563 | &nbsp;&nbsp;&nbsp;&nbsp; 225760 |
| &nbsp;&nbsp;&nbsp;Meritage Homes Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054 | &nbsp;&nbsp;&nbsp;&nbsp; 221201 |
| &nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2041 | &nbsp;&nbsp;&nbsp;&nbsp; 134726 |
| &nbsp;&nbsp;&nbsp;Tri Pointe Homes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7162 | &nbsp;&nbsp;&nbsp;&nbsp; 243293 |
| &nbsp;&nbsp;&nbsp;Winnebago Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp; 28591 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2733677 |
| **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** | **Home Furnishings — 0.6%** |
| &nbsp;&nbsp;&nbsp;Ethan Allen Interiors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;711 | &nbsp;&nbsp;&nbsp;&nbsp; 20946 |
| &nbsp;&nbsp;&nbsp;Leggett & Platt, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4170 | &nbsp;&nbsp;&nbsp;&nbsp; 37029 |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5551 | &nbsp;&nbsp;&nbsp;&nbsp; 98475 |
| &nbsp;&nbsp;&nbsp;Sonos, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;34801 | &nbsp;&nbsp;&nbsp;&nbsp; 549856 |
| &nbsp;&nbsp;&nbsp;Xperi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12396 | &nbsp;&nbsp;&nbsp;&nbsp; 80326 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786632 |
| **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** | **Household Products/Wares — 0.2%** |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270 | &nbsp;&nbsp;&nbsp;&nbsp; 8815 |
| &nbsp;&nbsp;&nbsp;Central Garden & Pet Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3157 | &nbsp;&nbsp;&nbsp;&nbsp; 93226 |
| &nbsp;&nbsp;&nbsp;Helen of Troy, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;700 | &nbsp;&nbsp;&nbsp;&nbsp; 17640 |
| &nbsp;&nbsp;&nbsp;Quanex Building Products Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp; 20136 |
| &nbsp;&nbsp;&nbsp;Reynolds Consumer Products, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1694 | &nbsp;&nbsp;&nbsp;&nbsp; 41452 |
| &nbsp;&nbsp;&nbsp;WD-40 Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418 | &nbsp;&nbsp;&nbsp;&nbsp; 82597 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263866 |
| **Housewares — 0.1%** | **Housewares — 0.1%** | **Housewares — 0.1%** |
| &nbsp;&nbsp;&nbsp;Newell Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12938 | &nbsp;&nbsp;&nbsp;&nbsp; 67795 |
| **Insurance — 2.4%** | **Insurance — 2.4%** | **Insurance — 2.4%** |
| &nbsp;&nbsp;&nbsp;AMERISAFE, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577 | &nbsp;&nbsp;&nbsp;&nbsp; 25296 |
| &nbsp;&nbsp;&nbsp;Assured Guaranty, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1386 | &nbsp;&nbsp;&nbsp;&nbsp; 117325 |
| &nbsp;&nbsp;&nbsp;Axis Capital Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4671 | &nbsp;&nbsp;&nbsp;&nbsp; 447482 |
| &nbsp;&nbsp;&nbsp;Bowhead Specialty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10114 | &nbsp;&nbsp;&nbsp;&nbsp; 273483 |
| &nbsp;&nbsp;&nbsp;CNO Financial Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2810 | &nbsp;&nbsp;&nbsp;&nbsp; 111135 |
| &nbsp;&nbsp;&nbsp;Employers Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp; 30755 |
| &nbsp;&nbsp;&nbsp;Essent Group, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1852 | &nbsp;&nbsp;&nbsp;&nbsp; 117713 |
| &nbsp;&nbsp;&nbsp;Fidelis Insurance Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3870 | &nbsp;&nbsp;&nbsp;&nbsp; 70240 |
| &nbsp;&nbsp;&nbsp;Genworth Financial, Inc.,† | &nbsp;&nbsp;&nbsp;&nbsp;12714 | &nbsp;&nbsp;&nbsp;&nbsp; 113155 |
| &nbsp;&nbsp;&nbsp;Goosehead Insurance, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;783 | &nbsp;&nbsp;&nbsp;&nbsp; 58271 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Insurance (continued)** | **Insurance (continued)** | **Insurance (continued)** |
| &nbsp;&nbsp;&nbsp;Hamilton Insurance Group, Ltd., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1042 | &nbsp;&nbsp;$25842 |
| &nbsp;&nbsp;&nbsp;HCI Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333 | &nbsp;&nbsp;&nbsp;&nbsp; 63913 |
| &nbsp;&nbsp;&nbsp;Heritage Insurance Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;437 | &nbsp;&nbsp;&nbsp;&nbsp; 11004 |
| &nbsp;&nbsp;&nbsp;Horace Mann Educators Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1261 | &nbsp;&nbsp;&nbsp;&nbsp; 56959 |
| &nbsp;&nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1840 | &nbsp;&nbsp;&nbsp;&nbsp; 186263 |
| &nbsp;&nbsp;&nbsp;Kemper Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5848 | &nbsp;&nbsp;&nbsp;&nbsp; 301464 |
| &nbsp;&nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2500 | &nbsp;&nbsp;&nbsp;&nbsp; 100825 |
| &nbsp;&nbsp;&nbsp;Mercury General Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;&nbsp;&nbsp; 69859 |
| &nbsp;&nbsp;&nbsp;NMI Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4671 | &nbsp;&nbsp;&nbsp;&nbsp; 179086 |
| &nbsp;&nbsp;&nbsp;Palomar Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961 | &nbsp;&nbsp;&nbsp;&nbsp; 112197 |
| &nbsp;&nbsp;&nbsp;ProAssurance Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609 | &nbsp;&nbsp;&nbsp;&nbsp; 38600 |
| &nbsp;&nbsp;&nbsp;Reinsurance Group of America, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298 | &nbsp;&nbsp;&nbsp;&nbsp; 441515 |
| &nbsp;&nbsp;&nbsp;RLI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;643 | &nbsp;&nbsp;&nbsp;&nbsp; 41936 |
| &nbsp;&nbsp;&nbsp;Safety Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1130 | &nbsp;&nbsp;&nbsp;&nbsp; 79880 |
| &nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;543 | &nbsp;&nbsp;&nbsp;&nbsp; 44021 |
| &nbsp;&nbsp;&nbsp;SiriusPoint, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1605 | &nbsp;&nbsp;&nbsp;&nbsp; 29034 |
| &nbsp;&nbsp;&nbsp;Skyward Specialty Insurance Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301 | &nbsp;&nbsp;&nbsp;&nbsp; 14316 |
| &nbsp;&nbsp;&nbsp;Stewart Information Services Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867 | &nbsp;&nbsp;&nbsp;&nbsp; 63568 |
| &nbsp;&nbsp;&nbsp;Trupanion, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1030 | &nbsp;&nbsp;&nbsp;&nbsp; 44578 |
| &nbsp;&nbsp;&nbsp;United Fire Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;669 | &nbsp;&nbsp;&nbsp;&nbsp; 20351 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3290066 |
| **Internet — 1.2%** | **Internet — 1.2%** | **Internet — 1.2%** |
| &nbsp;&nbsp;&nbsp;Angi, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1140 | &nbsp;&nbsp;&nbsp;&nbsp; 18536 |
| &nbsp;&nbsp;&nbsp;Cargurus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6414 | &nbsp;&nbsp;&nbsp;&nbsp; 238793 |
| &nbsp;&nbsp;&nbsp;Cars.com, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2770 | &nbsp;&nbsp;&nbsp;&nbsp; 33850 |
| &nbsp;&nbsp;&nbsp;Cogent Communications Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1472 | &nbsp;&nbsp;&nbsp;&nbsp; 56451 |
| &nbsp;&nbsp;&nbsp;ePlus, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817 | &nbsp;&nbsp;&nbsp;&nbsp; 58015 |
| &nbsp;&nbsp;&nbsp;Etsy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3070 | &nbsp;&nbsp;&nbsp;&nbsp; 203817 |
| &nbsp;&nbsp;&nbsp;Eventbrite, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;14899 | &nbsp;&nbsp;&nbsp;&nbsp; 37546 |
| &nbsp;&nbsp;&nbsp;HealthStream, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4409 | &nbsp;&nbsp;&nbsp;&nbsp; 124510 |
| &nbsp;&nbsp;&nbsp;IAC, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2084 | &nbsp;&nbsp;&nbsp;&nbsp; 71002 |
| &nbsp;&nbsp;&nbsp;Liquidity Services, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp; 19311 |
| &nbsp;&nbsp;&nbsp;Magnite, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5610 | &nbsp;&nbsp;&nbsp;&nbsp; 122186 |
| &nbsp;&nbsp;&nbsp;Nextdoor Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4211 | &nbsp;&nbsp;&nbsp;&nbsp; 8801 |
| &nbsp;&nbsp;&nbsp;Q2 Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1934 | &nbsp;&nbsp;&nbsp;&nbsp; 140002 |
| &nbsp;&nbsp;&nbsp;QuinStreet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3276 | &nbsp;&nbsp;&nbsp;&nbsp; 50680 |
| &nbsp;&nbsp;&nbsp;RealReal, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8340 | &nbsp;&nbsp;&nbsp;&nbsp; 88654 |
| &nbsp;&nbsp;&nbsp;Shutterstock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;735 | &nbsp;&nbsp;&nbsp;&nbsp; 15325 |
| &nbsp;&nbsp;&nbsp;Sprinklr, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3718 | &nbsp;&nbsp;&nbsp;&nbsp; 28703 |
| &nbsp;&nbsp;&nbsp;TripAdvisor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3597 | &nbsp;&nbsp;&nbsp;&nbsp; 58487 |
| &nbsp;&nbsp;&nbsp;Yelp, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5741 | &nbsp;&nbsp;&nbsp;&nbsp; 179119 |
| &nbsp;&nbsp;&nbsp;Ziff Davis, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1270 | &nbsp;&nbsp;&nbsp;&nbsp; 48387 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602175 |
| **Investment Companies — 1.1%** | **Investment Companies — 1.1%** | **Investment Companies — 1.1%** |
| &nbsp;&nbsp;&nbsp;Bit Digital, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;41735 | &nbsp;&nbsp;&nbsp;&nbsp; 125205 |
| &nbsp;&nbsp;&nbsp;Cipher Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;25224 | &nbsp;&nbsp;&nbsp;&nbsp; 317570 |
| &nbsp;&nbsp;&nbsp;Cleanspark, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9785 | &nbsp;&nbsp;&nbsp;&nbsp; 141883 |
| &nbsp;&nbsp;&nbsp;Compass Diversified Holdings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452 | &nbsp;&nbsp;&nbsp;&nbsp; 2992 |
| &nbsp;&nbsp;&nbsp;Core Scientific, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6093 | &nbsp;&nbsp;&nbsp;&nbsp; 109308 |
| &nbsp;&nbsp;&nbsp;HA Sustainable Infrastructure Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7274 | &nbsp;&nbsp;&nbsp;&nbsp; 223312 |
| &nbsp;&nbsp;&nbsp;Hut 8 Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1033 | &nbsp;&nbsp;&nbsp;&nbsp; 35959 |
| &nbsp;&nbsp;&nbsp;MARA Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;19868 | &nbsp;&nbsp;&nbsp;&nbsp; 362790 |
| &nbsp;&nbsp;&nbsp;Riot Platforms, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4643 | &nbsp;&nbsp;&nbsp;&nbsp; 88356 |
| &nbsp;&nbsp;&nbsp;Terawulf, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6446 | &nbsp;&nbsp;&nbsp;&nbsp; 73613 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480988 |
| **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** | **Iron/Steel — 0.1%** |
| &nbsp;&nbsp;&nbsp;Commercial Metals Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3302 | &nbsp;&nbsp;&nbsp;&nbsp; 189139 |
| **Leisure Time — 0.6%** | **Leisure Time — 0.6%** | **Leisure Time — 0.6%** |
| &nbsp;&nbsp;&nbsp;Acushnet Holdings Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841 | &nbsp;&nbsp;&nbsp;&nbsp; 66010 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Leisure Time (continued)** | **Leisure Time (continued)** | **Leisure Time (continued)** |
| &nbsp;&nbsp;&nbsp;Life Time Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3423 | &nbsp;&nbsp;$94475 |
| &nbsp;&nbsp;&nbsp;Malibu Boats, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9860 | &nbsp;&nbsp;&nbsp;&nbsp; 319957 |
| &nbsp;&nbsp;&nbsp;MasterCraft Boat Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391 | &nbsp;&nbsp;&nbsp;&nbsp; 8391 |
| &nbsp;&nbsp;&nbsp;OneSpaWorld Holdings, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4554 | &nbsp;&nbsp;&nbsp;&nbsp; 96272 |
| &nbsp;&nbsp;&nbsp;Peloton Interactive, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11666 | &nbsp;&nbsp;&nbsp;&nbsp; 104994 |
| &nbsp;&nbsp;&nbsp;Polaris, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;837 | &nbsp;&nbsp;&nbsp;&nbsp; 48655 |
| &nbsp;&nbsp;&nbsp;Sabre Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;12727 | &nbsp;&nbsp;&nbsp;&nbsp; 23290 |
| &nbsp;&nbsp;&nbsp;Topgolf Callaway Brands Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4291 | &nbsp;&nbsp;&nbsp;&nbsp; 40764 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802808 |
| **Lodging — 0.1%** | **Lodging — 0.1%** | **Lodging — 0.1%** |
| &nbsp;&nbsp;&nbsp;Hilton Grand Vacations, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1788 | &nbsp;&nbsp;&nbsp;&nbsp; 74756 |
| **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** | **Machinery-Construction & Mining — 0.2%** |
| &nbsp;&nbsp;&nbsp;Astec Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;725 | &nbsp;&nbsp;&nbsp;&nbsp; 34894 |
| &nbsp;&nbsp;&nbsp;Bloom Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1182 | &nbsp;&nbsp;&nbsp;&nbsp; 99962 |
| &nbsp;&nbsp;&nbsp;NuScale Power Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;960 | &nbsp;&nbsp;&nbsp;&nbsp; 34560 |
| &nbsp;&nbsp;&nbsp;Terex Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2296 | &nbsp;&nbsp;&nbsp;&nbsp; 117785 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;287201 |
| **Machinery-Diversified — 1.9%** | **Machinery-Diversified — 1.9%** | **Machinery-Diversified — 1.9%** |
| &nbsp;&nbsp;&nbsp;Alamo Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327 | &nbsp;&nbsp;&nbsp;&nbsp; 62424 |
| &nbsp;&nbsp;&nbsp;Albany International Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6594 | &nbsp;&nbsp;&nbsp;&nbsp; 351460 |
| &nbsp;&nbsp;&nbsp;Applied Industrial Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834 | &nbsp;&nbsp;&nbsp;&nbsp; 217716 |
| &nbsp;&nbsp;&nbsp;Cactus, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;10368 | &nbsp;&nbsp;&nbsp;&nbsp; 409225 |
| &nbsp;&nbsp;&nbsp;CSW Industrials, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520 | &nbsp;&nbsp;&nbsp;&nbsp; 126230 |
| &nbsp;&nbsp;&nbsp;DXP Enterprises, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp; 79896 |
| &nbsp;&nbsp;&nbsp;Gates Industrial Corp. PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7979 | &nbsp;&nbsp;&nbsp;&nbsp; 198039 |
| &nbsp;&nbsp;&nbsp;Ichor Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 | &nbsp;&nbsp;&nbsp;&nbsp; 19517 |
| &nbsp;&nbsp;&nbsp;Kadant, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;365 | &nbsp;&nbsp;&nbsp;&nbsp; 108617 |
| &nbsp;&nbsp;&nbsp;Kornit Digital, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;22007 | &nbsp;&nbsp;&nbsp;&nbsp; 297095 |
| &nbsp;&nbsp;&nbsp;Lindsay Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334 | &nbsp;&nbsp;&nbsp;&nbsp; 46947 |
| &nbsp;&nbsp;&nbsp;Mueller Water Products, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4841 | &nbsp;&nbsp;&nbsp;&nbsp; 123542 |
| &nbsp;&nbsp;&nbsp;Tennant Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566 | &nbsp;&nbsp;&nbsp;&nbsp; 45880 |
| &nbsp;&nbsp;&nbsp;Thermon Group Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2277 | &nbsp;&nbsp;&nbsp;&nbsp; 60841 |
| &nbsp;&nbsp;&nbsp;Watts Water Technologies, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp;&nbsp;&nbsp; 258613 |
| &nbsp;&nbsp;&nbsp;Zurn Elkay Water Solutions Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4619 | &nbsp;&nbsp;&nbsp;&nbsp; 217232 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2623274 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| &nbsp;&nbsp;&nbsp;AMC Networks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506 | &nbsp;&nbsp;&nbsp;&nbsp; 4170 |
| &nbsp;&nbsp;&nbsp;Cable One, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;&nbsp;&nbsp; 25495 |
| &nbsp;&nbsp;&nbsp;Gray Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1822 | &nbsp;&nbsp;&nbsp;&nbsp; 10531 |
| &nbsp;&nbsp;&nbsp;Scholastic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2298 | &nbsp;&nbsp;&nbsp;&nbsp; 62919 |
| &nbsp;&nbsp;&nbsp;TEGNA, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4983 | &nbsp;&nbsp;&nbsp;&nbsp; 101304 |
| &nbsp;&nbsp;&nbsp;Thryv Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3864 | &nbsp;&nbsp;&nbsp;&nbsp; 46600 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;251019 |
| **Metal Fabricate/Hardware — 0.7%** | **Metal Fabricate/Hardware — 0.7%** | **Metal Fabricate/Hardware — 0.7%** |
| &nbsp;&nbsp;&nbsp;AZZ, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930 | &nbsp;&nbsp;&nbsp;&nbsp; 101491 |
| &nbsp;&nbsp;&nbsp;Helios Technologies, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9801 | &nbsp;&nbsp;&nbsp;&nbsp; 510926 |
| &nbsp;&nbsp;&nbsp;Metallus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1114 | &nbsp;&nbsp;&nbsp;&nbsp; 18414 |
| &nbsp;&nbsp;&nbsp;Mueller Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1626 | &nbsp;&nbsp;&nbsp;&nbsp; 164405 |
| &nbsp;&nbsp;&nbsp;Olympic Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;362 | &nbsp;&nbsp;&nbsp;&nbsp; 11023 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp; 37673 |
| &nbsp;&nbsp;&nbsp;Standex International Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;374 | &nbsp;&nbsp;&nbsp;&nbsp; 79251 |
| &nbsp;&nbsp;&nbsp;Worthington Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1104 | &nbsp;&nbsp;&nbsp;&nbsp; 61261 |
| &nbsp;&nbsp;&nbsp;Worthington Steel, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1009 | &nbsp;&nbsp;&nbsp;&nbsp; 30663 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1015107 |
| **Mining — 1.0%** | **Mining — 1.0%** | **Mining — 1.0%** |
| &nbsp;&nbsp;&nbsp;Centrus Energy Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248 | &nbsp;&nbsp;&nbsp;&nbsp; 76897 |
| &nbsp;&nbsp;&nbsp;Century Aluminum Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1653 | &nbsp;&nbsp;&nbsp;&nbsp; 48532 |
| &nbsp;&nbsp;&nbsp;Coeur Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16779 | &nbsp;&nbsp;&nbsp;&nbsp; 314774 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Mining (continued)** | **Mining (continued)** | **Mining (continued)** |
| &nbsp;&nbsp;&nbsp;Constellium SE† | &nbsp;&nbsp;&nbsp;&nbsp;12378 | &nbsp;&nbsp;$184185 |
| &nbsp;&nbsp;&nbsp;Energy Fuels, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6564 | &nbsp;&nbsp;&nbsp;&nbsp; 100757 |
| &nbsp;&nbsp;&nbsp;Hecla Mining Co. | &nbsp;&nbsp;&nbsp;&nbsp;29610 | &nbsp;&nbsp;&nbsp;&nbsp; 358281 |
| &nbsp;&nbsp;&nbsp;Kaiser Aluminum Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;493 | &nbsp;&nbsp;&nbsp;&nbsp; 38040 |
| &nbsp;&nbsp;&nbsp;SSR Mining, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3280 | &nbsp;&nbsp;&nbsp;&nbsp; 80098 |
| &nbsp;&nbsp;&nbsp;Uranium Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8685 | &nbsp;&nbsp;&nbsp;&nbsp; 115858 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317422 |
| **Miscellaneous Manufacturing — 1.9%** | **Miscellaneous Manufacturing — 1.9%** | **Miscellaneous Manufacturing — 1.9%** |
| &nbsp;&nbsp;&nbsp;Enpro, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3784 | &nbsp;&nbsp;&nbsp;&nbsp; 855184 |
| &nbsp;&nbsp;&nbsp;Fabrinet† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;724 | &nbsp;&nbsp;&nbsp;&nbsp; 263985 |
| &nbsp;&nbsp;&nbsp;Federal Signal Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1883 | &nbsp;&nbsp;&nbsp;&nbsp; 224058 |
| &nbsp;&nbsp;&nbsp;Hillenbrand, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2183 | &nbsp;&nbsp;&nbsp;&nbsp; 59028 |
| &nbsp;&nbsp;&nbsp;JBT Marel Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1610 | &nbsp;&nbsp;&nbsp;&nbsp; 226125 |
| &nbsp;&nbsp;&nbsp;Materion Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7693 | &nbsp;&nbsp;&nbsp;&nbsp; 929391 |
| &nbsp;&nbsp;&nbsp;Park Aerospace Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;855 | &nbsp;&nbsp;&nbsp;&nbsp; 17391 |
| &nbsp;&nbsp;&nbsp;Sight Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;718 | &nbsp;&nbsp;&nbsp;&nbsp; 2470 |
| &nbsp;&nbsp;&nbsp;Sturm Ruger & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495 | &nbsp;&nbsp;&nbsp;&nbsp; 21518 |
| &nbsp;&nbsp;&nbsp;Trinity Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504 | &nbsp;&nbsp;&nbsp;&nbsp; 70212 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2669362 |
| **Multi-National — 0.1%** | **Multi-National — 0.1%** | **Multi-National — 0.1%** |
| &nbsp;&nbsp;&nbsp;Banco Latinoamericano de Comercio Exterior SA, Class E | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1786 | &nbsp;&nbsp;&nbsp;&nbsp; 82102 |
| **Office Furnishings — 0.4%** | **Office Furnishings — 0.4%** | **Office Furnishings — 0.4%** |
| &nbsp;&nbsp;&nbsp;HNI Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420 | &nbsp;&nbsp;&nbsp;&nbsp; 66527 |
| &nbsp;&nbsp;&nbsp;Interface, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14498 | &nbsp;&nbsp;&nbsp;&nbsp; 419572 |
| &nbsp;&nbsp;&nbsp;Steelcase, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6112 | &nbsp;&nbsp;&nbsp;&nbsp; 105126 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591225 |
| **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** | **Office/Business Equipment — 0.0%** |
| &nbsp;&nbsp;&nbsp;Pitney Bowes, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3964 | &nbsp;&nbsp;&nbsp;&nbsp; 45229 |
| **Oil & Gas — 1.9%** | **Oil & Gas — 1.9%** | **Oil & Gas — 1.9%** |
| &nbsp;&nbsp;&nbsp;Berry Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12808 | &nbsp;&nbsp;&nbsp;&nbsp; 48414 |
| &nbsp;&nbsp;&nbsp;California Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2255 | &nbsp;&nbsp;&nbsp;&nbsp; 119921 |
| &nbsp;&nbsp;&nbsp;Chord Energy Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382 | &nbsp;&nbsp;&nbsp;&nbsp; 37959 |
| &nbsp;&nbsp;&nbsp;CNX Resources Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920 | &nbsp;&nbsp;&nbsp;&nbsp; 61670 |
| &nbsp;&nbsp;&nbsp;Comstock Resources, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451 | &nbsp;&nbsp;&nbsp;&nbsp; 48603 |
| &nbsp;&nbsp;&nbsp;Crescent Energy Co., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5709 | &nbsp;&nbsp;&nbsp;&nbsp; 50924 |
| &nbsp;&nbsp;&nbsp;CVR Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1962 | &nbsp;&nbsp;&nbsp;&nbsp; 71574 |
| &nbsp;&nbsp;&nbsp;Delek US Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1523 | &nbsp;&nbsp;&nbsp;&nbsp; 49147 |
| &nbsp;&nbsp;&nbsp;Gulfport Energy Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2535 | &nbsp;&nbsp;&nbsp;&nbsp; 458784 |
| &nbsp;&nbsp;&nbsp;Helmerich & Payne, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3080 | &nbsp;&nbsp;&nbsp;&nbsp; 68037 |
| &nbsp;&nbsp;&nbsp;Magnolia Oil & Gas Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5740 | &nbsp;&nbsp;&nbsp;&nbsp; 137014 |
| &nbsp;&nbsp;&nbsp;Matador Resources Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1877 | &nbsp;&nbsp;&nbsp;&nbsp; 84334 |
| &nbsp;&nbsp;&nbsp;Murphy Oil Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933 | &nbsp;&nbsp;&nbsp;&nbsp; 54917 |
| &nbsp;&nbsp;&nbsp;Noble Corp. PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3939 | &nbsp;&nbsp;&nbsp;&nbsp; 111395 |
| &nbsp;&nbsp;&nbsp;Northern Oil & Gas, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3008 | &nbsp;&nbsp;&nbsp;&nbsp; 74599 |
| &nbsp;&nbsp;&nbsp;Ovintiv, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1855 | &nbsp;&nbsp;&nbsp;&nbsp; 74905 |
| &nbsp;&nbsp;&nbsp;Par Pacific Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5582 | &nbsp;&nbsp;&nbsp;&nbsp; 197715 |
| &nbsp;&nbsp;&nbsp;Patterson-UTI Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13990 | &nbsp;&nbsp;&nbsp;&nbsp; 72468 |
| &nbsp;&nbsp;&nbsp;PBF Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1411 | &nbsp;&nbsp;&nbsp;&nbsp; 42570 |
| &nbsp;&nbsp;&nbsp;Permian Resources Corp. | &nbsp;&nbsp;&nbsp;&nbsp;35336 | &nbsp;&nbsp;&nbsp;&nbsp; 452301 |
| &nbsp;&nbsp;&nbsp;SM Energy Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3561 | &nbsp;&nbsp;&nbsp;&nbsp; 88918 |
| &nbsp;&nbsp;&nbsp;Talos Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3912 | &nbsp;&nbsp;&nbsp;&nbsp; 37516 |
| &nbsp;&nbsp;&nbsp;Transocean, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;21999 | &nbsp;&nbsp;&nbsp;&nbsp; 68637 |
| &nbsp;&nbsp;&nbsp;Valaris, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;547 | &nbsp;&nbsp;&nbsp;&nbsp; 26677 |
| &nbsp;&nbsp;&nbsp;Vital Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824 | &nbsp;&nbsp;&nbsp;&nbsp; 13917 |
| &nbsp;&nbsp;&nbsp;Weatherford International PLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;694 | &nbsp;&nbsp;&nbsp;&nbsp; 47491 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2600407 |
| **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** | **Oil & Gas Services — 1.1%** |
| &nbsp;&nbsp;&nbsp;Archrock, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5446 | &nbsp;&nbsp;&nbsp;&nbsp; 143284 |

---

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** | **Oil & Gas Services (continued)** |
| &nbsp;&nbsp;&nbsp;Atlas Energy Solutions, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2299 | &nbsp;&nbsp;$26140 |
| &nbsp;&nbsp;&nbsp;Bristow Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp; 50584 |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1450 | &nbsp;&nbsp;&nbsp;&nbsp; 17922 |
| &nbsp;&nbsp;&nbsp;DNOW, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;11112 | &nbsp;&nbsp;&nbsp;&nbsp; 169458 |
| &nbsp;&nbsp;&nbsp;Flowco Holdings, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;17762 | &nbsp;&nbsp;&nbsp;&nbsp; 263766 |
| &nbsp;&nbsp;&nbsp;Forum Energy Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2410 | &nbsp;&nbsp;&nbsp;&nbsp; 64371 |
| &nbsp;&nbsp;&nbsp;Helix Energy Solutions Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4234 | &nbsp;&nbsp;&nbsp;&nbsp; 27775 |
| &nbsp;&nbsp;&nbsp;Innovex International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1204 | &nbsp;&nbsp;&nbsp;&nbsp; 22322 |
| &nbsp;&nbsp;&nbsp;Kodiak Gas Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2039 | &nbsp;&nbsp;&nbsp;&nbsp; 75382 |
| &nbsp;&nbsp;&nbsp;Liberty Energy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14408 | &nbsp;&nbsp;&nbsp;&nbsp; 177795 |
| &nbsp;&nbsp;&nbsp;Matrix Service Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2937 | &nbsp;&nbsp;&nbsp;&nbsp; 38416 |
| &nbsp;&nbsp;&nbsp;Oceaneering International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6333 | &nbsp;&nbsp;&nbsp;&nbsp; 156932 |
| &nbsp;&nbsp;&nbsp;Oil States International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10390 | &nbsp;&nbsp;&nbsp;&nbsp; 62963 |
| &nbsp;&nbsp;&nbsp;ProPetro Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3244 | &nbsp;&nbsp;&nbsp;&nbsp; 16999 |
| &nbsp;&nbsp;&nbsp;Ranger Energy Services, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3614 | &nbsp;&nbsp;&nbsp;&nbsp; 50740 |
| &nbsp;&nbsp;&nbsp;RPC, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2745 | &nbsp;&nbsp;&nbsp;&nbsp; 13066 |
| &nbsp;&nbsp;&nbsp;Tidewater, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1426 | &nbsp;&nbsp;&nbsp;&nbsp; 76049 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453964 |
| **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** | **Packaging & Containers — 0.3%** |
| &nbsp;&nbsp;&nbsp;Greif, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1377 | &nbsp;&nbsp;&nbsp;&nbsp; 82289 |
| &nbsp;&nbsp;&nbsp;O-I Glass, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9714 | &nbsp;&nbsp;&nbsp;&nbsp; 125991 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4569 | &nbsp;&nbsp;&nbsp;&nbsp; 161514 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;369794 |
| **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** | **Pharmaceuticals — 1.9%** |
| &nbsp;&nbsp;&nbsp;AdaptHealth Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3381 | &nbsp;&nbsp;&nbsp;&nbsp; 30260 |
| &nbsp;&nbsp;&nbsp;Alkermes PLC† | &nbsp;&nbsp;&nbsp;&nbsp;10076 | &nbsp;&nbsp;&nbsp;&nbsp; 302280 |
| &nbsp;&nbsp;&nbsp;Amneal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7809 | &nbsp;&nbsp;&nbsp;&nbsp; 78168 |
| &nbsp;&nbsp;&nbsp;Amphastar Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1099 | &nbsp;&nbsp;&nbsp;&nbsp; 29288 |
| &nbsp;&nbsp;&nbsp;Avadel Pharmaceuticals PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9062 | &nbsp;&nbsp;&nbsp;&nbsp; 138377 |
| &nbsp;&nbsp;&nbsp;BellRing Brands, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;671 | &nbsp;&nbsp;&nbsp;&nbsp; 24391 |
| &nbsp;&nbsp;&nbsp;Catalyst Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7707 | &nbsp;&nbsp;&nbsp;&nbsp; 151828 |
| &nbsp;&nbsp;&nbsp;Collegium Pharmaceutical, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;976 | &nbsp;&nbsp;&nbsp;&nbsp; 34150 |
| &nbsp;&nbsp;&nbsp;Corcept Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4490 | &nbsp;&nbsp;&nbsp;&nbsp; 373164 |
| &nbsp;&nbsp;&nbsp;Harmony Biosciences Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1236 | &nbsp;&nbsp;&nbsp;&nbsp; 34064 |
| &nbsp;&nbsp;&nbsp;Indivior PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2205 | &nbsp;&nbsp;&nbsp;&nbsp; 53163 |
| &nbsp;&nbsp;&nbsp;Madrigal Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;503 | &nbsp;&nbsp;&nbsp;&nbsp; 230706 |
| &nbsp;&nbsp;&nbsp;Mirum Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;661 | &nbsp;&nbsp;&nbsp;&nbsp; 48458 |
| &nbsp;&nbsp;&nbsp;Nature's Sunshine Products, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1440 | &nbsp;&nbsp;&nbsp;&nbsp; 22349 |
| &nbsp;&nbsp;&nbsp;Ocular Therapeutix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4079 | &nbsp;&nbsp;&nbsp;&nbsp; 47683 |
| &nbsp;&nbsp;&nbsp;Option Care Health, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3647 | &nbsp;&nbsp;&nbsp;&nbsp; 101241 |
| &nbsp;&nbsp;&nbsp;Organon & Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8053 | &nbsp;&nbsp;&nbsp;&nbsp; 86006 |
| &nbsp;&nbsp;&nbsp;ORIC Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;12719 | &nbsp;&nbsp;&nbsp;&nbsp; 152628 |
| &nbsp;&nbsp;&nbsp;Pacira BioSciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1392 | &nbsp;&nbsp;&nbsp;&nbsp; 35872 |
| &nbsp;&nbsp;&nbsp;Phibro Animal Health Corp., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4584 | &nbsp;&nbsp;&nbsp;&nbsp; 185469 |
| &nbsp;&nbsp;&nbsp;Premier, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2551 | &nbsp;&nbsp;&nbsp;&nbsp; 70918 |
| &nbsp;&nbsp;&nbsp;Protagonist Therapeutics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1811 | &nbsp;&nbsp;&nbsp;&nbsp; 120305 |
| &nbsp;&nbsp;&nbsp;Supernus Pharmaceuticals, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1731 | &nbsp;&nbsp;&nbsp;&nbsp; 82724 |
| &nbsp;&nbsp;&nbsp;USANA Health Sciences, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358 | &nbsp;&nbsp;&nbsp;&nbsp; 9863 |
| &nbsp;&nbsp;&nbsp;Vaxcyte, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5776 | &nbsp;&nbsp;&nbsp;&nbsp; 208051 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2651406 |
| **Pipelines — 0.1%** | **Pipelines — 0.1%** | **Pipelines — 0.1%** |
| &nbsp;&nbsp;&nbsp;Excelerate Energy, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3121 | &nbsp;&nbsp;&nbsp;&nbsp; 78618 |
| &nbsp;&nbsp;&nbsp;Kinetik Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1352 | &nbsp;&nbsp;&nbsp;&nbsp; 57784 |
| &nbsp;&nbsp;&nbsp;New Fortress Energy, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4509 | &nbsp;&nbsp;&nbsp;&nbsp; 9965 |
| &nbsp;&nbsp;&nbsp;NextDecade Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5019 | &nbsp;&nbsp;&nbsp;&nbsp; 34079 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180446 |
| **Private Equity — 0.2%** | **Private Equity — 0.2%** | **Private Equity — 0.2%** |
| &nbsp;&nbsp;&nbsp;P10, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;22028 | &nbsp;&nbsp;&nbsp;&nbsp; 239665 |

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[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Real Estate — 0.8%** | **Real Estate — 0.8%** | **Real Estate — 0.8%** |
| &nbsp;&nbsp;&nbsp;Cushman & Wakefield PLC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;926 | &nbsp;&nbsp;$14742 |
| &nbsp;&nbsp;&nbsp;eXp World Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2809 | &nbsp;&nbsp;&nbsp;&nbsp; 29944 |
| &nbsp;&nbsp;&nbsp;Kennedy-Wilson Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3785 | &nbsp;&nbsp;&nbsp;&nbsp; 31491 |
| &nbsp;&nbsp;&nbsp;Marcus & Millichap, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801 | &nbsp;&nbsp;&nbsp;&nbsp; 23509 |
| &nbsp;&nbsp;&nbsp;McGrath RentCorp | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7082 | &nbsp;&nbsp;&nbsp;&nbsp; 830719 |
| &nbsp;&nbsp;&nbsp;Newmark Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6138 | &nbsp;&nbsp;&nbsp;&nbsp; 114474 |
| &nbsp;&nbsp;&nbsp;RE/MAX Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1418 | &nbsp;&nbsp;&nbsp;&nbsp; 13372 |
| &nbsp;&nbsp;&nbsp;Real Brokerage, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9312 | &nbsp;&nbsp;&nbsp;&nbsp; 38924 |
| &nbsp;&nbsp;&nbsp;St. Joe Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1238 | &nbsp;&nbsp;&nbsp;&nbsp; 61256 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1158431 |
| **REITS — 5.6%** | **REITS — 5.6%** | **REITS — 5.6%** |
| &nbsp;&nbsp;&nbsp;Acadia Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4044 | &nbsp;&nbsp;&nbsp;&nbsp; 81487 |
| &nbsp;&nbsp;&nbsp;Adamas Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6819 | &nbsp;&nbsp;&nbsp;&nbsp; 47528 |
| &nbsp;&nbsp;&nbsp;Alexander & Baldwin, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;11537 | &nbsp;&nbsp;&nbsp;&nbsp; 209858 |
| &nbsp;&nbsp;&nbsp;American Assets Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2285 | &nbsp;&nbsp;&nbsp;&nbsp; 46431 |
| &nbsp;&nbsp;&nbsp;American Healthcare REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp; 15796 |
| &nbsp;&nbsp;&nbsp;Apollo Commercial Real Estate Finance, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6262 | &nbsp;&nbsp;&nbsp;&nbsp; 63434 |
| &nbsp;&nbsp;&nbsp;Apple Hospitality REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6827 | &nbsp;&nbsp;&nbsp;&nbsp; 81992 |
| &nbsp;&nbsp;&nbsp;Arbor Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5636 | &nbsp;&nbsp;&nbsp;&nbsp; 68816 |
| &nbsp;&nbsp;&nbsp;Armada Hoffler Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2634 | &nbsp;&nbsp;&nbsp;&nbsp; 18464 |
| &nbsp;&nbsp;&nbsp;ARMOUR Residential REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3487 | &nbsp;&nbsp;&nbsp;&nbsp; 52096 |
| &nbsp;&nbsp;&nbsp;Blackstone Mtg. Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4940 | &nbsp;&nbsp;&nbsp;&nbsp; 90945 |
| &nbsp;&nbsp;&nbsp;Brandywine Realty Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5502 | &nbsp;&nbsp;&nbsp;&nbsp; 22943 |
| &nbsp;&nbsp;&nbsp;BrightSpire Capital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7828 | &nbsp;&nbsp;&nbsp;&nbsp; 42506 |
| &nbsp;&nbsp;&nbsp;Broadstone Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5377 | &nbsp;&nbsp;&nbsp;&nbsp; 96087 |
| &nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10907 | &nbsp;&nbsp;&nbsp;&nbsp; 378255 |
| &nbsp;&nbsp;&nbsp;Centerspace | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;529 | &nbsp;&nbsp;&nbsp;&nbsp; 31158 |
| &nbsp;&nbsp;&nbsp;Chatham Lodging Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9320 | &nbsp;&nbsp;&nbsp;&nbsp; 62537 |
| &nbsp;&nbsp;&nbsp;City Office REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1373 | &nbsp;&nbsp;&nbsp;&nbsp; 9556 |
| &nbsp;&nbsp;&nbsp;Community Healthcare Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;629 | &nbsp;&nbsp;&nbsp;&nbsp; 9624 |
| &nbsp;&nbsp;&nbsp;COPT Defense Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6142 | &nbsp;&nbsp;&nbsp;&nbsp; 178487 |
| &nbsp;&nbsp;&nbsp;Curbline Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5100 | &nbsp;&nbsp;&nbsp;&nbsp; 113730 |
| &nbsp;&nbsp;&nbsp;DiamondRock Hospitality Co. | &nbsp;&nbsp;&nbsp;&nbsp;13731 | &nbsp;&nbsp;&nbsp;&nbsp; 109299 |
| &nbsp;&nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;32994 | &nbsp;&nbsp;&nbsp;&nbsp; 513717 |
| &nbsp;&nbsp;&nbsp;Easterly Government Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1335 | &nbsp;&nbsp;&nbsp;&nbsp; 30612 |
| &nbsp;&nbsp;&nbsp;Ellington Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3039 | &nbsp;&nbsp;&nbsp;&nbsp; 39446 |
| &nbsp;&nbsp;&nbsp;Elme Communities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2764 | &nbsp;&nbsp;&nbsp;&nbsp; 46601 |
| &nbsp;&nbsp;&nbsp;Empire State Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4624 | &nbsp;&nbsp;&nbsp;&nbsp; 35420 |
| &nbsp;&nbsp;&nbsp;Essential Properties Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12657 | &nbsp;&nbsp;&nbsp;&nbsp; 376672 |
| &nbsp;&nbsp;&nbsp;Four Corners Property Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3897 | &nbsp;&nbsp;&nbsp;&nbsp; 95087 |
| &nbsp;&nbsp;&nbsp;Franklin BSP Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2533 | &nbsp;&nbsp;&nbsp;&nbsp; 27508 |
| &nbsp;&nbsp;&nbsp;Getty Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2501 | &nbsp;&nbsp;&nbsp;&nbsp; 67102 |
| &nbsp;&nbsp;&nbsp;Global Net Lease, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6160 | &nbsp;&nbsp;&nbsp;&nbsp; 50081 |
| &nbsp;&nbsp;&nbsp;Highwoods Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3348 | &nbsp;&nbsp;&nbsp;&nbsp; 106533 |
| &nbsp;&nbsp;&nbsp;Independence Realty Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3690 | &nbsp;&nbsp;&nbsp;&nbsp; 60479 |
| &nbsp;&nbsp;&nbsp;Innovative Industrial Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865 | &nbsp;&nbsp;&nbsp;&nbsp; 46347 |
| &nbsp;&nbsp;&nbsp;InvenTrust Properties Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2423 | &nbsp;&nbsp;&nbsp;&nbsp; 69346 |
| &nbsp;&nbsp;&nbsp;JBG SMITH Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1933 | &nbsp;&nbsp;&nbsp;&nbsp; 43009 |
| &nbsp;&nbsp;&nbsp;Kite Realty Group Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2918 | &nbsp;&nbsp;&nbsp;&nbsp; 65071 |
| &nbsp;&nbsp;&nbsp;KKR Real Estate Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662 | &nbsp;&nbsp;&nbsp;&nbsp; 14958 |
| &nbsp;&nbsp;&nbsp;Ladder Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;16081 | &nbsp;&nbsp;&nbsp;&nbsp; 175444 |
| &nbsp;&nbsp;&nbsp;LTC Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1416 | &nbsp;&nbsp;&nbsp;&nbsp; 52194 |
| &nbsp;&nbsp;&nbsp;LXP Industrial Trust | &nbsp;&nbsp;&nbsp;&nbsp;17504 | &nbsp;&nbsp;&nbsp;&nbsp; 156836 |
| &nbsp;&nbsp;&nbsp;Macerich Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7829 | &nbsp;&nbsp;&nbsp;&nbsp; 142488 |
| &nbsp;&nbsp;&nbsp;Medical Properties Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;15268 | &nbsp;&nbsp;&nbsp;&nbsp; 77409 |
| &nbsp;&nbsp;&nbsp;Millrose Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3725 | &nbsp;&nbsp;&nbsp;&nbsp; 125197 |
| &nbsp;&nbsp;&nbsp;NETSTREIT Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1239 | &nbsp;&nbsp;&nbsp;&nbsp; 22376 |
| &nbsp;&nbsp;&nbsp;NexPoint Residential Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702 | &nbsp;&nbsp;&nbsp;&nbsp; 22618 |
| &nbsp;&nbsp;&nbsp;Outfront Media, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4387 | &nbsp;&nbsp;&nbsp;&nbsp; 80370 |
| &nbsp;&nbsp;&nbsp;Paramount Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6477 | &nbsp;&nbsp;&nbsp;&nbsp; 42360 |
| &nbsp;&nbsp;&nbsp;Pebblebrook Hotel Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3745 | &nbsp;&nbsp;&nbsp;&nbsp; 42656 |

---

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **REITS (continued)** | **REITS (continued)** | **REITS (continued)** |
| &nbsp;&nbsp;&nbsp;PennyMac Mtg. Investment Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2690 | &nbsp;&nbsp;$32979 |
| &nbsp;&nbsp;&nbsp;Phillips Edison & Co., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8206 | &nbsp;&nbsp;&nbsp;&nbsp; 281712 |
| &nbsp;&nbsp;&nbsp;Piedmont Office Realty Trust, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9989 | &nbsp;&nbsp;&nbsp;&nbsp; 89901 |
| &nbsp;&nbsp;&nbsp;Plymouth Industrial REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1564 | &nbsp;&nbsp;&nbsp;&nbsp; 34924 |
| &nbsp;&nbsp;&nbsp;Postal Realty Trust, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1763 | &nbsp;&nbsp;&nbsp;&nbsp; 27661 |
| &nbsp;&nbsp;&nbsp;PotlatchDeltic Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4985 | &nbsp;&nbsp;&nbsp;&nbsp; 203139 |
| &nbsp;&nbsp;&nbsp;Ready Capital Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4785 | &nbsp;&nbsp;&nbsp;&nbsp; 18518 |
| &nbsp;&nbsp;&nbsp;Redwood Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5275 | &nbsp;&nbsp;&nbsp;&nbsp; 30542 |
| &nbsp;&nbsp;&nbsp;Ryman Hospitality Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3966 | &nbsp;&nbsp;&nbsp;&nbsp; 355314 |
| &nbsp;&nbsp;&nbsp;Sabra Health Care REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3543 | &nbsp;&nbsp;&nbsp;&nbsp; 66042 |
| &nbsp;&nbsp;&nbsp;Safehold, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1444 | &nbsp;&nbsp;&nbsp;&nbsp; 22368 |
| &nbsp;&nbsp;&nbsp;Saul Centers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405 | &nbsp;&nbsp;&nbsp;&nbsp; 12907 |
| &nbsp;&nbsp;&nbsp;SITE Centers Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1470 | &nbsp;&nbsp;&nbsp;&nbsp; 13245 |
| &nbsp;&nbsp;&nbsp;SL Green Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3198 | &nbsp;&nbsp;&nbsp;&nbsp; 191272 |
| &nbsp;&nbsp;&nbsp;Smartstop Self Storage REIT, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;14378 | &nbsp;&nbsp;&nbsp;&nbsp; 541188 |
| &nbsp;&nbsp;&nbsp;Summit Hotel Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363 | &nbsp;&nbsp;&nbsp;&nbsp; 18463 |
| &nbsp;&nbsp;&nbsp;Sunstone Hotel Investors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5884 | &nbsp;&nbsp;&nbsp;&nbsp; 55133 |
| &nbsp;&nbsp;&nbsp;Tanger, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4106 | &nbsp;&nbsp;&nbsp;&nbsp; 138947 |
| &nbsp;&nbsp;&nbsp;Terreno Realty Corp. | &nbsp;&nbsp;&nbsp;&nbsp;12671 | &nbsp;&nbsp;&nbsp;&nbsp; 719079 |
| &nbsp;&nbsp;&nbsp;TPG RE Finance Trust, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3004 | &nbsp;&nbsp;&nbsp;&nbsp; 25714 |
| &nbsp;&nbsp;&nbsp;Two Harbors Investment Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3208 | &nbsp;&nbsp;&nbsp;&nbsp; 31663 |
| &nbsp;&nbsp;&nbsp;UMH Properties, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;752 | &nbsp;&nbsp;&nbsp;&nbsp; 11167 |
| &nbsp;&nbsp;&nbsp;Universal Health Realty Income Trust | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410 | &nbsp;&nbsp;&nbsp;&nbsp; 16060 |
| &nbsp;&nbsp;&nbsp;Urban Edge Properties | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3896 | &nbsp;&nbsp;&nbsp;&nbsp; 79751 |
| &nbsp;&nbsp;&nbsp;Veris Residential, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3425 | &nbsp;&nbsp;&nbsp;&nbsp; 52060 |
| &nbsp;&nbsp;&nbsp;Whitestone REIT | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1363 | &nbsp;&nbsp;&nbsp;&nbsp; 16738 |
| &nbsp;&nbsp;&nbsp;Xenia Hotels & Resorts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;10786 | &nbsp;&nbsp;&nbsp;&nbsp; 147984 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7693437 |
| **Retail — 3.7%** | **Retail — 3.7%** | **Retail — 3.7%** |
| &nbsp;&nbsp;&nbsp;Abercrombie & Fitch Co., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1014 | &nbsp;&nbsp;&nbsp;&nbsp; 86748 |
| &nbsp;&nbsp;&nbsp;Academy Sports & Outdoors, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2059 | &nbsp;&nbsp;&nbsp;&nbsp; 102991 |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2796 | &nbsp;&nbsp;&nbsp;&nbsp; 171674 |
| &nbsp;&nbsp;&nbsp;American Eagle Outfitters, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9340 | &nbsp;&nbsp;&nbsp;&nbsp; 159807 |
| &nbsp;&nbsp;&nbsp;Asbury Automotive Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;885 | &nbsp;&nbsp;&nbsp;&nbsp; 216338 |
| &nbsp;&nbsp;&nbsp;Biglari Holdings, Inc., Class B† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 | &nbsp;&nbsp;&nbsp;&nbsp; 74763 |
| &nbsp;&nbsp;&nbsp;BJ's Restaurants, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182 | &nbsp;&nbsp;&nbsp;&nbsp; 66616 |
| &nbsp;&nbsp;&nbsp;Black Rock Coffee Bar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;338 | &nbsp;&nbsp;&nbsp;&nbsp; 8065 |
| &nbsp;&nbsp;&nbsp;Bloomin' Brands, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2319 | &nbsp;&nbsp;&nbsp;&nbsp; 16627 |
| &nbsp;&nbsp;&nbsp;BlueLinx Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;286 | &nbsp;&nbsp;&nbsp;&nbsp; 20901 |
| &nbsp;&nbsp;&nbsp;Boot Barn Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1412 | &nbsp;&nbsp;&nbsp;&nbsp; 233997 |
| &nbsp;&nbsp;&nbsp;Brinker International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1858 | &nbsp;&nbsp;&nbsp;&nbsp; 235371 |
| &nbsp;&nbsp;&nbsp;Buckle, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2439 | &nbsp;&nbsp;&nbsp;&nbsp; 143072 |
| &nbsp;&nbsp;&nbsp;Caleres, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021 | &nbsp;&nbsp;&nbsp;&nbsp; 13314 |
| &nbsp;&nbsp;&nbsp;Cheesecake Factory, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1409 | &nbsp;&nbsp;&nbsp;&nbsp; 76988 |
| &nbsp;&nbsp;&nbsp;Clean Energy Fuels Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;22550 | &nbsp;&nbsp;&nbsp;&nbsp; 58179 |
| &nbsp;&nbsp;&nbsp;Cracker Barrel Old Country Store, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690 | &nbsp;&nbsp;&nbsp;&nbsp; 30401 |
| &nbsp;&nbsp;&nbsp;Dave & Buster's Entertainment, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;861 | &nbsp;&nbsp;&nbsp;&nbsp; 15636 |
| &nbsp;&nbsp;&nbsp;EVgo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5853 | &nbsp;&nbsp;&nbsp;&nbsp; 27685 |
| &nbsp;&nbsp;&nbsp;FirstCash Holdings, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | &nbsp;&nbsp;&nbsp;&nbsp; 47051 |
| &nbsp;&nbsp;&nbsp;Freshpet, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1511 | &nbsp;&nbsp;&nbsp;&nbsp; 83271 |
| &nbsp;&nbsp;&nbsp;Genesco, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695 | &nbsp;&nbsp;&nbsp;&nbsp; 20148 |
| &nbsp;&nbsp;&nbsp;Group 1 Automotive, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1621 | &nbsp;&nbsp;&nbsp;&nbsp; 709204 |
| &nbsp;&nbsp;&nbsp;Guess?, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;832 | &nbsp;&nbsp;&nbsp;&nbsp; 13903 |
| &nbsp;&nbsp;&nbsp;Jack in the Box, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4619 | &nbsp;&nbsp;&nbsp;&nbsp; 91318 |
| &nbsp;&nbsp;&nbsp;Kohl's Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6436 | &nbsp;&nbsp;&nbsp;&nbsp; 98921 |
| &nbsp;&nbsp;&nbsp;La-Z-Boy, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1271 | &nbsp;&nbsp;&nbsp;&nbsp; 43621 |
| &nbsp;&nbsp;&nbsp;MarineMax, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;613 | &nbsp;&nbsp;&nbsp;&nbsp; 15527 |
| &nbsp;&nbsp;&nbsp;National Vision Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2445 | &nbsp;&nbsp;&nbsp;&nbsp; 71370 |
| &nbsp;&nbsp;&nbsp;Papa John's International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010 | &nbsp;&nbsp;&nbsp;&nbsp; 48632 |
| &nbsp;&nbsp;&nbsp;Patrick Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6829 | &nbsp;&nbsp;&nbsp;&nbsp; 706324 |
| &nbsp;&nbsp;&nbsp;PC Connection, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp; 21944 |
| &nbsp;&nbsp;&nbsp;PriceSmart, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;778 | &nbsp;&nbsp;&nbsp;&nbsp; 94286 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Retail (continued)** | **Retail (continued)** | **Retail (continued)** |
| &nbsp;&nbsp;&nbsp;Sally Beauty Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3065 | &nbsp;&nbsp;$49898 |
| &nbsp;&nbsp;&nbsp;Shake Shack, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2394 | &nbsp;&nbsp;&nbsp;&nbsp; 224102 |
| &nbsp;&nbsp;&nbsp;Shoe Carnival, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527 | &nbsp;&nbsp;&nbsp;&nbsp; 10956 |
| &nbsp;&nbsp;&nbsp;Signet Jewelers, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4077 | &nbsp;&nbsp;&nbsp;&nbsp; 391066 |
| &nbsp;&nbsp;&nbsp;Sonic Automotive, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1086 | &nbsp;&nbsp;&nbsp;&nbsp; 82634 |
| &nbsp;&nbsp;&nbsp;Urban Outfitters, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4314 | &nbsp;&nbsp;&nbsp;&nbsp; 308149 |
| &nbsp;&nbsp;&nbsp;Victoria's Secret & Co.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5239 | &nbsp;&nbsp;&nbsp;&nbsp; 142186 |
| &nbsp;&nbsp;&nbsp;Wendy's Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4899 | &nbsp;&nbsp;&nbsp;&nbsp; 44875 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5078559 |
| **Savings & Loans — 0.8%** | **Savings & Loans — 0.8%** | **Savings & Loans — 0.8%** |
| &nbsp;&nbsp;&nbsp;Beacon Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3938 | &nbsp;&nbsp;&nbsp;&nbsp; 93370 |
| &nbsp;&nbsp;&nbsp;Axos Financial, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3067 | &nbsp;&nbsp;&nbsp;&nbsp; 259621 |
| &nbsp;&nbsp;&nbsp;Banc of California, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;12963 | &nbsp;&nbsp;&nbsp;&nbsp; 214538 |
| &nbsp;&nbsp;&nbsp;Capitol Federal Financial, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5073 | &nbsp;&nbsp;&nbsp;&nbsp; 32214 |
| &nbsp;&nbsp;&nbsp;HomeTrust Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239 | &nbsp;&nbsp;&nbsp;&nbsp; 9785 |
| &nbsp;&nbsp;&nbsp;Northwest Bancshares, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580 | &nbsp;&nbsp;&nbsp;&nbsp; 56746 |
| &nbsp;&nbsp;&nbsp;OceanFirst Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5770 | &nbsp;&nbsp;&nbsp;&nbsp; 101379 |
| &nbsp;&nbsp;&nbsp;Provident Financial Services, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4898 | &nbsp;&nbsp;&nbsp;&nbsp; 94433 |
| &nbsp;&nbsp;&nbsp;Southern Missouri Bancorp, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311 | &nbsp;&nbsp;&nbsp;&nbsp; 16346 |
| &nbsp;&nbsp;&nbsp;WaFd, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2441 | &nbsp;&nbsp;&nbsp;&nbsp; 73938 |
| &nbsp;&nbsp;&nbsp;WSFS Financial Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2127 | &nbsp;&nbsp;&nbsp;&nbsp; 114709 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1067079 |
| **Semiconductors — 3.0%** | **Semiconductors — 3.0%** | **Semiconductors — 3.0%** |
| &nbsp;&nbsp;&nbsp;ACM Research, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1630 | &nbsp;&nbsp;&nbsp;&nbsp; 63782 |
| &nbsp;&nbsp;&nbsp;Alpha & Omega Semiconductor, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1456 | &nbsp;&nbsp;&nbsp;&nbsp; 40710 |
| &nbsp;&nbsp;&nbsp;Ambarella, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;658 | &nbsp;&nbsp;&nbsp;&nbsp; 54298 |
| &nbsp;&nbsp;&nbsp;Axcelis Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1196 | &nbsp;&nbsp;&nbsp;&nbsp; 116777 |
| &nbsp;&nbsp;&nbsp;CEVA, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753 | &nbsp;&nbsp;&nbsp;&nbsp; 19887 |
| &nbsp;&nbsp;&nbsp;Cohu, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1424 | &nbsp;&nbsp;&nbsp;&nbsp; 28950 |
| &nbsp;&nbsp;&nbsp;Diodes, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3722 | &nbsp;&nbsp;&nbsp;&nbsp; 198048 |
| &nbsp;&nbsp;&nbsp;FormFactor, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4987 | &nbsp;&nbsp;&nbsp;&nbsp; 181626 |
| &nbsp;&nbsp;&nbsp;Impinj, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802 | &nbsp;&nbsp;&nbsp;&nbsp; 144961 |
| &nbsp;&nbsp;&nbsp;Kulicke & Soffa Industries, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1615 | &nbsp;&nbsp;&nbsp;&nbsp; 65634 |
| &nbsp;&nbsp;&nbsp;MACOM Technology Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5901 | &nbsp;&nbsp;&nbsp;&nbsp; 734615 |
| &nbsp;&nbsp;&nbsp;MaxLinear, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3621 | &nbsp;&nbsp;&nbsp;&nbsp; 58226 |
| &nbsp;&nbsp;&nbsp;Penguin Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4238 | &nbsp;&nbsp;&nbsp;&nbsp; 111375 |
| &nbsp;&nbsp;&nbsp;Photronics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1863 | &nbsp;&nbsp;&nbsp;&nbsp; 42756 |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2612 | &nbsp;&nbsp;&nbsp;&nbsp; 237901 |
| &nbsp;&nbsp;&nbsp;Rambus, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4639 | &nbsp;&nbsp;&nbsp;&nbsp; 483384 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;15168 | &nbsp;&nbsp;&nbsp;&nbsp; 1083754 |
| &nbsp;&nbsp;&nbsp;SiTime Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852 | &nbsp;&nbsp;&nbsp;&nbsp; 256716 |
| &nbsp;&nbsp;&nbsp;Ultra Clean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6629 | &nbsp;&nbsp;&nbsp;&nbsp; 180640 |
| &nbsp;&nbsp;&nbsp;Veeco Instruments, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1884 | &nbsp;&nbsp;&nbsp;&nbsp; 57330 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4161370 |
| **Software — 5.1%** | **Software — 5.1%** | **Software — 5.1%** |
| &nbsp;&nbsp;&nbsp;Accelerant Holdings† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3424 | &nbsp;&nbsp;&nbsp;&nbsp; 50983 |
| &nbsp;&nbsp;&nbsp;ACI Worldwide, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3196 | &nbsp;&nbsp;&nbsp;&nbsp; 168653 |
| &nbsp;&nbsp;&nbsp;ACV Auctions, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;11650 | &nbsp;&nbsp;&nbsp;&nbsp; 115452 |
| &nbsp;&nbsp;&nbsp;Adeia, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5053 | &nbsp;&nbsp;&nbsp;&nbsp; 84890 |
| &nbsp;&nbsp;&nbsp;Agilysys, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;786 | &nbsp;&nbsp;&nbsp;&nbsp; 82727 |
| &nbsp;&nbsp;&nbsp;Appian Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1719 | &nbsp;&nbsp;&nbsp;&nbsp; 52550 |
| &nbsp;&nbsp;&nbsp;Asana, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3843 | &nbsp;&nbsp;&nbsp;&nbsp; 51342 |
| &nbsp;&nbsp;&nbsp;BlackLine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2792 | &nbsp;&nbsp;&nbsp;&nbsp; 148255 |
| &nbsp;&nbsp;&nbsp;Box, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;28455 | &nbsp;&nbsp;&nbsp;&nbsp; 918243 |
| &nbsp;&nbsp;&nbsp;Braze, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1285 | &nbsp;&nbsp;&nbsp;&nbsp; 36545 |
| &nbsp;&nbsp;&nbsp;Bullish† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1607 | &nbsp;&nbsp;&nbsp;&nbsp; 102221 |
| &nbsp;&nbsp;&nbsp;CCC Intelligent Solutions Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;40238 | &nbsp;&nbsp;&nbsp;&nbsp; 366568 |
| &nbsp;&nbsp;&nbsp;Clear Secure, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2687 | &nbsp;&nbsp;&nbsp;&nbsp; 89692 |
| &nbsp;&nbsp;&nbsp;Clearwater Analytics Holdings, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5940 | &nbsp;&nbsp;&nbsp;&nbsp; 107039 |
| &nbsp;&nbsp;&nbsp;Commvault Systems, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2925 | &nbsp;&nbsp;&nbsp;&nbsp; 552182 |

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Software (continued)** | **Software (continued)** | **Software (continued)** |
| &nbsp;&nbsp;&nbsp;Consensus Cloud Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3363 | &nbsp;&nbsp;$98771 |
| &nbsp;&nbsp;&nbsp;CSG Systems International, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;849 | &nbsp;&nbsp;&nbsp;&nbsp; 54659 |
| &nbsp;&nbsp;&nbsp;Digi International, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162 | &nbsp;&nbsp;&nbsp;&nbsp; 42367 |
| &nbsp;&nbsp;&nbsp;Digital Turbine, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5819 | &nbsp;&nbsp;&nbsp;&nbsp; 37242 |
| &nbsp;&nbsp;&nbsp;DigitalOcean Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2115 | &nbsp;&nbsp;&nbsp;&nbsp; 72248 |
| &nbsp;&nbsp;&nbsp;Donnelley Financial Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2436 | &nbsp;&nbsp;&nbsp;&nbsp; 125284 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4185 | &nbsp;&nbsp;&nbsp;&nbsp; 50136 |
| &nbsp;&nbsp;&nbsp;Freshworks, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7963 | &nbsp;&nbsp;&nbsp;&nbsp; 93725 |
| &nbsp;&nbsp;&nbsp;GigaCloud Technology, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2165 | &nbsp;&nbsp;&nbsp;&nbsp; 61486 |
| &nbsp;&nbsp;&nbsp;Health Catalyst, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;10529 | &nbsp;&nbsp;&nbsp;&nbsp; 30008 |
| &nbsp;&nbsp;&nbsp;HeartFlow, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;628 | &nbsp;&nbsp;&nbsp;&nbsp; 21138 |
| &nbsp;&nbsp;&nbsp;Hinge Health, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3023 | &nbsp;&nbsp;&nbsp;&nbsp; 148369 |
| &nbsp;&nbsp;&nbsp;IBEX Holdings, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3009 | &nbsp;&nbsp;&nbsp;&nbsp; 121925 |
| &nbsp;&nbsp;&nbsp;IonQ, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4498 | &nbsp;&nbsp;&nbsp;&nbsp; 276627 |
| &nbsp;&nbsp;&nbsp;LiveRamp Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;32088 | &nbsp;&nbsp;&nbsp;&nbsp; 870868 |
| &nbsp;&nbsp;&nbsp;McGraw Hill, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;33684 | &nbsp;&nbsp;&nbsp;&nbsp; 422734 |
| &nbsp;&nbsp;&nbsp;N-able, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2212 | &nbsp;&nbsp;&nbsp;&nbsp; 17254 |
| &nbsp;&nbsp;&nbsp;ON24, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;16060 | &nbsp;&nbsp;&nbsp;&nbsp; 91863 |
| &nbsp;&nbsp;&nbsp;Pagaya Technologies, Ltd., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1237 | &nbsp;&nbsp;&nbsp;&nbsp; 36727 |
| &nbsp;&nbsp;&nbsp;PDF Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;966 | &nbsp;&nbsp;&nbsp;&nbsp; 24942 |
| &nbsp;&nbsp;&nbsp;Phreesia, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;20233 | &nbsp;&nbsp;&nbsp;&nbsp; 475880 |
| &nbsp;&nbsp;&nbsp;Planet Labs PBC† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2708 | &nbsp;&nbsp;&nbsp;&nbsp; 35150 |
| &nbsp;&nbsp;&nbsp;Playtika Holding Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5798 | &nbsp;&nbsp;&nbsp;&nbsp; 22554 |
| &nbsp;&nbsp;&nbsp;Porch Group, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3217 | &nbsp;&nbsp;&nbsp;&nbsp; 53981 |
| &nbsp;&nbsp;&nbsp;Progress Software Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1331 | &nbsp;&nbsp;&nbsp;&nbsp; 58471 |
| &nbsp;&nbsp;&nbsp;PubMatic, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6217 | &nbsp;&nbsp;&nbsp;&nbsp; 51477 |
| &nbsp;&nbsp;&nbsp;Sapiens International Corp. NV | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1826 | &nbsp;&nbsp;&nbsp;&nbsp; 78518 |
| &nbsp;&nbsp;&nbsp;Schrodinger, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1749 | &nbsp;&nbsp;&nbsp;&nbsp; 35085 |
| &nbsp;&nbsp;&nbsp;SoundHound AI, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4356 | &nbsp;&nbsp;&nbsp;&nbsp; 70044 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1174 | &nbsp;&nbsp;&nbsp;&nbsp; 122260 |
| &nbsp;&nbsp;&nbsp;Teradata Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2927 | &nbsp;&nbsp;&nbsp;&nbsp; 62960 |
| &nbsp;&nbsp;&nbsp;Waystar Holding Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3562 | &nbsp;&nbsp;&nbsp;&nbsp; 135071 |
| &nbsp;&nbsp;&nbsp;WM Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;27107 | &nbsp;&nbsp;&nbsp;&nbsp; 31444 |
| &nbsp;&nbsp;&nbsp;Workiva, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;813 | &nbsp;&nbsp;&nbsp;&nbsp; 69983 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2843 | &nbsp;&nbsp;&nbsp;&nbsp; 56490 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6985083 |
| **Telecommunications — 3.6%** | **Telecommunications — 3.6%** | **Telecommunications — 3.6%** |
| &nbsp;&nbsp;&nbsp;A10 Networks, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3197 | &nbsp;&nbsp;&nbsp;&nbsp; 58026 |
| &nbsp;&nbsp;&nbsp;ADTRAN Holdings, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5843 | &nbsp;&nbsp;&nbsp;&nbsp; 54807 |
| &nbsp;&nbsp;&nbsp;Applied Digital Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3786 | &nbsp;&nbsp;&nbsp;&nbsp; 86851 |
| &nbsp;&nbsp;&nbsp;BlackSky Technology, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4030 | &nbsp;&nbsp;&nbsp;&nbsp; 81205 |
| &nbsp;&nbsp;&nbsp;Calix, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1824 | &nbsp;&nbsp;&nbsp;&nbsp; 111939 |
| &nbsp;&nbsp;&nbsp;Ciena Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5726 | &nbsp;&nbsp;&nbsp;&nbsp; 834106 |
| &nbsp;&nbsp;&nbsp;Clearfield, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3452 | &nbsp;&nbsp;&nbsp;&nbsp; 118680 |
| &nbsp;&nbsp;&nbsp;CommScope Holding Co., Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5700 | &nbsp;&nbsp;&nbsp;&nbsp; 88236 |
| &nbsp;&nbsp;&nbsp;Credo Technology Group Holding, Ltd.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2327 | &nbsp;&nbsp;&nbsp;&nbsp; 338835 |
| &nbsp;&nbsp;&nbsp;DigitalBridge Group, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2719 | &nbsp;&nbsp;&nbsp;&nbsp; 31812 |
| &nbsp;&nbsp;&nbsp;EchoStar Corp., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2204 | &nbsp;&nbsp;&nbsp;&nbsp; 168298 |
| &nbsp;&nbsp;&nbsp;Extreme Networks, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6397 | &nbsp;&nbsp;&nbsp;&nbsp; 132098 |
| &nbsp;&nbsp;&nbsp;Globalstar, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678 | &nbsp;&nbsp;&nbsp;&nbsp; 24672 |
| &nbsp;&nbsp;&nbsp;Gogo, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3542 | &nbsp;&nbsp;&nbsp;&nbsp; 30426 |
| &nbsp;&nbsp;&nbsp;Harmonic, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3606 | &nbsp;&nbsp;&nbsp;&nbsp; 36709 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1708 | &nbsp;&nbsp;&nbsp;&nbsp; 589653 |
| &nbsp;&nbsp;&nbsp;Iridium Communications, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;13781 | &nbsp;&nbsp;&nbsp;&nbsp; 240616 |
| &nbsp;&nbsp;&nbsp;Lumen Technologies, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;56896 | &nbsp;&nbsp;&nbsp;&nbsp; 348204 |
| &nbsp;&nbsp;&nbsp;NETGEAR, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1860 | &nbsp;&nbsp;&nbsp;&nbsp; 60245 |
| &nbsp;&nbsp;&nbsp;Ooma, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6980 | &nbsp;&nbsp;&nbsp;&nbsp; 83690 |
| &nbsp;&nbsp;&nbsp;Shenandoah Telecommunications Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1446 | &nbsp;&nbsp;&nbsp;&nbsp; 19405 |
| &nbsp;&nbsp;&nbsp;Telephone & Data Systems, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4324 | &nbsp;&nbsp;&nbsp;&nbsp; 169674 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6027 | &nbsp;&nbsp;&nbsp;&nbsp; 176591 |
| &nbsp;&nbsp;&nbsp;Viavi Solutions, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;85818 | &nbsp;&nbsp;&nbsp;&nbsp; 1089030 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4973808 |

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[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** | **COMMON STOCKS (continued)** |
| **Textiles — 0.1%** | **Textiles — 0.1%** | **Textiles — 0.1%** |
| &nbsp;&nbsp;&nbsp;UniFirst Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;464 | &nbsp;&nbsp;$77576 |
| **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** | **Toys/Games/Hobbies — 0.0%** |
| &nbsp;&nbsp;&nbsp;Funko, Inc., Class A† | &nbsp;&nbsp;&nbsp;&nbsp;10480 | &nbsp;&nbsp;&nbsp;&nbsp; 36051 |
| **Transportation — 1.0%** | **Transportation — 1.0%** | **Transportation — 1.0%** |
| &nbsp;&nbsp;&nbsp;ArcBest Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;704 | &nbsp;&nbsp;&nbsp;&nbsp; 49188 |
| &nbsp;&nbsp;&nbsp;Costamare, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6547 | &nbsp;&nbsp;&nbsp;&nbsp; 77975 |
| &nbsp;&nbsp;&nbsp;CryoPort, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3778 | &nbsp;&nbsp;&nbsp;&nbsp; 35815 |
| &nbsp;&nbsp;&nbsp;Dorian LPG, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1141 | &nbsp;&nbsp;&nbsp;&nbsp; 34002 |
| &nbsp;&nbsp;&nbsp;Forward Air Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673 | &nbsp;&nbsp;&nbsp;&nbsp; 17256 |
| &nbsp;&nbsp;&nbsp;Heartland Express, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1442 | &nbsp;&nbsp;&nbsp;&nbsp; 12084 |
| &nbsp;&nbsp;&nbsp;Hub Group, Inc., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1872 | &nbsp;&nbsp;&nbsp;&nbsp; 64472 |
| &nbsp;&nbsp;&nbsp;International Seaways, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1817 | &nbsp;&nbsp;&nbsp;&nbsp; 83727 |
| &nbsp;&nbsp;&nbsp;Kirby Corp.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4770 | &nbsp;&nbsp;&nbsp;&nbsp; 398057 |
| &nbsp;&nbsp;&nbsp;Marten Transport, Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1841 | &nbsp;&nbsp;&nbsp;&nbsp; 19625 |
| &nbsp;&nbsp;&nbsp;Matson, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;985 | &nbsp;&nbsp;&nbsp;&nbsp; 97111 |
| &nbsp;&nbsp;&nbsp;Radiant Logistics, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3943 | &nbsp;&nbsp;&nbsp;&nbsp; 23264 |
| &nbsp;&nbsp;&nbsp;RXO, Inc.† | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5080 | &nbsp;&nbsp;&nbsp;&nbsp; 78130 |
| &nbsp;&nbsp;&nbsp;Safe Bulkers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3350 | &nbsp;&nbsp;&nbsp;&nbsp; 14874 |
| &nbsp;&nbsp;&nbsp;Schneider National, Inc., Class B | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1465 | &nbsp;&nbsp;&nbsp;&nbsp; 30999 |
| &nbsp;&nbsp;&nbsp;Scorpio Tankers, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123 | &nbsp;&nbsp;&nbsp;&nbsp; 6894 |
| &nbsp;&nbsp;&nbsp;Teekay Corp., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;11204 | &nbsp;&nbsp;&nbsp;&nbsp; 91649 |
| &nbsp;&nbsp;&nbsp;Teekay Tankers, Ltd., Class A | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2568 | &nbsp;&nbsp;&nbsp;&nbsp; 129812 |
| &nbsp;&nbsp;&nbsp;Werner Enterprises, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1853 | &nbsp;&nbsp;&nbsp;&nbsp; 48771 |
| &nbsp;&nbsp;&nbsp;World Kinect Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4326 | &nbsp;&nbsp;&nbsp;&nbsp; 112260 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425965 |
| **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** | **Trucking & Leasing — 0.1%** |
| &nbsp;&nbsp;&nbsp;GATX Corp. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412 | &nbsp;&nbsp;&nbsp;&nbsp; 72018 |
| &nbsp;&nbsp;&nbsp;Greenbrier Cos., Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1071 | &nbsp;&nbsp;&nbsp;&nbsp; 49448 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121466 |

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| | | |
|:---|:---|:---|
| **Security Description** | **Shares or<br> Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| **Water — 0.3%** | **Water — 0.3%** |  |
| &nbsp;&nbsp;&nbsp;H2O America | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;986 | &nbsp;&nbsp;$48018 |
| &nbsp;&nbsp;&nbsp;American States Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1604 | &nbsp;&nbsp;&nbsp;&nbsp; 117605 |
| &nbsp;&nbsp;&nbsp;California Water Service Group | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1846 | &nbsp;&nbsp;&nbsp;&nbsp; 84713 |
| &nbsp;&nbsp;&nbsp;Consolidated Water Co., Ltd. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4252 | &nbsp;&nbsp;&nbsp;&nbsp; 150011 |
| &nbsp;&nbsp;&nbsp;Middlesex Water Co. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;567 | &nbsp;&nbsp;&nbsp;&nbsp; 30686 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;431033 |
| **Total Long-Term Investment Securities<br> (cost $111,232,833)** |  | &nbsp;&nbsp;&nbsp;&nbsp;133686621 |
| **SHORT-TERM INVESTMENTS — 1.8%** | **SHORT-TERM INVESTMENTS — 1.8%** |  |
| **Unaffiliated Investment Companies — 1.8%** | **Unaffiliated Investment Companies — 1.8%** |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional U.S. Government Money Market Fund, Premier Class<br> 4.09%(1)<br> (cost $2,495,651) | 2495651 | &nbsp;&nbsp;&nbsp;&nbsp; 2495651 |
| **TOTAL INVESTMENTS<br> (cost $113,728,484)(2)** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1% | &nbsp;&nbsp;&nbsp;&nbsp;136182272 |
| Other assets less liabilities | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1200198 |
| **NET ASSETS** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;100.0% | &nbsp;&nbsp;$137382470 |

---

† Non-income producing security

(1) The rate shown is the 7-day yield as of September 30, 2025.

(2) See Note 4 for cost of investments on a tax basis.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** | **Contracts For Difference Swaps** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| **Savings & Loans** |  |  |  |  |  |  |  |  |
| JPMorgan Securities, LLC | &nbsp;&nbsp;Provident Financial Services, Inc. | &nbsp;&nbsp; 40 | &nbsp;&nbsp;4.49% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/11/2026 | &nbsp;&nbsp;$796 | &nbsp;&nbsp;$(25) | &nbsp;&nbsp;$(25) |
| **Office/Business Equipment** |  |  |  |  |  |  |  |  |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Pitney Bowes, Inc. | &nbsp;&nbsp; 941 | &nbsp;&nbsp;4.29 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp; 10708 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 28 |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Preferred Bank | &nbsp;&nbsp; 352 | &nbsp;&nbsp;4.29 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp; 32810 | &nbsp;&nbsp;&nbsp;&nbsp; (993) | &nbsp;&nbsp;&nbsp;&nbsp; (993) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(965) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(965) |
| **Diversified Financial Services** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Bread Financial Holdings, Inc. | &nbsp;&nbsp; 450 | &nbsp;&nbsp;4.29 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 28746 | &nbsp;&nbsp;&nbsp;&nbsp;(3649) | &nbsp;&nbsp;&nbsp;&nbsp;(3649) |
| BNP Paribas | &nbsp;&nbsp;Moelis & Co., Class A | &nbsp;&nbsp; 341 | &nbsp;&nbsp;4.29 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 25398 | &nbsp;&nbsp;&nbsp;&nbsp;(1078) | &nbsp;&nbsp;&nbsp;&nbsp;(1078) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(4727) | &nbsp;&nbsp;&nbsp;&nbsp;(4727) |
| **REITS** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Arbor Realty Trust, Inc. | &nbsp;&nbsp; 321 | &nbsp;&nbsp;4.29 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 3746 | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; 173 |
| BNP Paribas | &nbsp;&nbsp;JBG SMITH Properties | &nbsp;&nbsp; 21 | &nbsp;&nbsp;4.29 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 497 | &nbsp;&nbsp;&nbsp;&nbsp; (30) | &nbsp;&nbsp;&nbsp;&nbsp; (30) |
| HSBC Holdings | &nbsp;&nbsp;Douglas Emmett, Inc. | &nbsp;&nbsp; 168 | &nbsp;&nbsp;4.49 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 2781 | &nbsp;&nbsp;&nbsp;&nbsp; (164) | &nbsp;&nbsp;&nbsp;&nbsp; (164) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(21) |
| **Insurance** |  |  |  |  |  |  |  |  |
| Bank of America Merrill Lynch | &nbsp;&nbsp;Jackson Financial, Inc., Class A | &nbsp;&nbsp;2157 | &nbsp;&nbsp;4.29 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;&nbsp;208754 | &nbsp;&nbsp;&nbsp; 9599 | &nbsp;&nbsp;&nbsp; 9599 |
| Goldman Sachs and Co. LLC | &nbsp;&nbsp;Lincoln National Corp. | &nbsp;&nbsp;2726 | &nbsp;&nbsp;4.29 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;08/18/2026 | &nbsp;&nbsp;&nbsp;112448 | &nbsp;&nbsp;&nbsp;&nbsp;(2508) | &nbsp;&nbsp;&nbsp;&nbsp;(2508) |
| HSBC Holdings | &nbsp;&nbsp;SiriusPoint, Ltd. | &nbsp;&nbsp;3219 | &nbsp;&nbsp;4.49 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/09/2028 | &nbsp;&nbsp;&nbsp; 60725 | &nbsp;&nbsp;&nbsp;&nbsp;(2493) | &nbsp;&nbsp;&nbsp;&nbsp;(2493) |
|  |  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;4598 | &nbsp;&nbsp;&nbsp;&nbsp;4598 |
| **Packaging & Containers** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Sealed Air Corp. | &nbsp;&nbsp; 13 | &nbsp;&nbsp;4.29 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 22 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust SA Multi-Managed Small Cap Portfolio

#### PORTFOLIO OF INVESTMENTS — September 30, 2025 (unaudited) — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** | **Contracts For Difference Swaps — (continued)** |
| **Counterparty** | &nbsp;&nbsp;**Underlying<br> Reference** | &nbsp;&nbsp;**Number of<br> Contracts** | &nbsp;&nbsp;**Financing<br> Rate** | &nbsp;&nbsp;**Payment<br> Frequency** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Notional<br> Amount** | &nbsp;&nbsp;**Unrealized<br> Appreciation/<br> (Depreciation)** | &nbsp;&nbsp;**Value** |
| **Commercial Services** |  |  |  |  |  |  |  |  |
| JPMorgan Securities, LLC | &nbsp;&nbsp;MarketAxess Holdings, Inc. | &nbsp;&nbsp; 992 | &nbsp;&nbsp;4.49% | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/11/2026 | &nbsp;&nbsp;$176896 | &nbsp;&nbsp;$(4040) | &nbsp;&nbsp;$(4040) |
| **Entertainment** |  |  |  |  |  |  |  |  |
| Bank of America Merrill Lynch | &nbsp;&nbsp;Caesars Entertainment, Inc. | &nbsp;&nbsp;5054 | &nbsp;&nbsp;4.29 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;02/16/2028 | &nbsp;&nbsp;&nbsp;129208 | &nbsp;&nbsp;&nbsp; 7376 | &nbsp;&nbsp;&nbsp; 7376 |
| **Oil & Gas** |  |  |  |  |  |  |  |  |
| BNP Paribas | &nbsp;&nbsp;Noble Corp. PLC | &nbsp;&nbsp;1440 | &nbsp;&nbsp;4.29 | &nbsp;&nbsp;Monthly | &nbsp;&nbsp;05/24/2027 | &nbsp;&nbsp;&nbsp; 40677 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 46 |
|  |  |  |  |  |  |  | &nbsp;&nbsp;$2264 | &nbsp;&nbsp;$2264 |

---

#### Futures Contracts

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number<br> of<br> Contracts** | &nbsp;&nbsp;&nbsp;&nbsp;**Type** | &nbsp;&nbsp;&nbsp;**Description** | &nbsp;&nbsp;**Expiration<br> Month** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Basis\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Notional<br> Value\*** | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> Appreciation** |
| 24 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;Micro E-mini Russell 2000 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$292178 | &nbsp;&nbsp;&nbsp;&nbsp;$294660 | &nbsp;&nbsp;&nbsp;&nbsp;$2482 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;**Unrealized<br> (Depreciation)** |
| 9.0 | &nbsp;&nbsp;&nbsp;&nbsp;Long | &nbsp;&nbsp;&nbsp;E-Mini Russell 2000 Index | &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;$1106309 | &nbsp;&nbsp;&nbsp;&nbsp;$1104975 | &nbsp;&nbsp;&nbsp;&nbsp;$(1334) |
|  |  | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) | &nbsp;&nbsp;&nbsp;Net Unrealized Appreciation (Depreciation) |  | &nbsp;&nbsp;&nbsp;&nbsp;$1148 |

---

\* Notional basis refers to the contractual amount agreed upon at inception of the open contract; notional value represents the current value of the open contract.

The following is a summary of the inputs used to value the Portfolio's net assets as of September 30, 2025 (see Note 2):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1 - Unadjusted<br> Quoted Prices** | &nbsp;&nbsp;**Level 2 - Other<br> Observable Inputs** | &nbsp;&nbsp;**Level 3 - Significant<br> Unobservable Inputs** | &nbsp;&nbsp;**Total** |
| **ASSETS:** |  |  |  |  |
| <u>Investments at Value:\*</u> |  |  |  |  |
| Common Stocks: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Computers | &nbsp;&nbsp;$3844478 | &nbsp;&nbsp;$53987 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3898465 |
| &nbsp;&nbsp;&nbsp;Other Industries | &nbsp;&nbsp;&nbsp;&nbsp;129788156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;129788156 |
| Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2495651 |
| **Total Investments at Value** | &nbsp;&nbsp;$136128285 | &nbsp;&nbsp;$53987 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$136182272 |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$17244 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$17244 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$2482 | &nbsp;&nbsp;$17244 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$19726 |
| **LIABILITIES:** |  |  |  |  |
| <u>Other Financial Instruments:</u><u>†</u> |  |  |  |  |
| Swaps | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14980 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$14980 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 |
| **Total Other Financial Instruments** | &nbsp;&nbsp;$1334 | &nbsp;&nbsp;$14980 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$16314 |

---

---

| | |
|:---|:---|
| \* | &nbsp;&nbsp;For a detailed presentation of investments, please refer to the Portfolio of Investments. |
| † | &nbsp;&nbsp;Amounts represent unrealized appreciation/depreciation as of the end of the reporting period. |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — September 30, 2025 (unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA<br> Allocation<br> Aggressive<br> Portfolio** | &nbsp;&nbsp;**SA<br> Allocation<br> Balanced<br> Portfolio** | &nbsp;&nbsp;**SA<br> Allocation<br> Moderate<br> Portfolio** | &nbsp;&nbsp;**SA<br> Allocation<br> Moderately<br> Aggressive<br> Portfolio** | &nbsp;&nbsp;**SA<br> American<br> Century<br> Inflation<br> Managed<br> Portfolio** |
| **ASSETS:** |  |  |  |  |  |
| Investments at value (unaffiliated)\*<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$542884439 |
| Investments at value (affiliated)\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;538779149 | &nbsp;&nbsp;&nbsp;&nbsp;264199746 | &nbsp;&nbsp;&nbsp;&nbsp;313714873 | &nbsp;&nbsp;&nbsp;&nbsp;551727795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276 |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2345240 |
| Receivable for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6934663 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2393452 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1765027 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;203439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1920207 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54574 |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;506480 |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;540558155 | &nbsp;&nbsp;&nbsp;&nbsp;264784838 | &nbsp;&nbsp;&nbsp;&nbsp;313925627 | &nbsp;&nbsp;&nbsp;&nbsp;552361868 | &nbsp;&nbsp;&nbsp;&nbsp;557039331 |
| **LIABILITIES:** |  |  |  |  |  |
| Payable for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1769853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;623969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146911 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7873875 |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266265 |
| &nbsp;&nbsp;&nbsp;Service fees—Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Service fees—Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;105696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69660 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;268 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3621 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;120290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;150376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119068 |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Due to custodian for foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2373640 |
| Payable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4871 |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2070110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;417139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;928200 | &nbsp;&nbsp;&nbsp;&nbsp;10858179 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$538488045 | &nbsp;&nbsp;$264010020 | &nbsp;&nbsp;$313508488 | &nbsp;&nbsp;$551433668 | &nbsp;&nbsp;$546181152 |
| <br>\* Cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$573827569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;$460396116 | &nbsp;&nbsp;$247001986 | &nbsp;&nbsp;$284187605 | &nbsp;&nbsp;$486182722 | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$13 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$4 | &nbsp;&nbsp;$(3) | &nbsp;&nbsp;$— |
| See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — September 30, 2025 (unaudited) — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA<br> Allocation<br> Aggressive<br> Portfolio** | &nbsp;&nbsp;**SA<br> Allocation<br> Balanced<br> Portfolio** | &nbsp;&nbsp;**SA<br> Allocation<br> Moderate<br> Portfolio** | &nbsp;&nbsp;**SA<br> Allocation<br> Moderately<br> Aggressive<br> Portfolio** | &nbsp;&nbsp;**SA<br> American<br> Century<br> Inflation<br> Managed<br> Portfolio** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |
| Paid in capital<br>| &nbsp;&nbsp;$442408990 | &nbsp;&nbsp;$246945943 | &nbsp;&nbsp;$276913927 | &nbsp;&nbsp;$465771768 | &nbsp;&nbsp;$611174403 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;96079055 | &nbsp;&nbsp;&nbsp;&nbsp;17064077 | &nbsp;&nbsp;&nbsp;&nbsp;36594561 | &nbsp;&nbsp;&nbsp;&nbsp;85661900 | &nbsp;&nbsp;&nbsp;&nbsp;(64993251) |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$538488045 | &nbsp;&nbsp;$264010020 | &nbsp;&nbsp;$313508488 | &nbsp;&nbsp;$551433668 | &nbsp;&nbsp;$546181152 |
| **Class 1 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$25315236 | &nbsp;&nbsp;$17273779 | &nbsp;&nbsp;$24879536 | &nbsp;&nbsp;$35035984 | &nbsp;&nbsp;$202994428 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1461694 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1673652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2224025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3051134 | &nbsp;&nbsp;&nbsp;&nbsp;22398631 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$17.32 | &nbsp;&nbsp;$10.32 | &nbsp;&nbsp;$11.19 | &nbsp;&nbsp;$11.48 | &nbsp;&nbsp;$9.06 |
| **Class 2 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| **Class 3 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$513172809 | &nbsp;&nbsp;$246736241 | &nbsp;&nbsp;$288628952 | &nbsp;&nbsp;$516397684 | &nbsp;&nbsp;$343186724 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;29902126 | &nbsp;&nbsp;&nbsp;&nbsp;23923264 | &nbsp;&nbsp;&nbsp;&nbsp;25939243 | &nbsp;&nbsp;&nbsp;&nbsp;45205399 | &nbsp;&nbsp;&nbsp;&nbsp;38368861 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$17.16 | &nbsp;&nbsp;$10.31 | &nbsp;&nbsp;$11.13 | &nbsp;&nbsp;$11.42 | &nbsp;&nbsp;$8.94 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — September 30, 2025 (unaudited) — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Columbia<br> Focused<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Franklin<br> Allocation<br> Moderately<br> Aggressive<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Diversified<br> Fixed<br> Income<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> International<br> Equity<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Large Cap<br> Growth<br> Portfolio** |
| **ASSETS:** |  |  |  |  |  |
| Investments at value (unaffiliated)\*<br>| &nbsp;&nbsp;$292914453 | &nbsp;&nbsp;$209953412 | &nbsp;&nbsp;$845962347 | &nbsp;&nbsp;$288424098 | &nbsp;&nbsp;$329373465 |
| Investments at value (affiliated)\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5575134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4000000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1480000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4025414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;905780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;797559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1336217 |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;902117 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14962 |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3781 |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20464 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;556895 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5979142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2504365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46558 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2875439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2080006 | &nbsp;&nbsp;&nbsp;&nbsp;28709928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;645828 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;233638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;158785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39091 |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;301658274 | &nbsp;&nbsp;&nbsp;&nbsp;220764129 | &nbsp;&nbsp;&nbsp;&nbsp;884363796 | &nbsp;&nbsp;&nbsp;&nbsp;292655906 | &nbsp;&nbsp;&nbsp;&nbsp;331480366 |
| **LIABILITIES:** |  |  |  |  |  |
| Payable for: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1783497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;580058 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252243 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4980830 | &nbsp;&nbsp;&nbsp;&nbsp;173925290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;236407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138911 |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211483 |
| &nbsp;&nbsp;&nbsp;Service fees—Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3942 |
| &nbsp;&nbsp;&nbsp;Service fees—Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1505 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3800 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;231 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1685 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;280614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;200736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113356 |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Due to custodian for foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70000 |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;571268 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7229254 | &nbsp;&nbsp;&nbsp;&nbsp;175385417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;967616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;795651 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$301087006 | &nbsp;&nbsp;$213534875 | &nbsp;&nbsp;$708978379 | &nbsp;&nbsp;$291688290 | &nbsp;&nbsp;$330684715 |
| <br>\* Cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;$228693780 | &nbsp;&nbsp;$160685146 | &nbsp;&nbsp;$871989450 | &nbsp;&nbsp;$210624456 | &nbsp;&nbsp;$204950331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$28214 | &nbsp;&nbsp;$908666 | &nbsp;&nbsp;$445983 | &nbsp;&nbsp;$— |
| See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — September 30, 2025 (unaudited) — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Columbia<br> Focused<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Franklin<br> Allocation<br> Moderately<br> Aggressive<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Diversified<br> Fixed<br> Income<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> International<br> Equity<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Large Cap<br> Growth<br> Portfolio** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |  |
| Paid in capital<br>| &nbsp;&nbsp;$162221754 | &nbsp;&nbsp;$123203091 | &nbsp;&nbsp;$789943902 | &nbsp;&nbsp;$183629126 | &nbsp;&nbsp;$101885674 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;138865252 | &nbsp;&nbsp;&nbsp;&nbsp;90331784 | &nbsp;&nbsp;&nbsp;&nbsp;(80965523) | &nbsp;&nbsp;&nbsp;&nbsp;108059164 | &nbsp;&nbsp;&nbsp;&nbsp;228799041 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$301087006 | &nbsp;&nbsp;$213534875 | &nbsp;&nbsp;$708978379 | &nbsp;&nbsp;$291688290 | &nbsp;&nbsp;$330684715 |
| **Class 1 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$282332850 | &nbsp;&nbsp;$11355002 | &nbsp;&nbsp;$691831925 | &nbsp;&nbsp;$269950032 | &nbsp;&nbsp;$279767308 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;12816300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;695087 | &nbsp;&nbsp;&nbsp;&nbsp;66099577 | &nbsp;&nbsp;&nbsp;&nbsp;25935126 | &nbsp;&nbsp;&nbsp;&nbsp;16561256 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$22.03 | &nbsp;&nbsp;$16.34 | &nbsp;&nbsp;$10.47 | &nbsp;&nbsp;$10.41 | &nbsp;&nbsp;$16.89 |
| **Class 2 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$11360816 | &nbsp;&nbsp;$35670452 | &nbsp;&nbsp;$11668276 | &nbsp;&nbsp;$12173845 | &nbsp;&nbsp;$32219892 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;513953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2182819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1115328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1165741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2033979 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$22.10 | &nbsp;&nbsp;$16.34 | &nbsp;&nbsp;$10.46 | &nbsp;&nbsp;$10.44 | &nbsp;&nbsp;$15.84 |
| **Class 3 (unlimited shares authorized):<br>**  |  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$7393340 | &nbsp;&nbsp;$166509421 | &nbsp;&nbsp;$5478178 | &nbsp;&nbsp;$9564413 | &nbsp;&nbsp;$18697515 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334256 | &nbsp;&nbsp;&nbsp;&nbsp;10267547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;526247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1221361 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$22.12 | &nbsp;&nbsp;$16.22 | &nbsp;&nbsp;$10.41 | &nbsp;&nbsp;$10.40 | &nbsp;&nbsp;$15.31 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — September 30, 2025 (unaudited) — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Large Cap<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Mid Cap<br> Growth<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Mid Cap<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Small Cap<br> Portfolio** |
| **ASSETS:** |  |  |  |  |
| Investments at value (unaffiliated)\*<br>| &nbsp;&nbsp;$322525954 | &nbsp;&nbsp;$175848787 | &nbsp;&nbsp;$201329720 | &nbsp;&nbsp;$136182272 |
| Investments at value (affiliated)\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Repurchase agreements (cost approximates value)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2630000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;360000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1655321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923335 |
| Foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Cash collateral on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25000 |
| Cash collateral for over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15000 |
| Receivable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218304 |
| Receivable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Receivable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14021 |
| &nbsp;&nbsp;&nbsp;Dividends and interest<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;552570 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129365 |
| &nbsp;&nbsp;&nbsp;Investments sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;278187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1562585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;229281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;275646 |
| &nbsp;&nbsp;&nbsp;Receipts on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53732 |
| Prepaid expenses and other assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771 |
| Due from investment adviser for expense reimbursements/fee waivers<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized appreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17244 |
| Total assets<br>| &nbsp;&nbsp;&nbsp;&nbsp;327767739 | &nbsp;&nbsp;&nbsp;&nbsp;177953730 | &nbsp;&nbsp;&nbsp;&nbsp;201964962 | &nbsp;&nbsp;&nbsp;&nbsp;137854690 |
| **LIABILITIES:** |  |  |  |  |
| Payable for: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Fund shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;111288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;155187 |
| &nbsp;&nbsp;&nbsp;Investments purchased<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;877372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;401944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;90107 |
| &nbsp;&nbsp;&nbsp;Payments on swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3880 |
| &nbsp;&nbsp;&nbsp;Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;96511 |
| &nbsp;&nbsp;&nbsp;Service fees—Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1415 |
| &nbsp;&nbsp;&nbsp;Service fees—Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1641 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211 |
| &nbsp;&nbsp;&nbsp;Other accrued expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;115451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;131339 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107104 |
| &nbsp;&nbsp;&nbsp;Accrued foreign tax on capital gains<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Due to custodian for foreign cash\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for variation margin on centrally cleared swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Payable for collateral on over-the-counter derivative contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on forward foreign currency contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Unrealized depreciation on over-the-counter swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14980 |
| Total liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;820994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1216170 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;792698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472220 |
| **Commitments and contingent liabilities (Note 5)** |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$326946745 | &nbsp;&nbsp;$176737560 | &nbsp;&nbsp;$201172264 | &nbsp;&nbsp;$137382470 |
| <br>\* Cost |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;$282978952 | &nbsp;&nbsp;$143205127 | &nbsp;&nbsp;$167474948 | &nbsp;&nbsp;$113728484 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign cash<br>| &nbsp;&nbsp;$23 | &nbsp;&nbsp;$1 | &nbsp;&nbsp;$85806 | &nbsp;&nbsp;$— |
| See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements | See Notes to Financial Statements |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### STATEMENTS OF ASSETS AND LIABILITIES — September 30, 2025 (unaudited) — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Large Cap<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Mid Cap<br> Growth<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Mid Cap<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Small Cap<br> Portfolio** |
| **NET ASSETS REPRESENTED BY:** |  |  |  |  |
| Paid in capital<br>| &nbsp;&nbsp;$231450229 | &nbsp;&nbsp;$107804339 | &nbsp;&nbsp;$131481369 | &nbsp;&nbsp;$98966510 |
| Total accumulated earnings (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;95496516 | &nbsp;&nbsp;&nbsp;&nbsp;68933221 | &nbsp;&nbsp;&nbsp;&nbsp;69690895 | &nbsp;&nbsp;&nbsp;&nbsp;38415960 |
| &nbsp;&nbsp;&nbsp;Net assets<br>| &nbsp;&nbsp;$326946745 | &nbsp;&nbsp;$176737560 | &nbsp;&nbsp;$201172264 | &nbsp;&nbsp;$137382470 |
| **Class 1 (unlimited shares authorized):<br>**  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$299809843 | &nbsp;&nbsp;$143673669 | &nbsp;&nbsp;$174060148 | &nbsp;&nbsp;$118172847 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;22817813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8557194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9762456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9900959 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$13.14 | &nbsp;&nbsp;$16.79 | &nbsp;&nbsp;$17.83 | &nbsp;&nbsp;$11.94 |
| **Class 2 (unlimited shares authorized):<br>**  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$18530292 | &nbsp;&nbsp;$20997907 | &nbsp;&nbsp;$17384013 | &nbsp;&nbsp;$11314932 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1413587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1441582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;980016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;997900 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$13.11 | &nbsp;&nbsp;$14.57 | &nbsp;&nbsp;$17.74 | &nbsp;&nbsp;$11.34 |
| **Class 3 (unlimited shares authorized):<br>**  |  |  |  |  |
| Net assets<br>| &nbsp;&nbsp;$8606610 | &nbsp;&nbsp;$12065984 | &nbsp;&nbsp;$9728103 | &nbsp;&nbsp;$7894691 |
| Shares of beneficial interest issued and outstanding<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;720674 |
| **Net asset value, offering and redemption price per share<br>**  | &nbsp;&nbsp;$13.12 | &nbsp;&nbsp;$13.32 | &nbsp;&nbsp;$17.69 | &nbsp;&nbsp;$10.95 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### STATEMENTS OF OPERATIONS — For the Six Months Ended September 30, 2025 (unaudited)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA<br> Allocation<br> Aggressive<br> Portfolio** | &nbsp;&nbsp;**SA<br> Allocation<br> Balanced<br> Portfolio** | &nbsp;&nbsp;**SA<br> Allocation<br> Moderate<br> Portfolio** | &nbsp;&nbsp;**SA<br> Allocation<br> Moderately<br> Aggressive<br> Portfolio** | &nbsp;&nbsp;**SA<br> American<br> Century<br> Inflation<br> Managed<br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$823441 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12139172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12962613 |
| **EXPENSES:** |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262843 | &nbsp;&nbsp;&nbsp;&nbsp;1609232 |
| Service Fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;612732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;298844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;419926 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1283 |
| Custodian and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9051 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38404 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13479 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24318 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34970 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9248 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10807 |
| Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7151 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41424 |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6932 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2109 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8238 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7751 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;948679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;485526 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;559132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;965028 | &nbsp;&nbsp;&nbsp;&nbsp;2214675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25566) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12689) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14917) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(26284) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(161879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923113 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;544215 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;938744 | &nbsp;&nbsp;&nbsp;&nbsp;2052796 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(923113) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(472837) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(544215) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(938744) | &nbsp;&nbsp;&nbsp;&nbsp;10909817 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6671 | &nbsp;&nbsp;&nbsp;&nbsp;(4645715) |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(507105) | &nbsp;&nbsp;&nbsp;&nbsp;(1083734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45128) | &nbsp;&nbsp;&nbsp;&nbsp;1114547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168155 |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7264 |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(887) |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12513) |
| Net realized gain from capital gain distributions received from underlying funds (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2119373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;423382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730463 | &nbsp;&nbsp;&nbsp;&nbsp;1511502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;1616602 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686835 | &nbsp;&nbsp;&nbsp;&nbsp;2632720 | &nbsp;&nbsp;&nbsp;&nbsp;(4483696) |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;6865735 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;71616762 | &nbsp;&nbsp;&nbsp;&nbsp;23294676 | &nbsp;&nbsp;&nbsp;&nbsp;32066226 | &nbsp;&nbsp;&nbsp;&nbsp;61655585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(147676) |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;501609 |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106084) |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3598) |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;71616764 | &nbsp;&nbsp;&nbsp;&nbsp;23294676 | &nbsp;&nbsp;&nbsp;&nbsp;32066226 | &nbsp;&nbsp;&nbsp;&nbsp;61655635 | &nbsp;&nbsp;&nbsp;&nbsp;7109986 |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;73233366 | &nbsp;&nbsp;&nbsp;&nbsp;22635347 | &nbsp;&nbsp;&nbsp;&nbsp;32753061 | &nbsp;&nbsp;&nbsp;&nbsp;64288355 | &nbsp;&nbsp;&nbsp;&nbsp;2626290 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$72310253 | &nbsp;&nbsp;$22162510 | &nbsp;&nbsp;$32208846 | &nbsp;&nbsp;$63349611 | &nbsp;&nbsp;$13536107 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### STATEMENTS OF OPERATIONS — For the Six Months Ended September 30, 2025 (unaudited) — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Columbia<br> Focused<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Franklin<br> Allocation<br> Moderately<br> Aggressive<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Diversified<br> Fixed<br> Income<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> International<br> Equity<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Large Cap<br> Growth<br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$3277701 | &nbsp;&nbsp;$1487480 | &nbsp;&nbsp;$55800 | &nbsp;&nbsp;$4822433 | &nbsp;&nbsp;$786097 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39163 | &nbsp;&nbsp;&nbsp;&nbsp;1098898 | &nbsp;&nbsp;&nbsp;&nbsp;14595900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18397 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;3316864 | &nbsp;&nbsp;&nbsp;&nbsp;2586378 | &nbsp;&nbsp;&nbsp;&nbsp;14651700 | &nbsp;&nbsp;&nbsp;&nbsp;4831824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;804494 |
| **EXPENSES:** |  |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;1406761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;880367 | &nbsp;&nbsp;&nbsp;&nbsp;2248110 | &nbsp;&nbsp;&nbsp;&nbsp;1329409 | &nbsp;&nbsp;&nbsp;&nbsp;1191468 |
| Service Fees: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8456 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22687 |
| &nbsp;&nbsp;&nbsp;Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;202214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21696 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;916 |
| Custodian and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;126601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25507 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9747 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14065 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27203 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6486 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8120 |
| Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3526 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162 |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27809 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;1500461 | &nbsp;&nbsp;&nbsp;&nbsp;1331301 | &nbsp;&nbsp;&nbsp;&nbsp;2530375 | &nbsp;&nbsp;&nbsp;&nbsp;1585507 | &nbsp;&nbsp;&nbsp;&nbsp;1338614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(458579) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(186431) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(108065) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7651) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1034231 | &nbsp;&nbsp;&nbsp;&nbsp;1144658 | &nbsp;&nbsp;&nbsp;&nbsp;2530375 | &nbsp;&nbsp;&nbsp;&nbsp;1529190 | &nbsp;&nbsp;&nbsp;&nbsp;1230549 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2282633 | &nbsp;&nbsp;&nbsp;&nbsp;1441720 | &nbsp;&nbsp;&nbsp;&nbsp;12121325 | &nbsp;&nbsp;&nbsp;&nbsp;3302634 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(426055) |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;21079873 | &nbsp;&nbsp;&nbsp;&nbsp;11973439 | &nbsp;&nbsp;&nbsp;&nbsp;(1439227) | &nbsp;&nbsp;&nbsp;&nbsp;10601833 | &nbsp;&nbsp;&nbsp;&nbsp;15206017 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17377 | &nbsp;&nbsp;&nbsp;&nbsp;(1158220) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62494 |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(342135) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21182 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3463) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8444) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3283 |
| Net realized gain from capital gain distributions received from underlying funds (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;21079873 | &nbsp;&nbsp;&nbsp;&nbsp;12163695 | &nbsp;&nbsp;&nbsp;&nbsp;(2813472) | &nbsp;&nbsp;&nbsp;&nbsp;11038729 | &nbsp;&nbsp;&nbsp;&nbsp;15271794 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;16803086 | &nbsp;&nbsp;&nbsp;&nbsp;19103058 | &nbsp;&nbsp;&nbsp;&nbsp;13158419 | &nbsp;&nbsp;&nbsp;&nbsp;25653526 | &nbsp;&nbsp;&nbsp;&nbsp;66816782 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;867450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7676 |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(23317) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167703 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(546) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5207) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;146967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218 |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25977) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;16803086 | &nbsp;&nbsp;&nbsp;&nbsp;19144482 | &nbsp;&nbsp;&nbsp;&nbsp;14167961 | &nbsp;&nbsp;&nbsp;&nbsp;25831770 | &nbsp;&nbsp;&nbsp;&nbsp;66824676 |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;37882959 | &nbsp;&nbsp;&nbsp;&nbsp;31308177 | &nbsp;&nbsp;&nbsp;&nbsp;11354489 | &nbsp;&nbsp;&nbsp;&nbsp;36870499 | &nbsp;&nbsp;&nbsp;&nbsp;82096470 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$40165592 | &nbsp;&nbsp;$32749897 | &nbsp;&nbsp;$23475814 | &nbsp;&nbsp;$40173133 | &nbsp;&nbsp;$81670415 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$10630 | &nbsp;&nbsp;$70132 | &nbsp;&nbsp;$(5463) | &nbsp;&nbsp;$533580 | &nbsp;&nbsp;$5945 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$20217 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$3039 | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### STATEMENTS OF OPERATIONS — For the Six Months Ended September 30, 2025 (unaudited) — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Large Cap<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Mid Cap<br> Growth<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Mid Cap<br> Value<br> Portfolio** | &nbsp;&nbsp;**SA Multi-<br> Managed<br> Small Cap<br> Portfolio** |
| **INVESTMENT INCOME:** |  |  |  |  |
| Dividends (unaffiliated)<br>| &nbsp;&nbsp;$3591268 | &nbsp;&nbsp;$462029 | &nbsp;&nbsp;$2170446 | &nbsp;&nbsp;$922571 |
| Interest (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total investment income\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;3626758 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479847 | &nbsp;&nbsp;&nbsp;&nbsp;2205898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932632 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory and management fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;1254552 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;824849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;554571 |
| Service Fees: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8340 |
| &nbsp;&nbsp;&nbsp;Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9407 |
| Transfer agent fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;883 |
| Custodian and accounting fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32968 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56437 |
| Reports to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6212 |
| Audit and tax fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27507 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27804 |
| Legal fees<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6583 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6873 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5958 |
| Trustees' fees and expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1742 |
| Interest expense<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| License fee<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17102 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24 |
| Other expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25153 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total expenses before fee waivers, expense reimbursements, expense recoupments and fees paid indirectly<br>| &nbsp;&nbsp;&nbsp;&nbsp;1400279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (fees waived and expenses reimbursed)/ recouped by investment advisor (Note 5)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fees paid indirectly (Note 2)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(124) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net expenses<br>| &nbsp;&nbsp;&nbsp;&nbsp;1400155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;869208 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692035 |
| Net investment income (loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;2226603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389361) | &nbsp;&nbsp;&nbsp;&nbsp;1234253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240597 |
| **REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS AND FOREIGN CURRENCIES:** |  |  |  |  |
| Net realized gain (loss) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)\*\*<br>| &nbsp;&nbsp;&nbsp;&nbsp;3600024 | &nbsp;&nbsp;&nbsp;&nbsp;18361907 | &nbsp;&nbsp;&nbsp;&nbsp;6947749 | &nbsp;&nbsp;&nbsp;&nbsp;1225804 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334985 |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(442658) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213507 |
| Net realized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain from capital gain distributions received from underlying funds (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;3271795 | &nbsp;&nbsp;&nbsp;&nbsp;18409024 | &nbsp;&nbsp;&nbsp;&nbsp;6975946 | &nbsp;&nbsp;&nbsp;&nbsp;1774296 |
| Change in unrealized appreciation (depreciation) on: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Investments (unaffiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;20193915 | &nbsp;&nbsp;&nbsp;&nbsp;13669346 | &nbsp;&nbsp;&nbsp;&nbsp;9691565 | &nbsp;&nbsp;&nbsp;&nbsp;15522062 |
| &nbsp;&nbsp;&nbsp;Investments (affiliated)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Futures contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5884 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19760 |
| &nbsp;&nbsp;&nbsp;Forward contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Swap contracts<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14231) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1050) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264 |
| Change in unrealized foreign exchange gain (loss) on other assets and liabilities<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Change in accrued capital gains tax on unrealized appreciation (depreciation)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;20237316 | &nbsp;&nbsp;&nbsp;&nbsp;13660999 | &nbsp;&nbsp;&nbsp;&nbsp;9699240 | &nbsp;&nbsp;&nbsp;&nbsp;15544086 |
| Net realized and unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;23509111 | &nbsp;&nbsp;&nbsp;&nbsp;32070023 | &nbsp;&nbsp;&nbsp;&nbsp;16675186 | &nbsp;&nbsp;&nbsp;&nbsp;17318382 |
| **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS<br>**  | &nbsp;&nbsp;$25735714 | &nbsp;&nbsp;$31680662 | &nbsp;&nbsp;$17909439 | &nbsp;&nbsp;$17558979 |
| <br>\* Net of foreign withholding taxes on interest and dividends of<br>| &nbsp;&nbsp;$21073 | &nbsp;&nbsp;$531 | &nbsp;&nbsp;$9601 | &nbsp;&nbsp;$1810 |
| \*\* Net of foreign withholding taxes on capital gains of<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### STATEMENTS OF CHANGES IN NET ASSETS

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Allocation Aggressive** | &nbsp;&nbsp;**SA Allocation Aggressive** | &nbsp;&nbsp;**SA Allocation Balanced** | &nbsp;&nbsp;**SA Allocation Balanced** | &nbsp;&nbsp;**SA Allocation Moderate** | &nbsp;&nbsp;**SA Allocation Moderate** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> September 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> September 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> September 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$(923113) | &nbsp;&nbsp;$6170609 | &nbsp;&nbsp;$(472837) | &nbsp;&nbsp;$5432391 | &nbsp;&nbsp;$(544215) | &nbsp;&nbsp;$5106564 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1616602 | &nbsp;&nbsp;&nbsp;&nbsp;17394233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(659329) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1835742 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;686835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7036171 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;71616764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1215916) | &nbsp;&nbsp;&nbsp;&nbsp;23294676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4068396 | &nbsp;&nbsp;&nbsp;&nbsp;32066226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1358570 |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;72310253 | &nbsp;&nbsp;&nbsp;&nbsp;22348926 | &nbsp;&nbsp;&nbsp;&nbsp;22162510 | &nbsp;&nbsp;&nbsp;&nbsp;11336529 | &nbsp;&nbsp;&nbsp;&nbsp;32208846 | &nbsp;&nbsp;&nbsp;&nbsp;13501305 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(36958) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4245) |
| Distributable earnings — Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distributable earnings — Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(14378063) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4355371) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6996441) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(14415021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4356197) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7000686) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8080878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7010104) | &nbsp;&nbsp;&nbsp;&nbsp;12779518 | &nbsp;&nbsp;&nbsp;&nbsp;(20358962) | &nbsp;&nbsp;&nbsp;&nbsp;19869862 | &nbsp;&nbsp;&nbsp;&nbsp;(27087361) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;80391131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;923801 | &nbsp;&nbsp;&nbsp;&nbsp;34942028 | &nbsp;&nbsp;&nbsp;&nbsp;(13378630) | &nbsp;&nbsp;&nbsp;&nbsp;52078708 | &nbsp;&nbsp;&nbsp;&nbsp;(20586742) |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;458096914 | &nbsp;&nbsp;&nbsp;&nbsp;457173113 | &nbsp;&nbsp;&nbsp;&nbsp;229067992 | &nbsp;&nbsp;&nbsp;&nbsp;242446622 | &nbsp;&nbsp;&nbsp;&nbsp;261429780 | &nbsp;&nbsp;&nbsp;&nbsp;282016522 |
| End of period<br>| &nbsp;&nbsp;$538488045 | &nbsp;&nbsp;$458096914 | &nbsp;&nbsp;$264010020 | &nbsp;&nbsp;$229067992 | &nbsp;&nbsp;$313508488 | &nbsp;&nbsp;$261429780 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Allocation<br> Moderately Aggressive** | &nbsp;&nbsp;**SA Allocation<br> Moderately Aggressive** | &nbsp;&nbsp;**SA American Century<br> Inflation Managed** | &nbsp;&nbsp;**SA American Century<br> Inflation Managed** | &nbsp;&nbsp;**SA Columbia<br> Focused Value** | &nbsp;&nbsp;**SA Columbia<br> Focused Value** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> September 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> September 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> September 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$(938744) | &nbsp;&nbsp;$8086615 | &nbsp;&nbsp;$10909817 | &nbsp;&nbsp;$19376686 | &nbsp;&nbsp;$2282633 | &nbsp;&nbsp;$4939555 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2632720 | &nbsp;&nbsp;&nbsp;&nbsp;16072059 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4483696) | &nbsp;&nbsp;&nbsp;&nbsp;(11363926) | &nbsp;&nbsp;&nbsp;&nbsp;21079873 | &nbsp;&nbsp;&nbsp;&nbsp;47934112 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;61655635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(173528) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7109986 | &nbsp;&nbsp;&nbsp;&nbsp;22734075 | &nbsp;&nbsp;&nbsp;&nbsp;16803086 | &nbsp;&nbsp;&nbsp;&nbsp;(34099151) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;63349611 | &nbsp;&nbsp;&nbsp;&nbsp;23985146 | &nbsp;&nbsp;&nbsp;&nbsp;13536107 | &nbsp;&nbsp;&nbsp;&nbsp;30746835 | &nbsp;&nbsp;&nbsp;&nbsp;40165592 | &nbsp;&nbsp;&nbsp;&nbsp;18774516 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10159) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6873011) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(33224742) |
| Distributable earnings — Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1527426) |
| Distributable earnings — Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(15200677) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(12310286) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(925450) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(15210836) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(19183297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(35677618) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;23188709 | &nbsp;&nbsp;&nbsp;&nbsp;(36598752) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2402555 | &nbsp;&nbsp;&nbsp;&nbsp;(48406866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;864016 | &nbsp;&nbsp;&nbsp;&nbsp;(54799548) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;86538320 | &nbsp;&nbsp;&nbsp;&nbsp;(27824442) | &nbsp;&nbsp;&nbsp;&nbsp;15938662 | &nbsp;&nbsp;&nbsp;&nbsp;(36843328) | &nbsp;&nbsp;&nbsp;&nbsp;41029608 | &nbsp;&nbsp;&nbsp;&nbsp;(71702650) |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;464895348 | &nbsp;&nbsp;&nbsp;&nbsp;492719790 | &nbsp;&nbsp;&nbsp;&nbsp;530242490 | &nbsp;&nbsp;&nbsp;&nbsp;567085818 | &nbsp;&nbsp;&nbsp;&nbsp;260057398 | &nbsp;&nbsp;&nbsp;&nbsp;331760048 |
| End of period<br>| &nbsp;&nbsp;$551433668 | &nbsp;&nbsp;$464895348 | &nbsp;&nbsp;$546181152 | &nbsp;&nbsp;$530242490 | &nbsp;&nbsp;$301087006 | &nbsp;&nbsp;$260057398 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### STATEMENTS OF CHANGES IN NET ASSETS — (continued)

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Franklin<br> Allocation<br> Moderately Aggressive** | &nbsp;&nbsp;**SA Franklin<br> Allocation<br> Moderately Aggressive** | &nbsp;&nbsp;**SA Multi-Managed<br> Diversified Fixed Income** | &nbsp;&nbsp;**SA Multi-Managed<br> Diversified Fixed Income** | &nbsp;&nbsp;**SA Multi-Managed<br> International Equity** | &nbsp;&nbsp;**SA Multi-Managed<br> International Equity** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> September 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> September 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> September 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$1441720 | &nbsp;&nbsp;$2690488 | &nbsp;&nbsp;$12121325 | &nbsp;&nbsp;$22623128 | &nbsp;&nbsp;$3302634 | &nbsp;&nbsp;$4673077 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;12163695 | &nbsp;&nbsp;&nbsp;&nbsp;27974106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2813472) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9523951) | &nbsp;&nbsp;&nbsp;&nbsp;11038729 | &nbsp;&nbsp;&nbsp;&nbsp;17175940 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;19144482 | &nbsp;&nbsp;&nbsp;&nbsp;(16143600) | &nbsp;&nbsp;&nbsp;&nbsp;14167961 | &nbsp;&nbsp;&nbsp;&nbsp;17246018 | &nbsp;&nbsp;&nbsp;&nbsp;25831770 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9292505) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;32749897 | &nbsp;&nbsp;&nbsp;&nbsp;14520994 | &nbsp;&nbsp;&nbsp;&nbsp;23475814 | &nbsp;&nbsp;&nbsp;&nbsp;30345195 | &nbsp;&nbsp;&nbsp;&nbsp;40173133 | &nbsp;&nbsp;&nbsp;&nbsp;12556512 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(162692) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(23502925) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(11590848) |
| Distributable earnings — Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(479448) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(434729) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(584049) |
| Distributable earnings — Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2123334) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(201242) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(420620) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2765474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(24138896) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(12595517) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;(18563090) | &nbsp;&nbsp;&nbsp;&nbsp;(19394268) | &nbsp;&nbsp;&nbsp;&nbsp;43959717 | &nbsp;&nbsp;&nbsp;&nbsp;(46991316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4580075 | &nbsp;&nbsp;&nbsp;&nbsp;(54961404) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;14186807 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7638748) | &nbsp;&nbsp;&nbsp;&nbsp;67435531 | &nbsp;&nbsp;&nbsp;&nbsp;(40785017) | &nbsp;&nbsp;&nbsp;&nbsp;44753208 | &nbsp;&nbsp;&nbsp;&nbsp;(55000409) |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;199348068 | &nbsp;&nbsp;&nbsp;&nbsp;206986816 | &nbsp;&nbsp;&nbsp;&nbsp;641542848 | &nbsp;&nbsp;&nbsp;&nbsp;682327865 | &nbsp;&nbsp;&nbsp;&nbsp;246935082 | &nbsp;&nbsp;&nbsp;&nbsp;301935491 |
| End of period<br>| &nbsp;&nbsp;$213534875 | &nbsp;&nbsp;$199348068 | &nbsp;&nbsp;$708978379 | &nbsp;&nbsp;$641542848 | &nbsp;&nbsp;$291688290 | &nbsp;&nbsp;$246935082 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Multi-Managed<br> Large Cap Growth** | &nbsp;&nbsp;**SA Multi-Managed<br> Large Cap Growth** | &nbsp;&nbsp;**SA Multi-Managed<br> Large Cap Value** | &nbsp;&nbsp;**SA Multi-Managed<br> Large Cap Value** | &nbsp;&nbsp;**SA Multi-Managed<br> Mid Cap Growth** | &nbsp;&nbsp;**SA Multi-Managed<br> Mid Cap Growth** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> September 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> September 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> September 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$(426055) | &nbsp;&nbsp;$(930166) | &nbsp;&nbsp;$2226603 | &nbsp;&nbsp;$5866371 | &nbsp;&nbsp;$(389361) | &nbsp;&nbsp;$(840158) |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;15271794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95056950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3271795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50939947 | &nbsp;&nbsp;&nbsp;&nbsp;18409024 | &nbsp;&nbsp;&nbsp;&nbsp;21529148 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;66824676 | &nbsp;&nbsp;&nbsp;&nbsp;(52286369) | &nbsp;&nbsp;&nbsp;&nbsp;20237316 | &nbsp;&nbsp;&nbsp;&nbsp;(35500183) | &nbsp;&nbsp;&nbsp;&nbsp;13660999 | &nbsp;&nbsp;&nbsp;&nbsp;(15435814) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;81670415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41840415 | &nbsp;&nbsp;&nbsp;&nbsp;25735714 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21306135 | &nbsp;&nbsp;&nbsp;&nbsp;31680662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5253176 |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(31105966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(52219165) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distributable earnings — Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3728324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3279735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Distributable earnings — Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2194574) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1484995) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(37028864) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(56983895) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4104723 | &nbsp;&nbsp;&nbsp;&nbsp;(115604671) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(787411) | &nbsp;&nbsp;&nbsp;&nbsp;(182413213) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3196925) | &nbsp;&nbsp;&nbsp;&nbsp;(24999701) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;85775138 | &nbsp;&nbsp;&nbsp;&nbsp;(110793120) | &nbsp;&nbsp;&nbsp;&nbsp;24948303 | &nbsp;&nbsp;&nbsp;&nbsp;(218090973) | &nbsp;&nbsp;&nbsp;&nbsp;28483737 | &nbsp;&nbsp;&nbsp;&nbsp;(19746525) |
| **NET ASSETS:** |  |  |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;244909577 | &nbsp;&nbsp;&nbsp;&nbsp;355702697 | &nbsp;&nbsp;&nbsp;&nbsp;301998442 | &nbsp;&nbsp;&nbsp;&nbsp;520089415 | &nbsp;&nbsp;&nbsp;&nbsp;148253823 | &nbsp;&nbsp;&nbsp;&nbsp;168000348 |
| End of period<br>| &nbsp;&nbsp;$330684715 | &nbsp;&nbsp;$244909577 | &nbsp;&nbsp;$326946745 | &nbsp;&nbsp;$301998442 | &nbsp;&nbsp;$176737560 | &nbsp;&nbsp;$148253823 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### STATEMENTS OF CHANGES IN NET ASSETS — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**SA Multi-Managed<br> Mid Cap Value** | &nbsp;&nbsp;**SA Multi-Managed<br> Mid Cap Value** | &nbsp;&nbsp;**SA Multi-Managed<br> Small Cap** | &nbsp;&nbsp;**SA Multi-Managed<br> Small Cap** |
|  | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> September 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** | &nbsp;&nbsp;**For the<br> Six Months<br> Ended<br> September 30,<br> 2025<br> (unaudited)** | &nbsp;&nbsp;**For the<br> Year Ended<br> March 31,<br> 2025** |
| **INCREASE (DECREASE) IN NET ASSETS** |  |  |  |  |
| **OPERATIONS:** |  |  |  |  |
| Net investment income (loss)<br>| &nbsp;&nbsp;$1234253 | &nbsp;&nbsp;$1883139 | &nbsp;&nbsp;$240597 | &nbsp;&nbsp;$314926 |
| Net realized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6975946 | &nbsp;&nbsp;&nbsp;&nbsp;27995974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1774296 | &nbsp;&nbsp;&nbsp;&nbsp;15780510 |
| Net unrealized gain (loss) on investments and foreign currencies<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9699240 | &nbsp;&nbsp;&nbsp;&nbsp;(26281700) | &nbsp;&nbsp;&nbsp;&nbsp;15544086 | &nbsp;&nbsp;&nbsp;&nbsp;(21369511) |
| Net increase (decrease) in net assets resulting from operations<br>| &nbsp;&nbsp;&nbsp;&nbsp;17909439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3597413 | &nbsp;&nbsp;&nbsp;&nbsp;17558979 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5274075) |
| **DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |  |  |
| Distributable earnings — Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(13071400) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2995545) |
| Distributable earnings — Class 2<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1485316) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(283913) |
| Distributable earnings — Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(806912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(191582) |
| Total distributions to shareholders<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(15363628) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3471040) |
| **CAPITAL SHARE TRANSACTIONS (Note 7)<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4498064 | &nbsp;&nbsp;&nbsp;&nbsp;(21349258) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4287656) | &nbsp;&nbsp;&nbsp;&nbsp;(34949668) |
| **TOTAL INCREASE (DECREASE) IN NET ASSETS<br>**  | &nbsp;&nbsp;&nbsp;&nbsp;22407503 | &nbsp;&nbsp;&nbsp;&nbsp;(33115473) | &nbsp;&nbsp;&nbsp;&nbsp;13271323 | &nbsp;&nbsp;&nbsp;&nbsp;(43694783) |
| **NET ASSETS:** |  |  |  |  |
| Beginning of period<br>| &nbsp;&nbsp;&nbsp;&nbsp;178764761 | &nbsp;&nbsp;&nbsp;&nbsp;211880234 | &nbsp;&nbsp;&nbsp;&nbsp;124111147 | &nbsp;&nbsp;&nbsp;&nbsp;167805930 |
| End of period<br>| &nbsp;&nbsp;$201172264 | &nbsp;&nbsp;$178764761 | &nbsp;&nbsp;$137382470 | &nbsp;&nbsp;$124111147 |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited)

------

#### Note 1 — Organization
&nbsp;&nbsp;&nbsp;&nbsp;Seasons Series Trust (the "Trust" or "SST"), a Massachusetts business trust, is registered with the Securities and Exchange Commission (the "SEC") under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. The Trust is comprised of 14 portfolios (each, a "Portfolio," and collectively, the "Portfolios"). SunAmerica Asset Management, LLC ("SAAMCo" or the "Adviser"), an indirect wholly owned subsidiary of Corebridge Financial, Inc. ("Corebridge"), serves as investment adviser for all the Portfolios of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;On June 26, 2025, Corebridge and Venerable Holdings, Inc. ("Venerable") announced that they entered into a definitive agreement, pursuant to which Venerable will acquire SAAMCo (the "Transaction"). The Transaction is expected to close in the fourth quarter of 2025, pending satisfaction of all closing conditions. As required under the 1940 Act, the closing of the Transaction will be deemed an "assignment" of the Investment Advisory and Management Agreement between SAAMCo and the Trust with respect to the Portfolios, which will result in its automatic termination. To ensure that SAAMCo may continue to provide advisory services to the Portfolios without interruption, on September 18, 2025, the Board of Trustees of the Trust approved a new substantially identical Investment Advisory and Management Agreement with SAAMCo with respect to the Portfolios, which will be presented to the shareholders of each Portfolio for approval. If approved by shareholders, the new Investment Advisory and Management Agreement will take effect upon closing of the Transaction or such later time as shareholder approval is obtained. The Transaction is not expected to result in any change in the portfolio management of the Portfolios or in the Portfolios' investment objectives or policies.

&nbsp;&nbsp;&nbsp;&nbsp;Shares of the Portfolios are issued and redeemed in connection with investments in and payments under variable annuity contracts and variable life policies (collectively, the "Variable Contracts") offered by life insurance companies affiliated with the Adviser (the "Life Companies"), and are also offered to certain affiliated mutual funds. All shares may be purchased or redeemed at net asset value without any sales or redemption charges.

&nbsp;&nbsp;&nbsp;&nbsp;Class 1 shares, Class 2 shares and Class 3 shares of each Portfolio may be offered in connection with certain variable contracts. Class 2 and 3 shares of a given Portfolio are identical in all respects to Class 1 shares of the same Portfolio, except that (i) each class may bear differing amounts of certain class-specific expenses; (ii) Class 2 shares and Class 3 shares are subject to service fees while Class 1 shares are not; and (iii) Class 2 shares and Class 3 shares have voting rights on matters that pertain to the Rule 12b-1 plan adopted with respect to Class 2 shares and Class 3 shares. Class 2 and Class 3 shares of each Portfolio pay service fees at an annual rate of 0.15% and 0.25%, respectively, of each class's average daily net assets. The Board of Trustees may establish additional portfolios or classes in the future.

&nbsp;&nbsp;&nbsp;&nbsp;Each of the Portfolios represents a separate managed portfolio of securities with its own investment objectives. The Board of Trustees may establish additional portfolios or classes in the future. The SA Franklin Allocation Moderately Aggressive Portfolio, called the "Seasons Strategies Portfolio," is available only through the selection of one of four "strategies" described in the Seasons Variable Contract prospectus. The Seasons Strategy Portfolio may also be available indirectly through certain investment options under other Variable Contracts offered by the Life Companies. Thirteen additional Portfolios, called the "Seasons Select Portfolios," the "Seasons Focused Portfolio" and the "Seasons Managed Allocation Portfolios," are available in addition to the Seasons Strategies Portfolio as variable investment options under Variable Contracts offered by the Life Companies. Please refer to your Seasons Variable Contract prospectus for sales and/or redemption charges under your Variable Contract.

&nbsp;&nbsp;&nbsp;&nbsp;Each Seasons Managed Allocation Portfolio is structured as a "fund-of-funds" which means that it pursues its principal investment strategy by investing its assets in a combination of the portfolios of the Trust and certain other SunAmerica Series Trust ("SAST") portfolios (collectively, the "Underlying Portfolios").

&nbsp;&nbsp;&nbsp;&nbsp;Each Portfolio is diversified with the exception of SA Multi-Managed Large Cap Growth Portfolio, which is non-diversified as defined by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;The investment goal for each Portfolio is as follows:

&nbsp;&nbsp;&nbsp;&nbsp;**Seasons Strategies Portfolio**

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Franklin Allocation Moderately Aggressive Portfolio** seeks capital appreciation by investing, under normal circumstances, through strategic allocation of approximately 80% (with a range of 65-95%) of its assets in equity securities and approximately 20% (with a range of 5-35%) of its assets in fixed income securities.

&nbsp;&nbsp;&nbsp;&nbsp;**Seasons Select Portfolios**

&nbsp;&nbsp;&nbsp;&nbsp;The **SA American Century Inflation Managed Portfolio** seeks long-term total return using a strategy that seeks to protect against U.S. inflation.

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Multi-Managed Diversified Fixed Income Portfolio** seeks relatively high current income and, secondarily, capital appreciation by investing, under normal circumstances, at least 80% of its net assets in fixed income securities including U.S. and foreign government securities, asset- and mortgage-backed securities, investment-grade debt securities, and lower-rated fixed income securities, or junk bonds.

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Multi-Managed International Equity Portfolio** seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of issuers in at least three countries other than the U.S.

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Multi-Managed Large Cap Growth Portfolio** seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of large capitalization companies selected through a growth strategy.

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Multi-Managed Large Cap Value Portfolio** seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of large companies selected through a value strategy.

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Multi-Managed Mid Cap Growth Portfolio** seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of medium-capitalization companies selected through a growth strategy.

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Multi-Managed Mid Cap Value Portfolio** seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of medium-capitalization companies selected through a value strategy.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Multi-Managed Small Cap Portfolio** seeks long-term growth of capital by investing, under normal circumstances, at least 80% of its net assets in equity securities of small-cap companies.

&nbsp;&nbsp;&nbsp;&nbsp;**Seasons Focused Portfolio**

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Columbia Focused Value Portfolio** seeks long-term growth of capital by investing in equity securities selected on the basis of value criteria. The Portfolio invests primarily in equity securities of large-cap companies.

&nbsp;&nbsp;&nbsp;&nbsp;**Seasons Managed Allocation Portfolios**

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Allocation Aggressive Portfolio** seeks long-term capital appreciation by investing among a combination of Underlying Portfolios. Under normal circumstances, the Portfolio invests at least 70% of its net assets in equity portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;The**SA Allocation Balanced Portfolio** seeks long-term capital appreciation and current income by investing among a combination of Underlying Portfolios. Under normal circumstances, the Portfolio invests no more than 70% of its net assets in equity portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Allocation Moderately Aggressive Portfolio** seeks long-term capital appreciation by investing among a combination of Underlying Portfolios. Under normal circumstances, the Portfolio invests at least 30% and no more than 90% of its net assets in equity portfolios and at least 10% and no more than 70% of its net assets in fixed income portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;The **SA Allocation Moderate Portfolio** seeks long-term capital appreciation and moderate current income by investing among a combination of Underlying Portfolios. Under normal circumstances, the Portfolio invests at least 20% and no more than 80% of its net assets in equity portfolios and at least 20% and no more than 80% of its net assets in fixed income portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;**Indemnifications:** The Trust's organizational documents provide current and former officers and trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust. In addition, pursuant to Indemnification Agreements between the Trust and each of the current (and certain former) trustees who is not an "interested person," as defined in Section 2(a)(19) of the 1940 Act, of the Trust (collectively, the "Disinterested Trustees"), the Trust provides the Disinterested Trustees with a limited indemnification against liabilities arising out of the performance of their duties to the Trust, whether such liabilities are asserted during or after their service as trustees. In addition, in the normal course of business the Trust enters into contracts that contain the obligation to indemnify others. The Trust's maximum exposure under these arrangements is unknown. Currently, however, the Trust expects the risk of loss to be remote.

#### Note 2 — Significant Accounting Policies
&nbsp;&nbsp;&nbsp;&nbsp;The preparation of financial statements in accordance with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates and those differences could be significant. Each Portfolio is an investment company and accordingly, follows the investment company accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, Financial Services - Investment Companies. The following is a summary of significant accounting policies consistently followed by the Trust, in the preparation of its financial statements:

&nbsp;&nbsp;&nbsp;&nbsp;**Security Valuation:** In accordance with the authoritative guidance on fair value measurements and disclosures under GAAP, the Portfolios disclose the fair value of their investments in a hierarchy that prioritizes the inputs to valuation techniques used to measure the fair value. In accordance with GAAP, fair value is defined as the price that the Portfolios would receive upon selling an asset or transferring a liability in a timely transaction to an independent third party in the principal or most advantageous market. GAAP establishes a three-tier hierarchy to provide more transparency around the inputs used to measure fair value and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The three-tiers are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;Level 1 — Unadjusted quoted prices in active markets for identical securities

&nbsp;&nbsp;&nbsp;&nbsp;Level 2 — Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, referenced indices, quoted prices in inactive markets, adjusted quoted prices in active markets, adjusted quoted prices on foreign equity securities that were adjusted in accordance with pricing procedures adopted by the Board of Trustees (the "Board")

&nbsp;&nbsp;&nbsp;&nbsp;Level 3 — Significant unobservable inputs (includes inputs that reflect the Portfolios' own assumptions about the assumptions market participants would use in pricing the security, developed based on the best information available under the circumstances)

&nbsp;&nbsp;&nbsp;&nbsp;Changes in valuation techniques may result in transfers in or out of an investment's assigned Level within the hierarchy. The methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments and the determination of the significance of a particular input to the fair value measurement in its entirety requires judgment and consideration of factors specific to each security.

&nbsp;&nbsp;&nbsp;&nbsp;The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is recently issued and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;The summary of the Portfolios' assets and liabilities classified in the fair value hierarchy as of September 30, 2025, is reported on a schedule at the end of each Portfolio's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;Stocks are generally valued based upon closing sales prices reported on recognized securities exchanges on which the securities are principally traded and are generally categorized as Level 1. Stocks listed on the NASDAQ are valued using the NASDAQ Official Closing Price ("NOCP"). Generally, the NOCP will be the last sale price unless the reported trade for the stock is outside the range of the bid/ask price. In such cases, the NOCP will be normalized to the nearer of the bid or ask price. For listed securities having no sales reported and for unlisted securities, such securities will be valued based upon the last reported bid price.

&nbsp;&nbsp;&nbsp;&nbsp;As of the close of regular trading on the New York Stock Exchange ("NYSE"), securities traded primarily on security exchanges outside the United States are valued at the last sale price on such exchanges on the day of valuation, or if there is no sale on the day of valuation, at the last-reported bid price. If a security's price is available from more than one exchange, the Portfolios use the exchange that is the primary market for the security. Such securities are generally categorized as Level 1. However, depending on the foreign market, closing prices may be up to 15 hours old when they are used to price a Portfolio's shares, and the Portfolio may determine that certain closing prices do not reflect the fair value of the security. This determination will be based on the review of a number of factors, including developments in foreign markets, the performance of U.S. securities markets, and the performance of instruments trading in U.S. markets that represent foreign securities and baskets of foreign securities. If a Portfolio determines that closing prices do not reflect the fair value of the securities, the Portfolio will adjust the previous closing prices in accordance with pricing procedures adopted by the Board to reflect what it believes to be the fair value of the securities as of the close of regular trading on the NYSE. The Portfolios may also fair value securities in other situations, for example, when a particular foreign market is closed but a Portfolio is open. For foreign equity securities, the Portfolios use an outside pricing service to provide it with closing market prices and information used for adjusting those prices, and when so adjusted, such securities are generally categorized as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;Bonds, debentures, and other debt securities are valued at evaluated bid prices obtained for the day of valuation from an independent pricing service and are generally categorized as Level 2. The pricing services may use valuation models or matrix pricing which considers information with respect to comparable bond and note transactions, quotations from bond dealers, or by reference to other securities that are considered comparable in such characteristics as rating, interest rate, maturity date, option adjusted spread models, prepayments projections, interest rate spreads, and yield curves to determine current value. Typically, these securities are valued assuming orderly transactions of institutional round lot sizes, but a Portfolio may hold or, from time to time, transact in such securities in smaller, odd lot sizes in which case they may be fair valued in accordance with pricing procedures adopted by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;Senior floating rate loans ("Loans") are valued at the average of available bids in the market for such Loans, as provided by an independent loan pricing service, and are generally categorized as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;Investments in registered investment companies that do not trade on an exchange are valued at the end of day net asset value per share. Investments in registered investment companies that trade on an exchange are valued at the last sales price or official closing price as of the close of the customary trading session on the exchange where the security is principally traded. Investments in registered investment companies are generally categorized as Level 1.

&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts traded on national securities exchanges are valued at the quoted daily settlement price established by the exchange on which they trade reported by an independent pricing service, and are generally categorized as Level 1. Interest rate, credit default, inflation and currency swap agreements are valued utilizing quotes received daily by independent pricing services, which are derived using daily swap curves and models that incorporate market data and discounted cash flows and are generally categorized as Level 2. Total return and contracts for difference swap agreements are valued utilizing quotes received daily by independent pricing services, which are derived using models that incorporate market trades and fair value of the underlying reference instrument and are generally categorized as Level 2. Option contracts traded on national securities exchanges are valued at the mean of the last bid and ask price reported by an independent pricing service as of the close of the exchange on which they are traded, and are generally categorized as Level 1. Option contracts traded in the over-the-counter ("OTC") market are valued at the mid valuation provided by an independent pricing service, and are generally categorized as Level 2. Forward foreign currency contracts ("forward contracts") are valued at the 4:00 p.m. Eastern Time forward rate and are generally categorized as Level 2.

&nbsp;&nbsp;&nbsp;&nbsp;Other securities are valued on the basis of last sale or bid price (if a last sale price is not available) which is, in the opinion of the Adviser, the broadest and most representative market, that may be either a securities exchange or OTC market, and are generally categorized as Level 1 or Level 2. Securities for which market quotations are not readily available or the values of which may be significantly impacted by the occurrence of developments or significant events are generally categorized as Level 3. Because there is no single standard for making fair value determinations, the Portfolios' fair determinations may vary from fair value determinations made by other funds for the same securities.

&nbsp;&nbsp;&nbsp;&nbsp;The Board must determine fair value in good faith for portfolio holdings for which market quotations are not readily available or are unreliable. The Board has designated SAAMCo as the valuation designee ("Valuation Designee") to perform the fair valuation determinations relating to any or all portfolio investments. SAAMCo, as the Valuation Designee, has adopted policies and procedures and has established a pricing review committee to determine the fair value of the designated portfolio holdings on its behalf.

&nbsp;&nbsp;&nbsp;&nbsp;**Inflation-Indexed Bonds:** Certain Portfolios may purchase inflation-indexed bonds. Inflation-indexed bonds are fixed income securities whose principal value is adjusted periodically according to the rate of inflation. Two structures are common. The U.S. Treasury and certain other issuers use a structure that reflects inflation in the principal value of the bond. Other issuers pay out any inflation related accruals as part of a semiannual coupon. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates, in turn, are tied to the relationship between nominal interest rates (i.e., stated interest rates) and the rate of inflation. Therefore, if the rate of inflation rises at a faster rate than nominal interest rates, real interest rates (i.e., nominal interest rates minus inflation) might decline, leading to an increase in value of inflation-indexed bonds. In contrast, if nominal interest rates increase at a faster rate than inflation, real interest rates might rise, leading to a decrease in value of inflation-indexed bonds. There can be no assurance, however, that the value of inflation-indexed bonds will be directly correlated to changes in nominal interest rates, and short-term increases in inflation may lead to a decline in their value. Coupon payments received from inflation- indexed bonds are recorded in the Statement of Operations as interest income. In addition, any increase or decrease in the principal amount of an inflation-indexed bond will be recorded in the Statement of Operations as an increase or decrease to interest income, even though principal is not paid until maturity.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;**Loans:** Certain Portfolios invest in senior loans which generally consist of direct debt obligations of companies (collectively, "Borrowers"), primarily U.S. companies and their affiliates, undertaken to finance the growth of the Borrower's business internally and externally, or to finance a capital restructuring. Transactions in senior loans may settle on a delayed basis.

&nbsp;&nbsp;&nbsp;&nbsp;**Mortgage-Backed Dollar Rolls:** Certain Portfolios may enter into dollar rolls using "to be announced" ("TBA") mortgage-backed securities ("TBA Rolls"). TBA Roll transactions involve the sale of mortgage or other asset backed securities with the commitment to purchase substantially similar securities on a specified future date. The Portfolios' policy is to record the components of TBA Rolls as purchase/sale transactions. Any difference between the purchase and sale price is recorded as a realized gain or loss on the date the transaction is entered into. TBA Roll transactions involve the risk that the market value of the securities held by a Portfolio may decline below the price of the securities that the Portfolio has sold but is obligated to repurchase under the agreement. In the event that the buyer of securities in a TBA Roll transaction files bankruptcy or becomes insolvent, a Portfolio's use of the proceeds from the sale of the securities may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Portfolio's obligation to repurchase the securities.

&nbsp;&nbsp;&nbsp;&nbsp;**Repurchase Agreements:** The Portfolios, along with other affiliated registered investment companies, pursuant to procedures adopted by the Board and applicable guidance from the Securities and Exchange Commission ("SEC"), may transfer uninvested cash balances into a single joint account, the daily aggregate balance of which is invested in one or more repurchase agreements collateralized by U.S. Treasury or federal agency obligations. In a repurchase agreement, the seller of a security agrees to repurchase the security at a mutually agreed-upon time and price, which reflects the effective rate of return for the term of the agreement. For repurchase agreements and joint repurchase agreements, the Trust's custodian takes possession of the collateral pledged for investments in such repurchase agreements ("repo" or collectively "repos"). The underlying collateral is valued daily on a mark to market basis, plus accrued interest to ensure that the value, at the time the agreement is entered into, is equal to at least 102% of the repurchase price, including accrued interest. In the event of default of the obligation to repurchase, a Portfolio has the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation. If the seller defaults and the value of the collateral declines or if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by a Portfolio may be delayed or limited.

&nbsp;&nbsp;&nbsp;&nbsp;As of September 30, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with Bank of America Securities LLC:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Percentage<br> Ownership** | &nbsp;&nbsp;**Principal<br> Amount** |
| SA Multi-Managed Diversified Fixed Income Portfolio | &nbsp;&nbsp;11.66% | &nbsp;&nbsp;$255000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;20.80 | &nbsp;&nbsp;&nbsp;455000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;60000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;Bank of America Securities LLC, dated September 30, 2025, bearing interest at a rate of 4.19% per annum, with a principal amount of $2,187,000, a repurchase price of $2,187,255, and a maturity date of October 1, 2025. The repurchase agreement is collateralized by the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Collateral** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Notes | &nbsp;&nbsp;1.13% | &nbsp;&nbsp;02/15/2031 | &nbsp;&nbsp;$2546000 | &nbsp;&nbsp;$2228027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;As of September 30, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with Barclays Capital, Inc.:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Percentage<br> Ownership** | &nbsp;&nbsp;**Principal<br> Amount** |
| SA Multi-Managed Diversified Fixed Income Portfolio | &nbsp;&nbsp;12.17% | &nbsp;&nbsp;$365000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;21.33 | &nbsp;&nbsp;&nbsp;640000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;95000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;Barclays Capital, Inc., dated September 30, 2025, bearing interest at a rate of 4.20% per annum, with a principal amount of $3,000,000, a repurchase price of $3,000,350, and a maturity date of October 1, 2025. The repurchase agreement is collateralized by the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Collateral** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Notes | &nbsp;&nbsp;4.38% | &nbsp;&nbsp;05/15/2034 | &nbsp;&nbsp;$2942000 | &nbsp;&nbsp;$3060030 |

---

&nbsp;&nbsp;&nbsp;&nbsp;As of September 30, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with BNP Paribas SA:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Percentage<br> Ownership** | &nbsp;&nbsp;**Principal<br> Amount** |
| SA Multi-Managed Diversified Fixed Income Portfolio | &nbsp;&nbsp;11.67% | &nbsp;&nbsp;$350000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;20.83 | &nbsp;&nbsp;&nbsp;625000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;85000 |

---

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[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;BNP Paribas SA, dated September 30, 2025, bearing interest at a rate of 4.20% per annum, with a principal amount of $3,000,000, a repurchase price of $3,000,050, and a maturity date of October 1, 2025. The repurchase agreement is collateralized by the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Collateral** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Bonds | &nbsp;&nbsp;2.25% | &nbsp;&nbsp;05/15/2041 | &nbsp;&nbsp;$4088600 | &nbsp;&nbsp;$3068617 |

---

&nbsp;&nbsp;&nbsp;&nbsp;As of September 30, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with Deutsche Bank AG:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Percentage<br> Ownership** | &nbsp;&nbsp;**Principal<br> Amount** |
| SA Multi-Managed Diversified Fixed Income Portfolio | &nbsp;&nbsp;11.67% | &nbsp;&nbsp;$255000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;20.81 | &nbsp;&nbsp;&nbsp;455000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;60000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;Deutsche Bank AG, dated September 30, 2025, bearing interest at a rate of 4.20% per annum, with a principal amount of $2,186,000, a repurchase price of $2,186,255, and a maturity date of October 1, 2025. The repurchase agreement is collateralized by the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Collateral** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Notes | &nbsp;&nbsp;4.38% | &nbsp;&nbsp;12/31/2029 | &nbsp;&nbsp;$2172000 | &nbsp;&nbsp;$2252011 |

---

&nbsp;&nbsp;&nbsp;&nbsp;As of September 30, 2025, the following Portfolios held an undivided interest in the joint repurchase agreement with RBS Securities, Inc.:

---

| | | |
|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Percentage<br> Ownership** | &nbsp;&nbsp;**Principal<br> Amount** |
| SA Multi-Managed Diversified Fixed Income Portfolio | &nbsp;&nbsp;11.66% | &nbsp;&nbsp;$255000 |
| SA Multi-Managed Large Cap Value Portfolio | &nbsp;&nbsp;20.80 | &nbsp;&nbsp;&nbsp;455000 |
| SA Multi-Managed Mid Cap Growth Portfolio | &nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;60000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;As of such date, the repurchase agreement in that joint account and the collateral thereof were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;RBS Securities, Inc., dated September 30, 2025, bearing interest at a rate of 4.19% per annum, with a principal amount of $2,187,000 a repurchase price of $2,187,255, and a maturity date of October 1, 2025. The repurchase agreement is collateralized by the following:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of Collateral** | &nbsp;&nbsp;**Interest<br> Rate** | &nbsp;&nbsp;**Maturity<br> Date** | &nbsp;&nbsp;**Principal<br> Amount** | &nbsp;&nbsp;**Value** |
| U.S. Treasury Notes | &nbsp;&nbsp;3.75% | &nbsp;&nbsp;08/31/2031 | &nbsp;&nbsp;$2235000 | &nbsp;&nbsp;$2232050 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**Stripped Mortgage-Backed Securities:** Stripped Mortgage-Backed Securities ("SMBS") are multiple-class mortgage-backed securities. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS have greater market volatility than other types of U.S. government securities in which a Portfolio invests. A common type of SMBS has one class receiving some of the interest and all or most of the principal (the "principal only" class) from the mortgage pool, while the other class will receive all or most of the interest (the "interest only" class). The yield to maturity on an interest only class is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments, including principal prepayments, on the underlying pool of mortgage assets, and a rapid rate of principal payment may have a material adverse effect on a Portfolio's yield.

&nbsp;&nbsp;&nbsp;&nbsp;**When-Issued Securities and Forward Commitments:** Certain Portfolios may purchase or sell when-issued securities, including TBA securities that have been authorized, but not yet issued in the market. In addition, a Portfolio may purchase or sell securities on a forward commitment basis. A forward commitment involves entering into a contract to purchase or sell securities, typically on an extended settlement basis, for a fixed price at a future date. The Portfolios may engage in when-issued or forward commitment transactions in order to secure what is considered to be an advantageous price and yield at the time of entering into the obligation. The purchase of securities on a when-issued or forward commitment basis involves a risk of loss if the value of the security to be purchased declines before the settlement date. Conversely, the sale of securities on a when-issued or forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date.

&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Currency Translation:** The books and records of the Portfolios are maintained in U.S. dollars. Assets and liabilities denominated in foreign currencies and commitments under forward foreign currency contracts are translated into U.S. dollars based on the exchange rate of such currencies against U.S. dollars on the date of valuation.

&nbsp;&nbsp;&nbsp;&nbsp;The Portfolios do not isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the changes in the market prices of securities held at the end of the period. Similarly, the Portfolios do not isolate the effect of changes in foreign exchange rates from the changes in the market prices of portfolio securities sold during the period.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;Realized foreign exchange gains and losses on other assets and liabilities and change in unrealized foreign exchange gains and losses on other assets and liabilities located in the Statements of Operations include realized foreign exchange gains and losses from currency gains or losses between the trade and the settlement dates of securities transactions, the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Portfolios' books and the U.S. dollar equivalent amounts actually received or paid and changes in the unrealized foreign exchange gains and losses relating to the other assets and liabilities arising as a result of changes in the exchange rates.

&nbsp;&nbsp;&nbsp;&nbsp;**Securities Transactions, Investment Income, Expenses, Dividends and Distributions to Shareholders:** Security transactions are recorded on a trade date basis. Realized gains and losses on the sale of investments are calculated on the identified cost basis. Interest income is accrued daily from settlement date except when collection is not expected. Dividend income is recorded on the ex-dividend date except for certain dividends from foreign securities, which are recorded as soon as the Trust is informed after the ex-dividend date. Paydown gains and losses on mortgage and asset-backed securities are recorded as components of interest income on the Statement of Operations. For financial statement purposes, the Portfolios amortize all premiums and accrete all discounts on fixed income securities. Distributions from income from underlying mutual fund investments, if any, are recorded to income on the ex-dividend date. Distributions from net realized capital gains from underlying mutual fund investments, if any, are recorded to realized gains on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;Portfolios which earn foreign income and capital gains may be subject to foreign withholding taxes and capital gains taxes at various rates. Under applicable foreign law, a withholding of tax may be imposed on interest, dividends, and capital gains from the sale of foreign securities at various rates. India, Thailand, and certain other countries' tax regulations require that taxes be paid on capital gains realized by a Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;Distributions received from Real Estate Investment Trust ("REIT") investments are recharacterized based on information provided by the REIT into the following categories: ordinary income, long-term and short-term capital gains, and return of capital. If information is not available on a timely basis from the REIT, the recharacterization will be based on available information which may include the previous year's allocation. If new or additional information becomes available from the REIT at a later date, a recharacterization will be made in the following year. The amount recharacterized as ordinary income is recorded as dividend income and the amount recharacterized as capital gain is recorded as realized gain in the Statement of Operations. The amount recharacterized as return of capital is recorded as a reduction to the cost of investments in the Statement of Assets and Liabilities. These recharacterizations are reflected in the accompanying financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;Income, expenses other than class specific expenses, and realized and unrealized gains and losses are allocated daily to each class of shares based upon the relative net asset value of outstanding shares of each class of shares at the beginning of the day (after adjusting for current capital share activity of the respective class).

&nbsp;&nbsp;&nbsp;&nbsp;Expenses common to all Portfolios are allocated among the Portfolios based upon relative net assets or other appropriate allocation methods. In all other respects, expenses are charged to each Portfolio as incurred on a specific identification basis. The expenses included in the accompanying financial statements reflect the expenses of each of the respective funds and do not include indirect expenses associated with the investments in the Underlying Portfolios. "Fees paid indirectly" in the Statement of Operations represents expense reductions used to offset non-affiliated expenses resulting from participation in a commission recapture program.

&nbsp;&nbsp;&nbsp;&nbsp;Dividends from net investment income and capital gain distributions, if any, are paid annually. The Portfolios record dividends and distributions to their shareholders on the ex-dividend date.

&nbsp;&nbsp;&nbsp;&nbsp;The amount of dividends and distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These "book/tax" differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the capital accounts at fiscal year end based on their federal tax-basis treatment; temporary differences do not require reclassification. Net assets are not affected by these reclassifications.

&nbsp;&nbsp;&nbsp;&nbsp;Each Portfolio is considered a separate entity for tax purposes and intends to comply with the requirements of the Internal Revenue Code, as amended, applicable to regulated investment companies and distribute all of its taxable income, including any net capital gains on investments, to its shareholders. Each Portfolio also intends to distribute sufficient net investment income and net capital gains, if any, so that it will not be subject to excise tax on undistributed income and gains. Therefore, no federal income tax or excise tax provision is required.

&nbsp;&nbsp;&nbsp;&nbsp;Each Portfolio recognizes the tax benefits of uncertain tax positions only when the position is more likely than not to be sustained, assuming examination by tax authorities. Management has analyzed each Portfolio's tax positions and concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions. The Portfolios are not aware of any tax provisions for which it is reasonably possible that the total amounts of recognized tax benefits will change materially in the next twelve months. The Portfolios file U.S. federal and certain state income tax returns. The Portfolios federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

&nbsp;&nbsp;&nbsp;&nbsp;**Operating Segments:** An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker (CODM) in making resource allocation decisions and assessing segment performance, and for which discrete financial information is available.

&nbsp;&nbsp;&nbsp;&nbsp;The Portfolios' Adviser acts as the Portfolios' CODM and has determined that the Portfolios have a single operating segment. The financial information provided to and reviewed by the CODM to assess segment performance and to make resource allocations is consistent with that presented within the Portfolios' Portfolio of Investments, Statements of Assets and Liabilities, Statements of Operations, Statements of Changes in Net Assets and Financial Highlights.

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#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

#### Recent Accounting and Regulatory Developments
&nbsp;&nbsp;&nbsp;&nbsp;In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09, "Income Taxes (Topic 740) - Improvements to Income Tax Disclosures". ASU 2023-09 requires public entities to enhance the transparency and decision usefulness of income tax disclosures for investors. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. Early adoption of ASU 2023-09 is permitted. Management is currently evaluating the impact, if any, of applying ASU 2023-09.

#### Note 3 — Derivative Instruments
&nbsp;&nbsp;&nbsp;&nbsp;**Forward Foreign Currency Contracts**: A forward contract is an agreement between two parties to buy or sell currency at a set price on a future date. The market value of the contract will fluctuate with changes in currency exchange rates. The contract is marked-to-market daily using the forward rate and the cumulative change in market value is recorded by a Portfolio as unrealized appreciation or depreciation. On the settlement date, a Portfolio records either realized gains or losses equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

&nbsp;&nbsp;&nbsp;&nbsp;Risks to a Portfolio of entering into forward contracts include counterparty risk, market risk and illiquidity risk. Counterparty risk arises upon entering into these contracts from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Portfolio's loss will generally consist of the net amount of contractual payments that the Portfolio has not yet received though the Portfolio's maximum exposure due to counterparty risk could extend to the notional amount of the contract. Market risk is the risk that the value of the forward contract will depreciate due to unfavorable changes in the exchange rates. These contracts may involve market risk in excess of the unrealized appreciation or depreciation reported on the Statement of Assets and Liabilities. Illiquidity risk arises because the secondary market for forwards may have less liquidity relative to markets for other securities. Currency transactions are also subject to risks different from those of other portfolio transactions. Because currency control is of great importance to the issuing governments and influences economic planning and policy, purchases and sales of currency and related instruments can be adversely affected by government exchange controls, limitations or restrictions on repatriation of currency, and manipulations or exchange restrictions imposed by governments.

&nbsp;&nbsp;&nbsp;&nbsp;Forward foreign currency contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;**Futures:** A futures contract is an agreement between two parties to buy and sell a financial instrument at a set price on a future date. Upon entering into a futures transaction, a Portfolio will be required to segregate an initial margin payment of cash or other liquid securities with the futures commission merchant (the "broker"). Subsequent payments are made or received by the Portfolio as a result of changes in the value of the contract and/or changes in the value of the initial margin requirement. Such receipts or payments are recorded in the Statements of Assets and Liabilities as receivable/payable for variation margin on futures contracts and as cash collateral on futures contracts for the changes in the value of the initial margin requirement. When a contract is closed, the Portfolios record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

&nbsp;&nbsp;&nbsp;&nbsp;The primary risk to a Portfolio of entering into futures contracts is market risk. Market risk is the risk that there will be an unfavorable change in the interest rate, value or currency rate of the underlying security or securities. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed on the Statement of Assets and Liabilities. There may also be trading restrictions or limitations imposed by an exchange, and government regulations may restrict trading in futures contracts. While a Portfolio will generally only purchase exchange-traded futures, due to market conditions, there may not always be a liquid secondary market for a futures contract and, as a result, the Portfolio may be unable to close out its futures contracts at a time which is advantageous. In addition, if a Portfolio has insufficient cash to meet margin requirements, the Portfolio may need to sell other investments, including at disadvantageous times. There is generally minimal counterparty risk to a Portfolio since the futures contracts are generally exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;Futures contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;**Options:** An option is a contract conveying a right to buy or sell a financial instrument at a specified price during a stipulated period. When a Portfolio writes a call or a put option, it receives a premium which is equal to the current market value of the option written. The premiums on written options are recorded as a liability on the Statement of Assets and Liabilities. If a Portfolio purchases a call or a put option, it pays a premium which reflects the current market value of the option and which is included on the Portfolio's Statement of Assets and Liabilities as an investment. The option position is marked to market daily and its value fluctuates based upon the value of the underlying financial instrument, time to expiration, cost of borrowing funds, and volatility of the value of the underlying financial instrument. If an option which a Portfolio has written either expires on its stipulated expiration date, or if the Portfolio enters into a closing purchase transaction, the Portfolio realizes a gain (or loss if the cost of a closing purchase transaction exceeds the premium received when the option was written) without regard to any unrealized gain or loss on the underlying security, and the liability related to such options is extinguished. If a call option which a Portfolio has written is exercised, the Portfolio realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a put option which a Portfolio has written is exercised, the amount of the premium originally received reduces the cost of the security which the Portfolio purchased upon exercise of the option. Options may be traded on a national securities exchange or in the OTC market.

&nbsp;&nbsp;&nbsp;&nbsp;Risks to a Portfolio of entering into option contracts include counterparty risk, market risk and, with respect to OTC options, illiquidity risk. Counterparty risk arises from the potential inability of counterparties to meet the terms of their contracts. If the counterparty defaults, a Portfolio's loss will consist of the net amount of contractual payments that the Portfolio has not yet received. Market risk is the risk that there will be an unfavorable change in the value of the underlying securities, and for written options, may result in losses in excess of the amounts shown on the statement of assets and liabilities. There is also the risk a Portfolio may not be able to enter into a closing transaction because of an illiquid market. In addition, unlisted options are not traded on an exchange and may not be as actively traded as listed options, making the valuation of such securities more difficult. An unlisted option also entails a greater risk that the party on the other side of the option transaction may default, which would make it impossible to close out an unlisted option position in some cases, and profits related to the transaction lost thereby.

&nbsp;&nbsp;&nbsp;&nbsp;Option contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.

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#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;**Swap Contracts:** Certain Portfolios may enter into contract for difference, credit default, inflation, interest rate, equity and/or total return swap contracts. Swap contracts are privately negotiated in the OTC market and may be entered into as a bilateral contract or a centrally cleared contract ("centrally cleared swaps"). In a centrally cleared swap, immediately following execution of the swap contract, the swap contract is novated to a central counterparty (the "CCP") and a Portfolio faces the CCP through a broker. Upon entering into a centrally cleared swap, a Portfolio is required to deposit initial margin with the broker in the form of cash or securities in an amount that varies depending on the size and risk profile of the particular swap. Securities deposited as initial margin are designated on the Portfolio of Investments and cash deposited is recorded on the Statement of Assets and Liabilities as cash collateral on centrally cleared swap contracts. Unlike a bilateral swap contract, for centrally cleared swaps, a Portfolio has no credit exposure to the counterparty as the CCP stands between the Portfolio and the counterparty. Swaps are marked-to-market daily and the changes in value are recorded as an unrealized gain (loss). The daily change in valuation of swap contracts, if any, is recorded as unrealized appreciation (depreciation) on swap contracts. When the swap is terminated, a Portfolio will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Portfolio's basis in the contract, if any. Generally, the basis of the contracts is the premium received or paid. Upfront payments and receipts on swap contracts are amortized on a daily basis. Net periodic payments made or received by a Portfolio are included as part of realized gain (loss).

&nbsp;&nbsp;&nbsp;&nbsp;***Contracts for Difference:*** A contract for difference ("CFD") is a privately negotiated over-the-counter derivative contract between two parties, buyer and seller, stipulating that the seller will pay to or receive from the buyer the difference between the nominal value of the underlying instrument at the opening of the contract and that instrument's value at the end of the contract. As an over-the-counter derivative contract, CFDs are not traded on an exchange. A CFD offers exposure to price changes in an underlying security without ownership of such security, typically by providing investors the ability to trade on margin. When entering into a CFD, the Portfolio attempts to predict either that the price of the underlying security will fall (taking a short position) or that the price of the security will rise (taking a long position). CFDs are subject to illiquidity risk because the liquidity of contracts for difference is based on the liquidity of the underlying instrument. CFDs are also subject to the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require the Portfolio to deposit additional sums to maintain proper margin coverage, and this may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss to the Portfolio. As is the case with owning any financial instrument, there is the risk of loss associated with buying a CFD. For example, if the Portfolio buys a long CFD and the underlying security is worth less at the end of the contract, the Portfolio would be required to make a payment to the seller and would suffer a loss.

&nbsp;&nbsp;&nbsp;&nbsp;CFD contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;***Credit Default Swap Agreements:*** Credit default swaps are generally contracts in which one party makes periodic fixed-rate payments or a one time premium payment (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified payment in the event of a default or other credit event for the referenced entity, obligation or index. As a seller of protection on credit default swaps, a Portfolio will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Portfolio would effectively add leverage to its portfolio because, in addition to its total net assets, the Portfolio would be subject to investment exposure on the notional amount of the swap. If a Portfolio is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. As a buyer of protection on credit default swaps, a Portfolio will make periodic payments, similar to an insurance premium and the seller of protection agrees to compensate the Portfolio for future potential losses as a result of a credit event on the reference bond or other asset. A Portfolio effectively transfers the credit event risk of the reference bond or asset from it to the seller of protection. If a Portfolio is a buyer of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Portfolio will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and deliver the referenced obligation, other deliverable obligations or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index. Recovery values are assumed by market makers considering either industry standard recovery rates or entity specific factors and considerations until a credit event occurs. If a credit event has occurred, the recovery value is determined by a facilitated auction whereby a minimum number of allowable broker bids, together with a specified valuation method, are used to calculate the settlement value.

&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps on corporate issues or sovereign issues of an emerging market country are contracts in which the buyer of protection makes periodic fixed payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a default or other credit event. If a credit event occurs and cash settlement is not elected, a variety of other deliverable obligations may be delivered in lieu of the specific referenced obligation. The ability to deliver other obligations may result in a cheapest-to deliver option (the buyer of protection's right to choose the deliverable obligation with the lowest value following a credit event). A Portfolio may use credit default swaps on corporate issues or sovereign issues of an emerging market country to provide a measure of protection against defaults of the issuers (i.e., to reduce credit risk where the Portfolio owns or has exposure to the referenced obligation) or to take a speculative credit position with an active long or short position with respect to the likelihood of a particular issuer's default.

&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps on asset-backed securities are contracts in which the buyer of protection makes periodic fixed-rate payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a default or other credit event. Unlike credit default swaps on corporate issues or sovereign issues of an emerging market country, deliverable obligations in most instances would be limited to the specific referenced obligation as performance for asset-backed securities can vary across deals. Prepayments, principal paydowns, and other writedown or loss events on the underlying mortgage loans will reduce the outstanding principal balance of the referenced obligation. These reductions may be temporary or permanent as defined under the terms of the swap agreement and the notional amount for the swap agreement will be adjusted by corresponding amounts. A Portfolio may use credit default swaps on asset-backed securities to provide a measure of protection against defaults of the referenced obligation or to take a speculative credit position with an active long or short position with respect to the likelihood of a particular referenced obligation's default.

&nbsp;&nbsp;&nbsp;&nbsp;Credit default swaps on credit indices are generally contracts in which the buyer of protection makes periodic fixed-rate payments or a one time premium payment to the seller of protection in exchange for the right to receive a specified payment in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising the credit index. A credit index is a list of a basket of credit instruments or exposures designed to be representative of some part of the credit market as a

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

whole. These indices are made up of reference credits that are judged by a poll of dealers to be the most liquid entities in the credit default swap market based on the sector of the index. Components of the indices may include, but are not limited to, investment grade securities, high yield securities, asset backed securities, emerging markets, and/or various credit ratings within each sector. Credit indices are traded using credit default swaps with standardized terms including a fixed spread and standard maturity dates. An index credit default swap references all the names in the index, and if there is a default, the credit event is settled based on that name's weight in the index. The composition of the indices changes periodically, usually every six months, and for most indices, each name has an equal weight in the index. A Portfolio may use credit default swaps on credit indices to hedge a portfolio of credit default swaps or bonds which is less expensive than it would be to enter into many credit default swaps to achieve a similar effect. Credit-default swaps on indices are used for protecting investors owning bonds against default, and also to speculate on changes in credit quality.

&nbsp;&nbsp;&nbsp;&nbsp;Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swaps on corporate issues or sovereign issues of an emerging market country as of period end are reported on a schedule at the end of each Portfolio's Portfolio of Investments and serve as an indicator of the current status of the payment / performance risk and represent the likelihood or risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. For credit default swaps on asset-based securities and credit indices, the quoted market prices and resulting values serve as the indicator of the current status of the payment/performance risk. Wider credit spreads and increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity's credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. The maximum potential amount of future payments (undiscounted) that a Portfolio as a seller of protection could be required to make under a credit default swap would be an amount equal to the notional amount of the agreement. Notional amounts of all credit default swaps outstanding at the end of the period, for which a Portfolio is the seller of protection, if any, are disclosed on a schedule following each Portfolio's Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swaps entered into by a Portfolio for the same referenced entity or entities.

&nbsp;&nbsp;&nbsp;&nbsp;Credit default swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;***Equity Swap Agreements:*** Equity swaps are contracts that are typically entered into for the purpose of investing in a security or index without owning or taking physical custody of securities. Total return swaps are contracts that obligate a party to pay or receive interest in exchange for the payment by the other party of the total return generated by a security, a basket of securities, an index or an index component. To the extent the total return of the security or index underlying the transaction exceeds or falls short of the offsetting interest rate obligation, a Portfolio will receive a payment from or make a payment to the counterparty.

&nbsp;&nbsp;&nbsp;&nbsp;The counterparty to an equity swap will typically be a bank, investment banking firm or broker/dealer. Equity swaps may be structured in different ways. The counterparty will generally agree to pay a Portfolio the amount, if any, by which the notional amount of the equity swap contract would have increased in value had it been invested in particular stocks (or an index of stocks), plus the dividends that would have been received on those stocks. In these cases, a Portfolio may agree to pay to the counterparty a floating rate of interest on the notional amount of the equity swap contract plus the amount, if any, by which that notional amount would have decreased in value had it been invested in such stocks.

&nbsp;&nbsp;&nbsp;&nbsp;Therefore, the return to a Portfolio on any equity swap should be the gain or loss on the notional amount plus dividends on the stocks less the interest paid by the Portfolio on the notional amount. In other cases, the counterparty and a Portfolio may agree to pay to the other the difference between the relative investment performances that would have been achieved if the notional amount of the equity swap contract had been invested in different stocks (or indices of stocks).

&nbsp;&nbsp;&nbsp;&nbsp;A Portfolio will generally enter into equity swaps only on a net basis, which means that the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments. Payments may be made at the conclusion of an equity swap contract or periodically during its term. Equity swaps normally do not involve the delivery of securities or other underlying assets. Accordingly, the risk of loss with respect to equity swaps is normally limited to the net amount of payments that a Portfolio is contractually obligated to make. If the counterparty to an equity swap defaults, a Portfolio's risk of loss consists of the net discounted amount of payments that the Portfolio is contractually entitled to receive, if any. In addition, the value of some components of an equity swap (such as the dividends on a common stock) may also be sensitive to changes in interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;Equity swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;***Inflation Swap Agreements:*** In an inflation swap, one party pays a fixed rate on a notional principal amount while the other party pays a floating rate linked to an inflation index on the same notional amount. The party paying the floating rate pays the inflation adjusted rate multiplied by the notional principal amount. If the average inflation rate over the term of the swap is the same as the fixed rate of the swap, the two legs will have the same value and the swap will break even.

&nbsp;&nbsp;&nbsp;&nbsp;Inflation swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;***Interest Rate Swap Agreements:*** Interest rate swaps involve the exchange by a Portfolio with another party of their respective commitments to pay or receive interest with respect to the notional amount of principal. Since interest rate swaps are individually negotiated, a Portfolio expects to achieve an acceptable degree of correlation between their respective portfolio investments and their interest rate positions. A Portfolio will enter into interest rate swaps only on a net basis, which means that the two payment streams are netted out, with the Portfolio receiving or paying, as the case may be, only the net amount of the two payments.

&nbsp;&nbsp;&nbsp;&nbsp;A cross-currency swap is an interest rate swap agreement where the two instruments are denominated in two different currencies. Each agreement comprises both long and short exposures based on the reference legs of the swap.

&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that a Portfolio is contractually obligated to make. If the other party to an interest rate swap defaults, a Portfolio's risk of loss consists of the net discounted amount of interest payments that the Portfolio is contractually entitled to receive, if any. The use of interest rate swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary Portfolio securities transactions.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;Interest rate swap contracts outstanding at the end of the period, if any, are reported on a schedule at the end of each Portfolio's Portfolio of Investments.

&nbsp;&nbsp;&nbsp;&nbsp;***Risks of Entering into Swap Agreements:*** Risks to a Portfolio of entering into swaps, include credit risk, market risk, counterparty risk, liquidity risk and documentation risk. By entering into swap agreements, a Portfolio may be exposed to risk of potential loss due to unfavorable changes in interest rates, the price of the underlying security or index, or the underlying referenced asset's perceived or actual credit, that the counterparty may default on its obligation to perform or the possibility that there is no liquid market for these agreements. There is also the risk that the parties may disagree as to the meaning of contractual terms in the swap agreement. In addition, to the extent that a subadviser does not accurately analyze and predict the underlying economic factors influencing the value of the swap, a Portfolio may suffer a loss, which may be in excess of the amount reflected on the statement of assets and liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;**Master Agreements:** Certain Portfolios that hold derivative instruments and other financial instruments may be a party to ISDA (International Swaps and Derivatives Association, Inc.) Master Agreements or similar agreements ("Master Agreements") with certain counterparties that govern such instruments. Master Agreements may contain provisions regarding, among other things, the parties' general obligations, representations, agreements, collateral requirements, events of default and early termination. Collateral can be in the form of cash or securities as agreed to by a Portfolio and applicable counterparty. Collateral requirements are generally determined based on a Portfolio's net position with each counterparty. Master Agreements may also include certain provisions that require a Portfolio to post additional collateral upon the occurrence of certain events, such as when a Portfolio's net assets fall below a specified level. In addition, Master Agreements typically specify certain standard termination events, such as failure of a party to pay or deliver, credit support defaults and other events of default. Termination events applicable to a Portfolio may also occur upon a decline in a Portfolio's net assets below a specified level over a certain period of time. Additional termination events applicable to counterparties may occur upon a decline in a counterparty's long-term and short-term credit ratings below a specified level, or upon a decline in the ratings of a counterparty's credit support provider. Upon the occurrence of a termination event, the other party may elect to terminate early and cause settlement of all instruments outstanding pursuant to a particular Master Agreement, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of a Portfolio's counterparties to elect early termination could cause the Portfolio to accelerate the payment of liabilities, which settlement amounts could be in excess of the amount of assets that are already posted as collateral. Typically, the Master Agreement will permit a single net payment in the event of default. Note, however, that bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency or other events. As a result, the early termination with respect to derivative instruments subject to Master Agreements that are in a net liability position could be material to a Portfolio's financial statements. The Portfolios do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statement of Assets and Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;The following tables represent the value of derivatives held as of September 30, 2025, by their primary underlying risk exposure and the respective location on the Statement of Assets and Liabilities and the effect of derivatives on the Statement of Operations for the six months ended September 30, 2025. For a detailed presentation of derivatives held as of September 30, 2025, please refer to the schedule at the end of each Portfolio's Portfolio of Investments.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
|  | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swaps<br> Contracts(2)** | &nbsp;&nbsp;**Purchased<br> Options<br> Contracts(3)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(4)** | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swap<br> Contracts(2)** | &nbsp;&nbsp;**Options<br> Written<br> Contracts(5)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(6)** |
| **Portfolio** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** |
| SA American Century Inflation Managed | &nbsp;&nbsp;$— | &nbsp;&nbsp;$2231011 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$35207 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;20661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;23233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;421204 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;768977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;444645 | &nbsp;&nbsp;&nbsp;153577 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;18696 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;37622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1077 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7826 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;546 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3438 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Mid Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;129 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14231 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1143 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2482 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1334 | &nbsp;&nbsp;&nbsp;&nbsp;14980 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;506480 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4871 |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;35621 |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4967 |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;42137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Asset Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** | &nbsp;&nbsp;**Liability Derivatives** |
|  | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swaps<br> Contracts(2)** | &nbsp;&nbsp;**Purchased<br> Options<br> Contracts(3)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(4)** | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swap<br> Contracts(2)** | &nbsp;&nbsp;**Options<br> Written<br> Contracts(5)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(6)** |
| **Portfolio** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** | &nbsp;&nbsp;**Foreign Exchange Contracts** |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$36769 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |

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(1) Amount represents cumulative appreciation/depreciation on futures contracts as disclosed in the Portfolio of Investments. Only the current day's variation margin is separately disclosed within the Statements of Assets and Liabilities.

(2) For centrally cleared swaps, the amount represents cumulative appreciation/depreciation as disclosed in the Portfolio of Investments. Only the current day's variation margin is separately disclosed within the Statements of Assets and Liabilities. For OTC swaps, the amount represents unrealized appreciation/depreciation on over-the-counter swap contracts as disclosed within the Statements of Assets and Liabilities.

(3) Investments at value (unaffiliated)

(4) Unrealized appreciation on forward foreign currency contracts

(5) Call and put options written, at value

(6) Unrealized depreciation on forward foreign currency contracts

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Realized Gain (Loss) on Derivatives Recognized in Statement of Operations** |
|  | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swap<br> Contracts(2)** | &nbsp;&nbsp;**Written<br> Options(3)** | &nbsp;&nbsp;**Purchased<br> Options(4)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(5)** |
| **Portfolio** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$(887) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;168155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;(1158220) | &nbsp;&nbsp;&nbsp;&nbsp;43296 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16877) | &nbsp;&nbsp;&nbsp;&nbsp;21182 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;405897 | &nbsp;&nbsp;&nbsp;&nbsp;(3463) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62494 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Mid Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3368 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8094 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;334985 | &nbsp;&nbsp;&nbsp;213507 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7264 |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;160141 |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(342135) |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(103425) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(442658) |

---

(1) Net realized gain (loss) on futures contracts

(2) Net realized gain (loss) on swap contracts

(3) Net realized gain (loss) on written options contracts

(4) Net realized gain (loss) on investments

(5) Net realized gain (loss) on forward contracts

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** |
|  | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swap<br> Contracts(2)** | &nbsp;&nbsp;**Written<br> Options(3)** | &nbsp;&nbsp;**Purchased<br> Options(4)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(5)** |
| **Portfolio** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** | &nbsp;&nbsp;**Inflation Contracts** |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;$— | &nbsp;&nbsp;$(106084) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
|  | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** | &nbsp;&nbsp;**Interest Rate Contracts** |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;&nbsp;(147676) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;(50300) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;867450 | &nbsp;&nbsp;&nbsp;&nbsp;167703 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2069 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** | &nbsp;&nbsp;**Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Statement of Operations** |
|  | &nbsp;&nbsp;**Futures<br> Contracts(1)** | &nbsp;&nbsp;**Swap<br> Contracts(2)** | &nbsp;&nbsp;**Written<br> Options(3)** | &nbsp;&nbsp;**Purchased<br> Options(4)** | &nbsp;&nbsp;**Foreign<br> Forward<br> Exchange<br> Contracts(5)** |
| **Portfolio** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** | &nbsp;&nbsp;**Equity Contracts** |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;$57800 | &nbsp;&nbsp;$(546) | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;7676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;7343 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Mid Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;5884 | &nbsp;&nbsp;&nbsp;(14231) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;6395 | &nbsp;&nbsp;&nbsp;&nbsp;(1050) | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;&nbsp;19760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** | &nbsp;&nbsp;**Foreign Forward Exchange Contracts** |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;501609 |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(23317) |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(20404) |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(287594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;24343 |

---

(1) Change in unrealized appreciation (depreciation) on futures contracts

(2) Change in unrealized appreciation (depreciation) on swap contracts

(3) Change in unrealized appreciation (depreciation) on written options contracts

(4) Change in unrealized appreciation (depreciation) on investments

(5) Change in unrealized appreciation (depreciation) on forward contracts

&nbsp;&nbsp;&nbsp;&nbsp;The following table represents the average monthly balances of derivatives held during the six months ended September 30, 2025.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** | **Average Amount Outstanding During the Period** |
| **Portfolio** | **Futures<br> Contracts(1)** | **Forward<br> Foreign<br> Currency<br> Contracts(1)** | **Purchased<br> Call Options<br> Contracts(2)** | **Inflation<br> Swap<br> Contracts(1)** | **Interest<br> Rate Swap<br> Contracts(1)** | **Equity<br> Swap<br> Contracts(1)** | **Contracts For<br> Difference Swap<br> Contracts(1)** |
| SA American Century Inflation Managed<br>| $6433786 | $20235448 | $— | $248783333 | $— | $— | $— |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;15933520 | &nbsp;&nbsp;&nbsp;&nbsp;9265423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;341305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;128453530 | &nbsp;&nbsp;&nbsp;&nbsp;6454240 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;11960000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;395148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;42992 |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;106720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408795 | &nbsp;&nbsp;&nbsp;&nbsp;8192389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Mid Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;268293 |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290352 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;45744 |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1293473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;869265 |

---

(1) Amounts represent notional amounts in US dollars.

(2) Amounts represent values in US dollars.

&nbsp;&nbsp;&nbsp;&nbsp;The following table represents the Portfolio's objectives for using derivative instruments for the six months ended September 30, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** | &nbsp;&nbsp;**Objectives for Using Derivatives** |
| **Portfolio** | &nbsp;&nbsp;**Futures<br> Contracts** | &nbsp;&nbsp;**Forward<br> Foreign<br> Currency<br> Contracts** | &nbsp;&nbsp;**Purchased<br> Call Options<br> Contracts** | &nbsp;&nbsp;**Inflation<br> Swap<br> Contracts** | &nbsp;&nbsp;**Interest<br> Rate Swap<br> Contracts** | &nbsp;&nbsp;**Equity<br> Swap<br> Contracts** | &nbsp;&nbsp;**Contracts For<br> Difference<br> Swaps** |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| SA Franklin Allocation Moderately Aggressive Portfolio<br>| &nbsp;&nbsp;1, 4 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;— |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— |
| SA Multi-Managed Mid Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp; 4 |

---

------

(1) To manage interest rate risk and the duration of the portfolio.

(2) To manage foreign currency exchange rate risk.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

(3) To manage inflation risk and the duration of the portfolio.

(4) To manage exposures in certain securities markets.

(5) To manage against or gain exposure to certain securities and/or sectors.

(6) To manage foreign currency risk resulting directly or indirectly from investments in equity holdings.

&nbsp;&nbsp;&nbsp;&nbsp;The following tables set forth the Portfolios' derivative assets and liabilities by counterparty, net of amounts available for offset under Master Agreements and net of the related collateral pledged (received) as of September 30, 2025. The repurchase agreements held by the Portfolios as of September 30, 2025, are also subject to Master Agreements but are not included in the following tables. See the Portfolio of Investments and the Notes to the Financial Statements for more information about the Portfolios' holdings in repurchase agreements.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Bank of America, N.A.<br>| $192598 | $— | $— | $192598 | $576 | $— | $— | $576 | $192022 | $— | $192022 |
| Goldman Sachs International<br>| &nbsp;&nbsp;&nbsp;&nbsp;2379 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2379 | &nbsp;&nbsp;2302 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;2302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77 |
| Morgan Stanley & Co. International PLC<br>| &nbsp;&nbsp;311503 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;311503 | &nbsp;&nbsp;1993 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1993 | &nbsp;&nbsp;309510 | &nbsp;&nbsp;— | &nbsp;&nbsp;309510 |
| **Total<br>**  | $506480 | $— | $— | $506480 | $4871 | $— | $— | $4871 | $501609 | $— | $501609 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Bank of America, N.A.<br>| $5852 | $9914 | $— | $15766 | $5270 | $1077 | $— | $6347 | $9419 | $— | $9419 |
| Barclays Bank PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1710 | &nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4455 | &nbsp;&nbsp;(2745) | &nbsp;&nbsp;— | &nbsp;&nbsp;(2745) |
| Citibank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;5196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11 | &nbsp;&nbsp;&nbsp;5185 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;5185 |
| Goldman Sachs International<br>| &nbsp;&nbsp;&nbsp;&nbsp;7915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7915 | &nbsp;&nbsp;&nbsp;&nbsp;2988 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2988 | &nbsp;&nbsp;&nbsp;4927 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;4927 |
| HSBC Bank PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1 | &nbsp;&nbsp;&nbsp;&nbsp;8269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8269 | &nbsp;&nbsp;(8268) | &nbsp;&nbsp;— | &nbsp;&nbsp;(8268) |
| JPMorgan Chase Bank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;354 | &nbsp;&nbsp;&nbsp;&nbsp;369 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;369 |
| Morgan Stanley & Co. International PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;4792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4792 | &nbsp;&nbsp;&nbsp;&nbsp;5692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;5692 | &nbsp;&nbsp;&nbsp;&nbsp;(900) | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;(900) |
| State Street Bank & Trust Company<br>| &nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1190 | &nbsp;&nbsp;&nbsp;&nbsp;4798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4798 | &nbsp;&nbsp;(3608) | &nbsp;&nbsp;— | &nbsp;&nbsp;(3608) |
| Toronto Dominion Bank<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62 | &nbsp;&nbsp;&nbsp;&nbsp;2906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2906 | &nbsp;&nbsp;(2844) | &nbsp;&nbsp;— | &nbsp;&nbsp;(2844) |
| UBS AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;3039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;878 | &nbsp;&nbsp;&nbsp;2161 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2161 |
| Westpac Banking Corp.<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;177 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;177 |
| **Total<br>**  | $30657 | $9914 | $— | $40571 | $35621 | $1077 | $— | $36698 | $3873 | $— | $3873 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** | **SA Multi-Managed Diversified Fixed Income Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Deutsche Bank AG<br>| $— | $— | $— | $— | $4967 | $— | $— | $4967 | $(4967) | $— | $(4967) |
| **Total<br>**  | $— | $— | $— | $— | $4967 | $— | $— | $4967 | $(4967) | $— | $(4967) |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| BNP Paribas SA<br>| $— | $— | $— | $— | $— | $546 | $— | $546 | $(546) | $546 | $— |
| **Total<br>**  | $— | $— | $— | $— | $— | $546 | $— | $546 | $(546) | $546 | $— |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** | **SA Multi-Managed Large Cap Growth Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Goldman Sachs International<br>| $— | $— | $4900 | $4900 | $— | $— | $— | $— | $4900 | $(4900) | $— |
| JPMorgan Chase Bank, N.A.<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1818 | &nbsp;&nbsp;&nbsp;&nbsp;1818 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1818 | &nbsp;&nbsp;&nbsp;&nbsp;(1818) | &nbsp;&nbsp;— |
| Standard Chartered Bank<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;35419 | &nbsp;&nbsp;35419 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;35419 | &nbsp;&nbsp;(35419) | &nbsp;&nbsp;— |
| **Total<br>**  | $— | $— | $42137 | $42137 | $— | $— | $— | $— | $42137 | $(42137) | $— |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Bank of America, N.A.<br>| $4450 | $— | $— | $4450 | $— | $— | $— | $— | $4450 | $— | $4450 |
| Citibank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;9150 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9150 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9150 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;9150 |
| Goldman Sachs International<br>| &nbsp;&nbsp;&nbsp;&nbsp;8681 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8681 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8681 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;8681 |
| JPMorgan Chase Bank, N.A.<br>| &nbsp;&nbsp;&nbsp;&nbsp;2421 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2421 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2421 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2421 |
| Morgan Stanley & Co. International PLC<br>| &nbsp;&nbsp;&nbsp;&nbsp;4713 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4713 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4713 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4713 |
| UBS AG<br>| &nbsp;&nbsp;&nbsp;&nbsp;7354 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7354 | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7354 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;7354 |
| **Total<br>**  | $36769 | $— | $— | $36769 | $— | $— | $— | $— | $36769 | $— | $36769 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** | **SA Multi-Managed Mid Cap Growth Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Goldman Sachs and Co. LLC<br>| $— | $— | $— | $— | $— | $1257 | $— | $1257 | $(1257) | $— | $(1257) |
| HSBC Holdings<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;12974 | &nbsp;&nbsp;— | &nbsp;&nbsp;12974 | &nbsp;&nbsp;(12974) | &nbsp;&nbsp;10000 | &nbsp;&nbsp;(2974) |
| **Total<br>**  | $— | $— | $— | $— | $— | $14231 | $— | $14231 | $(14231) | $10000 | $(4231) |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| BNP Paribas<br>| $— | $93 | $— | $93 | $— | $39 | $— | $39 | $54 | $— | $54 |
| Goldman Sachs and Co. LLC<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;1104 | &nbsp;&nbsp;— | &nbsp;&nbsp;1104 | &nbsp;&nbsp;(1104) | &nbsp;&nbsp;— | &nbsp;&nbsp;(1104) |
| **Total<br>**  | $— | $93 | $— | $93 | $— | $1143 | $— | $1143 | $(1050) | $— | $(1050) |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** | **SA Multi-Managed Small Cap Portfolio** |  |  |  |
|  | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Assets(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** | **Derivative Liabilities(1)** |  |  |  |
| **Counterparty** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Purchased** | **Total** | **Forward<br> Foreign<br> Currency<br> Contracts** | **OTC<br> Swaps** | **Options<br> Written** | **Total** | **Net<br> Derivative<br> Assets<br> (Liabilities)** | **Collateral<br> Pledged/<br> (Received)(2)** | **Net<br> Amount(3)** |
| Bank of America Merrill Lynch<br>| $— | $16975 | $— | $16975 | $— | $— | $— | $— | $16975 | $— | $16975 |
| BNP Paribas<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;241 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4757 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4757 | &nbsp;&nbsp;&nbsp;(4516) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4516) |
| Goldman Sachs and Co. LLC<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3501 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;3501 | &nbsp;&nbsp;&nbsp;(3473) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(3473) |
| HSBC Holdings<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2657 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2657 | &nbsp;&nbsp;&nbsp;(2657) | &nbsp;&nbsp;2657 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| JPMorgan Securities, LLC<br>| &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4065 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;4065 | &nbsp;&nbsp;&nbsp;(4065) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;(4065) |
| **Total<br>**  | $— | $17244 | $— | $17244 | $— | $14980 | $— | $14980 | $2264 | $2657 | $4921 |

---

(1) Gross amounts of recognized assets and liabilities not offset in the Statement of Assets and Liabilities.

(2) For each respective counterparty, collateral pledged or (received) is limited to an amount not to exceed 100% of the derivative asset/liability in the table above.

(3) Net amount represents the net amount due (to)/from counterparty in the event of a default based on the contractual set-off rights under the agreement.

#### Note 4 — Federal Income Taxes
&nbsp;&nbsp;&nbsp;&nbsp;The following details the tax basis of distributions as well as the components of distributable earnings. The tax basis components of distributable earnings differ from the amounts reflected in the Statement of Assets and Liabilities by temporary book/tax differences primarily arising from wash sales, investments in passive foreign investment companies, investments in real estate investment trusts, investments in regulated investment companies, straddle loss deferrals, inflation securities, investments in partnerships and derivative transactions.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Distributable Earnings** | &nbsp;&nbsp;**Tax Distributions** | &nbsp;&nbsp;**Tax Distributions** |
|  | &nbsp;&nbsp;**For the year ended March 31, 2025** | &nbsp;&nbsp;**For the year ended March 31, 2025** | &nbsp;&nbsp;**For the year ended March 31, 2025** | &nbsp;&nbsp;**For the year ended March 31, 2025** | &nbsp;&nbsp;**For the year ended March 31, 2025** |
| **Portfolio** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-term<br> Gains/Capital<br> Loss Carryover** | &nbsp;&nbsp;**Unrealized<br> Appreciation<br> (Depreciation)** | &nbsp;&nbsp;**Ordinary<br> Income** | &nbsp;&nbsp;**Long-Term<br> Capital<br> Gains** |
| SA Allocation Aggressive<br>| &nbsp;&nbsp;$9299525 | &nbsp;&nbsp;$15373689 | &nbsp;&nbsp;$(904411) | &nbsp;&nbsp;$5525236 | &nbsp;&nbsp;$8889785 |
| SA Allocation Balanced<br>| &nbsp;&nbsp;&nbsp;&nbsp;6331012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1502587 | &nbsp;&nbsp;&nbsp;(12932032) | &nbsp;&nbsp;&nbsp;&nbsp;4356197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Allocation Moderate<br>| &nbsp;&nbsp;&nbsp;&nbsp;6615897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6561298 | &nbsp;&nbsp;&nbsp;&nbsp;(8791481) | &nbsp;&nbsp;&nbsp;&nbsp;4472154 | &nbsp;&nbsp;&nbsp;&nbsp;2528532 |
| SA Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;10863552 | &nbsp;&nbsp;&nbsp;&nbsp;14706508 | &nbsp;&nbsp;&nbsp;&nbsp;(3257768) | &nbsp;&nbsp;&nbsp;&nbsp;7080086 | &nbsp;&nbsp;&nbsp;&nbsp;8130750 |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;&nbsp;18899141 | &nbsp;&nbsp;&nbsp;(61687324) | &nbsp;&nbsp;&nbsp;(35741171) | &nbsp;&nbsp;&nbsp;19183297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Columbia Focused Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;4399848 | &nbsp;&nbsp;&nbsp;&nbsp;48224418 | &nbsp;&nbsp;&nbsp;&nbsp;46075391 | &nbsp;&nbsp;&nbsp;&nbsp;6359371 | &nbsp;&nbsp;&nbsp;29318247 |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;5249129 | &nbsp;&nbsp;&nbsp;&nbsp;23429551 | &nbsp;&nbsp;&nbsp;&nbsp;28912164 | &nbsp;&nbsp;&nbsp;&nbsp;2765474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;22512593 | &nbsp;&nbsp;&nbsp;(76328885) | &nbsp;&nbsp;&nbsp;(49311774) | &nbsp;&nbsp;&nbsp;24138896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;4839261 | &nbsp;&nbsp;&nbsp;&nbsp;14820209 | &nbsp;&nbsp;&nbsp;&nbsp;48226564 | &nbsp;&nbsp;&nbsp;&nbsp;7363607 | &nbsp;&nbsp;&nbsp;&nbsp;5231910 |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;14537154 | &nbsp;&nbsp;&nbsp;&nbsp;77795028 | &nbsp;&nbsp;&nbsp;&nbsp;54796442 | &nbsp;&nbsp;&nbsp;&nbsp;1389293 | &nbsp;&nbsp;&nbsp;35639571 |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;10152280 | &nbsp;&nbsp;&nbsp;&nbsp;45628156 | &nbsp;&nbsp;&nbsp;&nbsp;13980930 | &nbsp;&nbsp;&nbsp;32950084 | &nbsp;&nbsp;&nbsp;24033811 |
| SA Multi-Managed Mid Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;314923 | &nbsp;&nbsp;&nbsp;&nbsp;19399006 | &nbsp;&nbsp;&nbsp;&nbsp;17538623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;4289119 | &nbsp;&nbsp;&nbsp;&nbsp;25193695 | &nbsp;&nbsp;&nbsp;&nbsp;22299195 | &nbsp;&nbsp;&nbsp;&nbsp;3054022 | &nbsp;&nbsp;&nbsp;12309606 |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886519 | &nbsp;&nbsp;&nbsp;&nbsp;15560976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4409509 | &nbsp;&nbsp;&nbsp;&nbsp;1278709 | &nbsp;&nbsp;&nbsp;&nbsp;2192331 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;As of March 31, 2025, for Federal income tax purposes, the Portfolios indicated below have capital loss carryforwards, which are available to offset future capital gains, if any:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**Capital Loss<br> Carryforward<br> Unlimited** | &nbsp;&nbsp;**Capital Loss<br> Carryforward<br> Unlimited** |
| **Portfolio** | &nbsp;&nbsp;**ST** | &nbsp;&nbsp;**LT** |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;$23192206 | &nbsp;&nbsp;$38495118 |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;28651141 | &nbsp;&nbsp;&nbsp;47677744 |

---

&nbsp;&nbsp;&nbsp;&nbsp;The amounts of aggregate unrealized gain (loss) and the cost of investment securities for Federal tax purposes, including short-term securities and repurchase agreements, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Aggregate<br> Unrealized<br> Gain** | &nbsp;&nbsp;**Aggregate<br> Unrealized<br> Loss** | &nbsp;&nbsp;**Net<br> Unrealized<br> Gain<br> (Loss)** | &nbsp;&nbsp;**Cost of<br> Investments** |
| SA Allocation Aggressive<br>| &nbsp;&nbsp;$80066498 | &nbsp;&nbsp;$(9354147) | &nbsp;&nbsp;$70712351 | &nbsp;&nbsp;$468066798 |
| SA Allocation Balanced<br>| &nbsp;&nbsp;&nbsp;&nbsp;22647987 | &nbsp;&nbsp;&nbsp;(12285343) | &nbsp;&nbsp;&nbsp;&nbsp;10362644 | &nbsp;&nbsp;&nbsp;253837102 |
| SA Allocation Moderate<br>| &nbsp;&nbsp;&nbsp;&nbsp;34110280 | &nbsp;&nbsp;&nbsp;(10835535) | &nbsp;&nbsp;&nbsp;&nbsp;23274745 | &nbsp;&nbsp;&nbsp;290440128 |
| SA Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;71932776 | &nbsp;&nbsp;&nbsp;(13534959) | &nbsp;&nbsp;&nbsp;&nbsp;58397817 | &nbsp;&nbsp;&nbsp;493329978 |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7796455 | &nbsp;&nbsp;&nbsp;(36424042) | &nbsp;&nbsp;&nbsp;&nbsp;(28627587) | &nbsp;&nbsp;&nbsp;574070752 |
| SA Columbia Focused Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;76693295 | &nbsp;&nbsp;&nbsp;(13814818) | &nbsp;&nbsp;&nbsp;&nbsp;62878477 | &nbsp;&nbsp;&nbsp;235611110 |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;52715877 | &nbsp;&nbsp;&nbsp;&nbsp;(4630005) | &nbsp;&nbsp;&nbsp;&nbsp;48085872 | &nbsp;&nbsp;&nbsp;165899120 |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9220097 | &nbsp;&nbsp;&nbsp;(44358933) | &nbsp;&nbsp;&nbsp;&nbsp;(35138836) | &nbsp;&nbsp;&nbsp;884144343 |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;84942948 | &nbsp;&nbsp;&nbsp;(10977944) | &nbsp;&nbsp;&nbsp;&nbsp;73965004 | &nbsp;&nbsp;&nbsp;214516349 |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;127863167 | &nbsp;&nbsp;&nbsp;&nbsp;(6242345) | &nbsp;&nbsp;&nbsp;121620822 | &nbsp;&nbsp;&nbsp;207760319 |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;53502665 | &nbsp;&nbsp;&nbsp;(19294890) | &nbsp;&nbsp;&nbsp;&nbsp;34207775 | &nbsp;&nbsp;&nbsp;290979865 |
| SA Multi-Managed Mid Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;38395440 | &nbsp;&nbsp;&nbsp;&nbsp;(7195818) | &nbsp;&nbsp;&nbsp;&nbsp;31199622 | &nbsp;&nbsp;&nbsp;145000818 |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;43264139 | &nbsp;&nbsp;&nbsp;(11268289) | &nbsp;&nbsp;&nbsp;&nbsp;31995850 | &nbsp;&nbsp;&nbsp;169339215 |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;&nbsp;&nbsp;31558247 | &nbsp;&nbsp;&nbsp;(11604652) | &nbsp;&nbsp;&nbsp;&nbsp;19953595 | &nbsp;&nbsp;&nbsp;116250701 |

---

#### Note 5 — Investment Advisory and Management Agreement, and Service Plan (12b-1 Plan)
&nbsp;&nbsp;&nbsp;&nbsp;SAAMCo serves as investment adviser to the Trust and employs investment subadvisers that make investment decisions for all or portions of certain of the Portfolios. The Portfolios pay SAAMCo a monthly fee, calculated daily based on net assets at the annual rates set forth in the table below. SAAMCo has contractually (unless otherwise indicated) agreed to waive a portion of its advisory fee for certain Portfolios. The subadvisers are compensated for their services by SAAMCo.

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Subadviser** | &nbsp;&nbsp;**Advisory Fee** | &nbsp;&nbsp;**Advisory Fee after Waiver** |
| SA Allocation Aggressive |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.09% |
| SA Allocation Balanced |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.09% |
| SA Allocation Moderate |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.09% |
| SA Allocation Moderately Aggressive |  | &nbsp;&nbsp;0.10% | &nbsp;&nbsp;0.09% |
| SA American Century Inflation Managed | &nbsp;&nbsp;American Century Invesment Management, Inc. | &nbsp;&nbsp;0.60% on the first $500 million<br> 0.55% over $500 million | &nbsp;&nbsp;0.54% on the first $500 million<br> 0.49% over $500 million \*<br>\* Voluntary Waiver |
| SA Columbia Focused Value | &nbsp;&nbsp;Columbia Management Investment Advisers, LLC | &nbsp;&nbsp;1.00% on the first $250 million<br> 0.95% on the next $250 million<br> 0.90% over $500 million | &nbsp;&nbsp;0.67% |
| SA Franklin Allocation Moderately Aggressive | &nbsp;&nbsp;Putnam Investment Management, LLC | &nbsp;&nbsp;0.85% on the first $250 million<br> 0.80% on the next $250 million<br> 0.75% over $500 million | &nbsp;&nbsp;0.67% on the first $250 million<br> 0.62% on the next $750 million<br> 0.55% over $1 billion |
| SA Multi-Managed Diversified Fixed Income | &nbsp;&nbsp;PineBridge Investments LLC<br> Wellington Management Company LLP | &nbsp;&nbsp;0.70% on the first $200 million<br> 0.65% on the next $200 million<br> 0.60% over $400 million | &nbsp;&nbsp;No fee waiver |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Subadviser** | &nbsp;&nbsp;**Advisory Fee** | &nbsp;&nbsp;**Advisory Fee after Waiver** |
| SA Multi-Managed International Equity | &nbsp;&nbsp;BlackRock Investment Management, LLC<br> Schroder Investment Management North America Inc.<br> T. Rowe Price Associates, Inc. | &nbsp;&nbsp;0.95% on the first $250 million<br> 0.90% on the next $250 million<br> 0.85% over $500 million | &nbsp;&nbsp;0.91% on the first $250 million<br> 0.86% on the next $250 million<br> 0.81% over $500 million |
| SA Multi-Managed Large Cap Growth | &nbsp;&nbsp;BlackRock Investment Management, LLC<br> Goldman Sachs Asset Management, L.P.<br> Morgan Stanley Investment Management Inc. | &nbsp;&nbsp;0.80% on the first $250 million<br> 0.75% on the next $250 million<br> 0.70% over $500 million | &nbsp;&nbsp;0.73% on the first $250 million<br> 0.67% on the next $250 million<br> 0.58% over $500 million |
| SA Multi-Managed Large Cap Value | &nbsp;&nbsp;American Century Invesment Management, Inc.<br> BlackRock Investment Management, LLC<br> Wellington Management Company LLP | &nbsp;&nbsp;0.80% on the first $250 million<br> 0.75% on the next $250 million<br> 0.70% over $500 million | &nbsp;&nbsp;No fee waiver |
| SA Multi-Managed Mid Cap Growth | &nbsp;&nbsp;BlackRock Investment Management, LLC<br> T. Rowe Price Associates, Inc.<br> Wellington Management Company LLP | &nbsp;&nbsp;0.85% on the first $250 million<br> 0.80% on the next $250 million<br> 0.75% over $500 million | &nbsp;&nbsp;No fee waiver |
| SA Multi-Managed Mid Cap Value | &nbsp;&nbsp;BlackRock Investment Management, LLC<br> Massachusetts Financial Services Company<br> T. Rowe Price Associates, Inc. | &nbsp;&nbsp;0.85% on the first $250 million<br> 0.80% on the next $250 million<br> 0.75% over $500 million | &nbsp;&nbsp;No fee waiver |
| SA Multi-Managed Small Cap | &nbsp;&nbsp;BlackRock Investment Management, LLC<br> J.P. Morgan Investment Management, Inc.<br> Schroder Investment Management North America Inc. | &nbsp;&nbsp;0.85% on the first $250 million<br> 0.80% on the next $250 million<br> 0.75% over $500 million | &nbsp;&nbsp;No fee waiver |

---

&nbsp;&nbsp;&nbsp;&nbsp;For the six months ended September 30, 2025, advisory fees waived were as follows:

---

| | |
|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Amount** |
| SA Allocation Aggressive<br>| &nbsp;&nbsp;$25566 |
| SA Allocation Balanced<br>| &nbsp;&nbsp;&nbsp;&nbsp;12689 |
| SA Allocation Moderate<br>| &nbsp;&nbsp;&nbsp;&nbsp;14917 |
| SA Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;26284 |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;&nbsp;161879 |
| SA Columbia Focused Value<br>| &nbsp;&nbsp;&nbsp;458579 |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;186431 |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;56317 |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;108065 |

---

&nbsp;&nbsp;&nbsp;&nbsp;The Trust has entered into a Master Transfer Agency and Service Agreement with VALIC Retirement Services Company ("VRSCO"), a majority-owned subsidiary of Variable Annuity Life Insurance Company ("VALIC"), which is an affiliate of the Adviser. Under the agreement, VRSCO provides services, which include the issuance and redemption of shares, payment of dividends between the Trust and their "institutional" shareholders and certain shareholder reporting services including confirmation of transactions and tax reporting. The Trust, and certain other mutual funds advised by SAAMCo pay VRSCO, on an annual basis, a fee in the aggregate amount of $150,000 for transfer agency services provided pursuant to the agreement. Accordingly, for the six months ended September 30, 2025, transfer agent fees were paid (see Statement of Operations) based on the aforementioned agreement. Effective October 1, 2025, the Master Transfer Agency Agreement with VRSCO and the Trust, and certain other mutual funds advised by SAAMCo was updated and the Trust and certain other mutual funds advised by SAAMCo will pay VRSCO, on an annual basis, a fee in the aggregate amount of $1,000,000 for transfer agency services provided pursuant to the agreement.

&nbsp;&nbsp;&nbsp;&nbsp;Class 2 and Class 3 shares of each Portfolio are subject to Rule 12b-1 plans that provide for service fees payable at the annual rate of 0.15% and 0.25%, respectively, of the average daily net assets of Class 2 and Class 3 shares. The service fees will be used to compensate the Life Companies for expenditures made to financial intermediaries for providing services to contract holders who are the indirect beneficial owners of the Portfolios' Class 2 and Class 3 shares. Accordingly, for the six months ended September 30, 2025, service fees were paid (see Statement of Operations) based on the aforementioned rates.

#### Note 6 — Purchases and Sales of Investment Securities
&nbsp;&nbsp;&nbsp;&nbsp;The cost of purchases and proceeds from sales and maturities of long—term investments during the six months ended September 30, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Purchases of<br> Investment<br> Securities<br> (excluding U.S.<br> Government<br> Securities)** | &nbsp;&nbsp;**Sales of<br> Investment<br> Securities<br> (excluding U.S.<br> Government<br> Securities)** | &nbsp;&nbsp;**Purchase of U.S.<br> Government<br> Securities** | &nbsp;&nbsp;**Sales of U.S.<br> Government<br> Securities** |
| SA Allocation Aggressive<br>| &nbsp;&nbsp;$51530970 | &nbsp;&nbsp;$44309222 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| SA Allocation Balanced<br>| &nbsp;&nbsp;&nbsp;&nbsp;35105567 | &nbsp;&nbsp;&nbsp;&nbsp;22747333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Allocation Moderate<br>| &nbsp;&nbsp;&nbsp;&nbsp;46583059 | &nbsp;&nbsp;&nbsp;&nbsp;27200824 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Purchases of<br> Investment<br> Securities<br> (excluding U.S.<br> Government<br> Securities)** | &nbsp;&nbsp;**Sales of<br> Investment<br> Securities<br> (excluding U.S.<br> Government<br> Securities)** | &nbsp;&nbsp;**Purchase of U.S.<br> Government<br> Securities** | &nbsp;&nbsp;**Sales of U.S.<br> Government<br> Securities** |
| SA Allocation Moderately Aggressive<br>| &nbsp;&nbsp;$70009078 | &nbsp;&nbsp;$47685406 | &nbsp;&nbsp;$— | &nbsp;&nbsp;$— |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;&nbsp;130855356 | &nbsp;&nbsp;&nbsp;&nbsp;40431597 | &nbsp;&nbsp;&nbsp;&nbsp;64923683 | &nbsp;&nbsp;&nbsp;155435085 |
| SA Columbia Focused Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;62158391 | &nbsp;&nbsp;&nbsp;&nbsp;62084813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;&nbsp;&nbsp;50799320 | &nbsp;&nbsp;&nbsp;&nbsp;62586728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;408954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802075 |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;168711918 | &nbsp;&nbsp;&nbsp;124116562 | &nbsp;&nbsp;&nbsp;113901247 | &nbsp;&nbsp;&nbsp;&nbsp;87650391 |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;&nbsp;&nbsp;65229942 | &nbsp;&nbsp;&nbsp;&nbsp;56166858 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;64015790 | &nbsp;&nbsp;&nbsp;&nbsp;60721207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;58287436 | &nbsp;&nbsp;&nbsp;&nbsp;58491677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Mid Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;93573740 | &nbsp;&nbsp;&nbsp;&nbsp;97119076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;53326425 | &nbsp;&nbsp;&nbsp;&nbsp;44740005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;&nbsp;&nbsp;50771270 | &nbsp;&nbsp;&nbsp;&nbsp;55078971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

#### Note 7 — Capital Share Transactions
&nbsp;&nbsp;&nbsp;&nbsp;Transactions in capital shares of each class of each Portfolio were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | &nbsp;&nbsp;**SA Allocation Balanced Portfolio** | &nbsp;&nbsp;**SA Allocation Balanced Portfolio** | &nbsp;&nbsp;**SA Allocation Balanced Portfolio** | &nbsp;&nbsp;**SA Allocation Balanced Portfolio** |
|  | **Six Months Ended 9/30/25<br> (unaudited)** | **Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;101106 | &nbsp;&nbsp;$1646529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;144 | &nbsp;&nbsp;$2155 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130096 | &nbsp;&nbsp;$1287780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34 | &nbsp;&nbsp;$322 |
| &nbsp;&nbsp;&nbsp;Shares issued in merger<br>| &nbsp;&nbsp;1439815 | &nbsp;&nbsp;&nbsp;&nbsp;21555034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;1795146 | &nbsp;&nbsp;&nbsp;&nbsp;16910097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;826 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;(151536) | &nbsp;&nbsp;&nbsp;&nbsp;(2488987) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5424) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83177) | &nbsp;&nbsp;&nbsp;&nbsp;(255865) | &nbsp;&nbsp;&nbsp;&nbsp;(2529797) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(512) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;1389385 | &nbsp;&nbsp;$20712576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2945) | &nbsp;&nbsp;$(44064) | &nbsp;&nbsp;&nbsp;1669377 | &nbsp;&nbsp;$15668080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65 | &nbsp;&nbsp;$636 |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;590236 | &nbsp;&nbsp;$9057245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1453622 | &nbsp;&nbsp;$21993320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600621 | &nbsp;&nbsp;$5925949 | &nbsp;&nbsp;&nbsp;&nbsp;1462048 | &nbsp;&nbsp;$13842810 |
| &nbsp;&nbsp;&nbsp;Shares issued in merger<br>| &nbsp;&nbsp;&nbsp;&nbsp;893796 | &nbsp;&nbsp;&nbsp;&nbsp;13274210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;932220 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8785335 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;914635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14378063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;449007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4355371 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (2187045) | &nbsp;&nbsp;&nbsp;(34963153) | &nbsp;&nbsp;&nbsp;&nbsp;(2857198) | &nbsp;&nbsp;&nbsp;&nbsp;(43337423) | &nbsp;&nbsp;(1801772) | &nbsp;&nbsp;&nbsp;&nbsp;(17599846) | &nbsp;&nbsp;&nbsp;(4079840) | &nbsp;&nbsp;&nbsp;&nbsp;(38557779) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;(703013) | &nbsp;&nbsp;$(12631698) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(488941) | &nbsp;&nbsp;$(6966040) | &nbsp;&nbsp;&nbsp;&nbsp;(268931) | &nbsp;&nbsp;$(2888562) | &nbsp;&nbsp;&nbsp;(2168785) | &nbsp;&nbsp;$(20359598) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;&nbsp;686372 | &nbsp;&nbsp;$8080878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(491886) | &nbsp;&nbsp;$(7010104) | &nbsp;&nbsp;&nbsp;1400446 | &nbsp;&nbsp;$12779518 | &nbsp;&nbsp;&nbsp;(2168720) | &nbsp;&nbsp;$(20358962) |
|  | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | &nbsp;&nbsp;**SA Allocation Moderately Aggressive Portfolio** | &nbsp;&nbsp;**SA Allocation Moderately Aggressive Portfolio** | &nbsp;&nbsp;**SA Allocation Moderately Aggressive Portfolio** | &nbsp;&nbsp;**SA Allocation Moderately Aggressive Portfolio** |
|  | **Six Months Ended 9/30/25<br> (unaudited)** | **Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;169288 | &nbsp;&nbsp;$1801990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45 | &nbsp;&nbsp;$458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221978 | &nbsp;&nbsp;$2413045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;130 | &nbsp;&nbsp;$1313 |
| &nbsp;&nbsp;&nbsp;Shares issued in merger<br>| &nbsp;&nbsp;2265963 | &nbsp;&nbsp;&nbsp;&nbsp;22661899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;3103231 | &nbsp;&nbsp;&nbsp;&nbsp;31461491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;958 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10159 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;(226309) | &nbsp;&nbsp;&nbsp;&nbsp;(2405922) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(271) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2742) | &nbsp;&nbsp;&nbsp;&nbsp;(303209) | &nbsp;&nbsp;&nbsp;&nbsp;(3252576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(902) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9278) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;2208942 | &nbsp;&nbsp;$22057967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;181 | &nbsp;&nbsp;$1961 | &nbsp;&nbsp;&nbsp;3022000 | &nbsp;&nbsp;$30621960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186 | &nbsp;&nbsp;$2194 |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;335002 | &nbsp;&nbsp;$3547609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1023876 | &nbsp;&nbsp;$10140532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;690257 | &nbsp;&nbsp;$7364181 | &nbsp;&nbsp;&nbsp;&nbsp;1355920 | &nbsp;&nbsp;$13980391 |
| &nbsp;&nbsp;&nbsp;Shares issued in merger<br>| &nbsp;&nbsp;1238005 | &nbsp;&nbsp;&nbsp;&nbsp;12329289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2134870 | &nbsp;&nbsp;&nbsp;&nbsp;21555358 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6996441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1438096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15200677 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (1726614) | &nbsp;&nbsp;&nbsp;(18065003) | &nbsp;&nbsp;&nbsp;&nbsp;(4382089) | &nbsp;&nbsp;&nbsp;&nbsp;(44226295) | &nbsp;&nbsp;(3391151) | &nbsp;&nbsp;&nbsp;&nbsp;(36352790) | &nbsp;&nbsp;&nbsp;(6402790) | &nbsp;&nbsp;&nbsp;&nbsp;(65782014) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;(153607) | &nbsp;&nbsp;$(2188105) | &nbsp;&nbsp;&nbsp;&nbsp;(2684831) | &nbsp;&nbsp;$(27089322) | &nbsp;&nbsp;&nbsp;&nbsp;(566024) | &nbsp;&nbsp;$(7433251) | &nbsp;&nbsp;&nbsp;(3608774) | &nbsp;&nbsp;$(36600946) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;2055335 | &nbsp;&nbsp;$19869862 | &nbsp;&nbsp;&nbsp;&nbsp;(2684650) | &nbsp;&nbsp;$(27087361) | &nbsp;&nbsp;&nbsp;2455976 | &nbsp;&nbsp;$23188709 | &nbsp;&nbsp;&nbsp;(3608588) | &nbsp;&nbsp;$(36598752) |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | **SA American Century Inflation Managed Portfolio** | &nbsp;&nbsp;**SA Columbia Focused Value Portfolio** | &nbsp;&nbsp;**SA Columbia Focused Value Portfolio** | &nbsp;&nbsp;**SA Columbia Focused Value Portfolio** | &nbsp;&nbsp;**SA Columbia Focused Value Portfolio** |
|  | **Six Months Ended 9/30/25<br> (unaudited)** | **Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;2660230 | &nbsp;&nbsp;$23386911 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3230038 | &nbsp;&nbsp;$27426949 | &nbsp;&nbsp;&nbsp;1334005 | &nbsp;&nbsp;$24738509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53982 | &nbsp;&nbsp;$1101191 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;794568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6873011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;1684825 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33224742 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (1898727) | &nbsp;&nbsp;&nbsp;(16818557) | &nbsp;&nbsp;&nbsp;&nbsp;(4155196) | &nbsp;&nbsp;&nbsp;&nbsp;(36427685) | &nbsp;&nbsp;(1085248) | &nbsp;&nbsp;&nbsp;&nbsp;(21812780) | &nbsp;&nbsp;&nbsp;(4265254) | &nbsp;&nbsp;&nbsp;&nbsp;(89059310) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;761503 | &nbsp;&nbsp;$6568354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(130590) | &nbsp;&nbsp;$(2127725) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;248757 | &nbsp;&nbsp;$2925729 | &nbsp;&nbsp;&nbsp;(2526447) | &nbsp;&nbsp;$(54733377) |
| **Class 2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5660 | &nbsp;&nbsp;$99239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15610 | &nbsp;&nbsp;$318006 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1527426 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73471) | &nbsp;&nbsp;&nbsp;&nbsp;(1518000) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(106970) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2185567) |
| &nbsp;&nbsp;&nbsp;Total<br>|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(67811) | &nbsp;&nbsp;$(1418761) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14256) | &nbsp;&nbsp;$(340135) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;2764891 | &nbsp;&nbsp;$24335539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2060617 | &nbsp;&nbsp;$17735931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1364 | &nbsp;&nbsp;$27969 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10925 | &nbsp;&nbsp;$211528 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1438118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12310286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;925450 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (3254868) | &nbsp;&nbsp;&nbsp;(28501338) | &nbsp;&nbsp;&nbsp;&nbsp;(8808802) | &nbsp;&nbsp;&nbsp;&nbsp;(76325358) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(32737) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670921) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(42630) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(863014) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;(489977) | &nbsp;&nbsp;$(4165799) | &nbsp;&nbsp;&nbsp;&nbsp;(5310067) | &nbsp;&nbsp;$(46279141) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(31373) | &nbsp;&nbsp;$(642952) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14941 | &nbsp;&nbsp;$273964 |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;&nbsp;271526 | &nbsp;&nbsp;$2402555 | &nbsp;&nbsp;&nbsp;&nbsp;(5440657) | &nbsp;&nbsp;$(48406866) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149573 | &nbsp;&nbsp;$864016 | &nbsp;&nbsp;&nbsp;(2525762) | &nbsp;&nbsp;$(54799548) |
|  | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | **SA Franklin Allocation Moderately Aggressive Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Diversified Fixed Income Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Diversified Fixed Income Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Diversified Fixed Income Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Diversified Fixed Income Portfolio** |
|  | **Six Months Ended 9/30/25<br> (unaudited)** | **Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1602 | &nbsp;&nbsp;$26012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42207 | &nbsp;&nbsp;$614930 | &nbsp;&nbsp;10781775 | &nbsp;&nbsp;$109308657 | &nbsp;&nbsp;&nbsp;&nbsp;6470922 | &nbsp;&nbsp;$65478350 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;162692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2336275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23502925 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(66967) | &nbsp;&nbsp;&nbsp;&nbsp;(1000450) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174386) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2370729) | &nbsp;&nbsp;(6279310) | &nbsp;&nbsp;&nbsp;&nbsp;(64026738) | &nbsp;&nbsp;(13192933) | &nbsp;&nbsp;&nbsp;(133983991) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(65365) | &nbsp;&nbsp;$(974438) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(121127) | &nbsp;&nbsp;$(1593107) | &nbsp;&nbsp;&nbsp;4502465 | &nbsp;&nbsp;$45281919 | &nbsp;&nbsp;&nbsp;(4385736) | &nbsp;&nbsp;$(45002716) |
| **Class 2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8363 | &nbsp;&nbsp;$130402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137109 | &nbsp;&nbsp;$1982651 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42822 | &nbsp;&nbsp;$444667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57997 | &nbsp;&nbsp;$590041 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;479448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434729 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;(231890) | &nbsp;&nbsp;&nbsp;&nbsp;(3506318) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(559070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7761400) | &nbsp;&nbsp;&nbsp;&nbsp;(120856) | &nbsp;&nbsp;&nbsp;&nbsp;(1235402) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(215125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2195686) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;(223527) | &nbsp;&nbsp;$(3375916) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(389434) | &nbsp;&nbsp;$(5299301) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(78034) | &nbsp;&nbsp;$(790735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(113957) | &nbsp;&nbsp;$(1170916) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;244586 | &nbsp;&nbsp;$3521016 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;852542 | &nbsp;&nbsp;$11875264 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22101 | &nbsp;&nbsp;$225642 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16648 | &nbsp;&nbsp;$165430 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2123334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201242 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (1174396) | &nbsp;&nbsp;&nbsp;(17733752) | &nbsp;&nbsp;&nbsp;&nbsp;(1895089) | &nbsp;&nbsp;&nbsp;&nbsp;(26500458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(74471) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(757109) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(117719) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1184356) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;(929810) | &nbsp;&nbsp;$(14212736) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(897511) | &nbsp;&nbsp;$(12501860) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(52370) | &nbsp;&nbsp;$(531467) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81007) | &nbsp;&nbsp;$(817684) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| (1218702) | &nbsp;&nbsp;$(18563090) | &nbsp;&nbsp;&nbsp;&nbsp;(1408072) | &nbsp;&nbsp;$(19394268) | &nbsp;&nbsp;&nbsp;4372061 | &nbsp;&nbsp;$43959717 | &nbsp;&nbsp;&nbsp;(4580700) | &nbsp;&nbsp;$(46991316) |
|  | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Large Cap Growth Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Large Cap Growth Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Large Cap Growth Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Large Cap Growth Portfolio** |
|  | **Six Months Ended 9/30/25<br> (unaudited)** | **Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;2969525 | &nbsp;&nbsp;$27568162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213759 | &nbsp;&nbsp;$1953772 | &nbsp;&nbsp;&nbsp;2433802 | &nbsp;&nbsp;$32223893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85854 | &nbsp;&nbsp;$1132427 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1317142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11590849 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;2152662 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31105965 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (2078705) | &nbsp;&nbsp;&nbsp;(20315260) | &nbsp;&nbsp;&nbsp;&nbsp;(7233623) | &nbsp;&nbsp;&nbsp;&nbsp;(66348889) | &nbsp;&nbsp;(1592566) | &nbsp;&nbsp;&nbsp;&nbsp;(22993200) | &nbsp;&nbsp;(10729986) | &nbsp;&nbsp;&nbsp;(147060613) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;890820 | &nbsp;&nbsp;$7252902 | &nbsp;&nbsp;&nbsp;&nbsp;(5702722) | &nbsp;&nbsp;$(52804268) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841236 | &nbsp;&nbsp;$9230693 | &nbsp;&nbsp;&nbsp;(8491470) | &nbsp;&nbsp;$(114822221) |
| **Class 2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;790 | &nbsp;&nbsp;$8053 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66857 | &nbsp;&nbsp;$583205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1677 | &nbsp;&nbsp;$22737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16688 | &nbsp;&nbsp;$207409 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66069 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;584048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;274950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3728324 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;(209424) | &nbsp;&nbsp;&nbsp;&nbsp;(2076422) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(286592) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2651722) | &nbsp;&nbsp;&nbsp;&nbsp;(271758) | &nbsp;&nbsp;&nbsp;&nbsp;(3639125) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(358541) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4602897) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;(208634) | &nbsp;&nbsp;$(2068369) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(153666) | &nbsp;&nbsp;$(1484469) | &nbsp;&nbsp;&nbsp;&nbsp;(270081) | &nbsp;&nbsp;$(3616388) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66903) | &nbsp;&nbsp;$(667164) |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | **SA Multi-Managed International Equity Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Large Cap Growth Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Large Cap Growth Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Large Cap Growth Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Large Cap Growth Portfolio** |
|  | **Six Months Ended 9/30/25<br> (unaudited)** | **Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6452 | &nbsp;&nbsp;$66246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61564 | &nbsp;&nbsp;$524454 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2498 | &nbsp;&nbsp;$35176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25589 | &nbsp;&nbsp;$316119 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420620 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;167269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2194575 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(69077) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(670704) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(179602) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1617741) | &nbsp;&nbsp;&nbsp;&nbsp;(112129) | &nbsp;&nbsp;&nbsp;&nbsp;(1544758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(210205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2625980) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(62625) | &nbsp;&nbsp;$(604458) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(70295) | &nbsp;&nbsp;$(672667) | &nbsp;&nbsp;&nbsp;&nbsp;(109631) | &nbsp;&nbsp;$(1509582) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17347) | &nbsp;&nbsp;$(115286) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;&nbsp;619561 | &nbsp;&nbsp;$4580075 | &nbsp;&nbsp;&nbsp;&nbsp;(5926683) | &nbsp;&nbsp;$(54961404) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;461524 | &nbsp;&nbsp;$4104723 | &nbsp;&nbsp;&nbsp;(8575720) | &nbsp;&nbsp;$(115604671) |
|  | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | **SA Multi-Managed Large Cap Value Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Mid Cap Growth Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Mid Cap Growth Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Mid Cap Growth Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Mid Cap Growth Portfolio** |
|  | **Six Months Ended 9/30/25<br> (unaudited)** | **Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;2232516 | &nbsp;&nbsp;$26095955 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119112 | &nbsp;&nbsp;$1563924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;732284 | &nbsp;&nbsp;$10482790 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;323250 | &nbsp;&nbsp;$4639947 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4137810 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52219164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| (1881663) | &nbsp;&nbsp;&nbsp;(23299620) | &nbsp;&nbsp;&nbsp;&nbsp;(17452687) | &nbsp;&nbsp;&nbsp;(237681000) | &nbsp;&nbsp;&nbsp;&nbsp;(655400) | &nbsp;&nbsp;&nbsp;&nbsp;(10335073) | &nbsp;&nbsp;&nbsp;(1789314) | &nbsp;&nbsp;&nbsp;&nbsp;(25522614) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;350853 | &nbsp;&nbsp;$2796335 | &nbsp;&nbsp;&nbsp;&nbsp;(13195765) | &nbsp;&nbsp;$(183897912) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;76884 | &nbsp;&nbsp;$147717 | &nbsp;&nbsp;&nbsp;(1466064) | &nbsp;&nbsp;$(20882667) |
| **Class 2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8721 | &nbsp;&nbsp;$108184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10198 | &nbsp;&nbsp;$124252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3534 | &nbsp;&nbsp;$50606 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20058 | &nbsp;&nbsp;$231399 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;260296 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3279735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;(218682) | &nbsp;&nbsp;&nbsp;&nbsp;(2740375) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(174738) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2369087) | &nbsp;&nbsp;&nbsp;&nbsp;(164672) | &nbsp;&nbsp;&nbsp;&nbsp;(2297204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(209889) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2589765) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;(209961) | &nbsp;&nbsp;$(2632191) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;95756 | &nbsp;&nbsp;$1034900 | &nbsp;&nbsp;&nbsp;&nbsp;(161138) | &nbsp;&nbsp;$(2246598) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(189831) | &nbsp;&nbsp;$(2358366) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13116 | &nbsp;&nbsp;$163753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24643 | &nbsp;&nbsp;$312648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10777 | &nbsp;&nbsp;$141151 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11639 | &nbsp;&nbsp;$129950 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1484995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(90419) | &nbsp;&nbsp;&nbsp;&nbsp;(1115308) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(101181) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1347844) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(99800) | &nbsp;&nbsp;&nbsp;&nbsp;(1239195) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(160934) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1888618) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(77303) | &nbsp;&nbsp;$(951555) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41132 | &nbsp;&nbsp;$449799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89023) | &nbsp;&nbsp;$(1098044) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(149295) | &nbsp;&nbsp;$(1758668) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63589 | &nbsp;&nbsp;$(787411) | &nbsp;&nbsp;&nbsp;&nbsp;(13058877) | &nbsp;&nbsp;$(182413213) | &nbsp;&nbsp;&nbsp;&nbsp;(173277) | &nbsp;&nbsp;$(3196925) | &nbsp;&nbsp;&nbsp;(1805190) | &nbsp;&nbsp;$(24999701) |
|  | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | **SA Multi-Managed Mid Cap Value Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Small Cap Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Small Cap Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Small Cap Portfolio** | &nbsp;&nbsp;**SA Multi-Managed Small Cap Portfolio** |
|  | **Six Months Ended 9/30/25<br> (unaudited)** | **Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp;**Six Months Ended 9/30/25<br> (unaudited)** | &nbsp;&nbsp;**Year Ended 3/31/25** | &nbsp;&nbsp;**Year Ended 3/31/25** |
|  | **Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** | &nbsp;&nbsp;**Shares** | &nbsp;&nbsp;**Amount** |
| **Class 1** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;1236061 | &nbsp;&nbsp;$19231077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36513 | &nbsp;&nbsp;$624998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;939202 | &nbsp;&nbsp;$9490673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51246 | &nbsp;&nbsp;$567220 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13071400 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;243937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2995545 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;(713345) | &nbsp;&nbsp;&nbsp;(11961494) | &nbsp;&nbsp;&nbsp;&nbsp;(1911098) | &nbsp;&nbsp;&nbsp;&nbsp;(33894722) | &nbsp;&nbsp;(1135767) | &nbsp;&nbsp;&nbsp;&nbsp;(12075225) | &nbsp;&nbsp;&nbsp;(3204436) | &nbsp;&nbsp;&nbsp;&nbsp;(37265640) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;522716 | &nbsp;&nbsp;$7269583 | &nbsp;&nbsp;&nbsp;&nbsp;(1143522) | &nbsp;&nbsp;$(20198324) | &nbsp;&nbsp;&nbsp;&nbsp;(196565) | &nbsp;&nbsp;$(2584552) | &nbsp;&nbsp;&nbsp;(2909253) | &nbsp;&nbsp;$(33702875) |
| **Class 2** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6937 | &nbsp;&nbsp;$116284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12838 | &nbsp;&nbsp;$217462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11460 | &nbsp;&nbsp;$119921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44644 | &nbsp;&nbsp;$479326 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1485316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283913 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;(124701) | &nbsp;&nbsp;&nbsp;&nbsp;(2111758) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(144496) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2522982) | &nbsp;&nbsp;&nbsp;&nbsp;(128008) | &nbsp;&nbsp;&nbsp;&nbsp;(1357955) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(141966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1526730) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;(117764) | &nbsp;&nbsp;$(1995474) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48260) | &nbsp;&nbsp;$(820204) | &nbsp;&nbsp;&nbsp;&nbsp;(116548) | &nbsp;&nbsp;$(1238034) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(73014) | &nbsp;&nbsp;$(763491) |
| **Class 3** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11539 | &nbsp;&nbsp;$193048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15755 | &nbsp;&nbsp;$267857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21309 | &nbsp;&nbsp;$215772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37268 | &nbsp;&nbsp;$376928 |
| &nbsp;&nbsp;&nbsp;Reinvested dividends<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;806912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191582 |
| &nbsp;&nbsp;&nbsp;Shares redeemed<br>| &nbsp;&nbsp;&nbsp;&nbsp;(58377) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(969093) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81204) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1405499) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(66419) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(680842) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(100610) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1051812) |
| &nbsp;&nbsp;&nbsp;Total<br>| &nbsp;&nbsp;&nbsp;&nbsp;(46838) | &nbsp;&nbsp;$(776045) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20066) | &nbsp;&nbsp;$(330730) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45110) | &nbsp;&nbsp;$(465070) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(46388) | &nbsp;&nbsp;$(483302) |
| &nbsp;&nbsp;&nbsp;Net increase (decrease)<br>| &nbsp;&nbsp;&nbsp;&nbsp;358114 | &nbsp;&nbsp;$4498064 | &nbsp;&nbsp;&nbsp;&nbsp;(1211848) | &nbsp;&nbsp;$(21349258) | &nbsp;&nbsp;&nbsp;&nbsp;(358223) | &nbsp;&nbsp;$(4287656) | &nbsp;&nbsp;&nbsp;(3028655) | &nbsp;&nbsp;$(34949668) |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

#### Note 8 — Transactions with Affiliates
&nbsp;&nbsp;&nbsp;&nbsp;Transactions in shares of Underlying Portfolios and affiliated companies for the six months ended September 30, 2025 are shown in the tables below.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** | **SA Allocation Aggressive Portfolio** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> March 31,<br> 2025** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> from Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> September 30,<br> 2025** |
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $— | $— | $4250854 | $394449 | $325841 | $(33479) | $149305 | $4435288 |
| SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8879148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;788898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(22905) | &nbsp;&nbsp;&nbsp;&nbsp;1396323 | &nbsp;&nbsp;&nbsp;&nbsp;10389779 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18202054 | &nbsp;&nbsp;&nbsp;&nbsp;1806162 | &nbsp;&nbsp;&nbsp;&nbsp;1489922 | &nbsp;&nbsp;&nbsp;&nbsp;(317437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;971748 | &nbsp;&nbsp;&nbsp;&nbsp;19172605 |
| SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25091165 | &nbsp;&nbsp;&nbsp;&nbsp;2642133 | &nbsp;&nbsp;&nbsp;&nbsp;1852158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;145809 | &nbsp;&nbsp;&nbsp;&nbsp;3972392 | &nbsp;&nbsp;&nbsp;&nbsp;29999341 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11167645 | &nbsp;&nbsp;&nbsp;&nbsp;1130995 | &nbsp;&nbsp;&nbsp;&nbsp;2883062 | &nbsp;&nbsp;&nbsp;&nbsp;(543815) | &nbsp;&nbsp;&nbsp;&nbsp;3739431 | &nbsp;&nbsp;&nbsp;&nbsp;12611194 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9732720 | &nbsp;&nbsp;&nbsp;&nbsp;1026180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;703134 | &nbsp;&nbsp;&nbsp;&nbsp;(133108) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;973971 | &nbsp;&nbsp;&nbsp;&nbsp;10896629 |
| SA Multi-Managed Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4288255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;325843 | &nbsp;&nbsp;&nbsp;&nbsp;(190084) | &nbsp;&nbsp;&nbsp;&nbsp;1128879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5295656 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4341471 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;352928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;291544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(54110) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;474473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4823218 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4577423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450850 | &nbsp;&nbsp;&nbsp;&nbsp;1116885 | &nbsp;&nbsp;&nbsp;&nbsp;(483843) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4427464 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;2119373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5864446 | &nbsp;&nbsp;&nbsp;&nbsp;2353166 | &nbsp;&nbsp;&nbsp;6141836(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(48366) | &nbsp;&nbsp;&nbsp;(2027410) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18033470 | &nbsp;&nbsp;&nbsp;&nbsp;2121648 | &nbsp;&nbsp;&nbsp;&nbsp;1481527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135329 | &nbsp;&nbsp;&nbsp;&nbsp;4325443 | &nbsp;&nbsp;&nbsp;&nbsp;23134363 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1974408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154348 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(83156) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2181524 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4079498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373688 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;308692 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;91009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5147902 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10016897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;934222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;771732 | &nbsp;&nbsp;&nbsp;&nbsp;(138281) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566951 | &nbsp;&nbsp;&nbsp;&nbsp;10608057 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15603381 | &nbsp;&nbsp;&nbsp;&nbsp;3002714 | &nbsp;&nbsp;&nbsp;&nbsp;1269837 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;292322 | &nbsp;&nbsp;&nbsp;&nbsp;2474911 | &nbsp;&nbsp;&nbsp;&nbsp;20103491 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7102490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664338 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;548788 | &nbsp;&nbsp;&nbsp;&nbsp;(123139) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7242635 |
| SA Fixed Income Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9453404 | &nbsp;&nbsp;&nbsp;&nbsp;1058785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;874630 | &nbsp;&nbsp;&nbsp;&nbsp;(127595) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9925496 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3103927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;311408 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12777) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107840 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3253154 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17200547 | &nbsp;&nbsp;&nbsp;&nbsp;1945515 | &nbsp;&nbsp;&nbsp;&nbsp;1251922 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211989 | &nbsp;&nbsp;&nbsp;&nbsp;1475631 | &nbsp;&nbsp;&nbsp;&nbsp;19581760 |
| SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2451032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;222484 | &nbsp;&nbsp;&nbsp;&nbsp;1728239 | &nbsp;&nbsp;&nbsp;&nbsp;(126320) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;165653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;984610 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7709893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;600236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217513 | &nbsp;&nbsp;&nbsp;&nbsp;1417097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9470884 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13961664 | &nbsp;&nbsp;&nbsp;&nbsp;1605628 | &nbsp;&nbsp;&nbsp;&nbsp;1028977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101427 | &nbsp;&nbsp;&nbsp;&nbsp;1573957 | &nbsp;&nbsp;&nbsp;&nbsp;16213699 |
| SA Goldman Sachs Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11789429 | &nbsp;&nbsp;&nbsp;&nbsp;1100306 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;908929 | &nbsp;&nbsp;&nbsp;&nbsp;(225722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;549230 | &nbsp;&nbsp;&nbsp;&nbsp;12304314 |
| SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18717412 | &nbsp;&nbsp;&nbsp;&nbsp;1577797 | &nbsp;&nbsp;&nbsp;&nbsp;1303370 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;441042 | &nbsp;&nbsp;&nbsp;&nbsp;2685042 | &nbsp;&nbsp;&nbsp;&nbsp;22117923 |
| SA Invesco Growth Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4444272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427149 | &nbsp;&nbsp;&nbsp;&nbsp;2269532 | &nbsp;&nbsp;&nbsp;(1619102) | &nbsp;&nbsp;&nbsp;&nbsp;2086875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3069662 |
| SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6593077 | &nbsp;&nbsp;&nbsp;&nbsp;1412106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;624207 | &nbsp;&nbsp;&nbsp;&nbsp;(106978) | &nbsp;&nbsp;&nbsp;&nbsp;2372036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9646034 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5430615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;498252 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56378 | &nbsp;&nbsp;&nbsp;&nbsp;1227992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6801646 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12969583 | &nbsp;&nbsp;&nbsp;&nbsp;1441829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;943229 | &nbsp;&nbsp;&nbsp;&nbsp;(124820) | &nbsp;&nbsp;&nbsp;&nbsp;1362350 | &nbsp;&nbsp;&nbsp;&nbsp;14705713 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12287538 | &nbsp;&nbsp;&nbsp;&nbsp;1017264 | &nbsp;&nbsp;&nbsp;&nbsp;1440331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62685 | &nbsp;&nbsp;&nbsp;&nbsp;2555815 | &nbsp;&nbsp;&nbsp;&nbsp;14482971 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;21398951 | &nbsp;&nbsp;&nbsp;&nbsp;3238330 | &nbsp;&nbsp;&nbsp;&nbsp;1763268 | &nbsp;&nbsp;&nbsp;&nbsp;(283053) | &nbsp;&nbsp;&nbsp;&nbsp;1054341 | &nbsp;&nbsp;&nbsp;&nbsp;23645301 |
| SA JPMorgan Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4998163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;415210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;342993 | &nbsp;&nbsp;&nbsp;&nbsp;(121321) | &nbsp;&nbsp;&nbsp;&nbsp;1319098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6268157 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;937026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;583042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68599 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1482845 |
| SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;22312983 | &nbsp;&nbsp;&nbsp;&nbsp;2034528 | &nbsp;&nbsp;&nbsp;&nbsp;2480663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452924 | &nbsp;&nbsp;&nbsp;&nbsp;6651588 | &nbsp;&nbsp;&nbsp;&nbsp;28971360 |
| SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;35031773 | &nbsp;&nbsp;&nbsp;&nbsp;3238636 | &nbsp;&nbsp;&nbsp;&nbsp;2675339 | &nbsp;&nbsp;&nbsp;&nbsp;1138806 | &nbsp;&nbsp;&nbsp;&nbsp;6210467 | &nbsp;&nbsp;&nbsp;&nbsp;42944343 |
| SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20293850 | &nbsp;&nbsp;&nbsp;&nbsp;2796923 | &nbsp;&nbsp;&nbsp;&nbsp;1509167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;277786 | &nbsp;&nbsp;&nbsp;&nbsp;1760266 | &nbsp;&nbsp;&nbsp;&nbsp;23619658 |
| SA MFS Large Cap Growth, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15585658 | &nbsp;&nbsp;&nbsp;6899051(1) | &nbsp;&nbsp;&nbsp;&nbsp;3064665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;171705 | &nbsp;&nbsp;&nbsp;&nbsp;6169745 | &nbsp;&nbsp;&nbsp;&nbsp;25761494 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5929777 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;519012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428739 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(56021) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;987465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6951494 |
| SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4463135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;240096 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;521198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5094006 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14345230 | &nbsp;&nbsp;&nbsp;&nbsp;1245628 | &nbsp;&nbsp;&nbsp;&nbsp;1028975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;300928 | &nbsp;&nbsp;&nbsp;&nbsp;1530773 | &nbsp;&nbsp;&nbsp;&nbsp;16393584 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1169167 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46966 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1211247 |
| SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5448936 | &nbsp;&nbsp;&nbsp;&nbsp;1463591 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447765 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10515 | &nbsp;&nbsp;&nbsp;&nbsp;1063746 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7539023 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5043383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;477491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;394441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20019) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;388135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5494549 |
| SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9816836 | &nbsp;&nbsp;&nbsp;&nbsp;2415539 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;729241 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135419 | &nbsp;&nbsp;&nbsp;&nbsp;1841315 | &nbsp;&nbsp;&nbsp;&nbsp;13479868 |
| SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3105943 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;328247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434123 | &nbsp;&nbsp;&nbsp;&nbsp;(124170) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;782878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3658775 |
| SA Wellington Capital Appreciation Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9122634 | &nbsp;&nbsp;&nbsp;&nbsp;1836232 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;304918 | &nbsp;&nbsp;&nbsp;&nbsp;2802651 | &nbsp;&nbsp;&nbsp;&nbsp;13236433 |
|  | $— | $2119373 | $458321163 | $59750911 | $50402582 | $(507105) | $71616762 | $538779149 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Includes reinvestment of distributions paid. |
| <sup>(1)</sup> | Includes amounts relating to fund mergers. |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> March 31,<br> 2025** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> from Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> September 30,<br> 2025** |
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $— | $— | $6955291 | $904961 | $546573 | $(63674) | $258265 | $7508270 |
| SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2265835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296452 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(28868) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;389294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2743665 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;30091011 | &nbsp;&nbsp;&nbsp;&nbsp;4681043 | &nbsp;&nbsp;&nbsp;&nbsp;2525391 | &nbsp;&nbsp;&nbsp;&nbsp;(483867) | &nbsp;&nbsp;&nbsp;&nbsp;1602318 | &nbsp;&nbsp;&nbsp;&nbsp;33365114 |
| SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5640499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;414641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906178 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7067144 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2329604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;227753 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(20287) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3431992 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2562693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(45511) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273478 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2920421 |
| SA Multi-Managed Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1018098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140426 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24038) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;250465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1300138 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1126283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;140425 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84813 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12826) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;125649 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1294718 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1234463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;177893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283712 | &nbsp;&nbsp;&nbsp;&nbsp;(121962) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;271476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1278158 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;423382 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1219783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;428213 | &nbsp;&nbsp;&nbsp;1232741(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7679) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(407576) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4024906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;728229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;561848 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(95110) | &nbsp;&nbsp;&nbsp;&nbsp;1112162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5208339 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;903970 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56543 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1865) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;81924 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1021103 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;109219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119036 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;667387 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15395702 | &nbsp;&nbsp;&nbsp;&nbsp;2090773 | &nbsp;&nbsp;&nbsp;&nbsp;1262771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(58668) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;731812 | &nbsp;&nbsp;&nbsp;&nbsp;16896848 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3243355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;693105 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4221312 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2193287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(53261) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2326173 |
| SA Fixed Income Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14269959 | &nbsp;&nbsp;&nbsp;&nbsp;2184390 | &nbsp;&nbsp;&nbsp;&nbsp;1319313 | &nbsp;&nbsp;&nbsp;&nbsp;(164491) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608567 | &nbsp;&nbsp;&nbsp;&nbsp;15579112 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5984263 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25744) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;212198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6492030 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4270325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348676 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4933301 |
| SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16345 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;345223 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2824433 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;312056 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;688473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351635 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2993235 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3138755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;436878 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;263863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24072 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;364106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3699948 |
| SA Goldman Sachs Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18322123 | &nbsp;&nbsp;&nbsp;&nbsp;2574459 | &nbsp;&nbsp;&nbsp;&nbsp;1554905 | &nbsp;&nbsp;&nbsp;&nbsp;(337378) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;853184 | &nbsp;&nbsp;&nbsp;&nbsp;19857483 |
| SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3849329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;499289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;301557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;602074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4699875 |
| SA Invesco Growth Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;888532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134198 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615232 | &nbsp;&nbsp;&nbsp;&nbsp;(221594) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;285420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;471324 |
| SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1930772 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;465551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;201778 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4577) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2854079 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;805794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(17976) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;218982 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1068591 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3978564 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;673286 | &nbsp;&nbsp;&nbsp;&nbsp;(117722) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4112536 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2961669 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;516744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(49526) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;675946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3430209 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;34084778 | &nbsp;&nbsp;&nbsp;&nbsp;6511288 | &nbsp;&nbsp;&nbsp;&nbsp;2845722 | &nbsp;&nbsp;&nbsp;&nbsp;(353594) | &nbsp;&nbsp;&nbsp;&nbsp;1594877 | &nbsp;&nbsp;&nbsp;&nbsp;38991627 |
| SA JPMorgan Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1598481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(62158) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;446417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2044532 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1740439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834042 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9406 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2486976 |
| SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5693444 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811345 | &nbsp;&nbsp;&nbsp;&nbsp;1190031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193708 | &nbsp;&nbsp;&nbsp;&nbsp;1627889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7136355 |
| SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9285732 | &nbsp;&nbsp;&nbsp;&nbsp;1310634 | &nbsp;&nbsp;&nbsp;&nbsp;1191588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;416741 | &nbsp;&nbsp;&nbsp;&nbsp;1562092 | &nbsp;&nbsp;&nbsp;&nbsp;11383611 |
| SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6228842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;811344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490031 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72779 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7188639 |
| SA MFS Large Cap Growth, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3946624 | &nbsp;&nbsp;&nbsp;1327862(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;763088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72312 | &nbsp;&nbsp;&nbsp;&nbsp;1372392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5956102 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2133422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296453 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;179050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25749) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;371231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2596307 |
| SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1425638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154193 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1662873 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3083259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;390070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235592 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;386159 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3635613 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;637104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663767 |
| SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1776898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;113818 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2471262 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7467636 | &nbsp;&nbsp;&nbsp;&nbsp;1029784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(24503) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8432685 |
| SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2645247 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;488712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;458409 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3479894 |
| SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677887 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61070 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;160787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886027 |
| SA Wellington Capital Appreciation Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2324619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;527962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;239474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;696937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3395748 |
|  | $— | $423382 | $229207188 | $36742080 | $23960464 | $(1083734) | $23294676 | $264199746 |

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| | |
|:---|:---|
| <sup>†</sup> | Includes reinvestment of distributions paid. |
| <sup>(1)</sup> | Includes amounts relating to fund mergers. |

---

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> March 31,<br> 2025** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> from Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> September 30,<br> 2025** |
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $— | $— | $5639683 | $858287 | $431878 | $(70705) | $233008 | $6228395 |
| SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3703556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;785196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294462 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2209) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;620299 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4812380 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;25794068 | &nbsp;&nbsp;&nbsp;&nbsp;4401306 | &nbsp;&nbsp;&nbsp;&nbsp;1962554 | &nbsp;&nbsp;&nbsp;(201426) | &nbsp;&nbsp;&nbsp;&nbsp;1181968 | &nbsp;&nbsp;&nbsp;&nbsp;29213362 |
| SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8157724 | &nbsp;&nbsp;&nbsp;&nbsp;1459405 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608556 | &nbsp;&nbsp;&nbsp;&nbsp;74603 | &nbsp;&nbsp;&nbsp;&nbsp;1330048 | &nbsp;&nbsp;&nbsp;&nbsp;10413224 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> March 31,<br> 2025** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> from Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> September 30,<br> 2025** |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 | $— | $— | $4351028 | $760630 | $1671075 | $(385863) | $1453527 | $4508247 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4032351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;294462 | &nbsp;&nbsp;&nbsp;&nbsp;(33206) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4694252 |
| SA Multi-Managed Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1420416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107969 | &nbsp;&nbsp;&nbsp;&nbsp;(28963) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1849446 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1789523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;253585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;182973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2100868 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2006150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;327216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310268 | &nbsp;&nbsp;&nbsp;(124814) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;411678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2309962 |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;730463 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2096601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;730468 | &nbsp;&nbsp;&nbsp;2111038(1) | &nbsp;&nbsp;&nbsp;&nbsp;(11734) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(704297) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7146279 | &nbsp;&nbsp;&nbsp;&nbsp;1662819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756474 | &nbsp;&nbsp;&nbsp;&nbsp;101403 | &nbsp;&nbsp;&nbsp;&nbsp;1827907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9981934 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1282833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;156052 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2324) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;119850 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1477888 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107969 | &nbsp;&nbsp;&nbsp;&nbsp;32098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;197063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172715 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13568369 | &nbsp;&nbsp;&nbsp;&nbsp;1950653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;981541 | &nbsp;&nbsp;&nbsp;(170341) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;774404 | &nbsp;&nbsp;&nbsp;&nbsp;15141544 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5008695 | &nbsp;&nbsp;&nbsp;&nbsp;1246521 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;404898 | &nbsp;&nbsp;&nbsp;&nbsp;71914 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;830921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6753153 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3034846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;468157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;235570 | &nbsp;&nbsp;&nbsp;&nbsp;(59707) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;74727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3282453 |
| SA Fixed Income Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12425424 | &nbsp;&nbsp;&nbsp;&nbsp;2165225 | &nbsp;&nbsp;&nbsp;&nbsp;1089511 | &nbsp;&nbsp;&nbsp;&nbsp;(28787) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;425695 | &nbsp;&nbsp;&nbsp;&nbsp;13898046 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4474689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;663222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333724 | &nbsp;&nbsp;&nbsp;&nbsp;(17313) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;159148 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4946022 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7014726 | &nbsp;&nbsp;&nbsp;&nbsp;1133846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520217 | &nbsp;&nbsp;&nbsp;&nbsp;132936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;604638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8365929 |
| SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;746845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;116160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;553574 | &nbsp;&nbsp;&nbsp;&nbsp;25986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2699) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332718 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3603391 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;565689 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;284647 | &nbsp;&nbsp;&nbsp;&nbsp;110633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;692935 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4688001 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5526380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;422063 | &nbsp;&nbsp;&nbsp;&nbsp;40084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;665841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6799023 |
| SA Goldman Sachs Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;15287083 | &nbsp;&nbsp;&nbsp;&nbsp;2399303 | &nbsp;&nbsp;&nbsp;&nbsp;1207296 | &nbsp;&nbsp;&nbsp;(261966) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;702190 | &nbsp;&nbsp;&nbsp;&nbsp;16919314 |
| SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6708608 | &nbsp;&nbsp;&nbsp;&nbsp;1067300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;451509 | &nbsp;&nbsp;&nbsp;&nbsp;103674 | &nbsp;&nbsp;&nbsp;&nbsp;1078898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8506971 |
| SA Invesco Growth Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1609079 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;266939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900184 | &nbsp;&nbsp;&nbsp;(451549) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;625618 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1149903 |
| SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2992055 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;994104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;282566 | &nbsp;&nbsp;&nbsp;&nbsp;(42861) | &nbsp;&nbsp;&nbsp;&nbsp;1163512 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4824244 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1549366 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137416 | &nbsp;&nbsp;&nbsp;&nbsp;36451 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;353032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2074524 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6357022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;819273 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;912247 | &nbsp;&nbsp;&nbsp;&nbsp;16617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;579545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6860210 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5265210 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682729 | &nbsp;&nbsp;&nbsp;&nbsp;1043538 | &nbsp;&nbsp;&nbsp;&nbsp;152445 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;963997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6020843 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;28288946 | &nbsp;&nbsp;&nbsp;&nbsp;6908476 | &nbsp;&nbsp;&nbsp;&nbsp;2217490 | &nbsp;&nbsp;&nbsp;(242332) | &nbsp;&nbsp;&nbsp;&nbsp;1327895 | &nbsp;&nbsp;&nbsp;&nbsp;34065495 |
| SA JPMorgan Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2343309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;273091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137416 | &nbsp;&nbsp;&nbsp;&nbsp;(73205) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;648559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3054338 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1589984 | &nbsp;&nbsp;&nbsp;&nbsp;1234078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;117785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7909 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2763615 |
| SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8545389 | &nbsp;&nbsp;&nbsp;&nbsp;1665457 | &nbsp;&nbsp;&nbsp;&nbsp;1437079 | &nbsp;&nbsp;&nbsp;&nbsp;257671 | &nbsp;&nbsp;&nbsp;&nbsp;2658077 | &nbsp;&nbsp;&nbsp;&nbsp;11689515 |
| SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13252534 | &nbsp;&nbsp;&nbsp;&nbsp;2028679 | &nbsp;&nbsp;&nbsp;&nbsp;1520803 | &nbsp;&nbsp;&nbsp;&nbsp;601122 | &nbsp;&nbsp;&nbsp;&nbsp;2294505 | &nbsp;&nbsp;&nbsp;&nbsp;16656037 |
| SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8724418 | &nbsp;&nbsp;&nbsp;&nbsp;1170392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;988925 | &nbsp;&nbsp;&nbsp;&nbsp;53905 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;828347 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9788137 |
| SA MFS Large Cap Growth, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6006049 | &nbsp;&nbsp;&nbsp;2882664(1) | &nbsp;&nbsp;&nbsp;&nbsp;1952384 | &nbsp;&nbsp;&nbsp;&nbsp;156930 | &nbsp;&nbsp;&nbsp;&nbsp;2268195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9361454 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3204004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;448650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;225754 | &nbsp;&nbsp;&nbsp;&nbsp;(30723) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3954594 |
| SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2088499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;214572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107970 | &nbsp;&nbsp;&nbsp;&nbsp;26354 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;255032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2476487 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4845089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;682729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;343540 | &nbsp;&nbsp;&nbsp;&nbsp;14691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;621529 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5820498 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;772285 |
| SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2677319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;183640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;494741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3612514 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6357020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;975326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;490771 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;495424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7327068 |
| SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4495558 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;262164 | &nbsp;&nbsp;&nbsp;&nbsp;74289 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;801625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6081859 |
| SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1105643 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;192429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;332198 | &nbsp;&nbsp;&nbsp;&nbsp;(25332) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221977 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1162519 |
| SA Wellington Capital Appreciation Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3884852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;930650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;351275 | &nbsp;&nbsp;&nbsp;&nbsp;128377 | &nbsp;&nbsp;&nbsp;&nbsp;1210283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5802887 |
|  | $— | $730463 | $261581081 | $49406539 | $29293845 | $(45128) | $32066226 | $313714873 |

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| | |
|:---|:---|
| <sup>†</sup> | Includes reinvestment of distributions paid. |
| <sup>(1)</sup> | Includes amounts relating to fund mergers. |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> March 31,<br> 2025** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> from Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> September 30,<br> 2025** |
| **Seasons Series Trust** |  |  |  |  |  |  |  |  |
| SA American Century Inflation Managed Portfolio, Class 1 | $— | $— | $7725266 | $1021599 | $642097 | $(66226) | $282931 | $8321473 |
| SA Columbia Focused Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7431378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;931457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;585441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6851) | &nbsp;&nbsp;&nbsp;&nbsp;1194794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8965337 |
| SA Multi-Managed Diversified Fixed Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;33653529 | &nbsp;&nbsp;&nbsp;&nbsp;6657290 | &nbsp;&nbsp;&nbsp;&nbsp;2926381 | &nbsp;&nbsp;&nbsp;&nbsp;(376984) | &nbsp;&nbsp;&nbsp;&nbsp;1679558 | &nbsp;&nbsp;&nbsp;&nbsp;38687012 |
| SA Multi-Managed International Equity Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;19480938 | &nbsp;&nbsp;&nbsp;&nbsp;2943904 | &nbsp;&nbsp;&nbsp;&nbsp;1567472 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83031 | &nbsp;&nbsp;&nbsp;&nbsp;3199561 | &nbsp;&nbsp;&nbsp;&nbsp;24139962 |
| SA Multi-Managed Large Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7690951 | &nbsp;&nbsp;&nbsp;&nbsp;1324691 | &nbsp;&nbsp;&nbsp;&nbsp;2371435 | &nbsp;&nbsp;&nbsp;&nbsp;(473569) | &nbsp;&nbsp;&nbsp;&nbsp;2577212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8747850 |
| SA Multi-Managed Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8833149 | &nbsp;&nbsp;&nbsp;&nbsp;1051647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;660982 | &nbsp;&nbsp;&nbsp;&nbsp;(232832) | &nbsp;&nbsp;&nbsp;&nbsp;1020647 | &nbsp;&nbsp;&nbsp;&nbsp;10011629 |
| SA Multi-Managed Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3221133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(81743) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;802547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4098203 |
| SA Multi-Managed Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3649500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;480752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;302162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2064) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;373948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4199974 |
| SA Multi-Managed Small Cap Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3192923 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;447017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;651902 | &nbsp;&nbsp;&nbsp;&nbsp;(251536) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;664963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3401465 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** | **SA Allocation Moderately Aggressive Portfolio** |
| **Security** | **Income** | **Capital Gain<br> Distribution<br> Received** | **Value at<br> March 31,<br> 2025** | **Cost of<br> Purchases<sup>†</sup>** | **Proceeds<br> from Sales** | **Realized<br> Gain/(Loss)** | **Change in<br> Unrealized<br> Gain (Loss)** | **Value at<br> September 30,<br> 2025** |
| SA T. Rowe Price Growth Stock Portfolio, Class 1 | $— | $1511502 | $4342247 | $1512819 | $4373387(1) | $(27212) | $(1454467) | $— |
| **SunAmerica Series Trust** |  |  |  |  |  |  |  |  |
| SA AB Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14781646 | &nbsp;&nbsp;&nbsp;&nbsp;3255854 | &nbsp;&nbsp;&nbsp;&nbsp;1383157 | &nbsp;&nbsp;&nbsp;&nbsp;245463 | &nbsp;&nbsp;&nbsp;&nbsp;3720550 | &nbsp;&nbsp;&nbsp;&nbsp;20620356 |
| SA AB Small & Mid Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2276341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;270423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(89151) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2583883 |
| SA Emerging Markets Equity Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2784344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;420659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;264393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35372 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;676459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3652441 |
| SA Federated Hermes Corporate Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18378738 | &nbsp;&nbsp;&nbsp;&nbsp;2313622 | &nbsp;&nbsp;&nbsp;&nbsp;1454161 | &nbsp;&nbsp;&nbsp;&nbsp;(219597) | &nbsp;&nbsp;&nbsp;&nbsp;1022524 | &nbsp;&nbsp;&nbsp;&nbsp;20041126 |
| SA Fidelity Institutional AM® International Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12366258 | &nbsp;&nbsp;&nbsp;&nbsp;2401097 | &nbsp;&nbsp;&nbsp;&nbsp;1074123 | &nbsp;&nbsp;&nbsp;&nbsp;270567 | &nbsp;&nbsp;&nbsp;&nbsp;1908532 | &nbsp;&nbsp;&nbsp;&nbsp;15872331 |
| SA Fidelity Institutional AM® Real Estate Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6243709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;841317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;528786 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(96012) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;122035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6582263 |
| SA Fixed Income Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17192790 | &nbsp;&nbsp;&nbsp;&nbsp;2614092 | &nbsp;&nbsp;&nbsp;&nbsp;1643013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(57132) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;592684 | &nbsp;&nbsp;&nbsp;&nbsp;18699421 |
| SA Fixed Income Intermediate Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6111528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;781222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(25479) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;215759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6592015 |
| SA Franklin BW U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;13760984 | &nbsp;&nbsp;&nbsp;&nbsp;1917728 | &nbsp;&nbsp;&nbsp;&nbsp;1095343 | &nbsp;&nbsp;&nbsp;&nbsp;348552 | &nbsp;&nbsp;&nbsp;&nbsp;1057646 | &nbsp;&nbsp;&nbsp;&nbsp;15989567 |
| SA Franklin Small Company Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2264271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;807477 | &nbsp;&nbsp;&nbsp;&nbsp;(155437) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;347897 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1946037 |
| SA Franklin Systematic U.S. Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6641150 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;901412 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;566556 | &nbsp;&nbsp;&nbsp;&nbsp;202591 | &nbsp;&nbsp;&nbsp;&nbsp;1248674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8427271 |
| SA Franklin Systematic U.S. Large Cap Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11076419 | &nbsp;&nbsp;&nbsp;&nbsp;1792257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;906490 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84277 | &nbsp;&nbsp;&nbsp;&nbsp;1296984 | &nbsp;&nbsp;&nbsp;&nbsp;13343447 |
| SA Goldman Sachs Government & Quality Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;20825854 | &nbsp;&nbsp;&nbsp;&nbsp;2854469 | &nbsp;&nbsp;&nbsp;&nbsp;1794094 | &nbsp;&nbsp;&nbsp;&nbsp;(325735) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;911222 | &nbsp;&nbsp;&nbsp;&nbsp;22471716 |
| SA International Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;14837947 | &nbsp;&nbsp;&nbsp;&nbsp;1802823 | &nbsp;&nbsp;&nbsp;&nbsp;1133112 | &nbsp;&nbsp;&nbsp;&nbsp;395940 | &nbsp;&nbsp;&nbsp;&nbsp;2127229 | &nbsp;&nbsp;&nbsp;&nbsp;18030827 |
| SA Invesco Growth Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3233967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472148 | &nbsp;&nbsp;&nbsp;&nbsp;1678956 | &nbsp;&nbsp;&nbsp;&nbsp;(971261) | &nbsp;&nbsp;&nbsp;&nbsp;1324893 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2380791 |
| SA Janus Focused Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5544626 | &nbsp;&nbsp;&nbsp;&nbsp;1354738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;590320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(87665) | &nbsp;&nbsp;&nbsp;&nbsp;2009726 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8231105 |
| SA JPMorgan Emerging Markets Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4195863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;540847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;339934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;972867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5415398 |
| SA JPMorgan Equity-Income Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12911635 | &nbsp;&nbsp;&nbsp;&nbsp;1412211 | &nbsp;&nbsp;&nbsp;&nbsp;1687606 | &nbsp;&nbsp;&nbsp;&nbsp;166731 | &nbsp;&nbsp;&nbsp;&nbsp;1029455 | &nbsp;&nbsp;&nbsp;&nbsp;13832426 |
| SA JPMorgan Large Cap Core Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;10178934 | &nbsp;&nbsp;&nbsp;&nbsp;1261976 | &nbsp;&nbsp;&nbsp;&nbsp;1293179 | &nbsp;&nbsp;&nbsp;&nbsp;271599 | &nbsp;&nbsp;&nbsp;&nbsp;1968104 | &nbsp;&nbsp;&nbsp;&nbsp;12387434 |
| SA JPMorgan MFS Core Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;42038562 | &nbsp;&nbsp;&nbsp;&nbsp;7418327 | &nbsp;&nbsp;&nbsp;&nbsp;3341443 | &nbsp;&nbsp;&nbsp;&nbsp;(300088) | &nbsp;&nbsp;&nbsp;&nbsp;1810604 | &nbsp;&nbsp;&nbsp;&nbsp;47625962 |
| SA JPMorgan Mid Cap Growth Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4367437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;283278 | &nbsp;&nbsp;&nbsp;&nbsp;(158462) | &nbsp;&nbsp;&nbsp;&nbsp;1219047 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5595452 |
| SA JPMorgan Ultra-Short Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2355912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;900469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;188853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3137021 |
| SA Large Cap Growth Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;18886935 | &nbsp;&nbsp;&nbsp;&nbsp;2403764 | &nbsp;&nbsp;&nbsp;&nbsp;3225816 | &nbsp;&nbsp;&nbsp;&nbsp;691475 | &nbsp;&nbsp;&nbsp;&nbsp;5398669 | &nbsp;&nbsp;&nbsp;&nbsp;24155027 |
| SA Large Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;27866214 | &nbsp;&nbsp;&nbsp;&nbsp;3725833 | &nbsp;&nbsp;&nbsp;&nbsp;2341767 | &nbsp;&nbsp;&nbsp;1130474 | &nbsp;&nbsp;&nbsp;&nbsp;4897689 | &nbsp;&nbsp;&nbsp;&nbsp;35278443 |
| SA Large Cap Value Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;17150642 | &nbsp;&nbsp;&nbsp;&nbsp;2583434 | &nbsp;&nbsp;&nbsp;&nbsp;1378622 | &nbsp;&nbsp;&nbsp;&nbsp;230670 | &nbsp;&nbsp;&nbsp;&nbsp;1549590 | &nbsp;&nbsp;&nbsp;&nbsp;20135714 |
| SA MFS Large Cap Growth, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;12060049 | &nbsp;&nbsp;&nbsp;5660587(1) | &nbsp;&nbsp;&nbsp;&nbsp;3709491 | &nbsp;&nbsp;&nbsp;&nbsp;318246 | &nbsp;&nbsp;&nbsp;&nbsp;4580805 | &nbsp;&nbsp;&nbsp;&nbsp;18910196 |
| SA MFS Massachusetts Investors Trust Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5821073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;751176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;472128 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(64526) | &nbsp;&nbsp;&nbsp;&nbsp;1010224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7045819 |
| SA Mid Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3704793 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;207737 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;440749 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4319676 |
| SA Morgan Stanley International Equities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;11259812 | &nbsp;&nbsp;&nbsp;&nbsp;1382165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;868719 | &nbsp;&nbsp;&nbsp;&nbsp;121757 | &nbsp;&nbsp;&nbsp;&nbsp;1340189 | &nbsp;&nbsp;&nbsp;&nbsp;13235204 |
| SA PIMCO Global Bond Opportunities Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1275579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51484 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1325138 |
| SA PIMCO RAE International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5218300 | &nbsp;&nbsp;&nbsp;&nbsp;1235904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;438422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;961610 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6995925 |
| SA PineBridge High-Yield Bond Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8689315 | &nbsp;&nbsp;&nbsp;&nbsp;1171835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;736522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;646262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9776671 |
| SA Putnam International Value Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9500696 | &nbsp;&nbsp;&nbsp;&nbsp;1556329 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;608389 | &nbsp;&nbsp;&nbsp;&nbsp;173341 | &nbsp;&nbsp;&nbsp;&nbsp;1609905 | &nbsp;&nbsp;&nbsp;&nbsp;12231882 |
| SA Small Cap Index Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2375691 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;358106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;205706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;558780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3096346 |
| SA Wellington Capital Appreciation Portfolio, Class 1 | &nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7723385 | &nbsp;&nbsp;&nbsp;&nbsp;1625161 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;760287 | &nbsp;&nbsp;&nbsp;&nbsp;270257 | &nbsp;&nbsp;&nbsp;&nbsp;2332043 | &nbsp;&nbsp;&nbsp;&nbsp;11190559 |
|  | $— | $1511502 | $465122413 | $75851827 | $52016577 | $1114547 | $61655585 | $551727795 |

---

---

| | |
|:---|:---|
| <sup>†</sup> | Includes reinvestment of distributions paid. |
| <sup>(1)</sup> | Includes amounts relating to fund mergers. |

---

&nbsp;&nbsp;&nbsp;&nbsp;The following Portfolios incurred brokerage commissions with affiliated brokers for the six months ended September 30, 2025:

---

| | |
|:---|:---|
| **Portfolio** | **Goldman<br> Sachs & Co.** |
| SA Multi-Managed Large Cap Growth | $27 |

---

&nbsp;&nbsp;&nbsp;&nbsp;At September 30, 2025, the following affiliates owned outstanding shares of the following Portfolios:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**American General<br> Life Insurance Co.** | &nbsp;&nbsp;**The United States<br> Life Insurance Co.** | &nbsp;&nbsp;**SST<br> SA Allocation<br> Aggressive<br> Portfolio** | &nbsp;&nbsp;**SST<br> SA Allocation<br> Balanced<br> Portfolio** | &nbsp;&nbsp;**SST<br> SA Allocation<br> Moderate<br> Portfolio** | &nbsp;&nbsp;**SST<br> SA Allocation<br> Moderately<br> Aggressive<br> Portfolio** | &nbsp;&nbsp;**SAST<br> SA VCP<br> Dynamic<br> Strategy<br> Portfolio** | &nbsp;&nbsp;**SAST<br> SA VCP<br> Dynamic<br> Allocation<br> Portfolio** |
| SA Allocation Aggressive<br>| &nbsp;&nbsp;92.72% | &nbsp;&nbsp;7.28% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| SA Allocation Balanced<br>| &nbsp;&nbsp;91.87 | &nbsp;&nbsp;8.13 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Allocation Moderate<br>| &nbsp;&nbsp;92.78 | &nbsp;&nbsp;7.22 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| SA Allocation Moderately Aggressive<br>| &nbsp;&nbsp;92.84 | &nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
| SA American Century Inflation Managed<br>| &nbsp;&nbsp;59.13 | &nbsp;&nbsp;4.03 | &nbsp;&nbsp;0.81 | &nbsp;&nbsp;1.36 | &nbsp;&nbsp;1.13 | &nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;8.37 | &nbsp;&nbsp;23.66 |
| SA Columbia Focused Value<br>| &nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;3.45 | &nbsp;&nbsp;0.91 | &nbsp;&nbsp;1.60 | &nbsp;&nbsp;2.98 | &nbsp;&nbsp;34.58 | &nbsp;&nbsp;50.27 |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**American General<br> Life Insurance Co.** | &nbsp;&nbsp;**The United States<br> Life Insurance Co.** | &nbsp;&nbsp;**SST<br> SA Allocation<br> Aggressive<br> Portfolio** | &nbsp;&nbsp;**SST<br> SA Allocation<br> Balanced<br> Portfolio** | &nbsp;&nbsp;**SST<br> SA Allocation<br> Moderate<br> Portfolio** | &nbsp;&nbsp;**SST<br> SA Allocation<br> Moderately<br> Aggressive<br> Portfolio** | &nbsp;&nbsp;**SAST<br> SA VCP<br> Dynamic<br> Strategy<br> Portfolio** | &nbsp;&nbsp;**SAST<br> SA VCP<br> Dynamic<br> Allocation<br> Portfolio** |
| SA Franklin Allocation Moderately Aggressive<br>| &nbsp;&nbsp;93.77% | &nbsp;&nbsp;6.23% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% | &nbsp;&nbsp;&nbsp;&nbsp;—% |
| SA Multi-Managed Diversified Fixed Income<br>| &nbsp;&nbsp;&nbsp;2.57 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;4.70 | &nbsp;&nbsp;4.12 | &nbsp;&nbsp;5.45 | &nbsp;&nbsp;17.32 | &nbsp;&nbsp;63.10 |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;&nbsp;7.49 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;10.28 | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;3.57 | &nbsp;&nbsp;8.28 | &nbsp;&nbsp;21.30 | &nbsp;&nbsp;46.48 |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;17.89 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;1.35 | &nbsp;&nbsp;2.61 | &nbsp;&nbsp;25.38 | &nbsp;&nbsp;47.89 |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;1.44 | &nbsp;&nbsp;3.06 | &nbsp;&nbsp;34.20 | &nbsp;&nbsp;47.82 |
| SA Multi-Managed Mid Cap Growth<br>| &nbsp;&nbsp;22.49 | &nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;1.01 | &nbsp;&nbsp;2.24 | &nbsp;&nbsp;30.34 | &nbsp;&nbsp;40.00 |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;14.57 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;0.64 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;2.09 | &nbsp;&nbsp;20.33 | &nbsp;&nbsp;58.80 |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;15.46 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;0.92 | &nbsp;&nbsp;1.66 | &nbsp;&nbsp;2.45 | &nbsp;&nbsp;39.70 | &nbsp;&nbsp;36.37 |

---

&nbsp;&nbsp;&nbsp;&nbsp;The fund-of-funds do not invest in the Underlying Portfolios for the purpose of exercising management or control; however, investments by these Portfolios within the set limits across their asset allocations may represent a significant portion of net assets of the Underlying Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;The Portfolios are permitted to transfer securities by purchasing from and/or selling to other affiliated funds under certain conditions approved by the Board. The affiliated funds involved in such transactions must have a common investment adviser or investment advisers which are affiliated persons of each other, common Trustees, and/or common officers in compliance with Rule 17a-7 of the 1940 Act. Pursuant to the 1940 Act, such a transaction must be either a purchase or a sale, for no consideration other than cash payment against prompt delivery of the security at the current market price. No brokerage commission or fee (except for customary transfer fees), or other remuneration is paid in connection with such transactions. For the six months ended September 30, 2025, the following Portfolios engaged in security transactions with affiliated funds:

---

| | | | |
|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Cost of<br> Purchases** | &nbsp;&nbsp;**Proceeds<br> from Sales** | &nbsp;&nbsp;**Realized<br> Gain (Loss)** |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;$359772 | &nbsp;&nbsp;$569922 | &nbsp;&nbsp;$151753 |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;141756 | &nbsp;&nbsp;&nbsp;1662752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;941596 |
| SA Multi-Managed Large Cap Value<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;309959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;838308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58649 |
| SA Multi-Managed Mid Cap Growth<br>| &nbsp;&nbsp;&nbsp;5299589 | &nbsp;&nbsp;&nbsp;2651975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56367 |
| SA Multi-Managed Mid Cap Value<br>| &nbsp;&nbsp;&nbsp;2952565 | &nbsp;&nbsp;&nbsp;3307116 | &nbsp;&nbsp;&nbsp;1247800 |
| SA Multi-Managed Small Cap<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;594044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;865640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;511988 |

---

#### Note 9 — Investment Concentration and Other Risks
&nbsp;&nbsp;&nbsp;&nbsp;Investments in stocks and bonds are subject to risks, including stock market and interest rate fluctuations. Investment prices can fall or be adversely affected by a number of factors, including, without limitation: weakness in the broad market, a particular industry, or specific holdings; adverse political, regulatory or economic developments here or abroad; changes in investor psychology; heavy institutional selling; military confrontations, war, terrorism and other armed conflicts, disease/virus outbreaks and epidemics; recessions; taxation and international tax treaties; currency, interest rate and price fluctuations; and other conditions or events. Investments in growth stocks as well as small and mid-cap company stocks may be subject to volatile price swings and therefore present a greater potential for loss than other investments. Investments in non-U.S. stocks and bonds are subject to additional risks such as fluctuations in foreign currencies, political and economic instability, differences in securities regulation and accounting standards, foreign tax laws, and limited availability of public information. Income seeking investment strategies may not be realized due to changes in dividend policies or the availability of capital resources. Investments that concentrate on one economic sector or geographic region are generally subject to greater volatility than more diverse investments.

&nbsp;&nbsp;&nbsp;&nbsp;Certain Portfolios invest internationally, including in "emerging market" countries. Emerging market securities involve risks not typically associated with investing in securities of issuers in more developed markets. The markets of emerging market countries are typically more volatile and potentially less liquid than more developed countries. These securities may be denominated in currencies other than U.S. dollars. While investing internationally may reduce portfolio risk by increasing the diversification of portfolio investments, the value of the investment may be affected by fluctuating currency values, changing local and regional economic, political and social conditions, and greater market volatility. These risks are primary risks of the SA Multi-Managed International Equity Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;Each Portfolio may invest in obligations issued by agencies and instrumentalities of the U.S. Government that may vary in the level of support they receive from the government. The government may choose not to provide financial support to government sponsored agencies or instrumentalities if it is not legally obligated to do so, and if the issuer defaults, a portfolio holding securities of such issuer might not be able to recover its investment from the U.S. Government. As a result of the SA Multi-Managed Diversified Fixed Income Portfolios' concentration in such investments, this fund may be subject to risks associated with the U.S. Government, its agencies or instrumentalities.

&nbsp;&nbsp;&nbsp;&nbsp;Certain Portfolios may invest in participations and assignments, or act as a party to the primary lending syndicate of a variable rate senior loan interest to United States corporations, partnerships, and other entities. If the lead lender in a typical lending syndicate becomes insolvent, enters receivership or, if not FDIC insured, enters into bankruptcy, a Portfolio may incur certain costs and delays in receiving payment, or may suffer a loss of principal and/or interest. When a Portfolio purchases a participation of a senior loan interest, the Portfolio typically enters into a contractual agreement with the lender or other third party selling the participation but not with the borrower directly. As such, a Portfolio is subject to the credit risk of the borrower, selling participant, lender or other persons positioned between the Portfolios and the borrower.

#### Note 10 — Line of Credit
&nbsp;&nbsp;&nbsp;&nbsp;The Trust, along with certain other funds managed by the Adviser, has access to a $75 million committed unsecured line of credit and a $100 million uncommitted unsecured line of credit. The committed and uncommitted lines of credit are renewable on an annual basis with State Street Bank and Trust Company ("State Street"), the Trust's custodian. Interest on each of the committed and uncommitted lines of credit is payable at a variable rate per annum equal to the Applicable Rate plus one and one quarter of one percent

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

(1.25%). The Applicable Rate per annum shall be equal to the higher of (a) the federal funds effective rate on such date and (b) the overnight bank funding rate on such date, plus, in each case, 10 basis points. Notwithstanding anything to the contrary, if the federal funds effective rate or the overnight bank funding rate shall be less than zero, then the federal funds effective rate or the overnight bank funding rate, shall be deemed to be zero for the purposes of determining the rate. The Trust, on behalf of each of the Portfolios, has paid State Street, such Portfolio's ratable portion of an upfront fee in an amount equal to $90,000 in the aggregate for the uncommitted line of credit made available by State Street to certain other funds managed by the Adviser, which are also party to the uncommitted line of credit. There is also a commitment fee of 30 basis points per annum on the daily unused portion of the committed line of credit. Borrowings under the line of credit will commence when the respective Portfolio's cash shortfall exceeds $100,000. For the six months ended September 30, 2025, the following Portfolios had borrowings:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Portfolio** | &nbsp;&nbsp;**Days<br> Outstanding** | &nbsp;&nbsp;**Interest<br> Charges** | &nbsp;&nbsp;**Average<br> Debt<br> Utilized** | &nbsp;&nbsp;**Weighted<br> Average<br> Interest** | &nbsp;&nbsp;**Balance<br> Outstanding<br> at 09/30/25** |
| SA Multi-Managed International Equity<br>| &nbsp;&nbsp;61 | &nbsp;&nbsp;$978 | &nbsp;&nbsp;$101639 | &nbsp;&nbsp;5.68% | &nbsp;&nbsp;$— |
| SA Multi-Managed Large Cap Growth<br>| &nbsp;&nbsp;&nbsp;2 | &nbsp;&nbsp;&nbsp;162 | &nbsp;&nbsp;&nbsp;512500 | &nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;— |

---

#### Note 11 — Interfund Lending Agreement
&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to the exemptive relief granted by the SEC, the Portfolios are permitted to participate in an interfund lending program among investment companies advised by SAAMCo or an affiliate. The interfund lending program allows the participating Portfolios to borrow money from and lend money to each other for temporary or emergency purposes. An interfund loan will be made under this facility only if the participating Portfolios receive a more favorable interest rate than would otherwise be available from a typical bank for a comparable transaction. For the six months ended September 30, 2025, none of the Portfolios participated in this program.

#### Note 12 — Portfolio Mergers
&nbsp;&nbsp;&nbsp;&nbsp;The Board of the Trust on behalf of each of the Portfolios below (each, a "Target Portfolio"), each determined that it was in the best interests of each of its respective Target Portfolios to reorganize into an existing series (each, an "Acquiring Portfolio") of the Trust, as shown in the table below. The reorganizations were effective April 28, 2025. Following the reorganizations, 14 Portfolios are offered by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;The table below shows the following information for each of the reorganizations:

• The exchange ratio of shares of each Target Portfolio that were exchanged tax-free for shares of the respective Acquiring Portfolio.

• The number and value of shares of the Acquiring Portfolio issued in connection with the acquisition of each respective Target Portfolio.

• The value and identified cost as of the reorganization date of the assets in each Target Portfolio.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Acquiring Portfolio** | &nbsp;&nbsp;**Target Portfolio** | &nbsp;&nbsp;**Exchange<br> Ratio** | &nbsp;&nbsp;**Number of<br> Shares Issued by<br> Acquiring Portfolio** | &nbsp;&nbsp;**Value of Shares<br> Issued by<br> Acquiring Portfolio** | &nbsp;&nbsp;**Value of Assets in<br> the Target Portfolio** | &nbsp;&nbsp;**Cost of Assets in<br> the Target Portfolio** |
| SA Allocation Aggressive<br>| &nbsp;&nbsp;SA Multi-Managed Growth Portfolio |  |  |  | &nbsp;&nbsp;$34910321 | &nbsp;&nbsp;$34910321 |
| Class 1 (Class 1 of Target Fund)<br>|  | &nbsp;&nbsp;0.6433 | &nbsp;&nbsp;&nbsp;&nbsp;536954 | &nbsp;&nbsp;$8038572 |  |  |
| Class 1 (Class 2 of Target Fund)<br>|  | &nbsp;&nbsp;0.6374 | &nbsp;&nbsp;&nbsp;&nbsp;902861 | &nbsp;&nbsp;&nbsp;13516462 |  |  |
| Class 3<br>|  | &nbsp;&nbsp;0.6361 | &nbsp;&nbsp;&nbsp;&nbsp;893796 | &nbsp;&nbsp;&nbsp;13274210 |  |  |
| SA Allocation Balanced<br>| &nbsp;&nbsp;SA Multi-Managed Income Portfolio |  |  |  | &nbsp;&nbsp;&nbsp;25777141 | &nbsp;&nbsp;&nbsp;25777141 |
| Class 1 (Class 1 of Target Fund)<br>|  | &nbsp;&nbsp;0.9305 | &nbsp;&nbsp;&nbsp;&nbsp;334216 | &nbsp;&nbsp;&nbsp;&nbsp;3148281 |  |  |
| Class 1 (Class 2 of Target Fund)<br>|  | &nbsp;&nbsp;0.9317 | &nbsp;&nbsp;1460930 | &nbsp;&nbsp;&nbsp;13761816 |  |  |
| Class 3<br>|  | &nbsp;&nbsp;0.9327 | &nbsp;&nbsp;&nbsp;&nbsp;932220 | &nbsp;&nbsp;&nbsp;&nbsp;8785335 |  |  |
| SA Allocation Moderate<br>| &nbsp;&nbsp;SA Multi-Managed Income/Equity Portfolio |  |  |  | &nbsp;&nbsp;&nbsp;35083500 | &nbsp;&nbsp;&nbsp;35083500 |
| Class 1 (Class 1 of Target Fund)<br>|  | &nbsp;&nbsp;0.8514 | &nbsp;&nbsp;&nbsp;&nbsp;446703 | &nbsp;&nbsp;&nbsp;&nbsp;4467479 |  |  |
| Class 1 (Class 2 of Target Fund)<br>|  | &nbsp;&nbsp;0.8523 | &nbsp;&nbsp;1819260 | &nbsp;&nbsp;&nbsp;18194420 |  |  |
| Class 3<br>|  | &nbsp;&nbsp;0.8577 | &nbsp;&nbsp;1238005 | &nbsp;&nbsp;&nbsp;12329289 |  |  |
| SA Allocation Moderately Aggressive<br>| &nbsp;&nbsp;SA Multi-Managed Moderate Growth Portfolio |  |  |  | &nbsp;&nbsp;&nbsp;53127109 | &nbsp;&nbsp;&nbsp;53127109 |
| Class 1 (Class 1 of Target Fund)<br>|  | &nbsp;&nbsp;0.8523 | &nbsp;&nbsp;&nbsp;&nbsp;525276 | &nbsp;&nbsp;&nbsp;&nbsp;5325404 |  |  |
| Class 1 (Class 2 of Target Fund)<br>|  | &nbsp;&nbsp;0.8495 | &nbsp;&nbsp;2577955 | &nbsp;&nbsp;&nbsp;26136087 |  |  |
| Class 3<br>|  | &nbsp;&nbsp;0.8507 | &nbsp;&nbsp;2134870 | &nbsp;&nbsp;&nbsp;21555358 |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;For financial statement purposes, assets received and shares issued by the Acquiring Portfolio were recorded at value; however, the cost basis of the investments received from the Target Portfolios were carried forward to align ongoing reporting of the Acquiring Portfolio's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;The following is a summary of the shares outstanding, net assets, net asset value per share and net unrealized appreciation (depreciation) immediately before and after the Reorganization:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SA Allocation Aggressive Portfolio (formerly SA Allocation Growth Portfolio)** | **SA Allocation Aggressive Portfolio (formerly SA Allocation Growth Portfolio)** | **SA Allocation Aggressive Portfolio (formerly SA Allocation Growth Portfolio)** | **SA Allocation Aggressive Portfolio (formerly SA Allocation Growth Portfolio)** | **SA Allocation Aggressive Portfolio (formerly SA Allocation Growth Portfolio)** |
| **Target Portfolio** | &nbsp;&nbsp;**Shares<br> Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br> Value<br> Per Share** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SA Multi-Managed Growth Portfolio | SA Multi-Managed Growth Portfolio | SA Multi-Managed Growth Portfolio |  |  |
| Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;834734 | &nbsp;&nbsp;$8038572 | &nbsp;&nbsp;$9.63 | &nbsp;&nbsp;$- |
| Class 2<br>| &nbsp;&nbsp;&nbsp;1416538 | &nbsp;&nbsp;$13516462 | &nbsp;&nbsp;$9.54 | &nbsp;&nbsp;$- |
| Class 3<br>| &nbsp;&nbsp;&nbsp;1405080 | &nbsp;&nbsp;$13274210 | &nbsp;&nbsp;$9.45 | &nbsp;&nbsp;$- |
| **Acquiring Portfolio** | &nbsp;&nbsp;**Shares<br> Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br> Value<br> Per Share** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SA Allocation Aggressive Portfolio | SA Allocation Aggressive Portfolio | SA Allocation Aggressive Portfolio |  |  |
| Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;72073 | &nbsp;&nbsp;$1078988 | &nbsp;&nbsp;$14.97 | &nbsp;&nbsp;$(866081) |
| Class 3<br>| &nbsp;&nbsp;30498680 | &nbsp;&nbsp;$452951325 | &nbsp;&nbsp;$14.85 | &nbsp;&nbsp;$5250573 |
| **Post Reorganization** | &nbsp;&nbsp;**Shares<br> Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br> Value<br> Per Share** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SA Allocation Aggressive Portfolio | SA Allocation Aggressive Portfolio | SA Allocation Aggressive Portfolio |  |  |
| Class 1<br>| &nbsp;&nbsp;&nbsp;1511888 | &nbsp;&nbsp;$22634022 | &nbsp;&nbsp;$14.97 | &nbsp;&nbsp;$(866081) |
| Class 3<br>| &nbsp;&nbsp;31392476 | &nbsp;&nbsp;$466225535 | &nbsp;&nbsp;$14.85 | &nbsp;&nbsp;$5250573 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** | **SA Allocation Balanced Portfolio** |
| **Target Portfolio** | &nbsp;&nbsp;**Shares<br> Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br> Value<br> Per Share** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SA Multi-Managed Income Portfolio | SA Multi-Managed Income Portfolio | SA Multi-Managed Income Portfolio |  |  |
| Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;359163 | &nbsp;&nbsp;$3148281 | &nbsp;&nbsp;$8.77 | &nbsp;&nbsp;$- |
| Class 2<br>| &nbsp;&nbsp;&nbsp;1568048 | &nbsp;&nbsp;$13761816 | &nbsp;&nbsp;$8.78 | &nbsp;&nbsp;$- |
| Class 3<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;999503 | &nbsp;&nbsp;$8785335 | &nbsp;&nbsp;$8.79 | &nbsp;&nbsp;$- |
| **Acquiring Portfolio** | &nbsp;&nbsp;**Shares<br> Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br> Value<br> Per Share** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SA Allocation Balanced Portfolio |  |  |  |  |
| Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4274 | &nbsp;&nbsp;$40262 | &nbsp;&nbsp;$9.42 | &nbsp;&nbsp;$(27791) |
| Class 3<br>| &nbsp;&nbsp;23898711 | &nbsp;&nbsp;$225224023 | &nbsp;&nbsp;$9.42 | &nbsp;&nbsp;$(6729163) |
| **Post Reorganization** | &nbsp;&nbsp;**Shares<br> Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br> Value<br> Per Share** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SA Allocation Balanced Portfolio |  |  |  |  |
| Class 1<br>| &nbsp;&nbsp;&nbsp;1799420 | &nbsp;&nbsp;$16950359 | &nbsp;&nbsp;$9.42 | &nbsp;&nbsp;$(27791) |
| Class 3<br>| &nbsp;&nbsp;24830931 | &nbsp;&nbsp;$234009358 | &nbsp;&nbsp;$9.42 | &nbsp;&nbsp;$(6729163) |

---

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### NOTES TO FINANCIAL STATEMENTS (unaudited) — (continued)

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** | **SA Allocation Moderate Portfolio** |
| **Target Portfolio** | &nbsp;&nbsp;**Shares<br> Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br> Value<br> Per Share** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SA Multi-Managed Income/Equity Portfolio | SA Multi-Managed Income/Equity Portfolio | SA Multi-Managed Income/Equity Portfolio |  |  |
| Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;524654 | &nbsp;&nbsp;$4467479 | &nbsp;&nbsp;$8.52 | &nbsp;&nbsp;$- |
| Class 2<br>| &nbsp;&nbsp;&nbsp;2134468 | &nbsp;&nbsp;$18194420 | &nbsp;&nbsp;$8.52 | &nbsp;&nbsp;$- |
| Class 3<br>| &nbsp;&nbsp;&nbsp;1443457 | &nbsp;&nbsp;$12329289 | &nbsp;&nbsp;$8.54 | &nbsp;&nbsp;$- |
| **Acquiring Portfolio** | &nbsp;&nbsp;**Shares<br> Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br> Value<br> Per Share** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SA Allocation Moderate Portfolio |  |  |  |  |
| Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15043 | &nbsp;&nbsp;$150443 | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$(429) |
| Class 3<br>| &nbsp;&nbsp;25853793 | &nbsp;&nbsp;$257479068 | &nbsp;&nbsp;$9.96 | &nbsp;&nbsp;$(3657748) |
| **Post Reorganization** | &nbsp;&nbsp;**Shares<br> Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br> Value<br> Per Share** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SA Allocation Moderate Portfolio |  |  |  |  |
| Class 1<br>| &nbsp;&nbsp;&nbsp;2281006 | &nbsp;&nbsp;$22812342 | &nbsp;&nbsp;$10.00 | &nbsp;&nbsp;$(429) |
| Class 3<br>| &nbsp;&nbsp;27091798 | &nbsp;&nbsp;$269808357 | &nbsp;&nbsp;$9.96 | &nbsp;&nbsp;$(3657748) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **SA Allocation Moderately Aggressive Portfolio (formerly SA Allocation Moderate Growth Portfolio)** | **SA Allocation Moderately Aggressive Portfolio (formerly SA Allocation Moderate Growth Portfolio)** | **SA Allocation Moderately Aggressive Portfolio (formerly SA Allocation Moderate Growth Portfolio)** | **SA Allocation Moderately Aggressive Portfolio (formerly SA Allocation Moderate Growth Portfolio)** | **SA Allocation Moderately Aggressive Portfolio (formerly SA Allocation Moderate Growth Portfolio)** |
| **Target Portfolio** | &nbsp;&nbsp;**Shares<br> Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br> Value<br> Per Share** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SA Multi-Managed Moderate Growth Portfolio | SA Multi-Managed Moderate Growth Portfolio | SA Multi-Managed Moderate Growth Portfolio |  |  |
| Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;616323 | &nbsp;&nbsp;$5325404 | &nbsp;&nbsp;$8.64 | &nbsp;&nbsp;$- |
| Class 2<br>| &nbsp;&nbsp;&nbsp;3034528 | &nbsp;&nbsp;$26136087 | &nbsp;&nbsp;$8.61 | &nbsp;&nbsp;$- |
| Class 3<br>| &nbsp;&nbsp;&nbsp;2509501 | &nbsp;&nbsp;$21555358 | &nbsp;&nbsp;$8.59 | &nbsp;&nbsp;$- |
| **Acquiring Portfolio** | &nbsp;&nbsp;**Shares<br> Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br> Value<br> Per Share** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SA Allocation Moderately Aggressive Portfolio |  |  |  |  |
| Class 1<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29025 | &nbsp;&nbsp;$294267 | &nbsp;&nbsp;$10.14 | &nbsp;&nbsp;$(62538) |
| Class 3<br>| &nbsp;&nbsp;45347326 | &nbsp;&nbsp;$457862644 | &nbsp;&nbsp;$10.10 | &nbsp;&nbsp;$1685681 |
| **Post Reorganization** | &nbsp;&nbsp;**Shares<br> Outstanding** | &nbsp;&nbsp;**Net Assets** | &nbsp;&nbsp;**Net Asset<br> Value<br> Per Share** | &nbsp;&nbsp;**Net Unrealized<br> Appreciation<br> (Depreciation)** |
| SA Allocation Moderately Aggressive Portfolio |  |  |  |  |
| Class 1<br>| &nbsp;&nbsp;&nbsp;3132256 | &nbsp;&nbsp;$31755758 | &nbsp;&nbsp;$10.14 | &nbsp;&nbsp;$(62538) |
| Class 3<br>| &nbsp;&nbsp;47482196 | &nbsp;&nbsp;$479418002 | &nbsp;&nbsp;$10.10 | &nbsp;&nbsp;$1685681 |

---

&nbsp;&nbsp;&nbsp;&nbsp;Assuming the Reorganizations had been completed on April 1, 2025, the beginning of the annual reporting period for the acquiring portfolio, the unaudited pro forma results of operations for the period ended September 30, 2025, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Acquiring Portfolio** | &nbsp;&nbsp;**Net<br> Investment<br> Income (loss)** | &nbsp;&nbsp;**Net<br> Realized/unrealized<br> gains (losses)** | &nbsp;&nbsp;**Change in Net<br> Assets Resulting<br> from Operations** |
| SA Allocation Aggressive Portfolio<br>| &nbsp;&nbsp;$(910065) | &nbsp;&nbsp;$72527230 | &nbsp;&nbsp;$71617165 |
| SA Allocation Balanced Portfolio<br>| &nbsp;&nbsp;&nbsp;(431451) | &nbsp;&nbsp;&nbsp;22337745 | &nbsp;&nbsp;&nbsp;21906294 |
| SA Allocation Moderate Portfolio<br>| &nbsp;&nbsp;&nbsp;(500949) | &nbsp;&nbsp;&nbsp;32344005 | &nbsp;&nbsp;&nbsp;31843056 |
| SA Allocation Moderately Aggressive Portfolio<br>| &nbsp;&nbsp;&nbsp;(907487) | &nbsp;&nbsp;&nbsp;63200283 | &nbsp;&nbsp;&nbsp;62292796 |

---

&nbsp;&nbsp;&nbsp;&nbsp;Because the combined investment portfolios have been managed as a single integrated portfolio since the Reorganizations were completed, it is not practicable to separate the amounts of revenue and earnings of the Target Portfolios that have been included in the Statement of Operations since the Reorganization Dates.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### FINANCIAL HIGHLIGHTS

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period<br> ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total expenses<br> before waivers<br> and/or<br> reimburse-<br> ments** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** | **SA Allocation Aggressive Portfolio — Class 1(3)** |
| 03/31/21 | $11.89 | $0.23 | $5.31 | $5.54 | $(0.16) | $(0.64) | $(0.80) | $16.63 | 46.76% | $228 | 0.14% | 0.13% | &nbsp;&nbsp;1.57% | 29% |
| 03/31/22 | 16.63 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.63 | &nbsp;&nbsp;0.70 | (0.26) | (0.75) | (1.01) | 16.32 | 3.85 | &nbsp;&nbsp;&nbsp;&nbsp;5436 | 0.13 | 0.12 | 0.45 | 10 |
| 03/31/23 | 16.32 | &nbsp;&nbsp;0.20 | (1.33) | (1.13) | (0.39) | (0.84) | (1.23) | 13.96 | (6.65) | &nbsp;&nbsp;&nbsp;&nbsp;4322 | 0.13 | 0.12 | 1.40 | 15 |
| 03/31/24 | 13.96 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;2.32 | &nbsp;&nbsp;2.43 | (0.34) | (1.28) | (1.62) | 14.77 | 18.74 | &nbsp;&nbsp;&nbsp;&nbsp;1112 | 0.13 | 0.12 | 0.76 | 13 |
| 03/31/25 | 14.77 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.55 | &nbsp;&nbsp;0.79 | (0.22) | (0.29) | (0.51) | 15.05 | 5.18 | &nbsp;&nbsp;&nbsp;&nbsp;1088 | 0.13 | 0.12 | 1.57 | 15 |
| 09/30/25@ | 15.05 | (0.01) | &nbsp;&nbsp;2.28 | &nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 17.32 | 15.08 | &nbsp;&nbsp;&nbsp;25315 | &nbsp;&nbsp;0.13(4) | &nbsp;&nbsp;0.12(4) | (0.12)(4) | 9 |
| **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** | **SA Allocation Aggressive Portfolio — Class 3(3)** |
| 03/31/21 | 11.84 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;5.28 | &nbsp;&nbsp;5.47 | (0.13) | (0.64) | (0.77) | 16.54 | 46.37 | 319854 | 0.39 | 0.38 | 1.26 | 29 |
| 03/31/22 | 16.54 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.49 | &nbsp;&nbsp;0.65 | (0.23) | (0.75) | (0.98) | 16.21 | 3.58 | 394425 | 0.38 | 0.37 | 0.92 | 10 |
| 03/31/23 | 16.21 | &nbsp;&nbsp;0.17 | (1.33) | (1.16) | (0.35) | (0.84) | (1.19) | 13.86 | (6.87) | 391646 | 0.38 | 0.37 | 1.18 | 15 |
| 03/31/24 | 13.86 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;2.22 | &nbsp;&nbsp;2.40 | (0.31) | (1.28) | (1.59) | 14.67 | 18.61 | 456061 | 0.38 | 0.37 | 1.30 | 13 |
| 03/31/25 | 14.67 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.53 | &nbsp;&nbsp;0.73 | (0.18) | (0.29) | (0.47) | 14.93 | 4.85 | 457009 | 0.38 | 0.37 | 1.32 | 15 |
| 09/30/25@ | 14.93 | (0.03) | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 17.16 | 14.94 | 513173 | &nbsp;&nbsp;0.38(4) | &nbsp;&nbsp;0.37(4) | (0.37)(4) | 9 |
| **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** | **SA Allocation Balanced Portfolio — Class 1(3)** |
| 03/31/21 | &nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;2.15 | (0.15) | (0.39) | (0.54) | 10.84 | 23.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137 | 0.14 | 0.13 | 2.09 | 31 |
| 03/31/22 | 10.84 | &nbsp;&nbsp;0.16 | (0.11) | &nbsp;&nbsp;0.05 | (0.13) | (0.36) | (0.49) | 10.40 | 0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173 | 0.14 | 0.13 | 1.50 | 14 |
| 03/31/23 | 10.40 | &nbsp;&nbsp;0.09 | (0.73) | (0.64) | (0.29) | (0.48) | (0.77) | &nbsp;&nbsp;&nbsp;8.99 | (5.92) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69 | 0.15 | 0.14 | 0.89 | 14 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;0.92 | (0.23) | (0.49) | (0.72) | &nbsp;&nbsp;&nbsp;9.19 | 10.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39 | 0.15 | 0.14 | 1.66 | 15 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;9.19 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.47 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) | &nbsp;&nbsp;&nbsp;9.46 | 5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40 | 0.15 | 0.14 | 2.51 | 13 |
| 09/30/25@ | &nbsp;&nbsp;&nbsp;9.46 | (0.01) | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.32 | 9.09 | &nbsp;&nbsp;&nbsp;17274 | &nbsp;&nbsp;0.15(4) | &nbsp;&nbsp;0.14(4) | (0.14)(4) | 9 |
| **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** | **SA Allocation Balanced Portfolio — Class 3(3)** |
| 03/31/21 | &nbsp;&nbsp;&nbsp;9.23 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;1.97 | &nbsp;&nbsp;2.14 | (0.13) | (0.39) | (0.52) | 10.85 | 23.25 | 257105 | 0.39 | 0.38 | 1.61 | 31 |
| 03/31/22 | 10.85 | &nbsp;&nbsp;0.13 | (0.12) | &nbsp;&nbsp;0.01 | (0.10) | (0.36) | (0.46) | 10.40 | (0.11) | 264518 | 0.39 | 0.38 | 1.17 | 14 |
| 03/31/23 | 10.40 | &nbsp;&nbsp;0.14 | (0.79) | (0.65) | (0.27) | (0.48) | (0.75) | &nbsp;&nbsp;&nbsp;9.00 | (6.09) | 237811 | 0.40 | 0.39 | 1.45 | 14 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.00 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.73 | &nbsp;&nbsp;0.90 | (0.21) | (0.49) | (0.70) | &nbsp;&nbsp;&nbsp;9.20 | 10.56 | 242408 | 0.40 | 0.39 | 1.85 | 15 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;9.20 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.44 | (0.17) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.17) | &nbsp;&nbsp;&nbsp;9.47 | 4.77 | 229028 | 0.40 | 0.39 | 2.25 | 13 |
| 09/30/25@ | &nbsp;&nbsp;&nbsp;9.47 | (0.02) | &nbsp;&nbsp;0.86 | &nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.31 | 8.87 | 246736 | &nbsp;&nbsp;0.40(4) | &nbsp;&nbsp;0.39(4) | (0.39)(4) | 9 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | The expense ratios do not include underlying fund expenses that the Portfolio bears indirectly. Additionally, recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds. |
| (4) | Annualized |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period<br> ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total expenses<br> before waivers<br> and/or<br> reimburse-<br> ments** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** | **SA Allocation Moderate Portfolio — Class 1(3)** |
| 03/31/21 | $9.40 | $0.19 | $2.79 | $2.98 | $— | $(0.45) | $(0.45) | $11.93 | 31.78% | $117 | 0.14% | 0.13% | &nbsp;&nbsp;1.72% | 24% |
| 03/31/22 | 11.93 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.24 | (0.27) | (0.64) | (0.91) | 11.26 | 1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;142 | 0.13 | 0.12 | 1.46 | 12 |
| 03/31/23 | 11.26 | &nbsp;&nbsp;0.18 | (0.91) | (0.73) | (0.33) | (0.68) | (1.01) | &nbsp;&nbsp;&nbsp;9.52 | (6.19) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193 | 0.14 | 0.13 | 1.90 | 13 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;1.07 | &nbsp;&nbsp;1.25 | (0.25) | (0.69) | (0.94) | &nbsp;&nbsp;&nbsp;9.83 | 14.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;147 | 0.14 | 0.13 | 1.90 | 12 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;9.83 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.50 | (0.19) | (0.09) | (0.28) | 10.05 | 5.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;152 | 0.14 | 0.13 | 2.12 | 15 |
| 09/30/25@ | 10.05 | (0.01) | &nbsp;&nbsp;1.15 | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 11.19 | 11.34 | &nbsp;&nbsp;&nbsp;24880 | &nbsp;&nbsp;0.14(4) | &nbsp;&nbsp;0.13(4) | (0.13)(4) | 9 |
| **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** | **SA Allocation Moderate Portfolio — Class 3(3)** |
| 03/31/21 | &nbsp;&nbsp;&nbsp;9.39 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;2.79 | &nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.45) | (0.45) | 11.89 | 31.50 | 319388 | 0.39 | 0.38 | 1.46 | 24 |
| 03/31/22 | 11.89 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.21 | (0.24) | (0.64) | (0.88) | 11.22 | 1.35 | 312112 | 0.38 | 0.37 | 1.09 | 12 |
| 03/31/23 | 11.22 | &nbsp;&nbsp;0.13 | (0.88) | (0.75) | (0.30) | (0.68) | (0.98) | &nbsp;&nbsp;&nbsp;9.49 | (6.42) | 273074 | 0.39 | 0.38 | 1.36 | 13 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;1.22 | (0.23) | (0.69) | (0.92) | &nbsp;&nbsp;&nbsp;9.79 | 13.65 | 281870 | 0.39 | 0.38 | 1.62 | 12 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.29 | &nbsp;&nbsp;0.48 | (0.17) | (0.09) | (0.26) | 10.01 | 4.82 | 261278 | 0.39 | 0.38 | 1.84 | 15 |
| 09/30/25@ | 10.01 | (0.02) | &nbsp;&nbsp;1.14 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 11.13 | 11.19 | 288629 | &nbsp;&nbsp;0.39(4) | &nbsp;&nbsp;0.38(4) | (0.38)(4) | 9 |
| **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 1(3)** |
| 03/31/21 | &nbsp;&nbsp;&nbsp;9.08 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;3.23 | &nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.47) | (0.47) | 12.02 | 37.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;256 | 0.13 | 0.12 | 1.65 | 23 |
| 03/31/22 | 12.02 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;0.35 | (0.25) | (0.70) | (0.95) | 11.42 | 2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;257 | 0.12 | 0.11 | 1.30 | 10 |
| 03/31/23 | 11.42 | &nbsp;&nbsp;0.13 | (0.88) | (0.75) | (0.33) | (0.71) | (1.04) | &nbsp;&nbsp;&nbsp;9.63 | (6.28) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;319 | 0.13 | 0.12 | 1.31 | 12 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.63 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;1.43 | (0.26) | (0.79) | (1.05) | 10.01 | 15.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;290 | 0.13 | 0.12 | 1.77 | 9 |
| 03/31/25 | 10.01 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.54 | (0.18) | (0.18) | (0.36) | 10.19 | 5.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;297 | 0.13 | 0.12 | 1.93 | 12 |
| 09/30/25@ | 10.19 | (0.01) | &nbsp;&nbsp;1.30 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 11.48 | 12.66 | &nbsp;&nbsp;&nbsp;35036 | &nbsp;&nbsp;0.13(4) | &nbsp;&nbsp;0.12(4) | (0.12)(4) | 9 |
| **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** | **SA Allocation Moderately Aggressive Portfolio — Class 3(3)** |
| 03/31/21 | &nbsp;&nbsp;&nbsp;9.08 | &nbsp;&nbsp;0.15 | &nbsp;&nbsp;3.23 | &nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.47) | (0.47) | 11.99 | 37.26 | 530277 | 0.38 | 0.37 | 1.38 | 23 |
| 03/31/22 | 11.99 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.31 | (0.22) | (0.70) | (0.92) | 11.38 | 2.18 | 525534 | 0.37 | 0.36 | 1.05 | 10 |
| 03/31/23 | 11.38 | &nbsp;&nbsp;0.13 | (0.91) | (0.78) | (0.30) | (0.71) | (1.01) | &nbsp;&nbsp;&nbsp;9.59 | (6.60) | 465607 | 0.38 | 0.37 | 1.31 | 12 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;1.26 | &nbsp;&nbsp;1.40 | (0.23) | (0.79) | (1.02) | &nbsp;&nbsp;&nbsp;9.97 | 15.67 | 492430 | 0.38 | 0.37 | 1.49 | 9 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.34 | &nbsp;&nbsp;0.51 | (0.15) | (0.18) | (0.33) | 10.15 | 5.00 | 464598 | 0.38 | 0.37 | 1.66 | 12 |
| 09/30/25@ | 10.15 | (0.02) | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 11.42 | 12.51 | 516398 | &nbsp;&nbsp;0.38(4) | &nbsp;&nbsp;0.37(4) | (0.37)(4) | 9 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | The expense ratios do not include underlying fund expenses that the Portfolio bears indirectly. Additionally, recognition of net investment income by the Portfolio is affected by the timing of the declaration of dividends by the underlying investment companies in which the Portfolio invests. Accordingly, the ratio of net investment income does not reflect the proportionate share of income from these funds. |
| (4) | Annualized |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period<br> ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total expenses<br> before waivers<br> and/or<br> reimburse-<br> ments** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** | **SA American Century Inflation Managed Portfolio — Class 1** |
| 03/31/21 | $9.69 | $0.04 | $0.71 | $0.75 | $(0.29) | $(0.08) | $(0.37) | $10.07 | &nbsp;&nbsp;7.71% | $252182 | 0.64% | 0.59% | 0.42% | &nbsp;&nbsp;43% |
| 03/31/22 | 10.07 | 0.36 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | (0.25) | 10.26 | 4.37 | 278308 | 0.64 | 0.59 | 3.51 | 109 |
| 03/31/23 | 10.26 | 0.42 | (1.16) | &nbsp;&nbsp;(0.74) | (0.25) | (0.14) | (0.39) | &nbsp;&nbsp;&nbsp;9.13 | (7.11) | 245407 | 0.65 | 0.59 | 4.48 | 57 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.13 | 0.31 | (0.32) | &nbsp;&nbsp;(0.01) | (0.45) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.45) | &nbsp;&nbsp;&nbsp;8.67 | 0.02 | 188687 | 0.64 | 0.58 | 3.47 | 30 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;8.67 | 0.32 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;0.49 | (0.33) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.33) | &nbsp;&nbsp;&nbsp;8.83 | 5.78 | 191106 | 0.65 | 0.59 | 3.69 | 48 |
| 09/30/25@ | &nbsp;&nbsp;&nbsp;8.83 | 0.19 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;9.06 | 2.60 | 202994 | &nbsp;&nbsp;0.67(3) | &nbsp;&nbsp;0.61(3) | &nbsp;&nbsp;4.19(3) | &nbsp;&nbsp;&nbsp;&nbsp;36(4) |
| **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** | **SA American Century Inflation Managed Portfolio — Class 3** |
| 03/31/21 | &nbsp;&nbsp;&nbsp;9.61 | 0.02 | &nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;0.73 | (0.27) | (0.08) | (0.35) | &nbsp;&nbsp;&nbsp;9.99 | 7.51 | 407229 | 0.89 | 0.84 | 0.18 | 43 |
| 03/31/22 | &nbsp;&nbsp;&nbsp;9.99 | 0.33 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | (0.25) | 10.14 | 4.00 | 431710 | 0.89 | 0.84 | 3.23 | 109 |
| 03/31/23 | 10.14 | 0.39 | (1.14) | &nbsp;&nbsp;(0.75) | (0.22) | (0.14) | (0.36) | &nbsp;&nbsp;&nbsp;9.03 | (7.26) | 392544 | 0.90 | 0.84 | 4.20 | 57 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.03 | 0.28 | (0.31) | &nbsp;&nbsp;(0.03) | (0.43) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.43) | &nbsp;&nbsp;&nbsp;8.57 | (0.26) | 378399 | 0.89 | 0.83 | 3.16 | 30 |
| 03/31/25 | &nbsp;&nbsp;&nbsp;8.57 | 0.30 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;0.47 | (0.31) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.31) | &nbsp;&nbsp;&nbsp;8.73 | 5.57 | 339136 | 0.90 | 0.84 | 3.45 | 48 |
| 09/30/25@ | &nbsp;&nbsp;&nbsp;8.73 | 0.17 | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;8.94 | 2.41 | 343187 | &nbsp;&nbsp;0.92(3) | &nbsp;&nbsp;0.86(3) | &nbsp;&nbsp;3.95(3) | &nbsp;&nbsp;&nbsp;&nbsp;36(4) |
| **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** | **SA Columbia Focused Value Portfolio — Class 1** |
| 03/31/21 | 14.16 | 0.59 | &nbsp;&nbsp;9.45 | 10.04 | (0.34) | (1.19) | (1.53) | 22.67 | 71.65 | 334737 | 1.04 | 0.72 | 3.12 | 35 |
| 03/31/22 | 22.67 | 0.38 | &nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;2.77 | (0.63) | (1.37) | (2.00) | 23.44 | 12.61 | 339287 | 1.02 | 0.71 | 1.59 | 14 |
| 03/31/23 | 23.44 | 0.33 | (1.53) | &nbsp;&nbsp;(1.20) | (0.41) | (2.41) | (2.82) | 19.42 | (5.40) | 315610 | 1.04 | 0.72 | 1.58 | 14 |
| 03/31/24 | 19.42 | 0.35 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;2.81 | (0.32) | (1.23) | (1.55) | 20.68 | 15.55 | 312106 | 1.04 | 0.72 | 1.80 | 13 |
| 03/31/25 | 20.68 | 0.35 | &nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;1.39 | (0.47) | (2.36) | (2.83) | 19.24 | 6.42 | 241750 | 1.05 | 0.73 | 1.67 | 27 |
| 09/30/25@ | 19.24 | 0.16 | &nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 22.03 | 14.50 | 282333 | &nbsp;&nbsp;1.05(3) | &nbsp;&nbsp;0.72(3) | &nbsp;&nbsp;1.62(3) | 22 |
| **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** | **SA Columbia Focused Value Portfolio — Class 2** |
| 03/31/21 | 14.19 | 0.55 | &nbsp;&nbsp;9.48 | 10.03 | (0.31) | (1.19) | (1.50) | 22.72 | 71.40 | &nbsp;&nbsp;&nbsp;14886 | 1.19 | 0.87 | 2.91 | 35 |
| 03/31/22 | 22.72 | 0.34 | &nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;2.75 | (0.60) | (1.37) | (1.97) | 23.50 | 12.48 | &nbsp;&nbsp;&nbsp;14912 | 1.17 | 0.86 | 1.45 | 14 |
| 03/31/23 | 23.50 | 0.30 | (1.54) | &nbsp;&nbsp;(1.24) | (0.37) | (2.41) | (2.78) | 19.48 | (5.55) | &nbsp;&nbsp;&nbsp;12154 | 1.19 | 0.87 | 1.44 | 14 |
| 03/31/24 | 19.48 | 0.32 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;2.78 | (0.28) | (1.23) | (1.51) | 20.75 | 15.35 | &nbsp;&nbsp;&nbsp;12369 | 1.19 | 0.87 | 1.65 | 13 |
| 03/31/25 | 20.75 | 0.31 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;1.37 | (0.44) | (2.36) | (2.80) | 19.32 | 6.29 | &nbsp;&nbsp;&nbsp;11237 | 1.20 | 0.88 | 1.51 | 27 |
| 09/30/25@ | 19.32 | 0.15 | &nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 22.10 | 14.39 | &nbsp;&nbsp;&nbsp;11361 | &nbsp;&nbsp;1.20(3) | &nbsp;&nbsp;0.87(3) | &nbsp;&nbsp;1.48(3) | 22 |
| **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** | **SA Columbia Focused Value Portfolio — Class 3** |
| 03/31/21 | 14.20 | 0.53 | &nbsp;&nbsp;9.48 | 10.01 | (0.29) | (1.19) | (1.48) | 22.73 | 71.19 | &nbsp;&nbsp;&nbsp;&nbsp;9951 | 1.29 | 0.97 | 2.81 | 35 |
| 03/31/22 | 22.73 | 0.32 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;2.72 | (0.58) | (1.37) | (1.95) | 23.50 | 12.32 | &nbsp;&nbsp;&nbsp;&nbsp;9288 | 1.27 | 0.96 | 1.35 | 14 |
| 03/31/23 | 23.50 | 0.28 | (1.53) | &nbsp;&nbsp;(1.25) | (0.34) | (2.41) | (2.75) | 19.50 | (5.59) | &nbsp;&nbsp;&nbsp;&nbsp;7398 | 1.29 | 0.97 | 1.34 | 14 |
| 03/31/24 | 19.50 | 0.30 | &nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;2.76 | (0.26) | (1.23) | (1.49) | 20.77 | 15.19 | &nbsp;&nbsp;&nbsp;&nbsp;7285 | 1.29 | 0.97 | 1.55 | 13 |
| 03/31/25 | 20.77 | 0.29 | &nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;1.35 | (0.42) | (2.36) | (2.78) | 19.34 | 6.18 | &nbsp;&nbsp;&nbsp;&nbsp;7070 | 1.30 | 0.98 | 1.40 | 27 |
| 09/30/25@ | 19.34 | 0.14 | &nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 22.12 | 14.37 | &nbsp;&nbsp;&nbsp;&nbsp;7393 | &nbsp;&nbsp;1.30(3) | &nbsp;&nbsp;0.97(3) | &nbsp;&nbsp;1.38(3) | 22 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | Annualized |
| (4) | Excludes TBA transactions. Beginning with the period ended March 31, 2025, portfolio turnover rates including TBA transactions are being added as Supplemental Ratios in the table below. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Supplemental Ratios** |  |  |  |  |  |  |
| **Portfolio Turnover (including TBA transactions)** | &nbsp;&nbsp;**03/21** | &nbsp;&nbsp;**03/22** | &nbsp;&nbsp;**03/23** | &nbsp;&nbsp;**03/24** | &nbsp;&nbsp;**03/25** | &nbsp;&nbsp;**09/25** |
| SA American Century Inflation Managed Portfolio<br>| &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;40% |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period<br> ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total expenses<br> before waivers<br> and/or<br> reimburse-<br> ments** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 1** |
| 03/31/21 | $9.95 | $0.16 | $4.41 | $4.57 | $(0.18) | $— | $(0.18) | $14.34 | 45.93% | $16639 | 1.01% | 0.86% | 1.29% | &nbsp;&nbsp;77% |
| 03/31/22 | 14.34 | 0.15 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;1.03 | (0.22) | (1.00) | (1.22) | 14.15 | 6.77 | &nbsp;&nbsp;&nbsp;13475 | 1.00 | 0.85 | 1.00 | 102 |
| 03/31/23 | 14.15 | 0.18 | (1.22) | (1.04) | (0.18) | (2.14) | (2.32) | 10.79 | (6.73) | &nbsp;&nbsp;&nbsp;10266 | 1.05 | 0.90 | 1.53 | 50 |
| 03/31/24 | 10.79 | 0.18 | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;2.60 | (0.21) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.21) | 13.18 | 24.31 | &nbsp;&nbsp;&nbsp;11616 | 1.08 | 0.93 | 1.53 | 60 |
| 03/31/25 | 13.18 | 0.21 | &nbsp;&nbsp;0.77 | &nbsp;&nbsp;0.98 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) | 13.94 | 7.33 | &nbsp;&nbsp;&nbsp;10602 | 1.07 | 0.91 | 1.51 | &nbsp;&nbsp;&nbsp;&nbsp;69(3) |
| 09/30/25@ | 13.94 | 0.12 | &nbsp;&nbsp;2.28 | &nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 16.34 | 17.22 | &nbsp;&nbsp;&nbsp;11355 | &nbsp;&nbsp;1.06(4) | &nbsp;&nbsp;0.88(4) | &nbsp;&nbsp;1.61(4) | &nbsp;&nbsp;&nbsp;&nbsp;26(3) |
| **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 2** |
| 03/31/21 | &nbsp;&nbsp;&nbsp;9.95 | 0.14 | &nbsp;&nbsp;4.41 | &nbsp;&nbsp;4.55 | (0.16) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.16) | 14.34 | 45.75 | &nbsp;&nbsp;&nbsp;56213 | 1.16 | 1.01 | 1.14 | 77 |
| 03/31/22 | 14.34 | 0.13 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;1.01 | (0.20) | (1.00) | (1.20) | 14.15 | 6.62 | &nbsp;&nbsp;&nbsp;46756 | 1.15 | 1.00 | 0.85 | 102 |
| 03/31/23 | 14.15 | 0.16 | (1.22) | (1.06) | (0.15) | (2.14) | (2.29) | 10.80 | (6.87) | &nbsp;&nbsp;&nbsp;35792 | 1.20 | 1.05 | 1.37 | 50 |
| 03/31/24 | 10.80 | 0.16 | &nbsp;&nbsp;2.42 | &nbsp;&nbsp;2.58 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) | 13.19 | 24.08 | &nbsp;&nbsp;&nbsp;36881 | 1.23 | 1.08 | 1.38 | 60 |
| 03/31/25 | 13.19 | 0.19 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;0.97 | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) | 13.96 | 7.24 | &nbsp;&nbsp;&nbsp;33584 | 1.22 | 1.06 | 1.36 | &nbsp;&nbsp;&nbsp;&nbsp;69(3) |
| 09/30/25@ | 13.96 | 0.11 | &nbsp;&nbsp;2.27 | &nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 16.34 | 17.05 | &nbsp;&nbsp;&nbsp;35670 | &nbsp;&nbsp;1.21(4) | &nbsp;&nbsp;1.03(4) | &nbsp;&nbsp;1.46(4) | &nbsp;&nbsp;&nbsp;&nbsp;26(3) |
| **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** | **SA Franklin Allocation Moderately Aggressive Portfolio — Class 3** |
| 03/31/21 | &nbsp;&nbsp;&nbsp;9.92 | 0.13 | &nbsp;&nbsp;4.39 | &nbsp;&nbsp;4.52 | (0.15) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.15) | 14.29 | 45.59 | 139730 | 1.26 | 1.11 | 1.04 | 77 |
| 03/31/22 | 14.29 | 0.11 | &nbsp;&nbsp;0.87 | &nbsp;&nbsp;0.98 | (0.19) | (1.00) | (1.19) | 14.08 | 6.44 | 151309 | 1.25 | 1.10 | 0.75 | 102 |
| 03/31/23 | 14.08 | 0.15 | (1.21) | (1.06) | (0.14) | (2.14) | (2.28) | 10.74 | (6.88) | 135871 | 1.30 | 1.15 | 1.28 | 50 |
| 03/31/24 | 10.74 | 0.15 | &nbsp;&nbsp;2.39 | &nbsp;&nbsp;2.54 | (0.18) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.18) | 13.10 | 23.85 | 158490 | 1.33 | 1.18 | 1.28 | 60 |
| 03/31/25 | 13.10 | 0.17 | &nbsp;&nbsp;0.78 | &nbsp;&nbsp;0.95 | (0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.19) | 13.86 | 7.15 | 155162 | 1.32 | 1.16 | 1.26 | &nbsp;&nbsp;&nbsp;&nbsp;69(3) |
| 09/30/25@ | 13.86 | 0.10 | &nbsp;&nbsp;2.26 | &nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 16.22 | 17.03 | 166509 | &nbsp;&nbsp;1.32(4) | &nbsp;&nbsp;1.14(4) | &nbsp;&nbsp;1.36(4) | &nbsp;&nbsp;&nbsp;&nbsp;26(3) |
| **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 1** |
| 03/31/21 | 11.99 | 0.23 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;0.47 | (0.33) | (0.26) | (0.59) | 11.87 | 3.81 | 948017 | 0.68 | 0.68 | 1.88 | 41 |
| 03/31/22 | 11.87 | 0.20 | (0.72) | (0.52) | (0.21) | (0.28) | (0.49) | 10.86 | (4.61) | 870018 | 0.68 | 0.68 | 1.68 | 39 |
| 03/31/23 | 10.86 | 0.21 | (0.78) | (0.57) | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.24) | 10.05 | (5.25) | 753833 | 0.70 | 0.70 | 2.09 | 38 |
| 03/31/24 | 10.05 | 0.33 | (0.09) | &nbsp;&nbsp;0.24 | (0.25) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.25) | 10.04 | 2.40 | 662603 | 0.71 | 0.71 | 3.34 | 36 |
| 03/31/25 | 10.04 | 0.35 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.46 | (0.38) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.38) | 10.12 | 4.60 | 623624 | &nbsp;&nbsp;0.72(5) | &nbsp;&nbsp;0.72(5) | 3.40 | &nbsp;&nbsp;&nbsp;&nbsp;40(3) |
| 09/30/25@ | 10.12 | 0.18 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.47 | 3.46 | 691832 | &nbsp;&nbsp;0.72(4) | &nbsp;&nbsp;0.72(4) | &nbsp;&nbsp;3.47(4) | &nbsp;&nbsp;&nbsp;&nbsp;26(3) |
| **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 2** |
| 03/31/21 | 11.99 | 0.22 | &nbsp;&nbsp;0.22 | &nbsp;&nbsp;0.44 | (0.31) | (0.26) | (0.57) | 11.86 | 3.58 | &nbsp;&nbsp;&nbsp;20138 | 0.84 | 0.84 | 1.73 | 41 |
| 03/31/22 | 11.86 | 0.18 | (0.72) | (0.54) | (0.19) | (0.28) | (0.47) | 10.85 | (4.78) | &nbsp;&nbsp;&nbsp;17263 | 0.83 | 0.83 | 1.53 | 39 |
| 03/31/23 | 10.85 | 0.20 | (0.78) | (0.58) | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) | 10.05 | (5.35) | &nbsp;&nbsp;&nbsp;13984 | 0.85 | 0.85 | 1.93 | 38 |
| 03/31/24 | 10.05 | 0.32 | (0.10) | &nbsp;&nbsp;0.22 | (0.23) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.23) | 10.04 | 2.22 | &nbsp;&nbsp;&nbsp;13130 | 0.86 | 0.86 | 3.20 | 36 |
| 03/31/25 | 10.04 | 0.33 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.45 | (0.36) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.36) | 10.13 | 4.53 | &nbsp;&nbsp;&nbsp;12085 | &nbsp;&nbsp;0.87(5) | &nbsp;&nbsp;0.87(5) | 3.26 | &nbsp;&nbsp;&nbsp;&nbsp;40(3) |
| 09/30/25@ | 10.13 | 0.17 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.46 | 3.26 | &nbsp;&nbsp;&nbsp;11668 | &nbsp;&nbsp;0.87(4) | &nbsp;&nbsp;0.87(4) | &nbsp;&nbsp;3.32(4) | &nbsp;&nbsp;&nbsp;&nbsp;26(3) |
| **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** | **SA Multi-Managed Diversified Fixed Income Portfolio — Class 3** |
| 03/31/21 | 11.93 | 0.20 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;0.43 | (0.30) | (0.26) | (0.56) | 11.80 | 3.48 | &nbsp;&nbsp;&nbsp;11089 | 0.94 | 0.94 | 1.64 | 41 |
| 03/31/22 | 11.80 | 0.17 | (0.72) | (0.55) | (0.17) | (0.28) | (0.45) | 10.80 | (4.83) | &nbsp;&nbsp;&nbsp;&nbsp;9188 | 0.93 | 0.93 | 1.43 | 39 |
| 03/31/23 | 10.80 | 0.19 | (0.79) | (0.60) | (0.20) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.20) | 10.00 | (5.53) | &nbsp;&nbsp;&nbsp;&nbsp;7217 | 0.95 | 0.95 | 1.83 | 38 |
| 03/31/24 | 10.00 | 0.31 | (0.09) | &nbsp;&nbsp;0.22 | (0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.22) | 10.00 | 2.22 | &nbsp;&nbsp;&nbsp;&nbsp;6595 | 0.96 | 0.96 | 3.09 | 36 |
| 03/31/25 | 10.00 | 0.32 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;0.43 | (0.35) | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.35) | 10.08 | 4.31 | &nbsp;&nbsp;&nbsp;&nbsp;5834 | &nbsp;&nbsp;0.97(5) | &nbsp;&nbsp;0.97(5) | 3.16 | &nbsp;&nbsp;&nbsp;&nbsp;40(3) |
| 09/30/25@ | 10.08 | 0.16 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.41 | 3.27 | &nbsp;&nbsp;&nbsp;&nbsp;5478 | &nbsp;&nbsp;0.97(4) | &nbsp;&nbsp;0.97(4) | &nbsp;&nbsp;3.22(4) | &nbsp;&nbsp;&nbsp;&nbsp;26(3) |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | Excludes TBA transactions. Beginning with the period ended March 31, 2025, portfolio turnover rates including TBA transactions are being added as Supplemental Ratios in the table below. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Supplemental Ratios** |  |  |  |  |  |  |
| **Portfolio Turnover (including TBA transactions)** | &nbsp;&nbsp;**03/21** | &nbsp;&nbsp;**03/22** | &nbsp;&nbsp;**03/23** | &nbsp;&nbsp;**03/24** | &nbsp;&nbsp;**03/25** | &nbsp;&nbsp;**09/25** |
| SA Franklin Allocation Moderately Aggressive Portfolio<br>| &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;&nbsp;&nbsp;93% | &nbsp;&nbsp;&nbsp;&nbsp;- |
| SA Multi-Managed Diversified Fixed Income Portfolio<br>| &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;260 | &nbsp;&nbsp;137% |

---

(4) Annualized

(5) Includes interest expense of 0.01% relating to derivative activity.

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period<br> ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total expenses<br> before waivers<br> and/or<br> reimburse-<br> ments** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** | **SA Multi-Managed International Equity Portfolio — Class 1** |
| 03/31/21 | $6.84 | $0.11 | $3.29 | $3.40 | $(0.16) | $(0.14) | $(0.30) | $9.94 | 49.70% | $354716 | 1.01% | 0.97% | 1.27% | 22% |
| 03/31/22 | 9.94 | 0.16 | (0.20) | (0.04) | (0.15) | (0.51) | (0.66) | &nbsp;&nbsp;&nbsp;9.24 | (0.84) | 332409 | 1.04 | 1.00 | 1.55 | 18 |
| 03/31/23 | 9.24 | 0.16 | (0.42) | (0.26) | (0.18) | (0.56) | (0.74) | &nbsp;&nbsp;&nbsp;8.24 | (2.25) | 287976 | 1.07 | 1.03 | 2.03 | 13 |
| 03/31/24 | 8.24 | 0.15 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;1.05 | (0.20) | (0.03) | (0.23) | &nbsp;&nbsp;&nbsp;9.06 | 12.91 | 278507 | 1.08 | 1.04 | 1.77 | 15 |
| 03/31/25 | 9.06 | 0.16 | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.41 | (0.22) | (0.24) | (0.46) | &nbsp;&nbsp;&nbsp;9.01 | 4.64 | 225647 | 1.08 | 1.04 | 1.72 | 16 |
| 09/30/25@ | 9.01 | 0.12 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.41 | 15.54 | 269950 | &nbsp;&nbsp;1.11(3) | &nbsp;&nbsp;1.07(3) | &nbsp;&nbsp;2.36(3) | 20 |
| **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** | **SA Multi-Managed International Equity Portfolio — Class 2** |
| 03/31/21 | 6.86 | 0.10 | &nbsp;&nbsp;3.29 | &nbsp;&nbsp;3.39 | (0.14) | (0.14) | (0.28) | &nbsp;&nbsp;&nbsp;9.97 | 49.49 | &nbsp;&nbsp;&nbsp;19379 | 1.16 | 1.12 | 1.15 | 22 |
| 03/31/22 | 9.97 | 0.14 | (0.20) | (0.06) | (0.14) | (0.51) | (0.65) | &nbsp;&nbsp;&nbsp;9.26 | (1.08) | &nbsp;&nbsp;&nbsp;16909 | 1.19 | 1.15 | 1.41 | 18 |
| 03/31/23 | 9.26 | 0.15 | (0.43) | (0.28) | (0.16) | (0.56) | (0.72) | &nbsp;&nbsp;&nbsp;8.26 | (2.46) | &nbsp;&nbsp;&nbsp;14505 | 1.22 | 1.18 | 1.89 | 13 |
| 03/31/24 | 8.26 | 0.14 | &nbsp;&nbsp;0.90 | &nbsp;&nbsp;1.04 | (0.18) | (0.03) | (0.21) | &nbsp;&nbsp;&nbsp;9.09 | 12.81 | &nbsp;&nbsp;&nbsp;13892 | 1.23 | 1.19 | 1.64 | 15 |
| 03/31/25 | 9.09 | 0.14 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.40 | (0.20) | (0.24) | (0.44) | &nbsp;&nbsp;&nbsp;9.05 | 4.56 | &nbsp;&nbsp;&nbsp;12434 | 1.23 | 1.19 | 1.57 | 16 |
| 09/30/25@ | 9.05 | 0.11 | &nbsp;&nbsp;1.28 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.44 | 15.36 | &nbsp;&nbsp;&nbsp;12174 | &nbsp;&nbsp;1.26(3) | &nbsp;&nbsp;1.22(3) | &nbsp;&nbsp;2.26(3) | 20 |
| **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** | **SA Multi-Managed International Equity Portfolio — Class 3** |
| 03/31/21 | 6.84 | 0.09 | &nbsp;&nbsp;3.28 | &nbsp;&nbsp;3.37 | (0.13) | (0.14) | (0.27) | &nbsp;&nbsp;&nbsp;9.94 | 49.35 | &nbsp;&nbsp;&nbsp;13369 | 1.26 | 1.22 | 1.04 | 22 |
| 03/31/22 | 9.94 | 0.13 | (0.20) | (0.07) | (0.13) | (0.51) | (0.64) | &nbsp;&nbsp;&nbsp;9.23 | (1.18) | &nbsp;&nbsp;&nbsp;11304 | 1.29 | 1.25 | 1.31 | 18 |
| 03/31/23 | 9.23 | 0.14 | (0.42) | (0.28) | (0.15) | (0.56) | (0.71) | &nbsp;&nbsp;&nbsp;8.24 | (2.49) | &nbsp;&nbsp;&nbsp;&nbsp;9506 | 1.32 | 1.28 | 1.78 | 13 |
| 03/31/24 | 8.24 | 0.13 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;1.02 | (0.17) | (0.03) | (0.20) | &nbsp;&nbsp;&nbsp;9.06 | 12.61 | &nbsp;&nbsp;&nbsp;&nbsp;9537 | 1.33 | 1.29 | 1.51 | 15 |
| 03/31/25 | 9.06 | 0.13 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.39 | (0.20) | (0.24) | (0.44) | &nbsp;&nbsp;&nbsp;9.01 | 4.37 | &nbsp;&nbsp;&nbsp;&nbsp;8854 | 1.33 | 1.29 | 1.44 | 16 |
| 09/30/25@ | 9.01 | 0.10 | &nbsp;&nbsp;1.29 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.40 | 15.43 | &nbsp;&nbsp;&nbsp;&nbsp;9564 | &nbsp;&nbsp;1.36(3) | &nbsp;&nbsp;1.32(3) | &nbsp;&nbsp;2.14(3) | 20 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | Annualized |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period<br> ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total expenses<br> before waivers<br> and/or<br> reimburse-<br> ments** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** | **SA Multi-Managed Large Cap Growth Portfolio — Class 1** |
| 03/31/21 | $12.26 | $(0.02) | $8.73 | $8.71 | $(0.04) | $(2.47) | $(2.51) | $18.46 | &nbsp;&nbsp;71.02% | $450154 | 0.81% | 0.73% | (0.13)% | 45% |
| 03/31/22 | 18.46 | (0.05) | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.08) | (5.08) | 14.26 | &nbsp;&nbsp;0.39 | 450952 | 0.81 | 0.73 | (0.29) | 42 |
| 03/31/23 | 14.26 | (0.00) | (2.68) | (2.68) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.90) | (1.90) | &nbsp;&nbsp;&nbsp;9.68 | (17.70) | 328010 | 0.84 | 0.77 | (0.04) | 46 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.68 | (0.01) | &nbsp;&nbsp;3.20 | &nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | (0.03) | 12.84 | 33.05 | 310954 | 0.85 | 0.78 | (0.09) | 39 |
| 03/31/25 | 12.84 | (0.04) | &nbsp;&nbsp;1.79 | &nbsp;&nbsp;1.75 | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.76) | (1.76) | 12.83 | &nbsp;&nbsp;&nbsp;12.08(3) | 201677 | 0.86 | 0.79 | (0.27) | 47 |
| 09/30/25@ | 12.83 | (0.02) | &nbsp;&nbsp;4.08 | &nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 16.89 | 31.64 | 279767 | &nbsp;&nbsp;0.86(4) | &nbsp;&nbsp;0.79(4) | (0.25)(4) | 20 |
| **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** | **SA Multi-Managed Large Cap Growth Portfolio — Class 2** |
| 03/31/21 | 11.93 | (0.05) | &nbsp;&nbsp;8.51 | &nbsp;&nbsp;8.46 | (0.02) | (2.47) | (2.49) | 17.90 | 70.84 | &nbsp;&nbsp;&nbsp;38448 | 0.96 | 0.88 | (0.28) | 45 |
| 03/31/22 | 17.90 | (0.08) | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.08) | (5.08) | 13.67 | &nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;33225 | 0.96 | 0.88 | (0.44) | 42 |
| 03/31/23 | 13.67 | (0.02) | (2.57) | (2.59) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.90) | (1.90) | &nbsp;&nbsp;&nbsp;9.18 | (17.81) | &nbsp;&nbsp;&nbsp;25437 | 0.99 | 0.92 | (0.19) | 46 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.18 | (0.03) | &nbsp;&nbsp;3.04 | &nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | (0.03) | 12.16 | 32.89 | &nbsp;&nbsp;&nbsp;28823 | 1.00 | 0.93 | (0.24) | 39 |
| 03/31/25 | 12.16 | (0.05) | &nbsp;&nbsp;1.69 | &nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.76) | (1.76) | 12.04 | &nbsp;&nbsp;&nbsp;11.85(3) | &nbsp;&nbsp;&nbsp;27739 | 1.01 | 0.94 | (0.42) | 47 |
| 09/30/25@ | 12.04 | (0.03) | &nbsp;&nbsp;3.83 | &nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 15.84 | 31.56 | &nbsp;&nbsp;&nbsp;32220 | &nbsp;&nbsp;1.01(4) | &nbsp;&nbsp;0.94(4) | (0.40)(4) | 20 |
| **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** | **SA Multi-Managed Large Cap Growth Portfolio — Class 3** |
| 03/31/21 | 11.77 | (0.07) | &nbsp;&nbsp;8.39 | &nbsp;&nbsp;8.32 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.47) | (2.47) | 17.62 | 70.65 | &nbsp;&nbsp;&nbsp;20395 | 1.06 | 0.98 | (0.38) | 45 |
| 03/31/22 | 17.62 | (0.10) | &nbsp;&nbsp;0.93 | &nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;— | (5.08) | (5.08) | 13.37 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;18008 | 1.06 | 0.98 | (0.54) | 42 |
| 03/31/23 | 13.37 | (0.03) | (2.51) | (2.54) | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.90) | (1.90) | &nbsp;&nbsp;&nbsp;8.93 | (17.84) | &nbsp;&nbsp;&nbsp;14040 | 1.09 | 1.02 | (0.29) | 46 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;8.93 | (0.03) | &nbsp;&nbsp;2.94 | &nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;— | (0.03) | (0.03) | 11.81 | 32.69 | &nbsp;&nbsp;&nbsp;15926 | 1.10 | 1.03 | (0.34) | 39 |
| 03/31/25 | 11.81 | (0.06) | &nbsp;&nbsp;1.65 | &nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.76) | (1.76) | 11.64 | &nbsp;&nbsp;&nbsp;11.77(3) | &nbsp;&nbsp;&nbsp;15494 | 1.11 | 1.04 | (0.52) | 47 |
| 09/30/25@ | 11.64 | (0.03) | &nbsp;&nbsp;3.70 | &nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 15.31 | 31.53 | &nbsp;&nbsp;&nbsp;18698 | &nbsp;&nbsp;1.11(4) | &nbsp;&nbsp;1.04(4) | (0.50)(4) | 20 |
| **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** | **SA Multi-Managed Large Cap Value Portfolio — Class 1** |
| 03/31/21 | 11.80 | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;5.56 | &nbsp;&nbsp;5.84 | (0.26) | (0.85) | (1.11) | 16.53 | 50.22 | 763236 | 0.79 | 0.79 | 1.94 | 45 |
| 03/31/22 | 16.53 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;1.88 | &nbsp;&nbsp;2.12 | (0.31) | (0.99) | (1.30) | 17.35 | 13.16 | 739720 | 0.78 | 0.78 | 1.36 | 40 |
| 03/31/23 | 17.35 | &nbsp;&nbsp;0.25 | (0.71) | (0.46) | (0.32) | (2.82) | (3.14) | 13.75 | (2.63) | 526295 | 0.80 | 0.80 | 1.60 | 39 |
| 03/31/24 | 13.75 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;2.29 | (0.32) | (1.99) | (2.31) | 13.73 | 18.53 | 489636 | 0.82 | 0.82 | 1.55 | 39 |
| 03/31/25 | 13.73 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.81 | (0.34) | (2.03) | (2.37) | 12.17 | &nbsp;&nbsp;5.28 | 273355 | 0.85 | 0.85 | 1.48 | 41 |
| 09/30/25@ | 12.17 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 13.14 | &nbsp;&nbsp;7.97 | 299810 | &nbsp;&nbsp;0.87(4) | &nbsp;&nbsp;0.87(4) | &nbsp;&nbsp;&nbsp;1.42(4) | 18 |
| **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** | **SA Multi-Managed Large Cap Value Portfolio — Class 2** |
| 03/31/21 | 11.79 | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;5.55 | &nbsp;&nbsp;5.81 | (0.24) | (0.85) | (1.09) | 16.51 | 49.95 | &nbsp;&nbsp;&nbsp;24509 | 0.94 | 0.94 | 1.79 | 45 |
| 03/31/22 | 16.51 | &nbsp;&nbsp;0.21 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;2.10 | (0.29) | (0.99) | (1.28) | 17.33 | 13.02 | &nbsp;&nbsp;&nbsp;23698 | 0.93 | 0.93 | 1.21 | 40 |
| 03/31/23 | 17.33 | &nbsp;&nbsp;0.23 | (0.72) | (0.49) | (0.29) | (2.82) | (3.11) | 13.73 | (2.81) | &nbsp;&nbsp;&nbsp;20212 | 0.95 | 0.95 | 1.46 | 39 |
| 03/31/24 | 13.73 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;2.27 | (0.30) | (1.99) | (2.29) | 13.71 | 18.35 | &nbsp;&nbsp;&nbsp;20951 | 0.97 | 0.97 | 1.40 | 39 |
| 03/31/25 | 13.71 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.79 | (0.32) | (2.03) | (2.35) | 12.15 | &nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;19723 | 1.00 | 1.00 | 1.32 | 41 |
| 09/30/25@ | 12.15 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;0.88 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 13.11 | &nbsp;&nbsp;7.90 | &nbsp;&nbsp;&nbsp;18530 | &nbsp;&nbsp;1.02(4) | &nbsp;&nbsp;1.02(4) | &nbsp;&nbsp;&nbsp;1.26(4) | 18 |
| **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** | **SA Multi-Managed Large Cap Value Portfolio — Class 3** |
| 03/31/21 | 11.79 | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;5.55 | &nbsp;&nbsp;5.79 | (0.22) | (0.85) | (1.07) | 16.51 | 49.77 | &nbsp;&nbsp;&nbsp;11866 | 1.04 | 1.04 | 1.69 | 45 |
| 03/31/22 | 16.51 | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;1.89 | &nbsp;&nbsp;2.08 | (0.27) | (0.99) | (1.26) | 17.33 | 12.90 | &nbsp;&nbsp;&nbsp;11283 | 1.03 | 1.03 | 1.11 | 40 |
| 03/31/23 | 17.33 | &nbsp;&nbsp;0.21 | (0.71) | (0.50) | (0.27) | (2.82) | (3.09) | 13.74 | (2.88) | &nbsp;&nbsp;&nbsp;&nbsp;9196 | 1.05 | 1.05 | 1.36 | 39 |
| 03/31/24 | 13.74 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;2.08 | &nbsp;&nbsp;2.26 | (0.28) | (1.99) | (2.27) | 13.73 | 18.28 | &nbsp;&nbsp;&nbsp;&nbsp;9502 | 1.07 | 1.07 | 1.30 | 39 |
| 03/31/25 | 13.73 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;0.61 | &nbsp;&nbsp;0.77 | (0.31) | (2.03) | (2.34) | 12.16 | &nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;8920 | 1.10 | 1.10 | 1.22 | 41 |
| 09/30/25@ | 12.16 | &nbsp;&nbsp;0.07 | &nbsp;&nbsp;0.89 | &nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 13.12 | &nbsp;&nbsp;7.89 | &nbsp;&nbsp;&nbsp;&nbsp;8607 | &nbsp;&nbsp;1.12(4) | &nbsp;&nbsp;1.12(4) | &nbsp;&nbsp;&nbsp;1.16(4) | 18 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | The Portfolio's performance figure was increased by 0.09% for Class 1 and Class 2 and 0.10% for Class 3 from the reimbursement of an investment violation. |
| (4) | Annualized |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period<br> ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 1** |
| 03/31/21 | $15.45 | $(0.13) | $12.47 | $12.34 | $— | $(2.84) | $(2.84) | $24.95 | &nbsp;&nbsp;79.25% | $199683 | 0.94% | (0.56)% | 65% |
| 03/31/22 | 24.95 | (0.13) | &nbsp;&nbsp;(0.16) | &nbsp;&nbsp;(0.29) | &nbsp;&nbsp;&nbsp;&nbsp;— | (7.65) | (7.65) | 17.01 | (5.65) | 167780 | 0.94 | (0.56) | 60 |
| 03/31/23 | 17.01 | (0.03) | &nbsp;&nbsp;(2.00) | &nbsp;&nbsp;(2.03) | &nbsp;&nbsp;&nbsp;&nbsp;— | (4.04) | (4.04) | 10.94 | (10.93) | 129176 | 0.97 | (0.20) | 48 |
| 03/31/24 | 10.94 | (0.04) | &nbsp;&nbsp;&nbsp;2.63 | &nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 13.53 | 23.67 | 134582 | 0.99 | (0.34) | 66 |
| 03/31/25 | 13.53 | (0.07) | &nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 13.90 | &nbsp;&nbsp;2.73 | 117917 | 0.98 | (0.48) | 83 |
| 09/30/25@ | 13.90 | (0.03) | &nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 16.79 | 20.79 | 143674 | &nbsp;&nbsp;0.98(3) | (0.42)(3) | 55 |
| **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 2** |
| 03/31/21 | 14.57 | (0.15) | 11.74 | 11.59 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.84) | (2.84) | 23.32 | 78.88 | &nbsp;&nbsp;&nbsp;26864 | 1.09 | (0.71) | 65 |
| 03/31/22 | 23.32 | (0.15) | &nbsp;&nbsp;(0.07) | &nbsp;&nbsp;(0.22) | &nbsp;&nbsp;&nbsp;&nbsp;— | (7.65) | (7.65) | 15.45 | (5.76) | &nbsp;&nbsp;&nbsp;22730 | 1.09 | (0.71) | 60 |
| 03/31/23 | 15.45 | (0.04) | &nbsp;&nbsp;(1.84) | &nbsp;&nbsp;(1.88) | &nbsp;&nbsp;&nbsp;&nbsp;— | (4.04) | (4.04) | &nbsp;&nbsp;&nbsp;9.53 | (11.07) | &nbsp;&nbsp;&nbsp;18825 | 1.12 | (0.35) | 48 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.53 | (0.05) | &nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 11.77 | 23.50 | &nbsp;&nbsp;&nbsp;21090 | 1.14 | (0.49) | 66 |
| 03/31/25 | 11.77 | (0.08) | &nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 12.07 | &nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;19349 | 1.13 | (0.63) | 83 |
| 09/30/25@ | 12.07 | (0.04) | &nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 14.57 | 20.71 | &nbsp;&nbsp;&nbsp;20998 | &nbsp;&nbsp;1.13(3) | (0.57)(3) | 55 |
| **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** | **SA Multi-Managed Mid Cap Growth Portfolio — Class 3** |
| 03/31/21 | 14.07 | (0.17) | 11.34 | 11.17 | &nbsp;&nbsp;&nbsp;&nbsp;— | (2.84) | (2.84) | 22.40 | 78.69 | &nbsp;&nbsp;&nbsp;16308 | 1.19 | (0.81) | 65 |
| 03/31/22 | 22.40 | (0.17) | &nbsp;&nbsp;(0.02) | &nbsp;&nbsp;(0.19) | &nbsp;&nbsp;&nbsp;&nbsp;— | (7.65) | (7.65) | 14.56 | (5.88) | &nbsp;&nbsp;&nbsp;13772 | 1.19 | (0.81) | 60 |
| 03/31/23 | 14.56 | (0.05) | &nbsp;&nbsp;(1.74) | &nbsp;&nbsp;(1.79) | &nbsp;&nbsp;&nbsp;&nbsp;— | (4.04) | (4.04) | &nbsp;&nbsp;&nbsp;8.73 | (11.15) | &nbsp;&nbsp;&nbsp;11589 | 1.22 | (0.45) | 48 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;8.73 | (0.05) | &nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.77 | 23.37 | &nbsp;&nbsp;&nbsp;12328 | 1.24 | (0.59) | 66 |
| 03/31/25 | 10.77 | (0.08) | &nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 11.04 | &nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;10988 | 1.23 | (0.73) | 83 |
| 09/30/25@ | 11.04 | (0.04) | &nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 13.32 | 20.65 | &nbsp;&nbsp;&nbsp;12066 | &nbsp;&nbsp;1.23(3) | (0.67)(3) | 55 |
| **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** | **SA Multi-Managed Mid Cap Value Portfolio — Class 1** |
| 03/31/21 | 11.26 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;8.04 | &nbsp;&nbsp;&nbsp;8.18 | (0.19) | (0.57) | (0.76) | 18.68 | 73.16 | 220104 | 0.95 | 0.92 | 29 |
| 03/31/22 | 18.68 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;2.23 | (0.19) | (0.92) | (1.11) | 19.80 | 12.04 | 205935 | 0.95 | 0.67 | 29 |
| 03/31/23 | 19.80 | &nbsp;&nbsp;0.20 | &nbsp;&nbsp;(1.63) | &nbsp;&nbsp;(1.43) | (0.16) | (2.63) | (2.79) | 15.58 | (7.25) | 170288 | 0.96 | 1.17 | 31 |
| 03/31/24 | 15.58 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;3.36 | (0.21) | (1.27) | (1.48) | 17.46 | 23.09 | 181250 | 0.98 | 1.04 | 28 |
| 03/31/25 | 17.46 | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;0.35 | (0.20) | (1.25) | (1.45) | 16.36 | &nbsp;&nbsp;1.30 | 151181 | 0.98 | 0.97 | 34 |
| 09/30/25@ | 16.36 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 17.83 | &nbsp;&nbsp;8.99 | 174060 | &nbsp;&nbsp;0.98(3) | &nbsp;&nbsp;&nbsp;1.30(3) | 23 |
| **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** | **SA Multi-Managed Mid Cap Value Portfolio — Class 2** |
| 03/31/21 | 11.22 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;8.02 | &nbsp;&nbsp;&nbsp;8.14 | (0.17) | (0.57) | (0.74) | 18.62 | 73.00 | &nbsp;&nbsp;&nbsp;23122 | 1.10 | 0.77 | 29 |
| 03/31/22 | 18.62 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;2.20 | (0.17) | (0.92) | (1.09) | 19.73 | 11.89 | &nbsp;&nbsp;&nbsp;22040 | 1.10 | 0.51 | 29 |
| 03/31/23 | 19.73 | &nbsp;&nbsp;0.18 | &nbsp;&nbsp;(1.63) | &nbsp;&nbsp;(1.45) | (0.12) | (2.63) | (2.75) | 15.53 | (7.35) | &nbsp;&nbsp;&nbsp;18646 | 1.11 | 1.02 | 31 |
| 03/31/24 | 15.53 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;3.31 | (0.18) | (1.27) | (1.45) | 17.39 | 22.83 | &nbsp;&nbsp;&nbsp;19927 | 1.12 | 0.89 | 28 |
| 03/31/25 | 17.39 | &nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;0.32 | (0.17) | (1.25) | (1.42) | 16.29 | &nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;17884 | 1.13 | 0.83 | 34 |
| 09/30/25@ | 16.29 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 17.74 | &nbsp;&nbsp;8.90 | &nbsp;&nbsp;&nbsp;17384 | &nbsp;&nbsp;1.13(3) | &nbsp;&nbsp;&nbsp;1.13(3) | 23 |
| **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** | **SA Multi-Managed Mid Cap Value Portfolio — Class 3** |
| 03/31/21 | 11.20 | &nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;8.01 | &nbsp;&nbsp;&nbsp;8.11 | (0.15) | (0.57) | (0.72) | 18.59 | 72.87 | &nbsp;&nbsp;&nbsp;14260 | 1.20 | 0.67 | 29 |
| 03/31/22 | 18.59 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;2.16 | (0.15) | (0.92) | (1.07) | 19.68 | 11.69 | &nbsp;&nbsp;&nbsp;13418 | 1.20 | 0.41 | 29 |
| 03/31/23 | 19.68 | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;(1.62) | &nbsp;&nbsp;(1.46) | (0.10) | (2.63) | (2.73) | 15.49 | (7.45) | &nbsp;&nbsp;&nbsp;10490 | 1.21 | 0.92 | 31 |
| 03/31/24 | 15.49 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;3.29 | (0.16) | (1.27) | (1.43) | 17.35 | 22.72 | &nbsp;&nbsp;&nbsp;10703 | 1.23 | 0.79 | 28 |
| 03/31/25 | 17.35 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;0.31 | (0.15) | (1.25) | (1.40) | 16.26 | &nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;9700 | 1.23 | 0.73 | 34 |
| 09/30/25@ | 16.26 | &nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 17.69 | &nbsp;&nbsp;8.79 | &nbsp;&nbsp;&nbsp;&nbsp;9728 | &nbsp;&nbsp;1.23(3) | &nbsp;&nbsp;&nbsp;1.03(3) | 23 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | Annualized |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### FINANCIAL HIGHLIGHTS — (continued)

------

---

| | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** | **Selected Data for a Share Outstanding Throughout each Period** |  |  | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** | **Ratios and Supplemental Data** |
|  |  | **Investment Operations** | **Investment Operations** | **Investment Operations** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** | **Distributions to<br> Shareholders From** |  |  |  | **Ratios to Average Net Assets** | **Ratios to Average Net Assets** |  |
| **Period<br> ended** | **Net Asset<br> Value<br> beginning<br> of period** | **Net<br> investment<br> income<br> (loss)(1)** | **Net realized<br> & unrealized<br> gain (loss)<br> on<br> investments** | **Total from<br> investment<br> operations** | **Net<br> investment<br> income** | **Net<br> realized<br> gain on<br> investments** | **Total<br> distributions** | **Net Asset<br> Value<br> end of<br> period** | **Total<br> Return(2)** | **Net Assets<br> end of<br> period (000's)** | **Total expenses<br> after waivers<br> and/or<br> reimburse-<br> ments** | **Net<br> investment<br> income<br> (loss)** | **Portfolio<br> turnover** |
| **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** | **SA Multi-Managed Small Cap Portfolio — Class 1** |
| 03/31/21 | $9.00 | $0.03 | $8.04 | $8.07 | $(0.04) | $(1.77) | $(1.81) | $15.26 | 91.05% | $230594 | 0.95% | &nbsp;&nbsp;0.26% | 55% |
| 03/31/22 | 15.26 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;0.13 | &nbsp;&nbsp;0.15 | (0.03) | (1.84) | (1.87) | 13.54 | 0.33 | 205586 | 0.94 | 0.15 | 50 |
| 03/31/23 | 13.54 | &nbsp;&nbsp;0.05 | (1.26) | (1.21) | (0.05) | (2.19) | (2.24) | 10.09 | (8.84) | 158048 | 0.96 | 0.39 | 41 |
| 03/31/24 | 10.09 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;1.54 | &nbsp;&nbsp;1.57 | (0.05) | (0.34) | (0.39) | 11.27 | 16.06 | 146630 | 1.01 | 0.31 | 47 |
| 03/31/25 | 11.27 | &nbsp;&nbsp;0.03 | (0.56) | (0.53) | (0.04) | (0.24) | (0.28) | 10.46 | (5.11) | 105661 | 0.99 | 0.23 | 57 |
| 09/30/25@ | 10.46 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 11.94 | 14.15 | 118173 | &nbsp;&nbsp;1.04(3) | &nbsp;&nbsp;&nbsp;0.39(3) | 39 |
| **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** | **SA Multi-Managed Small Cap Portfolio — Class 2** |
| 03/31/21 | &nbsp;&nbsp;&nbsp;8.73 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;7.79 | &nbsp;&nbsp;7.80 | (0.02) | (1.77) | (1.79) | 14.74 | 90.75 | &nbsp;&nbsp;&nbsp;17618 | 1.10 | 0.11 | 55 |
| 03/31/22 | 14.74 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.12 | (0.01) | (1.84) | (1.85) | 13.01 | 0.14 | &nbsp;&nbsp;&nbsp;15175 | 1.09 | 0.00 | 50 |
| 03/31/23 | 13.01 | &nbsp;&nbsp;0.03 | (1.20) | (1.17) | (0.03) | (2.19) | (2.22) | &nbsp;&nbsp;&nbsp;9.62 | (8.93) | &nbsp;&nbsp;&nbsp;12205 | 1.11 | 0.24 | 41 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.46 | &nbsp;&nbsp;1.48 | (0.03) | (0.34) | (0.37) | 10.73 | 15.92 | &nbsp;&nbsp;&nbsp;12743 | 1.16 | 0.16 | 47 |
| 03/31/25 | 10.73 | &nbsp;&nbsp;0.01 | (0.53) | (0.52) | (0.02) | (0.24) | (0.26) | &nbsp;&nbsp;&nbsp;9.95 | (5.21) | &nbsp;&nbsp;&nbsp;11087 | 1.15 | 0.08 | 57 |
| 09/30/25@ | &nbsp;&nbsp;&nbsp;9.95 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;1.38 | &nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 11.34 | 13.97 | &nbsp;&nbsp;&nbsp;11315 | &nbsp;&nbsp;1.19(3) | &nbsp;&nbsp;&nbsp;0.23(3) | 39 |
| **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** | **SA Multi-Managed Small Cap Portfolio — Class 3** |
| 03/31/21 | &nbsp;&nbsp;&nbsp;8.56 | &nbsp;&nbsp;0.00 | &nbsp;&nbsp;7.62 | &nbsp;&nbsp;7.62 | (0.00) | (1.77) | (1.77) | 14.41 | 90.49 | &nbsp;&nbsp;&nbsp;11334 | 1.20 | 0.01 | 55 |
| 03/31/22 | 14.41 | (0.01) | &nbsp;&nbsp;0.12 | &nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;— | (1.84) | (1.84) | 12.68 | 0.06 | &nbsp;&nbsp;&nbsp;&nbsp;9747 | 1.19 | (0.10) | 50 |
| 03/31/23 | 12.68 | &nbsp;&nbsp;0.02 | (1.17) | (1.15) | (0.02) | (2.19) | (2.21) | &nbsp;&nbsp;&nbsp;9.32 | (9.03) | &nbsp;&nbsp;&nbsp;&nbsp;8126 | 1.21 | 0.14 | 41 |
| 03/31/24 | &nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;1.41 | &nbsp;&nbsp;1.42 | (0.02) | (0.34) | (0.36) | 10.38 | 15.77 | &nbsp;&nbsp;&nbsp;&nbsp;8432 | 1.26 | 0.06 | 47 |
| 03/31/25 | 10.38 | (0.00) | (0.51) | (0.51) | (0.01) | (0.24) | (0.25) | &nbsp;&nbsp;&nbsp;9.62 | (5.28) | &nbsp;&nbsp;&nbsp;&nbsp;7364 | 1.25 | (0.02) | 57 |
| 09/30/25@ | &nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;1.32 | &nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 10.95 | 13.83 | &nbsp;&nbsp;&nbsp;&nbsp;7895 | &nbsp;&nbsp;1.29(3) | &nbsp;&nbsp;&nbsp;0.13(3) | 39 |

---

---

| | |
|:---|:---|
| @ | Unaudited |
| (1) | Calculated based upon average shares outstanding. |
| (2) | Total return does not include the effect of fees and charges incurred at the separate account level. If such expenses had been included, total return would have been lower for each period presented. |
| (3) | Annualized |

---

See Notes to Financial Statements

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS (unaudited)

------

#### Item 8 (Form N-CSR) – Changes in and Disagreements with Accountants for Open-End Management Investment Companies
&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### RESULTS OF SPECIAL SHAREHOLDER MEETING (unaudited)

------

#### Item 9 (Form N-CSR) – Proxy Disclosure for Open-End Management Investment Companies
&nbsp;&nbsp;&nbsp;&nbsp;Not applicable.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS (unaudited)

------

#### Item 10 (Form N-CSR) – Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
&nbsp;&nbsp;&nbsp;&nbsp;Remuneration paid to Directors is included in the Statement of Operations.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited)

------

#### Item 11 (Form N-CSR) – Statement Regarding Basis for Approval of Investment Advisory Contract.
&nbsp;&nbsp;&nbsp;&nbsp;At a meeting held on April 2, 2025 (the "Meeting"), the Board of Trustees (the "Board"), including the Trustees that are not interested persons of Seasons Series Trust (the "Trust"), as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved a subadvisory agreement (the "Subadvisory Agreement") between SunAmerica Asset Management, LLC ("SunAmerica" or the "Adviser") and Franklin Advisers, Inc. ("Franklin" or the "Subadviser") with respect to the SA Putnam Asset Allocation Diversified Balanced Portfolio, a series of the Trust (the "Portfolio"). The Board also approved a new Sub-Subadvisory Agreement (the "Sub-Subadvisory Agreement" and, together with the Subadvisory Agreement, the "Agreements") between Franklin and Putnam Investment Management, LLC ("Putnam" and, together with Franklin, the "Subadvisers"), with respect to the Portfolio. The Board, including the Independent Trustees, further approved the termination of the subadvisory agreement between SunAmerica and Putnam with respect to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;In connection with the approval of the Agreement, the Board received materials related to certain factors used in its consideration of whether to approve the Agreement. Those factors included:

(1) the requirements of the Portfolio in the areas of investment supervisory and administrative services;

(2) the nature, extent and quality of the investment advisory and administrative services expected to be provided by the Subadvisers;

(3) the size and structure of the subadvisory and sub-subadvisory fees and any other material payments to be paid to the Subadvisers;

(4) the organizational capability and financial condition of the Subadviser and its affiliates; and

(5) the fees to be paid by the Adviser to Franklin and by Franklin to Putnam for managing the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Board considered (a) the conditions and trends prevailing in the economy, the securities markets and the investment company industry; (b) the profitability of and amounts retained by SunAmerica; and (c) information regarding each Subadviser's compliance and regulatory history. The Board also took into account extensive information from the Subadvisers regarding its services provided to the Trust, which materials the Board reviewed at its October 9, 2024 meeting (the "October Meeting") in connection with its consideration of the renewal of the subadvisory agreements with respect to the various series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;The Independent Trustees were separately represented by counsel that is independent of SunAmerica and the Subadvisers in connection with their consideration of approval of the Agreements. The matters discussed below were also considered separately by the Independent Trustees in executive session during which such independent counsel provided guidance to the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;At the October Meeting, the Board received information regarding the Portfolio's subadvisory fees compared to subadvisory fee rates of a group of funds with similar investment strategies and/or objectives, as applicable (the "Subadvised Expense Group/Universe"), as selected and prepared by an independent third-party provider of investment company data. The Board also received performance data and expense information prepared by management. In addition, the Board considered expenses and performance of the Subadvisers with respect to accounts and mutual funds that have comparable investment objectives and strategies to the Portfolio, as applicable.

#### &nbsp;&nbsp;&nbsp;&nbsp;Nature, Extent and Quality of Services Provided by the Subadvisers.
&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that management was proposing to appoint Franklin as subadviser and Putnam as sub-subadviser to the Portfolio because of an organizational change at Franklin and Putnam, such that that the team at Putnam currently responsible for managing the Portfolio will be moving under the Franklin umbrella in connection with the continued integration of personnel following the acquisition of Putnam by Franklin. The Board, including the Independent Trustees, considered the nature, quality and extent of services expected to be provided by the Subadvisers. In making its evaluation, the Board considered that SunAmerica acts as adviser for the Portfolio, manages the daily business affairs of the Trust, and obtains and evaluates economic, statistical and financial information to formulate and implement investment policies and provides oversight with respect to the daily management of the Portfolio's assets, subject to the Trustees' oversight and control. It was also noted that SunAmerica's advisory fees compensate SunAmerica for services such as monitoring portfolio performance, selecting and replacing subadvisers, determining asset allocations among each series of the Trust and ensuring that a subadviser's style adheres to the prospectus and statement of additional information as well as other administrative, compliance and legal services or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;With respect to Franklin, the Board noted that Franklin would be responsible for providing investment management services on a day-to-day basis. In such role, Franklin would (i) manage the investment and reinvestment of the Portfolio's assets; (ii) determine the securities to be purchased or sold and execute such documents on behalf of the Portfolio as may be necessary in connection with its management thereof; (iii) provide SunAmerica with records concerning its activities; and (iv) render regular reports to SunAmerica and to officers and Trustees of the Trust concerning its discharge of the foregoing responsibilities. With respect to Putnam, the Board noted that Putnam would (i) manage the investment and reinvestment of that portion of the Portfolio allocated for investment to it by Franklin; (ii) determine the securities to be purchased or sold and execute such documents on behalf of the Portfolio as may be necessary in connection with its management at that portion; (iii) provide assistance with purchasing and selling securities for the Portfolio; and (iv) research and obtain and evaluate pertinent economic, statistical, and financial data relevant to the investment strategies and policies of the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the Subadvisers' history, structure and size, and investment experience. The Board considered the personnel of the Subadvisers who would be involved in the investment management, administration, compliance and risk management activities with respect to the Portfolio, as well as current and projected staffing levels. The Board was informed that in management's judgment, the Subadvisers have the size, viability and resources to attract and retain highly qualified investment professionals. The Board reviewed the qualifications, background and responsibilities of the staff of the Subadvisers who would be responsible for providing investment management services to the Portfolio, noting that the Portfolio will not have any new lead portfolio managers resulting from the organizational change at Franklin.

&nbsp;&nbsp;&nbsp;&nbsp;The Board also reviewed and considered the Subadvisers' compliance and regulatory history, including information about whether either firm has been involved in any litigation, regulatory actions or investigations that could impair its ability to serve as subadviser or sub-subadviser, as applicable, to the Portfolio. The Board considered the Subadvisers' risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on the Franklin's or Putnam's ability to provide services to the Trust.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp;The Board concluded that it was satisfied with the nature, quality and extent of the services expected to be provided by the Subadvisers and that there was a reasonable basis on which to conclude that the Subadvisers would provide high quality services to the Trust.

#### &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Fees and Expenses; Investment Performance.
&nbsp;&nbsp;&nbsp;&nbsp;At the October Meeting, the Board, including the Independent Trustees, received and reviewed information regarding the Portfolio's subadvisory fees (actual and contractual) compared against such fees of its Subadvised Expense Group/Universe. It was noted that with respect to subadvisory fees, SunAmerica negotiates such fees at arm's length. The Board also considered that the subadvisory fees will be paid by SunAmerica out of its advisory fee and not by the Portfolio, and that the sub-subadvisory fees will be paid by Franklin. The Board also noted that the proposed subadvisory fees to be paid to Franklin are identical to the subadvisory fees currently paid to Putnam for management of the Portfolio. The Board further considered the amount of subadvisory fees paid by SunAmerica and the amount of the management fees to be retained. The Board determined that these amounts were reasonable in light of the services performed by SunAmerica and the Subadvisers, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;To assist in analyzing the reasonableness of the subadvisory fee at the October Meeting, the Board received a report prepared independently by Broadridge Financial Solutions, Inc., as well as information provided by management. The Board also considered advisory and subadvisory fees received by the Subadvisers and performance data with respect to other mutual funds and accounts with similar investment strategies to the Portfolio.

&nbsp;&nbsp;&nbsp;&nbsp;The performance information included information as of December 31, 2024, from Franklin and included the performance of the Portfolio as currently managed by Putnam. On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to the Portfolio's overall performance, performance relative to the Portfolio's benchmark and Morningstar and Broadridge peer groups, and a subadviser's performance within a portfolio. The Board also considered that management makes particular note of any portfolio that may require closer monitoring or potential corrective action by the Board.

#### &nbsp;&nbsp;&nbsp;&nbsp;Profitability, Economies of Scale and Other Benefits Derived.
&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that the subadvisory fees paid pursuant to the Subadvisory Agreement are paid by SunAmerica out of its advisory fees, and that the sub-subadvisory fees paid pursuant to the Sub-Subadvisory Agreement are paid by Franklin out of its subadvisory fees. The Board considered that the Subadvisory Agreement contains breakpoints in the fee schedule; however, since SunAmerica, and not the Trust, is responsible for the payment of the fees pursuant to the Agreement, the Portfolio does not directly benefit from any reduction in those fee rates. The Trustees also relied on the ability of SunAmerica to negotiate the Agreement and the fees thereunder at arm's length. The Board determined that the profitability to the Subadvisers in connection with their relationships with the Portfolio is therefore not a material factor in its consideration of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered other potential indirect benefits to the Subadvisers as a result of their relationships with the Portfolio, which could include research benefits obtained by trading the Portfolio's assets, economies of scale, reputational benefits, and the potential for future mandates. For similar reasons as stated above with respect to the Subadvisers' profitability, the Board concluded that the potential for economies of scale and other indirect benefits to the Subadvisers in their management of the Portfolio are not a material factor in its consideration at this time.

#### &nbsp;&nbsp;&nbsp;&nbsp;Terms of Agreements.
&nbsp;&nbsp;&nbsp;&nbsp;The Board, including the Independent Trustees, reviewed the terms and conditions of the Agreements, including the duties and responsibilities undertaken by SunAmerica and the Subadvisers as discussed above. The Board also reviewed the differences in the terms of the Subadvisory Agreement as compared to the terms of the subadvisory agreement between SunAmerica and Putnam with respect to the Portfolio.

#### &nbsp;&nbsp;&nbsp;&nbsp;Conclusions.
&nbsp;&nbsp;&nbsp;&nbsp;In reaching its decision to recommend the approval of the Agreements, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered and each Trustee may have attributed different weight to the various factors. Based upon the materials it reviewed, the representations made to it and the considerations described above, and as part of their deliberations, the Board, including the Independent Trustees, concluded that each Subadviser possesses the capability and resources to perform the duties required of it under the applicable Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;Further, based upon its review of the Agreements, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that: (1) the terms of the Agreements are reasonable, fair and in the best interest of the Portfolio and its shareholders, and (2) the subadvisory and sub-subadvisory fee rates are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

------

[**Table of Contents**](#JOB_NEW_F_2816a7e0-aad8-4aaa-85cd-d4fd98f4c376_TOC)

#### Seasons Series Trust

#### APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited) — (continued)

------

&nbsp;&nbsp;&nbsp;&nbsp; At a meeting held on April 2, 2025 (the "Meeting"), the Board of Trustees (the "Board"), including the Trustees that are not interested persons of Seasons Series Trust (the "Trust"), as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved a subadvisory agreement (the "Agreement") between SunAmerica Asset Management, LLC ("SunAmerica" or the "Adviser") and BlackRock Investment Management, LLC ("BlackRock" or the "Subadviser") with respect to the index sleeves of the SA Multi-Managed International Equity Portfolio, SA Multi-Managed Large Cap Growth Portfolio, SA Multi-Managed Large Cap Value Portfolio, SA Multi-Managed Mid Cap Growth Portfolio, SA Multi-Managed Mid Cap Value Portfolio and SA Multi-Managed Small Cap Portfolio, each a series of the Trust (each, a "Portfolio" and collectively, the "Portfolios").

&nbsp;&nbsp;&nbsp;&nbsp;In connection with the approval of the Agreement, the Board received materials related to certain factors used in its consideration of whether to approve the Agreement. Those factors included:

(1) the requirements of the Portfolios in the areas of investment supervisory and administrative services;

(2) the nature, extent and quality of the investment advisory and administrative services expected to be provided by the Subadviser;

(3) the size and structure of the subadvisory fees and any other material payments to be paid to the Subadviser;

(4) the organizational capability and financial condition of the Subadviser and its affiliates; and

(5) the fees to be paid by the Adviser to BlackRock for managing the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Board considered (a) the conditions and trends prevailing in the economy, the securities markets and the investment company industry; (b) the profitability of and amounts retained by SunAmerica; and (c) information regarding the Subadviser's compliance and regulatory history. The Board also took into account extensive information from BlackRock regarding its services provided to the Trust, which materials the Board reviewed at its October 9, 2024 meeting in connection with its consideration of the renewal of the subadvisory agreements with respect to the various series of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;The Independent Trustees were separately represented by counsel that is independent of SunAmerica and BlackRock in connection with their consideration of approval of the Agreement. The matters discussed below were also considered separately by the Independent Trustees in executive session during which such independent counsel provided guidance to the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;The Board received information regarding each Portfolio's current and proposed subadvisory fees compared to subadvisory fee rates of a group of funds with similar investment strategies and/or objectives, as applicable (the "Subadvised Expense Group/Universe"), as selected and prepared by an independent third-party provider of investment company data. The Board also received performance data and expense information prepared by management. In addition, the Board considered expenses and performance of the Subadviser with respect to accounts and mutual funds that have comparable investment objectives and strategies to each Portfolio, as applicable.

#### &nbsp;&nbsp;&nbsp;&nbsp;Nature, Extent and Quality of Services Provided by the Subadviser.
&nbsp;&nbsp;&nbsp;&nbsp;The Board, including the Independent Trustees, considered the nature, quality and extent of services expected to be provided by BlackRock. In making its evaluation, the Board considered that SunAmerica acts as adviser for the Portfolios, manages the daily business affairs of the Trust, and obtains and evaluates economic, statistical and financial information to formulate and implement investment policies and provides oversight with respect to the daily management of the Portfolios' assets, subject to the Trustees' oversight and control. The Board noted that although SunAmerica has managed the Portfolios since inception, management was proposing to engage BlackRock as subadviser to the Portfolios because SunAmerica has made a strategic business decision to cease directly managing the Portfolios' passive strategies. It was also noted that SunAmerica's advisory fees compensate SunAmerica for services such as monitoring portfolio performance, selecting and replacing subadvisers, determining asset allocations among each series of the Trust and ensuring that a subadviser's style adheres to the prospectus and statement of additional information as well as other administrative, compliance and legal services or requirements.

&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Subadviser, the Board noted that BlackRock would be responsible for providing investment management services on a day-to-day basis. In such role, BlackRock would, with respect to each Portfolio, (i) manage the investment and reinvestment of a portion of the Portfolio's assets; (ii) determine the securities to be purchased or sold and execute such documents on behalf of that portion as may be necessary in connection with its management thereof; (iii) provide SunAmerica with records concerning its activities; and (iv) render regular reports to SunAmerica and to officers and Trustees of the Trust concerning its discharge of the foregoing responsibilities. The Board reviewed BlackRock's history, structure and size, and investment experience. The Board considered the personnel of BlackRock who would be involved in the investment management, administration, compliance and risk management activities with respect to the Portfolio, as well as current and projected staffing levels. The Board was informed that in management's judgment, BlackRock has the size, viability and resources to attract and retain highly qualified investment professionals. The Board reviewed the qualifications, background and responsibilities of the staff of BlackRock who would be responsible for providing investment management services to the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;The Board also reviewed and considered BlackRock's compliance and regulatory history, including information about whether it has been involved in any litigation, regulatory actions or investigations that could impair its ability to serve as subadviser to the Portfolios. The Board considered BlackRock's risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on BlackRock's ability to provide services to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;The Board concluded that it was satisfied with the nature, quality and extent of the services expected to be provided by the Subadviser and that there was a reasonable basis on which to conclude that the Subadviser would provide high quality services to the Trust.

#### &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Fees and Expenses; Investment Performance.
&nbsp;&nbsp;&nbsp;&nbsp;The Board, including the Independent Trustees, received and reviewed information regarding each Portfolio's subadvisory fees (actual and contractual) compared against such fees of its Subadvised Expense Group/Universe. It was noted that with respect to subadvisory fees, SunAmerica negotiates such fees at arm's length. The Board also considered that the subadvisory fees will be paid by SunAmerica out of its advisory fee and not by the Portfolios, and that subadvisory fees may vary widely within a Subadvised Expense

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#### Seasons Series Trust

#### APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited) — (continued)

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Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board further considered the amount of subadvisory fees paid by SunAmerica and the amount of the management fees to be retained. The Board determined that these amounts were reasonable in light of the services performed by SunAmerica and BlackRock, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;To assist in analyzing the reasonableness of the subadvisory fee, the Board received a report prepared independently by Broadridge Financial Solutions, Inc. ("Broadridge"), as well as information provided by management. The Board also considered advisory and subadvisory fees received by BlackRock and performance data with respect to exchange traded funds and live strategies with similar investment strategies to the Portfolios, as applicable (the "Similar Funds"). For each Portfolio, the Subadvised Expense Group and Subadvised Expense Universe consisted of the Portfolio and other passive index funds with similar strategies underlying variable insurance products, as classified by Broadridge.

&nbsp;&nbsp;&nbsp;&nbsp;The performance information included information as of December 31, 2024, from management and BlackRock. On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to a Portfolio's overall performance, performance relative to the Portfolio's benchmark and Morningstar and Broadridge peer groups, and a subadviser's performance within a portfolio. The Board also considered that management makes particular note of any portfolio that may require closer monitoring or potential corrective action by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered the performance of the Similar Funds relative to the applicable benchmark index. In considering this comparative performance information, however, the Board also reviewed relevant distinctions and differences between the Similar Funds and the Portfolios and acknowledged that past performance is not necessarily indicative of future results.

&nbsp;&nbsp;&nbsp;&nbsp;The Trustees noted that the expense and performance information as a whole was useful in assessing whether BlackRock is proposing to provide services at a cost that is competitive with other similar funds.

#### &nbsp;&nbsp;&nbsp;&nbsp;Profitability, Economies of Scale and Other Benefits Derived.
&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that the subadvisory fees paid pursuant to the Agreement are paid by SunAmerica out of its advisory fees. The Trustees also relied on the ability of SunAmerica to negotiate the Agreement and the fees thereunder at arm's length. The Board determined that the profitability to the Subadviser in connection with its relationship with the Portfolios is therefore not a material factor in its consideration of the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered other potential indirect benefits to the Subadviser as a result of its relationship with the Portfolios, which could include research benefits obtained by trading the Portfolio's assets, economies of scale, reputational benefits, and the potential for future mandates. For similar reasons as stated above with respect to the Subadviser's profitability, the Board concluded that the potential for economies of scale and other indirect benefits to the Subadviser in its management of the Portfolio are not a material factor in its consideration at this time.

#### &nbsp;&nbsp;&nbsp;&nbsp;Terms of Agreement.
&nbsp;&nbsp;&nbsp;&nbsp;The Board, including the Independent Trustees, reviewed the terms and conditions of the Agreement, including the duties and responsibilities undertaken by SunAmerica and BlackRock as discussed above.

#### &nbsp;&nbsp;&nbsp;&nbsp;Conclusions.
&nbsp;&nbsp;&nbsp;&nbsp;In reaching its decision to recommend the approval of the Agreement, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered and each Trustee may have attributed different weight to the various factors. Based upon the materials it reviewed, the representations made to it and the considerations described above, and as part of their deliberations, the Board, including the Independent Trustees, concluded that the Subadviser possesses the capability and resources to perform the duties required of it under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;Further, based upon its review of the Agreement, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that: (1) the terms of the Agreement are reasonable, fair and in the best interest of each Portfolio and its shareholders, and (2) the subadvisory fee rates are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

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#### Seasons Series Trust

#### APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp; At a meeting held on September 18, 2025, the Board of Trustees (the "Board"), including the Trustees that are not interested persons of Seasons Series Trust (the "Trust"), as defined in the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved with respect to each Portfolio the continuation of the Investment Management and Advisory Agreement between SunAmerica Asset Management LLC ("SunAmerica" or the "Adviser") and the Trust (the "Advisory Agreement") and the continuation of each Subadvisory Agreement between SunAmerica and each of the following subadvisers (the "Subadvisory Agreements"): American Century Investment Management, Inc. ("American Century"), Columbia Management Investment Advisers, LLC ("Columbia"), Goldman Sachs Asset Management, L.P. ("GSAM"), J.P. Morgan Investment Management Inc. ("JPMorgan"), Massachusetts Financial Services Company ("MFS"), Morgan Stanley Investment Management Inc. ("MSIM"), PineBridge Investments, LLC ("PineBridge"), Schroder Investment Management North America Inc. ("SIMNA"), T. Rowe Price Associates, Inc. ("T. Rowe Price") and Wellington Management Company, LLP ("Wellington") (collectively referred to as the "Subadvisers" and each a "Subadviser"). The Board also approved the continuation of the Sub-Subadvisory Agreement between T. Rowe Price and T. Rowe Price International Ltd with respect to the SA Multi-Managed International Equity Portfolio. T. Rowe Price International Ltd and the Subadvisers are collectively referred to as the "Subadvisers," and the Sub-Subadvisory Agreements and the Subadvisory Agreements are collectively referred to as the "Subadvisory Agreements." The Advisory Agreement and Subadvisory Agreements are collectively referred to as the "Advisory Contracts."

&nbsp;&nbsp;&nbsp;&nbsp;In connection with the approval of the Advisory Contracts, the Board received materials related to certain factors used in its consideration whether to renew or approve the Advisory Contracts. Those factors included:

(1) the requirements of the Trust in the areas of investment supervisory and administrative services;

(2) the nature, extent and quality of the investment advisory, administrative, operational and compliance services provided by SunAmerica, including a review of the investment performance of the Portfolios
and oversight of the Subadvisers;

(3) the size and structure of the investment advisory fee and any other material payments to the Adviser and Subadvisers and, in connection therewith, a review of the costs of services provided and the
profits realized by the Adviser and its affiliates from the relationship with the Trust;

(4) the expenses paid by each of the Portfolios, including their total operating expenses and any applicable expense limitation;

(5) the extent to which the Adviser realizes economies of scale and shares them with the Trust;

(6) the organizational capability, resources, personnel and financial condition of the Adviser and Subadvisers and their affiliates; and

(7) the fees paid by the Adviser to the Subadvisers for managing the Portfolios of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Board considered (a) the historical relationship between the Trust and SunAmerica; (b) the conditions and trends prevailing in the economy, the securities markets and the investment company industry; and (c) the reasonableness of the amount of the fee retained by the Adviser in light of the services provided by the Adviser and the Subadvisers.

&nbsp;&nbsp;&nbsp;&nbsp;The Independent Trustees were separately represented by counsel that is independent of SunAmerica in connection with their consideration of approval of the Advisory Contracts. The matters discussed below were also considered separately by the Independent Trustees in executive sessions during which their independent counsel provided guidance to the Independent Trustees.

&nbsp;&nbsp;&nbsp;&nbsp;The Board received information regarding the Trust's advisory and subadvisory fees compared to advisory and subadvisory fee rates of a group of funds with similar investment strategies and/or objectives, as applicable (respectively, the "Expense Group/Universe" and the "Subadvised Expense Group/Universe"), as selected and prepared by an independent third-party provider of investment company data. The Board also received performance data and expense information prepared by management. In addition, the Board considered the expenses and performance of SunAmerica and the Subadvisers with respect to accounts and mutual funds managed by each that have comparable investment objectives and strategies to each of the Portfolios that they manage.

#### &nbsp;&nbsp;&nbsp;&nbsp;Nature, Extent and Quality of Services.
&nbsp;&nbsp;&nbsp;&nbsp;The Board, including the Independent Trustees, considered the nature, quality and extent of services provided by SunAmerica and each of the Subadvisers. In making its evaluation, the Board considered that SunAmerica acts as adviser for each Portfolio, manages the investment of portions of certain Portfolios' assets, manages the daily business affairs of the Trust, obtains and evaluates economic, statistical and financial information to formulate and implement investment policies, and provides oversight with respect to the daily management of certain Portfolios' assets, or a portion thereof, allocated to the Subadvisers, subject to the Trustees' oversight and control. It was also noted that SunAmerica's advisory fees compensate SunAmerica for services such as monitoring Portfolio performance, selecting and replacing Subadvisers, determining asset allocations among Portfolios with multiple Subadvisers and ensuring that the Subadvisers' styles adhere to the prospectus and statement of additional information as well as other administrative, compliance and legal services.

&nbsp;&nbsp;&nbsp;&nbsp;The Board noted that SunAmerica is responsible for overseeing the performance of services by the Trust's custodian, transfer agent and dividend disbursing agent. The Board also noted that SunAmerica is responsible for the financial, legal and accounting records required to be maintained by each Portfolio and for the administration of the Trust's business affairs, including providing such office space, bookkeeping, accounting, clerical, secretarial and administrative services (exclusive of, and in addition to, any such service provided by any others retained by the Trust or any Portfolio) and such executive and other personnel as may be necessary for the operations of each Portfolio. The Board considered that SunAmerica monitors and reviews the activities of third-party service providers that may provide additional administrative services.

&nbsp;&nbsp;&nbsp;&nbsp;In addition, the Board considered the key personnel of SunAmerica who are involved in the investment management, administration, compliance and risk management activities with respect to the Portfolios. The Board also considered the compensation program for SunAmerica's investment professionals.

&nbsp;&nbsp;&nbsp;&nbsp;With respect to the Subadvisers, the Board noted that the Subadvisers are responsible for providing investment management services on a day-to-day basis. In such role, each Subadviser (i) determines the securities to be purchased or sold and executes such documents on behalf of the Portfolios they manage as may be necessary in connection

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#### Seasons Series Trust

#### APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited) — (continued)

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therewith; (ii) provides SunAmerica with records concerning their activities; and (iii) renders regular reports to SunAmerica and to officers and Trustees of the Trust concerning their discharge of the foregoing responsibilities. The Board reviewed each Subadviser's history, structure and size, and investment experience. The Board considered each Subadviser's personnel who are involved in the investment management, administration, compliance and risk management activities with respect to the Portfolios, as well as current and projected staffing levels and compensation practices. The Board was informed that in management's judgment, each of the Subadvisers has the size, viability and resources to attract and retain highly qualified investment professionals.

&nbsp;&nbsp;&nbsp;&nbsp;The Board reviewed the qualifications, background and responsibilities of SunAmerica's staff and each of the Subadviser's staff who is responsible for providing investment management services to the Portfolios and other key personnel of SunAmerica in addition to current and projected staffing levels and compensation practices.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered SunAmerica's reputation and long-standing relationship with the Portfolios and considered the benefit to shareholders of investing in funds that are part of a family of funds offering a variety of types of mutual funds and shareholder services. The Board also considered the Trust's relationship with affiliated life insurance companies that offer the Portfolios through variable annuity and variable life insurance products. The Board considered SunAmerica's experience in providing management and investment advisory and administrative services to advisory clients. The Board also considered SunAmerica's code of ethics and its risk management process, and that SunAmerica has developed internal procedures, adopted by the Board, for monitoring compliance with the investment objectives, policies and restrictions of the Portfolios as set forth in the Portfolios' registration statement.

&nbsp;&nbsp;&nbsp;&nbsp;The Board also reviewed and considered SunAmerica's and each Subadviser's compliance and regulatory history, including information about whether any were involved in any litigation, regulatory actions or investigations that could impair their ability to serve as an adviser or subadviser to the Portfolios. The Board considered SunAmerica's and the Subadvisers' risk assessment and risk management processes. The Board concluded that there was no information provided that would have a material adverse effect on SunAmerica's or the Subadvisers' ability to provide services to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;The Board concluded that it was satisfied with the nature, quality and extent of the services provided by or to be provided by SunAmerica and each Subadviser and that there was a reasonable basis on which to conclude that they would provide high quality services to the Trust.

#### &nbsp;&nbsp;&nbsp;&nbsp;Portfolio Fees and Expenses; Investment Performance.
&nbsp;&nbsp;&nbsp;&nbsp;The Board, including the Independent Trustees, received and reviewed information regarding the Portfolios' fees (actual or contractual management fees, subadvisory fees, non-management fees, and 12b-1 fees, if applicable), and expense ratios compared against such fees and expense ratios of the Expense Group/Universe for each Portfolio. Such fees and expense ratios were compared both before and after expense waivers, caps and reimbursements, if any. It was noted that with respect to subadvisory fees, SunAmerica negotiates such fees at arm's length. The Board also considered that the subadvisory fees are paid by SunAmerica out of its advisory fee and not by the Portfolios, and that subadvisory fees may vary widely within a Subadvised Expense Group/Universe for various reasons, including market pricing demands, existing relationships, experience and success, and individual client needs. The Board further considered the amount of subadvisory fees paid by SunAmerica and the amount of the management fees that it retained and determined that these amounts were reasonable in light of the services performed by SunAmerica and the Subadvisers, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;To assist in analyzing the reasonableness of the advisory and subadvisory fees, the Board received a report prepared independently by Broadridge Financial Solutions, Inc. ("Broadridge") as well as information provided by management. The Board also considered advisory fees received by the Adviser and the Subadvisers with respect to other mutual funds and accounts with similar investment strategies to the Portfolios each advises. Based on the information from Broadridge, the Board reviewed detailed information about peer groups of comparable mutual funds based on various factors such as the type of fund (those underlying variable insurance products), comparable investment objectives and strategies, among other factors. Referred to herein are Expense Groups and Performance Groups/Universes that represent those peer groups of funds used to compare expenses and performance, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;The Trustees noted that expense information as a whole was useful in assessing whether SunAmerica and the Subadvisers were providing services at a cost that was competitive with other similar funds. The performance information included annualized returns for the period since inception and the one-, three-, five- and ten-year periods, as applicable, ended June 30, 2024 from Broadridge and performance information as of June 30, 2024 from management. On a quarterly basis, the Board monitors and reviews various materials presented and prepared by management, including but not limited to each Portfolio's overall performance, performance relative to each Portfolio's relevant benchmark and Morningstar and/or Broadridge peer groups, as applicable, and each Subadviser's performance within a Portfolio. The Board considered that management makes particular note of Portfolios that may require closer monitoring or potential corrective action by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;As part of its review of the Portfolios' fees and expenses and performance, the Board considered information, including but not limited to the following expense and performance information, provided by Broadridge and management in making its determinations. It was noted that actual advisory and subadvisory fees and total expenses were calculated as of each Portfolio's most recent fiscal year end, which may vary among the Portfolio's Expense Group/Universe. The Board considered management's discussion of the Trust's multi-manager subadvisory management structure and its explanation that the structure results in increased advisory fees and expenses to these Portfolios but noted the potential benefits to this type of multi-manager strategy where the Portfolios have access to the expertise of multiple subadvisers and the varied investment techniques employed by each subadviser in connection with a Portfolio's investment objectives/strategies.

• <u>SA Allocation Aggressive Portfolio (</u> *<u>advised by SunAmerica</u>* <u>)</u>. The Board considered that both actual management fees and total expenses were slightly above the medians of its Expense Group. The Board took into consideration
management's discussion of the Portfolio's fees and expenses and noted that SunAmerica has contractually agreed to waive part of its investment advisory fee so that the advisory fee payable by the
Portfolio to SunAmerica equals 0.09% of average daily net assets.

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#### Seasons Series Trust

#### APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed above the medians of its Performance Group for the same periods. The Board took account of management's discussion of the Portfolio's performance.

• <u>SA Allocation Balanced Portfolio (</u> *<u>advised by SunAmerica</u>* <u>)</u>. The Board considered that both actual management fees and total expenses were above the median of its Expense Group. The Board took into consideration management's
discussion of the Portfolio's fees and expenses and noted that SunAmerica has contractually agreed to waive part of its investment advisory fee so that the advisory fee payable by the Portfolio to SunAmerica
equals 0.09% of average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed above its benchmark index for the one-, three-, five- and ten-year periods. The Board also noted that the Portfolio performed above the medians of its Performance Group for the same periods.

• <u>SA Allocation Moderate Portfolio (</u> *<u>advised by SunAmerica</u>* <u>)</u>. The Board considered that both actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration management's
discussion of the Portfolio's fees and expenses and noted that SunAmerica has contractually agreed to waive part of its investment advisory fee so that the advisory fee payable by the Portfolio to SunAmerica
equals 0.09% of average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed above its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed at or above the medians of its Performance Group for the one-, three-, five- and ten-year periods.

• <u>SA Allocation Moderately Aggressive Portfolio (</u> *<u>advised by SunAmerica</u>* <u>)</u>. The Board considered that actual management fees were slightly above and total expenses were below the medians of its Expense Group. The Board took into consideration
management's discussion of the Portfolio's fees and noted that SunAmerica has contractually agreed to waive part of its investment advisory fee so that the advisory fee payable by the Portfolio to
SunAmerica equals 0.09% of average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed below the medians of its Performance Group for the same periods. The Board took account of management's discussion of the Portfolios performance and noted the narrower range of underperformance relative to the medians.

• <u>SA Columbia Focused Value Portfolio (</u> *<u>subadvised by Columbia</u>* <u>)</u>. The Board considered that both actual management fees were slightly above and total expenses were at the medians of its Expense Group. The Board considered management's
discussion of the Portfolio's fees and noted that SunAmerica has contractually agreed to waive part of its investment advisory fee so that the advisory fee payable by the Portfolio to SunAmerica equals 0.67% of
average daily net assets.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed below its benchmark index for the one- and three-year periods and above that index for the five- and ten-year periods. The Board noted that the Portfolio performed above the medians of the Performance Group for the one-, three-, five- and ten-year periods. The Board took into consideration management's discussion of the Portfolio's performance.

• <u>SA Multi-Managed Diversified Fixed Income Portfolio (</u> *<u>subadvised by PineBridge and Wellington</u>* <u>)</u>. The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration
management's discussion of the Portfolio's fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;The Board also considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed above the median of its Performance Group for the three-year period and below the medians for the one-, five- and ten-year periods. The Board considered that the Portfolio is managed by multiple Subadvisers. The Board took into consideration management's discussion of the Portfolio's performance and noted the narrower range of underperformance relative to the medians.

• <u>SA Multi-Managed International Equity Portfolio (</u> *<u>subadvised by BlackRock, SIMNA and T. Rowe Price</u>* <u>)</u>. The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration
management's discussion of the Portfolio's fees and expenses and noted that SunAmerica is currently waiving 4 basis points of the advisory fee pursuant to a contractual fee waiver agreement.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board noted that the Portfolio performed below the medians of its Performance Group for the same periods. The Board considered that the Portfolio is managed by multiple Subadvisers and noted that management had replaced one of the Subadvisers in 2017 and added BlackRock as a Subadviser in April 2025. The Board took account of management's discussion of the Portfolio's performance and noted that management has subjected the Portfolio to heightened monitoring. The Board noted that it was not being asked to approve the renewal of the Subadvisory Agreement between SunAmerica and BlackRock with respect to the Portfolio, because that agreement is still in its initial two-year term and is not up for renewal at the Meeting.

• <u>SA Multi-Managed Large Cap Growth Portfolio (</u> *<u>subadvised by BlackRock, GSAM and MSIM</u>* <u>)</u>. The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board noted that SunAmerica has agreed
to a contractual fee waiver such that the advisory fee payable by the Portfolio is equal to 0.73% of the Portfolio's average daily net assets on the first $250 million, 0.67% on the next $250 million and 0.58% over $500 million.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed above its benchmark index for the one- and three-year periods and below that index for the five- and ten-year periods. The Board also considered that performance was above the medians of its Performance Group for one- and three-year periods and below the medians for the five- and ten-year periods. The Board considered that the Portfolio is managed by multiple Subadvisers and noted that SunAmerica replaced one of the Subadvisers in May 2019 and added BlackRock as a Subadviser in April 2025. The Board took into consideration management's discussion of the Portfolio's performance. The Board noted that it was not being asked to approve the renewal of the Subadvisory Agreement between SunAmerica and BlackRock with respect to the Portfolio, because that agreement is still in its initial two-year term and is not up for renewal at the Meeting.

• <u>SA Multi-Managed Large Cap Value Portfolio (</u> *<u>subadvised by BlackRock, American Century and Wellington</u>* <u>)</u>. The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration
management's discussion of the Portfolio's fees and expenses.

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#### Seasons Series Trust

#### APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited) — (continued)

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&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed above its benchmark index for the one-year period and below that index for the three-, five- and ten-year periods. The Board also considered that performance was below the medians of its Performance Group for the one-, three-, five- and ten-year periods. The Board considered that the Portfolio is managed by multiple Subadvisers. The Board took into consideration management's discussion of the Portfolio's performance and noted that management added BlackRock as a Subadviser in April 2025. The Board also noted that management has subjected the Portfolio to heightened monitoring. The Board noted that it was not being asked to approve the renewal of the Subadvisory Agreement between SunAmerica and BlackRock with respect to the Portfolio, because that agreement is still in its initial two-year term and is not up for renewal at the Meeting.

• <u>SA Multi-Managed Mid Cap Growth Portfolio (</u> *<u>subadvised by BlackRock, T. Rowe Price and Wellington</u>* <u>)</u>. The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration
management's discussion of the Portfolio's fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed below the benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that performance was above the medians of the Portfolio's Performance Group for the same periods. The Board took into consideration management's discussion of the Portfolio's performance and noted that management added BlackRock as a Subadviser in April 2025. The Board noted that it was not being asked to approve the renewal of the Subadvisory Agreement between SunAmerica and BlackRock with respect to the Portfolio, because that agreement is still in its initial two-year term and is not up for renewal at the Meeting.

• <u>SA Multi-Managed Mid Cap Value Portfolio (</u> *<u>subadvised by BlackRock, T. Rowe Price and MFS</u>* <u>)</u>. The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration
management's discussion of the Portfolio's fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed above its benchmark index for the three- and five-year periods and below that index for the one- and ten-year periods. The Board also considered that performance was above the medians of the Portfolio's Performance Group for the three- and ten-year periods and below the medians for one- and five-year periods. The Board took into consideration management's discussion of the Portfolio's performance and noted that management added BlackRock as a Subadviser in April 2025. The Board noted that it was not being asked to approve the renewal of the Subadvisory Agreement between SunAmerica and BlackRock with respect to the Portfolio, because that agreement is still in its initial two-year term and is not up for renewal at the Meeting.

• <u>SA Multi-Managed Small Cap Portfolio (</u> *<u>subadvised by BlackRock, JPMorgan and SIMNA</u>* <u>)</u>. The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration
management's discussion of the Portfolio's fees and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed above its benchmark index for the five-year period and below the index for the one-, three- and ten-year periods. The Board further considered that the Portfolio performed below the medians of its Performance Group for the one-, three-, five- and ten-year periods. The Board took into consideration management's discussion of the Portfolio's performance and noted that management had replaced one of the Subadvisers in 2019 and added BlackRock as a Subadviser in April 2025. The Board also noted that management has subjected the Portfolio to heightened monitoring. The Board noted that it was not being asked to approve the renewal of the Subadvisory Agreement between SunAmerica and BlackRock with respect to the Portfolio, because that agreement is still in its initial two-year term and is not up for renewal at the Meeting.

• <u>SA American Century Inflation Managed Portfolio (</u> *<u>subadvised by American Century</u>* <u>)</u>. The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration
management's discussion of the Portfolio's fees and expenses and noted that SunAmerica is voluntarily waiving 0.06% of is advisory fee.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed below the medians of its Performance Group for the same periods. The Board took into consideration management's discussion of the Portfolio's performance and noted that American Century took over as Subadviser to the Portfolio in February 2022 and therefore performance is not fully reflective of the track record of the new Subadviser.

• <u>SA Franklin Allocation Moderately Aggressive Portfolio (</u> *<u>subadvised by Franklin Advisers</u>* <u>)</u>. The Board considered that the Portfolio's actual management fees and total expenses were above the medians of its Expense Group. The Board took into consideration
management's discussion of the Portfolio's fees and expenses and noted that SunAmerica SunAmerica has contractually agreed to waive part of its investment advisory fee so that the advisory fee payable by
the Portfolio to SunAmerica equals 0.67% on the first $250 million, 0.62% on the next $750 million and 0.55% over $1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that the Portfolio performed below its benchmark index for the one-, three-, five- and ten-year periods. The Board also considered that the Portfolio performed above the medians of its Performance Group for the same periods. The Board took into consideration management's discussion of the Portfolio's performance. The Board noted that it was not being asked to approve the renewal of the Subadvisory Agreement between SunAmerica and Franklin Advisers or the Sub-Subadvisory Agreement between Franklin Advisers and Putnam Investment Management, LLC with respect to the Portfolio, because those agreements are still in their initial two-year terms and are not up for renewal at the Meeting.

&nbsp;&nbsp;&nbsp;&nbsp;The Trustees noted that expense and performance information as a whole was useful in assessing whether the Subadvisers were providing services at a cost that was competitive with other similar funds.

#### &nbsp;&nbsp;&nbsp;&nbsp;Cost of Services & Benefits Derived.
&nbsp;&nbsp;&nbsp;&nbsp;With respect to indirect costs and benefits, the Board was informed, based on management's judgment, that any indirect costs incurred by SunAmerica in connection with rendering investment advisory services to the Trust were inconsequential to the analysis of the adequacy of the advisory fees, and that any collateral benefits derived as a result of providing advisory services to the Trust did not impact the reasonableness of the advisory fee. The Board considered that the Trust also pays VALIC Retirement Services Company, an affiliate of SunAmerica, a fee for the provision of recordkeeping and shareholder services to contract owners and participants.

&nbsp;&nbsp;&nbsp;&nbsp;In connection with benefits derived from the Trust, the Board considered that certain affiliated life insurers (the "Life Companies") may benefit as a result of their direct ownership of the Portfolios' shares, which amounts may be significant. It was noted that in calculating their corporate income tax liability as insurance companies, the Life

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#### Seasons Series Trust

#### APPROVAL OF ADVISORY AND SUBADVISORY AGREEMENTS (unaudited) — (continued)

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Companies, as corporate mutual fund shareholders, may exclude a portion of the ordinary dividends paid by underlying U.S. equities in the Portfolios to the same extent the Portfolios receive certain dividends with respect to shares of stock issued by domestic corporations, subject to applicable tax laws and regulations. In addition, the Life Companies may also rely on foreign tax credits with respect to certain foreign securities held by applicable Portfolios. The Board considered that the Life Companies receive financial support from SunAmerica and certain Subadvisers for distribution-related activities, including administrative, marketing and other servicing activities, including payments to help offset costs for marketing activities and training (including training of registered representatives of Corebridge Capital Services, Inc., an affiliate of SunAmerica) to support sales of the Portfolios, as well as occasional gifts, entertainment or other compensation as incentives. It was noted that such payments may be derived from 12b-1 (service) fees that are deducted directly from the assets of the Portfolios or from investment management fees received by SunAmerica or the Subadvisers. In addition, the Board considered that, because shares of the Portfolios are offered as investment options through variable annuity or life contracts issued by the Life Companies (the "Variable Contracts"), the investment objectives, strategies and performance of the Portfolios may positively or negatively impact a Life Company's ability to hedge and the related hedging costs associated with guarantees that the Life Company may provide as the issuer of the Variable Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;The Board concluded that any benefits that SunAmerica and its affiliates could be expected to receive with regard to providing investment advisory and other services to the Portfolios were reasonable.

#### &nbsp;&nbsp;&nbsp;&nbsp;Profitability and Economies of Scale.
&nbsp;&nbsp;&nbsp;&nbsp;The Board received information related to SunAmerica's profitability as well as the profitability of certain affiliates with respect to the services they provide to the Trust's Portfolios. The profitability analysis reflected the relationship between SunAmerica and the affiliated Life Companies. The Board considered that, pursuant to administrative services agreements between SunAmerica and each of the Life Companies, SunAmerica pays a fee to each Life Company at an annual rate of 25 basis points of the average daily net assets of the Portfolios that are held by the corresponding separate accounts of each Life Company, in exchange for certain administrative services provided to the Portfolios. The Board determined that the profitability to SunAmerica in connection with its relationship to the Trust was reasonable. In addition, the Board considered the Investment Management Profitability Analysis prepared by an independent information service, Broadridge, and noted that SunAmerica's profitability was generally in the range of the profitability of companies contained in the report.

&nbsp;&nbsp;&nbsp;&nbsp;It was noted that the subadvisory fees paid pursuant to the Subadvisory Agreements are paid by SunAmerica out of the advisory fees that it receives under the Advisory Agreement. The Trustees further noted that the sub-subadvisory fees paid pursuant to the Sub-Subadvisory Agreement are paid by T. Rowe Price out of its subadvisory fees, and not by the Portfolios or SunAmerica. The Trustees also relied on the ability of SunAmerica to negotiate the Subadvisory Agreements and the fees thereunder at arm's length. It was noted that SunAmerica reviewed a number of factors in determining appropriate subadvisory fees payable to each Subadviser. Such factors include review of (1) style class peers primarily within the variable annuity universe; (2) key competitor analysis; (3) portfolio analysis; and (4) special considerations such as competitor subaccount characteristics, uniqueness of the product and the manager's prestige. The Board determined that the profitability to each Subadviser in connection with its relationship with the respective Portfolios is therefore not a material factor in their consideration of the Subadvisory Agreements.

&nbsp;&nbsp;&nbsp;&nbsp;The Board also received and considered information regarding the ability of the Portfolios to achieve economies of scale. It was noted that the advisory fees of nearly all Portfolios contain breakpoints that will reduce the fees paid by a Portfolio as its assets increase. The Board also considered that SunAmerica has voluntarily agreed to waive fees in certain instances, which was noted earlier in the discussion of fees. It was noted that as a result of being part of a complex of mutual funds advised or administered by SunAmerica, the Trust is able to share common resources and may share certain expenses, which could result in a Portfolio experiencing lower expenses than it otherwise would achieve if the Trust were a stand-alone entity. The Board considered that management believed that the Portfolios' existing fee schedules and the fee schedules for those Portfolios for which management proposed reductions or waivers reflect the economies of scale inherent in providing investment advice to a Portfolio in its particular asset category and asset size. The Board concluded that any potential economies of scale are currently being shared between the Trust and SunAmerica in an appropriate manner.

&nbsp;&nbsp;&nbsp;&nbsp;The Board considered that certain Subadvisory Agreements also contain breakpoints in the fee schedules, however, since SunAmerica, and not the Trust, is responsible for the payment of the fees pursuant to the Subadvisory Agreements, the Trust does not directly benefit from any reduction in subadvisory fee rates. For similar reasons as stated above with respect to the Subadvisers' profitability and the costs of their providing services, the Board concluded that the potential for economies of scale in the Subadvisers' management of the Portfolios are not a material factor in its consideration at this time.

#### &nbsp;&nbsp;&nbsp;&nbsp;Terms of Advisory Contracts.
&nbsp;&nbsp;&nbsp;&nbsp;The Board, including the Independent Trustees, reviewed the terms of the Advisory Contracts including the duties and responsibilities undertaken by SunAmerica and the Subadvisers as discussed above. The Board considered that SunAmerica pays all of its own expenses in connection with the performance of its duties, as well as the salaries, fees and expenses of the officers of the Trust who are employees of SunAmerica. The Board also reviewed the terms of payment for services rendered and noted that SunAmerica compensates the Subadvisers out of the fees it receives from the Trust. The Board noted that each Subadvisory Agreement provides that the Subadviser will pay all of its own expenses in connection with the performance of its duties as well as the cost of maintaining the staff and personnel as necessary for it to perform its obligations. The Board also considered other terms and conditions of the Advisory Contracts.

#### &nbsp;&nbsp;&nbsp;&nbsp;Conclusions.
&nbsp;&nbsp;&nbsp;&nbsp;In reaching its decision to recommend the renewal of the Advisory Contracts, the Board did not identify any single factor as being controlling, but based its recommendation on each of the factors it considered and each Trustee attributes different weight to the various factors. Based upon the materials it reviewed, the representations made to it and the considerations described above, and as part of their deliberations, the Board, including the Independent Trustees, concluded that SunAmerica and the Subadvisers possess the capability and resources to perform the duties required of them under their respective Advisory Contracts.

&nbsp;&nbsp;&nbsp;&nbsp;Further, based upon its review of the Advisory Contracts, the materials provided, and the considerations described above, the Board, including the Independent Trustees, concluded that: (1) the terms of the Advisory Contracts are reasonable, fair and in the best interest of the Portfolios and their shareholders, and (2) the advisory fee rates and subadvisory fee rates are fair and reasonable in light of the usual and customary charges made for services of the same nature and quality and the other factors considered.

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Annuity Service Center

P.O. Box 15570

Amarillo, TX 79105-5570

(11/25)

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.
Included in Item 7 above.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 9. Proxy Disclosures for Open-End Management Investment Companies.
Included in Item 7 above.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.
Included in Item 7 above.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.
Included in Item 7 above.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 13. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 15. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Directors that were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15)) of Schedule 14A (17 CFR 240.14a-101), or this Item 15.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 16. Controls and Procedures.
(a) An evaluation was performed within 90 days of the filing of this report, under the supervision and with the participation of the registrant's management, including the Principal Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of the registrant's disclosure controls and procedures (as defined under Rule30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c))). Based on that evaluation, the registrant's management, including the Principal Executive Officer and Principal Financial Officer, concluded that the registrant's disclosure controls and procedures are effective.

(b) There was no change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.
Not applicable.

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#### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item 18. Recovery of Erroneously Awarded Compensation.
(a) Not applicable.

(b) Not applicable.

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#### Item 19. Exhibits.
(a)(1) Not applicable.

(a)(2) Not applicable.

(a)(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is attached hereto as [EX-99.CERT](EX-99.CERT.htm).

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) The certifications of each principal executive officer and principal financial officer pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, (17 CFR 270.30a-2(b), Rule 13a-14(b) or Rule 15d-14(b)) are attached hereto as [EX-99.906 CERT.](EX-99.906CERT.htm)

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Seasons Series Trust

By: /s/ John T. Genoy

John T. Genoy

Principal Executive Officer

Date: December 8, 2025

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By: /s/ John T. Genoy

John T. Genoy

Principal Executive Officer

Date: December 8, 2025

By: /s/ Gregory R. Kingston

Gregory R. Kingston

Principal Financial Officer

Date: December 8, 2025

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## Exhibit 99.906

#### EXHIBIT 99.906.CERT
CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

John T. Genoy, Principal Executive Officer, and Gregory R. Kingston, Principal Financial Officer of Seasons Series Trust (the "registrant"), each certify to the best of his knowledge that:

1. The attached Form N-CSR report of the registrant fully complies with the requirements of Sections 13(a) and 15(d) of the Securities Exchange Act of 1934; and

2. The information contained in such N-CSR report fairly represents, in all material respects, the financial conditions and results of operations of the registrant as of, and for, the periods presented in the report.

Dated: December 5, 2025

/s/ John T. Genoy

John T. Genoy

Principal Executive Officer

/s/ Gregory R. Kingston

Gregory R. Kingston

Principal Financial Officer

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## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **EXHIBIT 99.CERT** <br>

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, John T. Genoy, certify that:

1. I have reviewed this report on Form N-CSR of Seasons Series Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 5, 2025

/s/ John T. Genoy John T. Genoy

Principal Executive Officer

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

I, Gregory R. Kingston, certify that:

1. I have reviewed this report on Form N-CSR of Seasons Series Trust ;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: December 5, 2025

/s/ Gregory R. Kingston Gregory R. Kingston Principal Financial Officer

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